Report Summary 1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints - On November 27, the JM2601 contract closed at 1071.0, down 0.19%. The spot price of Tangshan Meng 5 coking coal was reported at 1420, equivalent to 1200 on the futures market. The macro - situation: the NDRC issued a notice on ensuring the supply of thermal coal in 2026, weakening the market's expectations. Fundamentally, the capacity utilization rate of mines declined this period, and the coking coal inventory of mines and coal washing plants increased for 4 consecutive weeks. The overall inventory is at a moderate level with a seasonal upward trend. Technically, the daily K - line is below the 20 - day and 60 - day moving averages, and the short - term trend is expected to be weakly volatile [2]. - On November 27, the J2601 contract closed at 1607.0, up 0.03%. The fourth round of price increase for coke in the spot market has been implemented. The macro - situation: on November 24, South Korea announced anti - dumping duties on Chinese medium and heavy plates and alloy steel hot - rolled thick plates for 5 years. Fundamentally, in terms of demand, the pig iron output this period was 236.28 (-0.60) million tons, and the total coke inventory is relatively high compared to the same period. In terms of profit, the average profit per ton of coke for 30 independent coking plants across the country this period was 19 yuan/ton. Technically, the daily K - line is below the 20 - day and 60 - day moving averages, and the short - term trend is expected to be weakly volatile [2]. 3. Summary by Relevant Catalogs Futures Market - JM main contract closing price: 1071.00 yuan/ton, down 13.50 yuan; J main contract closing price: 1607.00 yuan/ton, down 12.00 yuan [2]. - JM futures contract open interest: 862195.00 lots, down 16796.00 lots; J futures contract open interest: 48293.00 lots, down 1586.00 lots [2]. - Net position of the top 20 JM contracts: - 112785.00 lots, down 10341.00 lots; net position of the top 20 J contracts: - 274.00 lots, up 101.00 lots [2]. - JM 5 - 1 month contract spread: 94.00 yuan/ton, up 2.00 yuan; J 5 - 1 month contract spread: 144.00 yuan/ton, down 2.00 yuan [2]. - Coking coal warehouse receipts: 0.00; coke warehouse receipts: 2070.00 [2]. Spot Market - Dry Qimantage Meng 5 raw coal: 1008.00 yuan/ton, unchanged; Tangshan first - grade metallurgical coke: 1885.00 yuan/ton, unchanged [2]. - Russian prime coking coal forward spot (CFR): 162.00 US dollars/wet ton, unchanged; Rizhao Port quasi - first - grade metallurgical coke: 1670.00 yuan/ton, unchanged [2]. - Jingtang Port Australian imported prime coking coal: 1510.00 yuan/ton, down 50.00 yuan; Tianjin Port first - grade metallurgical coke: 1770.00 yuan/ton, unchanged [2]. - Jingtang Port Shanxi - produced prime coking coal: 1670.00 yuan/ton, down 110.00 yuan; Tianjin Port quasi - first - grade metallurgical coke: 1670.00 yuan/ton, unchanged [2]. - Shanxi Jinzhong Lingshi medium - sulfur prime coking coal: 1610.00 yuan/ton, unchanged; J main contract basis: 278.00 yuan/ton, up 12.00 yuan [2]. - Inner Mongolia Wuhai - produced coking coal ex - factory price: 1380.00 yuan/ton, unchanged; JM main contract basis: 539.00 yuan/ton, up 13.50 yuan [2]. Upstream Situation - The clean coal output of 314 independent coal washing plants: 26.60 million tons per day, down 1.00 million tons; the clean coal inventory of 314 independent coal washing plants: 305.30 million tons per week, up 2.50 million tons [2]. - The capacity utilization rate of 314 independent coal washing plants: 0.36%, down 0.01%; raw coal output: 40675.00 million tons per month, down 475.50 million tons [2]. - Coal and lignite imports: 4174.00 million tons per month, down 426.00 million tons; the average daily raw coal output of 523 coking coal mines: 191.30 million tons, down 2.10 million tons [2]. - The imported coking coal inventory of 16 ports: 456.90 million tons per week, down 31.30 million tons; the coke inventory of 18 ports: 253.40 million tons per week, down 6.10 million tons [2]. - The total coking coal inventory of all - sample independent coking enterprises: 1038.19 million tons per week, down 30.78 million tons; the coke inventory of all - sample independent coking enterprises: 65.29 million tons per week, up 