Group 1 - The chemical market is experiencing its worst sentiment in nearly seven to eight years, with expectations for 2026 indicating a continued oversupply and a potential decline in price volatility [1] - The chemical market is projected to face a "downward trend" in 2025, with excess pressure from industry expansion becoming more pronounced in the second half of the year [1] - Energy prices, including crude oil, ethane, and propane, have not yet found a bottom, and coal price support has weakened after a rebound [1] Group 2 - The methanol market is expected to normalize due to changes in logistics, with limited domestic supply increases but significant impacts from foreign production on port operations [2] - The polyester industry chain maintains optimistic demand expectations, with a potential increase in operating levels in 2026 and a recovery in profitability, particularly for ethylene glycol [2] - PVC faces historically high inventory issues, with prices dropping below historical records, and the main drivers in 2026 will come from capacity reductions in domestic and foreign supply [2] Group 3 - The main uncertainties for 2026 are related to "anti-involution" and "dual control," with the overall chemical sector lacking sufficient demand and driving forces, leading to a likely decrease in price volatility [3]

Core Viewpoint - The shipping market is experiencing a seasonal uptick in freight rates due to the holiday season, but polyester exports are not seeing a corresponding surge in demand, indicating a shift in market dynamics and constraints on export activities [1][2]. Group 1: Shipping Market Dynamics - The Shanghai Containerized Freight Index (SCFI) has seen a rebound, with freight rates on key routes such as Europe and the US West Coast increasing by approximately 9.5% and 20% respectively [1]. - Traditionally, rising shipping costs would lead to a rush in polyester exports, but this year, companies are exhibiting restraint due to multiple factors including changes in demand and profit margins [1][2]. Group 2: Demand and Supply Constraints - Global end-consumer demand is recovering slowly, with inflation pressures in Europe and the US limiting consumer spending power [2]. - Overseas clients have completed their basic inventory stocking and are now favoring small-batch, high-frequency replenishment, which reduces the urgency for large-scale orders [2]. - The increase in shipping costs is not driven by strong demand but rather by seasonal shipping patterns and capacity constraints, leading to a unique situation of price increases during a traditionally slow period [2]. Group 3: Impact of Tariff Policies - The imposition of tariffs under the "Trump 2.0" era has disrupted the usual shipping patterns, resulting in a year-on-year decline of about 5% in shipping volumes from Asia to North America [3]. - The expected increase in tariffs led to a temporary spike in exports last year, but this year has seen an earlier decline in export volumes due to the impact of tariff policies [3]. Group 4: Structural Changes in Orders - The absence of a "rush for orders" reflects a structural adjustment in overseas orders, characterized by a focus on essential needs, increased differentiation, and a more diverse regional distribution [5][6]. - High-end polyester products are primarily exported to Europe and Turkey, while lower-end products face intense competition in Southeast Asia, leading to compressed profit margins [5]. Group 5: Future Outlook - Short-term projections indicate that shipping rates may remain high but lack the demand support for sustained increases, suggesting a stable export environment for polyester [7]. - Long-term trends point towards a restructuring of the polyester export landscape, emphasizing the need for differentiation, market expansion, and improved supply chain efficiency [7][8]. - Companies are optimistic about 2026, anticipating a resilient textile export market supported by stable monetary policies and potential growth in emerging markets [8].

