11月中下旬，纯碱期货价格大幅下挫，跌破月初震荡区间下沿，逼近年内低点。一方面，继月初河北沙 河地区4条产线煤改气落实停产之后，年底前下游浮法玻璃多条产线将陆续进入冷修状态，纯碱需求边 际转弱；另一方面，远兴能源二期天然碱项目投产在即，供应压力将进一步加大，令纯碱价格承压。 玻璃产线冷修 需求边际转弱 11月初，沙河宣布拟对4条燃煤生产线进行停产冷修。在政策推动下，河北德金二线600吨/日、河北鑫 利四线700吨/日、安全三线600吨/日、正大一线500吨/日产线很快于11月4—5日陆续冷修，合计影响日 熔产能2400吨，且相关产线以生产小板玻璃为主。 然而，在需求端弱势拖累下，玻璃库存持续累积，价格不断走低，加之燃料切换和采暖需求令玻璃成本 大幅攀升，导致浮法玻璃生产利润急剧恶化。陷入亏损状态的产线越来越多，企业资金压力巨大，倒逼 企业陆续停产减量。 本溪玉晶四线600吨/日产线于11月18日放水冷修，湖北亿钧二线900吨/日产线于11月24日下午停止投 料，三峡一条1000吨/日产线计划月底冷修，年底前仍有4条产线计划冷修，本轮冷修产线合计将超过 4000吨/日。 前期沙河官宣的安全实业6线1050吨/日 ...

交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 玻璃早报 2025-11-28 每日观点 玻璃： 1、基本面：生产利润修复乏力但供给收缩不及预期；地产拖累下游深加工订单偏弱，库存同期历 史高位；偏空 2、基差：浮法玻璃河北沙河大板现货988元/吨，FG2601收盘价为1041元/吨，基差为-53元，期货 升水现货；偏空 3、库存：全国浮法玻璃企业库存6236.20万重量箱，较前一周减少1.49%，库存在5年均值上方运 行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空增；偏空 6、预期：玻璃基本面疲弱，短期预计震荡偏弱运行为主。 1、主要逻辑：玻璃供给低位企稳，下游深加工厂订单惨淡，玻璃厂库回升，预期玻璃低位震荡偏弱运 行为主。 2、风险点： "反内 ...

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - A-share market experienced a volume - shrinking adjustment with the Shanghai Composite Index rising 0.29% to 3875.26 points, the Shenzhen Component Index falling 0.25%, and the ChiNext Index falling 0.44%. The daily trading volume was 1.72 trillion yuan, down from 1.8 trillion yuan the previous day. In October, the revenue and profit growth rates of industrial enterprises turned negative, with quantity dropping, price stabilizing, and profit margins shrinking [14][15]. - The U.S. stock market was closed for Thanksgiving, and the stock index futures closed flat with light trading. Putin's statement on the peace plan had limited impact on the U.S. stock market [2]. - After a sharp decline in the bond market, the odds of going long improved, and there would be a repair, but the adjustment pressure still existed after the rebound [3]. - For agricultural products like soybeans, the supply - demand situation changed little, with Brazil's expected new - crop output hitting a record high. The market focused on U.S. soybean export sales [4]. - In the black metal sector, the overall inventory data of steel was okay, but the slow destocking of coils suppressed steel prices. Steel prices were expected to fluctuate in the short term [5]. - For energy - chemical products such as float glass, the inventory of float glass manufacturers decreased slightly this week, and the futures price rose due to rumors of production line shutdowns [6]. Summary by Directory 1. Financial News and Comments 1.1 Macro Strategy (U.S. Stock Index Futures) - Putin publicly discussed the peace plan but there was no final solution. The U.S. stock market was closed for Thanksgiving, and the market trading was light with the stock index futures closing flat. The progress of Russia - Ukraine negotiations had limited impact on the U.S. stock market. It was recommended to maintain a bullish view overall and observe if the 50 - day moving average could provide strong support [11][12]. 1.2 Macro Strategy (Stock Index Futures) - The State Council executive meeting deployed the promotion of provincial - level overall planning of basic medical insurance. A - shares had a volume - shrinking adjustment. In October, the profits of industrial enterprises above designated size decreased by 5.5% year - on - year. It was recommended to evenly allocate long positions in various stock indexes [13][14][15][16]. 1.3 Macro Strategy (Treasury Bond Futures) - In October, the profits of industrial enterprises above designated size decreased by 5.5% year - on - year. The central bank conducted a 3564 - billion - yuan 7 - day reverse repurchase operation, with a net investment of 564 billion yuan. After a sharp decline, the bond market might have a short - term repair, but it was still bearish overall [17][18]. 2. Commodity News and Comments 2.1 Agricultural Products (Soybean Meal) - The USDA would release the weekly export sales report. The market expected U.S. soybean export sales to increase by 60 - 200 million tons. Brazil's soybean production in the 25/26 season was expected to reach a record 178 million tons. It was recommended to view the futures prices of both domestic and foreign markets with a range - bound perspective and focus on China's soybean purchases and South American weather [19][20]. 2.2 Black Metals (Steam Coal) - On November 27, the price of low - calorie steam coal in Indonesia was weak. After the end of winter stockpiling, coal prices were driven by actual supply and demand. It was recommended to pay attention to whether the daily consumption would turn positive after December to support coal prices [21]. 2.3 Black Metals (Iron Ore) - A Canadian mining company was advancing iron ore projects in Ukraine and Canada. Iron ore prices continued to fluctuate widely. With port inventories piling up and demand seasonally declining, iron ore was expected to maintain a range - bound trend [22]. 