Group 1: Report Industry Investment Rating - No information provided in the given content Group 2: Core Views of the Report - Overnight, copper prices at home and abroad fluctuated weakly. Before the Fed's interest - rate meeting, the market remained cautious. Although a December rate cut has reached a consensus, the future rate - cut path and how the Fed replenishes market liquidity are the focus. With the LME inventory problem hard to solve, the market sentiment may keep copper prices high and even make them continue to strengthen, so a prudent and optimistic outlook is held [1]. - Overnight, alumina and Shanghai aluminum fluctuated weakly, while aluminum alloy fluctuated strongly. After the end of environmental inspections in the north, domestic mines resumed production, and ore supply increased. Alumina supply remained high, and inventory pressure continued to build. Affected by macro - sentiment and copper prices, aluminum followed the upward trend and hit a new high. The end - of - year demand did not decline significantly, and the seasonal pressure on aluminum ingot shipments in Xinjiang helped extend the destocking cycle. Currently, the upward strength of aluminum prices is weakening, and attention should be paid to downstream high - price stocking sentiment [1][2]. - Overnight, LME nickel fell 0.57% to $14,885 per ton, and Shanghai nickel fell 0.19% to 117,800 yuan per ton. The LME nickel inventory increased, and the SHFE nickel warehouse receipts decreased. The nickel - iron price center moved up, and the raw - material support strengthened marginally, but the price upside was limited. In the new - energy industry chain, the raw - material supply was tight, but the output of ternary precursors decreased in December, and the finished - product side was under pressure. In the short term, nickel may still fluctuate, and attention should be paid to macro and overseas industrial - policy changes [2]. Group 3: Summary by Relevant Catalogs 1. Research Views - **Copper**: Macro factors include the Fed's rate - policy stance and China's economic - policy orientation. LME copper inventory increased by 2,000 tons to 164,550 tons, COMEX copper warehouse receipts increased by 2,410 tons to 398,720 tons, and SHFE copper warehouse receipts decreased by 980 tons to 29,956 tons. The market is cautious before the Fed's meeting, but LME inventory issues may support high copper prices [1]. - **Aluminum**: Overnight, AO2601 closed at 2,574 yuan per ton, down 0.27%, and AL2601 closed at 22,120 yuan per ton, down 0.11%. AD2601 closed at 21,060 yuan per ton, up 0.07%. The SMM alumina price dropped to 2,809 yuan per ton, and the aluminum - ingot spot discount widened. After the end of environmental inspections, ore supply increased, and alumina supply remained high. Aluminum prices followed the upward trend but may face downward pressure [1][2]. - **Nickel**: LME nickel fell 0.57% to $14,885 per ton, and Shanghai nickel fell 0.19% to 117,800 yuan per ton. The LME nickel inventory increased by 228 tons to 253,344 tons, and the SHFE warehouse receipts decreased by 264 tons to 34,500 tons. The nickel - iron price center moved up, and the new - energy industry chain faced some pressure. In the short term, nickel may fluctuate [2]. 2. Daily Data Monitoring - **Copper**: The price of flat - water copper increased by 710 yuan per ton, and the flat - water copper premium decreased by 45 yuan per ton. The price of 1 bright scrap copper in Guangdong increased by 1,500 yuan per ton. LME copper inventory increased by 2,000 tons, SHFE copper warehouse receipts decreased by 980 tons, and the total domestic + bonded - area social inventory decreased by 0.4 million tons [4]. - **Lead**: The average price of 1 lead remained unchanged at 17,310 yuan per ton, and the 1 lead - ingot premium in East China increased by 5 yuan per ton. The price of lead concentrates at some locations increased by 100 yuan per ton. The LME lead inventory remained unchanged, and the SHFE lead warehouse receipts decreased by 547 tons [4]. - **Aluminum**: The Wuxi and Nanhai aluminum prices