Core Viewpoint - The article highlights the importance of utilizing financial derivatives, particularly peanut futures, to manage price risks and enhance operational stability in the peanut industry in Henan Province, China [1][2]. Group 1: Industry Characteristics - The peanut market is characterized by a differentiated supply-demand structure, increased price volatility, and a diverse range of participants, posing significant challenges for enterprises, especially small processing companies [2]. - The fluctuation in agricultural product prices and market uncertainties have made effective price risk management a persistent challenge for companies in the peanut industry [1]. Group 2: Company Initiatives - Henan Yixin Industrial Co., Ltd. has embraced financial tools under the guidance of Tongzhou Group, establishing a professional futures research and risk control team, which has led to a mature trading system and strategy execution capabilities [2][3]. - The company has shifted from a passive market price acceptance to an active pricing strategy based on market analysis, allowing for better inventory management and procurement optimization [5]. Group 3: Risk Management Strategies - Yixin Industrial has successfully implemented a "cooperative hedging" approach, allowing them to reduce procurement costs by buying peanut futures at a lower price compared to the spot market [3]. - The company collaborates with downstream enterprises to hedge against price declines, demonstrating the effectiveness of customized hedging solutions in managing risks [3][4]. Group 4: Industry Impact - The promotion of peanut futures is expected to enhance the entire industry chain's ability to respond to price fluctuations, stabilize development, and improve operational efficiency [6][7]. - The integration of financial tools with traditional agriculture is seen as a key factor for companies to enhance competitiveness and achieve high-quality development [7].

Group 1: Report Overview - Report Title: Peanut Daily Report, dated November 20, 2025 [1] - Researcher: Liu Dayong, with futures trading certificate number F03107370 and investment consulting certificate number Z0018389 [1] Group 2: Investment Rating - No investment rating for the industry is provided in the report. Group 3: Core Viewpoints - The short - term peanut spot price is relatively stable due to stable domestic peanut prices, stable import peanut prices, large price differences between oil - type and commodity peanuts, a high price difference between Henan and Northeast peanuts, increased supply, and weak downstream demand [4][8] - Peanut oil spot prices are stable, peanut meal prices have been stable recently, and oil mills' theoretical crushing profits are good [4][6][8] - The peanut futures will continue to fluctuate at the bottom, and there is still room for the price of the new - season peanut 01 contract to decline because the expected output of the new - season peanuts is higher than last year, and the planting cost has decreased [8] Group 4: Summary of Each Section Part 1: Data Futures Market - PK604 closed at 7816, down 26 (-0.33%), with a trading volume of 28,344 (-12.99%) and an open interest of 18,927 (-3.62%) - PK510 closed at 8152, up 2 (+0.02%), with a trading volume of 30 (-57.75%) and an open interest of 633 (-1.86%) - PK601 closed at 7788, down 6 (-0.08%), with a trading volume of 80,370 (-22.75%) and an open interest of 136,355 (-10.13%) [2] Spot Market - Spot prices in Henan Nanyang, Shandong Jining, and Shandong Linyi were 7200, 7600, and 7600 respectively, with no change - The price of Rizhao peanut meal was 3250, and Rizhao soybean meal was 3000, with no change - The price of peanut oil was 14550, and Rizhao first - grade soybean oil was 8450, down 100 [2] Import Prices - The price of Sudanese peanuts was 8600, and Senegalese peanuts was 7600, with no change [2] Spreads - PK01 - PK04 spread was - 28, up 20; PK04 - PK10 spread was - 336, down 28; PK10 - PK01 spread was 364, up 8 [2] Part 2: Market Analysis - Peanut prices in Henan and Northeast China were stable. For example, 308 common peanuts in Fuyu, Jilin were 4.45 yuan/jin, and in Changtu, Liaoning were 4.5 yuan/jin. Henan's Baisha common peanuts were 3.55 - 3.85 yuan/jin, and in Shandong Junan were 3.5 yuan/jin - Imported peanut prices were stable, with Sudanese refined peanuts at 8600 yuan/ton, Senegalese at 7600 yuan/ton, Brazilian new peanuts at 9200 yuan/ton, and Indian 50/60 peanuts at 8000 yuan/ton - Some peanut oil mills started purchasing, with