Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - This week, domestic commodities rebounded with fluctuations, and most varieties in the industrial and agricultural product sectors rebounded. The market's expectation of a December interest rate cut significantly increased, Sino-US relations continued to ease, and geopolitical situations had an impact on international oil prices [3]. - Commodities will maintain a volatile range with differentiated trends among varieties. Currently, macro factors are mixed, and there are uncertainties regarding the December interest rate cut, the domestic economic slowdown, and geopolitical changes [3]. Summary by Relevant Catalogs PART ONE: Main Views - **Review**: Domestic commodities rebounded with fluctuations this week. The expectation of a December interest rate cut rose, Sino-US relations improved, and geopolitical situations affected oil prices [3]. - **Overseas**: Fed officials' dovish remarks increased the probability of a December interest rate cut from 43% to 80%. The US economy shows "K-shaped differentiation," and consumer spending may weaken in Q4. There are developments in the Ukraine peace plan, which affected oil prices [3]. - **Domestic**: From January to October, the profits of industrial enterprises above designated size increased by 1.9% year-on-year, with different growth rates in different sectors. China's foreign direct investment maintained resilient growth from January to October [3]. - **Commodity Views**: Commodities will maintain a volatile range due to mixed macro factors, including interest rate cut uncertainty, domestic economic slowdown, and geopolitical changes [3]. PART TWO: Overseas Situation Analysis - Fed officials' remarks increased the market's expectation of a December interest rate cut. The US economic activity changed little, consumer spending weakened, and there were developments in the Ukraine peace plan affecting oil prices [3]. PART THREE: Domestic Situation Analysis - From January to October, the profits of industrial enterprises above designated size increased by 1.9% year-on-year, with different growth rates in different sectors. China's foreign direct investment maintained resilient growth from January to October [3][21][25]. PART FOUR: High-Frequency Data Tracking - Data on开工率 of polyester产业链 and高炉开工率, prices of POY and PTA, and agricultural product prices are presented, showing certain trends and changes [34][41][43].

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The weakening fundamentals of logs have been priced in the market, and the current valuation is low. It is expected to fluctuate at a low level [4]. - Log futures are expected to fluctuate at a low level, as the spot price fundamentals continue to weaken, the spot price has dropped to the lowest level of the year, the fourth - quarter shipment is expected to increase, and the median of the December foreign quotation is 116 US dollars [8]. 3. Summary by Relevant Catalogs 3.1 Main Viewpoints and Strategy Overview - **Supply**: From November 24 - 30, 2025, the number of pre - arriving New Zealand log ships at 13 Chinese ports was 6, a decrease of 7 from the previous week, a week - on - week decrease of 54%. The total arrival volume was about 217,000 cubic meters, a decrease of 201,000 cubic meters from the previous week, a week - on - week decrease of 48% [4]. - **Demand**: From November 17 - 23, 2025, the average daily outbound volume of coniferous logs at 13 ports in 7 Chinese provinces was 64,400 cubic meters, a decrease of 1.83% from the previous week [4]. - **Inventory**: As of November 21, 2025, the total domestic coniferous log inventory was 3.03 million cubic meters, an increase of 80,000 cubic meters from the previous week, a week - on - week increase of 2.71% [4]. - **Valuation**: The current log price is lower than the delivery cost, and the valuation is low [4]. - **Investment View**: The weakening fundamentals of logs have been priced in the market, and the current valuation is low. It is expected to fluctuate at a low level. The trading strategy for both single - side and arbitrage is not provided, and attention should be paid to the domestic demand situation [4]. 3.2 Futures and Spot Market Review - **Futures Price**: Log futures fluctuated at a low level this week. The spot price fundamentals continued to weaken, and the spot price dropped to the lowest level of the year. The December foreign quotation had a large span, with a median of 116 US dollars. The fourth - quarter shipment was expected to increase. Overall, the log futures and spot prices were expected to fluctuate at a low level [8]. - **Futures Position**: As of November 28, 2025, the total position of log futures contracts was 24,241 lots, a 2.2% increase from the previous week. The position of the main log futures contract 2601 was 16,638 lots, a 5.4% decrease from the previous week [13]. - **Spot Price**: As of November 28, 2025, in Shandong, the prices of 3.9 - meter small A/medium A/large A radiata pine were 690/750/850 yuan/m³, and the prices of 5.9 - meter small A/medium A/large A were 730/770/940 yuan/m³. In Jiangsu, the prices of 3.9 - meter small A/medium A/large A radiata pine were 690/750/800 yuan/m³, and the prices of 5.9 - meter small A/medium A/large A were 730/770/840 yuan/m³ [14]. 