投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 | | | | | 聚酯数据日报 | | | --- | --- | --- | --- | --- | --- | | | | 国贸期货研究院 | | 投资咨询号:Z0017251 | 2025/12/11 | | | | 能源化工研究中心 | 陈胜 | 从业资格号:F3066728 | | | | 指标 | 2025/12/9 | 2025/12/10 | 变动值 | 行情综述 | | | INE原油(元/桶) | 446. 1 | 443. 7 | -2. 40 | 成交情况: PTA:原油并未收复周二的跌幅,下游涤纶长丝促销效 | | SC | PTA-SC(元/陣) | 1402. 1 | 1391.6 | -10. 56 | 果不佳,PTA日均价下跌。PTA仍然去库存,PTA现货基 | | | PTA/SC(比价) | 1. 4325 | 1. 4316 | -0. 0009 | 差微涨。 | | PX | CFR中国PX | 832 | 832 | 0 | | | | PX-石脑油价差 | 261 | 269 | 9 | | | | ...

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - On December 10, the main contract of Shanghai gold futures closed up 0.26% to 956.4 yuan/gram, and the main contract of Shanghai silver futures closed up 5.44% to 14,737 yuan/kilogram [5]. - Gold prices are maintaining high - level fluctuations as the market has fully priced in interest - rate cuts and there is uncertainty about the future path. Silver has risen significantly again due to the resonance of its "macro - industrial" dual attributes under the uncertain supply tightness. Both London spot silver and Shanghai silver futures have reached new historical highs [5]. - In the future, gold prices will remain high, and silver will show strong resilience due to the imbalance in supply - demand structure and overseas delivery risks. However, investors should be cautious of short - term sharp fluctuations in the silver market and control their positions [5]. - In the long - term, factors such as the Fed's ongoing interest - rate cut cycle, global geopolitical uncertainties, unsustainable US debt, increased great - power competition, and continued central - bank gold purchases will likely push up the long - term center of gold prices. Long - term investors are recommended to buy on dips [5]. 3. Summary by Relevant Catalogs 3.1 Price Tracking - **Gold and Silver Prices on December 10, 2025**: London gold spot was at $4,206.15/ounce, London silver spot at $61.34/ounce, COMEX gold at $4,234.20/ounce, COMEX silver at $61.88/ounce, AU2602 at 956.4 yuan/gram, AG2602 at 14,373 yuan/kilogram, AU (T + D) at 951.2 yuan/gram, and AG (T + D) at 14,351 yuan/kilogram. Compared with December 9, 2025, the price increases were 0.6%, 5.8%, 0.6%, 6.0%, 0.5%, 5.6%, 0.5%, and 5.5% respectively [3]. - **Price Spreads and Ratios on December 10, 2025**: The gold ID - SHFE active price spread was - 5.2 yuan/gram, the silver ID - SHFE active price spread was - 22 yuan/kilogram, the gold domestic - foreign (TD - London) spread was - 5.60 yuan/gram, the silver domestic - foreign (TD - London) spread was - 1,254 yuan/kilogram, the SHFE gold - silver main ratio was 66.54, the COMEX gold - silver main ratio was 68.43, AU2604 - 2602 was 2.06 yuan/gram, and AG2604 - 2602 was - 1 yuan/kilogram. Compared with December 9, 2025, the changes were 8.1%, 340.0%, 22.6%, 8.7%, - 4.8%, - 5.0%, - 9.6%, and - 150.0% respectively [3]. 3.2 Position Data - **On December 9, 2025**: Gold ETF - SPDR was 1,047.97 tons, silver ETF - SLV was 15,973.1589 tons, COMEX gold non - commercial long positions were 256,572 contracts, non - commercial short positions were 54,265 contracts, non - commercial net long positions were 202,307 contracts, COMEX silver non - commercial long positions were 54,166 contracts, non - commercial short positions were 20,945 contracts, and non - commercial net long positions were 33,221 contracts. Compared with December 8, 2025, the changes were - 0.11%, 0.53%, - 3.66%, - 11.97%, - 1.15%, - 3.20%, 11.17%, and - 10.50% respectively [3]. 3.3 Inventory Data - **On December 10, 2025**: SHFE gold inventory was 91,299 kilograms (unchanged from December 9, 2025), SHFE silver inventory was 741,845 kilograms (up 3.35% from December 9, 2025). On December 9, 2025, COMEX gold inventory was 36,099,219 fine ounces (down 0.31% from December 8, 2025), and COMEX silver inventory was 455,821,771 fine ounces (down 0.07% from December 8, 2025) [3]. 3.4 Other Market Data - **On December 10, 2025**: The 2 - year US Treasury yield was 3.61%, the 10 - year US Treasury yield was 4.18%, NYMEX crude oil was 16.93, the US dollar index was 99.24, VIX was 58.39, the S&P 500 was 6,840.51, and the US dollar/Chinese yuan central parity rate was 7.08. Compared with December 9, 2025, the changes were 0.24%, 1.62%, - 0.09%, 1.12%, 0.14%, - 0.78%, and - 0.03% respectively [4].

