Group 1 - The main contract for jujube futures experienced a sharp decline, reaching a low of 8915.00 yuan, with a current price of 8940.00 yuan, reflecting a drop of 3.14% [1] Group 2 - According to Ruida Futures, the short-term price focus for jujubes is beginning to rise as the collection of gray jujubes in Xinjiang's main production area is nearing completion, with an overall progress of about 90% [2] - Mysteel's agricultural product survey indicates that as of December 4, 2025, the physical inventory of jujubes at 36 sample points is 13,910 tons, an increase of 3,062 tons from the previous week, representing a week-on-week increase of 28.23% and a year-on-year increase of 135.16% [2] - Yide Futures notes that the jujube price is fluctuating around the new season's collection cost, with the average collection price for gray jujubes in the main production area around 5.61 yuan per kilogram [2] - The demand for jujubes is expected to increase as the Spring Festival approaches, although the peak consumption demand has not yet been released, leading to a forecast of stable short-term prices [2]

近期，PTA期货主力合约价格持续在4600~4800元／吨区间震荡。目前，PTA市场主要矛盾并不突出。 一方面，PTA估值低，下方有支撑。另一方面，PTA供需层面难以形成持续的去库预期，价格上方压力 也较大。 原油市场上下两难 最近几个交易日，油价震荡运行。全球原油库存不断累积，原油市场处于供应压力最大的阶段。不过， 短期地缘因素将继续带来扰动，俄乌和平谈判距离达成一致还有一定距离。总体来看，原油仍将维持拉 锯的震荡格局。 进入12月，终端织造需求进入季节性回落阶段。截至12月5日，江浙加弹综合开工率升至85%，江浙织 机综合开工率升至69%，江浙印染综合开工率基本维持在74%，较11月高点已经明显下移。受终端需求 季节性回落影响，下游补库节奏明显放缓，聚酯工厂库存连续几周出现累积。虽然短期聚酯负荷韧性仍 存，但难以继续提升，预计明年1月以季节性回落为主。届时聚酯对原料刚性需求将减弱，从而会对 PTA价格构成一定压力。 综合以上分析，目前原料端原油上下两难，低位震荡，难以对下游PTA产生方向性指引。从PTA自身基 本面来看，尽管加工费处在低位，但低估值并没有带来明显的供应减量，而需求端逐步进入季节性回落 阶段 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - The soybean meal market is under pressure from high domestic inventory and weak demand, with limited upside potential, while cost support and concerns about future supply limit the downside, resulting in a continued short - term pattern of strong overseas and weak domestic markets [5]. - The palm oil market is currently dominated by Indonesia's tax game in the short - term, with a "weak reality" and "strong expectation" scenario, and the price is expected to be oscillating strongly in the short - term [7]. 3. Summary by Variety Soybean Meal (M) - **Time - frame Views**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating weakly; Reference view: oscillating weakly [5][6]. - **Core Logic**: The domestic spot market has a loose supply - demand situation, with high oil refinery operating rates. Downstream feed enterprises are cautious in purchasing due to breeding losses, and their inventories are sufficient, mainly replenishing on a just - in - time basis. This leads to a negative basis. The high inventory and weak demand in the domestic industry chain limit the rebound space, while cost support and concerns about future supply limit the decline space [5]. Palm Oil (P) - **Time - frame Views**: Short - term: oscillating strongly; Medium - term: oscillating; Intraday: oscillating strongly; Reference view: oscillating strongly [6][7]. - **Core Logic**: The palm oil market is dominated by Indonesia's tax game in the short - term. Delayed shipments have changed inventory and trade flows. The market is looking forward to whether Indonesia will continue to promote or increase the mandatory biodiesel blending ratio. If the policy is implemented, it will boost Indonesia's industrial consumption of palm oil, reduce export volume, and support prices [7]. Other Relevant Information - For varieties with night trading sessions, the starting price is the night - session closing price; for those without, it is the previous day's closing price. The ending price is the day - session closing price for calculating the price change [2]. - A decline of more than 1% is considered weak, a decline between 0 - 1% is oscillating weakly, a rise between 0 - 1% is oscillating strongly, and a rise of more than 1% is strong. Oscillating strongly/weakly only applies to intraday views [3]. - Short - term refers to within a week, and medium - term refers to two weeks to one month, based on the previous day's night - session closing price [6].