Hot News - The National Development and Reform Commission and the National Energy Administration issued opinions on promoting the large - scale development of solar thermal power generation. The goal is to reach a total installed capacity of about 15 million kilowatts by 2030, with the cost per kilowatt - hour comparable to that of coal - fired power [2] - The U.S. economy expanded at its fastest pace in two years in the third quarter, supported by resilient consumer and business spending and more stable trade policies. The real GDP annualized quarterly rate in the third quarter was 4.3% [2] - Investors reduced their bets on the Fed cutting interest rates next year. The probability of a rate cut at the January 28 meeting is only about 17% [2] - U.S. Treasury Secretary Bessent supports reconsidering the Fed's 2% inflation target, and discussions may center on adjusting it to a range of 1.5% - 2.5% or 1% - 3% [2] - U.S. President Trump praised the third - quarter GDP data, but the market reaction was abnormal. Good news often leads to a flat or falling stock market [3] Sector Performance - Key sectors to watch: silver, rapeseed oil, ethylene glycol, Shanghai nickel, PVC [4] - Night session performance: Non - metallic building materials rose 2.30%, precious metals 34.77%, oilseeds and oils 8.02%, soft commodities 3.16%, non - ferrous metals 24.36%, coal - coking - steel - minerals 10.27%, energy 2.32%, chemicals 10.20%, grains 1.20%, and agricultural products 3.40% [4] Sector Positions - The chart shows the changes in commodity futures sector positions in the past five days [5] Performance of Major Asset Classes - Equity: Shanghai Composite Index rose 0.07% daily, 0.81% monthly, and 16.95% annually; S&P 500 had no daily change, 0.43% monthly, and 16.95% annually [6] - Fixed - income: 10 - year Treasury bond futures rose 0.26% daily and monthly, - 0.65% annually [6] - Commodities: CRB Commodity Index had no daily change, - 0.93% monthly, and 0.66% annually; WTI crude oil had no daily change, - 0.80% monthly, and - 19.45% annually [6] - Others: U.S. dollar index had no daily change, - 1.19% monthly, and - 9.42% annually; CBOE Volatility Index had no daily change, - 13.88% monthly, and - 18.85% annually [6] Stock Market Risk Appetite and Major Commodity Trends - The document presents charts of various commodities such as the Baltic Dry Index, CRB Spot Index, WTI crude oil, London spot gold, LME copper, etc. [7]

1. Report's Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The overall PP supply - demand pattern remains unchanged, with the downstream order cycle shortening and some PP spot prices still falling. It is expected that PP will fluctuate weakly. Due to new plastic production capacity coming on - stream recently and the gradual exit of the agricultural film peak season, the L - PP spread is expected to narrow [1] 3. Summary by Relevant Catalogs 3.1 Market Analysis - As of the week ending December 19th, the PP downstream operating rate decreased by 0.19 percentage points to 53.80% week - on - week, at a relatively low level in the same period of previous years. Among them, the operating rate of the plastic weaving industry, the main downstream of the drawstring, decreased by 0.06 percentage points to 44.00% week - on - week, and plastic weaving orders continued to decline slightly, slightly lower than the same period last year [1] - On December 23rd, there were few changes in the maintenance devices. The operating rate of PP enterprises remained at around 82.5%, at a moderately low level, and the production proportion of the standard drawstring increased to around 28%. Recently, the inventory reduction of petrochemicals has been slow, and the current petrochemical inventory is at a relatively high level in the same period in recent years [1][7] - On the cost side, with an oversupply of crude oil and the escalation of the geopolitical situation between the United States and Venezuela, the rebound of crude oil prices is limited. In terms of supply, the new production capacity of 400,000 tons/year of PetroChina Guangxi Petrochemical was put into production in mid - October, and the number of maintenance devices