客服产品系列•日评 国新国证期货早报 2025 年 12 月 12 日 星期五 品种观点： 【股指期货】 周四（12 月 11 日）A 股三大指数集体回调，截止收盘，沪指跌 0.70%，收报 3873.32 点；深 证成指跌 1.27%，收报 13147.39 点；创业板指跌 1.41%，收报 3163.67 点。沪深两市成交额达到 18571 亿，较昨 日放量 786 亿。 沪深 300 指数 12 月 11 日弱势。收盘 4552.19，环比下跌 39.64。（数据来源：东方财富网） 【焦炭 焦煤】12 月 11 日焦炭加权指数震荡趋弱，收盘价 1568.8，环比下跌 44.6。 12 月 11 日，焦煤加权指数弱势运行，收盘价 1008.9 元，环比下跌 45.9。 请务必阅读正文之后的免责声明部分 １ 编辑：国新国证期货 客服产品系列•日评 影响焦炭期货、焦煤期货价格的有关信息： 焦炭：现货采购价格第一轮下调落地，焦化企业开工稳定，焦炭供应量平稳；因高炉利润持续压缩，钢厂减 产力度或将加大，对焦炭的需求或将转弱。 焦煤：安检督查对主产地煤矿生产的影响在减弱，国产焦煤产量环比持续回升，进口煤增量明显，供 ...

12 月 10 日，焦煤加权指数弱势依旧，收盘价 1040.2 元，环比下跌 15.5。 影响焦炭期货、焦煤期货价格的有关信息： 焦炭：供应维持增长，焦炭利润修复带动产量回升，短期钢厂打压意愿偏强。存在跟随铁水疲软而下滑，铁 水下跌 2.38 万吨，库存维持累库，焦厂焦炭库存累库 6.25%。供需压力延续，库存持续大幅累库。此外截止 12 月 7 日，仅两家钢厂发布冬储政策，考虑到参与冬储的钢厂数量累积和落地时间，预期冬储驱动或将延后到 12 月下旬。 焦煤：临汾低硫主焦煤 1500 元/吨（0），乌海 1/3 焦煤 1080 元/吨（0），临汾一级冶金焦 1860 元/吨(0）， 日照准一级冶金焦 1790 元/吨（0）。（数据来源：东方财富网） 客服产品系列•日评 国新国证期货早报 2025 年 12 月 11 日 星期四 品种观点： 【股指期货】 周三（12 月 10 日） A 股三大指数涨跌不一，截止收盘，沪指跌 0.23%，收报 3900.50 点； 深证成指涨 0.29%，收报 13316.42 点；创业板指跌 0.02%，收报 3209.00 点。沪深两市成交额 17785 亿，较昨日 缩量 1 ...

客服产品系列•日评 国新国证期货早报 2025 年 12 月 10 日 星期三 品种观点： 【股指期货】 周二（12 月 9 日） A 股三大指数涨跌不一，截止收盘，沪指跌 0.37%，收报 3909.52 点；深 证成指跌 0.39%，收报 13277.36 点；创业板指涨 0.61%，收报 3209.60 点。沪深两市成交额达到 19040 亿，较昨 日缩量 1327 亿。 沪深 300 指数 12 月 9 日回调整理。收盘 4598.22，环比下跌 23.53。（数据来源：东方财富网） 【焦炭 焦煤】12 月 9 日焦炭加权指数弱势依旧，收盘价 1583.1，环比下跌 35.2。 12 月 9 日，焦煤加权指数弱势，收盘价 1052.8 元，环比下跌 25.5。 影响焦炭期货、焦煤期货价格的有关信息： 焦炭：市场对焦炭第二轮提降仍有预期，焦化利润一般，日产略微提升。焦炭库存小幅下降，目前下游少量 按需采购，库存变动不大，贸易商采购意愿一般。 【郑糖】美糖周一波动不大窄幅震荡小幅收高。郑糖 2605 月合约周二窄幅震荡小幅收高。因空头打压郑糖 2605 月合约夜盘震荡小幅走低。巴西对外贸易秘书处（Sece ...

