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 日期 2025 年 12 月 26 日 请阅读正文后的声明 每日报告 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 行业 沥青 ...

Group 1: Report Overview - Report Title: Copper Futures Daily Report [1] - Date: December 25, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Group 2: Market Review and Operation Suggestions - Market Performance: Shanghai copper increased in volume and rose sharply at the end of the session. The 01 - 02 spread widened to 240. Spot copper rose 1220 to 94690, and the spot discount widened 95 to 310. The spot import loss widened to over 1700, the Shanghai - London ratio dropped to 7.82, and the LME0 - 3 back structure widened to 13, opening the export window [11]. - Market Outlook: Despite strong US economic growth data, the market's view of the US dollar remains unchanged due to expectations of Fed rate cuts next year. The US dollar index continues to decline, and the macro - positive factors will continue to drive copper prices up [11]. Group 3: Industry News - World Bank Forecast: In the short term, the possibility of a significant correction in metal prices is low. From 2026 to 2027, most base metal prices are expected to strengthen further due to moderate demand growth and a tightening supply pattern. The base metal price index is expected to rise nearly 2% cumulatively. Copper and tin prices are expected to reach new nominal US - dollar - denominated highs, and supply - side pressure in the aluminum, copper, and tin markets will be the core driving force for price increases [11]. - Company News: Jintian Co., Ltd. stated on the interactive platform that its air - conditioner inner - threaded aluminum tube products can meet customer needs and have achieved small - batch supply. Its electromagnetic aluminum flat wire and aluminum automotive 3D bent bars are in the certification and mass - supply stages [11]

1. Report Information - Report Name: Carbonate Lithium Futures Daily Report [1] - Date: December 25, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] 2. Core Viewpoints - Carbonate lithium futures rose to a new high in two years, with total positions decreasing by 9,244 lots and increasing capital exit sentiment. The spot price increased by 2,000 to 101,500, Australian ore rose by 30 to 1,435, mica rose by 85 to 3,210, ternary materials rose by 700 - 800, lithium iron phosphate rose by 470 - 490, and electrolyte prices remained flat. The industry chain price increase trend continued, and there was still fundamental support. However, the short - term deviation between futures and spot prices of carbonate lithium was large. As the LC2601 contract was about to enter delivery, the pressure of futures - spot convergence might slow down the short - term upward pace of lithium prices [11] 3. Industry News Summary - On December 24, Zhongwei Co., Ltd. stated on the interactive platform that it had acquired two salt lake lithium mines in Argentina at low cost at the bottom of the industry cycle, and 100% equity transfer procedures had been completed. The two salt lake lithium mines were still in the exploration and construction stage [12] - The National Development and Reform Commission and the National Energy Administration issued several opinions to promote the large - scale development of solar thermal power generation. They supported new energy bases such as large - scale "desert, Gobi, and wasteland" new energy bases for external transmission, water - wind - solar bases for external transmission, and various self - use bases with suitable technical and economic conditions to carry out solar thermal power station project construction. They would scientifically determine the installed capacity of solar thermal power generation in the bases, optimize and improve the base regulation capacity, increase the proportion of green electricity in the base, reduce the average carbon emissions per kilowatt - hour of the base, strengthen the stable transmission of new energy, and actively explore the role of technically and economically feasible solar thermal power stations as supporting and regulating power sources in large bases [12]