increased, and the Nanhai - Wuxi price difference decreased by 10 yuan per ton. The aluminum - alloy ADC12 price in South China increased by 200 yuan per ton. The LME aluminum inventory decreased by 2,500 tons, and the total SHFE aluminum inventory decreased by 8,439 tons. The alumina social inventory increased by 1 million tons [5]. - **Nickel**: The price of Jinchuan nickel plate increased by 425 yuan per ton. The LME nickel inventory increased by 126 tons, and the SHFE nickel warehouse receipts increased by 2,501 tons. The stainless - steel warehouse receipts decreased by 253 tons, and the nickel social inventory increased by 3,090 tons [5]. - **Zinc**: The main - contract settlement price increased by 0.4% to 22,840 yuan per ton. The LME zinc inventory remained unchanged, and the social inventory decreased by 0.36 million tons. The active - contract import loss decreased [7]. - **Tin**: The main - contract settlement price increased by 2.9% to 318,380 yuan per ton. The LME tin price decreased by 2.1% to $27,540 per ton. The SHFE tin inventory increased by 130 tons, and the active - contract import loss decreased [7]. 3. Chart Analysis - **3.1 Spot Premium**: Charts show the spot premiums of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [9][11][12] - **3.2 SHFE Near - Far Month Spread**: Charts display the near - far month spreads of copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [13][17][18] - **3.3 LME Inventory**: Charts present the LME inventories of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [20][22][24] - **3.4 SHFE Inventory**: Charts show the SHFE inventories of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [26][28][30] - **3.5 Social Inventory**: Charts display the social inventories of copper (including bonded areas), aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2025 [32][34][36] - **3.6 Smelting Profit**: Charts present the copper - concentrate index, rough - copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless - steel 304 smelting profit rate from 2019 - 2025 [39][41][43] 4. Non - Ferrous Metals Team Introduction - Zhan Dapeng, a master of science, is the director of non - ferrous research at Everbright Futures Research Institute, a senior precious - metals researcher, and has multiple professional titles. He has over a decade of commodity - research experience, serves many leading spot enterprises, and has published many professional articles. His team has won multiple awards [46]. - Wang Heng, a master of finance from the University of Adelaide, Australia, is a non - ferrous researcher at Everbright Futures Research Institute, focusing on aluminum and silicon research [46]. - Zhu Xi, a master of science from the University of Warwick, UK, is a non - ferrous researcher at Everbright Futures Research Institute, focusing on lithium and nickel research [47].

1. Report's Industry Investment Rating - Not provided in the report 2. Core Views of the Report - Steel: Narrow - range consolidation. Although steel exports are at a high level and macro - policies have a positive impact, the sharp decline in coking coal and coke prices drags down the market [1]. - Iron ore: Volatility. The supply from Australia is rising while that from Brazil is falling, iron - water production is decreasing, and inventories are accumulating [1]. - Coking coal: Weak volatility. The supply increase is limited, the actual market demand is insufficient, and the downstream mainly makes rigid - demand purchases [1]. - Coke: Weak volatility. The coke output is increasing, and the terminal consumption demand is average, with the impact of weather on transportation [1]. - Manganese silicon: Volatility. The cost is high, production is decreasing, demand is to be boosted, and inventory is accumulating [1][3]. - Ferrosilicon: Volatility. The cost is high, supply reduction is limited, and the market expectation is weak [3]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Steel**: The closing price of the rebar 2605 contract was 3123 yuan/ton, down 34 yuan/ton (1.08% decline), and the position increased by 