研究所 农产品研发报告 农产品日报 2025 年 11 月 11 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 | 3373 | 3383 | -10 | 01-05 | -204 | -122 | -82 | | JD05 | 3577 | 3505 | 72 | 05-09 | -304 | -351 | 47 | | JD09 | 3881 | 3856 | 25 | 09-01 | 508 | 473 | 35 | | 今收 | | 昨收 | 涨跌 | | 今收 | 昨收 | 涨跌 | | 01鸡蛋/玉米 | 1.55 | 1.56 | -0.01 | 01鸡蛋/豆粕 | 1.10 | 1.10 | 0.00 | | 05鸡蛋/玉米 | 1.59 ...

研究所 农产品研发报告 农产品日报 2024 年 11 月 11 日 研究员：王玺圳、刘倩楠 期货从业证号： F03118729、F3013727 投资咨询证号： Z0022817、Z0014425 联系方式： :wangxizhen_qh@chin astock.com.cn 棉花、棉纱日报 第一部分 市场信息 | 期货盘面 | 收盘 | 涨跌幅 | 成交量(手) | 增减幅 | 空盘量 | 增减量 | | --- | --- | --- | --- | --- | --- | --- | | CF01合约 | 13560 | -20 | 143,661 | -60717 | 573,905 | 3733 | | CF05合约 | 13560 | -20 | 31,013 | -38824 | 261,777 | 4953 | | CF09合约 | 13735 | -20 | 983 | 151 | 4,628 | 375 | | CY01合约 | 19855 | -10 | 11542 | -2930 | 24626 | -341 | | CY05合约 | 19860 | 0 | 0 | -4 | 28 ...

研究所 农产品研发报告 白糖日报 2025 年 11 月 11 日 白糖日报 第一部分 数据分析 研究员：刘倩楠 期货从业证号： F3013727 投资咨询证号： Z0014425 联系方式： liuqiannan_qh@china stock.com.cn | 期货盘面 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减量 | 持仓量 | 增减量 | | SR09 | | 5,403 | 5 | 0.09% | 1,703 | 116 | 10,961 | -108 | | SR01 | | 5,475 | 18 | 0.33% | 139,545 | -1192 | 373,243 | 1282 | | SR05 | | 5,405 | 8 | 0.15% | 21,900 | 6805 | 115,922 | 2673 | | 现货价格 | | | | | | | | | | 白糖 | | 柳州 | 昆明 | 武汉 | 南宁 | 鲅鱼圈 | ...

研究所 能源化工研发报告 甲醇日报 2025 年 11 月 11 日 甲醇日报 1、期货市场：期货盘面震荡下跌，最终报收 2082（-16/-0.76%）。 2、现货市场：生产地，内蒙南线报价 1950 元/吨，北线报价 1990 元/吨。关中地区 报价 1920 元/吨，榆林地区报价 1940 元/吨，山西地区报价 1980 元/吨，河南地区报价 2060 元/吨。消费地，鲁南地区市场报价 2120 元/吨，鲁北报价 2190 元/吨，河北地区 报价 2040 元/吨。 西南地区，川渝地区市场报价 2000 元/吨，云贵报价 2070 元/吨。港 口，太仓市场报价 2050 元/吨，宁波报价 2050 元/吨，广州报价 2040 元/吨。 【重要资讯】 本周（20251110-1111），西北地区甲醇样本生产企业周度签单量（不含长约）总计 88800（8.88 万吨），较上一统计日增 64900 吨（6.49 万吨），环比增 271.55%。 【逻辑分析】 供应端，煤制甲醇利润在 320 元/吨附近，甲醇开工率高位稳定，国内供应持续宽 松。进口端，美金价格加速下跌，进口顺挂扩大，伊朗全部正常，非伊开工小幅提 ...

研究所 能源化工研发报告 煤炭日报 2025 年 11 月 11 日 煤炭日报 【市场回顾】 现货市场：11 月 11 日，港口动力煤市场维持僵持格局，供需双方心态持续博弈。 现 5500 大卡报价 840-850 元/吨，5000 大卡报价 740-750 元/吨，4500 大卡报价 640-650 元/吨；内蒙地区非电企业用煤 5500 大卡煤种价格处于 590 - 630 元/吨之间，5000 大卡 煤种价格处于 500 - 540 元/吨之间，4500 大卡煤种价格处于 435 - 475 元/吨之间；榆林 地区非电企业用煤 6000 大卡煤的价格区间为 680-710 元/吨，5800 大卡煤的价格区间为 640-670 元/吨；山西非电企业用煤 5500 大卡煤种价格处于 620 - 670 元/吨之间，5000 大 卡煤种价格处于 550 - 600 元/吨之间，4500 大卡煤种价格处于 470 - 520 元/吨之间。江 内港口 5500 大卡动力煤主流报价 890-900 元/吨；5000 大卡报价 790-800 元/吨。 【重要资讯】 海关总署 11 月 7 日公布的数据显示，2025 ...

