Report Industry Investment Rating - Not provided Core Viewpoints - Not provided Summary by Directory Option Trading Volume - On December 5, 2025, the trading volume of SSE 50 ETF options was 511,600 contracts; CSI 300 ETF options (Shanghai) was 720,100 contracts; CSI 500 ETF options (Shanghai) was 952,800 contracts; Shenzhen 100 ETF options was 94,300 contracts; ChiNext ETF options was 1,861,600 contracts; SSE 50 index options was 34,800 contracts; CSI 300 index options was 83,000 contracts; and CSI 1000 options was 271,200 contracts [1]. - The table shows the call, put, and total trading volumes of various index ETF options on a recent day. For example, SSE 50 ETF options had a call volume of 485,800 contracts, a put volume of 405,400 contracts, and a total volume of 891,200 contracts [18]. Option PCR - The turnover PCR and position PCR, along with their环比 changes, are provided for different options. For instance, SSE 50 ETF options had a turnover PCR of 0.68 (环比 change of -0.15) and a position PCR of 1.07 (环比 change of +0.09) [2][33]. Option VIX - The VIX and its环比 changes are presented for various options. For example, SSE 50 ETF options had a VIX of 13.69% (环比 change of -0.07%) [3][48].

流动性日报 | 2025-12-08 市场流动性概况 2025-12-05，股指板块成交7195.21亿元，较上一交易日变动+32.70%；持仓金额13711.25亿元，较上一交易日变动 +7.81%；成交持仓比为52.68%。 国债板块成交4594.65亿元，较上一交易日变动-27.52%；持仓金额7330.28亿元，较上一交易日变动-1.75%；成交持 仓比为63.76%。 基本金属板块成交5695.72亿元，较上一交易日变动-9.43%；持仓金额6923.72亿元，较上一交易日变动+2.82%；成 交持仓比为76.04%。 贵金属板块成交7950.46亿元，较上一交易日变动-23.83%；持仓金额4836.52亿元，较上一交易日变动-0.54%；成交 持仓比为252.49%。 能源化工板块成交3754.22亿元，较上一交易日变动-2.03%；持仓金额4635.84亿元，较上一交易日变动-0.21%；成 交持仓比为74.93%。 农产品板块成交2775.10亿元，较上一交易日变动-12.65%；持仓金额6086.99亿元，较上一交易日变动+0.08%；成 交持仓比为44.97%。 黑色建材板块成交2081 ...

