（文章来源：证券日报） 证券日报网讯 11月14日晚间，南华期货发布公告称，美国时间2025年11月13日，公司境外全资孙公司 NanhuaUSALLC收到NodalClear，LLC（简称"NodalClear"）的通知，其获批成为NodalClear清算会员， 具备NodalExchange和CoinbaseDerivatives的清算资格。 ...

人民财讯11月14日电，南华期货（603093）11月14日公告，公司境外全资孙公司Nanhua USA LLC收到 Nodal Clear,LLC（简称"Nodal Clear"）的通知，其获批成为Nodal Clear清算会员，具备Nodal Exchange 和Coinbase Derivatives的清算资格。 ...

Report Overview - Report Title: Methanol Market Weekly Report [2] - Report Date: November 14, 2025 [2] - Researcher: Lin Jingyi [2] 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - This week, the port methanol market showed weak fluctuations, while the inland methanol market stopped falling and rose slightly. The price increase was limited due to the continuous back - flow of port goods and the cautious attitude of the market. In the near future, the overall domestic methanol production has decreased. The inventory of upstream and mid - stream enterprises has declined, while the port inventory has accumulated. The olefin industry's operating rate has continued to decline and is expected to remain stable next week. The MA2601 contract is expected to fluctuate in the range of 2000 - 2100 in the short term [7] 3. Summary by Relevant Catalogs 3.1 Week - to - Week Summary - **Market Review**: The port methanol market was weakly volatile this week, with prices in Jiangsu ranging from 2040 - 2110 yuan/ton and in Guangdong from 2040 - 2120 yuan/ton. Inland methanol prices stopped falling and rose slightly, with the price in Ordos North Line ranging from 2060 - 2090 yuan/ton and the receiving price in Dongying from 2185 - 2190 yuan/ton. The price increase was limited due to the back - flow of port goods [7] - **Market Outlook**: The domestic methanol production has decreased as the loss of production capacity from maintenance and production cuts exceeds the output from capacity recovery. The inventory of upstream and mid - stream enterprises has decreased, while the port inventory has accumulated. The olefin industry's operating rate has declined and is expected to remain stable next week [7] - **Strategy Recommendation**: The MA2601 contract is expected to fluctuate in the range of 2000 - 2100 in the short term [7] 3.2 Futures Market - **Price Movement**: The price of the Zhengzhou methanol main contract oscillated and closed down this week, with a weekly decline of 2.7% [11] - **Inter - delivery Spread**: As of November 14, the MA 1 - 5 spread was - 108 [13] - **Position Analysis**: As of November 13, the number of Zhengzhou methanol warehouse receipts was 11,709, an increase of 795 compared with last week [22] 3.3 Spot Market - **Domestic Spot Price**: As of November 13, the mainstream price in East China's Taicang area was 2077.5 yuan/ton, a decrease of 15 yuan/ton from last week; the mainstream price in Northwest Inner Mongolia was 1992.5 yuan/ton, an increase of 12.5 yuan/ton from last week. The price difference between East China and Northwest was 85 yuan/ton, a decrease of 27.5 yuan/ton from last week [26] - **Foreign Spot Price**: As of November 13, the CFR price of methanol at the Chinese main port was 242 US dollars/ton, a decrease of 1 US dollar/ton from last week. The price difference between Southeast Asia and the Chinese main port was 80 US dollars/ton, an increase of 1 US dollar/ton from last week [31] - **Basis**: As of November 13, the basis of Zhengzhou methanol was - 25.5 yuan/ton, a decrease of 12 yuan/ton from last week [35] 3.4 Industrial Chain Analysis - **Upstream**: As of November 12, the market price of Qinhuangdao thermal coal with a calorific value of 5500 kcal was 700 yuan/ton, an increase of 5 yuan/ton from last week. As of November 13, the closing price of NYMEX natural gas was 4.59 US dollars/million British thermal units, an increase of 0.27 US dollars/million British thermal units from last week [39] - **Industry**: As of November 13, China's methanol production was 1,976,025 tons, a decrease of 12,880 tons from last week, and the plant capacity utilization rate was 87.08%, a decrease of 0.65% from the previous week. As of November 12, the inventory of sample methanol production enterprises was 369,300 tons, a decrease of 17,200 tons from the previous period; the order backlog of sample enterprises was 245,400 tons, an increase of 24,300 tons from the previous period. The total port inventory of methanol was 1.5436 million tons, an increase of 56,500 tons from the previous data. In September 2025, China's methanol imports were 1.4269 million tons, a decrease of 18.92% from the previous month; from January to September 2025, the cumulative imports were 9.6667 million tons, a year - on - year decrease of 3.94%. As of November 13, the methanol import profit was - 16.96 yuan/ton, a decrease of 7.39 yuan/ton from last week [42][47][50] - **Downstream**: As of November 13, the capacity utilization rate of domestic methanol - to - olefin plants was 90.24%, a decrease of 0.27% from the previous week. As of November 14, the domestic methanol - to - olefin paper profit was - 491 yuan/ton, an increase of 181 yuan/ton from last week [53][56]

