Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - Recently, the PX market has shown a rebound due to multiple factors. Despite the end of some planned maintenance and the gradual recovery of production capacity, PX output is still limited. This is mainly driven by two key factors: the soaring gasoline profit margin, which prompts refineries to reduce raw material input in aromatic units and increase gasoline production; and the drop of benzene prices to a near - three - year low, leading refineries to lower the load of reforming and STDP units to suppress benzene output, thus restricting PX supply. PTA supply has slightly shrunk, polyester operation remains stable with a load above 90%, and domestic polyester exports are still optimistic. Although the "Golden September and Silver October" period has ended, downstream weaving has performed well, and export demand may improve. The costs of bottle chips and short fibers follow these trends [2] Group 3: Summary According to Related Data Price and Index Changes - PTA spot price dropped from 4630 to 4615, a decrease of 15; MEG inner - market price fell from 3885 to 3852, a decrease of 33; PTA closing price declined from 4696 to 4666, a decrease of 30; MEG closing price decreased from 3822 to 3808, a decrease of 14; 1.4D direct - spinning polyester staple fiber price dropped from 6370 to 6340, a decrease of 30; short - fiber basis increased from 110 to 126, an increase of 16; 12 - 1 spread remained unchanged at 50; polyester staple fiber cash flow increased from 240 to 246, an increase of 6; 1.4D imitation large - chemical fiber price remained unchanged at 5400; the price difference between 1.4D direct - spinning and imitation large - chemical fiber decreased from 970 to 940, a decrease of 30; East China water bottle chip price dropped from 5716 to 5682, a decrease of 34; hot - filling polyester bottle chip price dropped from 5716 to 5682, a decrease of 34; carbonated - grade polyester bottle chip price dropped from 5816 to 5782, a decrease of 34; outer - market water bottle chip price dropped from 760 to 755, a decrease of 5; bottle - chip spot processing fee decreased from 456 to 446, a decrease of 10; T32S pure polyester yarn price remained unchanged at 10300; T32S pure polyester yarn processing fee increased from 3930 to 3960, an increase of 30; polyester - cotton yarn 65/35 45S price remained unchanged at 16300; cotton 328 price dropped from 14340 to 14335, a decrease of 5; polyester - cotton yarn profit increased from 1656 to 1678, an increase of 22; primary three - dimensional hollow (with silicon) price increased from 7035 to 7080, an increase of 45; hollow short - fiber 6 - 15D cash flow increased from 575 to 644, an increase of 69; primary low - melting - point short - fiber price increased from 7480 to 7580, an increase of 100 [2] Market Conditions - Short - fiber: The main futures of polyester staple fiber dropped 68 to 6162. In the spot market, the prices of polyester staple fiber production factories were stable, while those of traders declined. Customers replenished goods at low prices, and the trading volume in the intermediate links increased, but the production and sales of factories were average. The price of 1.56dtex*38mm semi - bright (1.4D) polyester staple fiber in the East China market was 6080 - 6460 in cash, tax - included and self - picked; in the North China market, it was 6200 - 6580 in cash, tax - included and delivered; in the Fujian market, it was 6150 - 6350 in cash, tax - included and delivered [2] - Bottle chips: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 5660 - 5780 yuan/ton, with the average price dropping 30 yuan/ton compared to the previous working day. PTA and bottle - chip futures were weakly operating. Most offers on the supply side were lowered, the market trading atmosphere was rather dull, downstream terminal purchases were mainly for rigid demand, and the market sentiment was cautious [2] Operational Indicators - Direct - spinning short - fiber load (weekly) increased from 88.37% to 89.32%, an increase of 0.95%; polyester staple fiber production and sales decreased from 35.00% to 33.00%, a