'()*+,|-./0+ 2025-12-07 !"#$%&'()!"*+,'- !"#$ !"#$ 徐闻宇 * xuwenyu@htfc.com 从业资格号：F0299877 投资咨询号：Z0011454 蔡劭立 ( 0755-23887993 * caishaoli@htfc.com 从业资格号：F3056198 投资咨询号：Z0015616 高聪 ( 021-60828524 * gaocong@htfc.com 从业资格号：F3063338 投资咨询号：Z0016648 %&'()*&+, -./01201121289 3 !"#$ 近期美债长端利率延续抬升，10年期收益率升至4.14%，曲线陡化特征明显。当前对降 息预期修正仍是影响美债价格的主要因素。短端受宽松预期支撑具下行趋势，但长端 在供给压力、经济韧性与资金面扰动下不确定性突出。需继续关注数据驱动的节奏波 动与长端风险溢价变化。 %&'( ■ !"#$ | 核心观点 1 | | | --- | --- | | 重点解读 3 | | | !"#$ | 4 | | !"%& | 5 | | '()%& | 5 | | *+, | 6 | | !- ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Overseas: Before the release of PCE data, market optimism has subsided, and the three major U.S. stock indexes showed mixed results [2]. - Domestic: The market remains in a state of shrinking volume and is in a volatile market with relatively low overall risks [2]. 3. Summary by Relevant Catalogs Market Analysis - Macro: China's Ministry of Commerce announced that the Chinese government is conducting export controls on rare - earth - related items in accordance with laws and regulations. Applications for civilian and compliant exports are approved in a timely manner. President Xi Jinping held talks with French President Macron, emphasizing mutual understanding and support on core interests and major concerns [1]. - Overseas: The number of initial jobless claims in the U.S. last week unexpectedly decreased by 27,000 to 191,000, the lowest level since September 2022. The three major U.S. stock indexes closed with mixed results, with the Nasdaq rising 0.22% to 23,505.14 points [1]. - Stock Indexes: The three major A - share indexes showed divergent trends. The Shanghai Composite Index fell 0.51% to 3878 points, and the ChiNext Index fell 1.12%. Most sector indexes declined. The machinery, electronics, and national defense and military industries led the gains, while the beauty care, social services, commercial retail, and textile and apparel industries led the declines. The trading volume of the Shanghai and Shenzhen stock markets was less than 1.6 trillion yuan [1]. - Futures Market: In the futures market, the basis of IC and IM continued to repair, and the trading volume and open interest of the four major stock index futures decreased simultaneously [1]. Strategy The overseas market's optimism has subsided before the PCE data release. The domestic market maintains a shrinking volume and is in a volatile state with low risks [2]. Macro Economic Charts - The report includes charts showing the relationship between the U.S. dollar index and A - share trends, the U.S. Treasury yield and A - share trends, the RMB exchange rate and A - share trends, and the U.S. Treasury yield and A - share style trends [6][7]. Spot Market Tracking Charts - Table 1 shows the daily performance of major domestic stock indexes on December 4 and 3, 2025, including the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, etc. For example, the Shanghai Composite Index decreased by 0.06% from 3878.00 to 3875.79 [12]. - Charts include the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [13]. Stock Index Futures Tracking Charts - Table 2 shows the trading volume and open interest of stock index futures (IF, IH, IC, IM). For example, the trading volume of IF decreased by 5184 to 92574, and the open interest decreased by 3942 to 261904 [16]. - Table 3 shows the basis (futures - spot) of stock index futures for different contracts (current month, next month, current quarter, next quarter). For example, the current - month contract basis of IF is - 15.97 with a change of - 3.12 [40]. - Table 4 shows the inter - delivery spread of stock index futures, including spreads such as next month - current month, next quarter - current month, etc. For example, the next - month - current - month spread of IF is - 18.40 with a change of - 2.40 [46][47]. - Charts include the open interest of different contracts, the latest open - interest ratio, foreign - funded net open - interest quantity, basis, and inter - delivery spread of different stock index futures [17][20][28][30][31][38][41][43][51].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Directory I. Option Trading Volume - On December 4, 2025, the trading volume of SSE 50 ETF options was 551,500 contracts; the trading volume of CSI 300 ETF options (Shanghai market) was 754,800 contracts; the trading volume of CSI 500 ETF options (Shanghai market) was 1,061,000 contracts; the trading volume of Shenzhen 100 ETF options was 70,500 contracts; the trading volume of ChiNext ETF options was 1,604,300 contracts; the trading volume of SSE 50 index options was 20,000 contracts; the trading volume of CSI 300 index options was 89,800 contracts; the total trading volume of CSI 1000 options was 189,900 contracts [1] - The table shows the call volume, put volume, and total volume of various index ETF options on a recent day [18] II. Option PCR - The turnover PCR of SSE 50 ETF options was reported at 0.83, with a month - on - month change of - 0.20; the position PCR was reported at 0.98, with a month - on - month change of - 0.01. Similar data are provided for other options such as CSI 300 ETF options (Shanghai market), CSI 500 ETF options (Shanghai market), etc. [2][33] III. Option VIX - The VIX of SSE 50 ETF options was reported at 13.76%, with a month - on - month change of - 0.26%; the VIX of CSI 300 ETF options (Shanghai market) was reported at 15.33%, with a month - on - month change of - 0.12%. Similar data are provided for other options [3][47]

农产品日报 | 2025-12-05 供需格局未改，猪价偏弱震荡 生猪观点 市场要闻与重要数据 期货方面，昨日收盘生猪 2601合约11385元/吨，较前交易日变动-105.00元/吨，幅度-0.91%。现货方面，河南地区 外三元生猪价格11.23元/公斤，较前交易日变动+0.05元/公斤，现货基差 LH01-155，较前交易日变动+155；江苏地 区外三元生猪价格 11.39元/公斤，较前交易日变动+0.02元/公斤，现货基差LH01+5，较前交易日变动+125；四川 地区外三元生猪价格11.33元/公斤，较前交易日变动+0.00元/公斤，现货基差LH01-55，较前交易日变动+105。 据农业农村部监测，12月4日"农产品批发价格200指数"为128.52，比昨天上升0.36个点，"菜篮子"产品批发价格指 数为131.11，比昨天上升0.42个点。全国农产品批发市场猪肉平均价格为17.65元/公斤，比昨天下降0.5%；牛肉66.32 元/公斤，比昨天下降0.2%；羊肉62.39元/公斤，比昨天下降0.7%；鸡蛋7.47元/公斤，比昨天上升0.7%；白条鸡17.81 元/公斤，比昨天下降0.9%。 市场分析 ...

