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 ...

研究所 农产品研发报告 粕类日报 2025 年 12 月 23 日 【粕类日报】供应压力仍存 盘面阶段性反弹 研究员：陈界正 期货从业证号： F3045719 投资咨询证号： Z0015458 联系方式： chenjiezheng_qh@chinastock.c om.cn | 粕类价格日报 | | | | | 2025/12/23 | | | --- | --- | --- | --- | --- | --- | --- | | 期 货 | | | | | 现货基差 | | | 品 种 合 约 | 收盘价 | 涨 跌 | 地 区 | 今 日 | 昨 日 | 涨 跌 | | 0 1 豆粕 | 3047 | - 5 | 天津 | 340 | 340 | 0 1 0 | | 0 5 | 2745 | 4 | 东莞 | 290 | 280 | | | 0 9 | 2863 | 6 | 张家港 | 290 | 280 | 1 0 | | | | | 日照 | 300 | 280 | 2 0 | | 0 1 | 2417 | 5 | 南通 | 3 | 8 | - 5 | | 菜粕 0 5 | 2349 | 1 2 | ...

Group 1: Report Information - Report Name: Urea Daily Report on December 23, 2025 [2] - Report Type: Energy and Chemical Research Report [2] Group 2: Market Review - Futures Market: Urea futures fluctuated higher, closing at 1721 (+21/+1.24%) [3] - Spot Market: Factory prices remained stable with general trading. Prices in different regions were: Henan 1620 - 1650 yuan/ton, Shandong small particles 1680 - 1690 yuan/ton, Hebei small particles 1700 - 1720 yuan/ton, Shanxi medium and small particles 1590 - 1600 yuan/ton, Anhui small particles 1650 - 1660 yuan/ton, and Inner Mongolia 1540 - 1590 yuan/ton [3] Group 3: Important Information - On December 23, the daily production of the urea industry was 18.98 tons, a decrease of 0.25 tons from the previous working day and an increase of 1.38 tons from the same period last year. The operating rate was 78.49%, a 0.62% increase from 77.87% in the same period last year [4] Group 4: Logic Analysis - Market Conditions: Mainstream factory prices were stable, market sentiment cooled, and trading weakened. Different regions had different situations. Shandong's prices were weakly stable, Henan's prices followed the decline, and the delivery area's prices were firm [5] - Supply: Domestic gas - fired plants began maintenance, and the daily output dropped to around 190,000 tons but remained high. India tendered again for a total of 150 tons with a February 2nd shipping date, but the impact was limited due to no new quotas in China [5] - Demand: The operating rate of compound fertilizer in the Central and Northeast regions was stable. In Henan, environmental protection led to large - scale shutdowns until the end of the month, and overall demand for compound fertilizer slowed. The progress of off - season storage enterprises reached over 70%, and future procurement would slow down [5] - Outlook: In the short term, with the impact of the Indian tender fading and limited export quotas, the downstream resisted high prices, and the trading was weak. In the medium term, the supply - demand fundamentals were still relatively loose, and after price increases in some regions, downstream acceptance decreased. The market rumor of export news improved trading in some low - price areas, but overall, a short - selling strategy was recommended [5] Group 5: Trading Strategy - Unilateral: Short 05 contract [6] - Arbitrage: Wait and see [6] - Options: Wait and see [9]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The international device operating rate continues to decline, with gas restrictions expanding in Iran and most devices shut down. The daily output has dropped to around 6,000 tons. The port spot liquidity is sufficient, with low - price rigid - demand transactions and overall light trading. The spot basis is stable. The US dollar price