Industry Investment Rating No information provided Core View The methanol market continues to oscillate. The international device operating rate has declined, and some devices in Iran have shut down due to gas restrictions. The port inventory has decreased, and the domestic supply is abundant. The downstream demand is stable, and the inland MTO operation is stable. The price of methanol in the inland area is relatively firm recently. The impact of domestic commodities' wide - range oscillation on methanol futures has weakened [4]. Summary by Directory Market Review - The futures market showed a strong oscillation, closing at 2114 (+25/+1.2%). The spot market had different quotes in various regions, with production areas such as Inner Mongolia, Guanzhong, and consumption areas like Shandong and Hebei having their respective prices, and ports including Taicang, Ningbo, and Guangzhou also showing different levels [2]. Important Information - From November 21 - 27, 2025, China's methanol production was 2,023,515 tons, an increase of 7,530 tons from the previous week. The device capacity utilization rate was 89.09%, a 0.37% increase from the previous week [3]. Logical Analysis - Supply: The profit of coal - based methanol is around 260 yuan/ton, and the domestic supply remains abundant. The import price in US dollars has rebounded, and the import profit margin has continued to expand. The external market's operating rate has increased at a high level [4]. - Demand: The operating rate of MTO devices has rebounded, with some MTO devices operating stably or at partial loads [4]. - Inventory: The port's inventory accumulation cycle has ended, and the basis is strong. The inventory of inland enterprises has fluctuated slightly [4]. Trading Strategy - Unilateral: Close short positions [5] - Arbitrage: Wait and see [6] - Options: Sell call options [6]

Group 1: Report Overview - The report is an Apple Daily in the Agricultural Products R & D Report on November 27, 2024 [1] Group 2: Market Information Spot Prices - The Fuji apple price index is 106.38, up 0.02 from the previous workday; the average wholesale price of 6 fruits is 7.31, up 0.22 [2] - The price of Luochuan semi - commercial paper - bagged 70 is 4.15, unchanged; the price of Qixia first - and second - grade paper - bagged 80 is unavailable; the price of Penglai first - and second - grade paper - bagged 80 is 3.75, unchanged; the price of Yiyuan paper - bagged 70 is 2.40, unchanged [2] Futures Prices - AP01 is 9529, down 2 from yesterday's close; AP05 is 9612, up 70; AP10 is 8400, up 10 [2] - AP01 - AP05 is - 83, down 72; AP05 - AP10 is 1212, up 60; AP10 - AP01 is - 1129, up 12 [2] Basis - The basis of Qixia first - and second - grade 80 against AP01, AP05, and AP10 is unavailable [2] Group 3: Market News and Views Transaction Logic - This year, apple production has declined, the high - quality fruit rate is poor, and preservation is more difficult. Market expectations are that the cold - storage inventory data will likely be low. As of November 12, 2025, the cold - storage inventory of apples in the main producing areas is 7642400 tons, an increase of 658100 tons from last week, 905400 tons lower than the same period last year, a decline of 10.59% [6] - It is likely that this year's cold - storage apple inventory peak will be lower than last year, and the apple quality is relatively poor, so the effective inventory is expected to be low. The apple fundamentals are strong, but considering the large fluctuations at the current position of the futures market, it is recommended to exit and wait and see [6] Transaction Strategy - Unilateral: The apple fundamentals are strong, but there have been large recent fluctuations. It is recommended to exit and wait and see [9] - Arbitrage: It is recommended to wait and see [9] - Options: It is recommended to wait and see [9] Other Information - In September 2025, the import volume of fresh apples was 9700 tons, a month - on - month decrease of 17.85% and a year - on - year decrease of 1.10%. From January to September 2025, the cumulative import volume was 108100 tons, a year - on - year increase of 19.49%. In September 2025, the export volume of fresh apples was about 70800 tons, a month - on - month increase of 3.50% and a year - on - year decrease of 6.32% [8] - Yesterday, the transaction