Report Industry Investment Ratings - Corn: Short - term long [1] - Pig: Hold [1][3] - Egg: Hold [3] Core Views - Corn: In the short - term, the spot price fluctuates due to seasonal selling pressure and farmers' reluctance to sell. In the medium - term, the upside of the spot price is limited. In the long - term, the pricing logic is substitution and planting cost, and policy orientation should be focused on [1]. - Pig: In the short - term, the pig price is slightly stronger. In the medium - term, the supply will increase before March next year and decrease after April. In the long - term, the supply pressure will exist before September next year and may weaken after that [1][3]. - Egg: In the short - term, the spot price is weak and stable. In the medium - term, the supply pressure is not fully released. In the long - term, the price bottom cycle may be extended [3]. Summary by Variety Corn Market Conditions - Yesterday night, the corn futures fluctuated narrowly. The 2603 contract rose 0.09% and closed at 2193 yuan/ton [1]. Important Information - Deep - processing enterprises' purchase prices were weakly stable. The average purchase price in Northeast China was 2122 yuan/ton, unchanged from the previous day, and in North China was 2280 yuan/ton, down 2 yuan/ton [1]. - Port prices were weakly stable. The purchase price at Jinzhou Port was 2235 - 2240 yuan/ton, unchanged, and at Shekou Port, the bulk grain transaction price was 2380 yuan/ton, down 10 yuan/ton [1]. - On December 24, the number of corn futures warehouse receipts decreased by 486 to 51763 [1]. - On December 24, China Grain Reserves Corporation's corn sales of 153 tons were all sold, and the purchase plan of 17.3 tons had a transaction volume of 9.2 tons with a transaction rate of 53% [1]. Trading Strategy - Maintain an interval trading strategy in the medium - and long - term. For the 2603 contract, support is at 2180 - 2190, and if it holds, short - term long opportunities can be considered. The short - term resistance is at 2215 - 2230 [1]. Pig Market Conditions - Yesterday, the pig futures fluctuated strongly. The 2603 contract rose 0.88% and closed at 11480 yuan/ton [1]. Important Information - The national average pig price was 11.54 yuan/kg, up 0.05 yuan/kg. The early - morning pig price today is expected to vary in different regions [1]. - In October 2025, the number of sows was 39.9 million, below 40 million for the first time in 17 months [1]. - From January to September this year, the number of new - born piglets increased month - on - month (except in July), indicating an increase in pig slaughter before March next year. In October, it decreased, so the supply pressure will ease after April [1]. - As of December 18, the average slaughter weight was 124.47 kg, up 0.09 kg from the previous week [1]. - On December 24, the price difference between fat and lean pigs was 0.37 yuan/jin, up 0.02 yuan/jin [1]. - On December 24, the number of pig futures warehouse receipts remained unchanged at 863 [1]. Trading Strategy - The 2603 contract should maintain an interval trading strategy. For far - month contracts, trade the difference in the de - capacity expectation driven by policies. If the sow inventory continues to decline, long opportunities after September next year can be considered [3]. Egg Market Conditions - Yesterday, egg futures contracts all rose. The 2602 contract rose 2.29% and closed at 2947 yuan/500KG [3]. Important Information - The egg spot price was weakly stable. The average price in the main production areas was 2.89 yuan/jin, down 0.07 yuan/jin, and in the main sales areas was 3.34 yuan/jin, down 0.04 yuan/jin [3]. - The inventory increased slightly. The average production - link inventory was 1.14 days, up 0.01 days, and the circulation - link inventory was 1.29 days, unchanged [3]. - The average price of old hens was 3.87 yuan/jin, down 0.02 yuan/jin. As of December 18, the weekly culling age was 486 days, unchanged [3]. - In November, the number of laying hens was about 1.352 billion, with a month - on - month decrease of 0.52% and a year - on - year increase of 5.30%. The estimated number in December is 1.345 billion, a 0.52% decrease [3]. Trading Strategy - It is recommended to wait and see. For the 2602 contract, the resistance is at 2970 - 3000, and for the 2603 contract, it is at 3000 - 3040. Focus on whether the low - price - driven culling can last and start the de - capacity process [3].

