1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the reports [1][2][5][6] 2. Core Views of the Reports - **Steel Industry**: Steel prices continue the low - level rebound trend. The basis of rebar is slightly stronger, while that of hot - rolled coil is weaker. Coke and coking coal prices may affect steel price stability. Steel mills are reducing production and inventory, but the inventory of plates is rising year - on - year. It is expected that steel prices will continue to fluctuate, and attention should be paid to the impact of the steel export licensing system on export expectations. When the hot metal production drops to a low level, one can participate in the expansion of the rebar - iron ore ratio of the January and May contracts [2] - **Iron Ore Industry**: The iron ore futures rebounded in a volatile manner. The global shipment volume of iron ore increased, and the arrival volume at 45 ports rebounded. Steel mills continued to cut production, hot metal production decreased, and the profitability of steel mills declined. The iron ore port inventory increased, and the inventory of steel mills' equity ore decreased. It is recommended to go long on the 2605 contract of iron ore at low prices and conduct a positive spread arbitrage between the January and May contracts of iron ore [5] - **Coke Industry**: Coke futures rebounded after over - falling. The second round of price cuts for coke was implemented on December 12th, and there is still an expectation of further cuts in the short term. The supply side shows that the price reduction range of coking coal in the Shanxi market has expanded, and coking profits have been slightly repaired. The demand side indicates that steel mills are increasing maintenance due to losses, and the hot metal production has declined. The inventory of coke has increased in coking plants, ports, and steel mills, and the supply - demand situation has weakened. It is recommended to stop losses on short positions, bet on short - term rebound expectations, or conduct a reverse spread arbitrage between the January and May contracts of coke [6] - **Coking Coal Industry**: Coking coal futures rebounded after over - falling. The spot price in Shanxi continued to fall, and the Mongolian coal price decreased. The supply side shows that coal mine shipments have worsened, daily production has slightly declined, and coal mines are accumulating inventory again. The demand side indicates that steel mills are increasing maintenance due to losses, and the demand for replenishment is weak. The inventory has increased in steel mills, coal mines, washing plants, ports, coking enterprises, and ports. It is recommended to stop losses on short positions, bet on short - term rebound expectations, or conduct a reverse spread arbitrage between the January and May contracts of coking coal [6] 3. Summaries According to Relevant Catalogs Steel Industry - **Steel Prices and Spreads**: Rebar and hot - rolled coil spot and futures prices showed different trends, with some prices increasing and some remaining stable. The profit of steel products showed a downward trend, and the cost of some steel products decreased slightly [2] - **Supply**: The daily average hot metal production, the output of five major steel products, rebar production, and hot - rolled coil production all decreased. The output of electric - arc furnace rebar and converter rebar also declined [2] - **Inventory**: The inventory of five major steel products, rebar, and hot - rolled coil all decreased [2] - **Trading and Demand**: The trading volume of building materials increased, but the apparent demand for five major steel products, rebar, and hot - rolled coil decreased [2] Iron Ore Industry - **Iron Ore - Related Prices and Spreads**: The warehouse receipt cost of various iron ore powders increased slightly, and the basis and spreads of some contracts changed [5] - **Supply**: The weekly global shipment volume and the 45 - port arrival volume of iron ore increased, but the monthly national import volume decreased [5] - **Demand**: The weekly daily average hot metal production of 247 steel mills, the 45 - port daily average desilting volume, the monthly national pig iron production, and the monthly national crude steel production all decreased [5] - **Inventory Changes**: The 45 - port inventory decreased slightly, the 247 - steel - mill imported ore inventory decreased, and the inventory available days of 64 steel mills increased [5] Coke Industry - **Coke - Related Prices and Spreads**: The prices of some coke varieties remained stable, and the basis and spreads of some contracts changed. The coking profit decreased [6] - **Supply**: The weekly daily average output of all - sample coking plants decreased, while that of 247 steel mills remained unchanged [6] - **Demand**: The weekly hot metal production of 247 steel mills decreased [6] - **Inventory Changes**: The total coke inventory, the coke inventory of all - sample coking plants, and the 247 - steel - mill coke inventory increased, while the port inventory decreased slightly [6] - **Coke Supply - Demand Gap Changes**: The coke supply - demand gap increased [6] Coking Coal Industry - **Coking Coal - Related Prices and Spreads**: The prices of some coking coal varieties remained stable, and the basis and spreads of some contracts changed. The profit of sample coal mines decreased [6] - **Supply**: The weekly raw coal production and clean coal production of Fenwei sample coal mines decreased slightly [6] - **Demand**: The weekly daily average output of all - sample coking plants decreased, while that of 247 steel mills remained unchanged [6] - **Inventory Changes**: The clean coal inventory of Fenwei coal mines decreased, the coking coal inventory of all - sample coking plants increased, the 247 - steel - mill coking coal inventory decreased, and the port inventory increased [6]

1. Report Industry Investment Ratings - Not provided in the given content. 2. Core Views of the Reports Natural Rubber - Market is in a short - term stalemate between bulls and bears. The price of rubber is expected to continue to fluctuate within the range of 15000 - 15500 [1]. Pure Benzene - Short - term supply and demand of pure benzene is weak, and the cost - end crude oil support is weak. But with the confirmation of Zhejiang Petrochemical's maintenance plan, the downside space of pure benzene is limited. BZ2603 may fluctuate within the range of 5300 - 5600 [3]. Styrene - The supply - demand side of styrene remains tight. The port inventory continues to decline. However, the downstream resistance to high prices is strong, and the follow - up of procurement is weak. The mid - term supply - demand expectation is weak, and the cost - end support is limited. EB02 may fluctuate within the range of 6400 - 6700 in the short term [3]. Urea - The futures market fluctuates and closes higher, and the spot market remains weakly stable. The release of India's tender may ease the bearish pressure. Supply is at a high level, and demand is suppressed in the short term. The urea