Report Industry Investment Rating No relevant content provided. Core View of the Report The plastics supply and demand pattern remains unchanged, with a weak trading atmosphere and no further macro - level positives. It is expected that plastics will experience a weak and volatile trend in the near term. Due to potential new capacity additions this year and the gradual exit of the agricultural film peak season, the L - PP spread is expected to decline [1]. Summary by Related Catalogs Market Analysis - On December 9, the restart of maintenance devices such as Ningxia Baofeng's HDPE Phase II led to the plastics operating rate rising to around 90%, which is at a neutral level. As of the week ending December 5, the downstream PE operating rate decreased by 0.54 percentage points to 43.76%. The agricultural film peak season is ending, with orders continuing to decline, and the overall downstream PE operating rate is at a relatively low level compared to the same period in previous years. Petrochemical inventories are at a relatively high level compared to the same period in previous years. The cost - side crude oil price has dropped. There has been new capacity put into production, and the plastics operating rate has slightly increased. With the end of the agricultural film peak season, downstream demand is expected to decline. The overall plastics supply - demand pattern remains unchanged, and it is expected to be weakly volatile in the near term [1]. Futures and Spot Market Conditions - **Futures**: The plastics 2601 contract decreased in position, fluctuated, and trended downward, closing at 6557 yuan/ton, down 1.37%. The position volume decreased by 34,931 lots to 339,262 lots [2]. - **Spot**: The PE spot market mostly declined, with price changes ranging from - 100 to + 0 yuan/ton. LLDPE was reported at 6600 - 6870 yuan/ton, LDPE at 8190 - 8980 yuan/ton, and HDPE at 6860 - 7570 yuan/ton [3]. Fundamental Tracking - **Supply**: On December 9, the restart of maintenance devices such as Ningxia Baofeng's HDPE Phase II led to the plastics operating rate rising to around 90%, at a neutral level [4]. - **Demand**: As of the week ending December 5, the downstream PE operating rate decreased by 0.54 percentage points to 43.76%. The agricultural film peak season is ending, orders are decreasing, and the overall downstream PE operating rate is at a relatively low level compared to the same period in previous years [4]. - **Inventory**: On Tuesday, the petrochemical early - morning inventory increased by 0.5 million tons to 69.5 million tons, 3.5 million tons higher than the same period last year, and is at a relatively high level compared to the same period in previous years [4]. - **Raw Materials**: The Brent crude oil 02 contract fell below $63 per barrel, while the Northeast Asian ethylene price remained flat at $725 per ton, and the Southeast Asian ethylene price remained flat at $745 per ton [4].

1000 1500 2000 2500 3000 3500 山东市场主流价（元/吨） 2020 2021 2022 2023 2024 2025 1000 1500 2000 2500 3000 3500 河北市场主流价（元/吨） 2020 2021 2022 2023 2024 2025 | | | 注:数据来源于Wind，钢联数据，冠通研究整理 冠通期货 研究咨询部 王静 执业资格证书编号：F0235424/Z0000771 联系方式：010-85356618 月差 仓单 免责声明：本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和意见仅供参考，并不构成对所述品种买卖的出价或征 个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期货股份有限公司。 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000 11000 12000 仓单数量合计（张） 2020 2021 2022 2023 2024 2025 0 1000 2000 3000 主要仓库、厂库仓单数量（张） 432处 安阳万庄 ...

【冠通期货研究报告】 情绪不佳，盘面偏弱 发布日期：2025 年 12 月 9 日 【行情分析】 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 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：连续两日盘面下跌后，现货成交价格明稳暗降，短期若无驱 动，预计上游降价吸单。山东、河南及河北尿素工厂小颗粒尿素出厂报价范围 多在 1620-1680 元/吨，较昨日下滑 20 元/吨左右。 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。 2 1400 1600 1800 2000 2200 2400 2600 2800 3000 3200 3400 山东尿素市场主流价：小颗粒（元/吨） 2020 2021 2022 2023 2024 2025 数据来源：Wind、冠通研究咨询部 今日大宗商品多数下跌，尿素低开低走日内偏弱。连续两日盘面下跌后， 现货成交价格明稳暗降，短期若无驱动， ...

