长江期货养殖产业周报 长江期货股份有限公司交易咨询业务资格：鄂证监期货字[2014]1号 2025-11-24 【产业服务总部 | 饲料养殖中心】 研 究 员：叶 天 执业编号:F03089203 投资咨询号:Z0020750 01 生猪：腌腊旺季考验，期价低位震荡 目 录 01 饲料养殖观点汇总 02 品种产业数据分析 数据来源：Mysteel iFinD 卓创资讯 长江期货饲料养殖中心 u 期现端：截至11月21日，鸡蛋主产区均价报2.85元/斤，较上周五跌0.12元/斤，鸡蛋主销区均价报2.91元/斤，较上周五跌0.13元/斤；鸡蛋主力2601收 于3184元/500千克，较上周五跌51元/500千克；主力合约基差-604元/500千克，较上周五走弱79元/500千克。周度蛋价窄幅偏弱，市场缺乏节日提振， 终端需求较为平淡，下游渠道采购偏谨慎，消化库存为主，蛋价窄幅偏弱调整，不过蛋价跌至偏低水平会刺激下游补库需求，对蛋价形成支撑，预计 未来一周现货小幅反弹。盘面主力转为01合约，偏弱震荡挤压盘面升水，当前基差处于历史同期偏低水平。 u 供应端：11月新开产蛋鸡对应2025年7月补栏，环同比均下滑，但开产 ...

财达期货｜螺纹钢、铁矿石 周报 财达期货｜螺纹钢、铁矿石 周报 2025-11-24 淡季需求特征尚未显现，螺矿延续偏强整理 【螺纹钢】 研究员 Z0017173 请务必阅读正文之后的免责条款部分 第 1 页 共 9 页 姓名：薛国鹏 F3073406 期货方面：本周螺纹 01 合约在空头主力减仓驱动下维持偏强整理走势。截 止周五，螺纹 01 合约收于 3057 元/吨，环比上周上涨 4 元，周 涨幅 0.13%。 从 业 资 格 号 ： 现货方面：本周螺纹主流地区价格继续小幅上调，整体成交一般。截止周 五，全国螺纹平均报价上调 26 元至 3268 元/吨；其中上海地区 螺纹价格上调 30 元至 3220 元/吨；杭州地区螺纹价格上调 10 元至 3250 元/吨；北京地区螺纹价格上调 30 元至 3220 元/吨； 天津地区螺纹价格维持不变 3210 元/吨；广州地区螺纹价格上 调 70 元至 3400 元/吨。 投 资 咨 询 号 ： 基 本 面：供给方面：全国 247 家钢厂高炉开工率 82.19%，环比减少 0.62%， 同比增加 0.26%；高炉炼铁产能利用率 88.58%，环比减少 0.22%， ...

纯碱玻璃周报 研究员：李轩怡 期货从业证号：F03108920 投资咨询资格证号：Z0018403 目录 第一章 核心逻辑分析 2 第二章 周度数据追踪 10 GALAXY FUTURES 1 1.1 纯碱供应——装置降负，轻重产量均降 单位：万吨 纯碱产量 纯碱联碱法开工率 单位：% 纯碱氨碱法开工率 单位：% 50.00% 55.00% 60.00% 65.00% 70.00% 75.00% 80.00% 85.00% 90.00% 95.00% 100.00% 2025 2024 2023 2022 50.00% 55.00% 60.00% 65.00% 70.00% 75.00% 80.00% 85.00% 90.00% 95.00% 100.00% 2025 2024 2023 2022 40 45 50 55 60 65 70 75 80 第53 周 第50 周 第47 周 第44 周 第41 周 第38 周 第35 周 第32 周 第29 周 第26 周 第23 周 第20 周 第17 周 第14 周 第11 周 第8周 第5周 第2周 2025年度 2024年度 2023年度 2022年度 2 ...

