Group 1: Market Information - Shanghai Zhongtian rebar price is 3190 yuan (-10), Beijing Jingye rebar price is 3220 yuan (-), Shanghai Angang hot-rolled coil price is 3280 yuan (-), and Tianjin Hegang hot-rolled coil price is 3220 yuan (+10) [4] Group 2: Market Analysis - The black metal sector fluctuated and declined today, with coking coal and coke leading the decline, and iron ore remaining strong. Steel spot trading was generally weak, mainly driven by low-price rigid demand [5] - According to Buguwang data, building materials and hot-rolled coils continued to reduce production this week, and molten iron flowed into other sectors. The reduction in rebar production was greater than that of plates. Steel inventories decreased rapidly, but manufacturing demand was fair, and the apparent demand for hot-rolled coils improved, while the apparent demand for rebar continued to decline [5] - It is expected that molten iron production will continue to decline, squeezing raw materials and causing the steel price center to shift downward. In the fourth quarter, capital release has slowed down, downstream payment collection has been difficult, and the number of projects has decreased year-on-year, so there is still pressure on the upside. However, the recent reduction in steel production has alleviated some pressure, and the main fluctuations come from raw materials [5] - Currently, steel valuations are low, and the market will continue to fluctuate. Breaking the deadlock requires more factors. However, hot-rolled coils have generally performed better than rebar, and the spread between hot-rolled coils and rebar is expected to remain in an expansion cycle [5] Group 3: Trading Strategies - Unilateral: Maintain a weak range-bound trend [6] - Arbitrage: It is recommended to hold the long position on the spread between hot-rolled coils and rebar [7] - Options: It is recommended to wait and see [8] Group 4: Important Information - According to Aoweiyunwang's total data, the retail sales volume of air conditioners in October decreased by 23.8% year-on-year. From the monthly monitoring data, the sales volume online and offline decreased by 22.2% and 42.3% respectively in October, and the decline offline continued to expand. In terms of production, Aoweiyunwang's latest production schedule data shows that the domestic sales production schedule for air conditioners in December is 4.822 million units, a year-on-year decrease of 22.6%, and the export production schedule is 9.074 million units, a year-on-year decrease of 8.2%. The balance between domestic and export sales in the peak export season in December has been broken [9] - On November 18, the latest data from the National Bureau of Statistics showed that in October 2025, China's excavator production was 30,880 units, a year-on-year increase of 13%. From January to October 2025, China's excavator production was 308,062 units, a year-on-year increase of 16.4% [10]

Group 1: Report Overview - The report is a peanut daily report dated November 19, 2025, from the Agricultural Products R & D Report of the Research Institute [1] Group 2: Data Summary Futures Market - PK604 closed at 7842, down 48 (-0.61%), with a trading volume of 32,575 (up 11.77%) and an open interest of 19,638 (down 6.20%) [2] - PK510 closed at 8150, down 18 (-0.22%), with a trading volume of 71 (up 73.17%) and an open interest of 645 (up 4.37%) [2] - PK601 closed at 7794, down 120 (-1.54%), with a trading volume of 104,040 (up 37.97%) and an open interest of 151,721 (down 9.60%) [2] Spot Market - Spot prices in Henan Nanyang, Shandong Jining, and Shandong Linyi were 7200, 7600, and 7600 respectively, with no change [2] - Rizhao peanut meal was 3250, Rizhao soybean meal was 3000 (down 20), peanut oil was 14550, and Rizhao first - grade soybean oil was 8850 (up 350) [2] - Import prices: Sudanese peanuts were 8600, Senegalese peanuts were 7600, with no change [2] Spreads - PK01 - PK04 spread was - 48 (down 72), PK04 - PK10 spread was - 308 (down 30), and PK10 - PK01 spread was 356 (up 102) [2] Group 3: Market Analysis - Peanut prices in Henan declined, while those in the Northeast were strong. Northeast Jilin Fuyu 308 common peanuts were 4.45 yuan/jin, Liaoning Changtu was 4.5 yuan/jin, both stable. Henan Baisha common peanuts were 3.55 - 3.85 yuan/jin, down 0.05 yuan/jin. Shandong Junan was 3.5 yuan/jin, stable [4] - Imported peanut prices were stable. Sudanese refined peanuts were 8600 yuan/ton, Senegalese were 7600 yuan/ton, Brazilian new peanuts were 9200 yuan/ton, and Indian 50/60 peanuts were 8000 yuan/ton, all stable [4] - Peanut oil prices were stable. Mainstream purchase prices of peanut oil mills were 7200 - 7400 yuan/ton, with a theoretical break - even price of 7900 yuan/ton. Domestic first - grade ordinary peanut oil was 14500 yuan/ton, and small - pressed fragrant peanut oil was 16500 yuan/ton, both stable [4][6] - Rizhao soybean meal prices fell to 3000 yuan/ton, down 20 yuan/ton. Peanut meal was relatively strong in the short - term, with 48 - protein peanut meal at 3210 yuan/ton [6] Group 4: Trading Strategies Unilateral - Peanuts in contracts 01 and 05 are in low - level oscillations. Short - sell contract 01 peanuts on rallies [8][9] Spread - Reverse spread for 1 - 5 contracts. Industrial players can try positive spread for 12 - 1 contracts [10] Options - Hold the short position of pk601 - P - 7600 [11] Group 5: Related Charts - The report includes charts on Shandong peanut spot prices, peanut oil mill profit, peanut oil prices, peanut spot - futures basis, 10 - 1 contract spread, and 1 - 4 contract spread [13][20][23]