News Summary Core Viewpoint - The lead market is experiencing a tightening supply situation, which is expected to support high lead prices in the short term due to various factors including production issues and regulatory changes in electric vehicle battery standards [1][2]. Group 1: Market Inventory and Production - As of November 13, the London Metal Exchange (LME) reported lead registered warehouse receipts at 128,650 tons, with canceled receipts at 95,325 tons, a decrease of 1,500 tons. Total lead inventory stands at 223,975 tons, down by 1,250 tons [1]. - The Shanghai Futures Exchange reported lead inventory at 25,824 tons, an increase of 1,138 tons from the previous trading day. Regional breakdown shows: Shanghai at 4,784 tons (down 197 tons), Guangdong at 4,724 tons (up 1,011 tons), Jiangsu at 4,782 tons (unchanged), Zhejiang at 1,272 tons (up 99 tons), and Tianjin at 10,262 tons (up 225 tons) [1]. Group 2: Supply and Demand Dynamics - October's electrolytic lead production fell short of expectations, leading to a tightening supply that has pushed lead prices higher. Environmental restrictions in Hebei have caused a regional supply tightness to spread nationwide [2]. - A shortage of lead concentrate has resulted in many electrolytic lead producers operating below market expectations despite resuming production. The opening of import windows for lead and lead concentrate is expected to increase import volumes, gradually resolving raw material issues at the smelting end [2]. - The demand for lead is expected to remain stable, with short-term lead prices anticipated to maintain high levels amid these supply constraints [2]. Group 3: Market Trends and Price Adjustments - The lead market has seen a shift from a five-day price increase to a downward adjustment, with social inventories continuing to rise. The resumption of production at refineries and the replenishment of crude lead are alleviating supply-demand mismatches, leading to a weakening of fundamental support for prices [3]. - Short-term adjustments in lead prices are expected as the market responds to these changes in inventory and production dynamics [3].

Core Insights - The People's Bank of China announced the winners of the 2024 Financial Technology Development Awards, with Zheshang Securities winning three significant awards for its innovations in digital finance [1] - Zheshang Futures, a subsidiary of Zheshang Securities, won first prize for its "Huo Lifang" platform, marking the first time a futures company has received this top honor [1][2] - The awards reflect Zheshang Securities' commitment to advancing digital finance and supporting the central government's financial initiatives [1][6] Group 1: Huo Lifang Platform - The "Huo Lifang" platform addresses key pain points in bulk commodity basis trading, such as rigid pricing mechanisms and long settlement cycles [2] - It features a closed-loop operational system centered on a data flow engine that integrates AI, enhancing the efficiency of commodity trading processes [2][3] - The platform has managed a business scale exceeding 10 billion yuan, demonstrating its alignment with the needs of the real economy and supporting inclusive finance [3][6] Group 2: Educational and Informational Innovations - Zheshang Securities also received awards for its two projects: a new generation investment education platform and a content recommendation platform, showcasing its diverse digital finance applications [4][5] - The investment education platform utilizes AI to create an interactive learning environment, transforming traditional education methods into engaging experiences [4] - The content recommendation platform employs an intelligent engine to provide personalized financial information, enhancing customer service and operational efficiency [5] Group 3: Strategic Implications - The awards signify Zheshang Securities' long-term commitment to a technology-driven strategy, positioning digitalization as a core focus [6] - The development of the "Huo Lifang" platform exemplifies the company's approach to identifying and addressing industry pain points through innovative solutions [6][7] - Future plans include expanding the platform's services to cover more commodity production and trading enterprises, particularly supporting small and medium-sized enterprises [7]

