股指期货日报 2025年11月26日 廖臣悦(投资咨询证号：Z0022951) 投资咨询业务资格:证监许可【2011】1290号 股指涨跌不一，市场存在分歧 市场回顾 今日股指涨跌不一，除中证1000指数收跌外其余均收涨。从资金面来看，两市成交额回落288.01亿元。期指 方面，IF、IH缩量上涨，IC持平，IM缩量下跌。 重要资讯 股指日报现货市场观察 | 名称 | 数值 | | --- | --- | | 上证涨跌幅（%） | -0.15 | | 深证涨跌幅（%） | 1.02 | | 个股涨跌数比 | 0.47 | | 两市成交额（亿元） | 17833.46 | | 成交额环比（亿元） | -288.01 | 核心观点 昨晚美国公布最新PPI数据，核心PPI环比增速低于市场预期，强化市场降息预期，不过由于在数据公布前， 联邦基金利率期货价格显示美联储12月降息概率已高于80%，即市场已提前交易降息预期，因此市场反应相 对平淡。期指基差方面，与现货表现分化，今日现货走势相对较弱的IH、IM贴水收敛，IF、IC则贴水加深， 表明市场存在分歧，多空博弈特征较强。关注今晚将公布的美国PCE物价数据，若超出市场 ...

Group 1: Report Overview - Report Title: Stock Index Futures Daily Report [1] - Date: November 25, 2025 [1] - Analyst: Liao Chenyue [1] - Investment Advisory License Number: Z0022951 [1] - Investment Advisory Business Qualification: CSRC License [2011] No. 1290 [1] Group 2: Market Review - The stock index showed strong performance today. The CSI 300 Index closed up 0.95%. [2] - The trading volume of the two markets rebounded by 84.374 billion yuan. [2] - Among stock index futures, IC rose with increasing volume, while the rest rose with decreasing volume. [2] Group 3: Important Information - Chinese President had a phone call with US President Trump, emphasizing that "cooperation benefits both, while confrontation hurts both" and highlighting the importance of Taiwan's return to China in the post - war international order. The two leaders also discussed the Ukraine crisis. [3] - Waller, a Fed governor and a leading candidate for Fed Chair, is mainly worried about the labor market and advocates a rate cut in December. Daly, the former San Francisco Fed President who usually followed Powell, also supports a December rate cut due to concerns about a sudden deterioration in the labor market. [3] - Japan plans to deploy offensive weapons on the south - western islands near Taiwan. China's Foreign Ministry responded that this move is extremely dangerous and requires high - level vigilance. [3] Group 4: Core View - Fed officials' dovish remarks last night increased the probability of a December rate cut to over 80%, supporting the repair of the stock index valuation. The positive signals from the China - US call also restored market risk appetite, leading to a higher - opening and higher - closing stock index today. [4] - However, the Sino - Japanese issue remains unresolved. Although the trading volume of the two markets increased slightly, it was still below 2 trillion yuan, and the collective deepening of the discount of stock index futures indicates cautious market sentiment. [4] - In the short term, the stock index is expected to be strong driven by the expectation of loose liquidity and gradually fill the previous gap. Future trends depend on external changes. If Sino - Japanese relations ease and the US PCE price index meets or is lower than market expectations, the stock index may continue to strengthen; otherwise, it is expected to continue to fluctuate after a phased rebound. [4] Group 5: Strategy Recommendation - Hold positions and wait and see. [4] Group 6: Stock Index Futures Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | 0.66 | 0.35 | 0.85 | 0.85 | | Trading volume (10,000 lots) | 10.8933 | 4.3866 | 13.4717 | 21.3192 | | Trading volume change (10,000 lots) | - 0.4758 | - 0.0889 | 0.2797 | - 1.0643 | | Open interest (10,000 lots) | 26.4574 | 8.8482 | 25.8131 | 36.7936 | | Open interest change (10,000 lots) | - 0.3977 | - 0.0977 | 0.5282 | - 0.9256 | [4] Group 7: Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | 0.87 | | Shenzhen Component Index change (%) | 1.53 | | Ratio of rising to falling stocks | 4.33 | | Trading volume of the two markets (billion yuan) | 1812.147 | | Trading volume change (billion yuan) | 84.374 | [6]

