Report Information - Report Title: Zinc Industry Weekly Report - Report Date: December 5, 2025 - Report Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) Report Industry Investment Rating - Not mentioned in the provided content Core Views Bullish Factors - Domestic zinc inventory has been continuously declining, with the inventory of zinc ingots in seven major regions decreasing by 0.38 million tons, indicating a tightening supply [3]. - Export orders have remained stable, and the improvement in weather has boosted terminal demand, supporting zinc prices [3]. Bearish Factors - The increase in LME zinc inventory indicates supply pressure, and weak consumption has suppressed zinc prices [3]. - Galvanizing enterprises in northern China have reduced their operating rates due to environmental protection restrictions, dragging down downstream demand [3]. Trading Advisory Views - It is recommended to pay attention to the impact of inventory changes and export data on short - term prices and operate with caution [3]. Summary by Directory Processing and Terminal Demand - Multiple data on the zinc processing industry, including the weekly market sentiment index, weekly inventory, and weekly output of galvanized coils, are presented in a seasonal chart format [5]. - Seasonal charts of net exports of galvanized sheets (strips), die - cast zinc alloys, color - coated sheets (strips), and zinc oxide are provided [6][8]. - Seasonal charts of real - estate - related data such as real - estate development investment, engineering progress, sales area, and land transaction area are shown [11][13][15]. - Seasonal charts of infrastructure fixed - asset investment (excluding rural households) in different sectors are presented [16]. Supply and Supply - side Profit - Seasonal charts of zinc concentrate monthly import volume, SMM zinc ingot monthly output, China's zinc ingot monthly production plus import volume, and zinc concentrate raw material inventory days are provided [19][22][23][25]. - Charts showing the relationship between SMM import and domestic zinc concentrate weekly processing fees, refined zinc enterprise production profit and domestic zinc concentrate weekly processing fees, and LME and SHFE zinc inventory are presented [21][22][25][26]. Futures and Spot Market Review - Charts of domestic and international zinc price trends, Shanghai zinc main contract trading volume and open interest, LME zinc closing price and US dollar index, LME zinc premium and discount, and zinc ingot basis are presented [28][29][30][32][34][37].

Report Overview - Report Title: Copper Weekly Report - Date: December 5, 2025 - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) 1. Industry Investment Rating - Not provided in the report 2. Core Viewpoints - Copper prices are expected to fluctuate strongly in the short term, but there is a risk of a high - level correction. Supply shortages and macro - economic positives support prices, but high prices suppress actual demand. Attention should be paid to the battle at the 90,000 yuan/ton mark [4][5] - Fundamental factors include a significant outflow of copper inventory from LME Asian warehouses and US stockpiling needs, which exacerbate regional shortages and push up prices; the probability of the Fed cutting interest rates in December has risen to 87%, with a weaker US dollar and expectations of loose liquidity supporting the financial attributes of copper prices; domestic electrolytic copper social inventory has increased, downstream buyers show obvious high - price aversion, with weak restocking willingness and light spot transactions; refined copper processing fees fluctuate at a low level, and rising costs are expected to lead to a decline in the operating rates of copper rod and strip enterprises, dragging down demand [4] 3. Summary by Directory 3.1 Copper Futures Market Data (Weekly) - **Prices and Changes**: - The latest price of SHFE Copper Main Contract is 92,780 yuan/ton, with a weekly increase of 6.12% - The latest price of SHFE Copper Index - weighted is 92,725 yuan/ton, with a weekly increase of 6.12% - The latest price of International Copper is 83,390 yuan/ton, with a weekly increase of 5.87% - The latest price of LME Copper 3 - month is 11,434 US dollars/ton, with a weekly increase of 4.61% - The latest price of COMEX Copper is 536.2 US dollars, with a weekly increase of 3.86% [6] - **Positions and Changes**: - The position of SHFE Copper Main Contract is 236,494 lots, with a weekly increase of 18,237 lots - The position of SHFE Copper Index - weighted is 653,661 lots, with a weekly increase of 107,150 lots - The position of International Copper is 5,499 lots, with a weekly increase of 4,210 lots - The position of LME Copper 3 - month is 239,014 lots, with a weekly decrease of 38,282 lots - The position of COMEX Copper is 141,978 lots, with a weekly increase of 7,685 lots [6] - **Trading Volume**: - The trading volume of SHFE Copper Main Contract is 188,062 lots - The trading volume of SHFE Copper