原油日报 | 2025-12-05 沙特下调官价贴水 2、在全球石油市场持续显现过剩迹象之际，沙特将其主要原油品种对亚洲的售价下调至五年来最低水平。据外媒 获得的官方价格表显示，沙特阿美将把明年1月旗舰级阿拉伯轻质原油对亚洲的官方售价设定为较地区基准升水0.6 美元，为自2021年1月以来的最低水平。根据对炼油商和交易商的调查，此次降价幅度略高于预期的每桶0.3美元。 文件还显示，沙特将1月份面向美国的原油官方售价定为较阿格斯含硫原油均价升水2.50美元/桶，面向欧洲西北部 的原油官方售价定为较伦敦布伦特原油结算价每桶升水0.05美元。由于美洲供应激增及欧佩克+自身增产超过疲软 的需求增长，今年原油价格已下跌约16%。国际能源署预测2026年将出现创纪录的供应过剩，高盛集团等华尔街投 行也认为期货价格将继续走低。此外，石油市场今年还不得不应对全球贸易争端、战争和制裁带来的影响。 （Bloomberg） 市场要闻与重要数据 1、WTI 1月原油期货收涨0.72美元，涨幅1.22%，报59.67美元/桶，布伦特2月原油期货收涨0.59美元，涨幅0.94%， 报63.26美元/桶。 策略 油价短期区间震荡，中期空头 ...

Group 1: Investment Ratings - No investment rating for the report's industry is provided in the given content. Group 2: Core Views - Apple: The current season's apple market is affected by the storage structure, leading to a significant price polarization. In the short - to - medium - term, with the upcoming Christmas and New Year's Day stocking, the price is expected to be stable and slightly strong due to the shortage of high - quality apples and peak - season demand. However, the market is currently in a slow - moving off - season, with weak consumer demand and competition from citrus fruits [1][2][4]. - Red dates: The market is in a "new - old season transition" period. There is a strong expectation of a new - season production reduction, but the extent is undetermined, and the quality this year is better than last year. The market has a pessimistic outlook due to large inventory pressure and unsolved supply - demand contradictions. The futures price trend depends on the terminal market's acceptance of new - season high - price spot goods [8][9]. Group 3: Apple Market Summary Market News and Key Data - Futures: The closing price of the Apple 2605 contract was 9,605 yuan/ton, down 107 yuan/ton or 1.10% from the previous day. - 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 over 70 semi - commercial late Fuji was 4.20 yuan/jin, also unchanged. The spot basis AP05 - 1405 and AP05 - 1205 increased by 107 compared to the previous day [1]. Recent Market Information - Inventory trading of late Fuji is slow. In the western production areas, there is sporadic sourcing by merchants, mainly for two - grade fruit farmer's supply, with limited transactions. In Shandong, there is sporadic warehousing out, and the export of small fruits has slowed. Terminal market consumption is slow, and the low - price competition from citrus fruits has an impact. The inventory trading is light, the warehousing - out speed is slow, and the merchants' sourcing enthusiasm is not high. It is expected that today's transactions will remain light and prices will be mainly stable [2]. Market Analysis - The apple futures price fluctuated and declined yesterday. The inventory of late Fuji in western and Shandong production areas is mainly warehoused out on a sporadic and as - needed basis. Merchants' sourcing enthusiasm is generally low, and they mainly replenish in small quantities or supply the market with their self - stored goods. The warehousing - out progress in the production areas slowed down last week, and the merchants' ordering enthusiasm decreased. The sales area market has slow digestion, and citrus fruits have an obvious impact on medium - and lower - quality apples. It is expected to remain in an off - season market in the short term, with prices mainly stable [3]. Strategy - The strategy is to be bullish with fluctuations. Considering the impact of the storage structure this season, quality issues will be the key factor affecting the long - term apple market trend. In the short - to - medium - term, the price is expected to be stable and slightly strong [4]. Group 4: Red Dates Market Summary Market News and Key Data - Futures: The closing price of the Red Dates 2601 contract was 9,030 yuan/ton, down 25 yuan/ton or 0.28% from the previous day. - Spot: The spot price of first - grade grey dates in Hebei was 8.50 yuan/kg, unchanged from the previous day. The spot basis CJ01 - 530 increased by 25 compared to the previous day [5]. Recent Market Information - The acquisition progress of grey dates in Xinjiang production areas is 80% - 90%. The acquisition in the Third Division and Maigaiti areas is relatively fast, with only some low - quality and price - holding sellers remaining. The mainstream purchase prices vary by region. In the sales areas, the Hebei Cuierzhuang and Guangdong Ruyifang markets have sufficient supply. The new - season dates have a large price difference due to cost and quality. Some holders are selling at a discount, and the transaction price is weakly stable. Downstream merchants are purchasing as needed [6][7]. Market Analysis - The red dates futures price showed a downward trend yesterday. The sales areas have sufficient supply, mainly trading new - season dates with large price differences due to cost and quality. Some holders are selling at a discount, and the transaction price is weakly stable. The market is in a "new - old season transition" period. The new - season production reduction is strongly expected but the extent is undetermined, and the quality is better than last year. The acquisition enthusiasm in the sales area spot market has decreased after the continuous price decline. The inventory of 36 sample points has been accumulating, and the supply - demand contradiction has not been substantially alleviated. The market has a pessimistic outlook for the future [8]. Strategy - The strategy is neutral. If the terminal market can accept and digest the high - price new - season spot goods in the production area, the futures price will move closer to the new - season spot price. Otherwise, the new - season spot price may continue to decline. According to the 2025 red dates delivery rule modification by the Zhengzhou Commodity Exchange, the old - season red dates can still participate in delivery with lower costs than the new - season ones, so the near - month contracts may still have some room for decline [9].

