| | | | 钢材早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心黑色团队 2025/11/21 | | | 现 货 价 格 | | | | | | | | 日期 | 北京螺纹 | 上海螺纹 | 成都螺纹 | 西安螺纹 | 广州螺纹 | 武汉螺纹 | | 2025/11/14 | 3200 | 3170 | 3200 | 3210 | 3350 | 3260 | | 2025/11/17 | 3230 | 3240 | 3220 | 3270 | 3400 | 3300 | | 2025/11/18 | 3230 | 3250 | 3240 | 3290 | 3420 | 3310 | | 2025/11/19 | 3230 | 3210 | 3240 | 3290 | 3420 | 3310 | | 2025/11/20 | 3230 | 3190 | 3190 | 3240 | 3420 | 3280 | | 变化 | 0 | -20 | -50 | -50 | 0 | -30 | | 日期 | 天津热卷 | ...

1. Price Performance - London Gold's latest price is 4090.60 with a change of -36.35 [1] - London Silver's latest price is 50.85 with a change of -1.35 [1] - London Platinum's latest price is 1557.00 with a change of 23.00 [1] - London Palladium's latest price is 1408.00 with a change of -3.00 [1] - WTI Crude's latest price is 59.44 with no change [1] - LME Copper's latest price is 10759.00 with a change of 17.00 [1] - The latest US Dollar Index is 100.22 with a change of 0.09 [1] - The latest Euro to US Dollar exchange rate is 1.15 with no change [1] - The latest British Pound to US Dollar exchange rate is 1.31 with no change [1] - The latest US Dollar to Japanese Yen exchange rate is 157.46 with a change of 0.28 [1] - The latest yield of US 10 - year TIPS is 1.86 with no change [1] 2. Trading Data - COMEX Silver inventory is 14367.02 with a change of -19.27 [1] - SHFE Silver inventory is 535.09 with a change of -12.60 [1] - Gold ETF holdings are 1039.43 with a change of -4.29 [1] - Silver ETF holdings are 15246.63 with a change of 19.75 [1] - SGE Silver inventory is 830.31 with no change [1] - The SGE Gold deferred - fee payment direction has no change of 0.00 [1] - The SGE Silver deferred - fee payment direction has a change of 1.00 [1]

| 指数表现 | A股 | 沪深300 | 上证50 | 创业板 | 中证500 | | --- | --- | --- | --- | --- | --- | | 收盘价 | 3931.05 | 4564.95 | 3008.29 | 3042.34 | 7061.95 | | 涨跌（%） | -0.40 | -0.51 | -0.40 | -1.12 | -0.85 | | 估值 | 沪深300 | 上证50 | 中证500 | 标普500 | 德国DAX | | PE(TTM) | 14.14 | 12.03 | 32.17 | 25.98 | 18.06 | | 环比变化 | -0.02 | 0.01 | -0.27 | -0.41 | 0.09 | | 风险溢价 | 沪深300 | 上证50 | 中证500 | 标普500 | 德国DAX | | 1/PE-10利率 | 3.70 | 5.77 | -0.38 | -0.24 | 2.82 | | 环比变化 | 0.00 | 0.00 | 0.00 | 0.11 | -0.04 | | 资金流向 | A股 | 主板 | 中小企业板 | 创业板 | 沪 ...

