1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report indicates that the current pressure on the live pig market remains significant, with prices under pressure. Although there has been a slight rebound in prices recently, due to factors such as increased planned slaughter by large - scale enterprises this month, high slaughter volumes from ordinary farmers, and high inventory in secondary fattening, along with high slaughter weights, the market pressure is expected to continue. In the futures market, there is also downward pressure [5][6]. 3. Summary by Related Catalogs 3.1 Comprehensive Analysis & Trading Strategy - **Comprehensive Analysis**: This week, live pig prices showed a slight oscillation, with most regions seeing price increases. Large - scale enterprises reduced their slaughter volumes, while ordinary farmers increased their active slaughter after price rebounds. Secondary fattening remained stable. Slaughter weights increased, and market demand improved, with an increase in slaughter volume and frozen product inventory. However, considering the increased planned slaughter of large - scale enterprises this month, high slaughter volumes from ordinary farmers, and high inventory in secondary fattening, the market pressure is still significant [5]. - **Futures Analysis**: The futures market showed downward pressure this week, reflecting concerns about supply pressure within the month. If spot prices do not drop significantly, the futures market may rebound, but currently, spot pressure is obvious, so futures prices are still under pressure [6]. - **Trading Strategy**: For unilateral trading, adopt a downward - biased approach; for arbitrage, adopt a wait - and - see strategy; for options, use a short straddle strategy [7]. 3.2 Data Charts & Logic Analysis 3.2.1 Pig Prices - This week, live pig prices across the country oscillated slightly. Some regions saw price drops, while others had increases. The market slaughter pressure decreased significantly, and prices showed a phased rebound. Large - scale enterprises reduced their slaughter volumes, while ordinary farmers were more active in slaughtering. Secondary fattening was mainly in a wait - and - see state [12]. 3.2.2 Slaughter and Consumption Changes - **Slaughter Situation**: The overall slaughter pressure improved this week. Large - scale enterprises reduced their slaughter volumes, while ordinary farmers were more active in slaughtering. Secondary fattening was mainly in a wait - and - see state. Slaughter weights continued to increase, and the supply pressure of large - weight pigs increased. Although large - scale enterprises reduced their slaughter this week, it is expected that the overall slaughter pressure will increase in the future [14]. - **Consumption Situation**: Pig demand continued to improve this week. Slaughter volume increased, frozen product inventory increased slightly, apparent demand increased, and the fresh - meat sales rate increased, indicating an improvement in overall demand [14]. 3.2.3 Breeding Profits As of the week ending December 5, the self - breeding and self - raising profit was - 167.69 yuan per head, a decrease of 19.71 yuan per head from last week, and the profit from purchasing piglets was - 259.39 yuan per head, a decrease of 10.57 yuan per head from last week. Pig prices remained low, and breeding profits continued to decline [23]. 3.2.4 Sow and Piglet Prices - **Piglets**: The price of 7 - kg piglets remained unchanged from last week, and the price of 15 - kg piglets decreased by 2 yuan per head. The enthusiasm of farmers for replenishing piglets was average [30]. - **Sows**: The sow price decreased by 1 yuan per head from last week. The ratio of culled sows to commercial pigs continued to decline, and the enthusiasm for culling sows increased [30]. 3.2.5 Breeding Sow Inventory According to Yongyi's data, the breeding sow inventory decreased slightly in October. According to Ganglian's data, the inventory decreased by 0.38% in November. Overall, the breeding sow inventory has decreased [33].

Group 1: Report Overview - The report is a shipping daily report dated December 10, 2025, released by the Commodity Research Institute of Galaxy Futures [1][2] Group 2: Futures Market Futures Contracts - On December 10, 2025, the closing price of EC2602 was 1665.2 points, up 2.8% from the previous day's closing price. Other contracts also showed different price changes and volume - position changes [3] Month - spread Structure - The price differences between different contracts (such as EC12 - EC02, EC02 - EC04) had different changes, with some narrowing and some widening [3] Container Freight Rates - The SCFIS European line index was 1509.10 points on December 10, 2025, with a week - on - week increase of 1.72% and a year - on - year decrease of 50.24%. Other container freight rates also showed different changes [3] Fuel Costs - The price of WTI crude oil near - month was $58.30 per barrel, with a week - on - week decrease of 0.51% and a year - on - year decrease of 14.48%. The price of Brent crude oil near - month was $61.82 per barrel, with a week - on - week decrease of 0.63% and a year - on - year decrease of 13.9% [3] Group 3: Market Analysis and Strategy Recommendation Market Analysis - In the second half of December, the freight rate center increased compared with the first half, and the expectation of a price increase in January was still fermenting. The EC2602 contract valuation was gradually higher than the EC2512 contract, and the EC market continued to strengthen in a volatile manner [5] - The latest SCFIS European line index was slightly lower than market expectations, mainly due to some shipping companies' container dumping and shipping schedule delays at the end of November [5] - The spot freight rate situation improved recently. Different shipping companies had different price quotes for the second half of December and January. The demand in December - January was expected to improve, and the supply pressure of ship capacity was slightly relieved [6] Strategy Recommendation - For the single - side strategy, partially take profit and partially hold the long positions of the EC2602 contract, and pay attention to the rhythm of shipping companies' price increase announcements and cargo volume improvement [7] - For the arbitrage strategy, adopt a wait - and - see approach [7] Group 4: Industry News - According to Politico, US President Trump may adjust tariffs to reduce the prices of some commodities [7] - In the coming week, multiple ports in Europe will face strikes. Italy will have a national general strike on December 12, and Portugal will have its first national general strike in 12 years on December 11 [9] Group 5: Related Attachments - The report provides multiple figures, including the SCFIS European line index, SCFIS US - West line index, SCFI comprehensive index, and container freight rates for different routes [11][12][15]

