Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The market is currently in a weak - balance stage, and after the accumulation of positive signals and the display of market resilience, a market repair process is expected to occur [6]. - The 12 - month Politburo meeting and the Central Economic Work Conference are expected to set a positive tone for policies in 2026 and boost market risk appetite [6]. - The US labor market pressure remains unresolved, and the Fed may need to cut interest rates in December [6]. 3. Summary by Related Contents Market Performance - Last week, the four stock - index futures showed a narrow - range upward oscillation trend, with relatively large increases in CSI 300 and CSI 500. All main contracts remained in the futures discount mode, with the basis of IH at - 10.14, IF at - 4.61, IC at - 14.64, and IM at - 22.69 [4]. - The A - share market showed a narrow - range oscillation last week, with prominent hot - topic sectors. The prices of non - ferrous metal futures and stocks reached new highs, and the listing of a domestic chip company on Friday drove up the communication computing power sector, but the high valuation of new listings may have a negative impact on the computing power sector later [4]. - On Friday, there were multiple hot sectors such as communication computing power, commercial space, non - ferrous metals, insurance and securities, and new energy. With limited increase in overall market trading volume, funds actively attacked multiple sectors without causing obvious weakness in other sectors [4]. Comprehensive Analysis - Macroscopically, the upward trend of PPI is relatively clear, while the market's optimistic expectations for policies need verification [5]. - Overseas, the pressure on the US labor market remains, and the deteriorating labor market is the main contradiction in the Fed's monetary policy, making a December interest - rate cut necessary [6].

财达期货｜焦煤焦炭周报 2025-12-08 焦炭首轮提降落地，双焦期价继续探底 【期现行情】 上周焦煤 2605 合约周五收于 1140，周跌幅 1.04%，现货市场主流地区报价偏 弱运行。 研究员 上周焦炭 2601 合约周五收于 1585，周涨幅 0.67%，现货市场主流地区提降 50-55 元/吨落地。 姓名：申伟光 从 业 资 格 号 ： 【基本面分析】 F03088716 焦煤： 投 资 咨 询 号 ： 供应端：上周全国 523 家炼焦煤矿山核定产能利用率 85.6%，环比下降 0.4%； 精煤日均产量 75.4 万吨，环比减少 1 万吨。全国 314 家独立洗煤厂产能利用率 36.5%，环比上升 0.2%；精煤日均产量 27.1 万吨，环比增加 0.5 万吨。上周，主产 地煤矿复产节奏缓慢，部分地区煤矿因年度生产任务即将完成开始放缓生产节奏进 行控产，炼焦煤矿山核定产能利用率已连续两周下降，短期内炼焦煤原料端供应依 然受限。库存方面，焦煤价格持续偏弱，焦炭提降落地，焦企补库积极性下降，煤 矿出货压力增加，炼焦煤矿山原煤及精煤库存大幅累库，独立洗煤厂精煤库存累库 幅度增加。 需求端：焦炭首轮提降落 ...

财达期货｜生猪玉米周报 财达期货｜生猪、玉米周报 2025-12-08 生猪价格承压运行，玉米高位风险增加 研究员 姓名：田金莲 F3046737 投资咨询号： 玉米 Z0015545 生猪 上周生猪期货偏弱运行，H2603 合约报收 11085 元/吨，较前 周结算价下跌 1.6%。 从业资格号： 现货方面，全国外三元生猪市场价为 11.51 元/公斤，环比下 跌 0.12 元/公斤。利润方面，截至 12 月 5 日，自繁自养生猪养殖 利润为-167.69 元/头，环比下降 19.7 元/头；外购仔猪养殖利润 为-259.39 元/头，环比下降 10.57 元/头；猪粮比价为 4.95，周环 比下降 0.15。 上周全国生猪现货市场先涨后跌，价格整体弱稳运行。月初养 殖场出栏小幅缩量，集团场散户整体成交尚可，对生猪价格形成支 撑。随着养殖端出栏积极性提高，下游承接力较弱，生猪价格止涨 下跌。目前来看，连续偏弱调整后，养殖端有稳价情绪，但随着规 模猪企恢复正常出栏节奏，散户对后市价格信心不足，压栏意愿降 低，市场供应依旧充足，而南方腌腊需求等增量有限，终端消费端 暂无明显改善，难以对价格形成有效支撑。短期来看 ...

