Report Investment Rating - The investment rating for both the apple and红枣 industries is neutral [4][8] Core Viewpoints - The apple market is currently in a supply - demand game stage. Low - price substitute fruits are squeezing the apple market, and the terminal demand is weak. The market may turn bullish if the Spring Festival stocking atmosphere warms up early [3][4] - The红枣 market is facing supply pressure with high inventory levels. The supply has increased while the demand remains stable. The market situation depends on downstream sales rhythm during the upcoming consumption season [7][8] Market News and Key Data Apple - Futures: The closing price of the apple 2605 contract was 9149 yuan/ton, a change of - 50 yuan/ton (- 0.54%) from the previous day [1] - Spot: The price of Shandong Qixia 80 first - and second - grade late Fuji was 4.10 yuan/jin, unchanged from the previous day; the price of Shaanxi Luochuan 70 semi - commercial late Fuji was 4.20 yuan/jin, also unchanged. The spot basis AP05 - 949 and AP05 - 749 changed + 50 from the previous day respectively [1] Red Dates - Futures: The closing price of the red dates 2605 contract was 8820 yuan/ton, a change of - 75 yuan/ton (- 0.84%) from the previous day [5] - Spot: The price of first - grade grey jujubes in Hebei was 8.40 yuan/kg, a change of - 0.10 yuan/kg from the previous day. The spot basis CJ05 - 420 changed - 25 from the previous day [5] Recent Market Information Apple - Inventory late Fuji is sold as needed, with stable market conditions. In the western regions, there are few buyers; in Shandong, there is sporadic warehousing out, mainly 75 apples. The overall market is stable but dull, and the fruit farmer's goods have limited transactions. The pre - holiday stocking enthusiasm is low [2] Red Dates - The acquisition of grey jujubes in Xinjiang is almost finished. The prices of some goods have slightly declined. In the consumption season, the terminal market purchases steadily, and the prices are stable [6] Market Analysis Apple - The apple futures price fluctuated downwards. The market in the production areas is dull, with slow sales. Low - price citrus fruits are squeezing the apple market, and consumers' purchasing willingness is weak. The market may turn bullish if the Spring Festival stocking atmosphere warms up [3] Red Dates - The red dates futures price declined. The new jujube acquisition is ending, with a slight reduction in production but good quality. The inventory in the sales areas is at a multi - year high, and the demand is poor, highlighting the supply pressure [7] Strategies Apple - Maintain a neutral strategy. The current inventory quantity and quality are generally low. High - quality fruits have strong price performance, while poor - quality ones face sales pressure. The market is in a supply - demand game [4] Red Dates - Adopt a neutral strategy. The acquisition in the production areas is almost over. The inventory is high, and the supply has increased while the demand remains stable. The key is to track the downstream sales rhythm [8]

农产品日报 | 2025-12-23 冬至备货结束，猪价重回震荡 生猪观点 市场要闻与重要数据 期货方面，昨日收盘生猪 2603合约11345元/吨，较前交易日变动+20.00元/吨，幅度+0.18%。现货方面，河南地区 外三元生猪价格11.66元/公斤，较前交易日变动+0.09元/公斤，现货基差 LH03+315，较前交易日变动-60；江苏地 区外三元生猪价格 11.76元/公斤，较前交易日变动+0.20元/公斤，现货基差LH03+415，较前交易日变动-360；四川 地区外三元生猪价格11.68元/公斤，较前交易日变动-0.24元/公斤，现货基差LH03+335，较前交易日变动-590。 据农业农村部监测，12月22日"农产品批发价格200指数"为130.52，比上周五下降0.17个点，"菜篮子"产品批发价格 指数为133.46，比上周五下降0.18个点。全国农产品批发市场猪肉平均价格为17.56元/公斤，比上周五上升0.2%； 牛肉65.92元/公斤，与上周五持平；羊肉63.00元/公斤，比上周五上升1.0%；鸡蛋7.48元/公斤，比上周五上升0.4%； 白条鸡17.92元/公斤，比上周五上升0.4%。 ...