0.3 million hands. Spot prices declined slightly. In November 2025, China exported 998.0 million tons of steel, a month - on - month increase of 2.0%. The cumulative export from January to November was 10771.7 million tons, a year - on - year increase of 6.7% [1]. - **Iron ore**: The closing price of the iron ore futures main contract i2605 was 760.5 yuan/ton, down 8.5 yuan/ton (1.1% decline). Australian shipments rebounded, Brazilian shipments decreased, iron - water production decreased, and inventories increased [1]. - **Coking coal**: The closing price of the coking coal 2605 contract was 1093.5 yuan/ton, down 46.5 yuan/ton (4.08% decline), and the position increased by 24153 hands. The supply increase was limited, and the actual market demand was insufficient [1]. - **Coke**: The closing price of the coke 2601 contract was 1537 yuan/ton, down 48 yuan/ton (3.03% decline), and the position increased by 1550 hands. The coke output increased, and the terminal consumption demand was average [1]. - **Manganese silicon**: The main contract price of manganese silicon was 5736 yuan/ton, down 0.42%. The production cost was high, the weekly output decreased by 3.5% for 5 consecutive weeks, and the inventory of 63 sample enterprises reached a new high [1][3]. - **Ferrosilicon**: The main contract price of ferrosilicon was 5444 yuan/ton, down 0.69%. After the electricity price adjustment in November, the production reduction intention increased. The inventory of 60 sample enterprises reached a new high [3]. 3.2 Daily Data Monitoring - **Contract spreads**: For example, the 1 - 5 month spread of rebar was - 6.0, and the 5 - 10 month spread was - 41.0 [4]. - **Basis**: The basis of the rebar 01 contract was 163.0, and that of the 05 contract was 157.0 [4]. - **Spot**: The Shanghai rebar spot price was 3280.0 yuan/ton, down 10.0 yuan/ton [4]. - **Profit and spreads**: The rebar's on - disk profit was 27.0, and the long - process profit was - 29.1. The spread between hot - rolled coil and rebar was 168.0 [4]. 3.3 Chart Analysis - **Main contract prices**: There are price trend charts of rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2020 - 2025 [6][7][8][9][11][14]. - **Main contract basis**: There are basis trend charts of rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [16][17][18][20][21][22][23]. - **Inter - period contract spreads**: There are spread trend charts of different contracts for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [25][27][31][33][34][37][38]. - **Inter - variety contract spreads**: There are spread trend charts of main contracts such as hot - rolled coil - rebar spread, rebar - iron ore ratio, rebar - coke ratio, etc. [42][44][45]. - **Rebar profit**: There are profit trend charts of rebar's on - disk profit, long - process profit, and short - process profit [48][49][52]. 3.4 Black Research Team Members Introduction - Qiu Yuecheng: Assistant Director and Black Research Director of Everbright Futures Research Institute, with nearly 20 years of experience in the steel industry [54]. - Zhang Xiaojin: Director of Resource Product Research at Everbright Futures Research Institute, with rich industry honors [54]. - Liu Xi: Black researcher at Everbright Futures Research Institute, good at fundamental supply - demand analysis [54]. - Zhang Chunjie: Black researcher at Everbright Futures Research Institute, with experience in investment and futures - spot trading [55].

Group 1: Index Trends - On December 8th, the Shanghai Composite Index rose by 0.54% to close at 3924.08 points with a trading volume of 839.439 billion yuan; the Shenzhen Component Index rose by 1.39% to close at 13329.99 points with a trading volume of 1197.207 billion yuan [1]. - The CSI 1000 Index rose by 1.1% with a trading volume of 418.475 billion yuan, opening at 7359.49, closing at 7423.05, with a daily high of 7446.19 and a low of 7359.49 [1]. - The CSI 500 Index rose by 1.05% with a trading volume of 347.245 billion yuan, opening at 7119.05, closing at 7172.37, with a daily high of 7193.72 and a low of 7114.32 [1]. - The SSE 50 