Group 1 - The State Council's joint prevention and control mechanism held a press conference on March 3 to discuss fiscal and tax policy support for epidemic prevention and resumption of production [2] - The Ministry of Finance's Social Security Department Director Fu Jinling acknowledged that the epidemic has had a certain impact on the fiscal revenue and expenditure of Hubei province and other severely affected areas, but this impact is considered to be temporary [4] - Fu Jinling stated that the overall scale of fiscal revenue and expenditure in China is large, and there is considerable room for structural adjustment. The impact of the epidemic on fiscal revenue and expenditure is manageable, and epidemic prevention expenditures are guaranteed [7] Group 2 - The Ministry of Finance plans to coordinate epidemic prevention and economic development, making fiscal policies more proactive and adjusting the structure of fiscal expenditures. Increased transfer payments to local governments, especially in severely affected provinces like Hubei, will be prioritized to ensure support for epidemic prevention and livelihood expenditures [7] - Comprehensive fiscal and tax measures will be implemented to minimize the impact of the epidemic on fiscal revenue and expenditure [7]

Core Insights - The Ministry of Finance reported that from January to October this year, the national fiscal revenue reached 18.65 trillion yuan, representing a year-on-year growth of 0.8%, with an increase of 0.3 percentage points compared to the growth rate from January to September [1] - In October alone, the national fiscal revenue was 2.26 trillion yuan, showing a year-on-year increase of 3.2%, indicating a continued improvement in monthly growth [1] - For the first ten months, national fiscal expenditure totaled 22.58 trillion yuan, reflecting a year-on-year growth of 2%, with a more proactive fiscal policy being implemented across various levels of government [1] Fiscal Revenue - National fiscal revenue from January to October was 18.65 trillion yuan, with a year-on-year growth of 0.8% [1] - October's fiscal revenue was 2.26 trillion yuan, marking a 3.2% increase year-on-year [1] Fiscal Expenditure - Total fiscal expenditure for the first ten months was 22.58 trillion yuan, with a year-on-year growth of 2% [1] - Key areas of expenditure included social security and employment (up 9.3%), science and technology (up 5.7%), and education (up 4.7%) [1]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The price of ferronickel has dropped significantly recently, leading to a decrease in raw material costs. The production profit of steel mills has been restored, and stainless - steel mills are expected to increase production, resulting in increased supply pressure. - The demand in the off - peak season is weak, with low market purchasing willingness and general inquiry and transaction performance. The national stainless - steel social inventory shows a narrow increase. - Technically, with an increase in positions and a decline in price, the bearish sentiment is strong, and the price is at the lower edge of the downward channel. It is expected that the stainless - steel futures price will fluctuate weakly, and attention should be paid to the MA10 pressure [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the stainless - steel futures main contract is 12,415 yuan/ton, with a month - on - month increase of 35 yuan/ton; the spread between the 12 - 01 contracts is - 80 yuan/ton, with a month - on - month increase of 15 yuan/ton. - The net long position of the top 20 futures holders is - 16,376 lots, with a month - on - month increase of 983 lots; the position of the main contract is 172,728 lots, with a month - on - month increase of 4,992 lots. - The warehouse receipt quantity is 69,289 tons, with a month - on - month decrease of 1,076 tons [2]. 现货市场 - The price of 304/2B coil (trimmed edge) in Wuxi is 13,350 yuan/ton, with no month - on - month change; the market price of scrap stainless steel 304 in Wuxi is 8,850 yuan/ton, with no month - on - month change. - The basis of the SS main contract is 455 yuan/ton, with a month - on - month decrease of 85 yuan/ton [2]. Upstream Situation - The monthly electrolytic nickel output is 29,430 tons, with an increase of 1,120 tons; the total monthly ferronickel output is 21,700 metal tons, with a decrease of 300 metal tons. - The monthly import volume of refined nickel and alloys is 28,570.87 tons, with an increase of 4,144.03 tons; the monthly import volume of ferronickel is 1.0853 million tons, with an increase of 211,200 tons. - The spot price of SMM1 nickel is 118,700 yuan/ton, with a month - on - month decrease of 900 yuan/ton; the average price of ferronickel (7 - 10%) nationwide is 910 yuan/nickel point, with no month - on - month change. - The monthly output of Chinese ferrochrome is 757,800 tons, with a decrease of 26,900 tons [2]. Industry Situation - The monthly output of 300 - series stainless steel is 1.7627 million tons, with an increase of 24,800 tons; the total weekly inventory of 300 - series stainless steel is 591,200 tons, with an increase of 20,400 tons. - The monthly export volume of stainless steel is 458,500 tons, with a decrease of 29,500 tons [2]. Downstream Situation - The cumulative monthly new housing construction area is 453.99 million square meters, with an increase of 55.9799 million square meters. - The monthly output of excavators is 31,600 units, with an increase of 4,000 units; the monthly output of large and medium - sized tractors is 26,200 units, with a decrease of 500 units; the monthly output of small tractors is 10,000 units, with an increase of 1,000 units [2]. Industry News - Li Qiang chaired an executive meeting of the State Council to deploy policies and measures to enhance the adaptability of consumer goods supply and demand and further promote consumption. The Ministry of Finance will effectively implement a proactive fiscal policy, adhere to expanding domestic demand, and support the construction of a strong domestic market. - China released its October economic data, showing that the growth rates of industry, social consumer goods retail, investment, and real - estate sales were all lower than the previous values to varying degrees. - The schedule for important US data has been determined: the September non - farm payrolls will be released on November 20th, and the PCE, the Fed's preferred indicator, will be released on November 26th. There is a split within the Fed regarding inflation and interest - rate policies [2].

