1. Report Information - Report title: Stock Index Futures Data Daily Report [1] - Date: December 10, 2025 [2] 2. IM Futures 2.1 Daily Quotes - The closing price of CSI 1000 was 7,408.24, up 0.37%, with a trading volume of 21,561 lots (down 6%) and a trading value of 36.02 billion yuan (down 8%) [4] - The IM main - contract (IM2512) rose 0.22% to close at 7,371.4 points. The trading volume of IM four - contracts was 177,447 lots, an increase of 36,576 lots from the previous day; the total open interest was 369,233 lots, an increase of 9,226 lots [4][5] 2.2 Basis and Other Indicators - The IM main - contract was at a discount of 36.84 points, down 4.06 points from the previous day; the annualized basis rate was - 18.24% [5] - The dividend impacts of the four IM contracts were 0.34 points, 1.2 points, 1.21 points, and 44.18 points respectively [5] 2.3 Main Seats - For IM2512, the top five seats in terms of trading volume had a total of 46,882 lots, an increase of 11,437 lots from the previous day. The top five seats in terms of long positions had 45,109 lots (an increase of 1,400 lots), and the top five seats in terms of short positions had 56,585 lots (an increase of 1,488 lots) [19] 3. IF Futures 3.1 Daily Quotes - The closing price of CSI 300 was 4,591.83, down 0.14%, with a trading volume of 16,911 lots (down 8%) and a trading value of 40.15 billion yuan (down 11%) [24] - The IF main - contract (IF2512) fell 0.17% to close at 4,574.2 points. The trading volume of IF four - contracts was 122,684 lots, an increase of 23,187 lots from the previous day; the total open interest was 276,464 lots, an increase of 7,169 lots [24][25] 3.2 Basis and Other Indicators - The IF main - contract was at a discount of 17.63 points, down 2.61 points from the previous day; the annualized basis rate was - 14.07% [25] - The dividend impacts of the four IF contracts were 3.54 points, 9.82 points, 10.92 points, and 40.57 points respectively [25] 3.3 Main Seats - For IF2512, the top five seats in terms of trading volume had a total of 75,172 lots, an increase of 12,528 lots from the previous day. The top five seats in terms of long positions had 54,636 lots (a decrease of 1,176 lots), and the top five seats in terms of short positions had 56,894 lots (an increase of 127 lots) [37] 4. IC Futures 4.1 Daily Quotes - The closing price of CSI 500 was 7,155.99, up 0.49%, with a trading volume of 15,397 lots (down 8%) and a trading value of 28.05 billion yuan (down 8%) [42] - The IC main - contract (IC2512) rose 0.4% to close at 7,122.2 points. The trading volume of IC four - contracts was 116,534 lots, an increase of 20,739 lots from the previous day; the total open interest was 252,255 lots, an increase of 2,642 lots [42][43] 4.2 Basis and Other Indicators - The IC main - contract was at a discount of 33.79 points, down 6.86 points from the previous day; the annualized basis rate was - 17.32% [43] - The dividend impacts of the four IC contracts were 0.84 points, 2.37 points, 2.94 points, and 57.32 points respectively [43] 4.3 Main Seats - For IC2512, the top five seats in terms of trading volume had a total of 31,609 lots, an increase of 5,655 lots from the previous day. The top five seats in terms of long positions had 34,243 lots (an increase of 1,249 lots), and the top five seats in terms of short positions had 44,390 lots (an increase of 1,291 lots) [58] 5. IH Futures 5.1 Daily Quotes - The closing price of SSE 50 was 2,988.64, down 0.31%, with a trading volume of 4,151 lots (down 4%) and a trading value of 10.13 billion yuan (down 8%) [64] - The IH main - contract (IH2512) fell 0.35% to close at 2,980.8 points. The trading volume of IH four - contracts was 51,211 lots, an increase of 12,074 lots from the previous day; the total open interest was 96,737 lots, an increase of 4,369 lots [64] 5.2 Basis and Other Indicators - The IH main - contract was at a discount of 7.84 points, down 1.48 points from the previous day; the annualized basis rate was - 9.6% [65] - The dividend impacts of the four IH contracts were 4.68 points, 12.33 points, 13.5 points, and 31.52 points respectively [65] 5.3 Main Seats - For IH2512, the top five seats in terms of trading volume had a total of 35,039 lots, an increase of 9,905 lots from the previous day. The top five seats in terms of long positions had 23,003 lots (an increase of 1,156 lots), and the top five seats in terms of short positions had 27,634 lots (an increase of 651 lots) [80]

