Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View of the Report - Last week, the log futures fluctuated. The main contract LG2601 closed at 772 yuan per cubic meter, down 0.5 yuan per cubic meter from the previous period. The spot prices of the main benchmark delivery products remained unchanged. The inventory decreased last week, and the demand declined slightly. From December 15 - 21, 2025, the number of pre - arrival ships of New Zealand logs at 13 Chinese ports increased by 100% week - on - week, and the arrival volume increased by 89% week - on - week. The 01 contract's disk price was repaired near the warehouse receipt cost last week. The weekly data shows that the outbound volume remains resilient. Affected by the small arrival volume, the port inventory decreased, but there is still arrival pressure in the future. It is expected that the disk will mainly fluctuate. In the medium - to - long - term, attention can be paid to the 1 - 3 reverse spread opportunity [2][3]. 3. Summary by Relevant Catalogs Futures and Spot Prices - Futures prices: On December 19, the price of log 2601 was 772.0, down 0.5 from December 18 with a decline of - 0.06%; log 2603 was 779.0, up 1.0 with an increase of 0.13%; log 2605 was 783.5, down 1.5 with a decline of - 0.19%. The 01 - 03 spread was - 7.0, down 1.5; the 01 - 5 spread was - 11.5, up 1.0; the 03 contract basis was - 39.0, down 1.0; the 01 contract basis was - 32.0, up 0.5 [2]. - Spot prices: The prices of various types of logs at Rizhao Port and Taicang Port remained unchanged on December 19 compared with December 18, with a 0.00% change. The CFR price of 4 - meter medium A radiata pine was 112 dollars per JAS cubic meter, and the CFR price of 11.8 - meter spruce was 126 euros per JAS cubic meter, both unchanged [2]. - Import cost: On December 19, the RMB - US dollar exchange rate was 7.035, and the import theoretical cost was 775.38 yuan, down 0.14 from December 18 [2]. Supply - Monthly supply: In November, the port shipment volume was 189.2 million cubic meters, down 12.1 million cubic meters (- 6.01%) from October. The number of departing ships from New Zealand to China, Japan, and South Korea was 49.0, down 5.0 (- 9.26%) [2]. Inventory - Weekly inventory: As of December 12, the total inventory of domestic softwood logs was 272 million cubic meters, a decrease of 16 million cubic meters compared with the previous week. The inventory in Shandong was 188.40 million cubic meters, down 11.1 million cubic meters; the inventory in Jiangsu was 68.24 million cubic meters, down 6.0 million cubic meters [2][3]. Demand - Weekly demand: As of December 12, the average daily outbound volume of logs was 6.46 million cubic meters, a decrease of 0.2 million cubic meters compared with the previous week. The outbound volume in Shandong increased by 1%, while that in Jiangsu decreased by 8% [2][3].

ax 20 关注微信公众号 | 铁矿石产业期现日报 投资咨询业务资格:证监许可 【2011】1292号 | | | | | | | --- | --- | --- | --- | --- | --- | | 2025年12月22日 | | | | 徐艺丹 Z0020017 | | | 铁矿石相关价格及价差 | | | | | | | 品种 | 现值 | 前值 | 消歧失 | 狱跌幅 | 单位 | | 仓单成本:卡粉 | 841.3 | 839.1 | 2.2 | 0.3% | | | 仓单成本:PB粉 | 851.2 | 850.1 | 1.1 | 0.1% | | | 仓单成本:巴混粉 | 846.3 | 848.5 | -2.2 | -0.3% | | | 仓单成本:金布巴粉 | 888.3 | 887.3 | 1.1 | 0.1% | | | 09合约基差:卡粉 | 130.9 | et e | 69.3 | 112.5% | | | 09合约基差:PB粉 | 93.2 | 72.6 | 20.6 | 28.4% | 元/吨 | | 09合约基差:巴混粉 | 88.3 | 71.0 | 17.3 | 2 ...