7.14 million tons [2]. - The coking coal inventory of 247 steel mills nationwide: 797.08 million tons per week, up 6.91 million tons; the coke inventory of 247 sample steel mills: 622.34 million tons per week, down 0.06 million tons [2]. - The available days of coking coal for all - sample independent coking enterprises: 12.97 days per week, up 0.10 days; the available days of coke for 247 sample steel mills: 11.05 days per week, down 0.01 days [2]. Industry Situation - Coking coal imports: 1059.32 million tons per month, down 33.04 million tons; coke and semi - coke exports: 73.00 million tons per month, up 19.00 million tons [2]. - Coking coal output: 3975.92 million tons per month, up 279.06 million tons; the capacity utilization rate of independent coking enterprises: 71.71%, up 0.07% [2]. - Profit per ton of coke for independent coking plants: 19.00 yuan/ton, up 53.00 yuan; coke output: 4189.60 million tons per month, down 66.00 million tons [2]. Downstream Situation - The blast furnace operating rate of 247 steel mills nationwide: 82.17%, down 0.62%; the blast furnace iron - making capacity utilization rate of 247 steel mills: 88.56%, down 0.26% [2]. - Crude steel output: 7199.70 million tons per month, down 149.31 million tons [2]. Industry News - The Chief Economist of the European Central Bank, Philip Lane, said that the world economy is undergoing profound changes beyond the impact of US tariffs, and Europe must start to seek growth drivers locally as its traditional sources of income are drying up [2]. - According to Bloomberg News, the Pentagon believes that Alibaba, Baidu, and BYD should be included in the list of enterprises assisting the Chinese military [2]. - From January to October, the total profit of the ferrous metal smelting and rolling processing industry was 105.32 billion yuan [2]. - Six departments including the Ministry of Industry and Information Technology issued the "Implementation Plan for Enhancing the Adaptability of Consumer Goods Supply and Demand and Further Promoting Consumption", aiming to form 3 trillion - level and 100 - billion - level consumer sectors by 2027 [2].

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - On Wednesday, the RB2601 contract decreased in positions and consolidated. Recently, the strong iron ore price, positive macro - factors, and larger reduction of short positions in near - month contracts supported the steel price to run strongly. However, short positions in far - month mainstream contracts increased significantly. Technically, the 1 - hour MACD indicator of the RB2601 contract shows that DIFF and DEA cross at a high level. It is expected that the price may consolidate in a range in the short - term [2] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the RB main contract was 3,099 yuan/ton, down 7 yuan; the position volume was 1,200,700 lots, down 100,338 lots; the net position of the top 20 in the RB contract was - 72,292 lots, down 25,719 lots; the RB1 - 5 contract spread was - 17 yuan/ton, up 2 yuan; the RB warehouse receipt at the Shanghai Futures Exchange was 59,519 tons, down 7,773 tons; the HC2601 - RB2601 contract spread was 205 yuan/ton, up 2 yuan [2] Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,280 yuan/ton, down 10 yuan; (actual weight) was 3,364 yuan/ton, down 10 yuan; in Guangzhou (theoretical weight) was 3,470 yuan/ton, unchanged; in Tianjin (theoretical weight) was 3,210 yuan/ton, down 10 yuan. The basis of the RB main contract was 181 yuan/ton, down 3 yuan; the spot price difference between hot - rolled coil and rebar in Hangzhou was 50 yuan/ton, unchanged [2] Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port was 793 yuan/wet ton, down 5 yuan; the price of quasi - first - grade metallurgical coke in Hebei was 1,690 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,150 yuan/ton, unchanged; the price of Q235 billet in Hebei was 2,980 yuan/ton, unchanged. The 45 - port iron ore inventory was 15,050.88 million tons, down 75.04 million tons; the coke inventory of sample coking plants was 43.33 million tons, up 7.30 million tons; the coke inventory of sample steel mills was 622.40 million tons, up 0.25 million tons; the billet inventory in Tangshan was 116.1 million tons, down 0.56 million tons. The blast