财达期货｜铜周报 2025-12-8 财达期货｜铜周报 铜价涨势明显 短期警惕回调 F3084967 Z0018883 行情回顾：上周沪铜主力合约走势比较强，周一和周五都有比较大幅的 上行，尤其是周五单日涨幅有 2.19%，收于 92780 元/吨，较前一周约+6.12%。 主要原因是特朗普点名鸽派人选凯文哈赛特作为美联储主席候选人，ADP 新 增就业也低于预期，市场对 12 月降息预期回升至 87%，并且持续看好 2026 年降息周期的铜行情。 研究员 姓名：张珩 从 业 资 格 号 ： 投 资 咨 询 号 ： 供需方面，中国主要铜冶炼企业与智利矿商安托法加斯塔的铜精矿加工 费年度谈判进行中，消息称其首轮报价为-15 美元/吨和-1.5 美分/磅，但中国 铜原料联合谈判小组（CSPT）此前达成 2026 年度降低矿铜产能负荷 10%以 上的共识，因此意向价格仍为正值。若冶炼企业落实减产，将削弱铜精矿需 求，有望扭转加工费下行趋势，对铜价有支撑。国内方面，12 月部分规模型 企业为完成年度目标可能小幅提升排产，但中小企业受制于资金与订单压力， 可能提前减产或停工，对整体开工率产生拖累。SMM 预计 12 月开 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - For rebar, short - term construction steel enterprises' production cuts and maintenance are increasing, leading to a significant decline in rebar production. Although the apparent demand has declined, the inventory reduction has accelerated. It is expected that rebar will maintain a relatively strong consolidation trend in the short term [5][8]. - For iron ore, short - term imported ore shipments have increased slightly, but the expected arrival volume will decline significantly next week, and port inventory pressure will gradually ease. The daily iron water volume and steel mill's daily consumption are decreasing, and steel mills are mainly adopting the winter storage replenishment strategy. It is expected that iron ore will maintain a range - bound trend later [11]. 3. Summary by Related Catalogs Rebar - **Futures**: This week, the rebar 05 contract maintained a relatively strong consolidation driven by the long - position main force. As of Friday, it closed at 3157 yuan/ton, up 40 yuan from last week, with a weekly increase of 1.28% [5]. - **Spot**: This week, the mainstream rebar prices in various regions continued to rise slightly, with average trading. As of Friday, the national average rebar price increased by 35 yuan to 3326 yuan/ton. Prices in different regions showed mixed trends [5]. - **Fundamentals**: - **Supply**: The blast furnace operating rate and iron - making capacity utilization rate of 247 steel mills decreased. The average operating rate of 90 electric - furnace steel mills decreased, while the capacity utilization rate increased. Rebar weekly output decreased by 16.77 tons to 189.31 tons, remaining at a low level year - on - year [5]. - **Demand**: This week, building material trading volume and rebar's apparent consumption both declined slightly, and the apparent consumption remained at a low level in the same period [8]. - **Inventory**: The inventory of five major steel products and rebar continued to decline slightly. As of Friday, the total rebar inventory decreased by 27.67 tons to 503.81 tons, remaining at a low level in the same period [8]. - **Basis**: As of Friday, the lowest warehouse - receipt quotation for rebar in Tianjin was 3260 yuan/ton, with a premium of 103 yuan over the rebar 05 contract, a contraction of 37 yuan from last week. The rebar basis is above the average, and it is expected to contract in the future [8]. Iron Ore - **Futures**: This week, the iron ore 05 contract maintained a weak consolidation driven by the short - position main force. As of Friday, it closed at 769.0 yuan/ton, up 1 yuan/ton from last week, with a gain of 0.13% [8]. - **Spot**: This week, the prices of mainstream imported ore varieties generally decreased slightly, and the prices of domestic iron concentrates began to stabilize and decline, with average trading [8]. - **Fundamentals**: - **Supply**: As of the 1st, the total shipments of iron ore from Australia and Brazil were 2765.8 tons, an increase of 128.4 tons. The 45 - port arrival volume was 2699.3 tons, a decrease of 117.8 tons. The arrival volume has quickly recovered to the high level of the same period [11]. - **Demand**: The daily average port clearance volume of 45 ports decreased. The weekly average trading volume of port spot iron ore increased. The daily average hot - metal output of 247 steel mills decreased, and the daily consumption of imported ore by 247 steel mills decreased. All indicators remained at medium - to - high levels in the same period [11]. - **Inventory**: As of the 28th, the 45 - port iron ore inventory continued to increase slightly, reaching 15300.81 tons. The imported iron ore inventory of 247 steel mills increased to 8984.73 tons, remaining at a relatively low level in the same period [11]. - **Basis**: As of Friday, the best - delivery product, the Carajás fines at Rizhao Port, was 808 yuan/ton, with a premium of 23 yuan over the iron ore 05 contract, a contraction of 3 yuan from last week. The iron ore basis is above the average, and it is expected to continue to contract in the future [11].