1. Report's Industry Investment Rating - The investment rating for the bond futures in the macro and financial sector is "oscillating slightly bullish" [1] 2. Core View of the Report - The latest macro - economic data shows that stabilizing growth remains the main theme of the Q4 macro - economy. With the central bank's monetary policy adjustment and the continuous loosening of funds near the end of the year, bond futures may oscillate slightly up in the short - term [2] 3. Summary by Related Contents 3.1 Market Performance - On Wednesday, most of the main contracts of bond futures opened slightly lower and fluctuated narrowly horizontally throughout the day. The 30 - year bond futures main contract TL2603 rose 0.02%, the 10 - year T2603 rose 0.02%, the 5 - year TF2603 fell 0.01%, and the 2 - year TS2603 remained flat [1] - On Wednesday, the Wande All - A Index opened roughly flat, fluctuated horizontally throughout the day, rose slightly in the morning session, continued to rise slightly in the afternoon session and then moved sideways, closing with a small positive line, up 0.89% from the previous trading day, with a trading volume of 1.90 trillion yuan, showing little change from the previous trading day's 1.92 trillion yuan [2] 3.2 Important Information - **Open Market Operations**: On Wednesday, the central bank conducted 260 billion yuan of 7 - day reverse repurchase operations, with 468 billion yuan of reverse repurchases maturing on the same day, resulting in a net withdrawal of 208 billion yuan [1] - **Money Market**: On Wednesday, the overnight interest rate in the inter - bank money market remained low. The weighted average of DR001 was 1.26% throughout the day (1.27% in the previous trading day), and the weighted average of DR007 was 1.38% (1.41% in the previous trading day) [1] - **Cash Bond Market**: On Wednesday, the closing yields of inter - bank treasury bonds fluctuated narrowly compared with the previous trading day. The yield to maturity of the 2 - year treasury bond dropped 1.01 BP to 1.34%, the 5 - year rose 0.34 BP to 1.60%, the 10 - year rose 0.04 BP to 1.84%, and the 30 - year dropped 0.30 BP to 2.22% [1] - **Real Estate Policy**: On December 24th, four departments in Beijing jointly issued a notice to optimize and adjust real - estate policies, aiming to stabilize market expectations and stimulate reasonable housing demand [1] - **Monetary Policy Meeting**: The central bank's Monetary Policy Committee's Q4 2025 meeting stated that China's economy is generally stable with progress, but still faces challenges such as a prominent supply - demand imbalance. It is necessary to continue implementing a moderately loose monetary policy, strengthen counter - cyclical and cross - cyclical adjustments, and maintain ample liquidity [1][2] - **MLF Operations**: On December 25th, the central bank will conduct 400 billion yuan of 1 - year MLF operations. With 300 billion yuan of MLF maturing in December, there will be a net injection of 100 billion yuan, marking the 10th consecutive month of increased MLF roll - overs. In addition, the central bank has also made a net injection of 200 billion yuan through outright reverse repurchases in December, resulting in a net injection of 300 billion yuan of medium - term liquidity in December [2] - **US Unemployment Data**: The number of initial jobless claims in the US last week was 214,000, lower than the forecast of 223,500. The number of continuing jobless claims in the week ending December 13th was 1.923 million, higher than the forecast of 1.9 million [2] 3.3 Market Logic - In November, fixed - asset investment decreased by 2.6% year - on - year, and social retail sales increased by 1.3% year - on - year, both lower than market expectations. The export growth rate in November was 5.9%, exceeding market expectations. China's CPI and core CPI both dropped 0.1% month - on - month in November, while PPI rose 0.1% month - on - month, indicating a moderate inflation level [2] 3.4 Trading Strategy - For trading - type investors, it is recommended to conduct band operations [2]

| 板块 | 品种 | 多（空） | 推荐理由 | | --- | --- | --- | --- | | | | | 【行情复盘】 周三成长类指数带动市场走强，市场人气逐步恢复，航天卫星板块涨幅居前。两市 | | | | | 成交额 1.88 万亿元，基本无变化。中证 500 指数收 7352 点，涨 95 点，涨幅 1.31%； | | | | | 中证 1000 指数收 7506 点，涨 113 点，涨幅 1.54%；沪深 300 指数收 4634 点，涨 | | | | 13 | 点，涨幅 0.29%；上证 50 指数收 3025 点，跌 2 点，跌幅-0.08%。行业与主题 ETF | | | | | 中涨幅居前的是卫星产业 ETF、通用航空 ETF 南方、航天 ETF、科创材料 ETF、高端 | | | | | 装备 ETF，跌幅居前的是畜牧 ETF、养殖 ETF、农业 ETF。两市板块指数中涨幅居前 | | | | | 的是航天装备、玻璃玻纤、元器件、商业航天、大飞机指数，跌幅居前的是养殖业、 | | | | | 贵金属、煤炭开采、饲料、游戏指数。中证 500、中证 1000、沪深 300、上证 ...

