1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The price of lithium carbonate futures is on the rise, while the spot price is slightly declining. The basis is negative, and the registered warehouse receipts are increasing. There is no obvious pressure of inventory accumulation [5]. 3. Summary by Relevant Catalogs 3.1 Industrial Dynamics - **Futures Market**: The closing price of the main contract LC2605.GFE is 95,980 yuan/ton, up 3,180 yuan/ton (+3.43%) from the previous day, and the settlement price is 95,100 yuan/ton, up 1,520 yuan/ton. Compared with five trading days ago, the closing price is up 2,320 yuan/ton, and the settlement price is up 200 yuan/ton [5][7]. - **Lithium Ore**: The prices of Australian, Brazilian, Zimbabwean, and Malian lithium spodumene concentrates imported into China have all decreased compared with the previous week, while the price of South African lithium spodumene ore remains unchanged. The prices of lithium mica with different Li₂O contents have also decreased to varying degrees compared with the previous week [7]. - **Lithium Compounds**: The price of domestic 99.5% electric-grade lithium carbonate is 92,640 yuan/ton, down 70 yuan/ton from the previous day and 1,650 yuan/ton from the previous week. The price of domestic 56.5% lithium hydroxide is 81,890 yuan/ton, unchanged from the previous day and down 730 yuan/ton from the previous week. The price difference between lithium hydroxide and lithium carbonate is -10,750 yuan/ton, up 70 yuan/ton from the previous day and 920 yuan/ton from the previous week [7]. - **Ternary Materials and Downstream Products**: The prices of ternary precursors and materials remain unchanged, and the prices of some downstream products such as electrolyte and cathode materials also remain stable [7]. 3.2 Related Charts - **Ore and Lithium Prices**: Include charts of lithium mica price changes, lithium carbonate futures main contract price, lithium carbonate spot price, lithium hydroxide price, lithium carbonate basis, and the price difference between lithium hydroxide and lithium carbonate [9]. - **Cathode & Ternary Materials**: Include charts of manganese - acid lithium price, iron - phosphate lithium price, cobalt - acid lithium price, ternary precursor price, and ternary material price [11][15]. - **Trading Volume, Open Interest, and Warehouse Receipts**: Include charts of lithium carbonate main contract trading volume, open interest, and registered warehouse receipts [16][17].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - **沪铜**: Today, the main contract of Shanghai copper futures rebounded with increasing positions, and the price rose back to the 92,000 yuan mark. The weakening US dollar index in the afternoon and the warming domestic macro - atmosphere were positive for non - ferrous metals. However, rising copper prices have suppressed downstream consumption. With the upcoming December Fed meeting resolution, short - term long - short competition has intensified. Attention should be paid to the support of the 5 - day moving average [6]. - **沪铝**: The main contract of Shanghai aluminum futures also rebounded with increasing positions, reaching the 22,000 yuan mark. The weakening US dollar and improved domestic macro - environment were favorable. Rising aluminum prices led to increased downstream waiting - and - seeing sentiment, and the spot discount remained weak. Technically, attention should be paid to the pressure at the 22,000 yuan mark [7]. - **沪镍**: The main contract of Shanghai nickel futures rebounded with decreasing positions, rising to the 117,000 yuan mark. It followed the general rebound of non - ferrous metals. High - level and slow de - stocking of port nickel ore inventory and rising inventory of electrolytic nickel on the Shanghai Futures Exchange put pressure on prices, while a firm spot premium provided support. With low short - term capital attention, it is expected to follow the overall non - ferrous metal sector [8]. 3. Summary by Related Catalogs 3.1 Industry Dynamics - **Copper**: The installation of centralized energy storage systems in North America is accelerating. Samsung SDI's US subsidiary will supply LFP batteries for an energy infrastructure company, with a contract worth over 2 trillion won. The energy storage sector has driven copper demand growth, and SMM expects global copper consumption in energy storage to increase by over 50% in 2025 compared to the previous year [10]. - **Nickel**: On December 10, the price of SMM1 electrolytic nickel was 116,400 - 121,900 yuan/ton, with an average price of 119,150 yuan/ton, a decrease of 1,200 yuan/ton from the previous trading day. The average spot premium of Jinchuan 1 electrolytic nickel was 5,050 yuan/ton, an increase of 150 yuan/ton from the previous day. The spot premium and discount range of domestic mainstream brand electrowon nickel was - 100 - 400 yuan/ton [11]. 3.2 Related Charts - **Copper**: Charts include copper basis, copper monthly spread, domestic visible inventory of electrolytic copper, overseas copper exchange inventory, LME copper cancelled warrant ratio, and Shanghai Futures Exchange warrant inventory [12][13][19]. - **Aluminum**: Charts cover aluminum basis, aluminum monthly spread, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum, Shanghai - London ratio, and aluminum bar inventory [25][27][29]. - **Nickel**: Charts involve nickel basis, nickel monthly spread, Shanghai Futures Exchange inventory, LME nickel trend, and nickel ore port inventory [37][43][47].