decrease of 2.00%; polyester yarn startup rate (weekly) remained unchanged at 66.00%; recycled cotton - type load index (weekly) remained unchanged at 51.10% [3]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - The market divergence is expected to be gradually digested during the stock index's oscillatory adjustment, and the stock index is expected to rise further when a new driving force emerges. The bottom - support function of Central Huijin provides a buffer for the index, and the downside risk is expected to be controllable. In the short term, attention can be focused on overseas liquidity change signals and whether domestic policies will be implemented ahead of schedule [7] 3. Summary by Relevant Catalogs 3.1 Interest Rate and Bond Market - **Interest Rate Changes**: DROO1 closed at 1.32 with a - 4.43bp change, DR007 at 1.44 with a - 4.49bp change, GC001 at 1.49 with a 43.50bp change, GC007 at 1.55 with a 6.50bp change, SHBOR 3M at 1.58 with a - 0.10bp change, and LPR 5 - year at 3.50 with no change. The 1 - year, 5 - year, and 10 - year treasury bonds closed at 1.40, 1.59, and 1.82 respectively, with changes of 0.15bp, 0.26bp, and 0.51bp. The 10 - year US treasury bond closed at 4.06 with a - 4.00bp change [4] - **Central Bank Operations**: Last week, the central bank conducted 1676 billion yuan of reverse repurchase operations and 800 billion yuan of outright reverse repurchase operations. With 1122 billion yuan of reverse repurchases maturing, the net injection was 1354 billion yuan. Considering the 120 billion yuan of treasury cash time deposits maturing, the net injection (including treasury cash) was 1234 billion yuan. This week, 1676 billion yuan of reverse repurchases will mature, with 900 billion yuan of MLF maturing on Tuesday and 300 billion yuan of 182 - day outright reverse repurchases maturing on Friday [4][5] 3.2 Stock Index Market - **Stock Index Performance**: On the day, the CSI 300 closed at 4454 with a - 2.44% change, the SSE 50 at 2956 with a - 1.74% change, the CSI 500 at 6817 with a - 3.46% change, and the CSI 1000 at 7068 with a - 3.72% change. Last week, the CSI 300 fell 3.77% to 4453.6, the SSE 50 fell 2.72% to 2955.9, the CSI 500 fell 5.78% to 6817.4, and the CSI 1000 fell 5.8% to 7067.7. The Shenwan primary industry index coefficients all declined, with power equipment (- 10.5%), comprehensive (- 9.2%), basic chemicals (- 7.5%), commercial retail (- 7.2%), and steel (- 7%) leading the decline [6] - **Trading Volume and Open Interest**: The trading volume of IF, IH, IC, and IM increased by 29.8%, 29.7%, 40.9%, and 52.5% respectively, while the open interest of IF and IH decreased by 0.7% and 2.8%, and that of IC and IM increased by 3.8% and 10.2% respectively. The average daily trading volume of A - shares last week decreased by 155.06 billion yuan compared with the previous week [6] - **Reasons for Market Movement**: On Friday, the stock index opened low and closed low, mainly affected by the intensified impact of overseas markets. The US non - farm payroll data exceeded expectations, increasing the divergence on whether the Fed will cut interest rates in December, and the technology sector represented by NVIDIA faced doubts, leading to concerns about the continuation of the technology stock market. Currently, the A - share market lacks a clear driving force, trading volume is shrinking, and economic data in October is under pressure. Policy support is still needed [7] 3.3 Futures Premium and Discount - **IF Premium and Discount**: The premium rates of the next - month, next - quarter, and current - quarter contracts are 7.95%, 3.94%, and 4.07% respectively [8] - **IH Premium and Discount**: The premium rates of the next - month, next - quarter, and current - quarter contracts are 4.49%, 1.80%, and 1.36% respectively [8] - **IC Premium and Discount**: The premium rates of the next - month, next - quarter, and current - quarter contracts are 9.76%, 9.69%, and 10.81% respectively [8] - **IM Premium and Discount**: The premium rates of the next - month, next - quarter, and current - quarter contracts are 9.83%, 11.69%, and 12.25% respectively [8]