price may fluctuate weakly in the short term, and attention should be paid to the 1600 - 1630 range [4]. Crude Oil - International crude oil prices have fallen sharply. The supply - demand relationship is in a loose pattern. Brent oil should pay attention to the support at the annual low of 58.11 US dollars per barrel [5]. Methanol - The futures market fluctuates narrowly. The port is expected to be weak in the near term, while the inland supply and demand are both increasing. The 05 contract can be considered to go long at low prices after the reduction of shipments [7][9]. Polyolefins - The upstream of polyethylene continues to reduce prices for sales, and the demand has weakened after reaching the peak. PP shows an increase in both supply and demand. The overall valuation is low, and the expectation of improvement in the 05 balance is strengthened. Attention should be paid to the restocking situation of the industry chain after the macro - economic improvement [14]. LPG - No clear overall view is summarized in the text, but price, inventory, and开工率 data are provided [17]. Glass and Soda Ash - Soda ash has an excess supply situation, and the price is in a downward trend. After a technical rebound, short - selling opportunities can be considered. Glass has short - term rigid demand support, but the medium - and long - term market is under pressure, and it is expected to fluctuate weakly at the bottom [19]. PVC and Caustic Soda - Caustic soda demand is weakly supported, and the price is expected to run weakly. PVC supply pressure remains, demand is sluggish, but export orders are good. The price is not optimistic, and short - selling can be considered after a rebound [20]. Polyester Industry Chain - PX short - term upward drive is insufficient, and it may fluctuate within the range of 6600 - 7000. PTA short - term absolute price drive is limited, and it may fluctuate within the range of 4500 - 4800. Ethylene glycol is expected to fluctuate at a low level. Short - fiber absolute price drive is limited, following raw material fluctuations. Polyester bottle - chip processing fees are strong in the short term [21]. 3. Summaries According to Related Catalogs Natural Rubber - **Spot Prices and Basis**: The price of SCRWF in Shanghai decreased by 50 yuan/ton to 14900 yuan/ton, and the full - cream basis decreased by 20 yuan/ton to - 270 yuan/ton [1]. - **Monthly Spreads**: The 9 - 1, 1 - 5, and 5 - 9 spreads remained unchanged [1]. - **Production and Consumption Data**: In October, Thailand's production decreased by 1.40 to 478.60, Indonesia's production decreased by 2.90 to 186.10, India's production increased by 4.40 to 89.40, and China's production decreased by 7.70 to 113.50 [1]. - **Inventory Changes**: Bonded area inventory increased by 10129 to 498888, and the factory - warehouse futures inventory of natural rubber in SHFE increased by 2218 to 59573 [1]. Pure Benzene and Styrene - **Upstream Prices and Spreads**: Brent crude oil (February) decreased by 1.64 to 58.92 US dollars per barrel, and CFR China pure benzene decreased by 1 to 536 US dollars per ton [3]. - **Benzene and Styrene - Related Prices and Spreads**: Styrene in East China spot price remained unchanged at 6620 yuan/ton, and EB03 - BZ03 increased by 22 to 1121 [3]. - **Downstream Cash Flows**: Caprolactam cash flow (single product) increased by 15 to - 335 [3]. - **Inventory**: Pure benzene inventory in Jiangsu ports remained unchanged at 26000 tons, and styrene inventory in Jiangsu ports decreased by 12100 tons to 134700 tons [3]. Urea - **Futures Prices and Spreads**: The 01 contract of urea decreased by 8 to 1630 yuan/10 tons, and the 01 - 05 contract spread increased by 9 to - 43 [4]. - **Supply and Demand**: Domestic urea daily production increased by 0.11 to 19.90 million tons, and factory - warehouse inventory decreased by 5.63 to 123.42 million tons [4]. Crude Oil - **Prices and Spreads**: Brent decreased by 1.64 to 58.92 US dollars per barrel, and the Brent - WTI spread decreased by 0.09 to 3.65 [5]. - **Refined Oil Prices and Spreads**: NYM RBOB decreased by 5.14 to 168.09 US cents per gallon [5]. - **Refined Oil Crack Spreads**: US gasoline crack spread decreased by 0.61 to 15.33 US dollars per barrel [5]. Methanol - **Prices and Spreads**: MA2601 increased by 5 to 2079 yuan/ton, and the太仓 - 内蒙北线 regional spread increased by 13 to 145 [7]. - **Inventory**: Methanol enterprise inventory decreased by 0.85 to 35.283 million tons, and port inventory decreased by 11.51 to 123.4 million tons [8]. - **Upstream and Downstream Operating Rates**: Upstream domestic enterprise operating rate increased by 0.45 to 76.64%, and downstream MTO05 operating rate decreased by 13 to - 131 [9]. Polyolefins - **Prices and Spreads**: L2601 decreased by 6 to 6516 yuan/ton, and the L15 spread increased by 8 to - 27 [14]. - **Inventory**: PE enterprise inventory increased by 1.80 to 47.1 million tons, and PP enterprise inventory decreased by 2.81 to 53.7 million tons [14]. - **Upstream and Downstream Operating Rates**: PE device operating rate increased by 0.06 to 84.1%, and PP device operating rate increased by 0.71 to 78.3% [14]. LPG - **Prices and Spreads**: The main contract PG2601 increased by 39 to 4220 yuan/ton, and the PG01 - 02 spread increased by 24 to 154 [17]. - **Inventory**: LPG refinery storage capacity ratio increased by 0.3 to 23.7%, and port inventory increased by 8.9 to 283 million tons [17]. - **Upstream and Downstream Operating Rates**: Upstream main - refinery operating rate increased by 0.5 to 75.11%, and downstream PDH operating rate increased by 2.7 to 72.9% [17]. Glass and Soda Ash - **Prices and Spreads**: Glass 2601 decreased by 4 to 1020 yuan/ton, and soda ash 2601 increased by 10 to 1133 yuan/ton [19]. - **Supply and Demand**: Soda ash production increased by 3.2 to 73.54 million tons, and glass float - line daily melting volume remained unchanged at 155000 tons [19]. PVC and Caustic Soda - **Prices and Spreads**: Shandong 32% liquid caustic soda (converted to 100%) increased by 31.3 to 2218.8 yuan/ton, and V2605 increased by 86 to 4669 yuan/ton [20]. - **Supply and Demand**: Caustic soda industry operating rate remained unchanged at 688, and PVC overall operating rate decreased by 0.6 to 78.4% [20]. Polyester Industry Chain - **Upstream Prices**: Brent crude oil (February) decreased by 1.64 to 58.92 US dollars per barrel, and CFR Japan naphtha decreased by 10 to 536 US dollars per ton [21]. - **Downstream Product Prices and Cash Flows**: POY150/48 price decreased by 32 to 6300 yuan/ton, and polyester chip price decreased by 20 to 5475 yuan/ton [21]. - **PX - Related Prices and Spreads**: CFR China PX decreased by 6 to 827 US dollars per ton, and PX - naphtha spread increased by 6 to 397 [21]. - **PTA and MEG - Related Prices and Spreads**: PTA East China spot price decreased by 30 to 4590 yuan/ton, and MEG East China spot price decreased by 12 to 3634 yuan/ton [21]. - **Operating Rates**: Asian PX operating rate decreased by 0.7 to 78.6%, and PTA operating rate remained unchanged at 73.7% [21].