1. Core Views - The short - term and medium - term views of both coking coal and coke are "sideways", and the intraday views are "sideways to the downside". The overall reference view is a sideways trading approach [1]. - For coking coal, the pessimistic market sentiment dominates, leading to its weak performance. For coke, the weak fundamentals cause it to decline sideways [1]. 2. Price and Logic for Coking Coal - The latest quoted price of Mongolian coking coal at the Ganqimao Port is 1170.0 yuan/ton, with a week - on - week decrease of 2.5%. The accelerating release of Mongolian coking coal imports exerts pressure on the supply side, driving the weak operation of coking coal. However, considering the expected macro - level benefits from the Politburo economic meeting in December and the expected coal mine production cuts at the end of the year, the sustainability of the current decline in coking coal futures remains to be seen. Attention should be paid to the actual coal mine production [5]. 3. Price and Logic for Coke - The latest quoted price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1620 yuan/ton, and the ex - warehouse price at Qingdao Port is 1450 yuan/ton, both remaining unchanged week - on - week. Currently, the supply pressure of coking coal drags down the weak operation of coke futures. However, considering the possible macro - level benefits from the Politburo economic meeting in December and the expected coal mine production cuts at the end of the year, the sustainability of the decline in coke remains to be seen. The main downside risk lies in the unexpectedly abundant supply of coking coal [6].

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 专业研究·创造价值 1 / 14 请务必阅读文末免责条款 资讯早班车-2025-12-10 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 20251020 | 2025/09 | GDP:不变价:当季同比 | % | 4.80 | 5.20 | 4.60 | | 20251130 | 2025/11 | 制造业 PMI | % | 49.20 | 49.00 | 50.30 | | 20251130 | 2025/11 | 非制造业 PMI:商务活 动 | % | 49.50 | 50.10 | 50.00 | | 20251114 | 2025/10 | 社会融资规模增量:当 | 亿元 | 8161.00 | 35299.00 | 14120.00 | | | | 月值 | | | | | | 20251113 | 2025/10 | M0(流通中的现金):同 比 | % | 10. ...

期货研究报告 晨会纪要 投资咨询业务资格：证监许可【2011】1778 宝城期货橡胶早报-2025-12-10 品种晨会纪要 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 | | --- | --- | --- | --- | --- | --- | --- | | 沪胶 | 2605 | 震荡 | 震荡 | 偏强 | 偏强运行 | 多空分歧出现，沪胶震荡企稳 | | 合成胶 | 2602 | 震荡 | 震荡 | 偏强 | 偏强运行 | 多空分歧出现，合成胶震荡企稳 | 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%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 3.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—商品期货能源化工板块 沪胶（RU） 日内观点：偏强 中期观点：震荡 参考观点：偏强运行 核心逻辑：随着国内云南和海南天胶产区逐渐临近停割季，未来国产全乳胶供应预期逐渐下降 ...

