投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 黑色金属 | 日报 2025 年 12 月 23 日 煤焦日报 专业研究·创造价值 多空交织，煤焦低位震荡 核心观点 焦炭：12 月 23 日，焦炭主力合约报收于 1741 元/吨，日内录得 0.26%的 涨幅。截至收盘，主力合约持仓量为 2.93 万手，较前一交易日仓差为 +775 手。现货市场方面，日照港准一级湿熄焦平仓价格指数最新报价为 1520 元/吨，周环比下跌 3.18%；青岛港准一级湿熄焦出库价为 1480 元/ 吨，周环比持平。当前，焦炭供需格局未明显改善，但下游冬储补库预期 和反内卷预期驱动焦炭期货止跌反弹，关注后续钢厂补库节奏。 焦煤：12 月 23 日，焦煤主力合约报收 1125.5 点，日内上涨 1.90%。截至 收盘，主力合约持仓量为 50.92 万手，较前一交易日仓差为+8361 手。现 货市场方面，甘其毛都口岸蒙煤最新报价为 1140.0 元/吨，周环比持平， 折合期货仓单成本约 1116 元/吨。目前，焦煤供应端压力阶段性释放，随 着下游冬储补库预期和反内卷预期扰动再现，市场情绪由弱转强，焦煤主 力合约低位反弹， ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 作者声明 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 钢材&铁矿石 | 日报 2025 年 12 月 23 日 钢材&铁矿石日报 专业研究·创造价值 市场情绪弱稳，钢矿震荡运行 核心观点 螺纹钢：主力期价震荡运行，录得 0.19%日涨幅，量增仓缩。现阶段， 螺纹钢供需两端低位企稳，淡季基本面并未改善，钢价继续承压，相对 利好的是成本支撑与政策预期，预计螺纹维持低位震荡运行态势，关注 钢厂生产情况。 热轧卷板：主力期价震荡运行，录得 0.21%日涨幅，量缩仓增。目前来 看，热轧卷板供需两端均大幅走弱，产业格局并未好转，库存高位去化 有限，相对利好的是政策利好预期，预计热卷价 ...

Group 1: Investment Ratings - No investment ratings are provided in the report. Group 2: Core Views - **沪铜**: The Shanghai copper market maintained a volatile trend today with a slight decline in open interest. The weakening US dollar index is favorable for non - ferrous metals, but there is strong downstream wait - and - see sentiment. The London copper is approaching the $12,000 mark, and the Shanghai copper is approaching the high of early December, facing strong technical pressure and high willingness of long - position holders to close positions. Pay attention to the support of the 5 - day moving average during the correction [6]. - **沪铝**: In the morning, the Shanghai aluminum market saw a sharp decline with reduced positions, followed by a V - shaped rebound, and the overall open interest decreased significantly. The weakening US dollar index is positive for non - ferrous metals, but the basis and calendar spread remain weak, with strong industrial constraints. The aluminum price has rebounded to the previous high, and technical pressure should be noted [7]. - **沪镍**: The Shanghai nickel market increased positions and rose again today, with the main contract price reaching the 123,000 mark. After the Bank of Japan's interest rate hike, non - ferrous metals generally rose. The Indonesian Nickel Miners Association (APNI) revealed that the Ministry of Energy and Mineral Resources (ESDM) will revise the benchmark price formula for nickel ore commodities in early 2026, increasing the expectation of industrial policy disruptions and driving up the nickel price. The strong spot premium also supports the nickel price. The Shanghai nickel has changed from a position - reducing rebound to a position - increasing rebound, breaking through the high of early December, and has strong upward momentum in the short term [8]. Group 3: Industry Dynamics - **Copper**: On December 22, the China Household Electrical Appliances Association stated that due to the soaring copper price, the "aluminum - for - copper" in the household air - conditioning industry has become a hot topic. The association put forward five initiatives, including scientific division of promotion areas and price ranges for aluminum - for - copper products, strengthening industry self - discipline, accelerating the formulation of standards for aluminum heat exchangers in household air conditioners [10]. - **Nickel**: On December 23, the SMM1 electrolytic nickel price was 121,500 - 129,000 yuan/ton, with an average price of 125,250 yuan/ton, up 3,450 yuan/ton from the previous trading day. The average premium of Jinchuan 1 electrolytic nickel was 6,900 yuan/ton, up 200 yuan/ton from the previous trading day. The domestic mainstream brand electrowon nickel spot premium and discount ranged from - 200 to 400 yuan/ton. On December 19, Mysteel reported