1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - On November 12, the closing price of the coking coal 2601 contract was 1219.0, down 1.85%. The spot price of Tangshan Meng 5 clean coal was reported at 1540, equivalent to 1320 on the futures market. Macroscopically, the National Development and Reform Commission and the National Energy Administration issued a guidance on promoting new energy consumption and regulation. Fundamentally, the mine's operating rate has declined for three consecutive weeks due to safety inspections, with neutral inventory and mid - and downstream restocking, and the total inventory shows a seasonal upward trend. Technically, the daily K - line is between the 20 - day and 60 - day moving averages. It should be treated as a wide - range oscillation, and investors should control risks [2]. - On November 12, the closing price of the coke 2601 contract was 1689.5, down 1.89%. The third round of coke price increase has been implemented on the spot side. Macroscopically, the National Development and Reform Commission organized a video conference on energy supply guarantee for the heating season from 2025 - 2026. Fundamentally, on the demand side, the pig iron output continued its seasonal decline, with a pig iron output of 234.22 (-2.14) million tons, and the total coke inventory was higher than the same period. In terms of profit, the average profit per ton of coke for 30 independent coking plants nationwide was -22 yuan/ton. Technically, the daily K - line is between the 20 - day and 60 - day moving averages. It should be treated as a wide - range oscillation, and investors should control risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - JM main contract closing price was 1219.00 yuan/ton, up 6.00; J main contract closing price was 1689.50 yuan/ton, up 4.50. JM futures contract open interest was 929535.00 lots, down 39049.00; J futures contract open interest was 48913.00 lots, down 675.00. The net open interest of the top 20 coking coal contracts was -102322.00 lots, up 6426.00; the net open interest of the top 20 coke contracts was -4058.00 lots, up 225.00. JM 5 - 1 month contract spread was 60.50 yuan/ton, up 1.50; J 5 - 1 month contract spread was 146.00 yuan/ton, unchanged. Coking coal warehouse receipts were 200.00, unchanged; coke warehouse receipts were 2070.00, unchanged [2]. 3.2 Spot Market - The price of Ganqimao Du Meng 5 raw coal was 1111.00 yuan/ton, down 34.00; the price of Tangshan Grade 1 metallurgical coke was 1830.00 yuan/ton, unchanged. The price of Russian prime coking coal forward spot (CFR) was 161.30 US dollars/wet ton, up 1.30; the price of Rizhao Port quasi - Grade 1 metallurgical coke was 1620.00 yuan/ton, unchanged. The price of imported prime coking coal from Australia at Jingtang Port was 1600.00 yuan/ton, down 40.00; the price of Grade 1 metallurgical coke at Tianjin Port was 1720.00 yuan/ton, unchanged. The price of prime coking coal produced in Shanxi at Jingtang Port was 1860.00, unchanged; the price of quasi - Grade 1 metallurgical coke at Tianjin Port was 1620.00 yuan/ton, unchanged. The price of medium - sulfur prime coking coal in Lingshi, Jinzhong, Shanxi was 1610.00 yuan/ton, unchanged. The ex - factory price of coking coal produced in Wuhai, Inner Mongolia was 1330.00, unchanged. JM main contract basis was 391.00 yuan/ton, down 6.00; J main contract basis was 140.50 yuan/ton, down 4.50 [2]. 3.3 Upstream Situation - The refined coal output of 314 independent coal washing plants was 27.40 million tons, down 0.10; the refined coal inventory of 314 independent coal washing plants was 300.80 million tons, up 5.80. The capacity utilization rate of 314 independent coal washing plants was 0.37%, down 0.00; the raw coal output was 41150.50 million tons, up 2100.80. The import volume of coal and lignite was 4173.70 million tons, down 426.30; the daily average raw coal output of 523 coking coal mines was 186.30, down 4.00. The inventory of imported coking coal at 16 ports was 527.38 million tons, up 13.49; the inventory of coke at 18 ports was 262.51 million tons, down 7.39. The total inventory of coking coal of all - sample independent coking enterprises was 1070.02 million tons, up 17.32; the inventory of coke of all - sample independent coking enterprises was 58.30 million tons, down 1.57. The inventory of coking coal of 247 steel mills nationwide was 787.30 million tons, down 9.02; the inventory of coke of 247 sample steel mills was 626.64 million tons, down 2.41. The available days of coking coal of all - sample independent coking enterprises were 12.84 days, down 0.12; the available days of coke of 247 sample steel mills were 11.07 days, down 0.50 [2]. 3.4 Industry Situation - The import volume of coking coal was 1092.36 million tons, up 76.14; the export volume of coke and semi - coke was 54.00 million tons, down 1.00. The coking coal output was 3975.92 million tons, up 279.06; the capacity utilization rate of independent coking enterprises was 72.31%, down 1.13. The profit per ton of coke of independent coking plants was -22.00 yuan/ton, up 10.00. The coke output was 4255.60 million tons, down 4.10 [2]. 3.5 Downstream Situation - The blast furnace operating rate of 247 steel mills nationwide was 83.15%, up 1.42; the blast furnace iron - making capacity utilization rate of 247 steel mills was 87.79%, down 0.80. The crude steel output was 7349.01 million tons, down 387.84. Steel mills in Xinjiang are gradually implementing winter maintenance and production cuts. It is estimated that the cumulative reduction of construction steel output in Xinjiang during the winter maintenance and production cut period will be about 2 million tons, accounting for about 25% of the estimated total construction steel output in Xinjiang in 2025 [2]. 