螺纹钢产业链日报 2025/11/24 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) | 3,089.00 | +32↑ RB主力合约持仓量(手) | 1432705 | -80706↓ | | | RB合约前20名净持仓(手) | -82833 | +23041↑ RB1-5合约价差(元/吨) | -29 | +12↑ | | | RB上期所仓单日报(日，吨) | 65158 | +338↑ HC2601-RB2601合约价差(元/吨) | 206 | -7↓ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,270.00 | +20↑ 杭州 HRB400E 20MM(过磅，元/吨) | 3,354 | +21↑ | | | 广州 HRB400E 20MM(理计，元/吨) | 3,420.00 | +20↑ 天津 HRB400E 20MM(理计，元/吨) | 3,210.00 | 0.00 | | | RB 主力合约基差 ...

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 备注：HC：热轧卷板 热轧卷板产业链日报 2025/11/24 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | HC 主力合约收盘价(元/吨) | 3,295 | +25↑ HC 主力合约持仓量(手) | 1082089 | -42534↓ | | | HC 合约前20名净持仓(手) | -59,793 | +5016↑ HC1-5合约价差(元/吨) | 3 | +7↑ | | | HC 上期所仓单日报(日，吨) | 143432 | -2656↓ HC2601-RB2601合约价差(元/吨) | 206 | -7↓ | | 现货市场 | 杭州 4.75热轧板卷(元/吨) | 3,320.00 | 0.00 广州 4.75热轧板卷(元/吨) | 3,310.00 | +20.00↑ | | | 武汉 4.75热轧板卷(元/吨) | 3,330.00 | 0.00 天津 4.75热轧板卷(元/吨) | 3,210.00 | +10 ...

研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告 不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形 式翻版、复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 铁矿石产业链日报 2025/11/24 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | I 主力合约收盘价（元/吨） | 790.50 | +5.00↑ I 主力合约持仓量(手) | 449,760 | -10742↓ | | | I 1-5合约价差（元/吨） | 27 | -2.50↓ I 合约前20名净持仓(手) | 527 | -3648↓ | | | I 大商所仓单（手） | 8 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The Shanghai copper main contract shows a volatile trend, with an increase in open interest, a spot premium, and a flat basis. The raw material side of the fundamentals indicates that the spot TC index of copper concentrate remains at a low negative level, and the raw material supply is still tight. The high price of copper ore still supports the cost of refined copper. On the supply side, due to the tight supply of copper ore and the concentrated maintenance of some smelters, the production capacity of domestic smelters may be restricted, and the supply of refined copper may decrease. On the demand side, after the decline in the downstream operating rate in October, it only rebounded slightly. Affected by the high copper price, the downstream attitude remains cautious, mostly conducting just - in - time restocking operations. Overall, the fundamentals of Shanghai copper may be in a situation of reduced supply and temporarily weak demand. In the options market, the call - put ratio of at - the - money options is 1.2, a month - on - month decrease of 0.0779, indicating a bullish sentiment in the options market, and the implied volatility slightly decreased. Technically, for the 60 - minute MACD, the double lines are below the 0 - axis, and the red bars are contracting. The suggestion is to conduct short - term long trades at low prices with a light position, and pay attention to controlling the rhythm and trading risks [2] Summary by Relevant Catalogs Futures Market - The closing price of the Shanghai copper futures main contract is 86,080 yuan/ton, up 420 yuan; the LME 3 - month copper price is 10,779 dollars/ton, up 1.5 dollars. The spread between the main contract and the next - month contract is - 20 yuan/ton, unchanged. The open interest of the Shanghai copper main contract is 192,392 lots, up 2,174 lots. The net position of the top 20 futures holders of Shanghai copper is - 22,172 lots, up 1,385 lots. The LME copper inventory is 155,025 tons, down 2,900 tons. The SHFE inventory of cathode copper is 110,603 tons, up 1,196 tons. The LME copper cancelled warrants are 6,625 tons, down 2,850 tons. The SHFE warehouse receipts of cathode copper are 43,816 