今日原油期货主力合约2601合约下跌2.26%至446.1元/吨，最低价在444.4元/吨，最高价在453.3 元/吨，持仓量增加443至29784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：原油震荡下行 发布日期：2025年12月09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数据显示美国成品油库存增幅超预期，原油库存超预期 累库，整体油品库存继续增加。美国原油产量位于历史最高位附近。特朗普政府极力促成俄乌停火， 泽连斯基表示将继续与美国就和平计划进行谈判，俄罗斯原油受制裁而得到的风险溢价有所回落， 欧美成品油裂解基差高位持续回落。普京与美国特使维特科夫就有关俄乌和平计划的会谈持续了近5 个小时。俄美双方达成协议，不透露谈判的实质内容。俄总统特别代表德米特里耶夫说，此次会谈 富有成效。美国和俄罗斯暂未就俄乌问题达成协议。俄乌和谈近期达成较难。目前G7和欧盟考虑禁 止俄罗斯石油出口海运服务，取代油价上限。美国与委内瑞拉军事对 ...

Report Industry Investment Rating No information provided. Core Viewpoint The supply of asphalt has increased slightly, with the production scheduled to decrease in December. The downstream demand is generally weak, and the inventory is at a relatively low level. The price of crude oil is weakly fluctuating, and the price of asphalt in Shandong has been falling recently. The market is cautious about the winter storage contract. It is expected that the futures price of asphalt will fluctuate weakly [1]. Summary by Relevant Catalogs Market Analysis - Last week, the asphalt operating rate increased by 0.1 percentage points to 27.9% month - on - month, 1.0 percentage points lower than the same period last year, still at the lowest level in recent years. In December, the domestic asphalt production is expected to be 2.158 million tons, a decrease of 70,000 tons month - on - month (3.1%) and 344,000 tons year - on - year (13.8%) [1]. - Last week, the operating rates of downstream asphalt industries showed mixed trends. The road asphalt operating rate remained flat at 29% month - on - month, restricted by funds and weather. The national shipment volume increased by 7.06% to 280,600 tons week - on - week, at a neutral level [1]. - The inventory - to - sales ratio of asphalt refineries decreased month - on - month and is still near the lowest level in recent years. The price of crude oil fluctuated weakly. The distillation unit in Venezuela's Jose Industrial Zone was shut down, but the discount of diluted asphalt widened. Qilu Petrochemical plans to switch to asphalt production this week, and the asphalt operating rate will increase slightly. The demand will weaken further, and it is expected that the futures price of asphalt will fluctuate weakly [1]. Futures and Spot Market - Today, the asphalt futures contract 2602 fell 0.41% to 2,943 yuan/ton, below the 5 - day moving average, with a minimum price of 2,928 yuan/ton and a maximum price of 2,963 yuan/ton. The open interest increased by 6,677 to 201,816 lots [2]. - The mainstream market price in Shandong remained at 2,930 yuan/ton, and the basis of the asphalt 02 contract rose to - 13 yuan/ton, at a neutral level [3]. Fundamental Tracking - In terms of supply, refineries such as Shandong Shengxing resumed asphalt production. The asphalt operating rate increased by 0.1 percentage points to 27.9% month - on - month, 1.0 percentage points lower than the same period last year, still at the lowest level in recent years [1][4]. - From January to October, the national highway construction investment decreased by 6.0% year - on - year, with the same cumulative year - on - year growth rate as that from January to September. The cumulative year - on - year growth rate of the actual completed fixed - asset investment in the road transport industry from January to October was - 4.3%, a slight decline from - 2.7% from January to September. The cumulative year - on - year growth rate of the completed fixed - asset investment in infrastructure construction (excluding electricity) from January to October was - 0.1%, a further decline from 1.1% from January to September [4]. - As of the week of December 5, the operating rates of downstream asphalt industries showed mixed trends, and the road asphalt operating rate remained flat at 29% month - on - month, restricted by funds and weather. From January to October, the year - on - year growth rate of social financing stock was 8.5%, a 0.2 - percentage - point decline from that from January to September. The new social financing in October was lower than market expectations [4]. - As of the week of December 5, the inventory - to - sales ratio of asphalt refineries decreased by 1.3 percentage points to 13.2% compared with the week of November 28 and is near the lowest level in recent years [4].