研究所 黑色研发报告 铁矿石日报 2025 年 11 月 19 日 | | 今日 | 昨日 | 涨跌 | | 今日 | 昨日 | 涨跌 | | --- | --- | --- | --- | --- | --- | --- | --- | | DCE01 | 791.5 | 792.0 | -0.5 | I01-I05 | 36.5 | 34.5 | 2.0 | | DCE05 | 755.0 | 757.5 | -2.5 | I05-I09 | 25.0 | 23.5 | 1.5 | | DCE09 | 730.0 | 734.0 | -4.0 | I09-I01 | -61.5 | -58.0 | -3.5 | | 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%) | 790 | 787 | 3 | 860 | 60 | 95 | 118 | | 纽曼粉 | 792 | 789 | 3 | 859 | 59 | 93 | 117 | | 麦克粉 | 788 | 785 | 3 | 859 | 59 | 94 | 117 | ...

1. Report Title and Date - The report is titled "Stock Index Futures Data Daily Report" dated November 19, 2025 [1][2] 2. IM Index Analysis 2.1 Daily Quotes - The closing price of CSI 1000 was 7387.21, down 0.82%. The main contract of IM fell 0.42% to close at 7298.2 points. The total trading volume of the four IM contracts was 227,467 lots, an increase of 9,700 lots from the previous day; the total open interest was 364,139 lots, an increase of 2,119 lots from the previous day [4][5] 2.2 Basis and Other Indicators - The main contract of IM had a premium of -89.01 points, an increase of 7.29 points from the previous day; the annualized basis rate was -14.36%. The dividend impacts of the four IM contracts were 0.03 points, 0.91 points, 2.51 points, and 46.75 points respectively [5] 2.3 Position Analysis - The positions of major seats in different contracts (IM2511, IM2512, IM2603, IM2606) were detailed, including the trading volume, long positions, and short positions of each seat and their changes from the previous day [16][18][20] 3. IF Index Analysis 3.1 Daily Quotes - The closing price of CSI 300 was 4588.29, up 0.44%. The main contract of IF rose 0.49% to close at 4565.2 points. The total trading volume of the four IF contracts was 122,613 lots, an increase of 750 lots from the previous day; the total open interest was 272,167 lots, a decrease of 6,521 lots from the previous day [21][22] 3.2 Basis and Other Indicators - The main contract of IF had a premium of -23.09 points, a decrease of 9.9 points from the previous day; the annualized basis rate was -5.96%. The dividend impacts of the four IF contracts were 0.76 points, 1.85 points, 9.28 points, and 39.98 points respectively [22] 3.3 Position Analysis - The positions of major seats in different contracts (IF2511, IF2512, IF2603, IF2606) were detailed, including the trading volume, long positions, and short positions of each seat and their changes from the previous day [35][37][38] 4. IC Index Analysis 4.1 Daily Quotes - The closing price of CSI 500 was 7122.75, down 0.40%. The main contract of IC fell 0.02% to close at 7054.8 points. The total trading volume of the four IC contracts was 132,592 lots, a decrease of 1,848 lots from the previous day; the total open interest was 248,512 lots, a decrease of 5,507 lots from the previous day [40][41] 4.2 Basis and Other Indicators - The main contract of IC had a premium of -67.95 points, an increase of 3.27 points from the previous day; the annualized basis rate was -11.34%. The dividend impacts of the four IC contracts were 0.01 points, 0.56 points, 3.58 points, and 58.4 points respectively [41] 4.3 Position Analysis - The positions of major seats in different contracts (IC2511, IC2512, IC2603, IC2606) were detailed, including the trading volume, long positions, and short positions of each seat and their changes from the previous day [51][52][54] 5. IH Index Analysis 5.1 Daily Quotes - The closing price of SSE 50 was 3020.35, up 0.58%. The main contract of IH rose 0.55% to close at 3011 points. The total trading volume of the four IH contracts was 53,539 lots, a decrease of 1,220 lots from the previous day; the total open interest was 95,237 lots, a decrease of 2,454 lots from the previous day [56] 5.2 Basis and Other Indicators - The main contract of IH had a premium of -9.35 points, a decrease of 3.93 points from the previous day; the annualized basis rate was -3.66%. The dividend impacts of the four IH contracts were 0.4 points, 1.36 points, 9.41 points, and 28.13 points respectively [57] 5.3 Position Analysis - The positions of major seats in different contracts (IH2511, IH2512, IH2603, IH2606) were detailed, including the trading volume, long positions, and short positions of each seat and their changes from the previous day [73][75][77]