tons, down 2,856 tons [2] 现货市场 - The SMM 1 copper spot price is 86,235 yuan/ton, up 420 yuan; the Yangtze River Non - ferrous Market 1 copper spot price is 86,275 yuan/ton, up 360 yuan. The CIF (Bill of Lading) price of Shanghai electrolytic copper is 50.5 dollars/ton, unchanged. The average premium of Yangshan copper is 35 dollars/ton, unchanged. The basis of the CU main contract is 155 yuan/ton, unchanged. The LME copper cash - 3 spread is 1.06 dollars/ton, up 19.95 dollars [2] Upstream Situation - The import volume of copper ore and concentrates is 245.15 million tons, down 13.56 million tons. The TC of domestic copper smelters is - 42.32 dollars/kiloton, down 0.11 dollars. The price of copper concentrate in Jiangxi is 76,180 yuan/metal ton, down 550 yuan; in Yunnan, it is 76,880 yuan/metal ton, down 550 yuan. The processing fee for blister copper in the South is 1,300 yuan/ton, unchanged; in the North, it is 900 yuan/ton, unchanged [2] Industry Situation - The output of refined copper is 120.4 million tons, down 6.2 million tons. The import volume of unwrought copper and copper products is 440,000 tons, down 50,000 tons. The social inventory of copper is 41.82 million tons, up 0.43 million tons. The price of 1 bright copper wire scrap in Shanghai is 58,690 yuan/ton, down 350 yuan; the price of 2 copper scrap (94 - 96%) in Shanghai is 72,450 yuan/ton, down 350 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 870 yuan/ton, unchanged [2] Downstream and Application - The output of copper products is 200.4 million tons, down 22.8 million tons. The cumulative completed investment in power grid infrastructure is 437.807 billion yuan, up 58.231 billion yuan. The cumulative completed investment in real estate development is 7,356.27 billion yuan, up 585.699 billion yuan. The monthly output of integrated circuits is 4,177 million pieces, down 194,236.1 pieces [2] Options Situation - The 20 - day historical volatility of Shanghai copper is 14.43%, down 0.17%; the 40 - day historical volatility is 19.39%, up 0.01%. The at - the - money IV implied volatility is 12.67%, down 0.0025%. The call - put ratio of at - the - money options is 1.2, down 0.0779 [2] Industry News - Fed officials have made intensive statements. Some think there is room for a rate cut in the near future, while others are cautious about a December rate cut and expect further rate cuts in the future. The Passenger Car Association preliminarily estimates that the retail market of narrow - sense passenger cars in November will reach about 2.25 million units, flat month - on - month and down 8.7% year - on - year, with new - energy vehicle retail sales expected to be about 1.35 million units, and the penetration rate is expected to reach 60% for the first time. The Ministry of Industry and Information Technology will promote the high - quality development of the integrated circuit industry in three aspects. The US November S&P Global Manufacturing PMI preliminary value is 51.9, a 4 - month low; the Services PMI preliminary value is 55, and the Composite PMI preliminary value is 54.8, both at 4 - month highs [2]

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | 90,480.00 | -540.00↓ 前20名净持仓（日，手） | -172,110.00 | -6039.00↓ | | 期货市场 | 主力合约持仓量（日，手） | 365,078.00 | -46249.00↓ 近远月合约价差（日，元/吨） | -580.00 | -380.00↓ | | | 广期所仓单（日，手/吨） | 26,916.00 | +68.00↑ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 92,150.00 | -150.00↓ 工业级碳酸锂平均价（日，万元/吨） | 89,750.00 | -150.00↓ | | | Li₂CO₃主力合约基差（日，元/吨） | 1,670.00 | +390.00↑ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | 1,180.00 | -30.00↓ 磷锂铝石平均价（日，元/吨） | 9, ...

