Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Domestic stock index futures show resilience with volatility decreasing. After Q3 reports, A - shares are in repricing adjustment. Short - term fluctuations are common, and it's recommended to wait and see. Consider a bull spread of put options in case of a deep daily decline [2]. - Treasury bond futures had a differentiated performance yesterday. With limited driving forces, the bond market may continue to fluctuate narrowly. A range - trading strategy is recommended [2]. - Gold prices are oscillating between $4000 - $4200 due to mixed US non - farm data and cautious Fed officials. A double - selling strategy for out - of - the - money gold options can be considered. Silver follows gold's fluctuations, and short - term observation or light - position trading is advised [2]. - The EC (European line) container shipping index futures are in short - term decline. It's recommended to close short positions [2]. - Steel prices are expected to stabilize with improved apparent demand. Iron ore is oscillating, and a wait - and - see approach is recommended. For coking coal and coke, a bearish view is taken with specified price ranges [2]. - Copper prices are oscillating weakly as the probability of interest rate cuts decreases. For various non - ferrous metals, different trading strategies are recommended according to their price trends [2]. - In the new energy and chemical sectors, prices of many products such as polysilicon and PTA are oscillating. Different trading strategies are proposed based on their supply - demand situations [2]. - In the agricultural products sector, prices of products like soybean meal, palm oil, and sugar are showing different trends, and corresponding trading strategies are recommended [2]. 3. Summary by Related Catalogs Financial - **Stock Index Futures**: Domestic stock index futures are in a state of repricing adjustment. Short - term fluctuations are normal, and it's recommended to wait and see. A bull spread of put options can be considered in case of a deep daily decline [2]. - **Treasury Bond Futures**: The bond market may continue to fluctuate narrowly. A range - trading strategy is recommended [2]. - **Precious Metals**: Gold is in the $4000 - $4200 range, and a double - selling strategy for out - of - the - money options can be used. Silver follows gold, and short - term observation or light - position trading is advised [2]. Black - **Steel**: Steel prices are expected to stabilize with improved apparent demand [2]. - **Iron Ore**: Iron ore is oscillating. A wait - and - see approach is recommended with a reference range of 750 - 810 [2]. - **Coking Coal**: A bearish view is taken with a price range of 1050 - 1200 [2]. - **Coke**: A bearish view is taken with a price range of 1550 - 1700 [2]. Non - Ferrous Metals - **Copper**: Copper prices are oscillating weakly. The main reference range is 85000 - 86500 [2]. - **Other Non - Ferrous Metals**: Different trading strategies are recommended for various non - ferrous metals according to their price trends [2]. Energy and Chemical - **New Energy and Chemical Products**: Prices of products like polysilicon, PTA, and short - fiber are oscillating, and corresponding trading strategies are proposed based on supply - demand [2]. - **Other Chemical Products**: For products like LLDPE, PP, and PVC, different trading strategies are recommended according to their price trends and supply - demand situations [2]. Agricultural Products - **Soybean Meal**: Domestic soybean meal supply is abundant, and attention should be paid to the support around 3000 [2]. - **Palm Oil**: Palm oil prices are continuing to decline, and the main contract may reach 8900 in the short term [2]. - **Other Agricultural Products**: Different trading strategies are recommended for products like sugar, cotton, and eggs according to their price trends [2].