1. Report Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core Viewpoints - The US corn rebounded after the November report lowered the yield, but the production remained high, and it was in a narrow - range oscillation. The import profit of foreign corn declined, and the price of Brazilian imports in December was 2138 yuan. The domestic corn spot was relatively strong in the short - term, with stable demand from the breeding industry and low inventory of downstream feed enterprises. The 01 corn futures had room to fall later. The starch spot was strong due to the corn rebound, but the 01 starch futures on the disk also had room to fall in the short - term [4][6][7]. 3. Summary by Directory 3.1 Data - **Futures Disk**: For corn futures, C2601 closed at 2175 with a 0.32% increase, C2605 at 2245 with a 0.18% increase, and C2509 at 2272 with a 0.22% increase. For starch futures, CS2601 closed at 2480 with a 0.52% increase, CS2605 at 2560 with a 0.23% increase, and CS2509 at 2612 with a 0.23% increase. The trading volume and open interest of each contract had different changes [2]. - **Spot and Basis**: The spot prices of corn in different regions such as Qinggang, Songyuan Jiji, etc., and the spot prices of starch in different enterprises such as Longfeng, COFCO, etc., were reported. The basis of corn and starch in different regions and enterprises was also provided [2]. - **Spreads**: Corn inter - delivery spreads (e.g., C01 - C05 was - 70 with a 3 increase), starch inter - delivery spreads (e.g., CS01 - CS05 was - 80 with a 7 increase), and cross - variety spreads (e.g., CS09 - C09 was 340 with a 1 increase) were presented [2]. 3.2 Market Judgment - **Corn**: The US corn was in a narrow - range oscillation. The import profit of foreign corn declined. The northern port's flat - hatch price in the north dropped, while the northeast and north China corn spots were stable. The price difference between northeast and north China corn was large. Corn had cost - effectiveness compared to wheat. The domestic breeding demand was stable, and the downstream feed enterprises' inventory was low. The 01 corn futures were strongly oscillating, and the spot basis strengthened. The market was concerned about the seasonal selling pressure of northeast corn and downstream inventory building [4][6]. - **Starch**: The number of vehicles arriving at Shandong deep - processing plants decreased, and the Shandong corn spot was stable. The starch inventory decreased this week, with the manufacturer's inventory at 110.9 million tons, a 2.4 - million - ton decrease from last week, a 1.7% monthly decrease, and a 25.6% year - on - year increase. The starch price depended on corn price and downstream stocking. The by - product price was strong, and the enterprise's profit was good. The 01 starch futures followed the corn to oscillate strongly, but the north China corn price might fall in December, and the starch spot would also decline later [7]. 3.3 Corn Options - The option strategy was a short - term cumulative put strategy with rolling operations. Information about two option contracts (C2605 - P - 2160.DCE and C2601 - P - 2080.DCE) including the underlying price, closing price, and price change was provided [11]. 3.4 Related Attachments - Six figures were provided, including 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].