财达期货｜贵金属周报 2025-12-8 银价再创新高 牛市不言顶 研究员 上周金银价格在高位虽有一定振荡，但保持强势。国际金价仍 在每盎司 4200 美元振荡，白银价格接近每盎司 60 美元大关的历史 高位。 从业资格号： 投资咨询号： 11 月ＡＤＰ数据下滑，显示就业市场疲软 上周首次申请失业救济金人数降至 2022 年 9 月以来最低的 19.1 万，低于市场预期的 22 万,前值为 21.6 万人。但素有小非农 之称的美国 11 月 ADP 报告显示，11 月私营部门就业人数意外减少 3.2 万人。道琼斯调查的经济学家此前预计当月将增加 4 万人。这 份数据表现不佳，显示劳动力市场萎缩，使市场增大了美联储在 12 月货币政策会议上降息的预期。 9 月消费者支出显示经济放缓早已开始 美国消费者支出 9 月几乎没有变化，8 月增幅被下修至 0.2%。 这份报告原定于 10 月 31 日出炉，因政府停摆而被推迟发布。不包 括食品和能源的核心个人消费支出（PCE）价格指数较 8 月上升 0.2%， 同比升幅 2.8%。 消费支出放缓表明，在 10 月 1 日史上最长政府停摆期开始之 前，美国经济的主要增长引擎 ...

上周焦炭 2601 合约周五收于 1574.5，周跌幅 2.48%，现货市场主流地区报价 暂稳运行。 姓名：申伟光 从 业 资 格 号 ： 财达期货｜焦煤焦炭周报 2025-12-01 焦炭提降预期增强，双焦期价大幅下跌 【期现行情】 上周焦煤 2601 合约周五收于 1067，周跌幅 3.26%，现货市场主流地区报价偏 弱运行。 研究员 【基本面分析】 F03088716 焦煤： 投 资 咨 询 号 ： Z0019628 供应端：上周全国 523 家炼焦煤矿山核定产能利用率 86%，环比下降 0.9%；精 煤日均产量 76.4 万吨，环比增加 0.6 万吨。全国 314 家独立洗煤厂产能利用率 36.3%，环比下降 1.3%；精煤日均产量 26.6 万吨，环比减少 1 万吨。上周，煤矿主 产地安全及环保检查未有放松，煤矿复产节奏缓慢，且有新增停产煤矿，短期内炼 焦煤原料端供应受限。库存方面，焦煤价格持续偏弱，下游观望情绪增加，拉运积 极性下降，煤矿出货压力增加，炼焦煤矿山原煤及精煤库存大幅累库，独立洗煤厂 精煤库存累库。 需求端：钢厂高炉开工率仍维持相对高位，对炼焦煤刚性需求仍存。焦炭第四 轮提涨落地后，焦 ...

