Report Information - Report title: Pig Daily Report [1] - Date: December 18, 2025 [2] Investment Rating - No relevant information provided. Core Viewpoints - The spot market is boosted by the demand for curing and enema, showing a volatile and slightly stronger trend The supply of live pigs is expected to maintain a slight increasing trend, and the demand elasticity before the Spring Festival still exists However, the concentrated second - fattening in October and the continuous release of production capacity form double supply pressure, which continues to put pressure on the 01 and 03 contracts, but the price decline compared with the same period last year is already large, and the recent increase in northern epidemics has led to a low - level rebound following the spot market, with an increasing frequency of bottom oscillations [7] Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 17th, the main 2603 contract of live pigs opened higher, then rose and fell back, and oscillated higher, closing in the positive territory The highest price was 11,550 yuan/ton, the lowest was 11,400 yuan/ton, and the closing price was 11,435 yuan/ton, up 1.02% from the previous day The total index position increased by 10,993 lots to 361,611 lots [6] - **Spot Market**: On the 17th, the average price of ternary pigs outside the country was 11.60 yuan/kg, up 0.08 yuan/kg from the previous day [6] - **Supply Side**: In the long term, the slaughter of live pigs is expected to maintain a slight increasing trend until the first half of next year In October, the second - fattening and weight - retaining were concentrated, and the utilization rate of second - fattening pens is currently relatively high, slightly higher than the same period last year, increasing the supply pressure before the Spring Festival In December, the planned slaughter volume of sample breeding enterprises is 27.72 million heads, with a monthly planned increase of 4.64% Currently, the overall completion progress of groups in multiple regions is slightly slow, and there is a certain increase in acquisition difficulty due to the reduction of some channels [7] - **Demand Side**: Currently, the second - fattening is mainly in a wait - and - see state, and there may still be a small amount of rolling replenishment demand in December With the continuous cooling of the weather, the curing and enema are increasing, the terminal consumer demand is rising, and the increase in orders from slaughtering enterprises significantly supports the slaughter volume The slaughter volume and the opening rate of slaughtering enterprises have increased On December 17th, the slaughter volume of sample slaughtering enterprises was 195,000 heads, an increase of 4,200 heads from the previous day, a week - on - week increase of 11,400 heads, and a month - on - month increase of 29,000 heads [7] - **Policy Side**: China imposes anti - dumping duties on imported related pork and pork by - products originating from the EU, but the impact is very limited due to the extremely low proportion compared with domestic consumption [7] 2. Data Overview - **Slaughter Volume**: The actual slaughter volume of Yongyi sample enterprises in November was 26.49 million heads, with a completion rate of 99.36% The planned slaughter volume in December is 27.72 million heads, with a monthly planned increase of 4.64% and a daily average increase of 1.27% [13] - **Breeding Profit**: As of December 11th, the average profit per head of self - breeding and self - raising pigs was - 146 yuan/head, a week - on - week decrease of 11.5 yuan/head The average profit per head of purchasing piglets for breeding was - 264 yuan/head, a week - on - week decrease of 5.6 yuan/head [13] - **Breeding Cost**: As of December 11th, the expected cost of self - breeding and self - raising was 12.09 yuan/kg, a week - on - week increase of 0.04 yuan/kg The expected cost of purchasing piglets for fattening to 125 kg and then slaughtering was 11.41 yuan/kg, a week - on - week increase of 0.12 yuan/kg [13] - **Slaughter Weight and Proportion**: In the week ending December 11th, the average slaughter weight of live pigs was 129.63 kg, a decrease of 0.19 kg from the previous week The proportion of pigs slaughtered under 90 kg was 5.43%, an increase of 0.38% from the previous week The proportion of pigs slaughtered over 150 kg was 6.9%, almost the same as the previous week [13]