Group 1: Market Overview - PTA futures have shown strong performance, with the main contract rising to around 5000 yuan/ton, driven by expectations of an optimized supply-demand structure in the polyester industry chain for 2026 [1] - The market sentiment is turning bullish towards the end of the year due to the anticipated supply-demand dynamics [1] Group 2: Supply Dynamics - In 2026, there will be a production vacuum for PTA with no new capacity additions, allowing for potential recovery in processing fees [1] - The PX market is expected to face tight supply in the first half of next year due to no new capacity and seasonal maintenance in Q2, which may strengthen processing fees for both PX and PTA [1] - As of the end of 2025, the total capacity of mainstream PTA facilities is approximately 93.25 million tons, with an average capacity utilization rate of about 78%, a decrease of 2 percentage points compared to the same period last year [1] Group 3: Demand Dynamics - Domestic textile and apparel exports have been affected by US-China trade tensions, with a 1.6% year-on-year decline in export value from January to October this year [2] - Textile yarn exports have seen a slight increase of 0.9%, while clothing and accessories exports have decreased by 3.8%, indicating a widening decline [2] - Domestic demand for textiles and apparel is expected to grow steadily, with conservative operational attitudes in the weaving sector and low inventory levels [2] Group 4: Future Outlook - The PTA market is projected to maintain a dual increase in supply and demand in 2026, with demand growth expected to outpace supply growth, leading to continued inventory depletion [2] - It is anticipated that the processing fees for PTA will rebound in 2026, ranging between 100 to 400 yuan/ton, while the main PTA futures contract price is expected to operate between 4400 to 6000 yuan/ton, with opportunities to buy on dips around 4500 yuan/ton in the first half of the year [2]

Group 1: Asphalt Supply and Demand - Domestic asphalt supply is expected to continue growing in 2026, but demand growth is anticipated to be limited, leading to a generally loose market for asphalt spot prices [1][7] - Asphalt production is shifting towards high-cost quota crude oil due to domestic consumption tax policy reforms, which have reduced the demand for diluted asphalt and other heavy raw materials [3][7] - Domestic asphalt imports have declined, with a cumulative decrease of 7.5% year-on-year for the first ten months of 2025, while exports have increased by 46% [4] Group 2: Asphalt Production and Market Conditions - The domestic asphalt production capacity is expected to maintain a low operating rate of 25% to 35%, with an estimated production of around 28.5 million tons in 2025, reflecting an 8% year-on-year growth [3][7] - The asphalt market is projected to remain in a state of oversupply in 2026, with limited growth in demand due to fiscal constraints and a slowdown in road construction investments [5][7] - The real estate market's downturn is expected to suppress demand for asphalt waterproofing materials, keeping production rates for waterproofing companies at low levels [6][7] Group 3: Price Trends and Market Outlook - Based on cost and supply-demand dynamics, the average price of asphalt is expected to further decline in 2026, with a projected fluctuation range of 2400 to 3200 yuan per ton [8] - The overall asphalt market is likely to maintain a state of ample supply, with seasonal inventory fluctuations, while the operating rates of asphalt refineries are expected to remain constrained [7]

从供应端来看，年末碳酸锂产量仍处在高位。SMM统计数据显示，上周碳酸锂产量为22045吨，其中锂 辉石产碳酸锂13804吨，锂云母产碳酸锂2826吨，盐湖产碳酸锂3095吨，回收产碳酸锂2320吨。锂辉石 端和回收端产碳酸锂数量稳步增长，但增速放缓，云母端产量因矿石紧张而下降明显，盐湖端产量受季 节性因素影响增长放缓。宁德时代枧下窝锂矿复产进度涉及环评、矿权变更、安全许可、复产准备等流 程，乐观预计明年6月才能复产。近期，锂云母矿涨价速度明显快于锂辉石矿，锂云母矿短缺问题短期 难缓解。预计锂云母产碳酸锂量有望进一步下滑，短期碳酸锂供应将缩减。进入2026年，全球锂资源供 应预计继续保持增长，增量主要来自中国盐湖新项目（如紫金拉果错、盐湖股份）的产能释放、海外盐 湖的投产爬坡，以及非洲矿山（如Goulamina）的持续放量、澳洲P1000项目和CGP3项目的产能释放。 若宁德时代枧下窝锂矿2026年上半年产量较难释放，将使得2026年全球锂资源增量下修至不足30万吨 LCE。同时，大型锂资源新项目在2026—2027年进入空窗期，最近两年资本开支不足制约了后续产能的 增长潜力，供应压力逐渐减轻支撑锂价。 从需求 ...

