1. Report Industry Investment Rating - No information provided regarding the industry investment rating in the reports. 2. Report's Core Views Steel Industry - Steel price center has risen, the basis of rebar has weakened, and the basis of hot-rolled coil has remained stable. Steel production and inventory reduction continue, with production decreasing by 6.7% from the high level. The inventory reduction is acceptable under the influence of production cuts, but the inventory structure is still differentiated. Rebar inventory reduction is good, and the inventory is running at a low level. After the production cut of hot-rolled coil, the inventory reduction is slow, and the inventory remains at a relatively high level year-on-year. Production cuts support steel prices, and with the stabilization of coking coal prices, steel prices have rebounded from the low level. However, the demand is weak, and the upward driving force is insufficient. Overall, it is expected to maintain a range-bound trend. It is estimated that rebar will maintain a range of 3000 - 3200, and hot-rolled coil will maintain a range of 3150 - 3350. The 1 - 5 positive spread of rebar can continue to be held, and the long position of the rebar - iron ore ratio arbitrage can be held [1]. Iron Ore Industry - Yesterday, the 09 contract of iron ore fluctuated. In terms of news, Beijing introduced policies to optimize and adjust the housing purchase restriction policy. Fundamentally, on the supply side, the global iron ore shipment decreased slightly month - on - month but remained at a high level in the same period of history. The end - of - year production rush of the two major mines still supports the supply. The arrival volume decreased slightly, and the absolute value is at a high level in the same period of history. According to the shipment calculation, the arrival volume will remain at a relatively high level in the next two weeks. On the demand side, the molten iron production continued to decline month - on - month, reaching a relatively low level in history. Steel mills may resume production, but the resumption strength is not expected to be strong. In terms of inventory, the inventory increased significantly on Monday. It is expected that with the arrival volume remaining at a moderately high level and the decline of the port clearance volume under production cuts, iron ore will continue to accumulate inventory, but the marginal inventory accumulation space will be less than before. The key to the future market lies in the BHP negotiation situation, the molten iron trend, and the steel mills' restocking expectations. In the short term, it is difficult for the supply - demand contradiction of iron ore to lead to a trend - like decline, and the price is obviously suppressed by high inventory. Considering the limited decline space of molten iron and the raw material restocking demand, it is expected that the iron ore price may rebound slightly. It is recommended to mainly conduct short - term range operations on the 05 contract, with the range referring to 760 - 810 [3]. Coke Industry - Yesterday, the coke futures fluctuated. On the spot side, on December 22, the third round of coke price reduction landed, and there is still an expectation of further price reduction in the short term. The port price fell in advance and is currently stable. On the supply side, the coal mine shipment has improved to some extent, the daily production has decreased slightly, and the coal mine has accumulated inventory due to poor sales. Near the end of the year, the coal mine production may continue to decline. In terms of imported coal, the port inventory continues to accumulate, and the Mongolian coal quotation fluctuates with the futures. At the end of the year, the customs clearance is at a high level, and the mines are rushing to ship. On the demand side, steel mills' losses have increased, and they have increased maintenance. The molten iron production has declined, and steel prices are fluctuating at a low level, with the intention to suppress coke prices. In terms of inventory, coking plants have accumulated inventory, while ports and steel mills have reduced inventory. The overall inventory has decreased slightly from the middle level, and the coke supply - demand has weakened. The coke futures have fallen in advance, and the spot price decline refers to the coking coal decline space. After the third round of spot price reduction, the basis has weakened, and the expected rebound is difficult to sustain. It is recommended to take profit on the long position of the 2605 contract of coke [5]. Ferrosilicon and Ferromanganese Industry Ferrosilicon - Yesterday, the main contract of ferrosilicon futures fluctuated, and the fluctuation range narrowed. In terms of news, a 40500kva ferrosilicon furnace in Shenmu stopped production, reducing the daily output of 75 ferrosilicon by 100 tons. An enterprise in Baotou resumed production of a 45000kva ferrosilicon furnace, increasing the daily output of 72 ferrosilicon by 120 tons. A 40500kva ferrosilicon furnace in Shaanxi affected the daily output by 100 - 120 tons, and the production suspension time is to be determined. On the supply side, the production in the main production areas decreased slightly month - on - month, and the production in low - cost areas is relatively stable. There is still an expectation of capacity transfer in Inner Mongolia recently, and the southern main production areas maintain production cuts. The production increase last week was mainly concentrated in Ningxia and Qinghai. Manufacturers' losses have continued to deepen, and they have alleviated the supply - demand contradiction through passive production cuts and transfers. In the future, the supply - demand contradiction of ferrosilicon is still difficult to resolve, but the production cut expectation has been somewhat priced in. The cost of blue carbon has decreased slightly, and the electricity price in low - cost areas has an advantage. The downstream steel mills have a strong price - pressing sentiment. In terms of inventory, the factory inventory remains at a high level, and the production cut is insufficient, resulting in a limited month - on - month and year - on - year inventory reduction. The molten iron production will continue to decline, but the downward space may be limited. In the short term, the demand for ferrosilicon in steelmaking and casting will maintain a contraction pattern. In terms of non - steel demand, the downstream restocking increases at the end of the month, but the downstream acceptance of high prices is poor. In terms of exports, the overseas market is in the off - season, and the export order transactions are scarce. It is expected that the price will continue to be weak, but the trend decline is limited. It is recommended to consider shorting when the price rebounds above the spot cost in Ningxia, mainly for short - term operations. The short - term price is expected to fluctuate in the range of 5500 - 5700 [6]. Ferromanganese - Yesterday, the main contract of ferromanganese futures fluctuated. In terms of news, a high - silicon ferromanganese plant in Inner Mongolia recently converted two ore - smelting furnaces to produce ferromanganese 6517. The subsequent specific production situation depends on the actual production of the factory. On the supply side, the production in the main production areas decreased slightly month - on - month, and the production in low - cost areas is relatively stable. There is still an expectation of capacity transfer in Inner Mongolia recently, and the southern main production areas maintain production cuts. The cost of manganese ore is relatively stable, and some overseas mines have raised their quotations in January. The electricity price is basically stable, and the short - term manganese ore inventory provides certain cost support. The molten iron production has continued to decline, and the inventory contradiction of plates has intensified, but the inventory - to - sales ratio is still at a high level. The molten iron production will continue to decline, but the downward space may be limited. In the short term, the demand for ferromanganese will maintain a contraction pattern. In terms of inventory, the factory inventory remains at a high level, and the production cut is insufficient, resulting in a limited month - on - month and year - on - year inventory reduction. The downstream steel mills have a strong price - pressing sentiment. The overall supply - demand of ferromanganese is in a relatively balanced state, and the manganese ore provides certain support for the ferromanganese price. The key in the future lies in the production cut amplitude and the raw material restocking expectation of steel mills at the end of the year. In the short term, the supply - demand contradiction has been priced in, and there is no clear signal of a significant rebound. It is expected that the price will continue to be weak, but the trend decline is limited [6]. 