业务咨询 瑞达期货研究院 「2025.11.21」 铁矿石市场周报 到港+港口库存减少 铁矿期价震荡偏强 研究员：蔡跃辉 添加客服 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 关 注 我 们 获 取 更 多 资 讯 目录 目录 1、周度要点小结 2、期现市场 3、产业情况 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场 「周度要点小结1」 行情回顾 447.4万吨。澳洲巴西铁矿发运总量2908.7万吨，环比增加360.1万吨。 3 来源：瑞达期货研究院 1. 价格：截至11月21日收盘，铁矿主力合约期价为785.5（+13）元/吨，青岛港麦克粉844（+6）元/干吨。 2. 发运：全球铁矿石发运总量环比+447.4万吨。2025年11月10日-11月16日Mysteel全球铁矿石发运总量3516.4万吨，环比增加 3. 到港：本期47港到港量-399.4万吨。2025年11月10日-11月16日中国47港到港总量2369.9万吨，环比减少399.4万吨；中国45港 到港总量2268.9万吨，环比减少472.3万吨；北方六港到港总量1041.3万吨，环比减少484.5万吨 ...

研究员：蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 取 更 多 资 讯 瑞达期货研究院 「2025.11.21」 螺纹钢市场周报 市场情绪低迷 螺纹期价冲高回落 「周度要点小结1」 行情回顾 3 来源：瑞达期货研究院 1. 价格及价差：截至11月21日收盘，螺纹主力合约期价3057（+4），杭州螺纹中天现货价格3250（+10）。（单 位：元/吨/周） 2. 产量：螺纹产量上调。207.96（+7.96），同比（-25.86）。（单位：万吨） 3. 需求：表观需求回升。本期表需230.79（+14.42），（同比-3.41）。（单位：万吨） 4. 库存：厂库和社库继续下滑。螺纹钢总库存553.34（-22.83），（同比+108.23）。（单位：万吨） 5. 盈利率：钢厂盈利率37.66%，环比上周减少1.30个百分点，同比去年减少16.89个百分点。 业务咨询 添加客服 关 注 我 们 获 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场 「 周度要点小结2」 行情展望 4 来源：瑞达期货研究院 1. 宏观方面：海外，（1）美联储公布10月28日至29日的 ...

该行预期，建设银行2026年净息差收窄幅度将收窄，压力主要集中在第一季度贷款重定价时期。约六成 按揭贷款将于2026年1月1日重定价，管理层认为2026年净利息收入有望转为正增长，这将支持收入增 长。该行表示，经定期重估物业价格后，按揭贷款的贷款价值比率超过40%，对目前按揭贷款的信贷质 素感到满意。管理层表示，对目前的不良贷款覆盖率感到满意，并愿意在收入趋于稳定的情况下，逐步 释放拨备以支持利润。 智通财经APP获悉，摩根士丹利发布研报称，建设银行(00939)管理层表示，消费贷款、按揭及大型企业 贷款的收益率正趋于稳定，若2026年贷款市场报价利率(LPR)没有大幅下调，收益率可望维持稳定。大 摩维持建行"增持"评级，目标价9.5港元。 ...

11月20日，中国人民银行授权全国银行间同业拆借中心公布，2025年10月20日贷款市场报价利率(LPR) 为：1年期LPR为3.0%，5年期以上LPR为3.5%。以上LPR在下一次发布LPR之前有效。 ...

北京商报讯(记者 廖蒙) 11月20日，中国人民银行授权全国银行间同业拆借中心公布，2025年11月20日 贷款市场报价利率（LPR）为：1年期LPR为3.0%，5年期以上LPR为3.5%。两大报价均与前值保持一 致，以上LPR在下一次发布LPR之前有效。这也是两大LPR品种报价连续6个月保持不变。 ...

中国央行将一年期和五年期贷款市场报价利率（LPR）分别维持在3%和3.5%不变，为连续六个月保持不变。 ...