2.4 Black Metals (Coking Coal/Coke) - The spot market of port coke fluctuated. For coking coal, supply was increasing while iron - making output decreased slightly. For coke, the market expectation weakened due to falling coking coal prices. It was recommended to focus on downstream restocking [23][24]. 2.5 Agricultural Products (Corn Starch) - The开机 rate of corn starch increased, and inventory continued to decline significantly. It was recommended that starch would likely remain strong in the short term, and mid - short - term spread trading should be range - bound, while it might strengthen in the long - term [24][25]. 2.6 Agricultural Products (Corn) - The corn inventory of major processing enterprises continued to decline counter - seasonally. The spot price was strong, and the futures price was oscillating at a high level. The 01 contract was expected to be difficult to fall, and it was not recommended to short the 03 and 05 contracts against the trend [26]. 2.7 Black Metals (Rebar/Hot - Rolled Coil) - The production schedule of major white - goods in December 2025 decreased. The steel inventory data was okay, but the slow destocking of coils suppressed steel prices. It was recommended to view steel prices with a range - bound perspective [27][28][29][30]. 2.8 Non - ferrous Metals (Polysilicon) - A 30,000 - ton polysilicon plant would be built in Morocco. The spot price of polysilicon was mainly determined by the game between policy and fundamentals. It was recommended that the futures main contract might trade between 50,000 - 56,000 yuan/ton, and attention should be paid to range - bound trading opportunities [31][32][34]. 2.9 Non - ferrous Metals (Industrial Silicon) - The first - phase project of an industrial silicon project in Inner Mongolia reached an important milestone. The supply and demand situation of industrial silicon deteriorated, and it was recommended that the short - term futures price might oscillate between 8800 - 9500 yuan/ton [35][36]. 2.10 Non - ferrous Metals (Lead) - The LME lead cash - 3 - month spread was at a discount. The social inventory of lead ingots decreased. It was recommended that short - position holders should look for opportunities to stop losses on dips, and it was better to wait and see for arbitrage and cross - border trading [37][38]. 2.11 Non - ferrous Metals (Zinc) - The LME zinc cash - 3 - month spread was at a premium. The domestic social inventory of zinc decreased. It was recommended to wait and see for single - side trading, hold long - short spread positions for spread trading, and exit cross - border arbitrage positions in a timely manner [39][40][41]. 2.12 Non - ferrous Metals (Nickel) - Indonesia simplified the RKAB approval process. A project's production was expected to decline. The nickel market was still in surplus, but the current futures price was below the cost. It was recommended that previous short - position holders could gradually stop losses and consider going long at low prices [42][43][44]. 2.13 Non - ferrous Metals (Lithium Carbonate) - A lithium project in Ghana made progress. The production of domestic lithium carbonate decreased, and the inventory also decreased. It was not recommended to chase long positions, and short positions could be lightly established on the right - hand side if production resumed and demand declined in the off - season. A long - position strategy was recommended in the long - term [45][46]. 2.14 Energy - Chemical Products (Natural Gas) - U.S. natural gas inventory decreased more than expected, but further price increases were difficult due to warm - weather forecasts and weak overseas demand. NYMEX natural gas still faced downward pressure [47][48]. 2.15 Energy - Chemical Products (Carbon Emissions) - The closing price of CEA increased by 1.02% on November 27. The impact of the carry - over policy might be more emotional than real. It was recommended to wait and see [49][50][51]. 2.16 Energy - Chemical Products (Styrene) - The weekly production and capacity utilization of styrene decreased. The trading focus shifted back to domestic supply and demand. The inventory in East China was expected to increase, and it was recommended to pay attention to the implementation of pure - benzene maintenance plans and treat it as range - bound in the short term [51][52][53]. 2.17 Energy - Chemical Products (Caustic Soda) - The price of liquid caustic soda in Shandong decreased due to weak demand. The supply was abundant, and inventory continued to accumulate. The short - term futures price was expected to remain weak, and attention should be paid to whether supply would shrink due to profit compression [54][55][56]. 2.18 Energy - Chemical Products (PVC) - The price of PVC powder had a narrow - range adjustment. The supply was expected to increase, and demand was suppressed by the weak real - estate market. It was recommended to short near - month contracts on rallies [57][58][59]. 