数据显示，12月2日全国进口四级菜油均价现货价格报价10198.75元/吨，相较于期货主力价格(9745.00 元/吨)升水453.75元/吨。 (12月2日)今日全国菜籽油价格一览表 | 规格 | 品牌/产地 | 报价 | 报价类型 | 交货地 | 交易商 | | --- | --- | --- | --- | --- | --- | | 等级:三级; | 广西防城 | 10190元/吨 | 市场价 | 广西/防城港市 | 广西防城市场 | | 等级:三级; | 安徽合肥 | 9960元/吨 | 市场价 | 安徽省/合肥市 | 安徽合肥市场 | | 等级:三级; | 福建厦门 | 10140元/吨 | 市场价 | 福建省/厦门市市 | 福建厦门市场 | | 等级:三级; | 广东东莞 | 10140元/吨 | 市场价 | 广东省/东莞 | 广东东莞市场 | | 等级:三级; | 安徽六安 | 9940元/吨 | 市场价 | 安徽省/六安市 | 安徽六安市场 | 【市场资讯】 监测显示，11月28日，国内菜籽油38万吨，周环比下降1万吨，月环比下降8万吨，同比下降1万吨。 澳大利亚农业资源经济局(ABARES ...

摘要 2025 年中国出口在全球出口中占比大，同比增长约 1%，略高于全球平 均水平，表明中国在全球贸易中仍具重要地位。 美国加征关税后，中国出口转向亚洲内部贸易及东南亚、拉丁美洲、非 洲等新兴市场和欧洲，贸易多元化显著。 美国第四季度销量同比下降 7%，预计冬季降幅可能加快至 10%左右， 主要原因是持续去库存，库存水平较低，若 2026 年美国经济稳定或略 好转，贸易量有望稳定或增长。 苏伊士运河重新开放可能导致吨海里需求减少约 10%，对航运供需平衡 造成冲击，显著影响行业利润。 港口拥堵、生产效率低下和罢工等问题可能部分抵消苏伊士运河重新开 放带来的影响，集装箱船公司面临价格战或理性行为的不确定性。 集装箱船公司可能面临价格战或理性行为之间的不确定性，租船市场将 承担大部分痛苦，行业可能面临业绩大幅下滑甚至亏损。 多元化经营且不完全依赖海运业务的公司受苏伊士运河重新开放的影响 相对较小，抗风险能力更强。 Q&A 中国的贸易数据在最近几个月是否有所增强？ 是的，中国的贸易数据在最近几个月表现出显著增强。今年（2025 年）第四 季度迄今为止，中国的贸易量同比增长了 5%，与之前 9 个月的趋势一致，显 ...

Group 1 - The core viewpoint is that Poly Developments is currently facing significant fluctuations in transaction volume and prices due to industry downturns, which has impacted the company's profitability [1] - In response to market changes, the company is committed to reducing inventory, restructuring, improving product quality, and enhancing cost management to strengthen its risk resistance [1] - The company plans to evaluate its market value management measures based on market conditions, operational needs, and financial arrangements [1]

Core Viewpoint - The Chinese real estate market is at a historical turning point, with a new cycle about to begin, driven by profound changes in supply-demand relationships, policy restructuring, and gradual market confidence recovery [1] Group 1: Policy Framework - The core feature of 2025 real estate regulation is "systematic efforts and precise measures," with a policy framework consisting of "four cancellations, four reductions, and two increases" [2] - The "four cancellations" break long-standing barriers to market circulation, allowing cities to have greater control over their real estate policies, which has led to increased viewing and transaction volumes since late September [2] - The "four reductions" target cost issues for homebuyers, including a 0.25 percentage point decrease in housing provident fund rates and a unified minimum down payment of 15%, expected to save residents 150 billion yuan in interest [2] - The "two increases" involve the addition of 1 million urban village and dilapidated housing renovation projects and expanding the credit scale for "white list" projects to 4 trillion yuan, addressing both inventory and financing challenges [2] Group 2: Market Data - Data from the National Bureau of Statistics indicates a positive trend in the market, with a structural narrowing of price declines in major cities and signs of price stabilization in core cities like Shanghai and Shenzhen [4] - From January to October 2025, the sales area of new commercial housing reached 71.982 million square meters, with a decrease in unsold housing inventory, indicating ongoing destocking [4] - Residential investment from January to October was 565.95 billion yuan, showing a 13.8% year-on-year decline, but the completion area of housing projects increased by 22%, indicating a shift towards quality improvement [4] Group 3: Supply Innovation - The introduction of "good housing" standards marks a fundamental shift in real estate development logic, focusing on quality rather than quantity, encompassing green health, low carbon, smart convenience, and safety [5] - The government is actively promoting the revitalization of existing assets, allowing local governments greater autonomy in managing and repurposing properties, which has led to significant progress in activating idle assets [5] - Financing structures for leading real estate companies are improving, with financing costs decreasing and the proportion of equity financing rising from 12% in 2022 to 28% [5] Group 4: Housing Security - The construction of affordable housing is entering a phase of large-scale promotion, becoming a crucial support for stabilizing the market and benefiting the public [6] - Local governments are actively implementing plans for affordable housing, with cities like Beijing and Guangzhou advancing projects to meet housing needs [6] - The ongoing expansion of affordable housing is expected to complement the commercial housing market, contributing to a new housing supply structure that includes both rental and purchase options [6] Group 5: Overall Market Transformation - The Chinese real estate market is undergoing profound structural changes, with the Ministry of Housing and Urban-Rural Development's precise measures successfully curbing market decline and promoting a transition to high-quality development [7] - The comprehensive promotion of "good housing," revitalization of existing assets, and continuous improvement of the housing security system are expected to create a new pattern of "steady progress and differentiated development" in the real estate market [7]

