1. Report Information - Report title: Stock Index Futures Data Daily Report [1] - Date: December 18, 2025 [2] 2. IM Futures 2.1 Daily Quotes - CSI 1000 closed at 7,272.40, down 0.22%; trading volume was 20,004, down 9%; turnover was 34.9 billion, down 5% [3] - IM2512 closed at 7,275.40, down 0.26%; trading volume was 78,623, down 36%; turnover was 11.48 billion, down 36%; open interest was 50,338, down 35,409 [3] - IM2601 closed at 7,213.00, down 0.16%; trading volume was 39,669, down 9%; turnover was 5.74 billion, down 8%; open interest was 84,085, up 11,570 [3] - IM2603 closed at 7,066.00, down 0.03%; trading volume was 87,621, down 10%; turnover was 12.41 billion, down 9%; open interest was 166,683, up 7,011 [8] - IM2606 closed at 6,822.20, down 0.05%; trading volume was 18,703, down 25%; turnover was 2.56 billion, down 24%; open interest was 73,498, down 1,446 [8] - Total trading volume of the four IM contracts was 224,616, down 65,504 from the previous day; total open interest was 374,604, down 18,274 from the previous day [5] 2.2 Basis and Premium/Discount - The main contract of IM was at a discount of 206.4 points, up 8.34 points from the previous day; the annualized basis rate was -11.46% [5] - The dividend impacts of the four IM contracts were 0.67 points, 0.66 points, 0.67 points, and 42.34 points respectively [5] 2.3 Main Seats - Details of trading volume, long positions, and short positions of the top 20 seats in IM2512, IM2601, IM2603, and IM2606 contracts are provided [19][21][23] 3. IF Futures 3.1 Daily Quotes - CSI 300 closed at 4,552.79, down 0.59%; trading volume was 15,168, down 15%; turnover was 38.21 billion, down 16% [24] - IF2512 closed at 4,550.40, down 0.73%; trading volume was 53,558, down 37%; turnover was 7.32 billion, down 37%; open interest was 37,690, down 24,245 [24] - IF2601 closed at 4,531.20, down 0.73%; trading volume was 30,353, up 7%; turnover was 4.13 billion, up 7%; open interest was 54,550, up 8,789 [24] - IF2603 closed at 4,505.00, down 0.68%; trading volume was 50,112, down 18%; turnover was 6.78 billion, down 18%; open interest was 150,187, up 6,425 [24] - IF2606 closed at 4,455.40, down 0.70%; trading volume was 11,980, down 20%; turnover was 1.6 billion, down 20%; open interest was 39,869, up 1,704 [24] - Total trading volume of the four IF contracts was 146,003, down 43,587 from the previous day; total open interest was 282,296, down 7,327 from the previous day [25] 3.2 Basis and Premium/Discount - The main contract of IF was at a discount of 47.79 points, up 0.09 points from the previous day; the annualized basis rate was -4.16% [25] - The dividend impacts of the four IF contracts were 2.62 points, 6.24 points, 7.43 points, and 37.78 points respectively [25] 3.3 Main Seats - Details of trading volume, long positions, and short positions of the top 20 seats in IF2512, IF2601, IF2603, and IF2606 contracts are provided [37][39][40] 4. IC Futures 4.1 Daily Quotes - CSI 500 closed at 7,100.84, down 0.52%; trading volume was 15,490, down 11%; turnover was 27.55 billion, down 9% [42] - IC2512 closed at 7,101.00, down 0.71%; trading volume was 46,235, down 39%; turnover was 6.6 billion, down 39%; open interest was 34,085, down 22,568 [42] - IC2601 closed at 7,069.80, down 0.45%; trading volume was 30,418, up 4%; turnover was 4.32 billion, up 5%; open interest was 57,737, up 7,456 [42] - IC2603 closed at 6,973.60, down 0.27%; trading volume was 57,027, down 10%; turnover was 7.97 billion, down 9%; open interest was 127,506, up 5,666 [42] - IC2606 closed at 6,776.00, down 0.26%; trading volume was 12,826, down 20%; turnover was 1.74 billion, down 19%; open interest was 44,391, up 1,189 [42] - Total trading volume of the four IC contracts was 146,506, down 38,325 from the previous day; total open interest was 263,719, down 8,257 from the previous day [43] 4.2 Basis and Premium/Discount - The main contract of IC was at a discount of 127.24 points, up 14.59 points from the previous day; the annualized basis rate was -7.16% [43] - The dividend impacts of the four IC contracts were 0.82 points, 0.37 points, 0.82 points, and 66.05 points respectively [43] 4.3 Main Seats - Details of trading volume, long positions, and short positions of the top 20 seats in IC2512, IC2601, IC2603, and IC2606 contracts are provided [53][55][57] 5. IH Futures 5.1 Daily Quotes - SSE 50 closed at 2,998.52, up 0.23%; trading volume was 3,255, down 15%; turnover was 8.27 billion, down 23% [59] - IH2512 closed at 2,995.00, down 0.02%; trading volume was 22,829, down 37%; turnover was 2.05 billion, down 37%; open interest was 16,779, down 11,717 [59] - IH2601 closed at 2,989.20, up 0.02%; trading volume was 10,970, up 14%; turnover was 0.98 billion, up 15%; open interest was 14,464, up 2,148 [59] - IH2603 closed at 2,986.00, down 0.05%; trading volume was 21,452, down 13%; turnover was 1.92 billion, down 13%; open interest was 43,414, up 1,547 [59] - IH2606 closed at 2,976.00, up 0.05%; trading volume was 3,338, down 21%; turnover was 0.3 billion, down 21%; open interest was 11,494, up 20 [59] - Total trading volume of the four IH contracts was 58,589, down 16,253 from the previous day; total open interest was 86,151, down 8,002 from the previous day [59] 4.2 Basis and Premium/Discount - The main contract of IH was at a discount of 12.52 points, down 1.44 points from the previous day; the annualized basis rate was -1.65% [60] - The dividend impacts of the four IH contracts were 9.95 points, 8.67 points, 9.95 points, and 27.98 points respectively [60] 4.3 Main Seats - Details of trading volume, long positions, and short positions of the top 20 seats in IH2512, IH2601, IH2603, and IH2606 contracts are provided [74][76][78]

