1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report - **Financial Derivatives**: Stock index futures are expected to remain volatile at high levels and may rebound in the short - term; treasury bond futures will have limited price fluctuations and slow roll - over progress [19][22]. - **Agricultural Products**: Protein meal will have obvious bullish factors and fluctuate; sugar prices will be affected by import volume and sugar mill start - ups, with limited downward space; the oil and fat sector will be affected by US biodiesel policies and maintain volatile; corn and corn starch prices will fall with the callback of spot prices; pig prices will still face supply pressure; peanut prices will oscillate at the bottom; egg prices will be stable with a slight decline; apple prices will be stable; cotton and cotton yarn prices will be mainly volatile [27][33][36][40][42][44][50][52][56]. - **Black Metals**: Steel prices will fluctuate within a range; coking coal and coke prices will be weak; iron ore prices will be bearish; ferroalloy prices will be supported by cost and fluctuate within a range [58][60][63][65]. - **Non - ferrous Metals**: Precious metals' volatility may increase; copper prices should focus on lower support; alumina prices will grind at the bottom and oscillate; electrolytic aluminum fundamentals are strong; cast aluminum alloy prices will follow aluminum prices; zinc prices will have wide - range fluctuations; lead prices will oscillate within a range; nickel prices will weaken; stainless steel prices will be weak due to supply - demand imbalance; industrial silicon prices can be bought on dips; polysilicon prices will oscillate before the platform company is established; lithium carbonate prices may fall after rising [68][73][78][80][84][86][88][90][93][95][98][99]. 3. Summaries According to Relevant Catalogs Financial Derivatives Stock Index Futures - **Market Performance**: On Tuesday, the market fell, with major stock index futures contracts declining. The risk appetite decreased, but technology stocks showed signs of stopping the decline [18][19]. - **Trading Strategy**: Unilateral trading should expect high - level volatility and short - term rebound; for arbitrage, conduct IM/IC long 2512 + short ETF cash - and - carry arbitrage; for options, use bull spreads on dips [19]. Treasury Bond Futures - **Market Performance**: On Tuesday, treasury bond futures closed up across the board, with limited price fluctuations. The market capital was slightly tightened, and the roll - over progress was slow [22][23]. - **Trading Strategy**: Unilateral trading should be on the sidelines; for arbitrage, hold (TL - 3T) positions and consider long T contract current - quarter minus next - quarter spread; for options, no specific strategy is provided [23][24]. Agricultural Products Protein Meal - **Market Performance**: CBOT soybean index slightly declined, and the index of related products slightly increased. Domestic supply has uncertainties, and the price has support [26][27]. - **Trading Strategy**: Unilateral trading should expect price support and oscillation; for arbitrage, no specific strategy is provided; for options, no specific strategy is provided [27]. Sugar - **Market Performance**: International sugar prices may bottom out and oscillate. Domestic sugar prices are under pressure due to high - volume imports and sugar mill start - ups, but there is support at the current price [32][33]. - **Trading Strategy**: Unilateral trading can consider building long positions on dips; for arbitrage, stay on the sidelines; for options, sell put options at low levels [33]. Oil and Fat Sector - **Market Performance**: Affected by the US biodiesel policy, external market oil and fat prices rose, but the final plan is not yet determined. Palm oil may have limited rebound, and soybean oil follows the overall trend, while rapeseed oil will continue to reduce inventory [35][36]. - **Trading Strategy**: Unilateral trading can use short - term long positions on dips or high - selling and low - buying; for arbitrage, stay on the sidelines; for options, stay on the sidelines [37]. Corn and Corn Starch - **Market Performance**: The external market of corn rebounded, and domestic corn prices may fall with the decline