2.19 Energy - Chemical Products (Soda Ash) - The inventory of soda ash manufacturers decreased this week. The supply decreased slightly, and demand increased. In the short term, the fundamentals of soda ash had some support, but it was recommended to take a bearish view in the medium - term and short far - month contracts on rallies [60][61][62]. 2.20 Energy - Chemical Products (Float Glass) - The inventory of float glass manufacturers decreased slightly this week. The futures price rose due to rumors of production line shutdowns. Attention should be paid to the risk of short - covering rebounds caused by news - related disturbances [63].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report Core View No clear core view is presented in the given content. It mainly shows the price data of various futures and spot products. 3. Summary by Related Catalogs Ferrous Metals - Silicon iron (SF603): The spot price is 5478, the futures price is 5416, the basis is 62, the basis rate is 1.14%, and the historical quantile is 62.90% [1]. - Silicon manganese (SM601): The spot price is 5630 [1]. - Rebar (RB2601): The spot price in Shanghai is 3099, the futures price is 3250, the basis is -151, the basis rate is -4.87%, and the historical quantile is 63.30% [1]. - Hot - rolled coil (HC2601): The spot price is 3290, the futures price is 3304, the basis is -14, the basis rate is -0.42%, and the historical quantile is 12.30% [1]. - Iron ore (I2601): The spot price is 850, the futures price is 797, the basis is 53, the basis rate is 6.65% (calculated), and the historical quantile is 49.00% [1]. - Coke (J2601): The spot price is 1624, the futures price is 1624 (assumed from incomplete data), the basis is 0, the basis rate is 0% (calculated), and the historical quantile is 66.71% [1]. - Coking coal (JM2601): The spot price is 1200, the futures price is 1085, the basis is 115, the basis rate is 10.60% (calculated), and the historical quantile is 56.50% [1]. Non - ferrous Metals - Copper (CU2601): The spot price is 86655, the futures price is 86590, the basis is 65, the basis rate is 0.075% (calculated), and the historical quantile is 53.33% [1]. - Aluminum (AL2601): The spot price is 21400, the futures price is 21455, the basis is -55, the basis rate is -0.26%, and the historical quantile is 38.33% [1]. - Alumina (AO2601): The spot price is 2833, the futures price is 2720, the basis is 113, the basis rate is 4.14%, and the historical quantile is 58.59% [1]. - Zinc (ZN2601): The spot price is 22330, the futures price is 22355, the basis is -25, the basis rate is -0.11%, and the historical quantile is 57.08% [1]. - Tin (SN2601): The spot price is 295200, the futures price is 295880, the basis is -680, the basis rate is -0.23%, and the historical quantile is 29.37% [1]. - Nickel (NI2601): The spot price is 117260, the futures price is 117800, the basis is -540, the basis rate is -0.46% (calculated), and the historical quantile is 82.91% [1]. - Stainless steel (SS2601): The spot price is 12455, the futures price is 12870, the basis is -415, the basis rate is -3.22% (calculated), and the historical quantile is 77.46% [1]. - Lithium carbonate (LC2605): The spot price is 92800, the futures price is 96340, the basis is -3540, the basis rate is -3.67% (calculated), and the historical quantile is 13.65% [1]. - Industrial silicon (215601): The spot price is 9500, the futures price is 9020, the basis is 480, the basis rate is 5.32%, and the historical quantile is 32.79% [1]. Precious Metals - Gold (AU2602): The spot price is 941.2, the futures price is 946.7, the basis is -5.5, the basis rate is -0.59%, and the historical quantile is 55.00% [1]. - Silver (AG2602): The spot price is 12209.0, the futures price is 12227.0, the basis is -18.0, the basis rate is -0.15%, and the historical quantile is 55.00% [1]. Agricultural Products - Soybean meal (M2601): The spot price is 2980, the futures price is 3015.0, the basis is -35.0, the basis rate is -1.16% (calculated), and the historical quantile is 32.60% [1]. - Soybean oil (Y2601): The spot price is 8330, the futures price is 8150.0, the basis is 180.0, the basis rate is 2.21%, and the historical quantile is 36.80% [1]. - Palm oil (P2601): The spot price is 8390, the futures price is 8440.0, the basis is -50.0, the basis rate is -0.59%, and the historical quantile is 13.30% [1]. - Rapeseed meal (RM601): The spot price is 2540, the futures price is 2439.0, the basis is 101.0, the basis rate is 4.14%, and the historical quantile is 64.80% [1]. - Rapeseed oil (Oleo1): The spot price is 10100, the futures price is 9819.0, the basis is 281.0, the basis rate is 2.86%, and the historical quantile is 79.30% [1]. - Corn (C2601): The spot price is 2290, the futures price is 2235.0, the basis is 55.0, the basis rate is 2.46%, and the historical quantile is 69.50% [1]. - Corn starch (CS2601): The spot price is 2600, the futures price is 2551.0, the basis is 49.0, the basis rate is 1.92%, and the historical quantile is 22.80% [1]. - Live pigs (LH2601): The spot price is 11400, the futures price is 11540.0, the basis is -140.0, the basis rate is -1.21%, and the historical quantile is 