Report Summary 1. Report's Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core Viewpoints - The resumption of previously overhauled units has driven up domestic urea production. This week, 2 enterprises are expected to stop production, and 3 - 5 enterprises that stopped production may resume. Considering short - term enterprise failures, the change in production is expected to be limited [2]. - Recently, the procurement of Northeast reserve demand has been concentrated, but the procurement volume may slow down after the previous appropriate replenishment. The operating rate of compound fertilizers has slightly increased, and enterprises are gradually arranging production of winter - storage fertilizers. It is expected that the utilization rate of compound fertilizer production capacity will increase slightly in the short term [2]. - With the implementation of a new batch of quotas, export demand is gradually increasing. Last week, the inventory of urea enterprises decreased, and the Northeast reserve demand increased significantly, leading to obvious inventory reduction in some enterprises. The prices of urea enterprises in major production and sales areas have fluctuated differently, and although the prices have risen in some regions, the inventory reduction is limited. Recently, the advance orders of some urea enterprises have increased, and they are mainly focused on active sales. The inventory of urea enterprises may continue to decline [2]. - The UR2601 contract is expected to fluctuate in the range of 1630 - 1670 in the short term [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of Zhengzhou urea's main contract is 1638 yuan/ton, a decrease of 16 yuan compared with the previous period. The 1 - 5 spread of Zhengzhou urea is - 73 yuan/ton, an increase of 1 yuan [2]. - The trading volume of Zhengzhou urea's main contract is 232315 lots, a decrease of 10931 lots compared with the previous period. The net position of the top 20 in Zhengzhou urea is - 23589 lots, an increase of 7570 lots [2]. - The number of exchange warehouse receipts for Zhengzhou urea is 7570, an increase of 387 compared with the previous period [2]. 3.2 Spot Market - The spot price in Hebei is 1650 yuan/ton, unchanged from the previous period; in Henan, it is 1650 yuan/ton, an increase of 20 yuan; in Jiangsu, it is 1640 yuan/ton, an increase of 20 yuan; in Shandong, it is 1640 yuan/ton, a decrease of 10 yuan; in Anhui, it is 1640 yuan/ton, an increase of 10 yuan [2]. - The basis of Zhengzhou urea's main contract is 2 yuan/ton, an increase of 6 yuan compared with the previous period. The FOB price in the Baltic Sea is 362.5 US dollars/ton, a decrease of 5 US dollars; the FOB price at the main Chinese port is 400 US dollars/ton, unchanged from the previous period [2]. 3.3 Industry Situation - The port inventory is 100,000 tons, an increase of 18,000 tons compared with the previous period. The enterprise inventory is 1.4372 million tons, a decrease of 46,400 tons [2]. - The operating rate of urea enterprises is 83.91%, a decrease of 0.17 percentage points. The daily urea output is 202,900 tons, an increase of 6,200 tons [2]. - The urea export volume is 1.2 million tons, a decrease of 170,000 tons. The monthly output of urea is 5.87127 million tons, an increase of 132,600 tons [2]. 3.4 Downstream Situation - The operating rate of compound fertilizers is 34.61%, an increase of 4.29 percentage points. The operating rate of melamine is 62.2%, an increase of 4.72 percentage points [2]. - The weekly profit of compound fertilizers in China is 30 yuan/ton, a decrease of 25 yuan. The weekly profit of melamine with externally - purchased urea is 70 yuan/ton, a decrease of 63 yuan [2]. - The monthly output of compound fertilizers is 3.6287 million tons, a decrease of 1.0331 million tons. The weekly output of melamine is 32,000 tons, an increase of 2,800 tons [2]. 3.5 Industry News - As of November 19, the total inventory of Chinese urea enterprises was 1.4372 million tons, a decrease of 46,400 tons compared with the previous week, a year - on - year decrease of 3.13%. During this period, the urea price fluctuated upward, the reserve demand in the Northeast increased significantly, and some enterprises significantly reduced their inventory [2]. - As of November 20, the sample inventory of Chinese urea ports was 100,000 tons, an increase of 18,000 tons compared with the previous period, a year - on - year increase of 21.95%. Although there are expectations of continuous container collection, the shipment is relatively slow, and the port inventory mainly shows a small increase. Most port inventories are at a low level, and the overall port level does not fluctuate much [2]. - As of November 20, the output of Chinese urea production enterprises was 1.4204 million tons, an increase of 43,500 tons compared with the previous period, a year - on - year increase of 3.16%. The capacity utilization rate of Chinese urea production enterprises was 83.91%, a decrease of 0.17 percentage points compared with the previous period, showing a slight downward trend. During the cycle, 3 new enterprises' units stopped production, 1 stopped - production unit resumed production, and with the continuation of the unit changes in the previous cycle, the output increased significantly this week [2]. 3.6 Suggested Attention - Pay attention to the enterprise inventory, port inventory, daily output, and operating rate data from Longzhong on Thursday [2].

