业内建议优化"仲调"衔接机制。 证券期货纠纷调解存在悔约、难以执行等问题，仲裁和调解联动成为化解纠纷的一大路径。如何更好实 施成为市场的一大关注点。 刘晓红认为，这验证了仲裁中心"调解+仲裁"双轮驱动模式的可行性和有效性，通过与各类调解组织建 立协作机制，为经调解达成的协议提供高效仲裁确认服务，既保留了调解的灵活性、非对抗性优势，又 借助仲裁的终局性、强制执行力为当事人权益"兜底"，形成了"低成本、高效率、强保障"的纠纷解决路 径。 "仲裁与调解作为多元化解机制的有机组成部分，相互对接具有必要性和可行性。"中证中小投资者服务 中心（下称"投服中心"）总经理卢文道说，我国资本市场有2亿多个人投资者，他们是资本市场各类违 法违规行为的主要受害者，也是各类矛盾纠纷的主要当事人。大大小小的纠纷难以都靠打官司来解决。 非诉纠纷解决机制，是投资者保护机制的重要组成部分。 投服中心副总经理贺瑛称，调解协议本质上属于民事合同，其效力依赖于当事人的意思自治与自愿履 行，缺乏强制执行力与支付保障。通过仲调对接，将投服中心主持达成的调解协议，经仲裁庭制作调解 书或者裁决书，可有效发挥仲裁"一裁终局"和可强制执行优势。 为进一步加强 ...

Report Summary 1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views - A-shares lack a clear upward trend due to a relatively vacuum macro environment, with low trading volume. Short - term market divergence will be digested through index fluctuations, waiting for a new driving force to push the index up [1]. - Asset shortage and weak economy are favorable for bond futures, but short - term central bank interest rate risk warnings suppress the upside [1]. - Market sentiment is volatile, leading to price fluctuations in various commodities such as metals, energy, and agricultural products. 3. Summary by Industry Stock Index - A - shares lack a clear upward main line, with low trading volume. Short - term market divergence will be gradually digested during index fluctuations, waiting for new driving forces for further upward movement [1]. Bond Futures - Asset shortage and weak economy are beneficial for bond futures, but short - term central bank warnings on interest rate risks limit the upside [1]. Non - ferrous Metals - **Copper**: Prices may fluctuate due to repeated market sentiment [1]. - **Aluminum**: High - level fluctuations are expected due to limited industrial driving forces and repeated macro sentiment [1]. - **Alumina**: Production and inventory are increasing, with a weak fundamental pattern. Prices will fluctuate around the cost line, and attention should be paid to ore prices [1]. - **Zinc**: Prices are expected to fluctuate due to short - term repeated macro sentiment [1]. - **Nickel**: Indonesia restricts nickel - related smelting project approvals, but short - term mine premiums are stable. With planned production cuts in Indonesian intermediate products and slightly improved macro conditions, nickel prices have a short - term repair expectation. The medium - to - long - term primary nickel market remains in a surplus [1]. - **Stainless Steel**: Nickel - iron prices are weakening, and social inventories are increasing. Steel mill production cuts in November are limited. Futures prices will fluctuate, and short - term operations are recommended. Consider light - position participation in long - nickel and short - stainless - steel strategies and look for high - selling hedging opportunities [1]. - **Tin**: Short - term supply has not recovered, and unexpected risks have increased, leading to stronger prices. However, due to existing demand pressure, caution is needed when chasing high prices. The medium - to - long - term outlook is positive, and attention should be paid to low - buying opportunities during corrections [1]. Precious Metals - With the probability of a December interest rate cut rising again and the news of the Ukraine - Russia peace agreement, precious metals are expected to fluctuate within a range [1]. New Energy - related Commodities - **Industrial Silicon**: Northwest production capacity is recovering, while southwest production is weaker than in previous years. Polysilicon production is decreasing, and organic silicon is jointly reducing production. There is an expectation of production capacity reduction in the medium - to - long - term, and terminal installation is increasing in the fourth quarter [1]. - **Polysilicon**: Prices are fluctuating, and market sentiment has faded due to the long - awaited non - implementation of anti - involution policies [1]. - **Carbonate Lithium**: The traditional peak season for new energy vehicles is approaching, energy storage demand is strong, and the supply side is resuming production. However, there are concerns about potential weakening of industrial demand in the off - season [1]. Steel Products - **Rebar**: Although the valuation is low, the price increase is limited due to the off - season and a short - term macro vacuum. Consider participating in the virtual value accumulation strategy [1]. - **Hot - rolled Coil**: The near - month contract is restricted by production cuts, but the commodity sentiment is good, and the far - month contract has upward potential. The basis is acceptable, and consider participating in spot - futures