分析师：王静，执业资格证号 F0235424/Z0000771。 苏妙达，执业资格证号 F03104403/Z0018167。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 每日核心期货品种分析 发布日期：2025 年 11 月 26 日 商品表现 地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告有关现货市场的资讯与行情信息，来源于安云思、肥易通、国家统计局、隆众资讯、金十数 据、EIA、OPEC、IEA 等。 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 数据来源:Wind、冠通研究咨询部 期市综述 截止 11 月 26 日收盘，国内期货主力合约涨跌不一，花生涨近 4 ...

玻璃在前一交易日小幅休整后26日再度强势走高。截至收盘，玻璃主力合约收涨1.87%，盘中刷新逾一周高点。在生产利润下滑、终端需求弱势的格局下， 近期玻璃产线冷修预期强化。这也成为短期玻璃期价连续反弹的主要支撑。需要注意的是，尽管本周整体经历了三个交易日的反弹，但资金主动做多意愿不 强，玻璃主力合约连续三个交易日减仓。在分析机构看来，后续玻璃反弹高度或需关注冷修带来的供应收缩强度和需求端变化的博弈。 新华财经北京11月26日电（郭洲洋、吴郑思）国内商品期货市场11月26日涨跌互现，其中花生主力合约涨超3%；多晶硅主力合约涨超2%；玻璃、沪银、碳 酸锂、生猪、液化气、苯乙烯、尿素、苹果、甲醇主力合约涨超1%。下跌品种中，集运欧线主力合约跌超7%；聚丙烯、焦炭、塑料、燃料油、焦煤主力合 约跌超1%。 截至26日下午收盘，中证商品期货价格指数收报1476.20点，较前一交易日上涨4.70点，涨幅0.32%；中证商品期货指数收报2041.00点，较前一交易日上涨 6.49点，涨幅0.32%。 花生增仓飙升近4% 玻璃减仓反弹近2% 虽然棕榈油、豆油等传统油脂油料品种近期缺乏明显驱动而陷入低位震荡，但产销均以国内市场为主 ...

近期东北产区花生因基层农户及小贩惜售导致市场供应量不足，叠加加工商与市场库存普遍偏低，推动 价格持续上行，虽然东北产区整体质量较优为价格提供了一定支撑，但涨幅扩大后成交未有序增加，其 中308品种高价实际成交较少，价格上涨缺乏成交支撑、炒作情绪明显。受东北产区白沙价格上涨带 动，河南及其他产区白沙品种小幅跟涨，使得南北产区价格价差进一步扩大。河南产区上市后价格持续 偏弱，受东北行情影响后价格企稳并小幅回升，但油料米占比偏高，行情难以大幅上涨，整体来看河南 及其他白沙市场未来将维持优质价稳、偏次货以质论价的格局。总的来看，短期花生价格后续大幅上行 和下行调整空间均有限，后期需重点关注河南产区上货量及油厂收购动态。策略：花生期货短期维持震 荡偏强，操作上短线逢回调做多。 瑞达期货：花生价格底部支撑强劲 上周油厂陆续下调花生价格，导致国内油料花生米承压，不过，东北产区农户和持货商惜售心态浓厚， 基层供应量不足导致价格底部支撑强劲，其他地区随东北调整，但区域价差较大，整体成交情况较一 般，市场存在一定的有价无市，短期密切关注产区基层的上货心态与节奏变化。 花生期货主力涨近3%，对于后市行情如何，相关机构该如何评价？ ...

| 棕榈油：产地去库存疑，暂时偏弱对待 | 2 | | --- | --- | | 豆油：区间震荡为主，豆棕维持做扩 | 2 | | 豆粕：移仓换月，震荡 | 4 | | 豆一：震荡 | 4 | | 玉米：震荡偏强 | 6 | | 白糖：区间整理 | 7 | | 棉花：近月合约表现强于远期合约 | 8 | | 鸡蛋：淘汰加量，存在预期支撑 | 10 | | 生猪：去库节点已至 | 11 | | 花生：关注现货 | 12 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 2025年11月26日 国泰君安期货商品研究晨报-农产品 观点与策略 豆油：区间震荡为主，豆棕维持做扩 | | | 【基本面跟踪】 油脂基本面数据 | | 棕榈油主力 | 单 位 元/吨 | 收盘价 (日盘） 8,360 | 涨跌幅 -1.48% | 收盘价 （夜盘） 8,336 | 涨跌幅 -0.29% | | --- | --- | --- | --- | --- | --- | --- | | | 豆油主力 | 元/吨 | 8,144 | -0.29% | 8,090 | -0.66% | | | 菜 ...

