豆粕：美农报告无超额利多，或跟随美豆回调 豆一：或跟随豆类市场调整 2025 年 11 月 17 日 商 品 研 究 吴光静 投资咨询从业资格号：Z0011992 wuguangjing@gtht.com 【基本面跟踪】 豆粕/豆一基本面数据 | | | 收盘价 （日盘） 涨 跌 | 收盘价 | （夜盘） 涨 跌 | | --- | --- | --- | --- | --- | | | DCE豆一2601 （元/吨） | 4215 | +93（+2.26%） 4196 | +14（+0.33%） | | 期 货 | DCE豆粕2601 （元/吨） | 3092 | +30（+0.98%） 3084 | +3（+0.10%） | | | CBOT大豆01 （美分/蒲） | 1122.5 | -23.5（-2.05%） | | | | CBOT豆粕12 （美元/短吨） | 321.7 | -7.6（-2.31%） | n a | | | | 3070～3140， 较昨+20至+30； | 豆粕 （43%） 现货基差M2601+10， | 持平； 12月M2601+30/+50； | | | 山东 （元/吨） | ...

Report Summary 1. Report Industry Investment Rating The report does not provide an industry investment rating. 2. Core View of the Report Last week, the soda ash market showed a low - level wide - range oscillation pattern. The fundamentals presented a situation of weak supply and demand. Although some enterprises' device reduction led to a narrow contraction in supply and manufacturers had a strong willingness to support prices, high inventory pressure still existed, and the flat terminal demand restricted the upward price space. The relatively strong price of thermal coal at the cost end provided some support for soda ash, but the oversupply pattern did not change substantially, and the market lacked a driving force for a trending rise, continuing the oscillation trend overall. Operational suggestions include shorting on rallies while being vigilant about the low - level cost support risk, paying attention to the spread opportunities between near - and far - month contracts, and considering inter - period arbitrage opportunities after the price rebounds to the resistance level, as well as using the covered call strategy to increase returns when appropriate [8][36][37]. 3. Summary by Relevant Catalogs 3.1 Market Review - Last week, the price of the main soda ash contract SA2601 fluctuated within the range of 1188 - 1247 yuan/ton. As of the afternoon closing on November 14, 2025, the main soda ash futures contract SA2601 rose 16 yuan/ton, a weekly increase of 1.32%, closing at 1226 yuan/ton [6]. 3.2 Fundamental Analysis - **Supply**: As of November 13, 2025, the domestic soda ash output was 739,300 tons, a week - on - week decrease of 7,600 tons, a decline of 1.01%. Among them, the light soda ash output was 328,400 tons, a week - on - week decrease of 3,700 tons, and the heavy soda ash output was 410,900 tons, a week - on - week decrease of 3,900 tons. The comprehensive capacity utilization rate of soda ash was 84.80%, a week - on - week decrease of 0.87%. The ammonia - soda process capacity utilization rate was 90.85%, a week - on - week decrease of 0.03%, and the co - production process capacity utilization rate was 73.09%, a week - on - week decrease of 2.17%. The overall capacity utilization rate of 15 enterprises with an annual capacity of one million tons or more was 90.49%, a week - on - week increase of 0.08% [7][9][11]. - **Inventory**: As of November 13, 2025, the total inventory of domestic soda ash manufacturers was 1.7073 million tons, a decrease of 6,900 tons from the previous Thursday, a decline of 0.40%. Among them, the light soda ash inventory was 800,200 tons, a week - on - week decrease of 14,400 tons, and the heavy soda ash inventory was 907,100 tons, a week - on - week increase of 7,500 tons. Compared with the same period last year, the inventory increased by 59,200 tons, a rise of 3.59% [7][14]. - **Shipment**: On November 13, the weekly shipment volume of Chinese soda ash enterprises was 746,200 tons, a week - on - week increase of 1.57%. The overall shipment rate of soda ash was 100.93%, a week - on - week increase of 2.57 percentage points [16]. - **Profit**: As of November 13, 2025, the theoretical profit of the ammonia - soda process for soda ash was - 23.50 yuan/ton, a week - on - week increase of 20 yuan/ton. The theoretical profit (double - ton) of the co - production process for soda ash was - 182 yuan/ton, a week - on - week decrease of 8 yuan/ton [19][23]. 