021-60635736 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 焦炭焦煤日评 | | | | | | 表1：12月11日焦炭焦煤期货主力合约价格、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 | | J2601 | 1527 | 1525 | 1543 | 1488.5 | 1491.5 | -2.96% | 18,180 | 25,407 | -631 | -0.37 | | JM2605 | 1070 | 1065.5 | 10 ...

Report Information - Report Title: Aluminum Daily Report [1] - Date: December 12, 2025 [2] - Research Team: Non-ferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] Investment Rating - No investment rating is provided in the report. Core View - The Fed cut interest rates by 25bp at its December FOMC meeting, the sixth cut since September 2024. The aluminum price oscillated as the market had already priced in the rate cut. The main contract 2602 closed at 21,970, up 0.23%. The total open interest of the index decreased slightly by 64 to 660,076 lots. Spot market supply tightened due to shipping disruptions in Xinjiang, leading to improved trading and a narrowing discount. The import window was closed, with a spot import loss of about -1,900 yuan/ton. Bauxite prices remained weak, and alumina continued to decline by 1.4% to 2,469 yuan/ton. The short-term supply of electrolytic aluminum remained stable both at home and abroad, and weekly inventories continued to decline. The aluminum price is expected to be strong in the short term, and investors are advised to buy on dips and avoid chasing the market [7]. Summary by Section 1. Market Review and Trading Recommendations - **Market Performance**: The Fed's rate cut had little impact on the aluminum price, which oscillated. The main contract 2602 closed slightly higher, and the total open interest decreased. Spot market supply tightened, and the import window was closed [7]. - **Raw Material Prices**: Bauxite prices remained weak due to tight domestic supply but high absolute inventory and low willingness of alumina enterprises to increase procurement prices. Alumina prices continued to decline, with strong bearish sentiment and no sign of a bottom [7]. - **Supply and Demand**: The short-term supply of electrolytic aluminum remained stable, and weekly inventories continued to decline. The aluminum price increase and weakening end-of-year consumption may lead to a decline in the operating rate this week, but inventory decline is expected to continue until the end of the month due to shipping issues in Xinjiang [7]. - **Trading Strategy**: The aluminum price is expected to be strong in the short term, and investors are advised to buy on dips and avoid chasing the market [7]. 2. Industry News - **Nalco's Expansion Plan**: India's state-owned National Aluminium Company (Nalco) plans to start mining the Pottangi bauxite mine in Odisha in June 2026 to support its integrated aluminum business expansion. It is also expanding the fifth production line at its Damanjodi alumina refinery, increasing annual capacity by 1 million tons to 3.275 million tons [8][10]. - **EIB's Loan to ZSE**: The European Investment Bank (EIB) approved a 350 million euro loan to Slovakia's ZSE Group to support its grid modernization project. The project aims to improve grid stability and power quality, attract industries, and promote sustainable growth and energy independence [10]. - **UK's Aluminum Imports**: UK aluminum imports increased to 626,843 tons in the first eight months of 2025, up from 566,995 tons in the same period last year. The increase is due to a decline in domestic production from 320,000 tons in 2000 to 103,000 tons in 2024, while demand remained stable. The UK aluminum market is expected to grow at a CAGR of 3.2% to $2.65 billion by 2030 [10]. - **China's Auto Industry**: China's auto production and sales exceeded 31 million units in the first 11 months of 2025, up more than 10% year-on-year. New energy vehicle production and sales approached 15 million units, up more than 30% year-on-year, and exports reached 2.315 million units, doubling year-on-year [10].

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 行业 集运指数日报 日期 2025 年 12 月 12 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 | | | 表1：集运欧线期货12月11日交易数据汇总 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | EC2512 | 1,659.2 | 1,659.3 | 1,653.1 | 1,655.8 | -6.1 | - ...

