Report Industry Investment Rating - Not provided in the report Core Viewpoints - The supply of large pigs for slaughter in China is gradually increasing, combined with the recent rise in swine fever, leading to a short - term increase in slaughter and suppressing pig prices. It is expected that both the supply of pigs and pork will increase. On the demand side, the domestic macro - environment is expected to improve, and the demand for cured meat is gradually being released, supporting the price bottom, but overall consumption remains unoptimistic. The market is expected to see both increased supply and demand this week, with pig prices experiencing short - term fluctuations and a decline, and medium - term price movements likely to remain within a range. Attention should be paid to the monthly slaughter rhythm changes of large - scale farms and the dynamic changes in the secondary fattening market [8]. - The basis shows that the national average spot price is 11,450 yuan/ton, and the basis of the 2603 contract is 65 yuan/ton, indicating that the spot price is at a premium to the futures price, presenting a neutral situation [8]. - As of September 30, the pig inventory was 436.8 million heads, a 0.2% month - on - month increase and a 2.3% year - on - year increase; as of the end of September, the inventory of breeding sows was 40.35 million heads, a 0.01% month - on - month increase and a 0.66% year - on - year decrease, showing a bearish trend [8]. - The price is above the 20 - day moving average and moving upwards, indicating a bullish trend [8]. - The net position of the main players is short, and the short positions are increasing, showing a bearish trend [8]. - In the near term, both the supply and demand of pigs are increasing. It is expected that pig prices will enter a weak - oscillation pattern this week, with the LH2603 contract oscillating in the range of around 11,200 - 11,600 [8]. Summary by Directory 1. Daily Prompt - Not provided in the report 2. Recent News - The domestic pig consumption market is affected by the approaching peak demand season, and with the spread of swine fever, the number of pigs for slaughter has increased, leading to an increase in pig supply. The spot price is expected to remain in an oscillatory pattern in the short and medium term [10]. - As the demand for cured meat approaches the end of the year, the pig spot market is gradually entering a phase of high supply and demand. The room for further short - term price decline may be limited, and prices may return to an oscillatory trend [10]. - The losses in domestic pig farming have recently shifted to small fluctuations, and short - term profits still remain in the red. The enthusiasm for slaughtering large pigs has rebounded in the short term, and the increase in both supply and demand supports the short - term price expectations of pig futures and spot markets [10]. - The spot price of pigs has stopped falling and stabilized, returning to an oscillatory pattern. The futures market remains weak in the short term but may generally maintain a range - bound pattern in the medium term. Further observation of the growth of supply and demand is needed in the future [10]. 3. Bullish and Bearish Factors Bullish - The domestic pig supply has entered the peak season at the end of the year [12]. - The room for further decline in the domestic pig spot price may be limited [12]. Bearish - The domestic macro - environment is expected to improve due to the initial Sino - US trade agreement [12]. - The domestic pig inventory has increased year - on - year [12]. Main Logic - The market is focusing on the situation of pig slaughter and fresh meat demand [12]. 4. Fundamental Data Futures and Spot Prices - The table shows the prices of pig futures (near - month 2601, main 2603), pig futures warrants, and the spot prices of ternary hybrid pigs in different regions from December 10 - 17, 2025 [13]. Other Fundamental Charts - There are multiple charts showing the trends of basis and spreads in the pig futures market, the average prices of different pig specifications in the spot market, various supply - side indicators (such as binary sow prices, piglet indicators, inventory, import, cost, profit, etc.), slaughter - end prices and profits, demand - side consumption trends, pig - to - grain ratio, and the situation of pig reserve purchases and releases [14][16][22] 5. Position Data - Not provided in the report

