20251209申万期货有色金属基差日报 | 品种 | 观点 | | --- | --- | | 铜 | 铜：夜盘铜价收低。精矿供应延续紧张状态，冶炼利润处于盈亏边缘，冶炼产量虽环比回 落，但总体延续高增长。国家统计局数据显示，电力投资稳定；汽车产销正增长；家电产 量负增长；地产持续疲弱。矿供应扰动导致全球铜供求转向缺口。关注美元、铜冶炼产量 | | | 和下游需求等变化。 | | 锌 | 锌：夜盘锌价收低。锌精矿加工费回落，精矿供应阶段性紧张，冶炼产量延续增长。中钢 协统计的镀锌板库存总体高位。基建投资累计增速趋缓，汽车产销正增长；家电产量负增 | | | 长；地产持续疲弱。锌供求总体差异不明显，但需要关注目前有色整体市场情绪。建议关 | | | 注美元、冶炼产量和下游需求等变化。 | | 品种 | 国内前日期货 收盘价 | 国内基差 | 前日LME3月 期收盘价 | LME现货升贴水 （CASH-3M） | LME库存 | LME库存日 度变化 | | --- | --- | --- | --- | --- | --- | --- | | | （元/吨） | （元/吨） | (美元/吨） | （美元/吨） ...

| 1、央行公告称，12月8日以固定利率、数量招标方式开展了1223亿元7天期逆回购操作，操作利率1.40%，投标量1223 | | | | --- | --- | --- | | 亿元，中标量1223亿元。Wind数据显示，当日1076亿元逆回购到期，据此计算，单日净投放147亿元。 | | | | 2、中共中央政治局召开会议，分析研究2026年经济工作。会议强调，明年经济工作要坚持稳中求进、提质增效，继续 | | 实施更加积极的财政政策和适度宽松的货币政策，发挥存量政策和增量政策集成效应，加大逆周期和跨周期调节力 | | 度，切实提升宏观经济治理效能。要坚持内需主导，建设强大国内市场；坚持创新驱动，加紧培育壮大新动能；坚持 | | | | 改革攻坚，增强高质量发展动力活力；坚持对外开放，推动多领域合作共赢；坚持协调发展，促进城乡融合和区域联 | | 动；坚持"双碳"引领，推动全面绿色转型；坚持民生为大，努力为人民群众多办实事；坚持守牢底线，积极稳妥化 | | 解重点领域风险。 | | | | 3、12月3日，中共中央在中南海召开党外人士座谈会，就今年经济形势和明年经济工作听取各民主党派中央、全国工 | | ...

| 申万期货品种策略日报——股指 | | | | | --- | --- | --- | --- | | 2025/12/9 星期二 申银万国期货研究所 贾婷婷（从业资格号：F3056905；交易咨询号：Z0016232 ）jiatt@sywgqh.com.cn;15921620356 | | | | | 申银万国期货研究所 柴玉荣 （从业资格号：F03111639；交易咨询号：Z0018586）chaiyr@sywgqh.com.cn;18802979529 | | | | | 一、股指期货市场 IF当月 | IF下月 | IF下季 | IF隔季 | | 前两日收盘价 4574.40 | 4557.00 | 4535.80 | 4487.80 | | 前日收盘价 4613.20 | 4597.40 | 4576.00 | 4529.00 | | 涨跌 35.00 沪深300 | 38.20 | 36.40 | 37.40 | | 涨跌幅 0.76 | 0.84 | 0.80 | 0.83 | | 成交量 76082.00 | 7171.00 | 31206.00 | 6069.00 | | 持仓量 1328 ...

