Report Summary 1. Reported Industry - The report focuses on the egg industry [1] 2. Core Viewpoints - The spot market for eggs has stabilized after a period of slight weakness, with expectations of a small peak season in mid - to late December due to double - holiday stocking. Spot prices are expected to fluctuate slightly, with neither significant downward nor upward trends. Futures were relatively weak last week, especially after the egg price in Hubei adjusted downward on Friday. The decline of peak - season contracts is a correction of the previous influx of long positions. Although there are signs of a turning point in the laying - hen inventory, the impact on egg prices will be delayed. The near - month contracts are affected, and the market is currently dominated by short positions. New short positions can focus on the 02 contract, while long positions can consider far - month peak - season contracts after the correction [8] 3. Section Summaries 3.1 Market Review and Operation Suggestions - **Market Review**: Today, the national egg price remained stable. The average price in the main production areas was 3.05 yuan/jin, unchanged from yesterday, and in the main sales areas, it was 3.32 yuan/jin, also unchanged. The 01 contract fell 0.77%. The 2601 contract closed at 3092, down 24 or 0.77%; the 2602 contract closed at 2927, down 9 or 0.31%; the 2603 contract closed at 3008, down 12 or 0.40% [7] - **Operation Suggestions**: New short positions can focus on the 02 contract due to the post - holiday off - season and the lack of a clear upward trend in the spot market. Long positions can look for entry opportunities in far - month peak - season contracts after the correction, using rolling operations. The 01 contract should focus on the stabilization of egg prices after the decline, and its correlation with the spot market will increase in the future [8] 3.2 Industry News - **Inventory**: As of the end of October 2025, the national monthly inventory of laying hens was about 1.359 billion, a 0.66% month - on - month decrease, ending the previous continuous growth trend, but still higher than the same period in 2024 [9] - **Replenishment**: In October 2025, the monthly output of laying - hen chicks from sample enterprises was about 39.15 million, slightly less than in September 2025 and significantly less than the same period in 2024. The total replenishment from July to October 2025 was about 158.14 million, less than the same period last year [9][10] 3.3 Data Overview - **Culling Quantity**: From the three weeks up to November 20, 2025, the national culling quantities were 19.81 million, 19.47 million, and 20.21 million respectively, showing fluctuations but a slight increase overall [15] - **Culling Age**: As of November 20, 2025, the average culling age was 492 days, 1 day earlier than the previous week and 7 days earlier than the previous month, indicating an accelerated culling speed [15]

报告类型 股指日评 日期 2025 年 12 月 18 日 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(宏观国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与后市展望 1.1 行情回顾： 12 月 17 日，万得全 A 放量上涨，开盘后震荡运行，午后快速拉涨，收涨 1.54%， 全市超 6 成个股上涨；沪深 300、上证 50、中证 500、中证 1000 收盘分别上涨 1.83%、 1.25%、1.95%、1.49%，中小盘股表现更优。期货方面，IF、IH、IC、IM 主力合 约（2603）分别收涨 1.81%、1.25%、2.23%、1.64%，表现强于现货（按收盘价计 算）。 | 表1: ...

Report Information - Report Type: Container Shipping Index Daily Report [1] - Date: December 18, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The spot SCFIS index has slightly rebounded and stabilized this week. Shipping companies continue to raise prices, boosting market sentiment. However, MSC's online price for early January is lower than its announced increase, dampening bullish sentiment. The main shipping companies have formed a trend of joint price increases, which will support the pre - Spring Festival price increase expectation. It's difficult to prove whether the EC2602 contract is overvalued in the short term, and short - selling is not cost - effective. Attention should be paid to the possible overvaluation of the off - season April contract and the positive spread trading opportunity between EC2602 and EC2604 [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Spot Market**: The SCFIS index has slightly rebounded and stabilized this week. Shipping companies are raising prices, but MSC's online price for early January is lower than the announced increase. The main shipping companies are jointly raising prices, supporting the pre - Spring Festival price increase expectation. It's hard to prove the overvaluation of EC2602 in the short term, and short - selling is not advisable. Attention should be paid to the possible overvaluation of the April contract and the positive spread trading opportunity between EC2602 and EC2604 [8]. 3.2 Industry News - **Shipping Market**: From December 8 to 12, China's export container transport demand was generally stable. The Shanghai Export Containerized Freight Index rose by 7.8% on December 12. European, Mediterranean, and North American routes saw price increases due to different factors. Many shipping companies, including MSC, CMA CGM, Maersk, and Hapag - Lloyd, announced price increases or surcharge adjustments [9][10]. - **Geopolitical News**: Trump plans to announce the second phase of the Gaza peace process before Christmas. There are ongoing military operations in Israel, and there are developments regarding the relationship between armed groups in Rafah and Hamas. There are also updates on Maersk's plan to resume Red Sea - Suez Canal navigation and Israeli Prime Minister Netanyahu's pardon application [10]. 3.3 Data Overview - **Container Shipping Spot Prices**: On December 15, the SCFIS for the European route was 1510.56, up 0.1% from December 8, while the SCFIS for the US West route was 924.36, down 3.8% [12]. - **Container Shipping Index (European Line) Futures**: Trading data for EC2512, EC2602, EC2604, EC2606, EC2608, and EC2610 on December 17 are provided, including opening price, closing price, settlement price, price change, and trading volume [6]. - **Shipping - Related Data Charts**: Various charts show data such as container ship capacity in Europe, global container ship orders, and shipping prices [13][15][16][20]