Report Summary 1. Reported Industry - The report focuses on the egg industry [1] 2. Core Viewpoints - The spot market for eggs has stabilized after a period of slight weakness, with expectations of a small peak season in mid - to late December due to double - holiday stocking. Spot prices are expected to fluctuate slightly, with neither significant downward nor upward trends. Futures were relatively weak last week, especially after the egg price in Hubei adjusted downward on Friday. The decline of peak - season contracts is a correction of the previous influx of long positions. Although there are signs of a turning point in the laying - hen inventory, the impact on egg prices will be delayed. The near - month contracts are affected, and the market is currently dominated by short positions. New short positions can focus on the 02 contract, while long positions can consider far - month peak - season contracts after the correction [8] 3. Section Summaries 3.1 Market Review and Operation Suggestions - **Market Review**: Today, the national egg price remained stable. The average price in the main production areas was 3.05 yuan/jin, unchanged from yesterday, and in the main sales areas, it was 3.32 yuan/jin, also unchanged. The 01 contract fell 0.77%. The 2601 contract closed at 3092, down 24 or 0.77%; the 2602 contract closed at 2927, down 9 or 0.31%; the 2603 contract closed at 3008, down 12 or 0.40% [7] - **Operation Suggestions**: New short positions can focus on the 02 contract due to the post - holiday off - season and the lack of a clear upward trend in the spot market. Long positions can look for entry opportunities in far - month peak - season contracts after the correction, using rolling operations. The 01 contract should focus on the stabilization of egg prices after the decline, and its correlation with the spot market will increase in the future [8] 3.2 Industry News - **Inventory**: As of the end of October 2025, the national monthly inventory of laying hens was about 1.359 billion, a 0.66% month - on - month decrease, ending the previous continuous growth trend, but still higher than the same period in 2024 [9] - **Replenishment**: In October 2025, the monthly output of laying - hen chicks from sample enterprises was about 39.15 million, slightly less than in September 2025 and significantly less than the same period in 2024. The total replenishment from July to October 2025 was about 158.14 million, less than the same period last year [9][10] 3.3 Data Overview - **Culling Quantity**: From the three weeks up to November 20, 2025, the national culling quantities were 19.81 million, 19.47 million, and 20.21 million respectively, showing fluctuations but a slight increase overall [15] - **Culling Age**: As of November 20, 2025, the average culling age was 492 days, 1 day earlier than the previous week and 7 days earlier than the previous month, indicating an accelerated culling speed [15]

报告类型 股指日评 日期 2025 年 12 月 18 日 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 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(宏观国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与后市展望 1.1 行情回顾： 12 月 17 日，万得全 A 放量上涨，开盘后震荡运行，午后快速拉涨，收涨 1.54%， 全市超 6 成个股上涨；沪深 300、上证 50、中证 500、中证 1000 收盘分别上涨 1.83%、 1.25%、1.95%、1.49%，中小盘股表现更优。期货方面，IF、IH、IC、IM 主力合 约（2603）分别收涨 1.81%、1.25%、2.23%、1.64%，表现强于现货（按收盘价计 算）。 | 表1: ...

Report Information - Report Type: Container Shipping Index Daily Report [1] - Date: December 18, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The spot SCFIS index has slightly rebounded and stabilized this week. Shipping companies continue to raise prices, boosting market sentiment. However, MSC's online price for early January is lower than its announced increase, dampening bullish sentiment. The main shipping companies have formed a trend of joint price increases, which will support the pre - Spring Festival price increase expectation. It's difficult to prove whether the EC2602 contract is overvalued in the short term, and short - selling is not cost - effective. Attention should be paid to the possible overvaluation of the off - season April contract and the positive spread trading opportunity between EC2602 and EC2604 [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Spot Market**: The SCFIS index has slightly rebounded and stabilized this week. Shipping companies are raising prices, but MSC's online price for early January is lower than the announced increase. The main shipping companies are jointly raising prices, supporting the pre - Spring Festival price increase expectation. It's hard to prove the overvaluation of EC2602 in the short term, and short - selling is not advisable. Attention should be paid to the possible overvaluation of the April contract and the positive spread trading opportunity between EC2602 and EC2604 [8]. 3.2 Industry News - **Shipping Market**: From December 8 to 12, China's export container transport demand was generally stable. The Shanghai Export Containerized Freight Index rose by 7.8% on December 12. European, Mediterranean, and North American routes saw price increases due to different factors. Many shipping companies, including MSC, CMA CGM, Maersk, and Hapag - Lloyd, announced price increases or surcharge adjustments [9][10]. - **Geopolitical News**: Trump plans to announce the second phase of the Gaza peace process before Christmas. There are ongoing military operations in Israel, and there are developments regarding the relationship between armed groups in Rafah and Hamas. There are also updates on Maersk's plan to resume Red Sea - Suez Canal navigation and Israeli Prime Minister Netanyahu's pardon application [10]. 3.3 Data Overview - **Container Shipping Spot Prices**: On December 15, the SCFIS for the European route was 1510.56, up 0.1% from December 8, while the SCFIS for the US West route was 924.36, down 3.8% [12]. - **Container Shipping Index (European Line) Futures**: Trading data for EC2512, EC2602, EC2604, EC2606, EC2608, and EC2610 on December 17 are provided, including opening price, closing price, settlement price, price change, and trading volume [6]. - **Shipping - Related Data Charts**: Various charts show data such as container ship capacity in Europe, global container ship orders, and shipping prices [13][15][16][20]

