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 3 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2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 | 3167 | ...

Group 1: Report Overview - Report Name: Asphalt Daily Report [1] - Date: December 3, 2025 [2] Group 2: Investment Rating - No investment rating provided in the report Group 3: Core View - The oil price lacks support, asphalt supply and demand are weak, the spot price has corrected again, and the short - term market is cautious, with a wait - and - see attitude [6] Group 4: Market Review and Operation Suggestions - **Futures Market**: For BU2601, the opening price was 3027 yuan/ton, closing at 3007 yuan/ton, with a high of 3040 yuan/ton, a low of 3003 yuan/ton, a decline of 1.41%, and a trading volume of 22.29 million lots. For BU2602, the opening price was 3020 yuan/ton, closing at 3012 yuan/ton, with a high of 3033 yuan/ton, a low of 3004 yuan/ton, a decline of 1.08%, and a trading volume of 8.05 million lots [6] - **Spot Market**: Today, asphalt spot prices in North China, Shandong, East China, South China, and Sichuan - Chongqing regions decreased, while those in other regions were generally stable [6] - **Supply**: Yangzi Petrochemical has no plan to continue producing asphalt after a brief resumption. Zhenhai Refining & Chemical, Dongming Petrochemical, and Shengxing Petrochemical all plan to resume asphalt production, and the asphalt plant operating rate is expected to rebound slightly [6] - **Demand**: Cold air has affected most parts of China again. Road demand in the Northeast and Northwest has stagnated, but there is still rush - construction demand in Shandong and other regions, and demand is expected to be stable [6] Group 5: Industry News - **East China Market**: The mainstream transaction price of 70A asphalt was 3100 - 3300 yuan/ton, down 50 yuan/ton from the previous working day. After the asphalt futures fell below 3000 yuan/ton and continued to decline, the low - price in the Shandong asphalt market dropped below 2900 yuan/ton, widening the price difference with East China. Both the futures and Shandong supply pressured the East China spot price. Today, the ex - factory price of some agents at Jinling was adjusted down to 3300 yuan/ton, driving the market price down [7] - **Shandong Market**: The mainstream transaction price of 70A asphalt was 2880 - 3470 yuan/ton, down 15 yuan/ton from the previous working day. Although international oil prices rebounded, the asphalt futures trend was weak, continuously affecting the spot market sentiment. In addition, snow and rain in some parts of Shandong today restricted demand release, and local refineries and traders continued to lower their quotes, driving the Shandong market price down [7] Group 6: Data Overview - The report presents multiple data charts, including South China asphalt spot price, Shandong asphalt basis, asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures [10][12][14][22]

行业 白糖日报 日期 2025 年 12 月 3 日 研究员：王海峰 021-60635728 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635732 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 研究员：林贞磊 研究员：余兰兰 研究员：洪辰亮 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：期货行情 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 合约 | 收盘价（元/吨 | 美分/磅） | 涨跌 | ...

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 行业 聚烯烃日报 日期 2025 年 12 月 3 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 021-60635570 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 每日报告 | 表1：期货市场行情 | ...

Report Summary 1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - In the short - term, gold prices are likely to rise due to the expectation of a Fed rate cut in December, but geopolitical news and the easing of global trade tensions affect its upward momentum. London gold needs to move in the range of $3,880 - $4,380 per ounce to accumulate momentum for a new breakthrough. Silver, platinum, and palladium, with strong industrial attributes, have been strong recently but show signs of adjustment. 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 gold prices [4]. - The medium - level bull market of precious metals since March 2024 has not ended. In the next half - year and one - year, London gold may rise to $4,500 and $4,800 per ounce respectively, and London silver may rise to $58 and $63 per ounce respectively. Investors are advised to hold a long - position mindset [5]. 3. Summary by Directory 3.1 Precious Metals Market - **Intraday Market**: The decline of the US November ISM manufacturing PMI strengthens the expectation of a Fed rate cut in December. The price of London gold is affected by multiple factors, and silver, platinum, and palladium show signs of adjustment [4]. - **Medium - term Market**: The US employment and inflation situation supports the Fed to restart the rate - cut process. The re - emergence of the Abe economic route in Japan and the restructuring of the global trade and monetary system provide support for precious metals. The medium - level bull market continues, and investors are advised to look for long - entry opportunities [5]. - **Domestic Market Data**: The Shanghai Gold Index closed at 959.73, down 0.48%; the Shanghai Silver Index closed at 13,418, up 1.08%; Gold T + D closed at 954.80, down 0.36%; Silver T + D closed at 13,408, up 1.11% [5]. 3.2 Main Macro Events/Data - **Geopolitical Events**: After the US - Ukraine talks on the Russia - Ukraine peace proposal, European leaders support Zelensky, and a US envoy goes to Moscow. The US and the UK reach a zero - tariff agreement on pharmaceuticals and medical technology, which will increase the UK's drug expenditure [16]. - **Economic Data**: The US manufacturing PMI in November dropped from 48.7 in October to 48.2, indicating a continuous contraction for nine months. Although manufacturing activities are expected to improve after the end of the government shutdown, they may remain sluggish [16].