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - On December 8, 2025, the A-share market showed a mixed performance across various futures and commodities. The stock index futures had a strong performance, while the coke and coking coal futures were weak. Other commodities such as sugar, rubber, palm oil, etc., also had their own market trends influenced by different factors including supply - demand relationships, international trade, and policy - related news [1][2][3]. 3. Summary by Variety Stock Index Futures - On December 8, the A - share three major indexes all closed up. The Shanghai Composite Index rose 0.54% to close at 3924.08 points, the Shenzhen Component Index rose 1.39% to 13329.99 points, and the ChiNext Index rose 2.60% to 3190.27 points. The trading volume of the Shanghai and Shenzhen stock markets reached 20366 billion, a significant increase of 3109 billion from the previous trading day. The CSI 300 index remained strong, closing at 4621.76, a ring - up of 37.22 [1][2]. Coke and Coking Coal - On December 8, the coke weighted index was weak, closing at 1600.7, a ring - down of 85.3. The coking coal weighted index also operated weakly, closing at 1062.9 yuan, a ring - down of 70.2. The first round of coke price cuts was implemented. The current iron - water output is 232.30 (- 2.38) million tons, and coke inventory is moderately weak. The average profit per ton of coke for 30 independent coking plants nationwide is 30 yuan/ton. For coking coal, the price of Tangshan Mongolian No. 5 clean coal is reported at 1390, equivalent to 1170 on the futures market. The mine capacity utilization rate has declined for two consecutive weeks, and the inventory in the middle - and - upper reaches has increased for 4 - 5 consecutive weeks [2][3][4]. Zhengzhou Sugar - Although the spot price has been slightly lowered, due to the large decline recently, the Zhengzhou sugar 2605 contract rebounded slightly on December 8 under the influence of technical factors. At night, the contract fluctuated slightly and closed slightly lower. The 2025/26 national unified initial pricing plan for sugarcane has been approved, with a guide price of 890 Thai baht per ton for a sweetness level of 10 CCS, and a price fluctuation range of 53.40 Thai baht per CCS unit [4]. Rubber - On December 8, Shanghai rubber fluctuated slightly. At night, it declined slightly due to short - selling pressure. The U.S. Tire Manufacturers Association predicted that the total tire shipments in the United States in 2025 would be 337.4 million, a slight increase of 0.03% compared to 2024 and an increase of 1.4% compared to 2019 [4][5]. Palm Oil - On December 8, the main contract of palm oil fluctuated downward after rising and then falling, and the position was shifted. The P2601 K - line closed with a negative line, with the highest price of 8810, the lowest price of 8682, and the closing price of 8706, a decrease of 0.73% from the previous day. As of December 5, 2025, the commercial inventory of palm oil in key regions across the country was 683,700 tons, a week - on - week increase of 30,200 tons or 4.62%, and a year - on - year increase of 167,000 tons or 32.32% [5]. Soybean Meal - Internationally, on December 8, the CBOT soybean futures price was weak. The U.S. export outlook is uncertain, and Brazilian soybean sowing is nearly complete, with most analysts expecting the Brazilian soybean yield to exceed 170 million tons. As of November 26, the soybean sowing rate in Argentina was 36%, compared with 45% in the same period last year. Domestically, on December 8, soybean meal increased in position and declined. The M2605 main contract closed at 2778 yuan/ton, a decrease of 1.52%. China's soybean imports in November were 8.107 million tons, a year - on - year increase of 13.4% and the highest since 2021. In the first 11 months of this year, China's soybean imports reached 137.9 million tons, a year - on - year increase of 6.9%. The domestic soybean supply is sufficient, and the soybean meal supply remains in a loose state [5]. Live Pigs - On December 8, the LH2603 contract closed at 11385 yuan/ton, unchanged. The slaughter enthusiasm of the breeding end is relatively high. The planned slaughter volume of large - scale pig enterprises in December increased month - on - month. The market supply continues to be abundant, suppressing the