of port prices [39][40]. - **Trading Strategy**: Unilateral trading can short on dips for December corn in the external market, stay on the sidelines for January corn, and wait for dips for May and July corn; for arbitrage, shrink the spread between January corn and starch; for options, stay on the sidelines [40]. Pig - **Market Performance**: The short - term supply pressure has improved, but the overall supply is still high, and pig prices still face pressure [42]. - **Trading Strategy**: Unilateral trading can arrange a small number of short positions; for arbitrage, stay on the sidelines; for options, sell wide - straddle strategies [42]. Peanut - **Market Performance**: Peanut spot prices are stable, and futures prices will oscillate at the bottom in the short - term [43][44]. - **Trading Strategy**: Unilateral trading can go long on May peanuts on dips; for arbitrage, conduct 1 - 5 reverse arbitrage; for options, sell pk601 - P - 7600 options [45]. Egg - **Market Performance**: Egg demand is average, and prices are stable with a slight decline [47][50]. - **Trading Strategy**: Unilateral trading should stay on the sidelines; for arbitrage, stay on the sidelines; for options, stay on the sidelines [51]. Apple - **Market Performance**: Apple production has decreased, and the cold - storage inventory is likely to be lower than last year. The fundamentals are strong, but the market is volatile [52]. - **Trading Strategy**: Unilateral trading should exit and wait and see; for arbitrage, stay on the sidelines; for options, stay on the sidelines [53]. Cotton and Cotton Yarn - **Market Performance**: New cotton will be listed in large quantities, and the increase in production may be less than expected. The demand is in the off - season, and cotton prices will be mainly volatile [56]. - **Trading Strategy**: Unilateral trading expects US cotton and Zhengzhou cotton to be mainly volatile; for arbitrage, stay on the sidelines; for options, stay on the sidelines [56]. Black Metals Steel - **Market Performance**: The black - metal sector was weak at night, and steel prices were restricted by supply - demand structure. However, there is cost support, and hot - rolled coil performs better than rebar [58]. - **Trading Strategy**: Unilateral trading should expect range - bound fluctuations; for arbitrage, long the spread between hot - rolled coil and rebar; for options, stay on the sidelines [59]. Coking Coal and Coke - **Market Performance**: After short - term replenishment, the market is cautious, and prices are weak. In the medium - term, there is demand for winter storage [60][61]. - **Trading Strategy**: Unilateral trading should expect weak short - term fluctuations and consider going long near previous lows; for arbitrage, hold the 1/5 reverse arbitrage of coking coal; for options, stay on the sidelines [62]. Iron Ore - **Market Performance**: The supply of iron ore remains high in the fourth quarter, and domestic demand is weak. Ore prices are expected to be bearish [63][64]. - **Trading Strategy**: Unilateral trading should be bearish; for arbitrage, stay on the sidelines; for options, stay on the sidelines [64]. Ferroalloy - **Market Performance**: The supply and demand of ferroalloy are both weak, and prices are supported by cost and will oscillate at the bottom [65]. - **Trading Strategy**: Unilateral trading should expect bottom - bound oscillations; for arbitrage, stay on the sidelines; for options, sell out - of - the - money straddle option combinations [66]. Non - ferrous Metals Precious Metals - **Market Performance**: The ADP weekly employment data was weak, and precious metals rebounded slightly. With the upcoming release of key data, volatility may increase [68][70]. - **Trading Strategy**: Conservative investors should stay on the sidelines; aggressive investors can try to go long near yesterday's low [71]. Copper - **Market Performance**: The probability of the Fed cutting interest rates in December has decreased, and copper prices are under pressure. However, there is support around 85,000 yuan/ton [72][73]. - **Trading Strategy**: Unilateral trading can go long on dips; for arbitrage, stay on the sidelines; for options, stay on the sidelines [74]. Alumina - **Market Performance**: The short - term