中国期货每日简报-20251107

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - On November 6, equity indices rose while most CGB futures fell. Most commodities rose, with coking coal and coke leading the gains [10][13]. - China conducts license reviews for rare earths and related items in accordance with laws and regulations, and actively applies facilitation measures such as general licenses to promote compliant trade of items under export control [39][40]. - The Chinese Government attaches great importance to and is actively advancing work related to its accession to CPTPP [39][40]. 3. Summary by Directory 3.1 China Futures 3.1.1 Overview - On November 6, equity indices rose while most CGB futures fell. Most commodities rose, with coking coal and coke leading the gains [10][13]. - The top three gainers in China's commodity futures are paraxylene, coking coal, and PTA, while the top three decliners are SCFIS(Europe), bitumen, and propylene [11][12]. - In China's financial futures, equity indices rose, with IC increasing by 1.7%, and most CGB futures fell, among which TL fell by 0.3% while TS rose slightly [13]. 3.1.2 Daily Raise - Coking Coal: On November 6, coking coal increased by 2.4% to 1290.5 yuan/ton. In the short term, the fundamentals remain sound, and it is expected to fluctuate. Attention should be paid to winter stockpiling and inventory replenishment in the industrial chain. Supply is at a low level due to disturbances, and downstream coking enterprises still have enthusiasm for inventory replenishment [18][21]. - Coke: On November 6, coke increased by 2.1% to 1776.5 yuan/ton. After three rounds of price increases, steel mills are under significant profit pressure, and expectations for a fourth round of increases are currently low. However, coke costs provide strong support, and the overall supply and demand remain healthy [26][30]. - TSR 20: On November 6, TSR 20 increased by 2.1% to 12130 yuan/ton. The price may maintain a trend of oscillating at the bottom with high elasticity. Recent market trends are mainly driven by macro factors, and 11 - month import pressure may be relatively significant [33][36]. 3.2 China News 3.2.1 Macro News - China conducts license reviews for rare earths and related items in accordance with laws and regulations, and actively applies facilitation measures such as general licenses to promote compliant trade of items under export control [39][40]. - On November 5, MOFCOM hosted a roundtable meeting with foreign - funded enterprises in Shanghai, and relevant officials provided policy interpretations [39]. - The Chinese Government attaches great importance to and is actively advancing work related to its accession to CPTPP [39][40]. - King Maha Vajiralongkorn of Thailand will pay a state visit to China from November 13 to 17, which is the first visit to China by a Thai king since the establishment of diplomatic relations between China and Thailand [39][40].