交易咨询业务资格：证监许可【2012】1091号 棉花早报——2025年12月18日 大越期货投资咨询部 王明伟 从业资格证号：F0283029 投资咨询证号： Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 利多：年前下游补库，商业库存同比降低。对美出口关 税比前期降低10%。 利空：总体外贸订单下降，库存增加。新棉即将大量上 市。目前处于传统消费淡季。 • 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建 议。我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 棉花： 1、基本面：2026新疆棉种植面积调控，预计可能减幅超10%。ICAC11月报：25/26年度产量 2540万吨，消费2500万吨。USDA11月报：25/26年度产量261 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - The supply pressure of asphalt remains high, and the demand recovery is weak. The overall market is affected by factors such as high - cost crude oil, insufficient demand for high - price goods, and the strengthening expectation of the European and American economic recession. It is expected that the asphalt market will fluctuate narrowly in the short term, with the asphalt 2602 contract oscillating in the range of 2983 - 3041 [8][9][12][13] 3. Summary According to the Directory 3.1 Daily Views - **Supply - side**: In December 2025, the total planned asphalt production is 2158000 tons, a month - on - month decrease of 3.24%. This week, the sample capacity utilization rate of domestic petroleum asphalt decreased by 0.18 percentage points month - on - month, the sample enterprise output decreased by 0.59% month - on - month, and the device maintenance volume increased by 14.29% month - on - month. The refinery has reduced production this week, and the supply pressure may be reduced next week [8] - **Demand - side**: The current demand for asphalt is lower than the historical average. The heavy - traffic asphalt, building asphalt, and modified asphalt (except for road - modified asphalt) have low and declining or flat opening rates [8] - **Cost - side**: The daily asphalt processing profit is - 361.95 yuan/ton, a month - on - month decrease of 12.00%, and the weekly delayed coking profit of Shandong local refineries is 981.9371 yuan/ton, a month - on - month decrease of 2.11%. The asphalt processing loss has decreased, and the profit difference between asphalt and delayed coking has decreased. The weakening of crude oil is expected to weaken the short - term support [9] - **Comprehensive Judgment**: The fundamentals are bearish, the basis is bearish, the inventory is neutral, the disk is neutral, and the main position is bearish. It is expected that the disk will fluctuate narrowly in the short term, with the asphalt 2602 contract oscillating in the range of 2983 - 3041 [8][9] - **Leverage Factors**: Bullish factors include the relatively high cost of crude oil providing some support; bearish factors include insufficient demand for high - price goods and the overall downward demand with a strengthened expectation of the European and American economic recession [11][12] 3.2 Asphalt Market Overview - The report presents the previous day's asphalt market overview, including the prices, basis, inventory, production, and profit of different contracts and varieties, as well as their changes compared with the previous values [15] 3.3 Asphalt Futures Market Analysis - **Basis Trend**: It shows the historical trends of the Shandong and East China basis of asphalt from 2020 to 2025 [17][18][19][20] - **Spread Analysis**: - **Main Contract Spread**: Displays the historical trends of the 1 - 6 and 6 - 12 contract spreads of asphalt from 2020 to 2025 [22][23] - **Asphalt - Crude Oil Price Trend**: Illustrates the historical price trends of asphalt, Brent crude oil, and West Texas Intermediate crude oil from 2020 to 2025 [25][26] - **Crude Oil Crack Spread**: Shows the historical crack spreads of asphalt and different types of crude oil (SC, WTI, Brent) from 2020 to 2025 [27][28][29] - **Asphalt, Crude Oil, and Fuel Oil Price Ratio Trend**: Presents the historical price ratio trends of asphalt, crude oil, and fuel oil from 2020 to 2025 [31][33] 3.4 Asphalt Spot Market Analysis - It shows the historical price trend of Shandong heavy - traffic asphalt from 2020 to 2025 [34][35] 3.5 Asphalt Fundamental Analysis - **Profit Analysis**: - **Asphalt Profit**: Displays the historical profit trend of asphalt from 2019 to 2025 [37][38] - **Coking - Asphalt Profit Spread Trend**: Shows the historical profit spread trend between coking and asphalt from 2020 to 2025 [40][41][42] - **Supply - side Analysis**: - **Shipment Volume**: Presents the historical weekly shipment volume of asphalt from 2020 to 2025 [44][45] - **Diluted Asphalt Port Inventory**: Shows the historical domestic diluted asphalt port inventory from 2021 to 2025 [46][47] - **Production**: Displays the historical weekly and monthly production of asphalt from 2019 to 2025 [49][50][51] - **Marey Crude Oil Price and Venezuelan Crude Oil Monthly Production Trend**: Illustrates the historical price trend of Marey crude oil and the monthly production trend of Venezuelan crude oil from 2018 to 2025 [52][54] - **Local Refinery Asphalt Production**: Shows the historical monthly production of local refinery asphalt from 2019 to 2025 [55][56] - **Operating Rate**: Displays the historical weekly operating rate of asphalt from 2021 to 2025 [58][59] - **Maintenance Loss Estimation**: Shows the historical maintenance loss estimation trend of asphalt from 2018 to 2025 [60][61] - **Inventory Analysis**: - **Exchange Warehouse Receipts**: Displays the historical exchange warehouse receipts (total, social inventory, and factory inventory) of asphalt from 2019 to 2025 [63][64][65][66] - **Social Inventory and Factory Inventory**: Shows the historical social inventory (70 samples) and factory inventory (54 samples) of asphalt from 2022 to 2025 [67][68] - **Factory Inventory Inventory Ratio**: Displays the historical factory inventory inventory ratio of asphalt from 2018 to 2025 [70][71] - **Import - Export Situation**: Shows the historical import and export trends of asphalt from 2019 to 2025, as well