that the APNI revealed the ESDM will revise the benchmark price formula for nickel ore in early 2026, and one of the revision points is to levy royalties on cobalt as an independent commodity [11]. Group 4: Related Charts Copper - **Copper basis**: Chart 1 shows the copper basis [12]. - **Domestic visible inventory**: Chart 3 shows the domestic visible inventory of electrolytic copper (social inventory + bonded area inventory) [13]. - **LME copper cancelled warrant ratio**: Chart 5 shows the LME copper cancelled warrant ratio [14]. - **Overseas copper exchange inventory**: Chart 4 shows the overseas copper exchange inventory [19]. - **SHFE warrant inventory**: Chart 6 shows the SHFE warrant inventory [20]. Aluminum - **Aluminum basis**: Chart 7 shows the aluminum basis [24]. - **Domestic social inventory of electrolytic aluminum**: Chart 9 shows the domestic social inventory of electrolytic aluminum [26]. - **SHFE - LME ratio**: Chart 8 shows the SHFE - LME ratio [28]. - **Aluminum calendar spread**: Chart 10 shows the aluminum calendar spread [30]. - **Overseas exchange inventory of electrolytic aluminum**: Chart 11 shows the overseas exchange inventory of electrolytic aluminum (LME + COMEX) [32]. - **Aluminum rod inventory**: Chart 12 shows the aluminum rod inventory [34]. Nickel - **Nickel basis**: Chart 13 shows the nickel basis [36]. - **LME inventory**: Chart 15 shows the LME inventory [38]. - **LME nickel trend**: Chart 17 shows the LME nickel trend [40]. - **Nickel calendar spread**: Chart 14 shows the nickel calendar spread [42]. - **SHFE inventory**: Chart 16 shows the SHFE inventory [44]. - **Nickel ore port inventory**: Chart 18 shows the nickel ore port inventory [46].

1. Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints - The report presents a comprehensive overview of the macro - economic data, commodity investment trends, financial news, and stock market conditions. It shows that the global economy is facing various factors such as geopolitical tensions, policy changes, and market fluctuations, which have different impacts on different industries and markets. For example, geopolitical factors in Venezuela and the EU's sanctions on Russia affect the energy market, while the "aluminum - for - copper" trend in the home appliance industry is influenced by the soaring copper price [5][9][10]. 3. Summary by Directory Macro Data - GDP in Q3 2025 grew at a 4.8% year - on - year rate, down from 5.2% in the previous quarter but up from 4.6% in the same period last year. - In November 2025, the manufacturing PMI was 49.2%, slightly up from 49% in the previous month but down from 50.3% in the same period last year; the non - manufacturing PMI for business activities was 49.5%, down from 50.1% in the previous month and 50% in the same period last year. - The year - on - year growth rates of M0, M1, and M2 in November 2025 were 10.6%, 4.9%, and 8% respectively. The growth rate of M1 decreased from 6.2% in the previous month, while M2 decreased from 8.2% in the previous month [1]. Commodity Investment Comprehensive - The 1 - year and 5 - year - plus LPRs remained unchanged at 3.0% and 3.5% respectively in December 2025, for the seventh consecutive month, due to stable policy rates and pressure on the banking industry's net interest margin. - Starting from December 23, 2025, China will impose temporary counter - subsidy measures on imported dairy products from the EU, with ad - valorem subsidy rates ranging from 21.9% to 42.7%. - Multiple exchanges, including the Guangzhou Futures Exchange, Zhengzhou Commodity Exchange, Dalian Commodity Exchange, Shanghai Gold Exchange, and China Financial Futures Exchange, have announced fee - reduction or exemption policies for 2026. The Shanghai Futures