Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core Viewpoints - ICE cotton futures fell on Wednesday due to the rising US dollar, with the ICE March cotton futures contract down 0.57 cents or 0.89%, settling at 64.81 cents per pound. In the domestic market, as of November 10, 2025, the cotton picking progress in Xinjiang was about 98.5%, 0.5 percentage points slower than the same period last year. The picking and purchasing progress in Xinjiang has accelerated, and the purchase price has slightly decreased. The commercial inventory is gradually rising, and the imported cotton inventory has significantly increased, reaching a new high in 3.5 months. The market trading volume is limited due to less出库 of imported cotton, and the arrival volume is stable. On the demand side, the spinning processing profit has slightly improved, and enterprises' confidence in future demand shows signs of improvement, but the increase in new orders is still limited. Overall, the pressure of new cotton listing is increasing, but the lower - than - expected yield per unit in Xinjiang cotton supports the cotton market. The downstream demand is weak, but the tariff reduction is beneficial for cotton textile exports, also providing some support. Currently, with both long and short factors intertwined, the market will fluctuate in the short term [2]. 3. Summary by Directory 3.1 Futures Market - Zhengzhou cotton main contract closing price: 13,490 yuan/ton, down 25 yuan; cotton futures top 20 net positions: - 96,988 hands, up 4,277 hands; main contract cotton positions: 562,897 hands, down 1,984 hands; cotton warehouse receipts: 4,180 sheets, up 296 sheets. - Cotton yarn main contract closing price: 19,790 yuan/ton, unchanged; cotton yarn futures top 20 net positions: 20 hands, up 203 hands; main contract cotton yarn positions: 24,597 hands, up 205 hands; cotton yarn warehouse receipts: 30 sheets, down 1 sheet [2]. 3.2 Spot Market - China Cotton Price Index (CCIndex:3128B): 14,819 yuan/ton, down 32 yuan; China Imported Cotton Price Index (FCIndexM:1% tariff): 13,023 yuan/ton, down 69 yuan; China Imported Cotton Price Index (FCIndexM:sliding - scale tariff): 13,988 yuan/ton. - China Yarn Price Index (pure - cotton carded yarn 32 - count): 20,490 yuan/ton, unchanged; arrival price of imported cotton yarn price index (pure - cotton carded yarn 32 - count): 21,100 yuan/ton, down 103 yuan; arrival price of imported cotton yarn price index (pure - cotton combed yarn 32 - count): 22,447 yuan/ton, down 189 yuan [2]. 3.3 Upstream Situation - National cotton sowing area: 2,838.3 thousand hectares, up 48.3 thousand hectares; national cotton output: 6.16 million tons, up 0.54 million tons [2]. 3.4 Industry Situation - Cotton - yarn price difference: 5,639 yuan/ton, down 39 yuan; industrial inventory of cotton: 861,000 tons, down 9,000 tons; cotton import volume: 100,000 tons, up 30,000 tons; cotton yarn import volume: 130,000 tons, unchanged; imported cotton profit: 863 yuan/ton, up 58 yuan; commercial inventory of cotton: 1.0217 million tons, down 460,000 tons [2]. 3.5 Downstream Situation - Inventory days of yarn: 24.85 days, down 1.73 days; inventory days of grey cloth: 31.12 days, down 2.75 days; cloth output: 2.8 billion meters, up 0.1 billion meters; yarn output: 2.074 million tons, up 46,000 tons; export value of clothing and clothing accessories: 12,453,247 thousand US dollars, down 1,692,656.63 thousand US dollars; export value of textile yarns, fabrics and products: 11,966,516 thousand US dollars, down 426,685.77 thousand US dollars [2]. 3.6 Option Market - Implied volatility of at - the - money call option for cotton: 8.31%, up 4.42 percentage points; implied volatility of at - the - money put option for cotton: 8.31%, up 4.42 percentage points; 20 - day historical volatility of cotton: 5.6%, up 0.22 percentage points; 60 - day historical volatility of cotton: 7.61%, down 0.14 percentage points [2]. 3.7 Industry News - In October 2025, China's cotton textile industry Purchasing Managers' Index (PMI) was 52.66%, up 8.37 percentage points from the previous month, rising above the boom - bust line for the first time in seven months since March this year [2].

