| | | 甲醇产业日报 2025-12-09 上周青海盐湖烯烃装置负荷提升，烯烃行业整体开工提升，宁波富德后期预期停车检修，整体开工率预计 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 有所下降。MA2601合约短线预计在2030-2090区间波动。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价甲醇(日,元/吨) | 2066 | -23 甲醇1-5价差(日,元/吨) | -77 | 11 | | | 主力合 ...

锰硅硅铁产业日报 2025/12/9 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | SM主力合约收盘价（日，元/吨） | 5,732.00 | -4.00↓ SF主力合约收盘价（日，元/吨） | 5,462.00 | +18.00↑ | | | SM期货合约持仓量（日，手） | 636,717.00 | +6082.00↑ SF期货合约持仓量（日，手） | 476,898.00 | +6021.00↑ | | 期货市场 | 锰硅前20名净持仓（日，手） | -22,484.00 | +3621.00↑ 硅铁前20名净持仓（日，手） | -24,211.00 | +655.00↑ | | | SM5-1月合约价差（日，元/吨） | 46.00 | -2.00↓ SF5-1月合约价差（日，元/吨） | 22.00 | -2.00↓ | | | SM 仓单（日，张） | 24,664.00 | +136.00↑ SF 仓单（日，张） | 13,327.00 | -41.00↓ | | | 内蒙古锰 ...

1. Report's Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - On December 9th, the closing price of the coking coal 2605 contract was 1082.5, down 2.21%. In the spot market, the price of Tangshan Mongolian No.5 coking coal was 1350, equivalent to 1130 on the futures market. The content of the Politburo meeting was weaker than expected, and the short - term market sentiment of coking coal weakened. Technically, the daily K - line was below the 20 - day and 60 - day moving averages, and the short - term trend was weak [2]. - On December 9th, the closing price of the coke 2601 contract was 1514.0, down 2.70%. The first round of price cuts in the coke spot market was implemented. In November, China imported 4405.3 million tons of coal and lignite, an increase of 231.6 million tons from the previous month, a month - on - month increase of 5.5%. The coke inventory was moderately weak. Technically, the daily K - line was below the 20 - day and 60 - day moving averages, and the short - term trend was weak [2]. 3. Summary of Each Section 3.1 Futures Market - The closing price of the JM main contract was 1082.50 yuan/ton, down 11.00; the closing price of the J main contract was 1514.00 yuan/ton, down 23.00. The JM futures contract open interest was 809682.00 lots, down 34932.00; the J futures contract open interest was 48217.00 lots, up 570.00. The net open interest of the top 20 coking coal contracts was - 89444.00 lots, up 4279.00; the net open interest of the top 20 coke contracts was - 165.00 lots, up 215.00. The JM 5 - 1 month contract spread was 98.50 yuan/ton, up 7.50; the J 5 - 1 month contract spread was 163.00 yuan/ton, up 9.50. The coking coal warehouse receipts were 300.00, unchanged; the coke warehouse receipts were 2070.00, unchanged [2]. 3.2 Spot Market - The price of Ganqimao Du Mongolian No.5 raw coal was 970.00 yuan/ton, down 18.00; the price of Tangshan Grade I metallurgical coke was 1830.00 yuan/ton, unchanged. The price of Russian prime coking coal forward spot (CFR) was 161.50 US dollars/wet ton, unchanged; the price of Rizhao Port quasi - Grade I metallurgical coke was 1620.00 yuan/ton, unchanged. The price of Australian prime coking coal imported at Jingtang Port was 1430.00 yuan/ton, down 70.00; the price of Tianjin Port Grade I metallurgical coke was 1720.00 yuan/ton, unchanged. The price of Shanxi - produced prime coking coal at Jingtang Port was 1630.00 yuan/ton, unchanged; the price of Tianjin Port quasi - Grade I metallurgical coke was 1620.00 yuan/ton, unchanged. The price of medium - sulfur prime coking coal in Lingshi, Jinzhong, Shanxi was 1610.00 yuan/ton, unchanged. The price of coking coal produced in Wuhai, Inner Mongolia was 1350.00 yuan/ton, unchanged. The basis of the JM main contract was 527.50 yuan/ton, up 11.00; the basis of the J main contract was 316.00 yuan/ton, up 23.00 [2]. 