【冠通期货研究报告】 美联储降息会议前，市场交易谨慎 发布日期：2025 年 12 月 9 日 【行情分析】 今日沪铜高开低走，日内震荡收跌。中国铜冶炼厂采购联合体（CSPT）宣布 2026 年 成员联合减产 10%以上，以应对铜精矿加工费（TC）跌至历史低位（现货 TC 仅 35 美元/ 干吨，长单 TC 65 美元），该消息公布以来，沪铜价格连续大幅上行。11 月再生铜杆开 工率为 23.84%，高于预期 27.68%，环比下降 2.62%，同比下降 12.46%。虽目前精废价差 有优势，但由于终端消费无起色，故优势暂无明显体现。进入 12 月，据 SMM 与市场交流 得到有 4 家冶炼厂检修，预计检修影响量为 0.5 万吨，将在 1 月产量数据有所显示，12 月由于前期冶炼厂多发复产，产量预计有所增加。价格连续上行后，下游承接力度明显 不足，铜管企业目前组织年度生产中，但受制于铜价的不断上涨，企业谨慎态度观望， 增产幅度受限；钢联样本企业铜板带产量 1.49 万吨，周度产能利用率为 65.65%，受成 本上涨影响，生产节奏放缓，且临近年底，企业生产均维持谨慎态度。精铜杆企业开工 下滑，整体出货表现不佳， ...

联系方式：010-85356618 频度：周 最新值 前值 周环比 棕榈油：库存：中国 （万吨） 68.37 65.35 4.62% 菜油：库存：中国 （万吨） 34.70 36.52 -4.98% 压榨厂：豆油：库存： 中国（万吨） 116.30 117.88 -1.34% 棕榈油：期现价差：中 国（元/吨） 42.00 51.00 -17.65% 菜油：期现价差：中国 （元/吨） 428.00 452.00 -5.31% 豆油、棕榈油：期现价 差：中国 （元/吨） -273.00 -178.00 53.37% 棕榈油现货主力合约基 差(元/吨） 43.33 -8.67 -599.77% 菜油现货主力合约基差 (元/吨） 490.75 428.75 14.46% 豆油现货主力合约基差 (元/吨） 293.47 281.47 4.26% 2025-06-06 棕榈油：库存：中国（周） 菜油：库存：中国（周） 油脂 近一年走势 2025-06-23 0 20 40 60 80 100 120 万吨 2022 2023 2024 2025 0 10 20 30 40 50 60 70 80 90 万吨 2022 ...

Report Summary 1. Report Title and Date - Title: "养殖利润数据报告 - 大豆、生猪、鸡蛋" (Breeding Profit Data Report - Soybeans, Pigs, Eggs) [1] - Release Date: December 9, 2025 [2] 2. Industry Investment Rating - Not provided in the report. 3. Core Viewpoints - The report presents the latest values, previous values, and daily环比 (percentage changes) of various commodity prices and profits in the soybean, pig, and egg industries, offering an overview of the current market situation for these commodities. 4. Summary by Commodity Soybeans - **Index and Contract Prices**: The closing prices of most soybean - related indices and contracts decreased. For example, the closing price of the bean - two index was 3676.43 yuan/ton, down 0.81% from the previous value; the closing price of the bean - meal index was 2874.27 yuan/ton, down 1.28% [2]. - **Pressing Profits**: Some pressing profits showed significant percentage changes. The bean - two index pressing profit was - 17.76 yuan/ton, with an 86.38% change compared to the previous value; the active contract pressing profit was - 134.68 yuan/ton, up 23.71% [2]. - **Other Data**: The CNF price of Brazilian soybeans was 464.94 dollars/ton, down 1.11%; the pressing profit of Brazilian soybeans was - 115.13 yuan/ton, down 2.21%. The price of imported soybeans in Zhangjiagang remained unchanged, while the pressing profit increased by 10.24% [2]. Pigs - **Price and Profit Changes**: The closing price of the pig index was 11934.04 yuan/ton, up 1.93%. The self - breeding and self - raising pig's on - disk profit was - 253.03 yuan/head, down 12.55%. The profits of various futures contracts also showed different degrees of change, with some losses narrowing [4][5]. - **Regional Prices**: The price of live pigs (outside ternary) in Xinzheng, Henan was 11.38 yuan/kg, down 1.30%; the price of piglets (outside ternary, 15kg) in Kaifeng, Henan remained unchanged [5]. Eggs - **Index and Profit Changes**: The closing price of the egg index was 3403.04 yuan/500 kg, up 1.17%. The egg on - disk profit was - 0.48 yuan/jin, down 12.63%. The profits of different futures contracts had different trends, with the 9 - month continuous contract's profit up 36.95% [7]. - **Market Prices**: The average wholesale price of eggs in China was 7.32 yuan/kg, down 1.61%; the egg spot profit was - 0.29 yuan/jin, up 7.93% [7].