Index - weighted is 402,980 lots - The trading volume of International Copper is 11,403 lots - The trading volume of LME Copper 3 - month is 24,540 lots - The trading volume of COMEX Copper is 42,574 lots [6] 3.2 Copper Spot Market Data (Weekly) - **Spot Prices**: - The latest price of Shanghai Non - Ferrous 1 Copper is 91,585 yuan/ton, with a weekly increase of 4,185 yuan and a weekly increase rate of 4.79% - The latest price of Shanghai Wumaotrade is 91,400 yuan/ton, with a weekly increase of 4,040 yuan and a weekly increase rate of 4.62% - The latest price of Guangdong Southern Reserve is 91,370 yuan/ton, with a weekly increase of 3,980 yuan and a weekly increase rate of 4.55% - The latest price of Yangtze Non - Ferrous is 91,540 yuan/ton, with a weekly increase of 4,100 yuan and a weekly increase rate of 4.69% [10][11] - **Spot Premiums**: - Shanghai Non - Ferrous premium is 170 yuan/ton, with a weekly increase of 60 yuan and a weekly increase rate of 54.55% - Shanghai Wumaotrade premium is 110 yuan/ton, with a weekly increase of 45 yuan and a weekly increase rate of 69.23% - Guangdong Southern Reserve premium is 140 yuan/ton, with a weekly increase of 35 yuan and a weekly increase rate of 33.33% - Yangtze Non - Ferrous premium is 155 yuan/ton, with a weekly increase of 40 yuan and a weekly increase rate of 34.78% - LME Copper (spot/3 - month) premium is 50.44 US dollars/ton, with a weekly increase of 33.88 US dollars and a weekly increase rate of 204.59% - LME Copper (3 - month/15 - month) premium is 234.51 US dollars/ton, with a weekly increase of 68.26 US dollars and a weekly increase rate of 41.06% [11] 3.3 Copper Advanced Data (Weekly) - **Copper Import Profit and Loss**: The latest value is - 1,227.97 yuan/ton, with a weekly decrease of 367.03 yuan and a weekly decrease rate of 42.63% [12] - **Copper Concentrate TC**: The latest value is - 42.7 US dollars/ton, with a weekly decrease of 0.55 US dollars and a weekly decrease rate of 1.3% [12] - **Copper - Aluminum Ratio**: The latest value is 4.1251, with a weekly increase of 0.0734 and a weekly increase rate of 1.81% [12] - **Refined - Scrap Copper Price Difference**: The latest value is 5,510.64 yuan/ton, with a weekly increase of 1,966.81 yuan and a weekly increase rate of 55.5% [12] 3.4 Copper Inventory (Weekly) - **Warehouse Receipts and Inventories in China**: - SHFE Copper warehouse receipts total 30,936 tons, with a weekly decrease of 4,308 tons and a weekly decrease rate of - 12.22% - International Copper warehouse receipts total 4,929 tons, with a weekly decrease of 573 tons and a weekly decrease rate of - 10.41% - SHFE Copper inventory is 88,905 tons, with a weekly decrease of 9,025 tons and a weekly decrease rate of - 9.22% [18] - **LME Copper Inventory**: - LME Copper registered warehouse receipts are 98,500 tons, with a weekly decrease of 52,600 tons and a weekly decrease rate of - 34.81% - LME Copper cancelled warehouse receipts are 64,325 tons, with a weekly increase of 58,250 tons and a weekly increase rate of 958.85% - LME Copper inventory is 162,825 tons, with a weekly increase of 5,650 tons and a weekly increase rate of 3.59% [18][20] - **COMEX Copper Inventory**: - COMEX Copper registered warehouse receipts are 251,509 tons, with a weekly increase of 57,173 tons and a weekly increase rate of 29.42% - COMEX Copper unregistered warehouse receipts are 184,322 tons, with a weekly decrease of 39,008 tons and a weekly decrease rate of - 17.47% - COMEX Copper inventory is 435,831 tons, with a weekly increase of 18,165 tons and a weekly increase rate of 4.35% [20] - **Other Inventories**: - Copper mine port inventory is 67.4 million tons, with a weekly increase of 7.8 million tons and a weekly increase rate of 13.09% - Social inventory is 41.82 million tons, with a weekly increase of 0.43 million tons and a weekly increase rate of 1.04% [20] 3.5 Copper Mid - stream Production (Monthly) - **Refined Copper Production**: In October 2025, the monthly production was 1.204 million tons, a year - on - year increase of 8.9%. The cumulative production from January to October was 12.295 million tons, a year - on - year increase of 9.7% [23] - **Copper Products Production**: In October 2025, the monthly production was 2.004 million tons, a year - on - year decrease of 3.3%. The cumulative production from January to October was 20.124 million tons, a year - on - year increase of 5.9% [23] 3.6 Copper Mid - stream Capacity Utilization (Monthly) - **Copper Rod Capacity Utilization**: - The capacity utilization rate of refined copper rods in October 2025 was 56.2%, with a month - on - month decrease of 9.03% and a year - on - year decrease of 5.35% - The capacity utilization rate of scrap copper rods in October 2025 was 24.11%, with a month - on - month decrease of 1.26% and a year - on - year decrease of 1.69% [25] - **Copper Plate and Strip Capacity Utilization**: The capacity utilization rate of copper plates and strips in October 2025 was 63.84%, with a month - on - month decrease of 2.4% and a year - on - year decrease of 8.4% [25] - **Copper Bar Capacity Utilization**: The capacity utilization rate of copper bars in October 2025 was 50.13%, with a month - on - month decrease of 0.77% and a year - on - year increase of 0.1% [25] - **Copper Tube Capacity Utilization**: The capacity utilization rate of copper tubes in October 2025 was 52.57%, with a month - on - month decrease of 6.87% and a year - on - year decrease of 15.63% [25] 3.7 Copper Element Imports (Monthly) - **Copper Concentrate Imports**: In October 2025, the monthly import volume was 2.451487 million tons, a year - on - year increase of 6%. The cumulative import volume from January to October was 25.098307 million tons, a year - on - year increase of 8% [28] - **Anode Copper Imports**: In October 2025, the monthly import volume was 55,239 tons, a year - on - year decrease of 8%. The cumulative import volume from January to October was 633,067 tons, a year - on - year decrease of 15% [28] - **Cathode Copper Imports**: In October 2025, the monthly import volume was 279,944 tons, a year - on - year decrease of 22%. The cumulative import volume from January to October was 2,817,921 tons, a year - on - year decrease of 6% [28] - **Scrap Copper Imports**: In October 2025, the monthly import volume was 196,607 tons, a year - on - year increase of 7%. The cumulative import volume from January to October was 1,895,530 tons, a year - on - year increase of 2% [28] - **Copper Products Imports**: In October 2025, the monthly import volume was 440,000 tons, a year - on - year decrease of 13.5%. The cumulative import volume from January to October was 4,460,000 tons, a year - on - year decrease of 3.1% [28]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - **Liduo Factors**: Strong demand for MHP, high nickel and cobalt coefficients, and significant support near the cost line limit the downside space of nickel prices [3]. - **Likong Factors**: The continuous decline in ferronickel prices and the strong bearish sentiment on the supply side drag down the market, while the continuous increase in inventory and significant fundamental pressure suppress upward movement [3]. - **Trading Consultation View**: Although the short - term fundamentals are under pressure, the space is limited under cost support, and it is recommended to build long positions [3]. 3. Summary by Relevant Catalogs 3.1 Market Data - **Nickel Futures**: The latest price of SHFE nickel main contract is 117,760 yuan/ton, down 90 yuan (-0.08%) week - on - week; SHFE nickel continuous contracts 1 - 3 have price increases ranging from 0.58% to 0.59%. LME nickel 3M is at 14,885 dollars/ton, up 65 dollars (0.60%) week - on - week. Open interest decreased by 4.0% to 118,041 lots, and trading volume decreased by 29.15% to 103,322 lots. Warehouse receipts increased by 5.36% to 35,096 tons, and the basis of the main contract increased by 250.00% to 105 yuan/ton [4]. - **Stainless Steel Futures**: The latest price of stainless steel main contract is 12,425 yuan/ton, unchanged week - on - week; continuous contracts 1 - 3 have price increases of 0.49% - 0.68%. Trading volume decreased by 48.20% to 84,742 lots, open interest decreased by 11.43% to 96,076 lots, warehouse receipts decreased by 1.52% to 62,157 tons, and the basis of the main contract decreased by 9.92% to 545 yuan/ton [4]. - **Spot Nickel**: The prices of various types of nickel, including Jinchuan nickel, imported nickel, 1 electrolytic nickel, nickel beans, and electrowon nickel, all declined, with the decline ranging from 0.22% to 0.29% [4]. - **Inventory**: Domestic social nickel inventory is 55,349 tons, an increase of 3,090 tons; LME nickel inventory is 253,116 tons, an increase of 126 tons; stainless steel social inventory is 946.9 thousand tons, an increase of 0.9 thousand tons; ferronickel inventory is 29,346 tons, a decrease of 879 tons [6]. 3.2 Upstream Nickel Ore - **Philippine Red - Laterite Nickel Ore**: The average price of Philippine red - laterite nickel ore with 1.5% grade (FOB) is presented in a long - term trend chart [16]. - **China's Port Nickel Ore Inventory**: China's port nickel ore inventory shows a seasonal trend from 2021 - 2025 [16]. - **Nickel Pig Iron Price**: The average national ex - factory price of 8 - 12% nickel pig iron and the average landed - duty - paid price of Ni≥14% Indonesian nickel pig iron are presented in trend charts [17]. - **Nickel Pig Iron Production**: China and Indonesia's nickel pig iron monthly production shows seasonal trends from 2021 - 2025 [19][20]. 3.3 Downstream Nickel Sulfate - **Battery - Grade Nickel Sulfate Price**: The average price of battery - grade nickel sulfate shows a trend from 2024 - 2025, and its premium over primary nickel (plate) is also presented [22][24]. - **Profit Margin**: The profit margin of producing nickel sulfate from nickel beans and the profit margin of producing electrowon nickel from externally purchased nickel sulfate in China show seasonal trends [25]. - **Production and Capacity**: China's monthly production of nickel sulfate (in metal tons) and the seasonal monthly capacity of ternary precursors are presented from 2021 - 2025 [26]. 3.4 Stainless Steel - **Profit Margin**: The seasonal profit margin of China's 304 stainless steel cold - rolled coils from 2021 - 2025 is presented [28]. - **Production and Inventory**: Stainless steel monthly production and inventory show seasonal trends from 2021 - 2025 [30][31].