Group 1: Investment Rating - No investment rating provided for the industry in the report Group 2: Core View - The spot price of live pigs is stable in the short - term, but the pressure on the futures market is increasing. The overall supply of the live pig market is still sufficient, so the spot price is expected to decline in the long - run, and the futures price may be volatile in the short - term and face downward pressure in the long - term [1][3][5] Group 3: Summary by Content Spot Price - Today, live pig prices across China showed an upward trend. The average price was 11.62 yuan, up 0.1 yuan from yesterday. Scale enterprises' slaughter volume was stable overall, and the short - term market slaughter pressure was limited. The enthusiasm of ordinary farmers to sell pigs decreased, and the overall slaughter pressure may improve. The number of second - fattening pigs entering the market continued to decrease, and the enthusiasm for replenishment decreased. The current average slaughter weight of live pigs rebounded, and the supply of large - weight pigs was still relatively large. The slowdown in the slaughter rhythm supported the pig price to some extent [3] Futures Price - Live pig futures prices showed a downward trend, while the spot price rebounded slightly. The large decline in the futures price earlier reflected the large supply pressure, but the spot price was stable. In the short - term, the monthly slaughter volume may increase, and the price will fluctuate. In the medium - and long - term, due to the high inventory, the supply pressure is obvious, and the futures price is expected to face downward pressure [5] Piglet and Sow Price - The price of piglets this week was 215 yuan, up 6 yuan from last week, and the price of sows remained unchanged at 1545 yuan [3] Breeding Profit - The spot breeding profit of self - breeding and self - raising was - 167.69 yuan, down 19.71 yuan from yesterday, and the profit of purchasing piglets for breeding was - 259.39 yuan, down 10.57 yuan from yesterday [3] Slaughter End - The slaughter volume increased by 1333 heads to 183603 heads compared with yesterday [3] Price Difference - The price difference between different pig sizes changed. For example, the difference between standard pigs and medium - sized pigs increased by 0.03 to 0.53, while the difference between large pigs and standard pigs decreased by 0.04 to 0.29 [3] Trading Strategy - Unilateral trading: Adopt a bearish approach. Arbitrage: Wait and see. Options: Sell a wide straddle strategy [6]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - The supply - side of domestic refineries has limited start - stop scales, with most devices operating stably. Regional production shows differentiation, with significant diesel increments in Shandong but a slight decrease in gasoline and a slight increase in diesel for the national independent refineries. The gasoline market enters a new replenishment cycle with strong summer demand, leading to a tight - balance situation. The diesel market is pressured by weak demand and low replenishment motivation. In terms of inventory, Shandong's gasoline refinery inventory is expected to decline, while diesel inventory pressure will increase. Next week, there is still downward pressure on the wholesale prices of gasoline and diesel, but the decline in gasoline prices may narrow, and diesel will continue to explore the bottom. Retail profits of gasoline and diesel are expected to rise slightly [6]. 3. Summary by Directory 3.1 Comprehensive Analysis 3.1.1 Market Overview - On the supply side, major refineries have stable operations with no new start - stop devices. Shandong independent refineries' operation rate continues to rise. Major refineries' gasoline prices stop falling and diesel prices are stable, while independent refineries' gasoline and diesel production both decline. The diesel - to - gasoline ratio drops by 0.01 to 1.31. On the demand side, gasoline demand improves with high - volume ship orders and a sales - to - production ratio over 100%. Diesel demand is weak with low ship and vehicle order volumes. In terms of inventory, commercial inventories of gasoline and diesel both increase. Gasoline inventory is 1101 million tons, up 12 million tons (1.1%) week - on - week; diesel inventory is 1384 million tons, up 4 million tons (0.3%) week - on - week. Independent refineries' gasoline and diesel inventories slightly decrease. Social gasoline inventory increases and diesel inventory decreases [5]. 3.1.2 Market Outlook - Supply: Domestic refineries will generally maintain stable operations with limited start - stop scales. Regional production will vary, with Shandong seeing a significant increase in diesel output, while the overall independent refinery production shows a slight decrease in gasoline and a slight increase in diesel. Demand: The gasoline market will enter a new replenishment cycle, with strong summer demand and concentrated delivery of previous orders, resulting in a supply - short situation. Diesel demand will remain weak due to low rigid demand and limited replenishment motivation, leading to price pressure and an imbalance between production and sales. Inventory: Shandong's gasoline refinery inventory is expected to decline due to order delivery and strong demand, while diesel inventory pressure will increase due to rising production and low consumption. Price: Next week, there will still be downward pressure on gasoline and diesel wholesale prices, but the decline in gasoline prices may slow down due to the peak season, and diesel prices will continue to fall. Retail profits of gasoline and diesel are expected to rise slightly [6]. 