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 ...

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 | ...