意愿并不强烈。需求端，房地产行业作为玻璃的主要下游，其表现依旧低迷。从整体地产周期来看，下行 趋势尚未扭转。当前二手房价格持续下跌，市场信心不足，新房销售也面临较大压力。汽车玻璃方面，虽 免责声明 有一定的生产备货需求，但难以完全抵消房地产市场低迷带来的负面影响。光伏玻璃市场，受行业"反内 纯碱玻璃产业日报 2025-11-19 | 项目类别 | 数据指标 纯碱主力合约收盘价(日,元/吨) | 最新 | 环比 数据指标 -32 玻璃主力合约收盘价(日,元/吨) | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 纯碱与玻璃价差(日,元/吨) | 1182 173 | -24 纯碱主力合约持仓量(日,手) | 1009 1345724 | -8 82458 | | | 玻璃主力合约持仓量(日,手) | 1990501 | 2524 纯碱前20名净持仓 | -263174 | -19574 | | 期货市场 | 玻璃前20名净持仓 | -325241 | 14348 纯碱交易所仓单(日,吨) | 4993 | 0 | | | 玻璃交易所仓单(日,吨) | 2 ...

期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 现实格局趋稳，钢矿震荡运行 核心观点 螺纹钢：主力期价震荡下行，录得 0.49%日跌幅，量增仓缩。现阶段， 螺纹钢供应收缩至低位，但需求表现偏弱，供需双弱局面下基本面并未 改善，钢价仍易承压，相对利好的是估值偏低以及成本尚有支撑，短期 走势延续低位震荡运行，关注需求表现情况。 热轧卷板：主力期价震荡运行，录得 0.18%日跌幅，量仓收缩。目前来 看，热卷供需格局变化不大，产业矛盾未缓解，卷价继续承压，相对利 好则是成本尚有支撑，短期走势延续低位震荡运行态势，关注钢厂生产 情况。 铁矿石：主力期价偏强震荡，录得 0.76%日涨幅，量缩仓增。现阶 段，得益于套利逻辑切换以及矿石需求改善提振，矿价低位回升，但供 应居高不下，矿市基本面并无实质性改善，上行驱动不强，预计走势延 续震荡运行态势，关注钢材表现情况。 （仅供参考，不构成任何投资建议） 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 作者声明 本人具有中国期货业协会 ...

每经AI快讯，11月19日，工业硅期货主力合约日内涨4%，现报9330元/吨。 ...

01-23 11下 2000-2010 01-17~15 | | | 投资询业务资格:证监许可【2012】31号 【了C国贸期货 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 甲醇数据日报 | | | | | | | | | 国贸期货研究院 能源化工研究中心 投资咨询号: Z0021177 | 卢钊毅 | | 从业资格号:F03101843 | | 2025/11/19 | | | | 数据来源:钢联 | | | | | | | 를 | | 内蒙古北线 陕西关中 新疆（疆外） 山东临沂 太仓 | | | | | 河南 | | 现 点 | 现值 | 2002 1570 | 1968 | 1905 | | 2140 | 2015 | | 货 区 | 前值 | 2012 1620 | 1960 | 1905 | | 2140 | 2020 | | 域 | 涨幅 | (10) (50) | 8 | 0 | | 0 | (5) | | 期 号 | | MA2601 MA2605 | | | | | | | | 现值 | 2029 ...