晶升股份在业绩说明会上表示，硅半导体行业目前已逐步完成去库存。华虹、中芯、长存、长鑫等下游 芯片厂正在积极布局新产能，随着建设周期的完成，对于材料的需求将逐渐释放。光伏行业正处于反内 卷调整时期。碳化硅行业下游新应用不断产生，12英寸碳化硅技术的突破也将会逐步带动需求量的提 升。 （文章来源：第一财经） ...

投资咨询业务资格:证监许可【2012】31号 | | | | | 聚酯数据日报 | | | --- | --- | --- | --- | --- | --- | | | | 国贸期货研究院 | | 投资咨询号:Z0017251 | 2025/11/24 | | | | 能源化工研究中心 | 陈胜 | | 从业资格号:F3066728 | | | 指标 | 2025/11/20 2025/11/21 | | 变动值 | 行情综述 | | | INE原油(元/桶) | 455. 5 | 447. 4 | -8. 10 | 成交情况: PTA:原油下跌,且PX行情下跌,成本支撑减弱,利空 | | SC | PTA-SC(元/陣) | 1385.8 | 1414. 7 | 28. 86 | PTA行情。PTA去库存,基差走强。 | | | PTA/SC(比价) | 1. 4187 | 1. 4351 | 0. 0165 | | | | CFR中国PX | 833 | 824 | -9 | | | PX | PX-石脑油价差 | 260 | 262 | 2 | | | | PTA主力期价(元/吨) | 4696 | ...

Core Viewpoint - The inverter industry is experiencing significant performance divergence among companies, with some facing substantial profit declines while others report strong growth, largely influenced by varying market conditions domestically and internationally [1][2]. Group 1: Industry Performance - Since 2020, global renewable energy installations have surged, benefiting the inverter industry, but recent warnings of "overcapacity" have led to performance declines for some high-growth companies [1]. - In the third quarter, out of 10 listed inverter companies, 6 reported declines in net profit, with 4 experiencing profit halving; conversely, 3 companies, including industry leader Sungrow, saw quarterly growth rates exceeding 100% [1][3]. - The third-quarter reports indicate that while many inverter companies maintained growth in the first three quarters, several experienced declines in revenue and net profit in the third quarter [2][3]. Group 2: Market Dynamics - The performance divergence is attributed to the contrasting conditions in domestic and international markets, particularly the inventory pressure in the European market affecting companies reliant on overseas sales [2][10]. - The domestic market for large-scale ground-mounted solar power plants has seen a significant increase in installations, with a reported growth of over 357.8% in concentrated solar power installations this year [12]. - The European market has faced a significant decline in demand for household photovoltaic and storage inverters, leading to excess supply and reduced orders from distributors [10][11]. Group 3: Company-Specific Performance - Among the companies reporting declines, Yunneng Technology had the highest net profit decline at 62.75%, while DeYe and Keda saw smaller declines of 36.1% and 16.56%, respectively [3][4]. - Conversely, companies like Sungrow, with a revenue of 177.92 billion yuan and a net profit increase of 147.29%, and Hewei Electric, with a net profit growth of 246.82%, demonstrated strong performance [7][5]. - The companies can be categorized into two groups: those like Jinlang Technology that focus on micro inverters and household storage products primarily for overseas markets, and those like Sungrow that focus on large-scale centralized inverters for domestic ground-mounted power plants [8][9]. Group 4: Future Outlook - The inventory destocking cycle in overseas markets is expected to last several months, while the domestic market is anticipated to see a surge in demand for large-scale ground-mounted solar power plants in the fourth quarter [15][16]. - Analysts predict that the performance of companies focusing on centralized inverters will remain strong in the near term, while those reliant on household products may continue to face challenges [15][16].