3.3 Log Supply and Demand Fundamental Data - **Import Volume**: In October 2025, China's total coniferous log import volume was about 1.9078 million cubic meters, a month - on - month decrease of 4.67% and a year - on - year decrease of 7.14%. From January - October 2025, China's total coniferous log import volume was about 19.9238 million cubic meters, a year - on - year decrease of 8.04%. In October 2025, China's total coniferous log imports from New Zealand were about 1.4958 million cubic meters, a month - on - month decrease of 0.23% and a year - on - year increase of 12.47%. From January - October 2025, China's total coniferous log imports from New Zealand were about 15.0078 million cubic meters, a year - on - year increase of 1.80% [19]. - **New Zealand Shipment**: In October 2025, about 54 New Zealand log ships left the port, an increase of 8 from the previous month. The total shipment volume was about 2.013 million cubic meters, a 14% increase from 1.766 million cubic meters in September. Among them, 41 ships were sent to China, with a shipment volume of about 1.502 million cubic meters, accounting for 75%, a 2% increase from 1.472 million cubic meters in September [22]. - **Import Cost and Profit**: As of December 2025, the CFR quotation of radiata pine was between 112 - 119 US dollars/JASm³, equivalent to 780 - 825 yuan/m³ in RMB, and the import profit was about - 45 yuan/m³. In November 2025, the AWG price at the New Zealand port warehouse was 126 New Zealand dollars/JASm³, the export cost was about 111 US dollars/JASm³, and the export profit was about 8.8 New Zealand dollars/JAS/m³ [26]. - **Domestic Inventory**: As of November 21, 2025, the total domestic coniferous log inventory was 3.03 million cubic meters, a 2.71% increase from the previous week. The total coniferous log inventory at Shandong ports was 2,065,000 cubic meters, a 5.68% increase from the previous week. The total coniferous log inventory at Jiangsu ports was 831,777 cubic meters, a 0.57% decrease from the previous week [29]. - **Domestic Outbound Volume**: From November 17 - 23, 2025, the average daily outbound volume of coniferous logs at 13 ports in 7 Chinese provinces was 64,400 cubic meters, a 1.83% decrease from the previous week. The average daily outbound volume of coniferous logs at Shandong ports was 35,900 cubic meters, a 2.18% decrease from the previous week. The average daily outbound volume of coniferous logs at Jiangsu ports was 23,600 cubic meters, a 3.28% decrease from the previous week [32]. - **Wooden Square Price and Processing Profit**: As of November 28, 2025, the wooden square price in Shandong was 1250 yuan/m³, with no change from the previous week. The wooden square price in Jiangsu was 1260 yuan/m³, with no change from the previous week. The processing profit in Shandong was - 3.8 yuan/m³, with no change from the previous week. The processing profit in Jiangsu was - 9.2 yuan/m³, with no change from the previous week [35].

1. Report Industry Investment Rating - The investment rating for the butadiene rubber industry is neutral [3] 2. Core Viewpoints of the Report - The butadiene production has declined, and the output of cis - butadiene rubber is gradually recovering. The cost - side support is insufficient, the mainstream supply price of cis - butadiene rubber has been significantly reduced, the synthetic processing profit is still good, and the futures price is oscillating [3] 3. Summary by Relevant Catalog 3.1 Market Review - As of November 27, 2025, the ex - factory price of Sinopec's BR9000 was 10,400 yuan/ton, and that of PetroChina's sales companies was between 10,400 - 10,500 yuan/ton. The butadiene market fluctuated narrowly, lacking cost - side support. The production profit of cis - butadiene rubber remained good. The domestic production of cis - butadiene rubber slightly decreased, but the supply of private resources was abundant. The downstream continued to push down prices, and the transaction prices of private resources in North China were suppressed near 10,000 yuan. The supply prices of Sinopec and PetroChina's cis - butadiene rubber were reduced, and high - price quotations gradually declined, with mostly small orders for rigid demand [6] 3.2 Supply - **Butadiene**: Last week, the domestic butadiene production was [data unclear] tons, with a capacity utilization rate of [data unclear]%. During the week, some plants such as Nanjing Chengzhi, Sierbang, Yanshan Petrochemical, and Guangzhou Petrochemical remained shut down, and some plants of Shanghai Petrochemical, Maoming Petrochemical, and Sinochem Quanzhou were shut down for maintenance. Meanwhile, Shenghong Refining & Chemical reduced its load, resulting in a decline in production [3] - **Cis - butadiene rubber**: The Maoming Petrochemical cis - butadiene rubber plant was under regular maintenance, and the cis - butadiene rubber plants of Zhenhua New Materials and Zhejiang Petrochemical were expected to gradually resume production after restarting [3] 3.3 Demand - **Semi - steel tires**: The sales of semi - steel winter tires were average, with sufficient social inventory. Due to less snowfall, demand did not increase significantly, channel inventory digestion was slow, and the replenishment willingness was low. For all - season tires, the overall transaction remained dull, with weak and stable market demand. At the end of the month, agents had some replenishment needs [3] - **All - steel tires**: The market transactions became weaker, affected by the off - season and shortage of working capital. However, due to the pressure of purchase tasks at the end of the month, agents still replenished goods, and also pushed goods to channels to relieve their own inventory pressure. The overall market transaction price decreased steadily, with self - promotion and negotiation room [3] 3.4 Inventory - **Butadiene**: Last week, the port inventory of butadiene was 47,300 tons, a [data unclear]% increase from the previous week. Some plants were under maintenance and reduced load during the week, so the enterprise inventory did not increase significantly. Recently, ship cargoes continued to arrive at the port, and some trade volumes were transferred slowly. The port inventory may remain under pressure in the short term [3] - **Cis - butadiene rubber**: The inventory of high - cis cis - butadiene rubber enterprises and traders was 32,440 tons, a [data unclear]% increase from the previous week. The supply of private resources was sufficient, the downstream was determined to push down prices, the negotiation focus of spot goods continued to be under pressure, and the inventories of production enterprises and trading enterprises both increased [3] 3.5 Basis - The basis of cis - butadiene rubber in North China was - 415 yuan/ton, in East China was - 265 yuan/ton, and in South China was - 215 yuan/ton [3] 3.6 Spread/Price Ratio - The spread between RU - BR was 4,995 yuan/ton ([data unclear]%), the spread between NR - BR was 1,860 yuan/ton ([data unclear]), and the price ratio of BR - SC was - 0.15% [3] 3.7 Profit - The production gross profit of butadiene by oxidative dehydrogenation of butene was - 1,814 yuan/ton, and that by C4 extraction was 587 yuan/ton. The production gross profit of cis - butadiene rubber was 152.08 yuan/ton, with a gross profit margin of 5.98% [3] 3.8 Geopolitical and Macroeconomic Factors - The US non - farm payrolls in September increased by 119,000, far exceeding the market expectation of 50,000, but the unemployment rate rose to 4.4%. The US Department of Labor revised down the non - farm payroll data for July and August. The market was optimistic about the upcoming Russia - Ukraine peace agreement, which dominated the recent oil price trend. The geopolitical situation between the US and Venezuela was tense, and the US military might take land actions. Sino - Japanese relations deteriorated due to the Japanese Prime Minister's remarks on the Taiwan issue, and China took corresponding counter - measures. The floods in Thailand were positive for the rubber price sentiment, but due to high supply and inventory, the increase in the futures price was small [3] 3.9 Investment and Trading Strategies - **Investment view**: Neutral [3] - **Trading strategy**: For unilateral trading, there is no recommendation. For arbitrage, pay attention to going long on BR and shorting NR/RU. Risks to focus on include downstream demand, cost changes, plant maintenance, and geopolitical situations [3]

投资咨询业务资格：证监许可【2012】31号 【塑料数据周报（PP&PE ）】 国贸期货 能源化工研究中心 2025-12-01 叶海文 从业资格证号：F3071622 投资咨询证号：Z0014205 张国才 从业资格证号：F03133773 | 影响因素 | 驱动 | 主要逻辑 | | --- | --- | --- | | 供给 | 中性 | （1）本周国内聚丙烯产量80.68万吨，相较上周的80.83万吨减少0.15万吨，跌幅0.19%；相较去年同期的67.4万吨增加13.28万吨，涨幅19.7%。（2）聚丙 | | | | 烯平均产能利用率78.14%，环比下降0.14%；中石化产能利用率79.65%，环比下降1.59%。 | | | | （1）聚丙烯下游平均开工上涨0.26个百分点至53.83%。近期包装行业继电商节后订单萎缩，市场需求不佳，行业开工多稳中下行。随着天气寒冷加剧， | | 需求 | 偏多 | 流感等呼吸道疾病进入高发阶段，市场对口罩、消毒湿巾等防护用品的消耗量大幅增长，PP无纺布行业开工+0.58%。西北地区集中建筑施工活动依旧， | | | | 且地暖系统安装与维护需求进入高峰，二 ...