大宗商品研究 【尿素】11 月 11 日，尿素行业日产 19.51 万吨，较上一工作日持平；较去年同期增 加 1.49 万吨；今日开工率 83.41%，较去年同期 79.73%提升 3.68%。隆众统计。 【逻辑分析】 新增出口配额消息影响消退，市场情绪表现降温，主流地区尿素现货出厂报价上涨， 成交转弱。山东地区主流出厂报价领涨，市场情绪表现降温，工业复合肥开工率下滑， 原料库存充裕，成品库存偏高，基层订单稀少，刚需补货为主，农业刚需采购，贸易商 开始出货，新单成交清淡，个别工厂降价收单，但成交稀少，预计出厂报价坚挺为主； 河南地区市场情绪偏弱，出厂报价跟涨，贸易商出货，收单量减少，成交一般，待发充 裕，预计出厂报价暂稳为主。交割区周边区域出厂价跟涨，区内市场氛围表现一般，东 北地区需求平稳，交投情绪尚可，农业刚需采购，期现商和贸易商出货，外发订单量减 少，新单成交乏力，待发充裕，预计出厂价暂稳为主。综合来看，综合来看，检修装置 陆续回归，日均产量增加至 19.6 万吨附近。需求端，第四批配额发放，国际价格对国内 影响再度升温。华中、华北地区复合肥基本结束，基层备货收尾，复合肥厂开工率下滑， 尿素库存可用天数 ...

1. Report Date - The report is dated November 11, 2025 [2] 2. Market Overview IM (China Securities 1000 Index Futures) - The main contract of IM fell 0.3% to close at 7390.4 points. The total trading volume of the four IM contracts was 186,082 lots, a decrease of 8,391 lots from the previous day, and the total open interest was 354,095 lots, a decrease of 582 lots from the previous day [3] - The main contract of IM was at a discount of 150.39 points, a decrease of 8.14 points from the previous day, and the annualized basis rate was -19.05% [4] IF (CSI 300 Index Futures) - The main contract of IF fell 0.84% to close at 4626.8 points. The total trading volume of the four IF contracts was 110,400 lots, an increase of 3,615 lots from the previous day, and the total open interest was 263,184 lots, a decrease of 5,129 lots from the previous day [20][21] - The main contract of IF was at a discount of 25.37 points, a decrease of 2.32 points from the previous day, and the annualized basis rate was -5.13% [21] IC (CSI 500 Index Futures) - The main contract of IC fell 0.79% to close at 7173 points. The total trading volume of the four IC contracts was 112,484 lots, a decrease of 10,252 lots from the previous day, and the total open interest was 241,256 lots, a decrease of 8,077 lots from the previous day [40][41] - The main contract of IC was at a discount of 118.61 points, a decrease of 10.61 points from the previous day, and the annualized basis rate was -15.48% [41] IH (SSE 50 Index Futures) - The main contract of IH fell 0.58% to close at 3033 points. The total trading volume of the four IH contracts was 50,142 lots, an increase of 4,232 lots from the previous day, and the total open interest was 94,744 lots, a decrease of 1,967 lots from the previous day [57] - The main contract of IH was at a discount of 1.63 points, a decrease of 1.77 points from the previous day, and the annualized basis rate was -0.5% [58] 3. Contract - Specific Data IM | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Open - Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 1000 | 7540.79 | -0.30% | 26,525 | -3% | 4,049 billion | -7% | - | - | | IM2511 | 7476.60 | -0.30% | 32,931 | -3% | 495 billion | -3% | 60,308 | -1,464 | | IM2512 | 7390.40 | -0.30% | 122,556 | -4% | 1,820 billion | -4% | 179,084 | -6 | | IM2603 | 7167.00 | -0.34% | 21,766 | -3% | 314 billion | -3% | 79,515 | 412 | | IM2606 | 6949.80 | -0.30% | 8,829 | -11% | 123 billion | -11% | 35,188 | 476 | [3] IF | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Open - Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 300 | 4652.17 | -0.91% | 18,664 | -21% | 4,776 billion | -20% | - | - | | IF2511 | 4640.20 | -0.88% | 23,298 | 4% | 326 billion | 4% | 39,376 | -1,830 | | IF2512 | 4626.80 | -0.84% | 70,771 | 1% | 986 billion | 1% | 151,427 | -4,735 | | IF2603 | 4600.40 | -0.76% | 12,465 | 12% | 173 billion | 12% | 58,627 | 501 | | IF2606 | 4559.00 | -0.71% | 3,866 | 16% | 35 billion | 16% | 13,754 | 935 | [20] IC | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Open - Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 500 | 7291.61 | -0.71% | 19,166 | -6% | 3,386 billion | -9% | - | - | | IC2511 | 7242.20 | -0.72% | 22,488 | -5% | 327 billion | -5% | 42,026 | -2,898 | | IC2512 | 7173.00 | -0.79% | 69,626 | -9% | 1,005 billion | -9% | 127,025 | -5,885 | | IC2603 | 7003.80 | -0.77% | 15,091 | -10% | 212 billion | -11% | 53,067 | 26 | | IC2606 | 6813.80 | -0.73% | 5,279 | -10% | 72 billion | -10% | 19,138 | 680 | [40] IH | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Open - Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 50 | 3034.63 | -0.63% | 4,104 | -16% | 1,181 billion | -16% | - | - | | IH2511 | 3033.60 | -0.62% | 9,704 | -1% | 88 billion | -1% | 12,907 | -964 | | IH2512 | 3033.00 | -0.58% | 34,254 | 13% | 312 billion | 13% | 60,887 | -712 | | IH2603 | 3029.60 | -0.58% | 4,768 | 10% | 43 billion | 10% | 16,591 | -144 | | IH2606 | 3022.60 | -0.59% | 1,416 | -11% | 13 billion | -11% | 4,359 | -147 | [57] 4. Basis and Annualized Basis Rate IM - The main contract's basis was - 150.39 points, and the annualized basis rate was -19.05% [4] IF - The main contract's basis was - 25.37 points, and the annualized basis rate was -5.13% [21] IC - The main contract's basis was - 118.61 points, and the annualized basis rate was -15.48% [41] IH - The main contract's basis was - 1.63 points, and the annualized basis rate was -0.5% [58] 5. Main Seats' Data IM - Data for main seats of IM2511, IM2512, IM2603, and IM2606 are provided, including trading volume, long - position volume, and short - position volume and their changes [15][17][19] IF - Data for main seats of IF2511, IF2512, IF2603, and IF2606 are provided, including trading volume, long - position volume, and short - position volume and their changes [35][37][38] IC - Data for main seats of IC2511, IC2512, and IC2603 are provided, including trading volume, long - position volume, and short - position volume and their changes [51][53][55] IH - Data for main seats of IH2511, IH2512, IH2603 are provided, including trading volume, long - position volume, and short - position volume and their changes [72][74][76]

