中国期货每日简报-20251128

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - On November 27, 2025, equity index futures declined while CGB Futures traded sideways; precious metals performed strongly, and the energy and chemical sectors remained weak [2][9][11] - Gold and silver prices are likely to hit the upper limit of the range again if a December rate cut is confirmed and the expectation of Hassett as Fed chair is further consolidated, with silver showing higher elasticity. Short - term, maintain a range - bound bullish bias [16][17] - The resilience of tin's supply - demand fundamentals is pushing the central level of tin prices higher [23][24] 3. Summaries by Directory 3.1 China Futures 3.1.1 Overview - Financial futures: IH fell by 0.11%, IM fell by 0.11%, TL fell by 0.01% [9] - Commodity futures: The top three gainers are Platinum (up 6.2%), Silver (up 3.4% with open interest increasing by 11.1% MoM), and Tin (up 2.1% with open interest increasing by 22.6% MoM). The top three decliners are Lithium Carbonate (down 1.7% with open interest increasing by 6.2% MoM), Bitumen (down 1.4% with open interest increasing by 1.4% MoM), and Polyester Staple Fiber (down 1.2% with open interest decreasing by 3.4% MoM) [10][11][12] 3.1.2 Daily Raise - Gold & Silver: On November 27, Gold rose 0.1% to 947.16 yuan/g, Silver rose 3.4% to 12525 yuan/kg. Gold's rise was driven by a weaker USD, rising odds of a December 25bp rate cut, and forward pricing of the "Hassett Fed" framework. Year - to - date, gold/silver surged over 55%/nearly 80% [15][16][17] - Tin: On November 27, Tin rose 2.1% to 302200 yuan/ton. Supply remains tight due to slow resumption in Wa State, reduced exports from Indonesia, and unstable production in Africa. Demand is growing due to the rate - cut cycle in the US and Europe, growth in the semiconductor industry, and inventory restocking [22][23][24] 3.2 China News 3.2.1 Macro News - The US will extend the exemptions from tariffs imposed over issues related to technology transfer and intellectual property rights with China until November 10, 2026 [27] - The NDRC held a symposium on unordered price competition cost identification on Nov 24 to formulate cost identification standards and curb such practices [27] 3.2.2 Industry News - GFE launched Platinum and Palladium Futures/Options on Nov 27, with a combined turnover of 42.28 billion CNY (Platinum: 29.231 billion CNY; Palladium: 13.049 billion CNY) [28]