3. Summary According to Relevant Catalogs Steel Industry Steel Prices and Spreads - Rebar spot prices in East China, North China, and South China remained unchanged at 3320 yuan/ton, 3170 yuan/ton, and 3260 yuan/ton respectively. The 05, 10, and 01 contracts of rebar increased by 8 yuan/ton, 4 yuan/ton, and 5 yuan/ton respectively. Hot - rolled coil spot prices in East China, North China, and South China remained unchanged at 3270 yuan/ton, 3180 yuan/ton, and 3260 yuan/ton respectively. The 05, 10, and 01 contracts of hot - rolled coil increased by 4 yuan/ton, 6 yuan/ton, and 7 yuan/ton respectively [1]. Cost and Profit - The billet price remained unchanged at 2950 yuan/ton, and the slab price remained unchanged at 3730 yuan/ton. The cost of electric - furnace rebar in Jiangsu increased by 5 yuan/ton to 3229 yuan/ton, and the cost of converter rebar in Jiangsu decreased by 11 yuan/ton to 3167 yuan/ton. The profit of hot - rolled coil in East China increased by 5 yuan/ton to - 6 yuan/ton, and the profit of hot - rolled coil in North China increased by 5 yuan/ton to - 96 yuan/ton. The profit of rebar in East China remained unchanged at 44 yuan/ton, the profit of rebar in North China increased by 5 yuan/ton to - 106 yuan/ton, and the profit of rebar in South China increased by 5 yuan/ton to 234 yuan/ton [1]. Production - The daily average molten iron production decreased by 2.4 tons to 226.6 tons, a decrease of 1.1%. The production of the five major steel products decreased by 8.3 tons to 798.0 tons, a decrease of 1.0%. The rebar production increased by 2.9 tons to 181.7 tons, an increase of 1.6%. Among them, the electric - furnace production increased by 1.8 tons to 29.3 tons, an increase of 6.3%, and the converter production increased by 1.2 tons to 152.4 tons, an increase of 0.8%. The hot - rolled coil production decreased by 16.8 tons to 291.9 tons, a decrease of 5.4% [1]. Inventory - The inventory of the five major steel products decreased by 37.3 tons to 1294.8 tons, a decrease of 2.8%. The rebar inventory decreased by 27.0 tons to 452.5 tons, a decrease of 5.6%. The hot - rolled coil inventory decreased by 6.4 tons to 390.7 tons, a decrease of 1.6% [1]. Transaction and Demand - The building materials trading volume increased by 0.7 to 8.6, an increase of 7.9%. The apparent demand of the five major steel products decreased by 4.4 to 835.3, a decrease of 0.5%. The apparent demand of rebar increased by 5.5 to 208.6, an increase of 2.7%. The apparent demand of hot - rolled coil decreased by 13.7 to 298.3, a decrease of 4.4% [1]. Iron Ore Industry Iron Ore - Related Prices and Spreads - The warehouse - receipt costs of Carajás fines, PB fines, Brazilian blended fines, and Jinbuba fines were 836.9 yuan/ton, 846.8 yuan/ton, 843.1 yuan/ton, and 884.0 yuan/ton respectively. The 05 - contract basis of Carajás fines decreased by 1.0 yuan/ton to 57.4 yuan/ton, a decrease of 1.7%. The 05 - contract basis of PB fines increased by 0.1 yuan/ton to 67.3 yuan/ton, an increase of 0.1%. The 05 - contract basis of Brazilian blended fines increased by 1.2 yuan/ton to 63.6 yuan/ton, an increase of 1.9%. The 05 - contract basis of Jinbuba fines increased by 0.1 yuan/ton to 104.5 yuan/ton, an increase of 0.1%. The 5 - 9 spread decreased by 0.5 yuan/ton to 21.5 yuan/ton, a decrease of 2.3%. The 1 - 5 spread increased by 0.5 yuan/ton to 18.5 yuan/ton, an increase of 2.8% [3]. Spot Prices and Price Indexes - The spot prices of Carajás fines, PB fines, Brazilian blended fines, and Jinbuba fines at Rizhao Port were 870.0 yuan/wet ton, 791.0 yuan/wet ton, 821.0 yuan/wet ton, and 736.0 yuan/wet ton respectively. The Singapore Exchange 62% Fe swap remained unchanged at 107.3 dollars/ton, and the Platts 62% Fe decreased by 0.5 to 107.8, a decrease of 0.4% [3]. Supply - The 45 - port arrival volume decreased by 76.7 tons to 2646.7 tons, a decrease of 2.8%. The global shipment volume decreased by 128.0 tons to 3464.5 tons, a decrease of 3.6%. The national monthly import volume decreased by 74.7 tons to 11054.0 tons, a decrease of 0.7% [3]. Demand - The daily average molten iron production of 247 steel mills decreased by 2.6 tons to 226.6 tons, a decrease of 1.2%. The 45 - port daily average port clearance volume decreased by 5.7 tons to 313.5 tons, a decrease of 1.8%. The national monthly pig iron production decreased by 320.6 tons to 6234.3 tons, a decrease of 4.9%. The national monthly crude steel production decreased by 212.6 tons to 6987.1 tons, a decrease of 3.0% [3]. Inventory - The 45 - port inventory increased by 130.2 tons to 15512.63 tons, an increase of 0.8%. The imported ore inventory of 247 steel mills decreased by 110.3 tons to 8724.0 tons, a decrease of 1.2%. The inventory available days of 64 steel mills increased by 1.0 to 21.0, an increase of 5.0% [3]. Coke Industry Coke - Related Prices and Spreads - The warehouse - receipt price of Shanxi quasi - first - grade wet - quenched coke remained unchanged at 1561 yuan/ton. The 01 and 05 contracts of coke increased by 3 yuan/ton and 5 yuan/ton respectively. The 01 and 05 basis of coke decreased by 3 yuan/ton and 10 yuan/ton respectively [5]. Coking Coal - Related Prices and Spreads - The warehouse - receipt price of Shanxi medium - sulfur primary coking coal remained unchanged at 1230 yuan/ton. The 01 and 05 contracts of coking coal increased by 3 yuan/ton and 7 yuan/ton respectively. The 01 and 05 basis of coking coal increased by 14 yuan/ton and 10 yuan/ton respectively [5]. Supply - The daily average production of all - sample coking plants decreased by 1.0 tons to 63.0 tons, a decrease of 1.5%. The daily average production of 247 steel mills decreased by 0.1 tons, a decrease of 0.3%. The raw coal production decreased by 2.7 tons to 853.4 tons, a decrease of 0.34%. The clean coal production decreased by 0.6 tons to 438.2 tons, a decrease of 0.1% [5]. Demand - The molten iron production of 247 steel mills decreased by 2.6 tons to 226.6 tons, a decrease of 1.2%. The daily average production of all - sample coking plants decreased by 1.0 tons to 63.0 tons, a decrease of 1.5% [5]. Inventory - The total coke inventory decreased by 3.3 tons to 900.5 tons, a decrease of 0.4%. The coke inventory of all - sample coking plants increased by 3.8 tons to 91.1 tons, an increase of 4.3%. The coke inventory of 247 steel mills decreased by 1.5 tons to 633.7 tons, a decrease of 0.2%. The coking coal inventory of all - sample coking plants decreased by 1.0 tons to 1036.3 tons, a decrease of 0.1%. The coking coal inventory of 247 steel mills increased by 10.3 tons to 805.0 tons, an increase

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Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core Viewpoints - At the end of the year, driven by multiple factors, some investors choose to pre - "rush" to allocate precious metals, with continuous increase in ETF holdings and rising derivatives positions. In the absence of clear negative factors, the short - term market will maintain a relatively strong oscillation. [1] - In the short term, as the COMEX silver approaches the last trading day, the physical delivery demand decreases, and the domestic inventory increase may ease the bullish sentiment. During the sharp rise of silver, attention should be paid to changes in the number of open contracts, warehouse receipt inventory, and regulatory risk - control measures to prevent the risk of speculative bulls taking profits at high levels. However, high volatility continues to provide upward momentum for prices. It is recommended to continue holding long positions, reduce positions or lock positions on rallies before the Spring Festival. [1] - Platinum and palladium are strong in terms of macro - and supply - demand fundamentals, and their prices are still undervalued compared to gold. Driven by funds, value reshaping is expected, and they are likely to continue to oscillate upward in the medium - to long - term. In the short