Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Both Shanghai rubber (RU) and synthetic rubber (BR) are expected to run weakly in the short - term and on the day, and show a volatile trend in the medium - term [1][5][6]. 3. Summary by Variety Shanghai Rubber (RU) - **Short - term view**: Weak [1] - **Medium - term view**: Volatile [1] - **Intraday view**: Weak [1] - **Reference view**: Weakly run [1] - **Core logic**: As domestic natural rubber producing areas in Yunnan and Hainan are approaching the end of the harvest season, the supply of domestic full - latex is expected to decline. Meanwhile, the domestic automobile production and sales data are optimistic. After a previous steady rebound, the rubber market has entered a stage of long - short divergence. On Wednesday night, the 2601 contract of Shanghai rubber futures maintained a weakly volatile trend, and the futures price closed slightly lower. It is expected to maintain a weakly volatile trend on Thursday [5]. Synthetic Rubber (BR) - **Short - term view**: Weak [1] - **Medium - term view**: Volatile [1] - **Intraday view**: Weak [1] - **Reference view**: Weakly run [1] - **Core logic**: The recent macro sentiment is okay, but the slight decline of domestic and international crude oil futures on Wednesday night weakened the impetus for the continuous rebound of synthetic rubber futures. The domestic automobile production and sales data are optimistic, and the synthetic rubber market has shifted from "expectation - driven" to "reality - dominated". Under the long - short divergence, the synthetic rubber futures showed a volatile and stable trend on Wednesday night, with the futures price slightly rebounding. It is expected to maintain a weak trend on Thursday [6].

GOLDTRUST FUTURES CO.，LTD 红枣期货：抄底需谨慎，震荡筑底是主基调 金信期货日刊 本刊由金信期货研究院撰写 2025/11/20 11月19日红枣期货2601合约结算价收于9332元/吨，但当前市场仍不具备明确重仓抄底条件，短多对待。 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ ibaotu.com 热点聚焦 从基本面看，旧季库存同比增幅超120%，新枣集中下树进度达6-8成，供需压力尚未缓解；消费端旺季未 启，销区采购谨慎，需求缺乏实质支撑。不过期现价差已收敛，期货对现货呈现贴水状态，且仓单注册量 偏低，旧枣贴水交割规则限制了跌幅，盘面下跌空间收窄。 技术面来看，合约跌破万点后进入震荡区间，趋势的反转不是三五天就能改变的，需要足够的震荡筑底时 间。 虽然有些品种反转快一点例如烧碱、锰硅等；那些持仓量巨大，产业链牵涉广泛的品种例如铜、铝、双焦 等品种往往需要更长的横盘时间。 只有足够的时间才能完成多空力量的转换，也只有足够的时间才能让产业供需发生改变。投 ...

Core Insights - The article emphasizes the importance of information in the futures market, highlighting how the Sina Finance APP's futures community serves as a decision-making hub that filters market noise and aggregates valuable insights from various market participants [1] Group 1: Unique Knowledge Sharing Circle - The Sina Finance futures community is not just a forum but an active ecosystem comprising industry clients, private traders, and experienced retail investors, providing valuable frontline insights [3] - Users share detailed analyses of market trends, including "gray information" from the supply chain, which serves as a critical decision-making reference beyond traditional research reports [3] - Valuable strategies, such as arbitrage ideas, are shared and validated by community members, allowing newcomers to learn from experienced traders through real-time position changes [3] Group 2: Market Sentiment and Interaction - The "market barrage" feature offers a unique window into real-time market sentiment, providing instant alerts during significant market movements [4] - Users can share immediate reactions like "bull stop-loss" or "key resistance level breached," which can aid in decision-making [4] - The community also incorporates fun interactions, such as using memes to interpret reports, making the trading experience more engaging [4] Group 3: Integration of Professional Content and Community Interaction - The platform combines professional futures information with community interaction, creating a unique model of "professional content + user deconstruction" [5] - The editorial team condenses lengthy reports from major futures companies into core conclusions and actionable trading points, enhancing reading efficiency [5] - A culture of rational debate emerges in the community, where industry clients can challenge theoretical viewpoints with real data, resulting in a more grounded understanding of market dynamics [5] Group 4: Growth Ecosystem from Learning to Practice - The futures community serves as a platform for continuous growth, allowing both experts and novices to share insights and experiences, breaking the traditional one-way information flow [6] - The community alleviates the loneliness of trading by providing a space for shared experiences, whether in losses or gains, fostering a sense of camaraderie among traders [6] - Overall, the Sina Finance APP's futures community successfully creates an interactive space that combines real-time data, in-depth information, and intelligent analysis tools to support futures investors [6]

