Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The recent peak in demand in the live - hog market has passed, and the supply - side contradictions remain to be resolved. However, the low - price shock of hog prices in the short term has increased the enthusiasm of second - round fattening. The price of the live - hog futures LH2603 contract is expected to mainly operate in a wide - range shock at a low level [14]. 3. Summary by Directory 3.1 Futures Market - **Contract Market**: On December 26, 2025, the live - hog lh2603 contract showed a fluctuating trend, closing at 11,645 points, up 1.48% from the previous settlement price, with a full - day trading volume of 117,200 lots and an open interest of 171,500 lots [2]. - **Variety Price**: The prices of live - hog futures contracts varied. The total open interest of the variety was 355,353 lots, an increase of 8,016 lots from the previous trading day [4]. - **Related Market**: The daily trading volume of live - hog options was 35,251 lots, with a total open interest of 63,671 lots, an increase of 3,212 lots in open interest, and 0 lots were exercised on the day [6]. 3.2 Spot Market - **Basis Data**: The live - hog basis was 205 yuan/ton yesterday and 145 yuan/ton today, a decrease of 60 yuan/ton from the previous trading day, indicating a slight convergence of the basis [7]. - **Registered Warehouse Receipts**: According to the warehouse receipt report of the Dalian Commodity Exchange, there were 863 registered warehouse receipts today, with no change from the previous trading day [8]. 3.3 Influencing Factors - **Industry News**: Wenhua Finance reported that the spot price was 11.58 yuan/kg yesterday, a month - on - month increase of 0.09%. On the supply side, the slaughter rhythm across the country was moderately slow in late December. The previous epidemic situation led to an increase in the slaughter of small and medium - sized pigs, driving a slight decline in the average weight this week. Overall, the contradiction of supply accumulation has not been resolved [10]. - **Technical Analysis**: The daily K - line of the live - hog lh2603 futures closed in a positive line, showing a short - term increase during the day. The K - line broke through the upper track of the BOLL line, and the BOLL line was in an open state [11][12].

1. Report Investment Rating - No investment rating information is provided in the report. 2. Core View - From a fundamental perspective, the trading of late Fuji apples in the production areas is sluggish, the sales of fruit farmers' goods are slow, high - quality fruits are supported by cost while the prices of low - quality fruits are weak; the inventory is at a low level but the quality is uneven, and there is no supply shortage. From a technical perspective, the trading volume and open interest of the Apple 2605 contract have increased significantly, and in the short term, the price is expected to show a weak and volatile trend [12]. 3. Summary by Directory 3.1 Futures Market 3.1.1 Contract Quotes - On December 29, 2025, the Apple AP2605 futures contract fluctuated downward, closing at 9163 points, a 0.80% decline from the previous day. The daily trading volume was 100,954 lots, and the open interest was 138,844 lots, a decrease of 3,342 lots from the previous trading day [2]. 3.1.2 Variety Prices - All Apple futures contracts declined on that day. The trading volume was 108,163 lots, and the open interest was 156,890 lots, a decrease of 4,985 lots from the previous trading day [4]. 3.1.3 Related Quotes - Apple options had a daily trading volume of 10,560 lots and a total open interest of 32,728 lots, an increase of 486 lots. The total number of exercises on that day was 0 lots [6]. 3.2 Spot Market 3.2.1 Basis Data - The spot price of apples on that day was 8,200 yuan/ton, and the futures settlement price was 9,233 yuan/ton, resulting in a basis of - 1,033 yuan/ton [7]. 3.2.2 Registered Warehouse Receipts - The warehouse receipt daily report of the Zhengzhou Commodity Exchange showed that there were 0 registered warehouse receipts on that day [8]. 3.3 Influencing Factors 3.3.1 Industry News - The mainstream price of late Fuji apples in the warehouse remained stable, and the trading atmosphere was still mediocre. The prices of fruit farmers' goods in some production areas of Luochuan slightly declined. Currently, there are more inquiries for fruit farmers' goods in some production areas, and the packaging and shipment from the warehouse have slightly increased, but the mainstream is still the self - stored goods of merchants [9]. 3.3.2 Technical Analysis - The daily K - line of the AP2605 contract on that day was a medium - sized negative line. After rising intraday, it declined unilaterally, indicating that the bears dominated [10].