——盘面价格波动明显 现货价格僵持 边舒扬（投资咨询证号：Z0012647） 投资咨询业务资格：证监许可【2011】1290号 2025/11/24 第一章 核心矛盾及策略建议 1.1 核心矛盾 国产大豆市场周度保持平稳运行，价格略显僵持，整体变化有限，成交节奏进一步放缓。 东北地区在国储托 底之下，价格底部支撑明确，终端企经过补库，库存水平高于往年，高位采购积极性下降，导致价格上下驱 动有限。南方产区优质豆源流通偏紧与农户惜售情绪共同支撑价格，尽管下游接受度不高，但贸易环节挺价 意愿较强，购销进度在供需博弈下推进缓慢。需求端表现平稳，旺季特征有所体现，但终端补库动作完成， 进入常规采购为主，刚性需求仍有支撑，但贸易商过度挺价压制采购意愿； 整体来看， 国产大豆增产下结构分化带来的价格变化表现明显，区分蛋白标准下的定价分化明显，未来优质 优价现象将延续，对中低蛋白大豆带来侧面支撑，大豆市场继续消化反季节性上涨带来压力，价格呈现高位 僵持，回落十分有限，现货价格底部或已在逆势上涨中探明； 期货市场，豆一周度调整下行，主力2601合约周度下跌2.51%，期价短期在4100元关口形成反复，周度成交 有所放大，持仓量 ...

Report Industry Investment Rating - Not provided in the content Core View - The US September non - farm employment report data is divergent, with new employment exceeding expectations while the unemployment rate reaching a four - year high, making it difficult to resolve internal differences within the Fed. The market continues to trade on the expectation that there will probably be no interest rate cut in December. Sino - Japanese disputes persist, and with the general decline in the Asia - Pacific market, the risk appetite in the market has decreased. Today, the stock index of the A - share market opened lower and trended downward as a whole. Under the rising risk - aversion sentiment, the large - cap stock index maintained a relative advantage. In the short term, due to the relatively dull policy news and the weakening of positive policy signals, the bottom support for the stock index is insufficient. Without obvious positive stimuli, the stock index is expected to continue to correct. With high external uncertainties, the risk - aversion sentiment in the market is difficult to ease, and the dominance of large - cap stock indices may continue [4] Market Review - Today, the stock index fell on heavy volume, and the large - cap stock index was relatively resistant to decline. Taking the CSI 300 index as an example, it closed down 2.44%. In terms of capital, the trading volume of the two markets increased by 2574.72 billion yuan. In the futures index market, IF and IH fell on light volume, while IC and IM fell on heavy volume [2] Important Information - The number of new non - farm jobs in the US in September was 1.19 million, far exceeding expectations. The employment figures for the previous two months were significantly revised down by 330,000, and the unemployment rate unexpectedly rose to 4.4%, a four - year high. "New Fed Wire": The September employment report fails to resolve internal differences within the Fed. The number of initial jobless claims in the US last week unexpectedly dropped to 220,000, and the number of continued claims was the highest in four years [3] Strategy Recommendation Futures Index Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | - 2.64 | - 1.98 | - 3.37 | - 3.44 | | Trading volume (10,000 lots) | 16.6554 | 7.5314 | 19.3831 | 32.2669 | | Trading volume change compared to the previous period (10,000 lots) | 3.8268 | 1.7238 | 5.6263 | 11.1136 | | Open interest (10,000 lots) | 27.5889 | 9.5086 | 26.559 | 39.8785 | | Open interest change compared to the previous period (10,000 lots) | - 0.1995 | - 0.2689 | 0.9611 | 3.684 | [5] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | - 2.45 | | Shenzhen Component Index change (%) | - 3.41 | | Ratio of rising to falling stocks | 0.07 | | Trading volume of the two markets (billion yuan) | 19656.61 | | Trading volume change compared to the previous period (billion yuan) | 2574.72 | [6] Other Data Presentations - Presented data on the ratio of margin trading volume to A - share trading volume, cross - variety strength, and the premium/discount rate of IF, IH, IC, and IM, as well as the price - earnings ratios of the Shanghai Composite 50 Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index [7][8][9][17]