Index rose by 0.58% with a trading volume of 125.239 billion yuan, opening at 3006.63, closing at 3019.36, with a daily high of 3030.57 and a low of 3005.38 [1]. - The SSE 300 Index rose by 0.81% with a trading volume of 496.716 billion yuan, opening at 4593.14, closing at 4621.75, with a daily high of 4640.63 and a low of 4592.74 [1]. Group 2: Impact of Sector Movements on Indexes - The CSI 1000 rose 80.56 points from the previous close, with sectors such as electronics, communication, and computer significantly pulling the index up [2]. - The CSI 500 rose 74.53 points from the previous close, with sectors such as electronics, power equipment, and machinery significantly pulling the index up [2]. - The SSE 300 rose 37.21 points from the previous close, with sectors such as communication, electronics, and non - bank finance significantly pulling the index up [2]. - The SSE 50 rose 17.35 points from the previous close, with non - bank finance, electronics, and pharmaceutical biology pulling the index up, while food and beverage pulled it down [2]. Group 3: Stock Index Futures Basis and Annualized Opening Costs - For IM contracts, IM00 had an average daily basis of - 32.04, IM01 of - 107.61, IM02 of - 265.18, and IM03 of - 506.23 [13]. - For IC contracts, IC00 had an average daily basis of - 19.05, IC01 of - 74.87, IC02 of - 192.01, and IC03 of - 401.1 [13]. - For IF contracts, IF00 had an average daily basis of - 4.8, IF01 of - 20.14, IF02 of - 42.8, and IF03 of - 90.5 [13]. - For IH contracts, IH00 had an average daily basis of - 1.21, IH01 of - 8.49, IH02 of - 11.56, and IH03 of - 26.2 [13]. Group 4: Stock Index Futures Roll - over Point Differences and Annualized Costs - Data on IM roll - over point differences and their annualized costs at different time points from 09:45 to 15:00 are provided, showing the changes in point differences and costs over time [28]. - Similar data for IC, IF, and IH contracts are also presented, including point differences and their annualized costs at various time intervals [23][26][29].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On December 8, 2025, the lithium carbonate futures 2605 contract rose 1.76% to 94,840 yuan/ton. The average price of battery - grade lithium carbonate decreased by 500 yuan/ton to 92,750 yuan/ton, the average price of industrial - grade lithium carbonate decreased by 450 yuan/ton to 90,350 yuan/ton, and the battery - grade lithium hydroxide (coarse particles) decreased by 200 yuan/ton to 81,930 yuan/ton. The warehouse receipt inventory increased by 2,198 tons to 13,120 tons [2]. - Nigerian media reported that on December 1, the governors of northern Nigerian states and traditional leaders held a joint meeting and decided to promote a six - month suspension of mining activities in the region [2]. - In terms of supply, the weekly production increased by 74 tons to 21,939 tons. In December, the lithium carbonate production is expected to increase by 3% month - on - month to 98,210 tons. In terms of demand, the weekly production of ternary materials decreased by 564 tons to 18,697 tons, and the inventory decreased by 519 tons to 18,842 tons; the weekly production of lithium iron phosphate decreased by 233 tons to 95,480 tons, and the inventory decreased by 660 tons to 22.35 GWh. In December, the ternary material production is expected to decrease by 7% month - on - month to 78,280 tons, and the lithium iron phosphate production is expected to decline by 1% month - on - month to 410,000 tons. In terms of inventory, the weekly inventory decreased by 2,336 tons to 113,602 tons [2]. - Last week, the social inventory continued to decline. However, due to the marginal weakening of demand, the total inventory days slightly increased to 27 days. Short - term news - related disturbances have led to stronger prices, but the potential supply increment has not been released, the inventory - reduction rhythm may face pressure to slow down, and the bullish factors may be marginally weakening. There is still a certain probability of a price correction [2]. 