研究所 农产品研发报告 花生日报 2025 年 11 月 5 日 | 花生数据日报 | | | 第一部分 | | 数据 | | | 2025/11/5 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | PK604 | | 7870 | -22 | -0.28% | 6,282 | 80.36% | 11,975 | 61.58% | | PK510 | | 8126 | -16 | -0.20% | 25 | 8.70% | 508 | -0.20% | | PK601 | | 7802 | -10 | -0.13% | 48,284 | 8.61% | 164,014 | -0.86% | | 现货与基差 | | | | | | | | | | 现货 | | 河南南阳 | 山东济宁 | 山东临沂 | 日照花生粕 | 日照豆粕 | 花生油 | 日照一级豆油 | | 今日报价 | | 7200 ...

期 货 眼 ·日 迹 每日早盘观察 银河期货研究所 2025 年 11 月 5 日 0 / 46 研究所 期货眼·日迹 | 股指期货：美股大跌影响情绪 A 股再试支撑 3 | | --- | | 国债期货：央行小幅购债，外围风偏回落 4 | | 豆粕：供应压力仍存 | 价格阶段性调整 6 | | --- | --- | | 白糖：外盘再次大跌 | 郑糖价格弱势 6 | | 油脂板块：震荡磨底阶段 7 | | | 玉米/玉米淀粉：现货反弹，盘面高位震荡 8 | | | 生猪：供应压力较大 | 价格阶段性回落 9 | | 花生：花生现货继续反弹，花生短期底部震荡 10 | | | 鸡蛋：淘鸡有所增加 | 蛋价有所企稳 10 | | 苹果：入库数据即将公布 | 市场交易入库预期 11 | | 棉花-棉纱：收购进入高峰 | 棉价震荡略偏强 12 | | 钢材：铁水产量收缩，钢价区间震荡 14 | | --- | | 双焦：震荡整理 等待回调后做多的机会 14 | | 铁矿：偏空思路对待 15 | | 铁合金：库存持续攀升，继续逢高做空 16 | | 贵金属：美元延续涨势，贵金属市场承压 17 | | --- | | ...

Group 1: Report Overview - The report is a daily research report on cotton and cotton yarn in the agricultural products industry, dated November 4, 2024 [1] Group 2: Market Information Futures Market - CF01 contract closed at 13,535, down 65; CF05 at 13,555, down 60; CF09 at 13,725, down 55; CY01 at 19,795, down 125; CY05 at 19,845, down 75; CY09 at 20,085, unchanged [2] - Trading volume and open interest of each contract had different changes, e.g., CF01 trading volume decreased by 3,913 and open interest decreased by 6,089 [2] Spot Market - CCIndex3128B was 14,841 yuan/ton, down 19; Cot A was 76.85 cents/pound; FC Index:M: arrival price was 75.69, up 0.09; etc [2] Price Spreads - Cotton and cotton yarn had various spreads, such as cotton 1 - 5 month spread at -20, down 5; 5 - 9 month spread at -170, down 5; etc [2] Group 3: Market News and Views Cotton Market News - On November 4, 2025, the Xinjiang cotton road transport price index was 0.1803 yuan/ton·km, unchanged from the previous day, with expected short - term upward fluctuations [4] - This year's cotton yield per mu in Shaya County was generally 380 - 450 kg/mu, a decrease of 30 - 70 kg/mu compared to last year, possibly due to improper fertilization and low September temperatures [4] - As of October 28, the drought index in the main US cotton - producing areas decreased significantly, and the quality indicators of US cotton declined [4] Trading Logic - In November, with new cotton on the market, there may be selling and hedging pressure. Supply is expected to increase but the increase may be less than previously thought. Demand enters the off - season. Zhengzhou cotton is expected to fluctuate with limited upside and downside. Sino - US trade policies may have a large impact [5] Trading Strategies - Unilateral: US cotton is expected to fluctuate, and Zhengzhou cotton is expected to be slightly stronger. Close previous long positions [6] - Arbitrage: Hold off [7] - Options: Hold off [8] Cotton Yarn Industry News - Although market confidence improved last week, downstream demand did not improve significantly. Cotton has large hedging pressure. Most cotton yarn prices were stable, with only a few varieties selling well. Follow downstream demand and Zhengzhou cotton trends [9] - The all - cotton grey fabric market is weak, and fabric mills purchase raw materials as needed. Downstream customers place mainly rigid orders and are cautious [9] Group 4: Options Option Data - On November 3, 2025, for example, CF601C13400.CZC closed at 260, down 10%; CF601P13000.CZC closed at 25, down 34.2% [11] Volatility - The 120 - day HV of cotton decreased slightly. Implied volatilities of different options varied, e.g., 7.5% for CF601 - C - 13400 [11] Option Strategies - Hold off on options [13] Group 5: Related Attachments - The report includes charts of 1% tariff cotton price spreads, cotton basis for different months, cotton yarn - cotton spreads, and cotton inter - monthly spreads [15][18][22][23]

