Report Summary 1. Report Industry Investment Rating - No information provided in the given report. 2. Core Viewpoints - The economic data in November put pressure on the upside of A-shares. However, the National Fiscal Work Conference held from December 27 - 28 had a positive impact on market sentiment, creating a warm macro - environment for the market, and A - shares have strong bottom support. The market's expectation of the dovish stance of the new Fed Chairman led to a weaker US dollar, and the continuous strengthening of the RMB exchange rate supports the expectation of loose monetary policy in January 2026 [2]. 3. Summary by Relevant Catalogs Futures Quotes - **Contract Prices**: IF (2603) is at 4610.2 (-25.8), IH (2603) at 3038.0 (-14.6), IC (2603) at 7336.6 (-49.6), and IM (2603) at 7439.0 (-38.4). The prices of their respective secondary contracts also decreased [2]. - **Contract Spreads**: IF - IH spread is 1594.8 (-14.2), IC - IF spread is 2790.8 (-8.6), etc. Some spreads increased while others decreased [2]. - **Quarter - to - Month Spreads**: IF quarter - to - month spreads are -20.6 (-2.0) for the current quarter and -63.4 (+2.6) for the next quarter. Similar data is provided for other contracts, with various changes [2]. - **Net Positions of Top 20 Holders**: IF is -28,924.00 (-709.0), IH is -14,420.00 (-457.0), IC is -29,750.00 (-1336.0), and IM is -38,985.00 (-1757.0) [2]. Spot Prices - The Shanghai - Shenzhen 300 is at 4639.37 (-17.9), the Shanghai 50 is at 3034.6 (-10.8), the CSI 500 is at 7430.6 (-28.2), and the CSI 1000 is at 7594.2 (-11.4). The basis of their corresponding futures contracts also changed [2]. Market Sentiment - A - share trading volume is 21,576.86 billion yuan (-234.17 billion yuan), margin trading balance is 25,433.30 billion yuan (-21.00 billion yuan), and north - bound trading volume is 1671.78 billion yuan (-132.60 billion yuan). Other indicators such as the proportion of rising stocks, option prices, and volatilities also showed different changes [2]. Market Strength - Weakness Analysis - The overall A - share market strength index is 4.10 (-0.80), the technical index is 3.70 (+0.30), and the capital index is 4.50 (-1.90) [2]. Industry News - From January to November, the total profit of industrial enterprises above designated size was 66268.6 billion yuan, a year - on - year increase of 0.1%, but in November, the profit decreased by 13.1% year - on - year. The National Fiscal Work Conference stated that a more proactive fiscal policy will be implemented in 2026, with measures such as expanding fiscal expenditure and optimizing government bonds [2]. Market Performance - A - share major indices closed with mixed results. The Shanghai Composite Index rose 0.04%, the Shenzhen Component Index fell 0.49%, and the ChiNext Index fell 0.66%. Most industry sectors declined, and overseas, Trump may announce a new Fed Chairman this week [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The total inventory at Qingdao Port has continued to accumulate, with both bonded and general trade warehouses showing inventory build - up, and the overall inventory build - up rate narrowing month - on - month. There is an expectation of a decrease in overseas vessel arrivals, but the rubber price has risen more than expected. Downstream buyers are mainly in a wait - and - see mode for replenishment, with weak purchasing sentiment, leading to continued inventory accumulation. - In terms of demand, domestic tire enterprises adjusted production flexibly last week. Some enterprises controlled production. The operating rate of semi - steel tire enterprises increased slightly month - on - month, while that of all - steel tire enterprises decreased month - on - month, entering the seasonal off - season. The overall shipment pace of enterprises was slow, finished product inventory rose, and under production and sales pressure, some enterprises had production suspension or limitation. - The ru2605 contract is expected to fluctuate in the range of 15,400 - 16,000 in the short term, and the nr2602 contract is expected to fluctuate in the range of 12,400 - 13,000 in the short term [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main Shanghai rubber contract was 15,665 yuan/ton, a decrease of 90 yuan/ton; the closing price of the main 20 - number rubber contract was 12,665 yuan/ton, a decrease of 115 yuan/ton. - The Shanghai rubber 5 - 9 spread was 10 yuan/ton, and the 20 - number rubber 2 - 3 spread was 40 yuan/ton, a decrease of 20 yuan/ton. - The spread between Shanghai rubber and 20 - number rubber was - 25 yuan/ton. - The positions of the main Shanghai