3. Summary According to Relevant Catalogs 3.1 Daily Data Monitoring - Futures: The closing price of the main contract was 94,840 yuan/ton, up 2,680 yuan; the closing price of the continuous contract was 92,800 yuan/ton, up 2,120 yuan. - Lithium ore: The price of lithium spodumene concentrate (6%, CIF China) was 1,165 US dollars/ton, up 11 US dollars; the prices of different grades of lithium mica and phospho - lithium - aluminum stone also increased. - Lithium carbonate: The average price of battery - grade lithium carbonate decreased by 500 yuan/ton to 92,750 yuan/ton, and the average price of industrial - grade lithium carbonate decreased by 450 yuan/ton to 90,350 yuan/ton. - Lithium hydroxide: The prices of various types of lithium hydroxide mostly decreased. - Other products: The price of lithium hexafluorophosphate increased by 500 yuan/ton to 173,000 yuan/ton, and the prices of some ternary precursors and cathode materials increased slightly, while the prices of lithium iron phosphate products decreased slightly [5]. 3.2 Chart Analysis - **Ore prices**: Charts show the price trends of lithium spodumene concentrate (6%, CIF), different grades of lithium mica, and phospho - lithium - aluminum stone from 2024 to 2025 [8][9]. - **Lithium and lithium salt prices**: Charts display the price trends of metal lithium, battery - grade and industrial - grade lithium carbonate, battery - grade and industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [10][11][12]. - **Spreads**: Charts present the spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, and other relevant spreads from 2024 to 2025 [17]. - **Precursors & cathode materials**: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese acid lithium, and cobalt acid lithium from 2024 to 2025 [23][26][29]. - **Lithium battery prices**: Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt - acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2025 [32][33][34]. - **Inventory**: Charts show the inventory trends of downstream, smelters, and other links from April 17, 2025, to December 4, 2025 [36][37][38]. - **Production cost**: A chart presents the production profit trends of lithium carbonate from different raw materials such as外购三元极片黑粉,外购磷酸铁锂极片黑粉,外购锂云母精矿, and外购锂辉石精矿 from 2024 to 2025 [40][41].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The prices of various energy - chemical commodities are expected to fluctuate. Crude oil is under pressure due to increased supply, and other commodities like fuel oil, asphalt, polyester, rubber, methanol, polyolefin, and PVC also face different supply - demand situations leading to expected price oscillations [1][3]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: The price center of oil dropped on Monday. The production at Iraq's West Qurna 2 oil field is resuming, and the CPC pipeline in Kazakhstan has supply disruptions. China's crude oil imports in November were 50.891 million tons, with a cumulative 1 - 11 - month import of 521.87 million tons, a year - on - year increase of 3.2%. Oil prices are expected to fluctuate [1]. - **Fuel Oil**: The main contracts of high - and low - sulfur fuel oil rose on Monday. The Asian low - sulfur fuel oil market is under pressure, and the high - sulfur market is also affected by factors such as sufficient arrivals and high inventories. Prices are expected to remain low and fluctuate [3]. - **Asphalt**: The main asphalt contract rose slightly on Monday. The winter - storage policy of refineries is gradually being implemented, and the winter - storage price is likely to fall to a relatively low level in the past five years. The price is expected to fluctuate at a low level [3]. - **Polyester**: The main contracts of TA, EG, and PX had different price changes on Monday. The production and demand of polyester products are affected by factors such as device maintenance and downstream demand, and prices are expected to fluctuate [3][4]. - **Rubber**: The prices of main rubber contracts rose on Monday. China's imports of natural and synthetic rubber increased in November. Overseas production areas have improved weather, and