1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports Crude Oil - Short - term oil prices may be boosted by the decline in Kazakhstan's oil and gas condensate production and the stalemate in Russia - Ukraine negotiations, but the upside is limited due to the weak supply - demand pattern. Brent may trade in the range of $60 - 65 per barrel [1]. Natural Rubber - With falling Thai raw material prices, increasing overseas supply expectations, weakening cost support, and poor terminal demand, rubber prices are expected to be weak and volatile [3]. Methanol - In the port area, the sentiment is weakening due to Iranian plant shutdowns, high shipping volumes, and warrant registration. Inland supply is increasing, but profits are weak. Traditional downstream demand provides some support, forming a bottom - price support [5]. Polyolefins - Both polyethylene and polypropylene show a pattern of increasing supply and weakening demand, with cost support and inventory pressure coexisting [9]. Polyester Industry Chain - PX is expected to be in high - level shock in the short term, PTA is expected to be in high - level shock in the short term and a positive spread for TA5 - 9 at a low level, MEG is expected to trade between 3800 - 4000 yuan/ton in the short term, short - fiber processing fees will continue to be compressed, and bottle - chip inventory is likely to accumulate seasonally [11]. PVC and Caustic Soda - Caustic soda prices are expected to be weak, and short positions can be held. PVC supply pressure remains high, demand is weak, and the price is expected to remain weak at the bottom [12]. Glass and Soda Ash - Soda ash is expected to be in a bottom - shock pattern. Glass prices may be strong in the short term but will face pressure in December [13]. Benzene - Styrene - BZ2603 is expected to be weak and volatile in the short term, and EB01 is expected to be in wide - range shock [14]. 3. Summaries by Related Catalogs Crude Oil - **Price and Spread**: On December 4, Brent rose 0.94% to $63.26 per barrel, WTI rose 1.22% to $59.67 per barrel, and SC rose 0.45% to 451.30 yuan per barrel. Some spreads also showed significant changes [1]. Natural Rubber - **Spot Price and Basis**: On December 4, the price of Yunnan Guofu full - latex rubber (SCRWF) dropped 1.35% to 14650 yuan/ton, and the full - latex basis dropped 8.33% [3]. - **Monthly Spread**: The 1 - 5 spread increased 150.00% to 50 yuan/ton [3]. - **Production and Inventory**: In September, Thailand's production decreased 0.29%, and Indonesia's decreased 1.53%. Tire production and exports in October decreased. Inventory showed an increasing trend [3]. Methanol - **Price and Spread**: On December 4, MA2601 closed at 2113 yuan/ton, down 0.70%. Some spreads also changed [5]. - **Inventory**: Methanol enterprise, port, and social inventories all decreased [5]. - **Upstream and Downstream Operating Rates**: Some upstream and downstream operating rates increased, while some decreased [5]. Polyolefins - **Price and Spread**: On December 4, L2601 closed at 6776 yuan/ton, down 0.47%. Some spreads changed [9]. - **Inventory**: PE and PP enterprise and social inventories decreased [9]. - **Upstream and Downstream Operating Rates**: PE and PP device operating rates and downstream weighted operating rates showed different trends [9]. Polyester Industry Chain - **Upstream and Downstream Prices**: On December 4, Brent crude oil (February) rose 0.9% to $63.26 per barrel, and some downstream polyester product prices decreased [11]. - **PX - Related**: CFR China PX dropped 0.4% to $842 per ton, and some spreads changed. PX is expected to be in high - level shock [11]. - **PTA - Related**: PTA East China spot price dropped 0.2% to 4690 yuan/ton. PTA is expected to be in high - level shock [11]. - **MEG - Related**: MEG East China spot price dropped 0.5% to 3855 yuan/ton. MEG is expected to trade in the range of 3800 - 4000 yuan/ton [11]. PVC and Caustic Soda - **Spot and Futures Prices**: On December 4, Shandong 32% liquid caustic soda equivalent price was unchanged at 2281.3 yuan/ton, and East China calcium - carbide - based PVC market price dropped 0.9% to 4460 yuan/ton [12]. - **Overseas Quotes and Export Profits**: FOB East China port caustic soda price rose 1.3% to $380 per ton, and PVC export profit decreased [12]. - **Supply and Demand**: Caustic soda production and demand are under pressure, and PVC supply pressure is high with weak demand [12]. Glass and Soda Ash - **Price and Spread**: On December 4, North China glass quote was unchanged at 1070 yuan/ton, and North China soda ash quote was unchanged at 1300 yuan/ton [13]. - **Supply**: Soda ash production decreased, and glass melting volume decreased slightly [13]. - **Inventory**: Glass factory inventory and soda ash factory and delivery warehouse inventories decreased [13]. Benzene - Styrene - **Upstream Price and Spread**: On December 4, Brent crude oil (February) rose 0.9% to $63.26 per barrel, and CFR China pure benzene rose 0.4% to $675 per ton [14]. - **Styrene - Related Price and Spread**: Styrene East China spot price rose 0.3% to 6720 yuan/ton, and some spreads changed [14]. - **Inventory and Operating Rate**: Pure benzene Jiangsu port inventory increased 36.6% to 22.40 tons, and some operating rates changed [14].