Group 1: Core Features of Sina Finance APP - The APP provides comprehensive and real-time market monitoring, covering all major futures varieties both domestically and internationally, with low latency and fast data refresh rates [2] - It integrates professional analysis tools such as K-line charts and Level-2 high-speed market systems, offering significant advantages for short-term traders [2] - The APP supports customizable price alerts with multiple notification methods, helping investors seize key market movements [2] Group 2: Information and Content - Sina Finance leverages its strong media background to create a robust information network, providing 24/7 global news updates with industry-leading timeliness [3] - The platform offers in-depth content including research reports, institutional viewpoints, and industry dynamics, rather than just simple news aggregation [3] - The "Futures Live Room" features resident analysts who provide real-time interpretations of complex data, making it more accessible for users [3] Group 3: Trading Experience - The APP facilitates convenient account opening and trading through deep partnerships with leading futures companies, allowing users to trade directly within the app [4] - It features a stable trading system that supports advanced order types, ensuring risk management even when the app is closed [4] - Users can easily manage their accounts with clear overviews of fund trends, daily profits and losses, and position analysis [4] Group 4: Community and Interaction - The APP's futures community gathers insights from industry clients, private traders, and experienced retail investors, providing valuable information for price trend predictions [5][6] - The unique market sentiment feature allows users to gauge market emotions in real-time, offering risk warnings or opportunity alerts during critical market movements [6] - The platform encourages discussions and validations of institutional research reports, fostering a culture of practical insights and grassroots interpretations [6] Group 5: AI Empowerment - Intelligent tools act as decision accelerators, with a professional editorial team refining news and reports to extract core trading references [7] - The "Xina AI Assistant" can quickly condense lengthy financial reports into key summaries, highlighting risks and opportunities, thus lowering the barriers for professional analysis [7] Group 6: Competitive Advantage - Compared to other futures apps, Sina Finance APP stands out for its comprehensive and balanced approach, integrating real-time data, rapid news, and convenient trading [8] - Its strong media capabilities and active user-generated content community create a unique advantage, appealing to investors seeking a one-stop service with professional tools and market interaction [8] - The APP transforms complex futures trading into a more efficient and organized process, providing individual investors with insights similar to institutional perspectives [8]

