行业 国债日报 日期 2025 年 12 月 11 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) 每日报告 | | | 表1：国债期货12月10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 | | TL2512 | 112.610 | 112.900 | 112.950 | 112.950 | 0.340 | 0.30 | 83 | 4800 | -496 | | TL2603 | 112.450 | 112.330 | 112.790 | 112.680 | 0.340 | 0.30 | ...

Report Date - The report is dated December 11, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - The supply and demand of polysilicon have both decreased. The production in December is expected to remain flat month - on - month, but the weak terminal demand is gradually spreading upstream in the industrial chain. Downstream enterprises are reducing production, and the market has not yet entered the active destocking stage. The prices of silicon wafers and solar cells have been weak recently, and the industrial chain profits are concentrated in the silicon material segment. It is difficult to pass on price increases in silicon materials. With policy emphasis on stability and the lack of upward drivers from the fundamentals, the "stockpiling" platform has been established but no details are available, and the capital response has been tepid. The price has risen and then fallen, with an increase in net short positions during the day, and overall, it continues to fluctuate within a range [4] Summary by Directory 1. Market Review and Outlook Market Performance - The price of the polysilicon main contract rose and then fell. The closing price of the PS2601 contract was 55,915 yuan/ton, with a 1.62% increase, a trading volume of 116,207 lots, and an open interest of 54,959 lots, a net decrease of 13,915 lots. The closing price of the PS2605 contract was 54,600 yuan/ton, with a 1.76% increase, a trading volume of 184,575 lots, and an open interest of 108,249 lots, a net increase of 2,717 lots. The net long positions of the top 20 increased by 1,861 lots, and the net short positions of the top 20 increased by 2,806 lots [4] Spot Price - The transaction price range of polysilicon n - type re - feedstock was 49,000 - 55,000 yuan/ton, with an average transaction price of 53,200 yuan/ton, remaining flat month - on - month. The transaction price range of n - type granular silicon was 50,000 - 51,000 yuan/ton, with an average transaction price of 50,500 yuan/ton, also remaining flat month - on - month [4] Future Outlook - The supply and demand of polysilicon have both decreased. The production in December is expected to remain flat month - on - month, but the weak terminal demand is gradually spreading upstream in the industrial chain. Downstream enterprises are reducing production, and the market has not yet entered the active destocking stage. The prices of silicon wafers and solar cells have been weak recently, and the industrial chain profits are concentrated in the silicon material segment. It is difficult to pass on price increases in silicon materials. With policy emphasis on stability and the lack of upward drivers from the fundamentals, the "stockpiling" platform has been established but no details are available, and the capital response has been tepid. The price has risen and then fallen, with an increase in net short positions during the day, and overall, it continues to fluctuate within a range [4] 2. Market News - On December 10, the number of polysilicon warehouse receipts was 3,430 lots, an increase of 620 lots from the previous trading day [5] - According to relevant regulations, Xinjiang Jinnuo New Energy Industry Development Co., Ltd.'s "Jinnuo" brand and Xinjiang Eastern Hope New Energy Co., Ltd.'s "Eastern Hope" brand have been added as registered brands for polysilicon futures, effective from the date of the announcement [5] - There is news that the long - awaited polysilicon production capacity integration and acquisition platform, Beijing Guanghe Qiancheng Technology Co., Ltd., has been established, with a registered capital of 3 billion yuan and a founding date of December 9, 2025 [5]

行业 原油日报 日期 2025 年 12 月 11 日 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 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 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅碳市场） 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 每日报告 一、行情回顾与操作建议 | ...

＃summary＃ 料油） 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 业硅）028-8663 0631 penghaozhou@ccb.ccbfutures.c om期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.c om期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：李捷,CFA（原油燃 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工 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） 期货从业资格号：F03134307 请阅读正文后的声明 行业 MEG 日报 日期 2025 年 12 月 11 日 每日报告 ...

行业 贵金属日评 日期 2025 年 12 月 10 日 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 每日报告 一、贵金属行情及展望 日内行情： 贵金属市场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，目前市场预期 2026 年美联储 再降 50BP 后就将结束本轮降息进程，鹰派降息的潜在利空使得贵金属缺乏上涨动 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；全球经济增长前 景改善，使得工业属性较强的银铂钯在广期所上市铂钯品种 ...

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: December 10, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided Core Viewpoints - The SCFIS index rebounded slightly this week, and shipping companies' price hikes boosted market sentiment. There may be an incentive game for the pre - Spring Festival shipping rush. It's hard to prove if the EC2602 contract is overvalued in the short term, and short - selling has low cost - effectiveness. 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] Summary by Directory 1. Market Review and Operation Suggestions - Spot market: The SCFIS index rebounded slightly this week. Shipping companies like Maersk, HPL, and Premier Alliance announced price hikes, which may boost the pre - Spring Festival price increase expectation. It's hard to prove the overvaluation of the EC2602 contract in the short term, and short - selling has low cost - effectiveness. Attention should be paid to the overvaluation possibility of the April contract and the positive spread trading opportunity between EC2602 and EC2604 [8] 2. Industry News - From December 1 to 5, the China export container shipping market was stable. The comprehensive index declined slightly, with different trends in various routes. The eurozone's economic recovery was weak, the US economic recovery outlook was not optimistic, and shipping companies like Maersk and Hapag - Lloyd announced PSS increases. There were also political and military news related to the Middle East and shipping route news about Maersk's potential return to the Red Sea - Suez Canal [9][10] 3. Data Overview 3.1 Container Shipping Spot Prices - On December 8, 2025, compared with December 1, the SCFIS for the European route increased by 25.45 points (1.7%), and for the US West route increased by 11.74 points (1.2%) [12] 3.2 Container Shipping Index (European Route) Futures Market - Provided the trading data of container shipping European route futures on December 9, including contract information such as EC2512, EC2602, etc., with details on opening price, closing price, settlement price, etc. [6] 3.3 Shipping - Related Data Charts - Included charts of European container ship capacity, global container ship orders, Shanghai - Europe basic port freight rates, etc. [19][23]

行业 纸浆日报 日期 2025 年 12 月 10 日 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635727 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅多晶硅） 研究员：彭婧霖（聚烯烃） 研究员：冯泽仁（玻璃纯碱） 期货从业资格号：F03134307 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635727 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回 ...

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) 行业 国债日报 日期 2025 年 12 月 10 日 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 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) ＃summary＃ 每日报告 | | 表1：国债期货12月9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 | | TL2512 | 112.300 | 112.670 | 112.750 | 112.610 | 0.450 | 0.40 | ...

Report Information - Report Title: Pig Daily Report [1] - Date: December 10, 2025 [2] Industry Investment Rating - Not provided in the given content Core Viewpoints - In the long - term, pig slaughter is expected to maintain a slight increase until the first half of next year. The high utilization rate of second - fattening pens and the planned increase in December's slaughter volume add supply pressure before the Spring Festival. On the demand side, there is still a small amount of rolling replenishment demand in December, and terminal consumption is rising, with an increase in slaughter volume [9]. - Spot prices mainly fluctuate as the supply - demand both increase, and the enthusiasm for second - fattening is weak. Futures prices are under pressure from double supply, but there is a low - level rebound sentiment due to increased northern epidemics, increasing the frequency of bottom - range fluctuations [9]. Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 9th, the main 2603 contract of live pigs opened flat, then fluctuated upwards, and closed with a positive candle. The highest price was 11,495 yuan/ton, the lowest was 11,370 yuan/ton, and the closing price was 11,450 yuan/ton, up 1.55% from the previous day. The total open interest of the index decreased by 11,377 lots to 361,369 lots [8]. - **Spot Market**: On the 9th, the average price of ternary pigs nationwide was 11.33 yuan/kg, up 0.06 yuan/kg from the previous day [8]. - **Supply - Demand Analysis**: Supply is expected to increase slightly in the long - term. In December, the planned slaughter volume of sample breeding enterprises is 27.72 million heads, a monthly increase of 4.64%. Demand is rising, with an increase in pickling, enema, and fresh sales. On the 9th, the slaughter volume of sample slaughtering enterprises was 182,300 heads, a decrease of 300 heads from the previous day, an increase of 6,000 heads week - on - week, and an increase of 19,000 heads month - on - month [9]. 2. Industry News - Not provided in the given content 3. Data Overview - **Slaughter Volume**: In November, the 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 increase of 4.64% and a daily average increase of 1.27% [13]. - **Breeding Profit**: As of the week ending December 4, the average profit per self - bred and self - raised pig was - 135.01 yuan/head, a decrease of 23.88 yuan/head from the previous week; the profit from purchasing piglets for breeding was - 273 yuan/head, an increase of 2 yuan/head week - on - week [13]. - **Breeding Cost**: As of the week ending December 4, the cost of purchasing 110kg pigs for fattening to 140kg was 11.00 yuan/kg, a decrease of 0.12 yuan/kg from the previous week; the cost of purchasing 125kg pigs for fattening to 150kg was 11.39 yuan/kg, a decrease of 0.12 yuan/kg from the previous week [13]. - **Average Slaughter Weight**: As of the week ending December 4, the average slaughter weight of live pigs was 129.82kg, an increase of 0.60kg from the previous week, a month - on - month increase of 0.46%. Among them, the average slaughter weight of group - owned farms was 124.71kg, an increase of 0.16kg from the previous week, a month - on - month increase of 0.13%, and the average slaughter weight of散户 was 146.08kg, an increase of 0.91kg from the previous week, a month - on - month increase of 0.63% [13].

行业 原油日报 日期 2025 年 12 月 10 日 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 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 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅碳市场） 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 每日报告 一、行情回顾与操作建议 | ...