1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - No clear core viewpoints are presented in the provided content 3. Summary by Related Categories 3.1 Spot Market - **Australian Mainstream Iron Ore**: Newman powder is priced at 780, down 4 daily and 14 weekly; PB powder at 783, down 4 daily and 14 weekly; Mac powder at 773, down 2 daily and 14 weekly; Jinbuba at 736, down 4 daily and 14 weekly; mainstream mixed powder at 727, down 5 daily and 11 weekly; super special powder at 668, down 7 daily and 22 weekly; Roy Hill powder at 770, down 4 daily and 14 weekly; KUMBA powder at 842, down 4 daily and 14 weekly [1] - **Brazilian Mainstream Iron Ore**: Brazilian mixed ore at 814, down 6 daily and 14 weekly; Brazilian coarse IOC6 at 753, down 4 daily and 21 weekly; Brazilian coarse SSFG at 758, down 4 daily and 21 weekly [1] - **Other Iron Ore**: Ukrainian concentrate powder at 865, down 10 daily and 20 weekly; 61% Indian powder at 725, down 4 daily and 14 weekly; Karara concentrate powder at 865, down 10 daily and 20 weekly; 57% Indian powder at 603, down 7 daily and 22 weekly; Atlas powder at 722, down 5 daily and 11 weekly; domestic Tangshan iron concentrate powder at 996, down 6 daily and 17 weekly [1] 3.2 Futures Market - **Dalian Commodity Exchange Contracts**: i2601 is at 778.5, down 7.0 daily and 22.5 weekly, with an inter - monthly spread of - 41.5; i2605 at 760.5, down 8.5 daily and 17.0 weekly, with an inter - monthly spread of 18.0; i2609 at 737.0, down 7.0 daily and 15.5 weekly, with an inter - monthly spread of 23.5 [1] - **Singapore Exchange Contracts**: FE01 is at 103.39, down 0.87 daily and up 1.19 weekly, with an inter - monthly spread of - 4.89; FE05 at 100.73, down 0.81 daily and up 1.17 weekly, with an inter - monthly spread of 2.66; FE09 at 98.50, down 0.74 daily and up 1.10 weekly, with an inter - monthly spread of 2.23 [1] 3.3 Other Information - **Platts 62 Index**: The latest value is 107.10, down 0.90 daily and up 1.10 weekly [1] - **Import Profits**: Newman powder's import profit is - 11.41; PB powder is - 18.73; Mac powder is 11.79; Jinbuba is 13.16; mainstream mixed powder is - 1.78; super special powder is - 19.95; Brazilian mixed ore is - 13.87; Roy Hill powder is 13.52 [1]

Report Industry Investment Rating - Not provided Core Viewpoints - For PTA, the short - term is to wait and see, and in the long - term, considering the good PX pattern, pay attention to the opportunity of buying on dips under the support of raw materials [2]. - For MEG, the short - term valuation is low but the driving force is limited, and the long - term pattern is expected to be weak [3]. - For polyester staple fiber, the short - term inventory pressure is limited, but the long - term pattern may turn weaker, and pay attention to the warehouse receipt situation [3]. - For natural rubber and 20 - number rubber, the main contradiction is that the national explicit inventory is stable and the absolute level is not high, and the Thai cup rubber price is stable with rainfall affecting tapping. The strategy is to wait and see [3]. Summaries by Related Catalogs PTA - Proximal TA device runs stably, with the start - up rate unchanged from the previous week. The polyester load increases slightly, the inventory remains stable, the basis is stable, and the spot processing fee improves compared with the previous week. PX domestic start - up rate remains stable, some overseas devices are stable, PXN strengthens, disproportionation and isomerization benefits improve, and the aromatics price difference between the US and Asia remains [2]. - The terminal weakens faster, the inflection point of polyester load is approaching, TA inventory will gradually accumulate again, but the overall pressure is not large and the valuation is not high [2]. MEG - Proximal domestic devices have both maintenance and restart, the start - up rate decreases slightly. Some overseas devices reduce the load, the arrival at the port is stable, the port inventory accumulates at the beginning of next week, and the arrival forecast within the week rebounds. The basis weakens, and the coal - to - MEG profit weakens again [3]. - After the EG