price in the origin was stable. In the Shandong production area, small and medium - sized fruits were traded in the cold storage, and the trading volume of other specifications was small. In the Northwest production area, there were not many cold - storage speculators, and the current transactions were mainly for market customers. Merchants concentrated on purchasing in the Xianyang and Gansu production areas, and the trading volume in the Weinan and northern Shaanxi areas was small. The market arrivals increased slightly, overall stable, and the mainstream price was stable [8] - In the 2024 - 2025 production season, the profit of Qixia 80 first - and second - grade storage merchants is 0.4 yuan per catty, a decrease of 0.1 yuan per catty from last week [8] - The mainstream transaction price of semi - commercial apple cold - storage goods above 70 in Luochuan, Yan'an, Shaanxi is 3.8 - 4.2 yuan per catty, priced according to quality. The cold - storage transactions are average, merchants mainly pack their own goods, and the procurement volume has decreased [8] Group 4: Related Attachments - The report includes 10 figures, such as the price of Qixia first - and second - grade paper - bagged 80, the price of Luochuan semi - commercial paper - bagged 70, AP contract basis, and national cold - storage apple inventory [11][14][17][19][26]

Group 1: Market Information - The closing prices, price changes, trading volumes, and open interest of cotton and cotton yarn futures contracts are presented, including CF01, CF05, CF09, CY01, CY05, and CY09 contracts [2]. - Spot prices of various cotton and yarn products are provided, such as CCIndex3128B, Cot A, and CY IndexC32S, along with their price changes [2]. - Price spreads, including cotton and yarn inter - month spreads and cross - variety spreads, are given, along with their price changes [2]. Group 2: Market News and Views Cotton Market News - As of November 24, 2025, the cotton picking progress in Xinjiang was about 100%, with a 0.3 - percentage - point increase from the previous period and the same as last year. The picking progress in southern, northern, and eastern Xinjiang was also about 100% [4]. - From November 20 to 26, 2025, the weekly rainfall in India's cotton - growing areas was 0.3mm, lower than normal and last year. The cumulative rainfall from October 1 to November 26 was 106.6mm, higher than normal. With little precipitation this week, the listing pace of cotton in India accelerated [5]. Trading Logic - In November, with the large - scale listing of new cotton, there may be selling and hedging pressure. Although this year's cotton production is high, the expected increase may be less than previously thought. The market has entered a relatively off - season after the peak season. Overall, the market is expected to fluctuate in the short term [6]. Trading Strategy - Unilateral: US cotton is expected to fluctuate, while Zhengzhou cotton is expected to fluctuate slightly stronger [7]. - Arbitrage: Hold a wait - and - see attitude [8]. - Options: Hold a wait - and - see attitude [8]. Cotton Yarn Industry News - Last night, Zhengzhou cotton fluctuated stronger, and cotton yarn futures fluctuated similarly. The trading volume in the pure - cotton yarn market changed little, with spinning mills mainly selling on a just - in - time basis. High - count combed yarns had good sales, while other varieties had a dull trading atmosphere. Affected by weak downstream demand, cotton yarn prices were slow to rise, the cotton - yarn price spread narrowed, and spinning mills' confidence and willingness to start production declined [8][9]. - The quantity and price of all - cotton clothing grey fabrics continued to decline. Weaving factories are waiting for spring and summer orders, but their inventory is rising, and some may sell at reduced prices before the Spring Festival [9]. Group 3: Options - The implied volatilities of CF601C13400.CZC, CF601P13000.CZC, and CF601P12400.CZC are 7.2%, 11.9%, and 18.4% respectively. The 10 - day HV of cotton decreased slightly compared to the previous day [11]. - The PCR of the main contract's open interest is 0.6924, and the PCR of the main contract's trading volume is 0.5785. The trading volumes of both call and put options increased today [12]. - Options: Hold a wait - and - see attitude [13].