3.2 Core Logic Analysis and Data Tracking 3.2.1 Price - The report provides detailed price data for gasoline and diesel in different regions of China, including national, Shandong independent refineries, and various regional markets. It shows price changes over different time intervals (year - on - year, week - on - week, month - on - month, and day - on - day) [11]. 3.2.2 Profit - Refinery profits: Major refineries' refining profit is 520 yuan/ton, independent refineries' is 179 yuan/ton, and Shandong independent refineries' is 314 yuan/ton. Gasoline profit is 603 yuan/ton, and diesel profit is 428 yuan/ton. There are also corresponding profit changes over different time periods [13]. 3.2.3 Supply - **开工率**: The overall refinery operating rate in China is 71.6%, a slight decrease of 0.5 percentage points. Major refineries' operating rate remains stable, while independent refineries' drops by 1.4 percentage points. Shandong independent refineries' operating rate is 48.2%, an increase of 0.8 percentage points [27]. - **检修计划**: As of July 11, 2025, the total refinery maintenance capacity in China is 69 million tons/year, a decrease of 2.5 million tons compared to the previous week [34]. - **产量**: Major refineries' gasoline and diesel production remains stable, while independent refineries' gasoline and diesel production both decline. Shandong independent refineries' gasoline production is 484,000 tons, a 1.1% increase, and diesel production is 931,000 tons, a 2.2% increase [35][39]. 3.2.4 Sales - Gasoline sales of independent refineries and Shandong independent refineries both increase, and the sales - to - production ratio also rises. Diesel sales of independent refineries remain stable, and Shandong independent refineries' sales increase slightly. The diesel sales - to - production ratio also shows a slight increase [43]. 3.2.5 Demand - The report uses various indicators such as consumption index, flight schedules, PMI, and congestion index to analyze gasoline and diesel demand. However, specific demand trends need to be further analyzed based on these indicators [58][60][62]. 3.2.6 Inventory - Commercial inventories of gasoline and diesel both increase. Gasoline inventory is 11.01 million tons, a 1.1% increase, and diesel inventory is 13.84 million tons, a 0.3% increase. Independent refineries' gasoline and diesel inventories slightly decrease. Social gasoline inventory increases and diesel inventory decreases. Shandong's gasoline refinery inventory is expected to decline next week, while diesel inventory is expected to increase [71][74].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report offers a comprehensive analysis of various futures markets, including financial derivatives, agricultural products, black metals, non - ferrous metals, shipping, and energy chemicals. It assesses the current market conditions, influencing factors, and provides corresponding trading strategies for each sector. The overall market is characterized by volatility, with different commodities affected by factors such as supply - demand relationships, macro - economic policies, and geopolitical events. Summary by Related Catalogs Financial Derivatives - **Stock Index Futures**: The market is expected to oscillate in the short term, testing the 3900 - point support and confirming the breakthrough direction of the triangular consolidation. It is recommended to go long on dips, conduct IM/IC 2512 long + ETF short cash - and - carry arbitrage, and use bull spreads for options [21]. - **Treasury Bond Futures**: Bond market sentiment has eased but remains cautious. It is advisable to go long on the TL contract on dips and pay attention to potential cash - and - carry arbitrage opportunities for the TF contract [22]. Agricultural Products - **Protein Meal**: The bullish factors have limited impact, and the market is under pressure. It is recommended to hold a small number of short positions, stay on the sidelines for arbitrage, and use the strategy of selling wide - straddle options [26]. - **Sugar**: Internationally, the sugar price is expected to oscillate at the bottom. Domestically, it is likely to move sideways at a low level. It is recommended to stay on the sidelines for single - side trading, and sell put options at a low level [30]. - **Oilseeds and Oils**: The market is expected to oscillate in the short term. It is recommended to go long on dips and short on rallies, and stay on the sidelines for arbitrage and options [35]. - **Corn/Corn Starch**: The spot price has declined, and the market is expected to continue to fall. It is recommended to go long on the 03 contract on dips and short on rallies, conduct 3 - 7 reverse arbitrage, and stay on the sidelines for options [38]. - **Hogs**: The short - term pressure has improved, but the overall supply pressure still exists. It is recommended to hold short positions, stay on the sidelines for arbitrage, and use the strategy of selling wide - straddle options [41]. - **Peanuts**: The market has risen and then fallen. It is recommended to short the 01 contract on rallies, conduct 1 - 5 reverse arbitrage, and sell the pk603 - C - 8200 option [44]. - **Eggs**: The demand is average, and the price is mainly stable. It is recommended to go long