| 锡产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可【2011】1292号 | | | | | | | 2025年12月5日 | | | | 寇帝斯 | Z0021810 | | 现货价格及基差 | | | | | | | 品种 | 现值 | 前值 | 张跃 | 张跌幅 | 单位 | | SMM 1#锡 | 317600 | 309300 | 8300 | 2.68% | | | SMM 1#锡升贴水 | 200 | 250 | -50 | -20.00% | 元/吨 | | 长江 1#锡 | 318100 | 309800 | 8300 | 2.68% | | | LME 0-3升贴水 | 133.00 | 92.00 | 41.00 | 44.57% | 美元/吨 | | 内外比价及进口盈亏 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | 进口盈亏 | -17412.99 | -16070.31 | -1342.68 | -8.36% | 元/吨 | | 沪伦比值 ...

股指期货持仓日度跟踪 投资咨询业务资格： 电 话：020-88830760 E-Mail：zhaoliang@gf.com.cn 目录： 股指期货： 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 | 总持仓小幅下降 | 中信多空头各减仓近 2000 手 | | 上证 | 50 | IH2512 | 总持仓小幅下降 | 前二十席位减仓为主 | | 中证 | 500 | IC2512 | 总持仓明显下降 | 国君多空头各减仓近 3000 手 | | 中证 | 1000 | IM2512 | 总持仓大幅下降 | 国君多空头均减仓 3000 手左右 | 股指期货持仓日度变动简评 -5,723.0 -2,692.0 -10,513.0 -11,986.0 -3,942.0 -3,020.0 -8,576.0 -13,768.0 -16,000 -14,000 -12,000 -10,000 -8,000 -6,000 -4,000 -2,000 0 IF IH IC ...

Group 1: Steel Industry Report Industry Investment Rating - Not provided Core View - The steel market is expected to maintain a range - bound oscillation. The rebar is expected to fluctuate between 3000 - 3200 yuan/ton, and hot - rolled coils between 3250 - 3400 yuan/ton. The spread between hot - rolled coils and rebar is expected to continue narrowing in January. The long - position rebar and short - position iron ore arbitrage in the January contract can be held [1]. Summary by Directory - **Steel Prices and Spreads**: Rebar and hot - rolled coil prices in different regions and contracts showed various changes. For example, the spot price of rebar in East China remained at 3300 yuan/ton, while the 01 contract price increased by 11 yuan/ton to 3148 yuan/ton. The spot price of hot - rolled coils in East China increased by 10 yuan/ton to 3310 yuan/ton [1]. - **Cost and Profit**: The cost of steel billets remained unchanged at 2990 yuan/ton, while the cost of Jiangsu electric - arc furnace rebar increased by 2 yuan/ton to 3247 yuan/ton. The profit of East China hot - rolled coils decreased by 5 yuan/ton to - 29 yuan/ton [1]. - **Production**: The daily average pig iron output decreased by 2.0 tons to 232.0 tons, a decline of 0.9%. The output of five major steel products decreased by 26.8 tons to 829.0 tons, a decline of 3.1% [1]. - **Inventory**: The inventory of five major steel products decreased by 35.2 tons to 1365.6 tons, a decline of 2.5%. The rebar inventory decreased by 27.7 tons to 503.8 tons, a decline of 5.2% [1]. - **Transaction and Demand**: The building materials trading volume increased by 0.4 to 9.4, a rise of 4.5%. The apparent demand for five major steel products decreased by 23.8 tons to 864.2 tons, a decline of 2.7% [1]. Group 2: Iron Ore Industry Report Industry Investment Rating - Not provided Core View - The iron ore futures are expected to oscillate between 750 - 820 yuan/ton. Although the supply has increased and the demand has decreased, with the improvement of market expectations and the support of downstream restocking and basis repair, the price will not drop significantly [3]. Summary by Directory - **Iron Ore - related Prices and Spreads**: The warehouse receipt cost of various iron ore types decreased slightly. For example, the warehouse receipt cost of Carajás Fine decreased by 6.6 yuan/ton to 796.7 yuan/ton. The 9 - 1 spread increased by 5.0 yuan/ton to - 41.5 