has increased recently. The downstream is at the end of the peak season, orders for plastic weaving and the like continue to decline, the price of BOPP film has stabilized after the decline, and the market lacks large - scale centralized procurement, which has limited support for the market. Traders generally offer discounts to stimulate sales [1] 3.2 Futures and Spot Market Conditions Futures - The PP2605 contract increased its positions and oscillated downward, with a minimum price of 6,200 yuan/ton, a maximum price of 6,273 yuan/ton, and finally closed at 6,213 yuan/ton, below the 20 - day moving average, with a decline of 1.24%. The open interest increased by 10,464 lots to 533,959 lots [2] Spot - The spot prices of PP in most regions have declined. The drawstring is quoted at 5,930 - 6,280 yuan/ton [5] 3.3 Fundamental Tracking - On the supply side, on December 23rd, there were few changes in the maintenance devices, and the operating rate of PP enterprises remained at around 82.5%, at a moderately low level [1][7] - In terms of demand, as of the week ending December 19th, the PP downstream operating rate decreased by 0.19 percentage points to 53.80% week - on - week, at a relatively low level in the same period of previous years. Among them, the operating rate of the plastic weaving industry, the main downstream of the drawstring, decreased by 0.06 percentage points to 44.00% week - on - week, and plastic weaving orders continued to decline slightly, slightly lower than the same period last year [1][7] - On Tuesday, the early petrochemical inventory decreased by 10,000 tons to 710,000 tons week - on - week, 100,000 tons higher than the same period last year. Recently, the inventory reduction of petrochemicals has been slow, and the current petrochemical inventory is at a relatively high level in the same period in recent years [7] 3.4 Raw Material End - The Brent crude oil 03 contract rose above $61 per barrel, and the CFR propylene price in China remained flat week - on - week at $740 per ton [9]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - As of the close on December 23, domestic futures main contracts showed mixed performance. Platinum hit the daily limit, lithium carbonate and palladium rose over 5%, and silver futures rose over 4%. On the other hand, ethylene glycol (EG) dropped over 3%, and liquefied petroleum gas (LPG), logs, and red dates fell over 1%. Different futures varieties have different trends and influencing factors, and investors are advised to make decisions carefully [5]. 3. Summary by Related Catalogs Commodity Performance - **Futures Market Overview**: As of the close on December 23, domestic futures main contracts had mixed performance. Platinum hit the daily limit, lithium carbonate and palladium rose over 5%, and silver futures rose over 4%. In terms of declines, ethylene glycol (EG) dropped over 3%, and liquefied petroleum gas (LPG), logs, and red dates fell over 1%. Index futures and treasury bond futures also showed different trends. In terms of capital flow, some contracts had capital inflows while others had outflows [5][6]. - **Futures Index Performance**: The main contract of CSI 300 Index Futures (IF) rose 0.12%, the main contract of SSE 50 Index Futures (IH) rose 0.22%, the main contract of CSI 500 Index Futures (IC) rose 0.04%, and the main contract of CSI 1000 Index Futures (IM) fell 0.15%. The main contract of 2 - year treasury bond futures (TS) rose 0.07%, the main contract of 5 - year treasury bond futures (TF) rose 0.17%, the main contract of 10 - year treasury bond futures (T) rose 0.26%, and the main contract of 30 - year treasury bond futures (TL) rose 0.89% [6]. - **Capital Flow**: As of 15:21 on December 23, in terms of capital inflows to domestic futures main contracts, CSI 2603 had an inflow of 2.004 billion yuan, lithium carbonate 2605 had an inflow of 876 million yuan, and platinum 2606 had an inflow of 835 million yuan. In terms of outflows, CSI 2603 had an outflow of 633 million yuan, Shanghai copper 2602 had an outflow of 568 million yuan, and Shanghai aluminum 2602 had an outflow of 256 million yuan [6]. Market Analysis - **Shanghai Copper**: On