1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Report Core Views Oils and Fats Industry - Palm oil may face a risk of weakening and falling after a short - term rebound, maintaining a near - strong and far - weak view. Domestic Dalian palm oil futures were boosted by Malaysian palm oil in the early session. - For soybean oil, the demand from the US renewable fuel industry remains resilient, but the international crude oil decline may drag down CBOT soybean oil. In the domestic market, the short - term market may be dragged down, but the import cost of soybeans will support the market and limit the decline of the basis. - The supply of domestic soybean meal remains loose overall, but the supply in some regions is tightening, and the basis has short - term support. The unilateral market is unlikely to show an upward trend, and it is expected to maintain a volatile pattern [1]. Pig Industry - The supply - side pressure may be less than previously expected, but the demand lacks highlights. The price of pigs is expected to maintain a volatile and weak structure. The strategy of inter - month reverse arbitrage can continue to be held, and the unilateral price is expected to continue to bottom out [3]. Meal Industry - The domestic soybean meal market remains in a loose pattern, but the supply in some regions is tightening, providing short - term support for the basis. It is difficult to see an upward trend in the unilateral market. The market should continue to focus on domestic purchases of US and Brazilian soybeans, and soybean meal is expected to maintain a volatile trend with light short - term trading [6]. Corn and Corn Starch Industry - In the short term, the futures price is strong and hits a new high due to tight supply and strong spot prices. Attention should be paid to the rhythm of corn supply and inventory changes. If they recover, it will limit the price increase space [8]. Sugar Industry - ICE raw sugar futures closed lower, and the raw sugar remains in a weak trend. Zhengzhou sugar is expected to maintain a volatile and weak trend [12]. Cotton Industry - In the short term, the cotton price will fluctuate within a range. ICE cotton futures closed slightly lower, supported by the weakening US dollar. In the domestic market, the purchase price of seed cotton is falling, and Zhengzhou cotton faces hedging pressure, but the support below is still strong [13]. Egg Industry - The supply pressure is expected to ease marginally, but overall pressure still exists. The market trading is light, and the terminal consumption is weak. The futures price is expected to maintain a weak pattern at the bottom [15]. 3. Summary by Related Catalogs Oils and Fats Industry - **Soybean Oil**: The spot price in Jiangsu is 8620 yuan/ton, the futures price of Y2601 is 8286 yuan/ton, and the basis is 334 yuan/ton. - **Palm Oil**: The spot price in Guangdong is 8720 yuan/ton, the futures price of P2601 is 8730 yuan/ton, and the basis is - 10 yuan/ton. The盘面 import cost in Guangzhou Port in January is 9195.1 yuan/ton, and the盘面 import profit is - 465 yuan/ton. - **Rapeseed Oil**: The spot price in Jiangsu is 10050 yuan/ton, the futures price of Ol601 is 9711 yuan/ton, and the basis is 330 yuan/ton [1]. Pig Industry - **Futures Market**: The price of the main contract of live pigs is 11925 yuan/ton, the price of the January contract is 11490 yuan/ton, and the price of the May contract is 11925 yuan/ton. - **Spot Market**: The spot prices in different regions such as Henan, Shandong, and Sichuan range from 11100 - 12410 yuan/ton. The sample slaughter volume increased by 0.25% to 210037, the weekly white - strip price decreased by 0.38% to 18.21 yuan/kg, and the weekly price of piglets decreased by 2.86% to 17.00 yuan/kg [3]. Meal Industry - **Soybean Meal**: The spot price in Jiangsu is 3060 yuan/ton, the futures price of M2601 is 3046 yuan/ton, and the basis is 14 yuan/ton. The盘面 import profit for Brazilian soybeans in February is 53 yuan/ton. - **Rapeseed Meal**: The spot price in Jiangsu is 2400 yuan/ton, the futures price of RM2601 is 2408 yuan/ton, and the basis is - 8 yuan/ton. The盘面 import profit for Canadian rapeseed in January is 670 yuan/ton [6]. Corn and Corn Starch Industry - **Corn**: The price of the January contract is 2259 yuan/ton, the Pingcang price in Jinzhou Port is 2300 yuan/ton, and the basis is 41 yuan/ton. The north - south trade profit is 59 yuan/ton, and the import profit is 352 yuan/ton. - **Corn Starch**: The price of the January contract is 2562 yuan/ton, the spot price in Changchun is 2590 yuan/ton, and the basis is 28 yuan/ton. The profit of Shandong starch is 1 yuan/ton [8]. Sugar Industry - **Futures Market**: The price of the January contract is 5366 yuan/ton, the price of the May contract is 5297 yuan/ton, and the price of ICE raw sugar is 14.92 cents/pound. - **Spot Market**: The spot prices in Nanning and Kunming are 5420 yuan/ton and 5400 yuan/ton respectively. The cumulative national sugar production increased by 12.03% to 1116.21 million tons, and the cumulative sales increased by 9.17% to 1048.00 million tons [12]. Cotton Industry - **Futures Market**: The price of the January contract is 13780 yuan/ton, the price of the May contract is 13750 yuan/ton, and the price of ICE US cotton is 64.45 cents/pound. - **Spot Market**: The arrival price of Xinjiang cotton is 14862 yuan/ton, and the CC Index is 15005 yuan/ton. The commercial inventory increased by 24.2% to 363.97 million tons, and the industrial inventory increased by 4.9% to 93.14 million tons [13]. Egg Industry - **Futures Market**: The price of the January contract is 3138 yuan/500KG, and the price of the February contract is 3052 yuan/500KG. - **Spot Market**: The egg price in the producing area is 3.05 yuan/jin, the egg - to - feed ratio is 2.32, and the breeding profit is - 27.35 yuan/feather. The theoretical in - laying hen inventory in December is expected to decline [15].