Group 1: Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core View - The glass futures market is likely to continue oscillating in a relatively low - level range due to insufficient long - and short - term drivers. The core contradiction in the market is the game between "rising cold - repair expectations" and "the reality of high inventory." In the short term, prices may continue to oscillate within a range, and in the medium term, they are still restricted by weak terminal demand and slow inventory depletion [2][8]. Group 3: Summary by Relevant Catalogs 1. Futures Market - Glass futures prices fell near the previous low. With the expectation of production cuts, short - position main players actively reduced their positions last week. From December 24th (Wednesday) to Friday, prices rebounded slightly, rising from a minimum of 1017 yuan/ton on Tuesday to 1057 yuan/ton at Friday's close [2]. 2. Weekly Position Changes - As of December 26th (last Friday), the long - position of the 2605 contract was 609,514 lots, an increase of 6,210 lots compared to the previous week; the short - position was 792,345 lots, an increase of 466 lots compared to the previous week [5]. 3. Spot Market - In the traditional off - season, terminal demand is weak, and recent enterprise shipments are sluggish. As of December 25th, the total inventory of float glass sample enterprises was 58.623 million heavy boxes, a week - on - week increase of 65,000 heavy boxes. South China and East China had better inventory reduction, while North China and Central China had a slight inventory increase. A production line in Dongguan, Guangdong with a daily output of 900 tons was shut down for cold repair on December 24th. The glass supply has decreased, and the previous centralized cold - repair of production lines has improved the supply - demand situation to some extent, but the weak demand remains the current keynote [6]. 4. Production Profit Changes - From December 19th to December 25th, the weekly average profit of natural - gas glass was - 186.4 yuan/ton, with a loss increase of 5 yuan/ton compared to the previous week; the weekly average profit of coal - gas float glass was - 21.88 yuan/ton, with a loss increase of 14.26 yuan/ton compared to the previous week; the weekly average profit of petroleum - coke float glass was - 7.21 yuan/ton, with a loss increase of 7.14 yuan/ton compared to the previous week [7]. 5. Market Outlook - From December 22nd to December 26th, the main contract of glass futures rebounded moderately in oscillation, but the spot market was under continuous pressure, and the divergence between futures and spot prices intensified. The short - term price may continue to oscillate within a range, and the medium - term is still restricted by weak terminal demand and slow inventory depletion [8].

Group 1: Report Overview - Research variety: Fuel oil [1] - Report date: December 29, 2025 - Report cycle: Weekly report - Researcher: He Ning (Qualification number: F0238922; Investment consulting certificate number: Z0001219) [1] Group 2: Core View - This week, fuel oil contracts rebounded from a low level following crude oil, showing a volatile upward trend [2]. - Supported by the emotional premium brought about by the escalation of the geopolitical situation, the price gradually recovered from the low level at the beginning of the week. However, the medium - term supply - demand imbalance expectation suppressed the increase, and the price fluctuation range narrowed compared with the previous period [2]. Group 3: Futures Market 3.1 Contract Market Conditions - The main fuel oil contract FU2603 closed at 2,491 yuan/ton, up 101 yuan/ton or 4.23% from the previous trading week's settlement price [3]. - The highest price this week was 2,534 yuan/ton, and the lowest was 2,401 yuan/ton [3]. - The trading volume was 2,971,069 lots, and the open interest was 198,195 lots, a decrease of 103,569 lots [3]. 3.2 Variety Prices - The price spreads of fuel oil futures contracts further narrowed [6]. - Details of each contract's weekly opening price, highest price, lowest price, closing price, change, open interest, open interest change, weekend settlement price, trading volume, and trading amount are provided in the table [6]. Group 4: Spot Market 4.1 Basis Data - The fuel oil spot market performed poorly this week, and the current basis level was in the lower range of recent months [8]. - The fuel oil price is closely linked to crude oil, and the low - level consolidation of crude oil further restricted the upward elasticity of the basis [8]. 4.2 Benchmark Price - The fuel oil benchmark price in yuan/ton was flat compared with the beginning of the month. The fuel oil benchmark price in US dollars/ton decreased compared with the beginning of the month [13].

