Report Industry Investment Rating - The investment rating for the steel industry is "Neutral, Attention" [1] Core View of the Report - This week, the commodity market remained in an adjustment pattern, with finished product prices fluctuating at the bottom. Fundamentally, both supply and demand of rebar declined, and inventory continued to decrease, showing a neutral performance. For hot-rolled coils, production increased, apparent demand declined slightly, and inventory decreased only slightly. South Korea's decision to impose anti-dumping duties on Chinese steel products may pressure China's steel exports. Steel demand has entered the seasonal off-season, and there is still inventory pressure on hot-rolled coils. Attention should be paid to the actual implementation of production reduction. Macroscopically, the Fed's interest rate meeting and the Politburo meeting in early December require continuous tracking of policy directions and potential impacts [10][11] Summary by Relevant Catalogs 1. Week - on - Week Assessment and Strategy Recommendation Supply - side - This week, the total rebar production was 2.06 million tons, a week - on - week decrease of 0.90% and a year - on - year decrease of 11.86%. The cumulative production was 101.7325 million tons, a year - on - year decrease of 2.60%. Long - process production was 1.77 million tons, a week - on - week decrease of 2.45% and a year - on - year decrease of 13.67%. Short - process production was 0.29 million tons, a week - on - week increase of 9.52% and a year - on - year increase of 0.86%. The daily average hot metal production was 2346800 tons, and the decline of hot metal this week slightly exceeded expectations. Rebar production decreased slightly, and the supply - side pressure was low [6] Demand - side - This week, the apparent demand for rebar was 2.28 million tons, a week - on - week decrease of 1.3% and a year - on - year increase of 1.3%. The cumulative demand was 100.43 million tons, a year - on - year decrease of 5.1%. Demand declined slightly this week, showing a neutral - weak performance [7][8] Import and Export - In October, the import of steel billets was 30000 tons [9] Inventory - This week, the social inventory of rebar was 3.85 million tons, a week - on - week decrease of 3.8% and a year - on - year increase of 29.8%. The factory inventory was 1.47 million tons, a week - on - week decrease of 4.3% and a year - on - year decrease of 1.3%. The total inventory was 5.31 million tons, a week - on - week decrease of 4.0% and a year - on - year increase of 19.4%. Rebar inventory continued to decrease, and the current inventory trend was relatively healthy [9] Profit - The hot metal cost was 2691 yuan/ton, the blast furnace profit was - 19 yuan/ton, and the average profit of independent electric arc furnace steel mills was - 63 yuan/ton [9] Basis - The lowest warehouse receipt basis was 87 yuan/ton, and the basis rate was 2.7% [10] 2. Futures and Spot Market - The 01 - contract basis was 87 yuan/ton, the 05 - contract basis was 75 yuan/ton, and the 10 - contract basis was 36 yuan/ton. The spread between rebar 01 - 05 was - 12 yuan/ton, the spread between rebar 05 - 10 was - 39 yuan/ton, and the spread between rebar 10 - 01 was 51 yuan/ton. The Beijing hot - rolled coil and rebar spread was 130 yuan/ton (last week: 110 yuan/ton), the Shanghai spread was 30 yuan/ton (unchanged from last week), and the Guangzhou spread was - 160 yuan/ton (last week: - 110 yuan/ton). The Shanghai - Beijing rebar spread was 20 yuan/ton (last week: 0 yuan/ton), and the Guangzhou - Shanghai spread was 133 yuan/ton (last week: 83 yuan/ton). The Beijing wire rod premium was 210 yuan/ton (last week: 220 yuan/ton), the Shanghai premium was 180 yuan/ton (unchanged from last week), and the Guangzhou premium was 190 yuan/ton (last week: 180 yuan/ton) [19][21][24] 3. Profit - The electric furnace profit was - 63 yuan/ton, a week - on - week increase of 51 yuan/ton. The rebar blast furnace profit was - 19 yuan/ton, a week - on - week increase of 11 yuan/ton. The scrap steel arrival cost was 2186 yuan/ton, the hot metal cost was 3231 yuan/ton, and the average hot metal cost of 64 steel mills was 2691 yuan/ton [38][48] 4. Supply - side Weekly Production - This week, the total rebar production was 2.06 million tons, a week - on - week decrease of 0.9%, a year - on - year decrease of 11.9%. The cumulative production was 101.732 million tons, a year - on - year decrease of 2.6%. Long - process production was 1.77 million tons, a week - on - week decrease of 2.4%, a year - on - year decrease of 13.7%. Short - process production was 0.29 million tons, a week - on - week increase of 9.5%, a year - on - year increase of 0.9% [52] Capacity Utilization - This week, the blast furnace capacity utilization rate was 89% (unchanged from the previous value), and the electric furnace capacity utilization rate was 53% (previous value: 52%) [55] Hot Metal Production - This week, the daily average hot metal production was 2.36 million tons (unchanged from the previous value) [59] Regional Production - The rebar production in the northern region was 0.46 million tons (unchanged from the previous value), and in the southern region was 0.77 million tons (previous value: 0.78 million tons). The rebar production in East China was 0.83 million tons, in Jiangsu was 0.34 million tons, in Shandong was 0.08 million tons, and in Anhui was 0.17 million tons. The rebar production in Guangdong was 0.23 million tons, and in Guangxi was 0.07 million tons [63][66][69] 5. Demand - side - The building materials trading volume was 117741 tons (last week: 105098 tons), and the Shanghai building materials trading volume was 19100 tons (unchanged from last week). The weekly consumption of rebar was 2.28 million tons, and in East China was 0.9 million tons. The weekly consumption of