广发早知道-汇总版 广发期货研究所 电 话：020-88818009 E-Mail：zhangxiaozhen@gf.com.cn 目录： 金融衍生品： 金融期货： 股指期货、国债期货 贵金属： 黄金、白银、铂、钯 集运欧线 商品期货： 有色金属： 铜、氧化铝、铝、铝合金、锌、锡、镍、不锈钢、碳酸锂、工业硅、多 晶硅 黑色金属： 钢材、铁矿石、焦煤、焦炭 农产品： 油脂、粕类、玉米、生猪、白糖、棉花、鸡蛋、红枣、苹果 能源化工： PTA、乙二醇、苯乙烯、纯苯、短纤、瓶片、烧碱、PVC、LLDPE、PP、 甲醇、合成橡胶、橡胶、玻璃纯碱 投资咨询业务资格： 证监许可【2011】1292 号 组长联系信息： 张晓珍（投资咨询资格：Z0003135） 电话：020- 88818009 邮箱：zhangxiaozhen@gf.com.cn 周敏波（投资咨询资格：Z0010559） 电话：020-81868743 邮箱：zhoumingbo@gf.com.cn 朱迪（投资咨询资格：Z0015979） 电话：020-88818008 邮箱：zhudi@gf.com.cn 陈尚宇（投资咨询资格：Z0022532） 电话：0 ...

