Group 1 - The core point of the article is that 瑞达期货 (Ruida Futures) has decided to terminate its operations in Hainan, despite the favorable policies for businesses in the region due to the upcoming customs closure [2][3] - The company announced that the board of directors has approved the resolution to terminate the Hainan branch as of May 2024, indicating a strategic shift in its business operations [2] - Currently, the company is not conducting any business activities in Hainan, reflecting a cautious approach to its expansion plans in the region [2]

Core Points - The resignation of Tian Yao, the Deputy General Manager of Ruida Futures, was announced on November 18, 2025, due to personal reasons, although she will continue to serve as the Assistant General Manager [1] - Ruida Futures primarily engages in futures brokerage, asset management, futures trading consulting, risk management, overseas financial services, and securities investment fund businesses [3] Financial Performance - For the first three quarters of 2025, Ruida Futures reported a revenue of 1.621 billion yuan, a year-on-year decline of 2.87% [3] - The net profit attributable to shareholders was 386 million yuan, reflecting a year-on-year increase of 42.15% [3] - The net profit excluding non-recurring gains and losses was 383 million yuan, showing a year-on-year growth of 45.29% [3] - The net cash flow from operating activities was -2.019 billion yuan, compared to 1.945 billion yuan in the same period last year [3]

Group 1 - Shengxin Lithium Energy signed a framework agreement with Huayou Cobalt for the procurement of 221,400 tons of lithium salt products over five years [1] - Wehua New Materials' subsidiary plans to acquire 70% of He Yutai for 154 million yuan [1] - Xiamen Tungsten plans to invest 600 million yuan to establish a wholly-owned subsidiary for a project with an annual production capacity of 50,000 tons of high-performance battery materials [1][2] Group 2 - *ST Songfa's subsidiary signed a shipbuilding contract worth approximately 200-300 million USD for two VLCCs [3] - Hailianxun's stock will resume trading on November 19 after the end of the acquisition request period [5] - Yunnan Energy Investment obtained the development rights for a 25,000 kW wind power project [7] Group 3 - China Resources Double Crane's subsidiary received a drug registration certificate for Oxcarbazepine tablets [8] - Jincheng Pharmaceutical's subsidiary received a CEP certificate for glutathione raw materials [9] - Jinkong Electric plans to transfer 51% of Tongying Thermal Power to an affiliate for 266 million yuan [9] Group 4 - Clean Technology's subsidiary won a bid for a waste incineration power generation project in Thailand with a total investment of up to 4.27 million USD [12] - Tonglian Precision's shareholders set the transfer price for shares at 43.67 yuan each [13] - Hu Nong Commercial Bank's executives collectively purchased 259,100 shares of the company [13] Group 5 - Huatai Medical's subsidiary obtained a medical device registration certificate for polyethylene embolization microspheres [13] - Fosun Pharma's subsidiary's drug registration application was accepted by the National Medical Products Administration [13] - Xianhui Technology signed contracts worth 796 million yuan with multiple subsidiaries of CATL [15] Group 6 - Ningbo Fangzheng signed a strategic cooperation agreement with Huaxiang Qiyuan for the development of various robotic technologies [15] - Ruida Futures' vice president resigned for personal reasons [16] - Samsung Medical is expected to win contracts worth approximately 125 million yuan from the State Grid [17] Group 7 - Tianjin Pharmaceutical's injectable methylprednisolone sodium succinate received registration from Panama's Ministry of Health [19] - Yaxing Anchor Chain plans to invest up to 300 million yuan in a project for deep-sea floating equipment [20] - Zejing Pharmaceutical's clinical trial for ZG006 was approved by the National Medical Products Administration [21] Group 8 - Weiye Co., Ltd. won a bid for a project worth approximately 2.086 billion yuan [23] - Ruimao Tong plans to sell 8.5794 million repurchased shares [25] - Guangge Technology's shareholders plan to reduce their holdings by up to 3.99% [26] Group 9 - Hongsheng Development signed a debt restructuring contract for a total of 2 billion yuan [27][28] - Yatai Co., Ltd. plans to reduce its holdings by up to 1% [30] - Dexin Technology's shareholder plans to reduce its holdings by up to 1% [31] Group 10 - Yaji International's shareholder plans to reduce its holdings by up to 1% [33] - Shenzhen New Star's subsidiary received approval for trial production of a boron trifluoride project [35] - Shengyi Electronics plans to raise up to 2.6 billion yuan through a private placement [36]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - On November 18, 2025, the yields of most active treasury bonds declined. Treasury bond futures strengthened collectively. The weighted average rate of DR007 rebounded to around 1.52%. Domestically, economic indicators in October showed a mixed performance, with some weakening and some improving. Overseas, the US government averted a shutdown, but the employment market showed downward risks, and the expectation of a Fed rate cut in December dropped significantly. The economy in Q4 is expected to continue a weak recovery. The central bank will maintain a moderately loose policy, and the space for further monetary easing this year is limited. Currently in a policy vacuum, interest rates may fluctuate narrowly in the short term [2] 3. Summary According to Relevant Catalogs 3.1 Futures Disk - T, TF, TS, and TL main contract closing prices increased by 0.03%, 0.03%, 0.01%, and 0.06% respectively. T, TF, TS, and TL main contract trading volumes increased by 1244, 3133, 2388, and 1158 respectively [2] 3.2 Futures Spreads - TL2512 - 2603, T12 - TL12, TS12 - T12, TS12 - TF12 spreads decreased by 0.01, 0.06, 0.01, and 0.01 respectively. T2512 - 2603, TF2512 - 2603 spreads increased by 0.00 and 0.01 respectively [2] 3.3 Futures Positions - T, TF, TS, and TL main contract positions decreased by 10869, 8352, 2955, and 6927 respectively. T top 20 net short positions increased by 1874, TF top 20 net short positions decreased by 1152, TS top 20 net short positions decreased by 34, and TL top 20 net short positions decreased by 683 [2] 3.4 Top Two CTD Bonds - The net prices of multiple CTD bonds increased, such as 220017.IB up 0.0041, 220019.IB up 0.0043, etc. [2] 3.5 Active Treasury Bonds - The yields of 1 - year bonds remained unchanged, 3 - year and 7 - year and 10 - year bonds decreased by 0.25bp, 0.55bp, and 0.25bp respectively, and 5 - year bonds increased by 0.20bp [2] 3.6 Short - term Interest Rates - Silver - pledged overnight, Shibor overnight, silver - pledged 7 - day, and Shibor 7 - day increased by 0.66bp, 1.70bp, 3.00bp, and 0.40bp respectively. Silver - pledged 14 - day decreased by 3.00bp, and Shibor 14 - day remained unchanged [2] 3.7 LPR Rates - 1 - year and 5 - year LPR rates remained unchanged [2] 3.8 Open Market Operations - The issuance scale was 4075 billion, the maturity scale was 4038 billion, and the interest rate was 1.4% for 7 - day [2] 3.9 Industry News - China protested against Japan's wrong remarks on Taiwan. From January to October, national fiscal revenue increased by 0.8% year - on - year, and fiscal expenditure increased by 2%. In October, the bank settlement - sale surplus was 177 billion US dollars, and cross - border capital inflows increased [2] 3.10 Key Events to Watch - On November 20 at 3:00, the Fed will release the minutes of the monetary policy meeting. On November 20, the US Bureau of Labor Statistics will release the September non - farm payroll report [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core View of the Report - On Tuesday, the futures prices of the container shipping index (European line) declined collectively. The main contract EC2602 closed down 2.88%, and the far - month contracts fell between 1 - 2%. The latest SCFIS European line settlement freight rate index dropped 147.13 points from last week, a 9.8% decline, driving down the futures price. The recovery of terminal transportation demand is not solid. Shipowners are more active in price - holding and adjusting capacity through blank sailings, but the implementation needs to be observed. The Red Sea resumption of navigation is postponed due to the unstable Middle - East situation. The German economy's better - than - expected performance boosts market confidence in the eurozone. The current freight rate market is greatly affected by news, and the futures price is expected to fluctuate more. Investors are advised to be cautious, pay attention to the operation rhythm and risk control, and track geopolitical, capacity and cargo volume data [1]. 3. Summary by Relevant Catalogs 3.1 Futures盘面 - EC main contract closing price was 1678.100, down 49.8; EC sub - main contract closing price was 1179.6, down 9.7. The spread between EC2602 - EC2604 was 498.50, down 39.80; the spread between EC2602 - EC2606 was 293.10, down 29.00. The EC contract basis was - 320.43, up 47.90. The EC main contract position was 38860 hands, down 20 [1]. 3.2 Spot Price - SCFIS (European line) (weekly) was 1357.67, down 147.13; SCFIS (US West line) (weekly) was 1238.42, down 91.29. SCFI (composite index) (weekly) was 1451.38, down 43.72; container ship capacity (10,000 TEUs) was 1227.97, unchanged. CCFI (composite index) (weekly) was 1094.03, up 35.86; CCFI (European line) (weekly) was 1403.64, up 36.79. The Baltic Dry Index (daily) was 2125.00, up 28.00; the Panamax Freight Index (daily) was 1897.00, down 10.00. The average charter price of Panamax ships was 17564.00, unchanged; the average charter price of Capesize ships was 27460.00, down 310.00 [1]. 3.3 Industry News - The European Commission said the eurozone economy may expand faster than expected this year and reach or exceed potential growth in 2026 and 2027, but debt and deficits will rise due to defense spending. The predicted GDP growth for the eurozone this year is 1.3%, higher than the 0.9% forecast in April. The Fed Vice - Chair Jefferson said the downside risk to employment has increased, and the upside risk to inflation may have slightly decreased recently. Fed Governor Waller reiterated that the Fed should cut interest rates again at the December meeting. China has made stern representations to Japan over Japanese Prime Minister Kaochi Sanae's wrong remarks on Taiwan [1]. 3.4 Key Points to Follow - November 19th, 15:00: UK October CPI monthly rate; November 19th, 15:00: UK October retail price index monthly rate; November 19th, 18:00: Eurozone October CPI annual rate final value; November 19th, 21:30: US August trade balance (in billions of dollars) [1].

| 11/20 9:00 中国11月1年期、5年期LPR | | | --- | --- | | 11/20 21:30 美国9月非农就业数据、失业率、劳动参与率 | | | 重点关注 | | | 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：IF:沪深300 IH:上证50 IC:中证500 IM：中证1000 IO:沪深300期权 | | | 研究员: 廖宏斌 | 股指期货全景日报 2025/11/18 | 项目类别 | 数据指标 IF主力合约（2512） | 最新 4555.0 | 环比 数据指标 -18.8↓ IF次主力合约（2511） | 最新 4569.6 | 环比 -20.0↓ | | --- | --- | --- | --- | --- | --- | | | IH主力合约（2512） | 2997.6 | -6.8↓ IH次主力合约（2511） | 3003.6 | -5.0↓ | | | IC主力合约（2512） | 7079.8 | -61.0↓ IC次主力合约（2511） | 7152.8 | -62.4↓ | | | IM主力合约（2512） | 7351.8 ...

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 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。 热轧卷板产业链日报 2025/11/18 | 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) | 3,286 | -16↓ HC 主力合约持仓量(手) | 1217174 | -46346↓ | | | HC 合约前20名净持仓(手) | -68,884 | -9508↓ HC1-5合约价差(元/吨) | -9 | -2↓ | | | HC 上期所仓单日报( ...