Core Insights - The Shenzhen Leading Index (399653) closed at 3104.35 points, up 1.73%, with a trading volume of 105.65 billion yuan and a turnover rate of 0.96% [1] - Among the index constituents, 36 stocks rose while 12 fell, with Ruida Futures leading the gainers at an increase of 8.07%, and Binjiang Group leading the decliners with a drop of 3.33% [1] Index Constituents Summary - The top ten constituents of the Shenzhen Leading Index include: - Ningde Times (20.44% weight) at 415.60 yuan, up 7.56%, with a market cap of 1896.42 billion yuan [1] - Zhongji Xuchuang (8.35% weight) at 481.00 yuan, down 2.19%, with a market cap of 534.45 billion yuan [1] - Midea Group (7.67% weight) at 79.60 yuan, up 0.14%, with a market cap of 611.73 billion yuan [1] - Luxshare Precision (6.06% weight) at 57.38 yuan, down 0.68%, with a market cap of 417.85 billion yuan [1] - Sungrow Power (5.67% weight) at 190.51 yuan, up 1.53%, with a market cap of 394.97 billion yuan [1] - BYD (5.25% weight) at 99.83 yuan, up 2.11%, with a market cap of 910.17 billion yuan [1] - Wugong Liquor (4.41% weight) at 121.20 yuan, up 0.68%, with a market cap of 470.45 billion yuan [1] - Gree Electric (3.53% weight) at 41.00 yuan, down 0.36%, with a market cap of 229.66 billion yuan [1] - ZTE Corporation (2.83% weight) at 40.35 yuan, up 1.56%, with a market cap of 193.02 billion yuan [1] - Yuanlefang A (2.75% weight) at 4.04 yuan, unchanged, with a market cap of 151.15 billion yuan [1] Capital Flow Analysis - The net inflow of main funds into the Shenzhen Leading Index constituents totaled 3.862 billion yuan, while retail investors experienced a net outflow of 684 million yuan [1] - Notable capital flows include: - Ningde Times saw a net inflow of 2.655 billion yuan from main funds, while retail investors had a net outflow of 448 million yuan [2] - BYD had a net inflow of 607 million yuan from main funds, with retail investors experiencing a net outflow of 208 million yuan [2] - Zhongji Xuchuang had a net inflow of 409 million yuan from main funds, while retail investors had a negligible outflow [2]

鸡蛋产业日报 2025-11-13 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货收盘价(活跃合约):鸡蛋(日,元/500千 | 3040 | -23 期货前20名持仓:净买单量:鸡蛋(日,手) | -19698 | -5326 | | 克) | 鸡蛋期货月间价差(1-5):(日,元/500千克) | -265 | -44 期货持仓量(活跃合约):鸡蛋(日,手) | 83813 | -21599 | | | 注册仓单量:鸡蛋(日,手) | 0 | -29 | | | ...

铁矿石产业链日报 2025/11/13 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | I 主力合约收盘价（元/吨） | 772.50 | -1.50↓ I 主力合约持仓量(手) | 494,127 | -7106↓ | | | I 1-5合约价差（元/吨） | 27 | +0.50↑ I 合约前20名净持仓(手) | -21825 | +2935↑ | | | I 大商所仓单（手） | 900.00 | +100.00↑ | | | | | 新加坡铁矿石主力合约截止15：00报价(美元/吨) | 102.7 | -0.08↓ | | | | 现货市场 | 青岛港61.5%PB粉矿 (元/干吨) | 848 | -5↓ 青岛港60.8%麦克粉矿 (元/干吨) | 841 | -5↓ | | | 京唐港56.5%超特粉矿 (元/干吨) | 750 | -5↓ I 主力合约基差 (麦克粉干吨-主力合约) | 69 | -4↓ | | | 铁矿石62%普氏指数（前一日，美元/吨） | 10 ...