1. Report Industry Investment Ratings - No investment ratings are provided in the reports. 2. Core Views of Reports Red Dates - Red dates' "weak reality" of high inventory and weak consumption of old stock dominates, combined with the new - season production reduction being less than expected and the loosening of cost support. The recent sales area has more arrivals and less shipments, with no obvious peak - season features. The short - term trend is a wide - range low - level oscillation. Future focus should be on post - Spring Festival inventory levels, 2026 planting area, and early - stage weather forecasts [1]. Live Pigs - Spot prices are stable, and with the increasing pickling demand in the South, the downward support has strengthened. There is high uncertainty in the December - January market. On one hand, the recent increase in the epidemic may suppress the spot market; on the other hand, secondary fattening may support prices. Although the monthly slaughter volume is increasing month - on - month, it is lower than expected. The spot is expected to continue to bottom out. In a situation of loose supply and demand, the futures price has difficulty rising continuously. Attention should be paid to the epidemic situation and its potential to cause early slaughter and over - consume post - holiday supply [4]. Meal Products - The U.S. soybeans lack trading highlights, and China's demand has been fully traded. South American new - season soybeans are being planted smoothly with good hydrothermal conditions and a strong expectation of a bumper harvest. Early - sown soybeans will be listed in January, continuously suppressing U.S. soybeans. The domestic soybean meal market remains in a loose pattern, and the space for speculating on supply gaps has narrowed. Recently, the market is speculating on the extension of soybean customs clearance time, and the auctions have had good results, supporting the 1 - 5 positive spread. In the short - term, there is a sentiment to hold up prices in the spot market, but the spot pressure remains. There is no driving force for a single - sided trend, and the room for the positive spread to continue to strengthen is limited. Attention should be paid to the risk of a decline [7]. Corn and Corn Starch - In the northeast, farmers have a sentiment of holding up prices, and the producing - area prices are stable. Traders are more willing to sell due to the decline in futures prices, leading to an increase in the supply at northern ports and a slight decline in prices. Attention should be paid to the continuity of arrivals at northern ports. In North China, farmers adjust their selling behavior according to price changes, and the number of arriving vehicles is acceptable, with prices fluctuating within a narrow range. On the demand side, deep - processing enterprises' inventory is increasing slowly and they purchase as needed; feed enterprises' demand is rising, and forward - order purchases are increasing. In the short - term, the increase in supply causes the futures price to weaken, but the increase is limited, and due to farmers' price - holding sentiment and the need of low - inventory enterprises to replenish inventory, the decline range is restricted. Attention should be paid to the selling rhythm and downstream inventory replenishment [8]. Fats and Oils - **Palm Oil**: The Malaysian BMD crude palm oil futures market is in a volatile downward trend due to concerns about potential year - end inventory growth to 2.9 million tons and a slowdown in exports. Attention should be paid to whether it can stop falling and rebound after finding support around Friday. The overall view is that the near - term is weak and the long - term is strong. The domestic palm oil futures market is also in a volatile downward trend, with a short - term weakening trend and breaking through the previous low. Affected by the decline of Malaysian palm oil, it still has the pressure to further weaken and is looking for support in the 8,200 - 8,300 yuan range. - **Soybean Oil**: The U.S. EPA is expected to finalize the 2026 Renewable Volume Obligation (RVO) next year. Processors' enthusiasm for large - scale biodiesel production may decline, which may reduce the industrial consumption of U.S. soybean oil and drag down CBOT soybean oil. In China, the National Grain and Oil Trading Center planned to auction 513,800 tons of imported soybeans, with 323,100 tons actually sold at an average price of 3,852.08 yuan/ton and a transaction ratio of 62.88%. However, the released amount of soybeans is limited. As January approaches and the Spring Festival stocking is about to start, the factory's soybean oil inventory is expected to continue to decrease, which will support the basis quote. - **Rapeseed Oil**: The U.S. EPA's delay in finalizing the 2026 RVO has caused the U.S. soybean oil futures price to decline, dragging down the domestic vegetable oil market, including rapeseed oil. The market is still digesting the news of COFCO's purchase of Canadian rapeseed, increasing concerns about future supply pressure. The market sentiment is weak, and the rapeseed oil price has broken through the previous low. Attention should be paid to whether the 05 contract can find support at 9,000 yuan [12]. Sugar - The ICE raw sugar futures closed down because the Brazilian weather is favorable for the growth of the next - season sugarcane. Although the sugar production and cane crushing volume in Brazil's central - southern region in December are much lower than last year, the expectation of a loose supply remains. As Brazil is approaching the end of the harvest season, it has little impact on the market. Overall, the loose supply outlook restricts the rebound of raw sugar prices, and the price is in a bearish pattern. In China, the sugar - making pace in the main producing areas is accelerating. Affected by the increasing supply, the futures price is weakening. Sugar - making groups have slightly lowered their prices, and the new sugar has entered the market. However, the market trading atmosphere is still tepid, and the spot trading is average. Currently lacking positive factors, the price has no power to rebound and is expected to maintain a weak trend [14]. Cotton - The ICE cotton futures closed down due to weak exports and an expected increase in supply. The U.S. cotton export sales have decreased. Overall, U.S. cotton maintains a volatile market. In China, the market expects a decline in the next - year's planting area in Xinjiang, with an optimistic long - term outlook. However, the