油料日报 | 2025-11-25 豆一受需求缺口拉动延续涨势，花生关注基层上货节奏 大豆观点 市场分析 期货方面，昨日收盘豆一2601合约4150.00元/吨，较前日变化+41.00元/吨，幅度+1.00%。现货方面，食用豆现货基 差A01-50，较前日变化-41，幅度32.14%。 市场资讯汇总：当前东北产区新季大豆价格表现坚挺，基层农户库存不多，挺价意愿较强，39%以上蛋白大豆毛粮 价格仍有趋涨走势，普通蛋白豆在高蛋白价格带动下也表现偏强。但从粮贸企业销售情况来看整体一般，随着还 粮陆续结束，价格或以持稳为主。黑龙江哈尔滨市场国标一等蛋白39%蛋白中粒塔粮装车报价2.05元/斤，较前一 日平；黑龙江双鸭山宝清市场国标一等蛋白39%蛋白中粒塔粮装车报价2.05元/斤，较前一日平；黑龙江佳木斯富 锦市场国标一等蛋白39%蛋白中粒塔粮装车报价2.03元/斤，较前一日平；黑龙江齐齐哈尔讷河市场国标一等蛋白 41%蛋白中粒塔粮装车报价2.17元/斤，较前一日平；黑龙江黑河嫩江市场国标一等蛋白41%蛋白中粒塔粮装车报价 2.16元/斤，较前一日平；黑龙江绥化海伦市场国标一等蛋白41%蛋白中粒塔粮装车报价2.17元/ ...

Group 1: Soybean Market Analysis - The soybean futures market showed a strong performance with the main contract closing at 4150.00 CNY/ton, an increase of 41.00 CNY/ton or 1.00% from the previous day [1] - In the Northeast production area, new season soybean prices remain firm due to low inventory among farmers and strong price support, with 39% protein soybeans showing an upward trend [1] - The overall sales situation for grain trading companies is average, and prices are expected to stabilize as grain deliveries conclude [1] Group 2: Peanut Market Analysis - The peanut futures market saw the main contract close at 7844.00 CNY/ton, up by 50.00 CNY/ton or 0.64% from the previous day, while the average spot price for peanuts increased to 8240.00 CNY/ton, a rise of 250.00 CNY/ton or 3.13% [2] - The national peanut market shows a mixed price trend, with various regions reporting different prices for peanut varieties, indicating a quality-based pricing system [2] - Despite a recent price drop from oil factories, the strong holding sentiment among farmers in Northeast China is providing robust price support [3]

1. Report Industry Investment Rating - The investment rating for both soybeans and peanuts is neutral [3][5] 2. Core Viewpoints - The soybean market has a mixed situation with limited downside in prices due to farmers' reluctance to sell and support from the grain depot's purchase price, but the upward trend is restricted by weak downstream demand [1][2] - The peanut market is currently characterized by low - level fluctuations. The supply has not been fully released, and the demand is generally weak, but the start of procurement by Qingdao Yihai Kerry provides some support [3][4] 3. Summary by Related Content Soybean Market Analysis - Futures: The closing price of the soy - one 2601 contract yesterday was 4,107.00 yuan/ton, a change of - 38.00 yuan/ton or - 0.92% from the previous day [1] - Spot: The edible soybean spot basis was A01 - 7, a change of + 38 or 32.14% from the previous day. The prices of first - class protein soybeans in various regions of Heilongjiang remained stable [1] - Market situation: Northeast new - season soybean prices are firm, but the sales of grain trading enterprises are average. The price is expected to remain stable after the repayment of grain [1] Strategy - The strategy for soybeans is neutral [3] Peanut Market Analysis - Futures: The closing price of the peanut 2601 contract yesterday was 7,788.00 yuan/ton, a change of - 6.00 yuan/ton or - 0.08% from the previous day [3] - Spot: The average peanut spot price was 7,980.00 yuan/ton, with no change from the previous day. The spot basis was PK01 - 788.00, a change of + 6.00 or - 0.76% from the previous day. The national average price of general peanut kernels decreased by 0.01 yuan/jin. Some oil mills lowered their purchase prices, and the arrival volume was average [3] - Market situation: The effective supply of peanuts in the producing areas has not been fully released, with price differentiation in Henan and low selling enthusiasm in the Northeast. The demand is weak overall, but Qingdao Yihai Kerry's procurement provides some support [3][4] Strategy - The strategy for peanuts is neutral [5]