1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - The short - term port reverse - flow inland arbitrage space may remain continuously open, the import apparent demand may continue to be at a high level, and the port methanol inventory is expected to change little. The suppression of high inventory on the port methanol market may continue, and the unloading speed of foreign vessels needs to be specifically monitored [2]. - The load of olefin enterprises in East China has been slightly adjusted, the olefin industry's operating rate increased slightly last week. There is no planned adjustment expected for olefin enterprises this week, and the operating rate is expected to remain stable [2]. - The MA2601 contract is expected to fluctuate in the range of 2000 - 2100 in the short term [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main methanol contract is 2077 yuan/ton, with a week - on - week increase of 73 yuan/ton; the 1 - 5 spread of methanol is - 121 yuan/ton, with a week - on - week increase of 13 yuan/ton [2]. - The position of the main methanol contract is 1,312,680 lots, with a week - on - week decrease of 89,794 lots; the net long position of the top 20 futures holders is - 157,412 lots [2]. - The number of methanol warehouse receipts is 2,400 sheets [2]. 3.2 Spot Market - The price in Jiangsu Taicang is 2035 yuan/ton, with a week - on - week increase of 45 yuan/ton; the price in Inner Mongolia is 1965 yuan/ton, with a week - on - week increase of 5 yuan/ton [2]. - The price difference between East China and Northwest China is 25 yuan/ton, unchanged from the previous period; the basis of the main Zhengzhou methanol contract is - 42 yuan/ton, with a week - on - week decrease of 28 yuan/ton [2]. - The CFR price of methanol at the main Chinese port is 233 US dollars/ton, unchanged from the previous period; the CFR price in Southeast Asia is 317 US dollars/ton, unchanged from the previous period [2]. - The FOB price in Rotterdam is 256 euros/ton, with a week - on - week decrease of 4 euros/ton; the price difference between the main Chinese port and Southeast Asia is - 84 US dollars/ton, unchanged from the previous period [2]. 3.3 Upstream Situation - The price of NYMEX natural gas is 4.58 US dollars/million British thermal units, with a week - on - week increase of 0.09 US dollars/million British thermal units [2]. 3.4 Industry Situation - The inventory at East China ports is 1.0178 million tons, with a week - on - week decrease of 38,600 tons; the inventory at South China ports is 461,500 tons, with a week - on - week decrease of 25,700 tons [2]. - The import profit of methanol is - 16.9 yuan/ton, with a week - on - week decrease of 5 yuan/ton; the monthly import volume is 1.6126 million tons, with a month - on - month increase of 185,700 tons [2]. - The inventory of inland enterprises is 358,700 tons, with a week - on - week decrease of 10,600 tons; the operating rate of methanol enterprises is 88.77%, with a week - on - week increase of 1.69 percentage points [2]. 3.5 Downstream Situation - The operating rate of formaldehyde is 42.01%, with a week - on - week increase of 0.59 percentage points; the operating rate of dimethyl ether is 5.69%, with a week - on - week increase of 0.36 percentage points [2]. - The operating rate of acetic acid is 69.59%, with a week - on - week increase of 2.46 percentage points; the operating rate of MTBE is 69.97%, with a week - on - week decrease of 0.28 percentage points [2]. - The operating rate of olefins is 89.65%, with a week - on - week increase of 0.39 percentage points; the on - paper profit of methanol - to - olefins is - 659 yuan/ton, with a week - on - week decrease of 204 yuan/ton [2]. 