Z0014425 联系方式： 研究所 农产品研发报告 农产品日报 2024 年 11 月 04 日 研究员：刘倩楠 期货从业证号： F3013727 投资咨询证号： :liuqiannan_qh@chinas tock.com.cn 苹果日报 第一部分 市场信息 | HARRANIEL JUN I / STATE TALLER | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 现货价格 | | | | | | | | | 指标 | 今日价格 | 上一工作日价 | 涨跌 | 指标 | 今日价格 | 上一工作日价 | 涨跌 | | 格 | | | | | | 格 | | | 富士苹果价格指数 | 107.18 | 107.61 | -0.43 | 洛川半商品纸袋70 | 3.85 | 3.85 | 0.00 | | 栖霞 一、二级纸袋 80 | #N/A | #N/A | #N/A | 沂源纸袋70 | 2.30 | 2.30 | 0.00 | | 蓬莱 一、二级纸袋 80 | 3.95 | 3.95 | 0.00 | 6种水果 ...

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - Recently, the price of common peanuts has been relatively strong, while the price of imported peanuts has remained stable. With an increase in supply and weak downstream demand, peanut prices are expected to remain relatively stable in the short term. Peanut oil prices are stable, and peanut meal prices have recently shown stability. Oil mills are making reasonable profits from pressing operations. The price of common peanuts in Henan is around 3.6 yuan per catty. The quality of peanuts in Henan and other regions is poor, resulting in relatively low peanut prices, but they have started to stabilize and rebound. The futures market is currently trading on the assumption of an abundant supply of oil peanuts, and oil mills have not made large - scale purchases. However, as the price of common peanuts in Henan begins to rise, peanut futures will continue to fluctuate at the bottom. It is expected that the production of new - season peanuts will be higher than last year, and the planting cost will decrease. When new - season peanuts are widely available, the peanut 01 contract will continue to fluctuate at the bottom [8]. 3. Summary by Directory 3.1 Data - **Futures Market**: PK604 closed at 7892, up 12 (0.15%), with a trading volume of 3,483 (down 14.57%) and an open interest of 7,411 (up 60.93%); PK510 closed at 8142, up 16 (0.20%), with a trading volume of 23 (down 51.06%) and an open interest of 509 (up 3.88%); PK601 closed at 7812, up 12 (0.15%), with a trading volume of 44,455 (down 35.74%) and an open interest of 165,434 (down 1.80%) [2]. - **Spot Market**: In the spot market, the prices in Henan Nanyang, Shandong Jining, and Shandong Linyi were 7200, 7800, and 7800 respectively, with no change. The price of peanut meal in Rizhao was 3250, and the price of soybean meal in Rizhao was 3030 (down 10). The price of peanut oil was 14580, and the price of first - grade soybean oil in Rizhao was 8340 (up 50). The import prices of Sudanese peanuts were 8600, and those of Senegalese peanuts were 7600, both with no change [2]. - **Spread**: The spread of PK01 - PK04 was - 80 (no change), PK04 - PK10 was - 250 (down 4), and PK10 - PK01 was 330 (up 4) [2]. 3.2 Market Analysis - The prices of peanuts in Henan and Northeast China are stable. In Northeast China, the price of 308 common peanuts in Fuyu, Jilin, and Changtu, Liaoning, is 4.3 yuan per catty. In the Henan production area, the price of Baisha common peanuts is 3.6 - 3.75 yuan per catty, and in Junan, Shandong, it is 3.9 yuan per catty. The price of imported Sudanese refined peanuts is 8600 yuan per ton, Senegalese peanuts are 7600 yuan per ton, Brazilian new peanuts are 9200 yuan per ton, and Indian 50/60 peanuts are 8000 yuan per ton. It is expected that peanut prices will remain relatively stable in the short term. Some peanut oil mills have started purchasing, with the mainstream transaction price ranging from 7700 - 7900 yuan per ton, and the theoretical break - even price for oil mills is 7920 yuan per ton. The prices of soybean oil and peanut oil are stable. The price of domestic first - grade ordinary peanut oil is 14500 yuan per ton, and the market price of small - pressed fragrant peanut oil is 16500 yuan per ton. The spot price of soybean meal in Rizhao has declined to 3010 yuan per ton (down 20). The price difference between peanut meal and soybean meal per unit of protein is low, and peanut meal is expected to be strong in the short term, with a 48 - protein peanut meal price of 3210 yuan per ton [4][6]. 3.3 Trading Strategy - **Unilateral**: Peanuts in the 01 and 05 contracts are fluctuating at low levels, and short - term long positions can be considered [9]. - **Calendar Spread**: It is advisable to wait and see [10]. - **Options**: Hold the short position of pk601 - P - 7600 [11]. 3.4 Relevant Attachments - The report includes six charts, namely the spot price of Shandong peanuts, the pressing profit of peanut oil mills, the price of peanut oil, the basis between peanut spot and continuous contracts, the spread between peanut 10 - 1 contracts, and the spread between peanut 1 - 4 contracts [13][19][22].