Report Overview - Report Date: December 18, 2025 [2] - Report Type: Daily Report on Soda Ash and Glass [1] 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Viewpoints - The soda ash market is currently in a situation of strong supply and weak demand. High inventory pressure is difficult to resolve quickly. Although cost support is gradually emerging, the driving force is limited. Before the supply - demand structure changes significantly, the futures price is expected to continue to fluctuate at a low level. It is recommended to wait and see and be cautious about rebound opportunities [8]. - The glass market continues to be weak, lacking a driving force to turn strong in the short term. The contradiction between high inventory and weak demand remains the key factor suppressing the market. The glass price may decline further, and the rebound momentum of the contract is expected to be limited before substantial positive factors such as capacity clearance occur [9][10]. 3. Summary by Directory 3.1 Soda Ash and Glass Market Review and Operation Suggestions 3.1.1 Soda Ash - **Daily Market**: On December 17, the main soda ash futures contract SA605 fluctuated strongly. The closing price was 1,170 yuan/ton, up 9 yuan/ton or 0.77%, with an increase of 12,528 lots in positions [7]. - **Fundamentals**: The soda ash industry has gradually completed seasonal maintenance, and the supply is in a continuous recovery state. New production capacity in areas such as Alxa is being steadily released. However, the demand is weak, the inventory in the production and circulation links is relatively high, and the de - stocking process is slow. The downstream float glass market has weak supply and demand, and the real estate market shows no improvement. The soda ash price is below the industry cost, but the weak fundamentals still suppress the rebound potential [8]. - **Operation Suggestions**: It is recommended to wait and see, be cautious about rebound opportunities, and pay attention to subsequent marginal changes in supply - demand and policy trends [8]. 3.1.2 Glass - **Daily Market**: The glass market continues to be weak, lacking a driving force to turn strong in the short term. Although the supply production rhythm is stable and the enterprise inventory has decreased slightly for several weeks, the overall inventory base is still high, the terminal demand is weak, and the price is under continuous upward pressure [9]. - **Fundamentals**: The terminal real estate market has not shown signs of stabilization, especially the completion data is weak, which directly restricts the actual consumption of float glass. The order days of downstream deep - processing enterprises have increased slightly month - on - month but are still at a low level year - on - year [9]. - **Price Outlook**: The current glass price is relatively low, but due to weak macro - expectations and downward inertia in downstream industries, the glass price may decline further. The rebound momentum of the glass 2605 contract is expected to be limited before substantial positive factors occur [10]. 3.2 Data Overview - The report provides data on the price trends of soda ash and glass active contracts, weekly soda ash production, soda ash enterprise inventory, central China heavy soda market price, and flat glass production, but specific data details are not further elaborated in the given content [14][16][19]

行业 原油日报 日期 2025 年 12 月 18 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 地缘方面，美国扣押委内油轮，继续对其施 ...

行业 聚烯烃日报 日期 2025 年 12 月 18 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 每日报告 | 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 | | 塑料 2601 | 6515 | 6439 | 6515 | 6432 | -76 | -1.17 | 119319 | -16584 | | 塑料 2605 | 6525 | 6479 | 6543 | 6470 | -66 | -1.01 | 540127 | 29984 | | 塑料 2609 | 6558 | 6514 | 6568 | 6501 | -60 | -0.91 | 12595 | 2163 | | PP2601 ...