term, in the domestic market, since the Guangzhou Futures Exchange's platinum and palladium futures are in the early listing stage, the overall position liquidity needs improvement, and the domestic price shows a premium compared to the overseas market. With strengthened regulatory risk - control measures, platinum and palladium still face short - term correction risks, and palladium may experience a significant correction due to its weak fundamentals. [1] 3. Summary by Relevant Catalogs Domestic Futures Closing Prices - AU2602 contract closed at 1014.68 yuan/gram on December 24, up 0.04% from the previous day [1]. - AG2602 contract closed at 17609 yuan/kilogram on December 24, up 7.10% from the previous day [1]. - PT2606 contract closed at 657.65 yuan/gram on December 24, up 6.08% from the previous day [1]. - PD2606 contract closed at 578.45 yuan/gram on December 24, up 8.62% from the previous day [1]. Foreign Futures Closing Prices - COMEX gold主力 contract closed at 4505.40 dollars/ounce on December 24, down 0.21% from the previous day [1]. - COMEX silver主力 contract closed at 71.88 dollars/ounce on December 24, up 0.37% from the previous day [1]. - NYMEX platinum主力 contract closed at 2272.90 dollars/ounce on December 24, down 2.03% from the previous day [1]. - NYMEX palladium主力 contract closed at 1821.00 dollars/ounce on December 24, down 7.28% from the previous day [1]. Spot Prices - London gold was at 4479.39 dollars/ounce on December 24, down 0.12% from the previous day [1]. - London silver was at 71.81 dollars/ounce on December 24, up 0.56% from the previous day [1]. - Spot platinum was at 2221.83 dollars/ounce on December 24, up 0.63% from the previous day [1]. - Spot palladium was at 1683.58 dollars/ounce on December 24, down 8.35% from the previous day [1]. - Shanghai Gold Exchange's gold T + D was at 1007.22 yuan/gram on December 24, up 0.08% from the previous day [1]. - Shanghai Gold Exchange's silver T + D was at 17714 yuan/kilogram on December 24, up 7.88% from the previous day [1]. - Shanghai Gold Exchange's platinum 9995 was at 607 yuan/gram on December 24, up 8.08% from the previous day [1]. Basis - The basis of gold TD - Shanghai gold主力 was -7.46, up 0.33 from the previous day, with a 1 - year historical quantile of 1.20% [1]. - The basis of silver TD - Shanghai silver主力 was 105, up 126 from the previous day, with a 1 - year historical quantile of 99.50% [1]. - The basis of London gold - COMEX gold was -26.01, up 4.11 from the previous day, with a 1 - year historical quantile of 30.20% [1]. - The basis of London silver - COMEX silver was -0.06, up 0.14 from the previous day, with a 1 - year historical quantile of 70.10% [1]. Price Ratios - The price ratio of COMEX gold/silver was 62.68 on December 24, down 0.58% from the previous day [1]. - The price ratio of SHFE gold/silver was 57.62 on December 24, down 6.59% from the previous day [1]. - The price ratio of NYMEX platinum/palladium was 1.25 on December 24, up 5.66% from the previous day [1]. - The price ratio of GZFE platinum/palladium was 1.14 on December 24, down 2.34% from the previous day [1]. Interest Rates and Exchange Rates - The 10 - year US Treasury yield was 4.15% on December 24, down 0.7% from the previous day [1]. - The 2 - year US Treasury yield was 3.47% on December 24, down 0.3% from the previous day [1]. - The 10 - year TIPS Treasury yield was 1.91% on December 24, down 1.5% from the previous day [1]. - The US dollar index was 97.95 on December 24, up 0.05% from the previous day [1]. - The offshore RMB exchange rate was 7.0076 on December 24, down 0.17% from the previous day [1]. Inventory and Positions - The SHFE gold inventory was 93711 kilograms on December 24, unchanged from the previous day [1]. - The SHFE silver inventory was 881949 kilograms on December 24, down 1.97% from the previous day [1]. - The COMEX gold inventory was 36159361 ounces on December 24, unchanged from the previous day [1]. - The COMEX silver inventory was 451352686 ounces on December 24, up 0.10% from the previous day [1]. - The COMEX gold registered warehouse receipts were 19321904 ounces on December 24, up 0.60% from the previous day [1]. - The COMEX silver registered warehouse receipts were 127214282 ounces on December 24, down 1.09% from the previous day [1]. - The SPDR gold ETF position was 1068 tons on December 24, up 0.35% from the previous day [1]. - The SLV silver ETF position was 16447 tons on December 24, down 0.34% from the previous day [1].

Report Overview - The report is a "All-variety Spread Daily Report" dated December 25, 2025, providing price and basis information for various futures and spot products [2]. Industry Investment Rating - Not provided in the report. Core View - Not provided in the report. Summary by Commodity Categories Black Series - **Silicon Iron (SF603)**: The basis rate is 52.30%, the spot price is 5628, and the futures price is 5656, with a change of -0.50% [1]. - **Silicon Manganese (SM603)**: The basis rate is 26.70%, the spot price is 5840, and the futures price is 5835 [1]. - **Rebar (RB2605)**: The basis rate is 69.60%, the spot price is 3320, and the futures price is 3270, with a change of -0.46% [1]. - **Hot Rolled Coil (HC2605)**: The basis rate is 12.20%, the spot price is 3285 [1]. - **Iron Ore (I2605)**: The basis rate is 46.90%, the spot price is 838, and the futures price is 837, with a change of -0.06% [1]. - **Coke (J2605)**: The basis rate is 63.56%, the spot price is 1745, and the futures price is 1746 [1]. - **Coking Coal (JM2605)**: The basis rate is 31.60%, the spot price is 1156, and the futures price is 1132, with a change of 2.12% [1]. Non-ferrous Series - **Copper (CU2602)**: The basis rate is -1.47%, the spot price is 94690, and the futures price is 96100 [1]. - **Aluminum (AL2602)**: The basis rate is -1.34%, the spot price is 22030, and the futures price is 22330, with a change of 1.45% [1]. - **Alumina (AO2605)**: The basis rate is 7.16%, the spot price is 2554 [1]. - **Zinc (ZN2602)**: The basis rate is -0.17%, the spot price is 23190, and the futures price is 23230 [1]. - **Tin (SN2602)**: The basis rate is 2.08%, the spot price is 336350, and the futures price is 341800, with a change of -1.59% [1]. - **Nickel (NI5602)**: The basis rate is -0.63%, the spot price is 127200, and the futures price is 128000 [1]. - **Stainless Steel (SS2602)**: The basis rate is 1.11%, the spot price is 13075, and the futures price is 13220 [1]. - **Lithium Carbonate (LC2605)**: The basis rate is -18.62%, the spot price is 101500, and the futures price is 124720, with a change of -23220 [1]. Precious Metals Series - **Gold (AU2602)**: The basis rate is -0.74%, the spot price is 1007.2, and the futures price is 1014.7, with a change of 0.30% [1]. - **Silver (AG2602)**: The basis rate is 0.60%, the spot price is 17714.0, and the futures price is 17609.0 [1]. Agricultural Products Series - **Soybean Meal (M2605)**: The basis rate is 11.07%, the spot price is 3030, and the futures price is 2728.0, with a change of 302.0 [1]. - **Soybean Oil (Y2605)**: The basis rate is 5.74%, the spot price is 8210, and the futures price is 7764.0, with a change of 446.0 [1]. - **Palm Oil (P2605)**: The basis rate is 0.02%, the spot price is 8490, and the futures price is 8488.0 [1]. - **Rapeseed Meal (RM605)**: The basis rate is 7.51%, the spot price is 2520, and the futures price is 2344.0, with a change of 176.0 [1]. - **Rapeseed Oil (Oleos)**: The basis rate is 6.35%, the spot price is 9550, and the futures price is 8980.0, with a change of 570.0 [1]. - **Corn (C2603)**: The basis rate is 3.83%, the spot price is 2280, and the futures price is 2196.0, with a change of 84.0 [1]. - **Corn Starch (CS2603)**: The basis rate is 5.05%, the spot price is 2620, and the futures price is 2494.0, with a change of 126.0 [1]. - **Live Hogs (H2603)**: The basis rate is 2.35%, the spot price is 11750, and the futures price is 11480.0, with a change of 270.0 [1]. - **Eggs (JD2602)**: The basis rate is -1.93%, the spot price is 2947.0, and the futures price is 2890, with a change of -57.0 [1]. - **Cotton (CF605)**: The basis rate is 6.35%, the spot price is 15081, and the futures price is 14180.0, with a change of 901.0 [1]. - **Sugar (SR605)**: The basis rate is 3.00%, the spot price is 5420, and the futures price is 5262.0, with a change of 158.0 [1]. - **Apples (AP605)**: The basis rate is -2.08%, the spot price is 9000, and the futures price is 9191.0, with a change of -191.0 [1]. - **Red Dates (CJ605)**: The basis rate is 15.10%, the spot price is 8400, and the futures price is 8890.0, with a change of -490.0 [1]. Energy and Chemical Series - **Para-xylene (PX603)**: The basis rate is -0.11%, the spot price is 7294.0, and the futures price is 7286.0 [1]. - **PTA (TA605)**: The basis rate is -1.65%, the spot price is 5094.0, and the futures price is 5010.0 [1]. - **Ethylene Glycol (EG2605)**: The basis rate is -4.53%, the spot price is 3818.0, and the futures price is 3645.0, with a change of -173.0 [1]. - **Polyester Staple Fiber (PF602)**: The basis rate is -0.52%, the spot price is 6484.0, and the futures price is 6450.0 [1]. - **Styrene (EB2602)**: The basis rate is 0.86%, the spot price is 6655.0, and the futures price is 6598.0 [1]. - **Methanol (MA605)**: The basis rate is -0.78%, the spot price is 2172.0, and the futures price is 2155.0 [1]. - **Urea (UR605)**: The basis rate is -0.29%, the spot price is 1735.0, and the futures price is 1730.0 [1]. - **LLDPE (L2605)**: The basis rate is -2.08%, the spot price is 6408.0, and the futures price is 6275.0, with a change of -133.0 [1]. - **PP (PP2605)**: The basis rate is -0.61%, the spot price is 6278.0, and the futures price is 6240.0 [1]. - **PVC (V2605)**: The basis rate is -6.30%, the spot price is 4480.0, and the futures price is 4781.0, with a change of -301.0 [1]. - **Caustic Soda (SH603)**: The basis rate is 0.00%, the spot price is 2250.0, and the futures price is 2250.0 [1]. - **LPG (PG2602)**: The basis rate is 9.70%, the spot price is 4478.0, and the futures price is 4082.0 [1]. - **Asphalt (BU2602)**: The basis rate is -2.54%, the spot price is 2920.0, and the futures price is 2996.0 [1]. - **Butadiene Rubber (BR2602)**: The basis rate is 1.30%, the spot price is 11395.0, and the futures price is 10700.0, with a change of -695.0 [1]. - **Glass (FG605)**: The basis rate is 12.93%, the spot price is 928.0, and the futures price is 1048.0, with a change of -120.0 [1]. - **Soda Ash (SA605)**: The basis rate is -4.13%, the spot price is 1184.0, and the futures price is 1137.0, with a change of -47.0 [1]. - **Natural Rubber (RU2605)**: The basis rate is -3.64%, the spot price is 15650.0, and the futures price is 15100.0 [1]. Financial Series - **IF2603.CFE**: The basis rate is -0.89%, the spot price is 4595.0, and the futures price is 4634.1 [1]. - **IH2603.CFE**: The basis rate is 0.06%, the spot price is 3025.2, and the futures price is 3027.0 [1]. - **IC2603.CFE**: The basis rate is -1.54%, the spot price is 7240.4, and the futures price is 7352.0 [1]. - **IM2603.CFE**: The basis rate is -2.4%, the spot price is 7327.6, and the futures price is 7506.4 [1]. - **2-year Treasury Bond (TS2603)**: The basis rate is -0.06%, the spot price is 100.15, and the futures price is 102.53 [1]. - **5-year Treasury Bond (TF2603)**: The basis rate is -0.05%, the spot price is 106.03, and the futures price is 108.22 [1]. - **10-year Treasury Bond (T2603)**: The basis rate is 0.03%, the spot price is 100.54, and the futures price is 100.54 [1]. - **30-year Treasury Bond (TL2603)**: The basis rate is 0.43%, the spot price is 112.78, and the futures price is 127.51 [1].

Report Industry Investment Rating No information is provided in the given reports regarding the industry investment rating. Core Views 粕类产业 - The US soybean market has support at the bottom due to ongoing exports, but the strong expectation of a bumper harvest in South America restricts the upside potential. The domestic soybean meal market remains in a loose supply - demand situation, with limited downside and no clear upward drivers [1]. 生猪产业 - Spot prices are slightly stronger. The demand for curing around the Winter Solstice has increased, and the slaughter cycle is extended. The market shows a short - term trend of being slightly stronger in a volatile manner [2]. 油脂 industry - Palm oil may enter the production - reduction season, with exports improving, providing support to the market. Soybean oil has potential support from increased bio - diesel production due to tax credits, and the domestic demand may increase. Rapeseed oil's focus is on whether the 05 contract can break through the 9000 - yuan resistance [4]. 玉米 industry - The supply of corn is affected by weather in the Northeast and the selling rhythm in the North China. The demand from deep - processing and feed enterprises is weak. The market shows a short - term weak and volatile pattern with limited downside [5]. 红枣 industry - The raw material acquisition in Xinjiang is almost finished, and the market arrival is less than in previous years. The hedging profit is negative, and the future trend depends on the consumption situation [8]. 白糖 industry - The ICE raw sugar futures are in a short - term rebound, but the overall supply outlook is loose, keeping the trend bearish. The domestic sugar market has stopped falling and is rebounding, but the rebound is limited by supply pressure [10]. 棉花 industry - ICE cotton futures are rising slightly due to weak dollar and strong export demand. The domestic cotton supply pressure is gradually released, and the demand from downstream spinning mills is weakening. The market is expected to fluctuate in a relatively strong range [12]. 鸡蛋 industry - The supply of laying hens is gradually decreasing, and the demand is expected to improve during the New Year and Spring Festival. However, the overall supply - demand contradiction is only marginally alleviated, and the near - term contracts are expected to fluctuate at the bottom [14]. 苹果 industry - The market consumption has slightly improved during the festival, but the apple market is squeezed by citrus fruits. Attention should be paid to the inventory - reduction rhythm, and long positions are advised to exit at an appropriate time [16]. Summary by Related Catalogs 粕类产业 - **Prices**: Jiangsu soybean meal spot price is 3100 yuan/ton, M2605 futures price is 2728 yuan/ton; Jiangsu rapeseed meal spot price is 2420 yuan/ton, RM2605 futures price is 2344 yuan/ton [1]. - **Spreads**: The soybean meal 05 - 09 spread is - 122, the rapeseed meal 05 - 09 spread is - 56, and the oil - meal ratio shows an increase [1]. 生猪产业 - **Futures**: The main contract basis is - 15 yuan/ton, the price of Niu Zhu 2605 is 11985 yuan/ton, and the price of Sheng Zhu 2603 is 11480 yuan/ton [2]. - **Spot**: The average spot price in various regions shows a slight increase, and the sample - point slaughter volume has increased by 0.16% [2]. 油脂 industry - **Prices**: The spot price of Jiangsu first - grade soybean oil is 8350 yuan/ton, Y2605 futures price is 7992 yuan/ton; the spot price of Guangdong 24 - degree palm oil is 8470 yuan/ton, P2605 futures price is 8486 yuan/ton; the spot price of Jiangsu third - grade rapeseed oil is 9560 yuan/ton, OI605 futures price is 9302 yuan/ton [4]. - **Spreads**: The soybean oil 05 - 09 spread is 64, the palm oil 05 - 09 spread is 124, and the rapeseed oil 05 - 09 spread is 42 [4]. 玉米 industry - **Prices**: The price of Yu Mi 2603 is 2196 yuan/ton, the Jinzhou Port FOB price is 2280 yuan/ton; the price of Yu Mi Dian Fen 2603 is 2494 yuan/ton [5]. - **Spreads**: The corn 3 - 5 spread is - 35, the corn starch 3 - 5 spread is - 44 [5]. 红枣 industry - **Prices**: The price of Hong Zao 2601 is 8800 yuan/ton, the price of Hong Zao 2605 (main contract) is 8890 yuan/ton [8]. - **Spreads**: The 1 - 5 spread of red dates is - 90, and the 5 - 9 spread is - 245 [8]. 白糖 industry - **Futures**: The price of Bai Tang 2601 is 5392 yuan/ton, the price of Bai Tang 2605 is 5262 yuan/ton, and the ICE raw sugar main contract price is 15.30 cents/pound [10]. - **Spot**: The Nanning spot price is 5340 yuan/ton, and the Kunming spot price is 5240 yuan/ton [10]. 棉花 industry - **Futures**: The price of Mian Hua 2605 is 14180 yuan/ton, the price of Mian Hua 2601 is 14210 yuan/ton, and the ICE cotton main contract price is 64.20 cents/pound [12]. - **Spot**: The Xinjiang arrival price of 3128B is 15081 yuan/ton, and the CC Index: 3128B is 15271 yuan/ton [12]. 鸡蛋 industry - **Prices**: The price of Ji Dan 01 contract is 3027 yuan/500KG, the price of Ji Dan 02 contract is 2947 yuan/500KG, and the egg - producing area price is 2.89 yuan/jin [14]. - **Spreads**: The 1 - 2 spread of eggs is 125 [14]. 苹果 industry - **Prices**: The price of Ping Guo 2605 (main contract) is 9191 yuan/ton, and the basis is - 991 yuan/ton [16]. - **Spreads**: The 1 - 5 spread of apples is 473, and the 5 - 10 spread is 1022 [16].

