Group 1: Report Information - Report date: December 18, 2025 [2] - Research team: Energy and Chemical Research Team [3] - Report type: Daily report on industrial silicon [7] Group 2: Market Performance and Outlook Market Performance - Industrial silicon futures prices fluctuated. The SI2605 contract price was 8,470 yuan/ton, up 1.56%. The trading volume was 346,284 lots, and the open interest was 210,810 lots, with a net increase of 8,547 lots. The top twenty long positions increased by 8,092 lots, and the short positions increased by 12,857 lots [4] - Spot prices remained stable. The Sichuan 553 price was 9,300 yuan/ton, and the Yunnan 553 price was 9,100 yuan/ton. The Sichuan 421 price was 9,900 yuan/ton, the Xinjiang 421 price was 9,400 yuan/ton, and the Inner Mongolia 421 price was 9,500 yuan/ton [4] Market Outlook - The southwestern production areas have fulfilled the seasonal production reduction expectation, and the production decline space is limited. The production in the second week of December was 82,000 tons, and the monthly expected production was 360,000 tons [5] - On the demand side, the production reduction of polysilicon led to a monthly output decline to about 110,000 tons. Organic silicon enterprises fulfilled the production reduction and price increase plan in the November meeting. The operating rate in the second week of December dropped to 69.56%, a decrease of 4.73 percentage points from the previous week. The supply and demand remained in a loose pattern [5] - The current industrial inventory reached 460,000 tons, a year-on-year increase of 30.40%. The futures inventory was 44,000 tons, a significant decrease compared with the same period last year. After the concentrated cancellation of warehouse receipts, the futures price weakened rapidly and was at a discount, resulting in insufficient return power [5] - The fundamentals lack improvement expectations. The spot price remained stable. After the basis widened rapidly, the support for the futures price increased. It is expected to maintain a weak rebound pattern [5] Group 3: Market News - On December 17, the number of industrial silicon warehouse receipts on the Guangzhou Futures Exchange was 8,815 lots, unchanged from the previous trading day [6] - In the second week of December, the industrial silicon inventory was 446,400 tons, a week-on-week increase of 2.22% and a year-on-year increase of 30.40% [6] - The organic silicon DMC market remained stable. The current DMC quotation was 13,500 - 14,000 yuan/ton. After the price increase of major organic silicon products, the new order transactions of enterprises were average, and the inventory pressure of enterprises was not large. It is expected that the market will operate stably in the short term [6] - The polysilicon spot price stabilized as a whole. Enterprises were determined to support prices, and the quotation of individual enterprises increased. The downstream's willingness to purchase polysilicon was low, and it was difficult to see an increase in demand in the short term. The polysilicon inventory continued to increase slowly, and the inventory pressure further suppressed the trading activity in the spot market. It is expected that the spot trading price of polysilicon will probably remain stable in the short term [6]

