行业 棉花 日期 2025 年 12 月 11 日 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 研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 一、行情回顾与操作建议 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 据 CFTC，截至11月 4日当周，CFTC美棉仅期货非商业持仓基金多头 78625 （+3267）张，连续第二周增加，空头 123469（-6936）张，连续第三周 减少，ICE 总持仓 30 ...

宏观金融团队 研究员：何卓乔(宏观贵金属) 021-60635739 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 请阅读正文后的声明 行业 贵金属日评 日期 2025 年 12 月 11 日 每日报告 日内行情： 金价基本上完全定价美联储本周继续降息 25BP 的利多消息，但市场也担心 2026 年美联储将显著放缓甚至结束降息进程，鹰派降息的潜在利空使得黄金缺乏 上涨动能，与此同时市场继续关注新任美联储主席提名人选对美联储货币政策倾 向的潜在影响，关注本周三美联储议息会议对 2026 年货币政策的指引；全球供需 连年供不应求叠加 2026 年全球经济增长前景改善，驱动白银价格持续偏强运行， 隔夜伦敦白银突破 60 美元/盎司关口而金银比值也跌破 87。中短期内多空因素交 织 ...

Report Information - Report Type: Pulp Daily Report [1] - Date: December 11, 2025 [2] Industry Investment Rating - Not provided Core View - Recently, the international wood chip supply has been continuously tight, and APRIL and Bracell under the Golden Eagle Group announced a $20/ton increase in the price of bleached hardwood pulp in Asia in December. In October, the chemical pulp shipments of the world's top 20 pulp-producing countries decreased year-on-year, with significant declines in shipments to the Chinese market. In October 2025, the total wood pulp inventory at European ports decreased both month-on-month and year-on-year, while the weekly pulp inventory in major regions and ports increased month-on-month as of November 27, 2025. The downstream base paper prices have been adjusted slightly, and the processing cost pressure remains high. Some cultural paper mills issued price increase letters in December, boosting market confidence. In the short term, the suspension of overseas pulp mills has boosted the futures price. The main contract is mainly a game between new and old warehouse receipts, and the fundamentals have not yet formed a trend, so it is still regarded as a low-level wide-range shock adjustment [8]. Summary by Directory 1. Market Review and Operation Suggestions - **Market Review**: The previous settlement price of the pulp futures 05 contract was 5,460 yuan/ton, and the closing price was 5,436 yuan/ton, a overall decrease of 0.44%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,750 - 6,300 yuan/ton, with prices remaining stable compared to the previous trading day's closing price. The quote for Shandong Silver Star was 5,500 yuan/ton [7]. - **Operation Suggestions**: The fundamentals have not yet formed a trend, and it is still regarded as a low-level wide-range shock adjustment [8]. 2. Industry News - On December 3, the Ministry of Ecology and Environment issued a letter soliciting opinions on the revised draft of the "Catalogue for the Classification Management of Environmental Impact Assessments of Construction Projects". Compared with the 2021 version, the revised "Catalogue" has 56 primary categories, 199 secondary industry categories, and 4 general processes. The adjustment has added 30 secondary industry categories. The "paper products manufacturing" industry is no longer in the "Catalogue", which means that new projects will simplify the requirements for environmental assessment management next year, which is a major benefit for the base paper processing industry and will further expand paper consumption. The deadline for soliciting opinions is January 5, 2026 [9]. 3. Data Overview - **Pulp Futures Data**: Includes information on contracts such as SP2601, SP2605, and SP2609, including opening price, closing price, highest price, lowest price, change rate, trading volume, open interest, etc. [7] - **Inventory Data**: In October 2025, the total wood pulp inventory at European ports decreased by 10.2% month-on-month and 6.5% year-on-year. As of November 27, 2025, the weekly pulp inventory in major regions and ports increased by 1.51% month-on-month [8] - **Price Data**: The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,750 - 6,300 yuan/ton, and the quote for Shandong Silver Star was 5,500 yuan/ton [7]

行业 豆粕 日期 2025 年 12 月 11 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 ...