downstream industry is weak, with the inventory of finished products continuing to accumulate, and the profits and cash flow of spinning enterprises are deteriorating. But the overall pressure on the downstream industry is still acceptable, and spinning enterprises have a rigid demand for cotton, limiting the downside space of cotton prices. However, the constraints on cotton prices are increasing, and there is pressure on the upside. Attention should be paid to the resistance level around 14,050 - 14,100 [17]. Eggs - Egg prices have been rising from a low level, leading to farmers' reluctance to sell and a continuous decrease in the slaughter of old hens. Based on previous chick - replenishment data, the number of newly - laying hens is decreasing, but the overall inventory improvement is not obvious. Coupled with the recent cooling being conducive to egg storage, the egg supply is still sufficient. There are not many positive factors in the market, and the sales in high - price areas are slow, causing prices to decline. In low - price areas, the expectation of price increases is rising, and the transaction has improved. The sales speed varies in different markets, and prices are adjusting stably. According to the latest survey, on December 16, 2025, the production - link inventory decreased by 1.05%, and the circulation - link inventory decreased by 2.24%. Traders are mainly selling goods, and the sales in some high - price areas are slightly slow. However, the market's expectation of price increases has stimulated farmers' reluctance to sell and terminal replenishment. Considering the sufficient supply, the price is expected to maintain a low - level oscillation [19]. 3. Summary by Related Catalogs Red Dates Futures - **Futures Prices**: The prices of red dates 2601, 2605 (main contract), and 2609 all decreased, with declines of 1.62%, 0.66%, and 0.59% respectively. The 1 - 5 spread decreased by 170%, and the 5 - 9 spread decreased by 1.61%. - **Spot Prices**: The Cangzhou special - grade, first - grade, and second - grade spot prices were 9,670 yuan/ton, 8,600 yuan/ton, and 7,200 yuan/ton respectively, with the special - grade price decreasing by 0.92% [1]. - **Basis and Inventory**: The basis of Cangzhou special - grade and main contract decreased by 22.22%. The total of warehouse receipts and effective forecasts increased by 22.09% [1]. Live Pigs - **Futures Prices**: The price of the main contract basis decreased by 31.03%. The prices of live pigs 2605 and 2603 increased by 0.21% and 0.40% respectively, and the 3 - 5 spread increased by 3.33%. - **Spot Prices**: Spot prices in different regions such as Henan, Shandong, and Sichuan showed different trends. The sample - point daily slaughter volume decreased by 0.33%, and the weekly piglet price decreased by 2.94% [4]. Meal Products - **Soybean Meal**: The Jiangsu spot price increased by 0.32%, the M2605 futures price increased by 0.69%, and the basis decreased by 2.63%. The Brazilian 2 - month shipping - date import - crushing profit decreased by 22.9%. - **Rapeseed Meal**: The Jiangsu spot price decreased by 0.83%, the RM2605 futures price increased by 0.77%, and the basis decreased by 48.10%. The Canadian 1 - month shipping - date import - crushing profit increased by 1.18%. - **Soybeans**: The prices of Harbin soybeans and Jiangsu imported soybeans remained unchanged. The futures prices of soybean - 1 and soybean - 2 main contracts decreased by 0.97% and 0.63% respectively [7]. Corn and Corn Starch - **Corn**: The prices of corn 2601 and the Jinzhou Port flat - hatch price decreased by 0.36% and 1.29% respectively. The basis decreased by 23.91%, and the 1 - 5 spread decreased by 12.50%. - **Corn Starch**: The price of corn starch 2601 decreased by 0.44%, the basis increased by 14.29%, and the 1 - 5 spread decreased by 2.38% [8]. Fats and Oils - **Soybean Oil**: The Jiangsu first - grade spot price decreased by 0.47%, the Y2605 futures price decreased by 0.61%, and the basis increased by 3.05%. - **Palm Oil**: The Guangdong 24 - degree spot price decreased by 0.82%, the P2605 futures price decreased by 0.96%, and the basis increased by 20.69%. - **Rapeseed Oil**: The Jiangsu third - grade spot price decreased by 2.23%, the OI605 futures price decreased by 1.33%, and the basis decreased by 21.59% [12]. Sugar - **Futures Prices**: The prices of sugar 2601 and 2605 decreased by 1.49% and 1.42% respectively. The ICE raw sugar main contract decreased by 0.54%. - **Spot Prices**: The spot prices in Nanning and Kunming decreased by 0.37% and 0.66% respectively. The national sugar production and sales decreased year - on - year, and the industrial inventory decreased [14]. Cotton - **Futures Prices**: The prices of cotton 2605 and 2601 decreased by 0.32% and 0.43% respectively. The ICE U.S. cotton main contract decreased by 1.25%. - **Spot Prices**: The Xinjiang arrival price and CC Index 3128B increased by 0.56% and 0.46% respectively. The industrial inventory increased slightly, and the textile exports showed different trends [17]. Eggs - **Futures Prices**: The prices of egg 01 and 02 contracts decreased by 0.26% and 0.48% respectively. - **Spot Prices**: The egg - producing - area price decreased by 0.41%, the egg - chick price decreased by 1.75%, and the culled - hen price increased by 2.85% [19].

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views of the Reports Tin - Despite a significant increase in Indonesian exports in November leading to a decline in tin prices, the fundamental situation remains strong. Tin prices are expected to maintain a strong trend for the rest of the year. It is recommended to hold long positions and adopt a strategy of buying on dips, while also keeping an eye on subsequent macro and supply - side changes [1]. Nickel - After the macro - level factors have been digested, the previous upward drivers for nickel prices are limited. With the decline of the Indonesian nickel ore benchmark price and the accelerating inventory accumulation in China, the fundamental situation is loose, which restricts the upside potential of prices. In the short term, the nickel futures market is expected to be weak, with the main contract price ranging from 110,000 to 116,000 yuan. Attention should be paid to the performance around the 110,000 - yuan resistance level and upstream production cuts and Indonesian policy news [2]. Stainless Steel - The supply pressure has slightly eased, and the stop - falling of nickel iron provides cost support. However, the demand is weak in the off - season, and