研究所 农产品研发报告 玉米淀粉日报 2025 年 11 月 25 日 玉米淀粉日报 第一部分 数据 | 玉米&玉米淀粉数据日报 | | | | | | | | 2025/11/25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | C2601 | | 2242 | 22 | 0.98% | 791,802 | -0.94% | 1,015,768 | 4.24% | | C2605 | | 2263 | -1 | -0.04% | 115,839 | 6.16% | 359,634 | 2.85% | | C2509 | | 2275 | -8 | -0.35% | 4,815 | 17.64% | 19,572 | 8.17% | | CS2601 | | 2556 | 21 | 0.82% | 159,970 | 1.28% | 254,397 | 5.23% | | CS2605 | ...

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Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 11 月 25 日星期二 研究员： 纪晓云 从业资格： F3066027 交易咨询资格：Z0011402 联系方式：010-56711796 | | | | | | | 铁矿: | | --- | --- | --- | --- | | | | | 【行情复盘】 | | | | | 周一夜盘铁矿收涨。 | | | | | 【重要资讯】 | | | | | 1、今年 1 至 10 月，国家铁路累计发送货物 33.78 亿吨，同比增长 3%，创历史同期 | | | | | 新高；日均装车 18.6 万车，同比增长 4%，为降低全社会物流成本、保障国民经济 | | | | | 平稳运行提供了有力支撑。 | | | | | 2、根据克拉克森最新数据统计（截至 2025 年 11 月 9 日），2025 年 10 月份全球新 | | | | | 签订单 134 艘，共计 2,920,231CGT。与 2025 年 9 月份全球新签订单 185 艘，共计 | ...

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core Viewpoints - **Lead Market**: The lead price oscillated and declined. The raw material support weakened, and the supply tightness improved, putting pressure on the lead price. The terminal market improved, and the demand for lead batteries increased. It is recommended to hold previous short positions [1]. - **Zinc Market**: The fundamentals of the zinc market remained weak, and the short - term zinc price might be under pressure. In the medium term, the ore supply would tighten in the fourth quarter, providing some support to the zinc price. It is recommended to hold previous short positions [1]. 3. Summary by Related Catalogs Lead - **Price and Market Indicators**: On November 25, 2025, the average price of SMM1 lead ingots was 17,075 yuan/ton with no change. The closing price of the main futures contract of Shanghai lead was 17,135 yuan/ton, down 0.17%. The LME3 - month lead futures closing price (electronic disk) was 1,992 dollars/ton, up 0.15%. The Shanghai - London lead price ratio was 22,310, down 0.27% [1]. - **Supply and Demand**: There was no expected increase in lead concentrate imports, and the processing fee was likely to rise. Some refineries had maintenance plans, and the operation rate of primary lead fluctuated slightly. The operation rate of secondary lead in Anhui increased after the refinery resumed production, while that in Henan decreased due to environmental protection. The demand for lead batteries improved, and the demand side increased [1]. - **Inventory**: The LME lead inventory was 265,275 tons with no change, and the Shanghai lead warehouse receipt inventory was 29,556 tons, down 1.33% [1]. Zinc - **Price and Market Indicators**: On November 25, 2025, the closing price of the main futures contract of Shanghai zinc was 22,390 yuan/ton, down 0.02%. The LME3 - month zinc futures closing price (electronic disk) was 3,003 dollars/ton, up 0.37%. The Shanghai - London zinc price ratio was 7.46, down 0.39% [1]. - **Supply and Demand**: Refineries actively purchased domestic zinc ore, and the processing fee was expected to decline. The refinery profit and production enthusiasm improved, and the monthly output was expected to be around 600,000 tons. The demand side was weak, and the operation rate of some downstream enterprises decreased due to environmental protection and cold weather [1]. - **Inventory**: The LME zinc inventory was 47,425 tons with no change, and the Shanghai zinc warehouse receipt inventory was 74,641 tons, up 2.39%. As of November 24, the total inventory of SMM seven - region zinc ingots was 151,000 tons, a decrease compared to previous periods [1].

研究所 农产品研发报告 花生日报 2025 年 11 月 24 日 | 第一部分 | | | 数据 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 花生数据日报 | | | | | | 2025/11/24 | | | 期货盘面 | | | | | | | | | 期货 涨跌 | 收盘价 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | | 增减幅 | | PK604 26 | 7862 | 0.33% | 40,309 | -53.80% | 20,396 | | -2.23% | | PK510 6 | 8166 | 0.07% | 111 | 152.27% | 641 | | 2.89% | | PK601 64 | 7858 | 0.81% | 112,375 | 6.53% | 118,990 | | -7.37% | | 现货与基差 | | | | | | | | | 现货 山东济宁 山东临沂 日照花生粕 日照豆粕 | 河南南阳 | | | | 花生油 | 日照一级豆油 | | | 今日报价 7600 | 7200 | ...