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: December 25, 2025 [2] - Research Team: Nonferrous Metals Research Team [4] - Researchers: Peng Jinglin, Yu Feifei, Zhang Ping [3][4] Report Content 1. Market Review - The overseas market saw the Bank of Japan's interest rate hike, and the market's expectation of the Fed's rate cut in January gradually increased. Driven by the expectation of loose liquidity, precious metals led the gains, and base metals closed higher across the board. Shanghai zinc oscillated at a high level, with the main contract closing at 23,230 yuan/ton, up 215 yuan or 0.93%, with increased volume and open interest. The net long position of the top 20 seats increased by 1,760 lots [7]. - On the 24th, LME zinc inventory increased by 7,900 tons to 106,875 tons, with an increase of 8,300 tons in Singapore and a decrease of 400 tons in Port Klang. The easing of concerns about low LME zinc inventory led to a weakening of the structure. In China, the tightness of the mining end continued to be transmitted, with lower processing fees and reduced arrivals supporting the continuous decline of social inventory. Near the end of the year, downstream orders were average, the spot trading atmosphere was weak, and the spot premium declined. The premium in Shanghai was 150 yuan/ton over the 01 contract, Tianjin was at a discount of 90 yuan/ton to Shanghai, and Guangdong was at a discount of 5 yuan/ton to the 02 contract [7]. 2. Industry News - On December 24, 2025, the mainstream transaction price of 0 zinc was concentrated between 23,240 - 23,355 yuan/ton, and there was no transaction for Shuangyan. The mainstream transaction price of 1 zinc was between 23,170 - 23,285 yuan/ton. In the morning, the market quoted a premium of 50 - 70 yuan/ton over the SMM average price, and there were few quotes against the market [8]. - In the Ningbo market, the mainstream price of 0 zinc was around 23,350 - 23,445 yuan/ton. The regular brands in Ningbo quoted a premium of 240 yuan/ton over the 2601 contract and a premium of 150 yuan/ton over the Shanghai spot price. The mainstream in the Ningbo area quoted against the 2601 contract [8]. - In the Tianjin market, the mainstream transaction price of 0 zinc ingots was between 23,100 - 23,230 yuan/ton, and Zijin was traded between 23,140 - 23,260 yuan/ton. The transaction price of 1 zinc ingots was around 22,980 - 23,090 yuan/ton. Zijin quoted a premium of 40 - 60 yuan/ton over the 2601 contract, and Huludao quoted 24,560 yuan/ton. The ordinary 0 zinc quoted a premium of 0 - 30 yuan/ton over the 2601 contract. Tianjin was at a discount of 90 yuan/ton to Shanghai [8]. - In Guangdong, the mainstream transaction price of 0 zinc was between 23,125 - 23,270 yuan/ton. The mainstream brands quoted a discount of 5 yuan/ton against the 2602 contract, and the price difference between Shanghai and Guangdong narrowed [8]. 3. Data Overview - The report includes data on the futures market, such as the opening, closing, highest, and lowest prices, price changes, changes in open interest of Shanghai zinc futures contracts, as well as LME zinc inventory and domestic social inventory data, but specific numerical summaries are not provided in the text [7].

Group 1: General Information - Report date: December 25, 2025 [2] - Reported industry: Eggs [1] - Research team: Agricultural Products Research Team, including Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review and Operation Suggestions Market Review | Contract | Previous Settlement Price | Opening Price | Highest Price | Lowest Price | Closing Price | Change | Change Rate | Trading Volume | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Egg 2601 | 3029 | 3016 | 3075 | 3016 | 3072 | 43 | 1.42% | 26237 | 39087 | -1106 | | Egg 2602 | 2881 | 2878 | 2950 | 2878 | 2947 | 66 | 2.29% | 180956 | 169411 | -20946 | | Egg 2603 | 2938 | 2935 | 2991 | 2935 | 2986 | 48 | 1.63% | 110457 | 173845 | -4281 | [7] Operation Suggestions - The spot egg price in China is weak today. The average price in the main producing areas is 2.90 yuan/jin, down 0.07 yuan/jin from yesterday; the average price in the main selling areas is 3.22 yuan/jin, down 0.07 yuan/jin from yesterday. The 02 contract rose 2.29%. The prices in the main selling areas of Beijing, Shanghai, and Guangzhou all declined, and the red eggs in the northern producing areas also declined under pressure. The spot market is weak today. However, the futures market rose against the trend. The near - month main contracts rose with a reduction in positions, mainly due to the profit - taking of previous short positions rather than the impetus from the spot market. - Contracts 02 and 03 are off - season contracts and usually have a significant price drop from the pre - holiday high. Currently, there is no sign of a price increase before the holiday. If the spot price continues to fluctuate, short positions may make a comeback. For near - month contracts, consider shorting after a price increase or selling call options. For far - month contracts, due to the logic of production capacity reduction, they are generally bullish. However, since they have already started rising, the strategy is to build positions after a price drop and conduct rolling operations [8] Group 3: Industry News Inventory - As of the end of November 2025, the monthly inventory of laying hens in China was about 1.352 billion, down 0.52% month - on - month from 1.359 billion at the end of October and 1.368 billion at the end of