Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Through macro - fundamental and technical analysis, the report predicts the trends of various futures contracts on November 26, 2025, including股指期货,国债 futures, precious metal futures, base metal futures, energy futures, and agricultural futures. Futures are expected to show different trends such as strong - side oscillations, weak - side oscillations, and wide - range oscillations [2]. Summary by Related Catalogs 1. Futures Market Outlook 1.1 Stock Index Futures - On November 26, 2025, stock index futures are likely to oscillate strongly. For example, IF2512 has resistance levels at 4511 and 4539 points, and support levels at 4457 and 4439 points; IH2512 has resistance levels at 2977 and 2990 points, and support levels at 2948 and 2935 points; IC2512 has resistance levels at 7000 and 7054 points, and support levels at 6871 and 6827 points; IM2512 has resistance levels at 7264 and 7300 points, and support levels at 7132 and 7116 points [2]. 1.2 Bond Futures - The ten - year Treasury bond futures contract T2603 is likely to oscillate in a wide range on November 26, 2025, with support levels at 108.14 and 108.03 yuan, and resistance levels at 108.36 and 108.49 yuan. The thirty - year Treasury bond futures contract TL2603 is likely to oscillate weakly in a wide range, with support levels at 114.8 and 114.6 yuan, and resistance levels at 115.6 and 116.0 yuan [2]. 1.3 Precious Metal Futures - The gold futures contract AU2602 is likely to oscillate and consolidate on November 26, 2025, with resistance levels at 951.5 and 961.0 yuan/gram, and support levels at 937.8 and 930.0 yuan/gram. The silver futures contract AG2602 is likely to oscillate in a wide range, with resistance levels at 12281 and 12350 yuan/kg, and support levels at 11890 and 11843 yuan/kg [2][3]. 1.4 Base Metal Futures - Copper futures contract CU2601 is likely to oscillate and consolidate on November 26, 2025, with resistance levels at 87600 and 88000 yuan/ton, and support levels at 86000 and 85600 yuan/ton. Aluminum futures contract AL2601 is likely to oscillate weakly, with support levels at 21380 and 21290 yuan/ton, and resistance levels at 21540 and 21650 yuan/ton. Alumina futures contract AO2601 is likely to oscillate weakly and test support levels at 2707 and 2684 yuan/ton, with resistance levels at 2727 and 2741 yuan/ton. Nickel futures contract NI2601 is likely to oscillate strongly and attack resistance levels at 118000 and 119100 yuan/ton, with support levels at 116100 and 115500 yuan/ton [3]. 1.5 Energy Futures - Crude oil futures contract SC2601 is likely to oscillate weakly on November 26, 2025, and test support levels at 437 and 433 yuan/barrel, with resistance levels at 446 and 449 yuan/barrel. Fuel oil futures contract FU2601 is likely to oscillate weakly and test support levels at 2420 and 2400 yuan/ton, with resistance levels at 2470 and 2491 yuan/ton [4][6]. 1.6 Agricultural Futures - Carbonate lithium futures contract LC2605 is likely to oscillate strongly on November 26, 2025, and attack resistance levels at 101200 and 103600 yuan/ton, with support levels at 97300 and 95000 yuan/ton. Corn futures contract C2601 is likely to oscillate strongly and attack resistance levels at 2265 and 2271 yuan/ton, with support levels at 2238 and 2230 yuan/ton. Palm oil futures contract P2601 is likely to oscillate weakly and test support levels at 8280 and 8178 yuan/ton, with resistance levels at 8360 and 8400 yuan/ton [4][7]. 2. Macro - news and Trading Tips - Diplomatic news: The Chinese and US presidents had a positive, friendly, and constructive phone call initiated by the US side, which is important for the stable development of Sino - US relations [8]. - Policy news: The State Council Information Office will hold a press conference on November 27 to introduce policies to enhance the adaptability of consumer goods supply and demand and further promote consumption. The National Economic Crime Investigation Work Conference emphasized cracking down on economic crimes, and the Inter - ministerial Joint Conference on Alleviating the Burden on Enterprises emphasized establishing a comprehensive service system for enterprises [8]. - Economic data: From January to October, China's full - industry foreign direct investment was 144.34 billion US dollars, a year - on - year increase of 6.2%; the newly signed contract value of foreign contracted projects was 210.7 billion US dollars, a year - on - year increase of 18.6%. The US federal government budget deficit in October was 284 billion US dollars due to the "shutdown." The US 9 - month PPI increased by 0.3% month - on - month, and core PPI increased by 0.1% month - on - month. Retail sales increased by 0.2% month - on - month [8][9][10]. 3. Commodity Futures - related Information - On November 25, 2025, US crude oil futures closed down 1.24% at 58.11 US dollars/barrel, and Brent crude oil futures closed down 1.2% at 61.97 US dollars/barrel. International precious metal futures generally closed up, with COMEX gold futures up 0.78% at 4126.3 US dollars/ounce and COMEX silver futures up 1.50% at 51.08 US dollars/ounce. London base metals showed mixed results [11][12]. 4. Futures Market Analysis and Outlook 4.1 Stock Index Futures - On November 25, 2025, stock index futures showed different trends. For example, IF2512 opened slightly higher, rose and then fell back, and finally closed at 4473.0 points, up 0.66% (0.85% based on the closing price). It is expected that in November 2025, stock index futures such as IF, IH, IC, and IM are likely to oscillate weakly in a wide range [13][17][18]. 4.2 Bond Futures - On November 25, 2025, the ten - year Treasury bond futures contract T2603 opened slightly lower, rebounded and then fell back, and closed at 108.220 yuan, down 0.08%. The thirty - year Treasury bond futures contract TL2603 opened slightly lower, rebounded and then fell back, and closed at 115.16 yuan, down 0.33% [37][41]. 4.3 Other Futures - Other futures such as gold, silver, copper, aluminum, etc. also showed different trends on November 25, 2025, and corresponding price trends and support/resistance levels are predicted for November 26, 2025 and November 2025 [43][52][57].