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The spot price of industrial silicon remains stable, providing limited room for futures price speculation. The weekly production reduction of industrial silicon continues to increase, and the output has slightly decreased. However, the demand side has also weakened simultaneously. The organic silicon enterprises have reached a consensus on production reduction, leading to a decline in the December operating rate, and the seasonal production reduction of polysilicon is ongoing. The imbalance between supply and demand has not been reversed. The approaching centralized cancellation of futures warehouse receipts provides spot liquidity, and the high inventory situation remains unchanged. The price of the 2601 contract will be supported by the spot price in the near - term decline and will generally continue to fluctuate strongly [4] 3. Summary by Relevant Catalogs 3.1. Market Performance - The industrial silicon futures price fluctuated within a narrow range. The closing price of Si2601 was 9,020 yuan/ton, with a gain of 0.28%. The trading volume was 369,225 lots, and the open interest was 2,639,190,529 lots, a net decrease of 3,390 lots [4] 3.2. Spot Price - The spot price was stable. The price of Sichuan 553 was 9,250 yuan/ton, and that of Yunnan 553 was 9,150 yuan/ton. The price of Sichuan 421 was 10,050 yuan/ton, the price of Xinjiang 421 was 9,700 yuan/ton, and the price of Inner Mongolia 421 was 9,700 yuan/ton [4] 3.3. Market News - On November 26th, the industrial silicon warehouse receipt volume of the Guangzhou Futures Exchange was 40,425 lots, a net decrease of 289 lots compared to the previous trading day [5] - In October 2025, the export volume of China's primary polysiloxane in the organic silicon sector was 40,600 tons, a month - on - month decrease of 13.49% and a year - on - year decrease of 5.65%. From January to October 2025, the cumulative export volume of primary polysiloxane in the organic silicon sector was 460,500 tons, a year - on - year increase of 1.51% [5]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The oil price will continue to fluctuate. The IEA warns that the global oil market will face a large - scale surplus of up to 4.09 million barrels per day next year [1]. - The prices of fuel oil (FU and LU) are expected to be bearish, with Asian low - sulfur market facing supply and demand dilemmas and high - sulfur market supported by stable demand but with sufficient supply [1][3]. - The asphalt price is temporarily viewed bearishly due to abundant market resources, weak downstream demand, and supply decline being less than demand decline [3]. - PX&TA are expected to fluctuate following the cost side in the short term, while the ethylene glycol price is expected to be under pressure with high supply and limited demand growth [3][5]. - The rubber price is expected to fluctuate due to increased supply and weak overseas demand [5]. - The methanol price is expected to maintain a bottom - oscillating trend, with potential supply changes due to Iranian device conditions and port inventory trends [5][6]. - The polyolefin price is expected to bottom - oscillate, with a shift to a supply - strong and demand - weak situation but with valuation - related factors limiting further decline [6]. - The PVC price is expected to bottom - oscillate, with high - level supply, weak domestic demand, and potential export - market changes [6][7]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Thursday, WTI 12 - month contract rose 0.2 dollars to 58.69 dollars/barrel (0.34% increase), Brent 1 - month contract rose 0.3 dollars to 63.01 dollars/barrel (0.48% increase), and SC2512 fell 2.8 yuan/barrel to 451.6 yuan/barrel (0.62% decrease). US commercial crude inventory increased by 6.4 million barrels to 427.58 million barrels as of November 7, higher than the market expectation. The IEA predicts a large - scale surplus in the global oil market next year [1]. - **Fuel Oil**: On Thursday, FU2601 fell 3.71% to 2595 yuan/ton, LU2601 fell 4.41% to 3164 yuan/ton. Singapore and Fujeirah fuel oil inventories increased. Asian low - sulfur market has supply and demand issues, while high - sulfur market is supported by stable demand [1][3]. - **Asphalt**: On Thursday, BU2601 fell 