期 货 眼 ·日 迹 每日早盘观察 银河期货研究所 2025 年 11 月 11 日 0 / 47 研究所 期货眼·日迹 | | | | 蛋白粕：出口前景好转 美豆支撑仍存 5 | | --- | | 白糖：国际糖价震荡调整 国内糖价略偏强 5 | | 油脂板块：10 月马棕如期累库，油脂震荡磨底 7 | | 玉米/玉米淀粉：现货反弹，盘面偏强震荡 7 | | 生猪：出栏压力稳定 价格震荡运行 8 | | 花生：花生现货稳定，花生短期底部震荡 9 | | 鸡蛋：需求有所改善蛋价略有回升 10 | | 苹果：新果陆续入库果价稳定为主 11 | | 棉花-棉纱：采摘进入尾声棉价震荡为主 12 | | 钢材：螺纹供应增长，钢价区间震荡 13 | | --- | | 双焦：短期震荡调整 等待回调后做多的机会 13 | | 铁矿：偏空思路对待 14 | | 铁合金：成本有所支撑，前期空单减持 15 | | 贵金属：市场流动性预期提振，贵金属震荡走强 16 | | --- | | 铜：短期震荡 17 | | 氧化铝：现货成交止跌带动价格反弹 警惕基差带动的抛压 18 | | 电解铝：海外供应担忧仍在 铝价震荡偏强 19 ...

| 2 | | --- | | 第一部分 | 概要 | 2 | | --- | --- | --- | | | 2 | | | | 2 | | | | 2 | | | 第二部分 | 海外矿山产量 3 | | | | 3 | | | | 5 | | | | 14 | | | | 免责声明 | 17 | 有色板块研发报告 锌专题 2025 年 11 月 10 日 海外锌矿山三季度财报梳理 第一部分 概要 第 2 页 共 17 页 银河期货 有色板块研发报告 锌专题 2025 年 11 月 10 日 第二部分 海外矿山产量 第 3 页 共 17 页 有色板块研发报告 锌专题 2025 年 11 月 10 日 图 2：全球锌精矿产量 单位：千吨 第 4 页 共 17 页 图 1：全球锌精矿产量 单位：千吨 有色板块研发报告 锌专题 2025 年 11 月 10 日 表 1：海外部分矿企产量汇总 单位：千吨 | | Vedanta | 嘉能可 | TECK | NEXA | BOLIDEN | Penoles | MMG | GrupoMexico | BHP | Ivanhoe | 合计 | 同比 | | --- | ...

研究所 农产品研发报告 白糖日报 2025 年 11 月 10 日 白糖日报 第一部分 数据分析 研究员：刘倩楠 期货从业证号： F3013727 投资咨询证号： Z0014425 联系方式： liuqiannan_qh@china stock.com.cn | 期货盘面 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减量 | 持仓量 | 增减量 | | SR09 | | 5,403 | 5 | 0.09% | 1,703 | 116 | 10,961 | -108 | | SR01 | | 5,475 | 18 | 0.33% | 139,545 | -1192 | 373,243 | 1282 | | SR05 | | 5,405 | 8 | 0.15% | 21,900 | 6805 | 115,922 | 2673 | | 现货价格 | | | | | | | | | | 白糖 | | 柳州 | 昆明 | 武汉 | 南宁 | 鲅鱼圈 | ...