Report Industry Investment Rating No relevant content provided. Core Viewpoints - On November 20th, equity index futures fell while CGB futures rose; commodity futures performed poorly, with energy products leading the decline [9][11]. - The November Loan Prime Rate (LPR) quotation shows that both the 5 - year and 1 - year rates remain unchanged, at 3.5% and 3% respectively [35]. - As of November 17, 2025, the number of newly registered private equity funds has exceeded 10,000, with stock strategies being the dominant force in the issuance market [35]. Summary by Directory 1. China Futures 1.1 Overview - Financial futures: IH fell by 0.49%, IF fell by 0.69%, and TL fell by 0.21% [9]. - Commodity futures: The top three gainers are benzene (up 2.0% with a 7.7% month - on - month increase in positions), eggs (up 2.0% with a 1.0% month - on - month rise in positions), and apples (up 1.3% with a 13.1% month - on - month growth in positions). The top three decliners are low - sulfur fuel oil (LSFO, down 3.5% with an 8.1% month - on - month decrease in positions), coking coal (down 3.2% with a 2.3% month - on - month reduction in positions), and soda ash (down 2.9% with a 1.1% month - on - month fall in positions) [10][11][12]. 1.2 Daily Raise - **Benzene**: On November 20, it rose by 2.0% to 5596 yuan/ton. Recent price rebounds are driven by U.S. aromatics gasoline blending. However, the game between expectations and reality dominates the market, leading to a volatile phase [15][16][17]. - **Ethenylbenzene**: On November 20, it rose by 1.2% to 6595 yuan/ton. Currently, the bullish driver is hard to verify, but the downside for short - selling is limited. The market may be affected by gasoline blending news and the pressure from benzene [22][23][24]. 1.3 Daily Drop - **LSFO**: On November 20, it dropped by 3.5% to 3139 yuan/ton. Media reported that the U.S. and Russia's closed - door negotiations on the Russia - Ukraine conflict led to a fall in crude oil prices. LSFO is expected to follow crude oil fluctuations and faces supply - demand pressure [28][29][30]. 2. China News 2.1 Macro News - The November LPR quotation shows that the 5 - year LPR is 3.5% and the 1 - year LPR is 3%, both remaining unchanged from the previous month [35]. 2.2 Industry News - As of November 17, 2025, the number of newly registered private equity funds has exceeded 10,000, with stock strategies being the dominant force in the issuance market [35].