Core Viewpoint - Jiangsu Yanghe Brewery Co., Ltd. (referred to as Yanghe) reported its Q3 2025 results amid significant adjustments in the liquor industry and changing consumption scenarios, emphasizing inventory reduction and enhancing operational capabilities [1][2]. Financial Performance - For the first three quarters of 2025, Yanghe achieved a revenue of 18.09 billion yuan and a net profit attributable to shareholders of 3.975 billion yuan, reflecting a year-on-year decline due to the overall industry environment [1]. - The company reported a single-quarter loss in Q3, primarily due to proactive control of shipment pace and inventory reduction efforts, with contract liabilities decreasing by 37.90% compared to the beginning of the period [1][2]. Product and Brand Strategy - Yanghe focuses on enhancing product and brand competitiveness by prioritizing market health, adjusting operational pace, and optimizing supply structure [1]. - The company is committed to consumer-centric product development, leveraging strong production capacity to continuously upgrade quality, and using "vintage" expressions to enhance consumer brand value recognition [1][2]. Channel and Regional Strategy - Yanghe is advancing a dual-line strategy focusing on optimizing the domestic market and developing surrounding markets, particularly in the Suzhou region [2]. - The company aims to enhance distributor competitiveness through a three-pronged strategy of profit assurance, operational empowerment, and management optimization [2]. Research and Development - Despite industry pressures, Yanghe maintains a robust financial structure, with total assets of 59.505 billion yuan and cash reserves of 15.391 billion yuan as of September 30 [2]. - The company has significantly increased R&D investment, with expenses rising by 77.92% year-on-year [2]. Future Outlook - Yanghe plans to prioritize health in its operations, continuing product upgrades, channel deepening, and brand enhancement, while laying a solid foundation for future market recovery and growth [2][3].

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨洋河股份（002304.SZ） [Table_Title] 洋河股份 2025 年三季报点评：主动纾压，静待 改善 [Table_Author] 董思远 徐爽 朱梦兰 石智坤 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490522050003 SAC：S0490522090002 SFC：BQK487 SFC：BVF934 报告要点 [Table_Summary] 洋河股份发布 2025 年三季报：公司 2025 年前三季度实现营业收入 180.90 亿元，同比下降 34.26%；归属于上市公司股东净利润 39.75 亿元，同比下降 53.66%。2025 年单三季度实现营 业收入 32.95 亿元，同比下降 29.01%；归属于上市公司股东净利润-3.69 亿元，同比下降 158.38%。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% [Table_scodeMsg2] 洋河股份（002304.SZ） cjzqdt11111 [Table_Title 洋河股份 2025 2] ...

Core Viewpoint - Luzhou Laojiao's net profit attributable to shareholders for the first three quarters of 2025 was 10.762 billion yuan, a year-on-year decrease of 7.17%, with Q3 net profit at 3.099 billion yuan, down 13.07% year-on-year, indicating fluctuations in profitability primarily due to expense ratios [1] Company Summary - The company is actively reducing inventory and is expected to emerge stronger in the future [1] - The company is beginning to assist distributors in inventory clearance, which is a positive step towards stabilizing operations [1] - Long-term, the company is steadily advancing the nationalization of its high-end products while enhancing the competitiveness of its mid-tier products, positioning itself for stable growth [1] Industry Summary - The industry is facing certain pressures due to fluctuations in demand, which impacts overall performance [1] - Historically, lowering growth expectations and maintaining channel health are effective strategies to mitigate inventory cycle fluctuations [1] - The company's efforts to support distributors in inventory management reflect a broader industry trend towards addressing inventory challenges [1] Financial Projections - The expected EPS for the company in 2025 and 2026 is projected to be 8.14 yuan and 8.43 yuan, respectively, with corresponding latest PE ratios of 16 and 15 times [1] - The company maintains a "buy" rating based on these projections [1]