positive arbitrage or using option strategies [1]. - **Iron Ore**: Direct demand is okay with cost support, but high supply and inventory accumulation put pressure on the sector, and the price rebound space is limited [1]. Coking Products - **Coke and Coking Coal**: From a valuation perspective, the decline is close to the end. From a driving perspective, downstream restocking may start around mid - December. Adopt a short - term strategy for unilateral trading, and wait and see for the medium - to - long - term. Cash out hedging short positions [1]. Agricultural Products - **Soybean Oil**: The rumor of the US delaying the reduction of import bio - fuel raw material subsidies is refuted, which is bullish for US soybeans and soybean oil. Domestic high - pressure crushing may lead to a stable - to - weak basis, and it is recommended to wait and see [1]. - **Rapeseed Oil**: The industry is optimistic about the supply of Australian rapeseed and imported crude rapeseed oil. It is recommended to wait and see [1]. - **Cotton**: There is support from the purchase price of new cotton, but there is no clear upward driver. Future attention should be paid to policies, planting intentions, weather, and peak - season demand [1]. - **Sugar**: The global sugar supply has shifted from shortage to surplus, and domestic new - crop supply pressure has increased. Zhengzhou sugar is expected to follow the downward trend of raw sugar [1]. - **Corn**: Short - term supply is tight, leading to a price rebound. However, selling pressure is postponed, so be cautious about being bullish and pay attention to farmers' selling and logistics [1]. - **Soybean Meal**: Short - term attention should be paid to China's soybean purchases from the US. If there are no significant weather problems, the market will gradually turn to trading the South American new - crop harvest pressure from December to January. It is recommended to short MO5 on rallies [1]. - **Pulp**: There are cancellations of old warehouse receipts and registrations of new ones. Demand recovery needs to be verified, and prices will fluctuate in the short - term [1]. - **Log**: The fundamental situation is weak but has been priced in. The risk - reward ratio of short - selling after the sharp decline is low, so it is recommended to wait and see [1]. - **Pig**: Spot prices are stable, but there is still room for capacity release [1]. Energy and Chemicals - **Crude Oil**: OPEC + plans to maintain a small increase in production in December, the Russia - Ukraine peace agreement is progressing, and the US is increasing sanctions against Russia [1]. - **Fuel Oil**: Follows crude oil in the short - term, with the probability of the 14th Five - Year Plan construction demand being falsified, and sufficient supply of Ma Rui crude oil [1]. - **Asphalt**: Raw material cost support is strong, the basis is low, and intermediate inventories may increase [1]. - **BR Rubber**: The price of butadiene has limited support, and refinery overhauls may bring a positive outlook. However, high inventory restricts price increases, and the synthetic valuation is low. Pay attention to the subsequent rebound [1]. - **PTA**: Gasoline profit and low benzene prices support PX. Overseas and domestic device problems lead to a decline in PTA production [1]. - **Ethylene Glycol**: Follows the decline of crude oil prices, with slightly stronger cost support from rising coal prices, but new device production expectations suppress price increases [1]. - **Short - fiber**: Follows cost fluctuations closely [1]. - **Styrene**: Asian benzene prices are weak, and US pure benzene prices are rising. The price will fluctuate [1]. - **Urea**: Export sentiment has eased, and domestic demand is insufficient, with cost - end support [1]. - **PP**: High supply pressure, weak downstream demand improvement, and strong cost support [1]. - **PVC**: Supply pressure is increasing, demand is weakening, and orders are poor [1]. - **Caustic Soda and Liquid Chlorine**: There are issues such as delivery schedules, overhauls, and inventory pressures. The absolute price is low, and there is a risk of short - squeeze [1]. - **PG**: Geopolitical and tariff relations are easing, and the market is in a range - bound state. Pay attention to the impact of natural gas on near - month prices and the decline of far - month spreads [1]. Shipping - **Container Shipping to Europe**: December price increases are lower than expected, and the peak - season price increase expectation has been priced in early. The monthly shipping capacity supply is relatively loose [1].