rubber contract decreased by 6,552 to 179,391 lots, and the positions of the main 20 - number rubber contract decreased by 7,922 to 3,000 lots. - The net positions of the top 20 in Shanghai rubber were - 47,737 lots, a decrease of 149 lots, and the net positions of the top 20 in 20 - number rubber were 1,392 lots. - The exchange warehouse receipts of Shanghai rubber increased by 2,660 to 96,590 tons, and the exchange warehouse receipts of 20 - number rubber increased by 101 to 58,061 tons [2]. Spot Market - The price of state - owned whole latex in the Shanghai market was 15,550 yuan/ton, unchanged; the price of Vietnamese 3L was 15,300 yuan/ton, unchanged. - The price of Thai standard STR20 was 1,880 US dollars/ton, unchanged, and the price of Malaysian standard SMR20 was 1,875 US dollars/ton, unchanged. - The price of Thai RMB mixed rubber was 14,780 yuan/ton, a decrease of 20 yuan/ton, and the price of Malaysian RMB mixed rubber was 14,730 yuan/ton, a decrease of 20 yuan/ton. - The price of Qilu Petrochemical's butadiene styrene 1502 was 11,300 yuan/ton, unchanged, and the price of Qilu Petrochemical's cis - butadiene BR9000 was 11,300 yuan/ton, an increase of 200 yuan/ton [2]. Upstream Situation - The market reference price of Thai raw rubber in the form of smoked sheets was 58.49 Thai baht/kg, an increase of 0.07 Thai baht/kg; the reference price of rubber sheets was 55.49 Thai baht/kg, an increase of 0.1 Thai baht/kg; the reference price of glue was 52.95 Thai baht/kg, a decrease of 0.5 Thai baht/kg; the reference price of cup rubber was 54.2 Thai baht/kg, an increase of 0.85 Thai baht/kg. - The theoretical production profit of RSS3 was 13.6 US dollars/ton, and the theoretical production profit of STR20 was 138.6 US dollars/ton, a decrease of 19.8 US dollars/ton [2]. Downstream Situation - The monthly import volume of technically classified natural rubber was 42,700 tons, and the monthly import volume of mixed rubber was 302,200 tons, an increase of 45,800 tons. - The weekly operating rate of all - steel tires was 61.95%, a decrease of 1.18 percentage points, and the weekly operating rate of semi - steel tires was 72.05%, an increase of 0.61 percentage points. - The inventory days of all - steel tires in Shandong at the end of the week was 1.87 days, and the inventory days of semi - steel tires was 46.86 days, an increase of 0.38 days. - The monthly output of all - steel tires was 590,000 pieces, and the monthly output of semi - steel tires was 5,831,000 pieces, an increase of 663,000 pieces [2]. Option Market - The 20 - day historical volatility of the underlying was 14.59%, a decrease of 0.16 percentage points, and the 40 - day historical volatility was 13.68%, a decrease of 1.14 percentage points. - The implied volatility of at - the - money call options was 21.94%, and the implied volatility of at - the - money put options was 21.94%, an increase of 0.85 percentage points [2]. Industry News - According to preliminary data from the First Commercial Vehicle Network, in November 2025, about 100,000 heavy - duty trucks were sold in the Chinese market (wholesale basis, including exports and new energy vehicles), a month - on - month decrease of about 6% compared to October and a year - on - year increase of about 46% compared to 68,500 in the same period last year. From January to November this year, the cumulative sales volume of the Chinese heavy - duty truck market exceeded 1 million, reaching 1.03 million, a year - on - year increase of about 26%. - According to statistics from Longzhong Information, as of December 28, 2025, the total inventory of natural rubber in bonded and general trade in Qingdao was 524,800 tons, a month - on - month increase of 9,600 tons, an increase of 1.87%. The bonded area inventory was 81,400 tons, an increase of 2.25%; the general trade inventory was 443,400 tons, an increase of 1.80%. The inbound rate of the Qingdao natural rubber sample bonded warehouse decreased by 0.54 percentage points, and the outbound rate decreased by 0.08 percentage points; the inbound rate of the general trade warehouse decreased by 1.08 percentage points, and the outbound rate increased by 0.38 percentage points. - According to statistics from Longzhong Information, as of December 25, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 70.36%, a month - on - month increase of 0.35 percentage points and a year - on - year increase of 8.37 percentage points; the capacity utilization rate of Chinese all - steel tire sample enterprises was 61.69%, a month - on - month decrease of 1.92 percentage points and a year - on - year increase of 1.72 percentage points [2].

