Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints - Due to high inventory and an unchanged supply surplus pattern, nickel prices are expected to remain in a low - level oscillation. For stainless steel, with low demand, high inventory, and a continuously declining cost center, it is also expected to maintain a low - level oscillation [1][3][4] Group 3: Nickel Market Analysis Futures - On December 11, 2025, the Shanghai nickel main contract 2601 opened at 116,970 yuan/ton and closed at 115,870 yuan/ton, a change of - 0.91% compared to the previous trading day's closing price. The trading volume was 106,815 (-13,204) lots, and the open interest was 106,302 (+3,719) lots. The contract showed a pattern of opening high, then moving low, and closing weakly, in an overall weakly oscillating pattern, affected by multiple factors such as supply - demand and macro - economics [1] Fundamental - The current pattern of nickel supply surplus remains unchanged. Although refined nickel inventory has decreased slightly, the production of primary nickel in December increased month - on - month, and the reduction in refined nickel production in November was lower than expected, having a limited marginal impact on the market supply - demand balance sheet [1] Macro - The Fed cut interest rates in December, but subsequent statements were hawkish, and the previous positive factors have basically been reflected in the market [1] Nickel Ore - The nickel ore market was calm, with prices stable. Philippine mines mainly fulfilled previous orders, and their price - holding mentality recovered. As downstream ferronickel prices rebounded and domestic factories needed to stock up before the Spring Festival, the mentality of pressing down prices for nickel ore purchases may ease. In Indonesia, the domestic trade benchmark price in December is expected to drop by 0.11 - 0.18 dollars/wet ton, and the mainstream premium is +25, with the premium range mostly between +25 - 26. The overall domestic trade price of nickel ore is expected to decline [2] Spot - Jinchuan Group's sales price in the Shanghai market was 121,500 yuan/ton, a decrease of 200 yuan/ton from the previous trading day. The spot market showed no obvious improvement, and the spot premiums of various refined nickel brands were mostly stable. Jinchuan nickel's premium changed by 50 yuan/ton to 5,100 yuan/ton, imported nickel's premium remained unchanged at 400 yuan/ton, and nickel beans' premium was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipts were 33,939 (-296) tons, and LME nickel inventory was 252,852 (-240) tons [2] Group 4: Nickel Strategy - Unilateral: Mainly conduct range operations; Cross - period: None; Cross - variety: None; Spot - futures: None; Options: None [3] Group 5: Stainless Steel Market Analysis Futures - On December 11, 2025, the stainless steel main contract 2602 opened at 12,550 yuan/ton and closed at 12,625 yuan/ton. The trading volume was 83,489 (+3,558) lots, and the open interest was 103,523 (-4,171) lots. After the contract changed to 2602, it continued to follow the trend of Shanghai nickel, showing a narrow - range weakly oscillating pattern and closing slightly lower. Technically, the price closed below the 5 - day moving average, remaining in a short - term weak pattern, but there was strong support around 12,400 yuan/ton [3] Spot - Downstream buyers remained cautious, and trading did not improve. The stainless steel price in the Wuxi market was 12,800 (+0) yuan/ton, and in the Foshan market, it was also 12,800 (+0) yuan/ton. The premium of 304/2B was 195 - 395 yuan/ton. According to SMM data, the ex - factory tax - included average price of high - nickel pig iron changed by 1.00 yuan/nickel point to 888.5 yuan/nickel point [3] Group 6: Stainless Steel Strategy - Unilateral: Neutral; Cross - period: None; Cross - variety: None; Spot - futures: None; Options: None [4]

