1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - This year, apple production has declined, the quality fruit rate is poor, preservation is more difficult, and cold storage inventory data is low. The peak cold storage apple inventory this year is at a low level compared to the same period in previous years, and the apple quality is relatively poor. Therefore, it is expected that the effective inventory will likely be low, and the apple fundamentals are strong. Although the recent market sales are average and the market shows a weak technical trend, considering this year's apple production issues, the downward space is expected to be relatively limited [5]. 3. Summary of Each Section 3.1 Market Information - **Spot Prices**: The Fuji apple price index is 109.01, up 0.31 from the previous day. The prices of various apple varieties such as Luochuan semi - commodity paper - bagged 70, Qixia first and second - grade paper - bagged 80, etc., remained unchanged. The average wholesale price of 6 kinds of fruits was 7.79, down 0.04 [2]. - **Futures Prices**: AP01 closed at 9664, up 15; AP05 closed at 9191, down 30; AP10 closed at 8169, down 19. The spreads between different contracts also changed, such as AP01 - AP05 up 54, AP05 - AP10 down 20 [2]. - **Differences**: The difference between Qixia first and second - grade 80 and AP01 was - 1464, down 15; the difference between Qixia first and second - grade 80 and AP10 was 31, up 19 [2]. 3.2 Market News and Views - **Transaction Logic**: Due to low production, poor quality, and low cold storage inventory, the apple fundamentals are strong. Despite the current average sales and weak technical trend, the downward space is limited [5]. - **Transaction Information**: As of December 17, 2025, the national main - producing area apple cold storage inventory was 7.5298 million tons, a decrease of 55,700 tons from the previous week, and sales were slower than the same period last year. In October 2025, the fresh apple import volume was 3,100 tons, a 68.09% decrease from the previous month and an 8.54% increase year - on - year; the export volume was about 80,400 tons, a 13.51% increase from the previous month and a 17.04% decrease year - on - year. The origin apple prices are stable, with an increase in the procurement volume of merchants in recent days. Cold storage shipments are mainly third - grade and inferior fruits, and the sales volume of high - priced goods is still low [7]. - **Transaction Strategy**: In the short - term, the market is expected to fluctuate within a range. For arbitrage, go long on contract 1 and short on contract 10. For options, it is recommended to wait and see [8]. 3.3 Related Attachments - The report provides 10 related charts, including the price trends of Qixia first and second - grade paper - bagged 80, Luochuan semi - commodity paper - bagged 70, AP contract basis, and the spreads between different contracts, as well as the apple arrival volume and the prices of 6 kinds of fruits, and the national cold storage apple inventory and shipment volume [11][13][20]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Internationally, Brazilian sugar is entering the harvest - end stage, and the supply pressure will gradually ease. The market's focus has shifted to the Northern Hemisphere, where most sugar production is in an increasing cycle. The US sugar price is expected to oscillate slightly stronger at the short - term bottom. Domestically, due to factors such as low current prices, high processing costs, and the upward trend of the US sugar price, the domestic sugar price may have some upward space in the short term, but the upward space may be limited considering the peak domestic sugar - pressing period and the global sugar production increase expectation in the 25/26 season [8] - The Brazilian sugar - pressing season is approaching the end, and the international sugar price shows signs of bottoming. The domestic sugar is expected to maintain an upward trend in the short term. For trading strategies, it is recommended to take a long position in the single - sided trade, stay on the sidelines for arbitrage, and sell put options [9][10] 3. Summary by Relevant Catalogs 3.1 Data Analysis - **Futures Market**: SR09 closed at 5,266, up 110 (2.13%) with a trading volume of 38,893 (an increase of 24,822) and an open interest of 63,211 (an increase of 4,698); SR01 closed at 5,392, up 136 (2.59%) with a trading volume of 20,405 (an increase of 