Report Industry Investment Rating No specific industry investment ratings are provided in the report. Core Viewpoints - The weak US employment data has increased the expectation of a Fed rate cut, and the global risk appetite continues to decline. The slowdown of China's economic data in October and the Fed's hawkish signals have dampened market risk appetite. The short - term macro upward drive has weakened, and the market focuses on domestic incremental stimulus policies, economic growth, and Fed monetary policy expectations. [3][4] - Different asset classes are expected to be in a short - term volatile state, and investors are advised to be cautious. [3] Summary by Related Catalogs Macro Finance - **Overseas**: US employment data is weak, with a decrease in private - sector employment and an increase in continued unemployment claims, which raises the expectation of a Fed rate cut and cools global risk appetite. [3] - **Domestic**: China's economic data in October slowed down year - on - year and fell short of expectations, and the central bank restarted treasury bond trading to release liquidity. However, the Fed's hawkish signals dampened risk appetite. The short - term macro upward drive has weakened, and the stock index will be volatile in the short term. [3][4] - **Asset Recommendations**: Stocks are in short - term volatility, and short - term cautious waiting is recommended; treasury bonds are in short - term volatility, and cautious long - positions are recommended; commodity sectors such as black, non - ferrous, energy - chemical, and precious metals are all in short - term volatility, and cautious waiting is recommended. [3] Stock Index - Affected by sectors such as coal, batteries, and industrial metals, the domestic stock market continued to fall. The slowdown of economic data and Fed's signals dampened risk appetite. The short - term upward drive has weakened, and the stock index will be volatile in the short term. Short - term cautious waiting is recommended. [4] Precious Metals - The precious metals market rose slightly on Tuesday night. The weak US employment data led the market to assess the possibility of a Fed rate cut in December. The short - term trend is volatile, and the medium - to - long - term upward pattern remains unchanged. Short - term cautious waiting and medium - to - long - term buying on dips are recommended. [4] Black Metals - **Steel**: The steel market rebounded slightly on Tuesday, with low trading volume. Real - world demand is weak, and supply is restricted by losses. The market has no new contradictions, and the price has limited room to fall or rise. A range - bound trading strategy is recommended. [5][6] - **Iron Ore**: The price of iron ore rebounded slightly on Tuesday. Iron - water production increased slightly, and demand is still strong in the short term, but the bottom of iron - water production is uncertain. The supply and demand situation has slightly improved. A range - bound trading strategy is recommended. [6] - **Silicon Manganese/Silicon Iron**: The spot prices of silicon iron and silicon manganese were flat on Tuesday, but the futures prices fell. The demand for ferroalloys is weak. The operating rates and daily outputs of silicon manganese and silicon iron enterprises decreased. The futures prices are expected to remain range - bound. [7] - **Soda Ash**: The soda ash main contract was weak on Tuesday. Supply decreased marginally due to some device overhauls, but the overall supply pressure remains. Demand for heavy soda is stable, and that for light soda has slightly recovered. It is expected to be range - bound in the short term and bearish in the medium - to - long term. [8] - **Glass**: The glass main contract oscillated on Tuesday. Supply remained stable, and there is a cold - repair expectation at the end of the year. Demand improved marginally, but downstream demand is still weak, and inventory is high. It is expected to be range - bound in the short term. [8] Non - Ferrous Metals and New Energy - **Copper**: Copper prices have fallen recently. The high US copper inventory and the slow de - stocking in China limit the price increase. The suspension of an Indonesian copper mine will support the futures price, but there is a risk of a downward break in the short term. [9][10] - **Aluminum**: The Shanghai aluminum price fell sharply on Tuesday. The Fed rate - cut expectation declined, and the inventory increase indicates poor de - stocking. If the expectation is repaired later, the aluminum price may decline significantly. [10] - **Tin**: The supply of tin is still tight, but the demand is weak. The social inventory has increased. The tin