the day, Shanghai copper opened high and moved low, showing a relatively strong trend during the day. In November, SMM's electrolytic copper production in China was 1.1031 million tons, with a month - on - month increase of 11,500 tons (a month - on - month increase of 1.05%) and a year - on - year increase of 9.75%. From January to November, the cumulative production increased by 1.2894 million tons year - on - year (an increase of 11.76%). SMM predicts that the electrolytic copper production in December will increase by 65,700 tons month - on - month (an increase of 5.96%) and 6.69% year - on - year. Copper foil maintains a high - growth level, but copper products are affected by various factors, and the market is mainly characterized by a relatively strong and volatile trend [8]. - **Lithium Carbonate**: Lithium carbonate opened flat and moved high, rising nearly 6% during the day. This week, the capacity utilization rate of lithium carbonate was 83.52%, significantly higher year - on - year. The downstream energy - storage battery still maintains growth, and lithium iron phosphate has a price - increase expectation, which supports the price increase of lithium carbonate at the raw - material end. However, the end - of - season demand and the uncertainty of mine resumption need to be further observed, and investors are advised to be cautious about chasing the rise [10]. - **Crude Oil**: OPEC+ agreed to maintain the overall oil production of the organization in 2026. Eight additional voluntarily - reducing oil - producing countries reiterated to suspend production increases in the first quarter of next year. The global crude - oil market is still in a pattern of oversupply, but the geopolitical situation in Venezuela has heated up, and it is recommended to wait and see for the time being [11][12]. - **Asphalt**: The supply side shows that the asphalt start - up rate has declined, and the expected production volume in December has decreased. The downstream start - up rate has mostly fallen, and the inventory is at a relatively low level. The market is concerned about the export of Venezuelan heavy - crude oil and its impact on domestic asphalt production. It is expected that the asphalt futures price will fluctuate, and attention should be paid to the situation in Venezuela [13]. - **PP**: As of the week ending December 19, the downstream start - up rate of PP decreased. The enterprise start - up rate is at a neutral - to - low level, and the petrochemical inventory is at a relatively high level. The supply - demand pattern remains unchanged, and it is expected that PP will fluctuate weakly, and the L - PP spread is expected to narrow [15]. - **Plastic**: On December 23, the start - up rate of plastic increased, but the downstream start - up rate decreased. The petrochemical inventory is at a relatively high level. The supply - demand pattern remains unchanged, and it is expected that plastic will fluctuate weakly in the near future, and the L - PP spread is expected to narrow [16][17]. - **PVC**: The upstream calcium carbide price has dropped. The PVC start - up rate has decreased, and the downstream start - up rate has also declined. The export situation is not good, and the inventory pressure is relatively large. The real - estate market is still in the adjustment stage, and it is expected that the upward space for PVC in the near future is limited [18]. - **Coking Coal**: Coking coal opened high and moved high, rising nearly 2% during the day. The supply is in a loose pattern, and the downstream demand is weak. Although the sentiment has recovered and rebounded, the upward height is limited, and investors should beware of sentiment cooling [19][20]. - **Urea**: The futures price opened high and moved high during the day. The spot price is stable, and the supply pressure is not alleviated. The demand is mainly supported by the winter - storage production of compound fertilizers. The inventory is mainly concentrated in the winter - storage areas, and it is expected that the inventory - reduction amplitude will narrow. The market has limited positive factors, and it is recommended to wait for a pullback [21].