Group 1: General Information - Reported industry: Cotton [1] - Report date: December 18, 2025 [2] Group 2: Core Views - Zhengzhou cotton is under pressure and adjusting, but the overall upward trend remains unchanged. The domestic cotton market has support from domestic demand, while the overseas market shows limited adjustments and an expanding price difference between domestic and foreign markets [7][8] Group 3: Market Review and Operation Suggestions Market Review - Spot market: The latest cotton price index for grade 328 is 15,144 yuan/ton, up 14 yuan/ton from the previous trading day. The negotiated price for machine-picked cotton in North and South Xinjiang for the 2025/26 season is around 14,750 yuan/ton on a net weight basis [7] - Cotton yarn market: Trading is average, with few new orders. Only high-count yarns are selling well. Cotton yarn prices are temporarily stable, but some large manufacturers are offering significant discounts to clear inventory. Xinjiang textile enterprises are barely making a profit, while inland enterprises continue to lose money [7] - Grey cloth market: Trading has improved slightly in some areas but remains dull overall. Orders are being repeated quickly, but shipments have not increased significantly [7] Macro and Overseas Markets - Macro: The prospect of a peace agreement between Russia and Ukraine seems to be strengthening, causing oil prices to decline continuously and dragging down the performance of the external market [8] - Overseas: The USDA's December global cotton supply and demand report shows a slight decrease in both production and consumption, with a slight accumulation of global ending stocks. US cotton production has increased slightly, and stocks are mainly accumulating. Overall, the adjustment is limited, and US cotton remains in a weak oscillation. The price difference between domestic and foreign markets continues to widen [8] Domestic Market - Supply: As of December 16, 2025, the cumulative national inspection volume is 5.5196 million tons, an increase of 79,100 tons from the previous day. The commercial inventory is still in the seasonal accumulation stage, reaching 4.6836 million tons at the end of November [8] - Demand: The current operating rate has decreased slightly. The profit and cash flow of textile enterprises have deteriorated marginally, but the pressure on finished product inventory is still not significant. In November, the domestic revenue from clothing, footwear, and textiles was 154.2 billion yuan, a year-on-year increase of 3.5%, indicating that domestic demand support still exists [8] Group 4: Industry News - As of December 16, 2025, 1,082 cotton processing enterprises across the country have processed and conducted notarized inspections on cotton in accordance with the reform plan for the cotton quality inspection system. The cumulative national inspection volume is 24,451,412 bales, totaling 5.5196 million tons, an increase of 79,100 tons from the previous day. Among them, the inspection volume in Xinjiang is 24,181,404 bales, totaling 5.4591 million tons, an increase of 78,000 tons from the previous day; the inspection volume in inland areas is 151,147 bales, totaling 33,500 tons [9] Group 5: Data Overview - The report provides multiple charts related to cotton, including futures prices, basis changes, spreads between different contracts, commercial and industrial inventories, and exchange rates [14][16][18]

多晶硅日报 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 期货从业资格号：F03134307 行业 日期 2025 年 12 月 18 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） ...

Report Information - Report Name: Carbonate Lithium Futures Daily Report [1] - Date: December 17, 2025 [2] - Research Team: Non-ferrous Metals Research Team [4] - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3] Report Highlights 1. Investment Rating - No investment rating information provided. 2. Core View - Carbonate lithium futures are oscillating at a high level. Affected by weak market sentiment, the main contract of carbonate lithium futures once fell below 100,000. The 05 - 01 spread on the disk narrowed slightly to 1,860. The spot price of electric carbon increased by 700 to 95,850. The discount of the trading market to the main contract widened to (-3,200, -1,000). The price of lithium spodumene ore increased by 40 to 1,260, the price of lithium mica ore increased by 80 to 2,700, the price of ternary materials increased by 200 - 250, the price of iron - lithium increased by 165 - 170, and the price of electrolyte remained flat. The upward price trend in the industrial chain is stable, but the inventory reduction in social warehouses has slowed down, and the fundamental support momentum has weakened. In the short term, attention should be paid to the previous high pressure level. However, with the rising prices in the industrial chain, carbonate lithium futures are expected to be more likely to rise than to fall [9]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - Carbonate lithium futures are in high - level oscillation. The main contract was affected by weak market sentiment and once fell below 100,000. The 05 - 01 spread narrowed slightly. The spot price of electric carbon, lithium ore, and some materials increased, while the electrolyte price remained unchanged. The price increase trend in the industrial chain is stable, but the inventory reduction in social warehouses has slowed down, and the fundamental support has weakened. It is expected that the futures are more likely to rise than to fall, and short - term attention should be paid to the previous high pressure level [9]. 3.2 Industry News - **M&A News**: Canadian lithium - mining developer Li - FT Power announced a binding agreement to acquire all issued shares of Australian listed company Winsome Resources for approximately $86.8 million. After the transaction, Winsome shareholders will hold about 35.3% of the merged company. Winsome's core asset is the Adina lithium - mining project, which is one of the top five lithium - resource projects in North America, with proven resources of 1.4 million tons of lithium oxide (grade 1.14%) and inferred resources of 16.5 million tons of lithium oxide (grade 1.19%) [12]. - **Distributed Energy Storage Report**: From 2019 to September 2025, the cumulative installed capacity of domestic distributed energy storage (connected at a voltage level below 35kV and with a power scale ≤6MW) increased from 570MW to 3,638MW. Since 2024, the growth rate has accelerated significantly. Jiangsu, Guangdong, and Zhejiang rank in the top three in terms of cumulative installed capacity. In different application scenarios, industrial and commercial energy storage accounts for 68.70%, followed by grid - side distributed energy storage at 8.30% and new energy - supported energy storage at 7.09%. Lithium - ion batteries account for 92.77% of the domestic distributed energy - storage installed capacity [12].