| CNF到岸价: | 指标 | | --- | --- | | 名称 | | | | 申银万国期货研究所 | | | | 李霁月（从业编号:F03119649；交易咨询号:Z0019570） | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | lijy@sywgqh.com.cn | | | | | | | 豆油主力 | 棕榈油主力 | 菜油主力 | 豆粕主力 | 菜粕主力 | 花生主力 | | | 前日收盘价 | 8230 | 8706 | 9502 | 2778 | 2395 | 8844 | | 国 | 涨跌 | -36 | -64 | -116 | -43 | -2 | 26 | | 内 | 涨跌幅(%) | -0.44% | -0.73% | -3.15% | -1.52% | -0.08% | 0.29% | | 期 | 价差 | Y9-1 | P9-1 | OI9-1 | Y-P09 | OI-Y09 | OI-P09 | | 货 | 现值 | -278 | -160 | -102 | -594 | 1448 | ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report analyzes the economic situation and market trends of various commodities. It points out that China will continue to implement a more proactive fiscal policy and a moderately loose monetary policy in 2026, aiming to promote stable economic development and improve quality and efficiency. The market trends of different commodities are affected by multiple factors such as supply - demand relationships, international policies, and macro - economic indicators [1][6]. 3. Summary by Directory I. Main News on the Day - **International News**: The Chinese Foreign Ministry spokesman responded to the Japanese Prime Minister's remarks on Taiwan, emphasizing that Asian neighbors and the international community should remain vigilant and urging Japan to reflect on its actions [6]. - **Domestic News**: The Political Bureau of the CPC Central Committee held a meeting to analyze the economic work in 2026, emphasizing the implementation of proactive fiscal and moderately loose monetary policies, and highlighting the importance of people's livelihood and economic planning [6]. - **Industry News**: From January to November, the sales revenue of the mobile communication equipment retail industry and the household appliance retail industry increased by 20.3% and 26.5% respectively year - on - year, and the sales revenue of new energy passenger cars increased by 19.1% year - on - year [6]. II. Daily Returns of Foreign Markets - The S&P 500 index decreased by 0.35%, the FTSE China A50 futures increased by 0.87%, ICE Brent crude oil decreased by 2.16%, and LME copper increased by 0.09% on December 8 compared with December 7 [7]. III. Morning Comments on Major Commodities - **Financial Commodities** - **Stock Index**: Before the policies of the Fed's December interest - rate meeting and the Central Economic Work Conference are officially announced, the stock market is expected to be volatile, and funds may be more cautious. After the policies are clear, market risk appetite is expected to increase [8]. - **Treasury Bonds**: The long - term Treasury bond futures prices remain weak due to factors such as the expected increase in policy introduction, the reduction of demand for long - term Treasury bonds, and the impact of new fund sales regulations [2][9][10]. - **Energy and Chemical Commodities** - **Crude Oil**: The overall downward trend of crude oil is difficult to reverse. The US labor market shows signs of stagnation, and the sanctions on Russian oil companies may have only a short - term impact on supply [11]. - **Methanol**: Methanol is expected to be weak in the short term. The domestic methanol plant operating rate has increased, and the coastal inventory has decreased, but it is still at a high level [12]. - **Rubber**: The rubber price is expected to fluctuate widely in the short term. Overseas supply pressure exists, while domestic supply elasticity is weak, and demand supports the stable operation of the all - steel tire industry [13]. - **Polyolefins**: Polyolefins are in a low - level oscillation process. The downstream demand is stable, but market sentiment is affected by the weakness of crude oil and other commodities [14]. - **Glass and Soda Ash**: Both glass and soda ash are in the process of inventory digestion. The market is cautious. The adjustment effect of the glass supply side needs time, and the supply - demand digestion pressure of soda ash increases [15][16]. - **Metals** - **Precious Metals**: Although precious metals are weakly volatile in the short term, the long - term upward trend remains unchanged due to factors such as the weakening of the US dollar and central bank gold purchases [17]. - **Copper**: The copper price closed lower at night. The concentrate supply is tight, and the global copper supply - demand is expected to turn into a deficit due to mining supply disruptions [18]. - **Zinc**: The zinc price closed lower at night. The zinc concentrate supply is temporarily tight, and the overall supply - demand difference is not obvious, but market sentiment needs to be concerned [19]. - **Aluminum**: The short - term aluminum price may face a correction. The long - term supply limitation and low inventory support the aluminum price, and the medium - to - long - term outlook is optimistic [20]. - **Lithium Carbonate**: The current price of lithium carbonate has a high risk of chasing up. In the long term, it is recommended to take a bullish approach after a correction [21][22]. - **Black