Report Industry Investment Rating - Not provided Core Viewpoints - On December 23, 2025, the restart of maintenance devices such as Tianjin Petrochemical's LLDPE led to an increase in the plastics operating rate to around 86.5%, which is at a neutral level The PE downstream operating rate decreased to 42.45%, and the overall is at a relatively low level compared to the same period in recent years The petrochemical inventory is at a relatively high level compared to the same period in recent years The plastics supply has increased due to new capacity, while the downstream demand is weak The plastics supply - demand pattern remains unchanged, and the spot price is still falling, so it is expected that the plastics will fluctuate weakly in the near future Also, the L - PP spread is expected to decline [1] Summary by Relevant Catalogs Market Analysis - On December 23, Tianjin Petrochemical's LLDPE and other maintenance devices restarted, increasing the plastics operating rate to 86.5%, and the operating rate is at a neutral level As of the week of December 19, the PE downstream operating rate decreased by 0.55 percentage points to 42.45%, with the agricultural film gradually exiting the peak season, orders decreasing, and the overall downstream operating rate at a relatively low level compared to the same period in recent years Petrochemical de - stocking is slow, and the inventory is at a relatively high level compared to the same period in recent years Due to oversupply of crude oil and geopolitical tensions, the rebound of crude oil prices is limited New production capacities have been put into operation, and the plastics operating rate has increased slightly The agricultural film is out of the peak season, and the downstream operating rate is expected to decline The downstream enterprises' purchasing willingness is insufficient, and traders are cautious about the future market, so it is expected that the plastics will fluctuate weakly and the L - PP spread will decline [1] Futures and Spot Market Quotes - Futures: The plastics 2605 contract decreased in positions and fluctuated, closing at 6296 yuan/ton with a gain of 0.06% The trading volume decreased by 24483 lots to 581559 lots [2] - Spot: Most PE spot prices in the market declined, with a range of - 100 to + 0 yuan/ton LLDPE was reported at 6150 - 6420 yuan/ton, LDPE at 7750 - 8530 yuan/ton, and HDPE at 6550 - 7900 yuan/ton [3] Fundamental Tracking - Supply: On December 23, the restart of Tianjin Petrochemical's LLDPE and other maintenance devices increased the plastics operating rate to around 86.5%, which is at a neutral level [4] - Demand: As of the week of December 19, the PE downstream operating rate decreased by 0.55 percentage points to 42.45%, with the agricultural film gradually exiting the peak season, orders and raw material inventory decreasing, and the overall downstream operating rate at a relatively low level compared to the same period in recent years [4] - Inventory: On Tuesday, the petrochemical early - morning inventory decreased by 10,000 tons to 710,000 tons, which is 100,000 tons higher than the same period last year Petrochemical de - stocking is slow, and the inventory is at a relatively high level compared to the same period in recent years [4] - Raw Materials: The Brent crude oil 03 contract rose above $61/barrel, and the Northeast Asian ethylene price remained flat at $725/ton week - on - week, and the Southeast Asian ethylene price remained flat at $745/ton week - on - week [4]

【冠通期货研究报告】 沥青日报：震荡运行 发布日期：2025年12月23日 【行情分析】 供应端，上周沥青开工率环比回落0.2个百分点至27.6%，较去年同期低了0.9个百分点，仍处于 近年同期最低水平。据隆众资讯数据，12月份国内沥青预计排产215.8万吨，环比减少7.0万吨，减幅 为3.1%，同比减少34.4万吨，减幅为13.8%。上周，沥青下游各行业开工率多数下跌，其中道路沥青 开工环比下跌3个百分点至24%，受到资金和天气制约。上周，华东地区主营炼厂间歇停产，加之价 格高位，其出货量减少较多，全国出货量环比减少3.52%至24.45万吨，处于中性水平。沥青炼厂库存 存货比环比小幅下降，仍处于近年来同期的最低位附近。由于美国财政部宣布对委内瑞拉实施新的 制裁措施，其中包括运输委内瑞拉石油的公司和船只，特朗普下令对进出委内瑞拉的受制裁油轮实 施全面封锁。委内瑞拉主要石油储存设施及码头停泊的油轮正在迅速装满原油，预计在数日后达到 最大储存上限。美国在委内瑞拉附近水域拦截第三艘油轮。市场担忧委内瑞拉重质原油的出口，影 响国内沥青的生产，委内瑞拉稀释沥青贴水幅度缩小。本周山东部分炼厂有转产渣油计划。北方道 路施 ...