price. On the demand side, the decline in domestic temperature has promoted a marginal recovery in pork consumption, but the overall progress is slow, and the demand - side recovery rhythm is relatively gentle. The current live - pig market is still in a situation of strong supply and weak demand [5]. Shanghai Copper - Shanghai copper continued to be strong and reached a new high. The expectation of supply contraction and macro - positive factors resonated to push up the price. The main contract of Shanghai copper reached a maximum of 93300 yuan/ton during the session and closed at 92970 yuan/ton. On the supply side, the CSPT group advocated a 10% reduction in copper ore smelting capacity. The supply contraction expectation continues to strengthen, and the copper concentrate processing fee is at a historical low. The domestic electrolytic copper spot inventory continues to accumulate, but the global copper visible inventory is still at a low level. On the demand side, the high copper price makes downstream procurement more cautious, but the demand in the photovoltaic, wind power, and new - energy vehicle fields provides some support [5]. Cotton - On the night of December 8, the main contract of Zhengzhou cotton closed at 13765 yuan/ton. The cotton inventory increased by 44 lots compared with the previous trading day. The cotton picking in Xinjiang is basically completed, and cotton farmers are waiting for a better price [5]. Iron Ore - On December 8, the 2601 main contract of iron ore fluctuated and declined, with a decline of 1.14% and a closing price of 778.5 yuan. The iron ore shipping volume increased month - on - month, the arrival volume decreased, the port inventory continued to accumulate, and the iron - water output decline increased. The short - term iron ore price is in a volatile trend [5][6]. Asphalt - On December 8, the 2602 main contract of asphalt fluctuated and closed up, with an increase of 0.34% and a closing price of 2959 yuan. The asphalt production capacity utilization rate increased slightly, the inventory reduction rate slowed down, the demand - side road construction projects are ending, and the short - term asphalt price shows a volatile trend [6]. Logs - On December 8, the 2601 contract of logs opened at 765.5, with a minimum of 765.5, a maximum of 772.5, and a closing of 769.5, with a daily position reduction of 808 lots. Attention should be paid to the position shift and the support from the spot end. The spot prices of logs in Shandong and Jiangsu remained unchanged on December 8. There is no major contradiction in the supply - demand relationship, and subsequent attention should be paid to factors such as spot prices, import data, inventory changes, and macro - market sentiment [6]. Steel - On December 8, the rb2605 contract was reported at 3123 yuan/ton, and the hc2605 contract was reported at 3291 yuan/ton. The sharp decline in coking coal and coke futures drove the entire black futures to weaken, and the cost support declined, dragging down the steel price. The weak demand in the off - season and the environmental protection restrictions in some areas led to an increase in the number of steel mill overhauls. The short - term steel market supply - demand may be in a weak balance, and the decline in raw material prices drives the steel price to be weak [6]. Alumina - On December 8, the ao2601 contract was reported at 2585 yuan/ton. The actual willingness to reduce production is extremely weak during the year - end long - term contract negotiation period. The extremely low spot transaction prices have hit market confidence. The "cost - support" logic has been completely weakened, and the current price has fallen below the cash cost line, but there is no large - scale overhaul, and the oversupply sentiment dominates the market [6]. Shanghai Aluminum - On December 8, the al2601 contract was reported at 22275 yuan/ton. The strong performance of the copper market has a strong guiding effect on aluminum, but the upward pressure on aluminum is relatively strong. The market is still waiting for the Federal Reserve's interest rate decision. On the supply side, the operation is stable, the downstream aluminum - water absorption capacity is acceptable, the social inventory is slightly reduced, and the demand side shows some resilience. However, the spot maintains a high discount [6].