supply of alumina is still in surplus, and prices will grind at the bottom and oscillate before substantial production cuts [78]. - **Trading Strategy**: Unilateral trading should expect short - term bottom - grinding oscillations; for arbitrage, stay on the sidelines; for options, stay on the sidelines [79]. Electrolytic Aluminum - **Market Performance**: Overseas interest - rate cut expectations have decreased, and aluminum prices have fallen, but the fundamentals are still strong [79][80]. - **Trading Strategy**: Unilateral trading should wait for the market to stabilize and then be bullish in the medium - term; for arbitrage, focus on the narrowing of the spread between East China and Central China; for options, stay on the sidelines [80]. Cast Aluminum Alloy - **Market Performance**: Cast aluminum alloy prices follow aluminum prices. The cost provides support, but market trading activity has declined [83][84]. - **Trading Strategy**: Unilateral trading should wait for the market to stabilize and then be bullish in the medium - term; for arbitrage, stay on the sidelines; for options, stay on the sidelines [84]. Zinc - **Market Performance**: The domestic zinc mine supply is tight, and zinc prices may fluctuate widely due to macro factors [85][86]. - **Trading Strategy**: Unilateral trading can hold profitable long positions; for arbitrage, hold the SHFE long and LME short arbitrage; for options, stay on the sidelines [86]. Lead - **Market Performance**: Domestic lead inventories are increasing, and lead prices are under pressure. They will be affected by overseas macro factors [87][88]. - **Trading Strategy**: Unilateral trading can hold remaining short positions; for arbitrage, stay on the sidelines; for options, stay on the sidelines [88]. Nickel - **Market Performance**: Nickel is in a state of oversupply of deliverable products. In the off - season, inventories increase, and prices are weak. However, there may be production cuts [90]. - **Trading Strategy**: Unilateral trading should short on rebounds; for arbitrage, stay on the sidelines; for options, sell out - of - the - money call options [91]. Stainless Steel - **Market Performance**: Stainless steel demand is in the off - season, costs are falling, and inventories are increasing. Prices will follow nickel prices and continue to decline [93]. - **Trading Strategy**: Unilateral trading should short on rebounds; for arbitrage, stay on the sidelines [94]. Industrial Silicon - **Market Performance**: The demand for industrial silicon has weakened, but downstream prices have risen, and costs are firm. It can be bought on dips [95]. - **Trading Strategy**: Unilateral trading should buy on dips; for arbitrage, conduct the Si2512 and Si2601 contract positive arbitrage; for options, no specific strategy is provided [95]. Polysilicon - **Market Performance**: The supply and demand of polysilicon have both decreased in November, and the market will oscillate before the platform company is established [98]. - **Trading Strategy**: Unilateral trading should stay on the sidelines [98]. Lithium Carbonate - **Market Performance**: There are increasing differences at high levels, and prices may fall after rising [99]. - **No specific trading strategy is provided in the text**.

研究所 农产品研发报告 粕类日报 2025 年 11 月 18 日 【粕类日报】需求改善明显 美豆盘面大幅上涨 研究员：陈界正 期货从业证号： F3045719 投资咨询证号： Z0015458 联系方式： chenjiezheng_qh@chinastock.c om.cn | 粕类价格日报 | | | | | | 2025/11/18 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期 货 | | | | | | 现货基差 | | | 品 种 | 合 约 | 收盘价 | 涨 跌 | 地 区 | 今 日 | 昨 日 | 涨 跌 | | 豆粕 | 0 1 | 3041 | - 2 | 天津 | 2 0 | 1 0 | 1 0 | | 0 5 | | 2832 | 1 8 | 东莞 | -40 | -40 | 0 | | 张家港 | 0 9 | 2947 | 1 7 | | -50 | -40 | -10 | | | | | | 日照 | -30 | -30 | 0 | | 0 1 | | 2431 | -18 | 南通 | 1 9 | - 9 | ...

研究所 农产品研发报告 油脂日报 2025 年 11 月 18 日 油脂日报 第一部分 数据分析 | 银河期货油脂日报 | | | | | | | | | | 2025/11/18 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 油脂现货价格及基差 | | | | | | | | | | | | | 品种 各品种地区现货价 | 2601收盘价 | 涨跌 | | | | | | 现货基差（分别为：一豆、24度、三菜） | | | | | 豆油 | 8320 | 38 | 张家港 | 广东 | 天津 | 广东 | | | 涨跌幅 张家港 涨跌幅 天津 涨跌幅 | | | | 8590 | | | | 8620 | 8490 | 300 | -10 | 270 | 0 | 170 | -10 | | 棕榈油 | 8708 | 28 | 广东 | 张家港 | 天津 | 广州 | | | 涨跌幅 张家港 涨跌幅 天津 涨跌幅 | | | | 8658 | | | | 8728 | 8818 | -50 | 0 ...