Report Summary Investment Rating - The investment rating for the copper industry is "Oscillating with an upward bias" [1] Core View - The copper price in the Shanghai Futures Exchange opened high and moved low, showing a relatively strong performance during the day. The SMM predicts an increase in electrolytic copper production in December. The copper foil sector maintains a high level of prosperity, while the production enthusiasm of copper strips and tubes is weak. The market sentiment was boosted by the zero long - term agreement price of mine - end processing fees last week, but the downstream's weak purchasing sentiment due to year - end capital chain tension and tax - related factors, along with the uncertainties of the Russia - Ukraine conflict and the Federal Reserve, have increased market risk - aversion sentiment. Therefore, the Shanghai copper market is expected to oscillate with an upward bias [1] Summary by Directory 1. Market Analysis - In November, SMM China's electrolytic copper production was 1.1031 million tons, with a month - on - month increase of 11,500 tons (1.05%) and a year - on - year increase of 9.75%. From January to November, the cumulative production increased by 1.2894 million tons, a growth rate of 11.76%. SMM expects the electrolytic copper production in December to increase by 65,700 tons month - on - month (5.96%) and 6.69% year - on - year. Copper product profits were squeezed this week, and the production enthusiasm of copper strips was weak, with capacity utilization declining. Copper tube enterprises were restricted by capital pressure and mostly chose to wait and see. Copper foil maintained a high level of prosperity due to the demand for energy - storage batteries and the pre - demand of new - energy vehicles [1] 2. Futures and Spot Market Conditions - Futures: The Shanghai copper futures opened high and moved low, showing a relatively strong performance during the day. - Spot: The spot premium in East China was - 190 yuan/ton, and in South China was - 125 yuan/ton. On December 22, 2025, the LME official price was $11,930/ton, and the spot premium was + $10/ton [4] 3. Supply Side - As of December 22, the spot smelting fee (TC) was - $43.98/dry ton, and the spot refining fee (RC) was - 4.58 cents/pound [8] 4. Fundamental Tracking - Inventory: SHFE copper inventory was 49,500 tons, an increase of 1,001 tons from the previous period. As of December 22, the copper inventory in the Shanghai Free Trade Zone was 98,800 tons, an increase of 100 tons from the previous period. LME copper inventory was 157,800 tons, a decrease of 3,875 tons from the previous period. COMEX copper inventory was 466,900 short tons, an increase of 2,640 short tons from the previous period [11]

今日原油期货主力合约2602合约上涨1.92%至440.9元/吨，最低价在439.7元/吨，最高价在445.5 元/吨，持仓量减少2887至36910手。 投资有风险，入市需谨慎。 本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 【冠通期货研究报告】 原油日报：原油高开后震荡运行 发布日期：2025年12月23日 【行情分析】 欧佩克+最新会议同意2026年维持该组织整体石油产量不变。8个额外自愿减产的产油国重申明 年一季度暂停增产。原油需求旺季结束，EIA数据显示，美国原油库存去库幅度略预期，但成品油库 存增幅超预期，整体油品库存增加。美国原油产量小幅减少，但仍位于历史最高位附近。特朗普政 府极力促成俄乌停火，仍在施压乌克兰。目前泽连斯基表态，接受双边安全保障而非直接"入约"， 作出了一定妥协，欧洲多国及欧盟机构领导人发表联合声明称，将组建一支"多国部队"支持乌克 兰。乌美双方均称新一轮和平计划磋商取得建设性进展。俄罗斯原油受制裁而得到的风险溢价继续 回落，欧美成品油裂解基差高位持续回落。不过欧盟最新决定将针对俄罗斯的经济制裁再延长6个月， 至2026年7月31日。美国与委内瑞拉军事对峙继续升 ...

【冠通期货研究报告】 尿素日报：利好有限，基本面弱稳 发布日期：2025 年 12 月 23 日 2025 年 12 月 23 日，尿素仓单数量 10532 张，环比上个交易日-349 张，其 中，嘉施利平原（云图控股 UR）-100 张，眉山新都（云图控股 UR）-300 张，辽 投资有风险，入市需谨慎。 本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 1 宁化肥（爱普控股 UR）-215 张，辽宁化肥+21 张， 吉林宇源（中农控股 UR） +250 张，衡水棉麻-5 张。 0 2000 4000 6000 8000 10000 12000 14000 尿素注册仓单（张） 2020 2021 2022 2023 2024 2025 数据来源：Wind、冠通研究咨询部 现货方面：现货报价稳定，主要以前期订单发送为主。山东、河南及河北 尿素工厂小颗粒尿素出厂价格范围多在 1610-1700 元/吨，河南工厂价格偏低 端，河北工厂报价偏高端。 投资有风险，入市需谨慎。 本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 【行情分析】 今日盘面高开高走，日内上涨。现货报价稳定，主要以前期订 ...