price drops again, the coal - to - MEG loss intensifies, and the price ratio with other olefins continues to weaken. There is some production reduction on the supply side but the inventory accumulation trend has not been reversed [3]. Polyester Staple Fiber - Proximal devices run stably, the start - up rate maintains at 97.5%, production and sales are basically stable, and the inventory decreases compared with the previous week. On the demand side, the start - up rate of polyester yarn remains stable, raw material stockpiling decreases, and finished product inventory accumulates, and the profit remains stable [3]. - The demand for staple fiber basically maintains the previous state, the export of staple fiber itself maintains high growth, the short - term inventory pressure is limited, but in the long - term, the downstream enters the off - season and new devices are about to be put into production on the supply side, so the pattern may turn weaker [3]. Natural Rubber & 20 - number Rubber - The national explicit inventory is stable and the absolute level is not high, the Thai cup rubber price is stable, and rainfall affects tapping. The strategy is to wait and see [3]. Styrene - From December 2 - 8, 2025, the prices of ethylene, pure benzene, and benzene - related products in some regions change to different degrees. For example, the price of pure benzene (East China) increases by 50, and the price of benzene - ethylene (Jiangsu) increases by 75. The domestic profits of some products such as EPS and PS also change [6].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The SCFIS is significantly lower than the market expectation of around 1650 points, possibly due to delayed low - price PA ships, partial cargo rejection, and a high proportion of low - price containers in the index. Based on quotes, P1 is about 1550 - 1600 points (PA low - price may be lower, around 1500 - 1550 points), P2 is about 1650 - 1700 points, and P3 is expected to remain flat [3]. - The valuation of the 02 contract is neutral with short - term upward drivers because of the improvement in cargo volume, leading to expectations of flat freight rates in late December and price increases in January [3]. - The lower - than - expected SCFIS may cause the morning trading session to be weak. Historically, freight rate peaks usually occur 4 - 5 weeks before the Spring Festival (corresponding to mid - to - late January 2026), but the large supply of shipping capacity in January 2026 may suppress the peak. A cautious long - position view is maintained [3]. - The short - term downside space of the 04 contract is small. Attention should be paid to the short - selling opportunities when the 04 contract may rise following the near - month contracts [3]. 3. Summary by Relevant Catalogs Futures Contracts - **Contract Prices and Changes**: For example, the EC2512 contract had a closing price of 1669.8 with a 0.68% increase, while the EC2606 contract had a closing price of 1217.3 with a 2.81% decrease [2]. - **Volume and Open Interest**: The EC2602 contract had a trading volume of 19294 and an open interest of 31466 with a decrease of 749 in open interest [2]. - **Month - to - Month Spreads**: The EC2512 - 2504 spread was 592.1, with a day - on - day increase of 26.4 [2]. Spot Market - **SCFIS (European Route)**: On December 8, 2025, the index was 1509.10 points, up 1.72% from the previous period, and the container rate was 1400 dollars/TEU, down 0.28% [2]. - **CCFI and NCFI**: On December 5, 2025, the CCFI was 1447.56 points, down 0.12% from the previous period, and the NCFI was 967.55 points, down 5.57% from the previous period [2]. European Route Spot Situation - **Week 50**: MSK's opening price dropped to 2200 dollars, setting the tone, and other shipping companies followed suit. The current central price is 2200 dollars, equivalent to 1550 points on the index. COSCO's offline price is 2400 dollars (+200 dollars) [4]. - **Week 51**: MSK's opening price was 2400 dollars (+200 dollars), and it announced a price increase for January, with freight rates for 20/40 - foot containers on the European route rising to 2275/3500 dollars respectively [4].