rebar in Southwest China was 0.37 million tons, in South China was 0.36 million tons, in North China was 0.19 million tons, in Central China was 0.18 million tons, in Northeast China was 0.12 million tons, and in Northwest China was 0.16 million tons [72][80][82] 6. Inventory - This week, the social inventory of rebar was 3.85 million tons, a week - on - week decrease of 3.8%, a year - on - year increase of 29.8%. The factory inventory was 1.47 million tons, a week - on - week decrease of 4.3%, a year - on - year decrease of 1.3%. The total inventory was 5.31 million tons, a week - on - week decrease of 4.0%, a year - on - year increase of 19.4%. The steel billet inventory in Tangshan was 1.16 million tons (unchanged from the previous value). The 132 - city social rebar inventory was 5.46 million tons, the East China social inventory was 2.92 million tons, the Hangzhou social inventory was 0.89 million tons, and the Shanghai social inventory was 0.35 million tons. The South China social inventory was 0.51 million tons, the North China social inventory was 0.69 million tons, the Guangzhou social inventory was 0.12 million tons, and the Beijing social inventory was 0.27 million tons. The Central China social inventory was 0.38 million tons, the Northwest social inventory was 0.45 million tons, the Wuhan social inventory was 0.16 million tons, and the Xi'an social inventory was 0.19 million tons. The Southwest social inventory was 0.49 million tons, the Northeast social inventory was 0.34 million tons, the Chengdu social inventory was 0.21 million tons, and the Chongqing social inventory was 0.14 million tons [90][92][95]

徐绍祖（联系人） 18665881888 xushaozu@wkqh.cn 交易咨询号： Z0022675 等待港库拐点， 做缩EB-BZ价差 苯乙烯周报 从业资格号：F03115061 2025/11/29 CONTENTS 目录 01 周度评估及策略推荐 04 成本端 02 期现市场 05 供给端 03 利润库存 06 需求端 01 周度评估及策略推荐 周度评估及策略推荐 纯苯&苯乙烯周度策略 【行情资讯】 政策端：美国大型科技公司财报好于预期，资本市场情绪回暖，大宗商品涨跌各现。 估值：苯乙烯周度跌幅（成本＞现货＞期货），基差走弱，BZN价差上涨，EB非一体化装置利润上涨。 成本端：上周华东纯苯现货价格下跌-2.29%，纯苯期货活跃合约价格下跌-2.22%，纯苯基差下跌1元/吨，纯苯开工率高位震荡。 供应端：EB产能利用率68.95%，环比下降-0.43%，同比去年上涨6.73%，较5年同期下降-4.37%。苯乙烯非一体化利润修复，开 工率随之上升。 进出口：9月国内纯苯进口量为496.77万吨，环比上涨14.18%，同比去年上涨14.50%，主要为中东地区货源。9月EB进口量33.12 万吨，环比上涨 ...

Report Industry Investment Rating - Not provided in the document Core Viewpoints of the Report - After a continuous upward trend and influenced by the adjustment of US stocks overseas, market risk appetite has decreased, and the short - term index faces certain uncertainties. However, in the long - run, the policy's support for the capital market remains unchanged, and the main strategy is to buy on dips [11][12] Summary by Relevant Catalogs 1. Weekly Assessment and Strategy Recommendation - **Important News**: Future global computing power is expected to reach over 70 times the current level in 10 years; the shortage of global storage chips is intensifying, and prices are expected to rise by about 50% by Q2 2026; the Ministry of Industry and Information Technology plans to regulate the battery industry; spot silver has reached a new high [11] - **Economic and Corporate Earnings**: In October 2025, industrial added - value grew by 4.9%, consumer retail sales by 2.9%, and fixed - asset investment decreased by 1.7%. The official manufacturing PMI was 49.0. M1 and M2 growth rates declined, and social financing increment decreased year - on - year. Exports in September and housing prices in October also showed certain trends [11] - **Interest Rate and Credit Environment**: The 10Y Treasury bond rate and credit bond rate rebounded this week, and the credit spread slightly widened. Liquidity remained loose [11] - **Trading Strategies**: Hold a small amount of IM long positions in the long - term; hold IF long positions for 6 months [13] 2. Spot and Futures Markets - **Stock Index Performance**: The Shanghai Composite Index, Shenzhen Component Index, and other major stock indices all rose, with the ChiNext Index leading with a 4.54% increase. The AH ratio decreased by 1.02% [15] - **Futures Contract Performance**: All major futures contracts, such as IF, IH, IC, and IM, showed varying degrees of increase [16] 3. Economic and Corporate Earnings - **Economic Indicators**: Q3 2025 GDP actual growth was 4.8%. In October, the manufacturing PMI was 49.0, consumption growth was 2.9%, exports grew by - 1.1%, and investment growth was - 1.7% [36][39][42] - **Corporate Earnings**: In the Q3 2025 report, the year - on - year revenue growth was 1.24%, and the net profit growth was 3.89%, both showing an upward trend compared to the semi - annual report [45] 4. Interest Rate and Credit Environment - **Interest Rates**: The 10 - year Treasury bond rate and 3 - year AA - corporate bond rate showed certain trends [48] - **Credit Environment**: In October 2025, M1 and M2 growth rates decreased, and social financing increment decreased year - on - year [58] 5. Capital Flows - **Inflow**: This week, new partial - stock fund shares were about 138.4 billion, and margin trading increased by about 98.34 billion yuan [64][65] - **Outflow**: This week, major shareholders had a net reduction of 74.35 billion yuan, and there were 2 IPO approvals [69] 6. Valuation - **Valuation Indicators**: The PE (TTM) of SSE 50 was 11.83, CSI 300 was 13.94, CSI 500 was 32.03, and CSI 1000 was 46.44. The PB (LF) of SSE 50 was 1.29, CSI 300 was 1.45, CSI 500 was 2.19, and CSI 1000 was 2.44 [73]

高空近月或反套 生猪周报 2025/11/29 028-86133280 wangja@wkqh.cn 从业资格号：F0273729 交易咨询号：Z0002942 王 俊 （农产品组） CONTENTS 目录 01 周度评估及策略推荐 04 需求端 02 期现市场 05 成本和利润 03 供应端 06 库存端 01 周度评估及策略推荐 周度评估及策略推荐 ◆ 现货端：上周国内猪价震荡回落，后期跌幅扩大，周内养殖端出栏积极，气温偏高不足以支撑大规模腌腊进行，后半周出栏节奏加快，周内交 易均重继续小幅回升，散户出栏占比扩大，肥标差明显下滑；具体看，河南均价周落0.34元至11.36元/公斤，周内最低11.36元/公斤，四川均 价周持平于11.3元/公斤，周内最高11.5元/公斤，广东均价周持平于11.36元/公斤；南方规模场出栏进度仍慢，整体供应充沛，不过月底月初 存在缩量可能，或短时支撑猪价，需求端处缓慢爬坡期，但短时增量仍较难对冲供应增幅，预计下周猪价整体偏弱为主，阶段性不乏反弹可能。 ◆ 供应端：10月官方母猪存栏为3990万头，环比回落1.1%，仍比正常母猪保有量多2.3%，去年以来母猪产能的持续增加，或 ...

