1. Report Industry Investment Ratings - Steel: Treat unilaterally with a low-range oscillation mindset; opportunistically participate in spot - futures positive arbitrage for hot - rolled coils or use option strategies to assist spot sales [10] - Ferrosilicon and Silicomanganese: Investment clients should short - sell on rallies, and industrial clients can use accumulated options to protect spot exposures [10] - Coking Coal and Coke: Unilaterally focus on short - term trading, wait and see for the medium - to long - term, and liquidate previously recommended hedging short positions [10] - Iron Ore: Hold short positions [10] 2. Core Views - The steel price is oscillating in a low - level range, waiting for new drivers. The short - term macro - expectation may be in a vacuum, and the industry contradictions are not obvious. Steel output is expected to gradually decline [2][3] - The supply - demand situation of ferrosilicon and silicomanganese is poor, and the price is under pressure. The direct demand has weakened significantly, and the oversupply pattern continues [4][6] - The expectation of coke price cuts is increasing, and the futures price is pricing in 2 - 3 rounds of price cuts. The current decline may be near the end, and the next round of downstream restocking is expected to start around mid - December [7][8] - The fundamental situation of iron ore is still weak, with clear upward pressure. The inventory will continue to accumulate under the pressure of molten iron, and the operation should be short - selling on rallies [9] 3. Summary by Related Catalogs Steel - Futures: On November 21, for far - month contracts, RB2605 closed at 3098 yuan/ton with a decline of 5 yuan (- 0.16%); HC2605 closed at 3274 yuan/ton with a decline of 1 yuan (- 0.03%). For near - month contracts, RB2601 closed at 3057 yuan/ton with an increase of 2 yuan (0.07%); HC2601 closed at 3270 yuan/ton with no change [1] - Spot: On November 21, Shanghai螺纹 was 3230 yuan/ton with an increase of 40 yuan; Tianjin螺纹 was 3190 yuan/ton with a decline of 20 yuan; Guangzhou螺纹 was 3420 yuan/ton with no change. Shanghai hot - rolled coil was 3250 yuan/ton with no change [1] - Market situation: The price is oscillating in a low - level range. The short - term macro - expectation is in a vacuum, and the industry contradictions are not obvious. The steel output is expected to gradually decline [2][3] Ferrosilicon and Silicomanganese - Fundamental situation: As the steel price is under pressure and the steel mill profit shrinks, the direct demand has weakened significantly. The alloy plant profit is poor, but the output is still high, and the supply - demand surplus pattern persists [4][6] Coking Coal and Coke - Spot: The domestic market sentiment has weakened, and the expectation of coke price cuts has increased. The coking coal spot auction prices mostly declined. The port - traded quasi - first - class coke was quoted at 1480 yuan (weekly - on - weekly - 50), and the coking coal price index was 1378.8 (weekly - on - weekly - 27.3) [8] - Futures: This week, the macro continued to fluctuate. The black sector fell after speculation about the environmental supervision team's entry time. Coking coal and coke led the decline. The current decline may be near the end, and the next round of downstream restocking is expected to start around mid - December [8] Iron Ore - Fundamental situation: The short - term arrival at ports has weakened slightly, but the subsequent shipments are not greatly affected. Under the pressure of molten iron, the inventory will continue to accumulate. The operation should be short - selling on rallies [9]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The market for shipping derivatives shows a mixed performance. The overall trend of the EC market is downward, and the future market will show a volatile and weak pattern. The core driving factors include the implementation of December freight rates, the execution of the January price increase letter, and seasonal changes in cargo volume. It is recommended to wait and see in the short - term, focusing on the actual implementation of December freight rates and the effectiveness of the January price increase letter [7]. 