| | 收盘价 | 今日涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 生猪01 | 11385 | 0 | 0% | | 生猪03 | 11085 | -105 | -0.94% | | 生猪05 | 11805 | -65 | -0.55% | | 生猪07 | 12590 | -30 | -0.24% | | 生猪09 | 13515 | -10 | -0.07% | | 生猪11 | 13770 | -5 | -0.04% | 饲料养殖日报 2025/12/05 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z000220 审核：唐韵 Z0002422 【免责声明】本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和 建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形 下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The overall finished steel is supported by raw material costs, with gradually improving profits. The market may pre - trade market expectations, and steel prices are expected to fluctuate moderately. The operating range of rebar may be between 3000 - 3300, and that of hot - rolled coil between 3200 - 3500. Attention should be paid to the destocking speed of steel and downstream consumption [3]. - Steel demand has entered the off - season, and steel mills have actively carried out maintenance and production cuts. After the reduction in steel production, steel inventory has been destocked, and the contradictions in the industrial chain have been alleviated. The price of coking coal has generally declined, benefiting steel mills, and the profits of steel mills have recently increased. Steel mills now have the space and motivation for new production increases. Steel currently has low raw material inventory and has the demand for winter storage replenishment. With the approaching of the Fed's interest - rate meeting and the Central Economic Work Conference, macro - expectations provide support, and the short - term price decline space is limited [21]. - For coking coal, the marginal change in supply is limited, but the profits of terminal steel mills are under pressure, and the production of hot metal has been continuously reduced. The supply and demand of coking coal have turned into a slight surplus. Coking enterprises are actively controlling the raw material procurement rhythm due to the expected price cuts, and the inventory pressure on upstream mines is becoming apparent. Short - term coal prices will still be under pressure. For coke, as the cost of coking coal has decreased, the immediate coking profit has recovered, and the subsequent coke supply is expected to increase. As the coking enterprises' production gradually resumes, coke may face inventory accumulation pressure. Attention should be paid to the price - cut rhythm of mainstream steel mills. Considering that the futures market has already priced in 4 - 5 rounds of price cuts in advance, the spot price of coke may face more than 2 rounds of price - cut pressure [31]. - Ferroalloys face the fundamentals of high inventory and weak demand. The cost center may decline due to the impact of coking coal supply guarantee, but the supply side maintains the trend of production cuts, so the downward space for ferroalloys is limited, and they are expected to fluctuate weakly. Recently, the price of finished steel has been relatively strong, and the market may pre - hype market expectations, driving the rebound of ferroalloys. However, due to the weak fundamentals of ferroalloys themselves, they may return to their own fundamentals after the rebound [47]. - Soda ash is mainly priced based on cost. Although the cost - side expectation is firm, the valuation has no upward elasticity without a trend - based production cut. The cold repair of glass has accelerated, and the expected rigid demand for soda ash has further weakened. The expectation of maintaining a high - level supply of soda ash in the medium and long term remains unchanged. Photovoltaic glass has started inventory accumulation at a low level, and the daily melting volume is relatively stable, and the balance of heavy soda ash continues to be in surplus. In October, the export of soda ash exceeded 210,000 tons, remaining at a high level, which continues to relieve the domestic pressure to a certain extent. The high - level inventory in the upstream and mid - stream restricts the price of soda ash [61]. - In December, the expectation of cold repair of glass production lines has resurfaced, and the implementation situation is to be determined, which will definitely affect the far - month pricing and market expectations. However, the near - month 01 contract will still follow the reality (delivery logic), and the key lies in the spot price in Hubei and the expectation of warehouse receipts. In reality, with the recent acceleration of cold