Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Report's Core View - No clear core view is presented in the provided text. The document mainly shows data on asphalt - related indicators. 3. Summary by Related Catalogs 3.1. Basis and Calendar Spread - **Basis**: On 12/31, Shandong basis (+80) (non - Jingbo) was - 68 with no daily change; East China basis (Zhenjiang warehouse) was - 118; South China basis (Foshan warehouse) was - 138 with a daily increase of 40 [2]. - **Calendar Spread**: On 12/31, 01 - 03 was - 43 with a daily decrease of 8; 02 - 03 was - 7 with a daily decrease of 3; 03 - 06 was - 24 [2]. 3.2. Futures Contracts - **BU Main Contract (02)**: On 12/31, the price was 3038, up 30 compared to the previous day. The trading volume was 465494, an increase of 79321 (17%), and the open interest was 440255, a decrease of 2448 (- 3%) [2]. 3.3. Spot Market - **Brent Crude Oil**: On 12/31, it was 61.9, up 1.3 [2]. - **Asphalt Spot Prices**: On 12/31, Jingbo was 2980, up 40; Shandong (non - Jingbo) was 2890, up 30; Zhenjiang warehouse was 2920, up 30; Foshan warehouse was 2900, up 70 [2]. 3.4. Profit and Inventory - **Asphalt - Marey Profit**: On 12/31, it was 382, down 42 [2].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - Not provided in the content Summary by Relevant Catalogs Price - For silicon ferroalloy, on December 31, 2025, the latest prices of Ningxia 72 and Inner Mongolia 72 were 5300 and 5320 respectively, with daily changes of 50 and weekly changes of 50. The latest prices of the main contract and 01 contract were 5750 and 5564 respectively, with daily changes of 74 and 30, and weekly changes of 102 and 46 [2]. - For silicon manganese, on the same date, the latest ex - factory price of Inner Mongolia 6517 was 5650, with a daily change of 60 and a weekly change of 80. The latest main contract price was 5942, with a daily change of 80 and a weekly change of 120 [2]. Supply - The monthly production data of 136 silicon ferroalloy enterprises in China from 2021 - 2025 are presented, showing the overall supply trend of the silicon ferroalloy industry [5]. - The weekly production data of silicon manganese in China from 2021 - 2025 are provided, reflecting the supply situation of the silicon manganese industry [7]. Demand - The monthly estimated and actual production of crude steel in China from 2021 - 2025 are shown, which is related to the demand for ferroalloys [5][8]. - The monthly demand data of silicon manganese in China (Steel Union caliber) from 2021 - 2025 are presented, indicating the market demand for silicon manganese [5][8]. Inventory - The weekly inventory data of 60 sample silicon ferroalloy enterprises in China, Ningxia, Inner Mongolia, and Shaanxi from 2021 - 2025 are provided, along with the daily data of CZCE silicon ferroalloy warehouse receipts, effective forecasts, and the sum of them [6]. - The daily data of CZCE silicon manganese warehouse receipts, effective forecasts, and the sum of them from 2021 - 2025 are presented, as well as the weekly inventory data of 63 sample silicon manganese enterprises in China from 2021 - 2025 [8]. Cost and Profit - Cost - related factors such as electricity prices in different regions (Inner Mongolia, Qinghai, Ningxia, Shaanxi) and the market price of semi - coking coal in Shaanxi from 2021 - 2025 are shown, affecting the production cost of ferroalloys [6]. - The production profit data of silicon ferroalloy in Ningxia and Inner Mongolia, as well as the export profit data of 75 - grade silicon ferroalloy from 2021 - 2025 are presented [6]. - The profit data of silicon manganese in Inner Mongolia, Guangxi, the northern region, and the southern region from 2021 - 2025 are provided [8].

集运早报 | | | | | | | 研究中心能化团队 | | | 2025/12/31 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | ਉਨ੍ਹੇ | | 昨日收盘价 | 涨跌 | 基差 | 昨日成交量 | | 昨日持仓昼 | 持合变动 | | | EC2602 | | 1795.1 | -1.53% | -52.5 | 24777 | | 27855 | -2582 | | | EC2604 | | 1160.2 | -0.83% | 582.4 | 7238 | | 21241 | 44 | | | EC2606 | | 1370.0 | -0.29% | 372.6 | 856 | | 2230 | - 1249 | | | EC2608 | | 1500.1 | 0.16% | 242.5 | 86 | | 1196 | -10 | | | EC2610 | | 1056.0 | 0.12% | 686.6 | 643 | | 6084 | 72 | | | 月差 | | 前一日 | 前两日 | 前三日 | 日环 ...