Group 1: Report Overview - Report Title: Urea Daily Report on November 27, 2025 [2] - Report Subject: Urea market in the commodity research field [1] Group 2: Market Review - Futures Market: Urea futures rebounded, closing at 1668 (+19/+1.15%) [3] - Spot Market: Factory - gate prices increased, but trading weakened. Different regions had different price ranges, e.g., Henan 1580 - 1600 yuan/ton, Shandong small - particle 1600 - 1610 yuan/ton [3] Group 3: Important Information - Urea Daily Output on November 27: 20.34 tons, flat compared to the previous workday and 1.13 tons more than the same period last year. The operating rate was 84.10%, 0.9% lower than 85.00% in the same period last year [4] Group 4: Logical Analysis - Mainstream Region Analysis: In Shandong, the mainstream factory - gate price was weakly stable, with cooling market sentiment; in Henan, the market sentiment was weak, and the price was expected to run weakly; in the delivery area and surrounding regions, the price was firm, and it was expected to remain stable [5] - Supply and Demand Analysis: Supply increased as maintenance devices returned, with daily output reaching around 20.4 tons. Demand was affected by the fourth - batch quota release. Domestic demand was limited, with复合肥 production in central and northern China ending and low - level stocking finishing [5] - Market Outlook: In the short term, urea was expected to be range - bound; in the medium term, it was expected to run weakly as the impact of the export quota faded and overall demand was weak [5] Group 5: Trading Strategy - Unilateral: Go short at high levels, but do not chase the short [6] - Arbitrage: Wait and see [6] Group 6: Related Charts - Charts include data on urea daily output, operating rate, production, inventory, and other related indicators from 2022 - 2025, with data sources from Longzhong, Zhuochuang, and Galaxy Futures [10][13]

Report Summary 1. Investment Rating There is no investment rating provided in the report. 2. Core View - The spot price of peanuts is expected to be relatively strong in the short - term. The peanut futures will continue to fluctuate at the bottom. The new - season peanut production is expected to be higher than last year, and the planting cost has decreased. The 01 peanut contract has a limited rebound space due to the loose supply of oil - type peanuts [4][8]. 3. Summary by Section Part 1: Data - **Futures Market**: PK604 closed at 8102, down 24 (-0.30%), with a trading volume of 35,546 (-19.32%) and an open interest of 21,413 (8.03%); PK510 closed at 8248, down 30 (-0.36%), with a trading volume of 159 (-30.57%) and an open interest of 690 (0.58%); PK601 closed at 8186, unchanged, with a trading volume of 165,544 (-25.06%) and an open interest of 127,548 (-0.65%) [2]. - **Spot Market**: In the spot market, the prices in Henan and Northeast China were stable. The price of 308 common peanuts in Fuyu, Jilin was 4.9 yuan/jin, and in Changtu, Liaoning was 4.9 yuan/jin. The price of Baisha common peanuts in Henan was 3.65 - 3.9 yuan/jin, and in Junan, Shandong was 3.5 yuan/jin. The import prices of Sudan refined peanuts were 8600 yuan/ton, Senegalese peanuts were 7600 yuan/ton, Brazilian new peanuts were 9200 yuan/ton, and Indian 50/60 peanuts were 8000 yuan/ton [2][4]. - **Price Difference**: The basis of Henan Nanyang peanuts was -786, Shandong Jining and Linyi was -586. The price difference between PK01 - PK04 was 84 (up 24), PK04 - PK10 was -146 (up 6), and PK10 - PK01 was 62 (down 30) [2]. Part 2: Market Analysis - **Peanut Prices**: The prices of peanuts in Henan and Northeast China were stable. The supply increased, but the downstream demand was weak. The price difference between oil - type and commodity peanuts was large, and the price difference between Henan and Northeast common peanuts was at a high level [4][8]. - **Peanut Oil and By - products**: The purchase price of peanut oil mills was stable, with the mainstream price at 7050 - 7200 yuan/ton, and the theoretical break - even price at 7900 yuan/ton. The price of peanut oil and soybean oil was stable, and the price of soybean meal in Rizhao increased by 10 yuan/ton to 3010 yuan/ton. The peanut meal was relatively strong in the short - term [4][6]. Part 3: Trading Strategy - **Single - side Strategy**: Peanuts in contracts 01 and 05 will fluctuate at a low level. Short - sell 01 peanuts at high prices [9]. - **Spread Strategy**: Reverse - arbitrage the 1 - 5 spread at high prices [10]. - **Option Strategy**: Hold the short position of pk601 - P - 7600 [11]. Part 4: Related Charts - There are six charts including the spot price of Shandong peanuts, peanut oil mill's profit, peanut oil price, basis between peanut spot and continuous contract, 10 - 1 contract spread, and 1 - 4 contract spread [13][17][20].