Report Core View - The Politburo meeting pointed out that next year's economic work should adhere to making progress while maintaining stability and improving quality and efficiency, continue to implement a more proactive fiscal policy and a moderately loose monetary policy, and enhance the integrated effect of existing and incremental policies. It also emphasized increasing counter - cyclical and cross - cyclical adjustment and implementing more proactive and effective macro - policies [2] - The Shanghai Futures Exchange issued an announcement due to complex and changeable international situations and large fluctuations in the precious metals market, reminding relevant parties to take measures to prompt investors to prevent risks and invest rationally [2] - China's total goods trade import and export value in the first 11 months of this year was 41.21 trillion yuan, a year - on - year increase of 3.6% [2] - China's soybean imports in November were 8.107 million tons, and the cumulative imports from January to November were 10.379 million tons, a year - on - year increase of 6.9% [2] - From November 24 - 30, 2025, the average purchase price of live pigs by designated slaughtering enterprises was 13.11 yuan/kg, a month - on - month decrease of 0.9% and a year - on - year decrease of 27.0% [2] Key Information by Category Hot News - The Politburo meeting determined the economic tone for next year, emphasizing the implementation of proactive fiscal and moderately loose monetary policies [2] - The Shanghai Futures Exchange reminded of risks in the precious metals market [2] - China's goods trade import and export maintained growth in the first 11 months, with a year - on - year increase of 3.6% [2] - China's soybean imports showed an increasing trend in the first 11 months [2] - The average purchase price of live pigs decreased both month - on - month and year - on - year [2] Key Focus - Focus on commodities such as lithium carbonate, coking coal, live pigs, Shanghai copper, and Shanghai gold [3] Night - session Performance - The night - session price changes of various commodity sectors are as follows: non - metallic building materials 2.70%, precious metals 30.17%, oilseeds 8.73%, non - ferrous metals 25.07%, soft commodities 2.86%, coal - coking and steel - ore 11.75%, energy 2.84%, chemicals 10.70%, grains 1.47%, and agricultural and sideline products 3.72% [3] Plate Position - The document shows the position changes of various commodity futures sectors in the past five days [4] Performance of Major Asset Classes - In the equity category, the Shanghai Composite Index rose 0.54% daily, 0.91% monthly, and 17.08% annually; the S&P 500 fell 0.35% daily, - 0.04% monthly, and rose 16.40% annually, etc. [5] - In the fixed - income category, the 10 - year Treasury bond futures rose 0.02% daily, - 0.03% monthly, and - 0.93% annually [5] - In the commodity category, WTI crude oil fell 2.06% daily, rose 0.75% monthly, and fell 18.19% annually; London spot gold fell 0.18% daily, - 0.68% monthly, and rose 59.67% annually [5] - In other categories, the US dollar index rose 0.12% daily, - 0.34% monthly, and - 8.65% annually; the CBOE Volatility Index was flat daily, fell 5.75% monthly, and - 11.18% annually [5] Trends of Major Commodities - The document shows the trends of various commodities such as the Baltic Dry Index, CRB spot index, WTI crude oil, London spot gold, LME copper, etc. [6]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report presents a comprehensive overview of the overnight market trends, important macro - economic and industry - specific news, and future event schedules. It covers a wide range of sectors including stocks, bonds, commodities, and foreign exchange, both domestically and internationally. Summary by Relevant Catalogs Overnight Night - Market Trends - US major stock indices closed slightly lower, with the Dow down 0.45% at 47739.32 points, the S&P 500 down 0.35% at 6846.51 points, and the Nasdaq down 0.14% at 23545.9 points [5]. - US Treasury yields rose across the board, with the 2 - year yield up 1.68 basis points at 3.575%, the 3 - year up 2.55 basis points at 3.610%, etc. [5]. - International precious metal futures generally fell, with COMEX gold down 0.54% at $4219.90 per ounce and COMEX silver down 0.94% at $58.50 per ounce. Brent crude futures fell 1.98% to $62.49 per barrel [5]. - Most London base metals declined, but LME zinc rose 1.05% to $3130.50 per ton and LME copper rose 0.47% to $11675.00 per ton [6]. Important Information Macro - Information - The Political Bureau of the CPC Central Committee pointed out that next year's economic work should focus on stability, quality improvement, and continue with proactive fiscal and moderately loose monetary