投资咨询业务资格：证监许可【2012】31号 【液化石油气（LPG）投资周报】 CP预期高开出台，PN价差再度抬升 国贸期货 能源化工研究中心 2025-12-1 国贸期货研究院：叶海文 从业资格证号：F3071622 投资咨询证号：Z0014205 国贸期货研究院：施宇龙 从业资格证号：F03137502 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 本周能化大宗产品收盘价格监控 能化产品收盘价格监控 | 品 种 | 单 位 | 现 值 | 日涨跌幅 | 周涨跌幅 | 月涨跌幅 | 年涨跌幅 | 周价格走势 | 品 种 | 单 位 | 现 值 | 日涨跌幅 | 周涨跌幅 | 月涨跌幅 | 年涨跌幅 | 周价格走势 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 美元兑人民币汇率 | 元 | 7 0789 . | 0 01% . | -0 12% . | -0 13% . | -1 50% . | ...

投资咨询业务资格：证监许可【2012】31号 【贵金属周报（AU、AG）】 金银整体走强，白银涨幅更甚 国贸期货 贵金属与新能源研究中心 2025-12-01 白素娜 从业资格证号：F3023916 投资咨询证号：Z0013700 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 周度观点摘要 | 黄金相关数据指标跟踪 | | | | | | | --- | --- | --- | --- | --- | --- | | 指标 | 单位 | 本期 | 上一期 | 周度变化 | 周度涨跌幅 | | 伦敦现货黄金 | 美元/盎司 | 4218.550 | 4064.279 | 154.271 | 3.80% | | 沪金主力 | 元/克 | 953.92 | 926.94 | 26.98 | 2.91% | | 基差（TD-期货，取15点整价格） | 元/克 | -5.88 | -5.01 | -0.87 | 17.37% | | 内外价差（TD-伦敦，取15点整价格） | 元/克 | -4.81 | -0.15 | -4.66 | 3106.67% | | ...

Report Investment Rating - The industry investment rating is a bullish consolidation [2] Core View - This week, the methanol market saw significant long - short battles, centered around regional disparities and core supply - demand contradictions. Inland prices have strong resilience in the short - term due to tight supply and pre - holiday stocking demand. Although the port is suppressed by high inventory, potential Middle East maintenance expectations and some downstream replenishment demand provide support. The cost side is generally stable with some support, but the profitability differentiation in downstream industries may limit the upside potential. It is recommended to focus on arbitrage opportunities between inland and port price differences and closely monitor the Middle East situation, oil price fluctuations, and pre - holiday stocking progress. In the short term, adopt a range - trading approach and avoid over - chasing the upside [2] Summary of Each Section Supply - This week, the methanol supply side showed a stable situation under the game of supply and demand. Domestically, some new plant maintenance and the resumption of previously shut - down plants led to a slight fluctuation in the overall operating load, limiting supply growth. At the import end, the short - term import volume shrank due to factors like lower - than - expected unloading of foreign vessels, weakening the supply replenishment. In the port market, supported by inland demand and cargo back - flow, the port inventory decreased significantly this week but remained at a relatively high level. Next week, with the expected increase in arrivals, there may be pressure to build up inventory. Overall, domestic supply remained stable due to the game of plant start - stop, and the short - term import contraction interacted with port inventory depletion [2] Demand - This week, methanol demand generally showed a pattern of "major rigid demand providing a base, traditional downstream sectors differentiating". The load of the main downstream methanol - to - olefins (MTO) adjusted slightly, with stable external procurement demand. Traditional downstream sectors were divided. Some products saw increased demand due to plant recovery or terminal rigid demand, while others had limited demand contribution due to inventory pressure or weak terminal consumption. Regionally, inland downstream procurement enthusiasm improved slightly due to port price transmission and short - term buying sentiment, while coastal areas had rigid demand replenishment but insufficient trading volume, with overall demand being moderate and not strongly driving the market [2] Inventory - This week, methanol inventory generally showed a pattern of "significant port depletion, regional differentiation