Core Insights - The private sector activity in Kenya expanded for the third consecutive month in November, reaching its highest level in five years, driven by improvements across various industries [1] - The Stanbic Bank Kenya Purchasing Managers' Index (PMI) rose to 55.0 in November, up from 52.5 in October, marking the highest value since October 2020 [1] - The surge in business activity is translating into the strongest hiring spree in over two years, with significant signs of strengthening in the labor market, as employment growth accelerated for the tenth consecutive month [1] Industry Performance - Five monitored sectors, including services, construction, and manufacturing, all reported growth, indicating broad-based improvements across the economy [1] - The increase in the PMI reflects a robust recovery in the private sector, suggesting positive momentum for future economic activities [1]

12月4日，周三公布的一项调查显示，欧元区 11 月的商业活动以两年半以来的最快速度增长，强劲的服 务业抵消了制造业的疲软态势。由标普全球编制的11月HCOB综合PMI终值上修为52.8，创下30个月以 来的新高，显示私营部门经济增长势头强劲，高于10月的52.4和预期的52.4，这是其连续第六个月上 涨。PMI 指数高于 50.0 表明经济活动呈增长态势，而低于该水平则意味着经济出现收缩。 汉堡商业银 行首席经济学家Cyrus de la Rubia表示："欧元区的服务业已显示出明显的复苏迹象。服务业的强劲表现 甚至足以抵消制造业的疲弱，这意味着欧元区 11 月的经济产出增速略高于上月。" 来源：市场资讯 欧元/美元 欧元昨日震荡上行，刷新7周高位，现汇价交投于1.1660附近。除美联储12月份的降息预期持续升温是 支撑欧元攀升的主要原因外，时段内欧元区表现良好的经济数据进一步降温欧洲央行的降息预期也对汇 价构成了一定的支撑。此外，时段内美国表现疲软的"小非农"报告也是支撑欧元攀升的重要因素。今日 关注1.1750附近的压力情况，下方支撑在1.1550附近。 英镑/美元 英镑昨日大幅攀升，突破1.3300关 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In early December, the market will still be in a multi - vacuum period of macro data, performance, and policies. Without clear trading guidance, the market is expected to remain in a random - walk state, and stock index futures will maintain volatility. [2] 3. Summary by Relevant Catalogs 3.1 Futures Contract Data - **Futures Contracts**: All main and secondary main contracts of IF, IH, IC, and IM declined. For example, the IF main contract (2512) was at 4518.2, down 13.6; the IH main contract (2512) was at 2958.4, down 10.4; the IC main contract (2512) was at 6950.4, down 28.8; the IM main contract (2512) was at 7195.4, down 41.8. [2] - **Contract Spreads**: All spreads between different contracts declined, such as the IF - IH monthly contract spread was 1559.8, down 4.6; the IC - IF monthly contract spread was 2432.2, down 14.2. [2] - **Quarter - to - Month Spreads**: Most quarter - to - month spreads of IF, IH, IC, and IM increased, e.g., IF quarter - to - month was - 35.8, up 3.0; IH quarter - to - month was - 7.2, up 0.4. [2] - **Top 20 Net Positions**: The net positions of IF and IM among the top 20 increased, while those of IH and IC decreased. The IF top 20 net position was - 18,212.00, up 96.0; the IH top 20 net position was - 11,672.00, down 207.0. [2] 3.2 Spot Price and Basis - **Spot Prices**: The spot prices of the Shanghai - Shenzhen 300, Shanghai Stock Exchange 50, CSI 500, and CSI 1000 all declined. The Shanghai - Shenzhen 300 was at 4531.05, down 23.3; the Shanghai Stock Exchange 50 was at 2963.1, down 15.4. [2] - **Basis**: The basis of all main contracts increased. The IF main contract basis was - 12.9, up 5.7; the IH main contract basis was - 4.7, up 2.4. [2] 3.3 Market Sentiment - **Turnover and Balance**: A - share turnover and margin trading balance increased. A - share turnover was 16,835.56 billion yuan, up 762.89 billion yuan; the margin trading balance was 24,864.54 billion yuan, up 21.43 billion yuan. [2] - **North - bound Trading and Others**: North - bound trading volume decreased, while reverse repurchase operation volume increased. North - bound trading volume was 1797.60 billion yuan, down 500.03 billion yuan; reverse repurchase operation volume was - 2133.0 billion yuan, up 793.0 billion yuan. [2] - **Option Data**: The closing price of the IO at - the - money call option decreased, while that of the put option increased. The closing price of the IO at - the - money call option (2512) was 63.40, down 11.80; the closing price of the IO at - the - money put option (2512) was 44.20, up 5.20. [2] 3.4 Market Strength - Weakness Analysis - **Overall A - shares**: The overall A - share market was weak, with the overall A - share score at 3.40, down 0.10; the technical aspect score was 2.60, down 0.20; the capital aspect score was 4.20, unchanged. [2] 3.5 Industry News - **PMI Data**: In November, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month; non - manufacturing PMI was 49.5%, down 0.6 percentage points; the composite PMI output index was 49.7%, down 0.3 percentage points. [2] - **Stock Market Performance**: A - share major indices closed down. The Shanghai Composite Index fell 0.51%, the Shenzhen Component Index fell 0.78%, and the ChiNext Index fell 1.12%. Most industry sectors declined, with media and computer sectors weakening significantly, and transportation and non - ferrous metals sectors leading the gains. [2] 3.6 Key Data to Watch - On December 3 at 21:15, the US November ADP employment data; on December 4 at 20:30, the US November Challenger job - cut data; at 21:30, the US initial jobless claims for the week of November 29; on December 5 at 23:00, the US November PCE and core PCE data. [3]