40.10% [1]. - Eggs (JD2601): The spot price is 3225.0, the futures price is 2890, the basis is 335.0, the basis rate is 11.86% (calculated), and the historical quantile is 13.80% [1]. - Cotton (CF601): The spot price is 14700, the futures price is 13625.0, the basis is 1075.0, the basis rate is 7.90% (calculated), and the historical quantile is 69.30% [1]. - Sugar (SR601): The spot price is 5379.0, the futures price is 5615, the basis is -236.0, the basis rate is -4.20% (calculated), and the historical quantile is 39.40% [1]. - Apples (AP601): The spot price is 9531.0, the futures price is 9000, the basis is 531.0, the basis rate is 5.70%, and the historical quantile is 5.70% [1]. - Red dates (CJ601): The spot price is 9160.0, the futures price is 8900, the basis is 260.0, the basis rate is 2.89% (calculated), and the historical quantile is 76.70% [1]. Energy and Chemicals - Paraxylene (PX601): The spot price is 6774.0, the futures price is 6765.0, the basis is 9.0, the basis rate is 0.13% (calculated), and the historical quantile is 25.00% [1]. - PTA (TA601): The spot price is 4640.0, the futures price is 4684.0, the basis is -44.0, the basis rate is -0.94% (calculated), and the historical quantile is 39.40% [1]. - Ethylene glycol (EG2601): The spot price is 3900.0, the futures price is 3896.0, the basis is 4.0, the basis rate is 0.10%, and the historical quantile is 61.10% [1]. - Polyester staple fiber (PF602): The spot price is 6300.0, the futures price is 6264.0, the basis is 36.0, the basis rate is 0.57%, and the historical quantile is 52.30% [1]. - Styrene (EB2601): The spot price is 6533.0, the futures price is 6585.0, the basis is -52.0, the basis rate is -0.80%, and the historical quantile is 40.90% [1]. - Methanol (MA601): The spot price is 2094.0, the futures price is 2088.0, the basis is 6.0, the basis rate is 0.29% (calculated), and the historical quantile is 34.50% [1]. - Urea (UR601): The spot price is 1630.0, the futures price is 1654.0, the basis is -24.0, the basis rate is -1.45%, and the historical quantile is 9.80% [1]. - LLDPE (L2601): The spot price is 6810.0, the futures price is 6707.0, the basis is 103.0, the basis rate is 1.54%, and the historical quantile is 54.70% [1]. - PP (PP2601): The spot price is 6460.0, the futures price is 6265.0, the basis is 195.0, the basis rate is 3.11%, and the historical quantile is 74.30% [1]. - PVC (V2601): The spot price is 4440.0, the futures price is 4489.0, the basis is -49.0, the basis rate is -1.09%, and the historical quantile is 70.30% [1]. - Caustic soda (SH601): The spot price is 2375.0, the futures price is 2229.0, the basis is 146.0, the basis rate is 6.55%, and the historical quantile is 71.30% [1]. - LPG (PG2601): The spot price is 4348.0, the futures price is 4288.0, the basis is 60.0, the basis rate is 1.38% (calculated), and the historical quantile is 34.50% [1]. - Asphalt (BU2601): The spot price is 3043.0, the futures price is 3020.0, the basis is 23.0, the basis rate is 0.76% (calculated), and the historical quantile is 47.60% [1]. - Butadiene rubber (BR2601): The spot price is 10400.0, the futures price is 10360.0, the basis is 40.0, the basis rate is 0.39%, and the historical quantile is 56.72% [1]. - Soda ash (SA601): The spot price is 1173.0, the futures price is 1143.0, the basis is 30.0, the basis rate is 2.62% (calculated), and the historical quantile is 28.99% [1]. - Natural rubber (RU2601): The spot price is 15195.0, the futures price is 14650.0, the basis is 545.0, the basis rate is 3.60% (calculated), and the historical quantile is 66.12% [1]. Financial Futures - IF2512: The spot price is 4517.6, the futures price is 4493.0, the basis is -24.6, the basis rate is -0.55%, and the historical quantile is 18.50% [1]. - IH2512: The spot price is 2971.8, the futures price is 2964.6, the basis is -7.2, the basis rate is -0.24%, and the historical quantile is 28.20% [1]. - IC2512: The spot price is 6965.0, the futures price is 6909.4, the basis is -55.6, the basis rate is -0.81%, and the historical quantile is 16.00% [1]. - IM2512: The spot price is 7248.4, the futures price is 7176.2, the basis is 72.2, the basis rate is 1.01%, and the historical quantile is 72.60% [1]. - 2 - year bond (TS2603): The spot price is 102.38, the futures price is 99.57, the basis is 2.81 (calculated), the basis rate is 2.82% (calculated), and the historical quantile is 12.80% [1]. - 5 - year bond (TF2603): The spot price is 105.79, the futures price is 100.36, the basis is 5.43 (calculated), the basis rate is 5.41% (calculated), and the historical quantile is 29.60% [1]. - 10 - year bond (T2603): The spot price is 107.96, the futures price is 100.36, the basis is 7.60 (calculated), the basis rate is 7.57% (calculated), and the historical quantile is 27.90% [1]. - 30 - year bond (TL2603): The spot price is 129.55, the futures price is 114.43, the basis is 15.12 (calculated), the basis rate is 13.21% (calculated), and the historical quantile is 89.80% [1].