September, ending the previous continuous growth. However, compared with 1.284 billion in the same period last year, the year - on - year increase was still 5.3%, indicating significant pressure on the supply side [9] Replenishment - In November 2025, the monthly output of laying hen chicks from sample enterprises was about 39.55 million, slightly up from 39.15 million in October but significantly down 13.5% from 45.69 million in the same period in 2024. The total replenishment from August to November 2025 was about 157.71 million, compared with about 180.11 million in the same period last year [9] Culling Volume - As of December 18, the culling volume of laying hens in the previous three weeks was 20.82 million, 19.84 million, and 19.67 million respectively, showing a continuous downward trend [9] Culling Age - As of December 18, the average culling age of laying hens was 486 days, the same as last week and 6 days earlier than last month [9][10] Group 4: Data Overview - The report provides multiple data charts, including the monthly inventory of laying hens in China, egg - laying chicken farming profit, the average price of eggs in the main producing areas, the seasonal trend of eggs in December, the basis of the egg 12 contract, and the spread between the egg 12 - 02 contracts, with data sources from Wind, Zhuochuang Information, and Trading Famen [12][14][15]

Report Overview - The report is a daily report on the container shipping index, dated December 25, 2025, focusing on the container shipping industry, especially the European container shipping line futures [1][2] 1. Industry Investment Rating - No investment rating information is provided in the report 2. Core View - The spot SCFIS index has slightly rebounded by 5.2% this week. The price increase in mid - to late December has been well - implemented, with full or over - booked cabins in the second - last week of December. Although the actual price increase is not as strong as the announced one, there is still an upward expectation for the February contract, and attention should be paid to the short - selling opportunity of the April contract in the off - season and the positive spread arbitrage opportunity between the 02 and 04 contracts [8] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Spot Market**: The SCFIS index rose 5.2% to 1589.2 points this week. Major shipping companies' price increases are inconsistent. The market may have incentive games for the pre - Spring Festival shipping peak. There is still an upward expectation for the February contract, and attention should be paid to the short - selling opportunity of the April contract and the 02 - 04 positive spread arbitrage opportunity [8] - **Futures Market**: Presented the trading data of container shipping European line futures on December 24, 2025, including the opening price, closing price, settlement price, price change, trading volume, open interest, etc. of different contracts such as EC2512, EC2602 [6] 3.2 Industry News - **Export Situation**: From December 15 to 19, the overall China export container shipping market was stable, with some long - haul routes' freight rates rising. China's exports in November increased by 5.9% year - on - year, and the trade surplus exceeded 1 trillion US dollars in the first 11 months [9] - **European Economic Situation**: Eurozone's business activity growth slowed in December, with the composite PMI falling to 51.9, a three - month low. The European route's freight demand was stable this week, and the freight rate slightly declined [9] - **North American Economic Situation**: The US labor market showed signs of further slowdown in November. The North American route's freight demand was stable this week, and the spot booking price continued to rise [10] - **Shipping Company Price Adjustments**: Multiple shipping companies such as MSC, CMA CGM, Maersk, and Hapag - Lloyd announced price increases and surcharge adjustments for various routes [10] - **Middle East Situation**: The Israeli military has strengthened security in the area, killing many Hamas members. The armed militants in the Rafah tunnels remain in contact with the Hamas military leadership [10] - **Shipping Route News**: The Suez Canal Authority announced that Maersk would resume Red Sea - Suez Canal navigation from early December, but Maersk later stated that the specific date had not been determined [10] 3.3 Data Overview - **Container Shipping Spot Prices**: The SCFIS for the European route increased from 1510.56 on December 15 to 1589.2 on December 22, a rise of 5.2%. The SCFIS for the US West route increased from 924.36 to 962.1, a rise of 4.1% [12] - **Container Shipping Index (European Line) Futures Quotes**: Provided charts of the main and secondary main contracts of container shipping European line futures [17] - **Shipping - Related Data Charts**: Included charts of European container ship capacity, global container ship orders, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates [18][20]