Report Overview - Report Title: Galaxy Futures' Daily Report on Oils and Fats - Report Date: December 18, 2025 - Report Type: Agricultural Product Research Report 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - Short - term, oils and fats lack drivers, with large intraday fluctuations, and overall maintain a volatile trend. It is recommended to wait and see for now, and consider buying at low prices after the decline stabilizes [8]. 3. Summary by Directory 3.1 Data Analysis - **Spot Prices and Basis**: For soybeans, the 2605 closing price was 7802, down 20. Spot prices in Zhangjiagang, Guangdong, and Tianjin were 8282, 8352, and 8202 respectively, with basis and their changes varying by region. For palm oil, the 2605 closing price was 8368, up 26. Spot prices and basis also differed by region. For rapeseed oil, the 2605 closing price was 8945, down 5, and similar variations were seen in spot prices and basis [2]. - **Monthly Spread Closing Prices**: The 5 - 9 monthly spread for soybeans was 44, down 24; for palm oil, it was 88, down 14; and for rapeseed oil, it was - 3, down 16 [2]. - **Cross - Variety Spreads**: The 05 contract Y - P spread was - 566, down 46; the OI - Y spread was 1143, up 15; the OI - P spread was 577, down 31; and the oil - meal ratio was 2.84, up 0.002 [2]. - **Import Profits**: For 24 - degree palm oil from Malaysia and Indonesia with a 1 - month ship - period, the CNF price was 1025, and the margin profit was - 224. For crude rapeseed oil from Rotterdam with a 1 - month ship - period, the FOB price was 1068, and the margin profit was - 1631 [2]. - **Weekly Commercial Inventories**: In the 50th week of 2025, soybean oil inventory was 95.3 tons (down from 113.7 tons last week and 116.3 tons last year); palm oil inventory was 65.3 tons (down from 68.4 tons last week and up from 53.8 tons last year); rapeseed oil inventory was 33.6 tons (down from 35.3 tons last week and 45.6 tons last year) [2]. 3.2 Fundamental Analysis - **International Market**: According to foreign media, the Indonesian Palm Oil Association (GAPKI) reported that Indonesia's palm oil exports in October were 2.8 million tons, about 3% lower than the same period last year. The production of crude palm oil in October was 4.35 million tons, and the inventory at the end of October was 2.33 million tons, lower than 2.59 million tons in the previous month [4]. - **Domestic Market**: - **Palm Oil**: Futures prices fluctuated slightly higher. As of December 12, 2025, the commercial inventory in key regions was 652,700 tons, a decrease of 31,000 tons from last week, a decline of 4.53%. It is currently at a neutral level in the same period of history. The origin quotation was stable, and the import profit inversion widened to around - 200. The basis was stable. It is recommended to consider high - selling and low - buying [4]. - **Soybean Oil**: Futures prices fluctuated slightly lower. Last week, the actual soybean crushing volume of oil mills was 203,750 tons, with an operating rate of 56.05%, a decrease from the previous week. As of December 12, 2025, the commercial inventory in key regions was 1.1374 million tons, a decrease of 25,600 tons from last week, a decline of 2.20%. It is at a relatively high level in the same period of history, but the inventory inflection point has arrived. It is expected to maintain a bottom - volatile trend [4][6]. - **Rapeseed Oil**: Futures prices fluctuated slightly lower. Last week, the crushing volume of rapeseed in major coastal oil mills was 0 tons, with an operating rate of 0%, and the rapeseed inventory was exhausted. As of December 12, 2025, the coastal rapeseed oil inventory was 336,000 tons, a decrease of 17,000 tons, still at a high level in the same period of history, but the inventory was continuously decreasing. The European rapeseed oil FOB quotation was stable at around 1100 US dollars, and the import profit inversion widened to around - 1000. It is recommended to consider high - selling and low - buying [6]. 3.3 Trading Strategy - **Single - Side**: Short - term, oils and fats lack drivers, with large intraday fluctuations, and overall maintain a volatile trend. It is recommended to wait and see for now, and consider buying at low prices after the decline stabilizes [8]. - **Arbitrage**: Wait and see [9]. - **Options**: Wait and see [10]. 3.4 Related Attachments - The report provides multiple charts, including those showing 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 [13][14][17][21].

