报告类型 股指日评 日期 2025 年 12 月 17 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 16 日，万得全 A 缩量下跌，开盘震荡下行，午后震荡修复后再度走弱， 收跌 1.45%，全市超 4000 支个股下跌，市场赚钱效应较差；沪深 300、上证 50、 中证 500、中证 1000 收盘分别下跌 1.20%、1.08%、1.58%、1.74%，大盘蓝筹股表 现更优。期货方面，IF、IH、IC、IM 主力合约（2603）分别收跌 1.10%、1.12%、 1.40%、1.59%，表现强于 ...

一、行情回顾与展望 多晶硅日报 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：冯泽仁（玻璃纯碱） 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 行业 日期 2025 年 12 月 17 日 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA/MEG） 研究员：彭浩洲（工业硅/多晶 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 请阅读正文后的声明 每日报告 ...

行业 纯碱、玻璃日报 日期 2025 年 12 月 17 日 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 021-60635727 期货从业资格号：F03134307 fengzeren@ccb.ccbfutures.com 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（尿素、工业 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 ＃summary＃ 每日报 ...

Report Summary 1. Report Date - The report is dated December 17, 2025 [2] 2. Research Team - The Energy and Chemical Research Team includes researchers such as Li Jie (Crude Oil and Fuel Oil), Ren Junchi (PTA/MEG), Peng Haozhou (Industrial Silicon/Polycrystalline Silicon), Peng Jinglin (Polyolefins), and Liu Youran (Pulp) [3] 3. Market Performance and Outlook Market Performance - Industrial silicon futures prices fluctuated. The SI2605 contract price was 8,365 yuan/ton, with a decline of 0.59%. The trading volume was 219,672 lots, the open interest was 202,263 lots, with a net increase of 1,514 lots. The top twenty long positions had a net decrease of 1,272 lots, and the short positions had a net increase of 753 lots [4] - Spot prices remained stable. The Sichuan 553 grade was priced at 9,300 yuan/ton, the Yunnan 553 grade at 9,100 yuan/ton; the Sichuan 421 grade was 9,900 yuan/ton, the Xinjiang 421 grade was 9,400 yuan/ton, and the Inner Mongolia 421 grade was 9,500 yuan/ton [4] Outlook - Spot prices remained stable, and the weekly production was close to the seasonal low of about 82,000 tons. If the polysilicon storage platform significantly reduces production capacity/output, it would be an obvious negative factor for the demand side of industrial silicon. The weekly operating rate of organic silicon was 69.56%, a decrease of 4.73 percentage points from the previous week. The widening basis limited the downside space, but the resistance to rebound was also obvious. Attention should be paid to the resistance around 8,500 yuan/ton [4] 4. Market News - On December 16, the industrial silicon warehouse receipt volume on the Guangzhou Futures Exchange was 8,815 lots, an increase of 72 lots from the previous trading day [5] - 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% [5] - The organic silicon DMC market remained stable, with the current DMC quotation ranging from 13,500 to 14,000 yuan/ton. After the price increase of major organic silicon products, the new order transactions of enterprises were average, and the enterprise inventory pressure was not large. The market was expected to operate stably in the short term [5] - The overall spot price of polysilicon stabilized, and enterprises were determined to hold prices, with individual enterprise quotations rising. The downstream procurement willingness for polysilicon was low, and no short - term increase in demand was expected. The polysilicon inventory continued to increase slowly, and the inventory pressure further inhibited the trading activity in the spot market. The spot transaction price of polysilicon was expected to remain stable in the short term [5]