Report Industry Investment Ratings No specific industry investment ratings are provided in the report. Core Views - The current macro - level is in a relatively vacuum period, and A - shares lack a clear upward mainline. The market trading volume remains low, and short - term market differences are expected to be gradually digested during the index's shock adjustment. New driving mainlines are awaited for further index upward movement [1]. - Asset shortage and weak economy are beneficial to bond futures, but the central bank has recently warned of interest - rate risks, suppressing the upward space [1]. - There are various trends and influencing factors for different commodities, such as metals, energy, and agricultural products, with most prices expected to maintain a volatile trend, and some having specific supply - demand and macro - factor - related outlooks [1]. Summary by Related Catalogs Stock Index - The current macro - level is in a vacuum, A - shares lack an upward mainline, trading volume is low, and short - term market differences will be digested in index shock adjustment. New driving mainlines are needed for further upward movement [1]. Treasury Bonds - Asset shortage and weak economy are good for bond futures, but short - term central - bank interest - rate risk warnings suppress the upward space [1]. Non - ferrous Metals - **Copper**: The expectation of a December Fed rate cut has cooled, causing copper price to回调. However, the Fed is still in a rate - cut cycle, and there are still disturbances at the mine end, so the callback range is expected to be limited [1]. - **Aluminum**: Recently, industrial - side driving forces are limited, and macro - sentiment is volatile, so the aluminum price is running in a high - level shock [1]. - **Alumina**: With domestic alumina production capacity continuously releasing, production and inventory are both increasing, the fundamental situation is weak, and the price is oscillating around the cost line [1]. - **Zinc**: There are signs of short - term domestic improvement in the fundamentals, but the surplus pattern remains unchanged. With the Fed's internal differences on the December rate cut, the zinc price is expected to maintain a shock trend [1]. - **Nickel**: The Fed has large internal differences on the December rate cut, and the macro - sentiment is volatile. Indonesia has restricted nickel - related smelting project approvals again. Recently, the planned production cut of Indonesian intermediate products may affect about 6000 metal tons in July. If the macro - sentiment improves, the nickel price has a repair expectation. In the long - term, the primary nickel market will continue to be in a surplus pattern [1]. - **Stainless Steel**: The Fed's internal differences on the December rate cut are large, and the macro - sentiment is volatile. The price of raw - material nickel - iron has weakened again, and the social inventory of stainless steel has increased. The November production cut of steel mills is limited. The stainless - steel futures are searching for the bottom in shock [1]. - **Tin**: The Fed's internal differences are increasing, and the macro - sentiment is expected to be volatile. The long - term view on tin is bullish due to the significant decline in Indonesian tin export scale, unrepaired tin - ore supply, and expected terminal - downstream demand [1]. Precious Metals and New Energy - **Precious Metals**: Fed officials have soothed the market, and the probability of a December rate cut has rebounded. Precious - metal prices may fluctuate [1]. - **Industrial Silicon**: There is an expectation of medium - long - term capacity reduction. In the fourth quarter, terminal installation has a marginal increase. Northwest production capacity is continuously resuming, and the southwest's start - up is weaker than in previous years, with the impact of the dry season weakening [1]. - **Polysilicon**: The production schedule in November has decreased [1]. - **Organic Silicon**: There has been a joint production cut [1]. - **Lithium Carbonate**: The traditional peak season for new energy vehicles is approaching, energy - storage demand