yuan/ton, a rise of 10.8% [3]. - **Spot Prices and Price Indexes**: The spot prices of various iron ore types at Rizhao Port decreased slightly. For example, the price of Carajás Fine at Rizhao Port decreased by 6.0 yuan/ton to 877.0 yuan/ton [3]. - **Supply**: The 45 - port arrival volume decreased by 117.8 tons to 2699.3 tons, a decline of 4.2%, while the global shipment volume increased by 44.8 tons to 3323.2 tons, a rise of 1.4% [3]. - **Demand**: The daily average pig iron output of 247 steel mills decreased by 2.4 tons to 232.3 tons, a decline of 1.0%. The 45 - port daily average desulfurization volume increased by 3.6 tons to 330.6 tons, a rise of 1.1% [3]. - **Inventory Changes**: The 45 - port inventory increased by 27.3 tons to 15237.39 tons, a rise of 0.2%. The imported iron ore inventory of 247 steel mills decreased by 58.8 tons to 8942.5 tons, a decline of 0.7% [3]. Group 3: Coke Industry Report Industry Investment Rating - Not provided Core View - The coke futures are expected to oscillate between 1550 - 1700 yuan/ton. The supply - demand relationship has weakened, but the futures have basically over - discounted the spot price cut expectations, and the downward space is limited. The 1 - 5 reverse arbitrage can be recommended [5]. Summary by Directory - **Coke - related Prices and Spreads**: The prices of Shanxi quasi - first - grade wet - quenched coke (warehouse receipt) and Rizhao Port quasi - first - grade wet - quenched coke (warehouse receipt) remained unchanged. The 01 contract price of coke increased by 27 yuan/ton to 1652 yuan/ton [5]. - **Supply**: The daily average output of all - sample coking plants increased by 0.8 tons to 64.5 tons, a rise of 1.2%. The daily average output of 247 steel mills increased by 0.3 tons to 46.6 tons, a rise of 0.6% [5]. - **Demand**: The pig iron output of 247 steel mills decreased by 2.4 tons to 232.3 tons, a decline of 1.0% [5]. - **Inventory Changes**: The total coke inventory decreased slightly by 1.7 tons to 883.0 tons. The inventory of all - sample coking plants increased by 4.7 tons to 76.4 tons, a rise of 6.5% [5]. - **Supply - Demand Gap**: The coke supply - demand gap increased by 1.8 tons to - 2.5 tons, a rise of 74.2% [5]. Group 4: Coking Coal Industry Report Industry Investment Rating - Not provided Core View - The coking coal futures are expected to oscillate between 1050 - 1150 yuan/ton. The market is in a weak state, with supply and demand both showing certain changes, and the 1 - 5 reverse arbitrage can be recommended [5]. Summary by Directory - **Coking Coal - related Prices and Spreads**: The prices of Shanxi medium - sulfur primary coking coal (warehouse receipt) and Mongolian 5 raw coal (warehouse receipt) remained unchanged. The 01 contract price of coking coal increased by 21 yuan/ton to 1092 yuan/ton [5]. - **Supply**: The raw coal output of Fenwei sample coal mines decreased by 2.7 tons to 853.4 tons, a decline of 0.3%. The clean coal output decreased by 0.6 tons to 438.2 tons, a decline of 0.1% [5]. - **Demand**: The demand for coking coal is affected by the decline in pig iron output and the weakening of market restocking demand [5]. - **Inventory Changes**: The clean coal inventory of Fenwei coal mines increased by 9.6 tons to 107.6 tons, a rise of 9.8%. The coking coal inventory of all - sample coking plants decreased by 1.1 tons to 1009.2 tons, a decline of 0.1% [5].