Report Overview - Reported industry: Eggs [1] - Date: December 17, 2025 [2] - Research team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] Report Key Points Investment Rating - No investment rating provided in the report Core View - The spot market for eggs stabilized last week after a continuous slight decline. The powder egg area represented by Hubei rebounded first, and other regions saw a slight increase. Overall, the spot market is slightly stronger, with normal sales and inventory levels. In December, the market is expected to enter a small peak season with the anticipation of double holiday stocking, and the spot price is expected to fluctuate slightly, with neither significant downward nor upward trends. [8] - The futures market was relatively weak last week. After the egg price in Hubei declined on Friday, the near - term 01 contract dropped significantly. The decline of the peak - season contracts is mainly a correction of the previous influx of long positions. Although the inventory of laying hens has shown a turning point, due to the large base, the impact on egg prices will be delayed and there may be fluctuations. The near - term contracts were affected, showing that the market is currently dominated by short positions. New short positions can focus on the 02 contract, which faces greater pressure due to the post - holiday off - season and the lack of a clear upward trend in the spot market. Long positions can still consider entering the far - term peak - season contracts after this correction, mainly through rolling operations. The near - term 01 contract should focus on the stabilization of egg prices after a decline, with its future performance being more correlated with the spot market. [8] Summary by Directory 1. Market Review and Operation Suggestions - **Market Review**: The prices of egg futures contracts showed different trends. The 2601 contract rose 0.19% to 3114, the 2602 contract fell 0.24% to 2928, and the 2603 contract fell 0.73% to 3007. The average price of eggs in the main production areas was 3.05 yuan/jin, down 0.02 yuan/jin from the previous day, and the average price in the main sales areas was 3.32 yuan/jin, unchanged from the previous day. [7] - **Operation Suggestions**: New short positions can focus on the 02 contract, and long positions can consider rolling operations in the far - term peak - season contracts after the correction. The near - term 01 contract should focus on the stabilization of egg prices after a decline. [8] 2. Industry News - **Inventory**: As of the end of October 2025, the monthly inventory of laying hens in China was about 1.359 billion, a month - on - month decrease of 0.66%, ending the previous continuous growth trend, but a year - on - year increase of 5.59% compared to the end of October 2024. [9] - **Replenishment**: In October 2025, the monthly output of laying hen chicks from sample enterprises was about 39.15 million, a slight decrease from September 2025 and a significant decrease compared to the same period in 2024. The cumulative replenishment from July to October 2025 was about 158.14 million, compared with about 176.1 million in the same period in 2024. [9][10] 3. Data Overview - **Culling Volume**: As of November 20, 2025, the weekly culling volumes of laying hens in the previous three weeks were 19.81 million, 19.47 million, and 20.21 million respectively. The culling volume has fluctuated recently but has increased slightly compared to the previous period. [15] - **Culling Age**: As of November 20, 2025, the average culling age of laying hens was 492 days, one day earlier than the previous week and seven days earlier than the previous month, indicating an accelerated culling speed. [15]

行业 锌期货日报 日期 2025 年 12 月 16 日 021-60635740 期货从业资格号：F3075681 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 有色金属研究团队 研究员：彭婧霖 pengjinglin@ccb.ccbfutures.com 研究员：余菲菲 请阅读正文后的声明 ＃summary＃ 每日报告 一、 行情回顾 | 表1：期货市场行情 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单位：元/吨 | | 开盘 | 收盘 | 最高 | 最低 | 涨跌 | 涨跌幅 | 持仓量 | 持仓量变化 | | 沪锌 | 2512 | 23495 | 23400 | 24045 | 22790 | -145 | -0.62 | 2900 | -80 | | 沪锌 | 2601 | ...

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 16 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15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 | 3060 ...

Group 1: Report Overview - The report is a daily report on the polyolefin industry dated December 16, 2025 [1] Group 2: Research Team - The energy and chemical research team includes researchers for polyolefins, crude oil, fuel oil, PTA, MEG, urea, industrial silicon, pulp, and glass soda [2] Group 3: Futures Market Quotes - Plastic 2601 opened at 6479 yuan/ton, closed at 6522 yuan/ton, with a high of 6589 yuan/ton, a low of 6468 yuan/ton, a rise of 16 yuan/ton (0.25%), a position of 150173 lots, and a decrease of 33948 lots [3] - Plastic 2605 opened at 6486 yuan/ton, closed at 6557 yuan/ton, with a high of 6619 yuan/ton, a low of 6481 yuan/ton, a rise of 34 yuan/ton (0.52%), a position of 488788 lots, and an increase of 9111 lots [3] - Plastic 2609 opened at 6500 yuan/ton, closed at 6583 yuan/ton, with a high of 6641 yuan/ton, a low of 6500 yuan/ton, a rise of 26 yuan/ton (0.40%), a position of 9185 lots, and an increase of 310 lots [3] - PP2601 opened at 6140 yuan/ton, closed at 6178 yuan/ton, with a high of 6263 yuan/ton, a low of 6133 yuan/ton, a rise of 30 yuan/ton (0.49%), a position of 219370 lots, and a decrease of 73814 lots [3] - PP2605 opened at 6177 yuan/ton, closed at 6254 yuan/ton, with a high of 6315 yuan/ton, a low of 6165 yuan/ton, a rise of 58 yuan/ton (0.94%), a position of 486544 lots, and an increase of 43232 lots [3] - PP2609 opened at 6219 yuan/ton, closed at 6277 yuan/ton, with a high of 6333 yuan/ton, a low of 6209 yuan/ton, a rise of 40 yuan/ton (0.64%), a position of 24484 lots, and an increase of 4180 lots [3] Group 4: Market Review and Outlook - L2605 opened lower, fluctuated upward during the session, and closed higher at 6557 yuan/ton, up 34 yuan/ton (0.52%), with a trading volume of 458,000 lots and an increase of 9111 lots in position [4] - PP2605 closed at 6254 yuan/ton, up 58 yuan (0.94%), with an increase of 43232 lots in position [4] - In December, the impact of device maintenance losses has decreased significantly month-on-month. As the maintenance devices restart as scheduled, the supply pressure will increase month-on-month [4] - The new production capacity in 2025 has been highly realized. The planned new production capacity in 2026 is concentrated in the second half of the year, and Q1 will be in a new production vacuum period [4] - The current spot price is falling, and the weak demand in the off - season is evident. The downstream loads of PE have mostly declined, while the PP start - up is basically stable. Factories are mainly digesting existing inventories [4] - The night session on Friday stopped falling and rose, boosting the sentiment of the spot market. However, the downstream's ability to purchase raw materials is limited, and the rebound space at the low level is limited [4] Group 5: Industry News - On December 15, 2025, the inventory level of major producers was 750,000 tons, an increase of 70,000 tons (10.29%) from the previous working day. The inventory in the same period last year was 665,000 tons [5] - The PE market prices showed mixed trends. The LLDPE prices in North China were 6500 - 6750 yuan/ton, in East China were 6550 - 6950 yuan/ton, and in South China were 6500 - 6900 yuan/ton [5] - The mainstream price of propylene in the Shandong market was tentatively referred to as 6050 - 6080 yuan/ton, a decrease of 25 yuan/ton from the previous working day [5] - The PP market was stable with a slight increase. The mainstream prices of North China drawstrings were 6060 - 6190 yuan/ton, in East China were 6120 - 6300 yuan/ton, and in South China were 6130 - 6350 yuan/ton [5]