行业 沥青日报 日期 2025 年 12 月 25 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 fengzeren@ccb.ccbfutures.com 一、行情回顾与操作建议 表1： 行情回顾(元/吨) | | 开盘 | 收盘 | 最高 | 最低 | 涨跌幅% | 成交量（万手） | | --- | --- | --- | --- | --- | --- | --- | | BU2602 | 2990 | ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - On Tuesday, New York raw sugar futures rebounded in a volatile manner. The main March contract rose 1.20% to 15.17 cents per pound. The main March contract of London ICE white sugar futures rose 1.3% to $431.90 per ton. Agricultural consulting agency Safras predicted on Monday that the sugar production in the central - southern region of Brazil in the 2026/27 season would decrease by 5% compared with the previous season, which boosted the sugar price in terms of news. Raw sugar remained in a sideways oscillation overall [7]. - Yesterday, the main contract of Zhengzhou sugar rebounded significantly. The 05 contract closed at 5,262 yuan per ton, up 119 yuan or 2.31%, with a reduction of 42,820 lots in positions. The new domestic sugar price was raised. The price in Nanning was 5,375 yuan per ton, and in Kunming was 5,220 yuan per ton. There were rumors in the market that the state would purchase and store sugar, which could not be confirmed. The recent two - day rebound might be related to this. Future policy changes should be monitored. After the market closed, it was found that the funds of most short - position seats reduced significantly, while there was no obvious chasing - up funds from the long side [8]. 3. Summary by Relevant Catalogs 3.1行情回顾与操作建议 - **Futures market conditions**: The main March contract of New York raw sugar futures rose 1.20% to 15.17 cents per pound. The main March contract of London ICE white sugar futures rose 1.3% to $431.90 per ton. The 05 contract of Zhengzhou sugar closed at 5,262 yuan per ton, up 119 yuan or 2.31%, with a reduction of 42,820 lots in positions [7][8]. - **Domestic sugar price**: The new domestic sugar price was raised. The price in Nanning was 5,375 yuan per ton, and in Kunming was 5,220 yuan per ton [8]. - **Market rumors and speculation**: There were rumors of state sugar purchase and storage, which could not be confirmed. The recent rebound might be related to this. Attention should be paid to policy changes. After the market closed, most short - position funds reduced significantly, and there was no obvious long - side chasing - up funds [8]. 3.2行业要闻 - **Brazil's sugar production forecast**: Agricultural consulting agency Safras & Mercado said that the sugar production in the central - southern region of Brazil in the 2026/27 season was expected to reach 38 million tons, a 5% decrease compared with the previous season. Brazil's sugar production in the 2026/27 season was expected to be 41.8 million tons, lower than 43.5 million tons in the previous year. The sugarcane crushing volume in this region in the 2026/27 season was expected to reach 600 million tons, slightly higher than 595 million tons in the previous year. It was expected that sugar mills would use 47% of sugarcane for sugar production in the 2026/27 season, lower than 49% in the 2025/26 season [9]. - **Sugar mill opening in Yunnan**: From December 23 - 24, two new sugar mills in Yunnan started production. It was expected that 2 - 3 more sugar mills would start production this week. As of now, 35 sugar mills in Yunnan had started production in the 2025/26 season, 5 more than the same period last year. The expected sugarcane crushing capacity was 123,200 tons per day, an increase of 12,600 tons per day compared with the same period last year [9]. - **Philippines' sugar import ban**: The Philippine Department of Agriculture announced on the 21st that the import ban on sugar would be extended to December 2026 to protect the local sugar industry and stabilize market supply and demand. The domestic raw sugar production had rebounded, which was an important basis for this policy adjustment. The department would strengthen the supervision of local sugar mills to ensure the accuracy of refined sugar inventory data [9]. 3.3数据概览 - **Relevant data charts**: The report provided charts including spot price trends, 2605 contract basis, SR1 - 5 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and trading and position data of the top 20 seats of the main contract of Zhengzhou sugar [11][14][17][20][23]. - **Trading and position data of the top 20 seats**: The total trading volume was 625,018 lots, an increase of 333,602 lots; the total long - position volume was 309,454 lots, a decrease of 4,655 lots; the total short - position volume was 376,895 lots, a decrease of 14,683 lots [23].