2025 年 11 月 24 日 铝：关注下方支撑 氧化铝：基本面压力仍在 铸造铝合金：跟随电解铝 王蓉 投资咨询从业资格号：Z0002529 wangrong2@gtht.com 王宗源（联系人） 期货从业资格号：F03142619 wangzongyuan@gtht.com 所 铝、氧化铝、铸造铝合金基本面数据更新 | T-22 | | | | | 11 | T-1 | T-5 | | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 沪铝主力合约收盘价 | | | | | 21340 | -190 | -500 | 430 | 830 | | 沪铝主力合约夜盘收盘价 | | | | | 21390 | ー | l | ー | l | | LME铝3M收盘价 | | | | | 2807 | 0 | -52 | 62 | 244 | | 沪铝主力合约成交量 | | | | | 267742 | 97899 | -30434 | 185640 | 122442 | | 沪铝主力合约持仓量 | | | | | 3020 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - Polyolefin futures are trading at low levels. Although the overall operating rate of the downstream demand side is high and demand is steadily released, market sentiment is still affected by the weakness of crude oil and commodities as a whole. In the short term, the valuation of polyolefins is low, and the market may continue to fluctuate at low levels [2] Group 3: Summary of Related Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 6835, 6883, and 6923 respectively, with price changes of 2, 0, and -2, and price change rates of 0.03%, 0.00%, and -0.03%. The trading volumes were 312525, 83531, and 370, and the open interests were 516737, 138934, and 2291, with open interest changes of -11929, 3573, and 39 [2] - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 6400, 6513, and 6546 respectively, with price changes of -34, -19, and -18, and price change rates of -0.53%, -0.29%, and -0.27%. The trading volumes were 334339, 63404, and 1884, and the open interests were 617955, 161714, and 9736, with open interest changes of -2378, -1252, and 815 [2] - **Spreads**: For LL, the current spreads of January - May, May - September, and September - January are -48, -40, and 88 respectively; for PP, they are -113, -33, and 146 respectively [2] Raw Materials and Spot Market - **Raw Materials**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film are 2023 yuan/ton, 5940 yuan/ton, 559 dollars/ton, 5600 yuan/ton, 6200 yuan/ton, and 8700 yuan/ton respectively [2] - **Spot Market**: For LL, the current prices in the East China, North China, and South China markets are 6900 - 7400 yuan/ton, 6800 - 7050 yuan/ton, and 7000 - 7400 yuan/ton respectively; for PP, they are 6250 - 6500 yuan/ton, 6200 - 6450 yuan/ton, and 6400 - 6550 yuan/ton respectively [2] Market News - On Thursday (November 20), the settlement price of WTI crude oil futures for December 2025 on the New York Mercantile Exchange was $59.14 per barrel, down $0.30 or 0.50% from the previous trading day, with a trading range of $58.86 - $60.33. The settlement price of Brent crude oil futures for January 2026 on the London Intercontinental Exchange was $63.38 per barrel, down $0.13 or 0.20% from the previous trading day, with a trading range of $62.94 - $64.40 [2]

有色早报 研究中心有色团队 2025/11/24 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2025/11/17 120 2602 115035 56965 -566.06 195.52 32.0 47.0 -32.62 136050 9475 2025/11/18 80 2326 115035 60874 -360.16 391.33 32.0 47.0 -35.33 140500 8925 2025/11/19 95 2456 115035 58352 -425.43 301.32 33.0 48.0 -33.13 157875 9725 2025/11/20 85 2537 115035 54983 -503.28 153.32 33.0 48.0 -18.89 157925 9475 2025/11/21 100 2233 115035 49790 -632.80 546.36 34.0 50.0 1.06 155025 6625 变化 15 -3 ...