3.3 Upstream Situation - The daily output of refined coal from 314 independent coal washing plants was 27.10 million tons, up 0.50; the weekly inventory of refined coal from 314 independent coal washing plants was 321.40 million tons, up 16.10. The weekly capacity utilization rate of 314 independent coal washing plants was 0.37%, unchanged. The monthly raw coal output was 40675.00 million tons, down 475.50. The monthly import volume of coal and lignite was 4405.30 million tons, up 231.30. The daily average output of raw coal from 523 coking coal mines was 190.40 million tons, down 0.90. The weekly inventory of imported coking coal at 16 ports was 470.60 million tons, up 5.60; the weekly inventory of coke at 18 ports was 245.80 million tons, down 1.40. The weekly total inventory of coking coal of all - sample independent coking enterprises was 1009.20 million tons, down 1.10; the weekly inventory of coking coal of 247 steel mills nationwide was 798.27 million tons, down 3.03. The weekly inventory of coke of all - sample independent coking enterprises was 76.44 million tons, up 4.68; the weekly inventory of coke of 247 sample steel mills nationwide was 625.25 million tons, down 0.27. The weekly available days of coking coal for all - sample independent coking enterprises was 12.88 days, down 0.13; the weekly available days of coke for 247 sample steel mills was 11.29 days, unchanged [2]. 3.4 Industry Situation - The monthly import volume of coking coal was 1059.32 million tons, down 33.04; the monthly export volume of coke and semi - coke was 73.00 million tons, up 19.00. The monthly output of coking coal was 4231.51 million tons, up 255.59. The weekly capacity utilization rate of independent coking enterprises was 73.84%, up 0.89. The weekly profit per ton of coke for independent coking plants was 30.00 yuan/ton, down 16.00. The monthly output of coke was 4189.60 million tons, down 66.00 [2]. 3.5 Downstream Situation - The weekly blast furnace operating rate of 247 steel mills nationwide was 80.14%, down 0.93; the weekly blast furnace iron - making capacity utilization rate of 247 steel mills was 87.06%, down 0.90. The monthly crude steel output was 7199.70 million tons, down 149.31 [2]. 3.6 Industry News - As of December 8th, 9 provinces mentioned steel - related content in their "15th Five - Year Plan" proposals, including accelerating the transformation of steel from raw material - level to material - level, accelerating the implementation of energy - saving and carbon - reduction transformation and digital and intelligent transformation in the steel industry, and strengthening the efficient utilization of scrap steel. - The Federal Reserve was scheduled to hold an interest - rate meeting on December 9th and 10th. The market generally believed that the Federal Reserve was likely to cut interest rates by 25 basis points again. - The Politburo meeting stated that next year's economic work should adhere to making steady progress and improving quality and efficiency, better coordinate domestic economic work and international economic and trade struggles, and better coordinate development and security; continue to implement a more active fiscal policy and a moderately loose monetary policy, and give play to the integrated effect of existing and incremental policies. - US Treasury Secretary Bessent said that despite the long - term government shutdown, the US would end 2025 with a real GDP growth rate of 3%. It was expected that the inflation rate would "drop significantly" next year. The bond market had just had its best year since 2020 [2].