客服产品系列•日评 国新国证期货早报 2025 年 12 月 8 日 星期一 品种观点： 【股指期货】 周五（12 月 5 日） A 股三大指数集体走强，截止收盘，沪指涨 0.70%，收报 3902.81 点； 深证成指涨 1.08%，收报 13147.68 点；创业板指涨 1.36%，收报 3109.30 点。沪深两市成交额达到 17258 亿，较 昨日放量 1768 亿。 沪深 300 指数 12 月 5 日强势。收盘 4584.54，环比上涨 37.97。（数据来源：东方财富网） 【焦炭 焦煤】12 月 5 日焦炭加权指数宽幅震荡，收盘价 1646.9，环比下跌 40.4。 12 月 5 日，焦煤加权指数区间整理，收盘价 1108.9 元，环比下跌 18.5。 影响焦炭期货、焦煤期货价格的有关信息： 焦炭：原料煤价格回调，焦企盈利能力改善、环保扰动弱化，生产积极性较高。需求，铁水小幅下降，原料 刚需仍有支撑，但因钢厂焦炭到货好转，部分钢厂基于检修有一定控量现象。 焦煤：山西吕梁地区部分煤矿因事故停产，区域内供应有所收窄；国内煤矿减产，但煤矿库存保持增加，累 库放缓。进口煤中，蒙煤平均通车 1300-14 ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The A - share market on December 4, 2025 showed mixed trends among the three major indexes, with shrinking trading volume. Different futures varieties had various price movements influenced by supply - demand relationships, cost factors, and macro - economic conditions [1]. - Each futures variety has its own supply - demand characteristics. For example, the supply of some varieties is affected by production, imports, and inventory, while demand is influenced by downstream consumption and market sentiment [4][6]. 3) Summary by Variety Stock Index Futures - On December 4, 2025, the Shanghai Composite Index fell 0.06% to 3875.79, the Shenzhen Component Index rose 0.40% to 13006.72, and the ChiNext Index rose 1.01% to 3067.48. The trading volume of the two markets was 1549 billion yuan, a decrease of 121 billion yuan from the previous day. The CSI 300 index oscillated and closed at 4546.57, up 15.52 [1][2]. Coke and Coking Coal - Coke: The average profit per ton of coke improved due to upstream and downstream concessions. Supply increased slightly, while demand weakened seasonally. Total inventory remained basically flat. The coke weighted index closed at 1704.6 on December 4, up 33.6 [2][4]. - Coking Coal: There is a seasonal production reduction expectation at the end of the year. In December, domestic supply is expected to decline while imports remain stable. The coking coal weighted index closed at 1143.8 yuan on December 4, up 21.0 [3][4]. Zhengzhou Sugar - Affected by the decline of US sugar and the reduction of spot prices, the Zhengzhou Sugar 2605 contract oscillated downward on December 4. As of November 30, sugar production and sales in Guangxi and Yunnan showed different trends [4]. Rubber - Affected by increased raw material supply and a decline in passenger car retail data, the Shanghai Rubber futures contract oscillated downward on December 4. In November, the national passenger car retail volume decreased by 7% year - on - year [6]. Soybean Meal - Internationally, the CBOT soybean futures price rose slightly on December 4. Domestically, the supply of soybean meal is abundant, and the inventory is high. The M2605 contract closed at 3046 yuan/ton on December 4, down 0.25% [6]. Live Pigs - The LH2601 contract closed at 11385 yuan/ton on December 4, down 0.91%. The market is in a situation of strong supply and weak demand, with increased supply from large - scale pig farms and slow - growing demand [6]. Palm Oil - The main palm oil contract continued to oscillate downward on December 4. The P2601 K - line closed as a doji. The import price inversion of palm oil has narrowed [6]. Shanghai Copper - The Shanghai Copper price reached a record high on December 4, driven by supply shortages and macro - economic factors. However, there is also a risk of correction. The main contract closed at 90980 yuan/ton [6]. Cotton - The main Zhengzhou Cotton contract closed at 13765 yuan/ton at night on December 4. The cotton inventory increased by 50 compared with the previous day [7]. Logs - The Log 2601 contract on December 4 opened at 768, with a low of 763, a high of 769.5, and closed at 764.5, with an increase of 273 lots in positions. The spot prices in Shandong and Jiangsu remained stable [7]. Iron Ore - The Iron