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views of the Reports Tin - The tin market is expected to maintain a strong trend in the near term. Given the strong fundamentals, a bullish view on tin prices is maintained. Hold existing long positions and consider buying on dips. Monitor subsequent macro and supply - side changes [2]. Polysilicon - Polysilicon prices are oscillating at high levels, with futures prices rising strongly and showing a significant premium over the spot market. The market is currently in a state of oversupply, and upstream enterprises are trying to boost prices. The photovoltaic industry chain needs to find more application scenarios to increase demand. Adopt a wait - and - see strategy for now and pay attention to production cuts and price acceptance [3]. Industrial Silicon - The supply and demand of industrial silicon are both showing a stable decline, and the expectation of production cuts is increasing. Spot prices are stabilizing, and futures prices are rising. The price is expected to oscillate at a low level, with a main fluctuation range of 8000 - 9000 yuan/ton. It may break through 10000 yuan/ton if production cuts are significant; otherwise, it may fall if polysilicon production cuts are large and industrial silicon production cuts are less than expected [5]. Zinc - The short - term zinc price is expected to oscillate. The downward support comes from the tightening of domestic zinc ore supply and low zinc ingot inventory, while the upward pressure comes from the expected supply of imported ores. Focus on import profit and loss, TC inflection points, and refined zinc inventory changes [7]. Copper - In the short term, copper prices may fluctuate widely. The upward drivers are the further deterioration of overseas inventory structure and improved expectations of interest rate cuts. The downward drivers are weak demand. In the long term, the bottom of copper prices may move up [10][12]. Aluminum - Alumina prices are expected to oscillate at a low level around the cash cost line, but short - term funds may still take profits. Aluminum prices are expected to maintain a wide - range oscillation in the short term, influenced by the game between macro - positive expectations and fundamental pressure [13]. Aluminum Alloy - The casting aluminum alloy market is expected to maintain a high - level range oscillation in the short term. The market is facing a game between strong cost support and weakening demand. Pay attention to scrap aluminum supply, regional environmental policies, and downstream orders [14]. Nickel - The short - term nickel price is expected to oscillate and repair, but the upward drive is limited. There is a possibility of a callback after the impact of news is digested. The market is affected by macro factors and supply - demand conditions in the nickel industry [15]. Stainless Steel - The stainless steel market is expected to oscillate and adjust in the short term. The market sentiment has improved, but the fundamental supply - demand game continues. Pay attention to news from the nickel ore end and the implementation of steel mill production cuts [16]. Lithium - The lithium market is expected to experience wide - range oscillations in the short term. The price may rise and then pull back. The market is currently in a state of strong supply and demand, but the de - stocking rate has slowed down, and there is significant interference from news [18]. 3. Summaries by Relevant Catalogs Spot Price and Basis - **Tin**: SMM 1 tin price increased by 1.54% to 337100 yuan/ton, and the LME 0 - 3 spread increased by 82.26% to - 11.00 dollars/ton [2]. - **Polysilicon**: N - type re - fed material average price increased by 0.19% to 52400 yuan/ton, and the N - type material basis decreased by 12.07% [3]. - **Industrial Silicon**: The price of East China oxygen - passing S15530 industrial silicon remained unchanged at 9200 yuan/ton, and the basis decreased by 8.11% [5]. - **Zinc**: SMM 0 zinc ingot price increased by 0.13% to 23160 yuan/ton, and the import profit and loss increased by 15.77 yuan/ton [7]. - **Copper**: SMM 1 electrolytic copper price increased by 0.12% to 92350 yuan/ton, and the LME 0 - 3 spread increased by 18.62 dollars/ton [10]. - **Aluminum**: SMM A00 aluminum price increased by 0.41% to 21820 yuan/ton, and the alumina (Shandong) average price decreased by 0.37% to 2665 yuan/ton [13]. - **Aluminum Alloy**: SMM aluminum alloy ADC12 price increased by 0.23% to 