Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - On Wednesday, the RB2605 contract fluctuated within a range. The annual bond issuance of local governments exceeded 10 trillion yuan for the first time, with the issuance scale reaching about 10.1 trillion yuan as of December 2nd. The weekly output of rebar decreased slightly and remained at a low level. Apparent demand declined slightly, but inventory continued to decrease. Overall, the supply and demand of rebar were both weak, but the positive macro - expectations still affected steel prices, and the mainstream positions were bullish. Technically, the 1 - hour MACD indicator of the RB2605 contract showed that DIFF and DEA were consolidating at high levels. It is recommended to conduct short - term trading and pay attention to risk control [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the RB main contract was 3,169 yuan/ton, unchanged; the position volume was 1,297,106 lots, an increase of 121,547 lots. The net position of the top 20 in the RB contract was - 20,049 lots, an increase of 26,388 lots. The RB1 - 5 contract spread was - 32 yuan/ton, an increase of 4 yuan. The RB warehouse receipt at the Shanghai Futures Exchange was 65,741 tons, unchanged. The HC2605 - RB2605 contract spread was 155 yuan/ton, an increase of 2 yuan [2]. 3.2 Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,330 yuan/ton, unchanged; the price of HRB400E 20MM in Hangzhou (actual weight) was 3,415 yuan/ton, unchanged. The price of HRB400E 20MM in Guangzhou (theoretical weight) was 3,540 yuan/ton, unchanged; the price of HRB400E 20MM in Tianjin (theoretical weight) was 3,220 yuan/ton, unchanged. The basis of the RB main contract was 161 yuan/ton, unchanged. The spot price difference between hot - rolled coils and rebar in Hangzhou was 10 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The price of 61.5% PB fines at Qingdao Port was 798 yuan/wet ton, unchanged; the price of quasi - first - grade metallurgical coke in Hebei was 1,690 yuan/ton, unchanged. The price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,160 yuan/ton, unchanged; the price of Q235 billet in Hebei was 2,990 yuan/ton, an increase of 20 yuan. The inventory of iron ore at 45 ports was 15,206.07 million tons, an increase of 155.19 million tons; the inventory of coke at sample coking plants was 44.95 million tons, an increase of 1.62 million tons [2]. 3.4 Industry Situation - The inventory of coke at sample steel mills was 625.53 million tons, an increase of 3.13 million tons; the inventory of billets in Tangshan was 114.76 million tons, a decrease of 1.34 million tons. The blast furnace operating rate of 247 steel mills was 81.07%, a decrease of 1.10%; the blast furnace capacity utilization rate of 247 steel mills was 87.96%, a decrease of 0.60%. The output of rebar at sample steel mills was 206.08 million tons, a decrease of 1.88 million tons; the capacity utilization rate of rebar at sample steel mills was 45.18%, a decrease of 0.41%. The inventory of rebar at sample steel mills was 146.73 million tons, a decrease of 6.59 million tons; the social inventory of rebar in 35 cities was 384.75 million tons, a decrease of 15.27 million tons. The operating rate of independent electric arc furnace steel mills was 68.75%, a decrease of 1.04%. The monthly output of domestic crude steel was 7,200 million tons, a decrease of 149 million tons. The monthly output of Chinese steel bars was 1,475 million tons, an increase of 41 million tons; the net export volume of steel was 928 million tons, a decrease of 64 million tons [2]. 3.5 Downstream Situation - The national real estate prosperity index was 92.43, a decrease of 0.34. The cumulative year - on - year growth rate of fixed - asset investment completion was - 1.70%, a decrease of 1.20%. The cumulative year - on - year growth rate of real estate development investment completion was - 14.70%, a decrease of 0.80%. The cumulative year - on - year growth rate of infrastructure construction investment was - 0.10%, a decrease of 1.20%. The cumulative value of housing construction area was 652,939 million square meters, a decrease of 4,359 million square meters; the cumulative value of new housing construction area was 49,061 million square meters, a decrease of 3,662 million square meters. The inventory of commercial housing for sale was 39,645 million square meters, an increase of 292 million square meters [2]. 3.6 Industry News - In November 2025, 12 steel projects started or were put into production. Projects such as Xinfeng Steel (Egypt) and Jiangxi Chongxin New Materials started; projects such as Tianjin Decai Cold - rolling, Jiugang Hongyu New Materials, and Yunnan Yukun Steel were put into production. On December 3rd at 1:30 am Beijing time, the first shipment of iron ore from the Simandou project set sail from the Port of Mariabaya in Guinea to China, with a cargo of 200,000 tons of high - grade iron ore [2]. 3.7 Key Focus - The weekly output, in - plant inventory, and social inventory of rebar on Thursday are the key points to watch [2].