Report on the Glass Industry 1. Investment Rating No investment rating information is provided in the report. 2. Core View The glass industry is currently in a bottom - exploring phase. Although the supply has contracted due to some enterprises' cold - repair of production lines, the overall trading atmosphere in the spot market remains weak. The downstream mainly purchases based on rigid demand, and manufacturers still face significant shipment pressure. The supply - demand contradiction has not been effectively alleviated. It is expected that the short - term market will continue to fluctuate widely. It is recommended to consider short - selling at high prices. Attention should be paid to the actual recovery of downstream orders and the implementation progress of cold - repair production lines [13][14]. 3. Summary by Sections 3.1 Week - on - Week Assessment and Strategy Recommendation - **Price**: As of November 28, 2025, the spot market price of float glass was 1090 yuan/ton, up 10 yuan/ton week - on - week; the closing price of the glass main contract was 1041 yuan/ton, up 52 yuan/ton week - on - week; the basis was 29 yuan/ton, down 72 yuan/ton week - on - week [13][19]. - **Cost and Profit**: The weekly average profit of producing float glass with natural gas was - 227.27 yuan/ton, down 20.43 yuan/ton week - on - week; the low - end price of Henan LNG market was 4250 yuan/ton, down 100 yuan/ton week - on - week. The weekly average profit of using coal as fuel was 4.5 yuan/ton, down 21.29 yuan/ton week - on - week; the weekly average profit of using petroleum coke as fuel was - 31.48 yuan/ton, down 40 yuan/ton week - on - week [13][29][32]. - **Supply**: The weekly output of national float glass was 110.39 tons, down 0.63 tons week - on - week. The number of operating production lines was 220, down 1 week - on - week, and the operating rate was 74.51% [13][37]. - **Demand**: The downstream deep - processing orders of float glass were 9.9 days/ton, down 0.90 days week - on - week; the operating rate of Low - e glass was 46.50%, unchanged week - on - week. From January to October 2024, the cumulative sales area of commercial housing was 71982.00 million square meters, a year - on - year decrease of 6.80%; in October, the sales area of commercial housing was 6147.21 million square meters, a year - on - year decrease of 19.60%. In October, the production and sales of automobiles were 335.87/332.21 million vehicles respectively, a year - on - year increase of 12.09%/8.82%; from January to October, the cumulative production and sales of automobiles were 2769.20/2768.70 million vehicles [13][40][43][46]. - **Inventory**: The national float glass factory inventory was 6236.2 million heavy boxes, down 94.10 million heavy boxes week - on - week; the factory inventory in the Shahe area was 424.64 million heavy boxes, down 38.96 million heavy boxes week - on - week [13][51]. 3.2 Futures and Spot Market - **Glass Basis**: As of November 28, 2025, the basis was 29 yuan/ton, down 72 yuan/ton week - on - week [13][19]. - **Glass Inter - month Spread**: As of November 28, 2025, the 01 - 05 spread was - 112 yuan/ton (+35), the 05 - 09 spread was - 56 yuan/ton (+22), the 09 - 01 spread was 168 yuan/ton (- 57), and the open interest reached 192.57 million lots [22]. 3.3 Profit and Cost - **Float Glass Profit and Cost**: The weekly average profit of producing float glass with natural gas was - 227.27 yuan/ton, down 20.43 yuan/ton week - on - week; the weekly average profit of using coal as fuel was 4.5 yuan/ton, down 21.29 yuan/ton week - on - week; the weekly average profit of using petroleum coke as fuel was - 31.48 yuan/ton, down 40 yuan/ton week - on - week [29][32]. 3.4 Supply and Demand - **Glass Production and Operating Rate**: As of November 28, 2025, the national float glass weekly output was 110.39 tons, down 0.63 tons week - on - week, the number of operating production lines was 220, down 1 week - on - week, and the operating rate was 74.51% [37]. - **Glass Demand**: The downstream deep - processing orders of float glass were 9.9 days/ton, down 0.90 days week - on - week; the operating rate of Low - e glass was 46.50%, unchanged week - on - week. The real - estate and automobile market data are as mentioned above [40][43][46]. 3.5 Inventory As of November 28, 2025, the national float glass factory inventory was 6236.2 million heavy boxes, down 94.10 million heavy boxes week - on - week; the factory inventory in the Shahe area was 424.64 million heavy boxes, down 38.96 million heavy boxes week - on - week [51]. Report on the Soda Ash Industry 1. Investment Rating No investment rating information is provided in the report. 2. Core View Last week, the previously overhauled soda ash production facilities were gradually restarted, and the industry's operating load increased slightly. The mainstream soda ash market maintained on - demand sales, and the inventory decreased slightly. The supply of light soda ash was locally tight, and the demand was relatively stable; the demand for heavy soda ash was weak due to the decline in the downstream glass industry's operation. In general, the soda ash market's quotation remained firm due to cost support and pending orders, and the overall trading atmosphere was mild. It is expected that the soda ash price will remain stable in the short term, but it is still recommended to take a bearish view until the demand side shows significant improvement [62][63]. 3. Summary by Sections 3.1 Week - on - Week Assessment and Strategy Recommendation - **Price**: As of November 28, 2025, the spot market price of heavy soda ash in Shahe was 1146 yuan/ton, up 6 yuan/ton week - on - week; the closing price of the soda ash main contract was 1176 yuan/ton, up 18 yuan/ton week - on - week; the basis was - 30 yuan/ton, unchanged week - on - week [62][68]. - **Cost and Profit**: As of November 28, 2025, the weekly average profit of the ammonia - soda process was - 118.5 yuan/ton, unchanged week - on - week; the weekly average profit of the combined - soda process was - 220 yuan/ton, up 1.5 yuan/ton week - on - week. The price of steam coal at Qinhuangdao Port was 822 yuan/ton, down 8 yuan/ton week - on - week; the low - end price of Henan LNG market was 4250 yuan/ton, down 100 yuan/ton week - on - week. The price of raw salt in the northwest region was 215 yuan/ton, unchanged week - on - week; the price of synthetic ammonia in Shandong was 2446 yuan/ton, up 68 yuan/ton week - on - week [62][79][82]. - **Supply**: As of November 28, 2025, the weekly output of soda ash was 69.82 tons, down 2.27 tons week - on - week, and the capacity utilization rate was 80.08%. The output of heavy soda ash was 38.31 tons, down 1.31 tons week - on - week; the output of light soda ash was 31.51 tons, down 0.96 tons week - on - week [62][90][93]. - **Demand**: As of November 28, 2025, the national float glass weekly output was 110.39 tons, down 0.63 tons week - on - week, the number of operating production lines was 220, down 1 week - on - week, and the operating rate was 74.51%. The apparent consumption of soda ash in October reached 313 tons [62][96]. - **Inventory**: As of November 28, 2025, the soda ash factory inventory was 158.74 tons, down 5.70 tons week - on - week; the inventory available days were 13.16 days, down 0.47 days week - on - week. The heavy soda ash factory inventory was 84.68 tons, down 4.05 tons week - on - week; the light soda ash factory inventory was 74.06 tons, down 1.65 tons week - on - week [62][101][104]. 