3.3 Downstream Industry Situation - **Float Glass Industry Output**: As of November 13, 2025, the daily output of national float glass was 159,100 tons, the same as on the 6th. The weekly output of national float glass from November 7 - 13, 2025 was 1.1139 million tons, a week - on - week decrease of 1.08% and a year - on - year increase of 0.76% [26]. - **Float Glass Industry Inventory**: As of November 13, 2025, the total inventory of national float glass sample enterprises was 63.247 million weight boxes, a week - on - week increase of 111,000 weight boxes, a week - on - week increase of 0.18% and a year - on - year increase of 33.61%. The inventory days were 27.5 days, an increase of 0.4 days compared with the previous period [30]. 3.4 Price Changes The report shows the weekly price changes of various products, including thermal coal, raw salt, light and heavy soda ash, float glass, photovoltaic glass, caustic soda, ammonium chloride, and synthetic ammonia. For example, the price of 5500 - calorie thermal coal increased by 40 yuan/ton, a rise of 5.08%, and the price of float glass decreased by 11 yuan/ton, a decline of 0.95% [35].

Report Industry Investment Rating - No relevant information provided Core Viewpoints of the Report - On November 14, 2025, the A-share market experienced a collective decline, with the Shanghai Composite Index down 0.97%, the Shenzhen Component Index down 1.93%, and the ChiNext Index down 2.82%. The trading volume in the Shanghai and Shenzhen stock markets was 1958.1 billion yuan, a decrease of 83.9 billion yuan from the previous day [1]. - The prices of various futures varieties showed different trends, affected by factors such as supply and demand, policy, and international market conditions [2][3][4][5][6]. Summary by Relevant Catalogs Stock Index Futures - On November 14, the A-share market declined, with the Shanghai Composite Index closing at 3990.49 points, the Shenzhen Component Index at 13216.03 points, and the ChiNext Index at 3111.51 points. The trading volume decreased by 83.9 billion yuan [1]. - The CSI 300 Index adjusted on November 14, closing at 4628.14, a decrease of 73.93 [2]. Coke and Coking Coal - On November 14, the coke weighted index was weak, closing at 1700.6, a decrease of 16.3. The coking coal weighted index was also weak, closing at 1212.4 yuan, a decrease of 18.4 [2][3]. - The downstream acceptance of the fourth round of coke price increases was poor. Coking profits were average, and daily production decreased slightly. Coke inventory decreased slightly, with downstream demand-based procurement and weak trading interest [4]. - Recently, Mongolian coal imports increased, and the number of customs clearances remained high. Coking coal mine production decreased slightly, and spot auction transactions were normal with stable prices. Terminal inventory increased slightly, and the total coking coal inventory increased slightly [4]. Zhengzhou Sugar - India will allow sugar mills to export 1.5 million tons of sugar in the 2025/26 season, lower than the previous estimate of 2 million tons. In the second half of October, only 46.02% of sugarcane in the central and southern regions of Brazil was used for sugar production, and the rest was used for ethanol fuel production. Affected by the expected decline in supply from India and Brazil, the US sugar market rose on Friday [4]. - On the night of November 14, the Zhengzhou sugar 2601 contract declined due to long - liquidation pressure. In the second half of October, sugar production in the central and southern regions of Brazil increased by 16.4% year - on - year to 2.068 million tons, and sugarcane crushing volume increased by 14.3% year - on - year to 31.108 million tons [4]. Rubber - Due to the large decline in the previous trading day, the Shanghai rubber market adjusted slightly on November 14. As of November 14, the natural rubber inventory in the Shanghai Futures Exchange was 158138 tons, a decrease of 4022 tons, and the futures warehouse receipts were 108470 tons, a decrease of 10500 tons. The 20 - grade rubber inventory was 49695 tons, an increase of 1612 tons, and the futures