3. Summary by Relevant Content Freight Index - **Current and Previous Values and Changes**: The Shanghai Export Container Freight Index (SCFI) is currently at 1394, down 3.98% from the previous value of 1451; the China Export Container Freight Index (CCFI) is at 1123, up 2.63% from 1094. For different routes, SCFI - West America is at 1645, down 9.76% from 1823; SCFI - East America is at 2384, down 8.31% from 2600; SCFI - Northwest Europe is at 1367, down 3.53% from 1417; SCFIS - Northwest Europe is at 1357, down 9.77% from 1504; SCFI - Mediterranean is at 2055, up 1.28% from 2029 [5]. Energy - Related Contracts - **Price and Position Changes**: For energy - related contracts such as EC2506, EC2608, etc., prices are mostly down. For example, EC2506 is currently at 1350.0, down 2.25% from 1381.1. In terms of positions, EC2608's position increased by 100 to 1324, while EC2512's position decreased by 737 to 7323 [5]. - **Month - Spread Changes**: The 12 - 02 month - spread is currently at 217.8, up 73.1 from 144.7; the 12 - 04 month - spread is at 640.7, up 28.0 from 612.7; the 02 - 04 month - spread is at 422.9, down 45.1 from 468.0 [5]. Market Outlook and Strategy - **Market Outlook**: The EC market's future trend will be volatile and weak. If leading shipping companies like Maersk maintain a quote range of $2400 - 2600/FEU in December and there is no large - scale over - booking, the near - month EC contracts will continue to be under pressure. The implementation of the January price increase letter depends on cargo volume and shipping company quotes. The period from late December to early January is a traditional peak season, and if cargo volume exceeds expectations, it may briefly boost freight rates [7]. - **Strategy**: It is recommended to wait and see, as the 12 - contract is gradually losing trading value. If the December freight rates are implemented at an 80% discount, the EC2602 contract may test the 1500 - 1700 point range; if the price - holding is successful, the 02 contract may rise to 1800 - 1900 points [7][8]. Other Information - The last trading Monday for futures in February 2026 is February 9, and the last trading day for the Container Shipping Index (European Line) Futures BC2602 contract is also February 9, 2026 [6]. - There are events such as Iran's actions in the Oman Bay and a ship's actual route deviation from the schedule [6].

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - Short - term focus on China's purchase of US soybeans, which may support the US market. Without obvious weather problems, the market is expected to gradually shift to trading the pressure of a bumper South American new crop from December to January. Pay attention to the trend of new - crop discounts, which is expected to drag down the soybean meal futures pricing. It is recommended to short M05 on rallies [7] Summary by Relevant Catalogs Basis and Spread Data - The basis of the 43% soybean meal spot in Dalian on November 21st was 78, down 5. The basis in different regions such as Tianjin, Rizhao, Zhangjiagang, etc. showed different values and changes [4] - The basis of rapeseed meal spot in Guangdong decreased by 101. There were also data on spreads such as M1 - M5, M1 - RM1, RM1 - 5, and the spot and futures spreads between soybean meal and rapeseed meal [4][5] Supply - related Data - According to CONA data, the predicted output of Brazil's new soybean crop in the 25/26 season is 177.6 million tons. As of November 15th, the soybean sowing rate in Brazil was 69.0% (last week: 88.4%, same period last year: 73.8%, five - year average: 67.2%). As of November 13th, the soybean planting rate in Argentina's 2025/26 season was 15% (last week: 7%, same period last year: 25%) [6] - The shipping purchase progress for December - January 2025 is slow, and the supply gap in the first quarter of next year is uncertain. It is expected that domestic soybean meal will be destocked from November to December, but the supply in the fourth quarter is still expected to be relatively loose [6] Demand - related Data - In the short - term, livestock and poultry are expected to maintain high inventory levels, and the capacity reduction is not obvious, supporting the feed demand. However, the current breeding profit is in a loss, and national policies tend to control the inventory and weight of pigs, which may affect the long - term supply. The cost - effectiveness of soybean meal is relatively high, and the far - month trading volume of soybean meal downstream has increased recently with good提货 performance [7] Inventory - related Data - Domestic soybean and soybean meal inventories are at a high level compared to the same period in history and are expected to be destocked from November to December. The number of days of soybean meal inventory in feed enterprises has dropped to a low level [7] Other Data - The US dollar to RMB exchange rate was 7.0713, and the futures crushing margin was - 50.00 yuan/ton. There were also data on soybean CNF premiums in Brazil in different months, national major oil mills' soybean inventory, port soybean inventory, soybean meal inventory, soybean crushing volume, and oil mill operating rate [5]