Emerging Fields - The National Standards Administration has approved the release of 167 national standards related to rare earth permanent magnet materials, fine ceramics, and carbon fiber composite materials, promoting the iteration and transformation of new material technologies and guiding standardized industrial development [1][2] - Four national standards concerning intelligent computing have been published, covering terminology and social products [1] Transportation and Green Low Carbon - Three national standards have been released for urban rail transit vehicle alarm information and signal systems, enhancing public rail transit safety [2] - Thirty national standards have been published for unmanned aerial vehicle registration and operation identification, road traffic signs, gas vehicles, container repairs, and urban rail transit screen doors, supporting the safe development of transportation [2] - Twenty-two national standards have been introduced for kitchen waste treatment equipment, waste incineration equipment, oilfield production energy consumption testing, lighting facility economic operation, and greenhouse gas management systems, further improving the green low-carbon standard system [2] - A total of 199 national standards have been released for wind power generation systems, CNC plate rolling machines, and reciprocating internal combustion engines, accelerating high-end equipment technology upgrades and product quality improvements, promoting sustainable development in manufacturing [2] Safety Production - Twenty-two national standards have been published for gas transmission and distribution equipment safety, pressure pipeline specifications, and small amusement facilities safety, reinforcing the safe and stable operation of infrastructure and public places [3] - Mandatory national standards for fireworks safety and quality have been established, enhancing safety performance requirements for fireworks products [3] - Eleven mandatory national standards for key fire-fighting products, including automatic sprinkler systems and foam extinguishing agents, have been updated to improve performance and reliability through enhanced quality control [3] Economic and Trade Services - Three national standards have been released for cross-border e-commerce and e-commerce platform transaction information, guiding risk prevention and independent site construction for cross-border e-commerce [4] - Five national standards related to logistics documents, logistics service contracts, automotive parts turnover boxes, and multimodal transport capacity evaluation have been published to enhance the standardization level of logistics and multimodal transport [4] - National standards for the Chinese translation of place names from Sweden, Finland, Norway, Denmark, and Thailand have been established to support economic and cultural exchanges with Nordic and ASEAN countries [4] Agriculture and Rural Areas - Thirty national standards have been published to ensure agricultural production safety [6] - Forty-six national standards related to grain, oil, tobacco, and forestry biomass materials have been released to support high-quality agricultural product supply [6] - Seven national standards for water-saving irrigation and agricultural product trading have been introduced to enhance the standardization level of agricultural production [6] People's Daily Life - Ten national standards for smart home appliances, including application scenarios and lithium-ion batteries, have been published to promote the intelligence, greenness, and safety of home appliance products [8] - Thirteen national standards for smart textiles, silk fabrics, and shoe size comparison tables have been released to guide enterprises in standardized production and enhance consumer experience [8] - Six national standards related to the elimination of iodine deficiency diseases have been published to strengthen healthcare service guarantees [8]

Market Overview - The market experienced a significant decline, with the Shanghai Composite Index dropping 1.88% and falling below 3900 points, while the Shenzhen Component Index fell 2.72% and the ChiNext Index dropped 3.18% [1] - Nearly 5000 stocks declined across the two markets, with a half-day trading volume of 1.31 trillion yuan, an increase of 197.5 billion yuan compared to the previous day [1] - The ongoing risk aversion sentiment was influenced by the overnight performance of US stocks, leading to collective declines in the Asia-Pacific markets, with the South Korean KOSPI index down 4% and the Nikkei 225 index down over 2% [1] Sector Performance - The lithium resources and energy metals sectors saw significant pullbacks, with multiple stocks hitting the daily limit down [2] - The solid-state battery sector also faced major declines, with several concept stocks experiencing large drops [2] - The agriculture sector showed resilience, with stocks like Qianyin High-Tech and others hitting the daily limit up, driven by the emphasis on agricultural revitalization and biotechnological advancements [4] Institutional Insights - Zheshang Securities maintains a neutral to optimistic outlook on the market, suggesting a "systematic slow bull" trend, considering various factors such as foreign conditions and domestic policies [5] - Huaxi Securities notes that the market sentiment is cautious, with the potential for a policy-driven rally in sectors like service consumption and real estate as the macroeconomic window approaches its latter half [6] - Debon Securities emphasizes the need to monitor domestic and international economic data, indicating that the market may continue to exhibit a cautious style, focusing on defensive sectors like insurance and banking [6]

（文章来源：证券时报网） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 银行 | 0.00 | 165.06 | -7.33 | 中国银行 | 1.60 | | 农林牧渔 | -0.37 | 242.30 | 32.67 | 华英农业 | -8.89 | | 传媒 | -0.50 | 324.58 | 46.23 | 名臣健康 | -8.69 | | 食品饮料 | -0.59 | 133.34 | 35.18 | 庄园牧场 | -4.58 | | 家用电器 | -0.83 | 114.33 | 34.11 | 日出东方 | -5.08 | | 交通运输 | -1.02 | 116.14 | 34.42 | 龙洲股份 | -9.13 | | 石油石化 | -1.13 | 63.79 | 10.52 | 潜能恒信 | -6.59 | | 煤炭 | -1.22 | 56.94 | 19.22 | 美锦能源 | -5.77 | | 公用事业 | -1.38 | 168.29 ...