1.05% to 3029 yuan/ton. This week, domestic asphalt shipments decreased by 18.7%, and the capacity utilization rate of modified asphalt enterprises decreased. In November, production and consumption both declined, with supply decline less than demand [3]. - **Polyester**: TA601 rose 0.64% to 4700 yuan/ton, EG2601 rose 0.03% to 3892 yuan/ton, and PX601 rose 0.92% to 6836 yuan/ton. Some glycol devices are under maintenance. PX&TA are expected to follow the cost side, and ethylene glycol is under supply pressure [3][5]. - **Rubber**: On Thursday, RU2601 rose 170 yuan/ton to 15390 yuan/ton, NR rose 220 yuan/ton to 12400 yuan/ton, and BR rose 50 yuan/ton to 10480 yuan/ton. Rubber supply increased, and overseas demand weakened [5]. - **Methanol**: The supply is currently at a high level, and Iranian devices may stop in November - December, leading to a potential decline in January arrivals. Port inventory is expected to start de - stocking from mid - December to early January [5][6]. - **Polyolefin**: The price of polyolefin products shows a downward trend in profit. It is expected to shift to a supply - strong and demand - weak situation, but valuation factors may limit further decline [6]. - **PVC**: The price oscillated on Thursday. Supply is at a high level, domestic demand is weak, and the cancellation of BIS certification may boost exports, but anti - dumping needs attention [6][7]. 3.2 Daily Data Monitoring - The table shows the basis data of various energy - chemical products on November 14, 2025, including spot price, futures price, basis, basis rate, and the change of basis rate compared with previous days, as well as the quantile of the latest basis rate in historical data [8]. 3.3 Market News - The EIA report shows that last week, US crude inventory increased, while gasoline and distillate inventories decreased. As of November 7, US commercial crude inventory increased by 6.4 million barrels to 427.58 million barrels, and Cushing crude inventory decreased by 346,000 barrels [12]. - The IEA warns that the global oil market will face a large - scale surplus of up to 4.09 million barrels per day next year, which is equivalent to nearly 4% of global oil demand and much higher than other forecasts [12]. 3.4 Chart Analysis - **4.1 Main Contract Prices**: There are 29 figures showing the closing prices of main contracts of various energy - chemical products from 2021 to 2025, including crude oil, fuel oil, asphalt, etc. [14][15][16] - **4.2 Main Contract Basis**: There are 31 figures showing the basis of main contracts of various energy - chemical products from 2021 to 2025, including crude oil, fuel oil, etc. [30][34][37] - **4.3 Inter - period Contract Spreads**: There are 15 figures showing the spreads between different contracts of various energy - chemical products, such as fuel oil, asphalt, etc. [42][44][47] - **4.4 Inter - variety Spreads**: There are 10 figures showing the spreads between different varieties of energy - chemical products, such as crude oil internal - external spreads, fuel oil high - low sulfur spreads, etc. [58][60][63] - **4.5 Production Profits**: There are 2 figures showing the production profits of LLDPE and PP [66]. 3.5 Team Member Introduction - The research team includes members such as Zhong Meiyan (Assistant Director and Energy - Chemical Director), Du Bingqin (Crude Oil, Gas, etc. Analyst), Di Yilin (Natural Rubber/Polyester Analyst), and Peng Haibo (Methanol/Propylene, etc. Analyst), each with rich experience and achievements [71][72][73]

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core View - Silicon ferroalloy is expected to experience wide - range fluctuations due to the potential increase in cost - end factors. - Manganese ferroalloy will have wide - range fluctuations due to sector sentiment resonance [1]. 