inland". At the port end, inventory decreased significantly due to slower unloading of foreign vessels and cargo back - flow for pick - up supported by inland demand, but it was still at a relatively high level, and there was pressure to build up inventory next week. In the inland market, inventory performance varied. Some regions saw inventory decline due to plant load reduction and smooth sales, while others had a slight inventory build - up due to factors like poor long - term contract pick - up and reduced olefins external procurement demand, but there were no large - scale extreme inventory situations [2] Methanol Profit - This week, methanol industry profits showed obvious process differentiation. The cost - price game dominated the profit trend. For coal - to - methanol, raw coal prices fluctuated slightly, with relatively stable cost support. Although the methanol spot price rebounded slightly, the profit improvement was limited, remaining in a weak range. Natural gas - to - methanol faced persistent cost pressure due to high raw material gas prices, and the profit continued to be under pressure as the methanol price increase could not cover the cost increase. Coke - oven gas - to - methanol achieved a small profit repair due to its low - cost advantage and local methanol price increases [2] Downstream Profit - This week, methanol downstream profits showed significant differentiation. Most industries' profits were under pressure due to the cost increase driven by the rising methanol price. Among them, the profit of methanol - to - olefins (MTO) declined notably, and the profits of formaldehyde, dimethyl ether, and chloromethane also narrowed, mainly because of insufficient terminal demand support and difficulty in cost transmission to the terminal. A few industries performed well, such as glacial acetic acid, whose profit improved due to supply reduction from some plant maintenance and downstream stocking demand; MTBE also had a slight profit repair [2] Investment View - The market is expected to have a bullish consolidation. It is recommended to focus on arbitrage opportunities between inland and port price differences and closely follow the Middle East situation, oil price fluctuations, and pre - holiday stocking progress. In the short term, use a range - trading approach and avoid over - chasing the upside [2] Trading Strategy - Unilateral trading: Bullish consolidation; Arbitrage: Wait - and - see; Areas to watch: Downstream demand, olefins external procurement, spring maintenance situation, geopolitics [2] Spot Prices - The report provides methanol spot prices in different regions on November 26 - 28, 2025, including prices in Taicang (import, different time periods), Hebei, Jiangsu, Inner Mongolia, Henan, Sichuan, Dongying, Shandong (southern region), Sichuan - Chongqing region, Anhui, Shaanxi, and Shanxi, along with their daily and one - day - ago price changes and percentage changes [4] Market Charts - The report includes charts of the methanol futures main contract (showing price and trading volume), basis and monthly spread, methanol production, plant operating rate, factory inventory, port inventory, and downstream profit and operating rate from 2020 - 2025 [5][8][14][26][38][49]

投资咨询业务资格：证监许可【2012】31号 【新能源周报】 仓单集中注销，基本面变动不大 国贸期货贵金属与新能源研究中心 2025-12-1 分析师：白素娜 从业资格证号：F3023916 投资咨询证号：Z0013700 助理分析师：陈宇森 从业资格证号： F03123927 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 目录 01 02 工业硅（SI） 多晶硅（PS ） 碳酸锂（LC ） 01 PART ONE 工业硅（SI） 多晶硅（PS） 工业硅：供需双减，仓单集中注销 | 影响因素 | 驱动 | 主要逻辑 | | --- | --- | --- | | | | （1）全国周产8.90 万吨，环比-0.19%；全国开炉257 台，环比-5台。 | | 供给端 | 偏多 | （2）主产区：新疆地区周产5.03 吨，环比+1.21%，开炉数环比-1台。云南地区周产0.69 万吨，环比一致，开炉数环比一致。四川地区周产 0.62 万吨，环比-8.82%，开炉数环比-3台。 | | | | （3）10月产量45.22万吨，环比+7.46%，同比-3.7 ...