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The iron ore 2605 contract is expected to show a weak and volatile trend, with a weak supply - demand pattern leading to a high - level decline in ore prices [1][3] Group 3: Summary by Related Catalogs Variety Viewpoint Reference - For the iron ore 2605 contract, the short - term and medium - term trends are both volatile, while the intraday trend is weakly volatile. The overall view is weakly volatile due to the poor supply - demand pattern [1] Market Driving Logic - The supply - demand pattern of iron ore is weak. At the end of the year, steel mills' maintenance increases, leading to a continuous decline in ore terminal consumption. With the poor profit situation, the weak demand pattern is hard to change, putting pressure on ore prices. Meanwhile, domestic port arrivals decline, overseas miners' shipments increase, and both are at relatively high levels within the year. Although domestic ore supply is shrinking, there is still supply pressure. In the situation of strong supply and weak demand, the iron ore market fundamentals are weak, and ore prices continue to be under pressure to run weakly [3]

投资咨询业务资格：证监许可【2011】1778 号 宝城期货贵金属有色早报（2025 年 12 月 10 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 | | --- | --- | --- | --- | --- | --- | --- | | 黄金 | 2602 | 偏弱 | 震荡 | 震荡 偏弱 | 观望 | 降息预期升温，俄乌趋于缓和 | | 铜 | 2601 | 强势 | 强势 | 震荡 偏强 | 长线看强 | 宏观宽松，矿端减产 | 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。 主要品种价格行情驱动逻辑—商品期货 品种：黄金（AU） 日内观点：震荡偏弱 中期观点：震荡 专业研究·创造价值 1 / 3 请务必阅读文末免责条款 期货研究报告 期货研究报告 参考观点： ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The short - term view of TL2603 is to oscillate, the medium - term view is to oscillate, and the intraday view is weak, with an overall view of oscillatory consolidation. The short - term probability of interest rate cuts is low, but there are still long - term easing expectations [1]. - For financial futures in the bond index sector including TL, T, TF, and TS, the intraday view is weak, the medium - term view is to oscillate, and the reference view is oscillatory consolidation. Although there are expectations of interest rate cuts in the long term, there is supply pressure on long - term bonds in the short term and institutional profit - taking needs at the end of the year, so there is insufficient upward momentum in the short term [5]. 3. Summary by Related Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For TL2603, the short - term is oscillatory, the medium - term is oscillatory, the intraday is weak, and the view is oscillatory consolidation. The core logic is that the short - term probability of interest rate cuts is low, while there are still long - term easing expectations [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - Yesterday, treasury bond futures oscillated and rebounded. The Politburo meeting indicates that in 2026, a more proactive fiscal policy and a moderately loose monetary policy will continue to be implemented, so there are still expectations of interest rate cuts in the long term, providing strong support for treasury bond futures. However, considering the front - loaded fiscal efforts in the first quarter and the supply pressure of long - term bonds, as well as institutional profit - taking needs at the end of the year, the short - term upward momentum of treasury bond futures is insufficient. Overall, treasury bond futures are under pressure and support, and will mainly oscillate and consolidate in the short term [5].

投资咨询业务资格：证监许可【2011】1778 号 ◼ 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 偏强 | 低位震荡 | 现实格局偏弱，钢价承压运行 | 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。 期货研究报告 宝城期货螺纹钢早报（2025 年 12 月 10 日） 期货研究报告 公司地址：浙江省杭州市求是路 8 号公元大厦南裙 1-5 楼。 咨询热线：400 618 1199 获 取 每 日 期 货 观 点 推 送 扫码关注宝城期货官方微信·期货咨询尽在掌握 服 务 国 家 走 向 世 界 知行合一 专 业 敬 业 诚 信 至 上 合 规 经 营 严谨管理 开 拓 进 取 3.震荡偏强/偏弱只针对日内观点， ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货股指期货早报（2025 年 12 月 10 日） ◼ 品种观点参考—金融期货股指板块 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 | | --- | --- | --- | --- | --- | --- | | IH2512 | 震荡 | 震荡 | 偏强 | 震荡偏强 | 政策利好预期持续发酵 | 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%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 3.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—金融期货股指板块 品种：IF、IH、IC、IM 日内观点：偏强 中期观点：震荡 参考观点：震荡偏强 核心逻辑：昨日各股指均震荡小幅回调。沪深京三市全天成交额 1.92 万亿元，较上日成交额缩量 1340 亿元。政治局会议指出 2026 年将继续实施更加积极的财政政策和 ...