Report Industry Investment Rating No relevant content provided. Core View of the Report Through macro - fundamental analysis and technical analysis, the report predicts the trend of various futures contracts on October 22, 2025, including the expected performance of stock index futures, bond futures, precious metal futures, and commodity futures [2]. Summary by Related Catalogs 1. Macro News and Trading Tips - Trump plans to visit China early next year, and the Chinese Foreign Ministry has no specific information to provide [7]. - Chinese Commerce Minister Wang Wentao held video talks with EU officials and had a phone call with the Dutch economic minister, discussing issues such as export controls and the global supply chain [7]. - The Ministry of Commerce held a policy - interpretation round - table for foreign - funded enterprises, emphasizing the importance of export controls and the stability of the global supply chain [7]. - In the first three quarters, domestic tourism increased by 18% in terms of the number of travelers and 11.5% in terms of spending [8]. - European leaders support a cease - fire negotiation in the Russia - Ukraine conflict [8]. - Japan's new Prime Minister, Kōichi Kanasugi, is considering a supplementary budget to address rising prices [8]. - The net financial assets of EU member states have declined [8]. - On October 21, precious metals tumbled, oil prices rose, London base metals mostly increased, the yuan strengthened against the dollar, and the dollar index rose [8][9][10]. 2. Futures Market Analysis and Forecast Stock Index Futures - On October 21, IF2512, IH2512, IC2512, and IM2512 all showed an upward trend, but failed to break through key resistance levels [11][12]. - The A - share market rose strongly on October 21, with over 4600 stocks rising, and the trading volume increased [13]. - Hong Kong stocks rose on October 21, while US stocks were mixed, and European stocks rose slightly [14][15]. - From April to September, investor leverage increased by 32.4%, which may be a risky entry point [15]. - It is expected that in October 2025, IF, IH, IC, and IM will have a wide - range and mostly weak oscillation. On October 22, they will oscillate and consolidate [15][17]. Bond Futures - On October 21, the ten - year and thirty - year bond futures had a slight upward trend, with the central bank conducting reverse repurchase operations and a net capital injection [34]. - It is expected that on October 22, the ten - year and thirty - year bond futures will have a wide - range oscillation [36][40]. Precious Metal Futures - On October 21, the gold futures rose during the day but fell sharply at night. It is expected that in October 2025, it will oscillate strongly and break new highs, and on October 22, it will oscillate weakly [40][41][42]. - On October 21, the silver futures rose during the day but fell at night. It is expected that in October 2025, it will oscillate strongly and break new highs, and on October 22, it will oscillate weakly [49][50]. Commodity Futures - On October 21, copper futures rose slightly, and it is expected that in October 2025, it will oscillate strongly, and on October 22, it will oscillate weakly [53]. - On October 21, aluminum futures rose slightly, and it is expected that in October 2025, it will oscillate strongly, and on October 22, it will oscillate and consolidate [59][60]. - On October 21, alumina futures fell slightly, and it is expected that in October 2025, it will oscillate weakly, and on October 22, it will oscillate strongly [63]. - On October 21, rebar futures rose slightly, and it is expected that in October 2025, it will oscillate widely, and on October 22, it will oscillate and consolidate [67]. - On October 21, hot - rolled coil futures rose slightly, and it is expected that on October 22, it will oscillate and consolidate [70]. - On October 21, iron ore futures rose slightly, and it is expected that in October 2025, it will oscillate widely, and on October 22, it will oscillate strongly [74]. - On October 21, coking coal futures fell, and it is expected that in October 2025, it will oscillate strongly, and on October 22, it will oscillate strongly [78][79]. - On October 21, glass futures fell, and it is expected that in October 2025, it will oscillate weakly, and on October 22, it will oscillate widely [82]. - On October 21, soda ash futures fell, and it is expected that in October 2025, it will oscillate weakly, and on October 22, it will oscillate strongly [86]. - On October 21, crude oil futures rose slightly, and it is expected that in October 2025, it will oscillate weakly, and on October 22, it will oscillate strongly [90]. - On October 21, PTA futures rose slightly, and it is expected that on October 22, it will oscillate strongly [95][96]. - On October 21, methanol futures rose slightly, and it is expected that on October 22, it will oscillate weakly [98]. - On October 21, soybean meal futures fell slightly, and it is expected that on October 22, it will oscillate weakly [101].