Report Information - Report Title: Stock Index Futures Data Daily Report [1] - Report Date: November 27, 2025 [2] IM Futures Market Summary - The CSI 1000 index closed at 7,257.45 points, up 0.12% [4]. - The IM main contract (IM2512) closed at 7,179.00 points, down 0.13% [4]. - The total trading volume of the four IM contracts was 183,443 lots, an increase of 5,893 lots from the previous day; the total open interest was 364,043 lots, an increase of 2,816 lots from the previous day [5]. - The IM main contract was at a discount of 78.45 points, a decrease of 6.2 points from the previous day; the annualized basis rate was -17.34% [5]. Contract Details | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Interest Change | Margin | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 1000 | 7,257.45 | 0.12% | 21,128 | -9% | 3,656 | -3% | - | - | - | | IM2512 | 7,179.00 | -0.08% | 130,117 | 3% | 1,879 | 4% | 203,626 | 735 | 351 | | IM2601 | 7,103.60 | -0.13% | 6,249 | -6% | 89 | -6% | 10,513 | 914 | 18 | | IM2603 | 6,954.80 | -0.16% | 33,067 | 7% | 463 | 7% | 96,829 | 656 | 162 | | IM2606 | 6,720.00 | -0.19% | 14,010 | -1% | 189 | -1% | 53,075 | 511 | 86 | [4] Key Seats - For IM2512, the top five seats in terms of trading volume were CITIC Futures (agency), Guotai Junan (agency), Haitong Futures (agency), Dongzheng Futures (agency), and Zhongtai Futures (agency) [18]. - The top five seats in terms of long positions were Guotai Junan (agency), CITIC Futures (agency), Yide Futures (agency), Haitong Futures (agency), and Guotou Futures (agency) [18]. - The top five seats in terms of short positions were CITIC Futures (agency), Guotai Junan (agency), Huatai Futures (agency), Haitong Futures (agency), and CITIC Construction Investment (agency) [18]. IF Futures Market Summary - The Shanghai - Shenzhen 300 index closed at 4,515.40 points, down 0.05% [23]. - The IF main contract (IF2512) closed at 4,492.60 points, down 0.14% [23]. - The total trading volume of the four IF contracts was 100,893 lots, an increase of 3,606 lots from the previous day; the total open interest was 264,196 lots, an increase of 4,902 lots from the previous day [24]. - The IF main contract was at a discount of 22.8 points, an increase of 1.83 points from the previous day; the annualized basis rate was -8.05% [24]. Contract Details | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Interest Change | Margin | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Shanghai - Shenzhen 300 | 4,515.40 | -0.05% | 15,031 | -4% | 4,178 | -2% | - | - | - | | IF2512 | 4,492.60 | -0.11% | 72,122 | 2% | 978 | 3% | 155,679 | -226 | 252 | | IF2601 | 4,477.00 | -0.14% | 3,268 | -7% | 44 | -7% | 4,626 | 550 | 7 | | IF2603 | 4,460.20 | -0.12% | 21,154 | 17% | 285 | 17% | 80,525 | 4,447 | 129 | | IF2606 | 4,414.80 | -0.11% | 4,349 | -14% | 58 | -14% | 23,366 | 131 | 37 | [23] Key Seats - For IF2512, the top five seats in terms of trading volume were CITIC Futures (agency), Guotai Junan (agency), Haitong Futures (agency), Dongzheng Futures (agency), and Guoxin Futures (agency) [36]. - The top five seats in terms of long positions were Guotai Junan (agency), CITIC Futures (agency), Haitong Futures (agency), Dongzheng Futures (agency), and Guotou Futures (agency) [36]. - The top five seats in terms of short positions were CITIC Futures (agency), Guotai Junan (agency), Huatai Futures (agency), Haitong Futures (agency), and Guotou Futures (agency) [36]. IC Futures Market Summary - The CSI 500 index closed at 6,951.28 points, down 0.20% [41]. - The IC main contract (IC2512) closed at 6,896.20 points, down 0.40% [41]. - The total trading volume of the four IC contracts was 112,976 lots, an increase of 6,006 lots from the previous day; the total open interest was 254,570 lots, an increase of 5,482 lots from the previous day [42]. - The IC main contract was at a discount of 55.08 points, an increase of 0.57 points from the previous day; the annualized basis rate was -12.68% [42]. Contract Details | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Interest Change | Margin | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 500 | 6,951.28 | -0.20% | 13,784 | -7% | 2,530 | -8% | - | - | - | | IC2512 | 6,896.20 | -0.33% | 76,028 | 2% | 1,057 | 2% | 145,804 | 1,894 | 241 | | IC2601 | 6,838.00 | -0.40% | 4,312 | 32% | 59 | 32% | 6,584 | 1,452 | 11 | | IC2603 | 6,728.80 | -0.38% | 24,663 | 14% | 335 | 14% | 71,624 | 1,094 | 116 | | IC2606 | 6,520.20 | -0.45% | 7,973 | 3% | 105 | 3% | 30,558 | 1,042 | 48 | [41] Key Seats - For IC2512, the top five seats in terms of trading volume were CITIC Futures (agency), Guotai Junan (agency), Haitong Futures (agency), Dongzheng Futures (agency), and Huawen Futures (agency) [53]. - The top five seats in terms of long positions were Guotai Junan (agency), CITIC Futures (agency), Galaxy Futures (agency), Huatai Futures (agency), and Yong'an Futures (agency) [53]. - The top five seats in terms of short positions were CITIC Futures (agency), Guotai Junan (agency), Huatai Futures (agency), Guotou Futures (agency), and Haitong Futures (agency) [53]. IH Futures Market Summary - The Shanghai 50 index closed at 2,972.27 points, up 0.02% [59]. - The IH main contract (IH2512) closed at 2,962.40 points, down 0.15% [59]. - The total trading volume of the four IH contracts was 42,497 lots, an increase of 7,008 lots from the previous day; the total open interest was 92,285 lots, an increase of 6,077 lots from the previous day [59]. - The IH main contract was at a discount of 9.87 points, a decrease of 2.67 points from the previous day; the annualized basis rate was -5.28% [60]. Contract Details | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Interest Change | Margin | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Shanghai 50 | 2,972.27 | 0.02% | 3,929 | -2% | 1,051 | -8% | - | - | - | | IH2512 | 2,962.40 | -0.11% | 30,995 | 17% | 276 | 17% | 61,159 | 3,149 | 65 | | IH2601 | 2,957.20 | -0.15% | 1,080 | -12% | 10 | -12% | 1,545 | 71 | 2 | | IH2603 | 2,955.60 | -0.15% | 8,305 | 42% | 74 | 42% | 22,542 | 2,221 | 24 | | IH2606 | 2,945.20 | -0.24% | 2,117 | 9% | 19 | 9% | 7,039 | 636 | 7 | [59] Key Seats - For IH2512, the top five seats in terms of trading volume were CITIC Futures (agency), Guotai Junan (agency), Haitong Futures (agency), Dongzheng Futures (agency), and Guoxin Futures (agency) [73]. - The top five seats in terms of long positions were Guotai Junan (agency), CITIC Futures (agency), Yong'an Futures (agency), Zhongtai Futures (agency), and Dongzheng Futures (agency) [73]. - The top five seats in terms of short positions were Guotai Junan (agency), CITIC Futures (agency), GF Futures (agency), Haitong Futures (agency), and Everbright Futures (agency) [73].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - On November 27, ferroalloy futures prices declined overall. For ferrosilicon, short - term fundamentals and cost are stable, and it is recommended to operate with a bottom - oscillation mindset. For silicomanganese, with stable supply - demand and cost support, it is also expected to oscillate at the bottom. The overall alloy valuation is not high, with cost support. It is recommended to hold a wait - and - see attitude for arbitrage and sell out - of - the - money straddle option combinations [6][7] 3. Summary by Related Catalogs 3.1 Market Information 3.1.1 Futures - SF main contract closed at 5390, down 26 from the previous day and 56 from the previous week, with a trading volume of 317,259 (down 75,844 from the previous day) and an open interest of 229,279 (up 19,308 from the previous day) [2] - SM main contract closed at 5628, unchanged from the previous day and up 14 from the previous week, with a trading volume of 144,376 (up 20,465 from the previous day) and an open interest of 332,903 (down 37,054 from the previous day) [2] 3.1.2 Spot - Ferrosilicon: 72% FeSi in Inner Mongolia was priced at 5200, unchanged from the previous day and down 80 from the previous week; in Ningxia, it was 5200, unchanged from the previous day and down 50 from the previous week; in Qinghai, it was 5250, unchanged from the previous day and down 50 from the previous week; in Jiangsu, it was 5520, unchanged from the previous day and up 120 from the previous week; in Tianjin, it was 5400, unchanged from the previous day and down 100 from the previous week [2] - Silicomanganese: Silicomanganese 6517 in Inner Mongolia was priced at 5500, unchanged from the previous day and down 20 from the previous week; in Ningxia, it was 5480, unchanged from the previous day and the previous week; in Guangxi, it was 5530, unchanged from the previous day and down 20 from the previous week; in Jiangsu, it was 5650, down 20 from the previous day and the previous week; in