the mainstream transaction price at 7200 - 7350 yuan/ton and the theoretical break - even price at 7900 yuan/ton - Peanut oil and soybean oil prices were stable, with domestic first - grade ordinary peanut oil at 14500 yuan/ton and small - pressed fragrant peanut oil at 16500 yuan/ton - Rizhao soybean meal spot price fell to 2990 yuan/ton, down 10 yuan/ton. The unit - protein price difference between peanut meal and soybean meal was low, and peanut meal was relatively strong in the short term, with 48 - protein peanut meal at 3210 yuan/ton [4][6] Part 3: Trading Strategies - Unilateral: Peanut contracts 01 and 05 will fluctuate at a low level. Short - sell the 01 contract on rallies [9] - Spread: Reverse - arbitrage the 1 - 5 spread on rallies [10] - Options: Hold the short position of the pk601 - P - 7600 put option [11] Part 4: Related Attachments - The report provides six figures, including Shandong peanut spot prices, peanut oil mill crushing profits, peanut oil prices, peanut spot - futures basis, 10 - 1 contract spreads, and 1 - 4 contract spreads [13][18][20]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The U.S. corn price is in a narrow - range oscillation. Although the yield per unit may be further reduced, the overall production remains high. The import profit of foreign corn is declining. In the short - term, the domestic corn spot is relatively strong, but there is a potential selling pressure later. The corn starch spot is also strong due to the strength of corn, but the 01 starch on the futures market is expected to decline in the short - term [4][6][7]. Summary by Directory Part 1: Data Futures Disk - For corn futures contracts (C2601, C2605, C2509), the closing prices are 2168, 2237, and 2264 respectively, with price drops of - 7, - 8, - 8 and percentage drops of - 0.32%, - 0.36%, - 0.35%. Their trading volumes are 405,905, 43,153, 1,958 with volume changes of - 4.81%, - 6.73%, 47.89%, and open interests are 932,364, 322,392, 16,703 with changes of - 1.44%, 4.02%, 0.57% [2]. - For corn starch futures contracts (CS2601, CS2605, CS2509), the closing prices are 2473, 2552, 2607 respectively, with price drops of - 7, - 8, - 5 and percentage drops of - 0.28%, - 0.31%, - 0.19%. Their trading volumes are 88,848, 889, 72 with volume changes of - 18.46%, 3.37%, 100.00%, and open interests are 219,992, 6,328, 551 with changes of 1.29%, 1.61%, 5.76% [2]. Spot and Basis - Corn spot prices in different regions: Qinggang is 1995 yuan, Songyuan Jiji is 2070 yuan, Zhucheng Xingmao is 2350 yuan, Shouguang is 2280 yuan, Jinzhou Port is 2210 yuan, Nantong Port is 2320 yuan, and Guangdong Port is 2370 yuan. The price in Shouguang increased by 10 yuan, while others remained unchanged. The corresponding basis is - 269, - 194, 86, 16, 42, 56, 106 [2]. - Starch spot prices in different regions: Longfeng is 2680 yuan, COFCO is 2700 yuan, Cargill is 2800 yuan, Yufeng is 2890 yuan, Jinyu Corn is 2800 yuan, Zhucheng Xingmao is 2900 yuan, and Hengren Industry and Trade is 2820 yuan. All prices remained unchanged, and the corresponding basis is 128, 148, 248, 338, 248, 348, 268 [2]. Spreads - Corn inter - delivery spreads: C01 - C05 is - 69 with a change of 1, C05 - C09 is - 27 with no change, C09 - C01 is 96 with a change of - 1 [2]. - Starch inter - delivery spreads: CS01 - CS05 is - 79 with a change of 1, CS05 - CS09 is - 55 with a change of - 3, CS09 - CS01 is 134 with a change of 2 [2]. - Cross - variety spreads: CS09 - C09 is 343 with a change of 3, CS01 - C01 is 305 with no change, CS05 - C05 is 315 with no change [2]. Part 2: Market Judgment Corn - The U.S. corn price is in a narrow - range oscillation. Although the yield per unit will be further reduced, the production remains high. The import profit of foreign corn is declining, and the import price from Brazil in December is 2137 yuan. The northern port's flat - hatch price is stable at around 2210 yuan, and the northeast corn spot price is stable. The supply in North China has decreased, and the corn spot price is relatively strong. The price difference between northeast and North China corn is still large. The wheat price in North China has risen to around 2500 yuan/ton, and the price difference between wheat and corn is large, making corn more cost - effective. The domestic breeding demand is stable, and the inventory of downstream feed enterprises is low. Some enterprises are building inventory in the northeast. The supply of northeast corn is low recently, and traders' hoarding sentiment is strong. The 01 