on the near - term contract on dips and stay on the sidelines for arbitrage and options [48]. - **Apples**: The inventory is low, and the fundamentals are strong. The market is expected to oscillate at a high level. It is recommended to stay on the sidelines for single - side trading, arbitrage, and options [52]. - **Cotton - Cotton Yarn**: The new cotton sales are good, and the price is expected to oscillate strongly. It is recommended to expect the US cotton to oscillate in a range and the Zhengzhou cotton to be strong in the short term, and stay on the sidelines for arbitrage and options [56]. Black Metals - **Steel**: The market sentiment is volatile, and the steel price is expected to oscillate. It is recommended to expect a weak - oscillating trend, short the coil - coal ratio and the coil - rebar spread on rallies, and stay on the sidelines for options [58]. - **Coking Coal and Coke**: The market is oscillating at the bottom, waiting for the start of winter storage. It is recommended to expect the coking coal to oscillate, stay on the sidelines for arbitrage, and stay on the sidelines for options [60]. - **Iron Ore**: It is recommended to take a bearish view. Stay on the sidelines for arbitrage and options [63]. - **Ferroalloys**: The cost provides support, but the demand is suppressed. It is recommended to expect the market to oscillate at the bottom, stay on the sidelines for arbitrage, and sell out - of - the - money straddle options [66]. Non - Ferrous Metals - **Gold and Silver**: Gold is expected to oscillate at a high level, and silver may remain strong. It is recommended to go long on gold on dips, go long on silver cautiously on dips, stay on the sidelines for arbitrage, and buy out - of - the - money call options for silver [68]. - **Platinum and Palladium**: They are following the strength of gold and silver. It is recommended to go long on platinum on dips, stay on the sidelines for palladium, conduct long platinum - short palladium arbitrage, and buy out - of - the - money call options for platinum [70]. - **Copper**: The short - term profit - taking of funds has occurred, but the long - term upward trend continues. It is recommended to take profits on long positions on rallies, pay attention to cash - and - carry arbitrage opportunities, and stay on the sidelines for options [74]. - **Alumina**: It is expected to be under pressure before the expiration of warehouse receipts. It is recommended to expect a weak trend, stay on the sidelines for arbitrage, and stay on the sidelines for options [78]. - **Electrolytic Aluminum**: The price has fallen due to the departure of funds before the interest - rate meeting. It is recommended to stay on the sidelines in the short term, stay on the sidelines for arbitrage, and stay on the sidelines for options [82]. - **Cast Aluminum Alloy**: The price has fallen with the aluminum price due to macro - expectations. It is recommended to stay on the sidelines in the short term, pay attention to the narrowing of the AD - AL spread during the aluminum price correction, and stay on the sidelines for options [84]. - **Zinc**: The market is expected to oscillate widely. It is recommended to hold short positions, stay on the sidelines for arbitrage, and stay on the sidelines for options [87]. - **Lead**: The price has risen and then fallen. It is recommended to take profits on long positions and stay on the sidelines, stay on the sidelines for arbitrage, and stay on the sidelines for options [90]. - **Nickel**: The price may still face downward pressure after the rebound. It is recommended to expect a downward - oscillating trend, stay on the sidelines for arbitrage, and sell out - of - the - money call options [91]. - **Stainless Steel**: It is following the nickel price and oscillating at a low level. It is recommended to expect a low - level oscillation, stay on the sidelines for arbitrage [96]. - **Industrial Silicon**: The Shihezi silicon plants have not significantly reduced production, and the short - term trend is weak. It is recommended to expect a weak trend, go long on polysilicon and short on industrial silicon, and sell out - of - the - money call options [98]. - **Polysilicon**: With the establishment of the platform company, it is recommended to buy on dips. Stay on the sidelines for arbitrage and use the strategy of buying both call and put options [100]. - **Lithium Carbonate**: Supply has returned to the spotlight, and the price continues to correct. It is recommended to buy after the mid - term correction, stay on the sidelines for arbitrage, and sell out - of - the - money call options for the 2605 contract on rallies [102]. - **Tin**: The price has retreated from a high level, waiting for the Fed's interest - rate meeting. It is recommended to wait and stay on the sidelines for options [105]. Shipping - **Container Shipping**: The MSK WK52 price has slightly decreased, and the market is under pressure. It is recommended to take partial profits on long positions in the EC2602 contract and conduct 2 - 4 cash - and - carry arbitrage and take profits on rallies and then stay on the sidelines [108]. Energy Chemicals - **Crude Oil**: The oversupply situation is difficult to change, and the oil price is expected to oscillate weakly. It is recommended to expect a weak - oscillating trend, stay on the sidelines for gasoline, be bearish on diesel, and expect a weak contango for crude oil. Stay on the sidelines for options [110]. - **Asphalt**: There are signs of winter storage, and the price is in a dilemma. It is recommended to expect a narrow - range oscillation, stay on the sidelines for arbitrage, and sell out - of - the - money call options for the BU2601 contract [113]. - **Fuel Oil**: Both high - sulfur and low - sulfur fuel oils have weak fundamentals. It is recommended to expect a weak - oscillating trend, have a neutral view on low - sulfur cracking and a bearish view on high - sulfur cracking, and stay on the sidelines for options [116]. - **Natural Gas**: The LNG price has strong resistance to decline, and the HH price continues to correct. It is recommended to stay on the sidelines, stay on the sidelines for arbitrage, sell call options for TTF, sell out - of - the - money call options and buy out - of - the - money put options for HH [118]. - **PX & PTA**: PX supply remains abundant, and PTA is expected to accumulate inventory. It is recommended to expect an oscillating trend, conduct TA1 - 5 reverse arbitrage, and sell out - of - the - money call and put options [120]. - **BZ & EB**: Pure benzene supply is loose, and the styrene basis has weakened. It is recommended to expect an oscillating trend, stay on the sidelines for arbitrage, and stay on the sidelines for options [123]. - **Ethylene Glycol**: The inventory has a de - stocking pressure, and the price is falling. It is recommended to expect a weak trend, stay on the sidelines for arbitrage, and sell out - of - the - money call options [127]. - **Short - Fiber**: The supply - demand situation is weak. It is recommended to expect a weak - oscillating trend, stay on the sidelines for arbitrage, and use the strategy of selling both call and put options [129]. - **Bottle - Grade PET**: The supply - demand situation is relatively loose. It is recommended to expect an oscillating trend, stay on the sidelines for arbitrage, and use the strategy of selling both call and put options [132]. - **Propylene**: The inventory is at a high level, and the price is under pressure. It is recommended to short on rallies, stay on the sidelines for arbitrage, and sell call options [133]. - **Plastic PP**: PE inventory has marginally increased. It is recommended to hold short positions in the L2601 contract, stay on the sidelines for the PP 2601 contract, stay on the sidelines for arbitrage, and stay on the sidelines for options [136]. - **Caustic Soda**: The price is weak. It is recommended to expect a weak trend, stay on the sidelines for arbitrage, and stay on the sidelines for options [141]. - **PVC**: The price continues to decline. It is recommended to expect a weak - rebound trend, stay on the sidelines for arbitrage, and stay on the sidelines for options [144]. - **Soda Ash**: Supply has increased while demand has decreased, and the price is weakening. It is recommended to expect a weak trend, pay attention to the 05 contract short - soda - long - glass spread opportunity, and stay on the sidelines for options [147]. - **Glass**: The price is oscillating weakly. It is recommended to expect a weak trend, pay attention to the 05 contract short - soda - long - glass strategy opportunity, conduct 1 - 5 reverse arbitrage, and stay on the sidelines for options [150]. - **Methanol**: The price is declining weakly. It is recommended to pay attention to the 05 contract long opportunity, conduct 5 - 9 cash - and - carry arbitrage, and stay on the sidelines for options [154]. - **Urea**: Low - price transactions are acceptable. It is recommended to expect a weak trend in the short and medium terms, stay on the sidelines for arbitrage, and stay on the sidelines for options [157]. - **Pulp**: Demand has not improved, and the market is weakening. It is recommended to hold short positions, stay on the sidelines for arbitrage, and stay on the sidelines for options [160]. - **Logs**: The fundamentals are weakening. It is recommended to stay on the sidelines, and aggressive investors can go long slightly near the previous low. Stay on the sidelines for arbitrage and pay attention to 1 - 3 reverse arbitrage. Stay on the sidelines for options [163]. - **Offset Printing Paper**: Supply pressure remains, and the market has limited rebound momentum. It is recommended to short on rallies, stay on the sidelines for arbitrage, and sell the OP2602 - C - 4200 option [166]. - **Natural Rubber**: The growth rate of the predicted natural rubber production in October by the rubber alliance has slowed down. It is recommended to reduce positions in the RU01 contract, stay on the sidelines for the RU 05 contract, hold long positions in the NR 02 contract, conduct RU2605 - NR2605 arbitrage, and stay on the sidelines for options [170]. - **Butadiene Rubber**: The crude - oil cost support has been declining. It is recommended to go long slightly in the BR 02 contract, stay on the sidelines for BR2602 - NR2602 arbitrage, and stay on the sidelines for options [174].