policies [9]. - China's goods trade in the first 11 months of this year increased, with a total import - export value of 41.21 trillion yuan, a 3.6% year - on - year increase. In November, the total import - export value was 3.9 trillion yuan, a 4.1% increase [9]. - As of December 8, 2025, the Shanghai Export Container Settlement Freight Index (European route) was 1509.10 points, up 1.7% from the previous period [10]. - As of December 5, domestic coniferous log inventories decreased, while the average daily outbound volume of coniferous logs in 7 provinces and 13 ports in China increased by 8.65% compared to the previous week [10]. Energy and Chemical Futures - The Malaysian rubber market is expected to be mixed this week due to supply concerns caused by heavy rain in major rubber - producing areas. The demand for natural rubber is expected to be higher than production in 2025 [13]. - As of December 8, 2025, the commercial inventory of pure benzene in Jiangsu ports increased by 16.07% month - on - month and 72.19% year - on - year [13]. - On December 8 at 24:00, domestic gasoline and diesel retail prices were lowered by 55 yuan per ton [13]. Metal Futures - China's imports of copper ore concentrates in November were 252.6 tons, and the cumulative imports from January to November were 2761.4 tons, an 8.0% year - on - year increase. Exports of unwrought aluminum and aluminum products in November were 57.0 tons, and the cumulative exports from January to November were 558.9 tons, a 9.2% year - on - year decrease [15]. - As of December 5, the inventory of lithium ore in 30 sample traders decreased by 1.0 tons month - on - month, while the salable inventory increased by 0.7 tons. The overall lithium ore inventory continued to shift to lithium salt plants [15]. - In November, the retail sales of the national passenger car market were 224.4 million vehicles, a year - on - year decrease of 8.5%. From January to November, the cumulative retail sales were 2175 million vehicles, a year - on - year increase of 6.3%. The penetration rate of new energy vehicles in November was 59.3%, a 7 - percentage - point increase from the previous year [16][17]. - Tianqi Lithium applied for the qualification of a designated delivery warehouse for lithium hydroxide at the Guangzhou Futures Exchange [17]. - The Shanghai Futures Exchange reminded investors to prevent risks in the precious metal market [17]. - Morgan Stanley believes there is an upward risk in copper price forecasts [18]. Black - Series Futures - From December 1 to 7, 2025, the arrival volume of iron ore at 47 ports in China decreased by 214.8 tons month - on - month, and the arrival volume at 45 ports decreased by 218.8 tons month - on - month [20]. - China's steel imports in November were 49.6 tons, and the cumulative imports from January to November were 554.1 tons, a 10.5% year - on - year decrease. Exports in November were 998.0 tons, and the cumulative exports from January to November were 10,771.7 tons, a 6.7% year - on - year increase [21]. - In November, coal and lignite imports were 4405.3 tons, and the cumulative imports from January to November were 43167.6 tons, a 12.0% year - on - year decrease. Iron ore concentrate imports in November were 11054.0 tons, and the cumulative imports from January to November were 113920.2 tons, a 1.4% year - on - year increase [22]. - In November 2025, the coal export volume of Gladstone Port in Australia decreased by 1.69% month - on - month and 12.42% year - on - year [22]. - HeSteel's silicon - iron tender inquiry price in December was 5600 yuan/ton, and the tender quantity was 2750 tons, an increase of 34 tons from the previous round [23]. Agricultural Product Futures - China's soybean imports in November were 810.7 tons, and the cumulative imports from January to November were 1.0379 million tons, a 6.9% year - on - year increase. Edible vegetable oil imports in November were 72 tons, and the cumulative imports from January to November were 627 tons, a 3% year - on - year decrease [25]. - From November 24 - 30, 2025, the average purchase price of pigs at designated slaughtering enterprises decreased by 0.9% month - on - month and 27.0% year - on - year [25]. - In November, the soybean crushing volume of major domestic oil mills was 901 tons, an increase of 18 tons month - on - month and 83 tons year - on - year. It is expected that the soybean crushing volume in December will be about 860 tons, an increase of about 40 tons year - on - year [25]. - As of last Thursday, the soybean planting area in Brazil for the 2025/2026 season reached 94% of the expected area. The corn output in the 2025/26 season is expected to be 1.353 billion tons [26]. - The Indonesian government fined palm oil and mining