Group 1: Report Information - Report Name: Soda Ash and Glass Daily Report [1] - Date: October 14, 2025 [2] - Research Team: Energy and Chemical Research Team [4] - Researchers: Li Jie (Crude Oil and Fuel Oil), Ren Junchi (PTA and MEG), Peng Haozhou (Urea and Industrial Silicon), Peng Jinglin (Polyolefins), Liu Youran (Pulp), Feng Zeren (Glass and Soda Ash) [4] Group 2: Industry Investment Rating - No industry investment rating information is provided in the report. Group 3: Core Viewpoints - Soda Ash: The equipment maintenance of soda ash enterprises is less than expected, and the supply remains at a high level. The downstream demand is weak, and the pattern of oversupply has not been effectively improved. The macro - sentiment is stable, and the futures price is expected to fluctuate weakly [8]. - Glass: The fundamentals of float glass are in a weak balance, and the production of photovoltaic glass shows a downward trend. After the holiday, the supply pressure and inventory accumulation suppress the price rebound. The cost side may be disturbed, and the price is expected to fluctuate weakly in the short - term, but excessive short - selling is not recommended [9]. Group 4: Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - On October 13, the price of the main soda ash futures contract SA601 continued to decline. The closing price was 1,247 yuan/ton, down 6 yuan/ton, a decrease of 0.47%, and the position decreased by 58,152 lots [7]. - The equipment maintenance of soda ash enterprises is less than expected, the supply is high, and the downstream demand is weak. The market is in an oversupply situation, and the price is expected to fluctuate weakly [8]. Glass - The fundamentals of float glass are in a weak balance, and the production of photovoltaic glass shows a downward trend. After the holiday, the supply pressure and inventory accumulation suppress the price rebound. The cost side may be disturbed, and the price is expected to fluctuate weakly in the short - term, but excessive short - selling is not recommended [9]. Group 5: Data Overview - The report provides data charts on the price trends of active contracts of soda ash and glass, weekly production and enterprise inventory of soda ash, market price of heavy soda ash in Central China, and flat glass production [11][14][16]

Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. Core Viewpoints of the Report Through macro - fundamental and technical analysis, the report predicts the trends of various futures on August 20, 2025, including that stock index futures will oscillate and consolidate, while some commodity futures like coking coal, glass, and soda ash futures will oscillate weakly, and industrial silicon, polysilicon, and lithium carbonate futures will have a weakly wide - range oscillation [1][2]. Summary by Relevant Catalogs 1. Futures Market Outlook - **Stock Index Futures**: Expected to oscillate and consolidate on August 20. Specific support and resistance levels are provided for IF2509, IH2509, IC2509, and IM2509 [2][19]. - **Treasury Bond Futures**: The ten - year and thirty - year treasury bond futures主力 contracts T2509 and TL2509 are likely to oscillate strongly and attack resistance levels [2]. - **Precious Metal Futures**: Gold and silver futures主力 contracts AU2510 and AG2510 are likely to oscillate weakly [2][3]. - **Base Metal Futures**: Copper, aluminum, alumina, etc. futures主力 contracts are likely to oscillate weakly [3]. - **Industrial and Energy Futures**: Industrial silicon, polysilicon, lithium carbonate, etc. futures主力 contracts are likely to have a weakly wide - range oscillation; coking coal, glass, and soda ash futures主力 contracts are likely to oscillate weakly [1][3]. - **Agricultural Futures**: Soybean meal, soybean oil, palm oil, etc. futures主力 contracts are likely to oscillate weakly [7]. 2. Macro Information and Trading Tips - **Domestic Information**: In July, China's general public budget revenue increased year - on - year; relevant meetings emphasized promoting consumer policies; the central bank increased re - loan quotas; unemployment rates of different age groups were announced; new regulations on personal pension were introduced; and the LME Hong Kong delivery warehouse was inaugurated [8][11]. - **International Information**: The US expanded steel and aluminum tariff lists, which is negative for related commodity futures; the US and Japan planned investment consultations; the US new home starts increased; the US credit rating was confirmed; and a Japanese politician called for interest rate hikes [9][10][11]. 3. Futures Market Analysis and Outlook - **Stock Index Futures**: On August 19, the stock index futures主力 contracts generally had weak trends, with short - term upward momentum weakening and downward pressure increasing. The A - share market was weak, but the two - margin balance continued to rise, and foreign institutions were optimistic about the Chinese stock market [13][14][15][16][17]. - **Treasury Bond Futures**: On August 19, the ten - year and thirty - year treasury bond futures主力 contracts had small rebounds, and the central bank conducted large - scale reverse repurchase operations [37][41]. - **Commodity Futures**: Different commodity futures主力 contracts had different trends on August 19, and their trends on August 20 were predicted based on technical and fundamental analysis [44][51][70][71][74][79][83][87][91][94][100][104][106][108][110][112][114][117].