1,000 1,200 1,400 1,600 1,800 2,000 2,200 河北鑫利4.8mm（折5mm） 2022 2023 2024 2025 (600) (400) (200) 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 华北玻璃生产利润（气） 2020 2021 2022 2023 2024 2025 1006 1044 1006 1040 1012 1002 1112 1169 900 950 1000 1050 1100 1150 1200 1250 1300 1350 沙河德金 沙河安全 沙河低价 湖北低价 12合约 01合约 05合约 09合约 玻璃价格结构 今日(12/8） 昨日(12/5） 一周前(12/1） 一月前(11/10） (500) 0 500 1,000 1,500 华南玻璃利润（气） 2020 2021 2022 2023 2024 2025 0 500 1,000 1,500 2,000 2,500 3,000 3,500 玻璃：河北低价大板 2019 2020 2021 2022 2023 2024 2025 0 ...

白糖 现货价格 基差 进口利润 仓单 日期 柳州 南宁 昆明 柳州基差 泰国 巴西 郑盘 2025/12/02 5565 5470 5415 183 267 446 183 2025/12/03 5545 5460 5410 179 266 446 183 2025/12/04 5525 5430 5380 197 255 435 183 2025/12/05 5505 5410 5370 202 258 438 183 2025/12/08 5505 5410 5345 168 252 432 1671 变化 0 0 -25 -34 -6 -6 1488 【行情分析】： 白糖：国产新糖供应陆续增加，本周糖厂报价下调较快，现货弱势带动盘面下行。短期原糖供应压力减少，盘面定价仍可参考国产糖成本和现 货价格；中长期若全球糖市过剩程度加剧，盘面向下寻找配额外进口成本。关注天气风险和政策变动。 | 农产品早报 | | --- | | | | | | | | | | 研究中心农产品团队 2025/12/09 | | | | | --- | --- | --- | --- | --- | --- | --- | --- ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The domestic market has a relatively high valuation. Although the domestic chemical industry has poor profits, the operating rate remains firm, and there is an expectation of a slight increase in civil demand, so there is still short - term support. Attention should also be paid to winter weather and oil price conditions [1]. 3) Summary by Related Content Daily Changes - On Monday, for civil gas, the prices in East China were 4401 (-10), in Shandong 4500 (+0), and in South China 4460 (-10). The price of ether - after carbon four was 4540 (+70). The lowest delivery location was East China, with a basis of 91 (-52) and a 01 - 02 month spread of 71 (-8). As of 21:00, FEI was 528 (+2) and CP was 508 (+2) dollars/ton [1]. Weekly Views - The futures market fluctuated. The basis was 143 (+232), the 01 - 02 month spread was 79 (+3), and the 03 - 04 month spread was -211 (-19). The number of warehouse receipts was 4611 (-200) hands. Civil gas prices rose, and the cheapest delivery product was East China civil gas at 4411 (+88). The external market FEI declined, while CP and MB increased, and the oil - gas ratio decreased. Both domestic and external markets weakened. PG - CP dropped to 100 (-21); PG - FEI dropped to 79 (-7). The US - Asia arbitrage window opened. The arrival premium of propane in East China was 97 (-2), and the FOB premiums of propane in AFEI, the Middle East, and the US were 30 (+18.75), 25 (-13), and 43 dollars (+4) respectively. Freight rates decreased [1]. - PDH spot profits weakened, and the futures market profits declined; the alkylation unit improved; MTBE profits fluctuated. Port inventories decreased (-7%) due to a significant drop in incoming ships (-18%) and a slight increase in demand; refinery inventories increased slightly (+0.86%). The PDH operating rate was 70.22% (+0.4pct), the alkylation operating rate was 37.93% (+1pct), and the MTBE operating rate was 71.58% (+0) [1].