companies a total of $23.1 billion for illegal operations in forest areas [28]. - US private exporters reported selling 13.2 tons of soybeans to China for delivery in the 2025/2026 season [29]. - As of the week of November 6, the net sales of US soybeans for the 2025/2026 season were 51.1 tons, and the net sales for the 2026/2027 season were 0.4 tons [29]. - As of the week of December 4, 2025, the US soybean export inspection volume was 1018127 tons, and the shipment to China was 119895 tons [29]. Financial Market Finance - The idea of "appropriately loosening restrictions on securities firms" has sparked market discussions, and the industry's overall leverage will remain within a reasonable range [31]. - A - shares rose with heavy trading volume, with the Shanghai Composite Index up 0.54% at 3924.08 points, the Shenzhen Component Index up 1.39%, and the ChiNext Index up 2.6%. The market turnover exceeded 2 trillion yuan [33]. - The Hong Kong Hang Seng Index fell 1.23% to 25765.36 points, the Hang Seng Technology Index was flat, and the Hang Seng China Enterprises Index fell 1.25% [33]. Industry - Domestic refined oil prices decreased for the second consecutive time, with gasoline and diesel retail prices lowered by 55 yuan per ton [34]. - The China Trust Industry Association will solicit opinions on the "Guidelines for Family Trust Business" [34]. - In November, the retail sales of the national passenger car market were 222.5 million vehicles, a year - on - year decrease of 8.1%. The retail penetration rate of new energy vehicles was 59.3%. The 2026 car market is expected to face great pressure [34]. - A land parcel in Shenzhen was successfully auctioned, with a premium rate of 42.49% [34]. - Nomura Securities reported that the global storage market is facing a "triple super - cycle", and the market size is expected to grow by 98% to $4450 billion in 2026 [35]. Overseas - The Fed will hold an interest - rate meeting on December 9 and 10, and the market expects a 25 - basis - point rate cut [37]. - US President Trump will sign an AI regulatory executive order and plans to launch a $120 - billion agricultural assistance program [37]. - The US Bureau of Labor Statistics will delay the release of the October PPI data until January 14, 2026 [37]. - European leaders discussed a peace plan for the Ukraine crisis with President Zelensky [38]. - Japan's Q3 2025 GDP was revised down, and real wages have declined for ten consecutive months [38]. - European Central Bank's Schnabel believes that economic and inflation risks are on the upside [38]. International Stock Markets - US major stock indices closed slightly lower, with the Dow down 0.45%, the S&P 500 down 0.35%, and the Nasdaq down 0.14%. European major stock indices closed mixed [39]. - Unilever's Magnum ice - cream company was listed on multiple exchanges. In 2024, it had revenues of 79 billion euros and a 21% share of the global ice - cream retail market [39]. Commodities - The International BIS warned that retail investors' "chasing behavior" is turning gold into a speculative asset [40]. - The Shanghai Futures Exchange reminded investors to prevent risks in the precious metal market [40]. - US oil and Brent crude futures prices fell due to supply - side relief and weak demand [41][42]. - International precious metal futures generally fell, mainly due to market - priced Fed policy expectations, short - term dollar rebound, and profit - taking [42]. - Most London base metals declined, with LME zinc and copper rising [42]. Bonds - The domestic bond market rebounded in the afternoon, and the central bank conducted 1223 billion yuan of reverse repurchase operations, with a net injection of 147 billion yuan [43]. - Wanda Commercial Management Group proposed to extend the maturity of a $4 - billion dollar bond by two years [44]. - US Treasury yields rose across the board, and Japanese government bond yields reached multi - year highs [44]. Foreign Exchange - The on - shore RMB against the US dollar closed at 7.0713 on Monday, down 7 basis points from the previous trading day [46]. - The CFETS RMB exchange - rate index and other RMB exchange - rate indices decreased last week [46]. - The US dollar index rose 0.12% at the New York close, and most non - US currencies fell [46]. - The Indian rupee was sold off, and the Indian central bank intervened, but its further intervention space may be limited [46]. Upcoming Events - Various economic data will be released on December 9, including UK retail sales, Australian business confidence, etc. [48] - Multiple important events will occur on December 9, such as the expiration of 1563 billion yuan of reverse repurchase operations by the Chinese central bank, the RBA's interest - rate decision, etc. [50]