10,867) and an open interest of 28,350 (a decrease of 9,933); SR05 closed at 5,262, up 107 (2.08%) with a trading volume of 463,804 (an increase of 256,401) and an open interest of 466,130 (a decrease of 42,820) [3] - **Spot Market**: In the spot market, the prices in different regions such as Liuzhou, Kunming, Wuhan, and Nanning all increased to varying degrees. The basis in Liuzhou was 28, - 152 in Kunming, 258 in Wuhan, - 42 in Nanning, 158 in Rizhao, and 428 in Xi'an [3] - **Month - to - Month Spread**: The spread of SR05 - SR01 was - 130 (down 29); the spread of SR09 - SR05 was 4 (up 3); the spread of SR09 - SR01 was - 126 (down 26) [3] - **Import Profit**: The quota - free price of Brazilian imports was 5,197, and the profit compared to Liuzhou was 353; the quota - free price of Thai imports was 5,260, and the profit compared to Liuzhou was 290 [3] 3.2 Market Judgment 3.2.1 Important Information - From December 23 - 24, two new sugar mills in Yunnan started production, and 2 - 3 more are expected to start this week. As of now, 35 sugar mills in Yunnan have started production in the 25/26 season, 5 more than the same period last year, with an expected sugar - cane crushing capacity of 123,200 tons per day, an increase of 12,600 tons per day. The spot price of sugar in Yunnan is 5,230 - 5,260 yuan/ton, and the transaction volume has reached a few thousand tons [5] - In Maharashtra, as of December 21, 2025, 184 sugar mills have started production in the 25/26 season, with a cumulative sugar - cane crushing of 44.604 billion tons and a sugar output of 3.8021 billion tons, with a sugar - extraction rate of 8.52% [5] - On the 24th, the futures market rose, and the spot prices of sugar in the main production areas increased accordingly, with overall good trading volume [6] 3.2.2 Logical Analysis - International: Brazilian sugar is entering the end of the harvest season, and the supply pressure will gradually ease. The market's attention has shifted to the Northern Hemisphere, where most sugar production is in an increasing cycle. The final realization of the production increase in the Northern Hemisphere may affect the market trend. The US sugar price is expected to oscillate slightly stronger at the short - term bottom [8] - Domestic: The current sugar price is low, and the previous excessive price decline has been partially corrected. The high processing cost in China provides support for the market. The upward trend of the US sugar price also has an upward - driving effect on Zhengzhou sugar. However, considering the peak domestic sugar - pressing period and the global sugar production increase expectation in the 25/26 season, the upward space is limited [8] 3.2.3 Trading Strategies - **Single - sided Trade**: The Brazilian sugar - pressing season is approaching the end, and the international sugar price shows signs of bottoming. The domestic sugar is expected to maintain an upward trend in the short term [9] - **Arbitrage**: Stay on the sidelines [10] - **Options**: Sell put options [10] 3.3 Related Attachments - The attachments include multiple graphs showing data such as monthly inventory in Guangxi and Yunnan, monthly sugar production in Guangxi and Yunnan, Liuzhou's spot sugar price, the price difference between Liuzhou and Kunming, and various basis and spreads of sugar futures. The data sources are Galaxy Futures and WIND [12][13][16][18][19][22]

Report Information - Report Title: Stock Index Futures Data Daily Report [1] - Report Date: December 24, 2025 [2] IM Futures Market Summary - IM main contract rose 1.78% to close at 7327.6 points [4] - Total trading volume of four IM contracts was 185,772 lots, an increase of 40,779 lots from the previous day; total open interest was 363,902 lots, an increase of 11,974 lots [5] - IM main contract was at a discount of 178.78 points, up 16.24 points from the previous day; annualized basis rate was -10.24% [5] Contracts Details | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Interest Change | Margin | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 1000 | 7506.38 | 1.54% | 21,796 | -3% | 40.63 billion | 2% | - | - | - | | IM2601 | 7464.20 | 1.69% | 46,616 | 26% | 6.93 billion | 28% | 93,256 | -737 | 1.67 billion | | IM2602 | 7390.60 | 1.78% | 6,329 | 33% | 0.93 billion | 35% | 8,025 | 2,888 | 0.14 billion | | IM2603 | 7327.60 | 1.87% | 113,077 | 29% | 16.47 billion | 30% | 185,869 | 9,450 | 3.27 billion | | IM2606 | 7088.60 | 1.91% | 19,750 | 27% | 2.78 