Group 1 - The core viewpoint of the articles highlights the significant increase in gold and silver prices, prompting major international banks to expand their precious metals trading and logistics capabilities to capitalize on the opportunity [1][2] - The international spot gold price surpassed $4500 per ounce on October 24, marking a historic high, and the precious metals trading revenue for 12 leading banks reached approximately $1.4 billion in the first nine months of this year [1] - The year 2025 is projected to be the second most profitable year for gold trading on record, following 2020, indicating a strong market interest in precious metals [1] - Major banks, including Societe Generale, Morgan Stanley, and Mitsui, have expanded their precious metals teams this year, reflecting a renewed interest in the sector [1] - The perception of owning vaults has shifted from being seen as a dull and low-profit business to a lucrative opportunity, with some banks, including Citigroup, considering opening vaults [1] Group 2 - JPMorgan Chase's relocation of its precious metals trading department to Singapore has shocked the industry, indicating a broader shift in international finance where Asian markets are increasingly challenging Western dominance [2] - Gold has significantly outperformed Bitcoin this year, with gold prices rising by 70% in USD terms, while Bitcoin has seen a decline of 6% [2] - The divergence in the performance of gold and Bitcoin became evident in October, when Bitcoin experienced a rapid sell-off and failed to rebound, leading to a loss of over $1 trillion in the entire cryptocurrency market within six weeks [2]

期货日报网讯广州期货交易所今日(12月24日)发布通知，对碳酸锂期货部分合约的交易规则进行优化调 整。 全文如下： 各会员单位： 自2025年12月26日交易时起，非期货公司会员或者客户在碳酸锂期货LC2601、LC2602、LC2603、 LC2604、LC2605合约上单日开仓量分别不得超过400手，在碳酸锂期货LC2606、LC2607、LC2608、 LC2609、LC2610、LC2611、LC2612合约上单日开仓量分别不得超过800手。该单日开仓量是指非期货 公司会员或者客户当日在单个合约上的买开仓数量与卖开仓数量之和。套期保值交易、做市交易的单日 开仓数量不受上述标准限制。具有实际控制关系的账户按照一个账户管理。 交易所将根据市场情况对交易限额进行调整。 特此通知。 广州期货交易所 2025年12月24日 根据《广州期货交易所交易管理办法》《广州期货交易所风险管理办法》，经研究决定，对碳酸锂期货 相关合约的交易指令每次最小开仓下单数量、交易限额作如下调整： 自2025年12月26日交易时起，碳酸锂期货LC2601、LC2602、LC2603、LC2604、LC2605、LC2606、 LC26 ...

仪式上，马连庄镇中心学校潘校长表示："教育是阻断贫困代际传递的根本之策，而素质教育则是实现 教育公平的重要途径。棋类活动不仅能丰富学生的课余生活，更能促进其逻辑思维能力、专注力和综合 素养的提升，这些能力将对学生们的学习和未来生活产生积极而深远的影响。购置的棋具设备将作为学 校长期资产持续使用，学校已制定棋类社团的长期发展计划，我们将充分利用这些捐赠物资，开展丰富 多彩的棋类活动，让更多的学生受益，不辜负社会各界的期望。" 作为乡镇中心中学，马连庄镇中心学校务农家庭学生占比颇高。农忙时节，家长忙于田间农事，学生面 临"教师在校、家长在田"的情况，业余生活单一枯燥。此次捐助旨在通过资助莱西市马连庄镇中心学校 棋类社团建设，打造特色鲜明的棋类精品社团，丰富学生课余文化生活，提升学生逻辑思维能力和综合 素养。目前，采购桌椅棋具套装已全部配备到位，彻底解决了社团器材短缺的问题。专用活动室已完成 布置，成为学生们对弈交流、学习棋艺的固定场所。 爱心棋具传温情，棋韵书香润校园。中信期货秉持"党建+公益+金融"多元赋能理念，以"信兴农 童期 声"公益项目为纽带，走进莱西市马连庄镇中心学校，通过资助棋类社团建设、捐赠专业教学 ...

Core Viewpoint - The prices of platinum and palladium continue to rise due to multiple factors, with a significant increase in both futures and spot prices observed in recent months [3][4]. Price Trends - As of December 24, NYMEX platinum futures reached a high of $2395.6 per ounce, while palladium futures peaked at $2058.5 per ounce [1]. - Domestic platinum futures closed at 657.65 yuan per gram, marking a 7% increase, and palladium futures at 578.45 yuan per gram, with a 6.99% rise [1]. - Platinum spot prices increased by 163.9% from 227 yuan per gram at the beginning of the year to 599 yuan per gram, while palladium prices rose by 92.6% from 249.5 yuan per gram to 480.5 yuan per gram [3]. Supply and Demand Dynamics - The chief analyst at Gu Fengda indicates that the fundamental supply-demand imbalance for platinum is expected to persist through 2025, particularly due to a shortage in the spot market [3]. - The recent price increases are supported by loose liquidity and tightening spot market conditions, with expectations of further interest rate cuts by the Federal Reserve driving prices upward [3][4]. - The demand structure for platinum is diversified across automotive, industrial, jewelry, and investment sectors, while palladium demand is heavily concentrated in automotive applications [4]. Future Projections - Global supply deficits for platinum are projected to expand to 46.4 tons by 2025 and remain at approximately 37.9 tons in 2026, suggesting potential upward price elasticity [5]. - Conversely, palladium is expected to face a surplus of 6 tons in 2025, which may increase to 16.9 tons in 2026, indicating limited upward price potential [5]. Market Sentiment and Risks - Despite the positive price trends, there are concerns about market overheating and the potential for price corrections, as the current high prices may not be fully supported by the spot market [6][7]. - The widening price gap between futures and spot prices indicates limited acceptance of current high prices in the spot market, which could lead to arbitrage pressures [7]. - Investors are advised to approach trading with caution, focusing on protecting capital and profits rather than chasing further price increases [6][7]. Futures Market Developments - The Guangxi Futures Exchange is preparing for the first delivery of platinum and palladium futures, with a focus on ensuring smooth operations and addressing investor concerns regarding delivery processes [8][9][10]. - The exchange has established a framework for registered brands and warehouses to facilitate the delivery of platinum and palladium, with training and simulations planned ahead of the delivery start date in May 2026 [10].

Group 1 - The 20th Central Committee's Fourth Plenary Session is a historically significant meeting that provides direction for the development of the party and the country as it embarks on a new journey towards building a modern socialist country [1] - The company prioritizes learning and implementing the spirit of the 20th Central Committee's Fourth Plenary Session as a key political task, aiming to unify thoughts and actions with the decisions of the Central Committee [1] Group 2 - The company has organized a comprehensive learning initiative, with leadership taking the lead in studying the session's key documents and engaging in discussions to deepen understanding [2] - All employees are encouraged to participate in various learning formats, ensuring that the spirit of the session reaches every staff member and fosters a strong learning atmosphere [2] Group 3 - The company emphasizes understanding the core essence of the session's spirit, particularly in relation to the futures market's role in supporting the modern industrial system and enhancing resource allocation [3] - Mechanisms are being established to enhance the role of party members, promoting their involvement in key annual tasks to leverage the party's organizational advantages for business development [3] Group 4 - The company is committed to improving service quality for the energy industry, providing comprehensive support for risk management and conducting specialized training for state-owned enterprises [4] - Financial risk prevention measures are being strengthened, including the revision of marketing regulations and the establishment of compliance management protocols to ensure stable business development [4] Group 5 - The company supports rural revitalization by collaborating on innovative insurance products and providing financial assistance to local farmers, enhancing agricultural productivity and market competitiveness [5] - The company aims to deepen the implementation of the session's spirit, enhancing professional service capabilities and risk management to contribute to national economic goals [5]