化工日报 | 2025-12-23 单边：中性。当前EG价格筑底阶段，但投产压力较大，随着港口库存的回升，场内货源流动性增加，1~2月累库 压力仍偏大，需要进一步减产平衡 跨期：无 跨品种：无 风险 EG主港延续累库，供应回升下仍承压 核心观点 市场分析 期现货方面：昨日EG主力合约收盘价3735元/吨（较前一交易日变动-3元/吨，幅度-0.08%），EG华东市场现货价3615 元/吨（较前一交易日变动-10元/吨，幅度-0.28%），EG华东现货基差-4元/吨（环比+12元/吨）。 生产利润方面：据隆众数据，乙烯制EG生产毛利为-98美元/吨（环比-6美元/吨），煤基合成气制EG生产毛利为-987 元/吨（环比-8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84.4万吨（环比+2.5万吨）；根据隆众每周四发布 的数据， MEG 华东主港库存为61.7万吨（环比-13.8万吨）。据CCF数据，上周华东主港计划到港总数11.1万吨， 副港到港量3万吨；本周华东主港计划到港总数11.8万吨，副港到港量2.7万吨，整体中性略偏高，预计主港将平衡 略累。 整体基本面供需逻辑：供应端，随 ...

1. Report Industry Investment Rating - Unilateral: Neutral, wait for a clear bottom signal and consider left - side dip - buying [2] - Cross - variety: None [2] - Cross - period: None [2] - Spot - futures: None [2] - Options: None [2] 2. Core View of the Report - Oil prices rebounded, providing stronger cost - side support. The increase in oil prices drove up downstream energy and chemical products including BU. However, the asphalt market still faces significant upward resistance. The northern market has stronger bottom support due to the continuous release of winter storage demand, while the southern market is under pressure. The contradiction of oversupply in the southern region needs time to be resolved, and the risk of raw material tightening is a potential upward driver. The market has a mix of long and short factors, and a bottom - up rebound requires a clearer signal [1] 3. Summary by Relevant Catalogs Market Analysis - On December 22, the closing price of the main BU2602 asphalt futures contract in the afternoon session was 2995 yuan/ton, up 75 yuan/ton or 2.57% from the previous settlement price. The open interest was 217,171 lots, down 777 lots from the previous day, and the trading volume was 366,642 lots, up 37,421 lots from the previous day [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are: 3,156 - 3,500 yuan/ton in the Northeast, 2,850 - 3,270 yuan/ton in Shandong, 2,750 - 2,950 yuan/ton in South China, and 3,100 - 3,220 yuan/ton in East China [1] - The spot prices of asphalt in North China and Sichuan - Chongqing regions decreased slightly, while those in other regions remained generally stable. With the escalating geopolitical situation in South America and the US seizure of Venezuelan oil tankers, concerns about raw material tightening have increased, and the discount of diluted asphalt has rebounded [1] - The northern market has a warmer atmosphere due to the continuous release of winter storage demand, but the southern spot market is under pressure as major refineries have released more low - priced resources recently, increasing competitive pressure and suppressing the futures market [1] Strategy - Unilateral: Adopt a neutral stance, wait for a clear bottom signal and consider left - side dip - buying [2] - Cross - variety: No strategy provided [2] - Cross - period: No strategy provided [2] - Spot - futures: No strategy provided [2] - Options: No strategy provided [2] Figures - The report includes figures on asphalt spot prices in various regions (Shandong, East China, South China, North China, Southwest, Northwest), asphalt futures prices (index, main contract, near - month contract, near - month spread), trading volume and open interest of asphalt futures (unilateral, main contract), domestic asphalt weekly output (total, independent refineries, Shandong, East China, South China, North China), domestic asphalt consumption in different fields (road, waterproofing, coking, ship fuel), and asphalt inventories (refinery, social) [3]

Group 1: Report Title and General Situation - The report is titled "New Energy and Non - Ferrous Metals Daily Report | December 23, 2025", stating that the sentiment of supply disruption in Indonesian nickel mines continues, and nickel and stainless steel maintain a rebound [1] Group 2: Nickel Variety Analysis Market Analysis - On December 22, 2025, the main contract 2602 of Shanghai nickel opened at 116,600 yuan/ton and closed at 121,260 yuan/ton, a change of 4.55% from the previous trading day's closing price. The trading volume was 196,376 (-14,261) lots, and the open interest was 57,011 (18,484) lots. The futures showed a strong rebound with high opening and high