3.6 Option Market - The 20 - day historical volatility of methanol is 15.61%, with a week - on - week decrease of 0.02 percentage points; the 40 - day historical volatility of methanol is 17.21%, with a week - on - week decrease of 0.13 percentage points [2]. - The implied volatility of at - the - money call options for methanol is 20.32%, with a week - on - week increase of 0.05 percentage points; the implied volatility of at - the - money put options for methanol is 20.32%, with a week - on - week increase of 0.04 percentage points [2]. 3.7 Industry News - As of November 19, the inventory of Chinese methanol sample production enterprises was 358,700 tons, a week - on - week decrease of 10,600 tons or 2.86%; the pending orders of sample enterprises were 246,300 tons, a week - on - week increase of 900 tons or 0.37% [2]. - As of November 19, the total inventory of Chinese methanol ports was 1.4793 million tons, a decrease of 64,300 tons from the previous period. The inventory in East China decreased by 38,600 tons, and the inventory in South China decreased by 25,700 tons [2]. - As of November 20, the capacity utilization rate of domestic methanol - to - olefins plants was 90.36%, a week - on - week increase of 0.12%. The load of olefin enterprises in East China was slightly adjusted, and the weekly average operating rate increased slightly [2]. 3.8 Suggested Attention - The enterprise inventory and port inventory data from Longzhong on Wednesday should be noted [2].

Report Investment Rating - There is no information about the industry investment rating in the report. Core Viewpoints - For alumina, the fundamentals may be in a situation of excessive supply and stable demand. It is recommended to conduct light - position short - term long trades at low prices, paying attention to controlling the rhythm and trading risks [2]. - For Shanghai aluminum, the fundamentals may be in a situation of stable supply and slightly weakened demand affected by the off - season. It is recommended to conduct light - position short - term long trades at low prices, paying attention to controlling the rhythm and trading risks [2]. - For cast aluminum, the fundamentals may be in a stage of converging supply and slightly reduced demand. It is recommended to conduct light - position short - term long trades at low prices, paying attention to controlling the rhythm and trading risks [2]. Summary by Directory Futures Market - The closing price of the Shanghai aluminum main contract was 21,380 yuan/ton, up 40 yuan; the closing price of the alumina futures main contract was 2,736 yuan/ton, up 23 yuan [2]. - The LME electrolytic aluminum three - month quotation was 2,808 US dollars/ton, up 1.5 US dollars; the LME aluminum inventory was 548,000 tons, up 3,925 tons [2]. Spot Market - The Shanghai Non - ferrous A00 aluminum price was 21,360 yuan/ton, down 20 yuan; the alumina spot price in Shanghai Non - ferrous was 2,770 yuan/ton, unchanged [2]. - The average price of ADC12 aluminum alloy ingots nationwide was 21,350 yuan/ton, and the basis of cast aluminum alloy was 715 yuan/ton, unchanged [2]. Upstream Situation - The alumina production was 786.50 million tons per month, down 13.40%; the demand for alumina (electrolytic aluminum part) was 730.23 million tons per month, up 25.92 million tons [2]. - The import volume of aluminum scrap and fragments in China was 158,360.01 tons per month, up 2,945.61 tons; the export volume was 32.46 tons per month, down 36.08 tons [2]. Industry Situation - The import volume of primary aluminum was 248,261.37 tons per month, up 4,462 tons; the export volume was 24,573.56 tons per month, down 4,396.36 tons [2]. - The total production capacity of electrolytic aluminum was 4,523.20 million tons per month, and the operating rate was 98.24%, down 0.12% [2]. Downstream and Application - The production of aluminum products was 569.40 million tons per month, down 20.60 million tons; the export volume of unwrought aluminum and aluminum products was 50.00 million tons per month, down 2.00 million tons [2]. - The production of recycled aluminum alloy ingots was 60.83 million tons per month, down 4.82 million tons; the export volume of aluminum alloy was 3.09 