repair and the expected further decline in daily melting volume, but the terminal has entered the off - season, and the inventory of futures, cash, and traders in Shahe and Hubei remains at a high level, so there is still pressure on the spot price. The degree of inventory destocking in the mid - stream should be observed [84]. Summary by Related Catalogs Steel - **Prices and Spreads** - On December 5, 2025, the closing prices of rebar 01, 05, and 10 contracts were 3137, 3157, and 3192 respectively, and those of hot - rolled coil 01, 05, and 10 contracts were 3312, 3320, and 3329 respectively [4]. - The spot prices of rebar and hot - rolled coil in different regions showed slight changes on December 5, 2025. For example, the aggregated price of rebar in China was 3326 yuan/ton, and that of hot - rolled coil in Shanghai was 3300 yuan/ton [9][11]. - The 01 - 05, 05 - 10, and 10 - 01 month - spreads of rebar and hot - rolled coil also changed compared with the previous day [4]. - The 01, 05, and 10 contract ratios of rebar to iron ore and coke remained unchanged at 4 and 2 respectively on December 5, 2025 [18]. - **Seasonal Data** - Seasonal charts of rebar and hot - rolled coil's futures prices, month - spreads, and basis were provided [5][6][7]. Iron Ore - **Prices and Spreads** - On December 5, 2025, the closing prices of iron ore 01, 05, and 09 contracts were 785.5, 769, and 744 respectively, with daily changes of - 9, - 8, and - 9 respectively [22]. - The basis of iron ore 01, 05, and 09 contracts and the prices of different iron ore varieties in Rizhao also showed certain changes [22]. - **Fundamentals** - On December 5, 2025, the daily average hot - metal production was 232.3 tons, a weekly decrease of 2.38 tons and a monthly decrease of 1.92 tons. The 45 - port desulfurization volume was 318.45 tons, a weekly decrease of 12.13 tons and a monthly decrease of 2.48 tons. Other indicators such as global shipping volume, 45 - port inventory, and 247 - steel - mill inventory also changed [25]. - **Seasonal Data** - Seasonal charts of iron ore's futures month - spreads and basis were provided [23][24]. Coking Coal and Coke - **Prices and Spreads** - The month - spreads of coking coal and coke, such as 09 - 01, 05 - 09, and 01 - 05, showed different degrees of changes on December 5, 2025. The immediate coking profit, main mine - coke ratio, main rebar - coke ratio, and main coke - coal ratio also changed [35]. - The spot prices of coking coal and coke in different regions and different types showed certain fluctuations on December 5, 2025 [38]. - **Seasonal Data** - Seasonal charts of coking coal and coke's futures month - spreads, basis, and coking profit were provided [40][41][42]. Ferroalloys - **Silicon Iron** - On December 5, 2025, the silicon - iron basis in Ningxia was - 24, with a daily increase of 72. The 01 - 05, 05 - 09, and 09 - 01 month - spreads also changed. The spot prices of silicon iron in different regions remained relatively stable, and indicators such as the price of semi - coke small materials and the price of thermal coal also showed certain changes [48]. - **Silicon Manganese** - On December 5, 2025, the silicon - manganese basis in Inner Mongolia was 122, with a daily increase of 38. The 01 - 05, 05 - 09, and 09 - 01 month - spreads changed. The spot prices of silicon manganese in different regions increased slightly, and the prices of different ores and the inventory of silicon manganese also changed [49][50]. - **Seasonal Data** - Seasonal charts of silicon - iron and silicon - manganese's production costs, profits, month - spreads, and basis were provided [51][52][53]. Soda Ash - **Prices and Spreads** - On December 5, 2025, the closing prices of soda ash 05, 09, and 01 contracts were 1213, 1275, and 1137 respectively, with daily changes of - 19, - 19, and - 25 respectively. The month - spreads (5 - 9), (9 - 1), and (1 - 5) also changed. The spot prices of heavy and light soda ash in different regions remained stable, and the difference between heavy and light soda ash also remained unchanged in most regions [62]. - **Seasonal Data** - Seasonal charts of soda ash's futures prices, month - spreads, basis, inventory, production capacity utilization, and production were provided [63][64][65]. Glass - **Prices and Spreads** - On December 5, 2025, the closing prices of glass 05, 09, and 01 contracts were 1115, 1176, and 994 respectively, with daily changes of - 16, - 12, and - 16 respectively. The month - spreads (5 - 9), (9 - 1), and (1 - 5) also changed. The basis of different contracts in Shahe and Hubei also changed [85]. - **Sales and Production** - The daily sales - to - production ratios of glass in Shahe, Hubei, East China, and South China showed different degrees of fluctuations from November 28 to December 4, 2025 [86]. - **Seasonal Data** - Seasonal charts of glass's futures prices, month - spreads, basis, inventory, daily melting volume, and sales - to - production ratio were provided [87][88][89].