is strong, and there is supply - side resumption and production increase. But there are concerns about potential weakening of industrial demand in the off - season [1]. Building Materials and Energy - **Rebar**: The industry off - season effect is not obvious, but the industrial structure is still loose. In the short - term macro - vacuum period, the basis is acceptable, and it is advisable to participate in spot - futures positive arbitrage or use option strategies to optimize costs or sales profits [1]. - **Hot - Rolled Coil**: The near - month is restricted by production cuts, but the commodity sentiment is good, and the far - month still has upward opportunities [1]. - **Iron Ore**: The direct demand is okay, and there is cost support, but the supply is high, inventory is accumulating, and the sector is under pressure. The price rebound space is limited [1]. - **Coke and Coking Coal**: From a valuation perspective, this round of decline is close to the end. The coke price at 1630 reflects the expectation of 2 - 3 rounds of price cuts, and coking - coal contracts are also close to key support levels. Further decline requires continuous increase in coking - coal supply. Downstream is expected to start a new round of replenishment around mid - December [1]. - **Glass**: It follows the glass trend, but the supply - demand situation is average, and there is significant upward resistance [1]. - **Soda Ash**: The valuation indicates that this round of decline is close to the end, and the driving force may need more time. Downstream is expected to start replenishment around mid - December [1]. Agricultural Products - **Palm Oil**: High - frequency data shows increased production and reduced exports in the origin, and the near - month pressure is still high. Domestic ship - buying is active, and the basis is expected to be weak. The risk lies in a significant production cut in the origin [1]. - **Soybean and Soybean Oil**: The rumor of "US delaying the implementation of preferential cuts for imported bio - fuel raw materials" has been refuted, which has a positive expected difference for US soybeans and US soybean oil. Under high domestic crushing, the basis may be stable or slightly weak [1]. - **Rapeseed Oil**: The industry is optimistic about the replenishment of Australian rapeseed and imported crude rapeseed oil, and the trend remains unchanged, so it is advisable to wait and see [1]. - **Cotton**: There is a strong expectation of a domestic new - crop harvest, and the purchase price of seed cotton supports the cost of lint cotton. The downstream start - up remains low, but the yarn - mill inventory is not high, with rigid replenishment demand [1]. - **Sugar**: The global sugar supply has shifted from shortage to surplus, and the domestic new - crop supply pressure has increased year - on - year. Zhengzhou sugar futures are expected to be under pressure and follow the raw - sugar price [1]. - **Corn**: Short - term factors such as farmers' reluctance to sell, tight logistics in the Northeast, and low downstream inventory have led to a temporary supply shortage. The selling pressure is postponed, and the market's acceptance of high - price corn is limited before the supply pressure is fully released [1]. - **Soybean Meal**: Short - term attention should be paid to China's purchase of US soybeans. From December to January, the market is expected to gradually shift to trading the pressure of a bumper South American new crop. MO5 is recommended to be shorted on rallies [1]. Pulp and Wood - **Paper Pulp**: The pulp - futures price has risen above the registration - warehouse - receipt cost of most coniferous - pulp delivery products, and the upward space is limited. After new warehouse - receipts are registered, 1 - 3 reverse arbitrage can be considered [1]. - **Log**: The fundamental situation of logs has weakened, but it has been priced in the market. After a sharp decline in the futures price, the profit - loss ratio of short - selling is low, so it is advisable to wait and see [1]. Livestock - **Pig**: Recently, the spot price has gradually stabilized. With demand support and the un - cleared