期货从业证号： 研究所 农产品研发报告 花生日报 2025 年 11 月 25 日 | 研究员：刘大勇 | | --- | F03107370 投资咨询证号： Z0018389 联系方式： :liudayong_qh@chinastck .c om.cn | 花生数据日报 | | | | | | | | 2025/11/25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | PK604 | | 7934 | 72 | 0.91% | 30,783 | -23.63% | 19,377 | -5.00% | | PK510 | | 8206 | 40 | 0.49% | 56 | -49.55% | 637 | -0.62% | | PK601 | | 7936 | 78 | 0.98% | 98,799 | -12.08% | 107,328 | -9.80% | | 现货与基差 | | | ...

粮食价格平稳 大米(一级长粒)平均价格为3.30元(每500克，下同)，与上周持平，较上月同期上涨0.92%，较去年同期 上涨0.30%；面粉(特一粉)平均价格为2.34元，与上周持平，较上月同期下跌0.43%，较去年同期下跌 3.31%；小麦(中等)平均价格为1.21元，与上周持平，较上月同期上涨0.83%，较去年同期下跌0.82%； 玉米(中等)平均价格为1.10元，与上周持平，较上月同期下跌1.79%，较去年同期上涨1.85%。 部分油料价格小幅波动 中国发展网讯本周青岛市部分油料价格小幅波动，鸡蛋价格平稳，生猪、蔬菜批发价格小幅回落。 从零售市场情况看，所监测市内农贸市场19个蔬菜品种平均零售价格为4.75元，与上周价格持平，较上 月同期上涨6.03%，较去年同期上涨13.37%。从具体情况看，19个蔬菜品种价格6涨7跌6平，其中白 菜、油菜、西红柿、青椒、冬瓜、大头菜价格上涨；黄瓜、芸豆、芹菜、韭菜、大葱、菜花、茭瓜价格 下跌；茄子、圆葱、萝卜、蒜薹、土豆、胡萝卜价格持平。(青岛市价格认证和监测中心宋佳何向东) 鸡蛋平均价格为3.47元，与上周持平，较上月同期下跌2.02%，较去年同期下跌30.46 ...

研究所 农产品研发报告 花生日报 2025 年 11 月 24 日 | 第一部分 | | | 数据 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 花生数据日报 | | | | | | 2025/11/24 | | | 期货盘面 | | | | | | | | | 期货 涨跌 | 收盘价 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | | 增减幅 | | PK604 26 | 7862 | 0.33% | 40,309 | -53.80% | 20,396 | | -2.23% | | PK510 6 | 8166 | 0.07% | 111 | 152.27% | 641 | | 2.89% | | PK601 64 | 7858 | 0.81% | 112,375 | 6.53% | 118,990 | | -7.37% | | 现货与基差 | | | | | | | | | 现货 山东济宁 山东临沂 日照花生粕 日照豆粕 | 河南南阳 | | | | 花生油 | 日照一级豆油 | | | 今日报价 7600 | 7200 | ...

关 投资咨询从业资格号:Z0019456 yinkaiyi@gtht.com (1) 花生市场回顾 2 现货市场,花生价格偏弱。截至至 11月20日全国通货米均价 3.99元/斤,周环比涨 0.03元/斤, 涨幅 0.76%。 本周河南、山东等部分产区农忙仍在进行,花生上货量缓慢增加,好货与孬货品质差 异较 大,东北部分区域基层交售较快、部分仍有过半未售。预计供应压力将逐渐释放。商品米总体需求较为一 般,东北好货价格走高后批发市场到货降低,油厂开机率小幅提高,花生稻品质偏差,工厂为控制成本持 压价收购,整体到货量一般。 期货市场,11月21日当周,花生期货下跌。花生主力合约(PK2601)最高价 7988元/吨,最低 7760 元/吨,收盘价 7794 元/吨（前一周收盘 7884 元/吨）。 0 二五年 2025 年 11月 23 日 (2) 花生市场展望 系北河南产区分化、油商提前分离的格局,核心在河南产区上市供应滞后,东北产区基层农户及商贩 持货待涨心理普遍,筛选厂及市场维持低刚需流转库存的阶段性矛盾。河南产区农忙尚未完全结束，入户 后卖货不积极,有效供应量依然有限,东北产区平稳僵持一周左右,油厂落价信 ...