Core Viewpoint - The article highlights the importance of utilizing financial derivatives, particularly peanut futures, to manage price risks and enhance operational stability in the peanut industry in Henan Province, China [1][2]. Group 1: Industry Characteristics - The peanut market is characterized by a differentiated supply-demand structure, increased price volatility, and a diverse range of participants, posing significant challenges for enterprises, especially small processing companies [2]. - The fluctuation in agricultural product prices and market uncertainties have made effective price risk management a persistent challenge for companies in the peanut industry [1]. Group 2: Company Initiatives - Henan Yixin Industrial Co., Ltd. has embraced financial tools under the guidance of Tongzhou Group, establishing a professional futures research and risk control team, which has led to a mature trading system and strategy execution capabilities [2][3]. - The company has shifted from a passive market price acceptance to an active pricing strategy based on market analysis, allowing for better inventory management and procurement optimization [5]. Group 3: Risk Management Strategies - Yixin Industrial has successfully implemented a "cooperative hedging" approach, allowing them to reduce procurement costs by buying peanut futures at a lower price compared to the spot market [3]. - The company collaborates with downstream enterprises to hedge against price declines, demonstrating the effectiveness of customized hedging solutions in managing risks [3][4]. Group 4: Industry Impact - The promotion of peanut futures is expected to enhance the entire industry chain's ability to respond to price fluctuations, stabilize development, and improve operational efficiency [6][7]. - The integration of financial tools with traditional agriculture is seen as a key factor for companies to enhance competitiveness and achieve high-quality development [7].

油料日报 | 2025-11-19 豆一受成本传导致产区震荡，花生需求清淡油厂观望 大豆观点 市场分析 期货方面，昨日收盘豆一2601合约4149.00元/吨，较前日变化-29.00元/吨，幅度-0.69%。现货方面，食用豆现货基 差A01-49，较前日变化+49，幅度32.14%。 市场资讯汇总：当前东北产区新季大豆行情整体平稳，贸易商多表示走货一般，但因受政策指导价托底，短期内 豆价仍有一定支撑力，其中高蛋白品种价格走势相对更强。目前农户销售意愿尚可，多根据市场行情调整出货节 奏，部分存在一定惜售心理。与此同时，粮食贸易企业收购较为谨慎，多数企业已有一定库存。黑龙江哈尔滨市 场国标一等蛋白39%蛋白中粒塔粮装车报价2.03元/斤，较前一日持平；黑龙江双鸭山宝清市场国标一等蛋白39%蛋 白中粒塔粮装车报价2.04元/斤，较前一日持平；黑龙江佳木斯富锦市场国标一等蛋白39%蛋白中粒塔粮装车报价 2.02元/斤，较前一日持平；黑龙江齐齐哈尔讷河市场国标一等蛋白39%蛋白中粒塔粮装车报价2.04元/斤，较前一 日持平；黑龙江黑河嫩江市场国标一等蛋白39%蛋白中粒塔粮装车报价2.03元/斤，较前一日持平；黑龙江绥化 ...

油料日报 | 2025-11-18 豆市惜售挺价持续，花生供应有限油厂观望 大豆观点 市场分析 期货方面，昨日收盘豆一2601合约4178.00元/吨，较前日变化-37.00元/吨，幅度-0.88%。现货方面，食用豆现货基 差A01-98，较前日变化+37，幅度32.14%。 中性 风险 无 花生观点 市场分析 期货方面，昨日收盘花生2601合约7958.00元/吨，较前日变化+74.00元/吨，幅度+0.94%。现货方面，花生现货均价 8050.00元/吨，环比变化+80.00元/吨，幅度+1.00%，现货基差PK01-758.00，环比变化-74.00，幅度+10.82%。 市场资讯汇总：现货方面：全国花生市场通货米均价3.99元/斤，上涨0.03元/斤，其中，河南麦茬白沙通货米好货 3.6-3.8元/斤不等，豫、鲁、冀大花生通货米3.6-4.4元/斤，辽宁、吉林白沙通货米4.5-4.65元/斤、8筛精米4.9-5.05 元/斤，兴城花育23通货米4.2-4.25元/斤，好货报价持续偏强。油厂油料米合同采购报价7300-7450元/吨，以质论价， 整体到货量一般。 市场资讯汇总：当前东北产区新季大豆行情整 ...