furnace operating rate of 247 steel mills was 82.17%, down 0.62 percentage points; the blast furnace capacity utilization rate was 88.56%, down 0.26 percentage points [2] Industry Situation - The weekly output of rebar of sample steel mills was 207.96 million tons, up 7.96 million tons; the capacity utilization rate was 45.59%, up 1.74 percentage points; the inventory in sample steel mills was 153.32 million tons, down 7.10 million tons; the social inventory of rebar in 35 cities was 400.02 million tons, down 15.73 million tons. The operating rate of independent electric arc furnace steel mills was 69.79%, unchanged. The monthly output of domestic crude steel was 7,200 million tons, down 149 million tons; the monthly output of Chinese rebar was 1,475 million tons, up 41 million tons; the net export volume of steel was 928 million tons, down 64 million tons [2] Downstream Situation - The national real - estate prosperity index was 92.43, down 0.34; the cumulative year - on - year growth rate of fixed - asset investment completion was - 1.70%, down 1.20 percentage points; the cumulative year - on - year growth rate of real - estate development investment completion was - 14.70%, down 0.80 percentage points; the cumulative year - on - year growth rate of infrastructure construction investment was - 0.10%, down 1.20 percentage points. The cumulative value of housing construction area was 652,939 million square meters, down 4,359 million square meters; the cumulative value of new housing construction area was 49,061 million square meters, down 3,662 million square meters; the inventory of commercial housing for sale was 39,645 million square meters, up 292 million square meters [2] Industry News - In mid - November 2025, key steel enterprises produced 19.43 billion tons of crude steel, with an average daily output of 1.943 billion tons, a 0.9% increase in daily output month - on - month; 17.97 billion tons of pig iron, with an average daily output of 1.797 billion tons, a 0.4% decrease in daily output month - on - month; 19.24 billion tons of steel, with an average daily output of 1.924 billion tons, a 2.1% increase in daily output month - on - month. Trump said that the peace agreement between Ukraine and Russia was "very close to being reached", but European leaders were skeptical. White House Press Secretary Levitt said on the 25th that there were still some delicate details in the peace agreement proposed by the US to end the Ukraine crisis, but these problems were not insurmountable [2] Key Points to Watch - The weekly output, in - plant inventory, and social inventory of rebar on Thursday [2]

2025年11月26日 国泰君安期货商品研究晨报 观点与策略 | 黄金：降息预期回升 | 3 | | --- | --- | | 白银：震荡调整 | 3 | | 铜：LME现货走强，驱动价格 | 5 | | 锌：偏弱震荡 | 7 | | 铅：库存减少，限制价格回落 | 9 | | 锡：供应再出扰动 | 10 | | 铝：等待指引 | 12 | | 氧化铝：承压下行 | 12 | | 铸造铝合金：跟随电解铝 | 12 | | 镍：累库节奏稍有放缓，宏观与消息短线扰动 | 14 | | 不锈钢：钢价承压低位震荡，但下方想象力有限 | 14 | | 碳酸锂：市场情绪向好，高位震荡 | 16 | | 工业硅：关注盘面下方支撑 | 18 | | 多晶硅：震荡偏强 | 18 | | 铁矿石：下游需求空间有限，估值偏高 | 20 | | 螺纹钢：宽幅震荡 | 21 | | 热轧卷板：宽幅震荡 | 21 | | 硅铁：仓单大量注册，注意持仓风险 | 23 | | 锰硅：成本底部支撑，宽幅震荡 | 23 | | 焦炭：宽幅震荡 | 25 | | 焦煤：宽幅震荡 | 25 | | 原木：弱势震荡 | 26 | | 对二甲苯：短期 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The overall finished steel products are supported by raw material costs at the bottom but driven by inventory at the top. It is expected that the finished steel products will fluctuate within a range. The operating range of rebar may be between 2900 - 3200, and that of hot-rolled coils between 3100 - 3400. Attention should be paid to the destocking speed of steel products and downstream consumption. The risk lies in the potential negative feedback risk caused by the decline in the profitability rate of steel enterprises [6]. 3. Summary According to Related Catalogs 3.1 Price Range Forecast - The 01 contract monthly price range forecast for rebar is 2900 - 3300, with a current volatility of 11.25% and a volatility percentile of 14.7%. For hot-rolled coils, it is 3100 - 3500, with a current volatility of 9.34% and a volatility percentile of 3.80% [3]. 