Report Industry Investment Rating - Not provided Core Viewpoints - BZ2603 showed a slight fluctuation, closing at 5441 yuan/ton last week. The operating rates of petroleum benzene and hydrogenated benzene decreased, leading to a decline in domestic pure benzene production. The operating rates of downstream styrene and caprolactam decreased, while those of phenol, aniline, and adipic acid increased. The weighted operating rate of pure benzene downstream decreased slightly. The inventory at East China ports continued to accumulate, higher than the same period in previous years. The profit of petroleum benzene recovered slightly but remained at a low - valuation level due to weak supply - demand. This week, a domestic disproportionation unit is under maintenance, but the increase in imported resources is expected to lead to a slight rise in the supply of domestic petroleum benzene. In December, the impact of domestic petroleum benzene maintenance changes little compared to November. The commissioning and restart of downstream styrene units, along with the expected load increase of phenol and caprolactam, may drive a slight increase in pure benzene demand, alleviating the wide - balance state of spot supply - demand. In terms of cost, geopolitical uncertainties in Russia - Ukraine and US - Venezuela still exist. The market expects an increased probability of the Fed cutting interest rates in December, and international oil prices have shown strong fluctuations recently. In the short term, BZ2603 is expected to fluctuate, with a daily range around 5370 - 5500 [2] Summary of Relevant Catalogs Futures Market - The closing price of the pure benzene futures main contract was 5441 yuan/ton, a decrease of 13 yuan; the settlement price was 5447 yuan/ton, an increase of 14 yuan. The trading volume was 10465 lots, a decrease of 780 lots; the open interest was 22857 lots, with a change of - 667 lots [2] Spot Market - The mainstream price of pure benzene in the East China market was 5335 yuan/ton; in the North China market, it was 5270 yuan/ton; in the South China market, it was 5300 yuan/ton; in the Northeast region, it was 5231 yuan/ton. The mainstream price of hydrogenated benzene in Jiangsu was 5375 yuan/ton, and in Shanxi, it was 5150 yuan/ton. The FOB mid - price of pure benzene in South Korea was 659 dollars/ton, and the CFR mid - price of pure benzene in China was 668.82 dollars/ton [2] Upstream Situation - The spot price of Brent DTD crude oil was 64.31 dollars/barrel, a decrease of 0.16 dollars; the CFR mid - price of naphtha in the Japanese region was 567.25 dollars/ton, a decrease of 0.25 dollars [2] Industry Situation - The capacity utilization rate of pure benzene was 76.59%, a decrease of 0.08 percentage points; the weekly output was 44.62 tons, a decrease of 0.05 tons. The port inventory of pure benzene was 16.4 tons, an increase of 1.7 tons. The production cost was 5246.8 yuan/ton, a decrease of 67.6 yuan; the production profit was 78 yuan/ton, an increase of 38 yuan [2] Downstream Situation - The operating rate of styrene was 67.29%, a decrease of 1.66 percentage points; the capacity utilization rate of caprolactam was 86.68%, a decrease of 1.54 percentage points; the capacity utilization rate of phenol was 81.16%, an increase of 2.45 percentage points; the capacity utilization rate of aniline was 77.19%, an increase of 1.51 percentage points; the capacity utilization rate of adipic acid was 59.4%, an increase of 3.9 percentage points [2] Industry News - From November 21st to 27th, SH2601 fell 1.03% to close at 2212 yuan/ton. From November 22nd to 28th, the weighted operating rate of pure benzene downstream decreased by 0.14% to 72.99%. As of December 1st, the pure benzene inventory in East China was 22.4 tons, a 36.59% increase from the previous period. From November 21st to 27th, the profit of petroleum benzene increased by 38 yuan/ton to 78 yuan/ton [2]

| 数据指标 | 项目类别 最新 环比 数据指标 最新 | 环比 | | --- | --- | --- | | 沪铝主力合约收盘价(日,元/吨) | 21,940.00 +30.00↑ 氧化铝期货主力合约收盘价(日,元/吨) 2,636.00 | -34.00↓ | | 主力-连二合约价差:沪铝(日,元/吨) | -90.00 -15.00↓ 主力-连二合约价差:氧化铝(日,元/吨) -80.00 -14321.00↓ | +5.00↑ | | 主力合约持仓量:沪铝(日,手) | 249,248.00 -9192.00↓ 主力合约持仓量:氧化铝(日,手) 344,387.00 LME电解铝三个月报价（日，美元/吨） 2,863.50 -24.50↓ LME铝库存（日，吨） 535,900.00 | | | LME铝注销仓单(日,吨) | 50,325.00 0.00 库存:氧化铝:合计(周,万吨) 260,858.00 +5094.00↑ | | | 期货市场 | 沪铝前20名净持仓（日，手） 10,147.00 +5196.00↑ 沪伦比值 7.66 | -2000.00↓ +0.08↑ | | 铸造铝合 ...