软商品日报 2025/12/05 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和 建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形 下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行使 独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相关 ...

. 贵金属有色金属产业日报 2025/12/05 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和建议。 在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形下做出修 改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行使独立判断。对交 易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻版、复制、发表、引用 或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有悖原意的引用、删节和修改。 本 ...

油脂油料产业日报 2025/12/05 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究 ...

软商品日报 2025/12/03 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和 建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形 下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行使 独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相关 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Views - For the pig industry, policy disturbances may affect long - term supply, with a long - term strategic strength, but short - to medium - term trends are still based on fundamentals. Recently, the second - fattening replenishment has weakened, and the near - term slaughter pressure persists, while the far - term is stronger due to expectations [3] - For the corn and starch industry, the national prices continue to rise slightly. Port and Northeast production areas are rising, while high arrivals in Shandong suppress the upward trend. The futures market is consolidating after continuous rallies, with some long - position liquidation, but the trend is strong in the medium - term [14] - For the egg industry, the long - term egg - laying hen capacity is still in surplus, with high price pressure. In the short - term, some farmers are culling or molting hens due to the rapid post - festival price decline. Overall, the capacity is at a high level but approaching an inflection point, with a generally weak direction [30] 3. Summary by Related Catalogs Pig Section - **Spot Prices**: The national average pig spot price is 11.2 yuan, down 0.12 yuan (-1.06%). Prices in various regions such as Henan, Hunan, etc., also decreased [4] - **Futures Prices**: Pig futures contracts show mixed trends. For example, the closing price of Pig 01 is 11,490 yuan, up 35 yuan (0.31%), while Pig 03 is 11,235 yuan, down 20 yuan (-0.18%) [5] - **Spreads and Basis**: Spreads and basis between different pig futures contracts and regions show significant changes. For example, LH01 - 03 spread is 200 yuan, down 90 yuan (-31.03%) [10] Corn and Starch Section - **Futures Prices**: Corn and corn starch futures prices generally rose. For example, the closing price of Corn 01 is 2,259 yuan, up 16 yuan (0.71%), and Corn Starch 01 is 2,562 yuan, up 16 yuan (0.63%) [15][16] - **Spot and Basis**: Corn spot prices in ports like Jinzhou and Shekou show different trends, and the basis also changes. For example, Jinzhou Port's corn price is 2,300 yuan, up 5 yuan, and the basis to the main - contract is 52 yuan, up 3 yuan [20] - **Month - to - Month Spreads**: Corn and starch month - to - month spreads show various changes. For example, the Corn 1 - 5 month - spread is - 37 yuan, unchanged, and the Starch 1 - 5 month - spread is - 61 yuan, up 13 yuan [23] - **US Corn Import**: CBOT corn prices rose, and the import profit from the US Gulf and West Coast is 290.98 yuan and 391.93 yuan respectively [28] Egg Section - **Futures Prices**: Egg futures prices declined. For example, the closing price of Egg 01 is 3,138 yuan, down 64 yuan (-2%) [30] - **Spot Prices**: Main - producing and main - selling areas' egg prices show different trends. The main - producing area egg price is 3.07 yuan, down 0.02 yuan (-0.65%) [31] - **Spreads and Basis**: Egg spreads and basis also changed. For example, the Egg 1 - 5 spread is - 450 yuan, down 58 yuan (14.8%) [41]