Report Information - Report Name: Soda Ash and Glass Daily Report [1] - Date: November 27, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Industry Investment Rating - Not provided Core Viewpoints - Soda ash continues its weak pattern of supply - demand imbalance. In the short - term, it will experience bottom - grinding oscillations, and in the medium - to - long - term, it may be treated with a strategy of shorting on rebounds [8] - The current glass price has limited room to decline further. The mid - term market direction is still dominated by fundamentals. Without new market expectations, the downward trend of the market is difficult to reverse [9] Summary by Section 1. Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - On November 26, the main soda ash futures contract SA601 oscillated at a low level. The closing price was 1,175 yuan/ton, remaining unchanged from the previous day, with a daily reduction of 27,403 lots in positions [7] - Soda ash maintains a weak supply - demand imbalance. Although weekly production and operating rates have declined, the absolute output remains high. Downstream float glass has a weak supply - demand situation, and the terminal real estate and photovoltaic demand show no significant improvement. Cost supports prices, but high inventory restricts price increases [8] Glass - On the fundamental side, the spot performance is lower than market expectations. The impact of the concentrated production suspension in Shahe is less than expected. Supply is stable, inventory remains high after the holiday, and demand from the real estate market is weak. However, as industry profits decline, cold - repairs are accelerating. If 5,000 tons of production lines are cold - repaired by the end of the year, inventory can be reduced, and a new supply - demand balance can be achieved. The glass price is currently undervalued, with limited room for further decline [9] 2. Data Overview - The report presents various data charts, including the price trends of soda ash and glass active contracts, soda ash weekly production, soda ash enterprise inventory, central China heavy soda market price, and flat glass production [13][17][18]

Report Date - The report date is November 26, 2025 [2] Metal Commodities Ferrous Metals - Silicon iron (SF603) has a basis of 60, a basis rate of 2.73%, and a historical quantile of 62.50%. The spot price is 5448, and the futures price is 5508 [1] - Silicon manganese (SM601) has a basis of 154, a basis rate of 54.10%, and a historical quantile of 54.20%. The spot price is 5790, and the futures price is 5636 [1] - Rebar (RB2601) has a basis of 144, a basis rate of 4.64%, and a historical quantile of 61.30%. The spot price is 3106, and the futures price is 3250 [1] - Hot - rolled coil (HC2601) has a basis of - 9, a basis rate of - 0.27%, and a historical quantile of 14.10%. The spot price is 3309, and the futures price is 3300 [1] - Iron ore (I2601) has a basis of - 19, a basis rate of - 1.14%, and a historical quantile of 52.99%. The spot price is 863, and the futures price is 879 [1] - Coke (J2601) has a basis of - 19, a basis rate of - 1.14%, and a historical quantile of 52.99%. The spot price is 1624, and the futures price is 1643 [1] - Coking coal (JM2601) has a basis of 137, a basis rate of 12.62%, and a historical quantile of 62.30%. The spot price is 1223, and the futures price is 1086 [1] Non - ferrous Metals - Copper (CU2601) has a basis of 10, a basis rate of 0.01%, and a historical quantile of 46.25%. The spot price is 86610, and the futures price is 86600 [1] - Aluminum (AL2601) has a basis of - 25, a basis rate of - 0.12%, and a historical quantile of 50.62%. The spot price is 21440, and the futures price is 21465 [1] - Alumina (AO2601) has a basis of - 30, a basis rate of - 0.13%, and a historical quantile of 55.83%. The spot price is 22330, and the futures price is 22360 [1] - Zinc (ZN2601) has a basis of 40, a basis rate of 0.18%, and a historical quantile of 56.82%. The spot price is 22360, and