交易咨询业务资格：证监许可【2012】1091号 工业硅期货早报 2025年11月19日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点——工业硅 供给端来看，上周工业硅供应量为9.1万吨，环比持平。 需求端来看，上周工业硅需求为8.4万吨，环比增长2.44%.需求有所抬升. 多晶硅库存为26.7万吨，处于低位，硅片亏损，电池片亏损，组件盈利； 有机硅库存为56300吨，处于低位，有机硅生产利润为-156元/吨，处于亏 损状态，其综合开工率为72.18%，环比持平，低于历史同期平均水平；铝 合金锭库存为7.21万吨，处于高位，进口亏损为410元/吨，A356铝送至无 锡运费和利润为652.84元/吨，再生铝开工率为60.6%，环比增加2.54%, 处于高位。 成本端来看，新疆地区样本通氧 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - Due to the high inventory and oversupply, nickel prices are expected to remain in a low - level oscillation. Stainless steel is also expected to stay in a low - level oscillation due to weak demand, high inventory, and a downward - shifting cost center [1][3]. 3. Summary by Related Catalogs Nickel Variety - **Market Analysis** - On November 18, 2025, the main nickel contract 2512 opened at 116,420 yuan/ton and closed at 114,840 yuan/ton, a - 1.67% change from the previous trading day. The trading volume was 117,416 (+14,501) lots, and the open interest was 99,682 (-7,659) lots. The main nickel contract continued its downward trend and may continue to oscillate to find the bottom in the short term. The Fed's internal division on a December interest rate cut and the rising dollar index (to 99.6) pressured commodity prices and led to the decline of nickel prices [1]. - In the nickel ore market, the trading atmosphere was fair, and prices remained stable. In the Philippines, there were tenders for 1.4% nickel ore from Eramen and 1.25% nickel ore from Benguet. Downstream nickel - iron prices were falling, and iron mills were mainly in a wait - and - see mode and had a price - pressing mentality. In Indonesia, the November (second - phase) domestic trade benchmark price fell by 0.12 - 0.2 dollars/wet ton, and the mainstream premium was +26, with the premium range mostly between +25 - 26 [2]. - The spot price of Jinchuan Group in the Shanghai market was 119,000 yuan/ton, a 1,500 - yuan/ton drop from the previous trading day. As prices continued to fall, the purchasing enthusiasm of downstream enterprises increased, and the spot premiums of refined nickel brands mostly rose. The premium of Jinchuan nickel changed by 150 yuan/ton to 4,050 yuan/ton, the premium of imported nickel remained unchanged at 500 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipts were 35,826 (+799) tons, and LME nickel inventory was 257,694 (+5,604) tons [2]. - **Strategy** - It is recommended to mainly use range - bound operations for single - sided trading, and there are no suggestions for inter - period, inter - variety, spot - futures, and options trading [3]. Stainless Steel Variety - **Market Analysis** - On November 18, 2025, the main stainless - steel contract 2601 opened at 12,415 yuan/ton and closed at 12,365 yuan/ton. The trading volume was 92,400 (-44,713) lots, and the open interest was 177,321 (-4,171) lots. The main stainless - steel contract showed a low - level oscillation, with prices oscillating between 12,300 - 12,500 yuan/ton, breaking below the 5 - day moving average, indicating an initial short - term downward trend. Due to weak downstream demand, high inventory, and the continuous decline of nickel prices, there were still no signs of a rebound in stainless - steel prices [3]. - Spot prices continued to decline to historical lows, but the market was pessimistic, and trading did not improve significantly. The stainless - steel price in the Wuxi market was 12,675 (-25) yuan/ton, and in the Foshan market, it was 12,700 (-50) yuan/ton. The 304/2B premium was 365 to 615 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron changed by - 3.00 yuan/nickel point to 899.5 yuan/nickel point [3]. - **Strategy** - A neutral stance is recommended for single - sided trading, and there are no suggestions for inter - period, inter - variety, spot - futures, and options trading [4].