3.6 Industry News - The current RMB loan balance in China has reached 270 trillion yuan, and the stock of social financing scale has reached 437 trillion yuan. As the base increases, it is natural for the growth rate of financial aggregates to decline in the future, which is consistent with China's economic transformation from high - speed growth to high - quality development. The central bank will continue to optimize the intermediate variables of monetary policy and gradually淡化 its focus on quantitative targets. The People's Bank of China issued the third - quarter monetary policy implementation report on Tuesday. Compared with the second quarter, it specifically proposed to carry out counter - cyclical and cross - cyclical adjustments according to changes in the economic and financial situation, and said that it would closely monitor the monetary policy changes of major overseas central banks and continuously strengthen the analysis and monitoring of the supply and demand of bank system liquidity and changes in the financial market [2].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On November 12, the manganese - silicon 2601 contract was reported at 5762, down 0.41%. The spot price of Inner Mongolia silicon - manganese was reported at 5580, down 20 yuan/ton. The market should be treated as oscillating, and investors are advised to control risks. [2] - On November 12, the ferrosilicon 2601 contract was reported at 5490, down 0.83%. The spot price of Ningxia ferrosilicon was reported at 5240, down 30 yuan/ton. The market should be treated as oscillating, and investors are advised to control risks. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the SM main contract was 5,762.00 yuan/ton, down 2.00; the closing price of the SF main contract was 5,490.00 yuan/ton, up 2.00. [2] - The SM futures contract position was 582,481.00 lots, up 2096.00; the SF futures contract position was 379,354.00 lots, up 20468.00. [2] - The net position of the top 20 in manganese - silicon was - 46,046.00 lots, up 3175.00; the net position of the top 20 in ferrosilicon was - 25,289.00 lots, up 4776.00. [2] - The SM 5 - 1 month contract spread was 56.00 yuan/ton, down 2.00; the SF 5 - 1 month contract spread was 26.00 yuan/ton, down 12.00. [2] - The SM warehouse receipt was 18,263.00; the SF warehouse receipt was - 20.00. [2] 3.2 Spot Market - The price of Inner Mongolia manganese - silicon FeMn68Si18 was 5,580.00 yuan/ton, up 150.00; the price of Inner Mongolia ferrosilicon FeSi75 - B was 5,300.00 yuan/ton, up 144.00. [2] - The price of Guizhou manganese - silicon FeMn68Si18 was 5580.00 yuan/ton, down 20.00; the price of Qinghai ferrosilicon FeSi75 - B was 5,200.00 yuan/ton, unchanged. [2] - The price of Yunnan manganese - silicon FeMn68Si18 was 5,580.00 yuan/ton, unchanged; the price of Ningxia ferrosilicon FeSi75 - B was 5,240.00 yuan/ton, down 30.00. [2] - The manganese - silicon index average was 5595.00 yuan/ton, down 51.00; the SF main contract basis was - 250.00 yuan/ton, down 32.00. [2] - The SM main contract basis was - 182.00 yuan/ton, down 18.00. [2] 3.3 Upstream Situation - The price of South African ore: Mn38 block: Tianjin Port was 32.00 yuan/ton - degree, unchanged; the price of silica (98% Northwest) was 210.00 yuan/ton, unchanged. [2] - The price of Inner Mongolia Wuhai secondary metallurgical coke was 1250.00 yuan/ton, unchanged; the price of semi - coke (medium material, Shenmu) was 880.00 yuan/ton, unchanged. [2] - The manganese ore port inventory was 439.70 million tons, up 8.30. [2] 3.4 Industry Situation - The manganese - silicon enterprise operating rate was 40.24%, down 2.75; the ferrosilicon enterprise operating rate was 36.26%, up 0.18. [2] - The manganese - silicon supply was 201,880.00 tons, down 5845.00; the ferrosilicon supply was 114,100.00 tons, up 900.00. [2] - The manganese - silicon manufacturer inventory was 319,500.00 tons, up 5000.00; the ferrosilicon manufacturer inventory was 78,690.00 tons, up 6700.00. [2] - The national steel mill inventory of manganese - silicon was 15.70 days, down 0.23; the national steel mill inventory of ferrosilicon was 15.67 days, up 0.15. [2] 3.5 Downstream Situation - The demand for manganese - silicon from five major steel types was 121113.00 tons, down 3379.00; the demand for ferrosilicon from five major steel types was 19813.70 tons, down 461.60. [2] - The blast furnace operating rate of 247 steel mills was 83.15%, up 1.42; the blast furnace capacity utilization rate of 247 steel mills was 87.79%, down 0.80. [2] - The crude steel output was 7349.01 million tons, down 387.84. [2] 3.6 Industry News - Xinjiang steel mills' winter maintenance and production cuts are advancing. It is estimated that during the winter shutdown and production cut period, Xinjiang will reduce the production of construction steel by about 2 million tons, accounting for about 25% of the estimated total production of construction steel in Xinjiang in 2025. [2] - The central bank pointed out in the Third - Quarter 2025 China Monetary Policy Implementation Report that it will strengthen the consistency of macro - policy orientation, conduct counter - cyclical and cross - cyclical adjustments, study and implement policies to support individuals in repairing their credit, promote the internationalization of the RMB, and improve the level of capital account opening. [2] - The current RMB loan balance in China has reached 27 trillion yuan, and the stock of social financing has reached 43.7 trillion yuan. As the base increases, the growth rate of financial aggregates will decline in the future, which is in line with China's economic transformation from high - speed growth to high - quality development. The central bank will continue to optimize intermediate variables of monetary policy and gradually淡化 its focus on quantitative targets. [2] - The central bank will conduct counter - cyclical and cross - cyclical adjustments according to changes in the economic and financial situation, and closely monitor changes in the monetary policies of major overseas central banks, and strengthen the analysis and monitoring of the supply and demand of bank system liquidity and changes in the financial market. [2] 3.7 Viewpoint Summary - For manganese - silicon, on November 12, the contract price decreased, the spot price decreased, the inventory rebounded rapidly, the output continued to decline slightly from a high level, the inventory increased for 6 consecutive weeks, the port inventory of imported manganese ore increased by 83,000 tons, and the demand