the inventory reduction is insufficient. In the short term, stainless steel is in a game of weak supply and demand. Affected by the weak performance of Shanghai nickel, it is expected to be weakly adjusted, with the main contract price ranging from 12,200 to 12,800 yuan. Attention should be paid to the implementation of steel mill production cuts and marginal improvements in demand [3][5]. Lithium Carbonate - The fundamental situation has not changed much recently, maintaining a situation of strong supply and demand. The inventory reduction in all links last week was about 2,000 tons, and the recent inventory changes are relatively stable. The market's expectations for resumption of production are constantly adjusted, and in the short term, the futures market may maintain a strong trend driven by capital sentiment. However, in the off - season, the new driving forces may be limited, and the recent increase in news - related interference may cause market fluctuations [7]. Zinc - As the domestic zinc ore enters the production - reduction season, the tightness at the ore end may gradually spread to zinc ingots, and the supply side is gradually changing from loose to tight. The export of refined zinc drives the tightness of the spot market and boosts domestic zinc prices. In the short term, the price of Shanghai zinc may be stronger than that of London zinc. In the future, if the TC stops falling and stabilizes, the smelting profit may be repaired, which may drive the increase in zinc ingot production again. Attention should be paid to the TC inflection point and changes in refined zinc inventory, with the main contract focusing on the support around 22,800 yuan [10]. Copper - The global copper supply and inventory are imbalanced, and the tight situation at the ore end still exists, which pushes up the bottom of copper prices. Macro - events such as the release of US inflation data and the Japanese central bank's interest - rate decision this week may intensify short - term price fluctuations. The main contract should focus on the support in the range of 90,000 - 91,000 yuan [11]. Aluminum - For alumina, the oversupply situation remains unchanged, and the price is expected to maintain a bottom - level oscillation, with the main contract price ranging from 2,450 to 2,700 yuan/ton. Attention should be paid to the risk of active profit - taking due to capital reduction. Whether the market can rebound depends on the actual production - cut scale of existing enterprises and whether the inventory shows a clear inflection point. For electrolytic aluminum, supported by strong macro - expectations and real supply risks, the price is expected to be strong in the short term, but high prices may suppress terminal consumption, and the risk of a pull - back after a rise should be vigilant. The main contract of Shanghai aluminum is expected to oscillate in the range of 21,700 - 22,400 yuan/ton, and attention should be paid to changes in macro - expectations and the actual inventory reduction in China [14]. Industrial Silicon - It is expected that the situation of weak supply and demand will continue in December. The industrial silicon price is expected to oscillate at a low level, mainly in the range of 8,000 - 9,000 yuan/ton. If the production decreases significantly, it may break through 10,000 yuan/ton; if the polysilicon production is significantly reduced and the industrial silicon production cut is less than expected, the price may fall to 7,500 yuan/ton. With a large number of current warehouse receipts, investors should pay attention to position management [15]. Polysilicon - The supply exceeds demand, and the inventory continues to accumulate. There is a contradiction between the strong futures market and weak spot demand. The platform company's registration is favorable for price support or an upward trend in sentiment, but the actual supply - demand balance depends on the implementation of capacity storage and production control. Currently, the polysilicon price maintains a high - level oscillation, and the futures price is strongly rising, with a large premium over the spot market. In the future, attention should be paid to the production - cut amplitude or price - fall pressure. The main contract has shifted to 2605, and it is recommended to wait and see for now [17]. Aluminum Alloy - The casting aluminum alloy market is oscillating strongly in the game between strong cost support and weak demand. The cost support is strong due to the shortage of scrap aluminum raw materials and the increase in prices of auxiliary materials such as copper. However, high prices suppress downstream short - term purchasing willingness, and the operating rates of small and medium - sized die - casting enterprises have declined. The ADC12 price has limited downward space but is restricted from rising by high inventory and high prices. It is expected to maintain a high - level narrow - range oscillation in the short term, with the main contract price ranging from 20,700 to 21,400 yuan/ton. Attention should be paid to the improvement progress of scrap aluminum supply and changes in downstream purchasing rhythm [20]. 3. Summaries by Relevant Catalogs Tin - **Price and Basis**: SMM 1 tin decreased by 1.11% to 320,500 yuan/ton, and the LME 0 - 3 premium increased by 194.12% to 50.00 dollars/ton [1]. - **Internal - External Ratio and Import - Export Profit/Loss**: The import loss was - 13,349.68 yuan/ton, with a 4.43% increase [1]. - **Monthly Spread**: The spread between 2601 - 2602 increased by 24.71% [1]. - **Fundamental Data**: In October, tin ore imports increased by 33.49%, SMM refined tin production increased by 53.09%, and the average SMM refined tin operating rate increased by 53.23% [1]. - **Inventory Change**: SHEF inventory increased by 7.66%, and social inventory increased by 5.59% [1]. Nickel - **Price and Basis**: SMM 1 electrolytic nickel decreased by 2.22% to 114,750 yuan/ton, and the 1 Jinchuan nickel premium increased by 5.66% [2]. - **Cost of Electrolytic Nickel**: The cost of integrated MHP - produced electrolytic nickel increased by 0.19%, while the cost of integrated high - grade nickel matte - produced electrolytic nickel decreased by 3.60% [2]. - **New Energy Material Price**: The average price of battery - grade nickel sulfate decreased by 0.04%, and the average price of battery - grade lithium carbonate increased by 0.95% [2]. - **Monthly Spread**: The spread between 2602 - 2603 increased by 50 yuan/ton [2]. - **Supply - Demand and Inventory**: China's refined nickel