纸浆早报 研究中心能化团队 2025/11/18 SP主力合约收盘价： 5474.00 | 日期 | 2025/11/17 | 2025/11/14 | 2025/11/13 | 2025/11/12 | 2025/11/11 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5474.00 | 5480.00 | 5534.00 | 5482.00 | 5484.00 | | 折美元价 | 674.24 | 674.24 | 681.44 | 672.93 | 672.85 | | 距上一日涨跌 | -0.10949% | -0.97579% | 0.94856% | -0.03647% | 0.29261% | | 山东银星基差 | 76 | 70 | 31 | 58 | 56 | | 江浙沪银星基差 | 76 | 70 | 66 | 83 | 81 | 以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | --- | | 加拿大 ...

1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 4000.00 4500.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 日照港准一平仓 2021 2022 2023 2024 2025 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 长治出厂价 2021 2022 2023 2024 2025 4500.00 青岛港准一平仓 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，分 析结论合理，但我司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会发生任何变化。我们提供的全部分析及建议内容仅供参考，不构成对您的任何投资 建议及入市依据，您应当自主做出期货交易决策，独立承担期货交易后果，凡据此入市者，我司不承担任何责任。我司在为您提供服务时已最大程度避免与您 ...

永安期货总经理马志伟直言，实盘大赛不仅是交易者的竞技场，更是期货公司展示综合实力的舞台。永 安期货今年推出的"源点智研"研究品牌和AI工具"安仔智答"，正是基于对市场需求的敏锐洞察，这些创 新服务也在大赛期间得到了参赛客户的积极反馈。 新湖期货总经理金玉卫认为，期货公司高管对颁奖大会的深度参与，体现了期货公司对市场变化的积极 响应。面对日益复杂的市场环境，期货公司需要更直接地了解客户需求，实盘大赛提供了精准洞悉市场 动态的窗口。 期货机构与市场参与者通过实盘大赛及颁奖大会实现了双向赋能。一方面，期货公司通过赛事挖掘优质 交易人才，完善服务体系；另一方面，市场参与者借助大会获取前沿资讯，优化交易策略。华东地区一 家私募机构负责人透露，他参会期间与多家期货公司讨论后，决定调整农产品板块的配置比例。 值得一提的是，主会场外的展区堪称今年颁奖大会的"流量担当"。数十家期货公司、金融科技服务商及 投资机构的展台前人头攒动，热门展位甚至出现排队咨询的场景。中泰期货相关负责人告诉期货日报记 者："我们带来的手册半小时内就被领取一空，参会者对如何利用衍生品对冲风险极为关注。"一位来自 浙江的贸易商表示，他专程赶来是为了聆听" ...