Report Investment Rating - Absolute price: Neutral [3] - Option strategy: Sell wide straddle [3] Core View - The non - ferrous sector is strong, driving up the lead price. The lead market shows a pattern of weak supply and demand. The price is expected to fluctuate between 16,950 yuan/ton and 17,600 yuan/ton [1][3] Market News and Key Data Spot - On December 4, 2025, the LME lead spot premium was - 43.64 dollars/ton. The SMM1 lead ingot spot price changed by 25 yuan/ton to 17,100 yuan/ton. Different regional spot prices and premiums also had corresponding changes [1] Futures - On December 4, 2025, the main contract of SHFE lead opened at 17,240 yuan/ton, closed at 17,245 yuan/ton, up 35 yuan/ton from the previous trading day. The trading volume was 37,288 lots, up 10,271 lots, and the position was 46,582 lots, down 45 lots. The night - session closed at 17,305 yuan/ton, up 0.70% from the afternoon close. The SMM1 lead price rose 25 yuan/ton. The price difference between futures and spot narrowed slightly, and the market trading was okay [2] Inventory - On December 4, 2025, the SMM lead ingot inventory was 24,000 tons, down 7,100 tons from last week. The LME lead inventory was 248,050 tons, down 5,100 tons from the previous trading day [2] Strategy - Absolute price: Maintain a neutral view. In the fourth quarter, the resumption of recycled lead production was less than expected, primary lead producers were reluctant to sell due to maintenance, and the industry chain maintained low inventory. The negative lead concentrate processing fee provided effective cost support. The battery production increased month - on - month but the terminal demand was average, and the closure of the import window weakened the overseas impact. The price is expected to fluctuate between 16,950 yuan/ton and 17,600 yuan/ton [3] - Option strategy: Sell wide straddle [3]

甲醇日报 | 2025-12-05 港口去库继续兑现 甲醇观点 市场要闻与重要数据 地区价差方面：鲁北-西北-280价差-78元/吨（+0），太仓-内蒙-550价差-446元/吨（-10），太仓-鲁南-250价差-373元 /吨（+0）；鲁南-太仓-100价差23元/吨（+0）；广东-华东-180价差-202元/吨（+5）；华东-川渝-200价差-253元/吨（-10）。 市场分析 港口方面。港口库存延续回落，回流内地套利支撑港口提货，江苏、浙江、华南三地均兑现去库。伊朗装置装置 已集中兑现冬检，但仍要等待12月装船减少的兑现，因11月装船量级仍高，且11月部分卸港延后至计入12月，12 月进口压力预计年内高位，短期港口库存压力仍大。另外，关注太仓主流仓储企业对伊朗船的接货意愿。 内地方面，煤头开工仍同期偏高，内地工厂库存小幅回升；MTO方面，阳煤MTO检修中，鲁西MTO低负荷状态； 关注联泓二期MTO年底投产进度。传统下游开工小幅回升，醋酸开工延续低位，甲醛淡季负荷小幅反弹，MTBE 开工继续维持高位。 策略 单边：MA2605谨慎逢低做多套保 跨期：MA2605-MA2609价差逢低做扩 跨品种：无 内地 ...