closing, driven by the resonance of Indonesian production - cut expectations and capital sentiment. However, due to factors such as high inventory and off - season demand, the short - term rebound cannot change the long - term supply surplus pattern [2] - In the nickel ore market, new tenders have started, and the price of nickel ore has remained stable. In the Philippines, the 1.3% nickel ore tender of the northern Benguet mine has not yet had a deal. Considering the impact of rainy weather, the shipping efficiency is acceptable. Downstream factories' production plans remain unchanged, and most need to stock up before the Spring Festival, so the mentality of pressing prices for raw material nickel ore procurement may slow down. In Indonesia, the domestic trade benchmark price in December (Phase II) has fallen by 0.11 - 0.18 US dollars/wet ton, and the current mainstream premium remains at +25, with the premium range mostly between +25 - 26, expected to remain flat [2] - Jinchuan Group's sales price in the Shanghai market is 124,900 yuan/ton, up 1,300 yuan/ton from the previous trading day. With the sharp rise in futures prices, downstream wait - and - see sentiment has increased, and trading is average. The spot premiums and discounts of various brands of refined nickel are mostly stable. Among them, the premium of Jinchuan nickel has changed by 100 yuan/ton to 6,700 yuan/ton, the premium of imported nickel has changed by 0 yuan/ton to 400 yuan/ton, and the premium of nickel beans is 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipts were 38,922 (1,320) tons, and the LME nickel inventory was 254,550 (612) tons [3] Strategy - With high inventory and an unchanged supply surplus pattern, nickel prices are expected to remain in low - level oscillations. The strategy for unilateral trading is mainly range - bound operations, and there are no strategies for inter - period, cross - variety, spot - futures, and options trades [4] Group 3: Stainless Steel Variety Analysis Market Analysis - On December 22, 2025, the main contract 2602 of stainless steel opened at 12,720 yuan/ton and closed at 12,850 yuan/ton. The trading volume was 169,487 (-107,409) lots, and the open interest was 108,021 (-4,171) lots. The futures showed characteristics of "passively following the rise, shrinking volume, and weak rebound", reflecting the market's cautious attitude towards the fundamentals of stainless steel itself. In the short term, it may fluctuate with nickel prices, but in the long term, the supply - demand contradiction will still dominate the price [4] - With the strengthening of the futures market, downstream procurement enthusiasm is not high, and they mainly purchase on demand. The stainless steel price in the Wuxi market is 12,900 (+50) yuan/ton, and in the Foshan market, it is 12,900 (+50) yuan/ton. The premium and discount of 304/2B are 180 to 380 yuan/ton. According to SMM data, the ex - factory tax - included average price of high - nickel pig iron has changed by 1.00 yuan/nickel point to 885.0 yuan/nickel point [4] Strategy - With low demand, high inventory, and a continuously declining cost center, stainless steel is expected to remain in a low - level oscillation state. The unilateral trading strategy is neutral, and there are no strategies for inter - period, cross - variety, spot - futures, and options trades [6] Group 4: Other Information - The report provides 14 figures, including LME closing and spot prices, Shanghai nickel main contract closing and SMM spot prices, refined nickel import profits and losses, etc., with data sources mainly from SMM and MySteel [7] - The analysts of this report are Feng Fan, Chen Sijie, and Shi Cheng, and the contact person is Lin Yihang, along with their corresponding qualification numbers [37][39]