demand is insufficient, dragging down futures prices [4]. - **Methanol**: The supply of methanol is at a high - level oscillation, and overseas supply is expected to decline. Demand is expected to increase. The port inventory is expected to start to decline from late December 2025 to early January 2026, and the price is expected to fluctuate at the bottom [6]. - **Polyolefin**: The production of polyolefin will remain high, and downstream demand will weaken. However, due to the low valuation, the price is expected to fluctuate at the bottom [6][8]. - **Polyvinyl Chloride (PVC)**: The price of PVC in the East, North, and South China markets decreased on Monday. Supply may decline slightly, and demand will slow down. The price is expected to fluctuate at the bottom [8]. 3.2 Daily Data Monitoring - The report provides the basis data of various energy - chemical products on December 8, 2025, including spot prices, futures prices, basis, basis rate, and their changes, and the quantile of the latest basis rate in historical data [9]. 3.3 Market News - Iraq has resumed production at the West Qurna 2 oil field, which accounts for about 0.5% of global oil supply and 9% of Iraq's total production, and is expected to fully resume operations in the next few hours [11]. - China's crude oil imports in November were 50.891 million tons, and the cumulative imports from January to November were 521.87 million tons, a year - on - year increase of 3.2% [11]. 3.4 Chart Analysis - **4.1 Main Contract Prices**: The report shows the closing price charts of main contracts of various energy - chemical products from 2021 to 2025, including crude oil, fuel oil, low - sulfur fuel oil, asphalt, LPG, PTA, ethylene glycol, short - fiber, LLDPE, polypropylene, PVC, methanol, styrene, 20 - number rubber, rubber, synthetic rubber, European - line container shipping, and p - xylene [13][14][15][19][21][23][27][28]. - **4.2 Main Contract Basis**: The report presents the basis charts of main contracts of various energy - chemical products from 2021 to 2025, such as crude oil, fuel oil, low - sulfur fuel oil, asphalt, ethylene glycol, PP, LLDPE, natural rubber, 20 - number rubber, p - xylene, synthetic rubber, and bottle chips [30][35][36][39][40][41]. - **4.3 Inter - period Contract Spreads**: The report shows the spread charts of different contracts of various energy - chemical products, including fuel oil, asphalt, European - line container shipping index, PTA, ethylene glycol, PP, LLDPE, and natural rubber [44][46][49][52][54][56][58]. - **4.4 Inter - commodity Spreads**: The report provides the spread and ratio charts of different commodities, such as crude oil internal - external spreads, B - W spreads of crude oil, high - low - sulfur spreads of fuel oil, fuel oil/asphalt ratio, BU/SC ratio, ethylene glycol - PTA spread, PP - LLDPE spread, and natural rubber - 20 - number rubber spread [60][62][64][70]. - **4.5 Production Profits**: The report presents the production profit charts of LLDPE and PP [67].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - The stock market opened higher and closed higher, with the ChiNext Index rising over 3% during the session and the turnover exceeding 2 trillion yuan. The market has shifted its focus to fundamental logic after the liquidity-driven market since June. New productivity themes led by AI have optimistic growth expectations, especially in the upstream hardware manufacturing of the technology sector, but they have entered a volatile phase since November. Traditional economic sectors are in a slow recovery and are unlikely to enter a fundamental bull market in the short term. Overseas tech stocks also face expectation divergence. The market volume and volatility are decreasing, and the index is expected to fluctuate in the short term [1]. - For treasury bonds, the 30 - year main - contract futures fell 0.29%, the 10 - year rose 0.02%, the 5 - year fell 0.01%, and the 2 - year remained stable. The central bank conducted 1223 billion yuan of 7 - day reverse repurchase operations, resulting in a net injection of 147 billion