21700 yuan/ton [14]. - **Nickel**: SMM 1 electrolytic nickel price increased by 3.00% to 120100 yuan/ton, and the futures import profit and loss decreased by 27.39% [15]. - **Stainless Steel**: 304/2B (Wuxi Hongwang 2.0 roll) price increased by 1.18% to 12900 yuan/ton, and the spot - futures spread decreased by 30.00% [16]. - **Lithium**: SMM battery - grade lithium carbonate average price increased by 0.10% to 97650 yuan/ton, and the lithium spodumene concentrate CIF average price decreased by 0.60% to 1318 dollars/ton [18]. Inter - month Spreads - **Tin**: The 2601 - 2602 spread increased by 5.10% to - 930 yuan/ton [2]. - **Polysilicon**: The main contract increased by 1.59%, and the current - first - month spread decreased by 110.00% [3]. - **Industrial Silicon**: The 2601 - 2602 spread decreased by 300.00% to - 20 yuan/ton [5]. - **Zinc**: The 2601 - 2602 spread decreased by 5.00 yuan/ton [7]. - **Copper**: The 2601 - 2602 spread decreased by 30.00 yuan/ton [10]. - **Aluminum**: The AL 2601 - 2602 spread decreased by 5.00 yuan/ton [13]. - **Aluminum Alloy**: The 2601 - 2602 spread decreased by 10.00 yuan/ton [14]. - **Nickel**: The 2602 - 2603 spread increased by 90 yuan/ton [15]. - **Stainless Steel**: The 2602 - 2603 spread decreased by 250 yuan/ton [16]. - **Lithium**: The 2601 - 2602 spread decreased by 60.00 yuan/ton [18]. Fundamental Data Tin - In October, tin ore imports increased by 33.49% to 11632 tons, and SMM refined tin production increased by 53.09% to 16090 tons [2]. Polysilicon - Weekly polysilicon production decreased by 0.40% to 2.50 tons, and monthly polysilicon production decreased by 14.48% to 11.46 tons [3]. Industrial Silicon - National industrial silicon production in November decreased by 11.17% to 40.17 tons, and the national operating rate decreased by 4.84% to 64.82% [5]. Zinc - In November, refined zinc production decreased by 3.56% to 59.52 tons, and the galvanizing operating rate decreased by 2.31% to 56.08% [7]. Copper - In November, electrolytic copper production increased by 1.05% to 110.31 tons, and the electrolytic copper rod operating rate decreased by 1.48% to 63.06% [10]. Aluminum - In November, alumina production decreased by 4.44% to 743.94 tons, and the aluminum profile operating rate decreased by 2.64% to 51.60% [13]. Aluminum Alloy - In November, recycled aluminum alloy ingot production increased by 5.74% to 68.20 tons, and the recycled aluminum alloy operating rate increased by 6.93% to 59.71% [14]. Nickel - China's refined nickel production in November decreased by 9.38% to 33342 tons, and refined nickel imports decreased by 65.66% to 9741 tons [15]. Stainless Steel - China's 300 - series stainless steel crude steel production in November decreased by 0.72% to 178.70 tons, and 300 - series social inventory decreased by 2.30% to 48.40 tons [16]. Lithium - In November, lithium carbonate production increased by 3.35% to 95350 tons, and the lithium carbonate demand increased by 5.11% to 133451 tons [18]. Inventory Changes Tin - SHEF inventory increased by 9.53% to 8095 tons, and social inventory increased by 8.65% to 9192 tons [2]. Polysilicon - Polysilicon inventory remained unchanged at 29.30 tons, and silicon wafer inventory decreased by 7.73% to 21.50 tons [3]. Industrial Silicon - Xinjiang's weekly inventory increased by 4.14% to 13.33 tons, and social inventory decreased by 1.43% to 55.30 tons [5]. Zinc - China's seven - region zinc ingot social inventory decreased by 4.68% to 12.22 tons, and LME inventory increased by 0.50% to 10.0 tons [7]. Copper - Domestic social inventory increased by 1.72% to 16.58 tons, and LME inventory decreased by 2.36% to 16.04 tons [10]. Aluminum - China's electrolytic aluminum social inventory decreased by 1.03% to 58.40 tons, and the aluminum rod social inventory decreased by 5.53% to 11.95 tons [13]. Aluminum Alloy - Recycled aluminum alloy ingot weekly social inventory decreased by 2.38% to 5.34 tons, and the recycled aluminum alloy Foshan daily inventory decreased by 0.11% to 34473 tons [14]. Nickel - SHFE inventory increased by 1.35% to 45280 tons, and social inventory increased by 0.41% to 59210 tons [15]. Stainless Steel - 300 - series social inventory (Wuxi + Foshan) decreased by 2.30% to 48.40 tons, and SHFE warehouse receipts decreased by 0.74% to 4.85 tons [16]. Lithium - Lithium carbonate total inventory in November decreased by 23.36% to 64560 tons, and downstream inventory decreased by 21.13% to 42030 tons [18].

