股指期货数据日报 2025年12月23日 IM每日行情 IM行情概要 IM成交持仓 IM主力合约贴水195.02点，较前日上升9.73点；年化基 差率为-11.24%。 单位：点、手、亿元 单位：手 IM四合约分红影响分别为0.57点、0.57点、0.57点和 43.71点。 | | 收盘价 | +/- | 成交量 | +/- | | 成交额 | +/- | | 持仓量 | +/- | 持仓保证金 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 中证1000 | 7392.42 | -0.22% | 22,429 | | 1 % | | 3,972 | 4 % | | | | | | IM2601 | 7343.00 | -0.16% | 36,927 | | -8% | | 543 | -8% | 93,993 | -1,034 | | 166 | | IM2602 | 7264.80 | -0.17% | 4,741 | | -1% | | 6 9 | -1% | 5,137 | 4 ...

期货从业证号： F3084078 投资咨询证号： Z0018656 大宗商品研究所 航运研发报告 航运日报 2025 年 12 月 23 日 研究员：贾瑞林 | 银河期货集运指数 | | | | （欧线） 日报 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | 期货合约 | 收盘价 | 涨跌 | 涨跌幅 | 成交量 （手） | 增减幅 | 持仓量(手) | 增减幅 | | EC2512 | 1,606.0 | -25.0 | -1.53% | 281.0 | 181.00% | 1,890.0 | -3.37% | | EC2602 | 1,806.6 | -65.2 | -3.48% | 41,660.0 | -20.95% | 35,004.0 | -4.12% | | EC2604 | 1,158.0 | -8.8 | -0.75% | 7,754.0 | -33.77% | 20,867.0 | 1.93% | | EC2606 | 1,331.7 | 11.7 | 0.89% | 37 ...

研究所 黑色金属研发报告 黑色金属日报 2025 年 12 月 23 日 研究员：周涛 期货从业证号： F03134259 投资咨询证号： Z0021009 联系方式： :zhoutao_qh1@chinastock. com.cn | 第一部分 | | | | 市场信息 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期 货 | | | | | | | | | 期货合约 | 收盘价 | 日变动 | 周变动 | 成交量 | 日变化 | 持仓量 | 日变化 | | SF主力合约 | 5648 | 4 | 166 | 241006 | -61992 | 250343 | 129 | | SM主力合约 | 5822 | -18 | 86 | 159916 | -56278 | 280367 | -1468 | | 现 货 | | | | | | | | | 硅铁 现货价格 | | 日变动 | 周变动 | 硅锰 | 现货价格 | 日变动 | 周变动 | | 72%FeSi内蒙 | 5350 | 20 | 70 | 硅锰6517内蒙 | 5570 ...