Group 1 - The domestic futures market for petrochemicals shows mixed performance, with styrene futures ending a recent adjustment phase and exhibiting a significant upward trend, reaching a peak of 6443.00 yuan and a low of 6272.00 yuan, with an increase of approximately 2.15% [1] - The market sentiment is leaning towards bearish as the trading focus returns to fundamentals, approaching a demand off-season, which may limit the upward momentum for styrene prices [1] - The supply side is under pressure due to a new 120,000-ton facility coming online, while downstream support has not kept pace, leading to a large volume of product entering the East China market [1] Group 2 - Styrene production for the current cycle is reported at 332,900 tons, with suboptimal profits affecting some output, although new production facilities are stabilizing [2] - Inventory levels are decreasing, with Jiangsu's port sample inventory totaling 174,800 tons, down by 4,500 tons, indicating a continued destocking trend [2] - The market outlook suggests that while domestic supply and demand for styrene remain favorable, cost support is weak, and attention should be paid to oil price indicators [2]

油料日报 | 2025-11-13 豆市供应偏紧，花生关注河南集中上量 大豆观点 市场分析 期货方面，昨日收盘豆一2601合约4127.00元/吨，较前日变化+15.00元/吨，幅度+0.36%。现货方面，食用豆现货基 差A01-47，较前日变化-15，幅度32.14%。 市场资讯汇总：东北新季大豆市场整体以稳为主，优质优价特征仍存，叠加收储政策托底，短期豆价仍有支撑， 高蛋白价格表现偏强。目前基层农户售粮积极性尚可，价格随行就市，部分略显惜售，粮贸企业谨慎收购，目前 市场普遍都有库存，但向销区售粮情况表现一般。黑龙江哈尔滨市场国标一等蛋白39%蛋白中粒塔粮装车报价2.03 元/斤，较前一日持平；黑龙江双鸭山宝清市场国标一等蛋白39%蛋白中粒塔粮装车报价2.04元/斤，较前一日持平； 黑龙江佳木斯富锦市场国标一等蛋白39%蛋白中粒塔粮装车报价2.02元/斤，较前一日持平；黑龙江齐齐哈尔讷河 市场国标一等蛋白39%蛋白中粒塔粮装车报价2.04元/斤，较前一日持平；黑龙江黑河嫩江市场国标一等蛋白39%蛋 白中粒塔粮装车报价2.03元/斤，较前一日持平；黑龙江绥化海伦市场国标一等蛋白39%蛋白中粒塔粮装车报价2.0 ...

Report Investment Rating - No investment rating information provided Core View - The report suggests paying attention to central bank policy operations. Although the policy has room for further easing, the market is likely to remain volatile until the central bank sends new signals. It is recommended to hold medium - term long positions [1][3] Summary by Relevant Catalogs 1. Market Review - On Wednesday, Treasury bond futures continued to fluctuate. Long - term bonds rose in the morning but fell in the afternoon, with all varieties slightly up. The funding situation eased, with DR001 dropping to 1.42%. There were 195.5 billion yuan in open - market reverse repurchases, resulting in a net injection of 130 billion yuan [1] 2. Important Information - The third - quarter monetary policy implementation report states that a moderately loose monetary policy will be implemented to maintain reasonable growth of financial aggregates and conduct counter - cyclical and cross - cyclical adjustments [2] 3. Market Analysis - Today, the funding situation eased, but the bond market remained volatile. The morning rise was partly driven by the decline in the A - share market, but the momentum did not last. The central bank's report indicates a suitable monetary and financial environment, so liquidity is not a concern. However, the importance of maintaining a reasonable interest - rate ratio is emphasized, meaning that the market interest rate outpacing the policy rate and excessive compression of the long - short spread are not desired by regulators [3] 4. Data Table - **Contract Price Changes**: TS2512 rose 0.014 to 102.474, TF2512 rose 0.03 to 105.965, T2512 rose 0.025 to 108.52, and TL2512 rose 0.09 to 116.43 [4] - **Contract Position Changes**: TS contract positions decreased by 157 to 85,109, TF contract positions increased by 1,139 to 167,869, T contract positions increased by 2,700 to 291,371, and TL contract positions decreased by 568 to 183,158 [4] - **Base Spread Changes**: TS base spread (CTD) increased by 0.0058 to - 0.0153, TF base spread (CTD) increased by 0.0057 to - 0.0178, T base spread (CTD) increased by 0.0464 to 0.0666, and TL base spread (CTD) increased by 0.0684 to 0.187 [4] - **Trading Volume Changes**: TS main contract trading volume decreased by 8,335 to 20,087, TF main contract trading volume decreased by 8,173 to 40,159, T main contract trading volume increased by 3,414 to 55,607, and TL main contract trading volume increased by 14,105 to 87,575 [4]

