（来源：沐甜科技） 来源：沐甜科技 国内现货报价处于弱势调整之中，故而整体成交不活跃，加上批发市场的小反弹，买卖双方态度更为谨 慎，因为买方怕买高了，而卖方却怕卖低了，故而双方处于一个僵持状态之中。柳州市场26013订货合 同在下方5390支撑有效之下缓慢地向上反扑，使得走势回到了5400关口之上来震荡，而对这个震荡主要 观察就是5430压力位的表现，如果在缩量减持订货量的走势之中保持阻挡有效的话，买方还是要注意止 盈保护。 期糖2601合约持续着减仓反扑走势，且走势在接近5420-5436的重压力区间，故而在分钟级别上看，反 抽呈涨背离状，但背驰还不是太明显，故而超买的涨背离还会持续，以此来为反抽5436压力位作掩护。 所以，对于冲击压力位的冲高回落走势要有所准备。 原糖因节假日休市停盘，从三月合约小时级别形态上看，目前处于测试上方压力位的反抽走势之中，以 此来修复周线指标。 ...

Core Insights - The article highlights significant capital inflows into commodity futures, particularly in precious metals and certain industrial metals, indicating a bullish sentiment in these sectors [1] Group 1: Capital Inflows - Major inflows were observed in silver (1.461 billion), gold (1.088 billion), tin (0.324 billion), lithium carbonate (0.295 billion), and copper (0.268 billion) [1] - The non-ferrous metals and financial sectors showed a net inflow, with a focus on silver, gold, tin, lithium carbonate, and copper [1] Group 2: Capital Outflows - Significant outflows were noted in rebar (0.291 billion), apples (0.269 billion), coking coal (0.178 billion), glass (0.166 billion), and vegetable oil (0.158 billion) [1] - The chemical, black, and agricultural products sectors experienced net outflows, particularly in rebar, apples, coking coal, glass, and vegetable oil [1] Group 3: Sector Analysis - The overall commodity futures market showed a substantial inflow, with a particular emphasis on the non-ferrous metals sector [1] - Attention is drawn to the outflow of alumina, which is contrary to the trend in other non-ferrous metals [1] - The financial sector is highlighted for its focus on the Shanghai 50 stock index futures and 10-year government bond futures [1]

Core Viewpoint - The article highlights the recent capital inflows and outflows in various commodity futures, indicating a mixed sentiment across different sectors, with a notable focus on lithium carbonate, gold, silver, and copper experiencing significant inflows, while sectors like agricultural products and black metals faced outflows [1]. Group 1: Capital Inflows - The main commodities with significant capital inflows include lithium carbonate (1.606 billion), gold (1.273 billion), silver (634 million), polysilicon (318 million), and copper (225 million) [1]. - The non-ferrous metals sector is in a state of inflow, particularly focusing on lithium carbonate, gold, silver, and copper, while aluminum is noted for its counter-trend outflow [1]. Group 2: Capital Outflows - The commodities experiencing major capital outflows include coking coal (244 million), rebar (221 million), palm oil (156 million), hot-rolled coil (151 million), and iron ore (151 million) [1]. - The agricultural, chemical, and black metal sectors are showing outflows, with particular attention to coking coal, rebar, palm oil, and iron ore, while apples, caustic soda, and ferrosilicon are noted for their counter-trend inflows [1]. Group 3: Financial Futures - The financial sector is highlighted with a focus on the CSI 1000 index futures and 30-year treasury futures, indicating areas of interest for investors [1].

Core Insights - The article highlights the recent capital inflows and outflows in commodity futures, indicating a mixed market sentiment with specific focus on various sectors [1] Group 1: Capital Inflows - Major inflows were observed in gold (2.725 billion), tin (0.784 billion), silver (0.728 billion), copper (0.313 billion), and corn (0.081 billion) [1] - The non-ferrous metals and financial sectors showed a positive inflow trend, particularly in gold, tin, silver, copper, and polysilicon [1] Group 2: Capital Outflows - Significant outflows were noted in lithium carbonate (1.148 billion), rebar (0.269 billion), rapeseed oil (0.196 billion), hot-rolled coil (0.178 billion), and glass (0.161 billion) [1] - The agricultural, chemical, and black metal sectors experienced outflows, with a focus on rebar, glass, methanol, and live pigs, while corn, fuel oil, and ferrosilicon saw contrary inflows [1] Group 3: Overall Market Sentiment - The overall commodity futures market experienced moderate inflows, with a notable emphasis on the non-ferrous metals sector and financial futures such as the CSI 1000 index futures and 10-year treasury futures [1]

Group 1 - A500ETF Rongtong (159379.SZ) closed up by 1.15% on November 25, 2025 [1] - The fund experienced a net outflow of 13.35 million yuan from major funds (single transaction amount over 1 million yuan), ranking first in the market [1] - The latest trading volume of the fund was 27.62 million units, with a total transaction amount of 34.05 million yuan, placing it at the tail end among comparable funds [1]

与此同时，该基金最新成交量为3319.07万份，最新成交额跌破34.00亿元，居可比基金倒数前3。 2025年11月25日，科创债ETF中银（551060.SH）收跌0.03%，主力资金（单笔成交额100万元以上）净 流出3.42亿元，居可比基金首位。（数据来源：Wind） ...