the futures price is 22320 [1] - Tin (SN2601) has a basis of - 90, a basis rate of - 0.03%, and a historical quantile of 47.08%. The spot price is 295200, and the futures price is 295290 [1] - Nickel (NI2601) has a basis of 540, a basis rate of 0.46%, and a historical quantile of 82.91%. The spot price is 116700, and the futures price is 116160 [1] - Stainless steel (SS2601) has a basis of 465, a basis rate of 3.75%, and a historical quantile of 85.40%. The spot price is 12870, and the futures price is 12405 [1] - Lithium carbonate (LC2605) has a basis of - 3350, a basis rate of - 3.51%, and a historical quantile of 14.75%. The spot price is 92050, and the futures price is 95400 [1] - Industrial silicon (SI2601) has a basis of 560, a basis rate of 6.26%, and a historical quantile of 36.89%. The spot price is 9500, and the futures price is 8940 [1] Precious Metals - Gold (AU2602) has a basis of 5.8, a basis rate of - 0.61%, and a historical quantile of 0.60%. The spot price is 946.5, and the futures price is 940.7 [1] - Silver (AG2602) has a basis of - 5.0, a basis rate of - 0.04%, and a historical quantile of 91.20%. The spot price is 12132.0, and the futures price is 12127.0 [1] Agricultural Commodities - Soybean meal (M2601) has a basis of 33.0, a basis rate of 1.10%, and a historical quantile of 32.80%. The spot price is 3013.0, and the futures price is 2980 [1] - Soybean oil (V2601) has a basis of 226.0, a basis rate of 2.78%, and a historical quantile of 46.20%. The spot price is 8370, and the futures price is 8144.0 [1] - Palm oil (P2601) has a basis of 20.0, a basis rate of 0.24%, and a historical quantile of 29.60%. The spot price is 8380, and the futures price is 8360.0 [1] - Rapeseed meal (RM601) has a basis of 139.0, a basis rate of 5.72%, and a historical quantile of 73.70%. The spot price is 2570, and the futures price is 2431.0 [1] - Rapeseed oil (OI601) has a basis of 342.0, a basis rate of 3.48%, and a historical quantile of 84.00%. The spot price is 10160, and the futures price is 9818.0 [1] - Corn (C2601) has a basis of 28.0, a basis rate of 1.25%, and a historical quantile of 56.10%. The spot price is 2270, and the futures price is 2242.0 [1] - Corn starch (CS2601) has a basis of 44.0, a basis rate of 1.72%, and a historical quantile of 21.40%. The spot price is 2600, and the futures price is 2556.0 [1] - Live pigs (LH2601) has a basis of 135.0, a basis rate of 1.18%, and a historical quantile of 47.80%. The spot price is 11550, and the futures price is 11415.0 [1] - Eggs (JD2601) has a basis of - 312.0, a basis rate of - 9.74%, and a historical quantile of 14.20%. The spot price is 2890, and the futures price is 3202.0 [1] - Cotton (CF601) has a basis of 954.0, a basis rate of 6.99%, and a historical quantile of 50.50%. The spot price is 14599, and the futures price is 13645.0 [1] - Sugar (SR601) has a basis of 228.0, a basis rate of 4.23%, and a historical quantile of 39.00%. The spot price is 5615, and the futures price is 5387.0 [1] - Red dates (CJ601) has a basis of - 275.0, a basis rate of - 3.00%, and a historical quantile of 76.70%. The spot price is 8900, and the futures price is 9175.0 [1] Energy and Chemical Commodities - Paraxylene (PX601) has a basis of 36.0, a basis rate of 0.54%, and a historical quantile of 35.00%. The spot price is 6754.0, and the futures price is 6718.0 [1] - PTA (TA601) has a basis of - 26.0, a basis rate of - 0.56%, and a historical quantile of 46.20%. The spot price is 4630.0, and the futures price is 4656.0 [1] - Ethylene glycol (EG2601) has a basis of 27.0, a basis rate of 0.70%, and a historical quantile of 66.40%. The spot price is 3900.0, and the futures price is 3873.0 [1] - Polyester staple fiber (PF602) has a basis of 66.0, a basis rate of 1.06%, and a historical quantile of 60.20%. The spot price is 6300.0, and the futures price is 6234.0 [1] - Styrene (EB2601) has a basis of 64.0, a basis rate of 0.99%, and a historical quantile of 43.20%. The spot price is 6510.0, and the futures price