Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Relevant Catalogs Price - For silicon iron, on December 15, 2025, the latest prices in different regions varied, such as 5100 in Ningxia 72, 5120 in Inner Mongolia 72, etc. The daily and weekly price changes also differed by region and variety [2]. - For silicon manganese, on the same date, the prices in various production areas also showed differences, like 5520 in Inner Mongolia 6517, 5480 in Ningxia 6517, etc., with corresponding daily and weekly changes [2]. Supply - The production data of 136 silicon iron enterprises in China, including monthly and weekly production, as well as capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi, were presented from 2021 - 2025 [5]. - The weekly production data of silicon manganese in China from 2021 - 2025 were also provided, along with the procurement prices and quantities of Hebei Iron and Steel Group [7]. Demand - The report showed the demand - related data of silicon iron and silicon manganese in China from 2021 - 2025, including the estimated production of crude steel, the production of stainless - steel crude steel, the procurement volume of Hebei Iron and Steel Group, and export quantities [5][7][8]. Inventory - The inventory data of silicon iron, including 60 sample enterprises' inventory in different regions (China, Ningxia, Inner Mongolia, Shaanxi), CZCE's silicon iron warehouse receipt quantity, effective forecast, etc., were shown from 2021 - 2025 [6]. - For silicon manganese, the inventory - related data such as CZCE's warehouse receipt quantity, effective forecast, inventory of 63 sample enterprises in China, and inventory average available days in China were presented from 2021 - 2025 [8]. Cost and Profit - The cost - profit data of silicon iron, including electricity prices in different regions (Inner Mongolia, Qinghai, Ningxia, Shaanxi), prices of raw materials like semi - coke, and production costs and profits in Ningxia and Inner Mongolia, were provided from 2021 - 2025 [6]. - For silicon manganese, the cost - profit data such as profits in different regions (Inner Mongolia, Guangxi) and the profit of Guangxi silicon manganese converted to the main contract were shown from 2021 - 2025 [8].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - No clear core view presented in the given content 3. Summary by Related Catalogs Price and Profit - The report shows the spot prices of various steel products from December 8 to December 12, 2025, including different types of rebar in Beijing, Shanghai, Chengdu, etc., and hot - rolled and cold - rolled coils in Tianjin, Shanghai, etc., along with their price changes during this period [1] Basis and Spread - No relevant content provided Production and Inventory - No relevant content provided

研究中心能化团队 2025/12/15 甲醇聚烯烃早报 | 甲 醇 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 动力煤期 | | 江苏现货 华南现货 | 鲁南折盘 | 西南折盘面 | 河北折盘 | 西北折盘 | CFR中国 | CFR东南 | | 进口利润 主力基差 | 盘面MTO | | | 货 | | | 面 | | 面 | 面 | | 亚 | | | 利润 | | 2025/12/0 8 | 801 | 2088 | 2068 | 2425 | 2465 | 2435 | 2595 | 243 | 317 | -10 | 0 | -1092 | | 2025/12/0 9 | 801 | 2090 | 2053 | 2423 | 2465 | 2385 | 2590 | 243 | 317 | -15 | 5 | -1106 | | 2025/12/1 0 | 801 | 2095 | 2048 | 2435 | 2465 ...

SP主力合约收盘价： 5534.00 | 日期 | 2025/12/12 | 2025/12/11 | 2025/12/10 | 2025/12/09 | 2025/12/08 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5534.00 | 5586.00 | 5436.00 | 5386.00 | 5392.00 | | 折美元价 | 685.35 | 691.61 | 672.25 | 665.47 | 666.04 | | 距上一日涨跌 | -0.93090% | 2.75938% | 0.92833% | -0.11128% | -1.06422% | | 山东银星基差 | 56 | 4 | 64 | 114 | 108 | | 江浙沪银星基差 | 66 | 14 | 114 | 164 | 158 | 以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | --- | | 加拿大 | 金狮 | CFR | 780 | 6 ...