Ore 2601 main contract oscillated and closed down on December 4, with a decline of 0.63% to 794.5 yuan. The supply and demand situation led to a short - term oscillating trend [7]. Asphalt - The Asphalt 2601 main contract oscillated and rose on December 4, with a gain of 1.06% to 2952 yuan. The supply increased, and the inventory decreased, but the demand was suppressed [7]. Steel - On December 4, rb2605 was reported at 3175 yuan/ton, and hc2605 was reported at 3332 yuan/ton. The steel market is in a situation of weak supply and demand, and the steel price showed a narrow - range adjustment [7]. Alumina - The ao2601 contract was reported at 2615 yuan/ton on December 4. The alumina market is in an oversupply situation, and the futures price may continue to be weak [7]. Shanghai Aluminum - The al2601 contract was reported at 22060 yuan/ton on December 4. The supply side is stable, and the demand side shows certain resilience [7].

客服产品系列•日评 国新国证期货早报 2025 年 12 月 4 日 星期四 品种观点： 【股指期货】 周三（12 月 3 日） A 股三大指数集体回调，截止收盘，沪指跌 0.51%，收报 3878.00 点；深 证成指跌 0.78%，收报 12955.25 点；创业板指跌 1.12%，收报 3036.79 点。沪深两市成交额达到 16700 亿，较昨 日放量 765 亿。 沪深 300 指数 12 月 3 日持续回调。收盘 4531.05，环比下跌 23.29。（数据来源：东方财富网） 【焦炭 焦煤】12 月 3 日焦炭加权指数窄幅震荡，收盘价 1672.0，环比上涨 2.9。 12 月 3 日，焦煤加权指数区间整理，收盘价 1119.9 元，环比下跌 18.1。 影响焦炭期货、焦煤期货价格的有关信息： 焦炭：近期原料价格回调，焦化行业利润好转，部分企业出现小幅盈利，焦企开工积极性增加，开工率周环 比出现回升，焦炭供应有增长空间。上周钢厂高炉开工率周环比继续下降，淡季铁水难回高位。各环节焦炭库存 低位，产业链供需矛盾出现累积，但下游存在补库空间。 焦煤：主产区多数煤矿维持正常生产，但安全检查影响仍存，上周矿 ...

Group 1: General Market Conditions - On December 2, 2025, A-share's three major indexes collectively declined, with the Shanghai Composite Index down 0.42% to 3897.71 points, the Shenzhen Component Index down 0.68% to 13056.70 points, and the ChiNext Index down 0.69% to 3071.15 points. The trading volume of the two markets was 1593.4 billion yuan, a decrease of 280.5 billion yuan from the previous day [1] - The CSI 300 index adjusted on December 2, closing at 4554.34, down 22.15 [2] Group 2: Coke and Coking Coal - On December 2, the coke weighted index continued to rebound, closing at 1677.7, up 35.6; the coking coal weighted index fluctuated and closed at 1139.3 yuan, up 19.6 [2][3] - Coke supply is increasing, with significant inventory accumulation. Mine clean coal inventory increased by 20.44% in a single week, and coke plant inventory increased by 9.91% [4] - As of the end of October 2025, China's imported coking coal reached 98.869 million tons, a year-on-year decrease of 4.8%. In October, the total import volume was 10.5932 million tons, a month-on-month decrease of 3.02% and a year-on-year increase of 6.39%. From January to October, China's coke export volume was 6.2189 million tons, a year-on-year decrease of 14.05%. In October, coke exports were 727,400 tons, a month-on-month increase of 34% and a year-on-year increase of 49.92% [4] Group 3: Zhengzhou Sugar - Affected by the supply outlook and weak technical indicators, US sugar tumbled on Monday. Under the influence of the decline in US sugar, the short sellers pressured the Zhengzhou Sugar 2605 contract to decline on Tuesday and in the night session [4] - Brazil's central-southern region produced 983,000 tons of sugar in the first half of November, a year-on-year increase of 8.7%. The sugarcane crushing volume reached 18.8 million tons, a year-on-year increase of 14.3%. The proportion of sugarcane used for sugar production dropped to 38.6% [4] Group 4: Rubber - Due to the large decline in the previous trading day, the rubber futures prices rebounded due to bargain hunting. The short sellers pressured the Shanghai Rubber futures to decline slightly in the night session [5] - ANRPC predicted that global natural rubber production in October would increase by 2.7% to 1.496 million tons, and consumption would decrease by 4.2% to 1.26 million tons. In the first 10 months, cumulative