与此同时，该基金最新成交量为1.39亿份，最新成交额达1.39亿元，成交额创历史新高。 2025年11月25日，家居家电ETF（515730.SH）收涨0.70%，主力资金（单笔成交额100万元以上）净流 入3814.29万元，居全市场第一梯队。（数据来源：Wind） ...

Market Overview - As of November 21, the profit from self-bred pigs is a loss of 135.90 CNY per head, compared to a loss of 114.81 CNY the previous week. The profit from purchased piglets is a loss of 234.63 CNY per head, up from a loss of 205.64 CNY the previous week [1] - The Ministry of Agriculture and Rural Affairs held a meeting on November 18-19, indicating that the livestock industry has maintained steady development this year, with the total number of breeding sows falling below 40 million heads by the end of October [1] - The national pig price as of November 19 is 12.24 CNY per kilogram, down 1.61% from November 12, while the corn price has increased by 0.88% to 2.28 CNY per kilogram [1] Daily Market Prices - The average price of pigs in various provinces shows a downward trend, with prices in regions like Heilongjiang at 11.35 CNY/kg, down 0.02 CNY from the previous day, and a year-on-year decrease of 29.44% [1] - The pig-to-grain ratio is reported at 5.37, a decrease of 2.36% from November 12 [1] Industry Dynamics - The number of breeding sows has rapidly decreased to 39.90 million heads, leading to a divergence in market opinions regarding capacity reduction. Some advocate for accelerated capacity reduction to prevent further losses, while others with strong financial backing may seek to capitalize on the exit of smaller producers [2] - There are concerns that some companies may have inflated their actual breeding stock numbers to qualify for subsidies [2]

Market Overview - As of the week ending November 21, 2025, the U.S. soybean crushing profit was $2.73 per bushel, a decrease of 12.2% from the previous week. The average crushing profit for 2024 is projected at $2.44 per bushel, down from $3.29 per bushel in 2023 [1] - Malaysia's palm oil exports from November 1-25 were 987,978 tons, a decrease of 16.4% compared to 1,182,216 tons in the same period last month [1] - Brazil's soybean planting rate reached 78% as of November 22, 2025, up from 69% the previous week but down from 83.3% year-on-year [1] Inventory Data - The total commercial inventory of soybean oil, palm oil, and rapeseed oil in key regions of China was 2.224 million tons, an increase of 0.1 thousand tons week-on-week, and up 253,000 tons or 12.84% year-on-year [1] - The commercial inventory of soybean oil was 1.1799 million tons, up 31,400 tons or 2.73% from the previous week, and up 114,000 tons or 10.70% year-on-year [1] - The commercial inventory of palm oil was 667,100 tons, an increase of 13,900 tons or 2.13% week-on-week, and up 159,200 tons or 31.34% year-on-year [2] - The total rapeseed oil inventory in major regions was 377,000 tons, down 44,300 tons week-on-week [2] Price Trends - The market for palm oil is under pressure due to weak export data, with prices falling below the critical psychological level of 4,000 ringgit per ton amid concerns over inventory accumulation [4]

图为商品期货资金流入前十名（亿元） 图为商品期货资金流出前十名（亿元） 图为金融期货主连合约资金流向（亿元） 单品种看，昨日资金主要流入的商品期货（主连合约）品种有黄金、碳酸锂、锌、LPG和铜，分别流入5.79 亿元、4.52 亿元、3.80 亿元、3.12 亿元和0.88 亿 元；主要流出的品种有棕榈油、螺纹钢、铝、镍和纯碱，分别流出2.00 亿元、1.49 亿元、1.46 亿元、1.43 亿元和1.12 亿元。从主力合约看，有色金属板块呈 流入状态，农产品、黑色、化工和金融期货板块呈流出状态。 整体看，昨日商品期货（主连合约）资金呈小幅流出状态。农产品、黑色和化工板块呈流出状态，重点关注流出较多的棕榈油、螺纹钢、纯碱和PVC，同时 关注逆势流入的LPG、玉米、生猪和丁二烯橡胶。有色金属板块呈流入状态，重点关注流入较多的黄金、碳酸锂和锌，同时关注逆势流出的铝、镍和白银。 金融板块重点关注中证1000股指期货和2年期国债期货。（徽商期货 方正） 图为板块资金流入额（亿元） 图为商品期货主连合约资金流向（亿元） ...