1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - A股 major indices closed with a mixed performance, with the market showing a pattern where large - cap blue - chip stocks outperformed small and medium - cap stocks. The overall economic fundamentals in China were weak in October, and the LPR remained unchanged for six consecutive months, indicating a prudent monetary policy. Although the phone call between the Chinese and US presidents on the 24th boosted short - term market risk appetite, the market will maintain a random - walk state and the stock index will remain volatile due to the lack of continuous upward momentum [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market 3.1.1 Futures Contract Prices - IF (2512) was at 4493.0, up 18.6; IH (2512) was at 2964.6, up 4.2; IC (2512) was at 6909.4, unchanged; IM (2512) was at 7176.2, down 6.6. The prices of their respective secondary contracts also showed different changes [2]. 3.1.2 Futures Price Spreads - IF - IH spread was 1528.4, up 14.6; IC - IF spread was 2416.4, down 10.6; IM - IC spread was 266.8, down 5.2, etc. The spreads between different contracts and different quarters also had various changes [2]. 3.1.3 Futures Open Interest - The net positions of the top 20 in IF, IH, IC, and IM all decreased, with decreases of 1104.0, 64.0, 460.0, and 998.0 respectively [2]. 3.2 Spot Market - The spot prices of CSI 300, SSE 50, CSI 500, and CSI 1000 were 4517.63 (up 27.2), 2971.8 (up 3.6), 6965.1 (up 10.4), and 7248.5 (down 1.5) respectively. The basis of their corresponding futures contracts also changed accordingly [2]. 3.3 Market Sentiment - A - share trading volume was 17,971.90 billion yuan, down 289.79 billion yuan; margin trading balance was 24,630.32 billion yuan, up 43.63 billion yuan; north - bound trading volume was 2153.06 billion yuan, down 210.01 billion yuan, etc. The market sentiment indicators showed different trends [2]. 3.4 Industry News - A - share major indices ended with a mixed performance, with most industry sectors falling. The defense and military industry sector led the decline, while the communication sector strengthened significantly. China's economic fundamentals were weak in October, and the LPR remained unchanged for six consecutive months [2]. 3.5 Key Data to Watch - On November 26 at 21:30, the US initial jobless claims for the week ending November 22 were to be released; at 23:00, the US October PCE and core PCE were due. On November 27 at 9:30, China's October industrial profits of large - scale enterprises were to be announced; on November 30 at 9:30, China's November manufacturing, non - manufacturing, and composite PMI were to be released [3].