生猪产业日报 2025-11-13 | 项目类别 数据指标 | | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | 期货主力合约收盘价:生猪(日,元/吨) | 11860 | 65 主力合约持仓量:生猪(日,手) | 134785 | 1544 | | | 仓单数量:生猪(日,手) | 90 | 0 期货前20名持仓:净买单量:生猪(日,手) | -37130 | 2590 | | 现货价格 | 生猪价 河南 驻马店(日,元/吨) | 11800 | -100 生猪价 吉林 四平(日,元/吨) | 11400 | -200 | | | 生猪价 广东 云浮(日,元/吨) | 12500 | 0 生猪主力基差(日,元/吨) | -60 | -165 | | 上游情况 | 生猪存栏(月,万头) | 43680 | 1233 生猪存栏:能繁母猪(月,万头) | 4035 | -3 | | 产业情况 | CPI:当月同比(月,%) | 0.2 | 0.5 现货价:豆粕:张家港(日,元/吨) | 3050 | 0 | | | ...

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - Industrial silicon supply will contract next week as Sichuan, Yunnan and other regions enter the dry season, with increased production cuts and some enterprises halting production due to rising electricity prices, despite expected restarts in the Northwest [2] - On the demand side, organic silicon maintains a rigid demand for industrial silicon but consumption growth is limited; polysilicon currently supports industrial silicon procurement but may reduce demand due to rising costs and potential production cuts; aluminum alloy has stable demand for industrial silicon but limited price - pulling ability [2] - Although industrial silicon showed little movement today, the volume and price of downstream organic silicon are rising, which is expected to drive industrial silicon up, and it is recommended to go long at low prices [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 9,145 yuan/ton, down 50 yuan; the position of the main contract is 267,758 lots, up 5,622 lots; the net position of the top 20 is - 64,574 lots, down 473 lots; the warehouse receipts of GZEE are 45,387 lots, down 549 lots; the basis between the December and January industrial silicon contracts is 10 yuan, up 10 yuan [2] 3.2 Spot Market - The average price of oxygen - passing 553 silicon is 9,500 yuan/ton, unchanged; the average price of 421 silicon is 9,750 yuan/ton, unchanged; the basis of the Si main contract is 355 yuan/ton, up 50 yuan; the DMC spot price is 11,800 yuan/ton, unchanged [2] 3.3 Upstream Situation - The average price of silica is 410 yuan/ton, unchanged; the average price of petroleum coke is 2,410 yuan/ton, unchanged; the average price of clean coal is 1,850 yuan/ton, unchanged; the average price of wood chips is 490 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) is 12,250 yuan/ton, unchanged [2] 3.4 Industry Situation - The monthly output of industrial silicon is 402,800 tons, an increase of 36,000 tons; the weekly social inventory of industrial silicon is 552,000 tons, an increase of 10,000 tons; the monthly import volume of industrial silicon is 1,939.85 tons, an increase of 602.27 tons; the monthly export volume of industrial silicon is 70,232.72 tons, a decrease of 6,409.29 tons [2] 3.5 Downstream Situation - The weekly output of organic silicon DMC is 44,900 tons, an increase of 700 tons; the overseas market price of photovoltaic - grade polysilicon is 15.95 US dollars/kg; the average price of aluminum alloy ADC12 in the Yangtze River spot is 21,500 yuan/ton, an increase of 100 yuan; the weekly average price of photovoltaic - grade polysilicon is 6.5 US dollars/kg; the monthly export volume of unforged aluminum alloy is 23,495.34 tons, a decrease of 5,568.37 tons; the weekly operating rate of organic silicon DMC is 69.26%, an increase of 0.7%; the monthly output of aluminum alloy is 