Tianjin, it was 5630, down 20 from the previous day and the previous week [2] 3.1.3 Basis/Spread - Ferrosilicon: Inner Mongolia - main contract basis was - 190, up 26 from the previous day and down 24 from the previous week; Ningxia - main contract basis was - 190, up 26 from the previous day and up 6 from the previous week; Qinghai - main contract basis was - 140, up 26 from the previous day and up 6 from the previous week; Jiangsu - Inner Mongolia spread was 320, unchanged from the previous day and up 200 from the previous week; SF - SM spread was - 238, down 26 from the previous day and down 70 from the previous week [2] - Silicomanganese: Inner Mongolia - main contract basis was - 128, unchanged from the previous day and down 34 from the previous week; Ningxia - main contract basis was - 148, unchanged from the previous day and down 14 from the previous week; Guangxi - main contract basis was - 98, unchanged from the previous day and down 34 from the previous week; Guangxi - Inner Mongolia spread was 30, unchanged from the previous day and the previous week [2] 3.1.4 Raw Materials - Manganese ore (Tianjin): Australian lump was priced at 39.8, unchanged from the previous day and up 0.1 from the previous week; South African semi - carbonate was 34.2, down 0.1 from the previous day and the previous week; Gabon lump was 41.5, unchanged from the previous day and up 1 from the previous week [2][3][4] - Lanthanum semi - coke small materials: In Shaanxi, it was 820, unchanged from the previous day and the previous week; in Inner Mongolia, it was 810, unchanged from the previous day and the previous week; in Ningxia, it was 920, unchanged from the previous day and the previous week [2][3][4] 3.2 Market Judgment 3.2.1 Ferrosilicon - On November 27, the spot price was stable overall. The supply is in a downward trend as alloy plants enter the maintenance phase. The demand may see a short - term rebound in steel production due to improved steel profits, but the recent weakening of steel apparent demand makes the resumption of production unsustainable. The cost of ferroalloy electricity prices in each region is generally stable. Overall, short - term fundamentals and cost are stable, and with a low self - valuation level, it should be operated with a bottom - oscillation mindset [6] 3.2.2 Silicomanganese - On November 27, manganese ore spot was slightly weak, with Tianjin Port semi - carbonate down 0.1 yuan/ton degree, and silicomanganese spot also slightly weak, with some regional spots down 20 yuan/ton. The supply is in a downward trend. The demand may see a short - term rebound in steel production due to improved steel profits, but the weakening of steel apparent demand makes the resumption of production unsustainable. The manganese ore port inventory is at a low level in the same period, and the spot price is firm, leading to an increase in the cost. Under stable supply - demand and cost support, it is expected to oscillate at the bottom [6] 3.2.3 Trading Strategy - Unilateral: The overall alloy valuation is not high, and the cost is supported, so it is expected to oscillate at the bottom [7] - Arbitrage: Hold a wait - and - see attitude [7] - Options: Sell out - of - the - money straddle option combinations [7] 3.3 Related Attachments - The attachments include the trend of ferroalloy main contracts, the spread between SF and SM on the disk, the monthly spread of ferrosilicon and silicomanganese, the basis of ferrosilicon and silicomanganese, the spot price of silicomanganese, ferroalloy electricity prices, the cost and profit of ferrosilicon and silicomanganese, etc [9][11][13][15][18][24]

Group 1: Market Information - Spot prices: Shanghai Zhongtian threaded steel is 3210 yuan (-10), Beijing Jingye is 3220 yuan (-), Shanghai Angang hot-rolled coil is 3290 yuan (-), and Tianjin Hegang hot-rolled coil is 3230 yuan (-10) [4] Group 2: Market Analysis Core View - The black metal sector maintained a weak and volatile trend today. Iron ore led the rise, while steel spot trading was generally weak, with speculative sentiment low. The output of five major steel products increased this week, with a decrease in threaded steel output due to profit losses and an increase in hot-rolled coil output. The inventory reduction speed of steel products slowed down, the social inventory reduction speed accelerated, and the apparent