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].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The log futures market is currently in a low - level oscillation. Last week, spot prices declined. The supply side has seen a continuous increase in arrivals, leading to inventory accumulation and significant market pressure. Demand remains resilient. The futures valuation is relatively low, and the significant inversion between domestic and foreign prices provides some support from import costs. Overall, in a weak fundamental situation, the log futures market is expected to operate weakly [3]. 3. Summary by Relevant Catalogs Futures and Spot Prices - **Futures Prices**: On November 26, the price of log 2601 was 765.0, up 0.5 (0.07%) from the previous day; log 2603 was 776.0, down 1.0 (-0.13%); log 2605 was 791.0, down 1.0 (-0.13%). The 01 - 03 spread was - 11.0, up 1.5; the 01 - 05 spread was - 26.0, up 1.5; the 03 - contract basis was - 26.0, up 1.0; the 01 - contract basis was - 15.0, down 0.5 [2]. - **Spot Prices**: Most spot prices remained stable, except for the 4A small - radiation pine in Taicang Port, which decreased by 10 (-1.43%) to 690 [2]. - **External Quotes**: The CFR prices of 4 - meter medium - A radiation pine and 11.8 - meter spruce remained unchanged on November 28 compared to November 21 [2]. - **Import Cost**: The RMB - US dollar exchange rate on November 26 was 7.077, down 0.02 from the previous day. The import theoretical cost was 807.03, down 1.88 [2]. Supply - **Monthly Supply**: In October, the port freight volume was 201.3 million cubic meters, up 24.7 (13.99%) from September. The number of departing ships from New Zealand to China, Japan, and South Korea was 54, up 8 (17.39%) [2]. Inventory - **Main Port Inventory**: As of November 21, the total inventory in Shandong was 303.0 million cubic meters, up 8.0 (5.68%) from November 14; in Jiangsu, it was 83.18 million cubic meters, down 0.5 (-0.57%) [2][3]. Demand - **Daily Average Out - bound Volume**: As of November 21, the daily average out - bound volume in China was 6.44 million cubic meters, down 0.12 (-2%); in Shandong, it was 3.59 million cubic meters, down 0.08 (-2%); in Jiangsu, it was 2.36 million cubic meters, down 0.08 (-3%) [3]. Forecast of Arrivals - From November 24 - 30, 2025, the number of expected arriving ships of New Zealand logs at 13 Chinese ports was 6, a week - on - week decrease of 7 (54%); the total arriving volume was about 21.7 million cubic meters, a week - on - week decrease of 20.1 million cubic meters (48%) [3].

Report Information - Report Name: Soda Ash and Glass Daily Report [1] - Date: November 27, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Industry Investment Rating - Not provided Core Viewpoints - Soda ash continues its weak pattern of supply - demand imbalance. In the short - term, it will experience bottom - grinding oscillations, and in the medium - to - long - term, it may be treated with a strategy of shorting on rebounds [8] - The current glass price has limited room to decline further. The mid - term market direction is still dominated by fundamentals. Without new market expectations, the downward trend of the market is difficult to reverse [9] Summary by Section 1. Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - On November 26, the main soda ash futures contract SA601 oscillated at a low level. The closing price was 1,175 yuan/ton, remaining unchanged from the previous day, with a daily reduction of 27,403 lots in positions [7] - Soda ash maintains a weak supply - demand imbalance. Although weekly production and operating rates have declined, the absolute output remains high. Downstream float glass has a weak supply - demand situation, and the terminal real estate and photovoltaic demand show no significant improvement. Cost supports prices, but high inventory restricts price increases [8] Glass - On the fundamental side, the spot performance is lower than market expectations. The impact of the concentrated production suspension in Shahe is less than expected. Supply is stable, inventory remains high after the holiday, and demand from the real estate market is weak. However, as industry profits decline, cold - repairs are accelerating. If 5,000 tons of production lines are cold - repaired by the end of the year, inventory can be reduced, and a new supply - demand balance can be achieved. The glass price is currently undervalued, with limited room for further decline [9] 2. Data Overview - The report presents various data charts, including the price trends of soda ash and glass active contracts, soda ash weekly production, soda ash enterprise inventory, central China heavy soda market price, and flat glass production [13][17][18]