1. Report Industry Investment Rating - No information provided regarding the report industry investment rating. 2. Core Views - No clear core views are presented in the reports. The documents mainly provide data and statistics on various financial instruments and industries, such as stock index futures spreads, futures spreads, precious metals, and container shipping. 3. Summary by Relevant Catalogs Stock Index Futures Spreads - **Price Differences**: The report provides data on the spreads of various stock index futures, including IF, IH, IC, and IM. For example, the IE spot - futures spread was 15.97 with a change of -3.12 compared to the previous day, and the 1 - year and all - time quantiles were 52.40% and 28.60% respectively [1]. - **Inter - period Spreads**: It details inter - period spreads like the difference between the next - month and current - month contracts, and the far - month and next - month contracts for different futures varieties. For instance, in IF, the next - month - current - month spread was -18.40 with a change of -2.40, and the 1 - year and all - time quantiles were 22.10% and 24.70% [1]. - **Cross - variety Ratios**: Cross - variety ratios such as CSI 500/SSE 300, CSI 1000/SSE 300, and IC/IF are presented. For example, the IC/IF ratio was 1.5413 with a change of 0.0030 [1]. Futures Spreads - **IRR and Basis**: Information on the implied repo rate (IRR) and basis of different futures contracts is given. For example, for the 15 - year bond futures, the IRR was 0.0663 on 2025 - 12 - 04 with a change of 0.0054, and the TF basis was 0.9011 on the same date [2]. - **Inter - period Spreads**: Inter - period spreads for different maturities of futures contracts (TS, TF, T, and TL) are provided. For example, the TS next - quarter - current - quarter spread was 0.0340 on 2025 - 12 - 04 with a 1 - year quantile of 25.90% [2]. - **Cross - variety Spreads**: Cross - variety spreads like TS - TF, TS - T, and TF - T are presented. For example, TS - TF was -3.2270 on 2025 - 12 - 04 with a 1 - year quantile of 16.50% [2]. Precious Metals - **Futures and Spot Prices**: Domestic and foreign futures closing prices, as well as spot prices of precious metals (gold, silver, platinum, and palladium) are reported. For example, the AU2602 contract closed at 953.42 yuan/gram on December 4, 2025, down 0.34% from the previous day [3]. - **Basis and Ratios**: Basis data (e.g., gold TD - Shanghai gold futures) and price ratios (e.g., COMEX gold/silver) are provided. For example, the gold TD - Shanghai gold futures basis was -4.98 with a change of 2.18 and a 1 - year quantile of 7.20% [3]. - **Interest Rates, Exchange Rates, and Inventories**: Information on interest rates (10 - year US Treasury bond yield, 2 - year US Treasury bond yield), exchange rates (US dollar index, offshore RMB exchange rate), and inventories (上期所 and COMEX gold and silver inventories, ETF holdings) is included. For example, the 10 - year US Treasury bond yield was 4.11% on December 4, 2025, up 1.2% from the previous day [3]. Container Shipping Industry - **Shipping Indexes**: Settlement price indexes (SCFIS for European and US - West routes), Shanghai export container freight rates (SCFI comprehensive index, SCFI for different routes) are presented. For example, the SCFIS (European route) was 1483.65 points on December 1, 2025, down 9.50% from November 24 [5]. - **Futures Prices and Basis**: Futures prices of container shipping contracts (EC2602, etc.) and the basis of the main contract are provided. For example, the EC2602 (main contract) was 1585.0 points on December 4, 2025, up 2.92% from the previous day, and the basis of the main contract was -101.4, down 79.54% [5]. - **Fundamental Data**: Data on container shipping capacity supply, port - related indicators (port on - time rate, port calls), export amounts, and overseas economic indicators (eurozone PMI, US manufacturing PMI) are included. For example, the global container shipping capacity supply was 3349.44 million TEU on December 4, 2025, with no change from the previous day [5].