million tons per month, up 0.74 million tons [2]. Option Situation - The implied volatility of the at - the - money IV of the Shanghai aluminum main contract was 10.26%, down 0.0012; the call - put ratio of Shanghai aluminum options was 1.43, down 0.0125 [2]. Industry News - Fed officials have different views on interest rate cuts. Some think there is room for rate cuts, while others are cautious [2]. - The preliminary forecast of the Passenger Car Association shows that the retail market of narrow - sense passenger cars in November may reach about 2.25 million units, flat compared with October and down 8.7% year - on - year, with new - energy retail sales expected to be about 1.35 million units, and the penetration rate may reach 60% for the first time [2]. - The Ministry of Industry and Information Technology will promote the high - quality development of the integrated circuit industry from three aspects: promoting collaborative innovation in the industrial chain, creating a good industrial environment, and adhering to open cooperation [2]. - The initial value of the US S&P Global Manufacturing PMI in November was 51.9, a 4 - month low; the initial values of the service PMI and the composite PMI were 55 and 54.8 respectively, both reaching 4 - month highs [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - In October, multiple domestic economic indicators softened, indicating significant downward pressure on the economy and suppressing the stock market. The LPR has remained unchanged for six consecutive months, reflecting a prudent monetary policy with a low possibility of significant reserve - requirement ratio cuts or interest rate cuts this year. Currently, the market is in a vacuum period of macro - data, performance, and policies. Without clear trading guidance, the market is expected to move randomly, and stock indices will maintain a volatile trend [2]. 3. Summary by Relevant Catalogs 3.1 Futures Contract Data - **IF Contracts**: The latest price of the IF (CSI 300) main contract (2512) is 4435.2, down 5.6 from the previous period; the next - main contract (2603) is 4406.0, down 3.8. The net position of the top 20 in IF is - 24,375.00, down 65.0. The basis of the IF main contract is - 12.9, up 12.4 [2]. - **IH Contracts**: The latest price of the IH (SSE 50) main contract (2512) is 2944.4, down 5.8; the next - main contract (2603) is 2941.4, down 4.0. The net position of the top 20 in IH is - 10,799.00, down 60.0. The basis of the IH main contract is - 6.2, up 3.3 [2]. - **IC Contracts**: The latest price of the IC (CSI 500) main contract (2512) is 6827.6, up 37.4; the next - main contract (2603) is 6666.8, up 46.6. The net position of the top 20 in IC is - 23,171.00, down 630.0. The basis of the IC main contract is - 41.4, up 6.0 [2]. - **IM Contracts**: The latest price of the IM (CSI 1000) main contract (2512) is 7095.2, up 59.0; the next - main contract (2603) is 6886.0, up 67.0. The net position of the top 20 in IM is - 35,140.00, down 1776.0. The basis of the IM main contract is - 61.2, down 11.7 [2]. - **Contract Spreads**: Various spreads such as IF - IH, IC - IF, IM - IC, etc. for the current - month contracts have shown different degrees of increase. For example, the IF - IH current - month contract spread is 1490.8, up 8.8 [2]. 3.2 Market Sentiment Data - **Trading Volume and Balance**: A - share trading volume is 17,403.50 billion yuan, down 2432.49 billion yuan; margin trading balance is 24,614.50 billion yuan, down 302.53 billion yuan. North - bound trading volume is 2334.02 billion yuan, up 413.48 billion yuan [2]. - **Other Indicators**: The proportion of rising stocks is 77.61%, up 71.17 percentage points. Shibor is 1.316%, down 0.004 percentage points. IO at - the - money call option closing price is 75.60, down 11.80; the implied volatility is 16.23%, down 2.33 percentage points [2]. 