Report Summary 1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Core View of the Report On December 23, 2025, the main contract of Shanghai silver futures reached a new historical high, which was the result of the resonance of macro - easing expectations, the explosion of industrial demand, geopolitical risk - aversion sentiment, and the market short - squeeze logic. In the short term, Shanghai silver is likely to continue its strong and volatile pattern [9]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Contract Market**: On December 23, 2025, the main 2602 contract of Shanghai silver futures continued its strong upward trend, reaching a maximum of 16,573 yuan/kg during the session and closing at 16,441 yuan/kg, with a daily increase of 4.30%. The market was bullish [2]. - **Variety Market**: The trading volume of the main 2602 contract of Shanghai silver futures on that day was 1,230,157 lots, a decrease of about 27.8% compared with the previous trading day, indicating that funds were more cautious due to high - level fluctuations. The open interest remained relatively high at 340,510 lots, slightly decreasing from the previous day, showing that the long - position structure was still stable. The market showed the characteristic of "decreasing volume and rising price", reflecting intensified high - level gaming among funds and a dominant bullish sentiment [5]. - **Spot Market Data**: On December 23, 2025, domestic silver spot prices also reached new records. The prices of national standard No. 1, No. 2, and No. 3 silver were 16,340 yuan/kg, 16,325 yuan/kg, and 16,310 yuan/kg respectively, all rising by 320 yuan/kg compared with the previous day. The narrowing of the discount reflected the tight supply of spot silver and an increased expectation of physical delivery [6]. 3.2 Influencing Factors - **Macro - aspect**: The strengthening of interest - rate cut expectations and geopolitical risk - aversion led to a concentrated release of precious - metal buying. The US dollar index continued to weaken, and the RMB against the US dollar broke through 7.02. Tensions in the Middle East and the escalation of Ukraine's attacks on Russia's "shadow fleet" drove global risk - averse funds to flow into precious - metal assets [8]. - **Technical - aspect**: The daily MACD indicator of the Shanghai silver 2602 contract continued to run above the zero - axis, with the fast and slow lines in a long - position arrangement, indicating a stable upward trend. The daily KDJ indicator continued to give a bullish signal, and the RSI indicator rose but did not enter the overbought range, suggesting sufficient short - term upward momentum [8].

成文日期：20251223 报告周期: 日度 研究品种:沪铝 研究员：曹柏泉（从业资格号：F03122015；投资咨询从业证书号：Z0019820) 沪铝期货日报 1 期货市场 1.1 合约行情 当日（20251223），期货品种沪铝 al2602 合约震荡走势，日 盘小幅波动，收盘收假阳线。较昨日结算下跌约 0.20%.收至 22195 点。全日成交量为 209413 手，持仓量为 301815 手。 1.2 品种价格 沪铝期货 12 个合约，品种持仓量 653461 手，较上一交易日减 少 5425 手，其中活跃合约沪铝 al2602，持仓量减少 12484 手，震荡 中资金减仓。 研究咨询：028 6130 3163 邮箱：institute@gjgh.com.cn 投诉热线：4006821188 请务必阅读文末风险揭示及免责声明 图 1：沪铝 al2602 分时图 数据来源:国金期货 wh6 | 合約名称 | 政新 | 现手 | 买价 | 卖价 | 买量 | 卖量 成交量 | | 涨跌 深幅% | 持仓量 | 日增仓 | 开盘 | 政治 | 液低 | 结算 | | --- | --- | --- | ...