研究所 农产品研发报告 花生日报 2025 年 12 月 18 日 | 第一部分 | | | | | 数据 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 花生数据日报 | | | | | | | | 2025/12/18 | | 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 | | 7960 | 2 | 0.03% | 45,593 | -31.83% | 29,402 | -6.08% | | PK510 | | 8190 | -10 | -0.12% | 74 | -50.00% | 969 | 0.31% | | PK601 | | 8066 | -12 | -0.15% | 2,722 | -32.22% | 22,490 | -6.47% | | 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 | 日照一 ...

Report Overview - The report is a shipping daily from the Commodity Research Institute, dated December 18, 2025, focusing on container shipping, specifically the Container Shipping Index (European Line) [1][2][4] 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The EC market experienced a corrective oscillation on December 18th. The market continues to speculate on the freight rate trend in January. The short - term market will remain volatile at a high level, and there are still differences in the market's expectations for the January freight rate. The key factors for future expected differences are the price adjustment rhythm and the time of the peak in January [5][6] 3. Summary by Relevant Catalogs 3.1 Market Analysis and Strategy Recommendation 3.1.1 Market Performance - On December 18, the EC2602 contract closed at 1,668.6 points, down 1.84% from the previous day. The latest delivery settlement price of the EC2512 contract on December 12 was 1,510.56 points, up 0.1% month - on - month, and it was lower than market expectations, which drove the EC2512 contract to correct downward [5] 3.1.2 Logic Analysis - **Spot Freight Rates**: The spot cargo - booking situation has improved recently. MSK released a quote for European base ports in the first week of the new year. Different shipping companies have different pricing strategies for December and January. For example, CMA will levy a PSS of $250/TEU from December 29 [6] - **Fundamentals**: The shipping volume from December to January is expected to gradually improve. The weekly average capacity of Shanghai - Northern Europe 5 ports in December is 283,000 TEU. The weekly average capacities in January and February 2026 are 296,500 TEU and 280,700 TEU respectively. The January capacity increased by about 3% compared with the previous week's schedule, and the February capacity decreased by 3.7% [6] - **Geopolitical Factors**: The second phase of the Israel - Palestine peace talks has begun but is still tortuous. The statements of shipping companies and the resumption of shipping after the Spring Festival need to be observed [6] 3.1.3 Trading Strategies - **Unilateral**: Partially take profits and hold part of the long positions in the EC2602 contract. Pay attention to the implementation of shipping companies' price increases and the improvement rhythm of cargo volume [7] - **Arbitrage**: Stay on the sidelines [8] 3.2 Industry News - In 2025, the number of container ship orders reached a new record of 633 ships, totaling 5.08 million TEUs, with Chinese shipyards accounting for 72% of the orders. There are concerns about future over - capacity in the container market [9] - Russian President Putin's speech indicates that the US government's efforts to reach a peace agreement in Ukraine have not changed the Kremlin's military goals [9] - If Putin rejects the peace agreement, the US is prepared to impose new sanctions on Russia [9] 3.3 Related Attachments - The report includes multiple figures, such as the SCFIS European Line Index, SCFIS US - West Line Index, SCFI Comprehensive Index, and container freight rates for different routes, which are sourced from institutions like Shanghai Shipping Exchange, Clarksons, and Wind [10][13][17]