as the historical import price spread trend of South Korean asphalt from 2020 to 2025 [73][74][76][77] - **Demand - side Analysis**: - **Petroleum Coke Production**: Displays the historical production of petroleum coke from 2019 to 2025 [79][80] - **Apparent Consumption**: Shows the historical apparent consumption of asphalt from 2019 to 2025 [82][83] - **Downstream Demand**: - **Highway Construction and Related Indicators**: Displays the historical trends of highway construction traffic fixed - asset investment, new local special bonds, and infrastructure investment completion year - on - year from 2019 to 2025 [85][86][87] - **Downstream Machinery Demand**: Shows the historical sales trends of asphalt concrete pavers, excavator monthly operating hours, domestic excavator sales, and roller sales from 2019 to 2025 [89][90][91][92][93] - **Asphalt Operating Rate**: - **Heavy - Traffic Asphalt Operating Rate**: Displays the historical operating rate of heavy - traffic asphalt from 2019 to 2025 [94][95] - **Asphalt Operating Rate by Use**: Shows the historical operating rates of building asphalt, modified asphalt, and other types of asphalt from 2019 to 2025 [97][98] - **Downstream Operating Conditions**: Displays the historical operating rates of shoe - material SBS - modified asphalt, road - modified asphalt, and waterproofing membrane - modified asphalt from 2019 to 2025 [99][100][101][102] - **Supply - Demand Balance Sheet**: Presents the monthly supply - demand balance sheet of asphalt [104]

Report Information - Report Title: Polyolefin Morning Report - Date: December 18, 2025 - Author: Jin Zebin from Dayue Futures Investment Consulting Department [2][3] Industry Investment Rating - Not provided in the report Core Viewpoints - The LLDPE and PP main contracts have weak disk trends, with oversupply in the fundamentals, neutral industrial inventories, and weakening downstream demand. It is expected that both LLDPE and PP will show volatile trends today [4][6] Summary by Relevant Catalogs LLDPE Overview - **Fundamentals**: In November, the official PMI was 49.2, up 0.2 points from the previous month, indicating stable manufacturing sentiment. OPEC+ decided to maintain the production plan set in early November, with a 137,000 barrels per day increase in December and a suspension of the increase plan from January to March 2026. Coal prices have declined, and coal - based production profits have stabilized. The demand for agricultural films is relatively stable, while the demand for packaging films has weakened after the peak season. The current spot price of LLDPE delivery products is 6460 (-60), and the overall fundamentals are bearish [4] - **Basis**: The basis of the LLDPE 2601 contract is -19, with a premium/discount ratio of -0.3%, which is neutral [4] - **Inventory**: The comprehensive PE inventory is 523,000 tons (+15,000 tons), which is bearish [4] - **Disk**: The 20 - day moving average of the LLDPE main contract is downward, and the closing price is below the 20 - day line, which is bearish [4] - **Main Position**: The net long position of the LLDPE main contract is decreasing, which is bullish [4] - **Expectation**: The LLDPE main contract has a weak disk trend, with oversupply in the fundamentals, neutral industrial inventories, and weakening downstream demand. It is expected to show a volatile trend today [4] - **Likely Factors**: Cost support [5] - **Negative Factors**: Weak downstream demand year - on - year and a large number of new production capacities in the fourth quarter [5] - **Main Logic**: Oversupply and domestic macro - policies [5] PP Overview - **Fundamentals**: In November, the official PMI was 49.2, up 0.2 points from the previous month, indicating stable manufacturing sentiment. OPEC+ decided to maintain the production plan set in early November, with a 137,000 barrels per day increase in December and a suspension of the increase plan from January to March 2026. Coal prices have declined, and coal - based production profits have stabilized, while PDH profits have continued to decline with the strong propane price. The overall demand for plastic weaving has entered the off - season and declined, while the demand for pipes is acceptable. The current spot price of PP delivery products is 6250 (-0), and the overall fundamentals are bearish [6] - **Basis**: The basis of the PP 2601 contract is -4, with a premium/discount ratio of -0.1%, which is neutral [6] - **Inventory**: The comprehensive PP inventory is 538,000 tons (+1000 tons), which is bearish [6] - **Disk**: The 20 - day moving average of the PP main contract is downward, and the closing price is below the 20 - day line, which is bearish [6] - **Main Position**: The net short position of the PP main contract is increasing, which is bearish [6] - **Expectation**: The PP main contract has a weak disk trend, with oversupply in the fundamentals, the propane price driving the disk, neutral industrial inventories, and weakening downstream demand. It is expected to show a volatile trend today [6] - **Likely Factors**: Cost support [7] - **Negative Factors**: Weak downstream demand year - on - year and