| | | | | | | 三十六年 - 文艺 - 一夜 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 2025/12/11 | 国贸期货出品 ITG国贸期货 | | | | | | | | | 投资咨询业务资格: 证监许可[2012] 31号 | | | | | | | | | 执业证号 黑色金属研究中心 投资咨询证号 | | | | | | | | | 张宝慧 F0286636 Z0010820 | | | | | | | | | 黄志鸿 F3051824 Z0015761 | | | | | | | | | 董子勖 F03094002 Z0020036 | | | | | | | | | 薛夏泽 F03117750 Z0022680 | | | 远月合约收盘价 | RB2610 | HC2610 | 12609 | J2605 | JM2609 | 7000 - 1000 | | | (元/吨) | | | | | | 6000 800 | | | 12月10日 | 3149.00 | 3292. 00 | 745 ...

| | 2025年12月10日 | | 日环比 | 周环比 | | | 2025年12月10日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货价格 | SP2601 | 5360 | -0. 48% | -1.80% | 现货价格 | 针叶浆银星 | 5500 | -0. 90% | -0. 90% | | (元/吨) | SP2512 | 4716 | 0. 26% | 0. 04% | (元/吨) | 针叶浆俄针 | 5250 | 0.00% | 0. 00% | | | SP2605 | 5436 | -0.51% | -1.27% | | 阔叶浆金鱼 | 4500 | 0.00% | 0. 00% | | | | 本期价格 | 上期价格 | 月环比 | | | 本期价格 | 上期价格 | 月环比 | | 外盘报价 | 智利银星 | 680 | 680 | 0. 00% | 进口成本 | 智利银星 | 5559 | 5559 | 0. 00% | | (美元/吨) | 日芭ぎ鱼 | 540 ...

| 特容公面业各公移,证监许可【2012 36 | 日博策略参考 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 发布日期:2025/ | | | | | | | | | | 行业板块 | 逻辑观点精粹及策略参考 | 趋势研判 | 品种 | 本次政治局会议释放的增量信息有限,在宏观政策方面,会议基 | 调总体延续此前积极取向,并更加强调提升政策实施效能;在结 | | | | | 构政策方面,会议明确"要坚持内需主导"和"坚持创新驱动 | ，将扩大内需置于相对优先位置。市场关注点可能更多转向预 | 计于本周召开的中央经济工作会议,后者有望对明年经济工作作 | 宏观金融 | | | | | | | 出更为具体的部署。在此之前,预计股指仍将保持偏强运行态势 | 资产荒和弱经济利好债期,但短期央行提示利率风险,压制上涨 | | | | | | | | | 国 | 農汤 | 径间。 | 近期LME铜注销仓单提高,引发挤仓担忧,铜价走高。但短期随着 | | | | | | | 博游 | 利好情绪消化,铜价存在回落风险。 | ...

投资咨询号: Z0000116 国贸期货研究院 2025/12/10 金融衍生品中心 李泽钜 从业资格号:F0251925 数据来源: Wind,国贸期货研究院 行情回顾 指数 收盘价 涨跌幅(%) 成交额(亿元) 成交量(亿) 上证50 1100. 95 2997. 9603 -0. 71 43. 43 4598. 2232 沪深300 -0. 51 4521. 14 184. 16 3923. 13 7380. 5835 -0. 57 228. 49 中证1000 中金所股指期权成交情况 认购期权 认洁期权 日成交量 期权持企量 认购期权 认洁期权 持仓量 期权成交量 指数 持仓量 (万张) (万张) 持仓量 成交量 成交量 PCR PCR 上证50 2. 23 1. 33 0. 67 6. 74 3. 96 2. 79 0. 70 0. 90 3.81 沪深300 9. 74 5. 93 0. 64 0. 79 19. 49 10. 86 8. 62 中证1000 9.78 0. 83 17. 88 8. 11 32. 95 16. 56 16. 39 0. 99 沪深300PCR走势 中证1000PC ...