研究所 农产品研发报告 农产品日报 2025 年 12 月 10 日 研究员：刘倩楠 期货从业证号： Z0014425 联系方式： :liuqiannan_qh@chinastock. com.cn 鸡蛋日报 第一部分鸡蛋日报 | 期货市场 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 今收 | | 昨收 | 涨跌 | JD跨月价差 | 今收 | 昨收 | 涨跌 | | JD01 | 3153 | 3124 | 29 | 01-05 | -398 | -457 | 59 | | JD05 | 3551 | 3581 | -30 | 05-09 | -503 | -489 | -14 | | JD09 | 4054 | 4070 | -16 | 09-01 | 901 | 946 | -45 | | 今收 | | 昨收 | 涨跌 | | 今收 | 昨收 | 涨跌 | | 01鸡蛋/玉米 | 1.41 | 1.40 | 0.01 | 01鸡蛋/豆粕 | 1.04 | 1.04 | 0.00 | | 05鸡蛋/玉米 | 1.5 ...

【粕类周报】美豆压力增加 粕类震荡回落 银河农产品 研究员：陈界正 期货从业证号：F3045719 投资咨询证号：Z0015458 目录 第一章 综合分析与交易策略 2 1 227/82/4 228/210/172 181/181/181 87/87/87 | | | 第三章 基本面数据变化 8 GALAXY FUTURES 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 综合分析与交易策略 【综合分析】 本周美豆盘面呈现明显回落态势，需求端缺乏利好支撑，月度供需报告发布在即，南美产区天气维持良好是近期美豆盘面回落的主要影响因素。虽 然近期相关出口方面有所改善，但从整体完成情况来看，出口下调空间较大，并且巴西市场竞争优势仍然相对明显，出口压力仍然存在。南美市场 近端压力基本维持正常，虽然整体需求表现良好，但由于产量增幅较大，库存仍然维持高位运行，不过由于整体卖货进度较快，预计后续出口以及 压榨量仍将以高位运行为主，价格方面仍有一定支撑。新作方面来看，前期市场普遍对于南美产区天气有一定考虑 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The spot price of peanuts is expected to remain relatively stable in the short - term, with supply increasing and downstream demand remaining weak. The peanut futures will continue to fluctuate at a high level, and the PK01 contract still has room to decline [3][7] - The spot price of peanut oil is stable, and the peanut meal has been stable recently. Oil mills have good theoretical profit margins [3][5][7] 3. Summary by Directory First Part: Data - **Futures盘面**: PK604 closed at 8030, up 18 (0.22%), with a trading volume of 70,538 (up 4.79%) and an open interest of 29,799 (up 6.23%); PK510 closed at 8220, down 2 (-0.02%), with a trading volume of 101 (up 53.03%) and an open interest of 805 (up 5.23%); PK601 closed at 8088, up 18 (0.22%), with a trading volume of 17,941 (down 21.37%) and an open interest of 52,878 (down 7.99%) [1] - **Spot and Basis**: The spot prices in Henan Nanyang, Shandong Jining, and Shandong Linyi were 7800, 8200, and 8200 respectively, with no change; the price of Rizhao peanut meal was 3250, and Rizhao soybean meal was 3030 (up 20); the price of peanut oil was 14380, and Rizhao first - grade soybean oil was 8440, both with no change [1] - **Import Price**: The price of Sudanese peanuts was 8600, and Senegalese peanuts was 7600, both with no change [1] - **Spread**: PK01 - PK04 spread was 58 (no change), PK04 - PK10 spread was 20, and PK10 - PK01 spread was 132 (down 20) [1] Second Part: Market Analysis - The peanut prices in Henan and Northeast China were stable. The price of 308 common peanuts in Fuyu, Jilin was 4.8 yuan/jin, and in Changtu, Liaoning was 4.75 yuan/jin; the price of Baisha common peanuts in Henan was 3.75 - 3.8 yuan/jin, and in Junan, Shandong was 3.4 yuan/jin. The price of imported peanuts was also stable [3] - Some peanut oil mills raised their purchase prices, with the mainstream transaction price ranging from 6900 - 7600 yuan/ton, and the theoretical break - even price of oil mills was 7860 yuan/ton. The prices of soybean oil and peanut oil were stable [3][5] - The spot price of Rizhao soybean meal increased by 20 yuan/ton to 3030 yuan/ton. The unit protein spread between peanut meal and soybean meal was low, and peanut meal was relatively strong in the short - term [5] Third Part: Trading Strategy - **Unilateral**: Peanuts in contracts 01 and 05 will fluctuate at a high level. Short - sell PK01 on rallies [8] - **Calendar Spread**: Reverse - spread the 1 - 5 spread on rallies [9] - **Options**: Sell PK603 - P - 8200 on rallies [10] Fourth Part: Related Attachments - The report provides six figures, including the spot price of Shandong peanuts, the pressing profit of peanut oil mills, 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 [12][17][20]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The bearish pressure on the meal market has been mostly reflected, and the market is experiencing a phased rebound. The international soybean market supply - demand situation is relatively stable, with