1. Report Industry Investment Ratings No information provided regarding industry investment ratings in the given reports. 2. Report Core Views Tin - Consider the fundamentals strong and maintain a bullish view on tin prices. Hold existing long positions and buy on dips. Monitor macro - end changes and supply - side recovery [2]. Industrial Silicon - Expect industrial silicon prices to remain in a low - level oscillation, with the main price range between 8500 - 9500 yuan/ton. The market will maintain weak supply - demand in December [5]. Polysilicon - Anticipate an oversupply situation in December with inventory accumulation expected in all sectors. On the trading side, stay on the sidelines for futures and consider taking profits on options [6]. Nickel - Forecast the nickel price to range - bound in the short term, with the main reference range of 116000 - 120000 yuan/ton. Pay attention to macro - expectations and Indonesian industrial policies [7]. Stainless Steel - Expect stainless steel prices to remain weakly oscillating, with the main operating range of 12300 - 12700 yuan/ton. Focus on steel mills' production cut implementation and nickel - iron prices [9]. Aluminum - Predict alumina prices to remain in a bottom - oscillating trend, with the main contract reference range of 2650 - 2850 yuan/ton. For aluminum, expect prices to be strong in the short term, with the main contract range of 21500 - 22200 yuan/ton [15][16]. Casting Aluminum Alloy - Forecast casting aluminum alloy prices to remain strong in the short term, with the main contract reference range of 20700 - 21400 yuan/ton. Monitor scrap aluminum supply and inventory reduction [17]. Zinc - Expect zinc prices to oscillate. The downside space is limited in the short term, and prices will likely remain in the range of 22200 - 23000 yuan/ton. Pay attention to TC inflection points and inventory changes [19]. Copper - Forecast copper prices to have a gradually rising bottom center in the medium - to - long term, with the main support level at 86000 - 87000 yuan/ton. Monitor overseas interest - rate cut expectations and smelting - end production cuts [20]. 3. Summary by Relevant Catalogs Tin - **Spot Prices and Basis**: SMM 1 tin price decreased by 1.14% to 304700 yuan/ton, and LME 0 - 3 premium increased by 21.95% to 150 dollars/ton [2]. - **Month - to - Month Spreads**: The spread between 2512 - 2601 contracts decreased by 22.39% to - 820 yuan/ton [2]. - **Fundamental Data**: In October, tin ore imports increased by 33.49%, and SMM refined tin production increased by 53.09% [2]. Industrial Silicon - **Spot Prices and Basis**: The price of East China oxygen - containing S15530 industrial silicon remained unchanged at 9550 yuan/ton, and the basis increased by 41.98% [5]. - **Month - to - Month Spreads**: The spread between 2512 - 2601 contracts increased by 250% [5]. - **Fundamental Data**: National industrial silicon production decreased by 11.17% in the month, and Xinjiang's production increased by 0.83% [5]. Polysilicon - **Spot Prices and Basis**: N - type re -投料 average price remained unchanged at 52350 yuan/kg, and the N - type material basis increased by 25.96% [6]. - **Month - to - Month Spreads**: The spread between the front - month and the first - following month decreased by 50.10% [6]. - **Fundamental Data**: Weekly polysilicon production decreased by 11.44%, and monthly production decreased by 14.48% [6]. Nickel - **Prices and Basis**: SMM 1 electrolytic nickel price increased by 0.13% to 119900 yuan/ton, and the 1 Jinchuan nickel premium increased by 2.08% [7]. - **Month - to - Month Spreads**: The spread between 2601 - 2602 contracts decreased by 20 yuan/ton [7]. - **Supply - Demand and Inventory**: China's refined nickel imports decreased by 65.66% [7]. Stainless Steel - **Prices and Basis**: The price of 304/2B (Wuxi Hongwang 2.0 coil) remained unchanged at 12700 yuan/ton, and the basis decreased by 4.71% [9]. - **Month - to - Month Spreads**: The spread between 2601 - 2602 contracts remained unchanged at - 70 yuan/ton [9]. - **Fundamental Data**: China's 300 - series stainless steel crude steel production decreased by 0.72%, and exports decreased by 14.43% [9]. Aluminum - **Prices and Spreads**: SMM A00 aluminum price decreased by 0.09% to 21710 yuan/ton, and alumina (Shandong) average price decreased by 0.36% [14][16]. - **Month - to - Month Spreads**: The spread between AL 2512 - 2601 contracts remained unchanged at - 40 yuan/ton [14][16]. - **Fundamental Data**: In November, alumina production decreased by 4.44%, and domestic electrolytic aluminum production decreased by 2.82% [14][16]. Casting Aluminum Alloy - **Prices and Spreads**: SMM Southwest ADC12 price increased by 0.47% to 21600 yuan/ton, and the Foshan crushed raw aluminum scrap - to - refined spread decreased by 1.77% [17]. - **Month - to - Month Spreads**: The spread between 2512 - 2601 contracts increased by 20 yuan/ton [17]. - **Fundamental Data**: In October, recycled aluminum alloy ingot production decreased by 2.42%, and primary aluminum alloy ingot production increased by 5.84% [17]. Zinc - **Prices and Basis**: SMM 0 zinc ingot price increased by 0.80% to 22740 yuan/ton, and the premium increased by 10 yuan/ton [19]. - **Month - to - Month Spreads**: The spread between 2512 - 2601 contracts decreased by 10 yuan/ton [19]. - **Fundamental Data**: In November, refined zinc production decreased by 3.56%, and exports increased by 243.79% in October [19]. Copper - **Prices and Basis**: SMM 1 electrolytic copper price decreased by 0.69% to 88660 yuan/ton, and the premium increased by 15 yuan/ton [20]. - **Month - to - Month Spreads**: The spread between 2512 - 2601 contracts increased by 20 yuan/ton [20]. - **Fundamental Data**: In November, electrolytic copper production increased by 1.05%, and imports decreased by 15.61% in October [20].