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 数据来源于第三方，仅供参考。市场有风险，投资需谨慎！ 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 天然橡胶产业日报 2025-12-29 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪胶主力合约收盘价(日,元/吨) | 15665 | -115 20号胶主力合约收盘价(日,元/吨) | 12665 | -90 | | | 沪胶5-9差(日,元/吨) | 40 | 10 20号胶2-3价差(日,元/吨) | -20 | 5 | | | 沪胶与20号胶价差(日,元/吨) | 3000 | -25 沪胶主力合约 持仓量(日,手) | 179391 | -6552 | | | 20号胶主力合约持仓量(日,手) | ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The parabolic rise in the prices of platinum and palladium recently may intensify the risk of a high - level decline. Short - term technical correction pressure should be guarded against [2] - In the short term, the platinum and palladium market may enter a high - level volatile consolidation phase, but the previous squeeze - out pressure is difficult to resolve quickly, and the tight spot situation may support the price for a pulse - like rebound [2] - In the long term, the price of platinum may be supported by the Fed's easing expectations, the continued supply - demand structural deficit, and the expansion of medium - to - long - term demand expectations in the hydrogen energy economy. The demand for palladium is expected to weaken due to over - concentration in the automotive catalyst field and the continuous popularization of new energy vehicles, but the bullish sentiment driven by the interest rate cut expectation may give some support to the price [2] 3. Summary by Relevant Catalogs 3.1. Futures Market - The closing price of the platinum main contract (daily, yuan/gram) decreased by 70.45 to 634.35, and the closing price of the palladium main contract (daily, yuan/gram) decreased by 54.90 to 494.10 [2] - The main contract position of platinum (daily, lots) decreased by 277 to 10387, and that of palladium (daily, lots) increased by 90 to 3179 [2] 3.2. Spot Market - The spot price of platinum (Pt9995) on the Shanghai Gold Exchange decreased by 25 to 637.15, and the average spot price of Yangtze River palladium increased by 60 to 488 [2] - The basis of the platinum main contract (daily, yuan/gram) increased by 45.45 to 2.80, and the basis of the palladium main contract (daily, yuan/gram) increased by 114.90 to - 6.10 [2] - The non - commercial long positions of platinum in CFTC (weekly, contracts) decreased by 243 to 9966, and those of palladium (weekly, contracts) decreased by 342 [2] 3.3. Supply and Demand Situation - The total supply of platinum (annual, tons) is expected to decrease by 0.80 in 2025, and the total supply of palladium (annual, tons) is expected to decrease by 5 to 220.40 in 2025 [2] - The total demand for platinum (annual, tons) is expected to increase by 25.60 in 2025, and the total demand for palladium (annual, tons) is expected to decrease by 27 to 261.60 in 2025 [2] 3.4. Macroeconomic Data - The US dollar index increased by 0.12 to 98.03, and the real yield of the 10 - year US Treasury bond remained unchanged at 1.91% [2] - The VIX volatility index increased by 0.13 to 13.60 [2] 3.5. Industry News - The probability that the Fed will cut interest rates by 25 basis points in January next year is 18.8%, and the probability of maintaining the interest rate