billion | 29% | 76,752 | 373 | 1.31 billion | [4] Main Seats - Details of the top five, ten, and twenty seats' trading volume, long positions, and short positions are provided for IM2601, IM2603, and IM2606 contracts [17][19][21] IF Futures Market Summary - IF main contract rose 0.5% to close at 4595 points [22] - Total trading volume of four IF contracts was 98,971 lots, an increase of 6,942 lots from the previous day; total open interest was 272,260 lots, an increase of 1,836 lots [23] - IF main contract was at a discount of 39.06 points, up 10.27 points from the previous day; annualized basis rate was -3.57% [23] Contracts Details | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Interest Change | Margin | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 300 | 4634.06 | 0.29% | 15,371 | -9% | 40.64 billion | -6% | - | - | - | | IF2601 | 4617.60 | 0.43% | 30,073 | -1% | 4.16 billion | -1% | 63,678 | -333 | 1.06 billion | | IF2602 | 4604.40 | 0.50% | 2,016 | 25% | 0.28 billion | 26% | 2,232 | 897 | 0.04 billion | | IF2603 | 4595.00 | 0.55% | 58,846 | 12% | 8.09 billion | 12% | 164,967 | 1,307 | 2.73 billion | | IF2606 | 4545.60 | 0.61% | 8,036 | 7% | 1.09 billion | 7% | 41,383 | -35 | 0.68 billion | [22] Main Seats - Details of the top five, ten, and twenty seats' trading volume, long positions, and short positions are provided for IF2601, IF2603, and IF2606 contracts [35][37][38] IC Futures Market Summary - IC main contract rose 1.51% to close at 7240.4 points [40] - Total trading volume of four IC contracts was 120,446 lots, an increase of 24,352 lots from the previous day; total open interest was 271,262 lots, an increase of 15,502 lots [41] - IC main contract was at a discount of 111.64 points, up 11.95 points from the previous day; annualized basis rate was -6.47% [41] Contracts Details | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Interest Change | Margin | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 500 | 7352.04 | 1.31% | 16,884 | -3% | 33.19 billion | 1% | - | - | - | | IC2601 | 7324.60 | 1.44% | 33,487 | 18% | 4.89 billion | 19% | 69,097 | 1,753 | 1.21 billion | | IC2602 | 7277.40 | 1.51% | 3,239 | 18% | 0.47 billion | 19% | 4,606 | 1,324 | 0.08 billion | | IC2603 | 7240.40 | 1.56% | 69,984 | 30% | 10.08 billion | 31% | 146,995 | 10,888 | 2.55 billion | | IC2606 | 7054.40 | 1.69% | 13,736 | 24% | 1.93 billion | 25% | 50,564 | 1,537 | 0.86 billion | [40] Main Seats - Details of the top five, ten, and twenty seats' trading volume, long positions, and short positions are provided for IC2601, IC2603, and IC2606 contracts [49][51][53] IH Futures Market Summary - IH main contract rose 0.11% to close at 3027 points [55] - Total trading volume of four IH contracts was 39,414 lots, an increase of 1,602 lots from the previous day; total open interest was 83,057 lots, an increase of 229 lots [55] - IH main contract was at a premium of 1.82 points, up 3.74 points from the previous day; annualized basis rate was 0.25% [56] Contracts Details | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Interest Change | Margin | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 50 | 3025.18 | -0.08% | 3,180 | -11% | 9.13 billion | -17% | - | - | - | | IH2601 | 3025.20 | 0.06% | 10,709 | -2% | 0.97 billion | -2% | 18,991 | -940 | 0.21 billion | | IH2602 | 3024.60 | 0.11% | 1,256 | 69% | 0.11 billion | 68% | 1,194 | 602 | 0.01 billion | | IH2603 | 3027.00 | 0.11% | 24,242 | 6% | 2.20 billion | 6% | 50,212 | 539 | 0.55 billion | | IH2606 | 3019.80 | 0.23% | 3,207 | -4% | 0.29 billion | -4% | 12,660 | 28 | 0.14 billion | [55] Main Seats - Details of the top five, ten, and twenty seats' trading volume, long positions, and short positions are provided for IH2601, IH2603, and IH2606 contracts [67][69][71]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The supply of peanuts is increasing, but downstream demand remains weak, so short - term peanut prices are relatively stable [6] - Peanut oil and peanut meal prices are currently stable, and oil mills' theoretical profit from squeezing is good [6] - The quality of peanuts in Henan is poor, the spot price is relatively low but strong, and the peanut futures will continue to fluctuate weakly [6] - It is expected that the new - season peanut production will be higher than last year, farmers are reluctant to sell, and the 05 peanut futures will oscillate at the bottom [6] Group 3: Summary by Directory First Part: Peanut Data Daily Report - **Futures