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports - **Natural Rubber**: With geopolitical tensions affecting supply in Thailand and domestic产区 entering the off - season, there is support at the bottom of rubber prices. However, due to high production and sales pressure and the seasonal demand slump, the market is weak. Rubber prices are expected to fluctuate widely between 15,000 - 15,500 yuan/ton [1]. - **Glass and Soda Ash**: For soda ash, the supply may increase with the potential output from new projects, and demand is shrinking, so the price is expected to continue to decline with occasional technical rebounds. For glass, the spot price is stable but facing weakening demand in the north and high inventory in the middle - stream, so the futures price may be under pressure and continue to oscillate at the bottom [3]. - **PVC and Caustic Soda**: The caustic soda industry still has supply - demand pressure, and prices are expected to be weak. The PVC market is affected by high supply, low demand, and cost pressure, and is expected to maintain range - bound trading and then weaken after a rebound [4]. - **Polyolefins**: The market is trading on the expectation of high production in 2026 and weak current conditions. Both PE and PP are facing downward pressure on prices, with the price center expected to decline further [6]. - **Methanol**: Although the port may face inventory accumulation in December, there is an expected shift to inventory reduction in the first quarter of the next year. The inland market is expected to be stable with prices fluctuating slightly [10]. - **Pure Benzene and Styrene**: The short - term driving force for pure benzene is weak due to weak downstream demand and cost support, but there is an expectation of improvement after the spring maintenance. Styrene is expected to oscillate between 6300 - 6700 yuan/ton due to sufficient supply and weak cost support [13]. - **LPG**: The LPG market shows a pattern of stable prices, inventory reduction, and some improvement in downstream demand. The price is expected to be relatively stable with some fluctuations [15]. - **Polyester Industry Chain**: For PX, it may continue to be strong unless there is substantial production reduction in the polyester sector. PTA is expected to follow the raw material price with limited independent movement. MEG is expected to oscillate at a low level. Short - fiber prices follow the raw material, and the processing fee of bottle - chips is expected to be compressed [17]. - **Crude Oil**: The market is dominated by geopolitical factors. With high supply and weak demand, the price is expected to oscillate, and attention should be paid to the price of Brent crude at $60 per barrel [18]. - **Urea**: The futures price is weak, while the spot price is rising. The Indian tender is beneficial for exports, but high supply and weak demand in the domestic market lead to a difficult price trend. The futures price is expected to oscillate between 1680 - 1730 yuan/ton [20]. 3. Summary According to Relevant Catalogs Natural Rubber - **Price and Spread**: The prices of Yunnan state - owned rubber, Thai - standard mixed rubber, etc. have decreased. The basis and inter - contract spreads have also changed. For example, the all - milk basis decreased by 25.93% [1]. - **Production and Supply**: Thailand's production decreased slightly in October, while India's increased. China's production decreased. The opening rates of semi - steel and all - steel tires changed slightly, and tire production and exports increased in November [1]. - **Inventory**: The bonded - area inventory increased, while the factory - warehouse futures inventory of natural rubber on the SHFE decreased [1]. Glass and Soda Ash - **Price and Spread**: The prices of glass and soda ash in different regions were mostly stable, with some futures prices decreasing. The basis of some contracts increased [3]. - **Supply**: The soda ash production rate and weekly output decreased slightly, while the melting volume of float glass and photovoltaic glass remained unchanged [3]. - **Inventory**: The glass inventory increased slightly, the soda ash factory inventory increased slightly, and the soda ash delivery - warehouse inventory decreased [3]. - **Real Estate Data**: The new construction area, construction area, and sales area decreased year - on - year, while the completion area increased [3]. PVC and Caustic Soda - **Price and Spread**: The prices of PVC and caustic soda in different forms decreased, and the basis and inter - contract spreads changed. For example, the V - basis increased by 2600% [4]. - **Supply and Demand**: The caustic soda industry's supply - demand pressure remains, and the PVC industry has high supply and low demand. The opening rates of related industries changed slightly [4]. - **Inventory**: The caustic soda inventory in some regions decreased, and the PVC upstream factory inventory increased while the total social inventory decreased [4]. Polyolefins - **Price and Spread**: The prices of LLDPE, PP futures and spot decreased, and the spreads between different contracts and varieties changed. For example, the LP01 spread decreased by 39.39% [6]. - **Inventory and Production**: The PE and PP enterprise inventories and social inventories changed, and the device opening rates of PE and PP also changed [6]. Methanol - **Price and Spread**: The prices of methanol futures and spot decreased, and the basis and inter - contract spreads changed. For example, the MA15 spread increased by 23.81% [8]. - **Inventory**: The enterprise inventory increased, while the port inventory decreased, and the social inventory increased [9]. - **Production and Supply**: The upstream and downstream opening rates of methanol changed slightly [10]. Pure Benzene and Styrene - **Price and Spread**: The prices of pure benzene and styrene futures and spot changed slightly, and the spreads between different contracts and varieties changed. For example, the EB02 - EB03 spread increased by 0.3% [13]. - **Inventory and Production**: The pure benzene inventory remained unchanged, and the opening rates of related industries decreased [13]. LPG - **Price and Spread**: The prices of LPG futures and spot changed slightly, and the basis and inter - contract spreads changed. For example, the PG01 - 02 spread decreased by 0.83% [15]. - **Inventory and Production**: The LPG refinery inventory ratio remained stable, the port inventory decreased, and the upstream and downstream opening rates changed [15]. Polyester Industry Chain - **Price and Spread**: The prices of upstream raw materials such as PX and downstream polyester products changed. The spreads between different contracts and varieties also changed. For example, the PX - naphtha spread increased by 12.4% [17]. - **Inventory and Production**: The MEG port inventory increased, and the opening rates of various industries in the polyester industry chain changed [17]. Crude Oil - **Price and Spread**: The prices of Brent, WTI, and SC crude oil changed, and the spreads between different contracts and varieties changed. For example, the Brent - WTI spread increased by 3.40% [18]. - **Refined Oil**: The prices of refined oil products such as RBOB, ULSD, and Gasoil changed, and the spreads between different contracts also changed [18]. Urea - **Price and Spread**: The futures price of urea decreased slightly, and the spreads between different contracts changed. The spot price increased [20]. - **Inventory and Production**: The urea production is at a high level, the factory inventory decreased, and the port inventory increased slightly [20].

| 股指期货价差日报 | 投资咨询业务资格:证监许可【2011】1292号 | Z0016628 | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 叶倩宁 | 2025年12月22日 | 历史1年分位数 | 品种 | 匿新債 | 全历史分位数 | 较前一日变化 | | | | | | | | | | | 价元 | -41.18 | IE期前分差 | -38.79 | 13.90%6 | 7.10% | | | | | | | | | | | | H期配分器 | 68.40% | 2.06 | 5.58 | 77.40% | 期现价差 | IC期现价差 | -114.15 | 2.00% | -114.32 | 14.70% | IM期现价差 | -188.01 | 5.00% | 4.30% | -3.26 | | 次月-当月 | -20.00 | -0.80 | 21.30% | 22 60% | 李月- ...