Report Summary Investment Rating No investment rating is provided in the report. Core View The industrial silicon market is currently in a game situation of "macro - sentiment support + oversupply suppression". Short - term support is provided by production cuts in the southwest, but high inventory, weak demand, and long - term capacity expansion pressure are the core negatives. The short - term price is difficult to break away from the weak and volatile state [8][9]. Section Summaries 1. Futures Market - **Contract Quotes**: On December 23, 2025, the industrial silicon si2605 futures contract mainly rose, closing with a positive line. The opening price was 8,600 yuan/ton, the highest was 8,810 yuan/ton, the lowest was 8,595 yuan/ton, and the closing price was 8,780 yuan/ton. The trading volume increased slightly, with a full - day trading volume of 351,425 lots and an open interest of 213,776 lots [2]. - **Variety Prices**: The total open interest of 12 industrial silicon futures contracts was 401,013 lots, a decrease of 15,701 lots from the previous trading day. Among them, the open interest of the active contract si2605 decreased by 7,830 lots [3]. 2. Spot Market - **Basis Data**: In the past 10 trading days, the basis of the active contract industrial silicon si2605 strengthened. The quoted price of industrial silicon non - oxygenated 553 was 9,250 yuan/ton on that day, and the basis was 470 yuan/ton. The futures contract rose 185 yuan/ton compared with the previous day's closing price [6]. 3. Influencing Factors - **Industry News**: The supply side shows a differentiated pattern of "production cuts in the southwest and high operation in the north", and the overall oversupply pressure has not been fundamentally alleviated. Production cuts in the dry season in the southwest continue to materialize, with weekly output in Sichuan and Yunnan decreasing and the furnace - opening rate at a low level for the year. The Xinjiang sample enterprises maintain a high operation rate, and the output of new silicon furnaces drives the regional output to increase steadily, offsetting the impact of production cuts in the southwest. The cost - side support has weakened. The price of carbonaceous reducing agents has dropped significantly. Although the electricity price in the dry season in the southwest has increased, the expected decline in the electricity price in the wet season in the far - month, combined with the decrease in raw material costs, weakens the overall production cost support and further opens up the downward price space [7]. 4. Market Outlook The industrial silicon market is in a situation where macro - sentiment provides support while oversupply suppresses prices. Short - term support comes from southwest production cuts, but high inventory, weak demand, and long - term capacity expansion pressure are the main negative factors, resulting in a short - term weak and volatile price trend [8][9].

Report Summary 1. Industry Investment Rating No information provided. 2. Core View - This week, the fuel oil contracts showed an overall fluctuating downward trend, following the international crude oil's fluctuation rhythm. Geopolitical news such as the tense relationship between the US and Venezuela and Venezuela's export disruptions affected the market this week, but the long - term oversupply pattern of the crude oil market remains unchanged, providing limited support for fuel oil prices [2]. 3. Summary by Directory 1. Futures Market - **1.1 Contract Market** - This week, the main fuel oil contract FU2603 closed at 2,390 yuan/ton, down 15 yuan/ton or 0.62% from the previous trading week's settlement price. The weekly high was 2,460 yuan/ton, the low was 2,366 yuan/ton, the trading volume was 2,927,936 lots, and the open interest was 301,764 lots, an increase of 94,646 lots [3]. - **1.2 Variety Price** - The price spreads between different fuel oil futures contracts further narrowed [7]. 2. Spot Market and Warehouse Receipts - **2.1 Basis Data** - The fuel oil spot market performed poorly this week, with the current basis level in the lower range of recent months. The close linkage between fuel oil prices and crude oil, and the low - level consolidation of crude oil further restricted the upward elasticity of the basis [10]. - **2.2 Registered Warehouse Receipts** - According to the Shanghai Futures Exchange's warehouse receipt data, the scale of warehouse receipts remained stable and did not cause significant supply - demand disturbances in the market [13]. 3. Influencing Factors - **3.1 Industry Information** - The benchmark price of fuel oil was 5,400 yuan/ton, up 0.9% from 5,350 yuan/ton at the beginning of the month. The benchmark price of 380 CST fuel oil was 385.5 US dollars/ton, also up 0.9% from the beginning of the month [14]. 4. Market Outlook - Affected by crude oil fluctuations, combined with the fundamental contradiction of abundant supply and weak demand, the fuel oil futures market is expected to maintain a volatile pattern in the short term. The narrowing trend of the high - low sulfur price spread is obvious; the supply of high - sulfur fuel oil remains under pressure, and prices may still face downward pressure. Repeated fluctuations in geopolitical situations may bring short - term market trends, but it is difficult to change the long - term weak tone. In the future, attention should be paid to crude oil price trends, geopolitical situation changes, Singapore fuel oil inventory changes, and domestic fuel oil production and import - export data [15].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The copper price is in an environment where it is more likely to rise than fall. Market expectations for a Fed rate cut in January are rising, the negative impact of the Bank of Japan's interest rate hike has been digested and turned into a positive support, and the supply of copper ore is tight while the electrolytic copper inventories in LME and SHFE remain at low levels [10]. 3. Summary by Related Catalogs 3.1 Futures and Spot Markets - On Thursday, the LME copper price rose and then fell. On Friday (December 19, 2025), the SHFE copper price fluctuated at a high level. The closing price of the main 2602 contract was 92,600 yuan/ton, down 220 yuan/ton or 0.24% from the previous trading day's closing price. The lower-than-expected US CPI data and the release of the negative impact of the Bank of Japan's 25 - basis - point interest rate hike on Friday pushed up the copper price [1]. - Today, the domestic spot copper was at a discount of 220 - 90 yuan/ton to the 2601 futures contract. The spot market trading was dull, downstream consumption was mainly for rigid demand, and the trading volume was relatively limited. The spread between refined and scrap copper in major domestic markets declined, with 4040 yuan/ton in Guangdong and 3977 yuan/ton in Tianjin [1]. 3.2 Macro and Fundamentals - The US announced that the CPI in November was 2.7%, lower than both the market expectation of 3.1% and the previous value of 3.0%. The number of initial jobless claims in the US was 224,000, slightly lower than the market forecast of 225,000. The market believes that US inflation is showing signs of cooling [1]. - The Bank of Japan raised interest rates by 25 basis points to 0.75% on Friday, reaching a 30 - year high. The market remained calm as the rate hike was in line with expectations [2]. 3.3 Market Outlook The market's expectation for a Fed rate cut in January is rising. After the Bank of Japan's interest rate hike, the negative impact has been exhausted and turned into a positive factor. Coupled with the tight supply of copper ore and the low - level electrolytic copper inventories in LME and SHFE, the copper price is in an environment where it is more likely to rise than fall [10].