Disk**: PK604 closed at 7926, up 14 (0.18%), with a trading volume of 41,016 (32.47% increase) and an open interest of 28,640 (2.94% increase); PK510 closed at 8174, up 12 (0.15%), with a trading volume of 39 (- 33.90% decrease) and an open interest of 1,029 (0.49% increase); PK601 closed at 8068, unchanged (0.00%), with a trading volume of 2,175 (- 19.44% decrease) and an open interest of 15,562 (- 8.28% decrease) [1] - **Spot and Basis**: In the spot market, the price of peanuts in Henan Nanyang was 7600, down 100; Shandong Jining and Shandong Linyi were both 8400, unchanged. The price of Rizhao peanut meal was 3200, Rizhao soybean meal was 3040, peanut oil was 14380, and Rizhao first - grade soybean oil was 8240, up 30. The import price of Sudanese peanuts was 8600, and Senegalese peanuts was 7600, both unchanged [1] - **Spread**: The spread of PK01 - PK04 was 142, down 14; PK04 - PK10 was - 248, up 2; PK10 - PK01 was 106, up 12 [1] Second Part: Market Analysis - The price of peanuts in Henan is stable, while that in Northeast China is weak. The price of 308 common peanuts in Fuyu, Jilin was 4.7 yuan/jin, unchanged; in Changtu, Liaoning was 4.65 yuan/jin, down 0.05 yuan/jin. The price of Baisha common peanuts in Henan was 3.65 - 3.75 yuan/jin, unchanged; in Junan, Shandong was 3.5 yuan/jin, up 0.1 yuan/jin [3] - The import prices of Sudanese, Senegalese, Brazilian, and Indian peanuts were stable. It is expected that the short - term peanut spot price will be relatively stable [3] - Some peanut oil mills raised their purchase prices today, with the mainstream transaction price ranging from 6900 - 7600 yuan/ton, and the theoretical break - even price of oil mills was 7800 yuan/ton [3] - The prices of soybean oil and peanut oil were stable. The domestic first - grade ordinary peanut oil was quoted at 14500 yuan/ton, and the small - pressed fragrant peanut oil was quoted at 16500 yuan/ton, both unchanged [3] - The spot price of Rizhao soybean meal was stable at 3040 yuan/ton. The unit protein price difference between peanut meal and soybean meal was low, and peanut meal was strong in the short - term, with the 48 - protein peanut meal quoted at 3120 yuan/ton [4] Third Part: Trading Strategies - **Unilateral**: The 05 peanut futures will oscillate at the bottom, and short - term long positions can be taken at low prices [7] - **Monthly Spread**: Hold a wait - and - see attitude [8] - **Options**: Sell the pk603 - P - 8200 option when the price is high [9] Fourth Part: Related Attachments - The report provides six figures, showing the spot price of peanuts in Shandong, the profit of peanut oil mills from squeezing, the price of peanut oil, the basis between peanut spot and continuous contracts, the spread between peanut 10 - 1 contracts, and the spread between peanut 1 - 4 contracts [11][17][20]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The USDA raised US corn exports and lowered inventories in December, but production remains high, leading to a bullish and volatile trend in US corn. Domestic corn and starch prices are affected by factors such as import profit, supply and demand, and by - product prices. Corn and starch spot prices are expected to remain relatively stable in the short term, with some downward pressure. The 03 corn and 03 starch are expected to trade in a narrow range [4][6][7]. Summary by Relevant Catalogs Part 1: Data - **Futures Market**: For corn futures (C2601, C2605, C2509), prices increased slightly with varying trading volume and open - interest changes. For corn starch futures (CS2601, CS2605, CS2509), prices had small fluctuations, and trading volumes generally decreased [2]. - **Spot and Basis**: Corn spot prices in various regions were stable today, with different basis values compared to futures. Starch spot prices also remained unchanged, and basis values were positive. There were changes in inter - period and inter - variety spreads [2]. Part 2: Market Analysis - **Corn**: US corn is bullish and volatile. Domestic northern port prices are stable, while northeast production area prices are weak. Northeast - North China price spreads are narrowing. Wheat - corn price spreads are large, and corn has cost - effectiveness. Domestic breeding demand is stable, and feed enterprise inventories are increasing. The market is concerned about the seasonal selling pressure of northeast corn before the Spring Festival and downstream inventory building [4][6]. - **Starch**: The number