位。(3) 短纤价格继续跟随成本紧密波动。 能源化 (1) 苯乙烯市场整体维持窄幅震荡。 (2) 出口的讨论提供一定 支撑,但聚合物市场销售疲软。(3)美国汽油需求转弱,调油料 价格下行,高辛烷值组分价格下行。 (1) 出口情绪稍缓, 内需不足上方空间有限。 (2) 下方有反内 尿素 卷及成本端支撑。 (1) 检修减少,开工负荷高位。(2)远洋到港,供应增加。( 3) 下游需求开工走弱。（4）原油价格走低,油制成本下降。 (1) 检修较少,开工负荷较高,供应压力偏大。(2) 下游改善 不及预期。(3)丙烯单体高位,成本支撑较强。(4)原油价格 走低,油制成本下降。 (1) 盘面回归基本面。 (2)后续检修较少,新产能放量,供应 PVC 压力攀升。 需求减弱, 订单不佳。 (1) 广西氧化铝投前开始送货,部分氧化铝厂延迟投产,采购节 奏放缓。（2）开工负荷较高,检修较少。(3)山东烧碱存在累 库压力,液氯价格居高不下。(4)临近交割月,01合约持仓异 常,出现空逼多现象。 (1) 地缘/关税缓和,国际油气回归基本面宽松逻辑。(2) CP/ FEI近期回补修复上行。(3)华南茂名石化乙烯装置计划检修, 届时至1月 ...

投资咨询业务资格：证监许可【2012】31号 | . No on and are | | 1 | | --- | --- | --- | | 6 13 | | | | 14 | A CONSULT CONTRACT CONTRACT CONTRACT CONTRACT CONTRACT CONTRACT CONTRACT CONTRACT CONTRACT CONTRACT CONTRACT CONTRACT CONTRACT CONTRACT CONTRACT CONTRACT CONTRACT CARACT CARA | | | 11 | | | 航运衍生品数据日报 | | | | 国贸期货研究院 能源化工研究中心 | | | 投资咨询号: Z0021177 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 卢钊毅 | | 从业资格号:F03101843 | | 2025/12/10 | | | | | 数据来源：Clarksons、Wind | | | | | | | 运价指数 | 上海出口集装箱运价 综合指数SCFI | 中国出 ...

2025/12/10 | 指标 | | 12月9日 | 涨跌 | | | 豆粕主力合约基差 (张家港) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 大连 | 112 | | 1600 | ここここ - 18/19 こここ - - 22/23 | ニニーー 19/20 - - - - - 23/24 | == 24/25 | ====21/22 | | 43%豆粕现货基差 | 天津 日照 张家港 | 52 12 32 | 22 22 | 1200 800 400 | | | | | | (对主力合约) | | | | -400 | | | | | | | | | | 01/21 02/21 | 03/24 04/24 | 05/25 06/25 07/26 | 08/26 09/26 | 10/27 11/27 12/28 | | | 东莞 | 9 | 12 | | | M1-M5 | | | | | 湛江 | 12 | 22 | 1000 | ここここ - 18/19 22/23 | ----- 19/20 ----- 2 ...

投资咨询业务资格:证监许可【2012】31号 = 宏观金融数据日报 | 国贸期货研究院 宏观金融研究中心 郑雨婷 | | 期货执业证号:F3074875; 投资咨询证号: Z0017779 | | 2025/12/10 | | | --- | --- | --- | --- | --- | --- | | 品种 | 收盘价 | 较前值变动(bp) | 品种 | 收盘价 | 较前值变动 (bp) | | DRO01 | 1.30 | -0.29 | DR007 | 1.45 | 0.52 | | GC001 | 1.43 | -1.00 | GC007 | 1.50 | -0.50 | | SHBOR 3M | 1.58 | 0.10 | LPR 5年 | 3.50 | 0.00 | | 1年期国债 J 10年期国债 | 1.35 1.84 | 1.40 -1.20 | 5年期国债 10年期美债 | 1.63 4.14 | 0.60 0.40 | | 1 and Real Property | | | Pro CLICIL | 10 1L + 1 410 11 . | 117 1 | | -0.60 | | | ...