深圳市禾望电气股份有限公司 2025 年第二次临时股东会 会 议 资 料 2025 年 11 月 | 议案二：《关于修订、制定部分治理制度的议案》 34 | | --- | 2025 年第二次临时股东会会议资料 深圳市禾望电气股份有限公司 2025 年第二次临时股东会 会议须知 为维护投资者的合法权益，确保深圳市禾望电气股份有限公司（以下简称"公 司"）2025 年第二次临时股东会会议的顺利召开，依据中国证券监督管理委员会 《上市公司股东会规则》等有关规定，制定会议须知如下： 一、公司根据《公司法》《证券法》《上市公司股东会规则》和《公司章程》 的规定，认真做好召开股东会的各项工作。 二、公司董事会办公室具体负责会议有关程序方面的事宜。 九、股东发言由会议主持人指名后进行，每位股东发言应先报告所持股份数 和持股人名称，简明扼要地阐述观点和建议，发言时间一般不超过 5 分钟，主持 人可安排公司董事、监事或高级管理人员等回答股东提问。 三、为保证股东会的严肃性和正常秩序，切实维护与会股东（包含股东代表， 下同）的合法权益，除出席会议的股东、公司董事、监事、高级管理人员、公司 聘请的律师及董事会邀请的人员外，公司有 ...

Group 1 - The core point of the news is that Hewei Electric experienced a decline of 5.03% in its stock price, reaching 28.88 yuan per share, with a trading volume of 308 million yuan and a turnover rate of 2.29%, resulting in a total market capitalization of 13.219 billion yuan [1] - Hewei Electric, established on April 20, 2007, and listed on July 28, 2017, is located in Nanshan District, Shenzhen, Guangdong Province. The company focuses on the field of power conversion, helping customers achieve efficient, reliable, and high-quality power generation, usage, and transmission [1] - The company's main business revenue composition includes 83.88% from new energy control business, 11.45% from engineering transmission business, and 4.67% from other sources [1] Group 2 - From the perspective of major fund holdings, Dachen Fund has one fund heavily invested in Hewei Electric. The Dachen CSI 1000 Index Enhanced Initiation A (018661) held 36,400 shares in the third quarter, accounting for 0.79% of the fund's net value, ranking as the sixth largest holding [2] - The Dachen CSI 1000 Index Enhanced Initiation A (018661) was established on August 1, 2023, with a latest scale of 84.7995 million yuan. Year-to-date, it has achieved a return of 33.35%, ranking 1160 out of 4208 in its category; over the past year, it has returned 29.79%, ranking 1139 out of 3972; and since inception, it has returned 37.2% [2] - The fund manager of Dachen CSI 1000 Index Enhanced Initiation A (018661) is Liu Wang, who has been in the position for 1 year and 325 days, managing total assets of 829 million yuan. The best fund return during his tenure is 37.01%, while the worst is 32.22% [3]