Core Insights - The China-Singapore Connectivity Project has established a new cooperation model that transcends traditional industrial park frameworks, focusing on efficient connectivity between Chongqing and Singapore as dual hubs for people, logistics, capital, and information flows [1][4][5]. Group 1: Project Overview - The project was officially launched in November 2015 as the third government-to-government cooperation initiative between China and Singapore, achieving 33 pioneering institutional open results over ten years [1][4]. - It has successfully opened five major channels: the New Land-Sea Corridor, the China-Singapore Cross-Border Financing Channel, the China-Singapore (Chongqing) International Internet Data Dedicated Channel, the Chongqing-New Singapore Air Corridor, and the Cultural Exchange Channel [2][3]. Group 2: Achievements in Logistics and Finance - The New Land-Sea Corridor has enabled a direct multimodal transport route to South America, reducing logistics time by approximately 15 days and lowering costs by about 25% [2]. - The project has facilitated cross-border financing of $239.9 billion and cross-border investments exceeding $20 billion, showcasing significant financial collaboration [3]. Group 3: Information and Communication Advancements - The China-Singapore (Chongqing) International Internet Data Dedicated Channel has tripled the efficiency of cross-border data transmission, supporting over ten key industries in Chongqing for international cooperation [3][4]. - The air corridor has seen a significant increase in flight frequency from five to 24 per week, with a fivefold increase in passenger traffic and a sevenfold increase in overnight visitors from Singapore to Chongqing [3]. Group 4: Future Directions - The project aims to deepen cooperation in digital economy and green development, focusing on enhancing cross-border data flow and upgrading digital services for citizens [8][9]. - By 2030, the project aspires to become a new model for international digital rule cooperation and green development, contributing to high-quality regional economic growth [9].

【导读】股市全线调整，锂矿板块集体走低 消息面上，11月20日，荃银高科发布公告称，中种集团拟向除收购人以外的荃银高科全体股东发出部分要约，预定要约收购股份数量为1.89亿股，约占荃 银高科已发行股份总数的20%；要约收购价格为11.85元/股。本次要约收购类型为主动要约，并非履行法定收购义务，且不以终止上市公司上市地位为目 的。 此外，食品零售板块震荡拉升，南侨食品（605339）、京粮控股（000505）、中水渔业（000798）、獐子岛（002069）等多股涨停。 11月21日早盘，三大指数集体低开，创业板指跌超2%。 从板块来看，农业板块早盘冲高，银行、文化传媒、食品板块表现活跃；而锂矿板块大幅走低，化工、半导体、存储芯片等板块跌幅居前。全市场超5000 只个股下跌。 港股恒生科技指数跌超2%，京东健康、百度集团、蔚来均跌超5%。 | 恒生指数 | 恒生国企 | 恒生科技 | | --- | --- | --- | | 25441.58 | 9003.22 | 5435.69 | | -393.99 -1.52% | -140.12 -1.53% | -138.90 -2.49% | | 恒指期货 | ...

Core Viewpoint - The stock market experienced a broad decline, with significant drops in the lithium mining sector, while the agricultural sector showed some resilience with notable gains in specific stocks [2][5][18]. Market Overview - The three major indices opened lower, with the ChiNext Index falling over 2%. The Shanghai Composite Index decreased by 1.58%, and the Shenzhen Component Index dropped by 2.38% [3]. - A total of 5,023 stocks in the market declined, with a trading volume of 866.65 billion, which is an increase of 184 billion compared to the predicted trading volume of 1.91 trillion [3][5]. Sector Performance - The agricultural sector showed strong performance in the morning session, with stocks like Qianyin High-Tech hitting the daily limit up, and other agricultural stocks also rising significantly [11][12]. - Conversely, the lithium mining sector saw substantial declines, with major companies like Tianqi Lithium and Ganfeng Lithium dropping over 8%. Other stocks in this sector, such as Dazhong Mining and Jin Yuan Co., also faced significant losses, with some hitting the daily limit down [19][20]. Notable Stocks - In the agricultural sector, Qianyin High-Tech surged by 19.98%, while other companies like Shennong Seed and Qiule Seed also reported gains of over 10% [12][11]. - In the lithium sector, Tianhua New Energy fell by 16.59%, and other companies like Jiangte Electric and Sijiazhuang Zhu Feng also reported declines of around 10% [20]. Futures Market - The lithium carbonate futures on the Guangxi Futures Exchange saw a drop of over 7% due to adjustments in trading fees and limits for related contracts [21][22]. Other Sector Weakness - The storage chip sector also faced declines, with companies like Jiangbolong and Demingli dropping over 8% [23][24].