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 卓创资讯 钢铁特钢分析师赵泽泽 【导语】从11月钢铁行业PMI以及制造业PMI来看，工业用钢生产预计有所下降，下游制造业下降幅度 放缓，对于钢铁等需求下降有限，整体工业用钢市场供需压力缓解，考虑政策端可能的利好，预计12月 工业用钢价格或重心上移。 作为最主要的先行指标，PMI指数对于钢铁行业具有重要的意义，本文尝试通过解析钢铁行业PMI以及 制造业PMI数据来分析钢铁市场12月可能出现的情况。 钢铁PMI情况解析：钢铁行业供需压力或有所缓解 从中物联钢铁物流专业委员会调查、发布的钢铁行业PMI来看，2025年11月份为48.00%，环比上期下降 1.2个百分点。从分项指数来看，供应端生产指数由49.80%降至46.00%，生产整体放缓程度扩大，符合 往年12月钢厂集中检修的季节性特征。从间接来看需求端，产成品库存指数下降2.60个百分点至49.10， 库存开始下降；新出口订单47.20%，较上月下降7.10个百分点，出口恢复到相对偏弱局面；新订单指数 48.90%，较上期增加1.30个百分点，新订单指数连续两次回升，整体钢铁需求端表现尚可，但 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 来源：中联钢联合钢铁网 从PMI指数看钢铁需求：11月份板材需求弱建材有回升 一、11月份制造业PMI指数较上月回升0.2个百分点 11月份，制造业采购经理指数为49.2%，比上月上升0.2个百分点；非制造业商务活动指数为49.5%，比 上月下降0.6个百分点；综合PMI产出指数为49.7%，比上月下降0.3个百分点，我国经济景气水平总体平 稳。 产需两端有所改善。生产指数和新订单指数分别为50.0%和49.2%，比上月上升0.3个和0.4个百分点，其 中生产指数升至临界点，制造业产需两端均有改善。从行业看，农副食品加工、有色金属冶炼及压延加 工等行业生产指数和新订单指数均位于扩张区间，产需两端较为活跃；石油煤炭及其他燃料加工、化学 纤维及橡胶塑料制品等行业两个指数均低于临界点，景气水平偏低。 二、装备制造业PMI指数较上月有所下降 装备制造业和消费品行业PMI分别为49.8%和49.4%，比上月下降0.4个和0.7个百分点。高耗能行业PMI 为48.4%，比上月上升1.1个百分点，景气水平低位回升。 12月制造业用钢季度性下滑 行业细化加剧 ...