Report Industry Investment Ratings - Olefins: ★☆☆ [1] - Plastic: ★☆☆ [1] - Polypropylene: ★☆☆ [1] - Pure Benzene: ★☆☆ [1] - Styrene: ★☆☆ [1] - PTA: ★★★ [1] - Ethylene Glycol: ★☆☆ [1] - Short Fiber: ★★★ [1] - Bottle Chip: ★☆☆ [1] - Methanol: ★☆☆ [1] - Urea: ★☆☆ [1] - PVC: ★☆★ [1] - Caustic Soda: ★★★ [1] - Soda Ash: ★★★ [1] - Glass: ★★★ [1] Report's Core Viewpoints - The overall chemical market shows a mixed trend, with some products facing supply - demand imbalances and price fluctuations [2][3][5] - Some products are affected by factors such as overseas market conditions, domestic production capacity changes, and seasonal demand [2][5][6] Summary by Related Catalogs Olefins - Polyolefins - Olefin futures contracts declined. Propylene spot prices are supported due to restart of downstream plants and low inventory [2] - Plastic and polypropylene futures declined. Supply pressure persists, but prices may rebound technically [2] Pure Benzene - Styrene - Overseas pure benzene rebounded, but lacks sustainability. Domestic pure benzene faces supply pressure and weak demand [3] - Styrene futures declined. Supply - demand is in tight balance, and port inventory is expected to decrease [3] Polyester - PX supports PTA prices, but demand is weakening. PTA processing margin fluctuates with PX [5] - Ethylene glycol supply is increasing, and port inventory is expected to accumulate. A bearish view is maintained [5] Coal Chemical Industry - Methanol prices are weak due to high inventory and weak demand [6] - Urea prices may be strong before the Indian tender, but there is a risk of decline [6] Chlor - Alkali Industry - PVC prices declined due to weak cost support and high supply [7] - Caustic soda prices are weak due to high supply and low demand [7] Soda Ash - Glass - Soda ash prices declined due to lower cost. The long - term supply - demand is in surplus [8] - Glass prices declined. Mid - stream inventory is high, and short - term trading is recommended to be cautious [8]

| 品种 | 核心观点 | 主要逻辑 | | --- | --- | --- | | | | 巴西未来十五天降雨预计略低于正常水平。目前现货油厂销售压力下降，存在挺价 | | 豆粕 | | 心理。中美会晤结果显示，美豆进口关税问题仍未得到有效解决。贸易成本叠加巴 | | ★ | 情绪偏多 | 西种植升水可能，市场看多情绪炒作，美农 11 月报告显示美豆期末库存虽然环比 | | | | 回落，但与 8 月期末库存预估一致。本周国内大豆及豆粕库存环比回落，短线关注 | | | | 调整后逢低短多机会，关注巴西大豆种植天气情况。 | | | | 近日加方表示暂无法取消对中国关税，导致市场对于中加贸易关税改善预期降温。 | | 菜粕 | | 沿海油厂菜籽零库存，零压榨。港口库存依然同比偏高叠加豆粕下跌，昨日菜粕延 | | ★ | 情绪偏多 | 续回落调整。短线关注调整后看多机会。做空谨慎对待。关注中加贸易后续进展。 | | 棕榈油 | | 棕榈油阶段性进入供需转弱状态，11 月马棕榈油前 15 日出口数据环比较弱，累库 | | | 偏弱整理 | 预期依然存在，短期阶段性调整行情。近日进口盘面利润快速回升修复，棕榈油追 ...

中辉能化观点 中辉能化观点 | | 中辉能化观点 | | | --- | --- | --- | | 品种 | 核心观点 | 主要逻辑 | | | PTA | 加工费整体偏低，装置复产延期叠加检修力度有所提升（虹港石化检 修、逸盛宁波本月下旬检修、英力士检修中，威联化学降负），供应端压 | | PX/PTA | | 力有所缓解；需求略显改善，终端订单短期企稳，但稳定性有待跟踪。成 | | | 谨慎看多 本端 | PX 国内外均有所降负（上海石化、中化泉州停车，越南 NSRP 降负）， | | ★ | | 走势偏强。TA12 月存累库预期。短期来看，基本面有所改善，但原油承 | | | | 压，反弹高度或将有限。策略：单边关注逢低布局多单机会；套利关注做 | | | 扩 | ta 加工费（即多 pta，空 px）。 | | | | 近期国内煤制装置检修有所增加，开工负荷下行（红四方临停、正达凯检 | | | | 修、广汇降负、河南能源延后重启）、海外装置略有提负（台湾南亚 1#重 | | 乙二醇 | | 启），新装置投产（裕龙石化投产；宁夏畅亿、襄矿泓通计划投产）叠加 | | ★ | 谨慎看空 | 检修装置恢复 ...