Group 1: Report Title and Date - The report is titled "Livestock Daily Report" and dated November 18, 2025, focusing on the hog market [1] Group 2: Investment Rating - No investment rating for the industry is provided in the report Group 3: Core Viewpoints - The overall hog supply is stable, and prices are fluctuating slightly. The subsequent supply pressure in the hog market may still be significant, and the general trend of spot hog prices is expected to be weak. Futures prices are also under pressure in the medium to long - term [1][3][4] Group 4: Spot Price Summary - Today, hog spot prices across the country showed a slight rebound. The average price remained unchanged at 11.29 yuan/kg. Some regions had price increases, such as Hebei with an increase of 0.11 yuan/kg, while Guizhou had a decrease of 0.07 yuan/kg [3] - The scale enterprises' hog出栏量 increased overall. Although the monthly hog出栏 plan decreased, the overall supply pressure still exists. Ordinary farmers'出栏 enthusiasm decreased, and the overall出栏 pressure improved compared to before [3] - The number of secondary fattening entrants decreased recently. The price difference between large and small hogs decreased, and hog prices declined, reducing the enthusiasm for replenishment [3] - The current hog出栏 weight rebounded, and the supply of large - weight hogs is still relatively large. The slowdown in出栏 rhythm supported hog prices to some extent. Due to the high hog inventory and relatively large出栏 weight, the subsequent supply pressure in the hog market may still be reflected, and the general trend of hog spot prices is expected to be weak [3] Group 5: Futures Price Summary - Hog futures prices showed a downward trend, affected by the large subsequent supply pressure. However, due to the full reflection of negative factors in the previous decline of the futures market, the recent futures market reaction to the decline in spot prices was not obvious [4] - In the short - term, the change in monthly hog出栏量 may be limited, and prices will generally fluctuate. In the medium - term, due to the high overall inventory and obvious supply pressure, the general trend of spot prices will be downward. Therefore, both spot and futures prices may fluctuate recently, but in the medium to long - term, hog prices are under obvious downward pressure, and the futures market also has certain pressure [4] Group 6: Other Price and Data Summary - Piglet and sow prices remained unchanged this week compared to last week, at 209 yuan and 1546 yuan respectively [3] - The spot breeding profit for self - breeding and self - raising decreased by 25.60 yuan to - 114.81 yuan/head, and for purchasing piglets, it decreased by 30.09 yuan to - 205.64 yuan/head [3] - The slaughter volume decreased by 228 heads to 165,897 heads. The price difference between standard hogs and medium - sized hogs increased by 0.02 yuan, while the price difference between large hogs and standard hogs decreased by 0.05 yuan [3] Group 7: Trading Strategies - Unilateral trading: Hold a wait - and - see attitude [5] - Arbitrage: Hold a wait - and - see attitude [5] - Options: Implement a strategy of selling wide straddles [5]

Group 1: Market Information - Spot prices: Shanghai Zhongtian rebar is 3200 yuan (+10), Beijing Jingye rebar is 3220 yuan (-), Shanghai Angang hot-rolled coil is 3290 yuan (-20), and Tianjin Hegang hot-rolled coil is 3210 yuan (-) [4] Group 2: Market Outlook - The black metal sector showed divergence today, with coal and coke dropping significantly, iron ore continuing to rise, and steel maintaining a volatile and moderately strong trend. Steel spot trading volume was generally weak, significantly weaker than yesterday [5] - Last week's data showed a slight resumption of blast furnace production, but the overall output of the five major steel products still declined, with rebar production cut more than plate. Total steel inventories continued to decline, but hot-rolled coils saw a slight increase in inventory. Except for cold-rolled steel, the apparent demand for each steel product declined, suppressing steel price performance [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 is difficult, and the number of projects has decreased year-on-year, still exerting pressure on the upside. However, recent steel production cuts and plate inventory reduction have alleviated some pressure, with the main fluctuations coming from raw materials. Currently, steel valuations are low, and the market will continue to fluctuate. Breaking the situation requires more factors. However, hot-rolled coils are still performing better than rebar