Report Industry Investment Rating - Not provided Core Viewpoints - The PVC market is experiencing an upward trend in a volatile manner, but the upward space in the near term is limited. The supply side shows a decrease in the PVC operating rate, while new production capacity has been put into operation. The demand side is affected by the slow improvement of the real - estate market, and downstream orders are poor. The export situation is that although there was a slight increase in export orders last week, the Indian market has low prices and limited demand. The social inventory is still high despite a slight decrease [1]. Summary by Relevant Catalogs 1. Market Analysis - The calcium carbide price in the northwest region of the upstream decreased by 25 yuan/ton. The PVC operating rate decreased by 1.07 percentage points to 78.36% on a month - on - month basis, and it continued to decline, being at a moderately high level in the same period in recent years. In winter, the downstream operating rate of PVC decreased by 3.5 percentage points, and downstream product orders were poor. In terms of exports, PVC increased sales by reducing prices, with a slight increase in export orders last week, but the Indian market price is low and demand is limited. The social inventory decreased slightly last week but is still high, with significant inventory pressure. From January to November 2025, the real - estate market was still in the adjustment phase, with large year - on - year declines in investment, new construction, construction, and completion areas, and further decreases in year - on - year growth rates in investment, sales, new construction, and completion. The weekly sales area of commercial housing in 30 large - and medium - sized cities continued to rise on a month - on - month basis but was still at the lowest level in the same period in recent years. The real - estate market needs time to improve. New production capacities of 300,000 tons/year of Gansu Yaowang and 300,000 tons/year of Jiaxing Jiahua have been newly put into operation. The rebound of bulk commodities such as coking coal boosted market sentiment, the comprehensive gross profit of chlor - alkali decreased, and the operating expectations of some producers declined, but the current production decline is limited, and the futures warehouse receipts are still at a high level. December is the traditional off - season for domestic PVC demand, the social inventory is basically stable, and the market transactions are weak after the spot price rises [1]. 2. Futures and Spot Market Conditions Futures - The PVC2605 contract increased in a volatile manner with a reduction in positions. The lowest price was 4595 yuan/ton, the highest price was 4760 yuan/ton, and it finally closed at 4738 yuan/ton, above the 20 - day moving average, with a gain of 3.02%. The position volume decreased by 5287 lots to 964,843 lots [2]. Basis - On December 23, the mainstream price of calcium carbide - based PVC in the East China region rose to 4410 yuan/ton, and the futures closing price of the V2605 contract was 4625 yuan/ton. The current basis was - 328 yuan/ton, which weakened by 54 yuan/ton and was at a relatively low level [3]. 3. Fundamental Tracking Supply - Affected by plants such as Ningbo Hanwha and Leshan Yongxiang, the PVC operating rate decreased by 1.07 percentage points to 78.36% on a month - on - month basis, and it continued to decline, being at a moderately high level in the same period in recent years. New production capacities of 500,000 tons/year of Wanhua Chemical, 400,000 tons/year of Tianjin Bohua, 200,000 tons/year of Qingdao Gulf, 300,000 tons/year of Gansu Yaowang, and 300,000 tons/year of Jiaxing Jiahua have been put into operation in the second half of the year [4]. Demand - The real - estate market is still in the adjustment phase, with large year - on - year declines in investment, new construction, and completion areas, and further decreases in year - on - year growth rates in investment, sales, new construction, construction, and completion. From January to November 2025, the national real - estate development investment was 785.91 billion yuan, a year - on - year decrease of 15.9%. From January to November, the sales area of commercial housing was 787.02 million square meters, a year - on - year decrease of 7.8%; among which, the sales area of residential housing decreased by 8.1%. The sales volume of commercial housing was 751.3 billion yuan, a decrease of 11.1%, and the sales volume of residential housing decreased by 11.2%. From January to November, the new construction area of houses was 534.57 million square meters, a year - on - year decrease of 20.5%; among which, the new construction area of residential housing was 391.89 million square meters, a decrease of 19.9%. From January to November, the construction area of houses of real - estate development enterprises was 6.56066 billion square meters, a year - on - year decrease of 9.6%. From January to November, the completion area of houses was 394.54 million square meters, a year - on - year decrease of 18.0%; among which, the completion area of residential housing was 281.05 million square meters, a year - on - year decrease of 20.1%. The overall real - estate market needs time to improve. As of the week ending December 21, the sales area of commercial housing in 30 large - and medium - sized cities increased by 20.86% on a month - on - month basis but was still at the lowest level in the same period in recent years. Attention should be paid to whether real - estate favorable policies can boost the sales of commercial housing [5]. Inventory - As of the week ending December 18, the PVC social inventory decreased by 0.25% to 1.0566 million tons on a month - on - month basis, 28.58% higher than the same period last year. The social inventory decreased slightly but is still high (Longzhong increased the social storage capacity in East and South China from 21 to 41) [6].