production decreased by 9.38%, and imports decreased by 65.66%. SHFE inventory increased by 5.10%, and social inventory increased by 3.73% [2]. Stainless Steel - **Price and Basis**: The price of 304/2B (Wuxi Hongwang 2.0 coil) decreased by 0.78% to 12,700 yuan/ton, and the spot - futures spread increased by 12.24% [3]. - **Raw Material Price**: The average price of 8 - 12% high - grade nickel pig iron decreased by 0.11% [3]. - **Monthly Spread**: The spread between 2602 - 2603 increased by 25 yuan/ton [3]. - **Fundamental Data**: China's 300 - series stainless - steel crude - steel production decreased by 0.72%, and the net export volume decreased by 21.54%. The 300 - series social inventory increased by 0.69% [3]. Lithium Carbonate - **Price and Basis**: The average price of SMM battery - grade lithium carbonate increased by 0.74% to 95,850 yuan/ton, and the average price of SMM industrial - grade lithium carbonate increased by 0.76% [7]. - **Monthly Spread**: The spread between 2601 - 2602 increased by 120 yuan/ton [7]. - **Fundamental Data**: In November, lithium carbonate production increased by 3.35%, and demand increased by 5.11%. In October, imports increased by 21.86%, and exports increased by 63.05% [7]. - **Inventory**: In November, the total lithium carbonate inventory decreased by 23.36%, and the downstream inventory decreased by 21.13% [7]. Zinc - **Price and Spread**: SMM 0 zinc ingot decreased by 1.24% to 23,180 yuan/ton, and the premium increased by 15 yuan/ton [10]. - **Ratio and Profit/Loss**: The import loss was - 2,430 yuan/ton, with a 1,344.70 - yuan increase, and the Shanghai - London ratio increased by 0.09 [10]. - **Monthly Spread**: The spread between 2601 - 2602 increased by 25 yuan/ton [10]. - **Fundamental Data**: In November, refined zinc production decreased by 3.56%, and in October, imports decreased by 16.94% while exports increased by 243.79% [10]. - **Inventory**: China's zinc ingot seven - region social inventory decreased by 7.57%, and LME inventory increased by 48.20% [10]. Copper - **Price and Spread**: SMM 1 electrolytic copper decreased by 0.61% to 91,700 yuan/ton, and the premium decreased by 185 yuan/ton [11]. - **Refined - Scrap Spread**: The refined - scrap spread decreased by 16.29% to 3,981 yuan/ton [11]. - **Monthly Spread**: The spread between 2601 - 2602 increased by 10 yuan/ton [11]. - **Fundamental Data**: In November, electrolytic copper production increased by 1.05%, and in October, imports decreased by 15.61% [11]. - **Inventory**: The domestic social inventory increased by 2.62%, and the bonded - area inventory decreased by 2.58% [11]. Aluminum - **Price and Spread**: SMM A00 aluminum decreased by 0.37% to 21,630 yuan/ton, and the premium decreased by 60 yuan/ton [14]. - **Ratio and Profit/Loss**: The electrolytic aluminum import loss was - 1,983 yuan/ton, with a 99.4 - yuan increase, and the Shanghai - London ratio decreased by 0.01 [14]. - **Monthly Spread**: The spread between AL 2601 - 2602 decreased by 20 yuan/ton [14]. - **Fundamental Data**: In November, alumina production decreased by 4.44%, and domestic electrolytic aluminum production decreased by 2.82% [14]. - **Inventory**: China's electrolytic aluminum social inventory increased by 0.17%, and the aluminum rod social inventory increased by 8.58% [14]. Industrial Silicon - **Spot Price and Basis**: The price of East - China oxygen - containing SI5530 industrial silicon remained unchanged at 9,200 yuan/ton, and the basis decreased by 1.76% [15]. - **Monthly Spread**: The spread between 2601 - 2602 increased by 300.00% [15]. - **Fundamental Data**: National industrial silicon production decreased by 11.17%, and the national operating rate decreased by 4.84% [15]. - **Inventory Change**: The Xinjiang factory - warehouse inventory increased by 3.39%, and the social inventory increased by 0.54% [15]. Polysilicon - **Spot Price and Basis**: The average price of N - type re - feedstock remained unchanged at 52,300 yuan/kg, and the N - type material basis decreased by 9.95% [17]. - **Futures Price and Monthly Spread**: The main contract increased by 0.98% to 58,600 yuan/ton, and the spread between the current month and the first - continuous contract increased by 8.65% [17]. - **Fundamental Data**: Weekly silicon wafer production increased by 1.67%, and monthly polysilicon production decreased by 14.48% [17]. - **Inventory**: Polysilicon inventory increased by 0.69%, and silicon wafer inventory increased by 9.39% [17]. Aluminum Alloy - **Price and Spread**: The price of SMM aluminum alloy ADC12 remained unchanged at 21,600 yuan/ton, and the refined - scrap spread in Foshan for broken primary aluminum increased by 1.98% [20]. - **Monthly Spread**: The spread between 2601 - 2602 increased by 15 yuan/ton [20]. - **Fundamental Data**: In November, recycled aluminum alloy ingot production increased by 5.74%, and primary aluminum alloy ingot production increased by 5.84% [20]. - **Inventory**: The weekly social inventory of recycled aluminum alloy ingots decreased by 1.08%, and the daily inventory in Foshan decreased by 0.12% [20].

知识图强,求实奉献,客户至上,合作共赢 | 集运产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 | | | | | | | 2025年12月16日 | | | | 叶倩宁 | Z0016628 | | 集运指数 | | | | | | | 结算价指数 | 12月8日 | 12月1日 | 涨跌 | 涨跌幅 | 単位 | | SCFIS (欧洲航线) | 1509.10 | 1483.65 | 25.4 | 1.72% | ਜ਼ | | SCFIS (美西航线) | 960.51 | 1948.77 | -988.3 | -50.71% | | | 上海出口集装箱运价 | 12月12日 | 12月5日 | 涨跌 | 涨跌幅 | 車位 | | SCFI综合指数 | 1397.63 | 1403.13 | -5.5 | -0.39% | 点 | | SCFI (欧洲) | 1538 | 1400 | 138.0 | 9.86% | 美元/TEU | | SCFI (美西) | 1780 | 155 ...

| 109% | 62.00% | 硅铁 (SF603) | 5518 | 60 | 折算价:72硅铁合格块:内蒙-天津仓单 | 5578 | 52 | 0.90% | 硅罐 (SM603) | 5810 | 5758 | 35.60% | 折算价:6517硅锰:内蒙-湖北仓单 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 196 | 3270 | 3074 | 6.38% | 71.10% | HRB40020mm: 上海 | 螺纹钢 (RB2605) | Q235B: 4.75mm: 上海 | 7 | 0.22% | 3240 | 3233 | 21.20% | 热卷 (HC2605) | | | | | | 78 | 831 | 753 | 10.34% | 59.90% | 折算价:62.5%巴混粉(BRBF):淡水河谷:日照港 | 铁矿石 (12605) | 1592 | 1504 | 88 | 9.87 ...

| 品种 | 12月15日 | 12月12日 | 张跌 | 涨跌幅 | 单位 | | --- | --- | --- | --- | --- | --- | | 原木2601 | 753.5 | 749.0 | 4.5 | 0.60% | | | 原木2603 | 766.5 | 765.0 | 1.5 | 0.20% | | | 原木2605 | 779.0 | 777.5 | 1.5 | 0.19% | | | 01-03价差 | -13.0 | -16.0 | 3.0 | | | | 01-05价差 | -25.5 | -28.5 | 3.0 | | | | 03合约基差 | -26.5 | -25.0 | -1.5 | | | | 01合约基差 | -13.5 | -9.0 | -4.5 | | | | 日照港3.9A小辐射松 | 680.0 | 680.0 | 0 | 0.00% | | | 日照港3.9A中辐射松 | 740 | 740 | 0 | 0.00% | | | 日照港3.9A大辐射松 | 850 | 850 | 0 | 0.00% | | | 太仓港 4A 小辐射松 | 670 | 6 ...