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Short - term, the oils and fats market lacks clear drivers and shows large intraday fluctuations, generally maintaining a volatile trend. It is recommended to consider low - buying, high - selling interval operations for unilateral trading, and adopt a wait - and - see approach for arbitrage and options trading [4][7][9] 3. Summary by Directory First Part: Data Analysis - **Spot Prices and Basis**: For soybeans, the 2601 closing price was 8190 with a decline of 40. In different regions, spot prices varied. The basis in Zhangjiagang, Guangdong, and Tianjin was 280, 260, and 160 respectively, with no change in the basis. For palm oil, the 2601 closing price was 8648 with a decline of 58. Spot prices and basis also had corresponding changes. For rapeseed oil, the 2601 closing price was 9393 with a decline of 109, and the basis in relevant regions had different values [2] - **Monthly Spread Closing Prices**: The 1 - 5 monthly spread of soybeans was 206 with a rise of 8, that of palm oil was 20 with a rise of 16, and that of rapeseed oil was 226 with a decline of 2 [2] - **Cross - Variety Spreads**: The 01 contract of Y - P was - 458 with a rise of 18, OI - Y was 1203 with a decline of 69, OI - P was 745 with a decline of 51, and the oil - meal ratio was 2.89 with a decline of 0.07 [2] - **Import Profits**: The CNF price of 24 - degree palm oil from Malaysia and Indonesia for the 1 - month shipment was 1039, and the on - disk profit was - 180. The FOB price of crude rapeseed oil from Rotterdam for the 1 - month shipment was 1073, and the on - disk profit was - 1130 [2] - **Weekly Commercial Oils and Fats Inventory**: In the 49th week of 2025, the soybean oil inventory was 116.3 tons (last week: 117.9 tons, same period last year: 96.4 tons), palm oil was 68.4 tons (last week: 65.4 tons, same period last year: 53.9 tons), and rapeseed oil was 35.3 tons (last week: 36.8 tons, same period last year: 46.1 tons) [2] Second Part: Fundamental Analysis - **International Market**: As of December 7, the soybean sowing rate in Brazil was 90.3%, compared with 86.0% last week, 94.1% in the same period last year, and a five - year average of 89.8% [4] - **Domestic Market (P/Y/OI)**: - **Palm Oil**: Futures prices fluctuated and closed slightly lower. As of December 5, the national key - area commercial inventory was 68.37 tons, a week - on - week increase of 3.02 tons (4.62%). The origin's quotation was stable, the import profit inversion narrowed to around - 200. There was a rumor of a near - month purchase. The basis was stable with a slight decline. It was recommended to adopt high - selling and low - buying operations and pay attention to the MPOB report [4] - **Soybean Oil**: Futures prices fluctuated and closed slightly lower. The soybean crushing volume last week was 205.58 tons, and the operating rate was 56.55%. As of December 5, the national key - area commercial inventory was 116.3 tons, a week - on - week decrease of 1.58 tons (1.34%). The inventory reached an inflection point. The basis was stable with a slight decline, and the market trading was light. It was expected to maintain a volatile trend, and one could consider light - position buying on dips [4][7] - **Rapeseed Oil**: Futures prices fluctuated and closed down by over 1%. The rapeseed crushing volume in coastal areas last week was 0 tons, and the operating rate was 0%. As of December 5, the coastal inventory was 35.3 tons, a week - on - week decrease of 1.5 tons. The European rapeseed oil FOB quotation was stable around 1100 dollars, and the import profit inversion widened to around - 1000. The domestic supply was expected to improve. The basis was stable with a slight decline, and the demand was lackluster. It was recommended to adopt high - selling and low - buying operations [7] Third Part: Trading Strategy - **Unilateral**: Consider short - term low - buying, high - selling interval operations due to the lack of drivers and large intraday fluctuations in the oils and fats market [9] - **Arbitrage**: Adopt a wait - and - see approach [10] - **Options**: Adopt a wait - and - see approach [11] Fourth Part: Relevant Attachments - The attachments include charts of the spot basis of East China's first - grade soybean oil, South China's 24 - degree palm oil, East China's third - grade rapeseed oil, as well as monthly spreads and cross - variety spreads of different oils and fats. The time span of the data is from 2016 - 2025, and the data sources are Galaxy Futures, Bangcheng, and WIND [14][16]

Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Core View of the Report - The supply of new cotton is increasing significantly, with a large increase in the new year, but the increase may be less than expected. The demand side has average recent orders, but the previous negative factors have been mostly reflected in the market. The current cotton sales progress is at a high level compared to the same period in previous years. It is expected that Zhengzhou cotton futures will generally fluctuate strongly, while US cotton is likely to fluctuate within a certain range [6][8] Group 3: Summary of Each Section First Part: Market Information - **Futures Market**: The closing prices, price changes, trading volumes, and open interest of various cotton and cotton yarn futures contracts are presented. For example, the CF01 contract closed at 13,740 with a decrease of 10, and its trading volume was 158,053 hands with a decrease of 6,312 [2] - **Spot Market**: The spot prices and price changes of various cotton and cotton yarn products are provided. For instance, the CCIndex3128B was priced at 14,999 yuan/ton with a decrease of 23 [2] - **Price Spreads**: Different types of price spreads are listed, including cotton inter - period spreads, cotton yarn inter - period spreads, cross - variety spreads, and internal - external spreads. For example, the 1 - month to 5 - month cotton inter - period spread was 15 with a decrease of 10 [2] Second Part: Market News and Views Cotton Market News - As of the end of November 2025, the national commercial cotton inventory was 4.6836 million tons, an increase of 1.753 million tons from the previous month, a growth rate of 59.82%, and 10,000 tons higher than the same period last year, a growth rate of 0.21% [4] - As of December 2, 2025, the planting progress of the 2025/26 cotton season in Brazil was 5.3%, a month - on - month increase of 4.2 percentage points and 3.2 percentage points faster than the same period last year [4] - As of the week ending December 5, 2025, the cumulative inspection volume of US upland cotton and Pima cotton was 2.0085 million tons, accounting for 65.7% of the estimated US cotton production for the year, 11% slower than the same period last year [5] Trading Logic - In November, with the large - scale listing of new cotton, there may be selling hedging pressure. Although this year's cotton production is high, the expected increase may be less than previously anticipated. The market has entered a relatively off - peak season after the peak season, but the previous negative factors have already been reflected in the market. The current cotton sales progress is at a high level in the same period of previous years, so Zhengzhou cotton is expected to fluctuate strongly [6] Trading Strategy - **Single - side**: It is expected that the future trend of US cotton will mostly fluctuate within a range, while Zhengzhou cotton is expected to fluctuate strongly [8] - **Arbitrage**: Hold a wait - and - see attitude [9] - **Options**: Hold a wait - and - see attitude [10] Cotton Yarn Industry News - The trading atmosphere in the pure cotton yarn market remains light, mainly with rigid demand transactions. Except for high - count yarn, the sales of low - count yarn in some spinning mills have slightly improved. Affected by the support of Zhengzhou cotton futures, the number of low - price products has decreased recently, but the overall trading center has not changed significantly. Due to the high inventory of finished products in downstream weaving mills, the replenishment demand is not obvious, and it is expected that spinning mills will continue to operate under pressure in the short term [10] - The sales of all - cotton grey cloth are still weak, the inventory of all - cotton weaving mills is accumulating, and the operating rate of weaving mills is stable. The overall market improvement is not obvious, and the main focus is on inventory digestion. The high - count and high - density varieties that were sold smoothly in previous years are selling averagely recently, and the inventory of weaving mills has not decreased significantly [10] Third Part: Options - The closing prices, price changes, implied volatilities, and other indicators of several cotton option contracts are presented. For example, on November 24, 2025, the CF601C13400.CZC option contract closed at 183.00 with a price increase of 71.0% [12] - The 10 - day historical volatility (HV) of cotton increased slightly compared to the previous day. The implied volatilities of different option contracts were 6.7%, 11.4%, and 17.8% respectively [12] - The PCR values of the main contract of Zhengzhou cotton futures showed that the trading volume of both call and put options decreased today [13] - Option trading strategy: Hold a wait - and - see attitude [14] Fourth Part: Relevant Attachments - Multiple figures are provided, including the internal - external cotton price spread under 1% tariff, the basis of cotton in January, May, and September, the price spread between CY05 - CF05 and CY01 - CF01, and the price spreads of CF9 - 1 and CF5 - 9 [16][19][23][24]

研究所 农产品研发报告 农产品日报 2025 年 12 月 09 日 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 | 3124 | 3153 | -29 | 01-05 | -457 | -484 | 27 | | JD05 | 3581 | 3637 | -56 | 05-09 | -489 | -493 | 4 | | JD09 | 4070 | 4130 | -60 | 09-01 | 946 | 977 | -31 | | 今收 | | 昨收 | 涨跌 | | 今收 | 昨收 | 涨跌 | | 01鸡蛋/玉米 | 1.40 | 1.39 | 0.00 | 01鸡蛋/豆粕 | 1.04 | 1.04 | 0.00 | | 05鸡蛋/玉米 | 1.58 | 1.61 | -0.03 | 05鸡蛋/豆粕 | 1.30 | 1.31 | -0.01 | | 09鸡蛋/玉米 | 1.7 ...