油厂收购价下调 花生盘面冲高回落 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 GALAXY FUTURES 1 227/82/4 228/210/172 181/181/181 87/87/87 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 | 10 | 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 花生策略推荐 2 GALAXY FUTURES 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 ◼ 期权策略：可以尝试卖出pk601-P-7600期权策略。 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 ◼ 交易逻辑：花生成交量增加，河南通货花生价格上涨，山东花生 ...

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].

Group 1: Report Overview - Report Title: Peanut Daily Report, dated November 20, 2025 [1] - Researcher: Liu Dayong, with futures trading certificate number F03107370 and investment consulting certificate number Z0018389 [1] Group 2: Investment Rating - No investment rating for the industry is provided in the report. Group 3: Core Viewpoints - The short - term peanut spot price is relatively stable due to stable domestic peanut prices, stable import peanut prices, large price differences between oil - type and commodity peanuts, a high price difference between Henan and Northeast peanuts, increased supply, and weak downstream demand [4][8] - Peanut oil spot prices are stable, peanut meal prices have been stable recently, and oil mills' theoretical crushing profits are good [4][6][8] - The peanut futures will continue to fluctuate at the bottom, and there is still room for the price of the new - season peanut 01 contract to decline because the expected output of the new - season peanuts is higher than last year, and the planting cost has decreased [8] Group 4: Summary of Each Section Part 1: Data Futures Market - PK604 closed at 7816, down 26 (-0.33%), with a trading volume of 28,344 (-12.99%) and an open interest of 18,927 (-3.62%) - PK510 closed at 8152, up 2 (+0.02%), with a trading volume of 30 (-57.75%) and an open interest of 633 (-1.86%) - PK601 closed at 7788, down 6 (-0.08%), with a trading volume of 80,370 (-22.75%) and an open interest of 136,355 (-10.13%) [2] Spot Market - Spot prices in Henan Nanyang, Shandong Jining, and Shandong Linyi were 7200, 7600, and 7600 respectively, with no change - The price of Rizhao peanut meal was 3250, and Rizhao soybean meal was 3000, with no change - The price of peanut oil was 14550, and Rizhao first - grade soybean oil was 8450, down 100 [2] Import Prices - The price of Sudanese peanuts was 8600, and Senegalese peanuts was 7600, with no change [2] Spreads - PK01 - PK04 spread was - 28, up 20; PK04 - PK10 spread was - 336, down 28; PK10 - PK01 spread was 364, up 8 [2] Part 2: Market Analysis - Peanut prices in Henan and Northeast China were stable. For example, 308 common peanuts in Fuyu, Jilin were 4.45 yuan/jin, and in Changtu, Liaoning were 4.5 yuan/jin. Henan's Baisha common peanuts were 3.55 - 3.85 yuan/jin, and in Shandong Junan were 3.5 yuan/jin - Imported peanut prices were stable, with Sudanese refined peanuts at 8600 yuan/ton, Senegalese at 7600 yuan/ton, Brazilian new peanuts at 9200 yuan/ton, and Indian 50/60 peanuts at 8000 yuan/ton - Some peanut oil mills started purchasing, with the mainstream transaction price at 7200 - 7350 yuan/ton and the theoretical break - even price at 7900 yuan/ton - Peanut oil and soybean oil prices were stable, with domestic first - grade ordinary peanut oil at 14500 yuan/ton and small - pressed fragrant peanut oil at 16500 yuan/ton - Rizhao soybean meal spot price fell to 2990 yuan/ton, down 10 yuan/ton. The unit - protein price difference between peanut meal and soybean meal was low, and peanut meal was relatively strong in the short term, with 48 - protein peanut meal at 3210 yuan/ton [4][6] Part 3: Trading Strategies - Unilateral: Peanut contracts 01 and 05 will fluctuate at a low level. Short - sell the 01 contract on rallies [9] - Spread: Reverse - arbitrage the 1 - 5 spread on rallies [10] - Options: Hold the short position of the pk601 - P - 7600 put option [11] Part 4: Related Attachments - The report provides six figures, including Shandong peanut spot prices, peanut oil mill crushing profits, peanut oil prices, peanut spot - futures basis, 10 - 1 contract spreads, and 1 - 4 contract spreads [13][18][20]