Report Information - Report Name: Polyolefin Daily Report - Date: December 25, 2025 - Industry: Polyolefin [1] Investment Rating - Not provided in the report Core Viewpoints - The supply pressure of the polyolefin market is increasing as the maintenance loss of devices in December has declined significantly and the previously shut - down devices are restarting. The demand is weak due to the seasonal off - season. The rebound of polyolefin futures should be treated with a bearish view [4]. Summary by Section 1. Market Review and Outlook - **Futures Market Performance**: The plastic 2601 contract opened at 6256 yuan/ton, closed at 6350 yuan/ton, up 1.73% with a position decrease of 11664 lots to 50532 lots. The plastic 2605 contract opened at 6310 yuan/ton, closed at 6408 yuan/ton, up 1.99% with a position decrease of 41207 lots to 540352 lots. The plastic 2609 contract opened at 6342 yuan/ton, closed at 6445 yuan/ton, up 1.93% with a position increase of 292 lots to 23865 lots. The PP2601 contract opened at 6062 yuan/ton, closed at 6187 yuan/ton, up 1.89% with a position decrease of 15404 lots to 61519 lots. The PP2605 contract opened at 6166 yuan/ton, closed at 6278 yuan/ton, up 1.93% with a position decrease of 18588 lots to 539752 lots. The PP2609 contract opened at 6203 yuan/ton, closed at 6300 yuan/ton, up 1.55% with a position increase of 5439 lots to 39130 lots [3]. - **Market Situation Analysis**: The supply is increasing while the demand is weak. The downstream load of PE has mostly declined, and although the PP start - up rate is basically stable, factories are mainly digesting inventory and have low willingness to make new purchases. The futures market has a slight increase, but the spot price remains weak, and downstream buyers are mostly on the sidelines [4]. 2. Industry News - **Inventory**: On December 24, 2025, the inventory level of major producers was 690,000 tons, a decrease of 20,000 tons (2.82%) from the previous working day, compared with 590,000 tons in the same period last year [5]. - **PE Market**: The PE market prices have partially declined. The LLDPE prices in North China are in the range of 6140 - 6400 yuan/ton, in East China 6230 - 6700 yuan/ton, and in South China 6250 - 6650 yuan/ton [5]. - **Propylene Market**: The mainstream price of propylene in the Shandong market is temporarily in the range of 5700 - 5730 yuan/ton, a decrease of 90 yuan/ton from the previous working day. The supply is abundant, and the overall trading improvement is not obvious [5]. - **PP Market**: The PP market has a slight increase. The mainstream prices of North China drawn wire are in the range of 5920 - 6060 yuan/ton, in East China 6020 - 6200 yuan/ton, and in South China 6100 - 6330 yuan/ton [5]. 3. Data Overview - The report provides multiple data charts including L basis, PP basis, L - PP spread, crude oil futures main contract settlement price, two - oil inventory, and two - oil inventory year - on - year change rate, with data sources from Wind and Zhuochuang Information [7][10][15]

行业 贵金属日评 2025 年 12 月 25 日 宏观金融团队 研究员：何卓乔(宏观贵金属) 021-60635739 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 请阅读正文后的声明 日期 每日报告 一、贵金属行情及展望 日内行情： 虽然美国三季度经济增速远超市场预期推高美债利率，但市场臆测联邦政府 停摆将拖累美国四季度经济增长，同时美联储主席候选人继续呼吁美联储降息， 美元指数跌破 98 关口，流动性溢价与计价货币因素继续推动贵金属板块偏强运 行；广期所铂钯行情未见停止迹象，但近期价格飙升也累积了内在调整风险，加 上圣诞节期间成交稀少价格波动性上升，建议投资者适当降低仓位。总体看在年 底消费旺季、美联储宽松货币政策和全球增长前景改善等因素影响下，近期贵金 属板块特别是工 ...