Report Summary 1. Report Industry Investment Rating No information regarding the industry investment rating is provided in the given reports. 2. Core Viewpoints - The current core contradictions affecting the propylene trend include the potential repeated submission of "anti - involution" with no actual progress, coal price weakness driving the futures market down, spot price fluctuations due to individual device operations, sufficient supply and weak demand in the PP market, and continuous losses in PDH profits [2]. - There are both positive and negative factors in the propylene market. Positive factors are that device overhauls in some enterprises such as Binhuahua, Haiwei, and Xintai have led to a rebound in spot prices. Negative factors are that PDH has not shown significant negative feedback in the short - term despite losses, and the downstream market, especially the PP market, remains weak [3]. 3. Summary by Directory 3.1 Propylene Price Forecast and Hedging Strategies - The monthly price range forecast for propylene is 5700 - 6200 yuan/ton, with a current 20 - day rolling volatility of 0.121 and a 3 - year historical volatility percentage of 0.5432 [1]. - For inventory management, when the finished product inventory is high and there are concerns about price drops, it is recommended to short - sell propylene futures (PL2603) at a 50% hedging ratio when the price is between 6100 - 6200 yuan/ton and short - sell call options (PL2601C6000) at a 25% ratio when the price is between 60 - 80 yuan. For procurement management, when the regular inventory is low, it is recommended to buy propylene futures (PL2603) at a 25% hedging ratio when the price is between 5700 - 5800 yuan/ton and short - sell put options (PL2601P5800) at a 25% ratio when the price is between 60 - 80 yuan [1]. 3.2 Industry Data - **Upstream raw material prices**: On November 19, 2025, Brent crude oil was at $63.16/barrel, down $1.2 from the previous day; WTI was at $59.41/barrel, down $1.16. Other upstream raw materials such as MOPJ, NWE NAP, etc., also showed price changes. For example, MOPJ was at $561.94/ton, down $9.39 [5]. - **Mid - stream propylene prices**: On November 19, 2025, the price of propylene in the East China region was 5925 yuan/ton, up 10 yuan from the previous day; the price difference between CFR China and FOB South Korea remained at $35/ton [5]. - **Downstream product prices**: On November 19, 2025, the price of polypropylene powder was 6200 yuan/ton, unchanged from the previous day; the price of polypropylene granules was 6440 yuan/ton, also unchanged. Other downstream products like acrylonitrile, acrylic acid, etc., also had corresponding price changes [5]. - **Profit situation**: Main refinery profit was 704.12 yuan/ton, and MTO monomer profit was - 179.17 yuan/ton. PDH profit was in a continuous loss state, with propylene PDH profit - FEI at - 225.20 yuan/ton [5]. - **Price difference situation**: The price difference between MOPJ and propylene was 1829.03 yuan/ton, and the price difference between PP powder and propylene was not available on November 19, 2025 [5].

Core Viewpoint - Hezhong Electric's stock price has shown volatility, with a year-to-date increase of 54.44%, but recent trends indicate a decline over the past 60 days [1][2]. Financial Performance - For the period from January to September 2025, Hezhong Electric reported revenue of 2.778 billion yuan, representing a year-on-year growth of 20.19%, and a net profit attributable to shareholders of 334 million yuan, up 31.99% year-on-year [2][3]. Stock Market Activity - As of November 19, Hezhong Electric's stock price was 30.64 yuan per share, with a market capitalization of 14.025 billion yuan. The stock experienced a net outflow of 18.1537 million yuan in principal funds [1]. - The company has appeared on the trading leaderboard seven times this year, with the most recent instance on August 12, where it recorded a net buy of -274 million yuan [1]. Shareholder Information - As of October 31, 2025, Hezhong Electric had 72,000 shareholders, an increase of 2.09% from the previous period. The average number of circulating shares per shareholder decreased by 2.05% to 6,358 shares [2][3]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited as the second-largest shareholder, holding 10.5675 million shares, a decrease of 2.9177 million shares from the previous period [3].