overall, and it is expected that the spread between hot-rolled coils and rebar will still be in an expansion cycle [5] Group 3: Trading Strategies - Unilateral: Maintain a volatile and moderately strong trend within a range [6] - Arbitrage: It is recommended to hold long positions in the spread between hot-rolled coils and rebar [7] - Options: It is recommended to wait and see [8] Group 4: Important Information - In October 2025, China's rebar production was 14.34 million tons, a year-on-year decrease of 18.6%; the cumulative production from January to October was 158.01 million tons, a year-on-year decrease of 2.0%. In October, China's medium and heavy wide strip steel production was 18.145 million tons, a year-on-year increase of 6.3%; the cumulative production from January to October was 187.496 million tons, a year-on-year increase of 5.3%. In October, China's wire rod (coil) production was 10.861 million tons, a year-on-year decrease of 10.4%; the cumulative production from January to October was 113.005 million tons, a year-on-year increase of 0.4% [9] - In October 2025, China's air conditioner production was 14.204 million units, a year-on-year decrease of 13.5%; the cumulative production from January to October was 230.344 million units, a year-on-year increase of 3.0%. In October, the national refrigerator production was 8.788 million units, a year-on-year decrease of 6.0%; the cumulative production from January to October was 89.959 million units, a year-on-year increase of 0.9%. In October, the national washing machine production was 11.035 million units, a year-on-year decrease of 2.0%; the cumulative production from January to October was 101.078 million units, a year-on-year increase of 6.4%. In October, the national color TV production was 18.04 million units, a year-on-year increase of 1.7%; the cumulative production from January to October was 166.176 million units, a year-on-year decrease of 2.3% [10]

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The decline of SCFIS announced yesterday slightly exceeded market expectations, and the EC futures market showed a corrective oscillation today. The quote of $2500 per FEU for the first week of December released by MSK after the market basically met expectations. Attention should be paid to the subsequent market booking situation. The SCFIS European Line index is expected to remain at a low level in the second half of November, and the December quotes need to be monitored this week [5]. - In terms of spot freight rates, the long - term cargo of shipping companies has improved, but the upward momentum in the second half of November has weakened. The demand for shipments is expected to gradually improve from November to December. The weekly average capacity from Shanghai to the five Nordic ports in November and December is 265,500 and 283,300 TEU respectively, and 295,800 TEU in January 2026. The capacity in November and January next year has little change, while the capacity in December has decreased by 4.6% compared with the previous period. The recent market trading logic has returned to the spot market [6]. - The trading strategy suggests a wait - and - see approach for both unilateral and arbitrage trading [7]. 3. Summary by Relevant Catalogs Container Shipping - Container Freight Index (European Line) - **Futures Market Performance**: On November 18, EC2512 closed at 1769.5 points, down 1.27% from the previous day's closing price. All listed futures contracts showed price declines, with varying degrees of decrease in trading volume and changes in open interest. The month - spread structure also had corresponding price changes [3][5]. - **Container Freight Rates**: The SCFIS European Line index was 1357.67 points, down 9.78% week - on - week and 51.02% year - on - year. Different container freight rates showed various trends, with some routes having price increases and others having decreases [3]. - **Fuel Costs**: The price of WTI crude oil's near - month contract was $59.62 per barrel, down 0.32% week - on - week and 13.63% year - on - year. The price of Brent crude oil's near - month contract was $63.62 per barrel, down 0.30% week - on - week and 12.6% year - on - year [3]. Market Analysis and Strategy Recommendation - **Market Analysis**: The decline of the SCFIS European Line index was larger than expected, mainly due to the decline of MSK's freight rates. The index is expected to remain low in the second half of November. The demand for shipments is expected to improve from November to December, and the capacity in December has decreased compared with the previous period [5][6]. - **Trading Strategy**: For unilateral trading, it is expected to be in a volatile state, and a wait - and - see approach is recommended. For arbitrage trading, also a wait - and - see approach is suggested [7]. Industry News The Palestinian government welcomed the US - proposed resolution on Gaza passed by the UN Security Council, which aims to establish a permanent and comprehensive cease - fire in the Gaza Strip, ensure the unobstructed entry and distribution of humanitarian aid, and reaffirm the Palestinian people's right to self - determination and the establishment of an independent Palestinian state [8].