3.2 Futures and Spot Market - **Soda Ash Basis**: As of November 28, 2025, the basis was - 30 yuan/ton, unchanged week - on - week [62][68]. - **Soda Ash Inter - month Spread**: As of November 28, 2025, the 01 - 05 spread was - 55 yuan/ton (+14), the 05 - 09 spread was - 69 yuan/ton (- 2), the 09 - 01 spread was 124 yuan/ton (- 12), and the open interest reached 192.57 million lots [71]. 3.3 Profit and Cost - **Soda Ash Profit**: As of November 28, 2025, the weekly average profit of the ammonia - soda process was - 118.5 yuan/ton, unchanged week - on - week; the weekly average profit of the combined - soda process was - 220 yuan/ton, up 1.5 yuan/ton week - on - week [79]. - **Raw Material Cost**: The price of steam coal at Qinhuangdao Port was 822 yuan/ton, down 8 yuan/ton week - on - week; the low - end price of Henan LNG market was 4250 yuan/ton, down 100 yuan/ton week - on - week. The price of raw salt in the northwest region was 215 yuan/ton, unchanged week - on - week; the price of synthetic ammonia in Shandong was 2446 yuan/ton, up 68 yuan/ton week - on - week [82][85]. 3.4 Supply and Demand - **Soda Ash Production**: As of November 28, 2025, the weekly output of soda ash was 69.82 tons, down 2.27 tons week - on - week, and the capacity utilization rate was 80.08%. The output of heavy soda ash was 38.31 tons, down 1.31 tons week - on - week; the output of light soda ash was 31.51 tons, down 0.96 tons week - on - week [90][93]. - **Soda Ash Demand**: As of November 28, 2025, the national float glass weekly output was 110.39 tons, down 0.63 tons week - on - week, the number of operating production lines was 220, down 1 week - on - week, and the operating rate was 74.51%. The apparent consumption of soda ash in October reached 313 tons [96]. 3.5 Inventory As of November 28, 2025, the soda ash factory inventory was 158.74 tons, down 5.70 tons week - on - week; the inventory available days were 13.16 days, down 0.47 days week - on - week. The heavy soda ash factory inventory was 84.68 tons, down 4.05 tons week - on - week; the light soda ash factory inventory was 74.06 tons, down 1.65 tons week - on - week [101][104].

Group 1: Report Title and Information - Report title: "Polyester Weekly Report 2025/11/29: Blending Narrative Pauses, but Supply and Demand Expectations Support Valuation" [1] - Contact person: Ma Guiyan, contact number: 13923915659, email: magy@wkqh.cn [1] - Transaction consultation number: Z0020397, qualification number: F03136381 [1] - Author: Liu Jiewen (Energy and Chemical Group), qualification number: F03097315 [1] Group 2: Report Industry Investment Rating - No information provided Group 3: Core Views of the Report - PX: Last week, PXN fluctuated and declined after reaching a high. Although the strong expectations for next year supported it to stop falling and rebound, the current PX load remains high, and there are many downstream PTA overhauls. The overall load center is low. The large - scale PTA production and the expectation of the upcoming off - season for downstream products suppress PTA processing fees. The low PTA operation makes it difficult to continuously reduce PX inventory. It is expected that PX will slightly accumulate inventory in November. Currently, the valuation is at a neutral level. In the short term, due to the weakening of aromatics blending data, PX lacks the driving force to increase its valuation under a slight surplus, and there is a risk of a slight valuation correction [11]. - PTA: Last week, PTA processing fees mainly showed a slight repair, mainly because continuous unexpected overhauls led to a certain repair of the balance sheet expectations. In the future, on the supply side, as processing fees gradually stabilize and repair, it is expected that unexpected overhauls will gradually decrease. On the demand side, the inventory and profit pressure of polyester fibers are low, and the load is expected to remain high in the short term. However, due to inventory pressure and the downstream off - season, the load of bottle chips is difficult to increase. In terms of valuation, the upside space of PTA processing fees is limited without further stimulation. In the short term, due to the weakening of aromatics blending data, PX lacks the driving force to increase its valuation under a slight surplus, and there is a risk of a slight valuation correction for PXN [12]. - MEG: In terms of industrial fundamentals, the domestic plant load is lower than expected due to a large number of unexpected overhauls. It is expected that the domestic supply volume will decrease in December, and the import volume will slightly decline. The port inventory accumulation rate may slow down. In the medium term, as the overhauls end, it is expected that the domestic output will still be high. Coupled with the gradual commissioning of new plants, the supply - demand pattern is still weak. The current valuation is relatively low compared to the same period, but it is necessary to further reduce the load to slow down the inventory accumulation process. It is recommended to short - allocate on rallies in the medium term [13]. Group 4: Summary by Directory 1. Weekly Assessment and Strategy Recommendation PX - Price performance: Last week, it fluctuated strongly. The 01 contract rose by 80 yuan to 6830 yuan. The CFR China price in the spot market fell by 7 US dollars to 826 US dollars. The spot - converted basis rose by 10 yuan, reaching - 9 yuan as of November 29. The 1 - 3 spread fell by 14 yuan, reaching - 14 yuan as of November 28 [11]. - Supply side: Last week, the Chinese load was 88.3%, a month - on - month decrease of 1.2%; the Asian load was 78.7%, a month - on - month decrease of 1%. In terms of plants, Sinochem Quanzhou was under maintenance; overseas, the 550,000 - ton plant of GS in South Korea reduced its load. In terms of imports, South Korea exported 275,000 tons of PX to China in the first and middle of November, a year - on - year increase of 19,000 tons. Overall, although there were some unexpected plant situations recently, the contribution to the reduction of supply was small, and the subsequent domestic maintenance volume was still small, with the load remaining high [11]. - Demand side: The PTA load was 73.7%, a month - on - month increase of 2.7%. In terms of plants, Honggang restarted, and Zhongtai increased its load. The unexpected maintenance volume of PTA in November increased, and it may enter a phased de - stocking stage [11]. - Inventory: The social inventory at the end of October was 4.074 million tons, a month - on - month inventory increase of 48,000 tons. According to the balance sheet, it is expected to slightly accumulate inventory from November to December, mainly due to a significant increase in PTA maintenance volume [11]. - Valuation cost side: As of November 27, PXN was 260 US dollars, a