Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Viewpoints - In the short - term, gold prices are likely to rise due to the Fed's expected rate cuts and the impact of the new Fed Chair nominee. However, factors like the Venezuela situation, Russia - Ukraine conflict, and global trade tensions also affect prices. Silver, platinum, and palladium, which have strong industrial attributes, have shown signs of weakness recently, and investors should be aware of the adjustment risks after their short - term price surges. London gold needs to accumulate momentum in the range of $3880 - 4380 per ounce, and it's not advisable to over - chase rises or falls at present. In the medium - to - long - term, factors such as central bank easing, geopolitical risks, and the restructuring of the international trade and monetary system support the upward trend of precious metals [4]. - The intermediate bull market of precious metals that started in March 2024 is not over. In the next half - year and one - year, London gold may rise to $4500 and $4800 per ounce respectively, and London silver may rise to $58 and $63 per ounce respectively. After the significant decline in gold and silver prices since late October, some of the internal adjustment risks have been released. Investors should look for opportunities to go long again based on the resonance of technical and fundamental factors [5]. 3. Summary by Directory 3.1 Precious Metals Market Conditions and Outlook - **Intraday Market**: The expected Fed rate cuts push up the liquidity premium of precious metals, but the situation in Venezuela, the Russia - Ukraine conflict, and global trade tensions also affect prices. Silver, platinum, and palladium have shown signs of weakness. London gold needs to accumulate momentum in the $3880 - 4380 per ounce range. This week, pay attention to the US - Russia talks, the Venezuela situation, and the November PMI data of the US and Europe [4]. - **Domestic Precious Metals Market Data**: The table shows the pre - closing price, highest price, lowest price, closing price, percentage change, open interest, and change in open interest of Shanghai Gold Index, Shanghai Silver Index, Gold T + D, and Silver T + D [5]. - **Medium - term Market**: The intermediate bull market of precious metals since March 2024 is not over. In the next half - year and one - year, London gold may reach $4500 and $4800 per ounce, and London silver may reach $58 and $63 per ounce. After the decline in gold and silver prices since late October, look for long - entry opportunities based on technical and fundamental factors [5]. 3.2 Precious Metals Market - Related Charts The report provides multiple charts, including Shanghai gold and silver futures indices, London gold and silver spot prices, the basis of Shanghai futures indices against Shanghai Gold T + D, gold and silver ETF holdings, the gold - silver ratio, and the correlation between London gold and other assets [7][9][15]. 3.3 Main Macroeconomic Events/Data - Russia and the US discussed the possible ways to end the Russia - Ukraine conflict, but they failed to reach a compromise on territorial disputes [16]. - US President Trump will announce the nominee for the Fed Chair early next year, further prolonging the selection process [16]. - The eurozone's inflation rate unexpectedly rose in November, which may strengthen the expectation that the European Central Bank will not cut interest rates further soon [17].

研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 行业 国债日报 日期 2025 年 12 月 4 日 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 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 | | 表1：国债期货12月3日交易数据汇总 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | TL2512 | 114.690 | 114.450 | 114.600 | 114.600 | -0.090 | -0.08 ...

Report Information - Report Name: Pulp Daily Report [1] - Date: December 4, 2025 [2] Industry Investment Rating - Not provided Core View - The short - term suspension of overseas pulp mills boosts the futures price. The main contract is mainly a game between new and old warehouse receipts. The fundamentals have not formed a trend - setting force, and the pulp market is still expected to fluctuate within a wide range at a low level [8] Summary by Directory 1. Market Review and Operation Suggestions - The previous settlement price of the pulp futures 01 contract was 5,272 yuan/ton, and the closing price was 5,458 yuan/ton, a rise of 3.53%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,750 - 6,300 yuan/ton, up 20 yuan/ton from the previous trading day. The quotation of Shandong Yinxing was 5,500 - 5,550 yuan/ton [7] - In November, Arauco's FOB prices for wood pulp were: softwood pulp Silver Star at $680/ton (unchanged from last month), natural pulp Venus at $620/ton (up $30/ton from last month), and hardwood pulp Star at $550/ton (up $10/ton from last month). In October, the chemical pulp shipments of 20 major pulp - producing countries decreased by 3.5% year - on - year, with softwood pulp down 7.1% and hardwood pulp down 1.9%. Shipments to the Chinese market decreased significantly. In October 2025, the total wood pulp inventory in European ports decreased by 10.2% month - on - month and 6.5% year - on - year. As of November 27, 2025, the weekly pulp inventory in major regions and ports increased by 1.51% month - on - month. The downstream paper prices adjusted slightly, and the processing cost pressure remained high. Some cultural paper mills issued price increase letters for December, boosting market confidence [8] 2. Industry News - On December 3, several ministries and commissions jointly issued the Implementation Plan on Enhancing the Adaptability of Consumer Goods Supply and Demand and Further Promoting Consumption. The plan aims to optimize the supply structure of consumer goods, form 3 trillion - level consumption areas and 100 - billion - level consumption hotspots by 2027, and establish a high - quality development pattern of positive interaction between supply and consumption by 2030 [9] 3. Data Overview - The report provides multiple figures related to pulp market data, including import softwood pulp spot prices in Shandong, pulp futures prices, pulp futures - spot price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port pulp inventories, paper prices and price differences, and the US dollar - RMB exchange rate [15][17][19]