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Data**: - Silicon ferroalloy 2601 closed at 5586 yuan/ton, up 26 yuan from the previous trading day, with a trading volume of 160,696 and an open interest of 169,595. Silicon ferroalloy 2605 closed at 5650 yuan/ton, up 40 yuan, with a trading volume of 2,153 and an open interest of 9,414. - Manganese ferroalloy 2601 closed at 5798 yuan/ton, up 22 yuan, with a trading volume of 148,442 and an open interest of 351,061. Manganese ferroalloy 2605 closed at 5848 yuan/ton, up 26 yuan, with a trading volume of 8,599 and an open interest of 43,675 [1]. - **Spot Data**: - The aggregated price of silicon ferroalloy FeSi75 - B in Inner Mongolia was 5220 yuan/ton. The price of silicon - manganese FeMn65Si17 in Inner Mongolia was 5620 yuan/ton. - The price of manganese ore Mn44 block was 40.0 yuan/ton - degree, up 0.2 yuan. The price of small - sized semi - coke in Shenmu was 760 yuan/ton. - The spot - futures price difference of silicon ferroalloy (spot - 01 futures) was - 366 yuan/ton, down 26 yuan. The spot - futures price difference of manganese ferroalloy (spot - 01 futures) was - 178 yuan/ton, down 22 yuan [1]. - **Spread Data**: - The near - far month spread of silicon ferroalloy 2601 - 2605 was - 64 yuan/ton, down 14 yuan. The near - far month spread of manganese ferroalloy 2601 - 2605 was - 50 yuan/ton, down 4 yuan. - The cross - variety spread of manganese ferroalloy 2601 - silicon ferroalloy 2601 was 212 yuan/ton, down 4 yuan. The cross - variety spread of manganese ferroalloy 2605 - silicon ferroalloy 2605 was 198 yuan/ton, down 14 yuan [1]. 3.2 Macro and Industry News - On November 6th, the starting price of Hongliulin lump coal, the raw material for semi - coke, was 720 yuan/ton, up 45 yuan/ton from the previous period. The auction volume was 7.8 million tons, down 2.8 million tons. The average transaction price was 783.36 yuan/ton, up 78.39 yuan/ton from the previous average price. The lowest auction price was 773 yuan/ton, and the highest was 790 yuan/ton [1]. - On November 6th, the price of 72 silicon ferroalloy in Shaanxi was 5000 - 5200 yuan/ton, in Ningxia was 5200 - 5250 yuan/ton (up 25 yuan), in Qinghai was 5150 - 5250 yuan/ton, in Gansu was 5150 - 5250 yuan/ton, and in Inner Mongolia was 5150 - 5250 yuan/ton. The price of 75 silicon ferroalloy in Shaanxi was 5700 yuan/ton, in Ningxia was 5650 - 5700 yuan/ton (down 50 yuan), in Qinghai was 5600 - 5700 yuan/ton (down 75 yuan), in Gansu was 5650 - 5700 yuan/ton, and in Inner Mongolia was 5650 - 5700 yuan/ton. The FOB price of 72 silicon ferroalloy was 1020 - 1040 US dollars/ton (down 10 US dollars), and the FOB price of 75 silicon ferroalloy was 1110 - 1130 US dollars/ton. The northern quotation of 6517 silicon - manganese was 5550 - 5650 yuan/ton, and the southern quotation was 5600 - 5700 yuan/ton [2]. - A steel mill in Shandong set the price of silicon - manganese at 5720 yuan/ton (cash - inclusive delivered to the factory) and the purchase volume was 1000 tons. A steel mill in Jiangsu set the price of silicon - manganese at 5800 yuan/ton (acceptance - inclusive delivered to the factory) and the purchase volume was 3000 tons. Xinyu Iron and Steel set the purchase price of silicon ferroalloy at 5770 yuan/ton, down 30 yuan/ton from the previous round, with a purchase volume of 600 tons [3]. 3.3 Trend Intensity - The trend intensity of silicon ferroalloy is 0, and the trend intensity of manganese ferroalloy is 0. The trend intensity ranges from - 2 to 2, representing weak, relatively weak, neutral, relatively strong, and strong, where - 2 is the most bearish and 2 is the most bullish [3].

Core Viewpoint - Silicon iron futures showed a slight increase of 0.65%, with the main contract trading at 5542.00 yuan, indicating a strong fluctuation in the market [1][2]. Group 1: Market Performance - The main contract for silicon iron futures reached a peak of 5588.00 yuan during trading [1]. - As of the latest update, the contract price is reported at 5542.00 yuan, reflecting a 0.65% increase [1]. Group 2: Institutional Perspectives - Everbright Futures expects the silicon iron price to remain in a state of fluctuation in the short term, citing high supply levels and limited demand [2]. - Nanhua Futures anticipates that iron alloy prices will also experience fluctuations due to high inventory and weak demand, although cost support is present [3]. - Zhonghui Futures adopts a bearish outlook on silicon iron, noting high supply levels and increased inventory, while also highlighting potential upward pressure on coal prices [4].