corn futures contract is oscillating weakly, and the spot basis is strengthening. The market is concerned about the seasonal selling pressure of northeast corn and the downstream inventory - building situation [4][6]. Starch - The number of trucks arriving at Shandong's deep - processing plants has decreased, and the corn spot price in Shandong is stable. The starch price in Shandong is around 2770 yuan, and the northeast starch spot price is also strong. This week, the corn starch inventory decreased to 110.9 million tons, a decrease of 2.4 million tons from last week, a monthly decrease of 1.7% and a year - on - year increase of 25.6%. The starch price mainly depends on the corn price and downstream inventory - building. The by - product price is still strong, much higher than last year, and the spot price difference between corn and starch is low. Due to the strong corn price, the starch spot price is strong, and enterprises are still making good profits. The 01 starch futures contract is oscillating narrowly following the corn, but the North China corn price may decline in December, and the corn starch spot price will also decline later. It is expected that the 01 starch futures contract still has room to decline in the short - term [7]. Part 3: Corn Options - The option strategy is a short - term cumulative put strategy with rolling operations. For example, on November 20, 2025, for the C2605 - P - 2160.DCE option, the underlying asset price is 2237, and the closing price is 20.50; for the C2601 - P - 2080.DCE option, the underlying asset price is 2168, and the closing price is 3.00 [11]. Part 4: Related Attachments - The report provides multiple charts, including the spot price of corn in different regions, the basis of the corn 01 contract, the 1 - 5 spread of corn, the 1 - 5 spread of corn starch, the basis of the corn starch 01 contract, and the spread between the corn starch and corn 01 contracts [13][15][19].

从资金流向上来看，当日农产品加工板块主力资金净流入2399.18万元，游资资金净流出3092.54万元，散 户资金净流入693.36万元。农产品加工板块个股资金流向见下表： 证券之星消息，11月20日农产品加工板块较上一交易日下跌0.71%，*ST佳沃领跌。当日上证指数报收于 3931.05，下跌0.4%。深证成指报收于12980.82，下跌0.76%。农产品加工板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600191 | 华资实业 | 10.45 | 10.00% | 10.31万 | 1.06亿 | | 000505 | 京粮控股 | 7.69 | 6.51% | 79.94万 | 6.16亿 | | 603182 | 喜华股份 | 16.18 | 1.76% | 3.14万 | 5028.45万 | | 000019 | 深粮控股 | 7.39 | 1.23% | ﺏ 31.44万 | 2.30亿 | | 600962 | 国投中鲁 | 20.29 | 0.95% ...

Core Viewpoint - The stock price of Suobao Protein has been declining for five consecutive days, with a total drop of 8.35% during this period, currently trading at 19.98 CNY per share [1] Company Overview - Suobao Protein Technology Co., Ltd. is located in Ningbo Free Trade Zone, Zhejiang Province, established on October 17, 2003, and listed on December 15, 2023. The company specializes in the research, production, and sales of soybean protein products [1] - The revenue composition of Suobao Protein includes: 32.42% from soybean isolate protein, 20.79% from non-GMO soybean oil, 19.98% from soybean concentrate protein, 17.36% from textured protein, 9.03% from other products, and 0.43% from supplementary products [1] Fund Holdings - Guolian Fund has one fund heavily invested in Suobao Protein. The Guolian Jingsheng One-Year Holding Mixed A Fund (011353) held 22,000 shares in the third quarter, accounting for 0.26% of the fund's net value, ranking as the tenth largest holding. The estimated floating loss today is approximately 7,700 CNY, with a total floating loss of 40,000 CNY during the five-day decline [2] - The Guolian Jingsheng One-Year Holding Mixed A Fund was established on May 14, 2021, with a current size of 144 million CNY. Year-to-date returns are 3.13%, ranking 7,225 out of 8,136 in its category; the one-year return is 5.23%, ranking 6,756 out of 8,055; and the return since inception is 9.07% [2] Fund Manager Information - The fund managers of Guolian Jingsheng One-Year Holding Mixed A Fund are Chen Xinyu, Huo Shunchao, and Ye Tianyang. Chen Xinyu has a tenure of 6 years and 114 days, managing assets totaling 1.211 billion CNY, with the best return of 68.57% and the worst return of -19.21% during his tenure [3] - Huo Shunchao has a tenure of 2 years and 226 days, managing assets of 16.251 billion CNY, with the best return of 30.93% and the worst return of 0.48% [3] - Ye Tianyang has a tenure of 226 days, managing assets of 2.196 billion CNY, with the best return of 2.97% and the worst return of 0.05% [3]