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 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 研 究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 | | --- | --- | --- | --- | --- | --- | | | JM主力合约收盘价（日，元/吨） | 1159.00 | -51.00↓ J主力合约收盘价（日，元/吨） | 1649.50 | -60.50↓ | | 期货市场 | JM期货合约持仓量（日，手） | 934274.00 | +21614.00↑ J期货合约持仓量（日，手） | 48873.00 | +1305.00↑ | | | 焦煤前20名合约净持仓（日，手） | -128978.00 | -32057.00↓ 焦炭前20名合约净持仓（日，手） | -2488.00 | +434.00↑ | | | JM5-1月合约价差（日，元/吨） | 73.00 | ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The utilization rate of caustic soda production capacity is expected to increase week - on - week. There is pressure on alumina enterprises to cut production due to environmental control expectations in the north and low production profits, but there are no signs of large - scale production cuts. Non - aluminum downstream may maintain rigid demand procurement. The price of liquid chlorine is strong, but the market price of 32% liquid caustic soda in Shandong is under pressure. The current main basis is still high, and the market's weak supply - demand expectation needs to be verified. Attention should be paid to whether there is a centralized production cut plan for alumina in December. Technically, SH2601 should pay attention to the support around 2250 [2][3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The main closing price of caustic soda is 2286 yuan/ton, down 5 yuan; the main contract position is 149,936 lots, down 717 lots; the net position of the top 20 futures is - 17,632 lots, up 6338 lots; the main contract trading volume is 273,587 lots, down 118,158 lots. The closing price of the January contract is 2286 yuan/ton, down 5 yuan; the closing price of the May contract is 2421 yuan/ton, down 17 yuan [2] 3.2 Spot Market - The price of 32% ionic membrane caustic soda in Shandong is 780 yuan/ton, down 10 yuan; in Jiangsu is 910 yuan/ton, unchanged. The converted - to - 100% price of 32% caustic soda in Shandong is 2437.5 yuan/ton, down 31.25 yuan; the basis is 152 yuan/ton, up 5 yuan [2] 3.3 Upstream Situation - The mainstream price of raw salt in Shandong is 215 yuan/ton, unchanged; in the Northwest is 220 yuan/ton, unchanged. The price of thermal coal is 656 yuan/ton, unchanged [2] 3.4 Industry Situation - The mainstream price of liquid chlorine in Shandong is 50.5 yuan/ton, unchanged; in Jiangsu is 150 yuan/ton, down 75 yuan [2] 3.5 Downstream Situation - The spot price of viscose staple fiber is 13,060 yuan/ton, unchanged; the spot price of alumina is 2780 yuan/ton, unchanged [2] 3.6 Industry News - From November 7th to 13th, the utilization rate of China's caustic soda production capacity decreased by 0.7% week - on - week to 84.1%. From November 8th to 14th, the national alumina operating rate increased by 0.12% to 85.37%; from November 7th to 13th, the viscose staple fiber operating rate decreased by 0.1% to 89.50%, and the printing and dyeing operating rate decreased by 1.52% to 66.55%. As of November 13th, the inventory of liquid caustic soda factories was 402,200 tons, down 3.04% week - on - week. From November 7th to 13th, the profit of chlor - alkali in Shandong was 425 yuan/ton, down week - on - week [2]

免责声明 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：RB：螺纹钢；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 螺纹钢产业链日报 2025/11/18 | 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) | 3,090.00 | -7↓ RB主力合约持仓量(手) | 1655469 | -74279↓ | | | RB合约前20名净持仓(手) | -69457 | -21979↓ RB1-5合约价差(元/吨) | -49 | +1↑ | | | RB上期所仓单日报(日，吨) | 108272 | -3655↓ HC2601-RB2601合约价差(元/吨) | 196 | -9↓ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,270.00 | 0.00 杭州 HRB400E 20MM(过磅，元/吨) | 3,354 | 0.00 | | | 广州 H ...