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - The L2601 contract of polyethylene fell 1.31% to close at 6,707 yuan/ton. Last week, the impact of Zhongtianhechuang's shutdown continued, and new maintenance units were added in Wanhua Chemical, Zhongying Petrochemical, and Jilin Petrochemical, leading to a decline in PE production and capacity utilization. The downstream operating rate increased slightly, with a slight decline in the agricultural film operating rate and a small increase in the packaging film operating rate. Factory and social inventories decreased month - on - month, and the inventory pressure was not significant. Oil - based and coal - based profits remained in a theoretical loss state. This week, the Shanghai Petrochemical and Maoming Petrochemical units are planned for maintenance, while the Zhongying Petrochemical, Zhongtianhechuang, and Zhenhai Refining & Chemical units are scheduled to restart, so PE production and capacity utilization are expected to increase month - on - month, with relatively high supply. The demand center of greenhouse films has shifted south, and southern orders support the high operating rate of agricultural film enterprises; the orders for packaging films have decreased, and the operating rate is expected to decline. In terms of cost, due to statements from US and Ukrainian officials indicating that Ukraine has in principle agreed to the peace agreement proposed by the US, international oil prices closed lower yesterday. In the short term, the situation of supply exceeding demand for LLDPE may continue, with limited cost - side support, and L2601 is expected to fluctuate weakly, with the daily K - line focusing on the support around 6,680 [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract for polyethylene was 6,707 yuan/ton, down 55 yuan; the 1 - month contract closed at 6,707 yuan/ton, down 55 yuan; the 5 - month contract closed at 6,768 yuan/ton, down 52 yuan; the 9 - month contract closed at 6,812 yuan/ton, down 43 yuan. The trading volume was 396,126 lots, an increase of 148,413 lots, and the open interest was 497,599 lots, an increase of 9,240 lots. The 1 - 5 spread was - 61, down 3. The long positions of the top 20 futures holders were 517,178 lots, an increase of 15,973 lots; the short positions were 619,508 lots, an increase of 23,786 lots; the net long positions were - 102,330 lots, a decrease of 7,813 lots [2]. 3.2 Spot Market - The average price of LLDPE (7042) in North China was 6,865.22 yuan/ton, down 22.17 yuan; in East China, it was 7,092.38 yuan/ton, down 15 yuan. The basis was 158.22, an increase of 32.83 [2]. 3.3 Upstream Situation - The FOB middle price of naphtha in Singapore was 60.16 US dollars/barrel, down 0.27 US dollars; the CFR middle price of naphtha in Japan was 560.88 US dollars/ton, down 1.75 US dollars. The CFR middle price of ethylene in Southeast Asia was 721 US dollars/ton, unchanged; in Northeast Asia, it was 731 US dollars/ton, unchanged [2]. 3.4 Industry Situation - The national operating rate of PE in petrochemical plants was 82.71%, down 0.42 percentage points [2]. 3.5 Downstream Situation - The operating rate of polyethylene (PE) packaging films was 50.93%, an increase of 0.52 percentage points; for pipes, it was 32%, an increase of 0.33 percentage points; for agricultural films, it was 49.91%, a decrease of 0.05 percentage points [2]. 3.6 Option Market - The 20 - day historical volatility of polyethylene was 8.45%, down 0.05 percentage points; the 40 - day historical volatility was 8.87%, down 0.02 percentage points. The implied volatility of at - the - money put options and call options for polyethylene was 13.24%, unchanged [2]. 3.7 Industry News - From November 14th to 20th, China's total polyethylene production was 670,300 tons, a decrease of 0.51% from the previous week; the capacity utilization rate of polyethylene production enterprises was 82.71%, a decrease of 0.43 percentage points from the previous period. The average operating rate of China's polyethylene downstream products increased by 0.2% from the previous period. Among them, the overall operating rate of agricultural films decreased by 0.1% from the previous period, and the operating rate of PE packaging films increased by 0.5% from the previous period. As of November 26th, the sample inventory of Chinese polyethylene production enterprises was 454,000 tons, a decrease of 9.80% from the previous period; as of November 21st, the social sample warehouse inventory of polyethylene was 471,100 tons, a decrease of 3.05% from the previous period. From November 15th to 21st, the cost of oil - based LLDPE increased by 0.41% month - on - month to 7,285 yuan/ton, and the oil - based profit decreased by 3.86 yuan/ton to - 409.71 yuan/ton; the cost of coal - based LLDPE decreased by 0.06% month - on - month to 7,047 yuan/ton, and the coal - based profit increased by 75.57 yuan/ton to - 107 yuan/ton [2]

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 沪金主力合约收盘价（日，元/克） | 946.720 | 0.2↑ 沪银主力合约收盘价（日，元/千克） | 12227 | +100.00↑ | | 期货市场 | 主力合约持仓量:沪金(日,手) | 188,763.00 | +7594.00↑ 主力合约持仓量:沪银(日,手) | 69,820.00 | -10102.00↓ | | | 主力合约成交量:沪金 | | 341,225.00 +41536.00↑ 主力合约成交量:沪银 | 1,643,769.00 | +274389.00↑ | | | 仓单数量:沪金(日,千克) | 90423 | 0↑ 仓单数量:沪银(日,千克) | 531,211 | -9361↓ | | 现货市场 | 上金所黄金现货价 | 941.16 | -0.38↓ 华通一号白银现货价 | 12,150.00 | 33.00↑ | | | 沪金主力合约基差(日,元/克) | -5.56 | -0.60↓ 沪银主力合约基差 ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 收盘价:聚氯乙烯(PVC)(日,元/吨) | 4489 | -2 成交量:聚氯乙烯(PVC)(日,手) | 583601 | -17084 | | | 持仓量:聚氯乙烯(PVC)(日,手) | 1227649 | -33859 期货前20名持仓:买单量:聚氯乙烯(日,手) | 1065746 | 6223 | | | 前20名持仓:卖单量:聚氯乙烯(日,手) | 1265490 | -4013 前20名持仓:净买单量:聚氯乙烯(日,手) | -199744 | 10236 | | 现货市场 | 华东:PVC:乙烯法(日,元/吨) | 4540 | 0 华东:PVC:电石法(日,元/吨) | 4486.15 | 21.92 | | | 华南:PVC:乙烯法(日,元/吨) | 4665 | 0 华南:PVC:电石法(日,元/吨) | 4510.56 | 3.06 | | | PVC:中国:到岸价(日,美元/吨) | 690 | 0 PVC: ...