Report Industry Investment Rating - No relevant content provided Core Viewpoints - On December 3, the JM2601 contract closed at 1070.5, down 2.19%. The coking coal market is in a bottom - oscillating state with short - term multi - empty fluctuations. The mine capacity utilization rate has declined, and the coking coal inventory of mid - upstream mines and coal washing plants has increased for 4 - 5 consecutive weeks. The inventory is at a neutral level, and the inventory of mid - downstream has a seasonal upward trend. Technically, the daily K - line is below the 20 - day and 60 - day moving averages, and the short - term trend is oscillating [2]. - On December 3, the J2601 contract closed at 1624.5, up 0.40%. The first round of price cuts for coke in the spot market has been implemented. The iron - making output has decreased, and the total coke inventory is higher than the same period. The average profit per ton of coke for 30 independent coking plants is 46 yuan/ton. Technically, the daily K - line is below the 20 - day and 60 - day moving averages, and the short - term trend is oscillating [2]. Summary by Relevant Catalogs Futures Market - JM主力合约收盘价为1070.50元/吨，较前一日下跌26.00元；J主力合约收盘价为1624.50元/吨，较前一日下跌5.00元[2]。 - JM期货合约持仓量为848358.00手，较前一日增加5949.00手；J期货合约持仓量为46528.00手，较前一日减少755.00手[2]。 - 焦煤前20名合约净持仓为 - 97300.00手，较前一日增加13619.00手；焦炭前20名合约净持仓为283.00手，较前一日减少63.00手[2]。 - JM5 - 1月合约价差为94.00元/吨，较前一日增加11.00元；J5 - 1月合约价差为127.00元/吨，较前一日减少8.00元[2]。 - 焦煤仓单为600.00张，较前一日无变化；焦炭仓单为2070.00张，较前一日无变化[2]。 Spot Market - 干其毛都蒙5原煤价格为1000.00元/吨，较前一日无变化；唐山一级冶金焦价格为1830.00元/吨，较前一日无变化[2]。 - 俄罗斯主焦煤远期现货（CFR）价格为162.00美元/湿吨，较前一日无变化；日照港准一级冶金焦价格为1620.00元/吨，较前一日无变化[2]。 - 京唐港澳大利亚进口主焦煤价格为1510.00元/吨，较前一日无变化；天津港一级冶金焦价格为1720.00元/吨，较前一日无变化[2]。 - 京唐港山西产主焦煤价格为1670.00元/吨，较前一日无变化；天津港准一级冶金焦价格为1620.00元/吨，较前一日无变化[2]。 - 山西晋中灵石中硫主焦价格为1610.00元/吨，较前一日无变化；J主力合约基差为205.50元/吨，较前一日增加5.00元[2]。 - 内蒙古乌海产焦煤出厂价为1350.00元/吨，较前一日无变化；JM主力合约基差为539.50元/吨，较前一日增加26.00元[2]。 Upstream Situation - 314家独立洗煤厂精煤日产量为27.10万吨，较前一日增加0.50万吨；314家独立洗煤厂精煤周库存为321.40万吨，较前一周增加16.10万吨[2]。 - 314家独立洗煤厂产能利用率为0.37%，较前一周无变化；原煤月产量为40675.00万吨，较前一月减少475.50万吨[2]。 - 煤及褐煤月进口量为4174.00万吨，较前一月减少426.00万吨；523家炼焦煤矿山原煤日均产量为191.30万吨，较前一日减少2.10万吨[2]。 - 16个港口进口焦煤周库存为465.00万吨，较前一周增加8.10万吨；焦炭18个港口周库存为247.20万吨，较前一周减少6.20万吨[2]。 - 独立焦企全样本炼焦煤周库存为1010.30万吨，较前一周减少27.89万吨；独立焦企全样本焦炭周库存为71.76万吨，较前一周增加6.47万吨[2]。 - 全国247家钢厂炼焦煤周库存为801.30万吨，较前一周增加4.22万吨；全国247家样本钢厂焦炭周库存为625.52万吨，较前一周增加3.18万吨[2]。 Industry Situation - 独立焦企全样本炼焦煤可用天数为13.01天，较前一周增加0.04天；247家样本钢厂焦炭可用天数为11.29天，较前一周增加0.24天[2]。 - 炼焦煤月进口量为1059.32万吨，较前一月减少33.04万吨；焦炭及半焦炭月出口量为73.00万吨，较前一月增加19.00万吨[2]。 - 炼焦煤月产量为4231.51万吨，较前一月增加255.59万吨；独立焦企产能利用率为72.95%，较前一周增加1.24%[2]。 - 独立焦化厂吨焦盈利为46.00元/吨，较前一周增加27.00元[2]。 - 焦炭月产量为4189.60万吨，较前一月减少66.00万吨[2]。 Downstream Situation - 全国247家钢厂高炉开工率为81.07%，较前一周下降1.10%；247家钢厂高炉炼铁产能利用率为87.96%，较前一周下降0.60%[2]。 - 粗钢月产量为7199.70万吨，较前一月减少149.31万吨[2]。 Industry News - As of December 2, the issuance scale of local government bonds nationwide was approximately 10.1 trillion yuan, with local government annual bond issuance exceeding 10 trillion yuan for the first time [2]. - Six state - owned large - scale banks have stopped selling 5 - year large - denomination certificates of deposit [2]. - The United Nations Conference on Trade and Development predicted that the global economic growth in 2025 would slow down to 2.6%, lower than 2.9% in 2024 [2]. - The OECD estimated that the global economic growth would be 3.2% in 2025, 2.9% in 2026, and 3.1% in 2027, and China's economic growth in 2025 would be 5% [2].