is stable, and the overall external market operating rate is at a low level. The internal - external price difference continues to shrink, and the Southeast Asian re - export window is closed. The import forecast for January is raised to about 1.5 million tons, and the arrival in Taicang increases. The coal price is weakly falling, the coal - to - methanol profit is stable, the domestic supply is loose, and the ex - factory price is weakly falling. The MTO operating rate in the inland area is stable, and the recent inland price fluctuates weakly and stably. The Middle East is currently relatively stable. After the Fed's interest rate cut in December, the impact on methanol futures is weakened. With the expansion of gas restrictions in Iran, future import disturbances will intensify, and methanol will continue to be mainly oscillating and strengthening [4]. 3. Summary by Relevant Catalogs Market Review - **Futures Market**: The futures market fluctuated, closing at 2,156 (+2/+0.09%) [2]. - **Spot Market**: In the production areas, prices in Inner Mongolia South Line, North Line, Guanzhong, Yulin, Shanxi, and Henan are 1,930 yuan/ton, 1,900 yuan/ton, 2,040 yuan/ton, 1,870 yuan/ton, 1,980 yuan/ton, and 2,110 yuan/ton respectively. In the consumption areas, prices in Lunan, Lubei, and Hebei are 2,180 yuan/ton, 2,160 yuan/ton, and 2,120 yuan/ton respectively. In the Southwest, prices in Sichuan - Chongqing and Yunnan - Guizhou are 2,060 yuan/ton and 2,040 yuan/ton respectively. At the ports, prices in Taicang, Ningbo, and Guangzhou are 2,130 yuan/ton, 2,180 yuan/ton, and 2,090 yuan/ton respectively [2]. Important Information This week (20251212 - 1223), the weekly signing volume (excluding long - term contracts) of methanol sample production enterprises in the Northwest region totaled 24,130 tons (24,130 tons), a decrease of 35,570 tons (35,570 tons) from the previous statistical day, a month - on - month decrease of 59.58% [3]. Logical Analysis - **Supply Side**: The profit of coal - to - methanol is around 450 yuan/ton, the methanol operating rate is stable at a high level, and the domestic supply is continuously loose [4]. - **Import Side**: The US dollar price is stable. Most devices in Iran are shut down due to gas restrictions, the tender premium increases, the non - Iranian operating rate rises, the overall external market operating rate is at a low level, the European and American markets are stable, the internal - external price difference continues to shrink, the Southeast Asian re - export window is closed, 640,000 tons have been loaded in Iran in December, some non - Iranian supplies are delayed until January, the import forecast for January is raised to about 1.5 million tons, and the arrival in Taicang increases [4]. - **Demand Side**: The operating rate of MTO devices has declined. Some MTO devices have different operating conditions, such as Xingxing's 690,000 - ton/year MTO device operating stably, Nanjing Chengzhi's Phase 1 295,000 - ton/year MTO device operating at a low load, etc. [4]. - **Inventory**: The import arrivals have slightly decreased, the port inventory accumulation cycle has ended, the basis is strong; the inventory of inland enterprises fluctuates slightly [4]. Trading Strategies - **Single - side**: Go long on contract 05 [5]. - **Arbitrage**: Wait and see [6]. - **Options**: Sell call options [6].