Group 1: Report Industry Investment Ratings - No information provided in the given reports Group 2: Core Views of the Reports 1. Oils and Fats - Palm oil: Trump's blockade on Venezuelan oil tankers may increase palm oil's attractiveness as a biofuel raw material. However, Malaysian palm oil exports decreased in the first half of December, and BMD palm oil is likely to fluctuate. In China, palm oil lacks price - advantage in winter, and its basis has limited fluctuation space [1] - Soybean oil: US soybean exports to China are slower than expected, and South American soybeans may have a good harvest. CBOT soybeans are expected to fluctuate slightly. In China, the supply of soybean oil is sufficient, but the inventory may decrease due to pre - Spring Festival stocking, and the decline of the spot basis is limited [1] - Rapeseed oil: Domestic rapeseed prices are stable, but inventory in some areas is limited. The futures price has limited room for further decline, and the spot price and basis fluctuate slightly [1] 2. Apples - The current inventory depletion is slow, and the overall sales are weaker than last year. The price of farmers' apples is under pressure. The short - term market will trade the game between the "real shortage of high - quality delivery products" and the "overall inventory pressure" [6] 3. Red Dates - The support from spot sales and cost is weak. The futures price is weak, and the basis is strengthening. The overall market supply is relatively loose, and the 01 contract's entry into the delivery month has released some pressure. The future trend depends on market consumption [7] 4. Corn and Corn Starch - In the northeast, the bullish sentiment is shaken, and traders sell at high prices. In North China, the sales volume fluctuates with price. The demand side shows that deep - processing enterprises' inventory is increasing, while feed enterprises are mainly on the sidelines. The corn market is likely to be weak in the short term, but the decline space is limited [8] 5. Pigs - The spot price is stable, and the demand for curing meat around the Winter Solstice is increasing. The slaughter cycle of farmers is longer this year due to the late Spring Festival, and the market is slightly stronger. The 03 contract has limited upside but is supported at around 11,000 [12] 6. Meal Products - The price of US soybeans is weak. Brazilian soybeans will be listed soon, posing a competitive threat. The domestic soybean meal market is loose, and the 1 - 5 spread is difficult to rise further. The soybean meal price has limited downside but lacks upward momentum [16] 7. Sugar - Brazilian sugar production is in the late stage, which may support prices. Indian sugar production is abundant, restricting the rebound of raw sugar prices. The domestic sugar market is expected to be weak and volatile, and short - selling on rebounds is recommended [18] 8. Cotton - Internationally, US cotton sales are weak in late November. The weather in the main producing areas is dry, and the quality index is rising. Domestically, the supply pressure is gradually released, and the demand from spinning enterprises is weakening. Zhengzhou cotton is expected to fluctuate strongly but has limited upward momentum [19] 9. Eggs - The number of old hens and newly - laid hens is decreasing, but the supply of small - sized eggs is tight, and large - sized eggs are sufficient. The demand from food processing and catering industries is weak. The market is in a "supply - strong - demand - weak" pattern and is expected to be weak and volatile [21] Group 3: Summary by Related Catalogs 1. Oils and Fats - **Price Changes**: On December 19, compared with December 18, the prices of soybean oil, palm oil, and rapeseed oil in the spot and futures markets all decreased to varying degrees [1] - **Inventory and Basis**: Palm oil inventory decreased last weekend and was lower than the five - year average. The basis of soybean oil, palm oil, and rapeseed oil all changed to some extent [1] 2. Apples - **Futures and Spot Data**: The price of the apple 2605 contract increased, and the basis decreased. The arrival volume in some fruit markets decreased, and the national cold - storage inventory also decreased slightly [3] - **Regional Inventory**: The cold - storage inventory in six major apple - producing areas is provided, with Shandong having the largest inventory. The current inventory depletion is slow [6] 3. Red Dates - **Futures and Spot Data**: The prices of red date futures contracts decreased slightly, and the basis of some grades changed. The