Report Information - Report Date: December 18, 2025 [2] - Industry: Oil and Fat [1] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Investment Rating - Not provided Core Viewpoints - The oil and fat market declined significantly this week due to the drop in external crude oil, CBOT soybeans, and Malaysian palm oil. The US EPA's final decision on biofuel blending in 2026 is expected to be completed in the first quarter of next year. Regular rainfall in Brazil's agricultural areas is beneficial for soybean growth. With rising US inventories and expected high soybean yields in Brazil, soybean prices will face pressure. Malaysia's palm oil production slowed in December, but poor export prospects suggest an increase in inventory, which is negative for futures prices. Rapeseed oil is expected to have a lower valuation due to a record global rapeseed harvest and reduced Canadian exports affected by Chinese tariffs, and is commonly used as a short position in arbitrage. The recent sharp decline in the domestic market has led to low market confidence, with the market continuing to bottom out [8]. Summary by Directory 1. Market Review and Operation Suggestions - **Market Quotes**: In Dongguan, the price of third - grade rapeseed oil is 05 + 780, and the 12 - 2 package of third - grade rapeseed oil from Dongguan COFCO is 05 + 620. In the East China market, the basis price of first - grade soybean oil is y2605 + 510 from December to January, y2605 + 480 from January to March, and y2605 + 220 from July to September. Palm oil prices from Dongguan traders were stable with some increases. For example, 18 - degree palm oil from Guangzhou Yihai is 01 + 110, and from Dongguan COFCO is 01 + 80 [7]. - **Market Analysis**: The oil and fat market was affected by external factors and showed a significant decline. The market is expected to continue the bottom - building process [8]. 2. Industry News - **Malaysian Palm Oil**: From December 1 - 15, Malaysia's palm oil production decreased by 2.97% month - on - month, with the fresh fruit bunch (FFB) yield down 2.55% and the oil extraction rate (OER) down 0.08%. Exports from December 1 - 15 were 613,172 tons, a 15.9% decrease from the same period in November. Exports to China were 85,000 tons, a decrease of 14,000 tons from the previous month [9]. - **Brazilian Soybeans**: As of December 12, Brazil's soybean exports in December were significantly higher than last year. From December 1 - 12, exports were 1.65 million tons, and the average daily export volume was 165,022 tons, a 72.7% year - on - year increase. The average export price in December was $455.2 per ton, a 6.0% year - on - year increase [9][10]. 3. Data Overview - **Brazilian Soybean Planting**: As of December 12, 2025, the planting progress of Brazil's 2025/26 soybean crop was 94.1%, higher than the previous week's 90.3% and the five - year average of 90.6%, but lower than last year's 96.8% [16]. - **Imported Soybean Inventory**: As of December 16, the inventory of imported soybeans at major ports was about 8.1 million tons, compared with 7.6 million tons last year and a five - year average of 7.4 million tons. The cumulative arrivals this month were 4.9 million tons. The expected arrivals in December 2025 were 9.5 million tons, a 5.32% decrease from the previous month's forecast and a 17.81% increase from the same period last year [16].

1. Report Information - Report title: Pulp Daily Report [1] - Date: December 18, 2025 [2] - Research team: Energy and Chemical Research Team [4] 2. Investment Rating - No investment rating information provided in the report 3. Core View - The fundamentals of the pulp industry have limited changes. After the December delivery, the market focuses on the pricing of new warehouse receipts, and the market is mainly in shock adjustment [8] 4. Summary by Section 4.1 Market Review and Operation Suggestions - The previous settlement price of the pulp futures 05 contract was 5,506 yuan/ton, and the closing price was 5,506 yuan/ton, with an overall decline of 0.00%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,800 - 6,300 yuan/ton, up 100 yuan/ton from the previous trading day's closing price. The quotation of Arauco's Silver Star in Shandong was 5,530 - 5,550 yuan/ton [7] - Arauco's December pulp export quotes: Silver Star (softwood pulp) increased by $20/ton to $700/ton; Venus (natural pulp) remained flat at $620/ton; Star (hardwood pulp) increased by $20/ton to $570/ton [8] - According to PPPC, in October, the chemical pulp shipments of the world's top 20 pulp - producing countries decreased by 3.5% year - on - year, softwood pulp decreased by 7.1% year - on - year, and hardwood pulp decreased by 1.9% year - on - year, with a significant decline in shipments to the Chinese market [8] - According to UTIPULP data, in November 2025, the European wood pulp inventory was 700,000 tons, a month - on - month decrease of 0.8% and a year - on - year increase of 6.3%; the European wood pulp consumption was 805,600 tons, a month - on - month decrease of 6.2% and a year - on - year decrease of 4.6% [8] - In November 2025, the total pulp imports were 3.246 million tons, a month - on - month increase of 24% and a year - on - year increase of 15.9%. As of December 11, 2025, the weekly pulp inventory in major regions and ports was 1.9817 million tons, a decrease of 3.00% from the previous week [8] - The cultural paper market is mainly driven by rigid demand. Publishing orders continue to pick up goods, and the inventory of some paper mills has decreased compared with the previous period, with little price change [8] 4.2 Industry News - On December 17, it was reported that the household paper consumption characteristic park in Linyi County, Shanxi Province, had achieved a leap - forward improvement from spontaneous agglomeration to cluster development in recent years. The park currently has an annual production capacity of 400,000 tons of high - grade household paper and 50,000 tons of flushable and degradable non - woven fabrics. The degradable non - woven fabric project fills the technical gap in the province, achieving a good cycle of guaranteed upstream raw material supply and supported downstream market expansion [9] 4.3 Data Overview - The report includes multiple data charts, such as the spot price of imported softwood pulp in Shandong, pulp futures price, pulp spot - futures price difference in Shandong, softwood - hardwood pulp price difference in Shandong, inter - period price difference, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, copperplate paper and offset paper price and price difference, white cardboard and whiteboard paper price and price difference, and US dollar - RMB exchange rate [15][17][19][24][25][29]

Group 1: General Information - Report Name: Asphalt Daily Report [1] - Date: December 18, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - Futures Market: BU2602 opened at 2,877 yuan/ton, closed at 3,012 yuan/ton, with a high of 3,014 yuan/ton, a low of 2,855 yuan/ton, a daily increase of 3.58%, and a trading volume of 504,000 lots; BU2603 opened at 2,891 yuan/ton, closed at 3,014 yuan/ton, with a high of 3,017 yuan/ton, a low of 2,877 yuan/ton, a daily increase of 2.9%, and a trading volume of 171,000 lots [6] - Spot Market: Asphalt spot prices in North China and Shandong continued to decline, while prices in other regions remained generally stable. Crude oil and asphalt futures hit new lows, negatively impacting spot market sentiment [6] - Supply: After the resumption of asphalt production at Guangzhou Petrochemical in South China, the operating rate is expected to remain stable, but there are no new resumption plans after the switch to residue production in Shandong, and the operating rate is expected to decline slightly [6] - Demand: Cold snaps will continue to affect most parts of China in the next ten days, with widespread rain and snow in central and eastern regions. Although temperatures will gradually rise after the 14th, demand is unlikely to receive significant support due to seasonal factors [6] - Operation Suggestion: The market is trading on the potential impact of US sanctions on Venezuela's oil exports and the widening discount of Venezuelan crude. Pay attention to raw material supply and operate with caution [6] Group 3: Industry News - Shandong Market: The mainstream transaction price of 70A asphalt was 2,820 - 3,270 yuan/ton, a decrease of 10 yuan/ton from the previous trading day. International oil prices and asphalt futures hit new lows overnight, negatively impacting the spot market. However, prices rebounded in the morning due to supply - side factors, and the spot market remained cautious. Given weak rigid demand and ample supply, prices declined slightly [7] - South China Market: The mainstream transaction price of 70A asphalt was 2,920 - 3,100 yuan/ton, remaining stable from the previous trading day. Zhongyou Gaofu is about to halt production, but increased production at Maoming Petrochemical has led to a supply increase. Sinopec's orders are being filled, and prices are expected to decline. Social inventories and traders are holding prices stable for now [7] Group 4: Data Overview - Data includes South China asphalt spot prices, Shandong asphalt basis, daily asphalt operating rate, Shandong asphalt comprehensive profit, asphalt cracking spread, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, all sourced from Wind and the Research and Development Department of CCB Futures [11][12][13][16]