price is expected to remain range - bound at a high level in the medium - to - short term. [11] - **Lithium Carbonate**: The lithium carbonate main contract rose on Tuesday. After a previous sharp increase, the weighted contract significantly reduced positions. Investors are advised to wait and see due to large price fluctuations. [12] - **Industrial Silicon**: The industrial silicon main contract fell on Tuesday. After the end of the wet season, production in the southwest decreased, and the supply - demand is weak. It is expected to be range - bound, and attention should be paid to the cash - flow cost support of large enterprises. [12] - **Polycrystalline Silicon**: The polycrystalline silicon main contract fell on Tuesday. There is a game between strong policy expectations and weak reality. It is expected to be range - bound at a high level. [13] Energy and Chemicals - **Methanol**: The methanol market in the inland region mainly fell. The overall inventory is rising, and supply is expected to increase in the short term while demand is weak. There is a risk of shutdown in high - cost areas, but the gas - restriction devices have not been implemented. It may fall in the short term but is supported by the expectation of gas - restriction and cost. [14] - **PP**: The PP market showed a weak oscillation. Demand has improved, but the supply growth rate is too fast, leading to inventory increases. With the approaching of the traditional off - season, the demand is expected to weaken, and the price is expected to continue to decline. [14] - **LLDPE**: The polyethylene market price is weak. The supply pressure is increasing, and the demand support will gradually weaken. With weak cost support, the price is expected to continue to be under pressure. [15] - **Urea**: The urea market is firm with a slight increase. Supply pressure persists, and demand is differentiated. The price is under downward pressure in the short term but may stabilize after oscillation in the medium - to - long term. [15] Agricultural Products - **US Soybeans**: The price of US soybeans remained stable at a high level supported by the news of China's potential purchase. The soybean harvest rate in the US is lower than last year and the five - year average, and the sowing in Argentina is delayed due to floods. [16] - **Soybean and Rapeseed Meal**: The supply and demand of soybean and rapeseed meal in domestic oil mills are loose, and the basis is weak. With the weakening of US soybeans, the meal price may continue to correct, but it may stabilize later due to the slowdown of soybean procurement. [17] - **Soybean and Rapeseed Oil**: The supply of soybean oil exceeds demand, but the cost support from US soybeans makes the price stable and slightly strong. Rapeseed oil is in a state of continuous de - stocking, and the price is supported by the Canadian bio - fuel incentive plan. [17] - **Palm Oil**: Malaysia lowered the reference price of crude palm oil in December. Due to the policies in Indonesia, the palm oil price is expected to rise in the next few months. The domestic palm oil inventory is increasing, and the price will maintain a wide - range oscillation in the short term. [17] - **Corn**: The current inventories of corn in northern ports, feed enterprises, and deep - processing enterprises are low. The futures may correct the basis, and the price is expected to be slightly strong. [18] - **Pigs**: The early - morning pig price was stable and slightly strong. The market supply is still in excess, but the farmers' reluctance to sell and the expected reduction in pig enterprises' sales support the price to be weakly stable. [18]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （前稱 Central Wealth Group Holdings Limited 中達集團控股有限公司） （於百慕達註冊成立之有限公司） （股份代號：139） 有關可能投資一間公司之戰略投資諒解備忘錄 小魚盈通控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」） 會（「董事會」）宣佈，於二零二五年十一月十八日，本公司與浙江出海數字技術有 限公司（「目標公司」）訂立戰略投資諒解備忘錄（「諒解備忘錄」）。戰略投資諒解 備忘錄之主要條款載列如下。 戰略投資諒解備忘錄 日期： 二零二五年十一月十八日 訂約方： 本公司 目標公司 目標公司為一間於中華人民共和國（「中國」）註冊成立之有限責任公司。經董事會 作出一切合理查詢後所深知、盡悉及確信，目標公司及其最終實益擁有人均為獨 立第三方。 兹提述本公司日期為二零二五年八月十八日的公告，內容有關與目標公司訂立諒 解備忘錄。本公司宣佈，其已完成對目 ...

期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 股指衍生品 | 周报 2025 年 11 月 17 日 股指衍生品 专业研究·创造价值 股指维持区间震荡 核心观点 股指期货：股指维持区间震荡 上周各股指均呈现震荡整理的走势，上周五股指高位回落大幅 收跌。随着昨日股指反弹至前期高点附近，叠加最新公布的国内投 资消费数据走弱以及海外 AI 科技股票降温，部分投资者止盈意愿 上升，股指技术性回调。目前政策利好预期与资金净流入股市趋势 共同构成股指中长期向上的强力支撑，但是政策利好预期与获利资 金止盈相互博弈的节奏决定着短线行情，短期行情震荡反复的可能 性较大。总的来说，短期内股指区间震荡为主。 邮箱：longaoming@bcqhgs.com 作者声明：本人具有中国期货 业协会授予的期货从业资格证 书，期货投资咨询资格证书， 本人承诺以勤勉的职业态度， 独立、客观地出具本报告。本 报告清晰准确地反映了本人的 研究观点。本人不会因本报告 中的具体推荐意见或观点而直 接或间接接收到任何形式的报 酬。 专业研究·创造价值 1 / 17 请务必阅读文末免责条款 请务必阅读文末免责条款部分 ETF 期权与股 ...