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports Pig Industry - Pig prices are at a low level and continue to bottom out. The market supply remains in a loose pattern, and downstream slaughterhouses' procurement is relatively smooth. There is an expected increase in December's pig出栏量, and the supply pressure from large - scale pig farms is increasing. The downward space is limited, and the fat - lean price difference is slightly adjusted. The second - fattening is cautious to enter the market, and there is no selling pressure from small and medium - sized farmers for now. The futures market is slightly at a premium to the spot market. The supply - side pressure may be less than previously expected, and sentiment has a greater impact, but the demand lacks highlights, and the tug - of - war between upstream and downstream continues. The logic of capacity reduction in the futures market is still being traded. The strategy of inter - month arbitrage can be held, and the spot market still exerts pressure, so the single - side price is expected to continue to bottom out [2]. Meal Industry - The domestic soybean meal market remains in a loose pattern, and it is difficult to see an upward trend in the single - side market. The supply in January and February is basically guaranteed, and the uncertainty lies in whether the procurement of US soybeans can meet the arrival of soybeans in China in March. Continue to pay attention to the trends of domestic procurement of US and Brazilian soybeans. Soybean meal is expected to maintain a volatile trend, and short - term trading is dull [4]. Oil Industry - For palm oil, it is dragged down by the potential negative factor of inventory increasing to 2.7 million tons and the weakening of the US soybean oil futures in the external market. The Malaysian palm oil may fluctuate horizontally around 4,100 ringgit in the short term. Pay close attention to the impact of production, export, and inventory news on the market. The Dalian palm oil futures market maintains a weak and volatile trend, facing resistance at 8,800 yuan, and there is a possibility and risk of a short - term break below. Pay close attention to whether the Dalian palm oil futures can stop falling effectively in the range of 8,350 - 8,500 yuan and then strengthen again following the Malaysian palm oil trend. For soybean oil, the demand from the US renewable fuel industry for soybean oil remains resilient. In the short term, due to the progress in the US - Russia negotiation, the decline in international crude oil may drag down the CBOT soybean oil, and there is some room for correction. In the domestic market, the supply of soybeans in the fourth quarter is sufficient, with an estimated import volume of 9.5 million tons in December. Factories will maintain a high operating rate, and the domestic soybean oil supply pattern remains abundant. Some traders are more willing to sell, which drags down the basis quotation, but the basis quotation has limited short - term fluctuation space due to the support of soybean import costs and traders' procurement costs [5]. Corn Industry - In the corn market, the arrival volume in the Northeast region continues to shrink, and the enthusiasm for replenishing stocks at all levels increases. Coupled with policy support for storage and the rising futures and port prices, the prices in the production area are pushed up. In the North China region, farmers sell for profit, and the external transportation increases slightly. The number of arriving vehicles remains high, and the price fluctuates slightly. Overall, the corn supply is in a short - term tight situation. On the demand side, traders are cautious about building inventories, and deep - processing enterprises have low inventories and a need for replenishment. Feed enterprises maintain a safe inventory, and their long - term enthusiasm for building inventories is not high. In summary, the short - term supply - demand tight pattern remains unchanged, and the strong spot price in the Northeast region drives the futures price to a new high. Pay attention to the rhythm of corn supply and inventory changes, as a