Report Industry Investment Rating - Not provided Core View of the Report - The steel market supply and demand remain weak with no prominent contradictions, and the screw and coil futures may continue to fluctuate. Short - term operations are recommended [1] Summary by Relevant Catalogs Market Review - On Tuesday, rebar and hot - rolled coils closed higher, but closed lower at night [1] Important Information - In November 2025, China's stainless steel imports were 112,100 tons, a month - on - month decrease of 12,000 tons (10%) and a year - on - year decrease of 18,100 tons (14%). Imports from Indonesia decreased by 16% month - on - month and 17% year - on - year. The top 5 regions accounted for 93.34% of total imports [1] - From December 15th to 21st, the total transaction area of newly - built commercial housing in 10 key cities was 2.232 million square meters, a month - on - month increase of 23.3% and a year - on - year decrease of 32.9% [1] - From December 15th to 21st, global shipyards received 62 + 13 new ship orders, with Chinese shipyards getting 42+7, and South Korean shipyards getting 11 [1] - The Central Enterprise Leaders' Meeting was held in Beijing from December 22nd to 23rd. Li Qiang pointed out the need to provide strong support for major infrastructure construction [1] - In November 2025, the crude steel output of 70 countries/regions included in the World Steel Association's statistics was 140.1 million tons, a year - on - year decrease of 4.6% [1] Market Logic - In the short term, the market fundamentals have changed little, but demand has declined significantly year - on - year. Downstream buyers purchase as needed, and inventory continues to decline. The steel mill profitability rate was below 40% last week, and steel production is expected to remain low. The steel market supply - demand is weak, and the screw and coil futures may fluctuate. The rebar has a pressure level at 3200 and a support level at 3030 [1] Trading Strategy - Short - term operation is recommended [1]

| 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 | | --- | --- | --- | --- | | | | | 昨日焦煤主力合约 Jm2605 收于 1125.5，环比日盘开盘上涨 1.03%；焦炭主力合约 J2605 收于 1741.0，环比日盘开盘下跌 0.14%。昨日夜盘，Jm2605 收于 1113.0，环比日盘收 | | | | | 盘下跌 1.11%；J2605 合约收于 1730.0，环比日盘收盘下跌 0.63%。 | | | | | 【重要资讯】 | | | | | 1、中央企业负责人会议 12 月 22 日至 23 日在京召开。会上传达了习近平重要指示。中 | | | | | 共中央政治局常委、国务院总理李强出席会议并讲话。李强指出，要在推进重大基础设 | | | | | 施建设中提供强力保障，加快传统基础设施更新和数智化改造，适度超前开展新型基础 | | | | | 设施建设。 | | | | | 2、国家发改委、国家能源局发布《关于促进光热发电规模化发展的若干意见》。其中 | | | | | 提出，到 2030 年，光热发电总装机规模力争达到 1500 万千瓦左右， ...

