Report Information - Report Title: Sugar Daily Report [1] - Date: December 9, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Industry Investment Rating - Not provided Core Viewpoints - The New York raw sugar futures fluctuated downward on Friday, with the main March contract closing down 0.40% to 14.82 cents per pound. The London ICE white sugar futures' main March contract closed down 0.05% to $425.60 per ton. The market is stimulated by the decline in Brazil's sugar - making ratio and early harvest, and the dry weather in central - southern Brazil supports sugar prices, while the increasing supply in the Northern Hemisphere suppresses sugar prices [7]. - The main contract of Zhengzhou sugar rebounded yesterday. The 01 contract closed at 5,337 yuan per ton, up 18 yuan or 0.34%, with a reduction of 27,587 positions. The domestic new sugar price has been lowered. In the fundamental aspect, the number of sugar mills in the south starting production is increasing, the market lacks confidence, and the new sugar price is falling. The short - sellers of the main SR601 contract have completed position transfer or hedging. The large discount of the 01 contract and only 1,671 warehouse receipts are unfavorable to short - sellers, and there may be a market to repair the basis with a space of about 100 yuan [8]. Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: SR601 closed at 5,337 yuan per ton, up 18 yuan or 0.34%, with a position reduction of 27,587. SR605 closed at 5,244 yuan per ton, down 2 yuan or 0.04%, with a position increase of 14,181. The US sugar 03 contract closed at 14.82 cents per pound, down 0.06 cents or 0.40%, with a position reduction of 2,516. The US sugar 05 contract closed at 14.41 cents per pound, down 0.01 cents or 0.07%, with a position reduction of 342 [7]. 2. Industry News - **Brazil**: In November, Brazil exported about 3.3023 million tons of sugar, a year - on - year decrease of 2.48%. From April 2025 to November 2025 in the 2025/26 sugar - crushing season, Brazil had cumulatively exported 25.2591 million tons of sugar, a year - on - year decrease of 4.91% [9]. - **India**: The average production cost of sugar in India has risen to 41.72 rupees per kilogram. The industry calls for an increase in the minimum selling price of sugar. From the start of the 2025 - 26 sugar - crushing season to November 30, 2025, the sugar production reached 4.108 million tons, compared with 2.876 million tons in the same period last year. The number of sugar mills in operation increased to 428, compared with 376 in the same period last year [9]. - **Yunnan**: As of December 8, 2025, 16 sugar mills in Yunnan had started production in the 2025/26 sugar - crushing season, 6 more than the same period last year. The planned design capacity of the operating sugar mills was 59,900 tons per day, an increase of 23,500 tons per day compared with the same period last year [9]. - **Guangxi**: As of December 6 - 7, 2025, 56 sugar mills in Guangxi had started production in the 2025/26 sugar - crushing season, 11 fewer than the same period last year. The daily sugar - cane crushing capacity was 425,000 tons, a decrease of 112,500 tons compared with the same period last year [9]. 3. Data Overview - **Futures Trading Data**: The table shows the trading volume, position changes of the top 20 members in the main contract of Zhengzhou sugar futures, including details such as the trading volume, long - position volume, and short - position volume of each member and their changes [22].

Report Information - Report Name: MEG Daily Report [1] - Date: December 09, 2025 [2] Investment Rating - Not provided Core View - The current fundamentals of ethylene glycol lack overall drivers, but the continuous decline of spot prices to low levels has weakened the market selling pressure. It is expected to maintain a low-level volatile trend in the short term [7] Summary by Directory 1. Market Review and Operation Suggestions - Futures market: The closing price of EG2601 was 3,701 yuan/ton, down 74 yuan; the closing price of EG2605 was 3,809 yuan/ton, down 64 yuan. The trading volume was 178,188 lots and the open interest was 310,473 lots. The main contract opened at 3,722 yuan, with the highest at 3,732 yuan, the lowest at 3,687 yuan, and settled at 3,706 yuan [7] 2. Industry News - International oil prices: Expected Fed rate cut next week may boost economic growth and energy demand, and geopolitical uncertainties support the market. WTI crude oil futures for January 2026 settled at $60.08 per barrel, up $0.41 or 0.69%; Brent crude oil futures for February 2026 settled at $63.75 per barrel, up $0.49 or 0.77% [8] - Zhangjiagang ethylene glycol market: The spot negotiation price was 3,681 - 3,683 yuan/ton this week, down 65.5 yuan/ton from the previous trading day. The negotiation prices before December 19th, late December were in different ranges. The spot basis was at a discount to EG2601, and the basis situation varied in different periods. The futures market continued to be weak, and the spot price continued to decline [8] 3. Data Overview - Multiple data charts are provided, including PTA - MEG spread, MEG price, MEG futures price, basis between futures and spot, international crude oil futures main contract closing price, raw material price index (ethylene), MEG downstream product price and inventory, etc., with data sources from Wind and the Research and Development Department of CCB Futures [10][15][16]

多晶硅日报 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 请阅读正文后的声明 每日报告 一、行情回顾与展望 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 09 日 ...

聚烯烃日报 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） 行业 日期 2025 年 12 月 9 日 请阅读正文后的声明 每日报告 | 表1：期货市场行情 | ...

行业 豆粕 日期 2025 年 12 月 9 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 | 前结算价 ...

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 行业 油脂 日期 2025 年 12 月 9 日 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 每日报告 一、行情回顾与操作建议 表1：行情回顾 | 6 87 | 前结算价 | 开盘价 : | | | 最高价：最低价：收盘价：涨跌 深跌幅 | | | | 成交量:持企量 持企量变化 | | | --- | --- | --- | --- | --- ...

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 8 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5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 | 3175 | ...

Group 1: Report Overview - Report date: December 08, 2025 [2] - Research team: Energy and Chemical Research Team [3] Group 2: Market Performance and Outlook - Market performance: The price of the main polysilicon contract dropped significantly. The closing price of the PS2601 contract was 55,510 yuan/ton, a decrease of 2.96%. The trading volume was 159,380 lots, and the open interest was 97,991 lots, with a net decrease of 18,662 lots [4] - Spot price: The transaction price range of n-type polysilicon re-feeding materials 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 have not improved. The production in December is expected to remain flat compared to the previous month. Profits are concentrated in the silicon material segment, but downstream segments are continuously lowering prices due to terminal pressure. Downstream enterprises are reducing production and controlling output. Spot prices remain stable, meeting the policy requirements for stability. The adjustment of the supply - demand relationship is difficult to improve through the industry's own driving force. Under the requirements of the exchange, the 01 contract continues to reduce positions, the short squeeze narrative cools down, and the futures price may run weakly and return to fluctuate around the spot price [4] Group 3: Market News - On December 05, the number of polysilicon warehouse receipts was 1,560 lots, an increase of 10 lots from the previous trading day [5] - The China Photovoltaic Industry Association stated that it is working with industry enterprises, and relevant work is progressing steadily. Rumors on the Internet are false information. The association firmly safeguards national and industry interests and will fight against malicious short - selling of the photovoltaic industry [5] - The Silicon Industry Branch of the association estimated that the production in November was about 114,900 tons, a 14% decrease from 137,000 tons in October, and the production in December is expected to rebound to about 120,000 tons [5]

行业 生猪日报 日期 2025 年 12 月 08 日 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 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： 图1：全国生猪出栏价 元/公斤 图2：样本屠宰场屠宰量 头 数据来源：涌益，建信期货研究中心 每日报告 二、行业要闻 图1：养殖利润 元/头 图 ...

工业硅日报 期货从业资格号：F03134307 行业 日期 2025 年 12 月 08 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 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 一、行情回顾与展望 ...