Report Information - Report Name: Information Morning Report - Release Date: November 21, 2025 Industry Investment Rating No industry investment rating information is provided in the report. Core Viewpoints The report presents a comprehensive overview of the overnight market trends, important macro - economic news, and the performance of various financial markets including futures, stocks, bonds, and foreign exchange. It also provides information on upcoming economic data releases and events. Summary by Category Overnight Market Trends - Energy Futures: US WTI crude oil was at $58.76 per barrel, Brent crude futures fell 0.63% to $63.11 per barrel [4]. - Precious Metals: COMEX gold futures dropped 0.15% to $4076.7 per ounce, COMEX silver futures declined 0.98% to $50.355 per ounce [5]. - Base Metals: LME nickel, copper, and lead fell, while zinc, tin, and aluminum rose [5]. - Domestic Futures: Fuel oil, asphalt, rubber, and 20 - number rubber rose, while pulp, palm oil, and glass fell [6]. Important Information Macroeconomic News - Monetary Policy: China's central bank kept the one - year and five - year LPR unchanged at 3% and 3.5% respectively for six consecutive months [9]. - Gold Exchange: Shanghai Gold Exchange warned of market instability and asked members to take risk - control measures [9]. - Trade and Economy: China is implementing the consensus of the China - US Kuala Lumpur economic and trade consultations. The source of the global semiconductor supply chain chaos is in the Netherlands [9][12]. - Stock Market Policy: The CSRC will strengthen system construction, risk prevention, and investor protection [10]. - Interest Rate Expectations: Morgan Stanley no longer expects a Fed rate cut in December, now forecasting three cuts in January, April, and June next year [10]. - International Politics: Ukraine's President Zelensky agreed to work on a peace plan, and Iran's military raised its combat readiness [12][13]. Energy and Chemical Futures - Soda Ash: Total domestic soda ash inventory decreased by 3.68% to 164.44 million tons as of November 20 [14]. - Pulp: China's pulp port inventory rose 3.0% to 217.3 million tons [16]. - Methanol: East China port methanol inventory decreased by 1.57 million tons, and China's methanol production increased [17][18]. - Fuel Oil and Distillates: Singapore's fuel oil inventory dropped, while middle and light distillate inventories rose [17]. - Float Glass: National float glass inventory increased slightly, production hit a four - month low, and production profits declined [17][18]. Metal Futures - Alumina and Aluminum: Alumina inventory increased, and global and Chinese aluminum production data were reported [22]. - Other Metals: There were supply - demand imbalances in refined lead, nickel, and copper. China's imports of lithium carbonate and alumina changed [22]. - Lithium Price: BMI expects higher average prices for lithium carbonate and hydroxide in China in 2025 [23]. - Futures Policy: The Guangzhou Futures Exchange adjusted trading fees for lithium carbonate futures [23][24]. Agricultural Futures - Pork: The central reserve of frozen pork will have an auction of 6500 tons [28]. - Palm Oil: Malaysian palm oil exports decreased, and China's palm oil import costs rose [29][30][32]. - Soybeans and Wheat: US private exporters reported sales of soybeans and wheat to China [33]. - Sugarcane: Thailand expects its 2025/26 sugarcane crushing volume to exceed 93 million tons [34]. - Tariffs: Trump modified tariffs on some Brazilian agricultural products [34]. Financial Markets Stocks - A - shares: The Shanghai Composite Index fell 0.4%, with solid - state battery and photovoltaic concept stocks dropping, and banks rising [36]. - Hong Kong Stocks: The Hang Seng Index rose 0.02%, while the Hang Seng Tech Index fell 0.58% [38]. - IPO: Moore Threads' IPO price was set at 114.28 yuan per share [39]. - Corporate News: NetEase's Q3 net income increased 8.2% [40]. Industries - Digital Economy: Guangdong aims to have the digital economy core industry's added - value account for over 16% of GDP by 2027 [41]. - Battery Industry: The battery industry is promoting anti - cut - throat competition [43]. - Semiconductor: China's chip design industry is expected to grow 29.4% in 2025 [43]. - Salt Lake: Qinghai will strengthen salt lake resource management [43]. - Mobile Phones: China's mobile phone shipments in September increased 10.1% year - on - year [44]. Overseas Markets - US Economy: US September non - farm payrolls increased, but unemployment rose. The probability of a Fed rate cut in December is low [45]. - US Policy: Trump may delay semiconductor tariffs and will launch an AI plan [45]. - US Real Estate: US existing home sales in October increased 1.2% [46]. International Stock Markets - US Stocks: The three major US stock indexes fell, with Cisco and Boeing leading the decline [48]. - European Stocks: European stock indexes rose, driven by risk sentiment and corporate profit expectations [48]. - Investment Advice: It's not a good time to short large - cap tech stocks, and the S&P 500 is expected to rise [48][49]. - Stock Exchange: Singapore and Nasdaq will launch a "Global Listing Board" in mid - 2026 [49]. - Corporate Earnings: Walmart's Q3 revenue increased, and it will move its listing to Nasdaq [49]. Commodities - Lithium Carbonate: The Guangzhou Futures Exchange adjusted trading fees for lithium carbonate futures [51]. - Precious Metals: International precious metals futures fell due to a stronger dollar and reduced rate - cut expectations [52]. - Oil Warning: Saudi Aramco warned of future oil supply shortages [52]. Bonds - Domestic Bonds: The domestic bond market was volatile, and the central bank conducted 300 billion yuan of reverse repurchases [54]. - Central Bank Bills: The central bank will issue 45 billion yuan of central bank bills in Hong Kong on November 24 [54]. - US Bonds: US Treasury yields fell across the board [54]. Foreign Exchange - Renminbi: The on - shore RMB against the US dollar fell, and the RMB's global payment ranking was sixth in October [55][56]. - Dollar Index: The dollar index rose, and most non - US currencies fell [56]. - Yen: The yen against the dollar reached its weakest level since January, and the Japanese government expressed concern [58]. Upcoming Economic Data and Events - Economic Data: A series of economic data such as Japan's CPI, UK's retail sales, and US PMI are to be released [60]. - Events: Fed, ECB, and other central bank officials will make speeches, and there are important conferences and exhibitions [62].
冠通期货资讯早间报-20251121
Guan Tong Qi Huo·2025-11-21 03:03