slaughter weight, the production capacity still needs to be further released [1]. Energy and Chemicals - **Crude Oil**: OPEC + plans to continue a small - scale production increase in December, the Russia - Ukraine peace agreement is being promoted, and the US has increased a new round of sanctions against Russia [1]. - **Fuel Oil**: It follows the crude - oil trend in the short - term, the demand for the 14th Five - Year Plan construction rush is likely to be falsified, and the supply of Ma Rui crude oil is sufficient. The asphalt profit is high [1]. - **BR Rubber**: The cost - end support of butadiene is insufficient, the supply of synthetic rubber is loose, and high - start - up and high - inventory have not been the main factors suppressing the price. The short - term price shows signs of stopping the decline [1]. - **PTA**: Gasoline profit and low benzene price support PX. Overseas and some domestic device malfunctions have led to a decline in the load of reforming devices. Domestic large - scale PTA devices are undergoing rotational inspections, and domestic PTA production has decreased [1]. - **Ethylene Glycol**: The crude - oil price decline has led to a fall in the ethylene - glycol price. The increase in coal price has slightly strengthened the cost support of domestic ethylene glycol. The strong expectation of domestic device commissioning suppresses the increase in ethylene - glycol price [1]. - **Short - Fiber**: Gasoline profit and low benzene price support PX. The PTA price has rebounded, and the short - fiber basis has strengthened. The short - fiber price continues to closely follow the cost [1]. - **Styrene**: The Asian benzene price is still weak, and the start - up rates of STDP devices and reforming devices have decreased. The US pure - benzene price has increased by 30 US dollars, and some US devices have reduced their loads [1]. - **Urea**: There is support from anti - involution and the cost end, but the export sentiment has eased, and domestic demand is insufficient [1]. - **PF**: The number of overhauls has decreased, the start - up load is high, the supply pressure is large, and the downstream improvement is limited [1]. - **PP**: The propylene monomer price is high, providing strong cost support. The supply pressure is increasing due to fewer future overhauls and new - capacity release [1]. - **PVC**: The delivery of Guangxi alumina has started, some alumina plants have postponed production, and the delivery rhythm has slowed down. There is a risk of a short squeeze due to low absolute prices and limited near - month warehouse receipts [1]. - **LPG**: The international oil - gas fundamental situation is continuously loose, and the CP/FEI price has weakened. The domestic spot fundamental situation is stable, with price - valuation repair, restarting of combustion demand, and chemical rigid - demand support [1]. Shipping - **Asia - Europe Line**: The macro - positive sentiment has been gradually digested, the peak - season price - increase expectation has been priced in advance, and the shipping - capacity supply in November is relatively loose [1].

投资咨询业务资格:证监许可【2012】31号 | | | | | 聚酯数据日报 | | | --- | --- | --- | --- | --- | --- | | | | 国贸期货研究院 | | 投资咨询号:Z0017251 | 2025/11/24 | | | | 能源化工研究中心 | 陈胜 | | 从业资格号:F3066728 | | | 指标 | 2025/11/20 2025/11/21 | | 变动值 | 行情综述 | | | INE原油(元/桶) | 455. 5 | 447. 4 | -8. 10 | 成交情况: PTA:原油下跌,且PX行情下跌,成本支撑减弱,利空 | | SC | PTA-SC(元/陣) | 1385.8 | 1414. 7 | 28. 86 | PTA行情。PTA去库存,基差走强。 | | | PTA/SC(比价) | 1. 4187 | 1. 4351 | 0. 0165 | | | | CFR中国PX | 833 | 824 | -9 | | | PX | PX-石脑油价差 | 260 | 262 | 2 | | | | PTA主力期价(元/吨) | 4696 | ...

国内白糖工业库存 巴西糖配额外进口利润 2000 ------ 19/20 ------- 20/21 ------ 21/22 ------ 22/23 ------ 22/23 ------- 23/24 - - 24/25 800 C 1500 1000 500 600 0 -500 -1000 400 -1500 -2000 -2500 200 =2017 == 2018 == 2020 2016 · 0 2021 · =2022 == 2023 = =2024 == 2025 10月 11月 12月 1月 2月 4月 5月 6月 7月 9月 3月 8月 柳州-01基差 郑糖1-5月差 500 1000 800 400 600 300 400 200 200 100 0 0 -200 -400 -100 -200 6月21日 7月21日 8月21日 9月21日 10月21日 11月21日 12月21日 5月21日 =SR1801-SR1805 =SR1901-SR1905 =SR2001-SR2005 SR1701-SR1705 = SR2101-SR2105 -- SR2201-SR2205 -- ...