股指期货全景日报 2025/12/9 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 备注：IF:沪深300 IH:上证50 IC:中证500 IM：中证1000 IO:沪深300期权 研究员: 廖宏斌 期货从业资格号F30825507 期货投资咨询从业证书号Z0020723 微信号：yanjiufuwu 电话：0595-86778969 免责声明：本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保 证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公 司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院， 且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 最新 | 最新 | 环比 数据指标 | | 环比 | | --- | --- | --- | --- | --- | --- | | | IF主力合约（2512） 4543.8 IH主力合约（2512） 2981.8 | 458 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report expects the stainless steel futures price to undergo a moderately strong adjustment, with attention on the resistance level of 12,600 [2]. 3. Summary by Relevant Catalogs a. Futures Market - The closing price of the stainless steel futures main contract was 12,510 yuan/ton, and the 01 - 02 contract spread was -115 yuan/ton, down 25 yuan/ton [2]. - The net long position of the top 20 futures holders was -13,850 lots, a decrease of 3,325 lots, and the main contract position was 85,685 lots, a decrease of 3,729 lots [2]. - The warehouse receipt quantity of stainless steel was 61,556 tons, a decrease of 63 tons [2]. b. Spot Market - The price of 304/2B coil (trimmed edge) in Wuxi was 13,300 yuan/ton, an increase of 100 yuan/ton, and the market price of scrap stainless steel 304 in Wuxi was 8,850 yuan/ton, unchanged [2]. - The basis of the SS main contract was 460 yuan/ton, an increase of 90 yuan/ton [2]. c. Upstream Situation - The monthly electrolytic nickel output was 29,430 tons, an increase of 1,120 tons, and the total monthly nickel - iron output was 2.29 million metal tons, an increase of 0.12 million metal tons [2]. - The monthly import volume of refined nickel and alloys was 9,939.65 tons, a decrease of 18,631.22 tons, and the monthly import volume of nickel - iron was 90.51 tons, a decrease of 18.02 tons [2]. - The SMM1 nickel spot price was 120,200 yuan/ton, an increase of 150 yuan/ton, and the average price of nickel - iron (7 - 10%) nationwide was 890 yuan/nickel point, an increase of 5 yuan/nickel point [2]. - The monthly output of Chinese ferrochrome was 75.78 tons, a decrease of 2.69 tons [2]. d. Industry Situation - The monthly output of 300 - series stainless steel was 180 tons, an increase of 3.73 tons, and the weekly total inventory of 300 - series stainless steel was 58.53 tons, a decrease of 1.23 tons [2]. - The monthly export volume of stainless steel was 45.85 tons, a decrease of 2.95 tons [2]. e. Downstream Situation - The cumulative monthly value of new housing construction area was 49,061.39 million square meters, an increase of 3,662.39 million square meters, and the monthly output of excavators was 3.09 million units, a decrease of 0.07 million units [2]. - The monthly output of large and medium - sized tractors was 2.19 million units, a decrease of 0.43 million units, and the monthly output of small tractors was 0.9 million units, a decrease of 0.1 million units [2]. f. Industry News - The US September core PCE price index rose 2.8% year - on - year and 0.2% month - on - month, in line with market expectations. September real personal consumption expenditure was unexpectedly flat month - on - month, and the previous value was revised down from 0.4% to 0.2%. In December, the one - year inflation expectation of the University of Michigan dropped to 4.1%, and the five - year inflation expectation dropped to 3.2% [2]. - Chinese Minister of Commerce Wang Wentao said that during the "15th Five - Year Plan" period, China will implement a special action to boost consumption, promote the expansion and upgrading of commodity consumption, and increase the intensity of inclusive policies directly benefiting consumers; focus on relaxing market access and format integration to expand service consumption. China will actively expand independent opening - up, promote innovative development of trade, and expand the space for two - way investment cooperation [2]. - Li Lecheng, Secretary of the Leading Party Members' Group and Minister of the Ministry of Industry and Information Technology, chaired a seminar to plan the work ideas and measures for the "15th Five - Year Plan" and its opening year. He emphasized efforts in strengthening the foundation and creating value, promoting the stable growth of the industrial economy, comprehensively deepening reforms with the focus on addressing "involution - style" competition, ensuring the security of key industrial chains and supply chains, and enhancing security capabilities in areas such as networks, data, and artificial intelligence [2]. - US Treasury Secretary Janet Yellen said that the US GDP growth rate will reach 3% this year, and the inflation rate is expected