Group 1: Report General Information - Report Title: Agricultural Products R & D Report - Apple Daily [1] - Report Date: December 9, 2024 [1] - Researcher: Liu Qiannan [1] Group 2: Market Information Spot Prices - Fuji Apple Price Index: 109.06, up 1.15 from the previous day [2] - 6 - fruit average wholesale price: 7.34, down 0.17 from the previous day [2] Futures Prices - AP01: Up 1 from the previous close; AP05: Down 41; AP10: Down 15 [2] - AP01 - AP05: 80, up 42; AP05 - AP10: 1003, down 26; AP10 - AP01: - 1083, down 16 [2] Basis - Qixia First - and Second - grade 80 - AP01: - 1345, down 1; Qixia First - and Second - grade 80 - AP10: - 262.0, up 15; Qixia First - and Second - grade 80 - AP05: - 1265, up 41 [2] Group 3: Market News and Views Trading Logic - This year's apple production decreased, with a poor high - quality fruit rate and increased storage difficulty. As of November 27, 2025, the national main - producing area apple cold - storage inventory was 766.75 million tons, a decrease of 6.41 million tons from the previous week and 79.5 million tons from last year. The apple fundamentals are strong [5]. Trading Strategies - Unilateral: Apple prices are expected to fluctuate at a high level [6]. - Arbitrage: It is recommended to wait and see [7]. - Options: It is recommended to wait and see [8]. Additional Data - As of December 3, 2025, the national main - producing area apple cold - storage inventory was 763.51 million tons, a decrease of 3.24 million tons from the previous week [8]. - In October 2025, the fresh apple import volume was 0.31 million tons, a month - on - month decrease of 68.09% and a year - on - year increase of 8.54%. The cumulative import volume from January to October 2025 was 11.12 million tons, a year - on - year increase of 19.18%. The export volume in October 2025 was about 8.04 million tons, a month - on - month increase of 13.51% and a year - on - year decrease of 17.04% [8]. - The apple market in the producing areas is generally stable, with little price change. It is the off - season for apple sales, and buyers' sentiment has turned pessimistic [8]. - The apple price in Qixia, Shandong is stable. The mainstream transaction price range for 65 - 70 apples is 2.0 - 2.2 yuan per jin [8]. Group 4: Related Attachments - The report includes 10 figures, showing the prices of different apple varieties, futures contract spreads, basis, apple arrival volume, 6 - fruit prices, cold - storage inventory, and cold - storage outbound volume [10][13][16][19][24]

研究所 燃料油研发报告 燃料油日报 2025 年 12 月 9 日 燃料油日报 第一部分 相关数据 F03108405 Z0021537 ： 021-65789108 @chinastock.com.cn | 研究员： | | | 2025/12/9 | 2025/12/8 | 2025/12/2 | 2025/11/11 | Δ日 | | --- | --- | --- | --- | --- | --- | --- | --- | | 吴晓蓉 | | FU主力 | 2418 | 2508 | 2469 | 2671 | -90 | | 期货从业证号： | | FU主力持仓(万手) | 18.7 | 17.7 | 21.0 | 20.5 | 1.0 | | | | FU仓单(吨) | 6100 | 26090 | 41870 | 29740 | -19990 | | F03108405 | | LU主力 | 3014 | 3089 | 3035 | 3262 | -75 | | 投资咨询从业证号： | | LU主力持仓(万手） | 5.6 | 5.8 | 6.8 | 6.9 | -0.2 | | Z0021 ...

原油日报 2025 年 12 月 9 日 原油现货市场日报 | | | | 2025.12.09 伊拉克西古尔纳-2油田全产量恢复，目前产量已回升至 | | --- | --- | --- | --- | | | | | 48万桶/日，未来还将增至50万桶/日，以弥补此前短暂且部分的减产 | | | | 油田管道 | 。2025.12.08 当地时间12月8日，苏丹南部南科尔多凡州赫格利格油 | | | | | 田管理部门表示，苏丹快速支援部队已于当天控制该油田，油田已停 | | 研究员： | | | 止生产。 | | 吴晓蓉 | | | | | 期货从业证号： | | | 2025.12.08 以色列与埃及的天然气出口协议预计将在"数周内"敲 | | F03108405 | | | 定，总价值350亿美元。该协议自首次宣布以来已过去四个月。 | | 投资咨询从业证号： | | | 2025.12.09 周二，满载约70万桶原油的"富通号"在山东日照港外 | | Z0021537 | | | 锚泊。由于涉及伊朗石油贸易，美国已将该港口除一个进口泊位外的 | | ： | 021-65789108 | | 所有 ...