焦煤日报 2025/12/15 研究中心黑色团队 1900/1/4 免责声明 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内容的客观、公正，研究方法专业审慎，分 析结论合理，但我司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会发生任何变化。我们提供的全部分析及建议内容仅供参考，不构成对您的任何投资 建议及入市依据，您应当自主做出期货交易决策，独立承担期货交易后果，凡据此入市者，我司不承担任何责任。我司在为您提供服务时已最大程度避免与您产生利益冲突。未经我司 授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息 中断、延迟、遗漏、误导或造成资料传输或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我司均不承担任何责任。 50.00 100.00 150.00 200.00 250.00 300.00 350.00 400.00 450.00 500.00 550.00 1月 2月 3月 4月 5月 ...

Price Performance - London Gold's latest price is 4346.95 with a change of 116.60 [4] - London Silver's latest price is 64.51 with a change of 2.39 [4] - London Platinum's latest price is 1669.00 with a change of 4.00 [4] - London Palladium's latest price is 1471.00 with a change of -10.00 [4] - WTI Crude's latest price is 57.44 with a change of -0.16 [4] - LME Copper's latest price is 11898.00 with a change of 273.00 [4] - US Dollar Index's latest value is 98.40 with a change of 0.06 [4] - Euro to US Dollar's latest rate is 1.17 with a change of 0.00 [4] - British Pound to US Dollar's latest rate is 1.34 with a change of -0.00 [4] - US Dollar to Japanese Yen's latest rate is 155.84 with a change of 0.27 [4] - US 10 - year TIPS's latest value is 1.93 with a change of 0.04 [4] Trading Data - SHFE Silver's latest inventory is 820.92 with a change of 40.32 [5] - Gold ETF's latest holding is 1053.12 with a change of 2.29 [5] - Silver ETF's latest holding is 16102.90 with a change of 19.74 [5] - SGE Gold's deferred fee payment direction is 1 with a change of 0.00 [5] - SGE Silver's deferred fee payment direction is 2 with a change of 0.00 [5]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - This week, oil prices declined, with a rapid weakening of global supply - demand. On - land and on - water inventories significantly increased. Dubai's monthly spread further weakened. Geopolitically, the US seized a Venezuelan oil tanker, and Russia - Ukraine negotiations continued. There were market rumors that Russia had found more ways to export crude oil. The CPC's third berth is expected to resume operation on the 17th. Global gasoline and diesel cracks declined. US refinery operations recovered to over 94%, and domestic refinery operations fluctuated. The fundamental surplus has intensified. If there are no new geopolitical changes, the surplus in the first quarter will be close to that during the pandemic. In the short term, short - allocate the monthly spread and absolute prices [4] 3. Summary by Relevant Catalog 3.1 Price Data - From December 8 - 12, 2025, WTI decreased by $0.16, BRENT by $0.16, and DUBAI by $0.04. The BRENT 1 - 2 month spread increased by $0.06, and the WTI - BRENT spread remained unchanged. Other price differences and spreads also showed corresponding changes [3] - During the same period, SC decreased by 2.10, OMAN by $0.21. The SC - BRT spread decreased by $0.09, and the SC - WTI spread decreased by $0.09. Domestic gasoline prices remained stable, with the domestic gasoline - BRT spread increasing by 12.00 [3] - Japanese naphtha CFR decreased by $5.50, and the Japanese naphtha - BRT spread decreased by $4.32. Singapore fuel oil 380CST premium increased by 0.9, and the Singapore 380 - BRT spread increased by 3.07. Other related prices also changed accordingly [3] 3.2 Daily News - Iran seized a suspected smuggling oil tanker in the Gulf of Oman, detaining 18 crew members. The ship carried about 6 million liters (about 3.7 barrels) of fuel. The US intercepted a tanker related to Iran - Venezuela oil trade a few days ago, and Iran's Foreign Ministry condemned the US action as "state piracy" [3] - Ukrainian drones attacked a Russian refinery, causing it to suspend production [4] - The US seized a tanker transporting Venezuelan oil and imposed sanctions on 6 tankers. China firmly opposes illegal unilateral sanctions and "long - arm jurisdiction" without international legal basis [4] - The US is preparing to seize more tankers transporting Venezuelan oil, and many shipping - related parties are reconsidering their routes [4] 3.3 Inventory Data - For the week ending December 5, US EIA crude oil inventory was - 181.2 barrels, strategic petroleum reserve inventory was 24.8 barrels, gasoline inventory was 639.7 barrels, refined oil inventory was 250.2 barrels, and Cushing crude oil inventory was 30.8 barrels. Refinery equipment utilization rate was 94.5% [4]