unchanged is 81.2%. By March next year, the probability of a cumulative 25 - basis - point interest rate cut is 46.9%, the probability of maintaining the interest rate unchanged is 44.7%, and the probability of a cumulative 50 - basis - point interest rate cut is 8.5% [2] - Affected by the long - position profit - taking, the main contracts of platinum and palladium on the Guangzhou Futures Exchange tumbled in the afternoon and hit the daily limit [2] 3.6. Key Points to Follow - On December 30, 2025, at 22:00, the year - on - year US FHFA housing price index; on January 1, 2026, at 21:45, the US Markit manufacturing PMI [2]

观点总结 重点关注 周一国债现券收益率集体走弱，到期收益率1-7Y上行0.60-4.50bp左右，10Y、30Y到期收益 率上行2.30、3.50bp左右至1.86%、2.26%。周一国债期货走弱，TS、TF、T、TL主力合约分 别下跌0.07%、0.18%、0.28%、0.91%。资金面临跨年压力，DR007加权利率回升至1.59% 左右。国内基本面端，11月全国规上工企业利润同比持续回落，但高技术制造业等新兴行业利 润保持较快增长，工业结构持续优化。11月工增、社零边际放缓，固投持续负增长，失业率保 持平稳。11月金融数据出现结构分化，直接融资提振下，社融增量超预期；信贷持续走弱，居 民贷款为主要拖累，企业中长期投资需求依然偏弱。受基数效应影响，M1、M2增速回落， M1-M2剪刀差再度走阔。消息面上，全国财政工作会议指出，2026年继续实施更加积极的财 政政策，扩大财政支出盘子，确保必要支出力度。海外方面，美国消费支出强劲推动第三季度 实际GDP年化环比大幅增长4.3%，同期核心PCE物价指数上涨2.9%。美国总统发言表示希望 下一任美联储主席在经济和市场情况良好时继续降息，市场对未来利率下行预期升温。 ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:沪铜(日,元/吨) | 98,860.00 | +140.00↑ LME3个月铜(日,美元/吨) | 12,534.00 | +371.50↑ | | 期货市场 | 主力合约隔月价差(日,元/吨) | -80.00 | +60.00↑ 主力合约持仓量:沪铜(日,手) | 235,503.00 | -16594.00↓ | | | 期货前20名持仓:沪铜(日,手) | -41,742.00 | -13656.00↓ LME铜:库存(日,吨) | 157,025.00 | -1550.00↓ | | | 上期所库存:阴极铜(周,吨) | 111,703.00 | +15898.00↑ LME铜:注销仓单(日,吨) | 48,875.00 | -2875.00↓ | | | 上期所仓单:阴极铜(日,吨) | 65,878.00 | -2856.00↓ | | | | | SMM1#铜现货(日,元/吨) | 100,740.00 | ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint The short - term upward trend of cotton prices has paused due to the clear increase in cotton production in 2025. However, the expectation of a potential reduction in cotton planting areas in 2026 at home and abroad is rising, and the solidified cost of seed cotton acquisition provides strong support. The demand side is favorable, with sufficient orders from Xinjiang yarn mills, high - end yarns in short supply, higher textile operating rates than last year, and enterprises restocking as needed. The easing of Sino - US tariffs benefits textile exports, and the significant increase in cotton yarn imports in November also provides strong support for export demand [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main Zhengzhou cotton contract was 14,435 yuan/ton, a decrease of 100 yuan; the closing price of the main cotton yarn contract was 20,490 yuan/ton, a decrease of 95 yuan. - The net position of the top 20 in cotton futures was - 177,376 lots, an increase of 13,493 lots; the net position of the top 20 in cotton yarn futures was - 2268 lots, an increase of 219 lots. - The position volume of the main cotton contract was 868,630 lots, a decrease of 35,230 lots; the position volume of the main cotton yarn contract was 21,389 lots, a decrease of 1,813 lots. - The number of cotton warehouse receipts was 5,085, an increase of 232; the number of cotton yarn warehouse receipts was 19, unchanged [2]. Spot Market - The China Cotton Price Index (CCIndex:3128B) was 15,541 yuan/ton, an increase of 224 yuan; the