Report Overview - Research Variety: Corn starch [1] - Report Cycle: Daily [1] - Date: December 29, 2025 [1] 1. Futures Market 1.1 Contract Quotes - The cs2603 contract of corn starch futures mainly showed a fluctuating upward trend on December 29, 2025. The closing price was 2,535 yuan/ton, up 21 yuan/ton from the previous trading day. The trading volume was 131,000 lots, an increase of 20,270 lots compared with the previous trading day. The open interest was 200,000 lots, an increase of 8,199 lots compared with the previous trading day [2] 1.2 Variety Prices - The total open interest of 6 contracts of corn starch futures was 263,701 lots, an increase of 909 lots compared with the previous trading day [4] 2. Spot Market 2.1 Spot Quotes - On December 29, 2025, the spot quotes of corn starch in some domestic regions were as follows: Heilongjiang 2,540 yuan/ton, unchanged; Liaoning 2,730 yuan/ton, unchanged; Jilin 2,620 yuan/ton, unchanged; Hebei 2,790 yuan/ton, unchanged; Shandong 2,730 yuan/ton, unchanged [7] 3. Influencing Factors 3.1 Industry News - On December 29, the CIF price of imported US corn was 269 US dollars/ton, down 1 US dollar/ton from the previous day. The import cost was 2,178 yuan/ton, down 3 yuan/ton from the previous day. The import cost after additional tariffs was 2,383 yuan/ton, down 4 yuan/ton from the previous day [7] 4. Market Outlook - The 5 - day and 10 - day moving averages of the cs2603 contract of corn starch are showing a long - position arrangement. The grain sales progress in the Northeast corn - producing area this year is faster than the same period last year, and the grain quality is generally good. However, the willingness of grass - roots farmers to sell grain is average, and the downstream demand support is insufficient. It is expected that the price of the cs2603 contract of corn starch will continue to fluctuate in the future [9]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - On December 26, 2025, the treasury bond futures market declined across the board, showing a pattern of long - term weakness and short - term stability. The 30 - year main contract (TL2603) led the decline, hitting the largest single - day decline since December 18. The 10 - year (T2603), 5 - year (TF2603), and 2 - year (TS2603) contracts fell slightly, with limited short - end declines supported by loose liquidity. The total market turnover was 281.724 billion yuan, and the 30 - year contract turnover was 107.144 billion yuan, accounting for 38% of the total market, indicating that the ultra - long end remained the core of capital game [11]. 3. Summary by Directory 3.1 Futures Market - **Contract Price**: On December 26, 2025, the ten - year treasury bond (T2603) futures contract opened lower at 108.200 yuan, showed a volatile trend during the day, with an intraday low of 108.195 yuan. The daily K - line closed positive, with a trading volume of 67,379 lots and an open interest of 253,517 lots [2]. - **Variety Price**: Among the 12 treasury bond futures contracts, the prices of the two - year treasury bond contracts (TS2603, TS2606, TS2609) showed a pattern of near - term low and long - term high; the prices of the five - year treasury bond contracts (TF2603, TF2606, TF2609) showed a pattern of near - term high and long - term low; the prices of the ten - year treasury bond contracts (T2603, T2606, T2609) showed a long - term low pattern; the prices of the thirty - year treasury bond contracts (TL2603, TL2606, TL2609) showed a near - term low pattern. The open interest of the ten - year treasury bond (T2603) contract was the highest among all contracts [3][5]. 3.2 Spot Market - On December 26, 2025, the People's Bank of China conducted 93 billion yuan of 7 - day reverse repurchase operations at a fixed interest rate of 1.40% through quantity tender. The maturity amount was 56.2 billion yuan, resulting in a net injection of 36.8 billion yuan [6]. 3.3 Related Information - Technical Analysis - For the ten - year treasury bond (T2603) futures contract, the daily K - line closed positive, with an intraday high of 108.330 yuan. The MACD indicator continued to run with a golden cross near the zero - axis, and the trading volume was greater than the previous day [9].