a large number of new production capacities in the fourth quarter [7] - **Main Logic**: Oversupply and domestic macro - policies [7] Spot and Futures Market and Inventory Data - **LLDPE**: The spot price of delivery products is 6460 (-60), the price of the 05 contract is 6479 (-64), the basis is -19 (+4), the number of warehouse receipts is 11332 (0), the comprehensive PE factory inventory is 523,000 tons (+15,000 tons), and the social PE inventory is 469,000 tons (+12,000 tons) [8] - **PP**: The spot price of delivery products is 6250 (0), the price of the 05 contract is 6254 (-2), the basis is -4 (+2), the number of warehouse receipts is 10730 (-4383), the comprehensive PP factory inventory is 538,000 tons (+1000 tons), and the social PP inventory is 305,000 tons (-10,000 tons) [8] Supply - Demand Balance Sheets - **Polyethylene**: From 2018 to 2024, the production capacity, output, and apparent consumption generally showed an increasing trend. In 2025E, the production capacity is expected to be 4319.5, with a growth rate of 20.5% [13] - **Polypropylene**: From 2018 to 2024, the production capacity, output, and apparent consumption generally showed an increasing trend. In 2025E, the production capacity is expected to be 4906, with a growth rate of 11.0% [15]

1. Report Industry Investment Rating - No information provided in the report. 2. Core Views of the Report - **PTA**: The PTA futures fluctuated and closed higher yesterday, with the spot market having a general negotiation atmosphere and a relatively strong spot basis. The PTA device has been operating stably recently, and some polyester factories' phased replenishment has driven the spot basis to strengthen. The futures market fluctuates following the cost side. It is expected that the PTA spot price will fluctuate following the cost side in the short term, and the spot basis will fluctuate within a certain range. Attention should be paid to the oil price trend and downstream load [5]. - **MEG**: On Wednesday, the ethylene glycol price had a narrow - range adjustment, and the market negotiation was acceptable. The ethylene glycol market was consolidating at a high level, and the spot basis further weakened. Affected by the news that a South China device will restart ahead of schedule, the ethylene glycol market weakened slightly. In the short - term, the ethylene glycol market is expected to be adjusted at a low level. Attention should be paid to the cost side and device changes [7]. 3. Summary According to the Directory 3.1前日回顾 - No information provided in the report. 3.2每日提示 - **PTA**: The spot price range was 4575 - 4635 yuan/ton. The mainstream spot basis was 01 - 13. The PTA factory inventory was 3.86 days, a decrease of 0.06 days compared to the previous period. The 20 - day moving average was downward, and the closing price was below the 20 - day moving average. The net short position decreased. It is expected that the short - term spot price will fluctuate following the cost side, and the spot basis will fluctuate within a range [5][6]. - **MEG**: The ethylene glycol price had a narrow - range adjustment. The spot basis further weakened, and the low - level spot transaction was around 01 contract discount of 35 yuan/ton. The inventory in East China was 75.8 tons, an increase of 3.8 tons compared to the previous period. The 20 - day moving average was downward, and the closing price was below the 20 - day moving average. The net short position increased. It is expected that the short - term market will be adjusted at a low level [7]. 3.3今日关注 - **PTA**: Attention should be paid to the oil price trend and downstream load [5]. - **MEG**: Attention should be paid to the cost side and device changes [7]. 3.4基本面数据 - **PTA Supply - Demand Balance Sheet**: From 2024 to 2025, the PTA production capacity showed an increasing trend, and the production and demand also changed accordingly. For example, in December 2025, the production capacity was 9472, and the production was 684 [11]. - **Ethylene Glycol Supply - Demand Balance Sheet**: From 2024 to 2025, the ethylene glycol production, import, and demand also had corresponding changes. For example, in December 2025, the total supply was 252, and the total demand was 247 [12]. - **Price**: The spot price of naphtha in CFR Japan increased by 9 dollars/ton to 584.5 dollars/ton; the spot price of p - xylene (PX) in CFR Taiwan, China decreased by 13 dollars/ton to 824 dollars/ton; the CCFEI price index of PTA in the domestic market decreased by 35 yuan/ton to 4615 yuan/ton; the CCFEI price index of ethylene glycol in the domestic market increased by 50 yuan/ton to 3630 yuan/ton [13]. - **Inventory Analysis**: The PTA factory inventory, ethylene glycol port inventory, and other inventories showed different trends from 2021 to 2025 [41]. - **Polyester Upstream and Downstream Start - up**: The start - up rates of PTA, p - xylene, ethylene glycol, and polyester in different periods from 2021 to 2025 showed different trends [53][57]. - **Profit**: PTA processing fees, ethylene glycol production profits, and polyester fiber production profits all changed from 2022 to 2025 [13][59].