for hot metal decreased seasonally. The spot profit in Inner Mongolia was - 190 yuan/ton, and in Ningxia was - 280 yuan/ton. The mainstream steel procurement price in October was 5820 yuan/ton, down 180 yuan/ton month - on - month. [2] - For ferrosilicon, on November 12, the contract price decreased, the spot price decreased, the demand decreased, and the inventory rebounded significantly this period. The spot profit in Inner Mongolia was - 390 yuan/ton, and in Ningxia was - 580 yuan/ton. [2]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The fundamentals of Shanghai copper may be in a stage where supply slightly decreases and demand gradually increases, with inventory reduction in the industry and positive expectations. The option market sentiment is bullish, and the implied volatility slightly increases. It is recommended to conduct short - term long trades at low prices with a light position, while paying 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 86,840.00 yuan/ton, up 210.00 yuan; the price of LME 3 - month copper is 10,834.00 dollars/ton, up 7.00 dollars. The main contract's inter - month spread is 0.00 yuan/ton, up 90.00 yuan. The main contract's open interest of Shanghai copper is 200,769.00 lots, down 1,602.00 lots. The futures top 20 open interest of Shanghai copper is - 20,440.00 lots, down 229.00 lots. The LME copper inventory is 136,250.00 tons, down 25.00 tons. The SHFE inventory of cathode copper is 115,035.00 tons, down 1,105.00 tons. The SHFE warrant of cathode copper is 44,088.00 tons, down 2,856.00 tons [2] Spot Market - The SMM 1 copper spot price is 86,795.00 yuan/ton, up 30.00 yuan; the Yangtze River Non - ferrous Market 1 copper spot price is 86,910.00 yuan/ton, up 65.00 yuan. The Shanghai electrolytic copper CIF (bill of lading) price is 45.00 dollars/ton, unchanged. The average premium of Yangshan copper is 33.50 dollars/ton, unchanged. The CU main contract basis is - 45.00 yuan/ton, down 180.00 yuan. The LME copper cash - 3 spread is - 21.28 dollars/ton, down 6.43 dollars [2] Upstream Situation - The import volume of copper ore and concentrates is 258.69 million tons, down 17.20 million tons. The copper smelter's roughing charge (TC) is - 42.04 dollars/thousand tons, up 0.11 dollars. The copper concentrate price in Jiangxi is 77,150.00 yuan/metal ton, up 340.00 yuan; in Yunnan, it is 77,850.00 yuan/metal ton, up 340.00 yuan. The southern processing fee of blister copper is 1,200.00 yuan/ton, up 100.00 yuan; the northern processing fee is 900.00 yuan/ton, unchanged [2] Industry Situation - The output of refined copper is 126.60 million tons, down 3.50 million tons. The import volume of unwrought copper and copper products is 438,000.00 tons, down 52,000.00 tons. The social inventory of copper is 41.82 million tons, up 0.43 million tons. The price of 1 bright copper wire in Shanghai is 59,040.00 yuan/ton, up 450.00 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 790.00 yuan/ton, up 60.00 yuan. The price of 2 copper (94 - 96%) in Shanghai is 72,550.00 yuan/ton, up 350.00 yuan [2] Downstream and Application - The output of copper products is 223.20 million tons, up 1.00 million tons. The cumulative completed investment in power grid infrastructure is 4,378.07 billion yuan, up 582.31 billion yuan. The cumulative completed investment in real estate development is 67,705.71 billion yuan, up 7,396.52 billion yuan. The monthly output of integrated circuits is 4,371,236.10 thousand pieces, up 120,949.00 thousand pieces [2] Option Situation - The 20 - day historical volatility of Shanghai copper is 16.41%, down 0.92%; the 40 - day historical volatility is 19.33%, down 0.01%. The implied volatility of the current - month at - the - money IV is 13.78%, up 0.0017%. The at - the - money option call - put ratio is up 0.0127 [2] Industry News - From the four - week period ending October 25, the US private sector on average lost 11,250 jobs per week, and Goldman Sachs estimated that the US non - farm payrolls in October decreased by about 50,000, the largest decline since 2020. The central bank will implement a moderately loose monetary policy, keep social financing conditions relatively loose, and improve the monetary policy framework. The NDRC has recommended 105 REITs projects to the CSRC, 83 of which have been issued and listed, covering 10 industries and 18 asset types, expected to drive new project investment of over 1 trillion yuan. In October, the sales of new energy vehicles in China accounted for over 50% of the total new vehicle sales for the first time, reaching 51.6%. The NDRC held a private enterprise symposium, and enterprises suggested improving policy support systems such as social security and taxation in the "15th Five - Year Plan" [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - On November 11, the manganese - silicon 2601 contract was reported at 5764, down 0.41%, and the Inner Mongolia silicon - manganese spot was reported at 5600. With a surge in low - price "bank direct - supply houses", some properties were sold at a price 25% lower than the market price. Fundamentally, inventory rebounded rapidly, production continued to decline slightly from a high level, and inventory rose for 6 consecutive weeks. On the cost side, the port inventory of imported manganese ore increased by 83,000 tons, and on the demand side, hot metal declined seasonally. The Inner Mongolia spot profit was - 190 yuan/ton, and the Ningxia spot profit was - 280 yuan/ton. The mainstream steel tender price in October was 5820 yuan/ton, a month - on - month decrease of 180 yuan/ton. Technically, the daily K - line was below the 20 - day and 60 - day moving averages, and the market was expected to move in a volatile manner [2]. - On November 11, the ferrosilicon 2601 contract was reported at 5488, down 1.05%, and the Ningxia ferrosilicon spot was reported at 5270. Trump stated that if the Supreme Court ruled against the imposition of comprehensive tariffs, the US would face an "economic disaster". In terms of supply and demand, demand declined, and inventory rebounded significantly this period. The Inner Mongolia spot profit was - 390 yuan/ton, and the Ningxia spot profit was - 580 yuan/ton. Technically, the daily K - line was below the 20 - day and 60 - day moving averages, and the market was expected to move in a volatile manner [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - SM (manganese - silicon) main contract closing price was 5764 yuan/ton, down 56 yuan; SF (ferrosilicon) main contract closing price was 5488 yuan/ton, down 100 yuan [2]. - SM futures contract holdings were 580,581 hands, up 11,630 hands; SF futures contract holdings were 358,909 hands, up 8355 hands [2]. - Manganese - silicon's top 20 net positions were - 49,221 hands, up 7970 hands; ferrosilicon's top 20 net positions were - 30,065 hands, up 6367 hands [2]. - SM 5 - 1 month contract spread was 58 yuan/ton, unchanged; SF 5 - 1 month contract spread was 38 yuan/ton, down 28 yuan [2]. - SM warehouse receipts were 18,113, up 1756; SF warehouse receipts were 7302, up 105 [2]. 