demand for steel products also declined slightly. It is expected that the molten iron output will continue to decline this week, squeezing raw materials. Recently, coking coal and coke prices have accelerated their decline, while steel and ore prices have risen. The market has already priced in the fourth round of coke price cuts, but the downside space for coking coal is limited. There is a structural shortage of iron ore PB powder, providing cost support for steel products. Recently, infrastructure demand has increased, and the apparent demand for steel products has continued to improve. Therefore, the short-term steel price will still follow the fundamentals and maintain a volatile trend, with the overall range-bound pattern persisting. More factors are needed to break the situation. [5] Trading Strategies - Unilateral: Maintain a range-bound trend [6] - Arbitrage: It is recommended to hold the long position of the hot-rolled coil - threaded steel spread [7] - Options: It is recommended to wait and see [8] Important Information - The overall output of five major steel products increased by 5800 tons this week. The factory inventory of the five major steel products decreased by 10200 tons week-on-week, the social inventory decreased by 22090 tons, and the total inventory decreased by 32290 tons [9] - According to the latest production schedule report of three major white goods released by Industrial Online, the total production volume of air conditioners, refrigerators, and washing machines in December 2025 is 30.18 million units, a year-on-year decrease of 14.1%. Specifically, the production volume of household air conditioners in December is 14.11 million units, a year-on-year decrease of 22.3%; the production volume of refrigerators is 8.13 million units, a year-on-year decrease of 8.2%; and the production volume of washing machines is 7.94 million units, a year-on-year decrease of 1.9% [9][10] Group 3: Related Attachments - The report provides multiple charts, including the summary price charts of threaded steel and hot-rolled coil, the basis charts of different contracts for threaded steel and hot-rolled coil, the spread charts between different contracts for threaded steel and hot-rolled coil, the price difference charts between different contracts for threaded steel and hot-rolled coil, the disk profit charts of different contracts for threaded steel and hot-rolled coil, the cash profit charts of different steel products, and the cost charts of electric furnaces. The data sources include Galaxy Futures, Mysteel, and Wind [11][14][22]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - US corn is in a narrow - range oscillation, with potential future cuts in yield but still high production. Import profit for foreign corn is falling. Domestic corn has different trends in different regions, with short - term strength in the northeast and stability in the north. Starch prices are mainly influenced by corn prices and downstream stocking, and the current starch market is relatively strong but may decline later. The 01 corn rebound space is limited [4][6][7][8] Group 3: Summary by Directory 1. Data - **Futures盘面**: C2601 closed at 2243, up 8 (0.36%); C2605 at 2279, up 8 (0.35%); C2509 at 2292, up 10 (0.44%); CS2601 at 2572, up 21 (0.82%); CS2605 at 2640, up 18 (0.68%); CS2509 at 2661, up 14 (0.53%). Trading volume and open interest of different contracts changed with varying degrees [2] - **Spot and Basis**: Corn spot prices in different regions such as Qinggang, Songyuan Jiji, etc. had different changes today. Starch spot prices in different factories like Longfeng, COFCO, etc. remained unchanged. The basis of corn and starch in different regions and factories was also presented [2] - **Spreads**: For corn inter - delivery spreads, C01 - C05 was - 36 (unchanged), C05 - C09 was - 13 (down 2), C09 - C01 was 49 (up 2). For starch inter - delivery spreads, CS01 - CS05 was - 68 (up 3), CS05 - CS09 was - 21 (up 4), CS09 - CS01 was 89 (down 7). For cross - variety spreads, CS09 - C09 was 369 (up 4), CS01 - C01 was 329 (up 13), CS05 - C05 was 361 (up 10) [2] 2. Market Analysis - **Corn**: US corn is in a narrow - range oscillation. Import profit for foreign corn is falling. Northern port closing prices are rising, and northeast corn is strong. North China's corn supply is decreasing, and the price is stable. The price