粮油批发价格基本平稳，其中大米、菜籽油均与前一周基本持平，豆油、花生油分别下降0.2%和 0.1%，面粉上涨0.2%。 商务大数据显示，11月10日至16日，全国食用农产品市场价格与前一周（环比，下同）持平。 30种蔬菜平均批发价格每公斤5.67元，下降0.4%，其中菜花、油菜、西兰花分别下降7.8%、7.6%和 4.9%。 水产品批发价格略有下降，其中鲫鱼、鲢鱼、草鱼分别下降1.4%、0.5%和0.1%。 6种水果平均批发价格小幅上涨，其中西瓜、葡萄、梨分别上涨3.7%、1.0%和0.2%。 禽产品批发价格略有波动，其中鸡蛋下降0.3%，白条鸡上涨0.2%。 肉类批发价格小幅波动，其中猪肉每公斤18.42元，下降1.0%，牛肉与前一周持平，羊肉上涨0.3%。 ...

| 品种 | 零售价格 | 环比 | 同比 | | | --- | --- | --- | --- | --- | | | （元/公斤、升） | （%） | （%） | | | 粮食 | | | | | | 大米 | 6.56 | 0.0 | 0.2 | | | 面粉 | 6.14 | 0.2 | -2.1 | | | 食用油 | | | | | | 豆油 | 12.86 | 0.2 | -1.7 | | | 花生油 | 28.65 | 0.1 | -1.0 | | | 菜籽油 | 16.72 | 0.0 | -2.3 | | | 调和油 | 15.55 | -0.1 | -1.3 | | | 猪肉 | | | | | | 后腿肉 | 26.68 | -0.4 | -14.5 | | | 鸡肉 | | | | | | 白条鸡 | 24.85 | 0.2 | -2.1 | | | 鸡蛋 | | | | | | 鲜鸡蛋 | 10.14 | 0.5 | -14.8 | | | 水产品 | | | | | | 其中：鲤鱼 | 21.43 | 0.5 | -2.8 | | | 鲢鱼 | 22.08 | -0.4 | 2 ...

Group 1: Agricultural Products Market - The national market prices for edible agricultural products remained stable from November 10 to 16, with no change compared to the previous week [1] - Wholesale prices for grains and oils were mostly stable, with rice and rapeseed oil holding steady, while soybean oil and peanut oil decreased by 0.2% and 0.1% respectively, and flour increased by 0.2% [1] - Poultry product prices showed slight fluctuations, with eggs decreasing by 0.3% and white-cut chicken increasing by 0.2% [1] - Meat wholesale prices experienced minor changes, with pork priced at 18.42 yuan per kilogram, down by 1.0%, while beef remained stable and lamb increased by 0.3% [1] - The average wholesale price of 30 types of vegetables was 5.67 yuan per kilogram, down by 0.4%, with cauliflower, rapeseed, and broccoli decreasing by 7.8%, 7.6%, and 4.9% respectively [1] - Wholesale prices for aquatic products slightly declined, with crucian carp, silver carp, and grass carp decreasing by 1.4%, 0.5%, and 0.1% respectively [1] - The average wholesale price of six types of fruits saw a slight increase, with watermelon, grapes, and pears rising by 3.7%, 1.0%, and 0.2% respectively [1] Group 2: Production Materials Market - The prices of basic chemical raw materials predominantly increased, with sulfuric acid and soda ash rising by 4.1% and 0.2% respectively, while polypropylene and methanol decreased by 0.3% and 0.2% [2] - Wholesale prices for refined oil showed a slight recovery, with 0 diesel, 92 gasoline, and 95 gasoline increasing by 1.4%, 1.1%, and 0.9% respectively [2] - Prices of non-ferrous metals experienced slight increases, with aluminum, copper, and zinc rising by 2.0%, 0.9%, and 0.8% respectively [2] - Coal prices continued to rise, with coking coal, thermal coal, and anthracite priced at 1076 yuan, 788 yuan, and 1165 yuan per ton, increasing by 1.7%, 1.2%, and 0.1% respectively [2] - Rubber prices showed a slight rebound, with synthetic rubber and natural rubber increasing by 0.3% and 0.1% respectively [2] - Fertilizer prices saw a slight increase, with compound fertilizer and urea rising by 0.2% and 0.1% respectively [2] - Steel prices remained mostly stable, with rebar and high-speed wire priced at 3320 yuan and 3516 yuan per ton, increasing by 0.2% and 0.1% respectively, while channel steel remained stable and ordinary medium plate and hot-rolled strip decreased by 0.4% [2]