金信期货日刊-20251121

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The egg futures 2601 contract is expected to show a pattern of "short - term oscillating upward, medium - term depending on capacity reduction". Short - term prices may fluctuate within a range, and attention should be paid to inventory data and the impact of cooling on consumption. In the medium - to - long term, if the breeding end accelerates the elimination of old chickens, short - term long positions with light positions can be considered [3][4]. - The A - share market is expected to continue to oscillate at a low level [7]. - Gold is approaching an important resistance level after a rebound, and it is expected to oscillate for some time [12]. - Iron ore is in a bottom - seeking stage with weak domestic demand support. It should be treated as a wide - range oscillation, with high - selling and low - buying strategies [14][15]. - Glass has broken down and shows no sign of stabilization, so it should be regarded as oscillating downward [17][18]. - For methanol, short - term short and long - term long opportunities should be grasped, as the port inventory has decreased [20]. - Pulp futures show an oscillating downward trend recently, with abundant supply and weak social demand [23]. 3. Summary by Related Catalogs Egg Futures - On November 20, the egg futures 2601 contract oscillated upward, closing up 2.05% at 3240 yuan, ending the previous continuous decline. The rise was supported by short - term sentiment repair and festival expectations. However, in the medium - to - long term, the supply - demand contradiction has not been fundamentally alleviated. The inventory of laying hens is still above 1.3 billion, and new production capacity will be released in the next three months. The demand is affected by the low prices of alternative proteins [3]. A - share Market - The three major A - share indexes opened higher and closed lower, with the Shanghai Composite Index showing a mid - yang line. The market is expected to continue to oscillate at a low level. There are news such as the integration of Central Huijin - affiliated securities firms and the Fed's meeting minutes [7][8]. Gold - After a rebound, gold is approaching an important resistance level, and the oscillation will intensify. It is expected to oscillate for some time [12]. Iron Ore - With the commissioning of the Simandou project, the expectation of supply relaxation is further fermented. The terminal demand is weak except for exports, and the real estate and infrastructure are still in the bottom - seeking stage. Technically, it is in a wide - range oscillation [14][15]. Glass - The daily melting change is small, and the inventory has increased again this week. The main drivers are the policy - side stimulus and anti - involution policies for supply - side clearance. Technically, it has broken down and shows no sign of stabilization [17][18]. Methanol - As of November 19, 2025, the total inventory of methanol ports in China was 1.4793 million tons, a decrease of 64,300 tons from the previous period. Both the East and South China regions have seen inventory reduction. The overall downstream demand is stable. Short - term short and long - term long opportunities should be grasped [20]. Pulp - The import volume of pulp decreased in October, and the domestic port inventory is in a de - stocking trend. However, the supply is still abundant. The downstream cultural paper has started sporadic publishing tenders, but the social demand is weak, and the paper mill's gross profit continues to decline. The futures market shows an oscillating downward trend [23].