1.776 million tons, an increase of 141,000 tons; the monthly export volume of aluminum alloy is 23,495.34 tons, a decrease of 5,568.37 tons [2] 3.6 Industry News - China's cumulative installed capacity of operational power energy storage projects is 137.9 GW, accounting for 37.1% of the global market, with a year - on - year increase of 59.9%; the cumulative installed capacity of new - type energy storage is 78.3 GW, accounting for 47% of the global market, and lithium - ion batteries dominate, accounting for 97.1% of the cumulative installed capacity of new - type energy storage [2]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - On Thursday, the HC2601 contract decreased in positions and consolidated. Most provinces, municipalities, and autonomous regions have suspended automobile replacement subsidies or scrapping and renewal subsidies. The weekly output of hot-rolled coils continued to decline slightly, with the capacity utilization rate dropping to 80.13%. Downstream demand decreased slightly, and inventory increased slightly. Overall, both the output and apparent demand of hot-rolled coils have fallen from their highs, and the fundamentals are mixed, causing the hot-rolled coil futures price to enter a range-bound consolidation. Technically, the 1-hour MACD indicator of the HC2601 contract shows that DIFF and DEA have rebounded to near the 0-axis. It is recommended to conduct short-term trading and pay attention to risk control [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the HC main contract was 3,254 yuan/ton, a decrease of 1 yuan; the position volume was 1,302,507 lots, a decrease of 8,957 lots; the net position of the top 20 in the HC contract was -52,146 lots, an increase of 7,583 lots; the HC1-5 contract spread was -9 yuan/ton, an increase of 3 yuan; the HC warehouse receipt at the Shanghai Futures Exchange was 137,606 tons, an increase of 12,063 tons; the HC2601 - RB2601 contract spread was 208 yuan/ton, a decrease of 9 yuan [2] 3.2 Spot Market - The price of 4.75 hot-rolled coils in Hangzhou was 3,310 yuan/ton, unchanged; in Guangzhou, it was 3,270 yuan/ton, unchanged; in Wuhan, it was 3,330 yuan/ton, a decrease of 10 yuan; in Tianjin, it was 3,200 yuan/ton, unchanged. The basis of the HC main contract was 56 yuan/ton, an increase of 1 yuan; the price difference between hot-rolled coils and rebar in Hangzhou was 70 yuan/ton, a decrease of 10 yuan [2] 3.3 Upstream Situation - The price of 61.5% PB fines at Qingdao Port was 781 yuan/wet ton, an increase of 1 yuan; the price of quasi-primary metallurgical coke in Hebei was 1,640 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan was 2,170 yuan/ton, unchanged; the price of Q235 billets in Hebei was 2,930 yuan/ton, unchanged. The inventory of iron ore at 45 ports was 148.9481 million tons, an increase of 3.5557 million tons; the inventory of coke at sample coking plants was 361,500 tons, a decrease of 12,900 tons; the inventory of coke at sample steel mills was 6.2656 million tons, a decrease of 23,200 tons; the inventory of billets in Hebei was 1.2 million tons, an increase of 4,300 tons [2] 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills was 83.15%, an increase of 1.42 percentage points; the blast furnace capacity utilization rate was 87.79%, a decrease of 0.80 percentage points. The weekly output of hot-rolled coils at sample steel mills