limited price changes expected. The US soybean market has some support but still faces export - related pressure. The Brazilian soybean market may face price pressure in the medium - term. The domestic meal market is in a state of relatively loose supply - demand, but the supply may tighten in the future. The monthly spread of soybean meal shows a strong operation trend, and that of rapeseed meal follows suit [1][3][4][6] 3. Summary by Related Content 3.1 Market Quotes Review - The US soybean market fluctuated after the monthly supply - demand report, with limited changes. The domestic soybean meal market stabilized after a sharp decline, and the rapeseed meal market rebounded under the influence of soybean meal. The spread between soybean meal and rapeseed meal continued to narrow, and the monthly spreads of both soybean meal and rapeseed meal increased [3] 3.2 Fundamental Analysis International Market - The US soybean has obvious downward pressure due to large export pressure. The Brazilian new - crop soybean planting progress has accelerated but is still at a low level compared to the same period in history. Most institutions expect a bumper harvest in Brazil, and the export volume is expected to increase significantly. The old - crop soybeans in Brazil have strong export and crushing performance. Argentina's old - crop soybean production is large, and its recent crushing and export have increased [4] Domestic Market - The domestic spot market has a relatively loose supply - demand situation. The oil mill operating rate remains high, with sufficient supply and increasing提货 volume. The inventory is at a high level. The market demand is increasing, but there is still uncertainty about future supply. As of December 5, the actual soybean crushing volume of oil mills was 2.0558 million tons, the operating rate was 56.55%, the soybean inventory was 7.1552 million tons (down 184,400 tons or 2.51% from last week, up 1.6849 million tons or 30.80% year - on - year), and the soybean meal inventory was 1.1619 million tons (down 41,300 tons or 3.43% from last week, up 481,400 tons or 70.74% year - on - year). The domestic rapeseed meal demand has weakened, the oil mill operation has basically stopped, the rapeseed supply is low, and the granular rapeseed meal inventory is high. As of December 5, the coastal rapeseed inventory was 0 tons (unchanged from last week), and the rapeseed meal inventory was 0.02 million tons (up 0.01 million tons from last week) [5] 3.3 Logic Analysis - The US soybean market is expected to face some pressure due to slow exports, but the decline depth is limited as the price has already reflected most of the bearish factors, and it will mainly fluctuate at a high level. The short - term weather in Brazil has improved, putting pressure on the market. The domestic soybean meal supply may tighten in the future, and there is still price pressure in the medium - to - long - term. The rapeseed meal supply pressure remains obvious. The monthly spreads of soybean meal and rapeseed meal are expected to be strongly supported [6] 3.4 Trading Strategies - Unilateral: Participate in laying out a small number of long positions - Arbitrage: Narrow the MRM spread - Options: Sell a wide - straddle strategy [7] 3.5 Soybean Pressing Profit - The table shows the soybean pressing profit data from Brazil with different shipping dates on December 10, 2025, including CNF, CBOT, contract, exchange rate, soybean meal price, soybean oil price, and changes in pressing profit [8]

研究所 黑色研发报告 | | 今日 | 昨日 | 涨跌 | | 今日 | 昨日 | 涨跌 | | --- | --- | --- | --- | --- | --- | --- | --- | | DCE01 | 787.5 | 780.0 | 7.5 | I01-I05 | 18.5 | 22.5 | -4.0 | | DCE05 | 769.0 | 757.5 | 11.5 | I05-I09 | 24.0 | 24.0 | 0.0 | | DCE09 | 745.0 | 733.5 | 11.5 | I09-I01 | -42.5 | -46.5 | 4.0 | | 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%) | 780 | 780 | 0 | 847 | 59 | 81 | 105 | | 纽曼粉 | 782 | 782 | 0 | 855 | 67 | 90 | 114 | | 麦克粉 | 776 | 774 | 2 | 857 | 69 | 92 | 116 | | 金布巴粉(60.5%) | 736 | 7 ...

