一、行情回顾与展望 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 期货从业资格号：F03134307 行业 日期 2025 年 12 月 17 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 ...

行业 纯碱、玻璃日报 日期 2025 年 12 月 17 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 ...

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 工业硅日报 行业 日期 2025 年 12 月 17 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 ...

Report Overview - Reported industry: Eggs [1] - Date: December 17, 2025 [2] - Research team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] Report Key Points Investment Rating - No investment rating provided in the report Core View - The spot market for eggs stabilized last week after a continuous slight decline. The powder egg area represented by Hubei rebounded first, and other regions saw a slight increase. Overall, the spot market is slightly stronger, with normal sales and inventory levels. In December, the market is expected to enter a small peak season with the anticipation of double holiday stocking, and the spot price is expected to fluctuate slightly, with neither significant downward nor upward trends. [8] - The futures market was relatively weak last week. After the egg price in Hubei declined on Friday, the near - term 01 contract dropped significantly. The decline of the peak - season contracts is mainly a correction of the previous influx of long positions. Although the inventory of laying hens has shown a turning point, due to the large base, the impact on egg prices will be delayed and there may be fluctuations. The near - term contracts were affected, showing that the market is currently dominated by short positions. New short positions can focus on the 02 contract, which faces greater pressure due to the post - holiday off - season and the lack of a clear upward trend in the spot market. Long positions can still consider entering the far - term peak - season contracts after this correction, mainly through rolling operations. The near - term 01 contract should focus on the stabilization of egg prices after a decline, with its future performance being more correlated with the spot market. [8] Summary by Directory 1. Market Review and Operation Suggestions - **Market Review**: The prices of egg futures contracts showed different trends. The 2601 contract rose 0.19% to 3114, the 2602 contract fell 0.24% to 2928, and the 2603 contract fell 0.73% to 3007. The average price of eggs in the main production areas was 3.05 yuan/jin, down 0.02 yuan/jin from the previous day, and the average price in the main sales areas was 3.32 yuan/jin, unchanged from the previous day. [7] - **Operation Suggestions**: New short positions can focus on the 02 contract, and long positions can consider rolling operations in the far - term peak - season contracts after the correction. The near - term 01 contract should focus on the stabilization of egg prices after a decline. [8] 2. Industry News - **Inventory**: As of the end of October 2025, the monthly inventory of laying hens in China was about 1.359 billion, a month - on - month decrease of 0.66%, ending the previous continuous growth trend, but a year - on - year increase of 5.59% compared to the end of October 2024. [9] - **Replenishment**: In October 2025, the monthly output of laying hen chicks from sample enterprises was about 39.15 million, a slight decrease from September 2025 and a significant decrease compared to the same period in 2024. The cumulative replenishment from July to October 2025 was about 158.14 million, compared with about 176.1 million in the same period in 2024. [9][10] 3. Data Overview - **Culling Volume**: As of November 20, 2025, the weekly culling volumes of laying hens in the previous three weeks were 19.81 million, 19.47 million, and 20.21 million respectively. The culling volume has fluctuated recently but has increased slightly compared to the previous period. [15] - **Culling Age**: As of November 20, 2025, the average culling age of laying hens was 492 days, one day earlier than the previous week and seven days earlier than the previous month, indicating an accelerated culling speed. [15]

行业 锌期货日报 日期 2025 年 12 月 16 日 021-60635740 期货从业资格号：F3075681 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 有色金属研究团队 研究员：彭婧霖 pengjinglin@ccb.ccbfutures.com 研究员：余菲菲 请阅读正文后的声明 ＃summary＃ 每日报告 一、 行情回顾 | 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 | | 沪锌 | 2512 | 23495 | 23400 | 24045 | 22790 | -145 | -0.62 | 2900 | -80 | | 沪锌 | 2601 | ...

021-60635736 zhaihepan@ccb.ccbfutures.com 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 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 报告类型 钢材日评 日期 2025 年 12 月 16 日 黑色金属研究团队 研究员：翟贺攀 研究员：聂嘉怡 研究员：冯泽仁 请阅读正文后的声明 ＃summary＃ 每日报告 | | | | | | 表1：12月15日钢材期货主力合约价格、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 | 3060 ...

行业 聚烯烃日报 日期 2025 年 12 月 16 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 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-86630631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 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：彭婧霖（聚烯烃） 研究员：李捷,CFA（原油燃料油） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业硅） 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 | 表1：期货市场行情 | | | ...

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(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 行业 集运指数日报 日期 2025 年 12 月 16 日 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 | | | 表1：集运欧线期货12月15日交易数据汇总 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 | 成交量 | 持仓量 | 仓差 | | | 价 | | | | | （%） | | | | | EC2512 | 1,651.3 | 1,657.0 | 1,649. ...

行业 豆粕 日期 2025 年 12 月 16 日 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 021-60635727 wanghaifeng@ccb.ccbfutures.c om期货从业资格号：F0230741 021-60635572 hongchenliang@ccb.ccbfutures .com 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：余兰兰 研究员：林贞磊 研究员：王海峰 研究员：洪辰亮 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 每日报告 | 表1：行情回顾 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 ...

Group 1: Report Information - Report date: December 16, 2025 [2] Group 2: Market Performance and Outlook - Market performance: The price of the main polysilicon contract rose and then fell. The closing price of the PS2605 contract was 58,030 yuan/ton, with a 3.61% increase. The trading volume was 314,139 lots, and the open interest was 142,844 lots, with a net increase of 16,408 lots. The net long positions of the top 20 increased by 11,262 lots, and the net short positions of the top 20 increased by 10,425 lots [4] - Spot price: The transaction price range of polysilicon n-type re-feeding material was 49,000 - 55,000 yuan/ton, with an average transaction price of 53,200 yuan/ton, unchanged from the previous period. The transaction price range of n-type granular silicon was 50,000 - 51,000 yuan/ton, with an average transaction price of 50,500 yuan/ton, also unchanged from the previous period [4] - Future outlook: The fundamentals are weak, but it is not the main line of futures game. The storage platform provides more policy imagination space, and long funds are more sensitive. Unconfirmed news says that the production capacity will be reduced from 3.2 million tons to less than 1.5 million tons. The annual demand is expected to be less than 1.2 million tons in the annual report, and the production capacity will be effectively utilized. However, it is unconfirmed and there are no specific details. The price center is expected to move up significantly, but in the short term, it is still facing the negative feedback of weak and further shrinking downstream to drive the spot price to break through 60,000 yuan. The futures price has risen and then fallen continuously, and it is expected to run cautiously and strongly [4] Group 3: Market News - On December 15, the number of polysilicon warehouse receipts was 3,640 lots, unchanged from the previous trading day [5] - Xinjiang Jinnuo New Energy Industry Development Co., Ltd.'s "Jinnuo" brand and Xinjiang Eastern Hope New Energy Co., Ltd.'s "Eastern Hope" brand have been added as registered brands for polysilicon futures, effective from the date of the announcement [5] - A polysilicon production capacity integration and acquisition platform named Beijing Guanghe Qiancheng Technology Co., Ltd. was established on December 9, 2025, with a registered capital of 3 billion yuan [5]