of trucks arriving at Shandong deep - processing plants decreased, and Shandong corn prices were stable. Starch inventory increased this week, with a monthly increase of 3.1% and a year - on - year increase of 25.4%. Starch prices depend on corn prices and downstream stocking. By - product prices are strong, and the spot price spread between corn and starch is low. Corn prices are bullish, and starch prices are stable, but corporate profits are declining. The 03 starch is expected to trade in a narrow range [7]. - **Trading Strategies**: - **Unilateral**: 03 US corn has support at 430 cents per bushel. Consider going long on 07 corn at low prices or stay on the sidelines [9]. - **Arbitrage**: Stay on the sidelines [10]. Part 3: Corn Options - **Option Strategies**: Use a short - put strategy in the short term and roll the positions [11]. Part 4: Related Attachments - The attachments include charts of corn and corn starch spot prices, basis, and spreads over different time periods, with data sources from Galaxy Futures and iFinD Information [15][17][20].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The global corn supply pressure will weaken in the 26/27 season, and the price center of gravity will rise. The planting area of US corn is expected to decline, and the new - season yield may be lower. Brazilian corn production is stable, and exports are good. - In the domestic market, the corn supply in the 25/26 season is still tight, and the planting cost will rise in the 26/27 season. Feed demand will decline slightly, but the use of corn will remain high. Deep - processing profits will decline. The inventory of north - south ports will continue to rise. - In the future, the price of US corn will be higher than that of the previous year. Domestic corn prices will fall before the end of March due to the peak of farmers selling grain, but will rise in the medium - to - long term. The price of corn starch will be relatively strong, and the price difference between corn starch and corn may expand. [5][15][90] Summary by Directory 1. Preface and Overview - **Market Review**: In the 25/26 season, US corn was in bottom - range oscillation due to record - high production. Domestic corn prices rose in the first half of the year due to reduced imports and substitutes, fell in July considering new - season planting cost reduction and increased production, and rose counter - seasonally after mid - October due to low carry - over inventory and farmers' reluctance to sell. Corn starch was relatively weak, and the profit was lower than last year. [4] - **Market Outlook**: Internationally, the supply pressure of US corn will weaken in the 25/26 season, and the new - season price center of gravity in 26/27 will be higher. Domestically, the supply of corn after the Spring Festival is still tight, but the spot price will fall before the end of March due to farmers selling grain. The price of corn starch is expected to improve, and the price difference between corn starch and corn will likely expand. [5] - **Strategy Recommendation**: - Unilateral: Go long on the US corn 05 contract lightly around 430 cents per bushel, and go long on the 07 corn contract when the price is between 2220 - 2350. - Arbitrage: Expand the price difference between 05 corn and starch when it is between 280 - 370. - Options: Sell the corn put option (c2605 - P - 2220) when the market falls to a low point. [7] 2. Market Regression and International Corn Fundamentals - **Domestic and International Corn Market Review**: In 2025, the domestic corn spot market had three stages: continuous rise from January to June, decline from July to mid - October, and counter - seasonal rise from mid - October to mid - December. The futures market had small fluctuations, and the basis operation was difficult in the second half of the year. [8][13] - **Global Corn Supply Pressure Weakens, Center of Gravity Will Rise**: The 25/26 season had a loose corn supply due to increased yields in China and the US. However, in the 26/27 season, the uncertainty of weather may lead to a decrease in yield, and the global grain price center of gravity will rise. [15] - **US Corn Old - Crop Supply Is Loose, New - Season Yield Is Expected to Decline**: In the 25/26 season, the area and yield of US corn reached record highs, but the planting was still at a loss. The planting area in the 26/27 season is expected to decrease, and the yield may be lower than the previous year. The price center