Group 1: Report Industry Investment Rating - Not mentioned in the report Group 2: Core Viewpoints of the Report - Affected by real - estate stimulus policy rumors, the black - metal sector rose today, with iron ore leading the increase, but coking coal still fell before the close. Steel spot trading was generally fair, with increased low - price speculation and futures - cash purchases, while rigid demand was average. This week, building materials production decreased rapidly, while plate production increased slightly. Steel inventories decreased overall, with social inventory decreasing faster than factory inventory. Affected by seasonality, rebar demand dropped significantly, but hot - rolled demand continued to rise. It is expected that pig iron production will continue to decline this week, but blast - furnace profits have recovered, reducing the drive for active production cuts. Recently, coal and coke prices dropped sharply, driving steel prices down, but in December, coal supply may shrink again, and steel mills have restocking expectations. With a structural shortage of iron ore PB powder, steel costs are supported. Although building materials demand declines seasonally, it is not weaker than the seasonal average, and manufacturing demand is still supported. Therefore, short - term steel prices will remain range - bound with raw materials, and the performance may be weaker than in November. Attention should be paid to the impact of macro news on the market, as well as coal mine safety inspections, overseas tariffs, and domestic macro and industrial policies [5]. - Unilateral trading is expected to maintain a slightly upward - trending oscillation. For arbitrage, it is recommended to short the hot - rolled - coal ratio and the hot - rolled - rebar spread at high prices. For options, it is recommended to wait and see [6]. Group 3: Summary by Relevant Catalogs Market Information - Spot prices: Shanghai Zhongtian rebar is 3250 yuan (+20), Beijing Jingye rebar is 3150 yuan (+10), Shanghai Angang hot - rolled coil is 3280 yuan (+30), and Tianjin Hegang hot - rolled coil is 3190 yuan (unchanged) [4]. Market Research and Judgment - **Transaction Strategy**: - Unilateral: Maintain a slightly upward - trending oscillation [6]. - Arbitrage: Short the hot - rolled - coal ratio and the hot - rolled - rebar spread at high prices [6]. - Options: Wait and see [6]. - **Important Information**: - In November, the global blast - furnace steel mill pig iron production was 104.75 million tons, a month - on - month decrease of 4.78 million tons (4.4% decline) and a year - on - year increase of 0.2%. Excluding mainland China, the sample production of other countries and regions was 34.2 million tons, a month - on - month decrease of 1.11 million tons (3.1% decline) and a year - on - year increase of 0.1%. The average daily pig iron production of blast - furnace steel mills outside mainland China in November was 1.1401 million tons, a month - on - month increase of 0.001 million tons (0.09% increase) [7][8]. - China's CPI in November increased by 0.7% year - on - year (in line with expectations, compared with 0.2% in the previous month), and the PPI decreased by 2.2% year - on - year (expected to decrease by 2%, compared with a 2.1% decrease in the previous month) [8]. Relevant Attachments - The report includes 31 figures showing various data such as steel prices, basis, spreads, and profits from 2021 to 2025, with data sources from Galaxy Futures, Mysteel, and Wind [9][11][12]...[49].

第一部分 市场信息 研究所 黑色金属研发报告 黑色金属日报 2025 年 12 月 10 日 铁合金日报 | | | | 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 | 5434 | -28 | -12 | 359824 | 114711 | 270595 | -5483 | | SM主力合约 | 5724 | -8 | -22 | 183801 | -75254 | 280089 | -2262 | | | | | | 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 | 5200 | 0 | -50 | 硅锰6517内蒙 | 5520 | 10 | -10 | | 72%FeSi宁夏 | 5200 | 0 | 0 | 硅锰6517宁夏 | 5490 | 0 | -30 | | 72%FeSi青海 | 5250 ...

研究所 农产品研发报告 玉米淀粉日报 2025 年 12 月 10 日 玉米淀粉日报 第一部分 数据 | 玉米&玉米淀粉数据日报 | | | | | | | | 2025/12/10 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | C2601 | | 2241 | 5 | 0.22% | 695,599 | -15.64% | 637,445 | -14.52% | | C2605 | | 2265 | -1 | -0.04% | 119,070 | -12.32% | 437,998 | 2.40% | | C2509 | | 2279 | 1 | 0.04% | 7,953 | -22.39% | 34,501 | 0.21% | | CS2601 | | 2532 | 10 | 0.39% | 110,800 | -31.64% | 176,411 | -7.97% | | CS260 ...