Report Summary 1. Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core Viewpoints - The US corn market is in a strong and volatile state. Although the USDA's December report shows an increase in US corn exports and a decrease in inventory, the production remains at a high level. The import profit of foreign corn has declined, and the import price from Brazil in February is 2158 yuan. The domestic corn market is affected by factors such as seasonal selling pressure in Northeast China before the Spring Festival and downstream inventory building. The short - term spot market is relatively strong, but there are still downward risks [4][6]. - The starch market is mainly affected by corn prices and downstream stocking. The inventory of corn starch has increased this week, and the corporate profit has declined. The short - term starch spot price is stable, and the 03 starch contract is expected to fluctuate narrowly [7]. 3. Summary by Directory Data - **Futures Market**: The closing prices of most corn and corn starch futures contracts on December 23, 2025, showed small fluctuations. For example, C2601 closed at 2210, down 10 or 0.45%; CS2601 closed at 2485, down 12 or 0.48%. The trading volume and open interest of each contract also changed to different extents [2]. - **Spot and Basis**: Corn spot prices are stable in some areas, with the price in Qinggang at 2080 yuan, and the basis in different regions ranges from - 176 to 174 yuan. Starch spot prices are also relatively stable, with some prices unchanged and the basis ranging from 166 to 346 yuan. The price of some starch products in Shandong decreased by 30 yuan [2]. - **Spread**: The spreads of corn and corn starch in different periods and between varieties also changed. For example, C01 - C05 spread was - 15, down 8; CS01 - CS05 spread was - 49, down 14 [2]. Market Judgment - **Corn**: The US corn market is strong and volatile. The import profit of foreign corn has declined. The spot price in the northern ports is stable, and the spot price in the Northeast corn - producing area is weak. The supply in North China has decreased, and the spot price is stable. The domestic breeding demand is stable, and some downstream feed enterprises are building inventories in the Northeast. The market is concerned about the seasonal selling pressure of Northeast corn before the Spring Festival and the downstream inventory - building situation [4][6]. - **Starch**: The number of trucks arriving at Shandong deep - processing plants has decreased, and the corn spot price in Shandong is stable. The starch inventory has increased this week, with the factory inventory at 107.4 million tons, an increase of 2.5 million tons from last week, a monthly increase of 0.5%, and a year - on - year increase of 22.3%. The starch price mainly depends on the corn price and downstream stocking. The by - product price is strong, and the corporate profit has declined. The 03 starch contract followed the corn price down, and the North China corn price may decline in December [7]. Trading Strategy - **Unilateral**: The 03 US corn has support at 430 cents per bushel. Consider going long on the 07 corn contract at a low price [9]. - **Arbitrage**: Adopt a wait - and - see strategy [10]. Corn Options - The option strategy is a short - term cumulative put strategy with rolling operations [11]. Relevant Attachments The report provides multiple charts, including the spot price of corn in different regions, the basis of corn 01 contract, the spreads of corn and corn starch in different periods, the basis of corn starch 01 contract, and the spread between corn starch and corn 01 contract, to visually show the price trends and relationships [15][17][20].

期货从业证号： F03113636 投资咨询证号： 研究所 黑色金属研发报告 黑色金属日报 2025 年 12 月 23 日 螺纹热卷日报 第一部分 市场信息 研究员：戚纯怡 :qichunyi_qh@chinastock.c om.cn 1/ 10 Z0018817 :021-65789253 研究所 黑色金属研发报告 第二部分 市场研判 【相关价格】 现货：网价上海中天螺纹 3290 元（+20），北京敬业 3130 元（-），上海鞍钢热 卷 3270 元（-），天津河钢热卷 3180 元（-）。 【交易策略】 今日钢价整体维持震荡，钢材现货成交整体一般偏弱，投机情绪较弱，刚需逐渐 走弱。上周钢联数据公布，铁水产量下滑，五大材继续减产，但减产速度有所放缓， 其中螺纹增产而热轧快速减产；钢材总库存加速，社库去化速度比厂库更快；由于近 期温度及资金表现尚可，螺纹需求环比修复，但热轧需求加速下滑。近期高炉利润有 所修复，预计下周铁水产量可能有所复产；近期煤矿受环保因素影响供应可能收缩， 钢厂也存在补库预期，pb 粉结构性短缺问题尚未解决，进口利润亏损支撑铁矿价格， 钢材成本存在支撑；尽管建材需求季节性下滑，但制 ...

研究所 农产品研发报告 油脂日报 2025 年 12 月 23 日 油脂日报 国内市场（P/Y/OI）：宏观情绪较好，棕榈油技术性反弹，今日棕榈油期价震荡小幅 收涨。截至 2025 年 12 月 19 日（第 51 周），全国重点地区棕榈油商业库存 70 万吨，环比 上周增加 4.73 万吨，增幅 7.25%，近期棕榈油处于历史同期中性水平。产地报价偏稳运行， 进口利润倒挂有所扩大，目前约在-300 附近。基差偏稳运行，关注后期国内买船及到港情况。 短期棕榈油仍缺乏明显驱动，但经历了大幅下跌后目前出现技术性反弹，可考虑逢低试多博 反弹，但反弹高度或有限，方向上维持反弹至区间上沿后逢高空的思路。 今日豆油期价震荡收平。上周油厂大豆实际压榨量 213.06 万吨，开机率为 58.61%，较 1 / 5 研究员：张盼盼 期货从业证号： F03119783 投资咨询证号： 第一部分 数据分析 | 银河期货油脂日报 | | | | | | | | | | | 2025/12/23 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