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports Copper - The current high copper price is mainly driven by the structural imbalance of supply and inventory. The COMEX - LME premium leads to the continuous siphoning of non - US copper resources by the US, intensifying the supply shortage in non - US regions. The Fed's interest rate cuts and balance - sheet expansion boost market risk appetite and support copper prices. - The long - term TC in 2026 is $0/ dry ton. As long as the by - product profit can be higher than the smelting cost, the cash - flow profit of smelters can be maintained. The key to the tightness in the smelting end transferred from the tightness in the mine end lies in the price trend of by - products such as sulfuric acid. - SMM expects that China's electrolytic copper production may continue to rise in December, with sufficient spot supply. High copper prices suppress terminal demand, resulting in a large discount in the spot market this week, an increase in social inventory, and a weakening of downstream operating rates and order releases. - In the future, the upward drivers are the further deterioration of the overseas inventory structure and the further improvement of interest - rate cut expectations; the downward driver is the negative feedback from weakening demand, but the downside space is limited in non - recession scenarios. In the long run, the bottom center of copper prices may continue to rise [1]. Aluminum - Alumina futures maintained a low - level shock yesterday. The fundamental pattern of oversupply in the spot market has not improved. The root cause is the structural surplus between stable supply growth and peak demand, which has triggered a comprehensive negative feedback cycle from inventory to cost. The supply is rigid, and the weekly output increased by 0.5 million tons to 1.689 million tons, leading to a weekly increase in the entire industrial chain inventory to a new high. After the price breaks through the industry's cash - cost line, enterprises pressure the price of upstream bauxite, and the cost - support level moves down dynamically. Alumina prices are expected to fluctuate at a low level around the cash - cost line, with a reference range of 2450 - 2650 yuan/ton for the main contract. - Electrolytic aluminum futures maintained a high - level shock yesterday. The spot discount widened to - 170 yuan/ton, indicating poor market acceptance at high prices and sluggish spot trading. Macroscopically, the overseas easing expectation is strengthened, and the Fed cut interest rates by 25 basis points in December. The employment data from October to November shows a significant cooling of the labor market, consolidating the logic of interest - rate cuts, and the weakening US dollar is beneficial to aluminum prices. Domestically, policies remain positive. On the supply side, the new production capacities in China and Indonesia are steadily released, and the operating output increases slightly; on the demand side, it enters the traditional off - season, the operating rates of downstream aluminum - processing sectors generally decline, and the proportion of molten aluminum decreases to 76.3%, reflecting weakening terminal consumption. The inventory structure is differentiated, and the on - the - way inventory in Xinjiang has increased due to improved transportation. Aluminum prices are expected to fluctuate widely in the short term, with a reference operating range of 21800 - 22600 yuan/ton for the main contract of Shanghai aluminum [3]. Aluminum Alloy - The cast - aluminum - alloy market maintained a slightly stronger shock yesterday. The core contradiction in the current market is the game between strong cost support and the reality of weakening marginal demand. On the cost side, the supply of scrap aluminum, especially primary aluminum, is continuously and comprehensively tight, and holders generally hold back supplies and support prices, causing recycled - aluminum plants to face high procurement costs. In addition, the stricter implementation of reverse invoicing in some regions recently is expected to increase the cost by about 100 yuan/ton, and some enterprises have raised prices urgently. On the demand side, high aluminum prices suppress the purchasing willingness of downstream die - casting enterprises, and enterprises mainly purchase on demand and wait and see cautiously. Although there is a phased impulse demand at the end of the year, the overall slowdown is obvious. The social inventory has decreased slightly for several consecutive weeks to 5.34 million tons, indicating a tight - balance state in the market. The price of ADC12 is expected to continue to fluctuate in a high - level range in the short term, with a reference range of 20800 - 21600 yuan/ton for the main contract [5]. Zinc - The TC of zinc has stopped falling and stabilized, and zinc prices are fluctuating. Domestic zinc - concentrate production has entered the production - reduction season, and the domestic zinc - mine output decreased month - on - month in November. As the risk of short - squeezing overseas eases and the Shanghai - London ratio is repaired, the window for zinc - mine imports is opened, and the TC shows signs of stopping falling and stabilizing. On the smelting side, due to profit pressure, more enterprises are actively reducing production and controlling output, and the increase in refined - zinc output is limited. On the demand side, the operating rates of downstream processing industries are basically stable. After the center of zinc prices moves down, enterprises replenish stocks at low prices, the domestic spot zinc ingots maintain a premium, and the social inventory continues to decline. In terms of inventory, the LME inventory has increased significantly, and the 0 - 3 structure has changed to a discount, easing the short - squeezing risk. Macroscopically, the inflation and employment data in the US in November improve the expectation of interest - rate cuts, which supports zinc prices, and the main contract should focus on the support level of 22850 - 22950 [9]. Tin - On the supply side, the resumption of tin - mine production in Myanmar is expected to accelerate, and the import volume has steadily recovered in November. Attention should be paid to the subsequent increase in supply. On the demand side, tin - solder enterprises in South China show certain resilience. Against the background of the traditional peak season, some downstream electronic - consumption and new - energy - related orders support the operating rate, making the overall trading atmosphere in this region better than that in East China, especially in the sub - fields related to new - energy vehicles and photovoltaic solder strips, where the demand remains stable. In East China, the operating rates of tin - solder enterprises are more obviously suppressed as they are more oriented towards traditional consumer electronics and white - goods fields. Recently, there are signs of improvement in the supply from Myanmar and Indonesia, and previous long positions should be gradually closed for profit. Subsequently, attention should be paid to the macro situation and the recovery of the supply side [11]. Nickel - The Shanghai nickel futures fluctuated widely yesterday, showing a relatively strong trend during the day and a slight decline at night. Recently, the market has mainly traded around the expectation of tightened nickel - ore supply. The increase in domestic nickel prices has widened, but the spot trading of refined nickel remains cold. The spot premium of Jinchuan nickel resources has risen, and traders are cautious about purchasing at high premiums. In terms of nickel ore, the FOB price of 1.4% nickel ore from the Eramen mine in northern Philippines was settled at $40, and the shipping efficiency is acceptable; the domestic - trade benchmark price in Indonesia in December (Phase II) is expected to fall by $0.11 - 0.18/ wet ton, with a mainstream domestic - trade premium of + 25. The domestic - trade price of nickel ore is expected to continue to decline. In terms of nickel iron, the support from the ore end is increasing, and the pressure on prices from steel mills has eased due to improved profits, and the recent transaction price has risen slightly. The demand for stainless steel remains weak, and steel mills are cautious about raw - material procurement, with weak terminal demand. At the end of the year, the production schedule of downstream ternary materials has declined slightly, and the medium - term new production capacity will also have a restrictive effect, and the price of nickel sulfate has fallen slightly. Overseas inventory is accumulating at a high level but at a slower pace, while the pressure on domestic social inventory is increasing. Overall, the expectation of Indonesia's increased control over nickel ore has boosted recent sentiment, but the actual implementation remains to be observed. The short - term reality is still weak, and the medium - term fundamental looseness restricts the upside space of prices. The futures are expected to continue to fluctuate and repair in the short term, but the upside space after the rapid breakthrough of the support level remains to be observed. Attention should be paid to the possibility of a callback after the digestion of news impacts, with a reference range of 123000 - 130000 for the main contract [12]. Stainless Steel - The stainless - steel futures maintained a relatively strong shock yesterday, with a slight decline at night. The price - increase atmosphere