Group 1: Report Overview - Report Name: "养殖利润数据报告 - 大豆、生猪、鸡蛋" [1] - Release Date: December 23, 2025 [2] Group 2: Soybean Price and Profit Data - **Index Closing Prices**: The closing price of the Bean 2 Index was 3566.31 yuan/ton, up 0.26% from the previous value; the Bean Meal Index closed at 2833.20 yuan/ton, up 0.11%; and the Soybean Oil Index closed at 7796.60 yuan/ton, up 0.68% [2]. - **Active Contract Closing Prices**: The closing price of the Bean 2 active contract was 3712.00 yuan/ton, up 0.98%; the Bean Meal active contract closed at 2741 yuan/ton, up 0.22%; and the Soybean Oil active contract closed at 7772 yuan/ton, up 0.78% [2]. - **Pressing Profits**: The pressing profit of the Bean 2 Index was 3.27 yuan/ton, a significant change of -4308.70% from the previous value; the active contract pressing profit was -219.93 yuan/ton, up 9.93% [2]. - **Futures Closing Price Profits**: Profits of different delivery - continuous futures contracts showed varied trends, such as the continuous futures closing price of Bean 2 profit being 69.46 yuan/ton, down 21.82% [2]. - **CNF Price and Pressing Profit of Brazilian Soybeans**: The CNF price of Brazilian soybeans was 447.30 dollars/ton, down 0.49%, and the pressing profit was -65.76 yuan/ton, up 4.02% [2]. - **Spot Prices in Zhangjiagang**: The price of imported soybeans in Zhangjiagang was 3950.00 yuan/ton, unchanged; the spot price of soybean meal was 3100.00 yuan/ton, unchanged; and the spot price of grade - 4 soybean oil was 8290.00 yuan/ton, up 0.97% [2]. Group 3: Pig Price and Profit Data - **Index Closing Price**: The closing price of the Pig Index was 11880.45 yuan/ton, up 0.10% [4]. - **Profits**: The self - breeding and self - raising pig's on - disk profit was -247.73 yuan/head, down 0.52%; different delivery - continuous futures closing price profits of pigs showed different trends, e.g., the 9 - month delivery - continuous futures closing price profit was -69.12 yuan/head, up 9.05% [4][5]. - **Spot Prices and Profits**: The price of live pigs (foreign ternary) in Xinzheng, Henan was 11.68 yuan/kg, down 0.85%; the self - breeding and self - raising pig's spot profit was -322.326952 yuan/head, up 3.92%; the price of piglets (foreign ternary, 15kg) in Kaifeng, Henan was 21.00 yuan/kg, unchanged; the breeding profit of purchased piglets in China was -189.50 yuan/head (weekly), down 21.27% [4][5] Group 4: Egg Price and Profit Data - **Index Closing Price**: The closing price of the Egg Index was 3307.23 yuan/500 kg, up 0.67% [7]. - **Profits**: The egg's on - disk profit was -0.54 yuan/jin, down 3.84%; different delivery - continuous futures closing price profits of eggs showed different trends, e.g., the 9 - month delivery - continuous futures closing price profit was 0.14 yuan/jin, up 52.66% [7]. - **Average Wholesale Price and Spot Profit**: The average wholesale price of eggs in China was 7.48 yuan/kg, up 0.40%; the egg's spot profit was -0.29 yuan/jin, down 7.01% [7]