year - on - year increase of 1 US dollar; the naphtha crack spread fell by 5 US dollars, reaching 105 US dollars as of November 27, and the crude oil trend fluctuated. In terms of aromatics blending, last week, the gasoline crack spread between the US and Asia declined, the US gasoline inventory increased, the aromatics spread between the US and Asia decreased, and the relative value of blending declined [11]. PTA - Price performance: Last week, it fluctuated strongly. The 01 contract rose by 34 yuan to 4700 yuan. The spot price in East China fell by 20 yuan to 4610 yuan. The spot basis rose by 25 yuan, reaching - 38 yuan as of November 28. The 1 - 5 spread fell by 8 yuan, reaching - 52 yuan as of November 28 [12]. - Supply side: The PTA load was 73.7%, a month - on - month increase of 2.7%. In terms of plants, Honggang restarted, and Zhongtai increased its load. The unexpected maintenance volume of PTA in November increased, and it may enter a phased de - stocking stage [12]. - Demand side: Last week, the polyester load was 91.5%, a month - on - month increase of 0.2%. Among them, the filament load was 94.4%, a month - on - month increase of 0.9%; the staple fiber load was 97.5%, unchanged from the previous month; the bottle chip load was 72.2%, a month - on - month decrease of 0.7%. In terms of plants, there were few overall changes, and the load of some plants recovered. In terms of polyester, profits were repaired, the short - term inventory pressure was low, the terminal was gradually entering the off - season, but the current load was still high. It is expected that the polyester fiber load will remain high in the short term; the bottle chip load will mainly remain stable in the short term due to inventory pressure and the downstream off - season. At the terminal, the finished product inventory increased, orders decreased, the texturing load was 87%, unchanged from the previous month; the loom load was 72%, a month - on - month decrease of 1%; the polyester yarn load was 66%, unchanged from the previous month. In October, the domestic retail sales of textiles and clothing increased by 6.3% year - on - year, and exports decreased by 13.5% year - on - year [12]. - Inventory: As of November 21, the overall social inventory of PTA (excluding credit warehouse receipts) was 2.23 million tons, a month - on - month de - stocking of 33,000 tons. The downstream load remained high, and the expected increase in PTA maintenance volume in November is expected to lead to a phased de - stocking stage [12]. - Profit side: Last week, the spot processing fee increased by 25 yuan, reaching 190 yuan/ton as of November 27; the disk processing fee increased by 9 yuan, reaching 225 yuan/ton as of November 27 [12]. MEG - Price performance: Last week, it fluctuated strongly. The 01 contract rose by 77 yuan to 3885 yuan. The spot price in East China rose by 15 yuan to 3900 yuan. The basis fell by 28 yuan, reaching 4 yuan as of November 28. The 1 - 5 spread remained unchanged, reaching - 93 yuan as of November 28 [13]. - Supply side: Last week, the EG load was 73.1%, a month - on - month increase of 2.3%. Among them, the synthetic gas - based load was 72%, a month - on - month increase of 5.6%; the ethylene - based load was 73.8%, a month - on - month increase of 0.4%. In terms of synthetic gas - based plants, Yankuang resumed production, Hongsifang was restarting, and Meijin increased its load; in terms of petrochemical plants, Hainan Refining and Chemical reduced its load, Zhenhai and Yuandonglian increased their loads, Shenghong restarted, and Sinochem Quanzhou was under maintenance; overseas, South Asia in the United States had an unexpected shutdown, and plants such as Morvarid in Iran, Donglian in Taiwan, China, and Zhongxian were under maintenance. Overall, there were many unexpected overhauls recently, and the subsequent load will improve compared to the previous high level. In terms of arrivals, the arrival forecast last week was 95,000 tons, a month - on - month decrease of 16,000 tons. The imports in October were 650,000 tons, a month - on - month increase of 30,000 tons [13]. - Demand side: Last week, the polyester load was 91.5%, a month - on - month increase of 0.2%. Among them, the filament load was 94.4%, a month - on - month increase of 0.9%; the staple fiber load was 97.5%, unchanged from the previous month; the bottle chip load was 72.2%, a month - on - month decrease of 0.7%. In terms of plants, there were few overall changes, and the load of some plants recovered. In terms of polyester, profits were repaired, the short - term inventory pressure was low, the terminal was gradually entering the off - season, but the current load was still high. It is expected that the polyester fiber load will remain high in the short term; the bottle chip load will mainly remain stable in the short term due to inventory pressure and the downstream off - season. At the terminal, the finished product inventory increased, orders decreased, the texturing load was 87%, unchanged from the previous month; the loom load was 72%, a month - on - month decrease of 1%; the polyester yarn load was 66%, unchanged from the previous month. In October, the domestic retail sales of textiles and clothing increased by 6.3% year - on - year, and exports decreased by 13.5% year - on - year [13]. - Inventory: As of November 24, the port inventory was 732,000 tons, unchanged from the previous month; the downstream factory inventory days were 15 days, a month - on - month increase of 2.2 days. In the short term, the arrival volume decreased last week, and the departure volume was moderately low. It is expected that the port inventory accumulation rate will slow down. The increase in unexpected domestic plant overhauls and the expected decrease in overseas arrivals in December have improved the ethylene glycol balance sheet expectations [13]. - Valuation cost side: The naphtha - based production profit increased by 70 yuan to - 828 yuan/ton, the domestic ethylene - based production profit increased by 21 yuan to - 668 yuan/ton, and the coal - based production profit decreased by 224 yuan to - 74 yuan/ton. The cost of ethylene was 730 US dollars/ton, and the price of Yulin pit - mouth bituminous coal fines was 680 yuan/ton. The coal cost rebounded, and ethylene remained stable. Currently, the overall valuation is moderately low [13]. 2. Spot and Futures Market - PX: The basis weakened, and the monthly spread fluctuated weakly. The trading volume and open interest data were presented through multiple charts [32][35]. - PTA: The basis strengthened, and the monthly spread declined. The trading volume and open interest data were presented through multiple charts [44][47]. - MEG: The basis weakened, and the monthly spread was weak. The trading volume and open interest data were presented through multiple charts [57][65]. - Overseas commodity prices: The overseas prices of PX, MEG, and PTA FOB China were presented through charts [75]. 