化工日报 | 2025-12-12 EG主港延续累库，负荷下降 核心观点 市场分析 期现货方面：昨日EG主力合约收盘价3599元/吨（较前一交易日变动-83元/吨，幅度-2.25%），EG华东市场现货价 3613元/吨（较前一交易日变动-55元/吨，幅度-1.50%），EG华东现货基差-15元/吨（环比-4元/吨）。 生产利润方面：据隆众数据，乙烯制EG生产毛利为-94美元/吨（环比+0美元/吨），煤基合成气制EG生产毛利为-1104 元/吨（环比+52元/吨）。 库存方面：根据 CCF 每周一发布的数据，MEG 华东主港库存为81.9万吨（环比+6.6万吨）；根据隆众每周四发布 的数据， MEG 华东主港库存为75.5万吨（环比+3.6万吨）。据CCF数据，上周华东主港计划到港总数16.3万吨，副 港到港量5.1万吨；本周华东主港计划到港总数15.5万吨，副港到港量2万吨，整体偏高，预计主港将继续累库。 整体基本面供需逻辑：供应端，随着检修兑现，国内乙二醇负荷高位下降，近端供应压力有所缓解，但1月又将恢 复高供应，后续关注价格下降后乙二醇装置新增检修情况；海外供应方面，中东货源供应高位，月内远洋货到港 偏多 ...

尿素日报 | 2025-12-12 气头开工下降，下游刚需采购 市场分析 风险 国内出口政策、装置检修情况、库存变动情况、农业需求情况。 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 价格与基差：2025-12-11，尿素主力收盘1638元/吨（-7）；河南小颗粒出厂价报价：1690 元/吨（0）；山东地区小 颗粒报价：1710元/吨（+10）；江苏地区小颗粒报价：1690元/吨（+10）；小块无烟煤750元/吨（+0），山东基差： 72元/吨（+17）；河南基差：52元/吨（+7）；江苏基差：52元/吨（+17）；尿素生产利润180元/吨（+10），出口利润 885元/吨（+0）。 供应端：截至2025-12-11，企业产能利用率81.85%（0.08%）。样本企业总库存量为123.42 万吨（-5.63），港口样本 库存量为12.30 万吨（+1.80）。 需求端：截至2025-12-11，复合肥产能利用率40.62%（+0.09%）；三聚氰胺产能利用率为61.86%（+0.20%）；尿素 企业预收订单天数6.94日（-0.41）。 尿素现货价格松动，下游刚需采购。供应端四季度气 ...

化工日报 | 2025-12-12 检修陆续结束，下游轮胎开工率环比小幅回升 市场要闻与数据 期货方面，昨日收盘RU主力合约15185元/吨，较前一日变动-30元/吨；NR主力合约12270元/吨，较前一日变动+0 元/吨；BR主力合约10710元/吨，较前一日变动+105元/吨。 现货方面，云南产全乳胶上海市场价格14850元/吨，较前一日变动+0元/吨。青岛保税区泰混14480元/吨，较前一 日变动-20元/吨。青岛保税区泰国20号标胶1825美元/吨，较前一日变动-15美元/吨。青岛保税区印尼20号标胶1735 美元/吨，较前一日变动+0美元/吨。中石油齐鲁石化BR9000出厂价格10600元/吨，较前一日变动+0元/吨。浙江传 化BR9000市场价10580元/吨，较前一日变动+80元/吨。 市场资讯 根据第一商用车网初步掌握的数据，2025年11月份，我国重卡市场共计销售10万辆左右（批发口径，包含出口和 新能源），环比今年10月下降约6%，比上年同期的6.85万辆大幅增长约46%。 据隆众资讯了解，进入12月份全钢胎交投表现平淡，受季节性淡季影响，市场需求进一步转弱，市场货源相对充 足情况下，渠道 ...

化工日报 | 2025-12-12 交割预期下PX月差走强 市场要闻与数据 无 市场分析 成本端，Brent油价维持60~65美元/桶运行，聚焦于俄乌和谈进展，此外委内瑞拉局势也传递出不确定性。市场情 绪观望，油价维持震荡拉锯节奏。 PX方面，上上个交易日PXN273美元/吨(环比变动+3.50美元/吨）。PX装置平稳运行。在明年上半年的良好预期下， 周内PXN走扩至286美元/吨。依靠目前宽松的MX供应环境，即使部分工厂重整开工波动，PX负荷依旧能得到有效 维持。聚酯开工支撑下PXN有支撑，但远期预期下估值当前已处于季节性中高位水平。 TA方面，TA主力合约现货基差 -21元/吨 元/吨(环比变动+4元/吨），PTA现货加工费183元/吨（环比变动+14元/吨）， 主力合约盘面加工费274元/吨（环比变动+14元/吨），近端检修计划较多，且印度BIS取消提振PTA出口需求，聚酯 负荷支撑下，PTA小幅去库，基差反弹。中长期集中投放周期结束，PTA加工费预计将逐步改善。 需求方面，聚酯开工率91.8%（环比+0.3%），近期织造负荷有所下滑，11月底后内贸订单开始加速转弱，坯布库存 也开始加速累积，预计12月 ...