油料日报 | 2025-11-19 豆一受成本传导致产区震荡，花生需求清淡油厂观望 大豆观点 市场分析 期货方面，昨日收盘豆一2601合约4149.00元/吨，较前日变化-29.00元/吨，幅度-0.69%。现货方面，食用豆现货基 差A01-49，较前日变化+49，幅度32.14%。 市场资讯汇总：当前东北产区新季大豆行情整体平稳，贸易商多表示走货一般，但因受政策指导价托底，短期内 豆价仍有一定支撑力，其中高蛋白品种价格走势相对更强。目前农户销售意愿尚可，多根据市场行情调整出货节 奏，部分存在一定惜售心理。与此同时，粮食贸易企业收购较为谨慎，多数企业已有一定库存。黑龙江哈尔滨市 场国标一等蛋白39%蛋白中粒塔粮装车报价2.03元/斤，较前一日持平；黑龙江双鸭山宝清市场国标一等蛋白39%蛋 白中粒塔粮装车报价2.04元/斤，较前一日持平；黑龙江佳木斯富锦市场国标一等蛋白39%蛋白中粒塔粮装车报价 2.02元/斤，较前一日持平；黑龙江齐齐哈尔讷河市场国标一等蛋白39%蛋白中粒塔粮装车报价2.04元/斤，较前一 日持平；黑龙江黑河嫩江市场国标一等蛋白39%蛋白中粒塔粮装车报价2.03元/斤，较前一日持平；黑龙江绥化 ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - PE prices continue to decline in a volatile manner due to weakened cost - side support and an unimproved supply - demand imbalance. It will maintain a weak and volatile trend in the short term [2]. - PP's weak supply - demand situation is hard to reverse, and the cost - side support also weakens. It will continue the weak and volatile pattern in the short term [3]. - For investment strategies, it is recommended to wait and see for unilateral trading; for inter - period trading, conduct sell - near - buy - far arbitrage for L01 - 05 and PP01 - 05; there is no recommendation for inter - variety trading [4]. 3. Summary by Relevant Catalogs 3.1 Market News and Important Data - **Price and Basis**: L main contract closed at 6785 yuan/ton (-58), PP main contract at 6392 yuan/ton (-75). LL North China spot was 6840 yuan/ton (-10), LL East China spot 6900 yuan/ton (+50), PP East China spot 6480 yuan/ton (+0). LL North China basis was 55 yuan/ton (+48), LL East China basis 115 yuan/ton (+108), PP East China basis 88 yuan/ton (+75) [1]. - **Upstream Supply**: PE operating rate was 83.1% (+0.5%), PP operating rate 79.6% (+1.8%) [1]. - **Production Profit**: PE oil - based production profit was 181.4 yuan/ton (+5.5), PP oil - based production profit - 428.6 yuan/ton (+5.5), PDH - based PP production profit - 278.7 yuan/ton (-65.3) [1]. - **Imports and Exports**: LL import profit was - 20.7 yuan/ton (-11.8), PP import profit - 176.9 yuan/ton (+31.3), PP export profit - 4.4 dollars/ton (+1.5) [1]. - **Downstream Demand**: PE downstream agricultural film operating rate was 50.0% (+0.0%), PE downstream packaging film operating rate 50.4% (-0.4%), PP downstream plastic weaving operating rate 44.2% (-0.2%), PP downstream BOPP film operating rate 62.6% (+0.2%) [1]. 3.2 Market Analysis 3.2.1 PE - **Cost**: Coal prices dropped significantly, and oil prices fluctuated widely with long - term supply - demand pressure, weakening the cost - side support [2]. - **Supply**: Newly added device shutdowns in Ningxia Baofeng and Jilin Petrochemical, restarts in Zhenhai Refining and Sinochem Quanzhou. Future planned maintenance is limited, the operating rate continues to rise, and new production capacities such as Guangxi Petrochemical are gradually released, so supply pressure persists [2]. - **Demand**: PE downstream overall operating rate declined month - on - month. Agricultural film demand is expected to shrink, and packaging film operating rate decreased month - on - month. Overall downstream demand is still limited [2]. - **Inventory**: Due to the unimproved supply - demand contradiction, inventory pressure persists, and there is a lack of upward drivers in the short term [2]. 3.2.2 PP - **Cost**: Coal prices dropped significantly, and although international oil prices fluctuated widely and the price of propane rebounded slightly, cost support is still limited [3]. - **Supply**: Newly added device shutdowns in Sinochem Quanzhou Line 1 and Guangdong Petrochemical Line 2, and the full - scale shutdown of Juzhengyuan's 120 - million - ton PDH device for maintenance. Although short - term temporary maintenance eases supply pressure, it has limited impact on the oversupply pattern. Upstream is actively reducing prices to sell, but demand is weak, and inventory clearance pressure is high [3]. - **Demand**: Downstream overall operating rate is gradually weakening, mainly replenishing inventory on a just - in - time basis when prices are low. Demand follow - up is still weak [3]. - **Market Outlook**: The loose supply - demand fundamentals may limit its rebound space, and it will continue the weak and volatile pattern in the short term [3]. 3.3 Strategy - **Unilateral**: Wait and see. It is in a short - term volatile pattern, and prices are still under pressure in the long term [4]. - **Inter - period**: Conduct sell - near - buy - far arbitrage for L01 - 05 and PP01 - 05 when prices are high [4]. - **Inter - variety**: No recommendation [4]