of gravity of US corn will be higher, and the 12 - contract has strong support at 400 cents per bushel. [22] - **Brazilian Corn Production Is Stable, Exports Are Good**: Brazilian corn production has been stable at around 130 million tons in recent years, and exports are also stable. As of December 13, the sowing rate of the first - crop corn was 77.5%. From January to November 2025, the cumulative export volume was 35.75 million tons. Brazilian corn is still the main import source when the domestic corn supply is tight. [28] 3. Domestic Corn Fundamental Analysis - **25/26 Season Corn Supply Is Still Tight, 26/27 Season Planting Cost Rises**: In the 25/26 season, the national corn production increased, but the carry - over inventory was low, and the supply was still tight. The import of corn and grains decreased significantly. In the 26/27 season, the new - season corn planting cost is expected to rise. [33][34] - **Feed Demand Declines Slightly, Corn Usage Remains High**: Due to losses in the breeding industry and high inventory, the feed demand will decline slightly after the year, but the demand for corn may still increase due to the low - level of substitute grains. The current feed demand still shows a slight increase, but the breeding industry is expected to reduce inventory in 2026. [39] - **Corn Is at a High Level, Deep - Processing Profits Will Decline**: In 2025, the deep - processing industry was in overall loss. In the first quarter of 2026, the operating rate is expected to decline, and the demand for corn will decrease slightly. The demand for corn starch may improve, but the deep - processing profit is lower than in previous years. The operating rate of the alcohol industry is also expected to decline. [59][71] - **North - South Port Inventory Will Continue to Rise**: Due to low carry - over inventory, low inventory in intermediate channels and downstream, and farmers' reluctance to sell, the north - south port corn inventory was at a historical low. Before the end of March, the inventory will continue to rise due to the peak of farmers selling grain. [77] - **Corn and Starch Trading Logic**: The focus of the market is on the selling rhythm of farmers before the end of March. After the peak of farmers selling grain, the medium - to - long - term corn price will rise. The price of corn starch will be relatively strong, and the price difference between corn starch and corn may expand. [82] 4. Future Outlook and Strategy Recommendation - **Corn**: The price of US corn in the 26/27 season will be higher than in the previous year. The domestic corn spot price will fall before the end of March and then rise. The price of North Port closing price is expected to fluctuate between 2200 - 2400, and the 07 futures contract will be relatively strong, fluctuating between 2220 - 2380. [90] - **Starch**: Corn starch will fluctuate narrowly with corn in the first quarter of 2026. After the second quarter, it will be relatively strong, and the price difference between corn starch and corn will expand. The 05 starch contract will rise in oscillation, and the price difference between 05 corn and starch is expected to fluctuate between 280 - 370. - **Trading Strategy**: - Unilateral: Go long on the US corn 05 contract lightly around 430 cents per bushel. Go long on the 07 corn contract when the price is between 2220 - 2350. - Arbitrage: The price difference between 05 corn and starch fluctuates between 280 - 370. - Options: Sell the c2605 - P - 2200 option after the market falls. [91][92][94]

Report Title LPG Liquefied Gas Weekly Report: Short - term Slight Support with Limited Upside Space [1] 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the main LPG contract changed to 2602. Due to the large previous decline, there was a slight repair, and the fundamentals this period also supported the price. The supply had no more increment, and although the combustion demand lacked highlights, the increase in PDH operation supported the price floor. With a small reduction in warehouse - receipt pressure, the 02 contract showed a strong trend this week. However, in the medium - to - long - term, the high costs of downstream chemical enterprises and the weak PP trend would cause PDH negative feedback to affect the operation [4]. - For trading strategies, maintain a strategy of shorting on rallies for single - side trading, and stay on the sidelines for arbitrage and options trading [5]. 