油脂日报 | 2025-12-12 政策不确定性增加，油脂宽幅震荡 油脂观点 市场分析 期货方面，昨日收盘棕榈油2605合约8642.00元/吨，环比变化+100元，幅度+1.17%；昨日收盘豆油2605合约8036.00 元/吨，环比变化+36.00元，幅度+0.45%；昨日收盘菜油2605合约9599.00元/吨，环比变化+156.00元，幅度+1.65%。 现货方面，广东地区棕榈油现货价8670.00元/吨，环比变化-10.00元，幅度-0.12%，现货基差P05+28.00，环比变化 -110.00元；天津地区一级豆油现货价格8420.00元/吨，环比变化+10.00元/吨，幅度+0.12%，现货基差Y05+384.00， 环比变化-26.00元；江苏地区四级菜油现货价格9850.00元/吨，环比变化+160.00元，幅度+1.65%，现货基差 OI05+251.00，环比变化+4.00元。 近期市场咨询汇总：加拿大菜籽(1月船期)C&F价格515美元/吨，与上个交易日相比下调1美元/吨；加拿大菜籽(3月 船期)C&F价格523美元/吨，与上个交易日相比下调2美元/吨。阿根廷豆油(1月船期)C&F价格 ...

氯碱日报 | 2025-12-12 PVC开工小幅下降，库存压力仍存 市场要闻与重要数据 PVC: 期货价格及基差：PVC主力收盘价4276元/吨（-52）；华东基差44元/吨（+22）;华南基差24元/吨（+2）。 现货价格：华东电石法报价4320元/吨（-30）；华南电石法报价4300元/吨（-50）。 上游生产利润：兰炭价格800元/吨（+0）；电石价格2930元/吨（+0）；电石利润0元/吨（+0）；PVC电石法生产毛利 -1019元/吨（-139）；PVC乙烯法生产毛利-472元/吨（-8）；PVC出口利润2.5美元/吨（+3.8）。 PVC库存与开工：PVC厂内库存32.6万吨（+0.3）；PVC社会库存52.9万吨（+0.1）；PVC电石法开工率79.13%（-2.96%）； PVC乙烯法开工率76.67%（+4.75%）；PVC开工率78.39%（-0.62%）。 下游订单情况：生产企业预售量69.8万吨（+2.9）。 烧碱： 期货价格及基差：SH主力收盘价2113元/吨（-42）；山东32%液碱基差106元/吨（+42）。 现货价格：山东32%液碱报价710元/吨（+0）；山东50%液碱报价 ...

聚烯烃日报 | 2025-12-12 PE下游开工继续下滑，供应压力持续 市场要闻与重要数据 价格与基差方面，L主力合约收盘价为6534元/吨（-27），PP主力合约收盘价为6177元/吨（+15），LL华北现货为6530 元/吨（+0），LL华东现货为6700元/吨（+0），PP华东现货为6230元/吨（+0），LL华北基差为-4元/吨（+27），LL华 东基差为166元/吨（+27）， PP华东基差为53元/吨（-15）。 上游供应方面，PE开工率为84.1%（+0.1%），PP开工率为78.3%（+0.7%）。 生产利润方面，PE油制生产利润为214.7元/吨（-70.5），PP油制生产利润为-495.3元/吨（-70.5），PDH制PP生产利 润为-803.6元/吨（-136.0）。 进出口方面，LL进口利润为-0.5元/吨（-7.5），PP进口利润为-300.5元/吨（-80.0），PP出口利润为-13.4美元/吨（+5.0）。 下游需求方面，PE下游农膜开工率为46.4%（-1.7%），PE下游包装膜开工率为49.6%（-0.6%），PP下游塑编开工率 为44.1%（+0.0%），PP下游BOPP ...