成文日期: 20251219 研究品种:玉米淀 报告周期：日度 研究员：漆建华（从业资格号：F03099134；投资咨询从业证书号：Z0017731) 玉米淀粉期货日报 1期货市场 1.1 合约行情 当日（20251219）玉米淀粉期货 cs2601 合约以震荡为主。今 日收盘价为 2502 元/吨,今日的收盘价和上一个交易日的收盘价对 比增加了 3 元/吨。从成交情况来看,今天的成交量为 94462 手, 和 上一个交易日对比降低了 13283 手,而持仓量方面,截止今天收盘, 持仓量为 79131 手，相较于上一交易日持仓量降低了 25104 手。 图：玉米淀粉期货日行情表 研究咨询: 028 6130 3163 邮箱: institute@gjgh.com.cn 投诉热线:4006821188 请务必阅读文末风险揭示及免责声明 | 大连商品交易所_日行情_20251219 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 品种名称 合约 | | ...

1.1 合约价格 沪银期货周报 1 期货市场 成文日期：20251221 报告周期:周度 研究品种：沪银 研究员：曹柏泉（从业资格号：F03122015；投资咨询从业证书号：Z0019820) 当周（20251215-1219）沪银期货主力 2602 合约价格高位偏强 震荡。周初延续强势, 于 12 月 18 日（周四）盘中最高触及 15,666 元/千克，再度刷新历史纪录。随后承压回调，周五（12 月 19 日) 收盘报 15,376元/千克。全周来看，合约在剧烈波动中仍录得上涨, 五日涨幅为 3.25%。 图 1：沪银 2602 日线 数据来源：wh6 1.2 品种行情 当周（20251215-1219）沪银主力合约累计成交量达 903.16 万 手,较前一周显著放量,交易活跃度维持高位。持仓量方面,主力 研究咨询: 028 6130 3163 邮箱: institute@gjgh.com.cn 投诉热线:4006821188 请务必阅读文末风险揭示及免责声明 2602 合约当周持仓量由 12 月 15 日的 38.18 万手降至 12 月 19 日的 33.75 万手，累计减少约 4.43 万手，显示部 ...