Report Overview - Report Date: December 18, 2025 [2] - Report Type: Daily Report on Soda Ash and Glass [1] 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Viewpoints - The soda ash market is currently in a situation of strong supply and weak demand. High inventory pressure is difficult to resolve quickly. Although cost support is gradually emerging, the driving force is limited. Before the supply - demand structure changes significantly, the futures price is expected to continue to fluctuate at a low level. It is recommended to wait and see and be cautious about rebound opportunities [8]. - The glass market continues to be weak, lacking a driving force to turn strong in the short term. The contradiction between high inventory and weak demand remains the key factor suppressing the market. The glass price may decline further, and the rebound momentum of the contract is expected to be limited before substantial positive factors such as capacity clearance occur [9][10]. 3. Summary by Directory 3.1 Soda Ash and Glass Market Review and Operation Suggestions 3.1.1 Soda Ash - **Daily Market**: On December 17, the main soda ash futures contract SA605 fluctuated strongly. The closing price was 1,170 yuan/ton, up 9 yuan/ton or 0.77%, with an increase of 12,528 lots in positions [7]. - **Fundamentals**: The soda ash industry has gradually completed seasonal maintenance, and the supply is in a continuous recovery state. New production capacity in areas such as Alxa is being steadily released. However, the demand is weak, the inventory in the production and circulation links is relatively high, and the de - stocking process is slow. The downstream float glass market has weak supply and demand, and the real estate market shows no improvement. The soda ash price is below the industry cost, but the weak fundamentals still suppress the rebound potential [8]. - **Operation Suggestions**: It is recommended to wait and see, be cautious about rebound opportunities, and pay attention to subsequent marginal changes in supply - demand and policy trends [8]. 3.1.2 Glass - **Daily Market**: The glass market continues to be weak, lacking a driving force to turn strong in the short term. Although the supply production rhythm is stable and the enterprise inventory has decreased slightly for several weeks, the overall inventory base is still high, the terminal demand is weak, and the price is under continuous upward pressure [9]. - **Fundamentals**: The terminal real estate market has not shown signs of stabilization, especially the completion data is weak, which directly restricts the actual consumption of float glass. The order days of downstream deep - processing enterprises have increased slightly month - on - month but are still at a low level year - on - year [9]. - **Price Outlook**: The current glass price is relatively low, but due to weak macro - expectations and downward inertia in downstream industries, the glass price may decline further. The rebound momentum of the glass 2605 contract is expected to be limited before substantial positive factors occur [10]. 3.2 Data Overview - The report provides data on the price trends of soda ash and glass active contracts, weekly soda ash production, soda ash enterprise inventory, central China heavy soda market price, and flat glass production, but specific data details are not further elaborated in the given content [14][16][19]

行业 原油日报 日期 2025 年 12 月 18 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 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） 请阅读正文后的声明 地缘方面，美国扣押委内油轮，继续对其施 ...

行业 聚烯烃日报 日期 2025 年 12 月 18 日 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 每日报告 | 表1：期货市场行情 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单位：元/吨 | 开盘 | 收盘 | 最高 | 最低 | 涨跌 | 涨跌幅 | 持仓量 | 持仓量变化 | | 塑料 2601 | 6515 | 6439 | 6515 | 6432 | -76 | -1.17 | 119319 | -16584 | | 塑料 2605 | 6525 | 6479 | 6543 | 6470 | -66 | -1.01 | 540127 | 29984 | | 塑料 2609 | 6558 | 6514 | 6568 | 6501 | -60 | -0.91 | 12595 | 2163 | | PP2601 ...

行业 油脂 日期 2025 年 12 月 18 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 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 农产品研究团队 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 二、行业要闻 请阅读正文后的声明 - 2 - 马来西亚南部棕果厂商公会（SPPOMA）数据显示，12 月 1-15 日马来西 亚棕榈油产量环比下降 2.97%，其中鲜果串（FFB）单产环比下降 2. ...

行业 纸浆日报 日期 2025 年 12 月 18 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 021-60635727 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 | 表1：行情回顾 | | --- | 数据来源：Wind，建信期货研究发展部 纸浆期货 05 合约前结算价为 5506 元/吨，收盘价为 5506 元/吨，整体下跌 0.00%。山东木浆市场针叶浆意向成交价格区间为 4800-6300 元/吨，价格较上一 工作日收盘价格上涨 100 元/吨，其中山东银星报价为 5530-5550 元/吨。 021-60635727 fen ...

行业 沥青日报 日期 2025 年 12 月 18 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 期货从业资格号：F3015157 021-60635727 期货从业资格号：F03134307 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（碳市场工业硅） 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） fengzeren@ccb.ccbfutures.com 请阅读正文后的声明 每日 ...

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 18 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 ...