Core Viewpoint - The article highlights the significance of agricultural cooperation between China and Pacific Island countries, emphasizing how such partnerships foster long-term development and strengthen bilateral relations [1][2][3]. Group 1: Agricultural Cooperation - Agricultural cooperation is a recurring theme among attendees of the China-Pacific Island Countries Political Party Dialogue, with Chinese agricultural technology assistance being a key focus [1]. - In countries like Kiribati and the Solomon Islands, Chinese agricultural projects have helped improve crop yields and employment opportunities, addressing local food supply issues [1][2]. - The training provided by China on crop preservation and processing has proven invaluable, especially in the aftermath of natural disasters like the 2024 earthquake in Vanuatu [2]. Group 2: Long-term Development Focus - China's agricultural aid is not merely reactive but aims at sustainable long-term development, with training programs on coconut cultivation and processing enhancing product quality and market access [3]. - The China International Import Expo has opened up global market opportunities for local agricultural products from the Solomon Islands, highlighting the importance of connecting these regions to larger markets [3]. Group 3: Emotional and Cultural Impact - The introduction of Chinese mushroom grass in Fiji has not only improved livelihoods but also fostered a deep cultural connection, with some families naming their children after the grass as a tribute to its benefits [4]. - The narrative of agricultural cooperation is framed as a story of friendship and mutual growth, symbolizing the broader relationship between China and Pacific Island nations [4].

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告资讯信息来源于万得资讯和金十数据，冠通研究整理编辑 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 资讯早间报 发布日期： 2025/11/20 隔夜夜盘市场走势 1. 国际贵金属期货普遍收涨，COMEX 黄金期货涨 0.29%报 4078.30 美元/盎司， COMEX 白银期货涨 1.08%报 51.07 美元/盎司。 2. 美油主力合约报 59.41 美元/桶；布伦特原油主力合约跌 1.88%报 63.67 ...

Core Viewpoint - A young entrepreneur from Shandong, Tang Jingrun, aims to promote and establish the brand value of Pu Bei Chen Pi (dried tangerine peel) to overcome the challenges faced by the industry and make it popular nationwide [9][12][30]. Group 1: Background and Personal Journey - Tang Jingrun, born in 2001, moved to Pu Bei, Guangxi, nearly 3000 kilometers from his hometown, to promote Chen Pi after graduating in 2024 [13][20]. - Initially seeking a job in new media, he found a deep connection with the local community and the potential of Pu Bei Chen Pi [22][30]. - The region is known for its rich agricultural resources, with over 87% of the soil containing selenium, and a total planting area of 190,500 acres for Dahuanggan [16][27]. Group 2: Industry Challenges - Despite the high production of Dahuanggan, with a total output of 160,000 tons of fresh fruit and 9,000 tons of dried peel in 2024, the Chen Pi industry struggles with branding issues [26][27]. - The industry faces intense price competition and a lack of brand recognition, leading to reduced profit margins and long-term value [28][30]. Group 3: Branding and Promotion Efforts - In June, Tang Jingrun co-founded the video account "Guangxi Chen Pi Luffy" to promote Pu Bei Chen Pi through short videos, achieving over 42 posts and 5,000 followers [32][33]. - The duo aims to create engaging content by studying successful videos in related fields and has already reached various cities to promote the product [36][37]. Group 4: Community Engagement and Future Plans - Tang Jingrun emphasizes the importance of community support and aims to empower local farmers by sharing knowledge and strategies for promoting Pu Bei Chen Pi [74][80]. - The strategy includes engaging directly with local markets and creating authentic interactions to build trust and brand recognition [72][73].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The performance of NVIDIA is expected to drive a rebound in technology stocks, and the market may rebound due to the influence of US stocks and brokerage mergers [18][23]. - The risk appetite in the bond market has recovered, and the bond market remains weakly stable, but caution is needed regarding potential short - term trading opportunities [24][25]. - For various commodities, different trends are presented. For example, protein meal prices are gradually falling due to supply pressure, while sugar prices are expected to be range - bound both internationally and domestically [28][35]. Summary by Related Catalogs Financial Derivatives - **Stock