Group 1 - The launch of platinum and palladium futures contracts on the Guangzhou Futures Exchange marks a significant milestone for China's futures market, providing essential risk management tools for the industry [1] - The introduction of these futures contracts addresses the gap in risk management tools for platinum and palladium in the domestic market, offering transparent price references and hedging options for enterprises [1] - The first day of trading saw Zhejiang Merchants Futures successfully execute the first OTC option transaction for platinum, enhancing the risk management toolbox for companies [1] Group 2 - Shenzhen Haiguan Cultural Development Co., Ltd. focuses on the entire supply chain of precious metals, including research, design, production, and sales, with an annual trade volume of approximately 300 to 400 million RMB [2] - The company has been facing significant profit volatility due to price fluctuations in platinum and has been anticipating the launch of corresponding futures products to mitigate this risk [2] - The company aims to become a comprehensive service provider in the precious metals and jewelry industry, with a focus on customer needs across various segments [2] Group 3 - Prior to the launch of platinum and palladium futures, Zhejiang Merchants Futures identified the need for companies to lock in platinum procurement costs to avoid risks associated with price surges [3] - The designed strategy involves purchasing call options for platinum, allowing companies to secure the right to buy at a predetermined price while minimizing potential losses [3] - This strategy provides a "price insurance" function, enabling companies to hedge against price increases while retaining the opportunity to benefit from price decreases [3] Group 4 - The listing of platinum and palladium futures is a crucial step in supporting the modernization of the industrial system in China and contributes to the global precious metals market [4] - As the futures market matures, its functionalities will deepen, and Zhejiang Merchants Futures plans to continue developing customized solutions to empower the real economy [4] - The company aims to support China's manufacturing sector in maintaining a competitive edge globally through precise services [4]

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views of the Reports Industrial Silicon - Prices are expected to remain in a low - level oscillation range of 8,500 - 9,500 yuan/ton in November, with both supply and demand decreasing, but supply reduction being larger. However, due to a large supply base and the supplement of spot market supply from warehouse receipt cancellation, there is still expected to be inventory accumulation pressure [1]. Polysilicon - It is expected to maintain a high - level range oscillation, with a reverse market structure remaining. The trading strategy suggests trying long positions around 50,000 for futures, holding or taking profit on sell put options for options, and considering buying straddles if volatility decreases [2]. Tin - With a bullish view on tin prices in the short - term, as the fundamentals are relatively strong. It is recommended to hold previous long positions and pay attention to macro - end changes and the recovery of Myanmar's supply [4]. Aluminum - Alumina is expected to maintain a bottom - level oscillation, with the main contract operating in the range of 2,700 - 2,850 yuan/ton. Whether the market can rebound depends on the actual production reduction scale of existing enterprises and the inventory inflection point. - Electrolytic aluminum is expected to maintain a high - level oscillation, with the Shanghai aluminum main contract operating in the range of 21,100 - 21,700 yuan/ton. Attention should be paid to overseas monetary policy trends and domestic inventory destocking rhythm [6]. Zinc - Zinc prices are likely to oscillate, with the main contract referring to the range of 22,200 - 22,800 yuan/ton. Although the previous supply pressure has eased, the fundamentals do not provide strong upward momentum [7]. Copper - In the medium - to - long - term, the supply - demand contradiction supports the upward shift of the bottom center of copper prices. The main contract is expected to operate in the range of 85,500 - 87,500 yuan/ton, and attention should be paid to overseas interest - rate cut expectations and other macro - drivers [8]. Nickel - The market may oscillate and repair, but the medium - term supply surplus still restricts the upward space of prices. The main contract is expected to operate in the range of 116,000 - 120,000 yuan/ton. Attention should be paid to macro - expectations and Indonesian industrial policy news [9]. Aluminum Alloy - The price of ADC12 is expected to maintain an oscillating pattern in the short - term, with the main contract operating in the range of 20,300 - 20,900 yuan/ton. Attention should be paid to the improvement of scrap aluminum supply and downstream procurement rhythm [11]. Stainless Steel - It is expected to oscillate, with the main contract operating in the range of 12,300 - 12,700 yuan/ton. Although there is some room for price repair at a low valuation, the driving force is limited. Attention should be paid to steel mill production reduction and nickel - iron prices [13]. Lithium Carbonate - The market is expected to oscillate and adjust in the short - term, with the main contract operating in the range of 90,000 - 95,000 yuan/ton. Although the market shows resilience around 90,000, there is limited new driving force [15]. 