in the现货 market has become stronger, steel - mill agents led the price increase, and some traders and downstream enterprises replenished stocks at low prices, resulting in an overall increase in trading volume. Macroscopically, the Fed cut interest rates as expected this year, and the domestic central bank injected liquidity, and the policy window has shown a certain attitude in stabilizing growth and promoting consumption. In the nickel - ore market, the news from Indonesia has been fluctuating, strengthening the market's expectation of tightened ore supply. The FOB price of 1.4% nickel ore from the Eramen mine in northern Philippines was settled at $40; the domestic - trade benchmark price in Indonesia in December (Phase II) is expected to fall by $0.11 - 0.18/ wet ton, with a mainstream domestic - trade premium of + 25. The bargaining range for nickel iron has been raised, and the profit losses of iron plants have been somewhat repaired; the price of ferrochrome has been running steadily, and factories are mainly fulfilling orders. The supply is relatively high, but some enterprises may conduct annual maintenance at the end of the year, and the loss pressure may also force more steel mills to actively reduce production, slightly easing the supply pressure. In the off - season of demand, the order releases in downstream fields such as home appliances and architectural decoration are limited, and market transactions are mainly based on rigid demand, with a low willingness for large - scale procurement. The social inventory is decreasing overall, but the reality of high inventory is still prominent. Overall, the futures are greatly affected by overall sentiment, the supply pressure in the fundamentals has slightly eased, and the cost support from the ore end and nickel iron has been strengthened, but the demand boost in the off - season is insufficient. The short - term sentiment in the stainless - steel market has improved, but the supply - demand game in the fundamentals continues. It is expected to adjust through shocks in the short term, with a reference range of 12500 - 13200 for the main contract. Subsequently, attention should be paid to the news from the nickel - ore end and the implementation of steel - mill production cuts [15]. Lithium Carbonate - The lithium - carbonate futures remained strong yesterday. The main contract LC2605 continued to rise by 5.89% to 124720 at the close after approaching the daily limit at the end of the session and then reducing positions and falling back, with high capital sentiment. There is a lot of incremental news. The Guangzhou Futures Exchange announced that starting from the trading time on December 26, the daily opening - position limits for non - futures - company members or clients in contracts LC2601, LC2602, LC2603, LC2604, and LC2605 shall not exceed 400 lots respectively, and those in contracts LC2606, LC2607, LC2608, LC2610, LC2610, LC2611, and LC2612 shall not exceed 800 lots respectively. The minimum order quantity for trading instructions has been adjusted from 1 lot to 5 lots, and the minimum closing - order quantity remains 1 lot. In addition, Jiemian News reported that according to a person close to CATL, the lithium - ore mining project in the lower reaches is expected to resume production around the Spring Festival. Fundamentally, the supply and demand are both strong. The production data last week maintained a slight increase. Recently, the increment of new salt - lake lithium - extraction projects has been partially released. After the completion of maintenance of some projects, the lithium - extraction production from spodumene is expected to increase in December, while the production from mica remains stable with a slight decrease. Subsequently, attention should be paid to the resumption progress of large enterprises. The recycling end has shown a slight upward trend recently. The downstream demand maintains a certain resilience. In the off - season, the market's production - schedule expectations for downstream industries in January are mostly a slight month - on - month decrease, mainly driven by the reduction in ternary materials for power batteries. The inventory reduction slowed down last week. The inventories of upstream smelters and downstream sectors continued to decrease, while the inventories of battery - cell factories and traders increased. The high off - balance - sheet hidden inventory may also pose a certain pressure. The short - term balance fundamentals support the price to some extent, but there is limited new driving force in the future. Recently, the futures performance has deviated from the spot market in the capital - driven market. Negative news may suppress sentiment, intensifying the long - short game. The futures may retreat and then fluctuate widely, with a reference range of 118,000 - 122,000 for the main contract [17]. Industrial Silicon - The spot price of industrial silicon has stabilized. The futures price has oscillated and rebounded by 145 yuan/ton to 8780 yuan/ton. Both supply and demand are stable with a downward trend, and the expectation of industrial - silicon production reduction is further increasing. Attention should be paid to the subsequent implementation. The expectation of joint production cuts by multiple leading enterprises to support prices is rising. Currently, the weekly production has decreased slightly without obvious changes, and attention should be paid to the follow - up progress. The expectation of rising coal prices also provides support at the bottom. It is expected that the weak supply - demand situation will continue in December. Attention should be paid to the implementation of the decrease in industrial - silicon production. It is still expected that the industrial - silicon price will oscillate at a low level, with the main price - fluctuation range likely to be between 8000 - 9000 yuan/ton. If the production does decrease significantly, it is expected to break through 10,000 yuan/ton upwards. However, if polysilicon production is significantly reduced, the price will fall [19]. Polysilicon - The spot price of polysilicon has slightly declined, and the futures price has oscillated, declined, and then recovered, rising by 380 yuan/ton to 59225 yuan/ton. The exchange announced that non - futures - company members or clients shall not open more than 200 lots in each contract on a single day. Against the background of weak demand, upstream enterprises hope to drive up the prices of the entire industrial chain by supporting prices. Recently, downstream enterprises have raised their quotes under the pressure of rising raw - material prices. The prices of silicon wafers have increased by 2 - 4%, the prices of battery cells have increased by 5%, and the prices of components have increased slightly by 0.15%, but the profits are still under pressure. From the perspective of terminal installation, after the new policy, due to the relatively concentrated power - generation time of photovoltaic installations, the advantage of more dispersed power - generation time of new - energy wind power has emerged, so the integrated development of wind, solar, and energy storage may be a more profitable development direction. For the photovoltaic industrial chain to increase the overall price level, the demand side needs to find more application scenarios to absorb the gradually rising costs. The polysilicon price will still oscillate at a high level, and the futures price is still at a significant premium to the spot market. Attention should be paid to the production - reduction amplitude or the pressure of price decline. In terms of trading strategies, it is advisable to wait and see for the time being, and pay attention to the subsequent production - reduction situation and the acceptance of price adjustments. The open interest of the near - month contract has decreased to 12,700 lots, and the open interest of the 2602 contract is 28,900 lots. Investors are still reminded to pay attention to position management [20]. 3. Summaries by Relevant Catalogs Copper Price and Basis - SMM 1 electrolytic copper: The current price is 94,690 yuan/ton, up 1,220 yuan/ton (1.31%) from the previous day. - SMM 1 electrolytic copper premium/discount: - 310 yuan/ton, down 95 yuan/ton from the previous day. - The refined - scrap spread is 3,544 yuan/ton, up 409.97 yuan/ton (13.08%) [1]. Monthly Fundamental Data (November) - Electrolytic copper production: 1.1031 million tons, up 1.15 million tons (1.05%) month - on - month. - Electrolytic copper imports: 0.2711 million tons, down 0.011 million tons (- 3.90%) month - on - month [1]. Weekly Fundamental Data - Imported copper - concentrate index: - 43.65 dollars/ton, down 0.57 dollars/ton (1.32%) week - on - week. - Domestic mainstream port copper - concentrate inventory: 0.7314 million tons, down 0.0325 million tons (- 4.25%) week - on - week [1]. Inventory Data - Domestic social inventory: 0.1684 million tons, up 0.0039 million tons (2.37%) week - on - week. - Bonded - area inventory: 0.0766 million tons, up 0.0011 million tons (1.46%) week - on - week. - SHFE inventory: 0.0958 million tons, up 0.0064 million tons (7.18%) week - on - week [1]. Aluminum Price and Spread