需采购为主，现货升水上涨；海外LME库存亦呈现增长。预计镍价震荡弱势运行。技术面，持仓增量价格 下跌，空头氛围升温，关注11.7关口争夺。观点参考：预计短线沪镍震荡偏弱，关注MA5压力。 免责声明 | | | 沪镍产业日报 2025-11-17 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪镍(日,元/吨) | 116750 | -330 12-01月合约价差:沪镍(日,元/吨) | -200 | 0 | | | LME3个月镍(日,美元/吨) | 14880 | -75 主力合约持仓量:沪镍(日,手) | 107341 | -4908 | | | 期货前20名持仓:净买单量:沪镍(日,手) | -34387 | -2282 LME镍:库存(日,吨) | 252090 | 120 | | | 上期所库存:镍(周,吨) | 40573 | 3386 LME镍:注销仓单:合计(日,吨) | 13992 | 108 | | | 仓单数量:沪镍(日,吨) | 3582 ...

1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - Zinc ore imports in China have increased due to the arrival of long - term agreement ores and raw material reserves for winter production. However, domestic zinc ore processing fees have been cut, and sulfuric acid prices have dropped, significantly squeezing smelters' profits, with some incurring losses. Although new production capacities are being released, the growth of refined zinc output is limited. Overseas zinc supply is tight, the Shanghai - London ratio has dropped sharply, and the export window has opened, with a shift to net exports expected. On the demand side, the traditional peak season effect was weak, the real - estate sector was a drag, while policies in the automotive and home - appliance sectors brought some bright spots. The recovery of downstream demand was insufficient, with the market mainly making on - demand purchases at low prices. Domestic inventories decreased slightly, and LME zinc de - stocking slowed down. Technically, with stable positions and price adjustments, there was more divergence between bulls and bears. It is expected that Shanghai zinc will fluctuate and adjust, with attention on the range of 2.22 - 2.26 [3] 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the Shanghai zinc main contract was 22,465 yuan/ton, up 40 yuan; the 12 - 01 contract spread of Shanghai zinc was - 25 yuan/ton, up 15 yuan. The LME three - month zinc quote was 3,014.5 dollars/ton, down 26 dollars. The total position of Shanghai zinc was 217,728 lots, down 8,952 lots; the net position of the top 20 in Shanghai zinc was 8,214 lots, down 2,748 lots. Shanghai zinc warehouse receipts were 76,861 tons, up 5,108 tons. The SHFE inventory was 100,892 tons, up 684 tons; the LME inventory was 38,975 tons, up 1,175 tons [3] 3.2现货市场 - The spot price of 0 zinc on the Shanghai Non - ferrous Metals Network was 22,400 yuan/ton, down 90 yuan; the spot price of 1 zinc in the Yangtze River Non - ferrous Metals Market was 22,170 yuan/ton, down 70 yuan. The basis of the ZN main contract was - 65 yuan/ton, down 130 yuan; the LME zinc premium (0 - 3) was 175.85 dollars/ton, up 54.36 dollars. The arrival price of 50% zinc concentrate in Kunming was 18,320 yuan/ton, down 150 yuan; the price of 85% - 86% crushed zinc in Shanghai was 15,950 yuan/ton, down 50 yuan [3] 3.3 Upstream Situation - The WBMS zinc supply - demand balance was - 27,800 tons, down 5,700 tons; the ILZSG zinc supply - demand balance was 47,900 tons, up 17,700 tons. The global zinc ore production by ILZSG was 1.0976 million tons, up 21,400 tons. Domestic refined zinc production was 651,000 tons, up 34,000 tons. Zinc ore imports were 505,400 tons, up 38,100 tons [3] 3.4 Industry Situation - Refined zinc imports were 22,677.51 tons, down 2,979.32 tons; refined zinc exports were 2,477.83 tons, up 2,166.92 tons. The social inventory of zinc was 160,800 tons, down 900 tons [3] 3.5 Downstream Situation - The output of galvanized sheets was 2.32 million tons, up 10,000 tons; the sales of galvanized sheets were 2.28 million tons, down 90,000 tons. The new housing construction area was 453.99 million square meters, up 55.9799 million square meters; the housing completion area was 311.2888 million square meters, up 34.3534 million square meters. Automobile production was 3.227 million vehicles, up 474,600 vehicles; air - conditioner production was 18.0948 million units, up 1.276 million units [3] 3.6 Option Market - The implied volatility of at - the - money call options on zinc was 11.84%, down 0.25 percentage points; the implied volatility of at - the - money put options on zinc was 11.84%, down 0.25 percentage points. The 20 - day historical volatility of at - the - money zinc options was 10.03%, up 0.73 percentage points; the 60 - day historical volatility of at - the - money zinc options was 9.31%, up 0.37 percentage points [3] 3.7 Industry News - Li Qiang chaired an executive meeting of the State Council to deploy policies to enhance the adaptability of consumer goods supply and demand and further promote consumption. The Ministry of Finance will implement a proactive fiscal policy, expand domestic demand, and support the construction of a strong domestic market. China released its October economic data, with the growth rates of industry, social consumer goods retail, investment, and real - estate sales all lower than the previous period. The schedule for important US data was determined: September non - farm payrolls will be released on November 20, and the Fed's preferred PCE indicator will be released on November 26. There is a split within the Fed on interest - rate cuts [3]