3. Summaries According to Related Catalogs Industrial Silicon Spot Prices and Basis - The spot prices of various industrial silicon products remained stable on November 25 compared to November 24, with the basis of some products showing a decline [1]. Monthly Spreads - The monthly spreads of industrial silicon contracts remained unchanged on November 25 compared to November 24 [1]. Fundamental Data (Monthly) - National industrial silicon production increased by 7.46% month - on - month, with Xinjiang's production increasing significantly, while Yunnan and Sichuan's production decreased. The production of polysilicon increased by 3.08%, while the production of organic silicon DMC and regenerative aluminum alloy decreased. The export volume of industrial silicon decreased significantly by 35.82% [1]. Inventory Changes - Xinjiang's factory inventory and social inventory increased slightly, while the warehouse receipt inventory decreased [1]. Polysilicon Spot Prices and Basis - Polysilicon spot prices were stable, while battery cell prices declined, and the prices of mid - stream silicon wafers and battery cells were weak [2]. Futures Prices and Monthly Spreads - Polysilicon futures oscillated upward, with the main contract rising to 54,730 yuan/ton. The spread structure showed a reverse market structure [2]. Fundamental Data - Weekly silicon wafer production decreased by 2.59%, while monthly polysilicon production increased by 3.08%. The import and export volumes of polysilicon and silicon wafers also showed certain changes [2]. Tin Spot Prices and Basis - The prices of SMM 1 tin and Yangtze River 1 tin increased by 0.58% on November 26 compared to the previous day, and the LME 0 - 3 spread increased by 19.15% [4]. Monthly Spreads - Some monthly spreads of tin contracts changed significantly, such as the 2601 - 2602 spread increasing by 107.14% [4]. Fundamental Data (Monthly) - In October, tin ore imports increased by 33.49%, SMM refined tin production increased by 53.09%, while refined tin imports decreased by 58.55% and exports decreased by 15.33% [4]. Inventory Changes - SHEF inventory decreased slightly, while social inventory increased [4]. Aluminum Price and Spreads - The prices of SMM A00 aluminum and Yangtze River A00 aluminum increased slightly on November 26, and the spreads also changed [6]. Fundamental Data - In October, alumina and electrolytic aluminum production increased, while electrolytic aluminum exports decreased. The operating rates of some aluminum - related industries also showed certain changes [6]. Inventory Changes - China's electrolytic aluminum social inventory decreased, and LME inventory also decreased slightly [6]. Zinc Price and Spreads - The prices of SMM 0 zinc ingot increased slightly on November 26, and the spreads also changed [7]. Fundamental Data - In October, refined zinc production increased by 2.85%, imports decreased by 16.94%, and exports increased by 243.79% [7]. Inventory Changes - China's zinc ingot seven - region social inventory decreased, while LME inventory increased slightly [7]. Copper Price and Basis - The prices of SMM 1 electrolytic copper increased on November 26, and the basis and spreads also changed [8]. Fundamental Data - In October, electrolytic copper production decreased by 2.62%, and imports decreased by 15.61%. The inventory of copper concentrates at domestic mainstream ports increased [8]. Nickel Price and Basis - The prices of various nickel products increased slightly on November 26, and the spreads and basis also changed [9]. Fundamental Data - China's refined nickel production decreased slightly, and imports decreased significantly. The inventory of SHFE and social inventory decreased [9]. Aluminum Alloy Price and Spreads - The prices of SMM aluminum alloy ADC12 remained stable on November 26, and the spreads changed [11]. Fundamental Data - In October, the production of regenerative aluminum alloy ingots decreased, while the production of primary aluminum alloy ingots increased slightly. The operating rates of some aluminum alloy industries decreased [11]. Inventory Changes - The weekly social inventory of regenerative aluminum alloy ingots increased slightly, and the daily inventory in some regions decreased [11]. Stainless Steel Price and Spreads - The prices of 304/2B stainless steel coils remained stable or increased slightly on November 26, and the spreads changed [13]. Fundamental Data - In October, the production of 300 - series stainless steel crude steel in China decreased slightly, while that in Indonesia increased slightly. Stainless steel imports increased, and exports decreased [13]. Inventory Changes - The social inventory of 300 - series stainless steel decreased slightly, and SHFE warehouse receipts decreased [13]. Lithium Carbonate Price and Basis - The prices of various lithium carbonate products decreased slightly on November 26, and the basis also decreased [15]. Monthly Spreads - The monthly spreads of lithium carbonate contracts changed [15]. Fundamental Data - In October, lithium carbonate production increased by 5.73%, demand increased by 8.70%, imports increased by 21.86%, and exports increased by 63.05%. The total inventory decreased by 10.90% [15].