Report Overview - Report Date: December 4, 2025 [2] - Report Industry: Oil and Fat [1] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] 1. Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - Soybean oil is expected to fluctuate in the range of 8,000 - 8,400 yuan, supported by the cost of imported soybeans but with limited upside due to high inventory [8]. - For rapeseed oil, there is no new policy change. The far - month basis is weak, and the 1 - 5 reverse spread should be held. Since Australian rapeseed will arrive in December with a relatively small overall import volume, a long position can be taken on a single contract [8]. - Palm oil has many influencing factors. Bad weather in Malaysia and Indonesia, along with lower - than - expected production growth in November and possible tax cuts in Indonesia in December, may support the market in the short term. However, inventory in the producing areas is likely to continue to accumulate in November, so it should be regarded as range - bound with a resistance level around 9,000 yuan [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Review**: - East China's third - grade rapeseed oil: In December, it is OI2601 + 280; from December to January, it is OI2601 + 260. East China's first - grade rapeseed oil: From December to January, it is OI2601 + 360. - East China's first - grade soybean oil basis price: Spot is Y2501 + 260; from December to January, it is Y2601 + 270; from January to March, it is 05 + 430; from March to May, it is 05 + 350; from April to May, it is 05 + 310; from May to July, it is 05 + 230; from February to May, it is 05 + 370. - Palm oil quotes from Dongguan traders are stable with a downward trend. For example, Guangzhou Yihai's 18 - degree palm oil is 01 + 80; Dongguan COFCO's 18 - degree palm oil is 01 + 70; 24 - degree palm oil from Dongguan factories is 01 - 30; Guangdong's national standard 24 - degree palm oil is 01 + 10; 52 - degree palm oil from Dongguan factories is 01 - 200; 33 - degree palm oil from Dongguan factories is 01 + 20 [7]. - **Operation Suggestions**: As mentioned in the core viewpoints, hold the 1 - 5 reverse spread for rapeseed oil and consider long positions for single contracts, and expect range - bound trading for soybean oil and palm oil [8]. 3.2 Industry News - According to SGS, Malaysia's palm oil exports in November were 779,392 tons, a 39.2% decrease from October. Exports to China were 39,000 tons, an 89,000 - ton decrease from the previous month [9]. - According to ITS, Malaysia's palm oil exports in November were 1,316,455 tons, a 19.7% decrease from October. Exports to China were 129,000 tons, a 6,000 - ton decrease from October [9]. - According to AmSpec Agri, Malaysia's palm oil product exports in November 2025 were 1,263,298 tons, a 15.9% decrease from October [9]. 3.3 Data Overview - The report provides multiple data charts, including the spot prices of East China's third - grade rapeseed oil, East China's fourth - grade soybean oil, and South China's 24 - degree palm oil, as well as the basis changes of soybean oil, rapeseed oil, and palm oil, and some spread data and exchange rate data [13][14][21]

行业 集运指数日报 日期 2025 年 12 月 4 日 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 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3日交易数据汇总 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | EC2512 | 1,635.3 | 1,650.0 | 1,653.5 | 1,646.0 | 18.2 | 1.1 ...