production was expected to increase by 2.6% to 11.9 million tons, and cumulative consumption was expected to decrease by 1.8% to 12.684 million tons. In 2025, global natural rubber production was expected to increase by 1.3% to 14.892 million tons, and consumption was expected to increase by 0.8% to 15.565 million tons [5] Group 5: Soybean Meal - On December 2, CBOT soybean futures prices slightly declined. The large expected production of South American soybeans suppressed the speculation of US soybean demand [5] - As of last Thursday, the sown area of Brazilian soybeans reached 89% of the expected area, compared with 91% in the same period last year. StoneX estimated that Brazil's soybean production would be 177.2 million tons. Argentina's soybean sowing was progressing smoothly, with a planting rate of over 20% [5] - On December 1, the M2601 contract closed at 3039 yuan/ton, a decrease of 0.16%. Currently, soybean supply is sufficient, crushing volume has increased, and soybean meal inventory is at a high level. The domestic soybean meal futures market is in a situation of cost support and supply pressure, and the price is expected to fluctuate [5] Group 6: Live Pigs - On December 2, the LH2601 contract closed at 11455 yuan/ton, a decrease of 0.35%. In the short term, as the end of the year approaches, most large-scale pig enterprises are more willing to sell pigs to meet their annual targets, and the number of pigs for sale has increased, putting pressure on prices [5] - The demand for pork has increased marginally due to the drop in temperature, and the traditional bacon-making season has started in the southwest region, but the overall progress is slow, and the demand recovery is gentle. The live pig market is still in a situation of strong supply and weak demand [5] Group 7: Palm Oil - On December 2, the main palm oil contract continued to move positions and rebound. The price briefly opened lower and then quickly rose, closing at 8720, up 0.79%. The expected export volume of Malaysian palm oil from November 1 - 30 was 779,392 tons, a decrease of 39.21% compared with the same period last month [5] Group 8: Shanghai Copper - The main Shanghai Copper 2601 contract showed a weak pattern of opening high and closing low. The linkage between futures and spot and between domestic and foreign markets weakened, and the trading activity decreased. The contract opened at 89410 yuan/ton, reached a high of 89920 yuan/ton, and finally closed at 88920 yuan/ton [6] - The hawkish stance of the Federal Reserve supported the US dollar, suppressing global copper demand and causing funds to flow out of the non-ferrous metal sector. Traditional demand is weak, and the copper consumption in the real estate sector is under pressure. The supply-side positive factors cannot offset these two pressures [6] Group 9: Cotton - On Tuesday night, the main Zhengzhou Cotton contract closed at 13720 yuan/ton. Cotton inventory increased by 96 lots compared with the previous trading day. Xinjiang's cotton purchase is basically over, and it is in the peak processing period. The commercial inventory is growing rapidly and is significantly higher than the same period last year [6] Group 10: Iron Ore - On December 2, the main iron ore 2601 contract fluctuated and closed up 0.5% at 800.5 yuan. The shipping volume increased month-on-month, the arrival volume decreased, and the port inventory increased again. In the off-season, as the steel mill profitability rate continued to decline, the molten iron output continued to decline, and the iron ore price is expected to fluctuate [6] Group 11: Asphalt - On December 2, the main asphalt 2601 contract fluctuated and declined 2.41% to close at 2916 yuan. In December, the domestic refinery asphalt production plan decreased month-on-month, the inventory