研究咨询部苏妙达 执业资格证号：F03104403/Z0018167 发布时间：2025年11月24日 投资有风险，入市需谨慎，本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 分析师苏妙达：F03104403/Z0018167 投资有风险，入市需谨慎。 冠通期货研究报告 --沥青周报 行情分析 供应端，上周沥青开工率环比回落4.2个百分点至24.8%，较去年同期低了7.0个百分点，处于近年同期最低水平。 据隆众资讯数据，11月份国内沥青预计排产222.8万吨，环比减少45.4万吨，减幅为16.9%，同比减少27.4万吨，减 幅为11.0%。上周，沥青下游各行业开工率涨跌互现，其中道路沥青开工环比持平于34%，受到资金和天气制约。上 周，东北地区沥青产量增加，叠加降价刺激出货，其出货量增加较多，全国出货量环比增加15.28%至24.6万吨，处 于中性略偏低水平。沥青炼厂库存存货比环比持平，处于近年来同期的最低位附近。俄罗斯副总理诺瓦克表示，美 国及西方最新实施的制裁并未对俄罗斯的石油产量造成影响，另外特朗普政府极力促成俄乌停火，泽连斯基表明对 和谈持开放态度，原油价格下跌。本周山东胜星等炼厂将稳定 ...

Core Points - The article outlines the regulations regarding insider trading and the responsibilities of individuals who possess insider information in the context of securities trading in China [2][3][4]. Group 1: Insider Information - Insider information is defined as any undisclosed information related to a company's operations, finances, or any information that could significantly impact the market price of its securities [4]. - Individuals who are considered insiders include company executives, major shareholders, and others who have access to confidential information due to their roles or relationships with the company [3][4]. Group 2: Disclosure Obligations - Companies must promptly report significant events that could affect their stock prices to the relevant regulatory authorities and make public announcements [5][7]. - Significant events include major changes in business strategy, substantial asset transactions, and any legal issues that could impact the company [6][8]. Group 3: Penalties for Insider Trading - Individuals who engage in insider trading or leak insider information face severe penalties, including fines and imprisonment, depending on the severity of the offense [11][14]. - The law stipulates that penalties can range from fines of 500,000 to 5 million yuan, or imprisonment for up to ten years for particularly severe cases [14][15]. Group 4: Legal Framework - The legal framework governing insider trading includes the Securities Law and the Criminal Law, which outline the definitions, responsibilities, and penalties associated with insider trading activities [13][24]. - The regulations emphasize the importance of maintaining market integrity and protecting investors from unfair practices [25][26].

Contents 01 P A R T 豆粕期货 2025.11.24-11.28 豆粕、豆油 期货品种周报 目录 01 中线行情分析 02 品种交易策略 03 相关数据情况 中线趋势来看，豆粕主力处于宽幅震荡的阶段。 中线趋势判断 1 趋势判断逻辑 据Mysteel数据：第46周油厂大豆实际压榨量207.76万吨，开机率为 57.15%，豆粕库存99.29万吨。供应端，油厂高开工率与近百万吨库存令 市场承压，加之进口大豆到港及南美丰产预期，供应整体宽松。需求端， 养殖利润亏损抑制饲料消费，下游企业补库谨慎。然而，进口成本及油 厂持续亏损挺价意愿为价格提供支撑。中线趋势预计豆粕价格将处于宽 幅震荡阶段。 2 关注中美贸易政策变化，南美天气，养殖需求。 中线策略建议 3 中线行情分析 品种交易策略 上周策略回顾 豆粕期价整体趋势处于上行通道,资金方面较为偏空。M2601 短期内预计震荡调整后重心仍缓慢上移，预计运行区间： 3000-3180。 本周策略建议 豆粕期价整体趋势处于下行通道,资金方面较为偏空。M2601短 期内预计处于震荡偏弱阶段，预计运行区间：2920-3080。 品种诊断情况 精选指标情况 本报 ...

