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中国期货每日简报

2025-11-12桂晨曦中信期货α

AI智能总结

1.1 行情概述：11月11日，股指期货下跌，国债期货持稳；商品期货涨跌分化，金属偏强、能化偏弱。金融期货：IH和IC均下跌0.8%。商品期货：涨幅前三的是白银、黄金和菜籽油，其中白银上涨3.2%，持仓环比减少4.0%；黄金上涨2.7%，持仓环比减少4.6%；菜籽油上涨2.3%，持仓环比增加4.3%。跌幅前三的是焦煤、焦炭和SCFIS欧线，其中焦煤下跌3.8%，持仓环比增加0.3%；焦炭下跌3.6%，持仓环比增加3.4%；SCFIS欧线下跌1.9%，持仓环比减少5.5%。

1.2 上涨品种：菜油11月11日上涨2.3%。短期棕油、菜油、豆油或均呈震荡走势。前期油脂下跌对利空因素的反应已告一段落，近期市场情绪出现好转迹象，需重点关注下方技术支撑的有效性。豆油：美豆市场预期单产存在下调可能，同时需跟踪出口实际表现；南美大豆种植进度低于去年同期及五年均值；近期国内进口大豆到港量预期处于同期较高水平，预计豆油去库速度偏慢。菜油：俄罗斯菜籽大量上市，后期国内菜油供应预期回升；中加贸易关系变化及加菜籽进口情况可能影响供应端。

1.3 下跌品种：焦煤11月11日下跌3.8%至1213元/吨。焦煤供应难有起色，进口补充力度有限，中下游采购虽有放缓预期，但煤矿库存降至近年低位，后续也难有大幅累库可能，基本面到年底前预计保持健康，预计焦煤价格震荡运行。焦炭11月11日下跌3.6%至1685元/吨。三轮提涨后钢厂利润压力较大，对后续继续提涨有所抵触，但焦炭成本支撑偏强，叠加钢厂采购需求仍存，焦钢博弈将持续，预计焦炭价格震荡运行。

2.1 宏观要闻：国家发改委召开民营企业座谈会，就“十五五”时期服务业发展听取意见建议。外交部敦促欧盟为中国企业提供公平、透明、非歧视的营商环境。

2.2 行业要闻：基金业协会起草了《公开募集证券投资基金主题投资风格管理指引》，向各家基金管理人征求意见，旨在规范主题投资基金风格漂移问题，规范主题投资基金的投资风格管理与监督行为。

China Futures Daily Note中国期货每日简报桂晨曦Gui Chenxi从业资格号Qualification No：F3023159投资咨询号Consulting No.：Z0013632 CITIC Futures International Service Platform：https://internationalservice.citicsf.com 摘要Abstract Macro News:NDRC convenes forum with private enterprises to solicit opinions on servicesector development. Futures Prices:On Nov 11th, equity index futures declined, CGB futures stabilized; In terms ofcommodities, metals increased and energy-chemicals declined. Commentary:Rapeseed Oil,Coking Coal,Coke Risks:Macroeconomic fluctuations, geopolitical situations, and reversals in policy trends. 宏观：国家发改委召开民营企业座谈会，就“十五五”时期服务业发展听取意见建议。期货：11月11日，股指期货下跌，国债期货持稳；商品期货涨跌分化，金属偏强、能化偏弱。今日点评：菜油、焦煤、焦炭风险提示：宏观经济波动、地缘政治变化、政策趋向扭转。 Related Reports近期报告【20251110】Lithium Carbonate, Silver, Gold碳酸锂、白银、黄金【20251108】Lithium Carbonate, Silicon Metal, PTA碳酸锂、工业硅、PTA【20251107】Coking Coal, Coke, TSR 20焦煤、焦炭、20号胶 * Click on the hyperlink of report titles to read historical reports Content目录 1. China Futures期货异动.................................................................................................41.1 Overview行情概述.......................................................................................................41.2 Daily Raise上涨品种....................................................................................................51.2.1 Rapeseed Oil菜油..............................................................................................................................................51.3 Daily Drop下跌品种.....................................................................................................61.3.1 Coking Coal焦煤................................................................................................................................................61.3.2 Coke焦炭 ............................................................................................................................................................72. China News中国要闻.....................................................................................................82.1 Macro News宏观要闻...................................................................................................82.2 Industry News行业要闻...............................................................................................9 Charts图表图表1：Commodity Futures Top Daily Rise..................................................................................4中国商品期货主力连续合约涨幅前十...............................................................................................4图表2：Commodity Futures Top Daily Drop.................................................................................4中国商品期货主力连续合约跌幅前十...............................................................................................4图表3：Recent Trend of Rapeseed Oil.........................................................................................6菜油价格走势..................................................................................................................................6图表4：On Nov 11, Rapeseed Oil Rose By 2.3%.........................................................................611月11日，菜油上涨2.3%............................................................................................................6图表5：Recent Trend of Coking Coal...........................................................................................7焦煤价格走势..................................................................................................................................7图表6：On Nov 11 JM Dropped By 3.8%.....................................................................................711月11日，焦煤下跌3.8%............................................................................................................7图表7：Recent Trend of Coke......................................................................................................8焦炭价格走势..................................................................................................................................8图表8：On Nov 11, Coke Dropped By 3.6%.................................................................................811月11日，焦炭下跌3.6%............................................................................................................8图表9：The Change of Futures Prices and Open Interests........................................................10中国期货涨跌幅与持仓变化...........................................................................................................10图表10：China Futures Price.....................................................................................................11中国期货概览................................................................................................................................11 1.China Futures期货异动 1.1Overview行情概述 On Nov 11th, equity index futures declined,CGB futures stabilized;In terms ofcommodities,metalsincreasedand energy-chemicalsdeclined. 1.China's financial futures:Both IH an

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