国债期货日报 2025/12/3 研究员： 廖宏斌 期货从业资格号F30825507 期货投资咨询从业证书号Z0020723 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。 端在期货 | 项目类别 | 数据指标 最新 | 最新 | 环比 项目 | | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | T主力收盘价 | 108.040 | 0.06% T主力成交量 | 78429 | 2853↑ | | | TF主力收盘价 | 105.850 | 0.07% TF主力成交量 | 65002 | 9461↑ | | | TS主力收盘价 | 102.420 | 0.03% TS主力成交量 | 258 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In early December, the market will still be in a multi - vacuum period of macro data, performance, and policies. Without clear trading guidance, the market is expected to remain in a random - walk state, and stock index futures will maintain volatility. [2] 3. Summary by Relevant Catalogs 3.1 Futures Contract Data - **Futures Contracts**: All main and secondary main contracts of IF, IH, IC, and IM declined. For example, the IF main contract (2512) was at 4518.2, down 13.6; the IH main contract (2512) was at 2958.4, down 10.4; the IC main contract (2512) was at 6950.4, down 28.8; the IM main contract (2512) was at 7195.4, down 41.8. [2] - **Contract Spreads**: All spreads between different contracts declined, such as the IF - IH monthly contract spread was 1559.8, down 4.6; the IC - IF monthly contract spread was 2432.2, down 14.2. [2] - **Quarter - to - Month Spreads**: Most quarter - to - month spreads of IF, IH, IC, and IM increased, e.g., IF quarter - to - month was - 35.8, up 3.0; IH quarter - to - month was - 7.2, up 0.4. [2] - **Top 20 Net Positions**: The net positions of IF and IM among the top 20 increased, while those of IH and IC decreased. The IF top 20 net position was - 18,212.00, up 96.0; the IH top 20 net position was - 11,672.00, down 207.0. [2] 3.2 Spot Price and Basis - **Spot Prices**: The spot prices of the Shanghai - Shenzhen 300, Shanghai Stock Exchange 50, CSI 500, and CSI 1000 all declined. The Shanghai - Shenzhen 300 was at 4531.05, down 23.3; the Shanghai Stock Exchange 50 was at 2963.1, down 15.4. [2] - **Basis**: The basis of all main contracts increased. The IF main contract basis was - 12.9, up 5.7; the IH main contract basis was - 4.7, up 2.4. [2] 3.3 Market Sentiment - **Turnover and Balance**: A - share turnover and margin trading balance increased. A - share turnover was 16,835.56 billion yuan, up 762.89 billion yuan; the margin trading balance was 24,864.54 billion yuan, up 21.43 billion yuan. [2] - **North - bound Trading and Others**: North - bound trading volume decreased, while reverse repurchase operation volume increased. North - bound trading volume was 1797.60 billion yuan, down 500.03 billion yuan; reverse repurchase operation volume was - 2133.0 billion yuan, up 793.0 billion yuan. [2] - **Option Data**: The closing price of the IO at - the - money call option decreased, while that of the put option increased. The closing price of the IO at - the - money call option (2512) was 63.40, down 11.80; the closing price of the IO at - the - money put option (2512) was 44.20, up 