3.2 Spot Market - Inner Mongolia, Guizhou, and Yunnan manganese - silicon FeMn68Si18 prices were 5600 yuan/ton, 5600 yuan/ton, and 5580 yuan/ton respectively, all unchanged [2]. - Inner Mongolia, Qinghai, and Ningxia ferrosilicon FeSi75 - B prices were 5300 yuan/ton, 5200 yuan/ton, and 5270 yuan/ton respectively, all unchanged [2]. - Manganese - silicon index average was 5595 yuan/ton, down 51 yuan; SF main contract basis was - 218 yuan/ton, up 100 yuan; SM main contract basis was - 164 yuan/ton, up 56 yuan [2]. 3.3 Upstream Situation - South African ore: Mn38 block at Tianjin Port was 32 yuan/ton - degree, unchanged; silica (98% in the northwest) was 210 yuan/ton, unchanged [2]. - Inner Mongolia Wuhai secondary metallurgical coke was 1250 yuan/ton, unchanged; semi - coke (medium material in Shenmu) was 880 yuan/ton, unchanged [2]. - Manganese ore port inventory was 4.397 million tons, up 83,000 tons [2]. 3.4 Industry Situation - Manganese - silicon enterprise operating rate was 40.24%, down 2.75 percentage points; ferrosilicon enterprise operating rate was 36.26%, up 0.18 percentage points [2]. - Manganese - silicon supply was 201,880 tons, down 5845 tons; ferrosilicon supply was 114,100 tons, up 900 tons [2]. - Manganese - silicon manufacturers' inventory was 319,500 tons, up 5000 tons; ferrosilicon manufacturers' inventory was 78,690 tons, up 6700 tons [2]. - Manganese - silicon national steel mill inventory was 15.7 days, down 0.23 days; ferrosilicon national steel mill inventory was 15.67 days, up 0.15 days [2]. 3.5 Downstream Situation - Five major steel types' manganese - silicon demand was 121,113 tons, down 3379 tons; five major steel types' ferrosilicon demand was 19,813.7 tons, down 461.6 tons [2]. - 247 steel mills' blast furnace operating rate was 83.15%, up 1.42 percentage points; 247 steel mills' blast furnace capacity utilization rate was 87.79%, down 0.80 percentage points [2]. - Crude steel output was 73.4901 million tons, down 3.8784 million tons [2]. 3.6 Industry News - Deputy Premier Liu Guozhong will visit Guinea and Sierra Leone from November 10 - 16 and attend the commissioning ceremony of the Simandou Iron Ore Project on November 11 [2]. - There is a surge in low - price "bank direct - supply houses", with some properties sold 25% below the market price. Banks are accelerating property disposal to improve debt recovery rates [2]. - The National Development and Reform Commission and the National Energy Administration issued a guidance on promoting new energy consumption and regulation. By 2030, new electricity demand will be mainly met by new new - energy power generation [2]. - The National Development and Reform Commission held a video conference on energy supply during the 2025 - 2026 heating season, requiring stable energy production and supply [2].

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The Shanghai copper fundamentals may be in a stage of slightly decreasing supply and gradually increasing demand, with industrial inventory reduction and positive expectations. Optionally, the call - put ratio of at - the - money option positions is 1.26, a decrease of 0.0348 compared to the previous period, indicating a bullish sentiment in the options market with a slight decline in implied volatility. Technically, for the 60 - minute MACD, the double lines are above the 0 - axis and the red bars are slightly converging. The operation suggestion is to conduct short - term long trades on dips with a light position, paying attention to controlling the rhythm and trading risks [2]. Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract of Shanghai copper is 86,630 yuan/ton, up 150 yuan; the price of LME 3 - month copper is 10,853 dollars/ton, up 57 dollars. The spread between different months of the main contract is - 90 yuan/ton, down 50 yuan; the position of the main contract of Shanghai copper is 202,371 lots, down 1,756 lots. The position of the top 20 futures holders of Shanghai copper is - 20,440 lots, down 229 lots. The LME copper inventory is 136,275 tons, up 375 tons; the Shanghai Futures Exchange inventory of cathode copper is 115,035 tons, down 1,105 tons. The LME copper cancelled warrants are 11,725 tons, up 450 tons; the Shanghai Futures Exchange warrants of cathode copper are 42,964 tons, down 2,856 tons [2]. Spot Market - The price of SMM 1 copper spot is 86,765 yuan/ton, up 230 yuan; the price of Yangtze River Non - ferrous Market 1 copper spot is 86,845 yuan/ton, up 340 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper is 45 dollars/ton, unchanged; the average premium of Yangshan copper is 33.5 dollars/ton, unchanged. The basis of the CU main contract is 135 yuan/ton, up 80 yuan; the LME copper premium (0 - 3) is - 14.85 dollars/ton, up 3.37 dollars [2]. Upstream Situation - The import volume of copper ore and concentrates is 258.69 million tons, down 17.2 million tons. The rough smelting fee (TC) of domestic copper smelters is - 42.04 dollars/kiloton, up 0.11 dollars. The price of copper concentrate in Jiangxi is 77,150 yuan/metal ton, up 340 yuan; the price of copper concentrate in Yunnan is 77,850 yuan/metal ton, up 340 yuan. The processing fee of blister copper in the south is 1,200 yuan/ton, up 100 yuan; the processing fee of blister