1. Report's Industry Investment Rating - The report gives a "shock" rating for the macro and financial bond sector [1] 2. Core View of the Report - The latest macro - economic data shows that stabilizing growth remains the main theme of the fourth - quarter macro - economy. The central bank will continue to implement a moderately loose monetary policy next year. The stock market was flat on Tuesday, while the bond futures rose significantly. With the continuous loosening of funds near the end of the year, bond futures may fluctuate in the short term. The recommended trading strategy is for trading - type investors to conduct band operations [2] 3. Summary by Relevant Catalogs 3.1 Market Performance of Treasury Futures on Tuesday - 30 - year Treasury futures main contract TL2603 rose 0.89%, 10 - year T2603 rose 0.26%, 5 - year TF2603 rose 0.17%, and 2 - year TS2603 rose 0.07% [1] 3.2 Important Information - **Open Market**: The central bank conducted 5.93 billion yuan of 7 - day reverse repurchase operations on Tuesday, with 13.53 billion yuan of reverse repurchases maturing, resulting in a net withdrawal of 7.6 billion yuan on the day [1] - **Funds Market**: On Tuesday, the overnight interest rate in the inter - bank funds market remained low. The weighted average of DR001 was 1.27% throughout the day, unchanged from the previous trading day; the weighted average of DR007 was 1.41%, down from 1.43% in the previous trading day [1] - **Cash Bond Market**: On Tuesday, the closing yields of inter - bank Treasury bonds mostly declined compared with the previous trading day. The yield to maturity of 2 - year Treasury bonds decreased by 1.50 basis points to 1.35%, 5 - year bonds decreased by 1.26 basis points to 1.60%, 10 - year bonds decreased by 0.63 basis points to 1.84%, and 30 - year bonds decreased by 1.80 basis points to 2.22% [1] - **Policy Guidance**: President Xi Jinping made important instructions on the work of central enterprises, emphasizing focusing on main responsibilities and businesses, optimizing the layout of the state - owned economy, etc. Premier Li attended the meeting and put forward requirements for central enterprises in various aspects such as infrastructure construction, supply - chain security, and technological self - reliance. The National Housing and Urban - Rural Development Work Conference pointed out that in 2026, efforts should be made to stabilize the real estate market, including measures such as inventory reduction, supply optimization, and the construction of a new real - estate development model [1][2] - **US Economic Data**: Driven by factors such as strong consumer and corporate spending, the US economy grew at its fastest pace in two years in the third quarter. The inflation - adjusted GDP grew at an annualized rate of 4.3%, higher than the forecast of 3.3%. The annualized rate of personal consumption in the third quarter increased by 3.5%, and the initial value of the annualized quarterly rate of the core PCE price index in the third quarter was 2.9% [2] 3.3 Market Logic - In November, fixed - asset investment decreased by 2.6% year - on - year, social retail sales increased by 1.3% year - on - year, both lower than market expectations. The export growth rate in November was 5.9%, exceeding market expectations. China's CPI and core CPI both decreased by 0.1% month - on - month in November, and PPI rose by 0.1% month - on - month, with inflation remaining moderate. The central bank's Party committee meeting stated that next year, a moderately loose monetary policy will continue to be implemented. On Tuesday, the Wande All - A index was roughly flat at the opening and fluctuated horizontally throughout the day, closing slightly down 0.06% compared with the previous trading day, with a trading volume of 1.92 trillion yuan, slightly higher than the previous trading day's 1.88 trillion yuan. The stock market was flat on Tuesday, while the bond futures rose significantly. With the continuous loosening of funds near the end of the year, bond futures may fluctuate in the short term [2] 3.4 Trading Strategy - Trading - type investors should conduct band operations [2]