5.20. [2] 3.4 Market Strength - Weakness Analysis - **Overall A - shares**: The overall A - share market was weak, with the overall A - share score at 3.40, down 0.10; the technical aspect score was 2.60, down 0.20; the capital aspect score was 4.20, unchanged. [2] 3.5 Industry News - **PMI Data**: In November, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month; non - manufacturing PMI was 49.5%, down 0.6 percentage points; the composite PMI output index was 49.7%, down 0.3 percentage points. [2] - **Stock Market Performance**: A - share major indices closed down. The Shanghai Composite Index fell 0.51%, the Shenzhen Component Index fell 0.78%, and the ChiNext Index fell 1.12%. Most industry sectors declined, with media and computer sectors weakening significantly, and transportation and non - ferrous metals sectors leading the gains. [2] 3.6 Key Data to Watch - On December 3 at 21:15, the US November ADP employment data; on December 4 at 20:30, the US November Challenger job - cut data; at 21:30, the US initial jobless claims for the week of November 29; on December 5 at 23:00, the US November PCE and core PCE data. [3]

Core Viewpoint - The article highlights the active performance of Fujian stocks, driven by government policies aimed at supporting cross-strait integration and development, particularly benefiting Taiwanese enterprises and promoting local food culture [1] Group 1: Stock Performance - Fujian stocks showed significant activity, with Hai Xin Food achieving a six-day consecutive rise, and other companies like Sun Cable and An Ji Food also experiencing multiple-day gains [1] - Specific stock performances include: - Hai Xin Food: 10.05% increase, market cap of 5.358 billion [2] - Sun Cable: 10.03% increase, market cap of 6.183 billion [2] - An Ji Food: 9.98% increase, market cap of 3.784 billion [2] - Other notable increases include Min Dong Power and Shi Da Group nearing the daily limit [1] Group 2: Government Policies - The Fujian provincial government announced a series of measures to support Taiwanese enterprises, including: - Enhancing land and sea use guarantees for Taiwanese businesses and encouraging project construction in the Min-Jiang Precision Machinery Industrial Park [1] - Establishing a tax service platform and consultation hotline specifically for Taiwanese enterprises [1] - Promoting cultural and tourism exchanges, including support for Taiwanese individuals to open Sha County snack stores [1][4] Group 3: Industry Insights - Companies involved in the Sha County snack concept are highlighted, with key players including: - Hui Fa Food: Core stock in the Sha County snack sector, developing flagship stores in Beijing [5] - An Ji Food: Leading in compound seasonings, offering over 500 product varieties [5] - Other companies like Li Ren Li Zhuang and Zhu Lao Liu are also adapting their products to fit the local snack market [5]

白糖产业日报 2025-12-02 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。 一定冲击，但价格相对坚挺，给与广西糖价一定支撑。另外市场前期利空基本消化，悲观情绪有所缓和， 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 预计后市糖价震荡为主。 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 | 期货主力合约收盘价:白糖(日,元/吨) | 5382 | -23 主力合约持仓量:白糖(日,手) | 338486 | -12087 | | | 仓单数量:白糖(日,张) | 0 | ...