Group 1: Monetary Supply - As of the end of October, the broad money supply (M2) reached 335.13 trillion yuan, reflecting a year-on-year growth of 8.2% [1] - The narrow money supply (M1) stood at 112 trillion yuan, with a year-on-year increase of 6.2% [1] - The currency in circulation (M0) amounted to 13.55 trillion yuan, showing a year-on-year growth of 10.6% [1] Group 2: Social Financing - The cumulative increase in social financing for the first ten months was 30.9 trillion yuan, exceeding the previous year's figure by 3.83 trillion yuan [2] - The increase in RMB loans to the real economy was 14.52 trillion yuan, which is a decrease of 1.16 trillion yuan compared to the same period last year [2] - Net financing through corporate bonds reached 1.82 trillion yuan, up by 1.36 trillion yuan year-on-year [2] Group 3: Loan and Deposit Growth - The total RMB loans increased by 14.97 trillion yuan in the first ten months, with household loans rising by 739.6 billion yuan and corporate loans increasing by 13.79 trillion yuan [4] - RMB deposits grew by 23.32 trillion yuan in the first ten months, with household deposits increasing by 11.39 trillion yuan [5] - The total balance of RMB loans was 270.61 trillion yuan, reflecting a year-on-year growth of 6.5% [4] Group 4: Interest Rates - The weighted average interbank lending rate in October was 1.39%, down by 0.2 percentage points from the same period last year [6] - The one-year loan market quoted interest rate was 3.00%, and the rate for loans over five years was 3.50%, both lower by 0.1 percentage points compared to the end of last year [7] Group 5: Exchange Rates - The CFETS RMB exchange rate index was 97.61, a decrease of 3.8% compared to the end of last year [8] - The RMB appreciated by 1.42% against the US dollar, while it depreciated by 8.38% against the euro [8]

Group 1 - The US dollar index showed a slight rebound, maintaining a range-bound movement around 98.50 [1] - The British pound to US dollar exchange rate declined, currently trading at approximately 1.3385 [1] - The euro to Japanese yen exchange rate recently broke the 176.00 mark, currently reported at 176.01, with a daily increase of 0.31% [1] - The US dollar to Japanese yen exchange rate also surpassed the 151.00 level, currently at 151.01, with a daily increase of 0.19% [1] Group 2 - China's GDP grew by 5.2% year-on-year in the first three quarters [2] - The Ministry of Finance decided to conduct market support operations for government bonds in October 2025 [2] - The new loan market quotation rate (LPR) remained unchanged, with both the one-year and five-year LPR staying the same [2] - The US identified rare earths, fentanyl, and soybeans as key issues in US-China trade negotiations, to which the Chinese Foreign Ministry responded [2] - In September, new residential sales prices in first-tier cities decreased by 0.3% month-on-month [2] - The Dalian Commodity Exchange plans to expand the range of tradable products for qualified foreign institutional investors and renminbi qualified foreign institutional investors [2] Group 3 - The US dollar index strengthened for the third consecutive day, trading around 98.75, close to the daily high of 98.85 [3] - The euro to US dollar pair is targeting the October peak of 1.1778, supported by the high of 1.1918 from September [3] - The British pound to US dollar pair has broken above the 100-period simple moving average, indicating bullish momentum [3] - The US dollar to Japanese yen pair's recent low was 150.47, with key support levels identified [3] Group 4 - Key economic data to watch includes Switzerland's September trade balance and Canada's September CPI [4] - Japan is set to hold a prime ministerial election [4] - The US is expected to announce significant tariff measures against Colombia [4] - The Federal Reserve will hold a payment innovation meeting [4]

Group 1: Monetary Policy and LPR - The People's Bank of China (PBOC) has kept the Loan Prime Rate (LPR) unchanged at 3% for 1-year and 3.5% for over 5 years for five consecutive months [1] - The stability in LPR is attributed to several factors, including the historical low net interest margin of commercial banks, lack of tight funding conditions, and the need to avoid widening the interest rate differential with the US [1][2] - The PBOC's approach to LPR adjustments is strategic, focusing on actual market demand rather than blindly lowering rates to stimulate financing [2] Group 2: Company Performance - CATL reported a net profit of 18.55 billion yuan for Q3 2025, a year-on-year increase of 41.21%, with a total net profit of 49 billion yuan for the first three quarters, up 36.2% [4] - The performance of CATL is seen as exceeding expectations, providing support for its stock price despite concerns about high valuations [4] - CATL's growth rate remains robust, suggesting strong operational performance akin to that of a younger company, contributing to its stock price doubling since its Hong Kong listing [4] Group 3: Consumer Electronics - iPhone 17 standard version sales have surged, nearly doubling those of the iPhone 16, attributed to improved specifications without a price increase [4] - The strong sales reflect the market's positive response to Apple's ecosystem and product quality, reinforcing confidence in Apple's future growth and its supply chain [5]

Core Viewpoint - The People's Bank of China has announced that the Loan Prime Rate (LPR) for one year remains at 3.0% and for five years or more at 3.5%, unchanged from the previous period [1] Group 1 - The one-year LPR is set at 3.0% [1] - The five-year LPR is set at 3.5% [1] - Both rates have remained stable compared to the last announcement [1]