copper in the north is 900 yuan/ton. The output of refined copper is 126.6 million tons, down 3.5 million tons. The import volume of unwrought copper and copper products is 438,000 tons, down 52,000 tons [2]. Industry Situation - 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 59,040 yuan/ton, up 450 yuan; the price of 2 copper scrap (94 - 96%) in Shanghai is 72,550 yuan/ton, up 350 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 790 yuan/ton, up 60 yuan [2]. Downstream and Application - The output of copper products is 223.2 million tons, up 1 million tons. The cumulative completed investment in power grid infrastructure is 4,378.07 billion yuan, up 582.31 billion yuan. The cumulative completed investment in real estate development is 67,705.71 billion yuan, up 7,396.52 billion yuan. The monthly output of integrated circuits is 4,371,236.1 million pieces, up 120,949 million pieces [2]. Option Situation - The 20 - day historical volatility of Shanghai copper is 17.33%, down 0.33%; the 40 - day historical volatility of Shanghai copper is 19.33%, down 0.11%. The implied volatility of the at - the - money option in the current month is 13.61%, down 0.0041%; the call - put ratio of at - the - money options is 1.26, down 0.0348 [2]. Industry News - Fed Governor Milan supports further interest rate cuts to prevent the future weakening of the US economy and advocates for a faster pace of rate cuts than the traditional 25 - basis - point per - time. San Francisco Fed President Daly said the US economy may be experiencing a decline in demand, but tariff - related inflation is currently under control, and the Fed should discuss whether to continue rate cuts on the basis of the 50 - basis - point rate cuts this year with an "open mind". In October, the production and retail sales of passenger cars were 2.951 million and 2.242 million respectively, with year - on - year growth of 11.4% and a decline of 0.8%. The production and retail sales of new energy vehicles were 1.657 million and 1.282 million respectively, with year - on - year growth of 19.8% and 7.3%. From January to October, the production and retail sales of passenger cars were 23.738 million and 19.25 million respectively, with year - on - year growth of 13.6% and 7.9%. The production and retail sales of new energy vehicles were 12.037 million and 10.151 million respectively, with year - on - year growth of 30.3% and 21.9%. The National Development and Reform Commission and the National Energy Administration jointly issued a document focusing on the large - scale development and high - quality consumption of new energy, proposing phased goals and seven key tasks to build a new power system compatible with a high proportion of new energy to support the carbon peak and national self - contribution goals [2].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The economic fundamentals' continuous repair and the implementation of broad fiscal policies require a low - interest - rate environment. The market generally expects the central bank to purchase medium - and short - term bonds, which may lead to a decline in short - term interest rates and potentially drive long - term interest rates down. However, there is a potential suppression of long - term interest rates due to the recovery of risk appetite. It is recommended to try long positions with a light position during adjustments [2] 3. Summary by Related Catalogs 3.1 Futures Disk - T主力收盘价108.475，跌0.01%，成交量52193，减少6637；TF主力收盘价105.935，持平，成交量48332，减少777；TS主力收盘价102.462，持平，成交量28422，增加3493；TL主力收盘价116.300，持平，成交量73470，减少22627 [2] 3.2 Futures Spreads - TL2512 - 2603价差0.25，增加0.00；T12 - TL12价差 - 7.83，减少0.03；T2512 - 2603价差0.23，增加0.01；TF12 - T12价差 - 2.54，增加0.01；TF2512 - 2603价差0.05，增加0.02；TS2512 - 2603价差0.05，增加0.00；TS12 - T12价差 - 6.01，持平；TS12 - TF12价差 - 3.47，减少0.00 [2] 3.3 Futures Positions - T主力持仓量225549，减少5844；T前20名多头234412，减少2128；T前20名空头255127，减少2085；T前20名净空仓20715，增加43；TF主力持仓量131787，减少6611；TF前20名多头131668，减少3580；TF前20名空头151475，减少5572；TF前20名净空仓19807，减少1992；TS主力持仓量65702，减少1663；TS前20名多头67457，增加184；TS前20名空头78722，增加845；TS前20名净空仓11265，增加661；TL主力持仓量125664，减少3486；TL前20名多头135731，减少1371；TL前20名空头155816，减少1648；TL前20名净空仓20085，减少277 [2] 3.4 Top Two CTD (Clean Price) - 220017.IB(4y）净价106.5601，涨0.0330；250018.IB(4y）净价99.0955，持平；250003.IB(4y）净价99.6141，涨0.0104；240020.IB(4y)净价100.8844，涨0.0184；220016.IB(1.7y)净价101.8925，涨0.0140；250012.IB(2y)净价100.0447，涨0.0078 [2] 3.5 Active Treasury Bonds - 210005.IB(17y) 1y收益率1.3950，涨0.3342；210014.IB(18y) 3y收益率1.4375，跌0.0022；5y收益率1.5800，跌0.25bp；7y收益率1.6985，涨3.85bp；10y收益率1.8050，跌0.10bp [2] 3.6 Short - term Interest Rates - 银质押隔夜利率1.4860，涨3.60bp；Shibor隔夜利率1.5080，涨2.90bp；银质押7天利率1.5100，涨1.00bp；Shibor7天利率1.5010，涨2.30bp；银质押14天利率1.4500，跌5.00bp；Shibor14天利率1.5180，涨2.60bp [2] 3.7 LPR Interest Rates - 1y利率3.00，持平；5y利率3.5，持平 [2] 3.8 Open Market Operations - 发行规模4038亿，到期规模1175亿，利率1.4%，期限7天，净投放2863亿 [2] 3.9 Industry News - 截至10月29日，5000亿新型政策性金融工具资金全部投放完毕，支持重点领域民间投资项目；国务院办公厅印发促进民间投资发展措施；美国国会参议院就结束政府“停摆”达成一致，政府有望尽快重启 [2] 3.10 Market Situation - 周二国债现券收益率涨跌不一，国债期货多数持平，DR007加权利率回升至1.51%附近震荡；国内10月CPI同比小幅回升，核心CPI明显改善，PPI降幅连续第3个月收窄，出口同比增速意外转负；海外美国10月ISM服务业PMI创8个月新高，制造业PMI大幅不及预期，ADP就业新增4.2万人，劳动力市场下行风险缓和但整体需求放缓 [2] 3.11 Strategy - 10月央行国债买卖操作审慎但释放宽松信号；经济基本面修复和宽财政政策需低利率环境配合；市场预期央行购债以中短期限为主，短端利率有望下行并带动长端利率走低，需警惕风险偏好回升对长端利率的压制；操作上建议每逢调整轻仓试多 [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - On November 11, the JM2601 contract closed at 1213.0, down 3.81%. The spot price of Tangshan Mongolian No.5 coking coal was 1460, equivalent to 1240 on the futures market. The macro - level saw the release of a guidance on promoting new energy consumption and regulation. The mine's operating rate has declined for 3 consecutive weeks due to safety inspections. The inventory is at a moderate level, and the mid - and downstream are replenishing stocks, with the total inventory showing a seasonal upward trend. Technically, the daily K - line is between the 20 - day and 60 - day moving averages. It should be treated as a wide - range oscillation, and investors should control risks [2]. - On November 11, the J2601 contract closed at 1685.0, down 3.60%. The third round of coke price increase has been