3. Summary by Directory 3.1 Comprehensive Analysis and Trading Strategies - **Analysis**: The main LPG contract 2602 had a slight upward repair due to previous decline and fundamental support. Supply had no new increments, combustion demand was lackluster, but PDH operation increase supported the price. However, PDH negative feedback may occur in the long - term [4]. - **Strategies**: - Single - side: Maintain a strategy of shorting on rallies [5]. - Arbitrage: Stay on the sidelines [5]. - Options: Stay on the sidelines [5]. 3.2 Core Logic Analysis 3.2.1 Crude Oil - Geopolitical risks have many uncertainties. The expectation of a cease - fire in the Russia - Ukraine conflict drives oil prices down, while the tense situation in Venezuela drives them up. - From the supply - demand perspective, the surplus pressure keeps oil prices oscillating at this year's low, lacking the momentum for a significant short - term rebound. - In the medium - term, as the surplus pressure cannot be disproven, oil prices are expected to oscillate weakly [10]. 3.2.2 Supply - **Refinery Production**: The capacity utilization rate of domestic major crude oil refineries remained flat this week, at a relatively low level this year but normal for the historical period due to seasonal maintenance. With the end of autumn maintenance, the capacity utilization rate is expected to increase. The production utilization rate of domestic independent crude oil refineries slightly decreased by 0.01% to 64.33%, still at a high level this year and historically. The overall supply is expected to remain stable next week [13]. - **Imports**: The number of LPG ships arriving in China has rebounded. This week, the LPG arrival volume was 677,000 tons, a weekly decrease of 56,000 tons. The freight rates of three classic VLGC routes have increased slightly. Due to the high external prices, domestic PDH enterprises are in a theoretical loss, reducing their willingness to import significantly [16]. 3.2.3 Demand - The PDH operation rate increased by 2.13% to over 75%, at a high level this year. The MTBE operation rate slightly decreased by 0.85% but remained at a relatively high level. Although the combustion demand may be lackluster due to the expected warm winter, the chemical demand provides obvious support [19]. 3.2.4 Inventory - The LPG port inventory decreased this week due to a slight reduction in arrivals and an increase in chemical demand. The port storage capacity ratio also continued to decline, below the seasonal level. The in - plant inventory also slightly decreased. The storage capacity utilization rates of tertiary stations in different regions showed a differentiated trend, which may be due to uneven temperatures [20][23]. 3.3 Weekly Data Tracking 3.3.1 Price Data No specific analysis provided, only price - related charts are shown, including Brent, WTI, CP, FEI, and LPG main contract prices [27]. 3.3.2 Spread Data No specific analysis provided, only spread - related charts are shown, including the spread between different regions' civilian LPG and the main contract, and the seasonal basis of LPG [31]. 3.3.3 Disk Profit Data No specific analysis provided, only profit - related charts are shown, including import profit, PDH propylene profit, and PDH polypropylene profit [34]. 3.3.4 Spot Profit Data No specific analysis provided, only profit - related charts are shown, including import profit under different trade terms, PDH propylene profit, PDH polypropylene profit, and etherification gross profit [37]. 3.3.5 Supply Data - The data shows the seasonal trends of LPG production, crude oil processing volume, and the capacity utilization rates of major and independent refineries [40]. - There are also schedules for domestic major refinery device overhauls and PDH device overhauls of some enterprises [43][45]. 3.3.6 Inventory Data The data shows the seasonal trends of LPG port inventory, port storage capacity ratio, and the storage capacity utilization rate of tertiary stations [52].

研究所 农产品研发报告 研究员：刘倩楠 期货从业证号： F3013727 投资咨询证号： Z0014425 联系方式： :liuqiannan_qh@chinas tock.com.cn 苹果日报 农产品日报 2024 年 12 月 23 日 第一部分 市场信息 | 现货价格 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 指标 | 今日价格 | 下一工作日刊 | 涨跌 | 指标 | 今日价格 | 下一工作日刊 | 涨跌 | | 成 | | | | | | 相 | | | 富士苹果价格指数 | 109.01 | 108.70 | 0.31 | 洛川半商品纸袋70 | 4.20 | 4.20 | 0.00 | | 栖霞一、二级纸袋 80 | 4.10 | 4.10 | 0.00 | 沂源纸袋70 | 2.50 | 2.50 | 0.00 | | 蓬莱一、二级纸袋 80 | 4.25 | 4.25 | 0.00 | 6种水果平均批发价 | 7.83 | 7.74 | 0.09 | | 期货价格 | | | | | | | | ...