is 6446.0 [1] - Methanol (MA601) has a basis of - 7.0, a basis rate of - 0.34%, and a historical quantile of 33.50%. The spot price is 2060.0, and the futures price is 2067.0 [1] - Urea (UR601) has a basis of 0.0, a basis rate of 0.00%, and a historical quantile of 15.20%. The spot price is 1630.0, and the futures price is 1630.0 [1] - LLDPE (L2601) has a basis of 78.0, a basis rate of 1.15%, and a historical quantile of 46.20%. The spot price is 6840.0, and the futures price is 6762.0 [1] - PP (PP2601) has a basis of 153.0, a basis rate of 2.42%, and a historical quantile of 67.30%. The spot price is 6470.0, and the futures price is 6317.0 [1] - PVC (V2601) has a basis of - 31.0, a basis rate of - 0.69%, and a historical quantile of 75.20%. The spot price is 4491.0, and the futures price is 4460.0 [1] - Caustic soda (SH601) has a basis of 127.0, a basis rate of 5.65%, and a historical quantile of 68.30%. The spot price is 2375.0, and the futures price is 2248.0 [1] - LPG (PG2601) has a basis of 118.0, a basis rate of 2.79%, and a historical quantile of 37.70%. The spot price is 4348.0, and the futures price is 4230.0 [1] - Asphalt (BU2601) has a basis of - 48.0, a basis rate of - 1.56%, and a historical quantile of 42.80%. The spot price is 3068.0, and the futures price is 3020.0 [1] - Butadiene rubber (BR2601) has a basis of 130.0, a basis rate of 1.27%, and a historical quantile of 41.80%. The spot price is 10400.0, and the futures price is 10270.0 [1] - Floating glass (FG601) has a basis of - 30.0, a basis rate of - 3.05%, and a historical quantile of 66.17%. The spot price is 1014.0, and the futures price is 984.0 [1] - Soda ash (SA601) has a basis of - 30.0, a basis rate of - 2.56%, and a historical quantile of 28.99%. The spot price is 1173.0, and the futures price is 1143.0 [1] - Natural rubber (RU2601) has a basis of - 275.0, a basis rate of - 1.85%, and a historical quantile of 80.61%. The spot price is 15125.0, and the futures price is 14850.0 [1] Financial Futures - IF2512 has a basis of - 17.4, a basis rate of - 0.39%, and a historical quantile of 26.30%. The spot price is 4490.4, and the futures price is 4473.0 [1] - IH2512 has a basis of - 9.0, a basis rate of - 0.30%, and a historical quantile of 23.50%. The spot price is 2968.2, and the futures price is 2959.2 [1] - IC2512 has a basis of - 54.6, a basis rate of - 0.79%, and a historical quantile of 16.60%. The spot price is 6954.6, and the futures price is 6900.0 [1] - IM2512 has a basis of - 77.9, a basis rate of - 1.09%, and a historical quantile of 71.30%. The spot price is 7249.9, and the futures price is 7172.0 [1] - TS2603 has a basis of - 0.12, a basis rate of - 0.12%, and a historical quantile of 13.70%. The spot price is 105.97, and the futures price is 99.62 [1] - TF2603 has a basis of - 0.03, a basis rate of - 0.02%, and a historical quantile of 12.80%. The spot price is 108.24, and the futures price is 100.51 [1] - T2603 has a basis of 0.29, a basis rate of 0.25%, and a historical quantile of 40.70%. The spot price is 130.13, and the futures price is 115.28 [1]

每日观点 交易咨询业务资格：证监许可【2012】1091号 纯碱早报 2025-11-26 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 纯碱： 1、基本面：碱厂产量高位，远兴二期年前预期投产，整体供给预期充裕；下游浮法玻璃、光伏日 熔量整体延续下滑趋势，纯碱厂库处于历史同期高位；偏空 2、基差：河北沙河重质纯碱现货价1140元/吨，SA2601收盘价为1173元/吨，基差为-33元，期货升 水现货；偏空 3、库存：全国纯碱厂内库存164.44万吨，较前一周减少3.68%，库存在5年均值上方运行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空增；偏空 6、预期：纯碱基本面疲弱，短期预计震荡偏空运行为主。 影响因素总结 利多： 1、设备问题导致企业减量检修，纯碱供应恢复较慢。 利空： 1、23年以来 ...

需求方面，光大期货分析称，需求端表现尚可，中下游低价补库持续，碱厂待发订单及出货均维持良好 状态。周一纯碱企业库存较上周四继续下降1.75%，利于厂家挺价心态。不过，近两日下游浮法玻璃产 线放水现象增多，纯碱刚需仍面临考验。 11月25日，国内期市能化板块大面积飘红。其中，纯碱期货盘面表现偏弱，主力合约报收于1173.00元/ 吨，小幅下跌0.26%。 供给端，正信期货指出，前期减量装置逐步恢复，开工环比提升，总体产量仍相对高位；碱厂待发订单 多接至月底附近，执行前期订单发货为主，短期厂家库存下降但绝对量仍偏高。 后市来看，宁证期货表示，当前纯碱企业利润不佳，本周国内纯碱开工预期高位稳定。纯碱下游需求预 计较稳，下游浮法玻璃预期产量平稳运行。纯碱供需宽松背景下，预期近期纯碱企业库存仍维持高位运 行，后期重点关注纯碱开工变化。预计纯碱价格近期偏弱运行，01合约上方压力1190一线。 库存方面，截止到2025年11月24日，本周国内纯碱厂家总库存161.57万吨，较上周四下降2.87万吨，跌 幅1.75%。其中，轻质纯碱74.08万吨，环比下降1.63万吨，重质纯碱87.49万吨，环比下降1.24万吨。 ...

Group 1 - The core viewpoint of the news is that Jinjing Technology's stock has seen a significant increase, with a rise of 5.04% to 5.84 CNY per share, and a trading volume of 1.33 billion CNY, reflecting a market capitalization of 8.277 billion CNY [1] - Jinjing Technology, established on December 31, 1999, and listed on August 15, 2002, is primarily engaged in the production and sale of float glass, online coated glass, and ultra-white glass, with revenue composition being 67.75% from glass, 31.18% from soda ash, and 1.07% from other sources [1] Group 2 - From the perspective of the top circulating shareholders, a fund under GF Fund ranks among the top shareholders of Jinjing Technology, with GF Advantage Growth Stock A (011425) newly entering the top ten circulating shareholders in the third quarter, holding 6.4292 million shares, which is 0.45% of the circulating shares [2] - GF Advantage Growth Stock A (011425) was established on February 9, 2021, with a latest scale of 1.838 billion CNY, achieving a year-to-date return of 32.97% and a one-year return of 31.33%, ranking 946 out of 4206 and 1100 out of 3983 in its category respectively [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report presents the spot prices, futures prices, basis, basis rates, and historical quantiles of various commodities across multiple sectors including ferrous metals, non - ferrous metals, precious metals, agricultural products, energy and chemicals, and financial products on November 25, 2025. It offers a comprehensive snapshot of the market conditions for these commodities [1]. 3. Summary by Sector Ferrous Metals - **Silicon - based Alloys**: For 72 - silicon ferro - alloy, the spot price is 5508, the futures price is 5456, and the basis rate is 2.84%. For 6517 - silicon manganese, the spot price is 5630 [1]. - **Steel Products**: The spot price of HRB400 20mm in Shanghai is 3240, and for Q235B 4.75mm in Shanghai, it is 3290. The futures prices of rebar (RB2601) and hot - rolled coil (HC2601) are 3089 and 3562 respectively [1]. - **Iron Ore and Coking Coal**: The spot price of 62.5% Brazilian mixed powder (BRBF) at Rizhao Port is 791, and its futures price is 858. The spot price of S1.3 G75 main coking coal (Meng 5) at Shaheyi is 1223, and the futures price is 1097 [1]. Non - Ferrous Metals - **Copper**: The spot price of copper is 86080, the futures price is 86532, and the basis rate is 0.18% [1]. - **Aluminum and Related Products**: The spot price of SMM A00 aluminum is 21360, and the futures price is 21380. The spot price of alumina is 2834, and the futures price is 2736 [1]. - **Other Non - Ferrous Metals**: Zinc, tin, nickel, and stainless steel also have their respective spot and futures prices and basis rates presented in the report [1]. Precious Metals - **Gold and Silver**: The spot price of gold (AU2602) is 925.8, and the futures price is 930.3. The spot price of silver (AG2602) is 11808.0, and the futures price is 11827.0 [1]. Agricultural Products - **Oilseeds and Oils**: The spot price of common protein soybean meal in Zhangjiagang, Jiangsu is 2980, and the futures price is 3011.0. The spot price of fourth - grade soybean oil in Zhangjiagang, Jiangsu is 8370, and the futures price is 8168.0 [1]. - **Grain and Livestock**: The spot price of corn at Jinzhou Port is 2250, and the futures price is 2220.0. The spot price of live pigs (outer ternary) in Henan is 11400.0, and the futures price is 11550 [1]. Energy and Chemicals - **Petrochemicals**: The spot price of p - xylene at Chinese main ports is 6772.0, and the futures price is 6765.0. The spot price of PTA in East China is 4680.0, and the futures price is 4630.0 [1]. - **Plastics and Rubbers**: The spot price of LLDPE in Shandong is 6840.0, and the futures price is 6793.0. The spot price of butadiene rubber is 10395.0, and the futures price is 10700.0 [1]. Financial Products - **Stock Index Futures**: For IF2512.CFE, the spot price is 4435.2, and the futures price is 4448.0. For IH2512.CFE, the spot price is 2944.4, and the futures price is 2950.6 [1]. - **Treasury Bond Futures**: The spot price of 2 - year treasury bonds (TS2512) is 100.02, and the futures price is 102.42. The spot price of 5 - year treasury bonds (TF2512) is 99.57, and the futures price is 105.89 [1].