warehouse receipts were 49695 tons, an increase of 1109 tons [4]. Live Pigs - On November 14, the LH2601 main contract closed at 11775 yuan/ton, a decrease of 0.72%. The number of fertile sows remained high, leading to an increase in live pig slaughter from the fourth quarter of 2025 to the beginning of 2026. The concentrated release of large - weight live pigs from small and medium - sized farms increased market supply. The slaughter rhythm of large - scale pig enterprises gradually recovered, increasing short - term supply pressure and suppressing futures prices [5]. - The demand for live pigs was weak. There was still about half a month until the traditional bacon - curing peak season. Alternative consumption was common, and consumer enthusiasm was low. The catering and tourism industries were weak, and terminal consumption lacked support. Slaughter enterprises had poor sales, and the fresh - meat sales rate declined. Some enterprises stored meat in cold storage, and the frozen - meat inventory rate increased slightly [5]. Soybean Meal - The USDA's November supply - demand report showed that the estimated yield per acre of US soybeans in 2025 was 53.0 bushels, and the total output was 4.253 billion bushels, both lower than the September forecast and slightly lower than analysts' expectations. The unmet expectations led to short - term market selling, and the CBOT soybean futures were under pressure. The report maintained the soybean production expectations of Brazil at 175 million tons and Argentina at 48.5 million tons [5]. - On November 14, the M2601 main contract closed at 3092 yuan/ton, an increase of 0.68%. The domestic soybean meal inventory continued to decline and was below 1 million tons. The inventory pressure improved. The提货 volume increased slightly, and the livestock and poultry inventory was large. Soybean meal had a cost - performance advantage, but the soybean and soybean meal inventory was still high. The market expected the supply gap of imported soybeans to be filled, and the upward momentum of the soybean meal market might weaken [5]. Shanghai Copper - Fed officials expressed caution about further interest rate cuts before the release of important economic data, weakening the market's expectation of a December interest rate cut. China's economic operation in October was generally stable, and new development drivers continued to grow [5]. - The tight supply (such as the shutdown of the Grasberg copper mine in Indonesia) and weak demand were in a game. The COMEX copper inventory continued to accumulate, while the LME inventory was at a low level. Copper prices were expected to fluctuate at a high level [5]. Cotton - On the night of November 14, the main contract of Zhengzhou cotton closed at 13445 yuan/ton. The cotton inventory increased by 221 lots compared with the previous trading day. On November 15, the purchase price of machine - picked cotton in northern Xinjiang was 6.1 - 6.3 yuan/kg. After the US government ended the shutdown, Fed officials had differences, and the expectation of a December interest rate cut decreased [5]. Iron Ore - On November 14, the iron ore 2601 main contract closed up 0.26% at 772.5 yuan. Iron ore shipments continued to decline, and domestic arrivals also decreased. Iron - water production stopped falling and increased. Steel mills continued to purchase iron ore as needed. Affected by the expected monetary easing from the central bank, iron ore prices fluctuated in the short term [5]. Asphalt - On November 14, the asphalt 2601 main contract closed up 0.1% at 3037 yuan. Asphalt supply continued to decline, and inventory decreased. Road construction projects were coming to an end, and shipments decreased significantly. Terminal demand was weak, and the market was in a situation of weak supply and demand. Asphalt prices were expected to fluctuate in the short term [6]. Logs - On November 14, the 2601 log contract opened at 778, with a low of 778, a high of 791, and closed at 788.5, with a daily reduction of 1618 lots. The spot price of 3.9 - meter medium - grade A radiata pine logs in Shandong was 750 yuan/cubic meter, and that in Jiangsu was 760 yuan/cubic meter, both unchanged from the previous day. The inventory of logs continued to increase, reaching a four - week high. Attention should be paid to the spot price, import data, inventory changes, and market sentiment [6]. Steel - With the cooling and snow in the north, construction intensity decreased significantly, and seasonal demand declined. Although there was still some construction volume in the south, the procurement rhythm slowed down, and market transactions decreased. The rebar market was at a critical point of supply - demand contraction and inventory cycle conversion. Low inventory gave some resilience to prices, and improved macro - expectations provided bottom support [6]. - Terminal users' funds did not improve significantly, and rigid - demand replenishment was the main operation. Speculative demand almost disappeared. In some low - inventory areas, there were shortages of some specifications, supporting the resistance of local spot prices. In the short term, the pressure of inventory accumulation in the off - season was emerging [6]. Alumina - In the raw material sector, some domestic mines resumed production, and the rainy season in Guinea ended, alleviating the tight supply of bauxite. Currently, the operating capacity and production of alumina were high, and the spot price was low, which might affect smelter profits. Some high - cost enterprises might cut production, and the oversupply situation in the domestic market would gradually ease with production control [6]. - The electrolytic aluminum capacity was approaching the domestic ceiling, and the demand for alumina remained relatively stable. Overall, the alumina market might be in a stage of slightly reduced supply and relatively stable demand, and the oversupply situation might improve with production control [6]. Shanghai Aluminum - In the raw material sector, the price rebounded slightly but remained low. The spot price of aluminum was strong, and smelters had good profits and high production enthusiasm. The domestic operating capacity of electrolytic aluminum was approaching the industry limit, and the production rate was high. With good profits and high production, the domestic supply of electrolytic aluminum remained high [6]. - On the demand side, some downstream industries of aluminum products were transitioning from the peak season to the off - season, and the high aluminum price inhibited downstream purchases to some extent. The demand for electrolytic aluminum might slow down. Overall, the electrolytic aluminum market might be in a stage of stable supply and demand, and social inventory was accumulating slightly [6].

Report Industry Investment Rating - Not provided in the content Core View - The report provides a weekly hot - spot preview and key events to watch from November 17 - 21, 2025, including economic data releases from multiple countries and regions and their potential impacts on the futures market [2][3] Summary by Related Catalogs This Week's Key Focus - On November 19 at 18:00, the EU Statistics Bureau will announce the final value of the Eurozone's October CPI - On November 20 at 03:00, the Federal Reserve will release the minutes of the October monetary policy meeting - On November 20 at 09:00, the People's Bank of China will announce the November 20, 2025 loan prime rate (LPR), expected to be the same as the previous value - On November 20 at 20:30, the US Bureau of Labor Statistics will release the September non - farm payroll report - Attention should be paid to factors such as domestic macro - policy changes, international trade and tariff wars, international geopolitical situations, and speeches by US President Trump and Federal Reserve officials for their impacts on the futures market [2] This Week's Hot - Spot Preview November 17 - Japan's Cabinet Office will announce the preliminary value of Japan's Q3 GDP. The expected seasonally - adjusted real GDP quarterly rate