Group 1: General Information - Report title: Copper Futures Daily Report [1] - Date: December 17, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] Group 2: Market Review and Operation Suggestions - Shanghai copper opened high and closed low. Due to the ebb of AI trading and concerns about the Bank of Japan's interest rate hike, the global stock market tumbled, and copper price rally was frustrated again. The price of Shanghai copper dropped to near the bull - bear line, and the decline narrowed in the afternoon. The spread between near - month contracts narrowed to 80. Spot price dropped by 565, and the discount widened by 185. The overall demand was poor. LME0 - 3 shifted to contango structure, and the loss of spot imports narrowed to around 670. The trading of Yangshan copper remained weak. In the short term, the sentiment transmission of the global stock market has a great impact on copper prices. Before the Bank of Japan raises interest rates, copper prices are expected to remain in a high - level shock [10] Group 3: Industry News - Morgan Stanley predicts that there will be a 260,000 - ton copper supply gap in 2025, and the gap will further widen to 600,000 tons in 2026 [10] - The monitoring model of China's copper industry monthly prosperity index shows that in November 2025, China's copper industry prosperity index was 39.7, down 2.0 percentage points from the previous month, remaining in the "normal" range; the leading index was 73.4, down 2.1 percentage points from the previous month; the coincident index was 74.3, down 3.6 percentage points from the previous month [10] - Korea Zinc will invest $7.4 billion in building a smelter in Tennessee, USA. The project will produce key minerals such as zinc, lead, copper, etc. for the chip, defense, and aerospace industries. JPMorgan Chase & Co. and the US government will jointly invest, and a joint - venture company Crucible JV LLC will be established. The project is planned to start construction in 2026 and be put into commercial operation in 2029 [10] - The merger of Anglo American and Teck Resources has been approved by the Canadian government. Anglo American will invest at least C$4.5 billion in Canada within five years, making the group's total investment in Canada in the next 15 years at least C$10 billion. The merged mining company will be headquartered in Vancouver [10][11]

Report Overview - Report Type: Iron Ore Daily Review [1] - Date: December 17, 2025 [2] - Research Team: Black Metal Research Team [3] - Researchers: Zhai Hepan, Nie Jiayi, Feng Zeren [3] 1. Industry Investment Rating No relevant information provided. 2. Core View The supply of iron ore is expected to increase, while the demand remains weak, putting pressure on the overall fundamentals of iron ore. It is predicted that iron ore prices will continue to fluctuate weakly. In the entire sector, coking coal and coke are relatively weaker, and an arbitrage strategy of shorting coking coal and coke and going long on iron ore can be considered [10][11]. 3. Summary by Section 3.1 Market Review - On December 16, the main 2605 contract of iron ore futures oscillated upward, opening with an upward trend, oscillating in the afternoon, and closing at 761.0 yuan/ton, up 1.06% [7]. - The table shows the prices, trading volumes, and open interest of steel and iron ore futures main contracts on December 16, including RB2605, HC2605, SS2602, and I2605 [5]. - Another table presents the open interest of the top 20 long and short positions in black - series futures on December 16, covering RB2605, HC2605, SS2602, J2601, JM2605, and I2605 [8]. 3.2 Spot Market and Technical Analysis - Spot Market: On December 16, the main iron ore overseas quotes rose by 1 US dollar/ton compared to the previous trading day, and the prices of main - grade iron ore at Qingdao Port increased by 1 - 3 yuan/ton from the previous day [9]. - Technical Analysis: For the iron ore 2605 contract, the daily KDJ indicator shows a divergent trend, with the K and J values turning up and the D value continuing to decline, showing a potential golden cross. The daily MACD indicator's green bar is narrowing [9]. 3.3 Future Outlook - Supply: Last week, the shipments from Australia and Brazil significantly increased, and the arrivals also rose. As the end of the year approaches, overseas mines may increase their shipments to meet their targets [10]. - Demand: The total output of the five major steel products reached a new low since late February, with the output of construction steel dropping most significantly. The average daily hot - metal output has declined for four consecutive weeks and is now below 2.3 million tons. Although steel mill profits have recovered, due to the seasonal weakness of terminal demand, the enthusiasm for steel mills to resume production is still low, and iron ore demand is expected to remain weak [10][11]. - Inventory: Steel mills are restocking as needed. The inventory available days have increased by 1 day to 20 days compared to last week. Port inventories continue to accumulate, reaching 154 million tons, a new high since April 2022, and are expected to continue to accumulate slightly [11]. 3.4 Industry News - The National Development and Reform Commission's Party Group pointed out in an article in Qiushi magazine that efforts should be made to stabilize bulk consumption, implement the policy of replacing old consumer goods with new ones, and carry out key projects in consumption - supporting facilities such as elderly care, childcare, health, and cultural tourism. It also mentioned measures to regulate market competition and remove unreasonable consumption restrictions [12]. - The Hainan Provincial People's Government announced that Hainan Free Trade Port will officially start the whole - island customs closure on December 18 [12]. 3.5 Data Overview The report provides multiple charts showing various data related to the iron ore and steel industry, including prices, shipments, arrivals, production, inventory, and utilization rates, with data sources from MySteel and the research and development department of Jianxin Futures [14][22][23] etc.