Group 1 - The A-share market opened lower, with banks, coal, and agriculture sectors showing gains, while lithium mining, memory storage, CPO, ice and snow tourism, semiconductors, and aquaculture sectors experienced declines [1] Group 2 - Two stocks, Haixia Innovation (300300) and Pingtan Development (000592), resumed trading after suspension and experienced significant volatility, with Haixia Innovation dropping by 17% before recovering, and Pingtan Development initially falling by 8% before turning positive [2] - Haixia Innovation reported a stock price increase of 185.89% from October 27 to November 17, 2025, with a static P/E ratio of 2141.42 and a rolling P/E ratio of 300.48, indicating valuations significantly higher than industry peers [2] - Pingtan Development's stock price surged by 255.19% from October 17 to November 17, 2025, with a rolling P/E ratio of 555.31 and a P/B ratio of 12.06, also showing substantial deviation from industry standards [2]

Core Insights - The Shandong provincial government has made significant progress in building a technology-driven economy during the "14th Five-Year Plan" period, with a focus on enhancing regional innovation capabilities and increasing R&D investment [1][2][3] R&D Investment - Shandong's total R&D investment has exceeded 259.73 billion yuan during the "14th Five-Year Plan," with an annual growth rate of 11.5%, surpassing the national average by 1 percentage point [1] - The R&D intensity reached 2.64%, exceeding the planned target by 0.04 percentage points [1] Innovation Platforms - The province has accelerated the construction of a technology innovation platform system, with the approval of 1 national laboratory and 36 national key laboratories, leading the nation in the number of local laboratories [2] - Shandong has initiated the construction of major scientific infrastructure, accounting for 1/7 of the national total, and has established several high-level technology innovation platforms [2] Key Technological Achievements - Shandong has made significant breakthroughs in core technologies, with 138 major innovative achievements recognized, including the world's first fourth-generation nuclear power plant and the largest solid rocket [3] - The province has also achieved global leadership in various scientific fields, contributing to national technological self-reliance [3] Strengthening Enterprise Innovation - The number of technology-based small and medium-sized enterprises has increased from 18,000 to 50,000, marking a growth of 175% [4] - High-tech enterprises have risen from 14,000 to 35,000, a 150% increase, with high-tech industries accounting for 55.31% of the province's industrial output [4] Public Benefit from Technology - Shandong has focused on public health, achieving breakthroughs in innovative drugs and significantly increasing the number of new drug approvals [5] - The province has also made strides in agricultural innovation, with a high coverage rate of improved crop varieties contributing to food security [5] Innovation Ecosystem - Shandong has optimized its innovation ecosystem across various sectors, fostering a supportive environment for enterprises and talent [6] - The province has established international cooperation platforms and is working towards becoming a significant technology innovation center in the country [6]

1. Report Industry Investment Ratings No specific investment ratings for the entire industry are provided in the report. However, individual ratings for some sectors are as follows: - **Sugar**: The rating is "震荡偏弱" (Weak and volatile) [67][68][69] 2. Core Views of the Report The report comprehensively analyzes the market trends of various financial derivatives and commodities, covering financial futures, precious metals, shipping indices, non - ferrous metals, ferrous metals, agricultural products, and energy chemicals. It provides insights into market conditions, supply - demand relationships, and price trends for each category, and offers corresponding investment suggestions. 3. Summary by Directory Financial Derivatives - Financial Futures **Stock Index Futures** - **Market Situation**: On Thursday, the A - share market opened higher and then declined. The Shanghai Composite Index fell 0.40% to 3931.05 points. The four major stock index futures contracts also declined. The basis of the four major stock index futures contracts showed a narrow - range fluctuation in the discount. [2][3] - **Key News**: The Dutch economic minister announced the suspension of the administrative order against Nexperia. The Fed's October policy meeting minutes showed a significant divergence among policymakers on interest rate cuts. [3][4] - **Funding Situation**: On November 20, the A - share market trading volume decreased by 20 billion yuan compared to the previous day, with a total turnover of 1.71 trillion yuan. The central bank conducted 300 billion yuan of 7 - day