recovery may limit the price increase space [6]. Sugar Industry - The ICE raw sugar futures closed lower. Although the sugar price rebounded to some extent after reaching a five - year low last month, the expectation of a global sugar surplus this year limits the price increase. After the Indian government allowed sugar mills to export 1.5 million tons of sugar in the 2025 - 26 season, more than 100,000 tons of spot contracts have been signed and the transportation has started. Due to abundant rainfall this year, the sugarcane crushing work in India is in full swing. As of November 30, 2025, the national sugarcane crushing volume and sugar production are expected to increase significantly compared with last year. Overall, the raw sugar remains in a weak trend. The listing of new sugar in Guangxi has led to a decline in the price of Yunnan sugar, and the impact of low - price sugar has also spread to the processed sugar and beet sugar fields. It is expected that the Zhengzhou sugar will maintain a weak and volatile trend [10]. Cotton Industry - The ICE cotton futures fell to the lowest level in more than a week due to the dismal export sales report and the weak market sentiment. The USDA export sales report shows that the net increase in US cotton export sales in the current market year decreased by 39% compared with the previous week and 51% compared with the average of the previous four weeks. Investors are paying attention to the upcoming USDA weekly export sales report and the global agricultural supply - demand forecast report. In the domestic market, the cotton picking in Xinjiang is completely finished, and the acquisition in the northern part is basically over, while the acquisition volume in the southern part is shrinking. As the cottonseed resources decrease, the acquisition price continues to fall. The upward movement of Zhengzhou cotton still faces hedging pressure, but the pressure is not concentrated. The demand - side textile enterprises' procurement of cotton spot is sluggish, but the pre - sales are being delivered one after another, which eases the short - term supply pressure. The spot sales basis is firm, and there is strong support for the Zhengzhou cotton price. In summary, the cotton price will fluctuate within a range in the short term [12]. Egg Industry - Based on the previous chick replenishment and the base of last month's inventory, the number of laying hens in the laying period is likely to decline to some extent in December. Although the current inventory is still at a relatively high level compared with the same period in previous years. The market trading is dull, the downstream procurement has not started, the terminal consumption remains weak, and traders are not enthusiastic about purchasing, mostly purchasing on demand. The average inventory in the production and circulation links is about 1.06 days and 1.14 days respectively, and each link maintains a rigid - demand inventory. The egg supply is basically normal, the downstream digestion speed is slow, most traders have low confidence in the future market, the inventory in each link increases slightly, and the downstream purchasing enthusiasm is stable. It is expected that the egg futures price will maintain a weak pattern at the bottom [15]. 3. Summary by Related Catalogs Pig Industry - **Futures Indicators**: The main contract basis increased by 64.58% to - 82; the price of Live Pig 2605 decreased by 0.46% to 11,870 yuan/ton; the price of Live Pig 2601 decreased by 0.91% to 11,385 yuan/ton; the 1 - 5 spread decreased by 11.49% to - 485; the main contract position decreased by 1.34% to 90,529; the number of warehouse receipts increased from 0 to 85 [2]. - **Spot Prices**: The spot prices in different regions showed different trends. For example, the price in Henan increased by 50 yuan/ton to 11,300 yuan/ton, while the price in Shandong decreased by 50 yuan/ton to 11,250 yuan/ton [2]. - **Spot Indicators**: The daily slaughter volume of sample points increased by 0.42% to 210,923; the weekly white - strip price decreased by 0.38% to 18.21 yuan/kg; the weekly piglet price decreased by 2.86% to 17.00 yuan/kg; the