Core Insights - The scale of private asset management products established by securities and futures operating institutions in China increased by over 69% year-on-year as of September 2025 [1] Group 1: Industry Performance - The total scale of established private asset management products reached 821.47 billion yuan, reflecting a year-on-year growth of 69.2% [1] - As of the end of September 2025, the total assets under management (excluding wealth management products and corporate annuities) amounted to 12.48 trillion yuan, up from 12.10 trillion yuan at the end of the previous month [1]

近日，"证券期货行业仲裁试点专家咨询会暨深圳试点四周年座谈会"在北京举行。本次会议由深圳国际 仲裁院与北京大学法学院共同主办，中国(深圳)证券期货仲裁中心、北京大学金融法研究中心、中国国 际仲裁研究院承办，深圳证券期货业纠纷调解中心协办。会议旨在系统总结全国首家证券期货行业仲裁 试点机构——中国(深圳)证券期货仲裁中心四年来的实践经验，并就如何进一步推动证券期货行业仲裁 试点进行研讨。 与会人士围绕证券期货行业仲裁机制的建设与发展深入交流并一致认为，深圳试点以其前瞻性的机制创 新和卓有成效的实践，充分展现了仲裁在提升资本市场法治化、专业化水平方面的独特价值，为行业高 质量发展提供了"深圳样本"和"示范经验"。 记者了解到，作为中国证监会和司法部《关于依法开展证券期货行业仲裁试点的意见》发布后全国首家 试点机构，中国(深圳)证券期货仲裁中心在四年试点期内初步构建了适应资本市场需要的专业化争议解 决体系。 在机制建设方面，中国(深圳)证券期货仲裁中心设立了由中国证监会原副主席高西庆、香港证监会原主 席梁定邦等知名专家组成的专业指导委员会，并建立了由591名资本市场领域专家组成的仲裁员队伍， 还进一步深化了自201 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Overseas, after the end of the longest government shutdown in US history, the market shifted its focus to key US economic data. Concerns about inflation and differences among Fed policymakers regarding the health of the US economy led to a reduced expectation of interest rate cuts. Additionally, several Fed officials adopted a hawkish stance before the release of major economic data, causing an increase in US Treasury yields and a significant decline in global risk appetite. Domestically, China's manufacturing prosperity level declined in October, and exports unexpectedly decreased, leading to a slowdown in economic growth and dampening optimistic expectations to some extent. However, China's inflation data in October unexpectedly recovered and rebounded, with the supply - side continuing to exert efforts. Policy - wise, the central bank restarted Treasury bond trading operations to release liquidity into the market, and the domestic monetary policy was intensified, along with abundant liquidity, which boosted domestic risk appetite. The recent market trading logic mainly focuses on domestic incremental stimulus policies and the quality of economic growth. The short - term macro upward driving force has increased, and the stock index is expected to be volatile and slightly stronger in the short term. [3] - In terms of assets, the stock index is expected to be volatile and slightly stronger in the short term, and it is advisable to cautiously go long in the short term. Treasury bonds are expected to rebound with short - term fluctuations, and it is advisable to cautiously go long. Among commodity sectors, the black sector is expected to be volatile in the short term, and it is advisable to cautiously observe; the non - ferrous sector is expected to be volatile in the short term, and it is advisable to cautiously go long; the energy and chemical sector is expected to be volatile in the short term, and it is advisable to cautiously observe; precious metals are expected to rebound with short - term fluctuations, and it is advisable to cautiously go long. [3] Summary by Related Catalogs Macro - Overseas: After the end of the government shutdown, the market focused on key economic data. Inflation concerns and differences among Fed officials reduced the expectation of interest rate cuts. Fed officials' hawkish remarks before major data releases led to an increase in US Treasury yields and a decline in global risk appetite. [3] - Domestic: In October, China's manufacturing prosperity declined, and exports unexpectedly decreased, slowing economic growth. However, inflation data unexpectedly recovered, and the supply - side continued to work. The central bank restarted Treasury bond trading to release liquidity, and the monetary policy was intensified, boosting domestic risk appetite. The market trading logic focuses on domestic incremental policies and economic growth. The short - term macro upward driving force has increased, and the stock index is expected to be volatile and slightly stronger. [3] Stock Index - Driven by sectors such as energy metals, batteries, and industrial metals, the domestic stock market rose significantly. Fundamentally, China's manufacturing prosperity declined in October, and exports unexpectedly decreased, slowing economic growth and dampening optimism. However, inflation data unexpectedly recovered, and the supply - side continued to work. Policy - wise, the central bank's actions boosted domestic risk appetite. The short - term macro upward driving force has increased, and the stock index is expected to be volatile and slightly stronger in the short term. It is advisable to cautiously go long in the short term. [3][4] Precious Metals - On Thursday night, the precious metals market rose overall. The main contract of Shanghai gold closed at 956.96 yuan/gram, up 0.11%; the main contract of Shanghai silver closed at 12405 yuan/kilogram, up 0.40%. Due to the sell - off in the market after the US government reopened and several Fed officials' hawkish remarks, precious metals were under some pressure in the short term. Spot gold fell 0.65% to $4171.1 per ounce. Precious metals are expected to be volatile and slightly stronger in the short term, and the medium - to - long - term upward trend remains unchanged. It is advisable to cautiously go long