沪锡产业日报 2025-11-17 | | | | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪锡(日,元/吨) | 290360 | -1090 12月-1月合约收盘价:沪锡(日,元/吨) | -560 | -110 | | | LME3个月锡(日,美元/吨) | 36860 | -205 主力合约持仓量:沪锡(日,手) | 31904 | -4437 | | | 期货前20名净持仓:沪锡(日,手) | -636 | 305 LME锡:总库存(日,吨) | 3065 | 10 | | | 上期所库存:锡(周,吨) | 6258 | 266 LME锡:注销仓单(日,吨) | 115 | 25 | | | 上期所仓单:锡(日,吨) | 6099 | 167 | | | | 现货市场 | SMM1#锡现货价格(日,元/吨) | 289900 | -2200 长江有色市场1#锡现货价(日,元/吨) | 290090 | -2950 | | | 沪锡主力合约基差(日,元 ...

财政部今天发布的最新数据显示，今年1—10月，全国财政收入18.65万亿元，同比增长0.8%，增幅比1 —9月提高0.3个百分点。10月单月，全国财政收入2.26万亿元，同比增长3.2%，月度增幅继续提高。 税收收入持续较快增长。1—10月，全国税收收入15.34万亿元，增长1.7%，增幅比1—9月提高1个百分 点。计算机通信设备制造业税收收入增长12.7%，电气机械器材制造业税收收入增长7.9%。 各级财政持续加快债券资金使用，地方政府专项债券、超长期特别国债、中央金融机构注资特别国债等 资金共支出4.54万亿元。 （总台央视记者 赵曙光 蒋勇） 1—10月，全国财政支出22.58万亿元，同比增长2%。 各级财政落实更加积极的财政政策，加大支出强度，优化支出结构，持续加强对重点领域的支出保障。 其中，社会保障和就业支出增长9.3%，科学技术支出增长5.7%，教育支出增长4.7%。 ...

2025 年 11 月 17 日 铝：短期有压力 氧化铝：基本面压力仍在 铸造铝合金：跟随电解铝 | | | 70 | T-1 | T-5 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | | 沪铝主力合约收盘价 | | 21840 | -210 | 215 | 1160 | 1080 | | 沪铝主力合约夜盘收盘价 | | 21795 | ー | l | l | l | | LME铝3M收盘价 | | 2877 | 0 | 15 | 190 | 231 | | 沪铝主力合约成交量 | | 298176 | 2884 | 53041 | 175088 | 152827 | | 沪铝主力合约持仓量 | | 419174 | -27485 | 53978 | 228643 | 109231 | | LME铝3M成交量 | 电解铝 | 21926 | 0 | 6975 | 7468 | 7065 | | LME注销仓单占比 | | 5. 35% | -0. 37% | -1.87% | -14. 27% | 1.97% | | LME 给cash ...

Group 1 - The S&P 500 index experienced a mid-session rebound failure and closed down last Friday [1] - Bitcoin fell below $93,000 during early Asian trading on Monday, erasing its gains for the year [1] - The Chinese government is implementing policies to enhance the adaptability of supply and demand in consumer goods to further promote consumption [1] Group 2 - The Chinese Ministry of Finance is committed to effectively implementing an active fiscal policy, focusing on expanding domestic demand and supporting the construction of a strong domestic market [1] - The Chinese State Administration for Market Regulation released a draft guideline on antitrust compliance for internet platforms, identifying eight new types of monopoly risk scenarios [1] - A prominent short-seller, Burry, has raised concerns about accounting practices among U.S. tech giants, suggesting that profits may be overstated [1]

11月13日，中国宏观经济研究院决策咨询部主任孙学工在2025中国外贸信托财富论坛上表示，建议2026 年继续实施更加积极的财政政策和适度宽松的货币政策，以保持政策的连续性、稳定性，营造稳定的支 持性宏观政策环境。更加积极的财政政策加力增效，要加大中央政府支出力度，可以考虑将预算赤字率 提高到4.5%，继续增发特别国债，确保中央政府持续发力。（人民财讯） ...