Industry Investment Rating - No information provided about the industry investment rating Core View - The SCFIS index has slightly rebounded and stabilized this week. Shipping companies continue to raise prices, boosting the market's sentiment. MSC followed Maersk to announce a price increase for January quotes, with the price of large containers on European routes rising to $3,700. The current prices of major shipping companies in the second half of December are around $3,000 - $3,500, and the quotes for the first half of January are between $3,500 - $3,700. The current price - raising trend of major shipping companies will strongly support the market's expectation of price increases before the Spring Festival. It is difficult to prove whether the 02 contract is over - valued in the short term, and the cost - performance of short - selling is not high. Attention should be paid to the possibility of the off - season April contract being over - valued, and the positive spread opportunity between 02 - 04 contracts [8] Summary by Directory 1. Market Review and Operation Suggestions - **Spot Market**: This week, the SCFIS index slightly rebounded and stabilized. Shipping companies continued to raise prices, and MSC followed Maersk to announce a price increase for January quotes. The current prices of major shipping companies in the second half of December are around $3,000 - $3,500, and the quotes for the first half of January are between $3,500 - $3,700. The joint price - raising trend of major shipping companies will support the market's expectation of price increases before the Spring Festival [8] - **Operation Suggestion**: It is difficult to prove whether the 02 contract is over - valued in the short term, and the cost - performance of short - selling is not high. Attention should be paid to the possibility of the off - season April contract being over - valued, and the positive spread opportunity between 02 - 04 contracts [8] 2. Industry News - **Shipping Market**: From December 8th to 12th, China's export container transport demand was generally stable. The spot freight rates of some major ocean routes increased due to the year - end contract signing season, and the comprehensive index rose. On December 12th, the Shanghai Export Containerized Freight Index was 1,506.46 points, up 7.8% from the previous period. The freight rates on European, Mediterranean, and North American routes all increased to varying degrees. Many shipping companies such as MSC, Maersk, and Hapag - Lloyd announced price increases or surcharge adjustments [9][10] - **Other News**: There are developments in the Gaza peace process, military operations in Israel, the situation of shipping routes through the Suez Canal, and an amnesty application by the Israeli Prime Minister [10] 3. Data Overview - **Container Shipping Spot Price**: On December 15th, 2025, the SCFIS for European routes (basic ports) was 1,510.56, up 0.1% from December 8th; the SCFIS for US - West routes (basic ports) was 924.36, down 3.8% from December 8th [12] - **Container Shipping Index (European Routes) Futures Market**: The trading data of container shipping European routes futures on December 16th shows that different contracts have different price changes, trading volumes, and open interest changes [6] - **Shipping - Related Data Charts**: There are charts showing the Shanghai Export Containerized Freight Index, the trend of the main and secondary main contracts of container shipping European routes futures, European container ship capacity, global container ship orders, and shipping freight rates [13][15][16]