1. Report Industry Investment Rating - No information about the industry investment rating is provided in the reports. 2. Core Views - **Precious Metals**: At the end of the year, driven by multiple factors, some investors choose to "pre - emptively" allocate precious metals, with ETF holdings and derivatives positions increasing. In the short - term, without clear negative factors, the market will maintain a strong - side shock. For silver, as the COMEX silver approaches the last trading day, the physical delivery demand decreases, and the increase in domestic inventory may ease the bullish sentiment. During the sharp rise of silver, attention should be paid to the number of open contracts, warehouse receipts, and regulatory measures to prevent the risk of speculative long - positions taking profits at high levels. For platinum and palladium, in the medium - to - long - term, they are expected to continue to rise in a volatile manner due to strong fundamentals and undervalued prices compared to gold. However, in the short - term, there may be significant pullbacks due to low liquidity in the domestic market and regulatory measures [3]. - **Container Shipping**: The settlement price indices of SCFIS for European and US - West routes, and the SCFI comprehensive index and sub - indices for different routes show certain fluctuations. The futures prices of related contracts also change. Fundamentals such as port on - time rates, port calls, export balances, and overseas economic indicators also have corresponding changes, which jointly affect the container shipping market [5]. 3. Summaries by Related Catalogs **Futures Index Price Difference Daily Report** - **Futures - Spot Price Difference**: For example, the IC futures - spot price difference is - 111.64, the IM futures - spot price difference is - 178.78, etc. Each index has different price differences and percentile changes compared to the previous day and historical levels [1]. - **Inter - period Price Difference**: There are various inter - period price differences such as next - month minus current - month, zero - month minus current - month, etc., with different values and percentile changes for different indices [1]. - **Cross - variety Ratio**: Ratios like IC/IF, IC/IH, etc. are provided, along with their latest values, changes from the previous day, and historical percentile positions [1]. **Treasury Bond Futures Price Difference Daily Report** - **Basis**: The TS basis is 1.6874, the TF basis is 1.6734, etc., with corresponding changes and historical percentile positions [2]. - **Inter - period Price Difference**: For different contracts like TF, T, TL, there are inter - period price differences such as current - season minus next - season, with their values, changes, and historical percentile positions [2]. - **Cross - variety Price Difference**: Cross - variety price differences such as TS - TF, TS - T, etc. are presented, along with their values, changes, and historical percentile positions [2]. **Precious Metals Futures - Spot Daily Report** - **Domestic Futures Closing Price**: The AU2602 contract closed at 1014.68 yuan/gram on December 24, with a 0.04% increase; the AG2602 contract closed at 17609 yuan/kilogram, with a 7.10% increase, etc. [3]. - **Foreign Futures Closing Price**: The COMEX gold main contract closed at 4505.40 on December 24, with a - 0.21% decrease; the COMEX silver main contract closed at 71.88 dollars/ounce, with a 0.37% increase, etc. [3]. - **Spot Price**: London gold was at 4479.39 on December 24, with a - 0.12% decrease; Shanghai Gold Exchange silver T + D was at 17714 yuan/kilogram, with a 7.88% increase, etc. [3]. - **Basis**: The gold TD - Shanghai gold main contract basis is - 7.46, with a 0.33 increase and a 1.20% historical one - year percentile; the silver TD - Shanghai silver main contract basis is 105, with a 126 increase and a 99.50% historical one - year percentile, etc. [3]. - **Price Ratio**: The CONEX gold/silver ratio is 62.68, with a - 0.58% decrease; the Shanghai Futures Exchange gold/silver ratio is 57.62, with a - 6.59% decrease, etc. [3]. - **Interest Rates and Exchange Rates**: The 10 - year US Treasury yield is 4.15, with a - 0.7% decrease; the US dollar index is 97.95, with a 0.05% increase, etc. [3]. - **Inventory and Positions**: The Shanghai Futures Exchange gold inventory is 93711, with no change; the COMEX silver inventory is 451352686, with a 0.10% increase, etc. [3]. **Container Shipping Industry Futures - Spot Daily Report** - **Container Shipping Index**: The SCFIS (European route) settlement price index on December 22 is 1589.20 points, with a 5.21% increase compared to December 15; the SCFI comprehensive index on December 19 is 1506.46 points, with a 7.79% increase compared to December 12 [5]. - **Futures Price and Basis**: The EC2602 (main contract) futures price on December 24 is 1795.8 points, with a - 0.60% decrease compared to December 23; the main - contract basis is - 206.6, with a - 4.97% change [5]. - **Fundamental Data**: The global container shipping capacity supply on December 24 is 3364.19 million TEU, with no change; the port on - time rate in Shanghai in November is 40.00, with an 18.50% decrease compared to October; the euro - zone composite PMI in December is 51.90 points, with a - 1.70% decrease compared to November [5].

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the documents. 2. Core Views of the Reports Natural Rubber - Short - term fundamentals change little. The rubber price rises due to the increasing preference for commodities, but there is a risk of a sharp fall after a rise [1]. Methanol - The port may face inventory accumulation pressure in December, but the supply - demand balance sheet is expected to turn to inventory reduction in the first quarter of the next year. The supply - demand pattern in the inland area is expected to be stable, and the price will fluctuate within a narrow range [4]. Polyolefins - For PP, supply increases while demand decreases, with low marginal device valuation and a slight reduction in inventory. For PE, both supply and demand are weak, with a decrease in the marginal supply of standard products, low valuation, and the futures price rising with reduced positions [8]. Pure Benzene and Styrene - Pure benzene may maintain a volatile trend in the short term, with the BZ2603 contract likely to fluctuate between 5300 - 5600. Styrene's rebound space is limited, and the EB02 contract may fluctuate between 6300 - 6700 [9]. Glass and Soda Ash - Soda ash's supply - demand pattern is bearish, and the price is in a downward - fluctuating pattern. It is recommended to consider short - selling opportunities after the rebound. Glass's market still faces pressure, and the 01 contract will follow the delivery logic in December [10]. PVC and Caustic Soda - Caustic soda's price is expected to be weak in the short term, and its rebound range is limited. PVC is expected to continue to move in a range, and its rebound height is limited [11]. Crude Oil - Crude oil prices are expected to fluctuate between 60 - 65 dollars per barrel, and it is necessary to continue to pay attention to the geopolitical situation after the holiday [12]. Urea - Urea prices may fluctuate between 1700 - 1750. It is necessary to pay attention to the enterprise's replenishment demand and the progress of export policies [14]. LPG - No clear overall view is provided in the LPG - related content. Polyester Industry Chain - PX may continue to be strong in the short term, but caution is needed. PTA's upward movement is limited. MEG is expected to fluctuate and consolidate. Short - fiber's absolute price has limited drivers. Bottle - chip's processing fees are expected to be compressed [18]. 3. Summaries According to Relevant Catalogs Natural Rubber Spot Prices and Basis - The price of Yunnan state - owned whole - latex (SCRWF) in Shanghai rose by 250 yuan/ton to 15100 yuan/ton, with a 1.68% increase. The whole - latex basis decreased by 110 yuan/ton to - 550 yuan/ton, a 25.00% decline [1]. Monthly Spreads - The 9 - 1 spread increased by 70 yuan/ton to 5 yuan/ton, a 107.69% increase. The 1 - 5 spread decreased by 65 yuan/ton to - 30 yuan/ton, a 185.71% decline [1]. Production and Inventory - Thailand's October production decreased by 48.3 thousand tons to 466.2 thousand tons, a 9.39% decline. The bonded - area inventory increased by 16339 tons to 515227 tons, a 3.28% increase [1]. Methanol Prices and Spreads - The MA2601 closing price rose by 4 yuan/ton to 2134 yuan/ton, a 0.19% increase. The MA15 spread decreased by 12 yuan/ton to - 38 yuan/ton, a 46.15% increase [4]. Inventory - Methanol enterprise inventory increased by 1.28 million tons to 40.397 million tons, a 3.28% increase. Methanol port inventory increased by 19.37 million tons to 141.3 million tons, a 15.89% increase [4]. Operating Rates - The upstream domestic enterprise operating rate increased by 0.99 percentage points to 77.63%, a 1.29% increase. The downstream MTO device operating rate increased by 1.51 percentage points to 86%, a 1.79% increase [4]. Polyolefins Prices and Spreads - The L2601 closing price rose by 104 yuan/ton to 6320 yuan/ton, a 1.67% increase. The L15 spread decreased by 8 yuan/ton to - 28 yuan/ton, a 16.00% decline [8]. Inventory - PE enterprise inventory decreased by 2.92 million tons to 45.9 million tons, a 5.99% decline. PP trade - dealer inventory decreased by 2.01 million tons to 18.7 million tons, a 9.70% decline [8]. Operating Rates - The PE device operating rate decreased by 0.25 percentage points to 83.9%, a 0.30% decline. The PP device operating rate increased by 1.08 percentage points to 79.4%, a 1.37% increase [8]. Pure Benzene and Styrene Upstream Prices and Spreads - Brent crude oil (February) decreased by 0.14 dollars per barrel to 62.24 dollars per barrel, a 0.2% decline. The pure benzene - to - naphtha spread increased