Index Futures**: NVIDIA's strong performance may drive a rebound in technology stocks. The market showed support on Wednesday, with significant sector differentiation. The strategy is to go long on dips in the short - term, conduct IM/IC 2512 long + ETF short cash - and - carry arbitrage, and use bull spreads on dips [18][21][23]. - **Treasury Futures**: The risk appetite has recovered, and the bond market is weakly stable. The strategy is to stay on the sidelines for single - side trading, take profit on previous (TL - 3T) positions, and try to go long on the T - contract current - quarter to next - quarter inter - delivery spread [24][25][27]. Agricultural Products - **Protein Meal**: Supply pressure is evident, and the price is gradually falling. In the US, soybean export sales are expected to be within a certain range, and Brazil's soybean production is expected to be high. The domestic supply pressure is large, and the price is expected to be supported, while rapeseed meal is expected to fluctuate [28][29][30]. - **Sugar**: International sugar prices are oscillating lower, and domestic sugar prices are oscillating. Globally, there will be a supply surplus in the 2025/26 season. In the short - term, international sugar prices may oscillate slightly stronger, and domestic sugar prices are expected to be range - bound. The strategy is to go long on dips for single - side trading, stay on the sidelines for arbitrage, and sell out - of - the - money put options [31][34][35]. - **Oilseeds and Oils**: The oscillating market continues. External factors have led to short - term price fluctuations, and different oils have different supply - demand situations. The strategy is to go long on dips or conduct high - selling and low - buying band operations for single - side trading, and stay on the sidelines for arbitrage and options [36][37][39]. - **Corn/Corn Starch**: Spot prices are starting to correct, and the futures price is falling. The US corn futures are expected to be strongly oscillating in the short - term, while domestic corn prices in the Northeast are falling, and those in the North China are relatively strong. The strategy is to go long on dips for the outer - market December corn, short on rallies for the January corn, wait for corrections for the May and July corn, and conduct spread - narrowing operations for the January corn - starch spread [40][41][43]. - **Hogs**: The slaughter pressure persists, and the spot price is oscillating. The overall supply pressure remains, and the strategy is to stay on the sidelines for single - side trading, arbitrage, and sell wide - straddle strategies for options [44][45][46]. - **Peanuts**: The spot price is weak, and peanuts are oscillating at the bottom in the short - term. The price is affected by factors such as supply, demand, and quality. The strategy is to short on rallies for the January peanuts, go long on dips for the May peanuts with a stop - loss at 7800, conduct 1 - 5 peanut reverse spreads, and sell pk601 - P - 7600 options [46][47][48]. - **Eggs**: Demand is average, and egg prices are stable with a slight decline. The supply pressure is gradually easing, but the upside space is limited. The strategy is to stay on the sidelines for single - side trading, arbitrage, and options [49][50][52]. - **Apples**: Demand is average, and fruit prices are mainly stable. The cold - storage inventory is lower than last year, and the fundamentals are relatively strong, but it is recommended to stay on the sidelines due to recent large fluctuations [53][54][55]. - **Cotton - Cotton Yarn**: The fundamental contradictions are not significant, and cotton prices are mainly oscillating. External factors and supply - demand situations at home and abroad affect the price. The strategy is to expect range - bound oscillations for US cotton and short - term oscillations for Zhengzhou cotton, and stay on the sidelines for arbitrage and options [56][57][59]. Ferrous Metals - **Steel**: Steel prices are oscillating within a range, and there is still room to reduce hot - metal production. The industry is affected by policies, costs, and demand. The strategy is to expect a weakly oscillating downward trend for single - side trading, go long on the coil - to - rebar spread on dips, and stay on the sidelines for options [62][63][64]. - **Coking Coal and Coke**: Spot prices are correcting from high levels, and the futures market is weakly operating. After short - term replenishment, the market sentiment has changed. The strategy is to expect