decreased, the demand entered the off-season, and the downstream procurement was cautious. The asphalt price is expected to fluctuate [6] Group 12: Logs - On December 2, the log 2601 contract opened at 767.5, with a minimum of 767.5, a maximum of 774.5, and closed at 769.5, with a decrease of 1151 lots in positions. The spot price of 3.9-meter medium A radiata pine logs in Shandong was 740 yuan/cubic meter, down 10 yuan/cubic meter from the previous day, and the price in Jiangsu was 750 yuan/cubic meter, unchanged from the previous day [6][7] Group 13: Steel - On December 2, the rb2601 contract closed at 3169 yuan/ton, and the hc2601 contract closed at 3325 yuan/ton. The total new house sales area in ten major cities was 2.1112 million square meters, a month-on-month increase of 10% and a year-on-year decrease of 38%. The real estate market is still at a low level. Due to the rush to complete infrastructure projects in some areas, demand has remained resilient, and steel inventory is expected to continue to decline. Steel prices are expected to fluctuate strongly [7] Group 14: Alumina - On December 2, the ao2601 contract closed at 2670 yuan/ton. The trading logic of alumina supply exceeding demand continues, and the upward pressure remains. Domestic alumina production capacity is high, the import window is open, and the arrival of imported alumina will further exacerbate the imbalance between supply and demand. Demand is weak, and the spot market trading is cold [7][8] Group 15: Shanghai Aluminum - On December 2, the al2601 contract closed at 21910 yuan/ton. The inhibitory effect of high aluminum prices on consumption has gradually eased, and some postponed demand has begun to be released. The operating rates of aluminum profiles, aluminum cables, and primary and secondary aluminum alloy sectors have all improved to varying degrees. Aluminum prices are expected to fluctuate at a high level in the short term [8]

Industry Investment Rating - Not mentioned in the provided content Core Views - On December 1, 2025, the A-share market performed well with the Shanghai Composite Index rising 0.65% to 3914.01, the Shenzhen Component Index rising 1.25% to 13146.72, and the ChiNext Index rising 1.31% to 3092.50. The trading volume of the two markets reached 1873.9 billion yuan, an increase of 288.1 billion yuan from the previous trading day [1] - Different futures varieties showed different trends and characteristics. For example, the CSI 300 index was strong, while some commodities like coke and coking coal had price fluctuations affected by supply - demand factors. Sugar, rubber, palm oil, etc. also had their own market situations influenced by various factors such as international prices, production, and consumption [2][4][5] Summary by Variety Stock Index Futures - On December 1, the A - share market rose across the board. The Shanghai Composite Index recovered the 3900 - point mark, and the trading volume increased significantly [1] - The CSI 300 index closed at 4576.49 on December 1, a rise of 49.82 from the previous day [2] Coke and Coking Coal - Coke: The average profit per ton of coke improved due to upstream and downstream concessions. Supply increased slightly, while demand weakened. Total inventory remained basically unchanged [4] - Coking coal: The price of Shanxi medium - sulfur coking coal and Mongolian 5 raw coal decreased. Supply had seasonal reduction expectations, and the customs clearance of Mongolian coal was affected, while the arrival of seaborne coal remained high [4] Zhengzhou Sugar - Affected by the rise of US sugar on Friday and a slight decline in spot prices, the Zhengzhou sugar 2605 contract fluctuated narrowly and closed slightly higher on December 1. Thailand's new sugar - crushing season started on December 1, and the sugarcane output is expected to