新 加 坡 燃 料 油 现 货 | 日期 | FOB 380cst | FOB VLSFO | 380基差 | 高硫内外价差 | 低硫内外价差 | | --- | --- | --- | --- | --- | --- | | 2025/12/08 | 343.53 | 425.03 | -6.40 | 2.1 | 4.5 | | 2025/12/09 | 333.81 | 415.01 | -5.22 | 1.7 | 4.2 | | 2025/12/10 | 330.84 | 416.96 | -5.85 | -0.2 | 3.8 | | 2025/12/11 | 328.65 | 410.80 | -5.35 | 0.8 | 3.7 | | 2025/12/12 | 331.79 | 416.24 | -4.45 | 3.3 | 6.1 | | 变化 | 3.14 | 5.44 | 0.90 | 2.5 | 2.4 | | 国 内 F U | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 日期 | FU 01 | FU 05 | FU ...

Group 1: Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: December 15, 2025 [3] Group 2: BR Main Contract Data - Price: On December 12, it was 10720, with a daily change of 10 and a weekly change of 205 [4] - Holdings: On December 12, it was 89834, with a daily change of 2844 and a weekly change of 62380 [4] - Trading Volume: On December 12, it was 123845, with a daily change of -31953 and a weekly change of 61026 [4] - Warehouse Receipt Quantity: On December 12, it was 19180, with a daily change of -140 and a weekly change of 1860 [4] - Virtual - Real Ratio: On December 12, it was 23.42, with a daily change of 1 and a weekly change of 15 [4] - Basis and Spread: Various basis and spread data such as cis - butyl basis, styrene - butadiene basis, etc. are provided with their daily and weekly changes [4] Group 3: BR Spot and Profit Data - Spot Price: Shandong market price was 10650 on December 12, unchanged from the previous day and up 150 weekly; different market and factory prices are presented with their changes [4] - Profit: Spot processing profit was 800 on December 12, with a daily change of 26 and a weekly change of -54; import and export profits are also given with their changes [4] Group 4: BD Data - Spot Price: Different market and factory prices are presented with their changes [4] - Profit: Import and export profits, ethylene cracking profit, carbon four extraction profit, etc. are provided, some with incomplete data [4] Group 5: Production Profit Data - Production Profits: Data on butadiene - styrene production profit, ABS production profit, SBS production profit are given, some with incomplete data [4]

大类资产早报 研究中心宏观团队 2025/12/15 | 全 球 资 产 市 场 表 现 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主要经济体10年期国债 | | | | | | | | | | 美国 | | 英国 | 法国 | 德国 | 意大利 | 西班牙 | 瑞士 | 希腊 | | 最新 | 4.185 | 4.516 | 3.576 | 2.856 | 3.547 | 3.305 | 0.298 | 3.456 | | 日本 | | 巴西 | 中国 | 韩国 | 澳大利亚 | 新西兰 | | | | 最新 | 1.946 | 6.219 | 1.837 | 3.413 | 4.728 | 4.515 | | | | 主要经济体2年期国债 | | | | | | | | | | 美国 | | 英国 | 德国 | 日本 | 意大利 | 中国（1Y收益 率） | 韩国 | 澳大利亚 | | 最新 | 3.523 | 3.742 | 2.152 | 1.061 | 2.274 | 1.391 | 2.9 ...