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 行业 MEG 日报 日期 2025 年 12 月 10 日 请阅读正文后的声明 ＃summary＃ 每日报告 ...

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 行业 日期 2025 年 12 月 10 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） 期货从业资格号：F03134307 请阅读正文后的声明 每日报告 一、行情回顾与展望 ...

行业 沥青日报 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 期货从业资格号：F3015157 021-60635727 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（碳市场工业硅） 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 每日 ...

Group 1: Report Overview - Report Date: December 10, 2025 [2] - Industry: Cotton [1] - Research Analysts: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions - Zhengzhou Cotton: The price of Zhengzhou cotton is fluctuating and adjusting. The latest price index of Grade 328 cotton is 14,999 yuan/ton, down 10 yuan/ton from the previous trading day. The internal transaction basis of 3129/28B/less than 3% impurity of machine - picked cotton in Northern Xinjiang for the 2025/26 season is around CF01 + 950, for self - pick - up in Xinjiang [7]. - Pure Cotton Yarn Market: The market is still in a weak trading atmosphere, mainly for rigid demand. Except for high - count yarns with good sales, some spinning mills reported a slight improvement in the sales of low - count yarns [7]. - Cotton Grey Cloth Market: The sales of cotton grey cloth are still weak. The inventory of cotton weavers has accumulated, the loom operation rate is stable, and the overall market improvement is not obvious. The main goal is to actively digest inventory and the willingness to ship is dominant [7]. - Overseas Market: As of the week ending December 5, 2025, the cumulative inspection volume of U.S. upland cotton and Pima cotton was 2.0085 million tons, accounting for 65.7% of the estimated annual U.S. cotton production, 11% slower than the same period last year. The inspection volume of U.S. cotton is currently slower than the same period last year, and the export contracts improved significantly in early November. The current supply - demand contradiction in the international market is not prominent. Future attention should be paid to the interest rate cut situation and the adjustment of the December USDA supply - demand report [8]. - Domestic Market: On the supply side, there are limited changes, and the commercial inventory is still in the seasonal accumulation stage, reaching 4.6836 million tons as of the end of November. On the demand side, the profits and cash flow of downstream spinning mills are acceptable, and the pressure on finished product inventory is not large. Recently, due to the tight transportation capacity out of Xinjiang, the willingness to purchase spot goods in inland warehouses has increased. In November, textile and clothing exports improved significantly month - on - month after the easing of trade relations, but were still weak year - on - year. In the short term, the price will fluctuate and adjust during the contract roll - over, and the upward trend of the pressure level remains unchanged [8] Group 3: Industry News - Textile and Clothing Exports in November 2025: China's total textile and clothing exports in November 2025 were 23.869 billion US dollars, a month - on - month increase of 7.2% and a year - on - year decrease of 5.2%. From January to November 2025, the cumulative textile and clothing exports were 267.795 billion US dollars (273.012 billion US dollars in the same period last year), a year - on - year decrease of 1.9%. In November 2025, China's exports of textile yarns, fabrics and products were 12.276 billion US dollars, a month - on - month increase of 9.0% and a year - on - year increase of 1.0%. From January to November 2025, the cumulative exports of textile yarns, fabrics and products were 130.009 billion US dollars (128.815 billion US dollars in the same period last year), a year - on - year increase of 0.9%. In November 2025, China's exports of clothing and clothing accessories were 11.594 billion US dollars, a month - on - month increase of 5.4% and a year - on - year decrease of 10.9%. From January to November 2025, the cumulative exports of clothing and clothing accessories were 137.787 billion US dollars (144.197 billion US dollars in the same period last year), a year - on - year decrease of 4.4% [9] Group 4: Data Overview - The report presents various data charts, including the China Cotton Price Index, cotton spot price, cotton futures price, cotton basis change, CF1 - 5 spread, CF5 - 9 spread, CF9 - 1 spread, cotton commercial inventory, cotton industrial inventory, total warehouse receipts, USD/CNY exchange rate, and USD/INR exchange rate [7][18][19][28][30]

Group 1: Report Date - The report date is December 10, 2025 [2] Group 2: Industry Investment Rating - No relevant information provided Group 3: Core Viewpoints - The industrial silicon futures price broke through the support level and declined rapidly. The market is expected to continue its bearish trend, and it is advisable to adopt a bearish approach and not to bottom - fish. Attention should be paid to changes in positions rather than price changes. Consider taking profits on short positions when the basis widens significantly [4][5] Group 4: Market Performance Summary - Si2601 closed at 8340 yuan/ton, with a decline of 3.47%, a trading volume of 323,510 lots, and an open interest of 185,271 lots, with a net decrease of 1,816 lots. SI2605 was priced at 8370 yuan/ton, with a decline of 3.68%, a trading volume of 205,898 lots, and an open interest of 164,602 lots, with a net increase of 32,455 lots. The top twenty long positions increased by 21,589 lots, and the short positions increased by 17,045 lots [4] - The spot prices continued to weaken. The price of Sichuan 553 was 9300 yuan/ton, and that of Yunnan 553 was 9150 yuan/ton. The price of Sichuan 421 was 9900 yuan/ton, that of Xinjiang 421 was 9500 yuan/ton, and that of Inner Mongolia 421 was 9500 yuan/ton [4] Group 5: Market Outlook Summary - The bearish fundamental drivers are still insufficient compared to the decline in the futures price. The commodity index dropped significantly by 0.89%, with large declines in non - ferrous metals and coking coal and coke prices. Since last Friday, the gradually decreasing rebound highs have shown a bearish structure, and the market is expected to continue its bearish trend after breaking through the support level yesterday. Short - position funds increased consistently during the roll - over of near and far - month contracts [5] - On the supply side, it is approaching the seasonal low, and the expected output in December is about 350,000 tons. On the demand side, the weakening expectation is being realized. The weekly output of polysilicon was 26,500 tons, a week - on - week decrease of 3%. The average operating load rate of silicone monomers was 74.29%, a decrease of 2 percentage points from last week. In addition, the alloy demand has entered the seasonal off - season [5] Group 6: Market News Summary - On December 9, the number of industrial silicon warehouse receipts on the Guangzhou Futures Exchange was 7,528 lots, unchanged from the previous trading day [6] - Experts predict that China will continue to implement an expansionary fiscal policy next year. The fiscal deficit rate will not be lower than 4% in 2025, and the new government debt will exceed about 1.2 trillion yuan in 2025, possibly between 1.3 trillion and 1.6 trillion yuan. The national general public budget expenditure is expected to exceed 3 trillion yuan next year [6]

行业 纯碱、玻璃日报 日期 2025 年 12 月 10 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 ...

行业 日期 2025 年 12 月 10 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 PTA 日报 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 每日报告 一、 行情回顾与操作 ...

日期 2025 年 12 月 9 日 行业 锌期货日报 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 数据来源： Wind ，建信期货研究发展部 | 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 | 23145 | 23270 | 23290 | 22930 | 195 | 0.85 | 4790 | - ...

Group 1: Report Overview - Report Name: Carbonate Lithium Futures Daily Report [1] - Date: December 9, 2025 [2] - Research Team: Non - ferrous Metals Research Team [4] - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - Carbonate lithium futures rose. The expected resumption of the Jianxiawo mine did not happen. With the spot price remaining firm, the downward pressure on carbonate lithium is limited. Although the weekly destocking volume of carbonate lithium has been declining since late November and the weekly production of ternary and lithium iron phosphate decreased last week, considering market sentiment and spot support, the futures price of lithium is expected to rise slightly with fluctuations, but it is unlikely to break the previous high in the short term [9] Group 4: Market Review and Operation Suggestions - Carbonate lithium futures increased. The 01 contract quickly rebounded after falling below 90,000 in the morning. The spot price dropped by 500 to 92,750, the discount in the trading market remained the same, Australian ore rose by 15 to 1,172.5, lithium mica rose by 20 to 2,535, ternary materials rose by 0 - 50, lithium iron phosphate fell by 120 - 125, and electrolyte rose by 500. The upward price trend in the industrial chain continued [9] Group 5: Industry News - Rio Tinto tightened its lithium business expansion plan, limiting investment in ongoing projects. It aims to achieve an annual capacity of about 200,000 tons by 2028, down from the previous guidance of 225,000 tons. The company is confident in the long - term lithium demand, especially in the grid energy storage field, but will prioritize existing projects and control capital expenditure [13] - Dazhong Mining announced that the Jijiaoshan lithium mine has a resource volume of about 490 million tons, corresponding to about 3.24 million tons of lithium carbonate equivalent. The designed open - pit mining scale is 20 million tons per year, with an expected annual output of about 80,000 tons of lithium carbonate. The company obtained the mining license in October this year with a 30 - year validity [13]

行业 国债日报 日期 2025 年 12 月 9 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) 请阅读正文后的声明 ＃summary＃ 每日报告 | | 表1：国债期货12月8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 | 112.730 | 112.600 | 112.300 | 112.300 | -0.430 | -0.38 | 132 | 5681 | -590 | | TL2603 | 112.570 | 112.410 | 112.240 | 112 ...