difference between northeast and North China corn is large. Wheat price is stable, and corn has cost - effectiveness. Domestic breeding demand is stable, and downstream feed enterprises' inventory is low. Northeast corn supply is low recently, and traders' hoarding sentiment is strong. The 01 corn is in high - level oscillation, and the spot basis is strengthening [4][6] - **Starch**: The number of trucks arriving at Shandong deep - processing plants is decreasing, and Shandong corn is stable. Starch in Shandong and the northeast is strong. This week, corn starch inventory decreased to 106.9 million tons, a monthly decrease of 5.23% and a year - on - year decrease of 19.04%. Starch prices depend on corn prices and downstream stocking. By - product prices are strong, and the spot price difference between corn and starch is low. The 01 starch is oscillating strongly following corn, but there is a possibility of decline later [7] 3. Trading Strategies - **Unilateral**: US corn has support at 400 cents per bushel. Consider short - selling 01 corn lightly at high levels, and wait for 05 corn [9] - **Arbitrage**: Try to narrow the spread between 01 corn and starch at high levels [9] 4. Corn Options - The option strategy is a short - term accumulated put strategy with rolling operations [10] 5. Related Attachments - There are six figures including those showing corn spot prices in different regions, corn 01 contract basis, corn 1 - 5 spread, corn starch 1 - 5 spread, corn starch 01 contract basis, and corn starch 01 contract spread [14][16][18]

Group 1: Market Outlook - The price of ferrosilicon is expected to fluctuate at the bottom due to weak supply and demand and cost support. The supply side has started a production cut trend, and the demand is expected to decline in December. The electricity price was stable and slightly stronger in November, which increased the cost [2][73][74]. - The price of silicomanganese is also expected to fluctuate at the bottom. The supply side has entered a production cut trend, and the demand is expected to decline seasonally in December. The manganese ore port inventory is lower than last year, and the price is strong, providing strong support for the cost [2][74]. Group 2: Strategy Recommendation - For unilateral trading, the price is expected to fluctuate at the bottom under the combined effect of weak supply and demand and cost support [3]. - For arbitrage, it is recommended to wait and see [3]. - For options, it is recommended to sell straddle option combinations on rallies [3]. Group 3: Fundamental Situation 1. Market Review - In November, the ferrosilicon futures price fluctuated downward due to the pressure on steel profits, increased steel mill maintenance, and high enterprise inventories [7]. 2. Supply and Demand - Supply: The production of silicomanganese and ferrosilicon is expected to decline slightly in November. On November 21, the national 136 - independent ferrosilicon enterprise sample开工率 was 33.81%, a 1.03% decrease from the previous period; the national 187 - independent silicomanganese enterprise sample开工率 was 39.13%, a 0.465% decrease from the previous period [23]. - Demand: The molten iron production showed a narrow - range fluctuation in November. It is expected to rebound in the short term but decline in December [24]. 3. Inventory - Alloy factory inventory: In November, the alloy factory inventory fluctuated upward, especially the silicomanganese inventory increased significantly. On November 21, the inventory of 60 independent ferrosilicon enterprises was 7.31 tons, a decrease of 0.83 tons from the previous period; the inventory of 63 independent silicomanganese enterprises was 36.3 tons, an increase of 1.05 tons from the previous period [38]. - Downstream inventory: Steel mills may have phased replenishment demand in December, but the replenishment intensity is expected to be limited [38]. 4. Cost - The port steam coal price was strong in November, and the electricity price in the ferrosilicon production area was stable and slightly stronger, increasing the alloy production cost [54]. - The manganese ore port inventory is about 200 tons lower than last year. The price is strong, with the Tianjin Gangao block rising 0.8 yuan/ton degree and the Gabon block rising 1.7 yuan/ton degree in November, providing strong support for the silicomanganese cost [54].