is - 0.6% (previous value 0.5%), and the expected seasonally - adjusted annualized GDP quarterly rate is - 2.5% (previous value 2.2%) [3] - The central bank carried out an 800 - billion - yuan outright reverse - repurchase operation. With 300 billion yuan of 6 - month outright reverse - repurchase maturing in November, this means an additional 500 billion yuan of 6 - month outright reverse - repurchase was continued. It is bullish for stock index futures and commodity futures and relatively bullish for Treasury bond futures [4] - The National Energy Administration will announce China's total electricity consumption in October. The previous value was 888.6 billion kilowatt - hours, with a year - on - year increase of 4.5% [5] November 19 - The EU Statistics Bureau will announce the final value of the Eurozone's October CPI. The expected un - seasonally - adjusted annual rate of the harmonized CPI is 2.1% (same as the preliminary value in October, 2.2% in September's final value), and the expected un - seasonally - adjusted annual rate of the core harmonized CPI is 2.4% (same as the preliminary value in October and September's final value) [8] - The US Energy Information Administration will announce the change in EIA crude oil inventories for the week ending November 14. The previous value was an increase of 6.413 million barrels. A continued increase may suppress the prices of crude oil and related commodity futures [9] November 20 - The People's Bank of China will announce the November 20, 2025 LPR. The expected 1 - year LPR is 3.00% and the 5 - year - plus LPR is 3.50%, both the same as the previous values [10] - The Federal Reserve will release the minutes of the October monetary policy meeting, which will provide details of discussions on interest rates, inflation, and economic prospects and clues for future policy paths [11] - The US Bureau of Labor Statistics will release the September non - farm payroll report. The expected seasonally - adjusted new non - farm employment is 50,000 (previous value 22,000), and the expected unemployment rate is 4.3% (same as the previous value). Higher new non - farm employment and a stable unemployment rate may reduce the probability of a 25 - basis - point interest - rate cut at the December FOMC meeting and suppress the rise of commodity futures and stock index futures [12] - The US Department of Commerce will announce the October existing home sales. The expected seasonally - adjusted annualized total of existing home sales is 4.06 million households, the same as the previous value [13] - The EU Statistics Bureau will announce the preliminary value of the Eurozone's November consumer confidence index. The expected value is - 14.5 (previous value - 14.2) [14] November 21 - S&P Global will announce the preliminary value of Germany's November SPGI manufacturing PMI. The expected value is 49.8 (previous value 49.6) [15] - S&P Global will announce the preliminary value of the Eurozone's November SPGI manufacturing PMI. The expected value is 50.2 (previous value 50) [16]

| | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2601收盘价（元/吨） | 9,020 | -125 | -200 | 450 | | | | Si2601成交量（手） | 293,210 | 731 | -74,606 | 68,142 | | | | Si2601持仓量（手） | 251,302 | -16,456 | -16,999 | 108,921 | | | 工业硅、多晶硅期货市场 | PS2601收盘价（元/吨） | 54,045 | -150 | 830 | - | | | | PS2601成交量（手） | 270,607 | -7,309 | 1,173 | - | | | | PS2601持仓量（手） | 145,191 | 1,165 | 19,674 | - | | | | 工业硅：近月合约对连一价差（元/吨） | -360 | -30 | -375 | -360 | | | | 工业硅：买近月抛连一跨期成本（元/吨） | 88.5 | -5.3 | -7. ...

西安，这座曾见证丝绸之路驼铃悠扬的古城，于11月15日迎来了期货界的"奥斯卡盛典"——第十九届全 国期货（期权）实盘交易大赛与第十二届全球衍生品实盘交易大赛颁奖大会。当历史的丝路智慧与现代 金融交易碰撞，一场关于专业、坚守与成长的行业盛会在此拉开帷幕。 步入会场，"高朋满座，胜友如云"是最直观的感受。熟悉的老友重逢叙旧，新识的同行交流探讨，空气 中既有行业聚会的暖意，更透着对专业领域的认可。"曾经牵着骆驼的丝路商人，要判断天气、规划路 线、管好货品，这和我们做期货交易很像似，都得预判风险、把握节奏。"一位参会者的感慨，瞬间将 历史与当下串联——古老的贸易智慧，如今仍在期货市场的涨跌波动中延续。 实盘大赛金牌导师胡嘉佳直言，每一年都可以看到一些崛起的新秀，每一年也总是会遇见熟悉的老面 孔。新面孔代表着总有新鲜血液涌进，市场一直在发展。老面孔的意义也许就是告诉大家，无论这个市 场多么残酷，但总有一些人可以长期在市场中生存下来。 多次参会的英大期货王烨，对这场盛会有更深的感触："金融市场向来学海无涯，这些顶尖交易高手， 无一不是从刀光剑影的资本修罗场中浴火淬炼、破局而出。"在她看来，会场内济济一堂的同行、交易 者与 ...