Group 1: Report Industry Investment Ratings - Apple investment strategy: Neutral to bullish [4] - Red date investment strategy: Neutral [9] Group 2: Core Views of the Report - Apple: The price of late Fuji apples is generally stable. The western warehouse transactions are fair, while the ground transactions in Shandong are winding down. The inflow of market goods is limited, and the sales area is in the off - season. The inflow of citrus squeezes the sales space of apples. The inventory of new - season late Fuji is lower than last year, and the proportion of good - quality goods has decreased [2][3] - Red dates: The purchase progress in some areas of Xinjiang has accelerated, and farmers' price - holding sentiment has loosened. The spot market purchase enthusiasm has weakened, and the new - season red dates are expected to be listed in a concentrated manner, with large inventory pressure. The quality of red dates is better than last year, and the actual consumption situation will be a key focus [7][8] Group 3: Market News and Important Data Apple - Futures: The closing price of the Apple 2601 contract yesterday was 9,433 yuan/ton, a change of - 5 yuan/ton or - 0.05% from the previous day [1] - Spot: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 3.75 yuan/jin, unchanged from the previous day; the price of over 70 semi - commodity late Fuji in Shaanxi Luochuan was 4.15 yuan/jin, unchanged from the previous day [1] Red Dates - Futures: The closing price of the Red Date 2601 contract yesterday was 9,325 yuan/ton, a change of + 55 yuan/ton or + 0.59% from the previous day [5] - Spot: The price of first - grade grey dates in Hebei was 8.90 yuan/kg, unchanged from the previous day [5] Group 4: Recent Market Information Apple - Western warehouse transactions of late Fuji are fair, with fruit farmers mainly selling high - quality goods. The ground transactions in Shandong are winding down, with reduced supply and declining quality. The prices of high - quality goods are stable, and the market is under the support of foreign trade channels. The market is affected by competing fruits such as citrus, and the follow - up focus is on the digestion ability of inventory goods [2] Red Dates - The purchase progress in Aksu and Alar has accelerated, and some farmers' price - holding sentiment has loosened. The purchase in Ruoqiang, Hotan, and Qiemo has basically ended. The raw material purchase in production areas is priced according to quality. The purchase enthusiasm of enterprises is average. The spot price is expected to be weakly stable in the short term [7] Group 5: Market Analysis Apple - Yesterday, the apple futures price fluctuated and closed down. The high - quality goods transactions in the western warehouses of late Fuji are stable, and the ground transactions in Shandong are winding down. The new - season late Fuji inventory work is coming to an end, with inventory lower than last year. The market in the sales area is in the off - season, and the inflow of citrus squeezes the sales space of apples. This week, focus on the inventory completion in Shandong and Shanxi and the shipment speed in the west [3] Red Dates - Yesterday, the red date futures price closed slightly up. The purchase progress in Aksu and Alar has accelerated, and farmers' price - holding sentiment has loosened. The spot market purchase enthusiasm has weakened, and the new - season red dates are expected to be listed in a concentrated manner. The inventory pressure is large, and the supply - demand contradiction has not been substantially alleviated. The quality of red dates is better than last year, and the actual consumption situation will be a key focus [8]

Report Summary 1) Report Industry Investment Rating No specific industry investment ratings are provided in the report. 2) Core Views - The steel market sentiment is weak, with steel prices oscillating weakly. The fundamentals of building materials have improved, while strip products need to reduce production to resolve contradictions. The short - term price will oscillate, and future winter storage games and raw material support should be observed [1]. - The supply - demand of iron ore has weakened marginally, and ore prices will oscillate widely. Although there is a downward pressure on prices due to supply and demand, the limited arrival volume restricts the downward space, and future iron - water production and downstream inventory changes should be noted [3]. - The pressure of double - coking warehouse receipts is emerging, and the prices will oscillate weakly. The supply pressure of coking coal has been relieved, and the demand for coke needs attention due to factors such as steel mill profits and power - coal price fluctuations [4]. - The supply of thermal coal in the production area is tight, and coal prices have risen again. In the short - term, prices will oscillate strongly, and in the long - term, overall consumption and supply should be monitored [6]. 3) Summary by Related Categories Steel - **Market Analysis**: Steel futures oscillated weakly, and spot trading was average with a significant decline compared to the previous period. Building material production and sales decreased, and inventory continued to decline, while strip products faced high - inventory and high - production problems [1]. - **Strategy**: The unilateral strategy is to oscillate, and there are no strategies for inter - period, inter - variety, spot - futures, and options [2]. Iron Ore - **Market Analysis**: Iron ore futures oscillated strongly, and spot prices fluctuated slightly with less trading volume. The supply is high, inventory is increasing, and there is a seasonal weakening expectation for iron - water. However, the limited arrival volume restricts the downward space of prices [3]. - **Strategy**: The unilateral strategy is to oscillate, and there are no strategies for inter - period, inter - variety, spot - futures, and options [3]. Double - Coking - **Market Analysis**: Double - coking futures oscillated weakly, with a significant decline in the coking - coal main contract. The supply of coking coal has improved, and the demand for coke is affected by steel mill profits and other factors [4]. - **Strategy**: Both coking coal and coke strategies are to oscillate, and there are no strategies for inter - period, inter - variety, spot - futures, and options [5]. Thermal Coal - **Market Analysis**: Due to factors such as safety inspections in production areas, coal prices have risen by 5 - 10 yuan/ton. There are different views on the port market, and the advantage of imported coal still exists [6]. - **Supply - Demand Logic**: In the short - term, prices will oscillate strongly, and in the long - term, overall consumption and supply should be monitored [6].