伊朗装置开始停车，港口内地共振反弹，基差小幅走强，卸货慢，港口连续两周去库，浮仓很多，预计后期回归 累库，11月伊朗发 运110w，预计12-1月进口下降较难，盘面01给进口无风险套机会，认为01终点仍是高库存，偏向逢高 做15反套。 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。 塑 料 ...

原油成品油早报 二、库存 ·美国至11月28日当周API原油库存 248万桶，前值-185.9万桶。 ·美国至11月28日当周API汽油库存 313.6万桶，前值53.9万桶。 研究中心能化团队 2025/12/03 | 日期 | WTI | BRENT | DUBAI | diff FOB dated bre | BRENT 1- | WTI-BREN | DUBAI-B | NYMEX RB | RBOB-BR | NYMEX | HO-BRT | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 2月差 | T | RT（EFS | OB | T | HO | | | | | | | nt | | | | | | | | | 2025/11/26 | 58.65 | 63.13 | 64.41 | 0.77 | 0.59 | -4.48 | 0.20 | 188.90 | 16.21 | 232.55 | 34.54 | | 2025/11/27 | - | 63.34 | - | ...

焦炭日报 研究中心黑色团队 2025/12/3 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 山西准一湿熄 | 1594.81 | 0.00 | -54.61 | 57.81 | -9.99% 高炉开工率 | 87.98 | | -0.60 | -0.63 | -0.62% | | 河北准一干熄 | 1845.00 | 0.00 | -55.00 | 55.00 | 7.89% 铁水日均产量 | 234.68 | | -1.60 | -1.68 | 0.35% | | 山东准一干熄 | 1770.00 | 0.00 | -55.00 | 55.00 | -9.46% 盘面05 | 1761 | 18.00 | 2.50 | -149.00 | -10.22% | | 江苏准一干熄 | 1810.00 | 0.00 | -55.00 | 55.00 | -9.27% 盘面09 | 1833.5 | 3 ...

| 乖 永安期货 | | --- | | YONGAN FUTURES | 大类资产早报 研究中心宏观团队 2025/12/03 | 指数表现 | A股 | 沪深300 | 上证50 | 创业板 | 中证500 | | --- | --- | --- | --- | --- | --- | | 收盘价 | 3897.71 | 4554.33 | 2978.47 | 3071.15 | 7040.30 | | 涨跌（%） | -0.42 | -0.48 | -0.51 | -0.69 | -0.87 | | 估值 | 沪深300 | 上证50 | 中证500 | 标普500 | 德国DAX | | PE(TTM) | 14.05 | 11.90 | 32.32 | 27.14 | 18.39 | | 环比变化 | 0.00 | 0.00 | 0.00 | 0.06 | 0.10 | | 风险溢价 | 沪深300 | 上证50 | 中证500 | 标普500 | 德国DAX | | 1/PE-10利率 | - | - | - | -0.40 | 2.69 | | 环比变化 | - | - | - | -0.01 ...

纸浆早报 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 | 6200 | -101.50 | | | 雄狮 | CFR | 730 | 5410 | -577.04 | | 智利 | 银星 | CFR信用证 90天 | 680 | 5425 | -77.59 | 注：上一日汇率 - 7.07 美元价格以及人民币价格均采用卓创数据，以13%增值税计算 | 日期 | | | 全国均价 | | | | 山东地区均价 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 针叶浆 | 阔叶浆 | 本色浆 | 化机浆 | 针叶浆 | 阔叶浆 | 本色浆 | 化机浆 | | 2025/11/26 | 6073.75 | 4810.75 | 5415.00 | 3686.25 | 6245.00 | 4775.00 | 5400.00 | 3600.00 | | 2 ...

| | | | | | 纯 碱 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2025/11/25 2025/12/1 | | 2025/12/2 周度变化 日度变化 | | | | 2025/11/25 2025/12/1 | | 2025/12/2 周度变化 日度变化 | | | 沙河重碱 | 1140.0 | 1150.0 | 1160.0 | 20.0 | 10.0 | SA05合 约 | 1242.0 | 1243.0 | 1244.0 | 2.0 | 1.0 | | 华中重碱 | 1150.0 | 1160.0 | 1170.0 | 20.0 | 10.0 | SA01合约 | 1173.0 | 1176.0 | 1183.0 | 10.0 | 7.0 | | 华南重碱 | 1350.0 | 1350.0 | 1350.0 | 0.0 | 0.0 | SA09合约 | 1311.0 | 1304.0 | 1307.0 | -4.0 | 3.0 | | 青 海 ...