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Recently, the price of common peanuts has declined while the price of imported peanuts has remained stable. With an increase in supply and weak downstream demand, peanut prices will be relatively stable in the short term. Peanut oil and peanut meal prices are currently stable, and oil mills have good theoretical profit margins. The peanut futures will continue to fluctuate at the bottom. It is expected that the new - season peanut production will be higher than last year, with lower planting costs. When the new - season peanuts are on the market in large quantities, the Peanut 01 contract will also fluctuate at the bottom [8]. 3. Summary by Directory Part 1: Data - **Futures Market**: PK604 closed at 7890, down 70 (-0.89%); PK510 closed at 8168, down 18 (-0.22%); PK601 closed at 7914, down 44 (-0.56%). The trading volume of PK604 increased by 151.14%, while that of PK601 decreased by 8.40%. The open interest of PK604 decreased by 1.16%, and that of PK601 decreased by 0.51% [2]. - **Spot Market**: In the spot market, the prices in Henan Nanyang, Shandong Jining, and Shandong Linyi were 7200, 7600, and 7600 respectively, with no change. The price of Rizhao soybean meal increased by 10 yuan/ton to 3020 yuan/ton, and the 48 - protein peanut meal was quoted at 3210 yuan/ton. The price of peanut oil was stable at 14550 yuan/ton, and the price of Rizhao first - grade soybean oil increased by 30 yuan/ton to 8500 yuan/ton. The import prices of Sudanese and Senegalese peanuts remained unchanged at 8600 yuan/ton and 7600 yuan/ton respectively [2][6]. - **Regional Spot Prices**: In the Northeast, prices were stable, with 308 common peanuts in Fuyu, Jilin at 4.45 yuan/jin and 4.5 yuan/jin in Changtu, Liaoning. In Henan, the price of Baisha common peanuts dropped by 0.05 yuan/jin to 3.6 - 3.85 yuan/jin, and in Shandong Junan, it dropped by 0.1 yuan/jin to 3.5 yuan/jin [4]. Part 2: Market Analysis - **Peanut Prices**: The price of common peanuts in Henan has declined, while in the Northeast it is relatively strong. Imported peanut prices are stable. It is expected that peanut spot prices will be relatively stable in the short term. Some peanut oil mills have started purchasing, with the mainstream transaction price between 7300 - 7600 yuan/ton, and the theoretical break - even price of oil mills at 7910 yuan/ton [4]. - **Product Prices**: The prices of peanut oil and soybean oil are stable. The domestic first - grade ordinary peanut oil is quoted at 14500 yuan/ton, and the small - pressed fragrant peanut oil is quoted at 16500 yuan/ton. The spot price of Rizhao soybean meal has increased, and the unit - protein price difference between peanut meal and soybean meal is low, so peanut meal is expected to be relatively strong in the short term [6]. Part 3: Trading Strategies - **Unilateral Trading**: Peanuts in contracts 01 and 05 are fluctuating at low levels. One can try to go long on the 05 peanut contract at a price below 7900 [9]. - **Spread Trading**: Consider a reverse spread for the 1 - 5 spread, and industrial players can try a positive spread for the 12 - 1 spread [10]. - **Options Trading**: Hold the short position of the pk601 - P - 7600 option [11]. Part 4: Related Charts The report provides six charts, including those showing the prices of Shandong peanuts, peanut oil, and the basis between peanut spot and continuous contracts, as well as the price spreads between different peanut contracts [15][19][22].

研究所 黑色研发报告 铁矿石日报 2025 年 11 月 18 日 | | 今日 | 昨日 | 涨跌 | | 今日 | 昨日 | 涨跌 | | --- | --- | --- | --- | --- | --- | --- | --- | | DCE01 | 792.0 | 788.5 | 3.5 | I01-I05 | 34.5 | 32.0 | 2.5 | | DCE05 | 757.5 | 756.5 | 1.0 | I05-I09 | 23.5 | 24.5 | -1.0 | | DCE09 | 734.0 | 732.0 | 2.0 | I09-I01 | -58.0 | -56.5 | -1.5 | | 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%) | 787 | 778 | 9 | 857 | 61 | 93 | 117 | | 纽曼粉 | 789 | 779 | 10 | 855 | 59 | 91 | 115 | | 麦克粉 | 785 | 775 | 10 | 856 | 59 | 91 | 116 | ...