Report Industry Investment Rating - Not provided in the content Core View of the Report - The report presents the market liquidity situation of various sectors on December 11, 2025, including trading volume, holding amount, trading - holding ratio, and their changes compared to the previous trading day [1][2] Summary by Directory 1. Plate Liquidity - The report provides data on trading volume, holding amount, trading - holding ratio, and their changes compared to the previous trading day for multiple sectors such as stock index, treasury bond, basic metal, precious metal, energy chemical, agricultural product, and black building materials [1][2] 2. Stock Index Plate - On December 11, 2025, the trading volume of the stock index plate was 621.504 billion yuan, a - 1.77% change from the previous trading day; the holding amount was 1318.4 billion yuan, a - 2.30% change; the trading - holding ratio was 46.68% [1] 3. Treasury Bond Plate - On December 11, 2025, the trading volume of the treasury bond plate was 364.789 billion yuan, a + 1.02% change from the previous trading day; the holding amount was 750.457 billion yuan, a + 1.44% change; the trading - holding ratio was 48.53% [1] 4. Basic Metal and Precious Metal (Metal Plate) - On December 11, 2025, the trading volume of the basic metal plate was 534.275 billion yuan, a - 0.17% change from the previous trading day; the holding amount was 680.854 billion yuan, a + 1.09% change; the trading - holding ratio was 78.67%. The trading volume of the precious metal plate was 848.69 billion yuan, a - 2.04% change; the holding amount was 487.153 billion yuan, a + 0.59% change; the trading - holding ratio was 257.46% [1] 5. Energy Chemical Plate - On December 11, 2025, the trading volume of the energy chemical plate was 493.718 billion yuan, a + 9.61% change from the previous trading day; the holding amount was 459.957 billion yuan, a + 0.73% change; the trading - holding ratio was 96.67% [1] 6. Agricultural Product Plate - On December 11, 2025, the trading volume of the agricultural product plate was 357.572 billion yuan, a - 4.11% change from the previous trading day; the holding amount was 600.746 billion yuan, a + 1.03% change; the trading - holding ratio was 54.09% [1] 7. Black Building Materials Plate - On December 11, 2025, the trading volume of the black building materials plate was 257.89 billion yuan, a - 7.85% change from the previous trading day; the holding amount was 333.578 billion yuan, a - 0.63% change; the trading - holding ratio was 71.79% [2]

新能源及有色金属日报 | 2025-12-12 期货方面：2025-12-11，沪铅主力合约开于17155元/吨，收于17155元/吨，较前一交易日变化40元/吨，全天交易日 成交34885手，较前一交易日变化-1564手，全天交易日持仓35754手，手较前一交易日变化-3561手，日内价格震荡， 最高点达到17220元/吨，最低点达到17070元/吨。夜盘方面，沪铅主力合约开于17115元/吨，收于17120元/吨，较 昨日午后收盘下降0.20%。 据SMM讯，昨日SMM1#铅价较前一个交易日下跌125元/吨。河南地区持货商报价对沪期铅2601合约贴水90-50元/ 吨出厂，贴水较昨日再度收窄；湖南地区交割品牌铅冶炼厂报价对SMM1#铅升水0-25元/吨出厂，部分冶炼厂库存 售罄后成交转淡。铅价回调走弱，部分下游企业逢低采购，但冶炼厂普遍以长单发货为主，散单成交略显清淡。 库存方面：2025-12-11，SMM铅锭库存总量为2.1万吨，较上周同期变化0.00万吨。截止12月11日，LME铅库存为 235475吨，较上一交易日变化-75吨。 策略 绝对价格：中性 全球铅精矿延续紧平衡，国产TC低位横盘、进口矿 ...