3. p - Xylene Fundamentals - Supply: The load remained at a high level. The Chinese and Asian PX operating rates were presented through charts [82]. - Import: The import volume decreased slightly in October. The import data from different regions were presented through charts [86]. - Inventory: There was a slight inventory accumulation in October. The social inventory and warehouse receipt data were presented through charts [88]. - Cost - profit: PXN was strong, the short - process spread widened, and the naphtha crack spread was strong. The relevant cost - profit data were presented through multiple charts [92]. - Aromatics blending: The gasoline performance weakened, and data on octane value, aromatics spreads, blending relative value, South Korean aromatics inventory, and trade were presented through multiple charts [99][105][109][111][114][122]. 4. PTA Fundamentals - New capacity: There were new PTA production capacities put into operation in 2024 and 2025. The new capacity data were presented through a table and charts [133]. - Load: The load data were presented through a chart [136]. - Export: The total export and export data to specific regions were presented through charts [138]. - Inventory: The end - of - period inventory, in - plant inventory days, and total warehouse receipt data were presented through charts [140]. - Profit valuation: The processing fee was slightly repaired. The spot processing fee, disk processing fee, and acetic acid cost data were presented through charts [142]. 5. Ethylene Glycol Fundamentals - New capacity: There were new MEG production capacities put into operation in 2024 and 2025. The new capacity data were presented through a table and charts [146]. - Supply: The operating rate rebounded. The overall operating rate, synthetic gas - based operating rate, and ethylene - based operating rate data were presented through charts [149]. - Import: The import data from different regions were presented through charts [152]. - Inventory: The port inventory accumulation slowed down this week, and the upstream and downstream factory inventories were high. The relevant inventory data were presented through multiple charts [159]. - Cost: Coal prices fluctuated, and ethylene prices were weak. The relevant cost data were presented through charts [169]. - Profit: The naphtha - based production profit declined to the lowest level of the year, and the coal - based production profit was significantly compressed. The relevant profit data were presented through multiple charts [172]. 6. Polyester and Terminal - Polyester - New capacity: There were new polyester production capacities put into operation, mainly in the form of polyester filament and bottle chip. The new capacity data were presented through a table and charts [186]. - Basis: The staple fiber basis was strong, and the bottle chip basis fluctuated [189]. - Supply: The operating rate remained stable at a high level. The downstream proportion and operating rate data were presented through charts [192]. - Inventory: The filament inventory was at a low level. The inventory data of different polyester products were presented through charts [200]. - Sales rate: The sales rate data of filament, staple fiber, and chips were presented through charts [206]. - Profit: The filament profit was repaired. The profit data of different polyester products were presented through charts [209]. - Terminal - Operating rate: The operating rate decreased and was lower than the same period last year. The operating rate data of different terminal industries were presented through charts [213]. - Order and inventory: Orders declined, inventory increased, and raw material inventory preparation decreased. The relevant data were presented through charts [222]. - Textile and clothing and soft drinks: The growth rate of domestic textile and clothing demand recovered, and exports were weak. The relevant data were presented through charts [226]. - US clothing inventory: The wholesale inventory was lower than the pre - pandemic high, and the inventory increased marginally. The relevant data were presented through charts [228].

有色金属日报 2025-11-28 从业资格号：F03120988 交易咨询号：Z0023261 0755-23375122 zhangsj3@wkqh.cn 有色金属小组 王梓铧 【行情资讯】 吴坤金 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 五矿期货早报 | 有色金属 从业资格号：F03121027 交易咨询号：Z0023147 0755-23375139 zengyuke@wkqh.cn 张世骄 铜 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 刘显杰 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 地缘担忧有所回温，离岸人民币小幅贬值，铜价震荡下滑，昨日伦铜 3M 合约收跌 0.21%至 10930 美 元/吨，沪铜主力合约收至 87050 元/吨。LME 铜库存增加 675 至 157175 吨，注销仓单比例抬升， Cash/3 ...

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The steel demand has officially entered the off - season. The price of steel products is likely to continue the weak shock in the short term, but with the implementation of policies and the improvement of the macro - environment, the steel demand is expected to have a marginal inflection point later [2]. - The iron ore price is expected to run within the shock range. If the molten iron output continues to decline, the ore price may decline periodically within the range [5]. - The ferroalloy price has declined significantly, but there is still hope for the positive impact of macro - events in December on the market sentiment. It is recommended to pay attention to the inflection point of market sentiment [9]. - For the black sector, it may be more cost - effective to look for positions to do rebounds rather than continue to short [10]. - The industrial silicon price is expected to run in shock in the short term, paying attention to periodic emotional disturbances [14]. - The polysilicon price fluctuates widely within the range, and the focus is on the progress of the platform company and the price feedback of the industrial chain [16]. - The glass price is expected to continue the shock trend at the bottom, and the space for further decline is limited [19]. - The soda ash is expected to maintain a weak operation before the glass demand improves substantially [21]. 3. Summary According to Relevant Catalogs Steel Market Information - The closing price of the rebar main contract was 3093 yuan/ton, down 6 yuan/ton (- 0.19%) from the previous trading day. The registered warehouse receipts were 37919 tons, with a month - on - month decrease of 0 tons. The position of the main contract was 1.069617 million lots, a decrease of 131083 lots month - on - month. In the spot market, the aggregated price of rebar in Tianjin was 3200 yuan/ton, a decrease of 10 yuan/ton month - on - month; the aggregated price in Shanghai was 3240 yuan/ton, a decrease of 10 yuan/ton month - on - month [1]. - The closing price of the hot - rolled coil main contract was 3293 yuan/ton, down 11 yuan/ton (- 0.33%) from the previous trading day. The registered warehouse receipts were 113732 tons, with a month - on - month decrease of 0 tons. The position of the main contract was 0.876319 million lots, a decrease of 58870 lots month - on - month. In the spot market, the aggregated price of hot - rolled coils in Lecong was 3310 yuan/ton, a decrease of 10 yuan/ton month - on - month; the aggregated price in Shanghai was 3290 yuan/ton, with no change month - on - month [1]. Strategy Viewpoint - The supply and demand of rebar have both declined, and the inventory has been continuously depleted, showing a neutral overall performance. The