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The spot circulation volume of asphalt in North China and Shandong is relatively low, and the market supply remains at a low level, which supports the price stability; the main refineries in South China and East China focus on digesting their own inventories, which also provides some support for the asphalt price. However, there are still abundant low - price resources in the social inventory, which need time to be digested, and the market is still in a wait - and - see mood. The shipping price in East China is still expected to decline. In the future, the refinery operating rate in Shandong remains low, and the market supply is tight, which supports the regional asphalt price; in the East China market, under the influence of the shipping support policy, the market is in a strong wait - and - see atmosphere with weak purchasing willingness, and the shipping price still has room to decline in the short term [5] 3. Summary by Related Content 3.1 Asphalt Spot Market - In different regions, the current and previous spot prices in East China are 3200 - 3500, in Northeast China are 3020, in South China are 3130, in Northwest China are 3940, and in Shandong are 3030, with a 0% increase in all regions [1] 3.2 Asphalt Futures Market - For asphalt futures, the current values of BU2512, BU2601, and BU2602 are 3013, 3009, and 3024 respectively, with previous values of 3051, 3058, and 3073 respectively, and the corresponding increases are - 1.25%, - 1.60%, and - 1.59% [1] 3.3 External Market News - The London Intercontinental Exchange announced a ban on the delivery of diesel refined from Russian crude oil in third - countries, pushing the ICE diesel crack spread to a more than two - year high and further expanding the spot premium structure. Politico reported that the White House is about to announce a major new peace agreement with Russia to end the three - and - a - half - year Russia - Ukraine conflict, with an expected agreement on the framework by the end of this month or even as early as this week. A Russian diplomat explained that a missile fell on a US military base when a Russian fighter jet was on a mission over Israel due to the inability to replace multiple fighter parts because of sanctions. The Sudanese Energy Ministry's deputy minister said that Sudan has postponed some exports of South Sudan's Dar Blend crude oil due to recent attacks on oil facilities. Axios reported that the US and Russia are coordinating on a potential Ukraine peace initiative [3]

Report Summary 1. Industry Investment Rating - Not mentioned in the report 2. Core View - The China Chemical and Physical Power Sources Industry Association will issue a notice on referring to the lithium iron phosphate cost index and standardizing industry development, suggesting that companies use the industry average cost range disclosed on November 18 as an important reference for pricing and not engage in low - price dumping below the cost line. The association will also regularly disclose the industry average cost range monthly and requires companies to submit operating data regularly [3] - After the lithium carbonate price reached 100,000 yuan, the market focuses on the continuation of the peak demand season and the resumption rhythm of mines in Jiangxi. There was a market correction due to factors such as narrowing de - stocking and mine resumption news. Terminal demand remains strong, but there is a callback demand due to the large number of profit - taking positions. With overseas mines, the market has a negative sentiment. In the short term, lithium carbonate prices face downward pressure and may experience wide - range fluctuations after stabilizing [3] 3. Summary by Related Catalogs 3.1 Lithium Compound and Lithium Ore Prices - SMM battery - grade lithium carbonate average price is 92,300 yuan, up 2,500 yuan; SMM industrial - grade lithium carbonate average price is 89,900 yuan, up 1,000 yuan [1] - Lithium ore prices: lithium spodumene concentrate (CIF China) is 1,089 yuan, down 