之间。短期或处于宽幅震荡状态。 数据来源于第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 许方莉 期货从业资格号F3073708 期货投资咨询从业证书号Z0017638 鸡蛋产业日报 2025-11-26 | 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 | 3225 | 23 期货前20名持仓:净买单量:鸡蛋(日,手) | -20277 | 11444 | | 克) | 鸡蛋期货月间价差(1-5):(日,元/500千克) | -324 | -3 期货持仓量(活跃合约):鸡蛋(日,手) | 200890 | -7140 | | | 注册仓单量:鸡蛋(日,手) | 0 | 0 | | | | 现货市场 | 鸡蛋现货价格(日,元/斤) | 2.98 | 0.01 基差(现货-期货)(日,元/500千克) | -240 | -13 | | 上游情况 | 产蛋鸡存栏指数:全国(月,2015=100) | 114.24 | -1.02 淘 ...

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 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | 期货主力合约收盘价:生猪(日,元/吨) | 11540 | 125 主力合约持仓量:生猪(日,手) | 128058 | -2774 | | | 仓单数量:生猪(日,手) | 0 | 0 期货前20名持仓:净买单量:生猪(日,手) | -41236 | -2824 | | 现货价格 | 生猪价 河南 驻马店(日,元/吨) | 11300 | 0 生猪价 吉林 四平(日,元/吨) | 11000 | -100 | | | 生猪价 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Due to ample spot supply and average downstream demand, liquid caustic soda factory inventories accumulated last week, resulting in high pressure. The slight increase in raw salt prices and the decline in caustic soda and liquid chlorine prices in Shandong led to a decrease in the profits of Shandong chlor - alkali enterprises. [2] - This week, the restart of several plants is expected to increase the caustic soda capacity utilization rate. Short - term alumina enterprises show no signs of large - scale production cuts, and their operation is expected to remain stable. Non - aluminum downstream may maintain rigid procurement. The new alumina production capacity in Guangxi is in the procurement stage, but the positive impact is limited under the background of high caustic soda production and inventory in China. The market is bearish on the future chlor - alkali profits, and the basis of the 01 contract remains high. [2] - In terms of valuation, plants above 2200 still have profit margins. Attention should be paid to the support around 2200 and the pressure around 2300. [2][3] 3. Summary by Directory 3.1 Futures Market - The closing price of the main caustic soda contract was 2229 yuan/ton, a decrease of 19 yuan/ton. The contract closing prices of caustic soda for January and May were 2229 yuan/ton and 2380 yuan/ton respectively, with decreases of 19 yuan/ton and 15 yuan/ton. [2] - The net position of the top 20 futures contracts for caustic soda was - 19656 hands, a decrease of 2067 hands. The trading volume of the main caustic soda contract was 241509 hands, an increase of 79282 hands. The position of the main caustic soda contract was 150260 hands, an increase of 5169 hands. [2] 3.2 Spot Market - The price of 32% ion - membrane caustic soda in Shandong was 760 yuan/ton, unchanged; in Jiangsu, it was 880 yuan/ton, a decrease of 30 yuan/ton. The converted 100% caustic soda price in Shandong was 2375 yuan/ton, unchanged. The basis of caustic soda was 146 yuan/ton, an increase of 19 yuan/ton. [2] 3.3 Upstream Situation - The mainstream price of raw salt in Shandong was 217.5 yuan/ton, unchanged; in the Northwest, it was 220 yuan/ton, unchanged. The price of thermal coal was 656 yuan/ton, unchanged. [2] 3.4 Industry Situation - The mainstream price of liquid chlorine in Shandong was 100 yuan/ton, unchanged; in Jiangsu, it was 125.5 yuan/ton, a decrease of 24.5 yuan/ton. [2] 3.5 Downstream Situation - The spot price of viscose staple fiber was 13060 yuan/ton, unchanged; the spot price of alumina was 2770 yuan/ton, unchanged. [2] 3.6 Industry News - From November 14th to 20th, the average capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 200,000 tons and above was 84.6%, a week - on - week increase of 0.5%. [2] - From November 15th to 21st, the alumina operating rate increased by 0.09% week - on - week to 85.46%. From November 14th to 20th, the viscose staple fiber operating rate increased by 0.59% week - on - week to 90.09%, and the printing and dyeing operating rate remained stable at 66.55%. [2] - As of November 20th, SH2601 fluctuated weakly and closed at 2229 yuan/ton. Last week, the loads in North and Northeast China increased, while there were plant overhauls in East, Central, and Southwest China. The inventory of fixed liquid caustic soda sample enterprises with a capacity of 200,000 tons and above in the country was 427,600 tons (wet tons), a week - on - week increase of 6.32% and a year - on - year increase of 80.65%. [2] - From November 14th to 20th, the average weekly profit of Shandong chlor - alkali enterprises was 379 yuan/ton, a decrease from the previous week. [2]

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 备注：HC：热轧卷板 研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | HC 主力合约收盘价(元/吨) | 3,304 | -5↓ HC 主力合约持仓量(手) | 935189 | -64552↓ | | | HC 合约前20名净持仓(手) | -76,128 | -2468↓ HC1-5合约价差(元/吨) | 9 | -1↓ | | | HC 上期所仓单日报(日，吨) | 141932 | -900↓ HC2601-RB2601合约价差(元/吨) | 205 | +2↑ | | 现货市场 | 杭州 4.75热轧板卷(元/吨) | 3,330.00 | -10.00↓ 广州 4.75热轧板卷(元/吨) | 3,320.00 | 0.00 | | | 武汉 4.75热轧板卷(元/吨) | 3,330.00 | 0.00 天津 4.75热轧板卷( ...