Exchange has adjusted the trading fees for silver futures to cool the market [2][3][4]. Metals - On December 22, platinum and palladium futures on the Guangzhou Futures Exchange hit the daily limit, with the platinum futures main contract 2606 closing at 568.45 yuan/gram, up 6.99%, and the palladium futures main contract 2606 at 508.45 yuan/gram, up 7%. The spot platinum in the overseas market broke through the $2000/ounce mark for the first time since 2008. - Spot gold reached $4400/ounce for the first time, up about 1.4%. The long - term upward trend of precious metals remains strong due to factors like the reconstruction of the credit currency system and central banks' continuous gold purchases. - The "aluminum - for - copper" trend in the home appliance industry has become a hot topic due to the soaring copper price. The China Household Electrical Appliances Association has put forward five initiatives. - Precious metals and rare metals such as silver and tungsten have seen significant price increases. The annual increase of silver has reached 137%, and that of tungsten concentrate 202%. In the past week, silver rose 8.27%, and tungsten powder rose about 18%. - Hong Kong plans to focus on developing the gold market next year, aiming to increase its gold storage to at least 2000 tons in the next three years and launch a central settlement system for gold contract trading [5][6][7]. Coal, Coking, Steel and Minerals - Six special working groups have carried out inspections in 12 key regions across the country to crack down on illegal mining and seal up abandoned mine holes. - In November 2025, India's major industries showed mixed growth. Crude oil production decreased by 3.2% year - on - year, while coal, steel, cement, and fertilizer production increased by 2.1%, 6.1%, 14.5%, and 5.6% respectively. Electricity production decreased by 2.2% [8]. Energy and Chemicals - On December 22, 2025, domestic refined oil prices were lowered. Gasoline and diesel prices were reduced by 170 yuan/ton and 165 yuan/ton respectively. - On December 22, the main contract of US crude oil rose due to the escalating situation in Venezuela, which raised concerns about supply. - The EU decided to extend economic sanctions against Russia for six more months until July 31, 2026, and introduced special counter - measures against sanctions - evading behaviors [9][10]. Agricultural Products - CBOT wheat and soybean prices rose due to the escalating Russia - Ukraine tension, which raised concerns about agricultural product exports in the Black Sea region. Chicago wheat futures rose up to 1.7%, and soybean futures up to 0.7%. - The US Department of Agriculture reported the export inspection volumes of soybeans, wheat, and corn, as well as the weekly export sales of various agricultural products in the next sales year [11]. Financial News Open Market - On December 22, the central bank conducted 67.3 billion yuan of 7 - day reverse repurchase operations at an interest rate of 1.40%. With 130.9 billion yuan of reverse repurchases maturing on the same day, the net withdrawal was 63.6 billion yuan. - The central bank issued 40 billion yuan of 6 - month RMB central bank bills in Hong Kong at a winning bid rate of 1.67% [12]. Key News - The central bank introduced a one - time credit repair policy for personal overdue information from January 1, 2020, to December 31, 2025, with a single amount not exceeding 10,000 yuan. If the overdue debt is fully repaid by March 31, 2026, the information will not be shown in the credit report. - Vanke's 2 - billion - yuan bond extension plan was rejected again, but it won a 30 - trading - day grace period. Vanke's subsidiary also extended the investment term of a 2.62 - billion - yuan insurance - related debt plan by one year. - The State Council is working on the "15th Five - Year Plan" and plans to launch major projects to drive economic growth. - The 1 - year and 5 - year - plus LPRs in December 2025 remained unchanged for the seventh consecutive month. - The Ministry of Commerce imposed temporary counter - subsidy measures on imported dairy products from the EU. - The Central Economic Work Conference deployed key reform tasks for next year, aiming to enhance economic vitality. - The draft revision of the Banking Supervision and Management Law was submitted for the first review, aiming to strengthen supervision of major shareholders and actual controllers of banking financial institutions. - The China Financial Futures Exchange will halve the delivery fees for stock index futures and treasury bond futures and the exercise (performance) fees for stock index options in 2026. - In November and December 2025, institutions increased their bond allocation. Insurance companies accelerated their bond issuance, and many banks adjusted their deposit business to stabilize the net interest margin. - There were multiple bond - related events, including Vanke's bond extension issues, and some companies' credit rating changes [14][15][16][17][18]. Bond Market - The Chinese bond market weakened overall. The yield of the 30 - year active bond "25 Super Long Special Treasury Bond 06" rose by more than 1bp, and the 30 - year main contract of treasury bond futures fell 0.28%. - In the exchange - traded bond market, Vanke's bonds showed mixed performance. The Wande Real Estate Bond 30 Index and the Wande High - Yield Urban Investment Bond Index rose slightly. - The CSI Convertible Bond Index rose 0.55%, and the Wande Convertible Bond Equal - Weighted Index rose 0.61%. - Most money market interest rates declined, while the performance of European and US bond yields was mixed [19][20][21][22]. Foreign Exchange Market - The on - shore RMB exchange rate against the US dollar closed at 7.0382 on December 22, up 28 points from the previous trading day. The central parity rate was 7.0572, down 22 points. - The US dollar index fell 0.46% in New York trading, and non - US currencies showed mixed performance [23]. Research Reports - CITIC Securities believes that the long - term and ultra - long - term bond yields are volatile at the end of the year, mainly due to the pressure on banks' liability side. In the long run, ultra - long - term bonds still have allocation value. - Huatai Fixed Income suggests continuing to layout convertible bonds on dips, paying attention to style switching, and taking weight - based varieties as the bottom position. - Huatai Fixed Income also believes that the bond market is currently desensitized to fundamentals, and institutions should focus on short - term and medium - term bonds. - CITIC Securities' chief economist Ming Ming believes that the US employment market is weak, and the Fed may cut interest rates by about 50bps next year [24][25]. Today's Reminders - On December 23, 205 bonds will be listed, 112 bonds will be issued, 72 bonds will require payment, and 135 bonds will pay principal and interest [26][27]. Stock Market - The A - share market rose significantly, with the Shanghai Composite Index up 0.69%, the Shenzhen Component Index up 1.47%, and the ChiNext Index up 2.23%. The trading volume reached 1.88 trillion yuan. Hainan Free Trade Port concept stocks and the semiconductor industry chain were strong, while pharmaceutical business stocks declined. - The Hong Kong Hang Seng Index rose 0.43%, the Hang Seng Technology Index rose 0.87%, and the Hang Seng China Enterprises Index rose 0.43%. Semiconductor and gold stocks rose, and four new stocks broke their issue prices [28].