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View - On November 21, the A - share market tumbled unilaterally, with more than 5,000 stocks falling and a wave of limit - down stocks in the lithium mining sector. The Shanghai Composite Index dropped 2.45% to 3834.89 points, and the trading volume reached 1.98 trillion yuan, up from 1.72 trillion yuan the previous day [5]. 3. Summary by Relevant Catalogs 3.1 Market Index Performance - The closing price of the Shanghai 50 Index was 2955.8541, with a decline of 1.74%, a turnover of 60.39 billion yuan, and a trading volume of 1263.25 billion [3]. - The closing price of the CSI 300 Index was 4453.6076, with a decline of 2.44%, a turnover of 7067.703 billion yuan, and a trading volume of 4812.96 billion [3]. - The closing price of the CSI 1000 Index was 4086.72, with a decline of 3.72%, a turnover of 284.80 billion yuan, and a trading volume of 222.85 billion [3]. 3.2 CFFEX Stock Index Options Trading - For the Shanghai 50 Index options, the trading volume of call options was 5.22 million contracts, and that of put options was 3.88 million contracts; the open interest of call options was 5.39 million contracts, and that of put options was 3.15 million contracts [3]. - For the CSI 300 Index options, the trading volume of call options was 26.30 million contracts, and that of put options was 12.36 million contracts; the open interest of call options was 9.45 million contracts, and that of put options was 27.70 million contracts [3]. - For the CSI 1000 Index options, the trading volume of call options was 54.63 million contracts, and that of put options was 26.75 million contracts; the open interest of call options was 14.50 million contracts, and that of put options was 26.93 million contracts [3]. 3.3 Volatility Analysis - The report presents historical volatility cones and volatility smile curves for the Shanghai 50, CSI 300, and CSI 1000 Indexes, including data such as 10% and 90% quantiles, minimum and maximum values, and current values [3][4].

1. Report Industry Investment Rating - The investment view on styrene is "oscillating", with an expected upward trend due to increasing costs [5]. 2. Core View of the Report - The prices of pure benzene and styrene are oscillating with a slight upward trend. The cost of styrene is increasing, but there are multiple influencing factors in the market, including supply, demand, inventory, and macro - policies, which lead to an overall oscillating market situation [2][5]. 3. Summary According to Relevant Catalogs 3.1 Main Views and Strategy Overview - **Supply**: The spread between styrene and naphtha is about $200, and the spread between styrene and benzene is $125/barrel. The spread has slightly expanded, but the production profit of non - integrated plants remains negative, showing a bullish signal [5]. - **Demand**: As of November 17, 2025, the commercial inventory of pure benzene in Jiangsu ports was 147,000 tons, a 30.09% increase from the previous period and a 24.89% increase year - on - year. There are more rumors of supply - side maintenance, and overseas demand remains poor due to the low operating rate of derivatives, showing a bearish signal [5]. - **Inventory**: As of November 17, 2025, the total inventory of styrene in Jiangsu ports was 148,300 tons, a 15.16% decrease from the previous period. The commercial inventory was 87,300 tons, a 14.24% decrease from the previous period, showing a neutral signal [5]. - **Basis**: The styrene basis has strengthened slightly. The rising overseas pure benzene price supports the upward movement of styrene price, showing a bearish signal [5]. - **Profit**: The spread between styrene and naphtha is about $200, and the spread between benzene and naphtha is about $125, showing a bearish signal [5]. - **Valuation**: The prices of pure benzene and styrene are at historical lows. The centralized maintenance of reforming units is promoting price increases, showing a neutral signal [5]. - **Macro - policy**: There is news that Moscow has not learned that Kiev has agreed to negotiate on Trump's peace plan, showing a bearish signal [5]. - **Investment view**: Styrene costs are increasing, and it is expected to be mainly bullish, but the overall market is oscillating [5]. - **Trading strategy**: For unilateral trading, it is recommended to wait and see. Attention should be paid to geopolitical risks [5]. 3.2 Overview of Pure Benzene and Styrene Fundamentals - **Crude oil**: There is a possibility of a Russia - Ukraine conflict agreement, and crude oil prices are weakly operating [7]. - **Styrene**: Styrene has rebounded, but the integrated profit is still poor. The port inventory of styrene continues to decline slightly [14][25]. - **Pure benzene**: Derivative demand is dragging down, while overseas gasoline blending demand is pushing up the price of pure benzene [37]. 3.3 Polymer Demand Overview - **Styrene downstream - ABS**: Domestic and overseas demand is weak in the off - season. The profit of PS has slightly recovered, while the profit of EPS is poor, and the capacity utilization rate has declined. Aniline production has increased, but the profit has decreased. Phenol port inventory has accumulated. Adipic acid load has decreased, and the profit has declined. Caprolactam inventory has decreased [52][65][74][84][94][105][116]. - **Appliances**: The export demand of household appliances is dragging down the performance of the sector [124].