Report Summary 1. Market Data - **Interest Rates**: DROO1 closed at 1.30 with a -0.81 bp change, DR007 at 1.47 with a 2.04 bp change, GC001 at 1.55 with a 16.50 bp change, GC007 at 1.53 with a 1.00 bp change, SHBOR 3M at 1.58 with no change, LPR 5 - year at 3.50 with no change, 1 - year国债 at 1.40 with a -0.81 bp change, 5 - year国债 at 1.62 with a -0.95 bp change, 10 - year国债 at 1.84 with a -1.04 bp change, and 10 - year美债 at 4.02 with a 2.00 bp change [4] - **Bond Market**: Last week, the central bank conducted 1511.8 billion yuan of reverse repurchase operations. With 1676 billion yuan of reverse repurchases maturing, there was a net withdrawal of 164.2 billion yuan. Also, 900 billion yuan of MLF and 300 billion yuan of outright reverse repurchases matured, while the central bank carried out 1 trillion yuan of MLF operations and 200 billion yuan of treasury cash fixed - deposit tenders [4] - **This Week's Central Bank Operations**: This week, 1511.8 billion yuan of reverse repurchases will mature, with 338.7 billion, 302.1 billion, 213.3 billion, 356.4 billion, and 301.3 billion yuan maturing from Monday to Friday respectively. Additionally, 1 trillion yuan of 91 - day outright reverse repurchases will mature on Friday [5] 2. Stock Index Market - **Index Performance**: The CSI 300 closed at 4527 with a 0.25% change, the SSE 50 at 2970 with a -0.09% change, the CSI 500 at 7032 with a 1.15% change, and the CSI 1000 at 7334 with a 1.06% change. For futures, IF当月 closed at 4506 with a 0.3% change, IH当月 at 2963 with no change, IC当月 at 6974 with a 1.1% change, and IM当月 at 7261 with a 1.1% change [6] - **Trading Volume and Open Interest**: IF trading volume was 90267 with a -10.5% change and open interest was 258622 with a -2.1% change; IH trading volume was 38726 with a -8.9% change and open interest was 89179 with a -3.4% change; IC trading volume was 106633 with a -5.6% change and open interest was 248680 with a -2.3% change; IM trading volume was 174822 with a -4.7% change and open interest was 359979 with a -1.1% change [6] - **Last Week's Index Performance**: Last week, the CSI 300 rose 1.64% to 4526.7, the SSE 50 rose 0.47% to 2969.6, the CSI 500 rose 3.14% to 7031.6, and the CSI 1000 rose 3.77% to 7334.2. Most Shenwan primary industry indices rose, with communication (8.7%), electronics (6%), comprehensive (4.4%), media (4.2%), and light manufacturing (4.2%) leading the gains, while only banking (-0.6%) and transportation (-0.5%) declined. A - share daily trading volumes were 1584.3 billion, 1652.7 billion, 1615.8 billion, 1537.7 billion, and 1435.2 billion yuan respectively, with the average daily trading volume decreasing by 134.74 billion yuan compared to the previous week [6] 3. PMI Data and Market Outlook - **PMI Data**: China's November official manufacturing PMI was 49.2% (previous value 49%), with a slight repair in supply and demand, a significant increase in the export index, and the supply - demand gap narrowing to 0.8 pct. However, the non - manufacturing business activity index fell to the contraction range at 49.5% (previous value 50.1%) [7] - **Market Outlook**: The recent market adjustment provides an opportunity to layout for the further upward movement of stock indices next year. Traders can consider gradually establishing long positions during the market adjustment and use the discount structure of stock index futures to improve the winning rate of long - term investments. The Politburo meeting of the CPC Central Committee and the Central Economic Work Conference will be held in mid - to late December, which will analyze the current economic situation and plan the economic work for 2026, providing key guidance for next year's policy focus and market capital layout [7] 4. Futures Contract Premium and Discount - **IF**: The premium/discount rates for the current, next, current - quarter, and next - quarter contracts are 8.85%, 6.19%, 3.98%, and 4.10% respectively [8] - **IH**: The premium/discount rates for the current, next, current - quarter, and next - quarter contracts are 4.15%, 2.67%, 1.19%, and 1.36% respectively [8] - **IC**: The premium/discount rates for the current, next, current - quarter, and next - quarter contracts are 15.67%, 12.54%, 10.88%, and 11.35% respectively [8] - **IM**: The premium/discount rates for the current, next, current - quarter, and next - quarter contracts are 19.23%, 15.74%, 13.94%, and 13.54% respectively [8]

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 | 2025/12/1 | | | | 能源化工研究中心 | 陈胜 | 从业资格号:F3066728 | | | | 指标 | 2025/11/27 | 2025/11/28 | 变动值 | 行情综述 | | SC | INE原油(元/桶) | 447.6 | 453.9 | 6. 30 | 成交情况: PTA:盘中原油行情反弹,成本支撑增强,PTA行情小 涨。或因PTA去库存速度放缓,PTA基差走弱。 | | | PTA-SC(元/陣) | 1379. 2 | 1401.5 | 22. 22 | | | | PTA/SC(比价) | 1. 4240 | 1. 4249 | 0. 0009 | | | PX | CFR中国PX | 826 | 836 | 10 | | | | PX-石脑油价差 | 268 | 264 | -5 | | | | PTA主力期价(元/吨) ...