＃summary＃ 每日报告 021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 021-60635727 期货从业资格号：F03134307 报告类型 铁矿石日评 日期 2025 年 12 月 24 日 黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 fengzeren@ccb.ccbfutures.com 请阅读正文后的声明 | | | | | | 表1：12月23日钢材、铁矿期货主力合约价格、成交及持仓情况（单位：元/吨、%、手、亿元） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流出 | | RB2605 | ...

行业 铜期货日报 日期 2025 年 12 月 24 日 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 有色金属研究团队 研究员：余菲菲 研究员：彭婧霖 请阅读正文后的声明 ＃summary＃ 每日报告 一、 行情回顾与操作建议 图1：沪铜走势及盘面价差 图2：伦铜走势及价差 二、 行业要闻 请阅读正文后的声明- 2 - 数据来源：Wind，建信期货研究发展部 数据来源：Wind，建信期货研究发展部 铜价震荡收十字星，总持仓下降 9850 手，盘面 01-02 价差缩窄至 190，现货铜跌 205 至 93470，现货贴水扩大 20 至 215，现货进口亏损扩大至 1600 以上，进口窗 口关闭，LME0-3back 扩大至 6.58，同时沪伦比值继续下跌，外盘价格表现持续强 于内盘。日内有 ...

Report Information - Report Name: Carbonate Lithium Futures Daily Report [1] - Date: December 24, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] Industry Investment Rating - Not provided Core View - Carbonate lithium futures hit a new high for the year, with total positions increasing by 5991 and the pace of capital entry slowing. The 01 - 05 spread widened to 1920. Spot prices across the industry chain rose, but demand showed signs of slowing at the end of the year. With an expected difference in supply and a slight slowdown in demand, the de - stocking intensity of carbonate lithium is expected to stop falling and rise, and carbonate lithium futures are likely to rise rather than fall [9] Summary by Directory 1. Market Review and Operation Suggestions - Carbonate lithium futures reached a new high for the year, with total positions increasing by 5991 and the capital entry pace slowing. The 01 - 05 spread widened to 1920. The price of electric carbonate rose by 500 to 99,500, Australian ore rose by 35 to 1420, mica ore rose by 205 to 3125, ternary materials rose by 200 - 300, iron - lithium materials rose by 115 - 120, and the electrolyte price remained flat. Demand at the end of the year slowed significantly, with the weekly production of power lithium batteries, ternary, and iron - lithium materials all slowing last week, and the weekly de - stocking volume slowing for three consecutive weeks [9] 2. Industry News - Exar Minera, a joint - venture between Ganfeng Lithium and Lithium Argentina (LAR), applied for Argentina's Large - scale Investment Incentive System (RIGI) for its Cauchari - Olaroz lithium salt lake project to support its capacity expansion plan. The project aims to increase the annual production scale by 45,000 tons of carbonate lithium, raising the total capacity to 85,000 tons per year. The project plans to use direct lithium extraction (DLE) technology instead of traditional brine evaporation. The Argentine government stated that RIGI - related decisions will take up to 45 working days if no additional information is required [10] - China's carbonate lithium imports in November 2025 were 22,055.19 tons, a 7.64% decrease from the previous month and a 14.66% increase year - on - year. Chile was the largest import source, with imports of 10,824.66 tons in that month, a 26.84% decrease from the previous month and an 11.19% decrease year - on - year. Argentina was the second - largest import source, with imports of 8,042.91 tons, a 10.57% increase from the previous month and a 28.28% increase year - on - year [10]

能源化工研究团队 研究员：李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅碳市场） 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 行业 原油日报 日期 2025 年 12 月 24 日 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 请阅读正文后的声明 每日报告 一、行情回顾与操作建议 | ...

行业 油脂 日期 2025 年 12 月 24 日 研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 研究员：林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 农产品研究团队 请阅读正文后的声明 ＃summary＃ 每日报告 研究员：王海峰 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 一、行情回顾与操作建议 | 表1：行情回顾 | | --- | 数据来源：Wind，建信期货研究发展部 华东三级菜油：12-1 月：OI2605+530，2-3 月：OI2605+490。华东一级菜油： 12-1 月：OI ...

行业 纯碱、玻璃日报 日期 2025 年 12 月 24 日 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 期货从业资格号：F03134307 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃、纯碱） 请阅读正文后的声明 ＃summary＃ 每日报 ...