本文源自：金融界AI电报 周三（11月26日）纽约尾盘，彭博谷物分类指数涨0.83%，报30.41点，北京时间22:30美股开盘之后出 现一波短线拉涨行情。CBOT玉米期货涨1.83%，报4.46美元/蒲式耳。CBOT小麦期货涨0.37%，报5.41 美元/蒲式耳。CBOT大豆期货涨0.64%，报11.32美元/蒲式耳，豆粕期货涨0.09%，豆油期货涨0.89%。 CBOT瘦肉猪期货涨3.39%，活牛期货涨2.21%，饲牛期货涨2.71%。 ...

金 信 期 货 P T A 乙 二 醇 日 刊 本刊由金信期货研究院撰写 2 0 2 5 / 1 1 / 2 6 PTA ibaotu.com 日度市场情况 主力合约：11月26日PTA主力期货合约TA2601今天上涨0.21%，基差走弱至-41元/吨。 基本面：今日PTA华东地区市场价4625元/吨，较前一交易日下跌10元/吨。成本端原油价格下跌后持稳；供给端PTA产能利用率变化 不大；周度PTA工厂库存天数3.81天，环比减少0.16天；PTA加工费修复至200元/吨之上。 主力动向：多头主力减仓 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 预期：近期PTA供应减量较多，同时印度BIS取消提振出口需求，PTA阶段性小幅去库。下游聚酯开工或逐渐转弱，远期供应仍偏过剩， 短期预计PTA市场依旧跟随成本端震荡运行。 MEG 主力合约：11月26日乙二醇主力期货合约eg2601下跌0.03%，基差走强至28元/吨。 基本面：今日乙二醇华东地区市场价3910元/吨，较前一交易日下跌8 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货金融研究所 姓名：陈栋 宝城期货投资咨询部 从业资格证号：F0251793 投资咨询证号：Z0001617 电话：0571-87006873 邮箱：chendong@bcqhgs.com 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货 投资咨询资格证书，本人承诺 以勤勉的职业态度，独立、客 观地出具本报告。本报告清晰 准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或 间接接收到任何形式的报酬。 投资咨询业务资格：证监许可【2011】1778 号 11615 专业研究·创造价值 2025 年 11 月 26 日 橡胶甲醇原油 多空延续分化 能化涨跌互现 核心观点 橡胶：本周三国内沪胶期货 2601 合约呈现放量减仓，震荡偏弱， 略微收低的走势，盘中期价重心略微下跌至 15195 元/吨一线运行。收 盘时期价略微下跌 0.10%至 15195 元/吨。1-5 月差贴水幅度收敛至 60 元/吨。随着宏观驱动减弱以后，国内胶市重回由供需基本面所主导的 行情中。 甲醇：本周三国内甲醇期货 2601 合 ...

研究所 农产品研发报告 粕类日报 2025 年 11 月 26 日 【粕类日报】国际市场整体偏强 价格震荡运行 研究员：陈界正 期货从业证号： F3045719 投资咨询证号： Z0015458 联系方式： chenjiezheng_qh@chinastock.c om.cn | 粕类价格日报 | | | | | | 2025/11/26 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期 货 | | | | | | 现货基差 | | | 品 种 | 合 约 | 收盘价 | 涨 跌 | 地 区 | 今 日 | 昨 日 | 涨 跌 | | 0 1 | | 3015 | 2 | 天津 | 3 0 | 4 0 | -10 | | 豆粕 | 0 5 | 2826 | 6 | 东莞 | -50 | -40 | -10 | | 张家港 | 0 9 | 2938 | 7 | | -40 | -30 | -10 | | | | | | 日照 | -30 | -20 | -10 | | 南通 | 0 1 | 2439 | 8 | | - 9 | -11 | 2 | ...