Report Summary 1) Report Industry Investment Rating No investment rating is provided in the report. 2) Core View of the Report The supply - side increment continues to suppress the market price of propylene. The supply of propylene remains loose, the demand support is limited, and the cost - side support has weakened. In the short term, the market is expected to fluctuate weakly, and it is recommended to wait and see until marginal device maintenance occurs [1][2][3]. 3) Summary by Directory I. Propylene Basis Structure - Propylene main contract closing price is 5647 yuan/ton (-48), East China spot price is 5925 yuan/ton (+0), North China spot price is 5890 yuan/ton (-25), East China basis is 278 yuan/ton (+48), and North China basis is 4 yuan/ton (+15) [1] II. Propylene Production Profit and Capacity Utilization - Propylene capacity utilization rate is 74% (+0%), China CFR propylene - Japan CFR naphtha is 211 US dollars/ton (+4), and propylene CFR - 1.2 propane CFR is 53 US dollars/ton (+6) [1] III. Propylene Import and Export Profit - Propylene import profit is - 324 yuan/ton (-48) [1] IV. Propylene Downstream Profit and Capacity Utilization - PP powder capacity utilization rate is 37% (-2.62%), production profit is - 160 yuan/ton (+5); epoxy propane capacity utilization rate is 76% (+0%), production profit is - 276 yuan/ton (-30); n - butanol capacity utilization rate is 78% (+9%), production profit is 236 yuan/ton (+65); octanol capacity utilization rate is 82% (+5%), production profit is 487 yuan/ton (+18); acrylic acid capacity utilization rate is 79% (+0%), production profit is 343 yuan/ton (+0); acrylonitrile capacity utilization rate is 81% (+0%), production profit is - 557 yuan/ton (+44); phenol - acetone capacity utilization rate is 76% (-4%), production profit is - 927 yuan/ton (+0) [1] V. Propylene Inventory - Propylene factory inventory is 46560 tons (+600) [1]

Report Industry Investment Rating - PVC: Cross - period: Wait - and - see; Cross - variety: None [4] - Caustic Soda: Unilateral: Neutral; Cross - period: Wait - and - see; Cross - variety: None [4] Core Viewpoints - PVC is affected by macro - sentiment and rebounds, with a marginal improvement in supply - demand. The overall supply decreases slightly, but the supply end is still abundant. The downstream starts to decline slightly, and the export orders remain resilient. The comprehensive production profit of upstream PVC has some repair, but the overall improvement in supply - demand is limited [3]. - Caustic soda rebounds due to anti - involution sentiment, and the supply - demand improves slightly. The spot price is mainly stable, and the inventory pressure is partially relieved. The supply - end start - up rate decreases slightly, and the demand side has different performances in different sectors [3]. Summary by Related Catalogs Market News and Important Data PVC - Futures price and basis: The closing price of PVC main contract is 4591 yuan/ton (- 61), the East China basis is - 231 yuan/ton (+ 21), and the South China basis is - 191 yuan/ton (+ 31) [1]. - Spot price: The East China calcium carbide method quotation is 4360 yuan/ton (- 40), and the South China calcium carbide method quotation is 4400 yuan/ton (- 30) [1]. - Upstream production profit: The semi - coke price is 780 yuan/ton (+ 0), the calcium carbide price is 2830 yuan/ton (+ 0), the calcium carbide profit is - 84 yuan/ton (+ 0), the production gross profit of PVC calcium carbide method is - 986 yuan/ton (+ 116), the production gross profit of PVC ethylene method is - 469 yuan/ton (+ 51), and the PVC export profit is - 5.6 US dollars/ton (+ 3.6) [1]. - Inventory and start - up: The in - factory inventory of PVC is 32.9 tons (- 1.6), the social inventory is 51.1 tons (- 0.7), the start - up rate of PVC calcium carbide method is 77.01% (- 2.12%), the start - up rate of PVC ethylene method is 74.06% (- 2.61%), and the overall start - up rate of PVC is 76.12% (- 2.27%) [1]. - Downstream order situation: The pre - sales volume of production enterprises is 76.2 tons (+ 11.4) [1]. Caustic Soda - Futures price and basis: The closing price of SH main contract is 2181 yuan/ton (+ 17), and the basis of 32% liquid caustic soda in Shandong is 69 yuan/ton (- 17) [1]. - Spot price: The quotation of 32% liquid caustic soda in Shandong is 720 yuan/ton (+ 0), and the quotation of 50% liquid caustic soda in Shandong is 1140 yuan/ton (+ 0) [1]. - Upstream production profit: The single - variety profit of caustic soda in Shandong is 1229 yuan/ton (+ 0), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) is 585.0 yuan/ton (+ 0.0), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) is - 376.96 yuan/ton (- 20.00), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) is 310.39 yuan/ton (- 20.00) [2]. - Inventory and start - up: The inventory of liquid caustic soda factories is 46.47 tons (+ 0.76), the inventory of flake caustic soda factories is 3.51 tons (+ 0.06), and the start - up rate of caustic soda is 84.50% (- 1.70%) [2]. - Downstream start - up: The start - up rate of alumina is 85.00% (- 1.11%), the start - up rate of printing and dyeing in East China is 62.06% (- 0.68%), and the start - up rate of viscose staple fiber is 89.62% (+ 0.00%) [2]. Market Analysis PVC - Affected by macro - sentiment, PVC rebounds, and the supply - demand marginally improves. The supply decreases slightly, but the supply end is still abundant. The downstream start - up decreases slightly, and the export orders remain resilient. The comprehensive production profit of upstream PVC has some repair, but the overall improvement in supply - demand is limited [3]. Caustic Soda - The caustic soda futures price rebounds due to anti - involution sentiment, and the supply - demand improves slightly. The spot price is mainly stable, and the inventory pressure is partially relieved. The supply - end start - up rate decreases slightly, and the demand side has different performances in different sectors [3].

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - Overseas gasoline crack spreads are weakening due to the Russia - Ukraine peace talks and the recovery of refinery operations in Europe and the US, reducing the support for pure benzene from overseas gasoline blending. Although the peak of pure benzene arrivals in China has passed, there is still some arrival pressure, and port inventories have further accumulated this week while downstream提货 remains weak. - For benzene ethylene, port inventories have risen again, the previous destocking cycle has ended, and it is gradually entering the pre - festival inventory accumulation cycle. Downstream production is in the off - season, with a decline in EPS and PS production starts and low - level consolidation in ABS production starts, and there is still pressure on the finished product inventories of EPS and ABS [1][2][3]. 3. Summary According to Relevant Catalogs I. Basis Structure and Inter - Period Spreads of Pure Benzene and EB - Pure benzene: The main basis is - 134 yuan/ton (down 25), and the spread between East China pure benzene spot and M2 is - 125 yuan/ton (unchanged). - Benzene ethylene: The main basis is 10 yuan/ton (down 88 yuan/ton) [1]. II. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Benzene Ethylene - Pure benzene: CFR China processing fee is 132 dollars/ton (up 3 dollars/ton), FOB South Korea processing fee is 125 dollars/ton (up 3 dollars/ton), and the US - South Korea spread is 184.9 dollars/ton (up 1.0 dollars/ton). - Benzene ethylene: Non - integrated production profit is - 220 yuan/ton (up 18 yuan/ton), and it is expected to gradually compress [1]. III. Inventories and Operating Rates of Pure Benzene and Benzene Ethylene - Pure benzene: Port inventory is 27.30 million tons (up 1.30 million tons). - Benzene ethylene: East China port inventory is 139,300 tons (up 4,600 tons), East China commercial inventory is 84,550 tons (up 2,250 tons), and the operating rate is 69.1% (up 0.8%) [1]. IV. Operating Rates and Production Profits of Benzene Ethylene Downstream - EPS: Production profit is 116 yuan/ton (down 50 yuan/ton), and the operating rate is 51.81% (down 1.96%). - PS: Production profit is 66 yuan/ton (down 50 yuan/ton), and the operating rate is 54.50% (down 3.80%). - ABS: Production profit is - 948 yuan/ton (down 35 yuan/ton), and the operating rate is 70.10% (down 0.43%) [2]. V. Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam: Production profit is - 350 yuan/ton (down 40), and the operating rate is 69.20% (down 5.37%). - Phenol - acetone: Production profit is - 927 yuan/ton (unchanged), and the phenol operating rate is 76.00% (down 3.50%). - Aniline: Production profit is 789 yuan/ton (up 178), and the operating rate is 61.35% (down 14.59%). - Adipic acid: Production profit is - 1,018 yuan/ton (down 11), and the operating rate is 59.60% (up 0.40%) [1].