Report Summary 1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core Viewpoints - The EC2512 contract is moving towards the delivery logic, with P1 around 1550 points. P2 and P3 are对标 to the second - half of December's cabin space, and the price is expected to be stable with a slight increase. - The EC2602 contract has a neutral valuation, follows the spot market in the short - term, and there is a chance for a higher price if the peak season is realized. Reasons include the late Chinese New Year, strong cargo volume on the European route this year, and the contract covering a period with a potential seasonal price peak. - The EC2604 contract is still recommended to be shorted on rallies [3]. 3. Summary by Relevant Content Futures Market - **Contract Prices and Changes**: EC2512 closed at 1633.6 with a - 0.19% change; EC2602 at 1534.2 with a 2.719% change; EC2604 at 1072.1 with a - 0.55% change; EC2606 at 1233.2 with a - 0.31% change; EC2608 at 1374.9 with a 1.30% change; EC2610 at 1032.6 with a - 0.06% change [2]. - **Month - to - Month Spreads**: For example, EC2512 - 2504 was 561.5, EC2512 - 2602 was 99.4, and EC2502 - 2604 was 462.1, with corresponding changes compared to previous days and weeks [2]. Spot Market - **Spot Indexes**: The spot price (per point) on December 1, 2025, was 1483.65, down 9.50% from the previous period. SCF on November 28, 2025, was 1404 dollars/TEU, up 2.71%; CCFI was 1449.34 points, up 1.14%; NCFI was 1024.64 points, up 7.67% [2]. - **European Route Spot Situation**: In December, the early - month price increase failed. In Week 49, the average was 2360 dollars, equivalent to 1650 points on the disk. In Week 50, MSK's opening price dropped to 2200 dollars, and the current central price is 2270 dollars, equivalent to 1580 points. Some shipping companies adjusted prices, and it is expected that shipping companies will announce price increases for January's cabin space in early December. On Tuesday, MSK's opening price for Week 51 was 2400 dollars, up 200 dollars from the previous week, equivalent to 1660 points [4]. Related News - On November 26, the mediators of the Gaza cease - fire agreed to stop violations and implement the second phase of the agreement. - On November 29, Lebanon's Hezbollah said it would retaliate against Israel for the attack on its senior commander [5].

Report Summary 1) Report Industry Investment Rating The provided content does not mention the report industry investment rating. 2) Core Viewpoints of the Report - This week, the high - sulfur cracking in Singapore fluctuated and weakened on Friday. The monthly spread was at a historical low, and the basis weakened and then fluctuated at a historical low. The HSFO cracking in Europe oscillated at a low level, and the EW weakened on Friday. The 0.5% cracking in Singapore continued to weaken this week, with the monthly spread weakening and the basis oscillating at a low level [3]. - In terms of inventory, there was a slight accumulation of residue in Singapore, a significant accumulation of high - sulfur floating storage, a reduction of residue in ARA, an accumulation of residue in Fujairah, high - sulfur floating storage oscillated at a high level, and a slight reduction of EIA residue [3]. - 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 21st, it stopped production. In December, the RFCC unit of the Dangote refinery is expected to enter maintenance, and VGO exports are expected to increase [4]. - The global heavy - oil market has entered the off - season with inventory accumulation. The external cracking is affected by crude oil fluctuations, and there is no improvement in the spot market. FU01 should be treated bearishly. The low - sulfur valuation is low but lacks a driving force [4]. 3) Summary by Relevant Catalogs Rotterdam Fuel Oil Data - From November 26th to December 2nd, 2025, the price of Rotterdam 3.5% HSF O swap M1 decreased by 7.55, the price of Rotterdam 0.5% VLSFO swap M1 decreased by 6.28, and the price difference between Rotterdam HSFO - Brent M1 decreased by 0.53 [1]. - Other price differences and spreads also showed corresponding changes during this period [1]. Singapore Fuel Oil Data - For Singapore fuel oil, from November 26th to December 2nd, 2025, the price of Singapore 380cst M1 decreased by 7.03, the price of Singapore 180cst M1 decreased by 3.95, and the price of Singapore VLSFO M1 decreased by 1.19 [1]. - In the Singapore fuel oil spot market, the FOB 380cst price decreased by 1.00, and the FOB VLSFO price decreased by 1.20 from November 26th to December 2nd, 2025 [2]. Domestic Fuel Oil Futures Data - For domestic FU futures, from November 26th to December 2nd, 2025, FU 01 decreased by 26, FU 05 decreased by 20, and FU 09 decreased by 23 [2]. - For domestic LU futures, during the same period, LU 01 decreased by 19, LU 05 decreased by 15, and LU 09 decreased by 9 [3].