reverse repurchase operations, resulting in a net injection of 110 billion yuan. [4] - **Operation Suggestion**: The domestic stock index is relatively resilient. It is recommended to wait for stabilization with reduced volatility. It is advisable to mainly observe, and consider deploying a bull spread of put options in case of a deep decline on a single day. [4] **Treasury Bond Futures** - **Market Performance**: The closing trends of treasury bond futures were divergent. The 30 - year main contract fell 0.21%, while the 10 - year and 5 - year main contracts rose 0.06%, and the 2 - year main contract remained flat. [5] - **Funding Situation**: The central bank conducted 300 billion yuan of 7 - day reverse repurchase operations on November 20, with a net injection of 110 billion yuan. The inter - bank market funds loosened on Thursday. [5][6] - **Key News**: The Ministry of Housing and Urban - Rural Development emphasized the importance of urban renewal. [6] - **Operation Suggestion**: The treasury bond market may continue to fluctuate in a narrow range. It is recommended to operate within the range for unilateral strategies. Pay attention to the central bank's bond - buying situation at the end of the month. [6] Financial Derivatives - Precious Metals - **Market Review**: The US non - farm payroll data was mixed. Fed officials' cautious attitude dampened the expectation of interest rate cuts, causing precious metals to fluctuate in a narrow range. The international gold price basically closed flat at $4076.86 per ounce, and the international silver price fell 1.32% to $50.644 per ounce. [7][8] - **Outlook**: In the long - term, precious metals are expected to enter a bull market. In the short - term, gold is expected to fluctuate between $4000 - $4200, and a strategy of selling out - of - the - money gold options on both sides can be adopted. For silver, it is recommended to wait and see or conduct short - term light - position operations. [9][10] Financial Derivatives - Container Shipping Index (European Line) - **Shipping Index**: As of November 17, the SCFIS European line index decreased by 9.78% month - on - month, and the US West route index decreased by 6.87% month - on - month. [11] - **Fundamentals**: As of November 20, the global container total capacity increased by 7.17% year - on - year. The eurozone's October composite PMI was 52.2, and the US October manufacturing PMI was 48.7. [11] - **Logic**: The futures market corrected, and the main 02 contract is expected to maintain a downward - trending oscillation in the short - term. [11] Commodity Futures - Non - Ferrous Metals **Copper** - **Spot Market**: As of November 20, the average price of SMM electrolytic copper increased. The demand side showed signs of recovery, and downstream procurement sentiment improved. [12] - **Macro Situation**: The US 9 - month non - farm employment increased significantly, reducing the probability of the Fed cutting interest rates in December. [12] - **Supply**: The spot TC of copper concentrate remained low. The output of electrolytic copper in October decreased, and it is expected to continue to decline slightly in November. [13] - **Demand**: The weekly operating rate of electrolytic copper rod increased, while that of recycled copper rod decreased. The downstream demand for copper showed strong resilience. [13] - **Inventory**: LME and COMEX copper inventories increased, while domestic social inventories decreased. [14] - **Logic**: The market's expectation of an interest rate cut in December decreased, and the copper price oscillated weakly. In the long - term, the supply - demand contradiction supports the upward movement of the copper price. [15] - **Operation Suggestion**: The main contract is expected to fluctuate between 85,000 - 86,500 yuan/ton. [15] **Alumina** - **Spot Market**: On November 20, the spot prices of alumina in various regions showed a slight decline or remained stable. The supply pattern became looser, and the inventory continued to accumulate. [15] - **Supply**: In October 2025, China's metallurgical - grade alumina production increased. It is expected that the market will continue to have an oversupply situation in November, and high - cost enterprises may reduce production. [16] - **Inventory**: As of November 20, the port inventory of alumina decreased, the factory inventory of electrolytic aluminum increased, and the total registered quantity of alumina warehouse receipts increased. [16] - **Logic**: The alumina market is in a state of oversupply, and the price is expected to maintain a weak oscillation in the short - term. [17] - **Operation Suggestion**: The main contract is expected to fluctuate between 2700 - 2900 yuan/ton. [17][18] **Aluminum** - **Spot Market**: On November 20, the average price of SMM A00 aluminum increased slightly, and the market activity and actual transactions increased. [19] - **Supply**: In