Report Summary 1. Investment Rating The report does not provide an investment rating for the industry. 2. Core View The prices of edible oils are expected to fluctuate. The domestic fundamentals are loose, and the domestic edible oil supply is stable. Sino - US relations are tense, which has put pressure on the price of new US soybeans due to export setbacks. Malaysian palm oil inventory is neutral, and demand has improved. Indonesia's B40 policy promotes domestic consumption, and the B50 plan is expected to be implemented in 2026. The domestic edible oil fundamentals are neutral, and the import inventory is stable [2][3][4]. 3. Summary by Category Daily View - Soybean Oil - **Fundamentals**: MPOB report shows that Malaysian palm oil production in August decreased by 9.8% month - on - month to 1.62 million tons, exports decreased by 14.74% to 1.49 million tons, and the end - of - month inventory decreased by 2.6% to 1.83 million tons. The report is neutral, and the production cut is less than expected. Currently, the export data of Malaysian palm oil this month shows a 4% month - on - month increase. Entering the production - cut season, the supply pressure of palm oil decreases. [2] - **Basis**: The spot price of soybean oil is 8,260, with a basis of 438, indicating that the spot price is higher than the futures price, which is bullish [2]. - **Inventory**: On September 22, the commercial inventory of soybean oil was 1.18 million tons, up 20,000 tons from the previous period, a year - on - year increase of 11.7%, which is bearish [2]. - **Market**: The futures price is below the 20 - day moving average, and the 20 - day moving average is downward, which is bearish [2]. - **Main Position**: The long positions of the main soybean oil contract increased, which is bullish [2]. - **Expectation**: The soybean oil contract Y2605 is expected to fluctuate in the range of 7,600 - 8,000 [2]. Daily View - Palm Oil - **Fundamentals**: Similar to soybean oil, but entering the production - increase season, the supply of palm oil will increase [3]. - **Basis**: The spot price of palm oil is 8,420, with a basis of 78, indicating that the spot price is higher than the futures price, which is bullish [3]. - **Inventory**: On September 22, the port inventory of palm oil was 580,000 tons, up 10,000 tons from the previous period, a year - on - year decrease of 34.1%, which is bullish [3]. - **Market**: The futures price is below the 20 - day moving average, and the 20 - day moving average is downward, which is bearish [3]. - **Main Position**: The short positions of the main palm oil contract decreased, which is bullish [3]. - **Expectation**: The palm oil contract P2605 is expected to fluctuate in the range of 8,200 - 8,600 [3]. Daily View - Rapeseed Oil - **Fundamentals**: Similar to soybean oil and palm oil, entering the production - increase season, the supply of palm oil will increase [4]. - **Basis**: The spot price of rapeseed oil is 9,681, with a basis of 731, indicating that the spot price is higher than the futures price, which is bullish [4]. - **Inventory**: On September 22, the commercial inventory of rapeseed oil was 560,000 tons, up 10,000 tons from the previous period, a year - on - year increase of 3.2%, which is bearish [4]. - **Market**: The futures price is below the 20 - day moving average, and the 20 - day moving average is downward, which is bearish [4]. - **Main Position**: The long positions of the main rapeseed oil contract decreased, which is bearish [4]. - **Expectation**: The rapeseed oil contract OI2605 is expected to fluctuate in the range of 8,800 - 9,200 [4]. Recent利多利空Analysis - **Likely Positives**: The US soybean stock - to - use ratio remains around 4%, indicating tight supply. There is a tremor season for palm oil [5]. - **Likely Negatives**: Edible oil prices are at a relatively high historical level, and domestic edible oil inventories are continuously increasing. The macro - economy is weak, and the expected production of related edible oils is high [5]. - **Main Logic**: The global edible oil fundamentals are relatively loose [5].