Group 1: Investment Rating - The report does not mention the industry investment rating [1][3] Group 2: Core Views - The investment view on asphalt is that it will fluctuate, with high supply and declining demand, and the overall trend will continue to follow the fluctuations of crude oil [3] - The trading strategy suggests a single - sided approach with a fluctuating outlook and no arbitrage opportunities [3] Group 3: Summary by Directory 1. Main Views and Strategy Overview - **Supply**: In November, the total domestic asphalt production plan was 2.25 million tons, a 18% month - on - month decrease and a 3% year - on - year decrease. Different production entities showed different trends. This week, the asphalt supply contracted due to device shutdowns and conversions, and the supply - demand structure improved [3] - **Demand**: This week, the overall asphalt demand weakened. Although the shipment volume in Shandong increased, the overall demand was still declining. As some terminal projects ended, the demand further weakened, and the weak demand was a significant negative factor for prices [3] - **Inventory**: This week, the domestic asphalt inventory continued to decline, with both factory and social inventories decreasing. The inventory is expected to continue to decline next week, and the supply - demand pattern will further improve [3] - **Cost**: This week, the international crude oil market fluctuated. Geopolitical factors first pushed up oil prices, and then the news of peace talks between Russia and Ukraine led to a partial decline in oil prices. The price fluctuated with limited upward momentum [3] 2. Price - The report presents historical price trends of heavy - traffic asphalt in different regions such as East China, South China, North China, and Shandong from 2021 - 2025 [5][8] 3. Spread, Basis, and Delivery Profit - **Spread**: It shows the historical trends of asphalt cracking spread (BU - (SC * 6.35)) and asphalt - coking material spread from 2021 - 2025 [12][13] - **Basis**: It shows the historical trends of asphalt basis in regions such as South China, East China, and Shandong from 2024 - 2025 [14] 4. Supply - **Production Forecast**: It shows the monthly production and production forecast of asphalt in China from 2025 - 01 to 2025 - 10, as well as the production in regions such as North China and South China from 2021 - 2025 [17][21] - **Capacity Utilization**: It shows the historical trends of capacity utilization of heavy - traffic asphalt in China, Shandong, East China, North China, and South China from 2021 - 2025 [29][33] - **Maintenance Loss**: It shows the weekly and monthly maintenance loss of asphalt in China from 2018 - 2025 [40] 5. Cost and Profit - **Production Gross Margin**: It shows the historical trends of asphalt production gross margin in Shandong from 2021 - 2025 [43][44] - **Diluted Asphalt**: It shows the price, premium, and port inventory trends of diluted asphalt from 2022 - 2025 [47][48] 6. Inventory - **Factory Inventory**: It shows the factory inventory and inventory rate in regions such as China, Shandong, East China, North China, South China, and Northeast China from 2019 - 2025 [52][55] - **Social Inventory**: It shows the social inventory in regions such as China, Shandong, East China, North China, South China, and Northeast China from 2022 - 2025 [58] 7. Demand - **Shipment Volume**: It shows the historical trends of asphalt shipment volume in regions such as China, Shandong, East China, North China, South China, and Northeast China from 2022 - 2025 [61] - **Downstream Operating Rate**: It shows the historical trends of operating rates of road - modified asphalt, modified asphalt, building asphalt, waterproofing membranes, and modified asphalt in different regions from 2018 - 2025 [63][70]