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Viewpoints of the Report - This week, the high - sulfur cracking in Singapore oscillated, the monthly spread ran at a historical low, strengthened slightly on Friday, the basis weakened and then strengthened slightly on Friday. The HSFO cracking in Europe oscillated and weakened, and the EW oscillated. The 0.5% cracking in Singapore weakened, with the monthly spread and basis oscillating at low levels [3]. - In terms of inventory, there was a slight increase in Singapore residue, a slight decrease in high - sulfur floating storage, a slight increase in ARA residue, a significant increase in Fujairah residue, a decrease in high - sulfur floating storage, and a slight increase in EIA residue [3][4]. - With the strengthening expectation of Russia - Ukraine peace talks, the cracking of gasoline and diesel in the external market continued to decline this week, and the price difference between low - sulfur and diesel continued to rebound [4]. - After the fire at the Al Zour refinery on October 21 and its subsequent shutdown, the external low - sulfur market faces support, but the short - term strengthening space is limited. The global heavy oil has entered the off - season for inventory accumulation. The external cracking is subject to crude oil fluctuations, and there is no improvement on the spot side. FU01 should be treated bearishly. The low - sulfur valuation is low but lacks a driving force [4]. 3) Summary by Related Catalogs Fuel Oil Price Data - **Rotterdam**: From December 2 to December 8, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased from 348.23 to 349.63, with a change of 0.82; the price of Rotterdam 0.5% VLS FO swap M1 increased from 390.52 to 393.57, with a change of 1.90; other price indicators also had corresponding changes [1]. - **Singapore**: The price of Singapore 380cst M1 increased from 349.17 to 351.64, with a change of 2.60; the price of Singapore 180cst M1 increased from 356.17 to 359.58, with a change of 3.79; other price indicators also changed [1]. - **Singapore Fuel Oil Spot**: From December 2 to December 8, 2025, the FOB 380cst price increased from 337.62 to 343.53, with a change of 2.71; the FOB VLSFO price increased from 423.98 to 425.03, with a change of 3.30; other indicators also had corresponding changes [2]. - **Domestic FU**: The price of FU 01 increased from 2469 to 2508, with a change of 53; the price of FU 05 increased from 2532 to 2573, with a change of 48; other price indicators also changed [2]. - **Domestic LU**: The price of LU 01 increased from 3030 to 3071, with a change of 53; the price of LU 05 increased from 3053 to 3091, with a change of 54; other price indicators also changed [3]

、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。 最新 日变化 周变化 月变化 年变化 最新 日变化 周变化 月变化 年变化 秦皇岛5500 789.0 -7.0 -29.0 -31.0 -31.0 25省终端可用天数 23.3 0.0 3.4 2.4 5.7 秦皇岛5000 689.0 -8.0 -29.0 -39.0 -31.0 25省终端供煤 554.3 -1.4 -54.3 -85.8 -68.6 广州港5500 855.0 0.0 -5.0 -10.0 -40.0 北方港库存 2735.0 21.0 133.0 519.0 120.4 鄂尔多斯5500 535.0 -15.0 -40.0 -30.0 -75.0 北方锚地船舶 73.0 0.0 5.0 -39.0 35.0 大同5500 590.0 -10.0 -35.0 -25.0 -80.0 北方港调入量 163.8 22.7 -16.5 9.7 -3.3 榆林6000 732.0 0.0 0.0 20.0 -90.0 北方港吞吐量 161.5 36.5 1.0 1.5 -14.3 榆林6200 ...

波动率数据日报 1、金融期权隐含波动率指数反映截止上一交易日的30日隐波走势,商品期权隐含波动 率指数通过主力月平值期权上下两档隐波加权所得,反映主力合约的隐波变化趋势。2 隐波指数与历史波动率的差值,差值越大反映隐波相对历史波动率越高,差值越小代 表隐波相对历史波动率越低。 1 1000 1000 300 0.1 0.2 0.3 0.4 05 o.6 0.7 0.8 0.9 0.1 0.8 0.2 0.3 0.4 0.5 ore 0.7 0 a ● I 0 1 70 -300股指 -- 300股指 IV-HV差 - 50ETF - 50ETF IV-HV美 ZD 20 -- 1000股指 IV-HV差 500ETF -- 1000股指 - 500ETF IV-HV美 20 10 10 日报 IV-HV美 IV-HV美 tte rop Por 18/12/15 875/226 - 豆粕 IV-HV差 塑和 玉米 IV-HV差 王米 30 50 20 30 20 10 10 0 TO 10 10 30 40 IV-HV美 日 護 25 30 IV-HV美 棉花 棉花 25 20 20 20 10 15 5 0 ...