3.2 Risk Management Strategy Recommendations 3.2.1 Inventory Management - When the finished product inventory is high and there are concerns about falling steel prices, to prevent inventory - related losses, enterprises can short rebar or hot - rolled coil futures according to their inventory to lock in profits and cover production costs. For RB2601 and HC2601, the selling ratio is 30%, with recommended entry intervals of 3200 - 3250 and 3350 - 3400 respectively. Selling call options can reduce capital costs, and if steel prices rise, the spot selling price can be locked. For RB2601C3400, the selling ratio is 20%, with a recommended entry interval of 50 - 55 [3]. 3.2.2 Procurement Management - When the procurement of regular inventory is low and enterprises hope to purchase according to orders, they can buy rebar or hot - rolled coil futures at present to lock in procurement costs in advance. For RB2601 and HC2601, the buying ratio is 30%, with recommended entry intervals of 2950 - 3000 and 3100 - 3150 respectively. Selling put options can collect premiums to reduce procurement costs, and if rebar prices fall, the spot purchase price can be locked. For RB2601P2900, the selling ratio is 20%, with a recommended entry interval of 35 - 45 [3]. 3.3 Market Review - Today, the prices of finished steel products continued to rise slightly, showing a pattern of rising with decreasing positions. Recently, the shortage of medium - grade iron ore resources has led to a tight supply of deliverable resources, making iron ore relatively strong and driving up the prices of finished steel products. However, the upward movement of iron ore is constrained by the decline in hot metal production and high port inventories, which may affect the price increase of finished steel products [3]. 3.4 Core Logic - This week, both the supply and demand of steel increased, and the inventory continued to be slowly destocked. The supply - demand balance is gradually improving. Hot - rolled coils have started to be slowly destocked, but the inventory is still at a relatively high level in the same period of the past five years, with over - seasonal inventory accumulation. The plate end is still in a situation of high inventory and high production, and destocking may need to rely on production cuts. Plate exports remain high, supporting good export demand, but domestic demand is gradually weakening month - on - month. Hot metal production decreased month - on - month this week, and it is expected to continue the slow production - cut trend according to seasonal patterns and profit decline. This week, the profitability rate of steel enterprises continued to decline to 37.66%, and the risk of negative feedback is gradually increasing. In terms of cost, the arrival volume of iron ore last week decreased significantly month - on - month, and the port inventory accumulation slowed down and turned to destocking. However, with the recovery of iron ore shipments to a high level and the decline in hot metal production last week, it is expected that the port inventory of iron ore may turn back to the accumulation trend. Recently, the shortage of medium - grade iron ore resources has led to a tight supply of deliverable resources, making iron ore relatively strong, but it is constrained by hot metal production cuts and high port inventories at the top and supported by the expectation of winter storage replenishment at the bottom, resulting in a range - bound price. The previous negative factors for rebar are gradually being realized and cleared, but there is no obvious increase in downstream demand. Although blast furnace profits are in the red, profits are significantly improving during the slow destocking of steel, and the bottom support for steel prices is strong [4][5]. 3.5 Interpretation of Bullish and Bearish Factors 3.5.1 Bullish Factors - The inventory of iron ore ports continued to accumulate but at a slower pace, and it turned to destocking last week. The high valuation of iron ore has recently declined, and it is supported by the expectation of winter storage replenishment. The supply - demand balance of finished steel products is gradually improving. The decline in coking coal prices has benefited finished steel products, and the profits of finished steel products are slowly recovering [7]. 