in the short term and buy on dips in the medium - to - long term. [4] Black Metals - **Steel**: On Thursday, the domestic steel spot market rebounded slightly, while the futures price continued to be weak. The stock market's rise boosted market sentiment. Fundamentally, real - world demand continued to weaken, but the decline in this week's data slowed down. The apparent consumption of five major steel products decreased by about 6300 tons week - on - week. On the supply side, due to steel mill losses, steel production capacity was further restricted, and the output of five major steel products decreased by 22360 tons week - on - week. In the short term, the steel market will continue to fluctuate within a range, and the room for further decline below 3000 points for rebar is limited. [7] - **Iron Ore**: On Thursday, the futures and spot prices of iron ore continued to fluctuate. Steel mill losses continued, and iron - water production is expected to decline further. However, with the improvement of market sentiment, the market has started to bet on the bottom of iron - water production. On the supply side, this week's iron ore shipments decreased by 144800 tons week - on - week, and arrivals decreased by 477200 tons week - on - week. However, port inventories increased by 195000 tons on Monday, indicating an oversupply of ore. Although the Simandou iron ore mine has been put into production, it will take time to have a substantial impact on the domestic market. Currently, the key factors determining the iron ore price are the process of the decline in iron - water production and when the bottom will appear. It is advisable to view iron ore with a range - bound trading idea in the short term. [7] - **Silicon Manganese/Silicon Iron**: On Thursday, the spot prices of silicon iron and silicon manganese remained flat. The futures price of silicon iron rebounded slightly, while that of silicon manganese weakened. The output of five major steel products decreased slightly, leading to a decline in ferroalloy demand. The price of silicon manganese 6517 in the northern market is 5570 - 5620 yuan/ton, and in the southern market is 5580 - 5630 yuan/ton. Hebei Iron and Steel Group's first inquiry price for silicon manganese in November is 5750 yuan/ton, and other steel mills are following suit. The spot price of manganese ore is firm. The mainstream price of semi - carbonate in Tianjin Port is 34.5 yuan/ton - degree, the price of South African high - iron manganese ore is 29.8 - 30 yuan/ton - degree, the price of Gabonese manganese ore is 40.5 yuan/ton - degree, and the price of Australian lump ore is in the range of 39.5 - 41 yuan/ton - degree, with slow - growing transactions. The supply of silicon manganese decreased slightly. The operating rate (capacity utilization) of 187 independent silicon manganese enterprises in the country is 40.24%, a decrease of 2.75% from last week; the daily output is 28840 tons, a decrease of 835 tons. The cash - inclusive ex - factory price of 72 - grade silicon iron in the main production areas is 5100 - 5200 yuan/ton, and the price of 75 - grade silicon iron is 5700 yuan/ton. The price of raw material semi - coke is stable. The price of medium - sized semi - coke in Shenmu market is 850 - 920 yuan/ton, the price of small - sized semi - coke is 800 - 850 yuan/ton, and the price of coke powder is 530 - 630 yuan/ton. The supply of silicon iron increased slightly. The operating rate (capacity utilization) of 136 independent silicon iron enterprises in the country is 36.26%, a 0.18% increase from last week; the daily output is 16300 tons, a 0.80% increase (130 tons) from last week. The futures prices of silicon iron and silicon manganese are expected to continue to fluctuate within a range. [8] Non - ferrous and New Energy - **Copper**: The US copper inventory continued to rise, approaching 380000 short tons, a historical high, which restricts future import demand. There is a possibility of the Panama copper mine restarting. In China, the destocking of refined copper was less than expected. As of November 13, the social copper inventory was 201100 tons, a 5200 - ton increase from the previous period, still at a relatively high level and the highest in three years. The shutdown of Indonesia's second - largest copper mine has intensified the global copper mine shortage, which will support the futures price. It is expected to be volatile at a high level in the short term. [9] - **Aluminum**: On Thursday, Shanghai aluminum continued to rise, reaching a three - and - a - half - year high, boosted by the optimistic sentiment after the end of the US government shutdown. Technically, all time frames are in an overbought state, and the hourly chart shows a long upper shadow line, indicating a possible short - term hourly - level correction, while the daily - level trend is unclear. Fundamentally, there is no change, and inventory destocking is still not going well. Although the 620000 - ton inventory is not high, it is not low either. In addition, the arrival of goods at Port Klang led to an increase of 9125 tons in LME aluminum inventory. The market is still worried about future supply, with a tight supply expectation. The market is trading based on expectations and temporarily ignoring the fundamentals. However, as the off - season approaches, the market will eventually return to reality. Aluminum prices are expected to be strong and volatile in the short term, but if the expectations