output of hot - rolled coils has increased, the apparent demand has slightly declined, and the inventory has only been slightly depleted. South Korea's new anti - dumping tax policy will have a certain impact on steel exports. Overall, the steel demand has entered the off - season, and the inventory pressure of hot - rolled coils still exists. It is necessary to pay attention to the actual progress of the production reduction rhythm [2]. Iron Ore Market Information - The main contract of iron ore (I2601) closed at 799.50 yuan/ton, with a change of + 0.31% (+ 2.50). The position changed by - 5496 lots to 414300 lots. The weighted position of iron ore was 934200 lots. The spot price of PB powder at Qingdao Port was 799 yuan/wet ton, with a basis of 49.48 yuan/ton and a basis rate of 5.83% [4]. Strategy Viewpoint - In terms of supply, the overseas iron ore shipping volume has decreased month - on - month. In the shipping end, the shipping volumes of Australia and Brazil have both decreased. The shipping volumes of the four major mines have all decreased month - on - month. The shipping volume of non - mainstream countries has increased to the highest level of the year, and the near - end arrival volume has increased month - on - month. In terms of demand, the daily average molten iron output was 2.3468 million tons, a decrease of 16000 tons month - on - month. Due to the weakening of demand and the decline of profits, the number of blast furnaces under maintenance has increased significantly, and the number of blast furnaces that can be restarted in a short time is low. The profitability rate of steel mills has fallen to the lowest level in the same period of the past three years, and the proportion of profitable steel mills is 35%. In the inventory end, the port inventory has increased month - on - month, and the steel mill inventory has been slightly consumed. Overall, the iron ore inventory is still high, but there are still structural contradictions, and the spot has certain support. The iron ore price is expected to run within the shock range, and if the molten iron output continues to decline, the ore price may decline periodically [5]. Manganese Silicon and Ferrosilicon Market Information - On November 27, the main contract of manganese silicon (SM601) closed down 0.07% at 5626 yuan/ton. In the spot market, the spot price of 6517 manganese silicon in Tianjin was 5630 yuan/ton, converted to the disk price of 5820 yuan/ton, a decrease of 20 yuan/ton month - on - month, with a premium of 192 yuan/ton over the disk. The main contract of ferrosilicon (SF603) closed down 0.48% at 5390 yuan/ton. In the spot market, the spot price of 72 ferrosilicon in Tianjin was 5400 yuan/ton, with no change month - on - month, with a premium of 10 yuan/ton over the disk [7][8]. Strategy Viewpoint - In the past week, the market risk appetite has weakened comprehensively. The ferroalloy price has declined significantly, but with the change of market expectations and the possible end of the decline of coking coal prices, although the pressure of price decline still exists, there is hope for the positive impact of macro - events in December on the market sentiment. It is recommended to pay attention to the inflection point of market sentiment and the corresponding price inflection point, and pay attention to overseas emotional fluctuations. For the black sector, it may be more cost - effective to look for positions to do rebounds. The fundamentals of manganese silicon are not ideal, and attention should be paid to the situation of manganese ore. The fundamentals of ferrosilicon have no obvious contradictions and drivers, and the operability is relatively low [9][10]. Industrial Silicon and Polysilicon Industrial Silicon - Market Information: The closing price of the main contract of industrial silicon (SI2601) was 9115 yuan/ton, with a change of + 1.05% (+ 95). The weighted contract position changed by - 23518 lots to 409946 lots. In the spot market, the market price of non - oxygen - passing 553 in East China was 9350 yuan/ton, with no change month - on - month, and the basis of the main contract was 235 yuan/ton; the market price of 421 was 9800 yuan/ton, an increase of 50 yuan/ton month - on - month, and the basis of the main contract was - 115 yuan/ton after converting to the disk price [12]. - Strategy Viewpoint: The industrial silicon price rebounded slightly in the short term, and the support below was acceptable. The weekly output of industrial silicon continued the downward trend, and the supply continued to shrink. The weekly output of polysilicon declined, and the maintenance of some enterprise bases was carried out smoothly. The organic silicon raised the spot price after the industry joint price - support meeting, but the output did not reach the expected reduction amplitude. The net export in October decreased significantly. The cost - end factors provided support for the industrial silicon disk. Overall, the current situation of industrial silicon has not changed significantly, and the price is expected to run in shock in the short term, paying attention to periodic emotional disturbances [13][14]. Polysilicon - Market Information: The closing price of the main contract of polysilicon (PS2601) was 55235 yuan/ton, with a change of - 1.18% (- 660). The weighted contract position changed by + 866 lots to 255238 lots. In the spot market, the average price of N - type granular silicon was 50.5 yuan/kg, with no change month - on - month; the average price of N - type dense material was 51 yuan/kg, with no change month - on - month; the average price of N - type re - feeding material was 52.3 yuan/kg, an increase of 0.05 yuan/kg month - on - month, and the basis of the main contract was - 2935 yuan/ton [15]. - Strategy Viewpoint: Polysilicon is still in a tug - of - war between reality and expectation. The production schedule in November has decreased, and the weekly output data has gradually declined, and the production reduction expectation has been fulfilled. The downstream silicon wafer output is expected to decline month - on - month compared with October. In the future, the supply - demand pattern of polysilicon may improve marginally under the large - scale reduction of supply, but the short - term de - stocking amplitude is expected to be limited. The prices of silicon wafers and battery cells have loosened, and the price pressure still exists under the weak demand. The upstream silicon material quotation is relatively firm, facing the price feedback pressure from the downstream. Under the weak reality background, the expectation of storage and the establishment of the platform company continue to tug at the disk, and the disk price is easy to fall or rise rapidly under the news disturbance. The focus in the future is still on the progress of the platform company and the price feedback of the industrial chain. In addition, the spread between near - and far - month contracts has intensified, and attention should be paid to the unstable risk caused by the rapid conversion of capital sentiment [16]. Glass and Soda Ash Glass - Market Information: On Thursday afternoon at 15:00, the main contract