to drop significantly next year. The bond market is having its best performance since 2020 [2]. g. Viewpoint Summary - At the raw material end, the Philippines is gradually entering the rainy season, and the nickel ore grade is decreasing. The raw material inventory of domestic nickel - iron plants is tightening. However, the nickel - iron output in Indonesia remains high, and the amount flowing back to China is expected to increase. Recently, the nickel - iron price has dropped significantly, and the raw material cost has decreased [2]. - At the supply end, the production profit of stainless steel plants has improved. Although the traditional peak demand season has passed, the actual decline in output is expected to be limited, and the supply pressure is increasing [2]. - At the demand end, downstream demand is gradually entering the off - season, and the stainless steel export volume is showing a downward trend. The impact of previous export squeezes is beginning to appear. Market purchasing willingness is low, and overall inquiries and transactions are average. Therefore, the national stainless steel social inventory is showing a narrow increase [2]. - Technically, the position is stable while the price is rising, and the short - selling sentiment is decreasing [2].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The upstream zinc ore import volume has declined due to the continued deterioration of the internal - external price ratio, and the loss of importing zinc concentrates in China has widened. Domestic smelters have started winter raw material reserves and prefer to purchase domestic zinc concentrates. However, the competition among smelters for domestic ore has increased, processing fees at home and abroad have dropped significantly, and the profits of domestic smelters have shrunk, with expected output decline. [3] - Overseas supply remains tight. The Shanghai - London ratio has remained low recently, resulting in import losses in China and an open export window. It is expected to turn into a net - export situation in the future to relieve domestic supply pressure. [3] - On the demand side, the downstream market is gradually entering the off - season. The real - estate sector is a drag, while the infrastructure and home - appliance sectors are also weakening. The automotive sector has some bright spots due to policy support. Downstream markets mainly purchase on - demand at low prices. Recently, zinc prices have corrected, trading sentiment has improved, spot premiums have increased, and domestic inventories have decreased slightly. LME zinc inventories have rebounded, but the spot premium has remained at a historically high level. [3] - Technically, with increased trading volume, open interest, and rising prices, the bullish sentiment has heated up. It is expected that Shanghai zinc will fluctuate strongly, and attention should be paid to the resistance at the 24,000 - yuan level. [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai zinc main - contract is 23,285 yuan/ton, a decrease of 25 yuan; the spread between the 01 - 02 contracts of Shanghai zinc is - 15 yuan. [3] - The LME three - month zinc quotation is 3,098.5 US dollars/ton, an increase of 13.5 US dollars. The total open interest of Shanghai zinc is 214,900 lots, an increase of 6,840 lots. [3] - The net position of the top 20 in Shanghai zinc is 13,920 lots, a decrease of 93 lots. Shanghai zinc warehouse receipts are 0 tons, unchanged. [3] - The SHFE inventory is 91,916 tons, a decrease of 4,000 tons; the LME inventory is 55,375 tons, an increase of 1,050 tons. [3] 3.2现货市场 - The spot price of 0 zinc on Shanghai Non - ferrous Metals Network is 23,130 yuan/ton, unchanged; the spot price of 1 zinc in the Yangtze River Non - ferrous Metals Market is 23,200 yuan/ton, unchanged. [3] - The basis of the ZN main - contract is - 155 yuan/ton, an increase of 20 yuan; the LME zinc cash - to - three - month spread is 163 US dollars/ton, a decrease of 79.66 US dollars. [3] - The ex - works price of 50% zinc concentrate in Kunming is 90 yuan/ton (the information may be incomplete); the price of 85% - 86% crushed zinc in Shanghai is 19,750 yuan/ton, unchanged. [3] 3.3 Upstream Situation - According to WBMS, the monthly zinc supply - demand balance is - 21,000 tons, an increase of 6,800 tons. According to ILZSG, the monthly zinc supply - demand balance is 47,900 tons, an increase of 17,700 tons. [3] - The global zinc ore production value of ILZSG in the current month is 1.0976 million tons, an increase of 21,400 tons. The domestic refined zinc production in the current month is 625,000 tons, a decrease of 26,000 tons. [3] - The zinc ore import volume in the current month is 340,900 tons, a decrease of 164,500 tons. [3] 3.4 Industry Situation - The refined zinc import volume in the current month is 18,836.76 tons, a decrease of 3,840.75 tons; the refined zinc export volume in the current month is 8,518.67 tons, an increase of 6,040.84 tons. [3] - The social zinc inventory is 133,900 tons, a decrease of 3,600 tons. [3] 3.5 Downstream Situation - The production volume of galvanized sheets in the current month is 1 million tons; the sales volume of galvanized sheets in the current month is 2.32 million tons, a decrease of 90,000 tons. [3] - The newly - started housing area in the current month is 490.6139 million square meters, an increase of 36.6239 million square meters; the completed housing area in the current month is 348.61 million square meters, an increase of 37.3212 million square meters. [3] - The automobile production volume in the current month is 3.279 million vehicles, an increase of 52,000 vehicles; the air - conditioner production volume in the current month is 14.204 million units, a decrease of 3.8908 million units. [3] 3.6 Option Market - The implied volatility of at - the - money call options for zinc is 14.29%, an increase of 1.3 percentage points; the implied volatility of at - the - money put options for zinc is 14.3%, an increase of 1.31 percentage points. [3] - The 20 - day historical volatility of at - the - money zinc options is 10.94%, an increase of 0.07 percentage points; the 60 - day historical volatility of at - the - money zinc options is 9.75%, an increase of 0.01 percentage points. [3] 3.7 Industry News - In the United States, the core PCE price index in September increased by 2.8% year - on - year and 0.2% month - on - month, basically in line with market expectations. The real personal consumption expenditure in September was flat month - on - month. In December, the one - year inflation expectation of the University of Michigan dropped to 4.1%, the lowest since January this year, and the five - year inflation expectation dropped to 3.2%. [3] - Minister of Commerce Wang Wentao stated that during the "15th Five - Year Plan" period, special actions to boost consumption will be deeply implemented, commodity consumption will be expanded and upgraded, and more inclusive policies directly reaching consumers will be strengthened. Service consumption will be expanded by focusing on relaxing market access and promoting business - format integration. Active efforts will be made to expand independent opening - up, promote trade innovation and development, and expand the space for two - way investment cooperation. [3] - Li Lecheng, Secretary of the Leading Party Members’ Group and Minister of the Ministry of Industry and Information Technology, chaired a seminar to study and plan the work ideas and measures for the "15th Five - Year Plan" and its first year. He emphasized the need to strengthen the foundation and create value, promote the stable growth of the industrial economy, comprehensively deepen reforms, ensure the safety of key industrial chains and supply chains, and enhance the security capabilities in areas such as networks, data, and artificial intelligence. [3] - US Treasury Secretary Janet Yellen said that the US GDP growth rate will reach 3% this year, inflation is expected to drop significantly next year, and the bond market will have its best performance since 2020. [3]

| | | 沪锡产业日报 2025-12-08 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪锡(日,元/吨) | 319200 | 1700 1月-2月合约收盘价:沪锡(日,元/吨) | -610 | 40 | | | LME3个月锡(日,美元/吨) | 40175 | -365 主力合约持仓量:沪锡(日,手) | 48471 | -2317 | | | 期货前20名净持仓:沪锡(日,手) | -420 | -86 LME锡:总库存(日,吨) | 3085 | -90 | | | 上期所库存:锡(周,吨) | 6865 | 506 LME锡:注销仓单(日,吨) | 295 | -65 | | | 上期所仓单:锡(日,吨) | 7266 | 583 | | | | 现货市场 | SMM1#锡现货价格(日,元/吨) | 314000 | -800 长江有色市场1#锡现货价(日,元/吨) | 313290 | -1120 | | | 沪锡主力合约基差(日,元/吨) ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The report predicts that Shanghai nickel will experience short - term shock adjustments, and investors should pay attention to the resistance level at 119,000 [3] - On the macro - front, the US September core PCE index increase is in line with expectations, actual personal spending is stagnant, and consumer short - term inflation expectations have dropped to the lowest point at the beginning of the year. On the fundamental side, nickel ore imports are on a downward trend due to the rainy season in the Philippines. The RKAB approval and possible export policy changes in Indonesia have limited actual impact on supply recently. The smelting end has a large supply pressure in the pure nickel market, while the demand end shows an upward trend [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai nickel is 118,030 yuan/ton, with a daily increase of 240; the price difference between the 01 - 02 contracts of Shanghai nickel is - 