Report Industry Investment Rating No relevant information provided. Core Viewpoints - For industrial silicon, after production cuts in the southwest, the supply - demand pattern may improve, but inventory accumulation continues. The industrial silicon futures price is mainly affected by overall commodity sentiment and policy news. If there are relevant capacity - exit policies, the futures price may rise. For polysilicon, the supply - demand situation is poor, with continuous inventory increases and high inventory pressure. The futures price is affected by anti - involution policies and weak market reality, and is expected to fluctuate mainly [3][6]. Summary by Related Catalogs Industrial Silicon Market Analysis - On December 22, 2025, the industrial silicon futures price was in a volatile state. The main contract 2605 opened at 8685 yuan/ton and closed at 8595 yuan/ton, a change of (-45) yuan/ton or (-0.52)% compared to the previous settlement. The position of the main contract 2601 was 221,606 lots at the close, and the number of warehouse receipts on December 21 was 9019 lots, unchanged from the previous day [1]. - The spot price of industrial silicon was basically stable. According to SMM data, the price of East China oxygen - permeable 553 silicon was 9200 - 9300 (50) yuan/ton, 421 silicon was 9500 - 9800 (0) yuan/ton, Xinjiang oxygen - permeable 553 silicon was 8600 - 8900 (0) yuan/ton, and 99 silicon was 8600 - 8900 (0) yuan/ton. Silicon prices in various regions were flat, and the price of 97 silicon was stable [1]. - On December 18, the total social inventory of industrial silicon in major regions was 553,000 tons, a change of -1.43% compared to the previous week. Among them, the inventory in social ordinary warehouses was 138,000 tons, an increase of 2000 tons compared to the previous week, and the inventory in social delivery warehouses (including unregistered warehouse receipts and spot inventory) was 415,000 tons, a decrease of 10,000 tons compared to the previous week [1]. Consumption End - The quotation of silicone DMC was 13,500 - 13,700 (0) yuan/ton. The weekly output of polysilicon was basically stable, and the planned output in December was around 114,000 tons, with a slight decrease compared to November, resulting in limited change in the demand for industrial silicon. The weekly production schedule of silicone fluctuated slightly compared to the previous week. In early December, monomer plants gradually reduced production, and the consumption of industrial silicon in December may decrease by about 5000 tons [2]. - The operating rate of aluminum - silicon alloy enterprises remained stable. The secondary aluminum enterprises in Chongqing that reduced production due to air pollution last week maintained the reduced - production state this week. The downstream demand of the aluminum alloy industry showed marginal weakness, and the subsequent operating rate is expected to be stable with a weak trend [2]. Strategy - The spot price is basically stable. After production cuts in the southwest, the supply - demand pattern may improve, but inventory accumulation continues. The industrial silicon futures price is mainly affected by overall commodity sentiment and policy news. Pay attention to whether there are relevant capacity - exit policies. Currently, the valuation