Report Investment Rating - No investment rating information provided in the report Core Viewpoints - On November 26, the manganese silicon 2601 contract was reported at 5,630, down 0.25%. Fundamentally, inventory is rising rapidly, production at a high level continues to decline slightly, and inventory has been rising for 8 consecutive weeks. The short - term trend is expected to be weak and volatile. [2] - On November 26, the ferrosilicon 2603 contract was reported at 5,416, down 0.70%. In terms of supply and demand, market transactions are mainly for terminal rigid - demand restocking, prices are falling, and inventory has decreased this period. The short - term trend is expected to be weak and volatile. [2] Summary by Directory Futures Market - The closing price of the SM main contract was 5,630 yuan/ton, down 6 yuan; the closing price of the SF main contract was 5,416 yuan/ton, down 32 yuan [2]. - The SM futures contract positions were 734,411 lots, up 17,984 lots; the SF futures contract positions were 462,307 lots, up 15,677 lots [2]. - The net positions of the top 20 in manganese silicon were - 11,815 lots, down 6,298 lots; the net positions of the top 20 in ferrosilicon were - 17,136 lots, up 147 lots [2]. - The SM 5 - 1 month contract spread was 52 yuan/ton, down 10 yuan; the SF 5 - 1 month contract spread was - 16 yuan/ton, unchanged [2]. - The SM warehouse receipts were 21,189 lots; the SF warehouse receipts were 10,973 lots, down 20 lots [2]. Spot Market - The price of Inner Mongolia manganese silicon FeMn68Si18 was 5,430 yuan/ton, unchanged; the price of Inner Mongolia ferrosilicon FeSi75 - B was 5,270 yuan/ton, up 132 yuan [2]. - The price of Guizhou manganese silicon FeMn68Si18 was 5,500 yuan/ton, unchanged; the price of Qinghai ferrosilicon FeSi75 - B was 5,100 yuan/ton, down 30 yuan [2]. - The price of Yunnan manganese silicon FeMn68Si18 was 5,500 yuan/ton, unchanged; the price of Ningxia ferrosilicon FeSi75 - B was 5,200 yuan/ton, down 20 yuan [2]. - The average value of the manganese silicon index was 5,515.75 yuan/ton, down 63.25 yuan; the basis of the SF main contract was - 216 yuan/ton, up 12 yuan [2]. - The basis of the SM main contract was - 200 yuan/ton, down 14 yuan [2]. Upstream Situation - The price of South African ore: Mn38 lumps at Tianjin Port was 32 yuan/ton - degree, unchanged; the price of silica (98% in the northwest) was 210 yuan/ton, unchanged [2]. - The price of Inner Mongolia Wuhai secondary metallurgical coke was 1,300 yuan/ton, unchanged; the price of semi - coke (medium - sized in Shenmu) was 880 yuan/ton, unchanged [2]. - The manganese ore port inventory was 426.30 tons, unchanged [2]. Industry Situation - The manganese silicon enterprise operating rate was 39.13%, down 0.46%; the ferrosilicon enterprise operating rate was 33.81%, down 1.03% [2]. - The manganese silicon supply was 196,910 tons, down 2,660 tons; the ferrosilicon supply was 108,300 tons, down 800 tons [2]. - The manganese silicon manufacturer inventory was 363,000 tons, up 13,500 tons; the ferrosilicon manufacturer inventory was 73,050 tons, down 8,310 tons [2]. - The national steel mill inventory of manganese silicon was 15.70 days, down 0.23 days; the national steel mill inventory of ferrosilicon was 15.67 days, up 0.15 days [2]. - The demand for manganese silicon from the five major steel types was 121,407 tons, up 2,818 tons; the demand for ferrosilicon from the five major steel types was 19,543 tons, up 469.20 tons [2]. Downstream Situation - The blast furnace operating rate of 247 steel mills was 82.17%, down 0.62%; the blast furnace capacity utilization rate of 247 steel mills was 88.56%, down 0.26% [2]. - The crude steel output was 7,199.70 tons, down 149.31 tons [2]. Industry News - The "Work Plan for the Classification and Disposal of Coal Mines below 600,000 Tons per Year in Shaanxi Province" was issued, aiming to optimize the coal industry structure [2]. - On November 24, South Korea announced anti - dumping duties on Chinese medium - thick plates and alloy steel hot - rolled thick plates, with some product tax rates up to 34.10% [2]. - Ukrainian President Zelensky said Ukraine is ready to advance a framework agreement to end the war with Russia [2].