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - Polyolefin futures are trading at low levels. Spot prices of linear LL and拉丝PP are stable. Fundamentally, the overall operating rate of the downstream demand side is at a high level, and demand is steadily released. However, market sentiment is still affected by the weakness of crude oil and the overall commodity market. In the short term, the valuation of polyolefins is low, and the market may continue to fluctuate at low levels in the future [2] Group 3: Summary According to the Catalog Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 6770, 6831, and 6877 respectively, with price drops of -65, -52, and -46 and declines of -0.95%, -0.76%, and -0.66%. The trading volumes were 244504, 77484, and 923, and the open interests were 512746, 150752, and 2559, with changes of -3991, 11818, and 268. The current spreads for January - May, May - September, and September - January were -61, -46, and 107 [2] - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 6357, 6474, and 6517 respectively, with price drops of -43, -39, and -29 and declines of -0.67%, -0.60%, and -0.44%. The trading volumes were 233476, 43286, and 1299, and the open interests were 626835, 161953, and 9867, with changes of 8880, 239, and 131. The current spreads for January - May, May - September, and September - January were -117, -43, and 160 [2] Raw Material and Spot Market - **Upstream Raw Materials**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, and North China powder were 2021 yuan/ton, 5940 yuan/ton, 554 dollars/ton, 5600 yuan/ton, and 6180 yuan/ton respectively, with the price of agricultural film at 8700 yuan/ton [2] - **Midstream Spot**: The current prices of LL in the East China, North China, and South China markets were 6900 - 7350, 6800 - 7050, and 7000 - 7400 respectively. The current prices of PP in the East China, North China, and South China markets were 6250 - 6450, 6200 - 6450, and 6400 - 6550 respectively [2] News - On Friday (November 21), the settlement price of WTI crude oil futures for January 2026 on the New York Mercantile Exchange was $58.06 per barrel, down $0.94 or 1.59% from the previous trading day, with a trading range of $57.38 - $58.80. The settlement price of Brent crude oil futures for January 2026 on the London Intercontinental Exchange was $62.56 per barrel, down $0.82 or 1.29% from the previous trading day, with a trading range of $61.87 - $63.10 [2]

| | 1、据船运调查机构ITS数据显示，马来西亚11月1日至20日棕榈油出口量为831005吨，环比上月同 | | --- | --- | | | 期下降20.5%。2、据美国农业部(USDA)网站11月20日消息，民间出口商报告向中国出口销售 | | 行业 | 462000吨大豆和132000吨小麦，2025/2026市场年度付运。 | | 信息 | | | | 蛋白粕：夜盘豆菜粕偏强运行，usda供需报告下调25/26年度美豆单产预估至53蒲式耳/蒲,由此美 | | | 豆产量下降至42.53亿蒲，最终美豆期末库存预估为2.9亿蒲，9月报告预估为3亿蒲，产量和库存 | | | 均下降从数据上看为利多。但由于此前市场对于报告调整力度预期偏高，而实际报告数据利多不 | | | 足。但近期公布的数据来看，美豆压榨需求强劲，根据NOPA数据显示10月压榨大豆2.27亿蒲式 | | | 耳，较9月增长15.1%，较去年同期增长13.9%；但由于近期美豆期价上涨较多因此出现一定回调。 | | | 国内豆粕仍维持宽松格局，库存处于高位，预计连粕短期跟随美豆调整为主。 | | 评论 | 油脂：夜盘豆棕油偏弱运行，菜油震 ...

商 品 研 究 2025 年 11 月 24 日 LLDPE：进口报盘或有减少，裂解负荷有扰动 周富强 投资咨询从业资格号：Z0023304 zhoufuqiang@gtht.com 【基本面跟踪】 LLDPE 基本面数据 | 期 货 | | 昨日收盘价 | 日涨跌 | 昨日成交 | 持仓变动 | | --- | --- | --- | --- | --- | --- | | | L2601 | 6770 | -0.95% | 344017 | -3991 | | 基差月差变化 | | 昨日价差 | | 前日价差 | | | | 01合约基差 | 0 | | -35 | | | | 01-05合约价差 | -61 | | -48 | | | 重要现货价格 | | 昨日价格 | （元/吨） | 前日价格 | （元/吨） | | | 北 华 | 6770 | | 6800 | | | | 东 华 | 6910 | | 6940 | | | | 华 南 | 7050 | | 7050 | | 资料来源：卓创资讯，国泰君安期货 【市场状况分析】 原料端原油价格震荡，单体环节利润压缩，PE 盘面低位震荡，近端下游农膜、 ...