打开APP，查看更多高清行情》 金投白银网(http://ag.cngold.org)为您提供最新白银期货价格、白银期货合约、白银期货交易以及白银期 货走势，更多白银期货行情敬请关注：白银期货专栏 金投白银网提供今日白银期货价格走势_今天白银期货价格走势（2025年11月18日） 今日白银期货价格查询（2025年11月18日） | 名称 | 最新价 | 最高价 | 最低价 | 昨收价 | | --- | --- | --- | --- | --- | | 沪银主力 | 11813.00 | 12027.00 | 11808.00 | 11933.00 | 备注：以上白银的价格仅供参考，请以官方报价为准。如对白银投资有疑问可咨询本站客服。 ...

Report Summary 1. Investment Rating The report does not mention an investment rating for the industry. 2. Core View The current supply and demand are both strong. The news of the resumption of lithium mines in Jiangxi is inconsistent. The lithium carbonate production remains high, and the high price increases the wait - and - see sentiment. The spot market has few transactions, and the power demand has shown signs of peaking. The game between long and short positions intensifies, and the trading channel is crowded. It is expected that the lithium price will fluctuate widely and may fall after a short - term rise [1]. 3. Summary by Related Content Price and Volume Data - **Futures Closing Prices**: On November 17, 2025, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures were 95,140 yuan/ton, 95,200 yuan/ton, 94,780 yuan/ton, and 94,780 yuan/ton respectively, with significant increases compared to previous dates [1]. - **Trading Volume and Open Interest**: The trading volume of the active lithium carbonate futures contract was 1,366,919 lots (+609,487), and the open interest was 562,954 lots (+46,176) on November 17, 2025 [1]. - **Inventory**: The registered warehouse inventory was 26,953 tons (-217), and social inventory decreased. Refineries and downstream industries reduced inventory, while other inventories increased [1]. - **Spot Prices**: The average prices of various lithium - related products such as lithium spodumene concentrate, lithium mica, and lithium carbonate increased to varying degrees [1]. Industry News PMET Resources Inc. submitted the NI 43 - 100 feasibility study technical report for the CV592 spodumene ore body in the Shaalcchurvaanaan project. The project has the largest spodumene resource in the Americas, with an indicated resource of 108 million tons (lithium oxide grade of 1.40%) and an initial inferred ore reserve of 8.3 million tons (grade of 1.26% Li₂O). It also has large resources of pollucite and tantalum [1]. Supply and Demand Analysis - **Supply**: Last week, the production of lithium carbonate was flat month - on - month. The production of lithium carbonate from spodumene and lithium mica decreased, while that from salt lakes and recycling increased [1]. - **Downstream Demand**: Last week, the production of lithium iron phosphate increased, while that of ternary materials decreased. In November, the production schedule of lithium cobalt oxide increased, and that of lithium manganate decreased. The production of power batteries decreased last week. In October, the year - on - year and month - on - month growth rates of new energy vehicle production and sales slowed down, 3C product shipments were average, and the production of energy - storage batteries increased in November [1]. Investment Strategy Production enterprises can conduct sell - hedging at high prices [1].

期货研究报告 晨会纪要 投资咨询业务资格：证监许可【2011】1778 宝城期货甲醇早报-2025-11-18 品种晨会纪要 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 甲醇 2601 | 偏弱 | 震荡 | 偏弱 | 偏弱运行 | 偏弱供需主导，甲醇震荡偏弱 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 主要品种价格行情驱动逻辑—商品期货能源化工板块 甲醇（MA） 日内观点：偏弱 中期观点：震荡 参考观点：偏弱运行 核心逻辑：近期美国国会参议院已就结束联邦政府"停摆"达成一致，市场乐观情绪有所回暖，提振 投资者风险偏好。当前国内甲醇开工率和周度产量依然维持偏高水平，外部进口压力持续增大，华 东和华南港口甲醇库存居高不下。在 ...