3、地方政府专项债迎来投向政府投资基金的集中发行高峰。广东省、四川省、上海市将于11 月28日合计发行200亿元专项债券，分别注入广东省政府投资基金、成都市创业投资基金和上 海未来产业基金。叠加此前多地发行的超600亿元相关专项债，目前披露的投向政府投资基金 的地方政府专项债总规模将超800亿元。 | | 周三国债现券收益率集体走弱，到期收益率1-7Y上行0.1-2.40bp左右，10Y、30Y到期收益率 | | --- | --- | | | 上行1.50bp左右至1.84%、2.19%。国债期货集体走弱，TS、TF、T、TL主力合约分别下跌 | | | 0.05%、0.36%、0.86%。DR007加权利率回升至1.47%附近震荡。国内基本面端，10月社零 | | | 、工增较前值小幅回落，固投环比持续下降，失业率边际改善。10月社融、信贷同比小幅下 | | | 滑，政府债对社融的支撑持续减弱，企业、居民实际贷款需求仍然偏弱；M1、M2增速回落， | | | 存款活化程度放缓。10月出口同比增速转负，较去年同期下降1.1%。海外方面，美国9月非农 | | | 就业人口增11.9万人，大幅高于市场预期，但失 ...

Report Summary 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - On Tuesday, the futures price of the container shipping index (European line) dropped significantly. The main contract EC2602 closed down 7.78%, and the far - month contracts closed down between 1 - 2%. The poor implementation of the freight rate increase plan led to a sharp decline in the near - month futures prices. The recovery of terminal transport demand is not solid, and the spot freight rate expectations continue to fall. Geopolitical conflicts remain deadlocked, while the German economy boosts market confidence. The freight rate market is highly affected by news, and futures prices are expected to fluctuate more violently. Investors are advised to be cautious and pay attention to operation rhythm and risk control, and track geopolitical, capacity, and cargo volume data in a timely manner [2]. 3. Summary by Relevant Catalogs Futures Market Data - **Futures Prices**: The main contract EC2602 closed at 1126.400, down 14.6; the second - main contract closed at 1338, down 25.9. The EC2602 - EC2604 spread was 327.10, down 99.40; the EC2602 - EC2606 spread was 115.50, down 94.90. The EC contract basis was 185.87, up 115.10 [2]. - **Futures Positions**: The main contract's open interest was 17016 hands, an increase of 920 [2]. Spot Market Data - **Shipping Indexes**: The SCFIS (European line) (weekly) was 1639.37, up 281.70; the SCFIS (US West line) (weekly) was 1107.85, down 130.57. The SCFI (composite index) (weekly) was 1393.56, down 57.82; the container ship capacity was 1227.97 (in ten thousand TEUs), up 0.06. The CCFI (composite index) (weekly) was 1122.79, up 28.76; the CCFI (European line) (weekly) was 1432.96, up 29.32 [2]. - **Freight Indexes**: The Baltic Dry Index (daily) was 2275.00, up 20.00; the Panamax Freight Index (daily) was 1928.00, up 16.00. The average charter price of Panamax ships was 17564.00, unchanged; the average charter price of Capesize ships was 29150.00, down 1165.00 [2]. Industry News - **Sino - US Relations**: On the evening of November 24, Chinese President Xi Jinping had a phone call with US President Trump. Sino - US relations have been generally stable and positive since the Busan meeting [2]. - **Ukraine - Russia Conflict**: The US and Ukraine completed a new 19 - point peace agreement draft, but sensitive issues remain to be decided. European countries warned that an agreement cannot be quickly reached in the short term, and Russia said the European peace plan is not constructive [2]. - **Sino - Japan - Korea Relations**: China's Foreign Ministry Spokesperson Mao Ning responded to the media report that China rejected Japan's proposal for a Sino - Japan - Korea leaders' meeting in January next year, stating that the three parties have not reached a consensus on the meeting date, and Japan's wrong remarks on the Taiwan issue have damaged the cooperation atmosphere [2]. Key Data to Watch - November 26, 21:30: US initial jobless claims for the week ending November 22 (in ten thousand people); US durable goods orders monthly rate for September [2]. - November 26, 22:45: US Chicago PMI for November [2].