of industrial silicon is low, and if there is policy support, the futures price may rise. For unilateral trading, short - term range operation is recommended [3]. Polysilicon Market Analysis - On December 22, 2025, the main contract 2605 of polysilicon futures fluctuated downward, opening at 60,000 yuan/ton and closing at 58,845 yuan/ton, a change of -2.08% compared to the previous trading day. The position of the main contract was 134,949 (139,187 in the previous trading day) lots, and the trading volume was 213,280 lots [4]. - The spot price of polysilicon declined slightly. According to SMM statistics, the price of N - type material was 49.80 - 55.00 (0.00) yuan/kg, and the price of N - type granular silicon was 49.00 - 51.00 (0.00) yuan/kg. The inventory of polysilicon manufacturers and silicon wafers increased. The latest polysilicon inventory was 29.30 (with a 0.00% change compared to the previous period), and the silicon wafer inventory was 21.50GW, a decrease of -7.73% compared to the previous period. The weekly output of polysilicon was 25,000 tons, a change of -0.40% compared to the previous period, and the silicon wafer output was 10.67GW, a change of -12.18% compared to the previous period [4]. - For silicon wafers, the price of domestic N - type 18Xmm silicon wafers was 1.23 (0.03) yuan/piece, N - type 210mm was 1.53 (0.03) yuan/piece, and the price of N - type 210R silicon wafers was 1.30 (0.05) yuan/piece [4][5]. - For battery cells, the price of high - efficiency PERC182 battery cells was 0.27 (0.00) yuan/W, PERC210 battery cells were about 0.28 (0.00) yuan/W, TopconM10 battery cells were about 0.30 (0.00) yuan/W, Topcon G12 battery cells were 0.31 (0.02) yuan/W, Topcon210RN battery cells were 0.31 (0.02) yuan/W, and HJT210 half - piece battery cells were 0.37 (0.00) yuan/W [5]. - For components, the mainstream transaction price of PERC182mm was 0.67 - 0.74 (0.00) yuan/W, PERC210mm was 0.69 - 0.73 (0.00) yuan/W, N - type 182mm was 0.66 - 0.68 (0.00) yuan/W, and N - type 210mm was 0.67 - 0.69 (0.00) yuan/W [5]. Strategy - The supply - demand situation of polysilicon is poor, with continuous inventory increases and high inventory pressure. The consumption end performance is average. The futures price is affected by anti - involution policies and weak market reality. After the establishment of the platform company, pay attention to the subsequent production and sales restrictions. The futures price has large fluctuations recently, and participants need to pay attention to risk management. Currently, the consumption end performance is average, and the futures price is expected to fluctuate mainly. For unilateral trading, short - term range operation is recommended, and the main contract is expected to fluctuate in the range of 54,000 - 60,000 yuan/ton [6].

农产品日报 | 2025-12-23 棉花观点 市场要闻与重要数据 期货方面，昨日收盘棉花2605合约14070元/吨，较前一日变动+55元/吨，幅度+0.39%。现货方面，3128B棉新疆到 厂价14986元/吨，较前一日变动+7元/吨，现货基差CF05+916，较前一日变动-48；3128B棉全国均价15154元/吨， 较前一日变动+9元/吨，现货基差CF05+1084，较前一日变动-46。 近期市场资讯，据美国农业部（USDA）报告，12月12日至12月18日，美国2025/26年度棉花分级检验19.93万吨， 83.7%的皮棉达到ICE期棉交割要求。其中陆地棉检验量为19.34万吨，皮马棉为0.59万吨。至同期，累计分级检验 242.43万吨，82.7%的皮棉达到ICE期棉交割要求。其中陆地棉检验量为236.65万吨，皮马棉为5.78万吨。 市场分析 市场情绪有所好转，板块整体震荡回升 昨日郑棉期价震荡上涨。国际方面，本月USDA对于全球棉花供需数据调整不大，25/26年度全球棉花产需双减， 期末库存微幅增加。美棉产量继续小幅调增，经过两个月的调整后美棉累库压力明显加大。当前北半球新棉集中 上市，阶段 ...