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The apple futures price is expected to maintain high - level operation in the short term, and the impact of other substitute fruits should be noted [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the apple futures main contract is 9,488 yuan/ton, a decrease of 38; the main contract position is 73,846 lots, a decrease of 8,260; the net long position of the top 20 futures holders is 7,278 lots, a decrease of 417 [2] 3.2 Spot Market - The spot prices of apples in Gansu Jingning, Shandong Yiyuan, Shaanxi Luochuan, and Shandong Yantai Qixia are 5.25 yuan/jin, 2.6 yuan/jin, 4.2 yuan/jin, and 4 yuan/jin respectively, with no change [2] 3.3 Upstream Situation - The national apple output is 5,128.51 million tons [2] 3.4 Industry Situation - The weekly apple wholesale price is 9.4 yuan/kg, a decrease of 0.03 yuan/kg; the average weekly wholesale price of Fuji apples is 9.06 yuan/kg; the total national apple cold - storage inventory is 766.75 million tons, a decrease of 6.41 million tons; the weekly storage capacity ratio in Shandong is 54.11%, a decrease of 0.01; the weekly storage capacity ratio in Shaanxi is 58.44%, a decrease of 0.01; the monthly apple export volume is 80,000 tons, an increase of 10,000 tons; the monthly import amount of fresh and dried fruits and nuts is 1,334,364 million US dollars, a decrease of 503,616 million US dollars; the year - on - year monthly export amount of apples is - 14.3% [2] 3.5 Downstream Situation - The weekly wholesale prices of duck pears, bananas, and watermelons are 6.71 yuan/kg, 5.37 yuan/kg, and 5.78 yuan/kg respectively, with changes of 0.04 yuan/kg, 0.03 yuan/kg, and 0.22 yuan/kg; the early - morning daily average arrival vehicle numbers in Guangdong Jiangmen, Guangdong Xiaqiao, and Guangdong Chalong wholesale markets are 16, 19.2, and 25.2 respectively, with changes of 3.8, not provided, and 1.4 [2] 3.6 Option Market - The implied volatility of at - the - money call options for apples is 1.85%, a decrease of 15.66%; the implied volatility of at - the - money put options for apples is 17.51%, a decrease of 9.27% [2] 3.7 Industry News - The overall apple production area trading is a bit light. In Shandong and Shaanxi, there are few merchants in cold - storage, and most of the small - volume shipments are self - picked by merchants. The inventory apple transfer trading is concentrated in Gansu, where the trading of Huaniu and small fruits is okay and the prices are stable. The trading of late - Fuji apples slows down, and the origin shipments are mainly for packaging pre - ordered goods. As of November 27, 2025, the national main - producing area apple cold - storage inventory is 766.75 million tons, a decrease of 6.41 million tons from last week. The storage capacity ratio in Shandong is 54.11%, a decrease of 0.18% from last week; the storage capacity ratio in Shaanxi is 58.44%, a decrease of 0.66% from last week. The warehousing work in Shandong is basically over, with a small amount of ground - trading merchants directly shipping to the market, and cold - storage trading starting gradually. The foreign - trade channel continues to look for goods, with small - fruit shipments being the main, and the outbound speed is slightly faster than the same period last year. Shaanxi is gradually shipping out, with Luochuan mainly having merchants packaging their own goods and shipping through their own channels, with a small amount of fruit from fruit farmers being transferred, and the cold - storage trading atmosphere being light [2]