黑色金属日报 2025 年 11 月 04 日 螺纹热卷日报 研究所 黑色金属研发报告 第一部分 市场信息 研究员：戚纯怡 期货从业证号： F03113636 投资咨询证号： Z0018817 :021-65789253 :qichunyi_qh@chinastock.c om.cn 1/ 10 研究所 黑色金属研发报告 第二部分 市场研判 【相关价格】 现货：网价上海中天螺纹 3180 元（-10），北京敬业 3170 元（-10），上海鞍钢热 卷 3310 元（-），天津河钢热卷 3230 元（-）。 【交易策略】 今日大宗商品整体下跌，钢材板块跟跌，现货成交整体一般偏弱，低价刚需拿 货，期现出货，基差小幅走扩。上周钢联数据公布，钢材复产速度加快，但河北地区 环保限产，铁水产量有所下滑；近期钢材需求继续修复，钢材去库速度加快，表需有 所增加。由于近期温度下降，钢材需求修复。煤矿端搅动大，首先是动力煤价格上涨 带动煤矿走强，其次煤矿事故频发，蒙煤通关发生阶段性搅动，乌海煤矿进行环保治 理，带动焦煤短期供应偏紧；然而板材库存较高，四季度资金释放放缓，下游回款 慢，项目数量同比下滑，而美国第二次降息落地，中美关 ...

研究所 黑色研发报告 | | 今日 | 昨日 | 涨跌 | | 今日 | 昨日 | 涨跌 | | --- | --- | --- | --- | --- | --- | --- | --- | | DCE01 | 775.5 | 782.5 | -7.0 | I01-I05 | 19.5 | 22.0 | -2.5 | | DCE05 | 756.0 | 760.5 | -4.5 | I05-I09 | 20.5 | 20.0 | 0.5 | | DCE09 | 735.5 | 740.5 | -5.0 | I09-I01 | -40.0 | -42.0 | 2.0 | | 现货 | 昨天 | 前天 | 涨跌 | 折标准品 | 01厂库基差 | 05厂库基差 | 09厂库基差 | | PB粉(60.8%) | 783 | 797 | -14 | 853 | 62 | 84 | 104 | | 纽曼粉 | 785 | 800 | -15 | 850 | 60 | 82 | 102 | | 麦克粉 | 786 | 796 | -10 | 853 | 62 | 84 | 104 | | 金布巴粉(60.5%) | ...

研究所 农产品研发报告 农产品日报 2025 年 11 月 04 日 研究员：刘倩楠 期货从业证号： Z0014425 联系方式： :liuqiannan_qh@chinastock. com.cn 鸡蛋日报 第一部分鸡蛋日报 | 期货市场 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 今收 | | 昨收 | 涨跌 | JD跨月价差 | 今收 | 昨收 | 涨跌 | | JD01 | 3337 | 3347 | -10 | 01-05 | -155 | -150 | -5 | | JD05 | 3492 | 3497 | -5 | 05-09 | -367 | -364 | -3 | | JD09 | 3859 | 3861 | -2 | 09-01 | 522 | 514 | 8 | | 今收 | | 昨收 | 涨跌 | | 今收 | 昨收 | 涨跌 | | 01鸡蛋/玉米 | 1.56 | 1.56 | 0.00 | 01鸡蛋/豆粕 | 1.11 | 1.11 | 0.00 | | 05鸡蛋/玉米 | 1.56 | ...