Commodities** - **Coking Coal and Coke**: The coking coal and coke futures are expected to fluctuate in the short term. The demand for coking coal and coke is affected by the expected reduction in iron - making production, but policy expectations may provide upward momentum [23]. - **Iron Ore**: The iron ore price is expected to fluctuate slightly stronger in the short term. The market shows an increase in supply and a decrease in demand, but the low inventory level of steel mills and the obvious discount of the futures price support the price [24]. - **Steel**: The steel price is expected to fluctuate strongly in the short term. The market is in a situation of weak supply and demand, but the positive macro - expectations and the stability of raw material prices support the price [25]. - **Agricultural Products** - **Protein Meal**: The protein meal is expected to be weak. The Brazilian soybean planting progress is accelerating, and the domestic supply expectation is sufficient, which puts pressure on the price [26][27]. - **Oils and Fats**: Oils and fats are running weakly. The palm oil production recovery is lower than expected, but inventory accumulation may limit the upside. The arrival of Australian rapeseed eases the supply shortage expectation of rapeseed oil [3][28]. - **Sugar**: The domestic sugar price is expected to fluctuate at a low level. The international sugar price is affected by the production and export situation of Brazil and India, while the domestic supply pressure is increasing seasonally [29]. - **Cotton**: The cotton price is expected to fluctuate strongly in the short term. The domestic supply is relatively sufficient, and the downstream demand and macro - sentiment support the price, but the upside space may be limited [30]. - **Shipping Index** - **Container Shipping to Europe**: The 02 contract of container shipping to Europe is expected to fluctuate, and the 04 contract may decline further. The market is affected by factors such as the supply - demand relationship and the potential resumption of shipping in the Red Sea [31].

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core View of the Report - Polyolefin futures declined. On the spot market, the prices of linear LL from Sinopec remained stable, while those from PetroChina were partially reduced by 100 yuan. For drawn PP, the prices from both Sinopec and PetroChina remained stable. Fundamentally, the overall operating rate of the downstream demand side seems to have reached its peak, and demand is steadily being released. However, market sentiment is still affected by the weakness of crude oil and the overall commodity market. In the short term, the valuation of polyolefins themselves is at a low level, and after the current rebound, they generally maintain a low-level oscillation process [2]. 3. Summary by Relevant Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 6643 yuan, 6708 yuan, and 6754 yuan respectively, with declines of -31 yuan, -34 yuan, and -34 yuan, and decreases of -0.46%, -0.50%, and -0.50% respectively. The trading volumes were 234,875, 153,809, and 1,942 respectively, and the open interests were 374,193, 315,983, and 5,089 respectively, with changes of -19,347, +21,166, and +386 respectively. The current spreads between January - May, May - September, and September - January were -65 yuan, -46 yuan, and 111 yuan respectively [2]. - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 6275 yuan, 6370 yuan, and 6409 yuan respectively, with declines of -12 yuan, -12 yuan, and -11 yuan, and decreases of -0.19%, -0.19%, and -0.17% respectively. The trading volumes were 299,256, 139,493, and 2,275 respectively, and the open interests were 423,064, 319,140, and 17,920 respectively, with changes of -11,444, +12,252, and +124 respectively. The current spreads between January - May, May - September, and September - January were -95 yuan, -39 yuan, and 134 yuan respectively [2]. Spot Market - **Raw Materials and Semi - finished Products**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 2093 yuan/ton, 6100 yuan/ton, 589 dollars/ton, 5600 yuan/ton, 6083 yuan/ton, and 8700 yuan/ton respectively [2]. - **Mid - stream**: The current price ranges of LL in the East China, North China, and South China markets were 6750 - 7150 yuan, 6600 - 6900 yuan, and 6750 - 7100 yuan respectively. The current price ranges of PP in the East China, North China, and South China markets were 6200 - 6350 yuan, 6100 - 6250 yuan, and 6200 - 6450 yuan respectively [2]. News - On Monday (December 8), the settlement price of West Texas Intermediate crude oil futures for January 2026 on the New York Mercantile Exchange was $58.88 per barrel, down $1.20 from the previous trading day, a decrease of 2.00%, with a trading range of $58.68 - $60.30. The settlement price of Brent crude oil futures for February 2026 on the London Intercontinental Exchange was $62.49 per barrel, down $1.26 from the previous trading day, a decrease of 1.98%, with a trading range of $62.34 - $63.96 [2].