inventory in Cangzhou showed different changes in warehouse receipts and effective forecasts [7] 4. Corn and Corn Starch - **Corn**: The price of the corn 2603 contract increased slightly, and the basis decreased. The import profit increased, and the number of remaining vehicles in Shandong deep - processing enterprises increased [8] - **Corn Starch**: The price of the corn starch 2603 contract decreased slightly, and the basis increased slightly. The spread between starch and corn decreased [8] 5. Pigs - **Futures Data**: The price of the pig 2605 contract increased, and the basis decreased. The spread between the 3 - 5 contracts decreased [12] - **Spot Data**: The spot prices in some regions decreased, the daily slaughter volume increased, and the breeding profit increased [12] 6. Meal Products - **Soybean Meal**: The spot price of soybean meal remained unchanged, and the futures price decreased slightly. The basis increased, and the Brazilian import crushing profit increased [16] - **Rapeseed Meal**: The spot and futures prices of rapeseed meal decreased, and the basis decreased. The Canadian import crushing profit decreased [16] - **Soybeans**: The prices of domestic and imported soybeans changed slightly, and the basis and warehouse receipts also changed [16] 7. Sugar - **Futures and Spot Data**: The prices of domestic sugar futures contracts decreased, and the ICE raw sugar price increased. The spot prices in Nanning and Kunming decreased, and the basis changed [18] - **Industry Data**: The production and sales of sugar in China and Guangxi decreased year - on - year, and the import volume increased [18] 8. Cotton - **Futures and Spot Data**: The prices of cotton futures contracts increased, and the basis decreased. The ICE US cotton price increased slightly [19] - **Industry Data**: The inventory in Xinjiang and the import volume increased, and the export volume of textile products increased [19] 9. Eggs - **Futures and Spot Data**: The price of the egg 01 contract increased, and the 02 contract decreased. The spot price of eggs increased slightly, and the basis increased [21] - **Related Indexes**: The price of egg - laying chicken seedlings remained unchanged, and the breeding profit decreased [21]

氯碱周报 S H ：需求端支撑乏力 ， 预计价格反弹后重回弱势 V ：供需仍存压力 ， 价格延续底部震荡 广发期货研究所 蒋诗语 投资咨询资格：Z0017002 本报告及路演当中所有观点仅供参考，请务必阅读此报告倒数第二页的免责声明 观点及策略建议 ◼ 烧碱主要观点：烧碱行业供需仍存一定压力，虽然部分区域企业库存去库，部分区域下游采买存积极性，但库存水平依然偏高，短期暂无明显利好显现，下周价格仍偏看空。 华东地区下周供应存恢复预期，供量增加下且需求未有实质性改善，预估下周华东区域液碱价格延续弱行。山东地区需求端利好尚未显现，企业开工高位维持，出货情况一般，预 计整体山东市场弱势维持。整体看需求端支撑较弱，长期看供需仍有压力。预计烧碱价格偏弱运行。 ◼ 期货策略建议：偏空思路 ◼ 期权策略建议：暂观望 ◼ PVC主要观点：供应端本周压力不减，但受到海外装置停产提振盘面大幅反弹。下周开工率预计小幅下降，需求端内外存压，持续低迷，淡季下硬制品开工低位，软制品相对稳 定。成本端支撑预期松动，预期PVC市场继续维持区间整理运行。当前处于传统需求淡季，北方进入冬季室外施工逐渐减少，整体地产需求减量仍形成利空影响。出口方面 ...

投资咨询业务资格:证监许可 【2011】1292号 2025年12月22日 知识图强,求实奉献,客户至上,合作共赢 新创信公众 叶倩宁 Z0016628 | 基差率 | 现货价格 | 期货价格 | 基差 | 历史分位数 | 品种/合约 | 现货参考 | 留注 | -0.97% | 52.00% | 折算价:72硅铁合格块:内蒙-天津仓单 | 硅铁 (SF603) | -32 | 5608 | 5640 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2 | 0.03% | 折算价:6517硅锰:内蒙-湖北仓单 | 5810 | 5808 | 25.40% | 硅罐(SM603) | HRB40020mm: 上海 | 181 | 5.80% | 3300 | 69.20% | 螺纹钢 (RB2605) | 3119 | | | | | | 3270 | Q235B: 4.75mm: 上海 | 3269 | 1 | 0.03 ...

股指期货持仓日度跟踪 投资咨询业务资格： 广发期货研究所 电 话：020-88818051 E-Mail：yeqianning@gf.com.cn 目录： 股指期货： IF、IH、IC、IM 股指期货持仓日度变动简评 2025 年 12 月 22 日星期一 联系信息： 叶倩宁（投资咨询资格：Z0016628） 电话：020-88818051 邮箱：yeqianning@gf.com.cn 125,079.0 34,236.0 102,974.0 128,780.0 -14,094.0 -1,238.0 -10,610.0 -19,646.0 -40,000 -20,000 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 IF IH IC IM 主力合约持仓变动 总持仓变动 数据来源：Wind 广发期货研究所整理 | 品种 | | 主力合 约切换 | 总持仓点评 | 前二十席位重要变动 | | --- | --- | --- | --- | --- | | | | 为 | | | | 沪深 | 300 | IF2603 | 总持仓大幅下降 | 中信空头 ...

| 业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监 午可 【2011】1292号 2025年12月20日 | | | | 纪元菲 | Z0013180 | | 现货价格及主力合约基差 | | | | | | | 品和 | 12月18日 | 12月17日 | 涨跌 | 涨跌幅 | 单位 | | 华东通氧S15530工业硅 | 9200 | 9200 | O | 0.00% | | | 基差(通氧S15530基准) | ર્ | 730 | -175 | -23.97% | | | 华东SI4210工业硅 | 9650 | 9650 | O | 0.00% | 元/吨 | | 基差 (Sl4210基准) | 205 | 380 | -175 | -46.05% | | | 新疆99硅 | 8750 | 8750 | 0 | 0.00% | | | 基差(新疆) | | 1080 | -175 | -16.20% | | | 月间价差 | | | | | | | 合药 | 12月18日 | 12月17日 | 涨跌 | 涨跌幅 ...