1. Report Industry Investment Rating - No information provided in the report. 2. Core View of the Report - The report is a daily report on futures variety arbitrage data from Baocheng Futures on December 23, 2025, presenting the basis, inter - period, and inter - variety data of multiple futures varieties [1]. 3. Summary by Relevant Catalogs 3.1 Power Coal - The report provides the basis data of power coal from December 16 to December 22, 2025. During this period, the basis values were - 74.4, - 83.4, - 90.4, - 98.4, and - 106.4 yuan/ton respectively, and the 5 - month - 1 - month, 9 - month - 1 - month, and 9 - month - 5 - month spreads were all 0 [2]. 3.2 Energy and Chemicals 3.2.1 Energy Commodities - It shows the basis, price ratio, and other data of fuel oil, INE crude oil, and crude oil/asphalt from December 16 to December 22, 2025. For example, the basis of INE crude oil on December 22 was 34.10 yuan/ton [6]. 3.2.2 Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, PVC, and PP from December 16 to December 22, 2025 are provided. For instance, the basis of rubber on December 22 was - 405 yuan/ton [8]. - **Inter - period**: The 5 - month - 1 - month, 9 - month - 1 - month, and 9 - month - 5 - month spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented. For example, the 5 - month - 1 - month spread of rubber was - 40 yuan/ton [10]. - **Inter - variety**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from December 16 to December 22, 2025 are given. For example, the LLDPE - PVC spread on December 22 was 1693 yuan/ton [10]. 3.3 Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from December 16 to December 22, 2025 are shown. For example, the basis of rebar on December 22 was 194.0 yuan/ton [20]. - **Inter - period**: The 5 - month - 1 - month, 9(10) - month - 1 - month, and 9(10) - month - 5 - month spreads of rebar, iron ore, coke, and coking coal are provided. For example, the 5 - month - 1 - month spread of rebar was - 2.0 yuan/ton [19]. - **Inter - variety**: The inter - variety data of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from December 16 to December 22, 2025 are presented. For example, the rebar/iron ore ratio on December 22 was 4.00 [19]. 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from December 16 to December 22, 2025 are provided. For example, the basis of copper on December 22 was - 510 yuan/ton [27]. 3.4.2 London Market - The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit - loss data of copper, aluminum, zinc, lead, nickel, and tin on December 22, 2025 are given. For example, the LME spread of copper was 6.58 [34]. 3.5 Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc. from December 16 to December 22, 2025 are shown. For example, the basis of soybeans No.1 on December 22 was - 85 yuan/ton [41]. - **Inter - period**: The 5 - month - 1 - month, 9 - month - 1 - month, and 9 - month - 5 - month spreads of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc. are presented. For example, the 5 - month - 1 - month spread of soybeans No.1 was 49 yuan/ton [41]. - **Inter - variety**: The inter - variety data of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, etc. from December 16 to December 22, 2025 are given. For example, the soybeans No.1/corn ratio on December 22 was 1.87 [41]. 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from December 16 to December 22, 2025 are provided. For example, the basis of CSI 300 on December 22 was 46.82 [52]. - **Inter - period**: The next - month - current - month and next - quarter - current - quarter spreads of CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, the next - month - current - month spread of CSI 300 was - 15.2 [52].

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货豆类油脂早报（2025 年 12 月 23 日） 品种观点参考 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货农产品板块 品种：豆粕（M） 日内观点：震荡偏弱 中期观点：震荡 参考观点：震荡偏弱 核心逻辑：近期豆粕市场呈现近强远弱格局。美国农业部预计 2025 年大豆生产成本为 658.06 美元/ 英亩，2026 年为 678.25 美元/英亩，种植成本攀升，限制美豆期价下跌空间，但南美大豆丰产预期 及出口疲软仍制约美豆期价反弹幅度。国内进口大豆拍卖成交缩量，反映市场采购意愿下降，且无新 拍卖公告。短期豆粕近强远弱格局持续，远月走势依然偏弱。 专业研究·创造价值 1 / 3 请务必阅读文末免责条款 时间周期说明：短期为一周以内、中期为两周至一月(以前一日夜盘收盘 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货螺纹钢早报（2025 年 12 月 23 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 螺纹 2605 | 震荡 | 震荡 | 震荡 偏弱 | 低位震荡 | 基本面弱稳运行，钢价低位震荡 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 行情驱动逻辑 螺纹钢供需格局变化不大，螺纹产量小幅回升，低供应格局未变，给予钢价支撑，但短流程钢 厂利润尚可，供应存回升预期，关注后续变化。与此同时，螺纹钢需求低位弱稳运行，高频需求指 标虽环比增加，但仍是近年来同期低位，且下游行业并未好转，需求延续季节性弱势，继而承压钢 价。目前来看 ...