研究所 能源化工研发报告 甲醇日报 2025 年 11 月 19 日 甲醇日报 【市场回顾】 1、期货市场：期货盘面弱势震荡，最终报收 2013（-10/-0.49%）。 2、现货市场：生产地，内蒙南线报价 1920 元/吨，北线报价 1960 元/吨。关中地区 报价 1880 元/吨，榆林地区报价 1910 元/吨，山西地区报价 1970 元/吨，河南地区报价 2000 元/吨。消费地，鲁南地区市场报价 2070 元/吨，鲁北报价 2160 元/吨，河北地区 报价 2070 元/吨。 西南地区，川渝地区市场报价 1980 元/吨，云贵报价 2040 元/吨。港 口，太仓市场报价 1990 元/吨，宁波报价 1970 元/吨，广州报价 1970 元/吨。 【重要资讯】 截至 2025 年 11 月 19 日，中国甲醇港口库存总量在 147.93 万吨，较上一期数据减 少 6.43 万吨。其中，华东去库 3.86 万吨；华南地区去库，库存减少 2.57 万吨。 【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，美金价格持续下跌，进口维持顺挂，伊朗全部正常， ...

大宗商品研究 能源化工研发报告 尿素日报 2025 年 11 月 19 日 尿素日报 【市场回顾】 1、期货市场：尿素期货震荡，最终报收 1663（+1/+0.06%）。 2、现货市场：出厂价窄幅提涨，成交转弱，河南出厂报 1550-1580 元/吨，山东小 颗粒出厂报 1570-1580 元/吨，河北小颗粒出厂 1600-1610 元/吨，山西中小颗粒出厂报 1530-1560 元/吨，安徽小颗粒出厂报 1550-1560 元/吨，内蒙出厂报 1460-1500 元/吨。 【重要资讯】 2025 年 11 月 19 日，中国尿素企业总库存量 143.72 万吨，较上周减少 4.64 万吨，环 比减少 3.13%。本周期尿素价格震荡上行，东北储备需求明显增加，部分企业受其利好 影响去库明显。 【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下跌， 成交尚可。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，预计出厂报价下跌为主； ...

Group 1: Market Review - On November 19, the port market showed a stalemate between supply and demand, with overall stable quotes. The quotes for 5500 - calorie coal were 840 - 850 yuan/ton, 5000 - calorie coal were 740 - 750 yuan/ton, and 4500 - calorie coal were 640 - 650 yuan/ton. In different regions, non - electric enterprise coal prices also had corresponding ranges [2]. Group 2: Important Information - On November 14, the National Bureau of Statistics released data showing that the power production growth of above - scale industries in China accelerated. In October, the power generation of above - scale industries was 800.2 billion kWh, a year - on - year increase of 7.9%, 6.4 percentage points faster than in September; the daily average power generation was 25.81 billion kWh. From January to October, the power generation of above - scale industries was 8062.5 billion kWh, a year - on - year increase of 2.3% [3]. Group 3: Logic Analysis - Supply: The impact of production restrictions still exists. The coal mine operating rates in the main coal - producing areas of Shanxi, Shaanxi, and Inner Mongolia were generally stable. As of November 18, the coal mine operating rate in Ordos was 78%, and in Yulin was 46%. The daily average coal output of Ordos and Yulin was over 3.9 million tons, and the domestic supply tightened overall. Import: China's demand weakened, but international coal prices still rose. Demand: This week, the demand was average. China's procurement demand weakened, Japan and South Korea's procurement was average, and India's procurement demand still did not improve. Supply: The rainfall in Indonesia still affected the tight supply of goods, the number of overseas cargoes was small, and miners were more willing to hold prices. Most power plants' operating loads were in the range of 60% - 70%, and the overall inventory of power plants was at a medium - high level. In market procurement, most power plants preferred to fulfill long - term contracts, and some power plants, expecting the subsequent market coal price to rise, chose to conduct a small amount of tender procurement for market coal. Inventory: Railway transportation returned to normal. The daily average transportation volume of the Datong - Qinhuangdao Line was 1.3 million tons, and the number of approved trains by the Hohhot Railway Bureau was around 30. The port inflow was stable, and the outflow remained high. As of November 19, the inventory of Bohai Rim ports was 24.4 million tons, at a neutral level over the years. The daily consumption of coastal power plants was low, but the inventory continued to decline, while the inventory of inland power plants was neutral. Overall, in mid - November, the coal production in the main producing areas was low. The coal operating rates in Ordos and Yulin were stable, with a daily average output of around 3.8 million tons, and the supply tightened. The power plant inventory continued to decline, the import profit was realized, and coastal power plants increased their procurement efforts. The port inflow and outflow were at low levels, and the port inventory fluctuated within a range. As the high - temperature weather across the country subsided, the daily consumption of power plants hovered at a low level, and the coal consumption was average. However, the inventory of coastal power plants was lower than the same period, and they continued to make rigid - demand purchases. The port FOB price rose continuously. With strengthened safety supervision at the mine mouth, the coal mine operating rate was low, and the production was average. The demand for chemical coal was acceptable, and the increase in the mine - mouth price narrowed. It is expected that the coal price will slow down in the short term [4].