yuan. The money market rates have increased slightly. The bond market shows a "good news exhausted" situation, with treasury bond yields rising slightly and the yield curve steepening. It is expected to continue narrow - range fluctuations within the year [1][2]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Stock Index Futures**: The market opened higher and closed higher, with over 3400 stocks rising in the Shanghai, Shenzhen, and Beijing markets. The Shanghai Composite Index rose 0.54%, the Shenzhen Component Index rose 1.39%, and the ChiNext Index rose 2.6%. After the end of the liquidity market since June, the market focuses on fundamentals. AI - related new productivity themes have optimistic growth expectations but are in a volatile phase. Traditional economic sectors are in a slow recovery. Overseas tech stocks have expectation divergence. The market volume and volatility are decreasing, and the index is expected to fluctuate in the short term [1]. - **Treasury Bond Futures**: The 30 - year main - contract futures fell 0.29%, the 10 - year rose 0.02%, the 5 - year fell 0.01%, and the 2 - year remained stable. The central bank conducted 1223 billion yuan of 7 - day reverse repurchase operations, with a net injection of 147 billion yuan. The money market rates DR001 and DR007 increased by 0.19BP and 0.79BP respectively. The bond market shows a "good news exhausted" situation, with yields rising slightly and the curve steepening. It is expected to have narrow - range fluctuations within the year [1][2]. 3.2 Daily Price Changes - **Stock Index Futures**: IH rose 0.59% from 2997.4 to 3015.0; IF rose 0.85% from 4574.4 to 4613.2; IC rose 0.86% from 7083.2 to 7144.0; IM rose 0.83% from 7319.8 to 7380.4 [3]. - **Stock Indexes**: The Shanghai Composite 50 rose 0.58% from 3002.0 to 3019.4; the CSI 300 rose 0.81% from 4584.5 to 4621.8; the CSI 500 rose 1.05% from 7097.8 to 7172.4; the CSI 1000 rose 1.10% from 7342.5 to 7423.0 [3]. - **Treasury Bond Futures**: TS fell 0.01% from 102.42 to 102.41; TF fell 0.01% from 105.76 to 105.75; T rose 0.04% from 107.87 to 107.91; TL fell 0.24% from 112.51 to 112.24 [3]. 3.3 Market News - The overall market opened higher and closed higher, with the ChiNext Index rising 2.6% and the turnover exceeding 2 trillion yuan. Fujian local stocks and commercial aerospace concepts strengthened, and computing power hardware stocks had a collective surge [4][5]. 3.4 Chart Analysis - **Stock Index Futures**: Charts show the historical trends of IH, IF, IM, IC main - contract futures, and their corresponding basis trends [7][9][11]. - **Treasury Bond Futures**: Charts display the trends of treasury bond futures main - contracts, treasury bond spot yields, basis, inter - delivery spreads, cross - variety spreads, and money market rates [14][17][19]. - **Exchange Rates**: Charts present the trends of the US dollar - RMB central parity rate, euro - RMB central parity rate, forward exchange rates, US dollar index, euro - US dollar, pound - US dollar, and US dollar - yen exchange rates [22][26][28]

光期研究 光期黑色：铁矿石基差及价差监测日报 2025 年 1 2 月 8 日 p 2 1 光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S 1.1 合约价差 | 期货合约 | 今日收盘价 | 上日收盘价 | 变化 | 合约价差 | 今日价差 | 上日价差 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | | I05 | 769.0 | 777.0 | -8.0 | I05-I09 | 25.0 | 24.0 | 1.0 | | I09 | 744.0 | 753.0 | -9.0 | I09-I01 | -41.5 | -41.5 | 0.0 | | I01 | 785.5 | 794.5 | -9.0 | I01-I05 | 16.5 | 17.5 | -1.0 | 图表1：05-09合约价差（单位：元/吨） 图表2：01-05合约价差（单位：元/吨） -100 -50 0 50 100 150 05 06 07 08 09 10 11 12 01 2101-2105 ...

我农产品日报（2025 年 12 月 5 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 玉米 | 本周，玉米近月 2601 合约领涨，远期合约跟涨。1 月合约减仓，资金向 3 月和 | | | | 5 月合约转移，近月期价领涨、远期跟涨，期价以上涨打破震荡局面，价格恢复上 | | | | 行。近期中储粮哈尔滨库收购价格较高，对黑龙江产区价格直接形成支撑，黑龙 | | | | 江部分产区报价至 2100 元/吨以上。期货上涨，北港报价也有所上调。 山东深 | | | | 加工企业早间剩余车辆维持高位，部分企业继续窄幅 6-20 元/吨。河北、河南深 | | | | 加工企业价格保持稳定。贸易商收购价格保持坚挺，未跟随深加工企业价格频繁 | 震荡上涨 | | | 变动。当前华北玉米基层购销活跃度不强，供需维持动态平衡。 销区市场玉米 | | | | 价格继续窄幅上调。期货盘面继续上行，部分港口现货库存偏少，港口贸易商报 | | | | 价坚挺。饲料企业高价采买意愿不强，销售利润偏低，市场购销活跃度一般。技 | | | | 术上，现货玉米报价延续强势表现，期价结束 ...