Group 1: Overall Information - Report title: "Rebar, Iron Ore Futures Weekly Report" [2] - Report period: November 24 - 28, 2025 [1] Group 2: Rebar Futures 1. Mid - term Market Analysis - Mid - term trend: The main contract of rebar futures is in a sideways consolidation range of 2882 - 3330 [7] - Trend judgment logic: Weekly rebar output is 2.08 million tons, apparent consumption is 2.3 million tons, major steel mills' inventory is 1.53 million tons, and social inventory is 5.97 million tons [7] - Mid - term strategy: Consider a grid trading strategy with an antenna of 3330, a ground line of 2882, a grid spacing of 32, and 14 grids [7] 2. Variety Trading Strategy - Last week's strategy review: The main contract of rebar futures entered an oscillatory consolidation range [10] - This week's strategy: Implement a large - grid trading strategy as the main contract is in a sideways consolidation range [11] - Hedging advice for spot enterprises: Wait and see until a new mid - term trend becomes clear [12] 3. Related Data - Data sources: Wind, Mysteel, and the trading consulting department of Great Wall Futures [15][20][21] Group 3: Iron Ore Futures 1. Mid - term Market Analysis - Mid - term trend: The main contract of iron ore futures is in a range - bound consolidation stage of 732 - 872 [31] - Trend judgment logic: Last week, the global shipment volume of iron ore was 3.516 million tons, the arrival volume at 45 major Chinese ports was 2.268 million tons, steel enterprises' inventory was 9.001 million tons, and the inventory at major domestic ports was 15.054 million tons [31] - Mid - term strategy: Consider implementing a grid trading strategy [31] 2. Variety Trading Strategy - Last week's strategy review: The mid - term price of iron ore was in an oscillatory consolidation stage [34] - This week's strategy: Implement a grid trading strategy with an antenna of 872, a ground line of 732, a grid spacing of 10, and 14 grids [35] 3. Related Data - Data sources: Wind, Mysteel, and the trading consulting department of Great Wall Futures [41][48][52]

Report Summary of Gold and Silver Futures 1. Investment Rating No investment rating is provided in the report. 2. Core Views - **Gold**: The overall trend of Shanghai Gold futures is in an upward channel, possibly at the end of the trend. Short - term gold prices may continue to fluctuate in the range of 910 - 970 yuan/gram, and the price center is expected to gradually rise in the medium - to - long term [7]. - **Silver**: The overall trend of Shanghai Silver futures is in a strong upward stage, currently at the end of the trend. Short - term silver prices may continue to fluctuate in the range of 11,600 - 12,200 yuan/kg, and the price center is expected to gradually rise in the medium - to - long term [33]. 3. Summary by Directory Gold Futures - **Mid - line Market Analysis** - **Trend Judgment**: The overall trend of Shanghai Gold futures is in an upward channel, possibly at the end of the trend. The core driving factors for the range - bound movement last week were fluctuations in US Treasury yields, differences in Fed policy expectations, and repeated market sentiment [7]. - **Trend Logic**: In the short term, gold prices may continue to fluctuate in the range of 910 - 970 yuan/gram. In the medium - to - long term, the price center is expected to gradually rise, supported by the continued trend of central bank gold purchases globally and the expectation of the Fed's interest - rate cut cycle [7]. - **Strategy Suggestion**: It is recommended to wait and see [8]. - **Variety Trading Strategy** - **Last Week's Strategy Review**: The Shanghai Gold contract 2602 was in short - term shock consolidation last week, with the upper pressure level at 960 - 970 yuan/gram and the lower support level at 900 - 910 yuan/gram. It was recommended to wait and see [10]. - **This Week's Strategy Suggestion**: The Shanghai Gold contract 2602 will continue to fluctuate in the short term, with the upper pressure level at 960 - 970 yuan/gram and the lower support level at 910 - 920 yuan/gram. It is recommended to wait and see [11]. - **Related Data Situation** - The report presents data on the price trends of Shanghai Gold and COMEX Gold, SPDR Gold ETF holdings, COMEX Gold inventory, US 10 - year Treasury yields, US dollar index, US dollar against offshore RMB, gold - silver ratio, Shanghai Gold basis, and gold internal - external price difference through charts [20][23][25]. Silver Futures - **Mid - line Market Analysis** - **Trend Judgment**: The overall trend of Shanghai Silver futures is in a strong upward stage, currently at the end of the trend. The core driving factors for the wide - range shock movement last week were differences in Fed policy expectations, the strengthening of the US dollar index, and the game of continuous destocking of spot inventory [33]. - **Trend Logic**: In the short term, silver prices may continue to fluctuate in the range of 11,600 - 12,200 yuan/kg. In the medium - to - long term, the price center is expected to gradually rise, supported by the tight global silver supply - demand situation (low inventory + resilient industrial demand such as photovoltaics) and the expectation of the Fed's interest - rate cut cycle [33]. - **Strategy Suggestion**: It is recommended to wait and see [34]. - **Variety Trading Strategy** - **Last Week's Strategy Review**: The Silver contract 2602 was in short - term shock consolidation last week, with the upper pressure level at 12,000 - 12,600 yuan/kg and the lower support level at 10,900 - 11,500 yuan/kg. It was recommended to wait and see [37]. - **This Week's Strategy Suggestion**: The Silver contract 2602 will continue to be in short - term shock consolidation, with the upper pressure level at 12,000 - 12,200 yuan/kg and the lower support level at 11,600 - 11,800 yuan/kg. It is recommended to wait and see [38]. - **Related Data Situation** - The report presents data on the price trends of Shanghai Silver and COMEX Silver, SLV Silver ETF holdings, COMEX Silver inventory, Shanghai Silver basis, and silver internal - external price difference through charts [45][47][49].