weekly sow price remained unchanged at 32.47 yuan/kg; the weekly average slaughter weight increased by 0.32% to 129.22 kg; the weekly self - breeding profit decreased by 8.90% to - 148 yuan/head; the weekly purchased - pig breeding profit decreased by 6.05% to - 249 yuan/head; the monthly number of fertile sows decreased by 1.12% to 3,990 million heads [2]. Meal Industry - **Soybean Meal**: The price of Jiangsu soybean meal remained unchanged at 3,060 yuan/ton; the price of M2605 decreased by 0.49% to 2,833 yuan/ton; the basis of M2605 increased by 6.57% to 227; the basis quotation of Jiangsu spot is m2601 - 20; the Brazilian 2 - month shipping schedule's import crushing profit decreased by 7.5% to 49; the number of warehouse receipts increased by 54.4% to 23,830 [4]. - **Rapeseed Meal**: The price of Jiangsu rapeseed meal decreased by 0.42% to 2,390 yuan/ton; the price of RM2605 decreased by 0.58% to 2,395 yuan/ton; the basis of RM2605 increased by 44.44% to - 5; the Canadian 1 - month shipping schedule's import crushing profit increased by 8.81% to 729; the number of warehouse receipts remained at 0 [4]. - **Soybeans**: The price of Harbin soybeans remained unchanged at 3,940 yuan/ton; the price of the main soybean contract decreased by 0.82% to 4,105 yuan/ton; the basis of the main soybean contract increased by 17.09% to - 199; the price of imported soybeans in Jiangsu remained unchanged at 3,950 yuan/ton; the price of the main soybean No. 2 contract decreased by 0.32% to 3,770 yuan/ton; the basis of the main soybean No. 2 contract increased by 6.67% to 192; the number of warehouse receipts increased by 0.77% to 15,766 [4]. - **Spreads**: The 05 - 09 spread of soybean meal remained unchanged at - 112; the 05 - 09 spread of rapeseed meal decreased by 2.99% to - 2; the spot oil - meal ratio increased by 7.10% to 2.91; the oil - meal ratio of the main contract increased by 0.58% to 2.80; the spot soybean - rapeseed meal spread increased by 1.52% to 670; the 2605 soybean - rapeseed meal spread remained unchanged at 438 [4]. Oil Industry - **Soybean Oil**: The price of Jiangsu first - grade soybean oil decreased by 0.58% to 8,570 yuan/ton; the price of Y2601 decreased by 0.39% to 8,254 yuan/ton; the basis of Y2601 decreased by 5.39% to 316; the basis quotation of Jiangsu in January is 01 + 260; the number of warehouse receipts increased by 111.96% to 18,269 [5]. - **Palm Oil**: The price of 24 - degree palm oil in Guangdong decreased by 0.92% to 8,640 yuan/ton; the price of P2601 decreased by 0.73% to 8,666 yuan/ton; the basis of P2601 decreased by 160.00% to - 26; the basis quotation of Guangdong in January is 01 + 50; the import cost of Guangzhou Port in January decreased by 1.66% to 9,042.2 yuan/ton; the import profit of Guangzhou Port in January increased by 19.12% to - 376 yuan/ton; the number of warehouse receipts increased by 28.41% to 452 [5]. - **Rapeseed Oil**: The price of Jiangsu third - grade rapeseed oil decreased by 0.80% to 9,970 yuan/ton; the price of Ol601 decreased by 0.96% to 9,618 yuan/ton; the basis of Ol601 increased by 3.83% to 352; the basis quotation of Jiangsu in January is 01 + 270; the number of warehouse receipts decreased by 20 to 3,792 [5]. - **Spreads**: The 01 - 05 spread of soybean oil decreased by 4.17% to 184; the 01 - 05 spread of palm oil increased by 11.76% to - 30; the 01 - 05 spread of rapeseed oil decreased by 20.96% to 181; the spot soybean - palm oil spread increased by 30.00% to - 70; the 2601 soybean - palm oil spread increased by 6.57% to - 626; the spot rapeseed - soybean oil spread decreased by 2.10% to 1,400; the 2601 rapeseed - soybean oil spread decreased by 4.28% to 1,364 [5]. Corn Industry - **Corn**: The price of Corn 2601 increased by 1.24% to 2,287 yuan/ton; the Pingcang price at Jinzhou Port increased by 0.43% to 2,310 yuan/ton; the basis decreased by 43.90% to 23; the 1 - 5 spread increased by 76.67% to - 7; the bulk grain price at Shekou increased by 0.41% to 2,460 yuan/ton; the north - south trade profit remained unchanged at 59; the CIF price decreased by 0.11% to 2,096 yuan/ton; the import profit increased by 3.51% to 364; the number of