3.3 Market Strength and Weakness Analysis - The strength of all A - shares is 7.30, up 5.40; the technical aspect is 7.80, up 7.20; the capital aspect is 6.80, up 3.60 [2]. 3.4 Industry News - A - share major indices generally rose at the close. The three major indices opened higher and then declined in the morning, and rebounded after hitting the bottom in the afternoon. Small and medium - cap stocks were stronger than large - cap blue - chip stocks. The Shanghai Composite Index rose 0.05%, the Shenzhen Component Index rose 0.37%, and the ChiNext Index rose 0.31%. The trading volume of the two markets decreased significantly. Over 4200 stocks in the whole market rose. Most industry sectors rose, with national defense and military industry and media sectors strengthening significantly, while petroleum and petrochemical, and coal sectors leading the decline [2]. 3.5 Key Data to Focus On - November 25, 21:30: US September PPI, core PPI, retail sales. - November 26, 21:30: US November 22 weekly initial jobless claims. - November 26, 23:00: US October PCE, core PCE. - November 27, 9:30: China's October industrial enterprise profits above designated size. - November 30, 9:30: China's November manufacturing, non - manufacturing, and composite PMI [3].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The freight rate market is currently influenced by multiple factors. The spot freight rate expectations continue to decline as the price - holding actions of shipping companies have not fully materialized. The geopolitical conflict between Russia and Ukraine remains stalemated, but the German economy's better - than - expected performance boosts market confidence in the eurozone. Overall, the futures price is expected to experience more volatile fluctuations, and investors are advised to be cautious, pay attention to operation rhythm and risk control, and track geopolitical, shipping capacity, and cargo volume data in a timely manner. [1] 3. Summary by Relevant Catalogs Futures Disk - The closing price of the EC main contract decreased by 5.2, and the closing price of the EC secondary main contract decreased by 7.7 to 1358.2. The spread between EC2602 - EC2604 increased by 3.60 to 426.50, and the spread between EC2602 - EC2606 increased by 4.30 to 210.40. The EC contract basis decreased by 12.50 to 70.77. The main contract's open interest increased by 135 to 16096. [1] Spot Price - The SCFIS (European Line) (weekly) increased by 281.70 to 1639.37, while the SCFIS (US West Coast Line) (weekly) decreased by 130.57 to 1,107.85. The SCFI (Comprehensive Index) (weekly) decreased by 57.82 to 1393.56, and the container ship capacity increased by 0.11 to 1,227.97 (in ten thousand TEUs). The CCFI (Comprehensive Index) (weekly) increased by 28.76 to 1122.79, and the CCFI (European Line) (weekly) increased by 29.32 to 1,432.96. The Baltic Dry Index (daily) decreased by 5.00 to 2275.00, and the Panamax Freight Index (daily) decreased by 16.00 to 1,928.00. The average charter price of Panamax ships remained unchanged at 17564.00, and that of Capesize ships increased by 118.00 to 30,315.00. [1] Industry News - China's permanent representative to the United Nations, Fu Cong, clarified China's position on Japanese Prime Minister Kaochi Sanae's wrong remarks regarding Taiwan. Multiple Federal Reserve officials signaled potential interest - rate cuts, but Dallas Fed President Logan thought it might be necessary to keep rates unchanged in December due to high asset valuations. The US and Ukraine representatives held talks on the "28 - point plan to end the Russia - Ukraine conflict" in Geneva without reaching an agreement on key elements. [1] Key Data to Focus On - November 25, 15:00, Germany's final Q3 unadjusted GDP annual rate; November 25, 21:30, US September retail sales monthly rate; November 25, 21:30, US September PPI annual rate; November 25, 22:00, US September FHFA housing price index monthly rate; November 25, 22:00, US September S&P/CS20 major cities unadjusted housing price index annual rate. [1]