are revised later and combined with real - world pressure, aluminum prices will face a significant correction. [10] - **Tin**: On Thursday, the tin price reached a three - and - a - half - year high, driven by macro sentiment and supply concerns. On the supply side, the maintenance of a large - scale smelting enterprise in Yunnan has ended, and the combined operating rate of smelters in Yunnan and Jiangxi has slightly increased to 69.13%. The actual shortage of tin ore in the mine end continues. Although the mining licenses in Wa State, Myanmar, have been issued, due to the local rainy season and the slow actual resumption of production, the tin ore export volume is still far below the normal level and cannot effectively make up for the current supply gap. On the demand side, the peak season is not prosperous. The operating rate of tin solder in October decreased slightly and remained at a low level. Traditional industries such as consumer electronics and home appliances have weak demand and insufficient orders. The pre - installation in the photovoltaic sector in the early stage has overdrawn the later - stage installation demand, and the photovoltaic installation has almost halved since June. After the continuous decline, the social inventory of tin ingots has increased by 349 tons to 7033 tons, mainly due to the combined effect of the increase in supply from the resumption of maintenance and the relatively weak downstream demand. The tin price is at a historical high, and the inhibitory effect of high prices on physical demand has begun to appear. The spot market's acceptance of the current price level is limited, and it is mainly for just - in - time replenishment. In summary, the tin price has support in the medium - to - short term, but the inhibitory effect of high prices on consumption limits the upward space. It is expected to remain volatile at a high level, and risks should be noted. [11] - **Lithium Carbonate**: On Thursday, the main contract of lithium carbonate 2601 rose 1.39%, with the latest settlement price at 88360 yuan/ton. The weighted contract added 33853 lots, and the total open interest was 1.0373 million lots. The price of battery - grade lithium carbonate quoted by Steel Union is 87750 yuan/ton (a 1700 - yuan increase from the previous period). The latest CIF price of Australian spodumene is 1050 US dollars/ton (a 30 - dollar increase from the previous period). The production profit of purchasing spodumene is - 907 yuan/ton. On November 6, the evaluation report of the mining right transfer income of Jianxiawo was publicly announced, which may be regarded as the active promotion of the resumption of production in Jianxiawo. The market quickly digested the negative news, and the demand logic still prevails. It is expected to be strong and volatile, but attention should be paid to the repeated disturbances on the supply side and hedging pressure. [12] - **Industrial Silicon**: On Thursday, the main contract of industrial silicon 2601 fell 0.22%, with the latest settlement price at 9180 yuan/ton. The weighted contract's open interest was 267800 lots, adding 41.84 lots. The price of oxygen - containing 553 industrial silicon in East China is 9500 yuan/ton (unchanged from the previous period), and the futures price is at a discount of 355 yuan/ton. After the end of the wet season, the production of industrial silicon in Southwest China has significantly decreased. The demand is relatively stable, and the overall situation is one of weak supply and demand. Attention should be paid to whether effective destocking can be achieved during the dry season. It is expected that the market will fluctuate within a range. Attention should be paid to the cash - flow cost support of large enterprises, and it is advisable to operate within the range and buy on dips. [12] - **Polysilicon**: On Thursday, the main contract of polysilicon 2601 rose 3.69%, with the latest settlement price at 53940 yuan/ton. The weighted contract's open interest was 144000 lots, adding 2397 lots. The latest price of N - type re -投料 is 51500 yuan/ton (unchanged from the previous period). The price of N - type silicon wafers is 1.3 yuan/piece (a 0.1 - yuan increase from the previous period), the price of single - crystal Topcon battery cells (M10) is 0.305 yuan/watt (unchanged from the previous period), and the price of N - type components (centralized): 182mm is 0.67 yuan/watt (unchanged from the previous period). The number of polysilicon warehouse receipts is 9130 lots (a 720 - lot decrease from the previous period). There is a stalemate between strong policy expectations and weak reality. There is still support for the spot price of polysilicon under policy expectations, but weak terminal demand makes it difficult for downstream prices to rise. The recent rumor of polysilicon stockpiling has caused disturbances. It is expected that polysilicon will be volatile at a high level, and it is advisable to buy on dips. [13][14] Energy and Chemical - **Methanol**: The inland methanol market remained stable, and the basis of the port methanol market remained stable and slightly weak. The spot negotiation price is 2065 - 2070 yuan/ton, with a basis of about 01 - 40/ - 35; the negotiation price for November delivery is 2085 - 2087 yuan/ton, with a basis of about 01 - 20/ - 18; the negotiation price for December delivery is 2115 - 2118 yuan/ton, with a basis of about 01 + 10/+13. As of November 12, 2025, the total methanol port