研究所 黑色金属研发报告 黑色金属日报 2025 年 11 月 4 日 铁合金日报 第一部分 市场信息 研究员：周涛 期货从业证号： F03134259 投资咨询证号： Z0021009 联系方式： :zhoutao_qh1@chinastock. com.cn | 期 货 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期货合约 | 收盘价 | 日变动 | 周变动 | 成交量 | 日变化 | 持仓量 | 日变化 | | SF主力合约 | 5510 | -16 | -54 | 148202 | 29682 | 158005 | 2702 | | SM主力合约 | 5754 | -40 | -36 | 170208 | 8798 | 359195 | 8981 | | 现 货 | | | | | | | | | 硅铁 | 现货价格 | 日变动 | 周变动 | 硅锰 | 现货价格 | 日变动 | 周变动 | | 72%FeSi内蒙 | 5350 | 0 | 30 | 硅锰6517内蒙 | 5620 | -30 | -60 | ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The US corn market is in a narrow - range oscillation. Although the price has rebounded due to the easing of Sino - US relations, the high production volume keeps the price under pressure. The import profit of foreign corn is decreasing, and the price of Brazilian corn for December import is 2157 yuan. The domestic corn market shows different trends in different regions. The northern port flat - price has increased, while the price in the Northeast may decline, and the price in North China is stabilizing. The price difference between Northeast and North China corn is widening. The wheat price in North China has dropped, and the price difference between wheat and corn is still large, giving corn a cost - performance advantage. The domestic breeding demand is stable, but the corn spot price still has a short - term downward space. The starch market is affected by the corn price. The inventory of corn starch has decreased this week, and the by - product price is strong. The starch price may decline later due to the possible fall of the corn price [4][6][7]. 3. Summary by Relevant Catalogs 3.1 Data 3.1.1 Futures Disk - For corn futures contracts (C2601, C2605, C2509), the closing prices are 2135, 2232, and 2254 respectively, with price drops of - 6, - 12, and - 9, and price decline rates of - 0.28%, - 0.54%, and - 0.40%. The trading volumes have decreased by 36.29%, 52.35%, and 44.03%, and the open interests have changed by 1.07%, 0.79%, and 8.79%. For corn starch futures contracts (CS2601, CS2605, CS2509), the closing prices are 2444, 2548, and 2594 respectively, with price drops of - 9, - 10, and - 7, and price decline rates of - 0.37%, - 0.39%, and - 0.27%. The trading volumes have decreased by 16.50%, 52.46%, and 44.07%, and the open interests have changed by - 0.22%, - 0.62%, and 2.75% [2]. 3.1.2 Spot and Basis - Corn spot prices in different regions: Qinggang is 1965 yuan, Songyuan Jiajie is 2010 yuan, Zhucheng Xingmao is 2280 yuan, Shouguang is 2216 yuan, Jinzhou Port is 2160 yuan, Nantong Port is 2250 yuan, and Guangdong Port is 2250 yuan. The price of Jinzhou Port and Nantong Port has increased by 10 yuan, and the others are stable. The basis of corn in different regions ranges from - 289 to 26. Starch spot prices in different factories: Longfeng, Zhongliang, and Jiajie are 2650 yuan, Yufeng is 2890 yuan, Jinyu, Zhucheng Xingmao, and Hengren Industry and Trade are 2800 yuan, all stable. The basis of starch in different factories ranges from 102 to 352 [2]. 3.1.3 Spread - Corn inter - delivery spreads: C01 - C05 is - 97 with a price increase of 6, C05 - C09 is - 22 with a price drop of - 3, C09 - C01 is 119 with a price drop of - 3. Starch inter - delivery spreads: CS01 - CS05 is - 104 with a price increase of 1, CS05 - CS09 is - 46 with a price drop of - 3, CS09 - CS01 is 150 with a price increase of 2. Cross - variety spreads: CS09 - C09 is 340 with a price increase of 2, CS01 - C01 is 309 with a price drop of - 3, CS05 - C05 is 316 with a price increase of 2 [2]. 3.2 Market Judgment 3.2.1 Corn - The US corn market is in a narrow - range oscillation. The import profit of foreign corn is decreasing. The northern port flat - price has increased, and the Northeast corn price is stable, while the North China corn price is stabilizing. The price difference between Northeast and North China corn is widening. The wheat price in North China has dropped, and the price difference between wheat and corn is still large. The domestic breeding demand is stable, but the corn spot price still has a short - term downward space. The North Port price may drop to around 2060 yuan/ton, and the North China corn price is expected to be supported at 2100 yuan/ton [4][6]. 3.2.2 Starch - The number of trucks arriving at Shandong deep - processing plants has decreased, and the corn price in Shandong has increased. The starch price in Shandong is around 2750 yuan, and the Northeast starch price is stable. The inventory of corn starch has decreased this week, with the factory inventory at 112.8 million tons, a decrease of 1.2 million tons from last week, a monthly decline of 0.97%, and a year - on - year increase of 36.9%. The starch price mainly depends on the corn price and downstream stocking. The by - product price is strong. Due to the large drop in the corn price, the enterprise profit is good. The starch price may decline later due to the possible fall of the corn price, and the short - term 01 starch on the disk is expected to oscillate at the bottom [7]. 3.3 Corn Options - The option strategy is a short - term cumulative put and call strategy with rolling operations. The option contract C2605 - P - 2160.DCE has a closing price of 21.50, and the option contract C2601 - P - 2080.DCE has a closing price of 7.00 [11]. 3.4 Relevant Attachments - The attachments include six figures, showing the spot price of corn in different regions, the basis of corn 01 contract, the 1 - 5 spread of corn, the 1 - 5 spread of corn starch, the basis of corn starch 01 contract, and the spread of corn starch 01 contract [13][15][19].