Global Asset Market Performance - The latest yields of 10 - year government bonds in major economies: US 4.136, UK 4.476, France 3.523, Germany 2.797, Italy 3.484, Spain 3.259, Switzerland 0.157, Greece 3.391, Japan 1.939, Brazil 6.197, China 1.831, South Korea 3.376, Australia 4.684, New Zealand 4.349 [3] - The latest yields of 2 - year government bonds in major economies: US 3.561, UK 3.776, Germany 2.093, Japan 1.043, Italy 2.228, China (1Y yield) 1.400, South Korea 2.833, Australia 3.946 [3] - The latest exchange rates of the US dollar against major emerging - economy currencies: Brazil 5.451, Russia (not provided), South Africa zar 16.934, South Korean won 1472.050, Thailand baht (not provided), Malaysian ringgit 4.111 [3] - The latest exchange rate - related data of the RMB: on - shore RMB 7.071, off - shore RMB 7.069, RMB central parity rate 7.075, RMB 12 - month NDF 6.934 [3] - The latest stock indices of major economies: S&P 500 6870.400, Dow Jones Industrial Average 47954.990, Nasdaq 23578.130, Mexican stock index 63378.300, UK stock index 9667.010, French CAC 8114.740, German DAX 24028.140, Spanish stock index 16688.500, Russian stock index (not provided), Nikkei 50491.870, Hang Seng Index 26085.080, Shanghai Composite Index 3902.808, Taiwan stock index 27980.890, South Korean stock index 4100.050, Indian stock index 8632.761, Thai stock index (not provided), Malaysian stock index 1616.520, Australian stock index 8926.127, emerging - economy stock index 1385.480 [3] - The latest credit - bond indices: US investment - grade credit - bond index 3535.540, euro - zone investment - grade credit - bond index 265.875, emerging - economy investment - grade credit - bond index 289.560, US high - yield credit - bond index 2901.450, euro - zone high - yield credit - bond index 409.330, emerging - economy high - yield credit - bond index 1806.999 [3] Stock Index Futures Trading Data - Index performance: A - share closing price 3902.81, up 0.70%; CSI 300 closing price 4584.54, up 0.84%; SSE 50 closing price 3002.01, up 0.93%; ChiNext closing price 3109.30, up 1.36%; CSI 500 closing price 7097.84, up 1.21% [4] - Valuation: PE(TTM) of CSI 300 is 14.02 with a 0.06环比 change; SSE 50 is 11.86 with a 0.04环比 change; CSI 500 is 32.35 with a 0.41环比 change; S&P 500 is 27.33 with a 0.05环比 change; German DAX is 18.61 with a 0.11环比 change [4] - Risk premium: 1/PE - 10 - year interest rate of S&P 500 is - 0.48 with a - 0.05环比 change; German DAX is 2.58 with a - 0.05环比 change [4] - Fund flow: The latest value of A - share fund flow is 759.67, the main board is 443.70, the ChiNext is 260.14, and CSI 300 is 197.37. The 5 - day average of A - share fund flow is - 395.38, the main board is - 294.49, the ChiNext is - 74.98, and CSI 300 is 17.56 [4] - Transaction amount: The latest transaction amount of the Shanghai and Shenzhen stock markets is 17257.71 with a 1768.11环比 change; CSI 300 is 4121.47 with a 633.80环比 change; SSE 50 is 1104.47 with a 218.25环比 change; small - and - medium - sized board is 3269.66 with a 132.41环比 change; ChiNext is 4717.40 with a 600.12环比 change [5] - Main contract basis and spread: IF basis is - 10.14, amplitude - 0.22%; IH basis is - 4.61, amplitude - 0.15%; IC basis is - 14.64, amplitude - 0.21% [5] Treasury Bond Futures Trading Data - Closing prices and price changes: T2303 closing price is 108.06, up 0.06%; TF2303 closing price is 105.72, up 0.10%; T2306 closing price is 107.87, up 0.19%; TF2306 closing price is 105.76, up 0.15% [5] - Fund interest rates: R001 is 1.3719% with a - 12.00 BP daily change; R007 is 1.4963% with a 1.00 BP daily change; SHIBOR - 3M is 1.5800% with a 0.00 BP daily change [5]