October 2025, the domestic electrolytic aluminum production increased. It is expected that the daily output of aluminum ingots may decline slightly in November. [19] - **Demand**: The weekly operating rates of aluminum processing products were divided, and the overall demand was affected by high prices and the off - peak season. [19] - **Inventory**: As of November 20, the domestic mainstream consumption area's electrolytic aluminum ingot inventory remained unchanged, and the LME aluminum inventory decreased. [20] - **Logic**: The aluminum price is expected to fluctuate widely in the short - term, with a game between macro - positive factors and weak fundamentals. [21] - **Operation Suggestion**: The main contract is expected to fluctuate between 21,200 - 21,800 yuan/ton. [21] **Other Non - Ferrous Metals** - **Zinc**: The supply reduction expectation provides some support, but the spot trading is average after the price increase. The main contract is expected to fluctuate between 22,200 - 22,800 yuan/ton. [24][25][27] - **Tin**: The supply side remains tight, and the tin price oscillates at a high level. It is recommended to adopt a strategy of buying on dips. [27][31] - **Nickel**: The market sentiment is weak, and the price is expected to oscillate weakly. The main contract is expected to fluctuate between 113,000 - 118,000 yuan/ton. [31][33][34] - **Stainless Steel**: The raw materials are under pressure, and the demand is insufficient. The main contract is expected to fluctuate weakly between 12,300 - 12,600 yuan/ton. [34][35][37] - **Lithium Carbonate**: The market maintains a strong oscillation, and the follow - up fluctuations may increase. It is recommended to mainly observe. [38][41] - **Polysilicon**: The bullish sentiment fades, and the price is expected to oscillate at a high level. [42][44] - **Industrial Silicon**: The bullish sentiment fades, and the price is expected to oscillate at a low level. It is recommended to gradually close short positions on dips. [45][46] Commodity Futures - Ferrous Metals **Steel** - **Spot Market**: The spot market is weakly stable, and the night - session futures are slightly stronger. [47] - **Cost and Profit**: The cost of coking coal and coke has decreased, and the profit of different steel products varies. [47] - **Supply**: The iron element production increased year - on - year. The iron water output increased slightly this week, and the five major steel products' output also increased. [47] - **Demand**: The domestic demand expectation is weak, but the export remains high. The apparent demand has rebounded this week. [48] - **Inventory**: The inventory of the five major steel products decreased significantly this week, and the de - stocking trend is expected to continue. [49] - **View**: The steel price is expected to oscillate within a range. It is recommended to close short positions and wait and see. [49] **Iron Ore** - **Spot and Futures**: The spot price of mainstream iron ore powder decreased slightly, and the futures price oscillated. [50] - **Demand**: The daily average iron water output decreased slightly, and the blast furnace operating rate and capacity utilization rate also decreased. [51] - **Supply**: The global iron ore shipment increased, and the port arrival decreased. [51] - **Inventory**: The port inventory decreased slightly, and the steel mill's imported iron ore inventory decreased. [51] - **View**: The iron ore price is expected to oscillate at a high level. It is recommended to wait and see. [52] **Coking Coal** - **Futures and Spot**: The coking coal futures continued to decline, and the spot price also showed a downward trend. [53] - **Supply**: The production capacity utilization rate of some coal mines decreased, and the inventory increased. [54] - **Demand**: The coke production of coking plants and steel mills decreased slightly, and the iron water output decreased. [54][55] - **Inventory**: The overall coking coal inventory decreased slightly. [55] - **View**: The coking coal price is expected to oscillate weakly. It is recommended to wait and see. [55] **Coke** - **Futures and Spot**: The coke futures continued to decline, and the fourth - round price increase has been fully implemented. [56] - **Profit**: The average profit per ton of coke for independent coking plants is positive. [56] - **Supply**: The coke output decreased slightly. [56] - **Demand**: The iron water output decreased, and the steel mill's profit decreased, suppressing the coke price increase. [57] - **Inventory**: The overall coke inventory decreased slightly. [57] - **View**: The coke price is expected to oscillate weakly. It is recommended to wait and see. [58] Commodity Futures - Agricultural Products **Meal Products** - **Spot Market**: The domestic soybean meal spot price decreased slightly, and the trading volume decreased. The rapeseed meal price also decreased, and the trading volume was