Report Summary 1) Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2) Report's Core View - The crude oil futures contract 2602 is expected to run strongly with short - term and medium - term oscillations and a bullish intraday trend, mainly driven by increased geopolitical risks [1][5]. 3) Summary Based on Related Catalogs Price and Trend - The short - term view of crude oil 2602 is oscillation, the medium - term view is also oscillation, and the intraday view is bullish, with a reference view of running strongly [1]. - It is estimated that domestic crude oil futures may maintain a bullish pattern on Tuesday [5]. Driving Logic - The recent sharp escalation of the US - Venezuela situation is the most direct and powerful driving force for the oil price rebound. The US has increased pressure on Venezuela, including a "full and complete blockade" of sanctioned oil tankers and plans to seize more tankers. About 600 million barrels of Venezuelan crude oil have been seized in total. Venezuela is an important oil exporter with an export volume of about 600,000 barrels per day in November. The decrease in the number of tankers going to Venezuela due to US pressure has led to concerns about a substantial gap in global crude oil supply, thus increasing the risk premium of oil prices. Geopolitical factors dominated the short - term oil market, leading to a bullish and oscillating trend in domestic crude oil futures prices on Monday night [5].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report [1][3] 2. Core Viewpoint of the Report The report predicts that the iron ore 2605 contract will experience wide - range fluctuations. The supply - demand pattern of iron ore is weakening, and the ore price is under pressure. Although short - term bullish factors support the high - level operation of the ore price, the overall fundamentals are still weak, and the upward driving force is not strong. It is expected that the ore price will maintain a high - level oscillating operation, and caution should be exercised when the trading logic switches to the real - world situation [1][3] 3. Summary of Relevant Catalogs 3.1 Variety Viewpoint Reference - For the iron ore 2605 contract, the short - term and medium - term trends are both oscillating, the intraday trend is weakly oscillating, and the overall view is wide - range oscillation. The core logic is that the supply - demand pattern is weakening, and the ore price is under pressure [1] 3.2 Market Driving Logic - Demand side: Steel mills' production is weakening, their profitability has not improved, and the demand for ore is in a weak state, which continues to put pressure on the ore price. However, the low inventory in steel mills makes the pre - festival restocking expectation relatively strong [3] - Supply side: Both the arrival at domestic ports and the shipments from miners have decreased month - on - month but are still at a high level within the year. Overseas ore supply is active. Even though domestic ore supply is shrinking, the overall ore supply remains high [3]

Report Summary 1. Report Industry Investment Rating No specific investment rating for the industry is provided in the report. 2. Report's Core View - Both Shanghai rubber (RU) and synthetic rubber (BR) are expected to run in a relatively strong manner. The short - term and medium - term trends are mainly in a state of oscillation, while the intraday trend is relatively strong [1][5][7]. 3. Summary by Related Catalogs Shanghai Rubber (RU) - **Price Trends**: Short - term: oscillation; Medium - term: oscillation; Intraday: relatively strong; Overall view: relatively strong operation [1][5] - **Core Logic**: The supply pressure of domestic full - latex has significantly decreased as domestic natural rubber producing areas in Yunnan and Hainan enter the off - season. The domestic automobile production and sales data are optimistic, and the heavy - truck sales data in November are better than expected. The industrial logic is strengthening and driving the rubber market. The conflict between Thailand and Cambodia has intensified, increasing the supply - side disturbances. The domestic Shanghai rubber futures maintained an oscillating and relatively strong trend on the night session of this Monday and are expected to continue this trend on Tuesday [5]. Synthetic Rubber (BR) - **Price Trends**: Short - term: oscillation; Medium - term: oscillation; Intraday: relatively strong; Overall view: relatively strong operation [1][7] - **Core Logic**: The domestic automobile production and sales data are optimistic, and the heavy - truck sales data in November are better than expected, strengthening the industrial logic. The cost - support effect of synthetic rubber is prominent due to the stable rebound of crude oil futures prices. The domestic synthetic rubber futures showed an oscillating and relatively strong trend on the night session of this Monday and are expected to maintain this trend on Tuesday [7].