20251208申万期货品种策略日报-原油甲醇 | | | | | 申银万国期货研究所 董超 （从业编号F3030150 投资咨询号Z0012596） dongchao@sywgqh.com.cn 021-50583880 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | SC近月 | SC次月 | WTI近月 | WTI次月 | Brent近月 | Brent次月 | | | 前日收盘价 | 453.7 | 454.8 | 60.14 | 59.83 | 63.37 | 62.96 | | | 前2日收盘价 | 452.6 | 453.9 | 59.70 | 59.36 | 62.75 | 62.35 | | | 涨跌 | 1.1 | 0.9 | 0.44 | 0.47 | 0.62 | 0.61 | | | 涨跌幅 | 0.24% | 0.20% | 0.74% | 0.79% | 0.99% | 0.98% | | | 成交量 | 66,825 | 19,066 | 240,924 | 141,512 | 218,464 | ...

Report Investment Rating The report does not provide an overall industry investment rating. Core Viewpoints - The release of the "Guidelines for the Performance Appraisal Management of Fund Management Companies (Draft for Comment)" aims to guide fund management companies to link employee incentives with long - term fund performance [1]. - In December 2025, the Fed's December interest - rate meeting and the Central Economic Work Conference in China will affect the rhythm of the A - share market in December and lay the foundation for the cross - year market and the investment main line in 2026. Before the policies are officially implemented, the stock market is expected to be volatile, and funds may be more defensive. After the policies are clear, market risk appetite may increase [2][10]. - The downward trend of crude oil is hard to reverse, while copper supply is turning into a gap due to mine supply disruptions [3][20]. Summary by Directory 1. Chief Comment - On December 6, 2025, the "Guidelines for the Performance Appraisal Management of Fund Management Companies (Draft for Comment)" was issued, which makes systematic regulations from multiple dimensions such as salary structure, performance appraisal, payment mechanism, and accountability system, guiding fund management companies to link employee incentives with long - term fund performance [1]. 2. Key Varieties 2.1 Index Futures - The three major US indices rose slightly, and the previous trading day saw a significant rise in index futures. The non - banking financial sector led the gain, while the banking sector led the decline, with a market turnover of 1.74 trillion yuan. On December 4, the margin trading balance increased by 1.3 billion yuan to 2466.489 billion yuan. Before the policies of the two major meetings are officially implemented, the stock market is expected to be volatile, and funds may be more defensive. After the policies are clear, market risk appetite may increase [2][10]. 2.2 Crude Oil - SC crude oil rose 0.82% at night. The US labor market showed stagnant growth and reduced liquidity in November. The US sanctions on two European oil companies may cause short - term supply disruptions but are unlikely to have a long - term impact on the market. The overall downward trend is hard to reverse [3][13]. 2.3 Copper - Copper prices closed lower over the weekend night session. Concentrate supply remains tight, and smelting profits are at the break - even point. Although smelting output has declined month - on - month, it still shows overall high growth. The supply - demand of global copper has turned into a gap due to mine supply disruptions [3][20]. 3. Variety Views | Variety | Bearish (Possibility) | Bullish (Possibility) | | --- | --- | --- | | Index Futures (IH, IF, IC, IM) | | √ | | Crude Oil | √ | | | Methanol | √ | | | Rubber | | √ | | Cotton | | √ | | Apple | √ | | | Corn | | √ | | Soda Ash | √ | | | Glass | √ | | | Container Shipping to Europe | √ | | [5] 4. Main News on the Day 4.1 International News - On the evening of December 5, Chinese and US economic and trade leaders held a video call, discussing practical cooperation and resolving concerns in the economic and trade field, and positively evaluating the implementation of the results of the Kuala Lumpur economic and trade consultations [6]. 4.2 Domestic News - Premier Li Qiang will hold a "1 + 10" dialogue with leaders of international economic organizations on December 9, with the theme of "Consulting on Global Governance and Seeking Global Development" [6]. 4.3 Industry News - In 2024, China's automobile export volume reached 5.859 million vehicles, ranking first globally. It is expected to exceed 6.8 million vehicles this year. Chinese automobile enterprises are shifting from "selling products" to "building brands" and from "single - point expansion overseas" to "systematic expansion overseas" [7][8]. 