Group 1: Report Industry Investment Ratings - No information provided Group 2: Core Views of the Reports Steel Industry - Steel export licensing system in 2026 led to a lower opening of steel prices on Friday night, but prices rebounded due to the expected production cuts in energy - consuming industries. The impact of the licensing system on steel exports needs further tracking. Currently, steel mills are reducing production and inventory, and plate inventory is rising year - on - year. Considering the strengthening of basis during the decline of steel prices and the stabilization signs of coking coal in January, steel prices are expected to stabilize. Attention should be paid to the price ranges of 3000 - 3200 yuan and 3200 - 3350 yuan in May. When hot metal production drops to a low level, one can participate in the spread - widening arbitrage of the iron ore - to - steel ratio between the January and May contracts [1]. Iron Ore Industry - Yesterday, iron ore futures fluctuated and declined. On the supply side, the global shipment of iron ore increased month - on - month, and the arrival volume at 45 ports rebounded. On the demand side, steel mills continued to cut production, hot metal output decreased, steel mill maintenance increased, steel prices fluctuated at a low level, and the profitability of steel mills declined. In terms of inventory, port inventory increased, the port clearance volume rose, and the equity inventory of steel mills decreased. Looking ahead, hot metal production of steel mills may further decline, steel prices will fluctuate at a low level, the market will gradually weaken, and the valuation of iron ore will decline. The strategy is to maintain a bearish view on iron ore futures, short the Iron Ore 2605 contract on rallies, with an operating range of 730 - 780. Arbitrage strategies recommend going long on finished products and short on iron ore, and long the 1 - 5 spread of iron ore [3]. Coke and Coking Coal Industries - **Coke**: Yesterday, coke futures rebounded after over - falling. The second round of price cuts in coke was implemented on December 12, and there is still an expectation of further cuts in the short term. On the supply side, the price cut range of coking coal in the Shanxi market expanded, the coke price adjustment lagged behind coking coal, coking profits were repaired, and the start - up rate decreased. On the demand side, steel mills increased maintenance due to losses, hot metal output declined, steel prices fluctuated at a low level, and there was an intention to suppress coke prices. In terms of inventory, coking plants, ports, and steel mills all increased inventory, and the overall inventory increased slightly from the middle level. The coke supply - demand situation weakened. The strategy is to take profit on short positions and arbitrage, and expect a short - term rebound or consider the 1 - 5 reverse spread of coke [7]. - **Coking Coal**: Yesterday, coking coal futures fluctuated and declined. On the supply side, the spot auction prices in Shanxi continued to fall, Mongolian coal prices declined, the flow - auction rate remained high, and the coal spot market became more relaxed. The coal mine output decreased slightly, and the inventory increased again. Near the end of the year, coal mine production may continue to decline; in terms of imported coal, the port inventory continued to increase, and Mongolian coal prices followed the futures down. On the demand side, steel mills increased maintenance due to losses, hot metal output declined, coking profits recovered, and the start - up rate decreased slightly. The market's restocking demand weakened. In terms of inventory, steel mills reduced inventory, while coal mines, coal washing plants, ports, coking enterprises, and ports increased inventory, and the overall inventory increased slightly from the middle level. The strategy is to take profit on short positions and arbitrage, and expect a short - term rebound or consider the 1 - 5 reverse spread of coking coal [7]. Group 3: Summaries by Relevant Catalogs Steel Industry - **Prices and Spreads** - **Thread Steel**: Spot prices in East China and North China remained unchanged, while in South China, it rose by 10 yuan/ton. Futures contracts 05, 10, and 01 all increased, with increases of 14 yuan/ton, 10 yuan/ton, and 1 yuan/ton respectively [1]. - **Hot - Rolled Coil**: Spot prices in East China and North China remained unchanged, while in South China, it rose by 10 yuan/ton. Futures contracts 05 and 10 increased, while contract 01 decreased by 2 yuan/ton [1]. - **Cost and Profit** - **Cost**: The price of steel billet remained unchanged at 2940 yuan/ton, the cost of Jiangsu electric - arc furnace thread steel decreased by 2 yuan/ton to 3213 yuan/ton, and the cost of Jiangsu converter thread steel decreased by 15 yuan/ton to 3145 yuan/ton [1]. - **Profit**: The profit of East China thread steel remained unchanged at - 10 yuan/ton, the profit of North China thread steel decreased by 4 yuan/ton to - 130 yuan/ton, and the profit of South China thread steel remained unchanged at 210 yuan/ton. The profit of East China hot - rolled coil decreased by 4 yuan/ton to - 40 yuan/ton, the profit of North China hot - rolled coil decreased by 14 yuan/ton to - 110 yuan/ton, and the profit of South China hot - rolled coil decreased by 4 yuan/ton to - 30 yuan/ton [1]. - **Production and Inventory** - **Production**: The daily average hot metal output decreased by 3.0 tons to 229.3 tons, a decrease of 1.3%. The output of five major steel products decreased by 22.7 tons to 806.2 tons, a decrease of 2.7%. The output of thread steel decreased by 10.5 tons to 178.8 tons, a decrease of 5.6%, including a 1.2 - ton decrease in electric - arc furnace output to 27.6 tons (a 4.0% decrease) and a 9.4 - ton decrease in converter output. The output of hot - rolled coil decreased by 9.4 tons to 151.2 tons, a decrease of 5.8% [1]. - **Inventory**: The inventory of five major steel products decreased by 33.5 tons to 1332.1 tons, a decrease of 2.5%. The inventory of thread steel decreased by 24.3 tons to 479.5 tons, a decrease of 4.8%. The inventory of hot - rolled coil decreased by 3.3 tons to 397.1 tons, a decrease of 0.8% [1]. - **Transaction