期 货 眼 ·日 迹 每日早盘观察 银河期货研究所 2025 年 12 月 23 日 0 / 50 研究所 期货眼·日迹 | 股指期货：保持震荡上行 4 | | --- | | 国债期货：风偏回升 LPR 持稳，债市情绪有所承压 5 | | 蛋白粕：盘面跌幅较大 市场阶段性稳定 6 | | --- | | 白糖：国际糖价上涨 国内糖价大跌后调整 6 | | 油脂板块：油脂技术性反弹 7 | | 玉米/玉米淀粉：现货稳定，盘面底部震荡 8 | | 生猪：市场出栏较大 现货阶段性稳定 9 | | 花生：花生现货回落，花生盘面偏弱震荡 10 | | 鸡蛋：需求表现一般 蛋价有所回落 10 | | 苹果：需求表现一般 果价稳定为主 11 | | 棉花-棉纱：新棉销售较好 棉价震荡偏强 12 | | 钢材：补库预期有待兑现，钢价维持区间震荡 14 | | --- | | 双焦：底部反弹，关注交易逻辑的变化 14 | | 铁矿：市场预期反复，矿价震荡运行 15 | | 铁合金：成本支撑叠加反内卷预期，短期跟随反弹 16 | | 金银：地缘紧张与降息预期共振，黄金突破前高引领贵金属走强 17 | | --- | | 铂钯： ...

研究所 黑色研发报告 | | 今日 | 昨日 | 涨跌 | | 今日 | 昨日 | 涨跌 | | --- | --- | --- | --- | --- | --- | --- | --- | | DCE01 | 797.5 | 798.0 | -0.5 | I01-I05 | 16.0 | 18.0 | -2.0 | | DCE05 | 781.5 | 780.0 | 1.5 | I05-I09 | 21.0 | 22.0 | -1.0 | | DCE09 | 760.5 | 758.0 | 2.5 | I09-I01 | -37.0 | -40.0 | 3.0 | | 现货 | 昨天 | 前天 | 涨跌 | 折标准品 | 01厂库基差 | 05厂库基差 | 09厂库基差 | | P B粉(60.8%) | 791 | 790 | 1 | 859 | 53 | 71 | 93 | | 纽曼粉 | 793 | 792 | 1 | 867 | 61 | 79 | 101 | | 麦克粉 | 787 | 786 | 1 | 869 | 63 | 81 | 103 | | 金布巴粉(60.5%) | 748 | 7 ...

大宗商品研究所 航运研发报告 航运日报 2025 年 12 月 22 日 研究员：贾瑞林 期货从业证号： F3084078 投资咨询证号： Z0018656 联系方式： :jiaruilin_qh@chinastock.com.cn | 银河期货集运指数 | | | | （欧线） 日报 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | 期货合约 收盘价 涨跌 | | | 涨跌幅 | 成交量（手） | 增减幅 | 持仓量(手) | 增减幅 | | EC2512 | 1,631.0 | 0.9 | 0.06% | 100.0 | -46.24% | 1,956.0 | -1.36% | | EC2602 | 1,871.8 | 152.0 | 8.84% | 52,704.0 | 66.66% | 36,510.0 | 15.88% | | EC2604 | 1,166.8 | 38.0 | 3.37% | 11,708.0 | 177.11% | 20,471.0 | 8.67% | | EC26 ...

苹果周报：需求表现一般 果价稳定为主 银河大宗农产品 研究员：刘倩楠 期货从业证号：F3013727 咨询从业证号：Z0014425 第一部分 逻辑分析及交易策略 内容摘要 ◼ 交易策略 GALAXY FUTURES 1 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 ◼ 现货分析 ◼ 供给分析 ◼ 需求分析 苹果现货分析 栖霞一二级纸袋80#（元/斤） 洛川半商品纸袋70#（元/斤） 0 1 2 3 4 5 6 7 1-1 1-14 1-27 2-9 2-22 3-7 3-20 4-2 4-15 4-28 5-11 5-24 6-6 6-19 7-2 7-15 7-28 8-10 8-23 9-5 9-18 10-1 10-14 10-27 11-9 11-22 12-5 12-18 12-31 栖霞一、二级纸袋80# 2020 2021 2022 2023 2024 2025 0 1 2 3 4 5 ...