China Yarn Price Index for pure - cotton carded 32 - count yarn was 21,140 yuan/ton, unchanged. - The China Imported Cotton Price Index (FCIndexM:1% tariff) was 12,932 yuan/ton, an increase of 34 yuan; the China Imported Cotton Price Index (FCIndexM:sliding - scale duty) was 13,928 yuan/ton, an increase of 12 yuan. - The arrival price of the imported cotton yarn price index for pure - cotton carded 32 - count yarn was 21,036 yuan/ton, a decrease of 5 yuan; the arrival price of the imported cotton yarn price index for pure - cotton combed 32 - count yarn was 22,285 yuan/ton, a decrease of 6 yuan [2]. Upstream Situation - The national cotton sowing area was 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; the national cotton output was 6160 thousand tons, an increase of 540 thousand tons [2]. Industry Situation - The cotton - yarn price difference was 5,599 yuan/ton, a decrease of 224 yuan. - The industrial inventory of cotton nationwide was 850 thousand tons, an increase of 65 thousand tons; the monthly import volume of cotton was 120 thousand tons, an increase of 30 thousand tons; the monthly import volume of cotton yarn was 150,000 tons, an increase of 10,000 tons. - The profit from imported cotton was 1,613 yuan/ton, an increase of 212 yuan; the commercial inventory of cotton nationwide was 468360 thousand tons, an increase of 175300 thousand tons. - The inventory days of yarn were 26.33 days, an increase of 0.21 days; the inventory days of grey fabric were 32.34 days, an increase of 0.37 days [2]. Downstream Situation - The monthly output of cloth was 2.81 billion meters, an increase of 0.19 billion meters; the monthly output of yarn was 2.039 million tons, an increase of 0.038 million tons. - The monthly export value of clothing and clothing accessories was 11,593,686 thousand US dollars; the monthly export value of textile yarns, fabrics and products was 12,275,733,101,731.408 thousand US dollars [2]. Option Market - The implied volatility of the at - the - money call option for cotton was 12.57%, an increase of 3.13%; the implied volatility of the at - the - money put option for cotton was 12.54%, an increase of 3.07%. - The 20 - day historical volatility of cotton was 7.95%, an increase of 2.73%; the 60 - day historical volatility of cotton was 7.28%, an increase of 1.07% [2]. Industry News - In 2025, the national cotton sowing area was 2,979.2 thousand hectares, an increase of 140.9 thousand hectares or 5.0% compared to 2024. The sowing area in Xinjiang was 3,887.5 million mu, an increase of 215.6 million mu or 5.9%. - The national cotton unit - area yield was 2,229.0 kg/ha, an increase of 57.4 kg/ha or 2.6% compared to 2024. - The national cotton total output was 6.641 million tons, an increase of 477 thousand tons or 7.7% compared to 2024. - According to the USDA report, for the week ending December 11, 2025/26, the net export sales of US upland cotton increased by 304,700 bales, a 99% increase from the previous week and a 95% increase from the average of the previous four weeks. The export shipment volume was 134,400 bales, a 32% increase from the previous week and a 17% increase from the average of the previous four weeks [2].