and Demand** - The building materials transaction volume increased by 1.1 tons to 10.1 tons, an increase of 11.9%. The apparent demand of five major steel products decreased by 24.5 tons to 839.7 tons, a decrease of 2.8%. The apparent demand of thread steel decreased by 13.9 tons to 203.1 tons, a decrease of 6.4%. The apparent demand of hot - rolled coil decreased by 2.9 tons to 312.0 tons, a decrease of 0.9% [1]. Iron Ore Industry - **Prices and Spreads** - **Warehouse Receipt Cost**: The warehouse receipt cost of various iron ore powders decreased, with the cost of Carajás fines decreasing by 11.0 yuan/ton to 772.6 yuan/ton (a 1.4% decrease), PB fines decreasing by 4.4 yuan/ton to 824.9 yuan/ton (a 0.5% decrease), Brazilian blended fines decreasing by 4.3 yuan/ton to 830.9 yuan/ton (a 0.5% decrease), and Jinbuba fines decreasing by 4.3 yuan/ton to 824.1 yuan/ton (a 0.5% decrease) [3]. - **01 Contract Basis**: The basis of Carajás fines for the 01 contract decreased by 5.5 yuan/ton to - 4.4 yuan/ton (a 523.0% decrease), while the basis of PB fines, Brazilian blended fines, and Jinbuba fines increased by 1.1 yuan/ton, 1.2 yuan/ton, and 1.2 yuan/ton respectively [3]. - **Inter - Contract Spreads**: The 5 - 9 spread decreased by 1.0 yuan/ton to 21.5 yuan/ton (a 4.4% decrease), the 9 - 1 spread decreased by 1.0 yuan/ton to - 45.5 yuan/ton (a 2.2% decrease), and the 1 - 5 spread increased by 2.0 yuan/ton to 24.0 yuan/ton (a 9.1% increase) [3]. - **Supply and Demand** - **Supply**: The 45 - port arrival volume (weekly) increased by 242.9 tons to 2723.4 tons, an increase of 9.8%. The global shipment volume (weekly) increased by 223.9 tons to 3592.5 tons, an increase of 6.6%. The national monthly import volume decreased by 500.6 tons to 11130.9 tons, a decrease of 4.3% [3]. - **Demand**: The daily average hot metal output of 247 steel mills (weekly) decreased by 3.1 tons to 232.3 tons, a decrease of 1.3%. The daily average port clearance volume of 45 ports (weekly) decreased by 7.8 tons to 319.2 tons, a decrease of 2.4%. The national monthly pig iron output decreased by 320.9 tons to 6234.0 tons, a decrease of 4.9%. The national monthly crude steel output decreased by 212.7 tons to 6987.0 tons, a decrease of 3.0% [3]. - **Inventory** - The 45 - port inventory (weekly) increased by 82.4 tons to 15431.42 tons, an increase of 0.5%. The imported iron ore inventory of 247 steel mills (weekly) decreased by 150.5 tons to 8834.2 tons, a decrease of 1.7%. The inventory available days of 64 steel mills (weekly) increased by 1.0 days to 20.0 days, an increase of 5.3% [3]. Coke and Coking Coal Industries - **Prices and Spreads** - **Coke** - The price of Shanxi quasi - first - grade wet - quenched coke (warehouse receipt) remained unchanged at 1612 yuan/ton, while the price of Rizhao Port quasi - first - grade wet - quenched coke (warehouse receipt) decreased by 11 yuan/ton to 1581 yuan/ton. The 01 and 05 contracts of coke increased, with increases of 29 yuan/ton and 43 yuan/ton respectively [7]. - The 01 basis of coke decreased by 39 yuan/ton to 77 yuan/ton, and the 01 - 05 spread decreased by 15 yuan/ton [7]. - **Coking Coal** - The price of Shanxi medium - sulfur primary coking coal (warehouse receipt) remained unchanged at 1230 yuan/ton, the price of Mongolian No. 5 raw coal (warehouse receipt) increased by 4 yuan/ton to 1139 yuan/ton. The 01 and 05 contracts of coking coal increased, with increases of 20 yuan/ton and 45 yuan/ton respectively [7]. - The 01 basis of coking coal decreased by 16 yuan/ton to 174 yuan/ton, and the 01 - 05 spread decreased by 25 yuan/ton [7]. - **Supply and Demand** - **Coke** - **Supply**: The daily average output of all - sample coking plants decreased by 0.6 tons to 64.0 tons, a decrease of 0.9%, and the daily average output of 247 steel mills remained unchanged at 46.6 tons [7]. - **Demand**: The hot metal output of 247 steel mills decreased by 3.1 tons to 229.2 tons, a decrease of 1.34% [7]. - **Coking Coal** - **Supply**: The raw coal output of Fenwei sample coal mines decreased by 2.7 tons to 853.4 tons, a decrease of 0.3%, and the clean coal output decreased by 0.6 tons to 438.2 tons, a decrease of 0.1% [7]. - **Demand**: The daily average output of all - sample coking plants decreased by 0.6 tons to 64.0 tons, a decrease of 0.9%, and the daily average output of 247 steel mills remained unchanged at 46.6 tons [7]. - **Inventory** - **Coke**: The total coke inventory increased by 20.8 tons to 903.8 tons, an increase of 2.4%. The coke inventory of all - sample coking plants increased by 10.9 tons to 87.3 tons, an increase of 14.24%, the coke inventory of 247 steel mills increased by 10.0 tons to 635.3 tons, an increase of 1.6%, and the port inventory decreased by 0.1 tons to 181.2 tons, a decrease of 0.14% [7]. - **Coking Coal**: The clean coal inventory of Fenwei coal mines decreased by 1.1 tons to 126.5 tons, a decrease of 0.9%. The coking coal inventory of all - sample coking plants increased by 28.1 tons to 1037.3 tons, an increase of 2.8%. The coking coal inventory of 247 steel mills decreased by 3.6 tons to 794.7 tons, a decrease of 0.5%, and the port inventory increased by 11.0 tons to 307.5 tons, an increase of 3.7% [7].

甲醇产业期现日报 张晓珍 Z0003135 甲醇价格及价差 投资咨询业务资格:证监许可【2011】1292号 2025年12月16日 | 品种 | 12月15日 | 12月12日 | 涨跌 | 涨跌幅 | 单位 | | --- | --- | --- | --- | --- | --- | | MA2601 收盘价 | 2074 | 2067 | 7 | 0.34% | 元/吨 | | MA2605 收盘价 | 2124 | 2099 | 25 | 1.19% | | | MA15价差 | -50 | -32 | -18 | 56.25% | | | 太仓基差 | 28 | 30 | -2 | -6.67% | | | MTO05盘面 | -118 | -129 | 11 | -8.53% | | | 内蒙北线观货 | 1968 | 1965 | 3 | 0.13% | | | 河南洛阳现货 | 2113 | 2100 | 13 | 0.60% | | | 港口太仓现货 | 2100 | 2075 | ટર | 1.20% | | | 区域价差: 太仓-内蒙北线 | 133 | 110 | 23 | 20.4 ...

股指期货： 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： 叶倩宁（投资咨询资格：Z0016628） 电话：020-88818051 邮箱：yeqianning@gf.com.cn 本报告中所有观点仅供参考，请务必阅读正文之后的免责声明。 2025 年 12 月 16 日星期二 广发期货早评 IF、IH、IC、IM | 品种 | | 主力合 约 | 总持仓点评 | 前二十席位重要变动 | | --- | --- | --- | --- | --- | | 沪深 | 300 | IF2512 | 总持仓明显下降 | 中信多空头各减仓超 3000 手 | | 上证 | 50 | IH2512 | 总持仓保持稳定 | 中信多空头各减仓近 1000 手 | | 中证 | 500 | IC2512 | 总持仓明显下降 | 国君多空头均减仓逾 3000 手 | | 中证 | 1000 | IM2512 | 总持仓明显下降 | 国君多空头各减仓超 3000 手 | 股指期货持仓日度变动简评 -18,378.0 -5, ...