Report Information - Report title: Asphalt Daily Report [1] - Report date: December 11, 2025 [2] 1. Report's 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] 2. Summary by Directory 2.1 Market Review and Operation Suggestions - **Futures Market**: For BU2602, the opening price was 252 yuan/ton, the closing price was 2940 yuan/ton, the highest was 2953 yuan/ton, the lowest was 2916 yuan/ton, the decline rate was 0.24%, and the trading volume was 141,200 lots. For BU2603, the opening price was 2971 yuan/ton, the closing price was 2958 yuan/ton, the highest was 2971 yuan/ton, the lowest was 2936 yuan/ton, the decline rate was 0.20%, and the trading volume was 36,100 lots [6] - **Spot Market**: The asphalt spot price in North China continued to rise, and prices in other regions were generally stable. Tight spot resources in some areas pushed up prices. Yangzi Petrochemical had no plan to continue asphalt production after a brief restart. Zhenhai Refining, Dongming Petrochemical, and Shengxing Petrochemical planned to resume production. The asphalt plant operating rate was expected to rebound slightly. Cold air affected most parts of China, with road demand in Northeast and Northwest China stagnant, but there was still construction rush demand in Shandong. Demand was expected to be stable [6] 2.2 Industry News - **Shandong Market**: The mainstream transaction price of 70 A - grade asphalt was 2860 - 3370 yuan/ton, remaining stable. Weak crude oil and asphalt futures trends were negative for market sentiment. However, due to better coking profits, some refineries switched to producing residue, reducing regional supply and providing bottom - support [7] - **East China Market**: The mainstream transaction price of 70 A - grade asphalt was 3100 - 3250 yuan/ton, remaining stable. Crude oil and asphalt futures were weak again. Although the mainstream refinery truck - shipping transactions were stable, some social warehouse quotes in East China were below 3000 yuan/ton, which was negative. Most northern refineries had not announced winter - storage policies, so traders' enthusiasm for warehousing was low, and the market faced downward pressure [7] 2.3 Data Overview - The report presented data on asphalt spot prices, basis, daily operating rate, comprehensive profit, cracking spread, social inventory, manufacturer inventory, and warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures [10][12][14]

1. Report Date - The report is dated December 11, 2025 [2] 2. Research Team - Energy and Chemical Research Team: Researchers include 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 continued to weaken. The closing price of Si2601 was 8,250 yuan/ton, a decline of 2.19%, with a trading volume of 252,510 lots and an open interest of 171,757 lots, a net reduction of 13,514 lots. The price of SI2605 contract was 8,255 yuan/ton, a decline of 2.37%, with a trading volume of 182,012 lots and an open interest of 175,225 lots, a net increase of 10,623 lots. Among the top twenty, long positions increased by 4,741 lots and short positions increased by 7,807 lots [4] - Spot prices continued to loosen. The price of Sichuan 553 was 9,300 yuan/ton, Yunnan 553 was 9,100 yuan/ton; Sichuan 421 was 9,900 yuan/ton, Xinjiang 421 was 9,400 yuan/ton, and Inner Mongolia 421 was 9,500 yuan/ton [4] Market Outlook - Futures prices are expected to continue to be bearish in the future, and the net short positions in the far - month contracts have increased significantly. On the fundamental side, supply is approaching the seasonal low, with the expected output in December around 350,000 tons. On the demand side, the weakening expectation is being realized. The establishment of the polysilicon storage platform is expected to limit the supply of silicon materials, but the short - term output remains stable. The average operating load rate of silicone monomers is 74.29%, a decrease of 2 percentage points from last week. In addition, alloy demand has entered the seasonal off - season. The basis continues to widen, but the industry's bearish driving force is weak. Futures prices should be treated with a bearish mindset and bottom - fishing is not advisable. The price has repeatedly tested the 8,230 level during the day and rebounded. Attention should be paid to the support near the previous low [5] 4. Market News - On December 10, the number of industrial silicon warehouse receipts on the Guangzhou Futures Exchange was 7,780 lots, an increase of 252 lots from the previous trading day [6] - The silicone DMC market remained stable. The current DMC quotation is between 13,500 - 14,000 yuan/ton. After the prices of major silicone products were raised, the downstream sentiment was wait - and - see. However, with the continuous fulfillment of pre - sales orders, the inventory pressure of enterprises was not large, and the market is expected to run smoothly in the short term [6]

行业 油脂 日期 2025 年 12 月 11 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 | 18 5 | 前结算价 | 开盘价 : | 或高价 | 最低价 | | 收盘价:涨跌:涨跌幅 | | 成交量: | 特企业 | 持企重变化: | | --- | --- | -- ...

行业 纯碱、玻璃日报 日期 2025 年 12 月 11 日 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 ＃summary＃ 每日报告 一、纯碱、玻璃行情回顾与操作建议 | | | 表1：纯碱、玻璃期货12月10日交易数据汇总 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌 | 涨跌幅 （%） | 持仓量 （万手） | 持仓量变 化 | | SA601 | 1123 | 1126 | 1091 | 1094 | -33 | -2.92 | 87.36 | -79430 | | SA605 | 1185 | 1188 | 1154 | 1158 | -34 | -2.85 | 76.89 | 80532 | | FG601 | 982 | 984 | 958 | 964 | -21 | -2.13 | 107.08 | -54739 | | FG605 | 1071 | 1084 | ...

Group 1: General Information - Report date: December 11, 2025 [2] - Reported industry: Eggs [1] - Research team: Agricultural Products Research Team, including Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review and Operation Suggestions Market Review - The prices of eggs in the futures market fluctuated greatly recently. The 01 contract rose 0.16% today. The main producing areas' average price was 3.08 yuan/jin, up 0.06 yuan/jin from yesterday, and the main selling areas' average price was 3.32 yuan/jin, up 0.04 yuan/jin from yesterday [7]. - The trading volume of the 2601 contract was 166,846, the closing price was 3153, up 5 from the previous settlement price, and the position was 120,698, with an increase of 84,236. The 2602 contract had a trading volume of 94,228, a closing price of 2980, down 27 from the previous settlement price, and a position of 158,973, with an increase of 3,803. The 2603 contract had a trading volume of 102,179, a closing price of 3032, down 43 from the previous settlement price, and a position of 147,831, with an increase of 662 [7]. Core View - Recently, the egg futures were greatly affected by sentiment. The futures prices fluctuated due to the changes in spot prices. Although the red - egg prices rose in some areas last weekend, the powder - egg prices in Hubei and Hunan were weak, which restricted the overall egg - price sentiment. The 01 contract declined weakly due to the withdrawal of funds [8]. - Hubei's powder - egg prices stabilized over the weekend. It is expected that the egg prices in December will have some support. With the demand increase during the double festivals in December and the 01 contract being in the Spring Festival stocking season, the downward space is limited, but the spot - price pressure restricts the futures' upside potential [8]. Operation Suggestions - Pay attention to the support level of 3100 for the 01 contract in the short term. Do not blindly chase the rise or fall as the spot - price changes are small. Keep an eye on the callback and long - buying opportunities of the peak - season contracts next year, and the spread between near - and far - month contracts may continue to widen [8]. Group 3: Industry News Inventory - As of the end of October 2025, the national monthly inventory of laying hens was about 1.359 billion, down 0.66% from September 2025 (1.368 billion) and up 5.59% from October 2024 (1.287 billion) [9]. Replenishment - In October 2025, the monthly hatching volume of laying - hen chicks in sample enterprises was about 39.15 million, slightly less than 39.2 million in September 2025 and significantly less than 44.83 million in the same period of 2024. The total replenishment from July to October 2025 was about 158.14 million, compared with about 176.1 million in the same period of 2024 [9]. Elimination - From the three weeks up to November 20, 2025, the national elimination volume of laying hens was 19.81 million, 19.47 million, and 20.21 million respectively. The elimination volume fluctuated and increased slightly compared with the previous period [9][10]. - As of November 20, 2025, the average elimination age of laying hens was 492 days, one day earlier than last week and seven days earlier than last month, indicating an accelerated elimination speed [10]. Group 4: Data Overview - The report provides multiple data charts, including the monthly inventory of laying hens in China, egg - farming profits, the average price of the main egg - producing areas, the seasonal trend of egg 12, the basis of the egg 12 contract, and the spread between egg 12 - 02 contracts [11][12][15]

行业 PTA 日报 期货从业资格号：F03094925 021-60635727 期货从业资格号：F03134307 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） fengzeren@ccb.ccbfutures.com 请阅读正文后的声明 日期 2025 年 12 月 11 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 每日报告 一、 行情回顾与操作 ...