油脂油料早报 研究中心农产品团队 2025/11/21 隔 夜 市 场 信 息 ： 美国农业部：10月2日止当周美国大豆出口销售合计净增92.44万吨，符合预期 美国农业部（USDA）周四公布的出口销售报告显示，10月2日止当周，美国当前市场年度大豆出口销售净增91.94万 吨，市场预估为净增60-160万吨。 当周，美国下一年度大豆出口销售净增0.5万吨。市场预估为净增0吨。 当周，美国大豆出口装船72.05万吨。 当周，美国当前市场年度大豆新销售96.98万吨，下一市场年度大豆新销售0.5万吨。 美国大豆市场年度为9月1日至次年8月31日。 美国农业部：民间出口商报告向中国出口销售462,000吨大豆 据美国农业部（USDA）网站11月20日消息，民间出口商报告向中国出口销售462,000吨大豆，2025/2026市场年度付 运。 ITS：马来西亚11月1-20日棕榈油出口量环比减少20.5% 船货检验机构Intertek Testing Services（简称ITS）发布的数据显示，马来西亚11月1-20日棕榈油产品出口量为 831,005吨，较上月同期出口的1,044,784吨减少20.5%。 AmS ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - No information provided Group 3: Summary by Relevant Catalog Spot Market Information - **Australian Mainstream Iron Ore**: Newman powder is priced at 789, with a daily change of -3 and a weekly change of 9; PB powder is 792, with -3 daily and 9 weekly changes; Mac powder is 784, -2 daily and 8 weekly. Their import profits are -8.02, -7.31, and 18.09 respectively [1] - **Brazilian Mainstream Iron Ore**: Ba Hun is 831, with -3 daily and 13 weekly changes; Ba Coarse IOC6 is 769, -3 daily and -14 weekly; Ba Coarse SSFG is 774, -3 daily and -14 weekly. Ba Hun's import profit is 7.30 [1] - **Other Iron Ores**: Ukrainian fine powder is 876, -4 daily and 1 weekly; 61% Indian powder is 732, -3 daily and 9 weekly; Karara fine powder is 878, -4 daily and 1 weekly; Roy Hill powder is 779, -3 daily and 9 weekly, with an import profit of 22.61; KUMBA powder is 851, -3 daily and 9 weekly; 57% Indian powder is 610, -3 daily and 3 weekly; Atlas powder is 722, -1 daily and 2 weekly; Tangshan iron concentrate powder is 1014, -6 daily and 6 weekly [1] Futures Market Information - **Dalian Commodity Exchange Contracts**: i2601 is 788.5, -3.0 daily and 16.0 weekly, with a monthly spread of -60.5; i2605 is 753.0, -2.0 daily and 7.5 weekly, with a monthly spread of 35.5; i2609 is 728.0, -2.0 daily and 5.0 weekly, with a monthly spread of 25.0 [1] - **Singapore Exchange Contracts**: FE01 is 101.20, -0.07 daily and 1.52 weekly, with a monthly spread of -4.73; FE05 is 98.60, -0.13 daily and 1.21 weekly, with a monthly spread of 2.60; FE09 is 96.47, -0.13 daily and 1.09 weekly, with a monthly spread of 2.13 [1]

| (安期貨 | | --- | | NGAN FUTURES | 燃料油早报 研究中心能化团队 2025/11/21 | 燃 料 油 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 鹿特丹3.5% HSF | 鹿特丹0.5% VLS | 鹿特丹HSFO-Br | 鹿特丹10ppm G | 鹿特丹VLSFO-G | LGO-Brent M1 | 鹿特丹VLSFO-H | | | O掉期 M1 | FO掉期 M1 | ent M1 | asoil掉期 M1 | O M1 | | SFO M1 | | 2025/11/14 | 371.73 | 414.41 | -5.40 | 710.26 | -295.85 | 31.99 | 42.68 | | 2025/11/17 | 366.33 | 415.16 | -6.17 | 707.49 | -292.33 | 31.67 | 48.83 | | 2025/11/18 | 359.79 | 411.23 | -6.97 | 732.42 | -321.19 | 3 ...

游期现01-60到70，成交弱 玻璃产销：沙河76，湖北105，华东105，华南100 | | | | | | 纯 碱 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2025/11/13 2025/11/19 2025/11/20 周度变化 日度变化 | | | | | | 2025/11/13 2025/11/19 2025/11/20 周度变化 日度变化 | | | | 沙河重碱 | 1190.0 | 1130.0 | 1130.0 | -60.0 | 0.0 | SA05合 约 | 1305.0 | 1257.0 | 1232.0 | -73.0 | -25.0 | | 华中重碱 | 1210.0 | 1150.0 | 1140.0 | -70.0 | -10.0 | SA01合约 | 1239.0 | 1182.0 | 1158.0 | -81.0 | -24.0 | | 华南重碱 | 1350.0 | 1350.0 | 1350.0 | 0.0 | 0.0 ...

部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 LPG = FA 图H 研究中心能化团队 2025/11/21 LR G GARP 内院CFR华 CP预测合 山东烷基 丙烷CIF日本 纸面进口利润 日期 华南液化气 华东液化气 山东液化气 山东醚后碳四 主力基差 目似 化油 E 4440 2025/11/14 4460 4364 506 482 4630 7050 -78 ୧୧୧ 110 2025/11/17 4364 4440 4670 4390 559 202 485 7050 -20 - 2025/11/18 4335 4590 7030 4345 4380 567 523 493 -6 l 2025/11/19 4325 4370 -280 4345 ୧୧୧ 208 491 4590 7040 -49 4325 2025/11/20 4350 4360 498 4570 7040 -47 l - l 日度变化 -10 08 -10 -20 0 2 ...

Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Viewpoints - For PTA, with some TA devices under maintenance in the near - term,开工 declines, polyester load drops, inventory accumulates, and the basis remains weak. However, considering high maintenance, no obvious pressure on downstream, India's revocation of BIS certification, limited far - month production, and a good PX pattern, opportunities for long - short spreads and expanding processing fees should be noted [3]. - For MEG, short - term inventory accumulation is expected to continue. But due to low coal - based efficiency after the strengthening of coal prices, there may be a partial reduction in supply. In the long - term, the overall pattern is expected to weaken due to new device launches and warehouse receipt pressure [3]. - For polyester staple fiber, although the efficiency and operation of the polyester yarn end have not improved significantly, staple fiber exports maintain high growth, and short - term new capacity launches are relatively limited. Opportunities for expanding processing fees and warehouse receipt situations should be noted [3]. - For natural rubber, with stable national explicit inventory and the price of Thai cup rubber stable while rainfall affects tapping, the strategy is to wait and see [6]. 3. Summary by Product PTA - **Price and Index Changes**: From November 14 - 20, 2025, crude oil decreased by 0.1, PTA spot decreased by 10, polyester profit increased by 20, and inventory (warehouse receipts + valid forecasts) increased by 4,608. The average daily transaction basis of PTA spot was 2601(-70) [3]. - **Device Changes**: Yisheng Ningbo's 2.2 million - ton device was under maintenance [3]. - **Outlook**: TA will maintain a high - maintenance state. With no obvious pressure on downstream products and India's revocation of BIS certification, the inventory accumulation slope is not high. There are opportunities for long - short spreads and expanding processing fees [3]. MEG - **Price and Index Changes**: From November 14 - 20, 2025, the Northeast Asian ethylene price remained unchanged, the MEG outer - market price decreased by 4, the MEG inner - market price decreased by 34, and the coal - based MEG profit decreased by 34 [3]. - **Device Changes**: Hongsifang's 300,000 - ton device was under maintenance, Huayi's 200,000 - ton device was under maintenance, and Zhenhai's 800,000 - ton device restarted [3]. - **Outlook**: Short - term inventory accumulation is expected to continue. But considering the low efficiency of coal - based production, the supply may be reduced. In the long - term, the pattern will weaken due to new device launches and warehouse receipt pressure [3]. Polyester Staple Fiber - **Price and Index Changes**: From November 14 - 20, 2025, the price of 1.4D cotton - type staple fiber remained stable, and the profit of staple fiber increased by 20 [3]. - **Device Operation**: The near - term device operation was stable, with an operation rate of 97.5%. The polyester yarn end's operation rate was stable, raw material inventory decreased, and finished - product inventory decreased [3]. - **Outlook**: High - growth exports prevent obvious inventory accumulation. With limited short - term new capacity launches, opportunities for expanding processing fees and warehouse receipt situations should be noted [3]. Natural Rubber - **Price Changes**: From November 14 - 20, 2025, the price of US - dollar Thai standard decreased by 20, the price of Shanghai full - latex decreased by 190, and the price of RU main contract decreased by 190 [6]. - **Key Indicators**: The national explicit inventory was stable, the price of Thai cup rubber was stable, and rainfall affected tapping [6]. - **Strategy**: Wait and see [6]. Styrene - **Price Changes**: From November 14 - 20, 2025, the price of ethylene (CFR Northeast Asia) remained unchanged, the price of pure benzene (CFR China) remained unchanged, and the price of styrene (CFR China) increased by 5 [9]. - **Profit Changes**: The domestic profit of styrene decreased, and the domestic profits of EPS, PS, and ABS remained unchanged from November 14 - 20, 2025 [9].

废钢早报 研究中心黑色团队 2025/11/21 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2025/11/14 | 2199 | 2275 | 2036 | 2209 | 2226 | 2096 | | 2025/11/17 | 2196 | 2274 | 2033 | 2221 | 2226 | 2094 | | 2025/11/18 | 2199 | 2273 | 2033 | 2223 | 2226 | 2094 | | 2025/11/19 | 2200 | 2273 | 2032 | 2220 | 2230 | 2093 | | 2025/11/20 | 2199 | 2270 | 2032 | 2214 | 2230 | 2092 | | 环比 | -1 | -3 | 0 | -6 | 0 | -1 | 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎， ...