每经AI快讯，11月24日，国内商品期货收盘涨跌不一，甲醇涨超3%，玻璃涨超2%，乙二醇、玉米、淀 粉、棉纱、红枣、多晶硅、纯碱涨超1%。跌幅方面，碳酸锂、LU燃油、液化气、纯苯跌超2%，苯乙 烯、焦煤、棕榈油、沪银、原油跌超1%。 （文章来源：每日经济新闻） ...

农产品早报 研究中心农产品团队 2025/11/24 | 玉米/淀粉 | | | 玉米 | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/11/17 2070 | 2180 | 2130 | 2340 | -2 | 10 - | 2700 | 2800 | 166 | -10 | | 2025/11/18 2070 | 2180 | 2130 | 2360 | 12 | 30 - | 2700 | 2800 | 188 | -10 | | 2025/11/19 2070 | 2170 | 2130 | 2360 | -5 | 40 185 | 2700 | 2800 | 225 | -1 | | 2025/11/20 2070 | 2170 | 2150 | 2350 | 2 | 30 197 | 2700 | 2800 | 232 | -1 | | 2025/ ...

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - Overseas, the US employment data shows significant divergence, and the performance of NVIDIA's AI business has restored market risk appetite. The Fed's October meeting minutes revealed serious differences, and the change of the October non - farm report schedule has led to a lack of key data for the December interest - rate decision. Domestically, the economic fundamentals are cooling marginally, but the policy remains firm, and the market's expectation of policy intensification is rising [2]. - The spot pressure of the container shipping European line continues, and the futures price fluctuates lower. The market is currently mixed with long and short factors, and the short - term volatility may intensify. It is expected to maintain a low - level shock in the short term [8][9][10]. - For precious metals, the uncertainty of the Fed's December interest rate cut increases, and it is expected to continue to oscillate and consolidate in the short term. Although the medium - and long - term prices are expected to rise, the short - term trend is unclear [14][15][17]. - For copper, the uncertainty of the Fed's December interest rate cut increases, and the driving force for copper price increase weakens. It is expected to fluctuate in the range of [86000, 87000] [18][20][21]. - For the aluminum industry chain, aluminum is expected to oscillate at a high level, alumina is expected to run weakly, and cast aluminum alloy is expected to oscillate at a high level [22]. - Zinc is expected to oscillate narrowly, and the nickel - stainless steel market should be wary of callbacks in the unilateral downward range and pay attention to option opportunities [22][24][25]. - Tin is expected to oscillate narrowly, and it is recommended to enter the market on dips [25][26]. - The risk of a decline in lithium carbonate prices still exists, and the near - month contracts are under pressure. It is expected to show a "wide - range shock and weak" operating characteristic in the range of 83000 - 93000 yuan/ton in the next two weeks [27]. - The fundamentals of industrial silicon and polysilicon are weak, and they are expected to oscillate widely. The industrial silicon futures price is likely to maintain an oscillating and weak pattern in the short term [27][28][29]. - Lead is expected to oscillate, and there is support below [30]. - For steel products, the overall finished products are supported by raw material costs below, but the upward drive is suppressed by inventory. It is expected to oscillate in the range, with rebar in the range of 2900 - 3200 and hot - rolled coil in the range of 3100 - 3400 [31][32]. - Iron ore prices continue to oscillate widely. It is recommended to wait for the basis to repair and the market sentiment to improve before considering shorting at high prices [33][34]. - For coking coal and coke, the support for coking coal is loosening, and the expectation of price cuts is increasing. The coking coal 01 contract is under pressure in the short term, while the 05 contract has medium - and long - term long - allocation potential [34][35]. - Ferrosilicon and ferromanganese are expected to oscillate weakly due to high inventory and weak demand [36][37]. - The crude oil market is affected by macro and geopolitical negatives, and it is expected to oscillate in the range of 60 - 65 in the short and medium term [38][39][40]. - The valuation of LPG is being repaired, and attention should be paid to the profit of PDH and the progress of the Russia - Ukraine issue [41][42]. - For PTA - PX, the speculation on blending for oil is weakening. It is necessary to pay attention to the implementation of maintenance plans and the actual dynamics of blending for oil. Consider short - term callbacks and long - term positions [42][43][45]. - For MEG - bottle chips, it is too early to bottom - fish, and attention should be paid to the opportunity of selling call options on rebounds [46][47][48]. - The upward height of methanol 01 is limited. It is recommended to hold the previous short - call positions and consider 12 - 1 and 1 - 5 reverse spreads [48][49]. - The downward space of PP is limited, and it is expected to maintain a low - level shock pattern [50][52][53]. - PE is expected to continue the low - level shock pattern, and a selling option strategy can be considered [54][55][56]. - For pure benzene and styrene, the market sentiment is significantly boosted in the short term, but the domestic pure benzene fundamentals are still weak. Do not chase high prices in the medium and long term [56][57][58]. - For fuel oil, the high - sulfur fuel oil cracking has rebounded after a sharp decline, but it is still bearish in the future; the low - sulfur fuel oil cracking is weakening, and it is recommended to wait and see [58][59]. - The bottom space of asphalt is not large, and attention should be paid to the winter storage policy. It is expected to oscillate in the short term [60][61]. - Rubber and 20 - rubber fell after reaching the upper limit of the range, and attention should be paid to the revision of the 20 - rubber futures contract and delivery rules [61]. Summaries by Relevant Catalogs Financial Futures - **Macro**: Domestic policies remain firm. Overseas, the US employment data is divided, and the Fed's attitude towards interest rate cuts is inconsistent. The market is concerned about the November employment data and the appointment of the Fed chairman. The RMB exchange rate is expected to "oscillate and build a bottom, with the center slowly declining" [1][2][3]. - **Stock Index**: The dovish remarks of Fed officials have increased the expectation of interest rate cuts, which may support the stock index in the short term. However, due to the tense Sino - Japanese relations and the lack of policy news, the stock index is expected to oscillate [4][5]. - **Treasury Bonds**: The mid - term long positions should be held. Although there are some negative factors, the impact on the bond market is mainly short - term sentiment, and the substantial negative impact is limited [6]. - **Container Shipping European Line**: The spot index has weakened again, and the shipping companies' price - holding efforts have not been effective. The market is mixed with long and short factors, and it is expected to maintain a low - level shock in the short term [8][9][10]. Commodities Non - ferrous Metals - **Gold & Silver**: The uncertainty of the Fed's December interest rate cut increases, and the precious metals are expected to continue to oscillate and consolidate in the short term. The long - term price is expected to rise, but attention should be paid to the 60 - day moving average [14][15][17]. - **Copper**: The uncertainty of the Fed's December interest rate cut increases, and the driving force for copper price increase weakens. The downstream demand is mainly for rigid needs, and it is expected to fluctuate in a narrow range [18][20][21]. - **Aluminum Industry Chain**: Aluminum is expected to oscillate at a high level, alumina is expected to run weakly, and cast aluminum alloy is expected to oscillate at a high level. Attention should be paid to the Fed's interest rate decision and the fundamentals of each link [21][22]. - **Zinc**: It is expected to oscillate narrowly. The reduction of TC in November has increased the willingness of smelters to cut production, and the inventory has decreased. Attention should be paid to exports and the macro situation [22][23][24]. - **Nickel, Stainless Steel**: They are in a unilateral downward range, and attention should be paid to callbacks and option opportunities. The cost of nickel - iron has collapsed, and the downstream demand for stainless steel is weak [24][25]. - **Tin**: It is expected to oscillate narrowly. The supply of concentrates is tight, and it is recommended to enter the market on dips [25][26]. - **Lithium Carbonate**: The risk of a decline still exists, and the near - month contracts are under pressure. The supply of lithium ore is expected to increase, and the downstream demand may decline seasonally [27]. - **Industrial Silicon & Polysilicon**: The fundamentals are weak, and they are expected to oscillate widely. The industrial silicon futures price is likely to follow the price fluctuations of related varieties and maintain an oscillating and weak pattern [27][28][29]. - **Lead**: It is expected to oscillate, and there is support below. The raw materials for smelting are tight, and the cost of recycled lead provides support [30]. Black Metals - **Rebar & Hot - Rolled Coil**: They are expected to oscillate in the range, with the lower limit supported by raw material costs and the upper limit suppressed by inventory. Attention should be paid to the de - stocking speed and downstream consumption [31][32]. - **Iron Ore**: The price continues to oscillate widely. The decline of coking coal price may support the iron ore price. It is recommended to wait for the basis to repair before shorting at high prices [33][34]. - **Coking Coal & Coke**: The support for coking coal is loosening, and the expectation of price cuts is increasing. The coking coal 01 contract is under pressure in the short term, while the 05 contract has medium - and long - term long - allocation potential [34][35]. - **Ferrosilicon & Ferromanganese**: They are expected to oscillate weakly due to high inventory and weak demand. The production is expected to decline, and de - stocking may depend on production cuts [36][37]. Energy and Chemicals - **Crude Oil**: The market is affected by macro and geopolitical negatives, and it is expected to oscillate in the range of 60 - 65 in the short and medium term. Attention should be paid to the changes in macro and geopolitical factors [38][39][40]. - **LPG**: The valuation is being repaired. The supply is increasing slightly, and the demand for PDH is in a loss state. Attention should be paid to the profit and the Russia - Ukraine issue [41][42]. - **PTA - PX**: The speculation on blending for oil is weakening. It is necessary to pay attention to the implementation of maintenance plans and the actual dynamics of blending for oil. Consider short - term callbacks and long - term positions [42][43][45]. - **MEG - Bottle Chips**: It is too early to bottom - fish, and attention should be paid to the opportunity of selling call options on rebounds. The supply is expected to increase, and the demand is stable in the short term [46][47][48]. - **Methanol**: The upward height of 01 is limited. The port pressure is increasing, and the inland is de - stocking. It is recommended to hold short - call positions and consider reverse spreads [48][49]. - **PP**: The downward space is limited, and it is expected to maintain a low - level shock pattern. The supply pressure is relieved, and the demand growth is slowing down [50][52][53]. - **PE**: It is expected to continue the low - level shock pattern. The supply is strong, and the demand is weak, especially with the end of the agricultural film peak season. A selling option strategy can be considered [54][55][56]. - **Pure Benzene & Styrene**: The market sentiment is significantly boosted in the short term, but the domestic pure benzene fundamentals are still weak. Do not chase high prices in the medium and long term [56][57][58]. - **Fuel Oil**: The high - sulfur fuel oil cracking has rebounded after a sharp decline, but it is still bearish in the future; the low - sulfur fuel oil cracking is weakening, and it is recommended to wait and see [58][59]. - **Asphalt**: The bottom space is not large, and attention should be paid to the winter storage policy. It is expected to oscillate in the short term. The supply has decreased, and the demand is gradually weakening [60][61]. - **Rubber & 20 - Rubber**: They fell after reaching the upper limit of the range. Attention should be paid to the revision of the 20 - rubber futures contract and delivery rules [61].

关键词 | DT产业研究院 | 人物专访 | 张以恒研究员 " 多酶分子机器把不可食用的纤维素转化为可食用的淀粉，根本性解决粮食来源问题，1克纤维素可转为0.93克淀粉。 " 张以恒研究员告诉DT新材料产业研究院。 院士评语 全球陆生植物利用光合作用每年生产大约2000亿吨木质纤维素（约含800亿吨纤维素），这些木质纤维素在自然界循环与转化。现代农业全年粮食产量大约 30 亿 吨。中国 2024 年进口淀粉类粮食 ~2640 万吨与大约1亿吨大豆，耕地红线与国际形势仍制约粮食安全。 近日，中国科学院天津工业生物技术研究所张以恒研究员团队，在《国家科学评论》（National Science Review, NSR）发表的最新研究中， 用一套 "多酶分子机器" 实现 纤维素到淀粉 93.3% 的实际转化率 ——从原先天花板的理论产率50% ，拉至近 100% 的实战水平。 这项 被邓子新院士称为 "摆 脱传统微生物代谢束缚" 的技术，不仅是实验室的原始创新，更在 河南新拓洋 、 国投生物的中试线中推进 ，让 "秸秆变粮" 从实验室 走向工厂。 「 DT新材料 」 产业研究院 生物基和生物制造团队 独家专访张 以 ...

人工合成淀粉样品 可降解塑料餐具样品 微生物蛋白样品 利用人工途径从二氧化碳合成淀粉示意图。 二氧化碳如同覆盖在地球表面的"保温被"，适量存在能将地球表面平均温度维持在15摄氏度左右，使生 命繁衍成为可能。然而，工业革命以来，人类活动加剧，这床"被子"正在变得越来越厚。化石燃料燃 烧、土地利用变化等导致大气中温室气体浓度持续攀升，全球气温不断升高，随之而来的是冰川加速消 融、海平面上升、极端天气事件频发等一系列连锁反应。 面对这一严峻挑战，国际社会对碳中和愈加重视。减少排放是应对策略的一个方面。另一方面，如何将 二氧化碳转化为有用的资源，变被动减排为主动利用？这是可持续发展的思路。 中国科学院天津工业生物技术研究所人工合成淀粉研究中 心实验室。 以上图片均为中国科学院天津工业生物技术研究所提供 网友：我最近看到新闻，研究人员在尝试直接捕集海水中的二氧化碳，并合成为可生物降解的塑料。这 是不是属于"生物制造"的范畴？二氧化碳还能转化成什么？ 编辑：没错，你提到的正是当前科技前沿热点——二氧化碳不仅是温室气体，更是潜在的"碳资源"。 "十五五"规划建议提出，"完善新型举国体制，采取超常规措施，全链条推动集成电路、 ...

新华财经北京11月21日电 受外围市场拖累，国内商品市场21日几乎全线走弱。截至收盘时，中证商品期货价格指数收报1458.04点，较前一交易日下跌16.46 点，跌幅1.12%；中证商品期货指数收报2015.90点，较前一交易日下跌22.76点，跌幅1.12%。 在工业品普遍承压的背景下，部分农产品板块21日表现坚挺。其中，淀粉及玉米主力合约当日均涨超1%，领涨商品市场。分析认为，玉米产业链的相对强 势主要受到自身基本面支撑。据国投期货介绍，目前东北玉米新粮增量幅度减小，农户惜售情绪渐强，价格稳中略强；北港玉米价格继续偏强，价格坚挺； 山东现货上量较上周略减，价格平稳。目前中下游玉米库存普遍较低，随着近期深加工企业开工率的提升，收购价格有所上涨。进口玉米也依旧偏少，后续 需等待中美具体贸易协议的签订，目前粮权并未完全转移，关注未来东北新粮售粮进度。另外，需要注意到的是，由于养殖企业处于增肥阶段，玉米需求增 加，饲企玉米库存继续增加。据Mysteel最新调查数据显示，截至11月20日，全国饲料企业平均库存26.23天，较上周增加0.62天，环比上涨2.42%。 油脂板块21日走势分化，在豆系油脂油料普遍收跌的背 ...

玉米现货偏强 盘面高位震荡 银河农产品 研究员：刘大勇 期货从业证号：F03107370 投资咨询证号：Z0018389 目录 | 第一章 | 综合分析与交易策略 | 2 | | --- | --- | --- | | 第二章 | 核心逻辑分析 | 4 | | 第三章 | 周度数据追踪 | 11 | GALAXY FUTURES 1 227/82/4 228/210/172 181/181/181 87/87/87 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 综合分析与交易策略 文 字 色 3.期权：可以逢高01玉米累沽策略(以上观点仅供参考，不作为入市依据) 2 GALAXY FUTURES 227/82/4 228/210/172 181/181/181 【交易策略】 美玉米丰产，但后期可能继续下调美玉米单产，短期美玉米12合约420美分/蒲支撑较强。目前东北玉米陆续上量，华北玉米上量较少，玉米现货上涨空间有 限。短期玉米可能存在回调，预计01和05玉米反弹空间有限，01玉米反弹较多，1-5 ...