Group 1: Energy and Chemical Sector - The energy and chemical sector saw a decline, with fuel oil down 2.71% and crude oil down 0.69% for the week [1] - OPEC+ maintained a moderate production increase of 137,000 barrels per day in November, while announcing a pause in production increases for Q1 2026 to alleviate seasonal inventory buildup [2] - The U.S. crude oil production reached a record high of 13.862 million barrels per day, contributing to supply pressure [2] Group 2: Black Metal Sector - Iron ore prices increased by 1.58% for the week, while coking coal and coke prices decreased by 6.14% and 1.15%, respectively [1] - Domestic steel demand is weakening, while overseas steel demand remains strong, leading to a shift in iron ore fundamentals [10] Group 3: Basic Metals Sector - Lithium carbonate futures rose by 6.15% for the week, driven by increased supply and demand, with a closing price of 87,360 yuan per ton, marking a three-month high [4] - Domestic lithium carbonate production in October was 51,530 tons, a 9.31% increase month-on-month, but the operating rate was only 43% [4][5] Group 4: Agricultural Products Sector - The egg market saw a decline of 5.78% for the week, while live pig prices increased by 0.89% [1] - The market is currently observing consumer demand trends and the potential for inventory reduction in the live pig sector [11]

Core Viewpoint - COMEX gold futures experienced a decline of 2.70% to $4081.00 per ounce, despite a weekly increase of 1.75% and a peak of $4250 on November 13 [1] Group 1: Gold Market - COMEX gold futures fell to $4081.00 per ounce, marking a 2.70% decrease [1] - The weekly performance for gold shows a cumulative increase of 1.75% [1] - The highest price reached for gold during the week was $4250 on November 13 [1] Group 2: Silver Market - COMEX silver futures saw a cumulative increase of 4.73%, closing at $50.420 per ounce [1] Group 3: Copper Market - COMEX copper futures increased by 1.91%, with a closing price of $5.0515 per pound [1]

Core Insights - The Bloomberg Grain Index decreased by 2.17%, closing at 30.3168 points on Friday, November 14 [1] Commodity Summary - CBOT corn futures fell by 2.52%, settling at $4.44 per bushel, with a weekly increase of 0.45% [1] - CBOT wheat futures dropped by 2.04%, closing at $5.41 per bushel, with a weekly decline of 0.23% [1] - CBOT soybean futures decreased by 2.14%, ending at $11.2250 per bushel, with a weekly rise of 0.49% [1] - Soymeal futures declined by 2.00%, with a weekly increase of 1.51% [1] - Soy oil futures fell by 0.16%, while experiencing a weekly rise of 1.00% [1] Livestock Summary - CBOT lean hog futures experienced a weekly decline of 0.35% [1] - Live cattle futures decreased by 0.26% on a weekly basis [1] - Feeder cattle futures saw a weekly increase of 0.19% [1]

瑞达期货研究院 「2025.11.14」 螺纹钢市场周报 供应+需求双弱 螺纹期价陷入区间整理 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 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14日收盘，螺纹主力合约期价3053（+19），杭州螺纹中天现货价格3240（+10）。（单 位：元/吨/周） 2. 产量：螺纹产量下调。200（-8.54），同比（-33.94）。（单位：万吨） 3. 需求：表观需求回落。本期表需216.37（-2.15），（同比-14.47）。（单位：万吨） 4. 库存：厂库和社库继续下滑。螺纹钢总库存576.17（-16.37），（同比+130.68）。（单位：万吨） 5. 盈利率：钢厂盈利率38.96%，环比上周减少0.87个百分点，同比去年减少18.62个百分点。 「 周度要点小结2」 4 来源：瑞达期货研究院 行情展望 1. 宏观方面：海外，（1）IMF预计，美国联邦政府"停摆 ...