a weakly oscillating short - term trend without chasing short positions, consider going long on dips near previous lows in the medium - term, continue to hold the coking coal 1/5 reverse spread, and stay on the sidelines for options [64][65][66]. - **Iron Ore**: A bearish approach is recommended. The supply is increasing, and the domestic demand is weakening. The strategy is to expect a high - level bearish trend for single - side trading, enter a 1/5 inter - delivery high - level reverse spread, and stay on the sidelines for options [67][68][69]. - **Ferroalloys**: Supply and demand are both weak, and prices are oscillating within a cost - supported range. Different ferroalloys have different supply - demand and cost situations. The strategy is to expect bottom - oscillating trends for single - side trading, stay on the sidelines for arbitrage, and sell out - of - the - money straddle option combinations [69][70][71]. Non - ferrous Metals - **Precious Metals**: NVIDIA boosts market sentiment, but the hawkish stance of the Federal Reserve suppresses gold and silver prices. The price is expected to oscillate at a high level in the short - term. The strategy is to hold long positions cautiously near the support level of the 18th, and stay on the sidelines for arbitrage and options [72][74][76]. - **Copper**: Short - term attention should be paid to the lower support. Supply and demand and macro - factors affect the price. The strategy is to go long on dips, pay attention to the 85000 yuan/ton support level, and stay on the sidelines for arbitrage and options [76][77][80]. - **Alumina**: Substantial production cuts have not been realized, and the price is weakly operating. The market is affected by factors such as production, supply, and long - term contracts. The strategy is to expect a short - term weak trend until the warehouse receipts are circulated, and stay on the sidelines for arbitrage and options [80][81][83]. - **Electrolytic Aluminum**: Overseas economic data are unexpectedly absent, and Shanghai aluminum moves with the sector. The macro - environment and supply - demand fundamentals affect the price. The strategy is to stay on the sidelines in the short - term, pay attention to the narrowing of the spread between East China and Central China in the spot market, and go long on Shanghai aluminum and short on LME aluminum to narrow the spread, and stay on the sidelines for options [83][84]. - **Cast Aluminum Alloy**: Aluminum alloy moves with the aluminum price. The macro - environment and supply - demand fundamentals affect the price. The strategy is to stay on the sidelines in the short - term, wait for the market sentiment to digest, and stay on the sidelines for arbitrage and options [85][86][87]. - **Zinc**: It shows a wide - range oscillation. Supply and demand and macro - factors affect the price. The strategy is to continue to hold profitable long positions, and stay on the sidelines for arbitrage and options [87][88][90]. - **Lead**: It oscillates within a range. Supply and demand and macro - factors affect the price. The strategy is to close profitable short positions and stay on the sidelines, and stay on the sidelines for arbitrage and options [90][91][94]. - **Nickel**: The cost is loosening, and the nickel price is oscillating downward. The oversupply of deliverable products and the macro - environment affect the price. The strategy is to short on rallies, stay on the sidelines for arbitrage, and sell out - of - the - money call options [94][95][96]. - **Stainless Steel**: Supply and demand are both weak, and raw materials are under pressure. The industry is affected by factors such as investment plans and carbon taxes. The strategy is to short on rallies and stay on the sidelines for arbitrage [96][97][98]. - **Industrial Silicon**: Short - term partial profits can be realized, and new strategies can involve going long on dips near the support level. The price is affected by production capacity and market demand. [98]

2025年11月20日 国泰君安期货商品研究晨报-农产品 观点与策略 | 棕榈油：反弹高度有限，关注产地去库进程 | 2 | | --- | --- | | 豆油：暂无突破驱动，区间震荡为主 | 2 | | 豆粕：调整震荡 | 4 | | 豆一：现货稳定，盘面调整震荡 | 4 | | 玉米：震荡运行 | 6 | | 白糖：偏弱运行 | 8 | | 棉花：期价维持震荡走势 | 9 | | 鸡蛋：近弱远强，反套格局 | 11 | | 生猪：降温预期落地，压力逐步释放 | 12 | | 花生：关注油厂动向 | 13 | 国 泰 君 安 期 货 研 究 所 油脂基本面数据 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 2025 年 11 月 20 日 商 品 研 究 棕榈油：反弹高度有限，关注产地去库进程 豆油：暂无突破驱动，区间震荡为主 | | | 【基本面跟踪】 | | 棕榈油主力 | 单 位 元/吨 | 收盘价 (日盘） | 涨跌幅 | 收盘价 （夜盘） | 涨跌幅 -0.66% | | --- | --- | --- | --- | --- | --- | --- | | | 豆油主力 | ...