implemented in the spot market. The macro - level involved a video conference on energy supply during the 2025 - 2026 heating season. The demand side saw a seasonal decline in molten iron production, with the molten iron output at 234.22 (-2.14) million tons. The total coke inventory is higher than the same period. The average profit per ton of coke for 30 independent coking plants was -22 yuan/ton. Technically, the daily K - line is between the 20 - day and 60 - day moving averages. It should be treated as a wide - range oscillation, and investors should control risks [2]. Group 3: Summary by Relevant Catalogs Futures Market - JM main contract closing price was 1213.00 yuan/ton, down 52.50; J main contract closing price was 1685.00 yuan/ton, down 58.50 [2]. - JM futures contract open interest was 968584.00 lots, up 11825.00; J futures contract open interest was 49588.00 lots, up 1247.00 [2]. - Net position of the top 20 JM contracts was -108748.00 lots, down 30174.00; net position of the top 20 J contracts was -4283.00 lots, up 789.00 [2]. - JM 5 - 1 month contract spread was 59.00 yuan/ton, up 21.50; J 5 - 1 month contract spread was 146.00 yuan/ton, up 13.00 [2]. - JM warehouse receipts were 200.00 sheets, unchanged; J warehouse receipts were 2070.00 sheets, unchanged [2]. Spot Market - Dry Qimantage Mongolian No.5 raw coal price was 1145.00 yuan/ton, down 16.00; Tangshan first - grade metallurgical coke price was 1830.00 yuan/ton, unchanged [2]. - Russian prime coking coal forward spot price (CFR) was 160.00 US dollars/wet ton, unchanged; Rizhao Port quasi - first - grade metallurgical coke price was 1620.00 yuan/ton, unchanged [2]. - Jingtang Port Australian imported prime coking coal price was 1640.00 yuan/ton, down 70.00; Tianjin Port first - grade metallurgical coke price was 1720.00 yuan/ton, unchanged [2]. - Jingtang Port Shanxi - produced prime coking coal price was 1860.00 yuan/ton, unchanged; Tianjin Port quasi - first - grade metallurgical coke price was 1620.00 yuan/ton, unchanged [2]. - Shanxi Jinzhong Lingshi medium - sulfur prime coking coal price was 1610.00 yuan/ton, unchanged; J main contract basis was 145.00 yuan/ton, up 58.50 [2]. - Inner Mongolia Wuhai - produced coking coal ex - factory price was 1330.00 yuan/ton, unchanged; JM main contract basis was 397.00 yuan/ton, up 52.50 [2]. Upstream Situation - The daily output of clean coal from 314 independent coal washing plants was 27.50 million tons, up 1.00; the weekly inventory of clean coal from 314 independent coal washing plants was 295.00 million tons, up 10.60 [2]. - The weekly capacity utilization rate of 314 independent coal washing plants was 0.38%, up 0.01; the monthly raw coal output was 41150.50 million tons, up 2100.80 [2]. - The monthly import volume of coal and lignite was 4173.70 million tons, down 426.30; the daily average output of raw coal from 523 coking coal mines was 186.30, down 4.00 [2]. - The weekly inventory of imported coking coal at 16 ports was 527.38 million tons, up 13.49; the weekly inventory of coking coal at all - sample independent coking enterprises was 1070.02 million tons, up 17.32 [2]. - The weekly inventory of coke at 18 ports was 262.51 million tons, down 7.39; the weekly inventory of coke at all - sample independent coking enterprises was 58.30 million tons, down 1.57 [2]. - The weekly inventory of coking coal at 247 steel mills nationwide was 787.30 million tons, down 9.02; the weekly inventory of coke at 247 sample steel mills was 626.64 million tons, down 2.41 [2]. - The weekly available days of coking coal at all - sample independent coking enterprises was 12.84 days, down 0.12; the weekly available days of coke at 247 sample steel mills was 11.07 days, down 0.50 [2]. Industry Situation - The monthly import volume of coking coal was 1092.36 million tons, up 76.14; the monthly export volume of coke and semi - coke was 54.00 million tons, down 1.00 [2]. - The monthly output of coking coal was 3975.92 million tons, up 279.06; the weekly capacity utilization rate of independent coking enterprises was 72.31%, down 1.13 [2]. - The weekly profit per ton of coke at independent coking plants was -22.00 yuan/ton, up 10.00; the monthly output of coke was 4255.60 million tons, down 4.10 [2]. Downstream Situation - The weekly blast furnace operating rate of 247 steel mills nationwide was 83.15%, up 1.42; the weekly blast furnace iron - making capacity utilization rate of 247 steel mills was 87.79%, down 0.80 [2]. - The monthly crude steel output was 7349.01 million tons, down 387.84 [2]. Industry News - There is a surge in low - price "bank - direct - supply houses", with some property prices 25% lower than the market price. Banks are accelerating property disposal to improve debt recovery rates [2]. - The National Development and Reform Commission and the National Energy Administration issued a guidance on promoting new energy consumption and regulation. By 2030, new electricity demand will be mainly met by new new - energy power generation [2]. - The National Development and Reform Commission held a video conference on energy supply during the 2025 - 2026 heating season, requiring stable energy production and supply, strengthened coal production organization and transportation support [2].