5. Daily Returns of Overseas Markets - The report provides the closing prices, price changes, and percentage changes of various overseas market varieties on December 4 and 5, 2025, including the S&P 500, FTSE China A50 Futures, ICE Brent Crude Oil, etc. [9] 6. Morning Comments on Major Varieties 6.1 Financial - **Index Futures**: Similar to the key varieties section, affected by the two major meetings, the stock market is expected to be volatile before the policies are clear and may become more bullish after that [2][10]. - **Treasury Bonds**: Treasury bonds stabilized slightly, with the yield of the 10 - year active treasury bond falling to 1.8335%. The market capital is stable. Concerns about global liquidity tightening have led to a rise in US bond yields. The economic situation is generally stable, but the real estate market is still in adjustment. Policy expectations are increasing at the end of the year, which may cause fluctuations in the bond market [11][12]. 6.2 Energy and Chemicals - **Crude Oil**: The downward trend is hard to reverse, with short - term supply disruptions possibly caused by sanctions [3][13]. - **Methanol**: Methanol prices fell 1.05% at night. The average operating load of domestic coal - to - olefin plants increased. Coastal methanol inventories decreased, but they are still at a historical high. Short - term methanol is expected to be volatile and weak [14]. - **Rubber**: Natural rubber futures declined last week. Overseas supply is increasing, while domestic supply is becoming less elastic. Demand supports the stable operation of all - steel tire production. The price is expected to be volatile in the short term [15]. - **Polyolefins**: Polyolefin futures declined. Downstream demand is stable, but market sentiment is affected by the weakness of crude oil and commodities. Polyolefins are currently in a low - level volatile state [16]. - **Glass and Soda Ash**: Glass futures mainly declined, and soda ash futures continued to be weak. Both are in the process of inventory digestion, and the market is cautious. Attention should be paid to potential changes in production [17][18]. 6.3 Metals - **Precious Metals**: Precious metals are oscillating strongly. Weak employment data strengthens the expectation of a December interest - rate cut, and the long - term upward trend remains unchanged [19]. - **Copper**: Copper prices closed lower over the weekend night session. Concentrate supply is tight, and the supply - demand has turned into a gap. Attention should be paid to changes in the US dollar, smelting output, and downstream demand [20]. - **Zinc**: Zinc prices closed lower over the weekend night session. Concentrate supply is temporarily tight, and there is no significant difference in supply - demand. Attention should be paid to market sentiment, the US dollar, smelting output, and downstream demand [21]. - **Aluminum**: The price of Shanghai aluminum declined at night. Macro factors support the aluminum price, and long - term supply constraints and low inventories support the price from below. The increase in production in December is limited, and demand shows resilience [22]. 6.4 Black Metals - **Coking Coal and Coke**: The coking coal and coke market was weak on the night of last Friday. Steel mill profits are low, and there is an expectation of reduced iron - water production, which is negative for future demand. However, strong policy expectations in December may drive the market up. The market is expected to be volatile in the short term [23]. 6.5 Agricultural Products - **Protein Meals**: Bean and rapeseed meal prices fluctuated and declined at night. Brazil's soybean sowing progress has accelerated, but China's suspension of the export qualifications of five Brazilian exporters has raised concerns about supply stability. US soybean exports are slow, and domestic soybean supply is sufficient, which restricts the upward space of prices [25]. - **Oils and Fats**: Bean and palm oil prices oscillated strongly at night, while rapeseed oil prices declined slightly. Palm oil production is expected to increase, but the inventory inflection point may not appear until December. The supply of rapeseed oil is expected to increase, which may suppress its price [26]. - **Sugar**: Zhengzhou sugar prices rebounded slightly at night and are expected to be weak in the short term. Internationally, the early end of Brazil's sugar - cane crushing and India's production and export situation will affect sugar prices. Domestically, sugar supply is increasing seasonally, and import restrictions and high production costs support the price [27]. - **Cotton**: Zhengzhou cotton prices weakened at night and are expected to be oscillating strongly in the short term. Domestic supply is sufficient, downstream orders are decreasing, but consumption is still acceptable. Macro - sentiment and Christmas orders support the price, but there is limited upward space [28]. 