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - From the current supply - demand situation, the supply of sub - standard products has increased significantly. As of December 25, 2025, the physical inventory of 36 sample points of red dates this week was 15,898 tons, a decrease of 210 tons from last week, a 1.30% decrease month - on - month and a 37.17% increase year - on - year. The inventory of sample points decreased month - on - month. The acquisition in Xinjiang production areas is coming to an end with limited remaining supplies. Processing enterprises in Xinjiang and inland areas are actively arranging production and speeding up the shipment rhythm, and the market arrival volume is gradually increasing. The overall sales in the sales areas remain stable without significant fluctuations. As the sales areas enter the peak consumption season and the market arrival volume increases, the short - term decline of red date prices may be suspended [2] 3. Summary According to Relevant Catalogs Futures Market - The closing price of the futures main contract of red dates is 8,970 yuan/ton, a decrease of 10 yuan; the main contract position is 113,593 lots, an increase of 9179 lots. The net long position of the top 20 futures positions is - 15,312 lots, an increase of 9 lots. The number of warehouse receipts is 1,171, and the total effective warehouse receipt forecast is 1,047, a decrease of 39 [2] 现货市场 - The unified price of Kashgar red dates is 6.5 yuan/kg, unchanged; the wholesale price of first - grade grey dates in Hebei is 4.2 yuan/jin, unchanged; the unified price of Alar red dates is 5.65 yuan/kg, unchanged; the wholesale price of first - grade grey dates in Henan is 4.35 yuan/jin, unchanged; the unified price of Aksu red dates is 5.15 yuan/kg, unchanged; the price of special - grade red dates in Henan is 9.7 yuan/kg, unchanged; the price of special - grade red dates in Hebei is 9.61 yuan/kg, an increase of 0.05 yuan; the price of special - grade red dates in Guangdong is 10.6 yuan/kg, unchanged; the price of first - grade red dates in Guangdong is 9.5 yuan/kg, unchanged [2] Upstream Market - The annual output of red dates is 606.9 tons, an increase of 318.7 tons; the planting area is 1.993 million hectares, a decrease of 41,000 hectares [2] Industry Situation - The national red date inventory is 16,108 tons, an increase of 318 tons; the monthly export volume is 3,537,566 kg, an increase of 1,332,346 kg; the cumulative monthly export volume is 29,291,188 kg, an increase of 3,537,566 kg [2] Downstream Situation - The cumulative quarterly sales volume of Hao Xiang Ni's red dates is 36,480.43 tons, a decrease of 2,981.06 tons; the cumulative year - on - year production growth rate is 1.47%, a decrease of 34.59 percentage points. The average daily arrival volume of red dates at Ruyifang Market is 4.13 vehicles, a decrease of 1 vehicle; the monthly average wholesale price of red dates is 10.33 yuan/kg, an increase of 0.46 yuan [2] Industry News - In Hebei Cuierzhuang Market, more than 10 trucks of goods arrived at the parking area, including sub - standard and finished products. Merchants purchased according to demand, and the transactions were mainly sub - standard products. In Guangdong Ruyifang Market, 10 trucks of goods arrived, with sufficient market supply. Merchants purchased according to demand, and about 1 - 2 trucks were sold in the morning market [2]