s 加安期货 沥青早报 700 600 500 400 300 200 100 11/1 -200 -300 周度变化 97 87 57 -18 -34 -11 -127 100734 92363 0 0.7 -30 -30 -40 -70 -81 -48 2025 124 | | 指标 | 10/31 | 11/26 | 11/28 | 12/1 | 12/2 | 日度变化 | 팀 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 基差&月差 | 山东基差(+80)(弘润) | 6 | 17 | 44 | 40 | 114 | 74 | | | | 华东基差(镇江库) | 106 | 47 | 54 | 60 | 134 | 74 | | | | 华南基差(佛山库) | 146 | 7 | -16 | -10 | 64 | 74 | | | | 12-01 | 10 | -7 | -18 | -19 | -25 | -6 | | | | 12-03 | -16 | -19 | -48 | -50 | -53 | -3 | | | | 01 ...

Report Industry Investment Rating - No investment rating information provided in the report Report's Core View - The report provides cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on December 3, 2025 Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On December 3, 2025, the domestic spot price was 88650, the LME spot price was 11263, and the spot price ratio was 7.93. The equilibrium ratio for spot import was 8.03, with a loss of 1557.87, and there was a profit of 1151.46 for spot export [1] - **Zinc**: The domestic spot price was 22730, the LME spot price was 3340, and the spot price ratio was 6.80. The equilibrium ratio for spot import was 8.43, with a loss of 5428.02 [1] - **Aluminum**: The domestic spot price was 21810, the LME spot price was 2859, and the spot price ratio was 7.59. The equilibrium ratio for spot import was 8.32, with a loss of 2077.67 [1] - **Nickel**: The domestic spot price was 119850, the LME spot price was 14720, and the spot price ratio was 8.14. The equilibrium ratio for spot import was 8.13, with a loss of 1354.70 [1] - **Lead**: The domestic spot price was 17075, the LME spot price was 1963, and the spot price ratio was 8.69. The equilibrium ratio for spot import was 8.68, with a profit of 16.01 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract were - 290, - 280, - 270, and - 360 respectively, while the theoretical spreads were 548, 994, 1449, and 1904 [4] - **Zinc**: The spreads were 190, 220, 235, and 250, and the theoretical spreads were 216, 338, 459, and 581 [4] - **Aluminum**: The spreads were 95, 130, 140, and 150, and the theoretical spreads were 220, 341, 462, and 583 [4] - **Lead**: The spreads were 150, 115, 125, and 120, and the theoretical spreads were 210, 317, 423, and 529 [4] - **Nickel**: The spreads were 590, 820, 1010, and 1270 [4] - **Tin**: The spread between the 5 - month and 1 - month contracts was 150, and the theoretical spread was 6330 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were 625 and 335 respectively, and the theoretical spreads were 363 and 810 [4] - **Zinc**: The spreads were - 175 and 15, and the theoretical spreads were 125 and 257 [4] - **Lead**: The spreads were - 15 and 135, and the theoretical spreads were 120 and 233 [5] Cross - Variety Arbitrage Tracking - On December 3, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous contracts) were 3.90, 4.05, 5.18, 0.96, 1.28, and 0.75 respectively, and for LME (three - continuous contracts) were 3.64, 3.89, 5.59, 0.94, 1.44, and 0.65 respectively [5]