交易咨询业务资格：证监许可【2012】1091号 沪锌期货早报-2025年12月18日 大越期货投资咨询部 祝森林 从业资格证号：F3023048 投资咨询证号： Z0013626 联系方式：0575-85225791 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 指标体系 沪锌: 1、基本面：外媒10月19日消息：世界金属统计局（WBMS）公布最新数据显 示，2025年9月，全球精炼锌产量为119.35万吨,消费量为122.92万吨,供应 短缺3.57万吨.1-9月,全球锌板产量为1036.32万吨,消费量为1073.69万吨, 供应短缺37.37万吨.9月份,全球锌矿产量为116.33万吨.1-9月,全球锌矿产 量为996.47万吨；偏多。 2、基差：现货23160，基差+190；偏多。 3、库存：12月17日LME锌库存较上日增加2150吨至97700吨，12月17日上期 所锌库存仓单较上日减少3265吨至47869吨；中性。 4、盘面：昨日沪锌震荡走势，收20日 ...

交易咨询业务资格：证监许可【2012】1091号 工业硅期货早报 2025年12月18日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点——工业硅 供给端来看，上周工业硅供应量为8.8万吨，环比持平。 需求端来看，上周工业硅需求为7.5万吨，环比增长4.17%.需求有所抬升. 多晶硅库存为29.3万吨，处于高位，硅片亏损，电池片亏损，组件盈利； 有机硅库存为43900吨，处于低位，有机硅生产利润为1359元/吨，处于盈 利状态，其综合开工率为74.68%，环比持平，高于历史同期平均水平；铝 合金锭库存为7.31万吨，处于高位，进口亏损为208元/吨，A356铝送至无 锡运费和利润为602.05元/吨，再生铝开工率为59.8%，还比减少2.76%,处 于高位。 成本端来看，新疆地区样本通氧 ...

交易咨询业务资格：证监许可【2012】1091号 碳酸锂期货早报 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 2025年12月18日 目 录 1 每日观点 2 基本面/持仓数据 每日观点 供给端来看，上周碳酸锂产量为21998吨，环比增长0.26%,高于历史同期平均水平。 需求端来看，上周磷酸铁锂样本企业库存为103658吨，环比减少0.02%,上周三元材料样本企业库存为 18524吨，环比减少1.68%。 供给端，2025年11月碳酸锂产量为95350实物吨，预测下月产量为98210实物吨，环比增加3.00%,2025 年11月碳酸锂进口量为25500实物吨，预测下月进口量为27000实物吨，环比增加5.88%。需求端，预计 下月需求有所强化，库存或将有所去化。成本端，6%精矿CIF价格日度环比有所增长，低于历史同期平 均水平，需求主 ...

焦煤焦炭早报（2025-12-18） 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 每日观点 焦煤： 1、基本面：部分煤矿由于年度任务完成，有自主减产现象，叠加产地安全检查频繁，产地供应延续偏 紧格局。近期中间贸易及洗煤企业参与度较低，多数企业以消耗前期库存为主，竞拍成交价与上期相比 多数下调，部分高价煤种仍出现流拍现象。考虑下游焦企刚需补库仍存，短期优质主焦煤价格依然坚挺， 而部分配焦煤出货一般，价格小幅回落；偏空 2、基差：现货市场价1120，基差58；现货升水期货；偏多 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 交易咨询业务资格：证监许可【2012】1091号 3、库存：钢厂库存801万吨，港口库存295万吨，独立焦企库存861万吨，总样本库存1957万吨，较上 周减少21万吨；偏多 6、预期：下游钢厂检修有所增加，铁水产量持续回落，带动焦煤需求转弱。叠加下游焦钢库存虽处于 低位 ...