3.5.2 Bearish Factors - The basis of hot - rolled coils is gradually weakening. The steel market fails to meet expectations during the peak season, the profitability rate of steel mills has declined significantly, and the pressure of negative feedback is gradually increasing. The arrival volume of iron ore has returned to a high level, and the port inventory of iron ore may turn back to the accumulation trend. The plate end is still in a situation of high inventory and high production, with production at the highest level in the same period of the past five years, and there is no driving force on the consumption side. The inventory has accumulated over - seasonally and is at the highest level in the same period of the past five years [7]. 3.6 Price Data 3.6.1 Futures Prices - On November 25, 2025, the closing price of the rebar 01 contract was 3106, up 17 from the previous day and 16 from the previous week; the closing price of the rebar 05 contract was 3125, up 7 from the previous day and down 14 from the previous week; the closing price of the rebar 10 contract was 3172, up 5 from the previous day and down 8 from the previous week. The closing price of the hot - rolled coil 01 contract was 3309, up 14 from the previous day and 23 from the previous week; the closing price of the hot - rolled coil 05 contract was 3299, up 7 from the previous day and 4 from the previous week; the closing price of the hot - rolled coil 10 contract was 3307, up 7 from the previous day and down 7 from the previous week [8]. 3.6.2 Spot Prices - On November 25, 2025, the aggregated price of rebar in China was 3296, up 13 from the previous day and 17 from the previous week; the aggregated price of rebar in Shanghai was 3250, up 10 from the previous day and 20 from the previous week; the aggregated price of rebar in Beijing was 3230, unchanged from the previous day and up 10 from the previous week; the aggregated price of rebar in Hangzhou was 3290, up 10 from the previous day and 20 from the previous week; the aggregated price of rebar in Tianjin was 3220, up 10 from the previous day and down 20 from the previous week. The aggregated price of hot - rolled coils in Shanghai was 3300, up 10 from the previous day and 20 from the previous week; the aggregated price of hot - rolled coils in Lecong was 3330, up 20 from the previous day and 30 from the previous week; the aggregated price of hot - rolled coils in Shenyang was 3220, unchanged from the previous day and the previous week [8]. 3.6.3 Overseas Data of Hot - Rolled Coils - On November 25, 2025, the FOB export price of hot - rolled coils in China was 450, up 5 from November 18; the FOB export price in Japan was 490, down 5; the FOB export price in India was 485, down 5; the FOB export price in Turkey was 520, down 20; the FOB export price in the CIS was 455, down 15. The CFR import price of hot - rolled coils in Southeast Asia was 462, up 4; the CFR import price in the Middle East was 490, down 5; the CFR import price in the EU was 580, down 5; the CFR import price in India was 490, down 5 [9]. 3.6.4 Month - to - Month Spreads - On November 25, 2025, the 01 - 05 month - to - month spread of rebar was - 19, up 10 from the previous day and 30 from the previous week; the 05 - 10 month - to - month spread was - 47, up 2 from the previous day and down 6 from the previous week; the 10 - 01 month - to - month spread was 66, down 12 from the previous day and 24 from the previous week. The 01 - 05 month - to - month spread of hot - rolled coils was 10, up 19 from the previous day and 19 from the previous week; the 05 - 10 month - to - month spread was - 8, up 11 from the previous day and 11 from the previous week; the 10 - 01 month - to - month spread was - 2, down 7 from the previous day and 30 from the previous week [9]. 3.6.5 Rebar - Coil Spreads - On November 25, 2025, the 01 rebar - coil spread was 203, down 3 from the previous day and 7 from the previous week; the 05 rebar - coil spread was 174, unchanged from the previous day and up 18 from the previous week; the 10 rebar - coil spread was 135, up 2 from the previous day and 1 from the previous week. The spot rebar - coil spread in Shanghai was 50, unchanged from the previous day and the previous week; the spot rebar - coil spread in Beijing was 120, up 20 from the previous day and the previous week; the spot rebar - coil spread in Shenyang was 30, down 10 from the previous day and 20 from the previous week [9].