Group 1: Market Information - SF主力合约收盘价5522，日变动-140，周变动-40，成交量333802，日变化38430，持仓量132798，日变化15371；SM主力合约收盘价5680，日变动-112，周变动-84，成交量395735，日变化188526，持仓量404398，日变化45390 [2] - 硅铁现货价格方面，72%FeSi内蒙5280，日变动0，周变动-50；72%FeSi宁夏5250，日变动0，周变动-30等；锰硅现货价格方面，硅锰6517内蒙5600，日变动0，周变动-20；硅锰6517宁夏5500，日变动-50，周变动-60等 [2] - 硅铁基差/价差方面，内蒙-主力-242，日变动140，周变动-10；宁夏-主力-272，日变动140，周变动10等；锰硅基差/价差方面，内蒙-主力-80，日变动112，周变动64；宁夏-主力-180，日变动62，周变动24等 [2] - 锰矿（天津）方面，澳块当日39.7，日变动0，周变动0.5；南非半碳酸当日34.3，日变动0，周变动0等；兰炭小料方面，陕西当日820，日变动0，周变动0；宁夏当日920，日变动0，周变动0等 [2] Group 2: Market Analysis - 11月18日，铁合金期货价格整体下跌，硅铁主力合约5474，下跌1.65%，持仓增加4626手；锰硅主力合约收盘5680，下跌1.93%，持仓增加45390手 [5] - 硅铁基本面供需双弱，成本端有所支撑，18日受焦煤等整体黑色金属大跌拖累跟随调整，但自身估值水平不高，不宜追空 [5] - 锰硅在供需双弱和成本支撑背景下，预计底部震荡为主 [5] - 单边策略预计底部震荡；套利策略观望；期权策略为卖出虚值跨式期权组合 [6] - 青海某合金厂计划17日晚间停2台硅铁炉，剩余2台转产硅钡，累计减少硅铁日产100吨；18日天津港澳块Mn42%Fe3.6%报价40元/吨度，半碳酸Mn37%报价35元/吨度，澳籽Mn40.85%Fe7.14%报价35.6元/吨度 [7] Group 3: Related Charts - 包含铁合金主力合约走势回顾、盘面主力合约sf - sm价差、硅铁月间价差、锰硅月间价差、硅铁基差（主力合约 - 内蒙）、锰硅基差（主力合约 - 内蒙）、硅锰现货价格、内蒙硅锰现货价格、铁合金电价、硅铁成本与利润、硅锰成本与利润、硅铁生产成本、硅锰生产成本、硅铁生产利润、硅锰生产利润等图表 [8][9][11][13] - 硅铁生产成本方面，内蒙5450元/吨，宁夏5631元/吨等；硅铁生产利润方面，内蒙-250元/吨，宁夏-481元/吨等；硅锰生产成本方面，内蒙5742元/吨，宁夏5851元/吨等；硅锰生产利润方面，内蒙-142元/吨，宁夏-291元/吨等 [18][21]

美玉米 11 月报告下调单产，美玉米反弹，产量仍处于高位，美玉米窄幅震荡。美 玉米配额内关税为 11%，高粱为 12%，国外玉米进口利润下跌，12 月巴西进口价格 2138 元。今日北方港口平仓价稳定，基本 2220 元附近，东北玉米产区现货上涨。华北 研究所 农产品研发报告 玉米淀粉日报 2025 年 11 月 18 日 玉米淀粉日报 第一部分 数据 | 玉米&玉米淀粉数据日报 | | | | | | | | 2025/11/18 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | C2601 | | 2168 | -14 | -0.65% | 504,544 | 0.89% | 943,129 | 0.97% | | C2605 | | 2241 | -2 | -0.09% | 48,227 | -39.07% | 304,764 | 1.98% | | C2509 | | 2267 | - ...