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 行业 鸡蛋 日期 2025 年 12 月 4 日 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635572 hongchenliang@ccb.ccbfutures .com 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 期货从业资格号：F3076808 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 | 表1：行情回顾 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

行业 棉花 日期 2025 年 12 月 4 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 | 表1：行情回顾 | | --- | 每日报告 三、数据概览 数据来源：Wind，建信期货研究发展部 郑棉震荡调整。现货方面，最新棉花价格指数 328 级在 15005 元/吨，较上一 交易日涨 ...

Report Summary 1. Report Information - Report Title: Pig Daily Report - Date: December 04, 2025 - Industry: Pig [1] 2. Investment Rating - Not provided in the report 3. Core Viewpoints - The spot market shows a situation of increasing supply and demand, but the enthusiasm of secondary fattening is weak and mainly in a wait - and - see state, so the price is mainly volatile. The supply of live pigs before the Spring Festival is expected to increase slightly. The 2601 contract still has demand elasticity, but the relatively concentrated secondary fattening and pressure on pigs in October, combined with continuous capacity release, may form double supply pressure before the Spring Festival, putting continued pressure on the 01 and 03 contracts. In the medium and long term, the trend is mainly weak and volatile, but since the price decline compared with the same period last year is already large, the frequency of bottom - range volatility may increase [9] 4. Summary by Directory 4.1 Market Review and Operation Suggestions - **Futures Market**: On the 3rd, the main 2603 contract of live pigs opened slightly lower, then rose and fell back, and closed down in the end. The highest was 11,280 yuan/ton, the lowest was 11,205 yuan/ton, and the closing price was 11,235 yuan/ton, down 0.18% from the previous day. The total open interest of the index decreased by 8,152 lots to 371,564 lots [8] - **Spot Market**: On the 3rd, the average price of ternary live pigs in the country was 11.28 yuan/kg, down 0.11 yuan/kg from the previous day [8] - **Supply Side**: In the long term, the slaughter of live pigs is expected to maintain a slight growth trend until the first half of next year. The secondary fattening and pressure on pigs were concentrated in October, and the utilization rate of secondary fattening pens is currently high, reaching the level of the same period last year, increasing the supply pressure before the Spring Festival. In the short term, the slaughter at the beginning of the month has slowed down [9] - **Demand Side**: The utilization rate of pens is at a high level, and secondary fattening is mainly in a wait - and - see state. There may still be a small amount of rolling replenishment demand in December. The continuous cooling of the weather has led to the start of curing and sausage - making in Sichuan, and the fresh sales in many northern and southern regions have also improved. The terminal consumer demand has continued to rise, and the increase in orders from slaughtering enterprises has significantly supported the slaughter volume. The slaughter rate and volume of slaughtering enterprises have increased slightly. On December 3rd, the slaughter volume of sample slaughtering enterprises was 176,700 heads, an increase of 500 heads from the previous day, 2,800 heads compared with the previous week, and 17,800 heads compared with the previous month [9] 4.2 Data Overview - **Profit**: As of the week ending November 21, the average profit per self - bred and self - raised pig was - 96.6 yuan/head, a weekly decrease of 25 yuan/head; the profit from purchasing piglets for fattening was - 273 yuan/head, a weekly increase of 2 yuan/head [19] - **Cost**: As of the week ending November 21, the cost of fattening from 110 kg to 140 kg was 14.47 yuan/kg, an increase of 0.04 yuan/kg from the previous week; the cost of fattening from 125 kg to 150 kg was 14.89 yuan/kg, an increase of 0.04 yuan/kg from the previous week [19] - **Average Slaughter Weight**: As of the week ending November 21, the average slaughter weight of live pigs was 128.81 kg, an increase of 0.33 kg from the previous week (a weekly increase of 0.26%), an increase of 0.91 kg from the previous month (a monthly increase of 0.71%), and an increase of 2.08 kg compared with the same period last year (an annual increase of 1.64%) [19]

行业 日期 2025 年 12 月 04 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 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 一、行情回顾与展望 ...

行业 锌期货日报 日期 2025 年 12 月 3 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 | 22640 | 22700 | 22720 | 22605 | 195 | 0.87 | 9660 | -1265 | | 沪锌 | 2601 | 2 ...