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]

Group 1: Report Core Views Palm Oil - Internationally, Malaysian BMD crude palm oil futures are in a volatile consolidation. Short - term, they tried to break through 4,200 ringgit due to the rise of US soybean oil but fell back due to the expected record - high inventory of 2.71 million tons in late November. Watch if it can stand above 4,150 ringgit to avoid a downward trend [3]. - Domestically, Dalian palm oil futures attempted to break through the annual resistance of 8,800 yuan. If Malaysian palm oil fails to break through 4,200 ringgit, Dalian palm oil may weaken, possibly falling below 8,500 yuan. It's mainly near - strong and far - weak, and focus on the annual resistance breakthrough [3]. Soybean Oil - Domestically, factory soybean oil supply is sufficient, demand is limited, and the basis in some areas has declined, dragging down the futures market. CBOT soybean oil is rising, but the geopolitical risk premium of international crude oil decreased after the US - Russia talks, affecting domestic oil markets. The January contract of Dalian soybean oil is testing 8,300 yuan and may fall back to test 8,220 yuan [4]. Bean Meal - The main contract of Dalian bean meal has shifted to the 2605 contract. The high - yield pattern restricts its upside, but La Nina may cause production cuts. The spot price is stable, and the market is trading lightly in the 3,000 - 3,200 yuan/ton range [14]. Group 2: Price Information Oil Price - **Palm Oil**: Palm oil 01 is 8,730 yuan/ton (+0.11%), palm oil 05 is 8,764 yuan/ton (+0.25%), palm oil 09 is 8,596 yuan/ton (+0.33%), BMD palm oil is 4,155 ringgit/ton (-0.1%), Guangzhou 24 - degree palm oil is 8,740 yuan/ton (+80), and its basis is 10 yuan/ton (+70) [6]. - **Soybean Oil**: Soybean oil 01 is 8,286 yuan/ton (+0.03%), soybean oil 05 is 8,094 yuan/ton (-0.04%), soybean oil 09 is 8,030 yuan/ton (+0.07%), CBOT soybean oil is 52.58 cents/pound (+0.5%), Shandong first - grade soybean oil is 8,490 yuan/ton (unchanged), and its basis is 202 yuan/ton (+10) [10]. Oilseed Price - **Bean Meal**: Bean meal 01 is 3,046 (+1, +0.03%), bean meal 05 is 2,847 (-1, -0.04%), bean meal 09 is 2,959 (+2, +0.07%) [15]. - **Rapeseed Meal**: Rapeseed meal 01 is 2,408 (-15, -0.62%), rapeseed meal 05 is 2,409 (-4, -0.17%), rapeseed meal 09 is 2,476 (-3, -0.12%) [15]. Group 3: Spread Information Oil Spread - **Palm Oil Spread**: P 1 - 5 is - 22 yuan/ton (+24), P 5 - 9 is 174 yuan/ton (+10), P 9 - 1 is - 152 yuan/ton (-34) [5]. - **Soybean Oil Spread**: Y 1 - 5 is 192 yuan/ton (-10), Y 5 - 9 is 58 yuan/ton (+2), Y 9 - 1 is - 250 yuan/ton (+8) [5]. - **Inter - oil Spread**: Y - P 01 is - 432 yuan/ton (-68), Y - P 05 is - 646 yuan/ton (-34), Y - P 09 is - 530 yuan/ton (-26), Y/M 01 is 2.7218 (-0.2%), Y/M 05 is 2.8427 (-0.33%), Y/M 09 is 2.7183 (-0.24%) [5]. Oilseed Spread - **Bean Meal Spread**: M 01 - 05 is 197 (-7), M 05 - 09 is - 109 (+3), M 09 - 01 is - 88 (+4) [16][19]. - **Rapeseed Meal Spread**: RM 01 - 05 is 10 (-10), RM 05 - 09 is - 66 (-1), RM 09 - 01 is 56 (+11) [16][19]. - **Bean - Rapeseed Meal Spread**: The spot spread is 600 (-20), the futures spread is 622 (+6) [19].

. 贵金属有色金属产业日报 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 ...

黑色产业链日报 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 ...

Report Overview - The report is a Feed and Livestock Daily, covering the markets of pigs, corn & starch, and eggs on December 2, 2025 [1] Pig Market Core View - Policy disturbances may affect long - term pig supply. Long - term strategy is bullish, but short - to - medium - term is still based on fundamentals. Recent second - fattening purchases have weakened, near - month supply pressure persists, while far - month prices are bullish due to expectations [3] Price Information - **Spot Prices**: The national average spot price is 11.32 yuan, down 0.06 yuan (-0.53%). Prices vary in different regions, with Guangdong up 1.63% and Henan down 1.66% [4] - **Futures Prices**: For example, the closing price of Live Pig 01 is 11455 yuan, down 40 yuan (-0.35%), while Live Pig 03 is up 0.45% [5] - **Spreads and Basis**: The spread of LH01 - 03 is 290 yuan, up 75 yuan (34.88%) [10] Corn & Starch Market Core View - National prices continue to rise slightly. Ports and Northeast production areas are up, while high arrivals in Shandong suppress the increase. Spot trading is good. Futures are consolidating after a continuous rally, with some long - liquidation, but the trend is still bullish in the medium - term [14] Price Information - **Futures Prices**: Corn 01 closes at 2243 yuan, up 7 yuan (0.31%); Corn Starch 05 is down 0.34% [15][16] - **Spot and Basis**: For example, the price at Jinzhou Port is 2295 yuan, up 10 yuan, and the basis of Jinzhou Port's main - continuous contract is 49 yuan, up 18 yuan [20] - **Monthly Spreads**: The corn 1 - 5 monthly spread is -37 yuan, down 5 yuan [23] - **US Corn**: CBOT Corn Main - continuous is down 0.61%, and the import profit of US Gulf is 288.14 yuan [28] Egg Market Core View - Long - term egg - laying hen capacity is still in surplus, putting pressure on prices. Short - term, due to a rapid post - holiday price drop, some farmers are culling or molting hens. Overall, capacity is at a high but approaching a turning point, with a generally bearish long - term trend [30] Price Information - **Futures Prices**: Egg 05 closes at 3652 yuan, up 59 yuan (1.64%), while Egg 09 is down 0.48% [31] - **Spot Prices**: The price of main - producing area eggs is 3.09 yuan, unchanged [32] - **Spreads and Basis**: The spread of Egg 1 - 5 is -392 yuan, down 77 yuan (24.44%) [43]