研究所 农产品研发报告 玉米淀粉日报 2025 年 12 月 18 日 玉米淀粉日报 第一部分 数据 | 玉米&玉米淀粉数据日报 | | | | | | | | 2025/12/18 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | 2216 | -7 | -0.32% | 137,230 | -39.05% | 317,591 | -15.36% | | C2605 | | 2226 | -13 | -0.58% | 113,549 | 12.66% | 453,330 | 0.21% | | C2509 | | 2253 | -12 | -0.53% | 8,307 | 62.91% | 37,645 | 3.96% | | CS2601 | | 2499 | -13 | -0.52% | 107,745 | 48.81% | 104,235 | -19.56% | | ...

期 货 眼 ·日 迹 每日早盘观察 银河期货研究所 2025 年 12 月 18 日 0 / 51 研究所 期货眼·日迹 | 股指期货：反弹再受美股情绪影响 4 | | --- | | 国债期货：博弈反弹行情 5 | | 蛋白粕：供应压力较大 | 盘面继续承压 6 | | --- | --- | | 白糖：国际糖价小幅下跌 | 郑糖大跌后调整 6 | | 油脂板块：棕榈油技术性反弹，油脂整体仍处于底部震荡 8 | | | 玉米/玉米淀粉：现货回落，盘面底部震荡 9 | | | 生猪：供应压力好转 | 现货小幅反弹 10 | | 花生：花生现货回落，花生盘面窄幅震荡 10 | | | 鸡蛋：需求表现一般 | 蛋价稳定为主 11 | | 苹果：需求表现一般 | 果价稳定为主 12 | | 棉花-棉纱：新棉销售较好 | 棉价震荡偏强 13 | | 钢材：原料止跌企稳，钢价触底反弹 15 | | --- | | 双焦：波动加大，关注交易逻辑的变化 15 | | 铁矿：市场预期反复，矿价震荡运行 16 | | 铁合金：成本有支撑，需求存压制 17 | | 金银：美联储释放鸽派信号 再现金稳银强走势 18 | | --- ...

研究所 农产品研发报告 油脂日报 第一部分 数据分析 | | | | | | 银河期货油脂日报 | | | | | | 2025/12/17 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 油脂现货价格及基差 | | | | | | | | | 品种 | 2605收盘价 | 涨跌 | | 各品种地区现货价 | | | | | 现货基差（分别为：一豆、24度、三菜） | | | | | 豆油 | 7822 | (50) | 张家港 | 广东 | 天津 | | 广东 | | | 涨跌幅 张家港 涨跌幅 天津 涨跌幅 | | | | 8332 | | | | 8382 | 8242 | | 560 | 10 | 510 | 0 | 420 | 0 | | 棕榈油 | 8342 | (68) | 广东 | 张家港 | 天津 | | 广州 | | | 涨跌幅 张家港 涨跌幅 天津 涨跌幅 | | | | 8312 | | | | 8432 | 8452 | | -30 | -1 ...

研究所 农产品研发报告 白糖日报 2025 年 12 月 17 日 白糖日报 第一部分 数据分析 | 白糖数据日报 | | | | | | | | 2025/12/17 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减量 | 持仓量 | 增减量 | | SR09 | | 5,154 | 1 | 0.02% | 12,165 | -1878 | 48,318 | 2317 | | SR01 | | 5,215 | 3 | 0.06% | 28,311 | -30920 | 73,219 | -15335 | | SR05 | | 5,139 | 6 | 0.12% | 253,403 | -59730 | 487,935 | 6509 | | 现货价格 | | | | | | | | | | 白糖 | | 柳州 | 昆明 | 武汉 | 南宁 | 鲅鱼圈 | 日照 | 西安 | | 今日报价 | | 5410 | 5245 | 5 ...