Report Summary 1) Report Industry Investment Rating No investment rating provided in the report. 2) Core View of the Report - Xinjiang's new - season jujube acquisition in some areas is over, and the picking progress in other areas is 3 - 40%. Merchant purchasing enthusiasm has weakened [2]. - As of November 6, 2025, the physical inventory of 36 sample points of jujubes this week was 9,541 tons, an increase of 193 tons from last week, a 2.06% week - on - week increase and a 131.35% year - on - year increase [2]. - Merchants are more active in purchasing cost - effective old jujubes and less enthusiastic about purchasing new - season raw materials. The producing areas are in the concentrated picking stage, and attention should be paid to changes in buyers' purchasing enthusiasm and structure [2]. - The prices in the sales areas have been slightly reduced, and downstream customers mostly wait and make purchases as needed. For operations, previously held short positions can take profits, and new positions should wait and see [2]. 3) Summary by Relevant Catalogs Futures Market - The closing price of the main jujube futures contract was 9,495 yuan/ton, a decrease of 90 yuan; the main contract's open interest was 149,416 lots, a decrease of 811 lots [2]. - The net long position of the top 20 futures holders was - 7,710 lots, a decrease of 2,254 lots; the number of warehouse receipts was 0, unchanged; the total number of effective warehouse receipt forecasts was 0, unchanged [2]. Spot Market - The prices of Kashgar jujube bulk goods, Hebei and Henan first - grade grey jujube wholesale, Henan, Hebei, Guangdong jujube special - grade, and Guangdong jujube first - grade remained unchanged. The prices of Alar and Aksu jujube bulk goods decreased by 0.15 yuan/kg and 0.3 yuan/kg respectively, and the price of Hebei jujube special - grade decreased by 0.09 yuan/kg [2]. Upstream Market - The annual jujube output was 6.069 million tons, an increase of 3.187 million tons; the planting area was 1.993 million hectares, a decrease of 41,000 hectares [2]. Industry Situation - The national jujube inventory this week was 9,541 tons, an increase of 193 tons; the monthly jujube export volume was 2,283,671 kg, a decrease of 81,222 kg; the cumulative monthly jujube export volume was 23,548,402 kg, an increase of 2,283,671 kg [2]. Downstream Situation - The cumulative quarterly sales volume of jujubes of Hao Xiang Ni was 36,480.43 tons, a decrease of 2,981.06 tons; the cumulative year - on - year quarterly jujube production growth rate was 1.47%, a decrease of 34.59 percentage points [2]. Industry News - In Hebei Cuierzhuang Market, 6 trucks of jujubes arrived, with the reference price of special - grade jujubes at 9.80 - 10.20 yuan/kg and first - grade jujubes at 9.20 yuan/kg, showing a weakening trend. The prices of new - season finished products were slightly adjusted, with new - season special - grade jujubes at 10.80 - 11.30 yuan/kg and new - season first - grade jujubes at 9.80 - 10.30 yuan/kg [2]. - In Guangdong Ruyifang Market, 3 trucks of jujubes arrived, with stable prices. The purchasing enthusiasm of downstream merchants was average, and about 1 truck was sold [2].

1. Report Industry Investment Rating - There is no information provided about the report industry investment rating in the document. 2. Core View of the Report - The report predicts that nickel prices will oscillate weakly. Technically, with an increase in positions and a decline in prices, the bearish sentiment is rising, testing the lower limit of the range. It is recommended to wait and see or short on rebounds, while paying attention to the MA10 pressure [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai Nickel is 119,380 yuan/ton, down 300 yuan; the 12 - 01 contract spread is -150 yuan/ton, up 20 yuan. The LME 3 - month nickel price is 15,100 dollars/ton, up 80 dollars. The main contract position of Shanghai Nickel is 114,900 lots, down 2,884 lots. The net long position of the top 20 futures holders of Shanghai Nickel is -35,198 lots, down 842 lots. The LME nickel inventory is 253,404 tons, up 300 tons. The SHFE nickel inventory is 37,187 tons, up 436 tons. The warrant quantity of Shanghai Nickel is 32,292 tons, down 241 tons [2]. 3.2 Spot Market - The SMM 1 nickel spot price is 121,300 yuan/ton, up 100 yuan; the spot average price of 1 nickel plate in Yangtze River Non - ferrous is 121,400 yuan/ton, unchanged. The CIF (bill of lading) price of Shanghai electrolytic nickel is 85 dollars/ton, unchanged; the bonded warehouse (warehouse receipt) price is 85 dollars/ton, unchanged. The average price of battery - grade nickel sulfate is 27,500 yuan/ton, unchanged. The basis of the NI main contract is 1,920 yuan/ton, up 400 yuan. The LME nickel (spot/three - month) premium is -196.5 dollars/ton, down 5.12 dollars [2]. 3.3 Upstream Situation - The monthly import volume of nickel ore is 611.45 million tons, down 23.22 million tons; the total port inventory of nickel ore is 1,481.66 million tons, up 2.56 million tons. The average monthly import price of nickel ore is 56.72 dollars/ton, down 4.61 dollars. The含税 price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 dollars/wet ton, unchanged [2]. 3.4 Industry Situation - The monthly electrolytic nickel output is 29,430 tons, up 1,120 tons; the total monthly nickel - iron output is 2.17 million metal tons, down 0.03 million metal tons. The monthly import volume of refined nickel and alloys is 28,570.87 tons, up 4,144.03 tons; the monthly import volume of nickel - iron is 108.53 million tons, up 21.12 million tons [2]. 3.5 Downstream Situation - The monthly output of 300 - series stainless steel is 2.48 million tons, and the total weekly inventory of 300 - series stainless steel is 176.27 million tons, down 1 million tons [2]. 3.6 Industry News - The State Council General Office issued 13 measures to further promote private investment. The US government shutdown is likely to end before this weekend. The Senate plans to resume deliberation at 11 am on Monday. The US consumer price increase in October slowed for the first time in three months. Trump - appointed Fed governor Milan believes the government shutdown won't affect his view of the US economy and advocates a 50 - basis - point interest rate cut in December [2]. 