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core View of the Report - On November 24, the main contracts of coke and coking coal futures J2601 and JM2601 rebounded after hitting lows. The closing price of coke futures rebounded, while that of coking coal futures continued to decline, reaching new lows since September 15 and September 5 respectively [7]. - With the fourth round of price increase of coke spot confirmed, independent coking enterprises turned profitable after five consecutive weeks of losses. However, the coke production of independent coking enterprises has not stabilized and recently reached a new low since late March. Although steel mills and ports continued to reduce coke inventories, the coke inventory of independent coking enterprises increased significantly, recovering the decline since mid - September [12]. - Since October 25, the customs clearance volume of Mongolian coal has increased significantly. As of November 22, the 10 - day moving average data increased by 50,000 tons or 44.2% compared to October 25. Recently, the coking coal inventory of 230 independent coking plants has declined after reaching a high, and the coking coal inventory at ports has a similar trend [12]. - Currently, the prices of some coking coal spot markets have loosened. Affected by coal supply guarantee policies, the decline of coke and coking coal futures is relatively large. The future downward trend mainly depends on the restocking rhythm of steel mills and power plants. It is expected that the downward space for coke and coking coal futures is limited, and they may enter a volatile market [12]. 3. Summary by Relevant Catalogs 3.1 Market Review - **Futures Market**: On November 24, the main contracts of coke and coking coal futures J2601 and JM2601 fluctuated. The closing price of J2601 was 1,632.5 yuan/ton, up 0.03% from the previous day, with a trading volume of 23,441 lots and a position of 35,231 lots, a decrease of 1,325 lots. The closing price of JM2601 was 1,096.5 yuan/ton, down 1.48% from the previous day, with a trading volume of 750,678 lots and a position of 498,903 lots, an increase of 1,800 lots [5]. - **Spot Market**: On November 24, the flat - price index of quasi - first - grade metallurgical coke at Rizhao Port, Qingdao Port, and Tianjin Port was 1,670 yuan/ton, with no change. The aggregate price of low - sulfur main coking coal in Tangshan was 1,605 yuan/ton, a decrease of 40 yuan/ton [10]. - **Technical Indicators**: The daily KDJ indicator of the coke J2601 contract formed a golden cross, and the green column of the daily MACD indicator narrowed. The daily KDJ indicator of the coking coal JM2601 contract continued to diverge, with the J and K values rising and the D value falling. The green column of the daily MACD indicator continued to expand slightly [10]. 3.2 Future Outlook - **Policy Aspect**: The National Development and Reform Commission organized a video conference on energy supply guarantee for the heating season from 2025 - 2026, requiring stable energy production and supply, ensuring the performance of medium - and long - term energy contracts, and focusing on meeting the coal demand of northern heating areas, especially in the Northeast [11]. - **Market Aspect**: It is expected that the downward space for coke and coking coal futures is limited, and they may enter a volatile market. Attention should be paid to the implementation of supply guarantee policies and the restocking situation of downstream coal and coke industries [12]. 3.3 Industry News - **Steel Industry**: In mid - November, the social inventory of five major steel products in 21 cities was 8.71 million tons, a decrease of 220,000 tons or 2.5% from the previous period, showing a continuous downward trend [13]. - **Energy Industry**: From January to October, the cumulative freight volume of national railways reached 3.378 billion tons, a year - on - year increase of 3%. As of the end of October, the coal production of Ningxia Coal Industry reached 52.2069 million tons, and the production of coal - to - oil and chemical products reached 10.6252 million tons, with multiple production and operation indicators hitting record highs [13][14]. - **International Market**: In October 2025, China's coal imports decreased by 9.3% month - on - month to 41.737 million tons. The global crude steel production in October was 143 million tons, a year - on - year decrease of 5.9% [14]. 3.4 Data Overview The report presents multiple data charts, including the production and capacity utilization rate of coking plants and steel mills, national daily average hot metal production, coke and coking coal inventories of ports, steel mills, and coking plants, and the basis of Rizhao Port quasi - first - grade coke and Linfen low - sulfur main coking coal [19][20][23].