recover significantly [4] Rubber - Affected by the comments of the Japanese central bank governor and the subsidence of floods in Southeast Asia, Japanese rubber fell sharply on December 1, and Shanghai rubber fluctuated lower during the day and closed slightly higher at night. Vietnam's natural rubber and mixed rubber exports decreased by 3.5% year - on - year in the first 10 months [4][5] Palm Oil - On December 1, the palm oil futures price entered a volatile trend after encountering resistance. The main contract P2601 closed with a small positive line. In November 2025, Malaysia's palm oil production decreased slightly compared with the previous month [5] Soybean Meal - Internationally, the CBOT soybean futures price fell on December 1. The US soybean export inspection volume was at the lower end of the market forecast range, and Brazilian soybean planting progress was slower than last year. Domestically, the supply of soybean meal was abundant, but South American weather and soybean arrivals provided support [5] Live Pigs - On December 1, the live pig futures price rose slightly. The supply of live pigs was strong due to concentrated slaughter and sufficient production capacity, while the demand recovery was slow. The market was in a situation of strong supply and weak demand [5] Shanghai Copper - The Shanghai copper main contract 2601 rose significantly on December 1, with a sharp increase in trading volume and open interest. Supported by macro - factors and supply shortages, the price center continued to move up, but there were risks of high - price suppressing demand [5][6] Cotton - The Zhengzhou cotton main contract closed at 13785 yuan/ton at night on December 1. The cotton inventory decreased, and Xinjiang's cotton output in 2025 increased year - on - year [6] Logs - The log 2601 contract had a narrow range on December 1. The spot price remained stable, and the supply - demand relationship was not in great contradiction. Future price trends depend on factors such as spot prices, import data, and inventory changes [6] Iron Ore - On December 1, the iron ore 2601 main contract rose slightly. The shipping volume decreased, the arrival volume increased, and the port inventory increased. The iron ore price was in a volatile trend in the short term [6] Asphalt - The asphalt 2601 main contract closed slightly higher on December 1. The refinery's production plan decreased in December, the inventory decreased, and the demand was in the off - season. The price was in a volatile state [6] Steel - On December 1, the steel futures prices showed certain trends. The demand for steel in the off - season was resilient, and with the expected increase in steel mill maintenance and production reduction, the steel price may fluctuate strongly in the short term [6] Alumina - The alumina 2601 contract price was at a certain level on December 1. The market continued the logic of supply - demand surplus, with high domestic production capacity, increasing imports, and weak demand [6] Shanghai Aluminum - The Shanghai aluminum 2601 contract price was at a certain level on December 1. The inventory decreased slightly, and the industry's operating rate increased in some fields. The price was in a high - level volatile state, and future trends depend on inventory performance [6][7]

客服产品系列•日评 国新国证期货早报 2025 年 12 月 1 日 星期一 品种观点： 【股指期货】 周五（11 月 28 日）A 股三大指数集体上涨，截止收盘，沪指涨 0.34%，收报 3888.60 点；深 证成指涨 0.85%，收报 12984.08 点；创业板指涨 0.70%，收报 3052.59 点。沪深两市成交额仅有 15858 亿，较昨 日缩量 1240 亿。 沪深 300 指数 11 月 28 日震荡趋强。收盘 4526.66，环比上涨 11.26。（数据来源：东方财富网） 【焦炭 焦煤】11 月 28 日焦炭加权指数弱势，收盘价 1623.1，环比下跌 30.5。 11 月 28 日，焦煤加权指数弱势依旧，收盘价 1107.4 元，环比下跌 11.4。 影响焦炭期货、焦煤期货价格的有关信息： 焦炭：国内基础建设基本完成，房地产和基建需求弱，未来经济转向高质量发展，对基础钢材需求将持续走 弱，钢材整体供需过剩。现货暂稳，原料煤回调，随着焦企盈利能力改善以及河南、河北环保结束，供应略有回 升。需求，铁水仍保持高位，原料刚需尚有支撑。 焦煤：中央安全生产巡查工作正在进行，煤炭产量持续受到影响。近 ...