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 备注：IF:沪深300 IH:上证50 IC:中证500 IM：中证1000 IO:沪深300期权 股指期货全景日报 2025/12/1 | 项目类别 | 数据指标 最新 环比 数据指标 最新 | | | | 环比 | | --- | --- | --- | --- | --- | --- | | | IF主力合约（2512） | 4555.4 | +48.6↑ IF次主力合约（2603） | 4518.2 | +46.0↑ | | | IH主力合约（2512） | 2986.4 | +22.6↑ IH次主力合约（2603） | 2978.4 | +20.2↑ | | | IC主力合约（2512） | 7031.6 | +61.4↑ IC次主力合约（2603） | 6857.8 | +59.0↑ | | | IM主力合约（2512） | 7290.0 | +40.2↑ IM次主力合约（2603） | 7057.6 | +40.4↑ | | | IF-IH当月合约价差 | 1569.0 | +26.4↑ IC-IF当月合约价差 | 2476.2 | +7. ...

人民銀行 28 日在公開市場開展 3,013 億元人民幣七天期逆回購操作，操作利率 持平於 1.4%。有 3,750 億元逆回購到期，單日淨回籠 737 億元。A 股三大指數 低開高走。滬指全日收報 3,888 點，升 13 點或 0.3%，成交額 6,458 億元；深證 成指全日報 12,984 點，升 108 點或 0.9%，成交額 9,400 億元；創業板指全日收 報 3,052 點，升 21 點或 0.7%，成交額 4,567 億元。 美國感恩節假後復市，美股周五提早於下午一時收市。在減息預期升溫下，道 瓊斯工業平均指數高收 289 點或 0.6%，報 47,716 點；納斯達克指數收升 150 點 或 0.7%，報 23,365 點。標普 500 指數高收 36 點或 0.5%，報 6,849 點。 國統局公布，2025 年 11 月份內地非製造業商務活動指數為 49.5，比 10 月下降 0.6 個百分點，低於市場預期 50。11 月新訂單指數為 45.7，比 10 月下降 0.3 個 百分點，表明非製造業市場需求回落。分行業看，建築業新訂單指數為 46.1%， 比上月上升 0.2 個百分點；服務 ...

Market Overview - On November 28, 2025, the A-share market saw all three major indices rise, with the Shanghai Composite Index closing at 3888.60 points, up 0.34%. The Shenzhen Component Index closed at 12984.08 points, up 0.85%, and the ChiNext Index closed at 3052.59 points, up 0.70%. Over 4100 stocks rose, with total trading volume in the Shanghai and Shenzhen markets at 1.59 trillion yuan, a decrease of 120 billion yuan from the previous trading day [1] - In Hong Kong, the three major indices showed mixed results, with the Hang Seng Index down 0.34% to 25858.89 points and a total trading volume of 146.204 billion HKD. The Hang Seng China Enterprises Index fell 0.38%, while the Hang Seng Tech Index rose slightly by 0.02%. For the month, the Hang Seng Index decreased by 0.18% [1] - In the US, the stock market closed early on November 28, 2025, with all three major indices rising for the fifth consecutive trading day. The Dow Jones Industrial Average increased by 0.61% to 47716.42 points, the S&P 500 rose by 0.54% to 6849.09 points, and the Nasdaq Composite Index gained 0.65% to 23365.69 points [1] Important News - The People's Bank of China reiterated its commitment to prohibitive policies against virtual currencies during a meeting on November 28, 2025. The bank emphasized the importance of risk prevention in financial work and called for continued efforts to combat illegal financial activities related to virtual currencies. It urged enhanced collaboration among units to improve regulatory policies and monitoring capabilities [4] - The National Bureau of Statistics reported that the manufacturing Purchasing Managers' Index (PMI) for November was 49.2%, an increase of 0.2 percentage points from the previous month, indicating a slight improvement in economic conditions. The PMI for large enterprises was 49.3%, down 0.6 percentage points, while the PMIs for medium and small enterprises were 48.9% and 49.1%, respectively, both below the critical point [4]