软商品日报 光大期货软商品日报（2025 年 12 月 5 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周四，ICE 美棉下跌 0.65%，报收 64.04 美分/磅，CF601 环比上涨 0.4%，报收 13790 | 震荡 | | | 元/吨，主力合约持仓环比下降 9091 手至 51.31 万手，棉花 3128B 现货价格指数 | | | | 14585 元/吨，较前一日上涨 15 元/吨。国内市场方面，宏观层面仍有扰动，数据 | | | | 显示美国就业仍有韧性，美联储降息预期小幅波动，美元指数震荡走强，美棉价 | | | | 格承压下行。基本面方面，近期美棉出口仍然承压，拖累美棉价格。此外关注将 | | | 棉花 | 于下周发布的 USDA12 月报。国内市场方面，郑棉期价低开，尾盘跌幅收窄。我 | | | | 们认为宏观有利好预期、棉花需求相对稳定、年度供需压力不大是近期行情主要 | | | | 驱动因素。但需要看到的是，当前多空因素均有，供应压力仍存，若价格持续上 | | | | 行，上方还有套保压力。展望未来，短期郑棉或仍偏震荡运行为主 ...

1. Report's Industry Investment Rating - No relevant information provided in the content 2. Core Viewpoints of the Report - No clear core viewpoints presented in the content 3. Summary by Relevant Catalogs Index Trends - On December 4th, the Shanghai Composite Index had a change of -0.06%, closing at 3875.79 points with a trading volume of 623.713 billion yuan; the Shenzhen Component Index had a change of 0.4%, closing at 13006.72 points with a trading volume of 925.247 billion yuan [1]. - The CSI 1000 Index had a change of 0.01% with a trading volume of 311.316 billion yuan, opening at 7246.86, closing at 7248.66, with a daily high of 7269.9 and a low of 7185.91 [1]. - The CSI 500 Index had a change of 0.24% with a trading volume of 239.913 billion yuan, opening at 7001.64, closing at 7012.81, with a daily high of 7039.72 and a low of 6958.63 [1]. - The SSE 50 Index had a change of 0.38% with a trading volume of 88.622 billion yuan, opening at 2968.56, closing at 2974.34, with a daily high of 2980.24 and a low of 2958.61 [1]. Impact of Sector Movements on Indexes - The CSI 1000 rose 0.39 points from the previous closing price. Sectors such as Electronics, Machinery, and Automobiles significantly pulled the index up, while Media, Basic Chemicals, and Non - Ferrous Metals pulled it down [3]. - The CSI 500 rose 16.45 points from the previous closing price. Sectors like Electronics, National Defense and Military Industry, and Machinery significantly pulled the index up, while Non - Ferrous Metals pulled it down [3]. - The SSE 300 rose 15.52 points from the previous closing price. Sectors including Electronics, Power Equipment, and Communication significantly pulled the index up, while Banking and Food and Beverage pulled it down [3]. - The SSE 50 rose 11.26 points from the previous closing price. Sectors such as Electronics, Non - Ferrous Metals, and Pharmaceutical Biology significantly pulled the index up, while Banking and Food and Beverage pulled it down [3]. Stock Index Futures Basis and Annualized Opening Costs Converted from Basis - IM00 had an average daily basis of -48.93, IM01 of -122.48, IM02 of -274.44, and IM03 of -512.61 [12]. - IC00 had an average daily basis of -40.9, IC01 of -95.77, IC02 of -210.83, and IC03 of -419.05 [12]. - IF00 had an average daily basis of -13.65, IF01 of -30.25, IF02 of -50.75, and IF03 of -99.82 [12]. - IH00 had an average daily basis of -4.94, IH01 of -11.59, IH02 of -13.58, and IH03 of -27.91 [12]. Stock Index Futures Roll - over Point Differences and Their Converted Annualized Costs - For IM, data on roll - over point differences and their converted annualized costs at different 15 - minute intervals are provided, such as at 09:45, IM00 - 01 was -73.02267, IM00 - 02 was -259.4522 etc. [21]. - For IC, similar data is given, e.g., at 09:45, IC00 - 01 was -68.64222, IC00 - 02 was -225.568 etc. [23]. - For IF, at 09:45, IF00 - 01 was -12.31678, IF00 - 02 was -41.14122 etc. [23]. - For IH, at 09:45, IH00 - 01 was 0.707, IH00 - 02 was 1.4593333 etc. [25].