1. Report Industry Investment Rating - No information about the report industry investment rating is provided in the content. 2. Report's Core View - In the apple industry, the inventory Fuji transactions in Shandong and Shaanxi production areas have changed little. Traders continue to pick up the goods by themselves, and the trading volume of fruit farmers' goods is small. The prices of good - quality goods are stable, while those of average and poor - quality goods show a weakening trend. In Gansu production area, the inventory apple transactions are stable. The transactions in some high - cost - performance areas of inventory Fuji have ended, and the transactions are gradually shifting to high - price areas and Huaniu apples, with basically stable prices. The number of apple - seeking merchants in production areas has increased slightly, but the transactions of fruit farmers' goods are limited, and the in - warehouse packaging and shipping have increased. As of December 24, 2025, the inventory of apples in cold storage in the main production areas of the country is 744.04 tons, a decrease of 8.94 tons from last week, and the de - stocking speed is lower than the same period last year. The inventory ratio in Shandong and Shaanxi production areas has decreased, but the shipping speed in Shandong is not fast, mainly through foreign trade channels, and the overall shipping volume has increased slightly. The transactions in Shaanxi are light, and the prices of some fruit farmers' general goods in Luochuan have loosened. In the sales area, the arrival of goods has increased. Driven by festivals such as the Winter Solstice and Christmas, the sales have improved slightly, but there is still pressure to digest. Fruits such as cherries and citrus are popular in the market, and the short - term price will mainly fluctuate. [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the apple futures main contract is 9163 yuan/ton. The net long position of the top 20 futures holders is 3129 hands, a decrease of 1719 hands. The main contract position is 138,844 hands, a decrease of 3342 hands [2]. 3.2现货市场 - The spot price of apples in Gansu Jingning (paper - bagged above 75) is 5.25 yuan/jin, and that in Shandong Yiyuan (paper - bagged above 75) is 2.6 yuan/jin. The spot price of apples in Shaanxi Luochuan (paper - bagged above 70 semi - commercial products) is 4.2 yuan/jin, and that in Shandong Yantai Qixia (paper - bagged above 80 first - grade products) is 4 yuan/jin, all with no change [2]. 3.3 Upstream Situation - The annual apple production in the country is 5128.51 tons, an increase of 168.34 tons. The weekly average wholesale price of apples is 9.3 yuan/kg, a decrease of 0.07 yuan/kg; the average wholesale price of Fuji apples is 9.1 yuan/kg, a decrease of 0.04 yuan/kg. The total inventory of national apple cold storage is 744.04 tons, a decrease of 8.94 tons. The inventory ratio in Shandong is 0.57, and that in Shaanxi is 0.53. The monthly export volume of apples is 120,000 tons, an increase of 40,000 tons [2]. 3.4 产业情况 - The monthly import value of fresh and dried fruits and nuts is 30.5 million US dollars, and the monthly export value of apples has decreased by 216,418 US dollars. The profit of first - and second - grade paper - bagged 80 apple storage merchants per week is 0 yuan [2]. 3.5 Downstream Situation - The weekly wholesale price of pears is 6.72 yuan/kg, an increase of 0.04 yuan/kg; the wholesale price of bananas is 6.83 yuan/kg, an increase of 0.23 yuan/kg; the wholesale price of watermelons is 5.73 yuan/kg, an increase of 0.09 yuan/kg. The average daily arrival of vehicles in the morning at the Guangdong Jiangmen wholesale market is 18.6 vehicles, an increase of 1.4 vehicles; at the Guangdong Xiaqiao wholesale market is 35.8 vehicles; at the Guangdong Chalong wholesale market is 24.4 vehicles, an increase of 8.2 vehicles [2]. 3.6 Option Market - The implied volatility of at - the - money call options on apples is 24.47%, a decrease of 0.31%; the implied volatility of at - the - money put options is 24.46%, a decrease of 0.32% [2].

铝类产业日报 2025/12/29 | 项目类别 | 数据指标 最新 环比 数据指标 最新 环比 | | | | | | --- | --- | --- | --- | --- | --- | | | 沪铝主力合约收盘价(日,元/吨) 主力-连二合约价差:沪铝(日,元/吨) 主力合约持仓量:沪铝(日,手) | 22,570.00 -110.00 289,226.00 | +165.00↑ 氧化铝期货主力合约收盘价(日,元/吨) +25.00↑ 主力-连二合约价差:氧化铝(日,元/吨) -10415.00↓ 主力合约持仓量:氧化铝(日,手) | 2,751.00 -122.00 396,675.00 | -42.00↓ +2.00↑ +68059.00↑ | | | LME铝注销仓单(日,吨) | 73,225.00 | 0.00 库存:氧化铝:合计(周,万吨) | 196,972.00 | -594.00↓ | | 期货市场 | LME电解铝三个月报价（日，美元/吨） | 2,956.50 | +15.50↑ LME铝库存（日，吨） | 521,050.00 | +1450.00↑ | | | 沪铝前20名净 ...