低硫供应缺口短期内仍存 研究员：吴晓蓉 期货从业证号：F03108405 投资咨询证号：Z0021537 目录 | 第一章 | 综合分析与交易策略 | 2 | | --- | --- | --- | | 第二章 | 核心逻辑分析 | 4 | | 第三章 | 周度数据追踪 | 9 | GALAXY FUTURES 1 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 综合分析与交易策略 【综合分析】 俄罗斯离线炼厂产能减少同时大型出口港口Tuapse和 Novorossiysk陆续受袭影响出口，俄罗斯近端高硫出口较前两个月下行，预期 一定程度上缓解近端燃料油供应充裕压力。墨西哥及中东出口环比稳定。需求端，26年新一批原油配额预期于11月提前下发，燃油进 料需求预期环比减弱。 低硫供应缺口短期内仍存。中东Al-Zour装置延期回归，12月前预期不再有低硫出口供应。泛新加坡地区低硫过剩供应预期随着RFCC 装置开 ...

Report Information - Report Name: Crude Oil Daily Report (November 19, 2025) [1] - Researcher: Tong Chuan [2] - Futures Practitioner Certificate Number: F3071222 [2] - Investment Consulting Practitioner Certificate Number: Z0017010 [2] Industry Investment Rating - Not provided Core Viewpoints - Short - term trading involves many factors. Market risk preference is declining due to concerns about economic data and corporate earnings, and unclear prospects of Fed rate cuts in December. Despite an increasing supply - demand surplus, the structural contradictions of refined oil products support crude oil valuation, making oil prices relatively strong among risk assets. Considering geopolitical conflicts, weather uncertainties, shale - oil production cuts, and SOR purchases, oil prices are expected to fluctuate within a range. The short - term Brent main contract is expected to trade between $62 - 65 per barrel [2] Summary by Directory Trade Logistics - As the US sanctions on November 21 approach, at least 7.7 million barrels of Russian Urals crude related to two sanctioned producers will reach the Indian coast [2] - Affected by the approaching US sanctions, the global crude oil transportation volume reached a new high last week, with nearly 1.4 billion barrels of crude oil either reaching their destinations or in floating storage facilities [2] - Due to damage from a Ukrainian attack on November 14, the loading of crude oil at Russia's Novorossiysk port was delayed by two to three days [2] - Russia's oil supply and prices have been continuously declining. As of November 16, the country's average daily crude oil exports were 3.36 million barrels, a decrease of about 900,000 barrels from the week of November 9, the lowest level since the end of August [2] Refinery Dynamics - Multiple companies are vying to acquire the international business of Russian energy giant Lukoil. The sale is being accelerated due to upcoming US sanctions [2] - According to the Ministry of Petroleum, Nayara Energy's crude oil processing volume increased by 42% in October, reaching 402,000 barrels per day, the highest level since June [2]