1. Report Industry Investment Rating No information provided in the report. 2. Core Views of the Report - Market sentiment is supported by expectations of further monetary policy easing in Q4, but global liquidity concerns lead to a decline in various assets, including bonds. However, considering China's independence, the pattern of bonds with a ceiling and a floor is difficult to break, and the 10 - year spot bond yield may remain in the range of 1.75% - 1.85% [8]. - In the long - term, insufficient effective demand is the main challenge for China's economic development. With the marginal decline of the economic pulling effect of land finance and debt - driven models, and new growth drivers still in the cultivation stage, along with potential trade frictions in the Trump 2.0 era, total demand is unlikely to fundamentally rebound in the short term, and deflation is likely to continue. Therefore, the fundamentals are favorable for bond futures. The synergy of monetary and fiscal policies, with monetary policy taking the lead, and the low - interest - rate environment are key for policy implementation. The logic of a bond bull market is expected to continue [8]. 3. Summary by Relevant Catalogs 3.1 Part One: Main Views - **Weekly Market Review**: Last week, the Treasury bond futures market showed slight differentiation among different tenors. The ultra - long - end declined, while other tenors fluctuated within a limited range. The market was mainly influenced by the resonance of domestic and foreign financial markets and various assets. News of real - estate stimulus policies in China, concerns about the sustainability of Nvidia's performance, and the divergence in expectations of the Fed's December interest - rate cut all contributed to the market movement. Multiple assets, including stocks, bonds, and commodities, declined due to liquidity concerns, and the safe - haven function of the domestic bond market failed [4]. - **Market Data**: The report provides closing prices, weekly price changes, trading volumes, and open interest data for different Treasury bond futures contracts [5]. 3.2 Part Two: Liquidity Tracking - **Open Market Operations**: The report presents data on the volume and price of open - market operations, including money injection, money withdrawal, and net money injection [10][11]. - **Medium - term Lending Facility (MLF)**: Information on the volume and price of MLF operations, such as the amount of MLF recovery, the amount of MLF injection, and the interest rate of MLF, is provided [12][13][16]. - **Funding Costs**: Data on various funding costs, including deposit - based repurchase rates, SHIBOR, and Shanghai Stock Exchange repurchase rates, are presented [18][19]. - **Yield and Spread**: The report shows data on Treasury bond yields, Treasury bond term spreads, US Treasury bond yields, and US Treasury bond term spreads [34][36][38]. 3.3 Part Three: Treasury Bond Futures Arbitrage Indicator Tracking - **Basis**: Data on the basis of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures are provided [44][45][47]. - **Net Basis**: Information on the net basis of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures is presented [52][53][57]. - **Implied Repo Rate (IRR)**: Data on the IRR of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures are shown [59][60][62]. - **Implied Interest Rate**: The report provides data on the implied interest rate of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures [65][66].

投资咨询业务资格：证监许可【2012】31号 【生猪周报（LH)】 供应压力延续，矛盾持续积累 国贸期货 农产品研究中心 2025-11-24 谢威 从业资格证号：F03087820 投资咨询证号：Z0019508 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 01 PART ONE 主要观点及策略概述 生猪：供应压力延续，矛盾持续积累 | 影响因素 | 驱动 | 主要逻辑 | | | --- | --- | --- | --- | | 供给 | 偏空 | 能繁母猪存栏仍高，生猪出栏量维持高位，出栏体重偏大，压栏与集团出栏博弈加剧。 | | | 需求 | 偏空 | 终端消费未明显放量，冻品库存上升，表观需求一般。 | | | 库存 | 偏多 | 屠企和冻品库容率均处于同期低位。 | | | 基差/价差 | 中性 | 继续保持contango结构，这个结构背景下，现货若仍无起色，传导至盘面或维持弱势。 | | | 利润 | 中性 | 自繁自养养殖利润连续亏损，价格已跌破盈亏线，养殖户无惜售动力，反而可能加速出栏。 | | | 估值 | 中性 | 目前期货 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The weakening fundamentals of logs have been priced in the market, and the current valuation is low. Consider shorting after a rebound [4]. 3. Summary by Relevant Catalogs 3.1 Main Views and Strategy Overview - **Supply**: In October 2025, about 54 New Zealand log ships left the port, a monthly increase of 8. The total shipment was about 2.013 million cubic meters, a 14% increase from September. Among them, 41 ships were bound for China, with a shipment of about 1.502 million cubic meters, accounting for 75%, a 2% increase from September [4][21]. - **Demand**: From November 10th to November 16th, the average daily outbound volume of coniferous logs at 13 ports in 7 provinces in China was 65,600 cubic meters, a 1.06% decrease from the previous week [4]. - **Inventory**: As of November 14th, the total domestic coniferous log inventory was 2.95 million cubic meters, a 20,000 - cubic - meter increase from the previous week, a 0.68% week - on - week increase [4]. - **Valuation**: The current log price is lower than the delivery cost, and the valuation is low [4]. - **Investment View**: The weakening fundamentals of logs have been priced in the market, and the current valuation is low. Consider shorting after a rebound [4]. - **Trading Strategy**: No specific unilateral or arbitrage strategies are provided. Attention should be paid to domestic demand [4]. 