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: December 16, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Report Core Viewpoints - The spot SCFIS index rebounded slightly and stabilized this week. Shipping companies continued to raise prices, boosting the market's sentiment. MSC followed Maersk to announce a price increase for January quotes. The main shipping companies have formed a trend of joint price increases, which strongly supports the market's expectation of price increases before the Spring Festival. There may be an incentive game for the pre - Spring Festival shipping season. It's hard to prove whether the EC2602 contract is overvalued 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 overvalued and the positive spread trading opportunity between EC2602 and EC2604 [8] Report Content Summary by Section 1. Market Review and Operation Suggestions - **Market Conditions**: The SCFIS index rebounded slightly and stabilized this week. Shipping companies continued to raise prices. MSC followed Maersk to raise the January quote for European routes to $3700, higher than the $3500 announced on December 15. The current prices of major shipping companies are around $3000 - $3500 in the second half of December and $3500 - $3700 in the first half of January [8] - **Operation Suggestions**: The main shipping companies have a joint price - raising trend, which supports the pre - Spring Festival price increase expectation. It's difficult to prove the overvaluation of EC2602 in the short term, so short - selling is not cost - effective. Attention should be paid to the possible overvaluation of the April contract and the positive spread trading opportunity between EC2602 and EC2604 [8] 2. Industry News - **Overall Market Situation**: From December 8 to 12, 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 12, the Shanghai Export Containerized Freight Index was 1506.46 points, up 7.8% from the previous period [9] - **Route - Specific Situations**: - **European Route**: Economic data in Europe was average. Due to the mid - month price increase announcements of some shipping merchants, the spot booking price increased. On December 12, the freight rate from Shanghai Port to European base ports was $1538/TEU, up 9.9% [9] - **Mediterranean Route**: The freight rate increase was higher than that in the European market. On December 12, the freight rate from Shanghai Port to Mediterranean base ports was $2737/TEU, up 19.0% [9] - **North American Route**: Affected by the Fed's possible interest rate cut and rising inflation expectations, the US economic situation declined. The transport demand did not improve, but the spot booking price increased due to the year - end price announcements. On December 12, the freight rates from Shanghai Port to the US West and East base ports were $1780/FEU and $2652/FEU respectively, up 14.8% and 14.6% [9][10] - **Shipping Company Price - Adjustment News**: On December 15, 2025, many shipping companies such as MSC and CMA CGM announced price increases for multiple international routes. Maersk and Hapag - Lloyd also announced increases in peak - season surcharges for some routes [10] 3. Data Overview - **Container Shipping Spot Prices**: - **SCFIS Index**: On December 15, 2025, the SCFIS for European routes (base ports) was 1510.56, up 0.1% from December 8; the SCFIS for US West routes (base ports) was 924.36, down 3.8% [12] - **Container Shipping Index (European Routes) Futures Market**: The report provides trading data for multiple contracts on December 15, including EC2512, EC2602, etc., covering opening prices, closing prices, settlement prices, price changes, trading volumes, open interests, and changes in open interests [6] - **Shipping - Related Data Charts**: The report includes charts of European container ship capacity, global container ship orders, Shanghai - European base port freight rates, etc. [16][20]

行业 豆粕 日期 2025 年 12 月 16 日 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 021-60635727 wanghaifeng@ccb.ccbfutures.c om期货从业资格号：F0230741 021-60635572 hongchenliang@ccb.ccbfutures .com 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：余兰兰 研究员：林贞磊 研究员：王海峰 研究员：洪辰亮 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 每日报告 | 表1：行情回顾 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 ...