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - On December 24, the black metal futures showed a pattern of "range - bound oscillation under weak supply and demand". Rebar was supported by inventory depletion and supply contraction and oscillated strongly. Iron ore was under pressure due to high port inventory and weak demand. Coking coal and coke rebounded slightly due to winter storage replenishment expectations and cost support. Ferrosilicon and silicomanganese maintained low - level oscillations due to loose supply and demand. There was a lack of short - term unilateral drivers, and attention should be paid to policy implementation and winter storage rhythm [6] 3. Summary by Relevant Catalogs 3.1 Futures Market - Contract Market - On December 24, the Black Chain Index opened at 112.33 points, oscillated upward during the session, reaching a maximum of 112.92 points and a minimum of 111.68 points, and finally closed at 112.66 points, up 0.3 points from the previous trading day. The total trading volume was 3.588 million lots, a decrease of 195,000 lots from the previous day. The total open interest dropped to 6.602 million lots, a decrease of 33,232 lots from the previous trading day [2] 3.2 Spot Market - On December 24, 2025, the black metal market showed an overall oscillating trend. Affected by the cold wave, demand weakened, but construction rush in some southern regions provided support. The trading atmosphere was average, futures prices fluctuated within a narrow range, and spot quotes were mainly stable. The change in basis reflected the divergence of market expectations [3] - The average price of 20mm grade - 3 earthquake - resistant rebar in 31 major cities across the country was 3,327 yuan/ton, a decrease of 2 yuan/ton from the previous day. The price of Zhongtian Iron and Steel brand HRB400 Φ20 rebar in the Shanghai market was 3,290 yuan/ton, and 3,300 yuan/ton in the Hangzhou market. The average price of 4.75mm hot - rolled coil in 24 major cities was 3,294 yuan/ton, unchanged from the previous day. The price of hot - rolled open - flat plates (Q235B 4.75×1500×6000) of Ansteel and Bengang brands in the Anshan market was 3,250 yuan/ton. Due to the decline in real estate and infrastructure demand and the impact of the cold wave, steel mills faced significant order - taking pressure, and prices were expected to be under pressure [5] - The price difference of 61% Fe between Caofeidian Port and Qingdao Port was 16 yuan/dry ton, and the price difference between Lianyungang and Qingdao Port was 0 yuan/dry ton, indicating stable regional price differences. The price difference between iron ore and rebar contracts 01 was 2,323 yuan/ton, with changes in arbitrage space [5] - The spot price of main coking coal (A＜10.5, S＜1.3, G＞80) in Jiexiu, Shanxi was 1,300 yuan/ton, the price of Kaijia No. 1 brand was 1,450 yuan/ton, and the medium - sulfur coking coal price index was 1,353.5 yuan/ton, all showing a slight downward trend [5] - The market price of 72% FeSi qualified blocks of ferrosilicon in Ningxia was 5,330 yuan/ton with intraday fluctuations. The market price of high - silicon silicomanganese (FeMn65Si25) was 6,200 yuan/ton, with a stable price. The price difference between silicomanganese and ferrosilicon contracts 01 was 264 yuan/ton, and the arbitrage opportunity narrowed. The basis between Inner Mongolia and Ningxia regions was in the range of - 330 to - 240 yuan/ton, and the market information disturbances led to wide - range oscillations [5] 3.3 Market Outlook - The black metal futures on December 24 presented a "range - bound oscillation under weak supply and demand" pattern. Rebar oscillated strongly supported by inventory depletion and supply contraction, iron ore was under pressure due to high port inventory and weak demand, coking coal and coke rebounded slightly due to winter storage replenishment expectations and cost support, and ferrosilicon and silicomanganese maintained low - level oscillations due to loose supply and demand. There was a lack of short - term unilateral drivers, and attention should be paid to policy implementation and winter storage rhythm [6]