早盘提示 更多精彩内容请关注格林大华期货官方微信 Morning session notice | | 短期来看，北方局部二育补栏叠加短期天气支撑猪价震荡偏强。然而，阶段性供给 | | --- | --- | | | 压力不改、猪价压力仍存。中期来看，全国新生仔猪数量对应明年3月之前生猪供给 | | | 增量预期仍存，限制猪价向上空间；10月新生仔猪环比下降，对应明年4月起供给压 | | | 力有所缓解；重点关注疫病影响。长期来看，母猪存栏对应明年9月前供给压力仍存 | | | 。10月能繁母猪存栏降幅明显，对应明年9月后供给压力或有所减弱，若母猪存栏持 | | | 续下降，可关注明年9月之后的低多机会。 | | | 【交易策略】 | | | 2601合约跟随现货交易基差修复逻辑；2603合约维持区间运行；远月合约交易政策 | | | 驱动下的去产能预期差，10月能繁母猪存栏减幅扩大，若未来几个月母猪存栏持续 | | | 下降，可关注明年9月份之后的低多机会。 | | | 2601合约压力关注11300，支撑关注11000；2603合约压力11500，短期支撑11300；2 | | | 605合约压力关注12 ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The iron ore is expected to fluctuate. The pressure level of the main 2605 contract is 800, and the support level is 734 [3] 3. Summary by Relevant Catalogs 3.1 Market Review of Iron Ore - On Tuesday, iron ore closed down, and it also closed down during the night - session [3] 3.2 Important News - In November 2025, China's stainless - steel imports were 112,100 tons, a month - on - month decrease of 12,000 tons (a decline of 10%) and a year - on - year decrease of 18,100 tons (a decline of 14%). Among them, imports from Indonesia were 87,300 tons, a month - on - month decrease of 16% and a year - on - year decrease of 17%. Imports from South Korea and Chinese Taipei increased month - on - month, while those from Indonesia, Japan, and Vietnam decreased. The total imports from the top 5 regions in November accounted for 93.34% of the total imports [3] - From December 15th to December 21st, the total transaction (signing) area of newly - built commercial housing in 10 key cities was 2.232 million square meters, a month - on - month increase of 23.3% and a year - on - year decrease of 32.9% [3] - From December 15th to December 21st, global shipyards received 62 + 13 new ship orders. Chinese shipyards received 42+7 new ship orders, and South Korean shipyards received 11 new ship orders [3] 3.3 Market Logic - Steel production increased last week. With the end of environmental protection restrictions, steel production is expected to continue to increase but remain at a relatively low level. Last week, both the shipment and arrival of iron ore decreased. Towards the end of the month, mines may make concentrated shipments, which will limit the upside space of iron ore [3] 3.4 Trading Strategy - Iron ore is expected to fluctuate. The pressure level of the main 2605 contract is 800, and the support level is 734 [3]

1. Report Industry Investment Ratings - No information provided on industry investment ratings in the given content 2. Core Views - For the sugar market, the external ICE raw sugar strengthened, and the domestic Zhengzhou sugar also rose due to external influence. The domestic sugar - making process is progressing smoothly, and the short - term fundamentals are stable. The market is expected to fluctuate in the short - term, and future attention should be paid to new information from the international sugar market [1] - Regarding the jujube market, the acquisition of grey jujubes in Xinjiang is nearing completion, and the supply of new jujubes in Hebei is increasing. The jujube futures price is bottoming out, but there are still few positive factors, and the market is expected to remain weak. It is recommended to short on rallies [4] - In the rubber market, natural rubber is affected by the approaching end of the domestic harvest season and the overseas supply peak, along with port inventory accumulation, and is expected to fluctuate in the short - term. Synthetic rubber is supported by raw material costs but has weak downstream acceptance, and the market may also enter a volatile phase [5] 3. Summary by Relevant Catalogs 3.1 Sugar 3.1.1 Market Review - SR601 contract closed at 5256 yuan/ton yesterday, up 0.59%, and 5295 yuan/ton at night; SR605 contract closed at 5155 yuan/ton, up 0.57%, and 5192 yuan/ton at night [1] 3.1.2 Important Information - The spot price of Guangxi white sugar was 5218 yuan/ton, up 9 yuan/ton; the quotation range of Guangxi sugar - making groups was 5250 - 5370 yuan/ton, unchanged; the quotation of Yunnan sugar - making groups was 5110 - 5230 yuan/ton, with some prices down 10 yuan/ton; the mainstream quotation range of processing sugar mills was 5690 - 5900 yuan/ton, with some prices up 20 yuan/ton [1] - As of now, 71 sugar mills in Guangxi have started crushing in the 2025/26 season, 3 less than last year, with a daily cane - crushing capacity of about 58.1 million tons, 1.3 million tons less than last year. It is expected that 73 sugar mills will start crushing this season, 1 less than the previous season [1] - As of December 15, 2025, India's sugar production in the 2025/26 season reached 7.825 million tons, an increase of 1.697 million tons or 27.69% compared to the same period last year; 478 sugar mills have started crushing, slightly more than last year [1] - As of December 22, 2025, Thailand's cumulative cane crushing volume was 9.6636 million tons, a decrease of 1.6155 million tons or 14.32% compared to the same period last year; the sugar - containing rate was 11.38%, a decrease of 0.09% compared to last year; the sugar - producing rate was 8.437%, an increase of 0.024% compared to last year; sugar production was 0.8153 million tons, a decrease of 0.1336 million tons or 14.07% compared to last year [1] - Yesterday, there were 4479 sugar warrants in the Zhengzhou Commodity Exchange, unchanged from the previous day [1] 3.1.3 Market Logic - Externally, the ICE raw sugar strengthened. After the Brazilian sugar price fell below the cost and the sugar - making ratio decreased rapidly, the raw sugar found strong support at 14 cents/pound. The backward Thai sugar - making data and the exit of short positions led to a rebound. In the long - run, there is still pressure on the upside [1] - Domestically, Zhengzhou sugar rose due to external influence. The domestic white sugar spot price stopped falling and stabilized. The short - term fundamentals are stable. Affected by the cost, "policy bottom", and capital outflow, Zhengzhou sugar rebounded. Future attention should be paid to new information from the international sugar market [1] 3.1.4 Trading Strategy - Temporarily wait and see for the SR605 contract, and partially take profits on the previously held call options [1] 3.2 Jujube 3.2.1 Market Review - CJ601 contract closed at 8640 yuan/ton yesterday, down 0.63%; CJ605 contract closed at 8750 yuan/ton, down 0.79% [4] 3.2.2 Important Information - The physical inventory of 36 sample points last week was 16108 tons, an increase of 318 tons or 2.01% compared to the previous week, and an increase of 34.68% compared to the same period last year [4] - The wholesale price of Hebei special - grade jujubes was 9.53 yuan/kg yesterday, down 0.03 yuan/kg from the previous day [4] - The number of arrival vehicles at Guangdong Ruyifang Market was 2 yesterday, 3 less than the previous day [4] - There were 1092 jujube warrants yesterday, unchanged from the previous day [4] 3.2.3 Market Logic - The acquisition of grey jujubes in Xinjiang is nearing completion, and the supply of new jujubes in Hebei is increasing. After the previous negative factors were digested, the downward momentum of the jujube futures price weakened. However, as it has entered the seasonal inventory accumulation period and there is still some unsold inventory upstream, there are few positive factors, and the market is expected to remain weak [4] 3.2.4 Trading Strategy - Hold short positions in the CJ605 contract [4] 3.3 Rubber 3.3.1 Market Review - As of December 23, the RU2605 contract closed at 15290 yuan/ton, up 0.56%; the NR2602 contract closed at 12405 yuan/ton, up 0.40%; the BR2602 contract closed at 11175 yuan/ton, down 0.49% [5] 3.3.2 Important Information - Yesterday, the price of Thai raw material latex was 55.7 Thai baht/kg (- 0.29/- 0.54%), and the price of cup lump was 50.8 Thai baht/kg (0.049/0.1%); the price of Yunnan rubber blocks was 13000 yuan/ton (0/0%); the price of Hainan latex for whole - milk rubber production was 14800 yuan/ton (0/0%), and the price of latex for concentrated latex production was 14800 yuan/ton (0/0%) [5] - As of December 14, 2025, the total inventory of natural rubber in Qingdao's bonded and general trade areas was 4.989 million tons, an increase of 0.102 million tons or 2.08% compared to the previous period. The bonded area inventory was 0.775 million tons, an increase