3.2 Futures and Spot Market Review - **Futures Price**: Log futures fluctuated at a low level this week. The far - month contracts have limited further downward space after a sharp decline, while the near - month contracts continued to fall due to the large delivery pressure of domestic timber. The current log spot market is weak, and shorting after a rebound is considered [9]. - **Open Interest**: As of November 21, 2025, the total open interest of log futures contracts was 23,721 lots, an 8.6% increase from the previous week. The open interest of the main log futures contract 2601 was 17,585 lots, a 10.2% increase from the previous week [10]. - **Spot Price**: As of November 21, 2025, the prices of Shandong radiata pine in different specifications decreased, and the prices of Jiangsu radiata pine in different specifications also showed certain changes [12]. 3.3 Log Supply and Demand Fundamental Data - **Import Volume**: In October 2025, China's total coniferous log imports were about 1.9078 million cubic meters, a 4.67% monthly decrease and a 7.14% year - on - year decrease. From January to October 2025, the total imports were about 19.9238 million cubic meters, an 8.04% year - on - year decrease. In October 2025, China's imports of coniferous logs from New Zealand were about 1.4958 million cubic meters, a 0.23% monthly decrease and a 12.47% year - on - year increase. From January to October 2025, the total imports from New Zealand were about 15.0078 million cubic meters, a 1.80% year - on - year increase [18]. - **Shipping Volume**: In October 2025, about 54 New Zealand log ships left the port, a monthly increase of 8. The total shipment was about 2.013 million cubic meters, a 14% increase from September. Among them, 41 ships were bound for China, with a shipment of about 1.502 million cubic meters, accounting for 75%, a 2% increase from September [21]. - **Inventory**: As of November 14th, the total domestic coniferous log inventory was 2.95 million cubic meters, a 20,000 - cubic - meter increase from the previous week, a 0.68% week - on - week increase. The radiata pine inventory was 2.43 million cubic meters, a 20,000 - cubic - meter increase from the previous week, a 0.83% week - on - week increase. The North American timber inventory was 90,000 cubic meters, a 10,000 - cubic - meter decrease from the previous week, a 10.00% week - on - week decrease. The spruce/fir inventory was 210,000 cubic meters, a 10,000 - cubic - meter increase from the previous week [29]. - **Outbound Volume**: From November 10th to November 16th, the average daily outbound volume of coniferous logs at 13 ports in 7 provinces in China was 65,600 cubic meters, a 1.06% decrease from the previous week. Among them, the average daily outbound volume of coniferous logs at Shandong ports was 36,700 cubic meters, a 3.17% decrease from the previous week, and that at Jiangsu ports was 24,400 cubic meters, a 7.02% increase from the previous week [32]. - **Processing**: As of November 21, 2025, the wood square price in Shandong was 1,250 yuan per cubic meter, unchanged from the previous week. The wood square price in Jiangsu was 1,260 yuan per cubic meter, a 10 - yuan decrease from the previous week. The processing profit in Shandong was - 3.8 yuan per cubic meter, unchanged from the previous week, and that in Jiangsu was - 9.2 yuan per cubic meter, a 5 - yuan increase from the previous week [35].

投资咨询业务资格：证监许可【2012】31号 【有色金属周报】 市场风险偏好降温，有色板块继续回调 国贸期货 有色金属研究中心 2025-11-24 分析师：方富强 从业资格证号：F3043701 投资咨询证号：Z0015300 分析师：谢灵 从业资格证号：F3040017 投资咨询证号：Z0015788 助理分析师：林静妍 从业资格证号：F03131200 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 目录 03 锌（ZN） 04 镍（NI） 不锈钢（SS) 01 PART ONE 有色金属价格监测 有色金属价格监测 有色金属收盘价格监控 01 有色金属价格监测 02 铜（CU） | 有色金属价格监测 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 有色金属收盘价格监控 | | | | | | | 品 种 | 单 位 | 现 值 | 日涨跌幅 | 周涨跌幅 | 年涨跌幅 | 品 ...