28 yuan; lithium mica (Li₂O:1.5% - 2.0%) is 1,615 yuan, down 95 yuan; lithium mica (Li₂O:2.0% - 2.5%) is 2,550 yuan, down 150 yuan; phospho - lithium - aluminum stone (Li₂O:6% - 7%) is 8,750 yuan, down 875 yuan; phospho - lithium - aluminum stone (Li₂O:7% - 8%) is 10,100 yuan, down 975 yuan [1][2] 3.2 Lithium Carbonate Futures - Futures contract prices and changes: lithium carbonate 2512 closed at 90,960 yuan, down 8.99%; lithium carbonate 2601 closed at 91,020 yuan, down 9%; lithium carbonate 2602 closed at 91,040 yuan, down 9%; lithium carbonate 2603 closed at 91,160 yuan, down 8.99%; lithium carbonate 2604 closed at 91,880 yuan, down 8.99% [1] 3.3 Cathode Materials - Cathode material average prices and changes: lithium iron phosphate (power type) is 38,985 yuan, up 240 yuan; ternary material 811 (polycrystalline/power type) is 161,650 yuan, up 100 yuan; ternary material 523 (single - crystal/power type) is 143,950 yuan, up 200 yuan; ternary material 613 (single - crystal/power type) is 144,250 yuan, up 200 yuan [2] 3.4 Price Spreads - Price spreads and their changes: the difference between battery - grade and industrial - grade lithium carbonate is 2,400 yuan, with no change; the difference between battery - grade lithium carbonate and the main contract is 1,280 yuan, up 8,960 yuan; the difference between the near - month and the first - continuous contract is - 60 yuan, up 40 yuan; the difference between the near - month and the second - continuous contract is - 80 yuan, up 100 yuan [2] 3.5 Inventory - Total inventory (weekly) is 118,420 tons, down 2,052 tons; smelter inventory (weekly) is 26,104 tons, down 2,166 tons; downstream inventory (weekly) is 44,436 tons, down 4,336 tons; other inventory (weekly) is 47,880 tons, up 4,450 tons; registered warehouse receipts (daily) is 26,848 tons, down 68 tons [2] 3.6 Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 89,670 yuan, and the profit is 1,350 yuan; the cash cost of purchasing lithium mica concentrate externally is 93,596 yuan, and the profit is 4,836 yuan [3] 3.7 Industry News - SMM reported that lithium carbonate production increased by 585 tons and inventory decreased by 2,052 tons this week [3]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Malay palm oil has increasing production and decreasing exports, facing significant short - term pressure, and should be treated bearishly [2] - Rapeseed oil is expected to change the supply shortage situation due to the supply expectations of Australian rapeseed and imported crude rapeseed oil, and there may be a catch - up decline compared to last year's trend [2] 3. Summary by Related Catalogs 3.1 Spot Price - **24 - degree palm oil (2025/11/21)**: Tianjin price is 8,660 (down 200 from 2025/11/20), Zhangjiagang is 8,540 (down 200), Huangpu is 8,470 (down 200) [1] - **First - grade soybean oil (2025/11/21)**: Tianjin price is 8,330 (down 100 from 2025/11/20), Zhangjiagang is 8,470 (down 100), Huangpu is 8,520 (down 100) [1] - **Fourth - grade rapeseed oil (2025/11/21)**: Zhangjiagang price is 10,170 (up 100 from 2025/11/20), Wuhan is 10,220 (up 100), Chengdu is 10,450 (up 100) [1] 3.2 Futures Data - **Bean - palm main contract spread (2025/11/21)**: - 360, up 62 from 2025/11/20 [1] - **Rapeseed - bean main contract spread (2025/11/21)**: 1,626, up 71 from 2025/11/20 [1] - **Palm oil warehouse receipts (2025/11/21)**: 50, down 450 from 2025/11/20 [1] - **Soybean oil warehouse receipts (2025/11/21)**: 24,625, down 2 from 2025/11/20 [1] - **Rapeseed oil warehouse receipts (2025/11/21)**: 4,033, down 98 from 2025/11/20 [1] 3.3 Production and Export - **Malaysian palm oil production**: According to SPPOMA, from November 1 - 20, the yield per unit area increased by 10.32% compared to the same period last month [1] - **Malaysian palm oil export**: According to ITS, from November 1 - 20, exports decreased by 20.5% compared to the same period last month; from November 1 - 15, decreased by 15.5%; from November 1 - 10, decreased by 12.8%. According to AmSpec, from November 1 - 20, exports decreased