remaining vehicles at Shandong deep - processing enterprises in the morning decreased by 11.52% to 1,083; the position increased by 4.76% to 2,346,433; the number of warehouse receipts decreased by 1.51% to 58,664 [6]. - **Corn Starch**: The price of Corn Starch 2601 increased by 1.09% to 2,590 yuan/ton; the spot price in Changchun remained unchanged at 2,590 yuan/ton; the spot price in Weifang remained unchanged at 2,800 yuan/ton; the basis decreased by 100.00% to 0; the 1 - 5 spread increased by 39.29% to - 34; the 01 spread between starch and corn on the disk remained unchanged at 303; the profit of Shandong starch remained unchanged at 1; the position increased by 0.73% to 333,476; the number of warehouse receipts was not available [6]. Sugar Industry - **Futures Market**: The price of Sugar 2601 decreased by 0.71% to 5,328 yuan/ton; the price of Sugar 2605 decreased by 0.64% to 5,263 yuan/ton; the price of the ICE raw sugar main contract decreased by 0.07% to 14.91 cents/pound; the 1 - 5 spread decreased by 5.80% to - 4; the position of the main contract decreased by 0.28% to 329,240; the number of warehouse receipts remained at 0; the number of effective forecasts remained at 183 [10]. - **Spot Market**: The price in Nanning decreased by 0.55% to 5,390 yuan/ton; the price in Kunming decreased by 0.56% to 5,370 yuan/ton; the basis in Nanning increased by 3.25% to 127; the basis in Kunming increased by 3.88% to 107; the price of imported Brazilian sugar within the quota decreased by 0.36% to 4,106 yuan/ton; the price of imported Brazilian sugar outside the quota decreased by 0.38% to 5,203 yuan/ton; the price difference between imported Brazilian sugar within the quota and Nanning increased by 1.15% to - 1,284; the price difference between imported Brazilian sugar outside the quota and Nanning increased by 5.08% to - 187 [10]. - **Industry Situation**: The cumulative national sugar production increased by 12.03% to 1,116.21 million tons; the cumulative national sugar sales increased by 9.17% to 1,048.00 million tons; the cumulative sugar production in Guangxi increased by 4.59% to 646.50 million tons; the monthly sugar sales in Guang

异动点评：降息预期走强以及供应侧扰动，锡价偏 强震荡 投资咨询业务资格：证监许可【2011】1292 号 寇帝斯（投资咨询资格编号：Z0021810） 2025 年 12 月 4 日星期四 电话：020-88818037 邮箱：koudisi@gf.com.cn 行情导读：受美国降息预期走强以及刚果（金）东部地区地缘冲突持续升级影响，锡价自 11 月末持续上涨，12 月 4 日沪锡主力合约最多上涨 4.64%至 323700 元/吨。 驱动分析一：美国 11 月 ADP 就业人数意外减少，市场对 12 月降息预期走强 12 月 3 日最新发布的 ADP 全美就业报告显示，美国私营部门在 11 月削减了 3.2 万个 工作岗位，创下自 2023 年 3 月以来的最大降幅，且远低于市场此前预期的增加 4 万个。 这一意外萎缩的数据，凸显在美联储货币政策面临关键转向的节点，劳动力市场所承受的 压力正在加剧。 当日，美国商务部长卢特尼克接受媒体采访，驳斥了前总统特朗普的关税政策导致 11 月就业下滑的说法。他将就业收缩归因于近期联邦政府停摆对小企业运营造成的临时性冲 击，同时指出大规模遣返非法移民的政策也在一定程度上 ...

投资咨询业务资格:证监许可 【2011】1292号 2025年12月4日 朱迪 Z0015979 | 油脂产业期现日报 | | --- | | 投资咨询业务资格:证监许可 【2011】1292号 土泽辉 Z0019938 2025年12月4日 | | 原田 | | 现价 江苏一级 8620 8620 0 0.00% | | 期价 Y2601 8286 8288 -2 -0.02% | | 墓差 Y2601 334 332 2 0.60% | | 江苏1月 01+260 01+270 现货基差报价 -10 | | 8619 | | 棕榈油 | | 12月3日 12月2日 涨跌 涨跌幅 | | 8720 8620 现价 广东24度 100 1.16% | | 8720 0.11% 期价 P2601 8730 10 | | 基差 P2601 -10 -100 90 90.00% | | 现货基差报价 广东1月 01+50 01+0 50 ត | | 盘面进口成本 广州港1月 9195.1 9091.7 103.4 1.14% | | 盘面进口利润 -372 -93 -25.14% 广州港1月 -465 | | 仓单 ...

| 股指期货价差日报 | 投资咨询业务资格:证监许可【2011】1292号 | 叶倩宁 | Z0016628 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025年12月4日 | 品种 | 历史1年分位数 | 全历史分位数 | 展新值 | 较前一日变化 | 价差 | | | | | | | | | | | -12.85 | 33.10% | F期则价差 | 56.90% | 5.69 | 2.39 | 35.30% | H期现价差 | -4.68 | 37.20% | 期现价差 | | | | | | | IC期现价差 | 12.15 | 23.50% | -45.96 | 52.80% | IM期观价差 | -52.87 | 38.30% | 23,10 | 90.00% | 2.00 | 次月-当月 | 27.00% | 27,4096 | -16.00 | | | 30.80%6 | 泰月-景月 | ...

| 油脂产业期现日报 | | --- | | 投资咨询业务资格:证监许可 【2011】1292号 土泽辉 Z0019938 2025年12月4日 | | 原田 | | 现价 江苏一级 8620 8620 0 0.00% | | 期价 Y2601 8286 8288 -2 -0.02% | | 墓差 Y2601 334 332 2 0.60% | | 江苏1月 01+260 01+270 现货基差报价 -10 | | 8619 | | 棕榈油 | | 12月3日 12月2日 涨跌 涨跌幅 | | 8720 8620 现价 广东24度 100 1.16% | | 8720 0.11% 期价 P2601 8730 10 | | 基差 P2601 -10 -100 90 90.00% | | 现货基差报价 广东1月 01+50 01+0 50 ត | | 盘面进口成本 广州港1月 9195.1 9091.7 103.4 1.14% | | 盘面进口利润 -372 -93 -25.14% 广州港1月 -465 | | 仓单 352 355 0.00% 0 | | 菜籽油 | | 现价 江苏三级 10050 10080 ...