170 yuan/ton, with a daily decrease of 10 [3] - The price of LME 3 - month nickel is 14,970 US dollars/ton, with a daily increase of 85; the position of the main contract of Shanghai nickel is 111,585 lots, with a daily decrease of 6,051 [3] - The net buy volume of the top 20 futures positions of Shanghai nickel is - 26,832 lots, with a daily increase of 797; the LME nickel inventory is 253,116 tons, with no change [3] - The inventory of nickel in the Shanghai Futures Exchange is 42,508 tons (weekly), with an increase of 1,726 tons; the total cancelled warrants of LME nickel is 8,622 tons, with an increase of 6 tons [3] - The warehouse receipt quantity of Shanghai nickel is 34,500 tons, with a daily decrease of 264 tons [3] 3.2 Spot Market - The SMM 1 nickel spot price is 120,200 yuan/ton, with a daily increase of 150; the average spot price of 1 nickel plates in the Yangtze River is 120,200 yuan/ton, with a daily increase of 50 [3] - The CIF (bill of lading) price of Shanghai electrolytic nickel is 85 US dollars/ton, with no change; the bonded warehouse (warehouse receipt) price of Shanghai electrolytic nickel is 85 US dollars/ton, with no change [3] - The average price of battery - grade nickel sulfate is 27,500 yuan/ton, with no change; the basis of the NI main contract is 2,170 yuan/ton, with a daily decrease of 90 [3] - The LME nickel (spot/three - month) premium is - 190.98 US dollars/ton, with an increase of 0.28 US dollars/ton [3] 3.3 Upstream Situation - The monthly import volume of nickel ore is 468.28 million tons, with a decrease of 143.17 million tons; the total port inventory of nickel ore is 1,469.71 million tons (weekly), with a decrease of 17.62 million tons [3] - The average monthly import unit price of nickel ore is 57.33 US dollars/ton, with an increase of 0.61 US dollars/ton; the含税 price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 US dollars/wet ton, with no change [3] 3.4 Industry Situation - The monthly output of electrolytic nickel is 29,430 tons, with an increase of 1,120 tons; the total monthly output of ferronickel is 2.29 million metal tons, with an increase of 0.12 million metal tons [3] - The monthly import volume of refined nickel and alloys is 9,939.65 tons, with a decrease of 18,631.22 tons; the monthly import volume of ferronickel is 90.51 million tons, with a decrease of 18.02 million tons [3] 3.5 Downstream Situation - The monthly output of 300 - series stainless steel is 180 million tons, with an increase of 3.73 million tons; the total weekly inventory of 300 - series stainless steel is 58.53 million tons, with a decrease of 1.23 million tons [3] 3.6 Industry News - The US September core PCE price index increased by 2.8% year - on - year and 0.2% month - on - month, in line with market expectations. The actual personal consumption expenditure in September was unexpectedly flat month - on - month. The one - year inflation expectation of the University of Michigan in December dropped to 4.1%, and the five - year inflation expectation dropped to 3.2% [3] - Minister of Commerce Wang Wentao stated that during the 15th Five - Year Plan period, China will implement a special action to boost consumption, expand and upgrade commodity consumption, and increase inclusive policies for consumers. It will also expand service consumption and promote trade innovation and two - way investment cooperation [3] - Minister of Industry and Information Technology Li Lecheng emphasized promoting the stable growth of the industrial economy, comprehensively deepening reforms, and ensuring the security of key industrial chains and supply chains [3] - US Treasury Secretary Janet Yellen said that the US GDP growth rate will reach 3% this year, and the inflation rate is expected to drop significantly next year [3]

| | | | 集运指数（欧线）期货日报 | | 2025/12/8 | | --- | --- | --- | --- | --- | --- | | 项目类别 | 数据指标 环比 数据指标 最新 | 最新 | | | 环比 | | | EC主力收盘价 1.2↑ EC次主力收盘价 | 1615.300 | | 1077.7 | -21.10↓ | | 期货盘面 | EC2602-EC2604价差 +0.00↑ EC2602-EC2606价差 | 517.00 | | 357.40 | +0.00↑ | | | EC合约基差 | -100.80 | +25.45↑ | | | | 期货持仓头寸（手） EC主力持仓量 | -749↓ | 31466 | | | | | | SCFIS（欧线）（周） 25.45↑ SCFIS（美西线）（周） | 1509.10 | | 960.51 | 11.74↑ | | | SCFI（综合指数）（周） -5.50↓ 集装箱船运力（万标准箱） | 1397.63 | | 1,227.97 | 0.00↑ | | 现货价格 | CCFI（综合指数）（周） -6.91↓ CCFI（ ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) | 3,123.00 | -34↓ RB主力合约持仓量(手) | 1477577 | +3036↑ | | | RB合约前20名净持仓(手) | -41726 | +5599↑ RB1-5合约价差(元/吨) | -6 | +14↑ | | | RB上期所仓单日报(日，吨) | 68176 | +2135↑ HC2605-RB2605合约价差(元/吨) | 168 | +5↑ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,310.00 | -20↓ 杭州 HRB400E 20MM(过磅，元/吨) | 3,395 | -21↓ | | | 广州 HRB400E 20MM(理计，元/吨) | 3,540.00 | 0.00 天津 HRB400E 20MM(理计，元/吨) | 3,190.00 | -10↓ | | | RB 主力合约基差 (元/吨) | 187.00 | +14↑ ...