by 4 dollars per ton to 128 dollars per ton, a 3.2% increase [9]. Styrene - Related Prices and Spreads - Styrene's East - China spot price rose by 90 yuan/ton to 6650 yuan/ton, a 1.4% increase. The EB02 - EB03 spread decreased by 7 yuan/ton to - 64 yuan/ton, a 12.3% increase [9]. Inventory and Operating Rates - Pure benzene's Jiangsu port inventory increased by 1.3 million tons to 27.3 million tons, a 5.0% increase. The domestic pure benzene operating rate decreased by 0.2 percentage points to 74.9%, a 0.2% decline [9]. Glass and Soda Ash Prices and Spreads - The glass 2601 price rose by 3 yuan/ton to 941 yuan/ton, a 0.32% increase. The soda ash 2605 price rose by 9 yuan/ton to 1184 yuan/ton, a 0.81% increase [10]. Production and Inventory - Soda ash's weekly production decreased by 1.4 million tons to 72.14 million tons, a 1.90% decline. Glass factory inventory increased by 33.1 million tons to 5855.8 million tons, a 0.57% increase [10]. PVC and Caustic Soda Prices and Spreads - The East - China calcium - carbide - based PVC market price rose by 60 yuan/ton to 4480 yuan/ton, a 1.4% increase. The SH2601 price rose by 12 yuan/ton to 2150 yuan/ton, a 0.6% increase [11]. Supply and Demand - The caustic - soda industry operating rate decreased by 1.4 percentage points to 88.5%, a 1.5% decline. The PVC total operating rate decreased by 2.3 percentage points to 16.1%, a 2.9% decline [11]. Inventory - The liquid - caustic East - China factory inventory decreased by 1.4 million tons to 22.7 million tons, a 5.7% decline. The PVC upstream factory inventory decreased by 1.6 million tons to 32.9 million tons, a 4.6% decline [11]. Crude Oil Prices and Spreads - Brent crude oil rose by 0.31 dollars per barrel to 62.38 dollars per barrel, a 0.50% increase. The Brent M1 - M3 spread increased by 0.12 dollars per barrel to - 3.16 dollars per barrel, a 3.66% decline [12]. Refined Oil - NYM RBOB rose by 10.75 cents per gallon to 627.25 cents per gallon, a 1.74% increase. The RBOB M1 - M3 spread decreased by 0.34 cents per gallon to - 3.15 cents per gallon, a 12.10% increase [12]. Urea Prices and Spreads - The methanol - main - contract price rose by 16 yuan/ton to 2172 yuan/ton, a 0.74% increase. The 01 - contract - to - 05 - contract spread decreased by 6 yuan/ton to - 62 yuan/ton, a 9.68% decline [14]. Supply and Demand - The domestic urea daily production decreased to 19.5 million tons, a 0.00% change. The urea production factory operating rate remained at 80.62%, a 0.00% change [14]. Inventory - The domestic urea factory inventory decreased by 11.08 million tons to 106.89 million tons, a 9.39% decline. The domestic urea port inventory remained at 13.8 million tons, a 0.00% change [14]. LPG Prices and Spreads - The main PG2601 contract price rose by 36 yuan/ton to 4221 yuan/ton, a 0.86% increase. The PG01 - 02 spread decreased by 15 yuan/ton to 139 yuan/ton, a 9.74% decline [16]. Inventory and Operating Rates - The LPG port inventory decreased by 22.4 million tons to 261 million tons, a 7.89% decline. The downstream PDH operating rate increased by 2.1 percentage points to 75.0%, a 2.92% increase [16]. Polyester Industry Chain Upstream and Downstream Prices - Brent crude oil (February) decreased by 0.14 dollars per barrel to 62.24 dollars per barrel, a 0.2% decline. The POY150/48 price remained at 6395 yuan/ton, a 0.0% change [18]. PX - Related - CFR China PX rose by 5 dollars per ton to 901 dollars per ton, a 0.6% increase. The PX - to - naphtha spread increased by 6 dollars per ton to 447 dollars per ton, a 1.4% increase [18]. PTA and MEG - The PTA East - China spot price rose by 60 yuan/ton to 5015 yuan/ton, a 1.2% increase. The MEG port inventory increased by 3.0 million tons to 71.6 million tons, a 4.4% increase [18].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The report provides a daily tracking of stock index futures positions, including the performance of IF, IH, IC, and IM futures, and details the changes in total positions, main contract positions, and the top 20 long and short positions of each variety [1] Summary by Related Catalogs IF Futures - Total position increased slightly, with the main contract IF2603's position rising by 1307 hands on December 24, and the total position of the IF variety increasing by 1836 hands [1][3] - Among the top 20 long positions, CITIC Construction Investment Futures added the most long positions (559 hands), while Guotou Futures reduced the most long positions (811 hands). Guotai Junan Futures ranked first with a total long - position of 44832 hands [3] - Among the top 20 short positions, GF Futures added the most short positions (537 hands), while Dongzheng Futures reduced the most short positions (538 hands). CITIC Futures ranked first with a total short - position of 37597 hands [5] IH Futures - Total position remained stable, with the main contract IH2603's position rising by 539 hands on December 24, and the total position of the IH variety increasing by 229 hands [1][8] - Among the top 20 long positions, Huatai Futures added the most long positions (279 hands), while Bank of China Futures reduced the most long positions (512 hands). CITIC Futures ranked first with a total long - position of 8801 hands [9] - Among the top 20 short positions, CITIC Construction Investment Futures added the most short positions (734 hands), while CITIC Futures reduced the most short positions (618 hands). CITIC Futures ranked first with a total short - position of 13218 hands [10] IC Futures - Total position increased significantly, with the main contract IC2603's position rising by 10888 hands on December 24, and the total position of the IC variety increasing by 15502 hands [1][14] - Among the top 20 long positions, Guotai Junan Futures added the most long positions (3425 hands), while Nanhua Futures reduced the most long positions (714 hands). Guotai Junan Futures ranked first with a total long - position of 43816 hands [15] - Among the top 20 short positions, Guotai Junan Futures added the most short positions (3026 hands), while Baocheng Futures reduced the most short positions (47 hands). CITIC Futures ranked first with a total short - position of 44998 hands [17] IM Futures - Total position increased significantly, with the main contract IM2603's position rising by 9450 hands on December 24, and the total position of the IM variety increasing by 11974 hands [1][20] - Among the top 20 long positions, Guotai Junan Futures added the most long positions (3094 hands), while Guotou Futures reduced the most long positions (1088 hands). Guotai Junan Futures ranked first with a total long - position of 53502 hands [20] - Among the top 20 short positions, Guotai Junan Futures added the most short positions (1777 hands), while Yong'an Futures reduced the most short positions (92 hands). CITIC Futures ranked first with a total short - position of 70919 hands [22]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The market presents a complex situation with different trends for various varieties. Some are expected to be volatile, some show short - term strength or weakness, and investors need to adopt corresponding strategies according to different market conditions [2]. Summary by Directory Daily Selected Views - NI2602 is expected to be volatile and bullish; ethanol is in a weak trend; EG2605 and JM2605 are expected to be volatile and bullish; SR2605 is short - term bullish; for AU2602, it is recommended to buy on dips [2]. All - Variety Daily Reviews Equity Indexes - After the Bank of Japan's interest rate hike, the short - term negative factors are exhausted, and the index has rebounded. The main line is unclear, and the trading volume is insufficient to support an upward breakthrough. The trend is expected to be range - bound, and it is advisable to wait and see cautiously [2]. Treasury Bonds - With continuous loose liquidity, treasury bond futures have recovered. In the short - term, pay attention to the central bank's MLF injection and end - of - month treasury bond trading. For the unilateral strategy, consider buying T contracts on pullbacks; for the spot - futures strategy, participate in the 2603 contract's positive spread and basis widening strategy [2]. Precious Metals - Without clear negative factors, the short - term precious metals market will remain strong. Hold long positions, but beware of the risk of speculative long - position liquidation at high levels. For platinum and palladium, there is still a short - term correction risk [2]. Shipping and Metals - The EC main contract is in a downward trend, and short - term volatility is expected. Steel products are reducing production and inventory, and prices will remain range - bound. Iron ore prices are supported by the expected inventory replenishment of steel mills. Coking coal has rebounded from oversold levels, and coke is expected to be volatile. For non - ferrous metals, different varieties have different trends and corresponding trading strategies [2]. New Energy and Chemicals - New energy products such as polysilicon and lithium carbonate have different trends. In the chemical sector, PX and PTA are strong but should be treated with caution after a sharp rise. Other chemical products also have their own characteristics in terms of supply - demand and price trends, with corresponding trading suggestions [2]. Agricultural Products - Different agricultural products such as grains, oils, meats, and sugars have different trends. For example, soybeans are expected to be stable and bullish, while corn is expected to be volatile and bearish [2].