of 4.88%; the general trade inventory was 4.214 million tons, an increase of 1.58%. The inbound rate of Qingdao's natural rubber sample bonded warehouses increased by 2.42 percentage points, and the outbound rate decreased by 0.38 percentage points; the inbound rate of general trade warehouses decreased by 0.57 percentage points, and the outbound rate decreased by 0.52 percentage points. As of December 14, 2025, China's natural rubber social inventory was 11.52 million tons, an increase of 0.29 million tons or 2.6%. China's total social inventory of dark - colored rubber was 7.48 million tons, an increase of 2.5%. China's total social inventory of light - colored rubber was 4.04 million tons, an increase of 2.8% [5] - This week, the capacity utilization rate of China's semi - steel tire sample enterprises was 70.01%, a decrease of 0.13 percentage points compared to the previous week and 8.67 percentage points compared to the same period last year. The capacity utilization rate of full - steel tire sample enterprises was 63.61%, a decrease of 0.94 percentage points compared to the previous week and an increase of 3.72 percentage points compared to the same period last year [5] - Yesterday, the price of whole - milk rubber was 14950 yuan/ton (+ 100/0.67%); the price of 20 - grade Thai standard rubber was 1845 US dollars/ton (+ 10/0.54%), equivalent to 13011 yuan/ton in RMB; the price of 20 - grade Thai mixed rubber was 14520 yuan/ton (+ 50/0.35%) [5] - Yesterday, the price difference between the RU and NR main contracts was 2885 yuan/ton, an increase of 35 yuan/ton compared to the previous day; the price difference between the mixed standard rubber and the RU main contract was - 770 yuan/ton, an increase of 35 yuan/ton compared to the previous day [5] - Yesterday, the delivered price of butadiene in the central Shandong region was about 7800 - 7900 yuan/ton, and the ex - tank self - pick - up price in East China was about 7400 - 7450 yuan/ton [5] - Yesterday, the market prices of cis - polybutadiene rubber and styrene - butadiene rubber rose steadily. The price of Daqing BR9000 in the Shandong market remained stable at 10950 yuan/ton, and the price of Qilu styrene - butadiene 1502 in the Shandong market rose 50 yuan/ton to 11300 yuan/ton [5] 3.3.3 Market Logic - Natural rubber: It strengthened slightly yesterday. The domestic Hainan production area is gradually ending the harvest season, and the enthusiasm of factories to purchase rubber has decreased significantly. However, the overseas supply peak is coming, and there is still resistance to the rise of Thai raw materials. At the same time, the Qingdao port in China continues the seasonal inventory accumulation trend. Under the interweaving of long and short factors, natural rubber may continue to fluctuate in the short - term [5] - Synthetic rubber: The BR contract rose first and then fell yesterday, and the decline widened at night. The firm butadiene price provides strong cost support for synthetic rubber prices, but the downstream's willingness to accept high - priced goods is still weak, and traders lack confidence in raising prices to sell. Although the recent export transaction news of BR raw materials supports the rubber price, there is no obvious positive news in the actual fundamentals. The market may enter a volatile phase in the near future [5] 3.3.4 Trading Strategy - The RU main contract should focus on the 15000 - 15530 activity range; the NR main contract should focus on the 12250 - 12750 activity range; if the BR contract breaks through the 11000 support level today, it will look for the second support at 10700 [5]

Morning session notice 早盘提示 格林大华期货研究院 证监许可【2011】1288 号 2025 年 12 月 24 日星期三 研究员： 刘洋 从业资格： F3063825 交易咨询资格：Z0016580 联系方式：liuyang18036@greendh.com | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 | | --- | --- | --- | --- | | | | | COMEX 黄金期货收涨 1.02%报 4515 美元/盎司，创历史新高，COMEX 白银期货收涨 | | | | | 4.44%报 71.61 美元/盎司。沪金收涨 0.42%报 1012.58 元/克，沪银涨 4.14%报 16961 | | | | | 元/千克。 | | | | | 【重要资讯】 | | | | | 1、截至 12 月 23 日，全球最大黄金 ETF--SPDR Gold Trust 持仓较上日维持不变， | | | | | 持仓量为 1064.56 吨。全球最大白银 ETF--iShares Silver Trust 持仓较上日减少 | | | | | 95.88 吨， ...