by 14% compared to the same period last month; from November 1 - 15, decreased by 10%; from November 1 - 10, decreased by 10% [1] 3.4 Inventory - **Domestic palm oil**: As of November 14, the national commercial inventory was 65.32 tons, a week - on - week increase of 9.36%, at a recent high [1] - **Domestic soybean oil**: As of November 14, the national commercial inventory was 114.85 tons, a week - on - week decrease of 0.75% [2] - **Rapeseed oil import**: The import volume in November is expected to be 22.6 tons (a month - on - month increase of 26.3%) due to the concentrated arrival of new - season Russian rapeseed oil [2] 3.5 US Soybean Forecast - The 2025/26 US soybean production forecast is 4.266 billion bushels, the yield per unit area is 53.1 bushels per acre, and the ending inventory is 0.304 billion bushels [1] - The 2025/26 US soybean export forecast is 1.635 billion bushels, a decrease of 50 million bushels from the September forecast, mainly affected by the enhanced export competitiveness of South American soybeans and the slowdown of international procurement rhythm [1]

1. 21日玻璃走低,纯碱震荡。 2. 玻璃方面,近期资金博弈剧烈,价格大幅走弱。基本面上供给整体持 稳。淡季来临,整体终端需求保有韧性,库存并未大幅累积。当前玻璃佔 值并不高。同时煤炭价格偏强,成本有支撑。中期供给过剩格局延续,价 格上行阻力大。 行情分析 3、纯碱更多跟随玻璃,但供需相对一般,价格承压。 刘草 交易策略 缅甸生仔 0000 250 200 8000 60000 100 2000 = 2024 = 2025 本报告中的信息均源于公开可获得的资料,国贸期货力求准确可靠,但不对上述信息的准确性及完整性 任何保证。本报告不构成个人投资建议,也未针对个别投资者特殊的投资目标、财务状况或需要,投资者 需自行判断本报告中的任何意见 或建议是否符合其特定状况,据此投资,责任自负。本报告仅向特定客, 推送,未经国贸期货授权许可,任何引用、转载以及向第三方传播的行为均构成对国贸期货的侵权,我 将视情况追究法律责任。期市有风险,入市需谨慎。〔 ITC国贸期货 世界500F 国贸期货有限公i 流的衍生品综合服务商 | 玻璃纯碱数据目报 | | | | | | | | --- | --- | --- | --- | ...

Section 1: Report Overview - The report, titled "Stock Index Options Data Daily Report", is provided by the Research Institute of Guomao Futures on November 21, 2025, with data sourced from Wind and the institute itself [2][3] Section 2: Market Review Index Performance - The Shanghai Composite Index closed down 0.4% at 3931.05 points, the Shenzhen Component Index fell 0.76%, the ChiNext Index dropped 1.12%, the Beijing Stock Exchange 50 declined 1.07%, the Science and Technology Innovation Board 50 decreased 1.24%, the Wind All A fell 0.66%, the Wind A500 dropped 0.62%, and the CSI A500 declined 0.67%. A - shares traded 1.72 trillion yuan throughout the day, compared to 1.74 trillion yuan the previous day [5] - The Shanghai 50 index had a trading volume of 1009.82 billion, a closing price of 3008.2904, a decline of 0.54, and a turnover of 194.56 billion yuan; the CSI 300 index had a trading volume of 4564.9483 billion, a closing price of 3567.12, a decline of 18.19, and a turnover of 227.54 billion yuan; the CSI 1000 index had a trading volume of 7340.4118 billion, a closing price of 6999.7818, a decline of 44.89, and a turnover of 4150.65 billion yuan [3] CFFEX Stock Index Options Trading | Index | Call Option Volume (10,000 contracts) | Put Option Volume (10,000 contracts) | Volume PCR | Call Option Open Interest (10,000 contracts) | Put Option Open Interest (10,000 contracts) | Open Interest PCR | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | Shanghai 50 | 3.27 | 5.53 | 0.60 | 3.47 | 2.07 | 0.74 | | CSI 300 | 17.28 | 6.54 | 0.61 | 13.10 | 10.24 | 0.78 | | CSI 1000 | 33.92 | 0.78 | 0.89 | 16.23 | 19.11 | 0.89 | [3] Section 3: Volatility Analysis Shanghai 50 Volatility - The historical volatility of the Shanghai 50 index is analyzed through the historical volatility cone, including 10%, 30%, 60%, 90% quantile values, minimum, maximum, and current values. The volatility smile curve shows the next - month at - the - money implied volatility [3][4] CSI 300 Volatility - The historical volatility of the CSI 300 index is presented using the historical volatility cone with various quantile values. The volatility smile curve depicts the next - month at - the - money implied volatility [3][4] CSI 1000 Volatility - The historical volatility of the CSI 1000 index is analyzed via the historical volatility cone, and the volatility smile curve shows the next - month at - the - money implied volatility [3][4]