成文日期：20251222 报告周期: 日报 研究品种:国债期1 研究分析师：武吟秋（期货从业资格号：F03087154；投资咨询从业证书号: Z00018989) 最新局 1 期货市场 1.1 合约价格 当日（20251222），期货品种十年国债（T2603）合约早盘高 开, 开盘价格 108.110元,开盘后出现震荡走低的形态,日内最低 价 107.895 元，日 K 线收阴线，持仓量 226386 手，成交量 85093 手。 来源：国金期货行情软件 1.2 品种价格 图表 2:国债期货行情表 | 导约代码 | 今日禮 | 雷宫队 | 暗低价 | 成交量 | 成交金額 | 持仓展 | 持仓变化 | 令收篇 | 今結算 | 前沿草 | 涨跌1 | 涨跌2 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | TS2603 | 102.488 | 102.492 | 102.452 | 35,943 | 7,366,303.62 | 76,460 | 552 | 102.464 | 102.45 ...

成文日期：20251222 报告周期: 日报 研究品种:沪锡 研究员：曹柏泉 期货咨询证号（F03122015&Z0019820) 沪锡期货日报 1. 期货市场 1.1 合约行情 今日沪锡 2601 合约开盘以 344880 元/吨的高位直接上攻，受隔 夜伦锡收涨及宏观情绪偏暖带动、盘面快速触及日内最高点 347500 元/吨，最低下探至 335620 元/吨。今日成交量为 239865手。 图 1: 沪锡合约 2601 分时图 数据来源:国金期货-同花顺期货通 2 现货市场 今日沪锡 2601 合约收盘价为 340440 元/吨，上海 1#锡锭当日 均价 340600 元/吨，基差为 160 元/吨。 3 影响因素 3.1 产业资讯 当前整体宏观影响偏中性,锡市吸引大量投机资金入场推升价 日线 研究咨询：028 6130 3163 邮箱：institute@gjgh.com.cn 投诉热线：4006821188 请务必阅读文末风险揭示及免责声明 同时提醒期货交易者,期市有风险,入市需谨慎! 研究咨询：028 6130 3163 邮箱：institute@gjqh.com.cn 投诉热线：4006821188 ...

Report Overview - Research Variety: Apple - Report Cycle: Daily Report - Date: December 18, 2025 [1] 1. Futures Market 1.1 Contract Quotes - On December 18, 2025, the Apple AP2605 futures contract oscillated downward, closing at 9068 points, a 0.95% decrease from the previous day. The trading volume was 200,113 lots, and the open interest was 162,157 lots, an increase of 19,889 lots from the previous trading day [2]. 1.2 Variety Prices - All Apple futures contracts declined on the day. The total trading volume was 214,210 lots, and the open interest was 187,560 lots, an increase of 19,146 lots from the previous day [4]. 1.3 Related Quotes - The trading volume of Apple options was 20,328 lots, and the total open interest was 30,213 lots, an increase of 2,803 lots. There were 0 exercised options on the day [6]. 2. Spot Market 2.1 Basis Data - The current spot price of apples is 8200 yuan/ton, and the futures settlement price is 9034 yuan/ton, resulting in a basis of -834 yuan/ton [7]. 2.2 Registered Warehouse Receipts - According to the warehouse receipt daily report of the Zhengzhou Commodity Exchange, there are 0 registered warehouse receipts today [8]. 3. Influencing Factors 3.1 Industry News - The mainstream price of late Fuji apples in storage remains stable. There is no obvious improvement in the stocking atmosphere, and the enthusiasm of merchants to purchase from fruit farmers is average. They are gradually shipping their own inventory [9]. 3.2 Technical Analysis - The daily K - line of the AP2605 contract on the day is a medium - sized阴线 with a long lower shadow. The trading volume increased, the open interest slightly increased, and the price rebounded slightly after hitting the bottom [10]. 4. Market Outlook - Fundamentally, it is the off - season for consumption. High prices are suppressing purchases, and the sales in the distribution areas are slower compared to the same period. The impact of citrus fruits such as tangerines and the weak festival stocking indicate insufficient demand resilience. Technically, the AP2605 contract rebounded after hitting the bottom during the day and consolidated with shrinking volume at the end of the session. In the short term, the price of the Apple AP2605 contract may fluctuate [12].