was 3.1366 million tons, a decrease of 45,000 tons; the capacity utilization rate of hot-rolled coils was 80.13%, a decrease of 1.15 percentage points. The factory inventory of hot-rolled coils at sample steel mills was 775,200 tons, an increase of 900 tons; the social inventory of hot-rolled coils in 33 cities was 3.33 million tons, a decrease of 200 tons. The monthly output of domestic crude steel was 73.49 million tons, a decrease of 3.88 million tons; the net export volume of steel was 9.279 million tons, a decrease of 641,000 tons [2] 3.5 Downstream Situation - The monthly output of automobiles was 3.359 million vehicles, an increase of 83,200 vehicles; the monthly sales volume was 3.322 million vehicles, an increase of 95,600 vehicles. The monthly output of air conditioners was 18.0948 million units, an increase of 1.276 million units; the monthly output of household refrigerators was 10.1276 million units, an increase of 674,400 units; the monthly output of household washing machines was 11.7849 million units, an increase of 1.653 million units [2] 3.6 Industry News - On November 13, Mysteel information showed that the actual output of hot-rolled coils this period was 3.1366 million tons, a decrease of 45,000 tons compared with the previous period; the factory inventory was 775,200 tons, an increase of 900 tons; the social inventory was 333,000 tons, a decrease of 200 tons; the total inventory was 4.1052 million tons, an increase of 700 tons; the apparent demand was 3.1359 million tons, a decrease of 7,100 tons compared with the previous week. According to the Passenger Car Association, from November 1 - 9, the retail sales of the national passenger car market were 415,000 vehicles, a 19% decrease compared with the same period in November last year; the retail sales of the national new energy passenger car market were 265,000 vehicles, a 5% decrease compared with the same period in November last year [2]

甲醇产业日报 2025-11-13 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价甲醇(日,元/吨) | 2103 | -5 甲醇1-5价差(日,元/吨) | -105 | -2 -3501 | | | 主力合约持仓量:甲醇(日,手) | 1382831 | -24489 期货前20名持仓:净买单量:甲醇(日,手) | -254452 | | | | 仓单数量:甲醇(日,张) | 11709 | 890 | | | | 现货市场 | 江苏太仓(日,元/吨) | 2070 | 5 内蒙古(日,元/吨) | 1992.5 | 0 | | | 华东-西北价差(日,元/吨) | 72.5 | 15 郑醇主力合约基差(日,元/吨) | -33 | 10 | | | 甲醇:CFR中国主港(日,美元/吨) | 242 | 2 CFR东南亚(日,美元/吨) | 322 | 0 | | | FOB鹿特丹(日,欧元/吨) | 266 | -2 中国主港-东南亚价差(日,美元/吨) | - ...

提供上行动能，白银本轮上行逻辑与黄金相似，但涨势整体显著强于金价。技术面，RSI指标显示金价上行 免责声明 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪金主力合约收盘价(日,元/克) | 961.22 | 15.46 沪银主力合约收盘价(日,元/千克) | 12588 | 515 | | | 主力合约持仓量:沪金(日,手) | 124239 | -301 主力合约持仓量:沪银(日,手) | 231753 | -3789 | | | 沪金主力前20名净持仓(日,手) | 113837 | 6756 沪银主力前20名净持仓(日,手) | 117855 | -10150 | | | 仓单数量:黄金(日,千克) | 90426 | 810 仓单数量:白银(日,千克) | 584014 | 954 | | 现货市场 | 上海有色网黄金现货价(日,元/克) | 957 | 13.1 上海有色网白银现货价(日,元/千克) | 12476 | 485 | | | 沪金主力合约基差(日,元/克) ...

螺纹钢产业链日报 2025/11/13 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) | 3,046.00 | +8↑ RB主力合约持仓量(手) | 1857343 | -10693↓ | | | RB合约前20名净持仓(手) | -73835 | +6420↑ RB1-5合约价差(元/吨) | -54 | +4↑ | | | RB上期所仓单日报(日，吨) | 111927 | -5166↓ HC2601-RB2601合约价差(元/吨) | 208 | -9↓ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,240.00 | +10↑ 杭州 HRB400E 20MM(过磅，元/吨) | 3,323 | +10↑ | | | 广州 HRB400E 20MM(理计，元/吨) | 3,310.00 | +20↑ 天津 HRB400E 20MM(理计，元/吨) | 3,210.00 | 0.00 | | | RB 主力合约基差 ( ...