Report Information - Report Title: MEG Daily Report [1] - Report Date: December 12, 2025 [2] Investment Rating - No investment rating information provided. Core View - The current supply - demand and cost side of ethylene glycol (MEG) are weak. Market participants are mostly cautious and wait - and - see, with few low - price buyers. It is expected that the market price may maintain a weak trend [7]. Section Summaries 1. Market Review and Operation Suggestions - Futures Quotes: EG2601 closed at 3,599 yuan/ton, down 82 yuan, with a position of 266,189 contracts, a decrease of 10,264 contracts; EG2605 closed at 3,707 yuan/ton, down 77 yuan, with a position of 224,418 contracts, an increase of 23,193 contracts. On the 11th, the main contract 2409 of ethylene glycol futures opened at 4,395 yuan/ton, with a high of 4,416 yuan/ton, a low of 4,365 yuan/ton, a settlement price of 4,392 yuan/ton, and a closing price of 4,409 yuan/ton, up 29 yuan or 0.66% from the previous trading day's settlement price. The total volume was 207,424 lots, and the position was 433,890 lots [7]. 2. Industry News - Oil Market: Concerns about global oil supply due to the US seizure of an oil tanker near the coast of a South American country and the Fed's expected interest - rate cut supported the oil market. Although US crude oil inventories decreased last week, refined oil inventories increased, having no impact on oil prices. On Wednesday (December 10), the settlement price of WTI crude oil futures for September 2025 on the New York Mercantile Exchange was $58.46 per barrel, up $0.21 or 0.36% from the previous trading day, with a trading range of $57.66 - $59.05; the settlement price of Brent crude oil futures for October 2025 on the London Intercontinental Exchange was $62.21 per barrel, up $0.27 or 0.44% from the previous trading day, with a trading range of $61.35 - $62.73 [8]. - MEG Market: In the Zhangjiagang MEG market, the spot negotiation this week was 3,577 - 3,579 yuan/ton, down 89.5 yuan/ton from the previous trading day. Negotiations before December 19 were 3,589 - 3,591 yuan/ton, and negotiations for the end of December were 3,597 - 3,599 yuan/ton. The current spot basis was at a discount of 20 - 22 yuan/ton compared to EG2601, the basis before December 19 was at a discount of 8 - 10 yuan/ton compared to EG2601, and the basis for the end of December was at a discount of 0 - 2 yuan/ton compared to EG2601. The negotiation range in the Fujian MEG market was 4,300 - 4,400 yuan/ton, unchanged from the previous trading day. The short - term trading atmosphere in the MEG market has improved, and the price in the Fujian MEG market is mainly stable and wait - and - see [8]. 3. Data Overview - Multiple data charts are provided, including MEG futures prices, spot - futures price differences, international crude oil futures main contract closing prices, raw material price indices (ethylene), PTA - MEG price differences, MEG prices, MEG downstream product prices, and MEG downstream product inventories, with data sources from Wind and the Research and Development Department of CCB Futures [10][15][16][18]

Report Information - Report Title: Asphalt Daily Report [1] - Date: December 12, 2025 [2] Industry Investment Rating - Not provided Core View - The oil price lacks support, and the asphalt market has weak supply and demand. The short - term market is cautious, and it is advisable to wait and see [6] Summary by Section 1. Market Review and Operation Suggestions - **Futures Market**: For BU2602, the opening price was 2954 yuan/ton, the closing price was 2960 yuan/ton, the highest was 2997 yuan/ton, the lowest was 2943 yuan/ton, the increase was 0.92%, and the trading volume was 256,000 lots. For BU2603, the opening price was 2957 yuan/ton, the closing price was 2973 yuan/ton, the highest was 3008 yuan/ton, the lowest was 2957 yuan/ton, the increase was 0.68%, and the trading volume was 71,400 lots [6] - **Spot Market**: Spot prices in Shandong and North China increased, while those in East China and Sichuan - Chongqing decreased, and prices in other regions were generally stable. Yangzi Petrochemical has no plan to continue producing asphalt after a short resumption. Zhenhai Refining & Chemical, Dongming Petrochemical, and Shengxing Petrochemical plan to resume asphalt production, and the asphalt plant operating rate is expected to rebound slightly. Cold air affects most parts of China. Road demand in the Northeast and Northwest has stagnated, but there is still rush - repair demand in Shandong and other regions, and demand is expected to be stable [6] 2. Industry News - **Shandong Market**: The mainstream transaction price of 70 A - grade asphalt was 2880 - 3370 yuan/ton, up 10 yuan/ton from the previous workday. International oil prices rebounded, asphalt futures rose during the session, and the reduction of spot resource circulation in some areas led to an increase in traders' spot quotes [7] - **East China Market**: The mainstream transaction price of 70 A - grade asphalt was 3100 - 3220 yuan/ton, down 15 yuan/ton from the previous workday. The shipping price of the main refinery in Zhejiang was lowered this week, and the CIF price in Jiangsu is expected to drop to around 2950 yuan/ton, suppressing the market price, and the ex - factory trucking price in East China also decreased [7] 3. Data Overview - Multiple data charts are provided, including South China asphalt spot price, Shandong asphalt basis, asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of Jianxin Futures [14][17][20]