Group 1: General Information - Reported industry: Eggs [1] - Report date: December 24, 2025 [2] - Research team: Agricultural products research team including Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review and Operation Suggestions Market Review - Today, the national egg price remained stable. The average price in the main producing areas was 2.97 yuan/jin, down 0.01 yuan/jin from yesterday; the average price in the main selling areas was 3.29 yuan/jin, also down 0.01 yuan/jin from yesterday. The 01 contract fell 1.01% [7] - The 2601 contract had a previous settlement price of 3058, opened at 3045, reached a high of 3045, a low of 3019, and closed at 3027, down 31 or -1.01%, with a trading volume of 18147 and an open interest of 42239, an increase of 4654. The 2602 contract had a previous settlement price of 2897, opened at 2885, reached a high of 2894, a low of 2873, and closed at 2876, down 21 or -0.72%, with a trading volume of 113934 and an open interest of 190357, an increase of 4038. The 2603 contract had a previous settlement price of 2951, opened at 2945, reached a high of 2954, a low of 2925, and closed at 2936, down 15 or -0.51%, with a trading volume of 66149 and an open interest of 178126, an increase of 1359 [7] Core View - In the first half of last week, the spot price of eggs stabilized at a low level and then rose slightly. The price increase areas were mainly concentrated in the two - lake powder egg area, while the red egg price remained stable. From the demand perspective, mid - to late December will gradually enter a small peak season with the expectation of double - holiday stocking. It is expected that the spot price will mainly fluctuate slightly, and neither a callback nor an increase will show a trend [8] - In the futures market, last week, the near - month contracts fluctuated at a low level, and the far - month contracts declined to some extent. Taking the 02 - 08 spread as an example, the current spot - peak season spread on the futures market reached more than 1300, the largest spread for the same period in the past 8 years, indicating that the market has been actively pricing in the expectation that the decline in next year's inventory will drive up the egg price. During the process of the expectation becoming a reality, there will be repeated twists and turns. Considering that the far - month contracts are currently fully priced, it is recommended that long - position investors wait for the far - month contracts to fully adjust before entering the market and adopt a rolling operation strategy. The near - month contracts lack topics. The 02 and 03 contracts are in the absolute off - season, and the positive impact of the inventory inflection point is relatively not obvious. However, for the price to go down, the spot price increase in the peak season of January needs to be lower than expected, and the time has not come. In the short term, there is insufficient driving force, and the contracts may fluctuate at a low level, waiting for the guidance of the spot price increase in January on the near - month contracts [8] Group 3: Industry News Inventory - As of the end of November 2025, the national monthly inventory of laying hens was about 1.352 billion, down 0.52% from the end of October (1.359 billion) and 1.368 billion at the end of September, ending the previous continuous growth. However, compared with 1.284 billion in the same period last year, the year - on - year increase still reached 5.3%, indicating significant pressure on the supply side [9] Replenishment - In November 2025, the monthly output of laying hen chicks of sample enterprises was about 39.55 million, slightly increasing from 39.15 million in October but significantly decreasing by 13.5% compared with 45.69 million in the same period in 2024. The total replenishment in the past 4 months (August to November 2025) was about 157.71 million, compared with about 180.11 million in the same period last year [9] Group 4: Data Overview Elimination Quantity - Recently, the trend of elimination quantity has decreased. According to Zhuochuang Information, in the three weeks up to December 18, the national culling volume of laying hens was 20.82 million, 19.84 million, and 19.67 million respectively, showing a continuous downward trend [17] Elimination Age - As of December 18, the average culling age of laying hens was 486 days, the same as last week and 6 days earlier than last month [17]

021-60635740 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635727 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.co m 期货从业资格号：F3076808 021-60635570 行业 生猪日报 日期 2025 年 12 月 24 日 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农业产品研究团队 研究员：林贞磊 linzhenlei@ccb.ccbfutures.com 研究员：余兰兰 研究员：王海峰 wanghaifeng@ccb.ccbfutures.com 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 数据来源：涌益，建信期货研究中心 生猪行情： 期货方面，23 日生猪主力 2603 合约小幅高开后震荡走高，尾盘收阳，最高 11435 元/吨，最低 11335 元/吨，收盘报 11415 ...

工业硅日报 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：冯泽仁（玻璃纯碱） 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 行业 日期 2025 年 12 月 24 日 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA/MEG） 研究员：彭浩洲（工业硅/多晶 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 请阅读正文后的声明 每日报告 一、行情回顾与展望 ...

请阅读正文后的声明 每日报告 多晶硅日报 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：冯泽仁（玻璃纯碱） 021-60635727 fengzeren@ccb.ccbfutures.com 行业 日期 2025 年 12 月 24 日 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA/MEG） 研究员：彭浩洲（工业硅/多晶 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 期货从业资格号：F03134307 一、行情回顾与展望 ...