中国期货每日简报-20251127

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On November 26, 2025, equity index futures showed mixed performance, CGB futures declined, and commodity futures displayed divergence with the energy and chemical sectors leading the declines [2][4][11]. - China issued the "Implementation Plan on Enhancing the Adaptability Between Supply and Demand of Consumer Goods to Further Promote Consumption" [1][3][35]. - The Guangzhou Futures Exchange announced the listing benchmark prices for platinum and palladium futures contracts, which will be listed for trading on November 27, 2025 [37][38][39]. 3. Summary by Directory 3.1 China Futures 3.1.1 Overview - Financial futures: IH rose by 0.14%, IM rose by 0.42%, TL fell by 0.86% [11][14]. - Commodity futures: The top three gainers were Peanut Kernel (up 4.0% with open interest increasing by 19.6% MoM), Polysilicon (up 2.9% with open interest increasing by 10.8% MoM), and Glass (up 1.9% with open interest decreasing by 2.4% MoM). The top three decliners were SCFIS (Europe) (down 7.6% with open interest decreasing by 8.7% MoM), PP (down 1.4% with open interest decreasing by 3.2% MoM), and Coke (down 1.3% with open interest increasing by 2.2% MoM) [12][13][14]. 3.1.2 Daily Raise - Glass: On November 26, it rose 1.9% to 1,037 yuan/ton. In a neutral macro environment, supply may see month - on - month output decline due to year - end cold repair expectations, while demand is weak. The futures price, at a premium to Hubei's spot with high valuation, factors in future cold repair hopes [17][18][19]. 3.1.3 Daily Drop - Coking Coal: On November 26, it fell 1.1% to 1084.5 yuan/ton. Central safety inspections had limited impact on supply, and imports from Mongolia will supplement domestic supply. Coke output fell month - on - month, and mid - downstream procurement slowed. Market sentiment cooled sharply [23][24][25]. - Coke: On November 26, it fell 1.3% to 1619 yuan/ton. Supply increased slightly as four rounds of price hikes were implemented, raw coal prices fell, and environmental restrictions were lifted. Demand was weak as steel mills' profits were pressured, and off - season maintenance increased. Inventory at coking enterprises increased slightly but remained low [30][31][32]. 3.2 China News 3.2.1 Macro News - The Ministry of Industry and Information Technology, National Development and Reform Commission, Ministry of Commerce, Ministry of Culture and Tourism, People's Bank of China, and State Administration for Market Regulation issued the "Implementation Plan on Enhancing the Adaptability Between Supply and Demand of Consumer Goods to Further Promote Consumption" [35][36]. 3.2.2 Industry News - The Guangzhou Futures Exchange announced that Platinum Futures and Palladium Futures will be listed for trading on November 27, 2025, with specific listing benchmark prices for each contract [37][38][39].