inventory in China was 1.5436 million tons, a 56500 - ton increase from the previous period. Among them, the inventory in East China increased by 64900 tons, while the inventory in South China decreased by 8400 tons. The production enterprise inventory was 369300 tons, a 17200 - ton decrease from the previous period, a 4.44% decline. Both the inland and port areas have seen inventory increases. The deterioration of the inland supply - demand situation has made the price lose support and continue to decline. Downstream demand has weakened, and inland plants are restarting. The fundamental pressure is still large, with a downward driving force. However, the firm and rising coal price is squeezing methanol profits, and the price is approaching the import cost. Iranian plants are planned to shut down in mid - November, which provides some support in terms of expectations. The real - world situation still needs substantial improvement. It is expected that the price will continue to decline with fluctuations in the near future, but the decline rate may slow down, and the decline space is limited. [15] - **PP**: The offer price is mainly in a weak and volatile state. The mainstream price of East China drawstring PP is 6330 - 6580 yuan/ton. According to Longzhong Information on November 13, the polyolefin inventory of the two major state - owned petrochemical companies is 665000 tons, a 25000 - ton decrease from the previous day. As of November 12, 2025, the sample inventory of polypropylene ports increased by 2300 tons from the previous period, a 3.56% increase, and the inventory has increased compared with last week. The inventory of sample trading enterprises decreased by 15100 tons from the previous period (November 5, 2025), a 6.61% decrease. Currently, although the demand for polypropylene has improved, the supply growth rate is too fast, leading to an increase in inventory. As the traditional off - season approaches, demand is expected to gradually weaken, while the supply will remain at a high level due to plant restarts. The market fundamentals are under pressure. Coupled with the weak and volatile crude oil price, the cost support is insufficient. It is expected that the polypropylene price will continue to decline. [16]

Core Insights - The establishment scale of private asset management products by securities and futures institutions in China increased by over 69% year-on-year in September 2025, reaching 83.147 billion yuan [1][2] - A total of 2,305 private asset management products were filed in September 2025, representing a year-on-year increase of 230.23% [1] Group 1: Product Establishment - In September 2025, the average establishment scale of collective products was 0.63 million yuan, while single products averaged 0.19 million yuan [1] - The number of mixed-type products was the highest among the filed products, while fixed-income products had the largest establishment scale [1] Group 2: Product Continuation - As of the end of September 2025, the total scale of private asset management products reached 12.46 trillion yuan, an increase of 121.008 billion yuan from the previous month [1] - The number and scale of existing collective asset management plans accounted for a significant proportion of the total [1] Group 3: Institutional Management - As of the end of September 2025, the average management scale of private asset management products by securities companies and their subsidiaries was 59.734 billion yuan [2] - Fund management companies managed an average of 35.205 billion yuan in private asset management products [2]

Core Insights - The China Securities Investment Fund Industry Association reported an increase in the number of private asset management products registered by securities and futures institutions in September 2025, with a total of 2,305 products, reflecting a month-on-month increase of 14.62% and a year-on-year increase of 230.23% [1] - The total scale of these products reached 831.47 billion yuan, showing a month-on-month decrease of 2.09% but a year-on-year increase of 69.20% [1] Group 1: Product Registration and Scale - In September 2025, the average establishment scale of collective products was 0.63 billion yuan, down 13.30% month-on-month, while the average scale for single products was 0.19 billion yuan, down 7.61% month-on-month [1] - By the end of September 2025, the total scale of private asset management products reached 12.46 trillion yuan, an increase of 1210.08 billion yuan from the end of August, but a month-on-month decrease of 0.96% [1] Group 2: Product Types and Investment Categories - Among the registered products, mixed-type products had the highest number, while fixed-income products had the largest establishment scale [1] - The number and scale of existing collective asset management plans were notably high, with fixed-income products dominating both in number and scale, followed by mixed products in terms of quantity and equity products in terms of scale [1] Group 3: Management Scale by Institution Type - As of September 2025, the average management scale of private asset management products by securities companies and their subsidiaries was 597.34 billion yuan, with a median of 209.67 billion yuan [2] - Fund management companies had an average management scale of 352.05 billion yuan, with a median of 102.81 billion yuan, while futures companies and their subsidiaries managed an average of 40.62 billion yuan, with a median of 3.36 billion yuan [2]