Group 1: Report Investment Rating - No investment rating provided in the report Group 2: Core Views - The I2601 contract reduced positions and consolidated on Tuesday. Although the overall fundamentals of iron ore show a loose supply situation with port inventories turning from decreasing to increasing as molten iron output continues to decline, the positive macro - expectations and the firmness of spot prices still support the futures price. The view is to expect a volatile and bullish trend, with attention to risk control [2] Group 3: Summary by Related Catalogs Futures Market - The closing price of the I main contract was 800.50 yuan/ton, down 0.50 yuan; the position volume was 358,611 lots, down 18,063 lots. The I 1 - 5 contract spread was 25 yuan/ton, up 1.50 yuan; the net position of the top 20 in the I contract was 12,183 lots, up 430 lots. The DCE warehouse receipt of I was 1,300 lots, unchanged. The quoted price of the Singapore iron ore main contract as of 15:00 was 103.8 US dollars/ton, up 0.23 US dollars [2] Spot Market - The price of 61.5% PB fines at Qingdao Port was 866 yuan/dry ton, down 1 yuan; the price of 60.8% Mac fines was 859 yuan/dry ton, down 1 yuan. The price of 56.5% Super Special fines at Jingtang Port was 761 yuan/dry ton, down 3 yuan. The basis of the I main contract (Mac fines dry ton - main contract) was 58 yuan, down 1 yuan. The 62% Platts iron ore index (previous day) was 107.35 US dollars/ton, up 1.35 US dollars. The ratio of Jiangsu scrap steel to 60.8% Mac fines at Qingdao Port was 3.07, unchanged. The estimated import cost was 874 yuan/ton [2] Industry Situation - From November 24 - 30, 2025, the global iron ore shipping volume was 3.3232 billion tons, up 447,000 tons week - on - week. The shipping volume from Australia and Brazil was 2.7658 billion tons, up 1.284 million tons week - on - week. Australia's shipping volume was 1.8205 billion tons, down 191,000 tons, with 1.5911 billion tons shipped to China, up 375,000 tons. Brazil's shipping volume was 945,300 tons, up 147,500 tons. The arrival volume at 47 Chinese ports was 2.784 billion tons, down 1.555 million tons week - on - week; the arrival volume at 45 Chinese ports was 2.6993 billion tons, down 1.178 million tons; the arrival volume at six northern ports was 1.4632 billion tons, up 249,000 tons [2] - The 47 - port iron ore inventory was 15.90122 billion tons, up 1.6637 million tons week - on - week; the sample steel mill iron ore inventory was 8.94248 billion tons, down 587,500 tons week - on - week. The iron ore import volume (monthly) was 11.131 billion tons, down 5.02 million tons. The available days of iron ore were 18 days, unchanged. The daily output of 266 mines was 399,900 tons, down 6,000 tons week - on - week; the operating rate of 266 mines was 63.41%, down 0.59 percentage points week - on - week. The iron concentrate inventory of 266 mines was 403,200 tons, down 7,000 tons week - on - week. The BDI index was 2,583, up 23 [2] - The freight rate of iron ore from Tubarao, Brazil to Qingdao was 25.28 US dollars/ton, up 0.19 US dollars; the freight rate from Western Australia to Qingdao was 12.075 US dollars/ton, up 0.18 US dollars [2] Downstream Situation - The blast furnace operating rate of 247 steel mills was 81.07%, down 1.10 percentage points week - on - week; the blast furnace capacity utilization rate of 247 steel mills was 87.96%, down 0.60 percentage points week - on - week. The domestic crude steel output (monthly) was 7.2 billion tons, down 1.49 million tons [2] Option Market - The 20 - day historical volatility of the underlying was 13.24%, down 0.49 percentage points; the 40 - day historical volatility of the underlying was 15.90%, down 0.13 percentage points. The implied volatility of at - the - money call options was 16.76%, down 1.67 percentage points; the implied volatility of at - the - money put options was 17.53%, down 0.89 percentage points [2] Industry News - The China Iron and Steel Association held a symposium on domestic iron ore resource development for the "Iron Resource Development Plan". Vice - President Xia Nong emphasized that domestic mining enterprises should accelerate key iron ore projects [2] View Summary - The view is that the iron ore market is expected to be volatile and bullish, with attention to risk control. Technically, the 1 - hour MACD indicator of the I2601 contract shows that DIFF and DEA are running above the 0 - axis [2]