11月21日，国内商品期货收盘，主力合约多数收跌，跌幅方面，碳酸锂跌停，跌幅9%，沪银、红枣、 集运集运欧线跌超3%，工业硅、LU燃油、棕榈油跌超2%，纸浆、焦煤、沪镍、原油、沪金跌超1%。 涨幅方面，淀粉、玉米涨逾1%。 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report Despite the overall increase in new - grain production, the grain quality in North China and other regions is severely differentiated. The actual supply pressure may be less than last year. The market favors high - quality corn from Northeast China, and many are stocking up there. New - grain sales are fast, and demand is strong. It is recommended that grain - using enterprises purchase at low prices and moderately increase safety reserves, while traders should buy low and sell high [7]. 3. Summary by Relevant Catalogs Market Performance - The corn main 2601 contract rebounded and was adjusted under pressure near 2190. The spot price was stable with a slight increase. The basis of corn strengthened slightly, and the futures price was at a discount. The starch main 2601 contract was slightly adjusted, and the basis fluctuated and strengthened slightly [5]. Supply - side Situation - **New - grain sales and production**: The national corn output increased to 3 billion tons, 5 million tons higher than the same period last year. As of November 20, the total national grain - sales progress was 27%, 2% faster year - on - year. If the sales progress continues, the expectation of tight supply later will increase [5]. - **Port inventory**: As of November 14, the corn inventory in the northern ports continued to rise to 117 million tons, but was significantly lower than the same period last year. The inventory of domestic and foreign - trade corn in Guangdong Port decreased [6]. - **Grain substitution and imports**: The wheat - corn price difference remained above 200, without substitution advantages. Domestic corn imports remained at a low level, but there was a possibility of replenishing and rotating imported corn [6]. Demand - side Situation - **Feed demand**: Pig farming was in a large - scale loss, but the short - term inventory was difficult to reduce. In the poultry sector, egg - chicken farming continued to lose money. However, feed demand was strong. In October, the national industrial feed output was 29.07 million tons, with a month - on - month increase and a 6% year - on - year increase [7]. - **Deep - processing demand**: The demand of deep - processing enterprises was good. Starch processing enterprises continued to make profits, with a relatively high operating rate. Alcohol processing enterprises were in a large - scale loss, but the operating rate rose again. The operating rates of downstream starch - sugar and paper - making enterprises were relatively stable [7]. External Market Situation The U.S. corn on the external market fluctuated and rebounded. The U.S. government ended the shutdown. The U.S. Department of Agriculture's November supply - demand report slightly reduced the U.S. corn yield per unit and output, but the ending inventory increased slightly, with relatively large supply pressure. The global corn ending inventory decreased slightly, and the U.S. Department of Agriculture report was neutral [6].

2025年11月21日，国内主力合约多数下跌。碳酸锂封跌停板，跌幅9%，沪银、红枣、集运指数（欧 线）跌超3%，低硫（LU）、工业硅跌近3%。涨幅方面，淀粉、、菜粕涨超1%。 11月19日：证券部工作人员回应，公司盐湖提锂项目的碳酸锂产品还在试生产阶段，目前没有具体报 价。 11月18日：广期所公告称，自2025年11月20日交易时起，碳酸锂期货LC2601合约的交易手续费标准调 整为成交金额的万分之一点二，日内平今仓交易手续费标准调整为成交金额的万分之一点二。 11月17日：据SMM披露，10月碳酸锂需求量126961吨，较上月增加10160吨，增幅44.3%。9月出口量环 比-218.09至150.82吨。 | 序号 | 合约名称 | 最新 | 现手 | 来价 | 英伦 | 液幅81 | 第 | 英超 | 成交通 | 器器 | 持仓量 | 日增仓 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 碳酸锂2601 ™ | 91020 | 1 | - | 91020 | -9.00% ...