钢材产业期现日报 投资咨询业务资格:证监许可 【2011】1292号 2025年12月3日 周敏波 Z0010559 | 钢材价格及价差 | | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 现值 | 前值 | 涨跌 | 基差 | 单位 | | 螺纹钢现货(华东) | 3300 | 3290 | 10 | 167 | | | 螺纹钢现货(华北) | 3220 | 3220 | O | 87 | | | 螺纹钢现货(华南) | 3350 | 3350 | O | 217 | | | 螺纹钢05合约 | 3169 | 3167 | 2 | 131 | | | 螺纹钢10合约 | 3208 | 3206 | 2 | 92 | | | 螺纹钢01合约 | 3133 | 3134 | -1 | 167 | | | 热卷现货(华东) | 3310 | 3310 | 0 | -15 | 元/吨 | | 热卷现货(华北) | 3240 | 3240 | 0 | -85 | | | 热卷现货(华南) | 3350 | 3350 | 0 | 12 | | | 热卷05合 ...

| 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3日 | | | | | | | | | | | | | | | 唱种 | 最新值 | 历史1年分位数 | 全历史分位数 | 价差 | 较前一日变化 | IF期现价差 | -18.53 | 2.55 | 48.30ac | 25.30% | | | | | | | H期现价差 | -7.07 | 0.21 | 30.70% | 28.80% | 期现价差 | -58.10 | 38.90% | IC開題价差 | 12.13 | 14.50% | IM期现价差 | -73.58 | -23.27 | 75.0096 | 26.90% | | 次月-崇月 | -18.00 | -3.60 | 22.50% | 25.1096 | 季月 ...

| 油脂产业期现日报 | | | --- | --- | | H 洋海 Z0019938 2025年12月3日 | | | 田温 | | | 12月2日 12月1日 | | | 0.12% | | | 期价 Y2601 8288 8288 0 0.00% | | | 墓差 Y2601 332 322 10 3.11% | | | = | | | 它車 7419 5469 1950 35.66% | | | 棕櫚油 | | | 12月2日 12月1日 涨跌 涨跌幅 | | | 现价 广东24度 8570 50 0.58% | | | 8652 期价 P2601 68 0.79% | 8720 | | 星差 P2601 -100 -82 -18 -21.95% | | | 仓单 355 352 0 0.00% | | | 菜籽油 | | | 涨跌 12月2日 12月1日 涨跌幅 | | | 现价 江苏三级 10080 10080 0 0.00% | | | 期价 Ol601 9745 9770 -25 -0.26% | | | 其美 Ol601 રૂઝેટ 310 ર્ટ 8.06% | | | 现货基差报价 0 ...

Z00J9556 原木期货日报 证监许可 【2011】1292号 2025年12月3日 曹剑兰 | 期货和现货价格 | | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 12月2日 | 12月1日 | 张跌 | 涨跌幅 | 单位 | | 原木2601 | 769.5 | 766.5 | 3.0 | 0.39% | | | 原木2603 | 778.5 | 779.0 | -0.5 | -0.06% | | | 原木2605 | 792.0 | 792.5 | -0.5 | -0.06% | | | 01-03价差 | -9.0 | -12.5 | 3.5 | | | | 01-05价差 | -22.5 | -26.0 | 3.5 | | | | 03合约基差 | -28.5 | -29.0 | 0.5 | | | | 01合约基差 | -19.5 | -16.5 | -3.0 | | | | 日照港3.9A小辐射松 | 680.0 | 690.0 | -10 | -1.45% | | | 日照港3.9A中辐射松 | 750 | 750 | 0 | 0 ...

ll价差H报图 2025年12月3日 Brent月差结构 WTI月差结构 8 - Q Q 2 4 2 0 Dubai月差结构 OMAN月差结构 5 9 4 0 -1 -1 -2 2025/10/15 2025/7/15 2025/8/15 2025/9/15 2025/11/15 11-119 1-17 原油内外盘价差 SC月差结构 ୧୦ 30 20 25 40 20 30 15 20 10 A A 10 5 0 0 -10 -5 -10 -20 -12 -20 - 2025/10/11 2025/11/11 2025/9/11 2025/8/11 - M1-M2 -- M1-M3 -- M1-M6 -- M1-M9 沪油-美油(元/桶) P 油-布油(元/桶) the station of 中东至中国VLCC油轮运费 WS点数 RBOB月 差结构 20 - 160 15 140 10 120 5 100 0 -5 80 -10 eo -15 40 -20 - 20 -25 - 2025/10/4 2025/11/4 2025/9/4 0 M1-M2 -- M1-M3 -- M1-M6 -- M1-M9 US ...