ગુજ 美国主持 | | | | | | | 研究中心能化团队 | | | 2025/11/17 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | ਉਨ੍ਹੇ | | 昨日收盘价 | 涨跌 | 意 | 昨日成交量 | | 昨日持仓昼 | 持仓变动 | | | EC2512 | | 1790.0 | 0.43% | -285.2 | 6881 | | 14520 | -1922 | | | EC2602 | | 1605.0 | -1.65% | -100.2 | 20006 | | 38043 | 7-59 | | | EC2604 | | 1157.7 | -1.08% | 347.1 | 2180 | | 15618 | 197 | | | EC2606 | | 1377.9 | -0.20% | 126.9 | 130 | | 1624 | 1 | | | EC2608 | | 1486.7 | 0.24% | 18.1 | 65 | | 1196 | 1 | | 期货 | EC2610 | | 1103.5 | -0 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall supply of thermal coal remains stable, with normal production in most mines. Recently, prices in some production areas have weakened, and the premium rate of auctions has narrowed, leading to a slight decline in market sentiment. The upward trend of port prices has slowed down, and the sentiment of traders to hold prices has weakened. - Policy disturbances still exist, and the supply side needs continuous monitoring. Although the overall inventory of thermal coal is relatively safe, the changes in power plant and port inventories need to be closely watched. - In the short term, due to intensified downstream gaming, thermal coal faces certain callback pressure. It is expected that the subsequent shipping profit will expand, and after the callback, there will still be support for the overall price. The upside potential mainly depends on the actual downstream demand, and continuous tracking of daily consumption and inventory changes is required. [9] 3. Summary by Directory 3.1 Overview - **Supply**: In October 2025, China imported 41.737 million tons of coal, a year - on - year decrease of 9.75% and a month - on - month decrease of 9.27%. From January to October 2025, the total coal imports were 387.623 million tons, a year - on - year decrease of 11%. The weekly output of main production area mines was 27.38 million tons, a week - on - week increase of 0.9%, and the capacity utilization rate was 83%, a week - on - week increase of 0.8%. [9] - **Demand**: Terminal coal consumption in thermal power remains at a medium level, and as the heating season approaches, power plants are expected to release some restocking space. In the non - power sector, the chemical industry has rigid restocking demand, and coal consumption is at a medium - high level. However, some downstream users are somewhat resistant to high - priced coal. Alternative energy power generation performs well, accounting for about 35% of the total power generation. [9] - **Inventory**: The total social inventory is 204.18 million tons, a week - on - week increase of about 0.9%, slightly lower than the same period last year. Power plant inventory is 132.39 million tons (a week - on - week increase of about 0.86%), showing a slight inventory build - up, while port inventory is 57.03 million tons (a week - on - week decrease of about 0.34%). [9] - **Policy**: The National Energy Administration has issued a series of policies, including promoting stable and increased production in the coal industry, strengthening the overall planning and management of coal mine areas, emphasizing the reduction of non - power coal consumption, and organizing inspections of coal mine production. [9] 3.2 Price and Profit - **Production Area Prices**: In Inner Mongolia, the prices of Q5500, Q5000, and Q4500 decreased by 0.9%, 1.0%, and 0.0% week - on - week respectively; in Shaanxi, the prices of Q5500, Q5000, and Q4500 decreased by 0.8%, 0.9%, and 1.0% week - on - week respectively. The prices of Q6200 and Q6000 in Shaanxi remained unchanged. [14] - **Port Prices**: The upward trend of port prices has slowed down, with actual transaction prices ranging from 830 to 850 yuan/ton. The prices of different calorific values at Qinhuangdao Port and Guangzhou Port have shown varying degrees of week - on - week increases. [17][19] - **International Prices**: The international thermal coal spot prices in regions such as NEWC, ARA, and RB have shown different week - on - week changes, with NEWC increasing by 2.43% week - on - week, while ARA and RB remained unchanged. [28] - **Shipping Profits**: The shipping profits in Inner Mongolia, Shanxi, and Shaanxi vary, with Inner Mongolia having a shipping loss of 50 yuan/ton for CV5500, Shanxi breaking even, and Shaanxi having a loss of 38 yuan/ton. [48] 3.3 Other Fundamental Data - **Supply - Side Data**: The cumulative production of raw coal in different regions from 2021 - 2025 is presented, as well as the monthly production data of different regions. The production and capacity utilization rates of coal mines in Shanxi, Inner Mongolia, and Shaanxi are also shown. [53][54][56] - **Import Data**: In October 2025, China's coal imports decreased year - on - year and month - on - month. The import data from January to September 2025 shows different trends for different countries such as Indonesia, Australia, Russia, and Mongolia. [62][69] - **Demand - Side Data**: The electricity consumption data of different industries and the power generation data of different power sources (thermal, hydro, nuclear, wind, solar) are provided, including monthly and cumulative data, as well as data for different time intervals such as ten - day periods. The coal consumption data of different industries such as building materials, metallurgy, and chemicals are also presented. [76][86][91][126] - **Transportation and Inventory Data**: The transportation data of the Datong - Qinhuangdao Railway, comprehensive transportation indices, and logistics data of northern ports are shown. The inventory data of different ports and the overall social, power plant, and production area inventories are also provided. [158][162][167][169]

第十九届全国期货（期权）实盘交易大赛圆满收官。永安期货积极响应客户的参赛诉求，以专业服务陪 伴客户在实战中成长。 [以赛洞微 精准捕捉客户核心诉求] "实盘大赛不仅是客户展示交易能力的舞台，更是我们洞察客户需求的窗口。"永安期货机构管理总部负 责人表示。期货日报主办的实盘交易大赛，凭借高专业性与高参与度，已成为行业内的标杆赛事。永安 期货通过参与客户运营、赛事服务，洞察参赛客户诉求，进一步强化了参赛客户对公司专业能力的认 可。 [以赛提质 数智系统提升服务效率] 为切实提升参赛客户的报名效率，永安期货机构管理总部负责人介绍，本次大赛期间，公司使用了自主 研发的"及时雨"系统。该系统可直接导入参赛客户名单，并根据客户归属，自动将回访任务分配至对应 客户经理。同时，系统支持线上跟踪，从回访任务发起、进度推进到结果记录，均可在平台内实时查 看，实现了参赛客户回访工作的标准化与高效化。 三是行业将遵循《关于加强监管防范风险促进期货市场高质量发展的意见》向高质量发展迈进。随 着"反内卷"政策落地，行业低水平竞争乱象将得到有效遏制，期货公司的竞争逻辑将全面转向服务专业 性、风险管理能力与客户价值创造的比拼。 在此背景下， ...