Economic Overview - High-frequency data indicates that automotive consumption remains strong, benefiting from tax incentives and subsidies, while textile and film consumption is weak[7] - Real estate sales and land market show signs of fatigue, with infrastructure special bonds fully issued but project progress lagging[7] - Exports to South Korea are recovering, while import demand weakens post shopping festival[7] Market Performance - Major global asset prices have declined, with the Hang Seng Index dropping 5.1%, the largest decline among major indices[9] - The S&P 500 Index fell by 1.9%, while the Shanghai Composite Index decreased by 3.9%[9] - The 10-year U.S. Treasury yield fell by 8 basis points to 4.06%[9] Federal Reserve Insights - The U.S. added 119,000 non-farm jobs in September, significantly exceeding expectations of 51,000[12] - The unemployment rate rose to 4.4%, higher than the expected 4.3%[12] - Federal Reserve officials exhibit significant internal disagreement regarding future monetary policy direction[8] Investment Strategies - ETF inflows have increased significantly to 503 billion, while foreign and financing funds have seen outflows[15] - The market's trading activity has decreased, with average daily turnover dropping to 1.9 trillion[14] - The risk appetite remains low, with the overall market sentiment declining[14] Sector Analysis - The technology sector is expected to benefit from AI advancements, with recommendations for investments in internet and computing sectors[35] - The financial sector is poised for recovery, with a focus on brokerage and insurance stocks[35] - Consumer stocks are seen as undervalued, with potential growth in food and beverage sectors[35]

焦煤焦炭周报 2025 年 11 月 24 日 关注前低支撑 双焦震荡走势 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 从业资格号：F03112296 投资咨询号：Z0021040 何天 从业资格号：F03120615 投资咨询号：Z0022965 焦鹏飞 从业资格号：F03122184 投资咨询号：Z0023260 敬请参阅最后一页免责声明 1/8 一、交易数据 | 合约 | 收盘价 | 涨跌 | 涨跌幅% | 总成交量/手 | 总持仓量/手 | 价格单位 | | --- | --- | --- | --- | --- | --- | --- | | SHFE 螺纹钢 | 3057 | 4 | 0.13 | 6165476 | 2619983 | 元/吨 | | SHFE 热卷 | 3270 | 14 | 0.43 ...