of glass closed at 1041 yuan/ton, up 0.39% (+ 4) on the day. The quotation of large plates in North China was 1070 yuan, with no change from the previous day; the quotation in Central China was 1080 yuan, with no change from the previous day. The weekly inventory of float glass sample enterprises was 62.362 million boxes, a decrease of 0.941 million boxes (- 1.49%) month - on - month. The top 20 holders of long orders reduced their long positions by 70889 lots today, and the top 20 holders of short orders reduced their short positions by 59259 lots today [18]. - Strategy Viewpoint: The expectation of cold repair of glass production lines in December has increased, and the supply is expected to shrink to a certain extent. The downstream processing orders are insufficient, and enterprises mostly purchase on demand, resulting in a lack of strong support for prices. With the decline of soda ash prices, the market's expectation of glass prices has further weakened. Overall, the current glass valuation is at a relatively low level, and the glass price is expected to continue the shock trend at the bottom, and the space for further decline is limited [19]. Soda Ash - Market Information: On Thursday afternoon at 15:00, the main contract of soda ash closed at 1176 yuan/ton, up 0.09% (+ 1) on the day. The quotation of heavy soda ash in Shahe was 1146 yuan, an increase of 1 yuan from the previous day. The weekly inventory of soda ash sample enterprises was 1.5874 million tons, a decrease of 57000 tons (- 1.49%) month - on - month. Among them, the inventory of heavy soda ash was 0.8468 million tons, a decrease of 40500 tons month - on - month, and the inventory of light soda ash was 0.7406 million tons, a decrease of 16500 tons month - on - month. The top 20 holders of long orders reduced their long positions by 8830 lots today, and the top 20 holders of short orders reduced their short positions by 9343 lots today [20]. - Strategy Viewpoint: Last week, some devices were under maintenance, driving the industry's operating rate to decline slightly, but it failed to reverse the market's oversupply situation. The demand shows differentiation. The demand for light soda ash is stable, and the tight local supply has pushed up the quotation. The demand for heavy soda ash is still weak, and the orders of glass factories in Shahe area are insufficient, and the price has been under pressure to decline several times this week. Although the rising coal price at the cost end provides certain support for soda ash, the high inventory and weak demand always constitute the main negative driving force. Before the glass demand improves substantially, the soda ash is expected to maintain a weak operation [21].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The stock market shows a high - level volatile upward trend, with the Shanghai Composite Index, large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks all in this state [2]. - The implied volatility of financial options has decreased but remains at a relatively high level of fluctuation [2]. - For ETF options, it is suitable to construct a partial long - side seller strategy and a bull spread strategy for call options; for index options, in addition to the above two strategies, an arbitrage strategy between the synthetic long futures of options and short futures can also be constructed [2]. 3. Summary by Relevant Catalogs 3.1 Financial Market Important Index Overview - The Shanghai Composite Index closed at 3,875.26, up 11.07 points or 0.29%, with a trading volume of 698.5 billion yuan, a decrease of 2.5 billion yuan [3]. - The Shenzhen Component Index closed at 12,875.19, down 32.64 points or 0.25%, with a trading volume of 1011.3 billion yuan, a decrease of 71.1 billion yuan [3]. - The Shanghai 50 Index closed at 2,972.27, up 0.47 points or 0.02%, with a trading volume of 105.1 billion yuan, an increase of 7.8 billion yuan [3]. - The CSI 300 Index closed at 4,515.40, down 2.22 points or 0.05%, with a trading volume of 417.8 billion yuan, a decrease of 9.6 billion yuan [3]. - The CSI 500 Index closed at 6,951.28, down 13.76 points or 0.20%, with a trading volume of 253 billion yuan, a decrease of 21.8 billion yuan [3]. - The CSI 1000 Index closed at 7,257.45, up 9.01 points or 0.12%, with a trading volume of 365.6 billion yuan, a decrease of 11.3 billion yuan [3]. 3.2 Option - underlying ETF Market Overview - The closing prices of various option - underlying ETFs showed different degrees of decline, with trading volumes and turnovers also changing accordingly. For example, the Shanghai 50ETF closed at 3.112, down 0.002 or 0.06%, with a trading volume of 6.5124 million shares and a turnover of 2.032 billion yuan, an increase of 576 million yuan [4]. 3.3 Option Factor - Volume and Position PCR - Different option varieties have different volume and position PCR values and their changes, which can be used to analyze the market sentiment and potential turning points of the underlying assets. For example, the volume PCR of the Shanghai 50ETF option is 0.93, an increase of 0.03, and the position PCR is 0.98, an increase of 0.17 [5]. 3.4 Option Factor - Pressure and Support Points - From the perspective of the strike prices with the largest open interest of call and put options, the pressure and support points of option - underlying assets are analyzed. For example, the pressure point of the Shanghai 50ETF is 3.20, and the support point is 3.10 [7]. 3.5 Option Factor - Implied Volatility - The implied volatility of different option varieties shows different characteristics, including at - the - money implied volatility and weighted implied volatility. For example, the at - the - money implied volatility of the Shanghai 50ETF option is 12.52%, and the weighted implied volatility is 13.11%, a decrease of 0.36% [10]. 3.6 Strategy and Suggestions - The financial option sector is divided into large - cap blue - chip stocks, small - and medium - sized boards, and the ChiNext board. Different sectors have different option strategies [12]. - **Financial Stock Sector (Shanghai 50ETF)**: The underlying asset shows a high - level volatile and declining trend. It is recommended to construct a partial - neutral seller portfolio strategy and a spot long - covered call strategy [13]. - **Large - and Medium - Sized Stock Sector (Shenzhen 100ETF)**: The underlying asset shows a partial - long high - level volatile trend. A short - volatility strategy and a spot long - covered call strategy are recommended [14]. - **Small - and Medium - Sized Board Sector (Shanghai 500ETF and CSI 1000)**: The underlying assets show high - level volatile and declining trends. Short - volatility strategies and spot long - covered call strategies are recommended [14][15]. - **ChiNext Board Sector (ChiNext ETF)**: The underlying asset shows a high - level volatile trend with a partial - long direction. A short - volatility strategy and a spot long - covered call strategy are recommended [15].

农产品期权 2025-11-28 农产品期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 农产品期权策略早报概要：油料油脂类农产品偏弱震荡，油脂类，农副产品维持震荡行情，软商品白糖小幅震荡， 棉花弱势盘整，谷物类玉米和淀粉弱势窄幅盘整。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （ ...