Group 1: Report Information - Report date: December 05, 2025 [2] - Research team: Energy and Chemical Research Team [3] - Researchers: Li Jie, Ren Junchi, Peng Haozhou, Peng Jinglin, Liu Youran, Feng Zeren [1][3] Group 2: Market Performance - Futures price of polysilicon main contract: The PS2601 contract closed at 56,915 yuan/ton, up 0.05%. The trading volume was 175,576 lots, and the open - interest was 116,653 lots, with a net decrease of 11,085 lots [4] - Spot price of polysilicon: The transaction price of n - type re -投料 ranged from 49,000 to 55,000 yuan/ton, with an average of 53,200 yuan/ton, flat month - on - month. The transaction price of n - type granular silicon ranged from 50,000 to 51,000 yuan/ton, with an average of 50,500 yuan/ton, flat month - on - month [4] Group 3: Market Outlook - Fundamental situation: The fundamentals have not improved. The monthly output remains the same as in November. Profits are concentrated in the silicon material segment, but downstream segments are continuously lowering prices due to terminal pressure. Downstream enterprises are reducing production and controlling output. The spot price remains stable, meeting the policy requirements. The adjustment of the supply - demand relationship is difficult to be improved by the industry's own drive [4] - Futures price trend: The exchange's position limit sends a stable signal. The net long position of the top 20 decreased by 10,393 lots, and the net short position decreased by 5,181 lots. The upward resistance of the futures price is strong. After rising and then falling, it brings adjustment pressure again. The short - term support is around 55,800 [4] Group 4: Market News - On December 04, the number of polysilicon warehouse receipts was 1,560 lots, an increase of 10 lots from the previous trading day [5] - The China Photovoltaic Industry Association stated that it and industry enterprises are working together, and the relevant work is progressing steadily. The rumors on the Internet are all false information. The association will fight against malicious acts of short - selling the photovoltaic industry [5] - The Silicon Industry Branch of the association estimates that the output in November was about 114,900 tons, a 14% decrease from 137,000 tons in October. The output in December is expected to rebound to about 120,000 tons [5]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The industrial silicon futures price fluctuated within a narrow range, and the spot price continued to weaken. The supply has entered a stable stage, but the demand has also weakened simultaneously, and the situation of supply - demand imbalance has not been reversed. The fundamentals lack obvious drivers, and the market will mainly operate in a volatile manner [4]. 3. Summary by Relevant Catalogs 3.1 Market Performance and Outlook - **Futures Market**: The closing price of Si2601 was 8,910 yuan/ton, with a decline of 0.50%. The trading volume was 152,172 lots, and the open interest was 193,019 lots, a net decrease of 907 lots [4]. - **Spot Market**: The spot price continued to loosen. The price of Sichuan 553 was 9,350 yuan/ton, and the price of Yunnan 553 (oxygen - passed) was 9,400 yuan/ton. The price of Sichuan 421 was 9,950 yuan/ton, the price of Xinjiang 421 and Inner Mongolia 421 was 9,600 yuan/ton [4]. - **Outlook**: The supply has entered a stable stage, but the demand has also weakened. The organic silicon enterprises will cut production to support prices starting from December, and the polysilicon is in the season of production reduction. The supply - demand imbalance persists. The fundamentals lack obvious drivers, and the market will mainly operate in a volatile manner with a strong support range of 8,765 - 8,840 yuan/ton [4]. 3.2 Market News - On December 3rd, the number of industrial silicon warehouse receipts on the GZFE was 7,228 lots, a net increase of 336 lots compared to the previous trading day [5]. - In October 2025, the export volume of industrial silicon was 45,073.36 tons, a month - on - month decrease of 35.82% and a year - on - year decrease of 30.78% [5]. - In October 2025, the export volume of China's primary - form polysiloxanes was 40,600 tons, a month - on - month decrease of 13.49% and a year - on - year decrease of 5.65%. From January to October 2025, the cumulative export volume of primary - form polysiloxanes was 460,500 tons, a year - on - year increase of 1.51% [5].

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Viewpoints - In the short - term, gold prices are likely to rise due to the Fed's expected rate cuts and the impact of the new Fed Chair nominee. However, factors like the Venezuela situation, Russia - Ukraine conflict, and global trade tensions also affect prices. Silver, platinum, and palladium, which have strong industrial attributes, have shown signs of weakness recently, and investors should be aware of the adjustment risks after their short - term price surges. London gold needs to accumulate momentum in the range of $3880 - 4380 per ounce, and it's not advisable to over - chase rises or falls at present. In the medium - to - long - term, factors such as central bank easing, geopolitical risks, and the restructuring of the international trade and monetary system support the upward trend of precious metals [4]. - The intermediate bull market of precious metals that started in March 2024 is not over. In the next half - year and one - year, London gold may rise to $4500 and $4800 per ounce respectively, and London silver may rise to $58 and $63 per ounce respectively. After the significant decline in gold and silver prices since late October, some of the internal adjustment risks have been released. Investors should look for opportunities to go long again based on the resonance of technical and fundamental factors [5]. 3. Summary by Directory 3.1 Precious Metals Market Conditions and Outlook - **Intraday Market**: The expected Fed rate cuts push up the liquidity premium of precious metals, but the situation in Venezuela, the Russia - Ukraine conflict, and global trade tensions also affect prices. Silver, platinum, and palladium have shown signs of weakness. London gold needs to accumulate momentum in the $3880 - 4380 per ounce range. This week, pay attention to the US - Russia talks, the Venezuela situation, and the November PMI data of the US and Europe [4]. - **Domestic Precious Metals Market Data**: The table shows the pre - closing price, highest price, lowest price, closing price, percentage change, open interest, and change in open interest of Shanghai Gold Index, Shanghai Silver Index, Gold T + D, and Silver T + D [5]. - **Medium - term Market**: The intermediate bull market of precious metals since March 2024 is not over. In the next half - year and one - year, London gold may reach $4500 and $4800 per ounce, and London silver may reach $58 and $63 per ounce. After the decline in gold and silver prices since late October, look for long - entry opportunities based on technical and fundamental factors [5]. 3.2 Precious Metals Market - Related Charts The report provides multiple charts, including Shanghai gold and silver futures indices, London gold and silver spot prices, the basis of Shanghai futures indices against Shanghai Gold T + D, gold and silver ETF holdings, the gold - silver ratio, and the correlation between London gold and other assets [7][9][15]. 3.3 Main Macroeconomic Events/Data - Russia and the US discussed the possible ways to end the Russia - Ukraine conflict, but they failed to reach a compromise on territorial disputes [16]. - US President Trump will announce the nominee for the Fed Chair early next year, further prolonging the selection process [16]. - The eurozone's inflation rate unexpectedly rose in November, which may strengthen the expectation that the European Central Bank will not cut interest rates further soon [17].

Report Information - Report Name: Treasury Bond Daily Report [1] - Date: December 4, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] - Team: Macro Finance Team [4] Core Viewpoints - Domestic fundamentals have weakened marginally since mid-year, especially the accelerated decline in the investment sector, which still drags down credit expansion significantly. Monetary policy has begun to send signals of easing. The bond market's positive factors are accumulating, but in the short term, it's difficult for the easing to materialize, and it's unlikely for the bond market to start a new round of rapid rise. It's still in the period of oscillatory energy accumulation. Attention should be paid to opportunities for bottom-fishing. In the short term, with important meetings approaching in December, the market may be more cautious about policies. Currently, the loose capital market is the main support for the bond market, but the low expectation of easing implementation limits the upward momentum of treasury bond futures. Although the new regulations on fund sales fees bring short-term uncertainties, they will not affect the long-term allocation behavior of institutions. The central bank's bond purchases, although with limited net investment, still show a slight increase, and the resumption of operations also sends a signal of easing. In the long term, as long as the easing orientation remains unchanged, the downward trend of interest rates will continue. Currently, the market's expectation of the central bank's easing operations is returning to rationality, and the risk of further adjustment should be limited [11][12] Summary by Section 1. Market Review and Operation Suggestions - **Market Performance**: After the central bank's bond purchase data for November was released last night, with a net purchase of 50 billion yuan, a slight increase of 30 billion yuan compared to October, market sentiment improved. Most treasury bond futures closed slightly higher, but long-term bonds remained weak. The yields of major interbank interest rate bonds fluctuated within a narrow range, with the long-end rising by less than 1bp. As of 16:30, the yield of the 10-year treasury bond active bond 250016 reported 1.84%, up 0.4bp. The interbank capital market was loose. The central bank had 213.3 billion yuan of funds due in the open market and injected 79.3 billion yuan, resulting in a net withdrawal of 134 billion yuan. The interbank capital sentiment index was stable, and the capital supply was abundant. The weighted overnight rate in the interbank deposit market fluctuated around 1.3%, and the 7-day rate fluctuated around 1.44%. The medium and long-term funds were stable, and the 1-year AAA certificate of deposit rate remained in the range of 1.61% - 1.63% [8][9][10] - **Conclusion**: The bond market's positive factors are accumulating, but in the short term, it's difficult for the easing to materialize, and it's in the period of oscillatory energy accumulation. Attention should be paid to bottom-fishing opportunities. The loose capital market is the main support for the bond market, but the low expectation of easing implementation limits the upward momentum of treasury bond futures. The new regulations on fund sales fees have a short-term impact, and the central bank's bond purchases show a slight increase and a signal of easing. In the long term, as long as the easing orientation remains unchanged, the downward trend of interest rates will continue. The risk of further adjustment is limited [11][12] 2. Industry News - China's S&P Composite PMI in November was 51.2, down from the previous value of 51.8; the S&P Services PMI was 52.1, down from the previous value of 52.6. The new order index continued to grow since the beginning of 2023, and the new export order performance improved significantly [13] - The State-owned Assets Supervision and Administration Commission of the State Council held a special symposium on the compilation of the "15th Five-Year Plan" for central enterprises, emphasizing the optimization and adjustment of the state-owned economic layout and the construction of a modern industrial system [13] - On December 2, the People's Bank of China announced the liquidity injection of various central bank tools in November 2025. The net investment in open market treasury bond trading was 50 billion yuan, and it was the second consecutive month of treasury bond trading operations [13] - From January to October, the total operating income of state-owned enterprises was 68.35293 trillion yuan, a year-on-year increase of 0.9%; the total profit was 3.42144 trillion yuan, a year-on-year decrease of 3.0%. As of the end of October, the asset-liability ratio of state-owned enterprises was 65.2%, a year-on-year increase of 0.4 percentage points [13] - The issuance of local government special bonds has entered a "closing wave" at the end of the year. As of November 30, the scale of newly issued special bonds in November reached approximately 492.192 billion yuan, an increase of more than 200 billion yuan compared to October, with a month-on-month increase of 71% [14] - The working meeting of the Market Interest Rate Pricing Self-regulatory Mechanism was held, discussing and exchanging hot issues in current interest rate pricing and self-regulatory management [14] 3. Data Overview - **Treasury Bond Futures Market**: The report provides trading data of treasury bond futures on December 3, including the previous settlement price, opening price, closing price, settlement price, change, change rate, trading volume, open interest, and change in open interest for each contract [6] - **Money Market**: The report includes information such as the SHIBOR term structure change, SHIBOR trend, interbank pledged repurchase weighted interest rate change, and interbank deposit pledged repurchase interest rate change [28][32] - **Derivatives Market**: The report shows the Shibor3M interest rate swap fixing curve (average) and FR007 interest rate swap fixing curve (average) [34]

Report Information - Report Name: Pulp Daily Report [1] - Date: December 4, 2025 [2] Industry Investment Rating - Not provided Core View - The short - term suspension of overseas pulp mills boosts the futures price. The main contract is mainly a game between new and old warehouse receipts. The fundamentals have not formed a trend - setting force, and the pulp market is still expected to fluctuate within a wide range at a low level [8] Summary by Directory 1. Market Review and Operation Suggestions - The previous settlement price of the pulp futures 01 contract was 5,272 yuan/ton, and the closing price was 5,458 yuan/ton, a rise of 3.53%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,750 - 6,300 yuan/ton, up 20 yuan/ton from the previous trading day. The quotation of Shandong Yinxing was 5,500 - 5,550 yuan/ton [7] - In November, Arauco's FOB prices for wood pulp were: softwood pulp Silver Star at $680/ton (unchanged from last month), natural pulp Venus at $620/ton (up $30/ton from last month), and hardwood pulp Star at $550/ton (up $10/ton from last month). In October, the chemical pulp shipments of 20 major pulp - producing countries decreased by 3.5% year - on - year, with softwood pulp down 7.1% and hardwood pulp down 1.9%. Shipments to the Chinese market decreased significantly. In October 2025, the total wood pulp inventory in 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. The downstream paper prices adjusted slightly, and the processing cost pressure remained high. Some cultural paper mills issued price increase letters for December, boosting market confidence [8] 2. Industry News - On December 3, several ministries and commissions jointly issued the Implementation Plan on Enhancing the Adaptability of Consumer Goods Supply and Demand and Further Promoting Consumption. The plan aims to optimize the supply structure of consumer goods, form 3 trillion - level consumption areas and 100 - billion - level consumption hotspots by 2027, and establish a high - quality development pattern of positive interaction between supply and consumption by 2030 [9] 3. Data Overview - The report provides multiple figures related to pulp market data, including import softwood pulp spot prices in Shandong, pulp futures prices, pulp futures - spot price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port pulp inventories, paper prices and price differences, and the US dollar - RMB exchange rate [15][17][19]

Report Overview - Report Date: December 4, 2025 [2] - Report Industry: Oil and Fat [1] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] 1. Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - Soybean oil is expected to fluctuate in the range of 8,000 - 8,400 yuan, supported by the cost of imported soybeans but with limited upside due to high inventory [8]. - For rapeseed oil, there is no new policy change. The far - month basis is weak, and the 1 - 5 reverse spread should be held. Since Australian rapeseed will arrive in December with a relatively small overall import volume, a long position can be taken on a single contract [8]. - Palm oil has many influencing factors. Bad weather in Malaysia and Indonesia, along with lower - than - expected production growth in November and possible tax cuts in Indonesia in December, may support the market in the short term. However, inventory in the producing areas is likely to continue to accumulate in November, so it should be regarded as range - bound with a resistance level around 9,000 yuan [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Review**: - East China's third - grade rapeseed oil: In December, it is OI2601 + 280; from December to January, it is OI2601 + 260. East China's first - grade rapeseed oil: From December to January, it is OI2601 + 360. - East China's first - grade soybean oil basis price: Spot is Y2501 + 260; from December to January, it is Y2601 + 270; from January to March, it is 05 + 430; from March to May, it is 05 + 350; from April to May, it is 05 + 310; from May to July, it is 05 + 230; from February to May, it is 05 + 370. - Palm oil quotes from Dongguan traders are stable with a downward trend. For example, Guangzhou Yihai's 18 - degree palm oil is 01 + 80; Dongguan COFCO's 18 - degree palm oil is 01 + 70; 24 - degree palm oil from Dongguan factories is 01 - 30; Guangdong's national standard 24 - degree palm oil is 01 + 10; 52 - degree palm oil from Dongguan factories is 01 - 200; 33 - degree palm oil from Dongguan factories is 01 + 20 [7]. - **Operation Suggestions**: As mentioned in the core viewpoints, hold the 1 - 5 reverse spread for rapeseed oil and consider long positions for single contracts, and expect range - bound trading for soybean oil and palm oil [8]. 3.2 Industry News - According to SGS, Malaysia's palm oil exports in November were 779,392 tons, a 39.2% decrease from October. Exports to China were 39,000 tons, an 89,000 - ton decrease from the previous month [9]. - According to ITS, Malaysia's palm oil exports in November were 1,316,455 tons, a 19.7% decrease from October. Exports to China were 129,000 tons, a 6,000 - ton decrease from October [9]. - According to AmSpec Agri, Malaysia's palm oil product exports in November 2025 were 1,263,298 tons, a 15.9% decrease from October [9]. 3.3 Data Overview - The report provides multiple data charts, including the spot prices of East China's third - grade rapeseed oil, East China's fourth - grade soybean oil, and South China's 24 - degree palm oil, as well as the basis changes of soybean oil, rapeseed oil, and palm oil, and some spread data and exchange rate data [13][14][21]

1. Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: December 4, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 2. Industry Investment Rating - Not provided in the report. 3. Core Viewpoints - The SCFIS index declined again this week, indicating that the price increase in late November was not fully implemented, and the price increase by shipping companies in the first half of December was also below expectations. Maersk's aggressive pricing strategy may suppress the price - raising space of other airlines, and there is a possibility that other airlines will cut prices to attract cargo following Maersk. Due to the late Spring Festival this year, the market may engage in incentive - based competition for the pre - Spring Festival shipping peak. It's hard to prove whether the EC2602 contract is overvalued in the short term, and the cost - effectiveness of shorting is not high. 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]. 4. Summary by Directory 4.1行情回顾与操作建议 - **Spot Market**: The SCFIS index declined again this week. Shipping companies' price increases in the first half of December were below expectations. Maersk's quotes were the most aggressive, suppressing other airlines' price - raising space. There is a possibility of other airlines following Maersk to cut prices. The market may have incentive - based competition for the pre - Spring Festival shipping peak. It's difficult to determine the over - valuation of the EC2602 contract in the short term, and the short - selling cost - effectiveness is low. Attention should be paid to the over - valuation possibility of the April contract and the positive spread trading opportunity between EC2602 and EC2604 [8]. 4.2行业要闻 - **Overall Market**: From November 24 to 28, the China Export Container Shipping Market was generally stable, with different routes showing differentiated trends. The comprehensive index increased slightly. The Shanghai Export Container Comprehensive Freight Index on November 28 was 1403.13 points, a 0.7% increase from the previous period [9]. - **European Routes**: The eurozone's November composite PMI was 52.4. The service industry PMI was 53.1, the best in a year and a half, while the manufacturing PMI was 49.7, lower than expected. Transport demand was stable, and spot market booking prices rebounded after continuous declines. The Shanghai - Europe basic port market freight rate on November 28 was $1404/TEU, a 2.7% increase from the previous period [9]. - **Mediterranean Routes**: The market trend was in sync with European routes, and market freight rates stopped falling and rebounded. The Shanghai - Mediterranean basic port market freight rate on November 28 was $2232/TEU, an 8.6% increase from the previous period [10]. - **North American Routes**: The number of initial jobless claims in the US decreased, but the number of continued claims was rising. Transport demand was stable, and market freight rates showed a differentiated trend. The Shanghai - US West and US East basic port market freight rates on November 28 were $1632/FEU and $2428/FEU respectively, with a - 0.8% and 1.8% change from the previous period [10]. - **Other News**: Maersk's statement on resuming Red Sea - Suez Canal navigation was inconsistent. There were developments in the Israeli - Palestinian issue, including Netanyahu's pardon application, Hamas's threat to end the cease - fire, and military operations by the Israeli Defense Forces [10]. 4.3数据概览 4.3.1集运现货价格 - **European Routes**: The SCFIS for European routes (basic ports) on December 1, 2025, was 1483.65 points, a - 9.5% decrease from November 24 [12]. - **US West Routes**: The SCFIS for US West routes (basic ports) on December 1, 2025, was 948.77 points, a - 14.4% decrease from November 24 [12]. 4.3.2集运指数（欧线）期货行情 - The report shows the trading data of container shipping European line futures contracts on December 3, 2025, including opening price, closing price, settlement price, price change, price change rate, trading volume, open interest, and change in open interest for different contracts such as EC2512, EC2602, etc [6]. 4.3.3航运相关数据走势图 - The report provides multiple charts related to shipping data, including European container ship capacity, global container ship orders on hand, Shanghai - Europe basic port freight rates, and Shanghai - Rotterdam spot freight rates [18][20].

1. Report Information - Report date: December 4, 2025 [2] - Reported industry: Eggs [1] - Research team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] 2. Investment Rating - No investment rating information provided in the report. 3. Core Viewpoints - The national egg price remained stable today. The average price in the main production areas was 3.07 yuan/jin, down 0.01 yuan/jin from yesterday; the average price in the main sales areas was 3.28 yuan/jin, unchanged from yesterday. The 01 contract fell 2.40%. In the near term, egg futures have fluctuated significantly due to sentiment. Recently, funds have quickly withdrawn, and the 01 contract has declined weakly. Looking at the fundamentals, there will be an increase in demand during the double festivals in December, and the 01 contract is in the peak season for Spring Festival stockpiling this year, so the downward space is limited. However, spot pressure restricts the upside of futures. In the short term, attention should be paid to the support level of 3100 below. Do not chase the rise or kill the fall, and you can continuously pay attention to the opportunity of going long on the callback of the peak season contract next year. The spread between near and far months may continue to widen. [8] 4. Summary by Directory 4.1 Market Review and Operation Suggestions - Market review: The 2601 contract of eggs had a previous settlement price of 3215, an opening price of 3195, a high of 3200, a low of 3134, a closing price of 3138, a decline of 77, a decline rate of -2.40%, a trading volume of 249,638, an open interest of 168,548, and an open interest change of 137,097. The 2602 contract had a previous settlement price of 3063, an opening price of 3046, a high of 3059, a low of 3007, a closing price of 3018, a decline of 45, a decline rate of -1.47%, a trading volume of 88,606, an open interest of 136,748, and an open interest change of 4,487. The 2603 contract had a previous settlement price of 3126, an opening price of 3110, a high of 3149, a low of 3083, a closing price of 3100, a decline of 26, a decline rate of -0.83%, a trading volume of 114,340, an open interest of 135,708, and an open interest change of 3,655. [7] - Operation suggestions: Based on the fact that the spot price has not changed significantly, do not chase the rise or kill the fall. Continuously pay attention to the opportunity of going long on the callback of the peak season contract next year, as the spread between near and far months may continue to widen. [8] 4.2 Industry News - Inventory: As of the end of October 2025, the national monthly inventory of laying hens 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, slightly less than 39.2 million in September 2025, and significantly less than 44.83 million in the same period in 2024. From July to October 2025, the total replenishment was about 158.14 million, compared with about 176.1 million in the same period last year. [9] - Culling volume: As of November 20, 2025, the culling volume of chickens in the previous three weeks was 19.81 million, 19.47 million, and 20.21 million respectively. Recently, the culling volume has fluctuated but has increased slightly overall compared to the previous period. [9] - Culling age: As of November 20, 2025, the average culling age of chickens was 492 days, one day earlier than last week and seven days earlier than last month, indicating an acceleration of the culling speed. [10] 4.3 Data Overview - The report provides multiple data charts, including the average price of eggs in the main production areas, the seasonal trend of eggs in December, the basis of the egg 12 contract, the spread between the egg 12 - 02 contracts, the monthly inventory of laying hens in China, and the profit of laying hen farming, but no specific data analysis is provided. [10][12][19]

Industry Information - Reported industry: Cotton [1] - Report date: December 4, 2025 [2] Core Viewpoints - The Zhengzhou cotton market is in a state of volatile adjustment. The latest price index for grade 328 cotton is 15,005 yuan/ton, up 25 yuan/ton from the previous trading day. The market for pure cotton yarn is weak, with overall开机 decreasing. The market for cotton grey cloth is slow, and prices are weak. [7] - Overseas, as of the week ending October 21, the net long position ratio of CFTC non - commercial positions in US cotton futures was - 21.8%, up 0.5 percentage points from the previous period but down 19 percentage points year - on - year. The market has rebounded recently due to the easing of Sino - US relations and will follow the domestic market in the short term. [8] - In the domestic market, although the output of Xinjiang cotton in the 2025/26 season has increased significantly, the hedging pressure is not concentrated. The downstream industry demand is tepid, and the inventory of textile enterprises has increased slightly. The fundamentals have limited changes, and short - term profit - taking and position - reducing may lead to a correction, while the upward trend of the pressure level remains unchanged. [8] Section Summaries 1. Market Review and Operation Suggestions - **Domestic Spot Market**: The latest cotton price index for grade 328 is 15,005 yuan/ton, up 25 yuan/ton. The quoted price for machine - picked cotton in northern Xinjiang in the 2025/26 season is around 14,800 - 14,950 yuan/ton (public weight), and the actual price in some areas is lower. The sales basis of spot cotton has increased slightly this week. [7] - **Domestic Cotton Yarn and Grey Cloth Market**: The pure cotton yarn market has weak trading, mainly for rigid - demand purchases. The sales of medium - and low - count yarns have slowed down, while high - count yarns are doing well. The overall开机 of the industry has decreased. The market for cotton grey cloth is slow, with sufficient inventory of regular varieties, and prices are weak. [7] - **Overseas Market**: As of the week ending October 21, the non - commercial long position of CFTC US cotton futures was 72,047 (- 1,181) contracts, the short position was 134,658 (- 4,202) contracts, and the total ICE position was 287,348 (- 6,839) contracts. The net long position ratio was - 21.8%, up 0.5 percentage points from the previous period. [8] 2. Industry News - As of December 2, 2025, a total of 1,059 cotton processing enterprises across the country have processed and applied for notarized inspection of cotton in the 2025 cotton season. The cumulative inspection volume is 4.462 million tons, an increase of 80,200 tons from the previous day. Among them, Xinjiang's inspection volume is 4.4175 million tons, an increase of 78,700 tons, and the inland inspection volume is 23,000 tons. [9] 3. Data Overview - Multiple charts present data on China's cotton price index, cotton spot and futures prices, cotton basis changes, contract spreads, cotton commercial and industrial inventories, warehouse receipts, and exchange rates. The data sources are Wind and the Research and Development Department of CCB Futures. [18][19][21]

Report Summary 1. Report Information - Report Title: Pig Daily Report - Date: December 04, 2025 - Industry: Pig [1] 2. Investment Rating - Not provided in the report 3. Core Viewpoints - The spot market shows a situation of increasing supply and demand, but the enthusiasm of secondary fattening is weak and mainly in a wait - and - see state, so the price is mainly volatile. The supply of live pigs before the Spring Festival is expected to increase slightly. The 2601 contract still has demand elasticity, but the relatively concentrated secondary fattening and pressure on pigs in October, combined with continuous capacity release, may form double supply pressure before the Spring Festival, putting continued pressure on the 01 and 03 contracts. In the medium and long term, the trend is mainly weak and volatile, but since the price decline compared with the same period last year is already large, the frequency of bottom - range volatility may increase [9] 4. Summary by Directory 4.1 Market Review and Operation Suggestions - **Futures Market**: On the 3rd, the main 2603 contract of live pigs opened slightly lower, then rose and fell back, and closed down in the end. The highest was 11,280 yuan/ton, the lowest was 11,205 yuan/ton, and the closing price was 11,235 yuan/ton, down 0.18% from the previous day. The total open interest of the index decreased by 8,152 lots to 371,564 lots [8] - **Spot Market**: On the 3rd, the average price of ternary live pigs in the country was 11.28 yuan/kg, down 0.11 yuan/kg from the previous day [8] - **Supply Side**: In the long term, the slaughter of live pigs is expected to maintain a slight growth trend until the first half of next year. The secondary fattening and pressure on pigs were concentrated in October, and the utilization rate of secondary fattening pens is currently high, reaching the level of the same period last year, increasing the supply pressure before the Spring Festival. In the short term, the slaughter at the beginning of the month has slowed down [9] - **Demand Side**: The utilization rate of pens is at a high level, and secondary fattening is mainly in a wait - and - see state. There may still be a small amount of rolling replenishment demand in December. The continuous cooling of the weather has led to the start of curing and sausage - making in Sichuan, and the fresh sales in many northern and southern regions have also improved. The terminal consumer demand has continued to rise, and the increase in orders from slaughtering enterprises has significantly supported the slaughter volume. The slaughter rate and volume of slaughtering enterprises have increased slightly. On December 3rd, the slaughter volume of sample slaughtering enterprises was 176,700 heads, an increase of 500 heads from the previous day, 2,800 heads compared with the previous week, and 17,800 heads compared with the previous month [9] 4.2 Data Overview - **Profit**: As of the week ending November 21, the average profit per self - bred and self - raised pig was - 96.6 yuan/head, a weekly decrease of 25 yuan/head; the profit from purchasing piglets for fattening was - 273 yuan/head, a weekly increase of 2 yuan/head [19] - **Cost**: As of the week ending November 21, the cost of fattening from 110 kg to 140 kg was 14.47 yuan/kg, an increase of 0.04 yuan/kg from the previous week; the cost of fattening from 125 kg to 150 kg was 14.89 yuan/kg, an increase of 0.04 yuan/kg from the previous week [19] - **Average Slaughter Weight**: As of the week ending November 21, the average slaughter weight of live pigs was 128.81 kg, an increase of 0.33 kg from the previous week (a weekly increase of 0.26%), an increase of 0.91 kg from the previous month (a monthly increase of 0.71%), and an increase of 2.08 kg compared with the same period last year (an annual increase of 1.64%) [19]