Group 1: Report Industry Investment Ratings - No industry investment ratings are provided in the report. Group 2: Core Views of the Report - Near the December Federal Reserve interest rate meeting, the U.S. dollar index has recently peaked and declined, and further interest rate cuts are still likely. A-share major indices have also rebounded, but the trading volume does not support a breakthrough [3]. - The short - term bond market still lacks a driving factor to break out of the shock and may remain in a narrow - range shock [3]. - Gold prices are in a shock around $4200, and there is still resistance at the previous high. Silver is oscillating strongly and may reach $60 [3]. - The shipping index (European line) is expected to be in a short - term shock, while steel mills are reducing production, and iron ore shipments are rising [3]. - The fundamentals of aluminum are showing positive feedback, and the macro and micro factors are resonating to drive the price up [3]. - For new energy products, the market for polysilicon futures has declined, and the lithium carbonate market may see increased divergence [3]. - In the chemical industry, the medium - term supply - demand outlook for PX is improving, and the short - term support is strong [3]. - In the agricultural products market, the northern hemisphere sugar cane crushing season is progressing well, and the downstream cotton market remains weak [3]. Group 3: Summaries by Related Directories Financial - **Equity Index Futures**: Short - term light - position selling of December put options is recommended. When the volatility is low, build long - spread positions in stages during pullbacks to layout for the spring market [3]. - **Treasury Bond Futures**: In the short term, reduce left - hand operations and wait and see. Pay attention to the implementation of the new regulations on bond fund redemption fees. Consider the positive arbitrage strategy for the 2603 contract [3]. - **Precious Metals**: Be cautious about chasing long positions in gold unilaterally. Sell out - of - the - money put options to earn time value. For silver, lock in profits after accumulating floating profits. Adopt a short - term high - selling and low - buying strategy for platinum and palladium [3]. Black - **Steel**: Consider a long - steel and short - iron - ore arbitrage strategy and narrow the spread between hot - rolled and rebar [3]. - **Iron Ore**: It is expected to be strong in a shock, with a reference range of 750 - 820 [3]. - **Coking Coal**: It is expected to be in a shock, with a reference range of 1050 - 1150. Consider a 1 - 5 reverse arbitrage [3]. - **Coke**: It is expected to be in a shock, with a reference range of 1550 - 1700. Consider a 1 - 5 reverse arbitrage [3]. Non - ferrous - **Copper**: Take profits at high levels in the short term, and pay attention to the support at 86000 - 87000 [3]. - **Aluminum and Its Alloys**: For aluminum, go long at low levels in the short term, with a reference range of 21500 - 22200. For other aluminum - related products, different price ranges are provided [3]. - **Other Non - ferrous Metals**: Hold previous long positions in tin and adopt a low - buying strategy during pullbacks. Other non - ferrous metals also have their corresponding price ranges and operation suggestions [3]. New Energy - **Polysilicon**: Consider closing out out - of - the - money put options for profit [3]. - **Lithium Carbonate**: Wait and see as the market is in a wide - range shock [3]. Chemical - **PX**: Treat it as a short - term high - level shock [3]. - **PTA and Related Products**: PTA is expected to be in a short - term high - level shock. For related products, different operation suggestions such as narrowing processing fees are provided [3]. - **Other Chemical Products**: Different products have different operation suggestions, such as short - selling at high levels for benzene, and waiting for short - selling opportunities after rebounds for PVC and soda ash [3]. Agricultural Products - **Grains and Oils**: The short - term outlook for palm oil is optimistic, and it may test the resistance at 8800. Other grains and oils are expected to be in a narrow - range shock [3]. - **Sugar and Cotton**: Sugar is in a bottom - level shock, and cotton should pay attention to the resistance at 13800 - 13900 [3]. - **Livestock and Poultry Products**: Hold the inter - month reverse arbitrage for pigs. For eggs, wait and see unilaterally and consider reverse arbitrage opportunities [3]. - **Fruits and Nuts**: Apples may oscillate around 9500 in the short term, and jujubes are in a weak - level shock [3].

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：020-88830760 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 | 中信多空头各减仓超 2000 手 | | 上证 | 50 | IH2512 | 总持仓小幅下降 | 海通空头减仓超千手 | | 中证 | 500 | IC2512 | 总持仓小幅下降 | 国君多空头各减仓 1000 手以上 | | 中证 | 1000 | IM2512 | 总持仓小幅下降 | 国君中信均减仓为主 | 股指期货持仓日度变动简评 -7,168.0 -5,275.0 -6,889.0 -7,566.0 -5,611.0 -5,305.0 -3,458.0 -5,286.0 -8,000 -7,000 -6,000 -5,000 -4,000 -3,000 -2,000 -1,000 0 IF IH IC IM 主力 ...