Report Information - Report Name: Crude Oil Daily [1] - Date: December 3, 2025 [2] Investment Rating - Not provided Core View - OPEC+ agreed to suspend production increases in Q1 next year, and the conflict between the US and Venezuela escalated, supporting oil prices. The Russia-Ukraine conflict continued to ease under US mediation, having a greater impact. There is still significant inventory accumulation pressure in Q4, so the main strategy for crude oil is a bearish outlook. Operations should focus on shorting on rebounds or reverse spreads [6] Section Summaries 1. Market Review and Operation Suggestions - **Market Review**: WTI opened at $58.96, closed at $59.51, with a high of $59.97, a low of $58.83, a gain of 1.64%, and a trading volume of 20.65 million lots. Brent opened at $62.69, closed at $63.33, with a high of $63.82, a low of $62.69, a gain of 1.52%, and a trading volume of 31.37 million lots. SC opened at 452 yuan/barrel, closed at 453.8 yuan/barrel, with a high of 450.1 yuan/barrel, a low of 450.1 yuan/barrel, a gain of 0.09%, and a trading volume of 6.58 million lots [6] - **Operation Suggestions**: Adopt a bearish strategy, short on rebounds or use reverse spreads [6] 2. Industry News - Diesel shipments from the Baltic Primorsk port in November increased by 39.3% compared to October [7] - Kremlin spokesman Peskov said that a series of important documents will be signed during Putin's visit to India [7] - Russian Deputy Prime Minister Novak said that OPEC+ countries' production lags behind their production targets by about 500,000 barrels per day [7] - Saudi Energy Minister said that OPEC+'s latest decision is the most important and transparent one in determining production levels [7] 3. Data Overview - The report presents multiple data charts including global high-frequency crude oil inventory, EIA crude oil inventory, US crude oil production growth rate, Dtd Brent price, WTI spot price, Oman spot price, US gasoline consumption, and US diesel consumption [9][10][17]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Inventory shortages and potential squeeze risks supported a new high in silver, leading to a collective increase in the non - ferrous metals sector. The main contract of Shanghai zinc closed at 22,590 yuan/ton, up 235 yuan or 1.05%. The top 20 positions increased both long and short positions, with net long positions increasing by 3,467 lots. [7] - As the price rose, downstream buyers showed fear of high prices, and market trading weakened. The premium in the Shanghai market for the 01 contract was 130 yuan/ton, the Tianjin market was at a discount of 70 yuan/ton compared to the Shanghai market, and the Guangdong market was at a discount of 20 yuan/ton for the 01 contract, with the price difference between Shanghai and Guangdong widening. [7] - There were limited changes in the industrial chain. The domestic concentrate treatment charge (TC) remained flat this week, while the imported concentrate TC continued to decline. The shortage at the mine end was transmitted to the smelting end, and the refined zinc output in November was expected to decrease by about 20,000 tons month - on - month. The tightening supply strengthened the support for zinc prices. [7] - The export window was still open, and with downstream pick - ups, the domestic social inventory had been decreasing for three consecutive weeks. The expectation of an interest rate cut in December increased, and the bullish sentiment in precious metals remained. Shanghai zinc was boosted and showed a strong performance. [7] 3. Summary by Relevant Catalogs 3.1 Market Review - **Futures Market Quotes**: The opening, closing, highest, and lowest prices, price changes, price change percentages, open interest, and open interest changes of different Shanghai zinc contracts (2512, 2601, 2602) are presented. For example, the 2601 contract opened at 22,450 yuan/ton, closed at 22,590 yuan/ton, up 235 yuan or 1.05%, with an open interest of 105,756 lots and an increase of 4,214 lots. [7] 3.2 Industry News - **Price Ranges in Different Regions**: On December 1, 2025, the mainstream transaction prices of 0 zinc in different regions were as follows: 22,600 - 22,750 yuan/ton in the general market, 22,600 - 22,720 yuan/ton in the Ningbo market, 22,420 - 22,610 yuan/ton in the Tianjin market, and 22,440 - 22,610 yuan/ton in the Guangdong market. Different brands also had corresponding price ranges and premium/discount situations. [8] 3.3 Data Overview - **Graphs**: The report includes graphs such as the price trends of zinc in two markets, SHFE month - to - month spreads, SMM's weekly inventory of zinc ingots in seven regions (in ten thousand tons), and LME zinc inventory (in tons). [10][12]