zero. [59] - **Fundamentals**: Analysts expect the US soybean export sales to be between 600,000 - 1.6 million tons. The US has exported a large amount of soybeans to China. The US soybean planting area is expected to increase in 2026, and the Brazilian soybean planting progress is fast. [60] - **Outlook**: The domestic soybean meal supply is loose, and the price is expected to oscillate widely. It is necessary to pay attention to the dynamics of state - reserved soybeans. [61] **Other Agricultural Products** - **Hogs**: The supply pressure remains, and the price has an upper limit. It is recommended to hold the 3 - 7 reverse spread. [63][64] - **Corn**: The market is in a state of long - short game, and the price is expected to oscillate in a narrow range. It is necessary to pay attention to the grain - selling rhythm and traders' mentality. [65][66] - **Sugar**: The raw sugar price is in a bearish pattern, and the domestic market is expected to oscillate weakly. [67][68][69] - **Cotton**: The US cotton price oscillates at the bottom, and the domestic new cotton harvest is coming to an end. The short - term cotton price is expected to be under pressure and fluctuate weakly within a range. [69] - **Eggs**: The egg price is stable with a slight decline, and the overall pressure is high. It is recommended to close short positions and wait and see in the short - term. [71][72] - **Oils**: The high - frequency export of palm oil is weak, and the price continues to decline. The soybean oil price is also under pressure. [73][74] - **Jujubes**: The price in the production area is loose, and the market oscillates at a low level. It is necessary to pay attention to the acquisition progress and terminal demand. [75][76][77] - **Apples**: The inventory apples are traded in small quantities, and the demand for high - quality fruits is good. [78] Commodity Futures - Energy Chemicals **PX** - **Spot Market**: On November 20, the Asian PX price was relatively strong, but the market trading atmosphere declined. [79] - **Profit**: The Asian PX price increased, and the PXN was around $261 per ton. [79] - **Supply and Demand**: The Asian and domestic PX operating rates decreased. The PTA operating rate also decreased. [79][80] - **Outlook**: The PX supply is still at a relatively high level, and the demand support is weak. The PX price is expected to oscillate at a high level in the short - term. [80] **PTA** - **Spot Market**: On November 20, the PTA futures oscillated in a range, and the spot market trading atmosphere was average. The spot basis strengthened slightly. [81] - **Profit**: The PTA spot processing fee and the processing fees of different contracts are positive. [82] - **Supply and Demand**: Two PTA devices stopped production, and the PTA operating rate decreased. The polyester operating rate increased slightly, but the terminal demand is weakening. [82] - **Outlook**: The PTA supply is expected to be relatively loose in the medium - term, and the rebound space is limited. It is recommended to treat the TA as a short - term high - level oscillation and conduct a rolling reverse spread for TA1 - 5. [82] **Other Energy Chemicals** - **Short - Fiber**: The supply is high, and the demand is weak. The processing fee is expected to be compressed. It is recommended to take the same strategy as PTA for the unilateral position and short the processing fee on rallies. [83] - **Bottle Chips**: The supply - demand pattern in November remains loose. The PR follows the cost - side fluctuations, and the processing fee fluctuates between 300 - 450 yuan/ton. [84][85] - **Ethylene Glycol**: The short - term rigid demand provides some support, but the supply is high, and the port inventory is accumulating. It is recommended to hold out - of - the - money call options with a strike price of not less than 4100 for EG2601 and conduct a reverse spread for EG1 - 5 on rallies. [86] - **Pure Benzene**: Affected by gasoline - blending news, the price rebound is limited. It is recommended to wait and see for BZ2603 in the short - term. [87] - **Styrene**: Affected by gasoline - blending demand, the short - term price is expected to oscillate and repair, but the upward space is limited. [89][90] - **LLDPE**: The basis weakens, and the trading is weak. It is recommended to reduce short positions around 6800 yuan/ton. [91] - **PP**: There are many unexpected maintenance situations, and the downward space is limited. It is recommended to wait and see. [92] - **Methanol**: The port market is stable, and the trading is active. It is necessary to pay attention to the 05MTO spread in the future. [93] - **Caustic Soda**: The supply - demand pressure remains, and the price is expected to be weak. [94][95] - **PVC**: The supply - demand contradiction is not improved, and the price is expected to be weak. [96][97] - **Soda Ash**: The supply - demand pattern is weak, and it is recommended to