Core Insights - The manufacturing Purchasing Managers' Index (PMI) for November is reported at 49.2%, a slight increase of 0.2 percentage points from the previous month, indicating a stable economic outlook in China [1] - The non-manufacturing business activity index decreased to 49.5%, down 0.6 percentage points from last month, while the comprehensive PMI output index fell to 49.7%, a decrease of 0.3 percentage points [1] - The production index and new orders index are at 50.0% and 49.2%, respectively, with increases of 0.3 and 0.4 percentage points, suggesting improvements in both production and demand [1] Manufacturing Sector - The production index returned to the expansion threshold at 50%, reflecting a recovery in manufacturing activity after a brief contraction [2] - Key industries such as agricultural and sideline food processing, as well as non-ferrous metal smelting and rolling processing, show production and new orders indices in the expansion zone, indicating active supply and demand [1] - The production and business activity expectation index rose to 53.1%, up 0.3 percentage points from the previous month, signaling improved market confidence [1] Economic Outlook - Analysts suggest that the slight recovery in the PMI indicates improved market confidence, influenced by the implementation of the Fourth Plenary Session's spirit and the encouraging goals of the 14th Five-Year Plan [1] - There is a call for enhanced macroeconomic policy adjustments to counteract cyclical downturns, with recommendations for increased government investment in public products and services to stimulate demand [2] - Predictions for December indicate a potential stabilization and recovery in manufacturing demand, driven by year-end activities and policy implementations [2]

Report Summary 1. Report Industry Investment Rating No information provided in the given documents. 2. Core Viewpoints - The core issue is the direction of spot freight rates. The main contract may be in the bottom - building process, and it is recommended to participate with a light position or wait and see [2]. - The tariff issue has a marginal effect. The focus should be on the spot freight rate trend, and the bearish sentiment on the market is due to the spot freight rate being lower than the expected increase [2]. 3. Summary by Related Content Freight Rate Index - From November 14th to 17th, the Ningbo Export Container Freight Index (NCFI) composite index dropped 5.12% to 999.69 points. The Shanghai Export Container Settlement Freight Index (SCFIS) for the European route decreased 9.8% to 1357.67 points, while the NCFI for the European route rose 7.42% to 979.34 points. The SCFIS for the US - West route fell 6.9% to 1238.42 points, and the NCFI for the US - West route dropped 21.99% to 1052.43 points [1]. - The Shanghai Export Container Freight Index (SCFI) announced price on November 14th was 1451.38 points, down 43.72 points from the previous period. The China Export Container Freight Index (CCFI) composite index rose 3.4% to 1094.03 points. The SCFI European line price increased 7.1% to 1417 USD/TEU, and the CCFI for the European route rose 2.7% to 1403.64 points. The SCFI US - West route decreased 17.59% to 1823 USD/FEU, and the CCFI for the US - West route rose 3.9% to 846.24 points [1]. PMI Data - In the eurozone in October, the manufacturing PMI preliminary value was 45.9 (expected 45.1, previous 45), the services PMI preliminary value was 51.2 (expected 51.5, previous 51.4), and the composite PMI preliminary value was 49.7 (expected 49.7, previous 49.6). The Sentix investor confidence index had a previous value of - 9.2 and a forecast of - 8.5 [1]. - In China in October, the manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month, and the composite PMI output index was 50.0%, down 0.6 percentage points from the previous month [1]. - In the US in October, the S&P Global services PMI preliminary value was 55.2 (expected 53.5, previous 54.2), the manufacturing PMI preliminary value was 52.2 (expected 52), and the composite PMI preliminary value was 54.8 (expected 53.1, previous 53.9) [2]. Market Conditions - On November 19th, the main contract 2602 closed at 1640.1, with a decline of 2.66%. The trading volume was 18,700 lots, and the open interest was 40,200 lots, an increase of 1384 lots from the previous day [2]. - The bearish sentiment persisted, and the spot freight rate was lower than the expected increase, causing the market to be under pressure. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [2]. Strategies - Short - term strategy: For risk - preferring investors, it is recommended to take a light - position long in the EC2602 contract in the 1550 - 1600 range, consider partial profit - taking, pay attention to spot trends, and set stop - losses [3]. - Arbitrage strategy: In the context of international turmoil, it is recommended to wait and see or take a light - position attempt due to large fluctuations [3]. - Long - term strategy: It is recommended to take profit when the contracts rise, wait for the callback to stabilize, and then judge the subsequent direction [3]. Contract Adjustments - The daily limit for contracts 2508 - 2606 is adjusted to 18%. - The company's margin for contracts 2508 - 2606 is adjusted to 28%. - The daily opening limit for all contracts 2508 - 2606 is 100 lots [3].