3.7 View Summary - Macroeconomically, the US government shutdown may last a few more days. Fundamentally, the Indonesian government's PNBP policy restricts supply and raises costs. The supply of Philippine nickel ore is high but with lower grades, and domestic nickel ore inventory is lower than the same period last year. On the smelting side, new electrolytic nickel projects are slowly being put into production, and some smelters are reducing production due to low prices and cost pressure, so the growth of refined nickel output is expected to be limited. On the demand side, stainless steel mills are not in a peak season, but steel mill profits are improving, and production is expected to increase; new - energy vehicle production and sales continue to rise, contributing a small demand increment. Domestic and overseas nickel inventories are increasing, and the market mainly purchases on demand, with the spot premium rising [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - A-share third-quarter reports showed good overall performance, providing bottom support for the market. However, the significant decline in external demand in October, which supported GDP in the first three quarters, is expected to drag down the economic fundamentals in the fourth quarter and have a negative impact on stock market sentiment. Currently, after the disclosure of A-share third-quarter reports and with no major domestic meetings scheduled this month, the market is in a policy and performance vacuum period. In an environment lacking clear trading guidance, the market is expected to show a random walk, and stock indices will remain volatile. It is recommended to wait and see for now [2]. 3. Summary by Relevant Catalogs Futures Disk - IF main contract (2512) closed at 4626.8, down 39.4; IF second main contract (2511) closed at 4640.2, down 41.0. IH main contract (2512) closed at 3033.0, down 17.8; IH second main contract (2511) closed at 3033.6, down 18.8. IC main contract (2512) closed at 7173.0, down 57.2; IC second main contract (2511) closed at 7242.2, down 52.2. IM main contract (2512) closed at 7390.4, down 22.0; IM second main contract (2511) closed at 7476.6, down 22.6 [2]. - IF-IH current-month contract spread was 1606.6, down 24.8; IC-IF current-month contract spread was 2602.0, down 14.6. IM-IC current-month contract spread was 234.4, up 28.4; IC-IH current-month contract spread was 4208.6, down 39.4. IM-IF current-month contract spread was 2836.4, up 13.8; IM-IH current-month contract spread was 4443.0, down 11.0 [2]. - IF current-quarter - current-month was -39.8, up 6.4; IF next-quarter - current-month was -81.2, up 9.6. IH current-quarter - current-month was -4.0, up 1.2; IH next-quarter - current-month was -11, up 0.2. IC current-quarter - current-month was -238.4, down 0.6; IC next-quarter - current-month was -428.4, down 0.4. IM current-quarter - current-month was -309.6, unchanged; IM next-quarter - current-month was -526.8, down 2.2 [2]. Futures Positions - IF top 20 net positions were -25,696.00, down 1324.0; IH top 20 net positions were -15,186.00, up 581.0. IC top 20 net positions were -19,632.00, down 304.0; IM top 20 net positions were -36,691.00, down 1352.0 [2]. Spot Prices - CSI 300 closed at 4652.17, down 42.9; IF main contract basis was -25.4, down 2.3. SSE 50 closed at 3,034.6, down 19.2; IH main contract basis was -1.6, down 1.8. CSI 500 closed at 7,291.6, down 52.2; IC main contract basis was -118.6, down 10.6. CSI 1000 closed at 7,540.8, down 22.5; IM main contract basis was -150.4, down 8.1 [2]. Market Sentiment - A-share trading volume (daily, billion yuan) was 20,138.85, down 1804.86; margin trading balance (previous trading day, billion yuan) was 25,014.17, up 77.23. Northbound trading volume (previous trading day, billion yuan) was 2436.37, up 77.81; reverse repurchase (maturity volume, operation volume, billion yuan) was -1175.0, up 4038.0 [2]. - Main funds (yesterday, today, billion yuan) were -371.00, down 643.87. The proportion of rising stocks (daily, %) was 51.15, down 10.85; Shibor (daily, %) was 1.508, up 0.029 [2]. - IO at-the-money call option closing price (2511) was 44.80, down 26.80; IO at-the-money call option implied volatility (%) was 13.97, down 0.01. IO at-the-money put option closing price (2511) was 49.20, up 16.20; IO at-the-money put option implied volatility (%) was 13.97, up 0.06 [2]. - CSI 300 index 20-day volatility (%) was 16.37, down 0.26; trading volume PCR (%) was 61.76, down 6.54. Position PCR (%) was 84.96, down 2.13 [2]. Wind Market Strength and Weakness Analysis - All A-shares were at 4.70, down 1.60; technical aspect was at 5.10, down 1.10. Capital aspect was at 4.30, down 2.20 [2]. Industry News - National Bureau of Statistics data showed that in October, CPI rose 0.2% month-on-month (previous value: 0.1%) and 0.2% year-on-year (previous value: -0.3%); core CPI excluding food and energy prices rose 1.2% year-on-year. PPI rose 0.1% month-on-month (previous value: flat) and fell 2.1% year-on-year (previous value: -2.3%) [2]. - A-share major indices closed lower. The three major indices opened higher and then oscillated lower, with the Shanghai Composite Index barely holding above 4000 points. By the close, the Shanghai Composite Index fell 0.39%, the Shenzhen Component Index fell 1.03%, and the ChiNext Index fell 1.4%. A-share trading volume declined. Nearly 3400 stocks rose across the market. Industry sectors showed mixed performance, with the commerce and retail sector leading the gainers and the communication sector leading the losers [2]. - Domestically, in terms of the economic fundamentals and prices, driven by the anti-involution policy and the Mid-Autumn Festival and National Day holidays, the year-on-year and month-on-month increases in CPI and PPI in October both rebounded compared with the previous month. The rebound in inflation has a boosting effect on household consumption and corporate investment. In terms of external demand, affected by the US tariff increase, China's import and export trade in October significantly declined compared with September. The new export orders index under the previously announced manufacturing PMI also dropped significantly by 1.9 percentage points compared with September, indicating a weakening of external demand [2]. - From the disclosure of listed companies' third-quarter reports, among the four stock index futures, the net profit growth rates of CSI 300, SSE 50, and CSI 500 all accelerated compared with the semi-annual reports, and the net profit decline of CSI 1000 also showed a narrowing trend [2]. Key Data to Watch - Pending: China's October financial data. On November 13 at 21:30, the US October CPI and core CPI will be released. On November 14 at 10:00, China's October industrial added value above designated size, fixed asset investment, social consumer goods retail sales, real estate data, and unemployment rate will be released [3].