Group 1 - The core viewpoint of the articles indicates that the lithium carbonate futures market is experiencing a strong upward trend, with prices fluctuating between 78,000 and 83,000 yuan/ton in the short term [1][2] - The main contract for lithium carbonate opened at 80,000 yuan/ton, reaching a high of 81,620 yuan and a low of 79,580 yuan, with a daily increase of 2.03% [1] - Market inventory has decreased significantly, with total inventory down by 2,200 tons to 132,700 tons, and downstream inventory reduced by 2,000 tons to 58,000 tons, indicating a recovery in market trading [1] Group 2 - According to Guotou Anxin Futures, the rebound in lithium prices is supported by high operating rates of leading cathode material manufacturers and a decrease in market inventory [1] - Jinrui Futures notes that the fundamental recovery and continuous inventory reduction are driving significant price increases, with expectations for prices to remain strong in the near term [1] - Nanhua Futures highlights that increased supply from salt lake production and potential recovery of "Jianxiawo" could lead to a weaker price trend, while demand from lithium battery material companies is expected to grow, providing support for prices [2]

Report Information - Reported Industry: Soybean Meal [1] - Report Date: October 14, 2025 [2] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] 1. Report Investment Rating - No investment rating information provided in the report 2. Core Viewpoints - Change the previous bullish view to a sideways view. The near - term market focuses on the reality of high supply and high inventory of soybean meal. However, with the 23% import tariff on US soybeans, the depletion of soybean inventory at Chinese ports in the middle of the fourth quarter will support the futures market. Also, there is potential upside as US soybean yield may be further adjusted downwards, making it difficult to form a unilateral trend in the short - to - medium term [6] - Future attention points include when the US resumes report publication and the production adjustments in the report, the results of China - US trade negotiations, and whether Argentina's export policy will be liberalized again, which will affect the valuation of the 01 contract [6] 3. Summary by Directory 3.1行情回顾与操作建议 (Market Review and Operation Suggestions) - **Market Review**: - Domestic soybean meal futures contracts showed different price movements. For example, the price of the bean粕2601 contract increased by 0.27%, the bean粕2603 contract by 0.38%, and the bean粕2511 contract by 0.76% [6] - The US soybean futures contract on the external market fluctuated, with the main contract at 1010 cents. Due to the recent China - US trade disputes, the CBOT soybean futures dropped significantly on Friday night and then stabilized on Sunday [6] - **Operation Suggestions**: - The current view is changed from bullish to sideways. Although the near - term market faces high supply and high inventory, the depletion of soybean inventory at Chinese ports in the middle of the fourth quarter and the potential reduction in US soybean yield will support the market [6] - Pay attention to the resumption of US report publication, China - US trade negotiation results, and Argentina's export policy, which will affect the valuation of the 01 contract [6] 3.2行业要闻 (Industry News) - As of the week of October 7, about 39% of US soybean - growing areas were affected by drought, compared with 37% in the previous week and 43% in the same period last year [9] - As of October 10, the soybean planting area in Mato Grosso, Brazil, for the 2025/26 season had reached 21.22% of the expected total, up from 15.03% in the previous week and 8.81% in the same period last year [9] - Brazilian farmers had sown 12.48% of the expected soybean planting area in 2025, significantly higher than the 5.28% sowing progress in the same period last year [10]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Coal and coke supply and demand are both increasing, and downstream enterprises are starting pre - holiday stockpiling, which supports the confidence of the raw material market. The short - term futures market will maintain a wide - range volatile operation [4] Group 3: Summary Based on Related Content Market Situation - Last week, the prices of coal and coke futures fluctuated strongly as a whole, and the price center shifted upward. The Fed cut interest rates as expected, and the dot - plot indicated two more cuts this year. In the spot market, coal prices in Shanxi rebounded slightly, and some coking enterprises in Inner Mongolia planned to raise coke prices due to rising costs [3] - Recently, due to the severe air quality situation in Tangshan, coking enterprises were required to extend the coking time by 30% from September 15th to September 30th. However, the current production restrictions are mainly voluntary, and the specific plan is not clear [3] Production and Operation Data - Last week, the profitability rate of 247 steel mills was 58.87%, a decrease of 1.30 percentage points from the previous week. The daily average hot - metal output increased slightly by 0.47 million tons to 2.4102 million tons, and steel mills as a whole did not reduce production [3] Market Outlook - In the coal mine sector, last week, coal mines in Shanxi continued to resume production, and output continued to rise. Although the policy is expected to improve, the market is worried about coal mine production cuts due to the over - production inspection in Inner Mongolia. In the short term, there is still room for a slight increase in production in major coal - producing areas, and the market will remain strong before the holiday [3]