研究所 黑色研发报告 | | 今日 | 昨日 | 涨跌 | | 今日 | 昨日 | 涨跌 | | --- | --- | --- | --- | --- | --- | --- | --- | | DCE01 | 788.5 | 783.5 | 5.0 | I01-I05 | 20.5 | 22.5 | -2.0 | | DCE05 | 768.0 | 761.0 | 7.0 | I05-I09 | 22.5 | 21.5 | 1.0 | | DCE09 | 745.5 | 739.5 | 6.0 | I09-I01 | -43.0 | -44.0 | 1.0 | | 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%) | 779 | 773 | 6 | 846 | 54 | 77 | 98 | | 纽曼粉 | 781 | 776 | 5 | 854 | 63 | 85 | 107 | | 麦克粉 | 780 | 774 | 6 | 861 | 70 | 92 | 114 | | 金布巴粉(60.5%) | 736 | 731 ...

1. Report Information - Report title: Stock Index Futures Data Daily Report [1] - Date: December 17, 2025 [2] 2. IM Futures 2.1 Daily Quotes - The CSI 1000 index closed at 7,288.74, up 1.49%. The total trading volume of the four IM contracts was 290,120 lots, an increase of 35,895 lots from the previous day, and the total open interest was 392,878 lots, a decrease of 9,704 lots [4][5]. - The main contract IM2512 rose 1.65% to close at 7,295 points. The main contract was at a premium of 6.26 points, down 1.12 points from the previous day, with an annualized basis rate of 10.44% [4][5]. 2.2 Key Seats - In IM2512, the top five seats in terms of trading volume were led by CITIC Futures (on behalf of clients) with 35,090 lots. The top five seats in terms of long positions were led by Guotai Junan (on behalf of clients) with 20,801 lots, and the top five seats in terms of short positions were led by CITIC Futures (on behalf of clients) with 31,567 lots [19]. 3. IF Futures 3.1 Daily Quotes - The CSI 300 index closed at 4,579.88, up 1.83%. The total trading volume of the four IF contracts was 189,590 lots, an increase of 39,510 lots from the previous day, and the total open interest was 289,623 lots, a decrease of 628 lots [24][25]. - The main contract IF2512 rose 1.78% to close at 4,578.2 points. The main contract was at a discount of 1.68 points, down 3.53 points from the previous day, with an annualized basis rate of -4.45% [24][25]. 3.2 Key Seats - In IF2512, the top five seats in terms of trading volume were led by CITIC Futures (on behalf of clients) with 30,016 lots. The top five seats in terms of long positions were led by CITIC Futures (on behalf of clients) with 10,030 lots, and the top five seats in terms of short positions were led by CITIC Futures (on behalf of clients) with 12,841 lots [37]. 4. IC Futures 4.1 Daily Quotes - The CSI 500 index closed at 7,137.83, up 1.95%. The total trading volume of the four IC contracts was 184,831 lots, an increase of 21,520 lots from the previous day, and the total open interest was 271,976 lots, an increase of 2,748 lots [42][43]. - The main contract IC2512 rose 2.25% to close at 7,146.8 points. The main contract was at a premium of 8.97 points, up 0.09 points from the previous day, with an annualized basis rate of 15.26% [42][43]. 4.2 Key Seats - In IC2512, the top five seats in terms of trading volume were led by CITIC Futures (on behalf of clients) with 23,049 lots. The top five seats in terms of long positions were led by Guotai Junan (on behalf of clients) with 18,705 lots, and the top five seats in terms of short positions were led by CITIC Futures (on behalf of clients) with 20,528 lots [55]. 5. IH Futures 5.1 Daily Quotes - The SSE 50 index closed at 2,991.68, up 1.25%. The total trading volume of the four IH contracts was 74,842 lots, an increase of 4,636 lots from the previous day, and the total open interest was 94,153 lots, a decrease of 1,896 lots [62]. - The main contract IH2512 rose 1.4% to close at 2,987.2 points. The main contract was at a discount of 4.48 points, down 1.09 points from the previous day, with an annualized basis rate of -18.24% [62][63]. 5.2 Key Seats - In IH2512, the top five seats in terms of trading volume were led by CITIC Futures (on behalf of clients) with 7,890 lots. The top five seats in terms of long positions were led by CITIC Futures (on behalf of clients) with 4,299 lots, and the top five seats in terms of short positions were led by CITIC Futures (on behalf of clients) with 6,628 lots [77].