Report Summary Core Viewpoints - The report provides a forward - looking analysis of key events and data releases in the current week, including economic data from the US and China, central bank operations, and new product listings in the futures market. It also analyzes the potential impact of these events on various futures prices [2]. Key Events and Data by Date November 24 - The National Bureau of Statistics will release the market prices of important production materials in the circulation field in mid - November, covering 9 categories and 50 products [3]. November 25 - 900 billion yuan of MLF is due, and the central bank is expected to conduct incremental roll - over operations [4]. - The US Department of Labor will announce the September PPI, with an expected annual rate of 2.7% and a previous value of 2.6%; the expected annual rate of core PPI is 2.7%, and the previous value is 2.8% [5]. - The US Department of Commerce will announce US September retail sales, with an August monthly rate of 0.63% and an annual rate of 5.00% [7]. - The US Conference Board will announce the November consumer confidence index, with an expected value of 93.3 and a previous value of 94.6. A lower value may boost gold and silver futures prices but suppress non - ferrous metals, crude oil, and related commodity futures prices [8]. November 26 - The US Department of Labor will announce the number of initial jobless claims for the week ending November 22, with an expected value of 215,000 and a previous value of 220,000. A slightly lower value may slightly boost industrial product futures (except gold and silver) but suppress gold and silver futures [9]. - The US Department of Commerce will announce the preliminary monthly rate of durable goods orders in October, with an expected value of 0.2% and a previous value of 2.9%. A lower value may suppress non - ferrous metals, crude oil, and related commodity futures prices but boost gold and silver futures prices [10]. - The US Department of Commerce will announce the September PCE price index. The expected annual rate of PCE price index is 2.7%, the previous value is 2.7%; the expected annual rate of core PCE price index is 2.9%, the previous value is 2.9%; the expected monthly rate of PCE core price index is 0.3%, and the previous value is 0.2%. Slight changes may strengthen the market's expectation of a 25 - basis - point interest rate cut by the Fed in November [11]. - The US Department of Commerce will announce the revised value of the third - quarter GDP. The expected annualized quarterly rate of real GDP is 3.0%, the initial value is 3.8%, and the final value of the second - quarter annualized quarterly rate is 3.0% [12]. - The US Department of Commerce will announce October new home sales. The expected annualized total of seasonally - adjusted new home sales is 700,000 units, the previous value is 800,000 units; the expected monthly rate is - 11.5%, and the previous value is 20.5%. A significantly lower value may suppress non - ferrous metals futures prices but boost gold and silver futures prices [13]. - The US EIA will announce the change in EIA crude oil inventories for the week ending November 21. A continued decline may boost crude oil and related commodity futures prices [15]. November 27 - The Fed will release the Beige Book of Economic Conditions. Attention should be paid to its content and impact on related futures prices [16]. - Platinum and palladium futures contracts will be listed on the Guangzhou Futures Exchange. Platinum and palladium option contracts will be listed on November 28. These listings will enrich the futures market product system in China [17][18]. - The National Bureau of Statistics will announce the profits of industrial enterprises above designated size in October. The profit of these enterprises increased by 21.6% in September [19]. November 30 - The National Bureau of Statistics and the China Federation of Logistics and Purchasing will announce China's official manufacturing PMI and non - manufacturing PMI for November. The expected manufacturing PMI is 48.8, the previous value is 49.0; the expected non - manufacturing PMI is 50.0, the previous value is 50.1. Slightly lower values may slightly suppress commodity futures (mainly industrial product futures) and stock index futures but boost treasury bond futures [20]. - The 40th OPEC and non - OPEC Ministerial Meeting, the 63rd OPEC+ Ministerial Monitoring Committee (JMMC) Meeting, and the monthly meeting of eight OPEC+ member countries will be held. Attention should be paid to the meeting results and their impact on crude oil and related commodity futures prices [22].