每经记者｜杨欢 每经编辑｜刘艳美 11月20日，国家中医药管理局发布《关于高等学校设置事项的公示》：根据《中华人民共和国高等教育法》《普通本科学校设置暂行规定》等有关法律法 规，经组织专家指导、考察、评议，拟按程序向教育部申报设立中国中医科学院大学(暂名)，现予以公示。公示时间为2025年11月20日至11月26日。 公示信息显示，该大学的建校基础为中国中医科学院研究生院，举办者为国家中医药管理局，办学地点为江苏省苏州市。拟申报类型为普通本科。 解读：被称为"最强地级市"，苏州缺什么？两个"标准答案"，一是机场，二就是大学。此前曾有观点指出，近现代高等教育体系构建时，苏州未被纳入国 家重点高校布局。从全国来看，省级教育资源大多高度集中于省会城市，地级市在资源配置中话语权不足。以苏州为例，全市仅有苏州大学一所本土独立 办学的"双一流"高校。 近年来，随着人口红利对经济发展刺激的减弱，传统产业尤其是制造业因此增长趋缓。创新驱动成为中国经济的新引擎，适应城市经济发展新要求的人才 成为"香饽饽"。作为人才"培养皿"，大学的重要性愈发凸显。 2021年9月，苏州明确未来五年工作的重点任务和主要举措，提出高等教育资源"跃 ...

Group 1 - The third round of the fifth batch of 10 central ecological environment protection inspection teams has fully entered the inspection phase [1] - Eight routine inspection teams are conducting inspections in Beijing, Tianjin, Hebei, and five central enterprises including China Huadian Corporation, State Energy Investment Group, Ansteel Group, China Baowu Steel Group, and China Coal Energy Group for one month [1] - Special inspections for ecological environment protection are being carried out in eight provinces including Beijing, Tianjin, Hebei, Shandong, Henan, Anhui, Jiangsu, and Zhejiang, with a focus on the protection and utilization of the Grand Canal culture [1] Group 2 - Two special inspection teams are responsible for Jiangsu, Zhejiang, Anhui, Shandong, and Henan provinces, with an inspection duration of approximately two weeks [2] - During the inspection period, the eight routine inspection teams have set up dedicated hotline numbers and postal mailboxes to handle ecological environment protection-related complaints from the inspected entities [2]

Resumption of Trading - Strait Innovation's stock trading suspension has been completed, and it will resume trading on November 21, 2025 [1] Mergers and Acquisitions - Qianying High-Tech: Zhongzhong Group plans to make a tender offer to acquire 20% of shares at a price of 11.85 yuan per share [2] - Dongfang Yuhong: A wholly-owned subsidiary intends to acquire 60% equity of Brazil's Novakem for 144 million yuan, expanding into the Latin American market [3] Share Buybacks and Increases - Aidi Precision plans to repurchase shares worth 100 million to 200 million yuan, with a repurchase price not exceeding 27 yuan per share [4] - Hangcai Co. plans to repurchase shares worth 50 million to 100 million yuan, with a repurchase price not exceeding 80 yuan per share [5] - Feiwo Technology's controlling shareholder plans to increase holdings of the company's shares by 40 million to 70 million yuan [6] External Investments and Daily Operations - Yiwei Lithium Energy has signed a procurement framework agreement for battery cells with Smoore International for the years 2026-2028 [7] - Nanfeng Co. received a bid notification from China General Nuclear Power Engineering, with bid amounts of 45.7 million yuan and 47.17 million yuan [8] - Fosun Pharma's subsidiary has had a drug included in the breakthrough therapy designation program, marking the first monoclonal antibody targeting PD-1 approved for gastric cancer neoadjuvant/adjuvant therapy globally [8] - Longhua New Materials has completed the construction and production of a project with an annual capacity of 330,000 tons of polyether polyol [8] - Lek Electric plans to transfer 90% equity of its wholly-owned subsidiary Precision Machinery for 235 million yuan [9] - Yingboer has officially become a supplier for VOLOCOPTER, providing development services for the electric propulsion system of the XPro aircraft [10] - Shandong Steel's controlling subsidiary plans to apply for bankruptcy liquidation, expecting an increase in profit of 15.88 million yuan [11] - Zhouming Technology has established a controlling subsidiary, Zhixian Robotics [12] - Huakang Clean has pre-qualified for the purification system project at Keqiao Future Medical Center, with a bid price of 176 million yuan [13] - China Nuclear Construction has achieved new contracts totaling 123.84 billion yuan as of October [13]