1. Report's Industry Investment Rating - Not provided in the content 2. Core View of the Report - International sugar prices are expected to be slightly stronger with bottom - side oscillations in the short term as the Brazilian sugarcane harvest nears completion and the supply - side pressure eases. The domestic sugar market is likely to experience an oscillatory adjustment trend after a sharp decline. Overall, the long - term trend of sugar is bearish, but the downside space is relatively limited [8][9] 3. Summary by Relevant Catalogs 3.1 Data Analysis - **Futures Market**: SR09 closed at 5,156 with a rise of 21 (0.41%), trading volume of 14,071 (down 1,935) and open interest of 58,513 (up 2,658); SR01 closed at 5,256 with a rise of 31 (0.59%), trading volume of 9,538 (down 7,967) and open interest of 38,283 (down 6,010); SR05 closed at 5,155 with a rise of 29 (0.57%), trading volume of 207,403 (down 80,386) and open interest of 508,950 (down 4,117) [3] - **Spot Market**: The spot price of sugar in Liuzhou was 5,380 (unchanged), in Kunming 5,190 (down 5), in Wuhan 5,610 (unchanged), in Nanning 5,310 (unchanged), in Rizhao 5,465 (unchanged), and in Xi'an 5,800 (unchanged). The corresponding basis values were 124, - 66, 354, 54, 209, and 544 respectively [3] - **Monthly Spread**: The SR05 - SR01 spread was - 101 (down 2), the SR09 - SR05 spread was 1 (down 8), and the SR09 - SR01 spread was - 100 (down 10) [3] - **Import Profit**: The quota - free import price from Brazil was 5,042, with a spread of 338 compared to Liuzhou and 423 compared to Rizhao; from Thailand, it was 5,070, with a spread of 310 compared to Liuzhou and 395 compared to Rizhao [3] 3.2 Market Judgment 3.2.1 Important Information - In Thailand, as of December 20, 2025, the cumulative sugarcane crushing volume in the 2025/26 season was 7.8122 million tons, a decrease of 1.3675 million tons (14.9%) compared to the same period last year. Sugar production was 639,300 tons, a decrease of 106,200 tons (14.25%) [5] - Pakistan imported 76,700 tons of sugar in November 2025. The total sugar import volume in the first five months of the 2025/26 season (July - November) was 308,100 tons [5] - The sugar production in the central - southern region of Brazil in the 2026/27 season is expected to reach 38 million tons, a 5% decrease from the previous season. The total sugar production in Brazil in the 2026/27 season is expected to be 41.8 million tons, lower than the previous year's 43.5 million tons [7] 3.2.2 Logical Analysis - Internationally, the Brazilian sugarcane harvest is approaching completion, and the supply pressure will gradually ease. The focus has shifted to the Northern Hemisphere, where most sugar production is in an increasing cycle. In the short term, the US sugar price is technically bottom - building and is expected to be slightly stronger with bottom - side oscillations [8] - Domestically, sugar mills are gradually starting production, and the supply and sales pressure will increase during the peak crushing period. However, considering the tightening of syrup and premix imports, the relatively high domestic sugar production cost, and the fact that the futures price has fallen close to the out - of - quota cost line, there is some support for the futures price. The long - term trend of sugar is bearish, but the downside space is relatively limited [8] 3.2.3 Trading Strategies - **Single - side Trading**: The Brazilian sugar season is nearing the end, and international sugar prices are showing signs of bottom - building. It is expected to be slightly stronger with bottom - side oscillations in the short term. The domestic sugar market is expected to experience an oscillatory adjustment trend after a sharp decline [9] - **Arbitrage**: Go long on January contracts and short on May contracts [10] - **Options**: Hold a wait - and - see attitude [10] 3.3 Related Attachments - The attachments include graphs such as Guangxi's monthly sugar inventory, Yunnan's monthly sugar inventory, Guangxi's monthly sugar production, Yunnan's monthly sugar production, Liuzhou's white sugar spot price, the spot price spread between Liuzhou and Kunming, the basis of September sugar, the spread between May and September Zhengzhou sugar futures, the basis of January sugar, the spread between September and January Zhengzhou sugar futures, the basis of May sugar, and the spread between January and May Zhengzhou sugar futures, all with data sources from Galaxy Futures and WIND [11][12][16]

研究所 农产品研发报告 期货从业证号： F3045719 投资咨询证号： Z0015458 联系方式： chenjiezheng_qh@chinastock.c om.cn 生猪日报 2025 年 12 月 23 日 【生猪日报】出栏量小幅下降 现货略有反弹 研究员：陈界正 | | | | | 生猪价格日报 | | 2025/12/23 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 现货价格 | | | | | | | 今 日 | 昨 日 | 变 化 | | 今 日 | 昨 日 | 变 化 | | 河南（0） | 11.69 | 11.62 | 0.07 | 山西（-100） | 11.45 | 11.43 | 0.02 | | 湖北（0） | 11.43 | 11.20 | 0.23 | 辽宁（-300） | 11.28 | 11.24 | 0.04 | | 安徽（200） | 11.93 | 11.91 | 0.02 | 吉林（-300） | 11.21 | 11.11 | 0.1 | | 湖南（100） | 11.26 | 1 ...