6.6 Shipping Index - **Container Shipping to Europe**: The EC contract opened high and oscillated on Friday, with the 02 contract rising 4.04%. The SCFI European line price decreased slightly. Shipping companies are trying to support prices at the end of the year, but the market is facing supply - surplus pressure. The 02 contract is expected to be volatile, and the 04 contract may decline [29].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - Polyolefin futures declined. On the spot market, prices of linear LL and拉丝 PP from Sinopec and PetroChina remained stable. From a fundamental perspective, the overall operating rate of downstream demand seems to have reached its peak, and demand is steadily being released. However, market sentiment is still affected by the weakness of crude oil and the overall commodity market. In the short term, the valuation of polyolefins is at a low level, and after the current rebound, they generally remain in a low - level oscillation process [2] Group 3: Summary by Related Catalogs Futures Market - **Price Changes**: For LL futures, the prices of contracts in January, May, and September decreased by -1.51%, -1.27%, and -1.15% respectively compared to the previous two days; for PP futures, the decreases were -1.13%, -1.08%, and -0.96% respectively [2] - **Trading Volume**: The trading volumes of LL futures contracts in January, May, and September were 282,287, 144,721, and 1,390 respectively; for PP futures, they were 259,821, 108,437, and 2,085 respectively [2] - **Open Interest**: The open interests of LL futures contracts in January, May, and September were 393,540, 294,817, and 4,703 respectively, with changes of +7,056, +25,032, and +250; for PP futures, they were 434,508, 306,888, and 17,796 respectively, with changes of -15,691, +14,332, and +78 [2] - **Spreads**: For LL futures, the spreads of January - May, May - September, and September - January were -68, -46, and 114 respectively; for PP futures, they were -95, -38, and 133 respectively [2] Spot Market - **Raw Materials and Semi - products**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder materials, and mulch film were 2,081 yuan/ton, 6,050 yuan/ton, 585 dollars/ton, 5,600 yuan/ton, 6,100 yuan/ton, and 8,700 yuan/ton respectively [2] - **Mid - stream Market**: The current price ranges of LL in the East China, North China, and South China markets were 6,800 - 7,150 yuan/ton, 6,650 - 6,950 yuan/ton, and 6,800 - 7,150 yuan/ton respectively; for PP, they were 6,200 - 6,350 yuan/ton, 6,150 - 6,300 yuan/ton, and 6,250 - 6,450 yuan/ton respectively [2] News - On Friday (December 5th), the settlement price of West Texas Intermediate crude oil futures for January 2026 on the New York Mercantile Exchange was $60.08 per barrel, up $0.41 or 0.69% from the previous trading day, with a trading range of $59.42 - $60.50. The settlement price of Brent crude oil futures for February 2026 on the London Intercontinental Exchange was $63.75 per barrel, up $0.49 or 0.77% from the previous trading day, with a trading range of $63.06 - $64.09 [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - In December 2025, the global financial market will witness two major policy events: the Fed's December interest rate meeting and China's Central Economic Work Conference. The Fed's decision will impact global capital flows and risk appetite, while the Central Economic Work Conference will clarify China's economic policy framework and industrial development direction for 2026. Before the official implementation of the policies of the two meetings, funds may be more cautious, and the stock market is expected to remain volatile. After the meeting content is clear, the positive policy signals and the Fed's interest rate cuts will resonate, and the market risk preference is expected to rise again [2] 3. Summary of Each Section 3.1 Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts (including the current month, next month, next quarter, and the quarter after next) increased, with price increases of 46.00, 46.40, 45.20, and 46.20 respectively, and price increases of 1.02%, 1.03%, 1.01%, and 1.04%. The trading volumes were 84,754.00, 5,005.00, 29,046.00, and 6,014.00 respectively. The positions increased by 6,821.00, 2,041.00, 5,658.00, and 707.00 respectively [1] - **IH Contracts**: The previous day's closing prices of IH contracts increased, with price increases of 32.00, 32.40, 32.20, and 32.80 respectively, and price increases of 1.08%, 1.10%, 1.09%, and 1.12%. The trading volumes were 