the first 投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 贵金属数据日报 | | | | 国贸期货研究院 | | 投资咨询号: Z0013700 | | | 2025/11/11 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 贵金属与新能源研究中心 白素娜 | | 人业资格号:F3023916 | | | | | | 伦敦金现 | 伦敦银现 | COMEX黄金 | COMEX白银 | AU2512 AG2512 | | AU (T+D) | AG (T+D) | | 日期 内外盘金 银15点价 | (美元/盎司) | (美元/盎司) | (美元/盎司) | (美元/盎司) | (元/克) | (元/千克) | (元/克) | (元/千克) | | 2025/11/10 格跟踪 | 4075. 52 | 49. 53 | 4084. 70 | 49.58 | 935.98 | 11719.00 | 933.23 | 11707.00 | | (本表数 | | | | | | | | | | 2025/1 ...

Report Industry Investment Rating - No relevant information provided Core Views - The market pattern shows signs of being at the end of its strength. Whether it's non-ferrous metals, weak industrial products, or some agricultural and sideline products (such as US soybeans, eggs, and pigs), their fundamental data has been fully traded and priced. Futures prices are based on future dynamic fundamentals rather than long - standing static fundamentals. Two types of varieties can be focused on: those with a continuous divergence structure and those that increase in position, volume during a decline and are resistant to falling [2][5]. Summary by Related Catalogs Market Condition - After the supplementary decline in the market, some industrial products are at the end of their decline. For example, alumina has low trading volume, small market divergence, and reduced price volatility; glass has large intraday position - increase and decrease amplitudes but limited price fluctuations, indicating strong resistance to decline and tenacious resistance from long - positions. Static fundamental data of these varieties has been poor for a long time and has been fully digested by prices. Using static fundamentals for strategy deduction may yield mediocre results [4]. - Recently, polyolefin varieties have experienced supplementary declines. In the context of weak macro - demand, methanol suppliers will increase production until profits are low or even in the red. Regarding US soybeans, although China's expected purchase of 12 million tons at the end of the year may drive a price rebound, the reality of oversupply remains, limiting the rebound space. A significant and continuous increase in US soybeans requires a reduction in supply, and there is a high risk of chasing up soybean meal prices [4]. Product Recommendation - Abandon market prediction and rely on strategies. The "Zhui Feng 1" and "Zhui Feng 2" consulting products push daily reports, recommend trading varieties, and provide exit rules. They can be subscribed to via the path [Nanhua Futures app - Research Report Selection - Strategy Research Selection], and both products offer free trials [5]. Data Tables - **Hot - variety price change ranking**: A table shows the ranking of price changes of popular varieties, but specific data is not presented [7]. - **Sector fund flow**: The total amount of funds has a net outflow of 2.26 billion. Among sectors, precious metals have an outflow of 396 million, non - ferrous metals 394 million, while black metals have an inflow of 804 million, energy 234 million, chemicals 1.571 billion, feed and breeding 1.052 billion, oils and fats 524 million, and soft commodities 526 million. The corresponding percentage changes are - 6.2%, - 4.9%, - 6.7%, 17.9%, 15.7%, 48.6%, 50.5%, 11.6%, and 31.6% respectively [9]. - **Black and non - ferrous weekly data**: The table provides price, inventory, valuation, position, position - change, and annualized basis data for various black and non - ferrous varieties, such as iron ore, steel rebar, and copper, with data presented in percentile form [9]. - **Energy and chemical weekly data**: Similar to the above, it shows relevant data for energy and chemical varieties like fuel oil, low - sulfur oil, and asphalt [11]. - **Agricultural product weekly data**: It presents data for agricultural products including soybean meal, rapeseed meal, and soybean oil [12]. Charts - There are multiple charts showing the capital flow of different varieties and sectors, such as black varieties, olefin varieties, polyester varieties, and others, but specific chart content is not described in detail [13][15][17]