Report Overview - Research Variety: Live pigs [1] - Report Cycle: Daily [1] - Report Date: December 23, 2025 [1] 1. Futures Market 1.1 Contract Quotes - The lh2603 live pig futures contract showed a volatile trend, closing at 11,415 points, up 0.71% from the previous settlement price, with a trading volume of 56,400 lots and an open interest of 161,900 lots [2] 1.2 Variety Prices - All live pig futures contracts generally rose, with a total open interest of 344,624 lots, a decrease of 2,251 lots from the previous trading day [4] 1.3 Related Quotes - The trading volume of live pig options was 11,008 lots, the total open interest was 57,599 lots, an increase of 1,378 lots, and the total exercise volume on the day was 0 lots [6] 2. Spot Market 2.1 Basis Data - The live pig basis was 245 yuan/ton yesterday and 239 yuan/ton today, a decrease of 6 yuan/ton from the previous trading day, showing a slight convergence [7] 2.2 Registered Warehouse Receipts - The warehouse receipt report of the Dalian Commodity Exchange showed that there were 863 registered warehouse receipts today, an increase of 40 lots from the previous trading day [8] 3. Influencing Factors 3.1 Industry News - Shanghai will include the live pig income insurance in the municipal financial agricultural insurance premium subsidy regular insurance, with different subsidy ratios for farmers in涉农 areas and municipal - owned enterprises, and the financial department will subsidize the insurance premiums for pigs within 105% of the basic supply volume [10][11] 3.2 Technical Analysis - The lh2603 live pig futures contract closed with a positive daily line, with a brief intraday rise. The K - line was near the upper track of the BOLL line, and the BOLL line was in a closing state [12] 4. Market Outlook - After the Winter Solstice, the small peak of demand in the live pig market has passed, and the supply - side contradiction remains to be released. However, the southern curing has gradually started, and the enthusiasm for second - fattening has increased. The price of the LH2603 live pig futures contract will continue the low - level volatile trend, and is expected to remain in a wide - range low - level shock in the short term [14][15]

成文日期：20251223 报告周期: 日报 研究品种:热卷 研究分析师：安致远（期货从业资格证号：F03143832；投资咨询证书号：Z0022799) 卷期货目报 1 期货市场 1.1 合约行情 1.2 品种价格 热卷期货 12 个合约价格呈现波浪态势，全天各合约（除 2602 合约小幅度下跌以外）均有一定幅度上涨。品种持仓量 1720715 手, 较上一交易日减少 22051 手,其中活跃合约热卷 hc2605 持仓量减 少 2627 手。 图 2: 热卷期货日行情表 | 交割月份 | 前结算 | 今开盘 | 磨厚补 | 层低价 | 收盘价 | 结算参考价 | 涨跌1 | 涨跌2 | 成交手 | 成交領 | 持仓手/变化 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 商品名称:热轧卷板 | | | | | | | | | | | | | | 2601 | 3274 | 3283 | 3290 | 3261 | 3282 | 3278 | 8 | 4 | 34592 | 11342 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - In the short - term, the price of the apple futures AP2605 contract is expected to show a volatile and slightly stronger trend. The current trading atmosphere in the apple sales area is light, the New Year's Day holiday stocking has not brought obvious improvement, the terminal sales speed is slower than the same period last year, and second and third - level wholesalers are less enthusiastic about purchasing due to high apple prices. Technically, the AP2605 contract showed a bullish trend on the day, with bulls taking the initiative in the short - term [12]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Contract行情**: On December 23, 2025, the apple AP2605 futures contract fluctuated upwards, closing at 9230 points, a 0.49% increase from the previous day. The daily trading volume was 93,740 lots, and the open interest was 144,841 lots, a decrease of 3,937 lots from the previous trading day [2]. - **Variety Price**: All apple futures contracts rose on the day. The trading volume was 99,112 lots, and the total open interest of the variety was 168,460 lots, a decrease of 4,885 lots from the previous trading day [4]. - **Associated Market**: The apple options had a total trading volume of 6,247 lots and a total open interest of 31,782 lots, an increase of 630 lots. The total number of exercises on the day was 0 lots [6]. 3.2 Spot Market - **Basis Data**: The current spot price of apples is 8,200 yuan/ton, the futures settlement price is 9,209 yuan/ton, and the basis is - 1,009 yuan/ton [7]. - **Registered Warehouse Receipts**: According to the warehouse receipt daily report of the Zhengzhou Commodity Exchange, the number of registered warehouse receipts today is 0 lots [8]. 3.3 Influencing Factors - **Industry News**: As Christmas approaches, the market for late - harvested Fuji apples in storage remains stable. The stocking atmosphere in the production areas is not strong, the sales of farmers' apples are weak, and merchants are gradually packaging and shipping their own inventory [9]. - **Technical Analysis**: The daily K - line of the AP2605 contract on the day showed a positive line, with an overall trend of opening high and moving higher. After closing with a negative line the previous day, the positive line on the day directly covered the previous day's negative line entity, indicating that the bulls took the initiative in the intraday game [10].