Core Insights - The 2025 Global Futures Traders Conference and the 19th National Futures (Options) Live Trading Competition were held in Xi'an, showcasing industry leaders discussing investment opportunities in commodities and future technological developments [1][10]. Group 1: Event Overview - The event featured a gathering of industry elites, including award-winning traders, institutional investors, and representatives from futures companies, engaging in deep discussions on trading philosophies and market opportunities [1][10]. - The competition has been a platform for traders for 19 years, highlighting the evolution of trading strategies and the increasing maturity of traders' methodologies [2]. Group 2: Market Analysis - Zhang Yi, head of the research institute at Yong'an Futures, indicated that the commodity sector may experience differentiation in 2026, with a stable macroeconomic environment and a mild recovery in domestic economic growth [3]. - The "anti-involution" policy is expected to impact supply and demand dynamics, particularly in the polysilicon market, where demand growth is projected to decline by 10% to 0% year-on-year in 2026 [3][4]. Group 3: Investment Opportunities - The macroeconomic atmosphere is generally warming, but a comprehensive bull market in commodities is not anticipated until global economic recovery is evident [4]. - Specific commodities such as lithium carbonate and aluminum are expected to see significant demand growth, while the supply of PX and PTA is improving, making them suitable for long positions [4]. Group 4: Trader Insights - Successful traders emphasize the importance of risk management, self-awareness, and the development of a personalized trading system [6][7][8]. - The experiences shared by award-winning traders highlight the necessity of maintaining discipline and a strong mindset in trading, with a focus on learning from both successes and failures [6][7][8].

Core Viewpoint - The article emphasizes the importance of financial education and talent cultivation in supporting the development of a strong financial nation, particularly through the organization of the National College Student Futures Investment Electronic Competition [1][3]. Group 1: Event Overview - The 7th National College Student Futures Investment Electronic Competition was held on November 15, 2025, organized by Hebei Provincial Education Department and Hebei University of Economics and Business, with participation from 116 universities across 18 provinces, resulting in 1,141 teams and 5,706 students competing [1][3]. - The competition has grown significantly over six editions, becoming a representative platform for financial practice education in Chinese universities [1]. Group 2: Educational Objectives - The competition aims to cultivate high-quality application-oriented talents by enhancing participants' practical skills in financial investment, trading strategies, innovation, and teamwork through competitive learning [3]. - It serves as a crucial platform for deepening the integration of industry and education, promoting reforms in "new liberal arts" and "new finance" education [3]. Group 3: Competition Format and Experience - The event was conducted in a "offline + online" format, supported by Zhengzhou Commodity Exchange and utilizing simulated trading accounts provided by Everbright Futures [4]. - Participants engaged in real-time trading scenarios, enhancing their investment decision-making and risk management skills through practical experience [4]. Group 4: Post-Event Initiatives - Following the competition, a forum on "integration of industry, academia, and research" is planned to discuss industry trends and talent cultivation paths, helping students understand the futures market better [6]. - Everbright Futures aims to continue improving the competition structure and content, positioning it as a training ground for innovative financial talent and a bridge for school-enterprise cooperation [6].

Group 1 - The 19th National Futures (Options) Live Trading Competition has been held for nineteen years, serving as a "public arena" for futures traders, showcasing their judgment and execution skills despite various risks this year [1][3] - Successful traders in the competition share two common traits: they possess a trading method that has been tested by the market and have a respectful attitude towards trading, which allows them to navigate the market more steadily and further [3] Group 2 - Everbright Futures has developed a unique research style characterized by the "valuation + driving" research system and launched the "Source Point Intelligent Research" brand, integrating various research tools and platforms [3] - The company has introduced AI tools, such as "Anzai Smart Answer" and "Anzai Market Watch," aimed at making it easier for clients to analyze and monitor the market [3]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the given content. 2. Core View - No clear core view is presented in the provided content. 3. Summary According to Related Catalogs Price and Profit - The report presents the spot prices of various steel products in different regions from 2025/11/07 to 2025/11/13, including Beijing, Shanghai, Chengdu, etc. For example, Beijing's rebar price changed from 3190 on 2025/11/07 to 3170 on 2025/11/13, a decrease of 30; Shanghai's rebar price increased from 3200 to 3220, an increase of 20. [1] Basis and Spread - No content related to basis and spread is provided. Production and Inventory - No content related to production and inventory is provided.