研究所 农产品研发报告 花生日报 2025 年 12 月 23 日 | 第一部分 | | | | | 数据 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 花生数据日报 | | | | | | | | 2025/12/23 | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | PK604 | | 7912 | -12 | -0.15% | 30,962 | -37.13% | 27,823 | -2.96% | | PK510 | | 8162 | 2 | 0.02% | 59 | -64.67% | 1,024 | -1.92% | | PK601 | | 8068 | 12 | 0.15% | 2,700 | -17.78% | 16,967 | -8.83% | | 现货与基差 | | | | | | | | | | 现货 | | 河南南阳 | 山东济宁 | 山东临沂 | 日照花生粕 | 日照豆粕 | 花生油 | 日照 ...

研究所 黑色研发报告 铁矿石日报 2025 年 12 月 23 日 研究所 黑色研发报告 | | 今日 | 昨日 | 涨跌 | | 今日 | 昨日 | 涨跌 | | --- | --- | --- | --- | --- | --- | --- | --- | | DCE01 | 796.5 | 797.5 | -1.0 | I01-I05 | 18.0 | 16.0 | 2.0 | | DCE05 | 778.5 | 781.5 | -3.0 | I05-I09 | 22.0 | 21.0 | 1.0 | | DCE09 | 756.5 | 760.5 | -4.0 | I09-I01 | -40.0 | -37.0 | -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 | | PB粉(60.8%) | 790 | 791 | -1 | 858 | 52 | 68 | 89 | | 纽曼粉 | 792 | 793 | -1 | 866 | 61 | 77 | 98 | | 麦克粉 | 787 | 787 | 0 | 869 | 64 | ...

1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - The report presents the daily data of stock index futures including IM, IF, IC, and IH, covering aspects such as closing prices, trading volumes, open interests, basis, and positions of major seats. It shows the performance and changes of different contracts in these futures on December 23, 2025. [1] 3. Summary According to Relevant Catalogs IM Futures - **Daily Quotes**: The underlying index CSI 1000 closed at 7392.42, down 0.22%. The main contract IM2603 fell 0.17% to 7197.4 points. The total trading volume of the four contracts was 144,993 lots, down 1,632 lots from the previous day, and the total open interest was 351,928 lots, up 2,022 lots from the previous day. [4][5] - **Basis and Other Data**: The main contract was at a discount of 195.02 points, up 9.73 points from the previous day, with an annualized basis rate of -11.24%. The dividend impacts of the four contracts were 0.57 points, 0.57 points, 0.57 points, and 43.71 points respectively. [5] - **Positions of Major Seats**: The report details the trading volumes, long positions, and short positions of the top 20 seats in different contracts (IM2601, IM2603, IM2606), and their changes from the previous day. [19][21][23] IF Futures - **Daily Quotes**: The underlying index CSI 300 closed at 4620.73, up 0.20%. The main contract IF2603 rose 0.1% to 4571.4 points. The total trading volume of the four contracts was 92,029 lots, down 789 lots from the previous day, and the total open interest was 270,424 lots, up 7,033 lots from the previous day. [24][25] - **Basis and Other Data**: The main contract was at a discount of 49.33 points, down 2.51 points from the previous day, with an annualized basis rate of -4.48%. The dividend impacts of the four contracts were 4.21 points, 4.66 points, 4.66 points, and 36.05 points respectively. [25] - **Positions of Major Seats**: The report details the trading volumes, long positions, and short positions of the top 20 seats in different contracts (IF2601, IF2603, IF2606), and their changes from the previous day. [37][39][40] IC Futures - **Daily Quotes**: The underlying index CSI 500 closed at 7256.79, up 0.02%. The main contract IC2603 rose 0.04% to 7133.2 points. The total trading volume of the four contracts was 96,094 lots, down 7,094 lots from the previous day, and the total open interest was 255,760 lots, down 1,024 lots from the previous day. [42][43] - **Basis and Other Data**: The main contract was at a discount of 123.59 points, up 8.87 points from the previous day, with an annualized basis rate of -7.19%. The dividend impacts of the four contracts were 0.62 points, 0.62 points, 0.62 points, and 66.33 points respectively. [43] - **Positions of Major Seats**: The report details the trading volumes, long positions, and short positions of the top 20 seats in different contracts (IC2601, IC2603, IC2606), and their changes from the previous day. [54][56][58] IH Futures - **Daily Quotes**: The underlying index SSE 50 closed at 3027.52, up 0.24%. The main contract IH2603 rose 0.22% to 3025.6 points. The total trading volume of the four contracts was 37,812 lots, up 817 lots from the previous day, and the total open interest was 82,828 lots, down 761 lots from the previous day. [61] - **Basis and Other Data**: The main contract was at a discount of 1.92 points, down 0.09 points from the previous day, with an annualized basis rate of -0.26%. The dividend impacts of the four contracts were 5.43 points, 5.43 points, 5.43 points, and 23.97 points respectively. [62] - **Positions of Major Seats**: The report details the trading volumes, long positions, and short positions of the top 20 seats in different contracts (IH2601, IH2603, IH2606), and their changes from the previous day. [72][74][76]