38,569.00, 2,721.00, 12,268.00, and 3,123.00 respectively. The positions increased by 6,493.00, 1,333.00, 2,695.00, and 1,013.00 respectively [1] - **IC Contracts**: The previous day's closing prices of IC contracts increased, with price increases of 107.60, 102.60, 103.80, and 105.40 respectively, and price increases of 1.54%, 1.48%, 1.53%, and 1.60%. The trading volumes were 83,349.00, 5,876.00, 33,919.00, and 8,827.00 respectively. The positions increased by 7,712.00, 1,722.00, 6,121.00, and 634.00 respectively [1] - **IM Contracts**: The previous day's closing prices of IM contracts increased, with price increases of 115.80, 112.80, 109.60, and 107.00 respectively, and price increases of 1.61%, 1.58%, 1.57%, and 1.59%. The trading volumes were 146,937.00, 10,614.00, 47,651.00, and 15,250.00 respectively. The positions increased by 8,115.00, 3,280.00, 6,975.00, and 1,387.00 respectively [1] - **Inter - month Spreads**: The current values of the inter - month spreads of IF, IH, IC, and IM contracts were -17.40, -6.80, -59.40, and -77.20 respectively, compared with the previous values of -18.40, -8.40, -57.00, and -76.20 [1] 3.2 Stock Index Spot Market - **Major Indexes**: The previous day's closing prices of the CSI 300, SSE 50, CSI 500, and CSI 1000 indexes increased, with price increases of 37.97, 27.67, 85.03, and 93.83 respectively, and price increases of 0.84%, 0.93%, 1.21%, and 1.29%. The trading volumes (in billions of lots) were 196.80, 44.60, 168.74, and 215.73 respectively, and the total trading amounts (in billions of RMB) were 4,121.47, 1,104.47, 2,751.08, and 3,528.06 respectively [1] - **Industry Indexes**: Among the CSI 300 industry indexes, the raw materials, industry, optional consumption, major consumption, medical and health, real estate and finance, information technology, and telecommunications services sectors increased, with price increases of 2.07%, 1.16%, 0.44%, 0.30%, 0.65%, 1.33%, 0.14%, and 0.43% respectively. The energy and public utilities sectors decreased, with price decreases of 0.57% and 0.24% respectively [1] 3.3 Futures - Spot Basis - The previous day's values of the futures - spot basis of IF, IH, IC, and IM contracts (compared with their corresponding spot indexes) were higher than the values of the day before the previous day, indicating a narrowing of the basis [1] 3.4 Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous day's closing prices of the Shanghai Composite Index, Shenzhen Component Index, Small - and Medium - Cap Board Index, and ChiNext Index increased, with price increases of 0.70%, 1.08%, 0.68%, and 1.36% respectively [1] - **Overseas Indexes**: The previous day's closing prices of the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index increased, with price increases of 0.58%, 2.33%, 0.19%, and 0.61% respectively [1] 3.5 Macroeconomic Information - The Ministry of Industry and Information Technology will focus on promoting the stable growth of the industrial economy, comprehensively deepening reforms, and ensuring the security of key industrial chains and supply chains [2] - As of the end of November 2025, China's foreign exchange reserves reached 3.3464 trillion US dollars, an increase of 0.09% compared with the end of October, and the central bank's gold reserves increased for the 13th consecutive month [2] - From January to November, the number of new disclosure of shareholding increase plans by Shanghai - listed companies was 210 times, with the upper limit of the planned shareholding increase amount reaching 64.984 billion RMB, a year - on - year increase of 25.43% [2] - In 2025, the issuance of Fund of Funds (FOF) boomed. As of December 7, 74 new public - offering FOFs were established, with a total issuance scale of 77.606 billion RMB, reaching a new high in the past four years [2] 3.6 Industry Information - Multiple rare - disease drugs were included in the 2025 medical insurance catalog and the commercial insurance innovative drug catalog, and five CAR - T drugs were included in the commercial insurance innovative drug catalog [2] - In October, the global semiconductor sales increased by 33% year - on - year to 71.3 billion US dollars, and the DRAM sales increased by 90% year - on - year, mainly driven by the demand for artificial intelligence [2] - The 2025 Cultured Diamond Industry Conference was held in Zhengzhou. Henan's annual output of cultured diamonds is nearly 25 million carats, but there is a lack of high - end differentiated brands. It is expected that by 2030, there will be more than 10 well - known Chinese cultured diamond brands and 1 - 2 international brands [2]