Report Overview - Report Title: Pig Daily Report - Report Date: December 17, 2025 - Industry: Pig Farming 1. Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The supply of live pigs is expected to maintain a slight increasing trend. There is dual supply pressure due to concentrated second - fattening and pressure - keeping in October and continuous capacity release, which continues to put pressure on the 01 and 03 contracts. However, the price decline compared to the same period last year is large, and recent northern epidemics have intensified, triggering a low - level rebound sentiment, increasing the frequency of bottom oscillations. - On the spot market, both supply and demand are increasing. Second - fattening is mainly in a wait - and - see mode, with weak support for prices. Spot prices are oscillating strongly due to the demand for curing and enema [7][9]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions 3.1.1 Market Conditions - Futures: On the 16th, the main 2603 contract of live pigs opened flat, then bottomed out and rebounded, fluctuating higher, closing in the positive territory. The highest was 11360 yuan/ton, the lowest was 11260 yuan/ton, and the closing price was 11350 yuan/ton, up 0.22% from the previous day. The total position of the index increased by 1459 lots to 350618 lots [6]. - Spot: On the 16th, the average price of ternary pigs nationwide was 11.52 yuan/kg, down 0.04 yuan/kg from the previous day [6]. 3.1.2 Market Analysis - Supply: In the long term, the slaughter of live pigs is expected to maintain a slight increasing trend until the first half of next year. The utilization rate of second - fattening pens is relatively high, slightly higher than the same period last year, increasing the supply pressure before the Spring Festival. In December, the planned slaughter of sample breeding enterprises is 27.72 million heads, with a monthly planned increase of 4.64%. Currently, the overall completion progress of many regional groups is slightly slow [7]. - Demand: Currently, second - fattening is mainly in a wait - and - see mode. There may still be a small amount of rolling restocking demand in December. With the continuous cooling of the weather, the demand for curing and enema is increasing, and terminal consumer demand is rising. The orders of slaughtering enterprises are increasing, which significantly supports the slaughter volume. On December 16th, the slaughter volume of sample slaughtering enterprises was 190,800 heads, down 300 heads from the previous day, up 8600 heads week - on - week, and up 24,000 heads month - on - month [7]. - Policy: China imposes anti - dumping duties on imported related pork and pork by - products from the EU, but the impact is very limited due to the extremely low proportion compared to domestic consumption [7]. 3.2 Data Overview - November actual slaughter volume of Yongyi sample enterprises was 26.49 million heads, with a completion rate of 99.36%. The planned slaughter volume in December is 27.72 million heads, a monthly planned increase of 4.64% and a daily average increase of 1.27% [13]. - As of December 11th, the average profit per head of self - breeding and self - raising 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]. - 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 selling was 11.41 yuan/kg, a week - on - week increase of 0.12 yuan/kg [13]. - 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 under 90 kg in slaughter increased by 0.38% to 5.43% compared with the previous week, and the proportion of pigs over 150 kg was close to the same as the previous week at 6.9% [13].

行业 国债日报 日期 2025 年 12 月 17 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 税期扰动渐显，银行间资金面边际收敛。今日公开市场有 1173 亿元到期，央 行投放了 1353 亿元，实现净回笼 714 亿元。银行间资金情绪指数平稳，资金利率 小幅抬升，其中银存间隔夜加权在 1.27%附近窄幅变动，7 天抬升 0.48bp 至 1.4488%，中长期资金平稳，1 年 AAA 存单利率在 1.64%~1.66%左右变动。 结论： 国内基本面从年中以来边际走弱，特别是投资端加速下滑仍对信用扩张形成 较大拖累，12 月政治局会议也定调"延续适度宽 ...

行业 棉花 日期 2025 年 12 月 17 日 请阅读正文后的声明 ＃summary＃ 每日报告 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 、 一、行情回顾与操作建议 | 表1：行情回顾 | | --- | 数据来源：Wind，建信期货研究发展部 郑棉承压调整。现货方面，最新棉花价格指数 328 级在 15130 元/吨，较上一 交易日涨 70 元/吨。当前 ...