Report Overview - The report is a precious metals weekly report from Cinda Futures, covering the period up to December 1, 2025, with a focus on gold and silver price movements and related influencing factors [1] Industry Investment Rating - No industry investment rating is provided in the report Core Viewpoints - Gold and silver have returned to a bull market, with silver prices soaring. Multiple factors, including economic data, geopolitical tensions, and Fed policy expectations, are driving the upward trend in precious metal prices. While the long - term outlook for precious metals remains positive, short - term profit - taking is advisable for silver due to its sharp rise [2][3][12] Key Points by Category Precious Metal Price Movements - International gold prices have rebounded to around $4,250 per ounce, and international silver prices have soared to around $57 per ounce [3] - Silver prices skyrocketed 5% on the night of last Friday and more than 12% for the whole week, showing a typical short - squeeze rally [11] Economic Data - The Fed's "Beige Book" indicates that job seekers' situation is not optimistic, with half of the 12 surveyed regions reporting a decline in employers' hiring intentions. Many companies are limiting employee numbers through hiring freezes and other means [4] - US retail sales in September increased by 0.2% month - on - month, slower than the previous month and below expectations. The US consumer confidence index in November dropped to 88.7, a 7 - month low [4] Geopolitical Tensions - The Russia - Ukraine conflict has not reached an end. Trump's proposed peace agreement did not lead to a resolution, and the conflict continues to stimulate the rise in precious metal prices [5][7] Fed Policy Expectations - Fed officials, including New York Fed President Williams, have expressed support for a December rate cut. The probability of a December rate cut has risen from less than 40% to 70%, and according to CME data, the probability of a 25 - basis - point cut in December is 86.4%, up 45.6 percentage points from a week ago [9][10] Silver Supply - Demand Imbalance - The Shanghai Gold Exchange's silver inventory dropped by 58.83 tons in the week of November 24, reaching a low since July 3, 2016. The "cross - border migration" of commodities and increased industrial and reserve demand for silver have caused a short - term supply - demand imbalance, leading to a sharp rise in silver prices [11][12]

财达期货｜铜周报 2025-12-1 财达期货｜铜周报 F3084967 Z0018883 行情回顾：上周沪铜主力合约整体呈震荡偏强趋势，主要是受美元指数 持续走弱、美联储降息预期重新走强的影响。尤其周五夜盘大幅走强，收于 88740 元/吨，较前一周约+3.6%。 研究员 姓名：张珩 从 业 资 格 号 ： 供需方面，智利国家铜业（Codelco)对 2026 年 CIF 台湾电解铜长单报 价在 330 美元/吨，较 2025 年 85 美元/吨上涨 245 美元/吨。外媒消息称， 智利国家铜业公司目前正大幅推高其对中国客户的精炼铜年度溢价，理由是 担心可能出现铜货短缺。中国铜原料联合谈判小组（CSPT）为了加快解决目 前铜精矿加工费偏离市场合理水平，落实国家反内卷相关政策要求，成员企 业达成了多项共识，其中就包括 2026 年度降低矿铜产能负荷 10%以上，改 善铜精矿供需基本面，并抵制恶意竞争。后续供需方面支撑还是非常强的。 下游来看，国内主要精铜杆企业开工率环比微幅下降 0.89 个百分点至 69.2%， 主因铜价上升抑制下游采购情绪。临近年末，部分精铜杆企业为完成产值任 务进行冲刺。但是受限于天气渐 ...

财达期货｜螺纹钢、铁矿石 周报 请务必阅读正文之后的免责条款部分 第 1 页 共 9 页 Z0017173 期货方面：本周螺纹 01 合约在空头主力减仓驱动下维持小幅反弹。截止周 五，螺纹 01 合约收于 3110 元/吨，环比上周上涨 53 元，周涨 幅 1.73%。 从 业 资 格 号 ： F3073406 现货方面：本周螺纹主流地区价格继续小幅上调，整体成交一般。截止周 五，全国螺纹平均报价上调 23 元至 3291 元/吨；其中上海地区 螺纹价格上调 30 元至 3250 元/吨；杭州地区螺纹价格上调 40 元至 3290 元/吨；北京地区螺纹价格维持不变 3220 元/吨；天 津地区螺纹价格维持不变 3210 元/吨；广州地区螺纹价格上调 90 元至 3490 元/吨。 投 资 咨 询 号 ： 基 本 面：供给方面：全国 247 家钢厂高炉开工率 81.09%，环比减少 1.10%， 同比减少 0.53%；高炉炼铁产能利用率 87.98%，环比减少 0.60%， 同比增加 0.18%；全国 90 家电炉钢厂平均开工率 69.13%，与上 周持平，同比上升 0.79%；电炉平均产能利用率 52.73% ...