Report Information - Report Name: "集运指数日报" [1] - Date: December 2, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - No relevant information provided. Core View - The SCFIS index declined again this week, indicating that the price increase in late November was not fully implemented, and the price increase by shipping companies in the first half of December fell short of expectations. Maersk's aggressive pricing may suppress the price - increase space of other airlines, and there is a possibility that other airlines will follow Maersk to cut prices to attract cargo. Due to the late Spring Festival this year, the market may engage in incentive games for the pre - Spring Festival shipping peak. It is difficult to prove whether the EC2602 contract is overvalued in the short term, and the cost - effectiveness of short - selling is low. Attention should be paid to the possibility of the off - season April contract being overvalued, and the positive spread trading opportunity between EC2602 and EC2604 [8]. Section Summaries 1. Market Review and Operation Suggestions - **Spot Market**: The SCFIS index declined again this week, showing that the price increase in late November was not fully implemented, and the price increase by shipping companies in the first half of December was less than expected. For example, Maersk's opening quotes for large containers at the beginning of December were lower than the previous expected over $3000. There is a possibility that other airlines will follow Maersk to cut prices. Due to the late Spring Festival, the market may have incentive games for the pre - Spring Festival shipping peak. It is difficult to prove the overvaluation of the EC2602 contract in the short term, and attention should be paid to the overvaluation of the April contract and the positive spread trading opportunity between EC2602 and EC2604 [8]. 2. Industry News - **Overall Market**: From November 24 to 28, the China export container shipping market was generally stable, with different routes showing differentiated trends. The comprehensive index rose slightly. On November 28, the Shanghai Export Containerized Freight Index was 1403.13 points, up 0.7% from the previous period [9]. - **European Routes**: The eurozone's November composite PMI was 52.4, but there was a split between the service and manufacturing sectors. Transport demand was stable, and spot market booking prices rebounded after continuous declines. On November 28, the market freight rate from Shanghai Port to European basic ports was $1404/TEU, up 2.7% from the previous period [9]. - **Mediterranean Routes**: The market situation was in sync with European routes, and market freight rates stopped falling and rebounded. On November 28, the market freight rate from Shanghai Port to Mediterranean basic ports was $2232/TEU, up 8.6% from the previous period [10]. - **North American Routes**: The number of initial unemployment claims in the US decreased, but the number of continued unemployment claims was rising, indicating a dim labor market. Transport demand was stable, and market freight rates showed differentiated trends. The freight rate on the US - West route continued to decline slightly, while that on the US - East route rebounded. On November 28, the market freight rates from Shanghai Port to US - West and US - East basic ports were $1632/FEU and $2428/FEU respectively, with a - 0.8% and 1.8% change from the previous period [10]. - **Red Sea - Suez Canal**: Maersk's statement about resuming Red Sea - Suez Canal navigation was "refuted" later [10]. - **Middle - East Situation**: There were continuous military conflicts and diplomatic interactions in the Middle - East, which may have an impact on the shipping market [10]. 3. Data Overview 3.1 Container Shipping Spot Prices - **SCFIS Index**: On December 1, 2025, the SCFIS for European routes (basic ports) was 1483.65, down 155.72 points (- 9.5%) from November 24. The SCFIS for US - West routes (basic ports) was 948.77, down 159.08 points (- 14.4%) from November 24 [12]. 3.2 Container Shipping Index (European Routes) Futures Market - **Futures Contract Data**: The trading data of different contracts on December 1, 2025, including opening price, closing price, settlement price, change, change rate, trading volume, open interest, and open interest change, were provided [6]. 3.3 Shipping - Related Data Charts - Various shipping - related data charts were presented, such as container ship capacity in Europe, global container ship orders, and shipping freight rate trends [18].

行业 国债日报 日期 2025 年 12 月 2 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) 请阅读正文后的声明 ＃summary＃ 每日报告 | | 表1：国债期货12月1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 | 336 | 6844 | -346 | | TL2603 | 114.460 | 114.450 | 114.370 | 114.470 | -0.090 | -0.08 | 85367 | 148056 | 666 | | TL2606 | 114.610 | 114.5 ...

行业 原油日报 日期 2025 年 12 月 2 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 每日报告 普京在克里姆林宫会见匈牙利总理 ...