Summary of Key Points Core Viewpoint - The company has announced the provision of a guarantee for its wholly-owned subsidiary, Suzhou Hewei, to secure a credit limit of 250 million yuan from Bank of China Suzhou Wuzhong Branch for various financial activities, reflecting the company's support for its subsidiary's operations and financial stability [3][4][7]. Group 1: Guarantee Overview - On November 17, 2025, the company signed a maximum guarantee contract with Bank of China Suzhou Wuzhong Branch to provide a guarantee for Suzhou Hewei's credit limit of 250 million yuan [3]. - The guarantee is intended for short-term loans, overdrafts, bank acceptance bills, trade financing, and other credit-related activities, with a validity period from November 17, 2025, to October 30, 2026 [3]. - The company has a total guarantee limit of up to 3.8 billion yuan for wholly-owned subsidiaries with an asset-liability ratio exceeding 70% [5]. Group 2: Internal Decision-Making Process - The guarantee was approved by the company's board of directors on March 13, 2025, and subsequently ratified by the annual general meeting of shareholders in 2024 [4][8]. - The company has disclosed previous announcements regarding the expected guarantees for its wholly-owned subsidiaries [4]. Group 3: Financial Implications - As of the announcement date, the company has provided a guarantee balance of 81,113.66 yuan for Suzhou Hewei, which accounts for 18.86% of the company's latest audited net assets [5]. - The available guarantee amount for wholly-owned subsidiaries with an asset-liability ratio above 70% is 1.466976 billion yuan [5]. - The total external guarantee amount provided by the company is 5.5251894 billion yuan, representing 128.44% of the latest audited net assets, with guarantees to wholly-owned subsidiaries totaling 4.8973691 billion yuan [9].

Report Industry Investment Rating - Not provided Core View - The stock index continued to adjust today, with relatively large declines in small and medium - cap stock indices. The market is currently dominated by the game between policy - driven positive expectations and the increasing willingness of funds to take profits. In the short - term, the news is relatively flat, and the signal of favorable policies is weakening, increasing the pressure for index correction. The decline in the Asia - Pacific market today has further increased the downward pressure on A - shares. The previously strong chemical and battery sectors have corrected, while the AI sector has strengthened, showing a high - to - low rotation. The basis of stock index futures shows differentiation. For IF, except for the next - quarter contract whose basis declined, the basis of other contracts converged. The basis of IH contracts declined, while the basis of IC and IM contracts rebounded significantly, breaking away from the historical percentile below 10%. The basis of stock index futures of stock indices with large declines for two consecutive days has strengthened significantly. Coupled with the slight rebound of the index in the late trading today, it indicates that there is support below, and the market sentiment is not completely pessimistic. In general, it is expected to continue to adjust in the short - term, but the expectation of favorable policies provides support at the bottom, and the downward space of the stock index is limited [5]. Market Review - The stock indices closed down collectively today, with the large - cap stock indices relatively more resilient. For example, the CSI 300 index closed down 0.65%. In terms of funds, the trading volume of the two markets increased by 1.5277 billion yuan. In the stock index futures market, IH declined with shrinking volume, while other varieties declined with increasing volume [3]. Important Information - The China - Germany High - Level Financial Dialogue was held in Beijing, reaching a number of achievements and consensuses, ending the trade tension. The favorite candidate for the Fed Chairman, Fed Governor Waller, supports a rate cut in December, while Fed Vice - Chairman Jefferson emphasizes a cautious and slow - paced policy [4]. Strategy Recommendation Futures Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | -0.41 | -0.23 | -0.85 | -0.69 | | Trading volume (10,000 lots) | 12.1863 | 5.4759 | 13.444 | 21.7767 | | Trading volume change (10,000 lots) | 0.7571 | -0.2437 | 1.7523 | 2.044 | | Open interest (10,000 lots) | 27.8688 | 9.7691 | 25.4019 | 36.202 | | Open interest change (10,000 lots) | 0.5967 | -0.3423 | 0.8185 | 0.6867 | [6] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | -0.81 | | Shenzhen Component Index change (%) | -0.92 | | Ratio of rising to falling stocks | 0.31 | | Trading volume of the two markets (100 million yuan) | 1926.068 | | Trading volume change (100 million yuan) | 1.5277 | [7]