Group 1: Report Information - Report Name: Pulp Daily Report [1] - Date: December 12, 2025 [2] Group 2: Industry Investment Rating - No information provided Group 3: Core Viewpoints - The pulp futures 05 contract rose 2.95% to 5586 yuan/ton. The intended transaction price range of softwood pulp in the Shandong wood pulp market increased by 100 yuan/ton. The price of Arauco's pulp in December showed a mixed trend. The shipment volume of chemical pulp from 20 pulp - producing countries in October decreased year - on - year. European port pulp inventory decreased in October 2025. Pulp imports in November 2025 increased. The weekly pulp inventory in major areas and ports as of December 4, 2025, increased slightly. Downstream paper prices had narrow adjustments, with cost pressure remaining. Due to the strong pulp and weak paper situation and short - term capital speculation, it is advisable to wait and see [7][8] Group 4: Summary by Directory 1. Market Review and Operation Suggestions - **Market Review**: The pre - settlement price of the pulp futures 05 contract was 5426 yuan/ton, and the closing price was 5586 yuan/ton, a 2.95% increase. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4850 - 6300 yuan/ton, up 100 yuan/ton. The Shandong Yinxing quotation was 5580 - 5600 yuan/ton. Arauco's December pulp quotes: softwood pulp Yinxing rose 20 dollars/ton to 700 dollars/ton; unbleached pulp Jinxing remained at 620 dollars/ton; hardwood pulp Mingxing rose 20 dollars/ton to 570 dollars/ton [7][8] - **Industry Data**: In October, the shipment volume of chemical pulp from 20 world pulp - producing countries decreased 3.5% year - on - year, softwood pulp decreased 7.1% year - on - year, and hardwood pulp decreased 1.9% year - on - year, with a significant decline in shipments to the Chinese market. In October 2025, the total wood pulp inventory in European ports decreased 10.2% month - on - month and 6.5% year - on - year. In November 2025, pulp imports were 324.6 million tons, a 24% month - on - month and 15.9% year - on - year increase. As of December 4, 2025, the weekly pulp inventory in major regions and ports was 2.0429 billion tons, a 0.09% month - on - month increase [8] - **Operation Suggestions**: Downstream base paper prices had narrow adjustments, with processing cost pressure remaining. The spot transaction center of cultural paper remained stable, and social demand was still limited. Due to the strong pulp and weak paper situation and short - term capital speculation, it is advisable to wait and see [8] 2. Industry News - On December 3, the Ministry of Ecology and Environment solicited opinions on the revised draft of the "Catalogue for the Classification Management of Environmental Impact Assessments of Construction Projects". Compared with the 2021 version, there are 56 first - level categories, 199 second - level industry categories, and 4 general processes after the revision. The second - level industry categories increased by 30. The "paper products manufacturing" is no longer in the catalogue, which is a major benefit for the base paper processing industry and will expand paper consumption. The opinion - soliciting period ends on January 5, 2026 [9] 3. Data Overview - Multiple data charts are provided, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, copperplate paper and offset paper prices and price differences, white cardboard and whiteboard paper prices and price differences, and the US dollar - RMB exchange rate. The data sources are mainly Wind and Zhuo Chuang Information [15][17][19]

＃summary＃ 行业 纯碱、玻璃日报 日期 2025 年 12 月 12 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 每日报 ...

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 行业 棉花 日期 2025 年 12 月 12 日 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 农产品研究团队 、 请阅读正文后的声明 ＃summary＃ 每日报告 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 郑棉交投重心上移。现货方面，最新棉花价格指数 328 级在 15013 元/吨，较 上一交易日涨 9 元/吨。当前 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - The crude oil market remains severely oversupplied, but the IEA slightly raised the 2026 demand forecast, narrowing the oversupply margin [6] - The geopolitical situation has eased, and OPEC+ agreed to suspend production increases in Q1 2026. However, the conflict between the US and Venezuela has escalated, supporting oil prices to some extent [7] - There is still significant inventory accumulation pressure in Q4, and a short - term trading strategy for crude oil is recommended. Traders should consider shorting on rebounds or using reverse spreads [7] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Quotes**: WTI's main contract opened at $58.37, closed at $58.96, with a high of $59.05, a low of $57.66, a daily increase of 1.22%, and a trading volume of 23.13 million lots. Brent's main contract opened at $62.11, closed at $62.52, with a high of $62.73, a low of $61.35, a daily increase of 0.94%, and a trading volume of 29.87 million lots. SC's main contract (yuan/barrel) opened at 444.7, closed at 439.7, with a high of 448.8, a low of 438.2, a daily decrease of 1.04%, and a trading volume of 6.62 million lots [6] - **Inventory Data**: As of the week ending on the 5th, US crude oil inventories slightly declined, but refined oil inventories increased significantly [6] - **Operation Suggestions**: Given the large inventory accumulation pressure in Q4, the report suggests a short - term trading strategy for crude oil, such as shorting on rebounds or using reverse spreads [7] 3.2 Industry News - The IEA monthly report indicates that the global oil supply - demand balance continues to show a severe oversupply situation [8] - Ukraine's Security Service reported the first attack on Russian oil extraction facilities in the Caspian Sea [8] - Citi believes that due to the expected market oversupply and persistent geopolitical uncertainties, OPEC+ will likely support oil prices at around $60 from 2026 to 2027, with a baseline assumption of no further production cuts during this period [8] 3.3 Data Overview - The report presents multiple data charts, including global high - frequency crude oil inventories, EIA crude oil inventories, US crude oil production growth rate, Dtd Brent price, WTI spot price, Oman spot price, US gasoline consumption, and US diesel consumption [13][12][21]

行业 油脂 日期 2025 年 12 月 12 日 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 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 表1：行情回顾 每日报告 三、数据概览 | Fr 84 | 前结算价 : | 开盘价 : | 最高价 : | 最低价 | 收盘价 :涨跌:涨跌幅 | | | 成交量 : | | 持企量 持仓量变化 ...