1. Report's Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Not provided in the given content 3. Summary by Relevant Catalogs Spot Market Data - **Australian Mainstream Iron Ore**: Newman powder price is 798, down 3 daily and up 11 weekly; PB powder price is 801, down 3 daily and up 11 weekly; Mac powder price is 803, up 1 daily and up 19 weekly; Jinbuba powder price is 754, down 3 daily and up 11 weekly; Mixed powder price is 740, down 5 daily and up 7 weekly; Super special powder price is 680, unchanged daily and up 8 weekly; Carajás powder price is 885, down 7 daily and up 15 weekly; Roy Hill powder price is 788, down 3 daily and up 11 weekly; KUMBA powder price is 860, down 3 daily and up 11 weekly [1] - **Brazilian Mainstream Iron Ore**: Brazilian mixed ore price is 851, up 11 daily and up 26 weekly; Brazilian coarse IOC6 price is 765, down 3 daily and up 11 weekly; Brazilian coarse SSFG price is 770, down 3 daily and up 11 weekly [1] - **Other Iron Ore**: Ukrainian concentrate powder price is 877, down 5 daily and up 2 weekly; 61% Indian powder price is 743, down 3 daily and up 11 weekly; Karara concentrate powder price is 882, down 5 daily and up 7 weekly; 57% Indian powder price is 615, unchanged daily and up 8 weekly; Atlas powder price is 735, down 5 daily and up 7 weekly; Tangshan iron concentrate powder price is 982, unchanged daily and up 6 weekly [1] Futures Market Data - **Dalian Commodity Exchange Contracts**: i2601 contract price is 809.0, down 7.0 daily and up 12.5 weekly; i2605 contract price is 789.0, down 7.5 daily and up 10.5 weekly; i2609 contract price is 767.0, down 6.5 daily and up 10.5 weekly [1] - **Singapore Exchange Contracts**: FE01 contract price is 105.83, up 1.16 daily and up 1.07 weekly; FE05 contract price is 104.17, up 1.15 daily and up 1.36 weekly; FE09 contract price is 102.16, up 1.14 daily and up 1.41 weekly [1] Other Data - **Import Profit**: Newman powder import profit is 20.28; PB powder import profit is - 14.00; Mac powder import profit is 52.72; Jinbuba powder import profit is 37.44; Mixed powder import profit is 4.61; Super special powder import profit is - 10.63; Carajás powder import profit is - 26.66; Brazilian mixed ore import profit is 13.52 [1] - **Month - to - Month Spread**: i2601/i2605 spread is - 42.0, up 10.1 daily and up 3.7 weekly; i2605/i2609 spread is 20.0, up 30.1 daily and up 5.7 weekly; i2609/i2601 spread is 22.0, up 52.1 daily and up 5.7 weekly; FE01/FE05 spread is - 3.67, down 21.9 daily and up 5.3 weekly; FE05/FE09 spread is 1.66, down 28.2 daily and up 7.8 weekly; FE09/FE01 spread is 2.01, down 35.3 daily and up 5.4 weekly [1]

油脂油料早报 研究中心农产品团队 2025/12/31 隔 夜 市 场 信 息 ： 民间出口商报告向未知目的地出口销售231,000吨大豆 民间出口商报告向未知目的地出口销售231,000吨大豆，2025/2026市场年度付运。 民间出口商报告向中国出口销售136,000吨大豆 民间出口商报告向中国出口销售136，000吨大豆，2025/2026市场年度付运。 Anec：巴西12月大豆出口量预计为302万吨 ANEC表示，巴西12月大豆出口量预计为302万吨，之前一周预计为357万吨。巴西12月豆粕出口量预计为187万吨， 之前一周预计为200万吨。 主 产 国 降 水 情 况 进 口 大 豆 盘 面 压 榨 利 润 油 脂 进 口 利 润 现 货 价 格 | 日期 | 豆粕江苏 | 菜粕广东 | 豆油江苏 | 棕榈油广州 | 菜油江苏 | | --- | --- | --- | --- | --- | --- | | 2025/12/24 | 3010 | 2520 | 8270 | 8460 | 9550 | | 2025/12/25 | 3030 | 2540 | 8280 | - | 9640 | | ...

| 安期货 | | --- | | IGAN FUTURES | 燃料油早报 研究中心能化团队 2025/12/31 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 | | --- | --- | --- | --- | --- | --- | | 2025/12/24 | 343.65 | 417.55 | -1.60 | 5.3 | 9.8 | | 2025/12/25 | - | - | - | - | - | | 2025/12/26 | 343.32 | 417.34 | -1.60 | - | - | | 2025/12/29 | 339.01 | 412.83 | -1.00 | 7.7 | 11.5 | | 2025/12/30 | 340.87 | 413.16 | -1.45 | 8.0 | 9.0 | | 变化 | 1.86 | 0.33 | -0.45 | 0.3 | -2.5 | | 国 内 F U | | | | | | | | --- | --- | --- | --- | --- | ...

Group 1: Report Industry Investment Rating - No information provided regarding the industry investment rating in the report. Group 2: Core Views of the Report - For PTA, the near - end TA partial devices have short - stops, the start - up rate decreases slightly, the polyester load drops, the inventory continues to decline, the basis is stable, and the spot processing fee recovers significantly. However, after the PX price strengthens, the downstream filament profit decreases sharply, and the probability of accelerated production reduction increases. The short - term upward space of PX may be limited, and it is necessary to wait for the downstream to pass on the price [1]. - For MEG, the near - end domestic devices increase the load, the start - up rate rises month - on - month, the overseas maintenance plan increases, the port inventory accumulates at the beginning of next week, and the basis is weak. The overall pattern is expected to remain weak, and attention should be paid to short - selling opportunities on rebounds [1]. - For polyester staple fiber, the start - up rate increases slightly, the production and sales improve month - on - month, and the inventory accumulates slightly. The demand side shows a decline in the start - up rate of polyester yarn, and the raw material inventory and finished product inventory are both reduced month - on - month. Although the domestic demand side is gradually entering the off - season, the further weakening space is limited due to the low absolute inventory, and attention should be paid to the warehouse receipt situation [1]. - For natural rubber, the national explicit inventory remains stable, the Thai stage price is stable, and the strategy is to wait and see [1]. Group 3: Summary by Related Catalogs PTA - **Device Changes**: Yisheng New Materials' 3.6 million - ton device increases the load, and Dushan's 2.5 million - ton device restarts. The near - end TA partial devices have short - stops [1]. - **Market Situation**: The polyester load drops, the inventory continues to decline, the basis is stable, and the spot processing fee recovers significantly. The domestic start - up rate of PX remains stable, the overseas load rises, the PXN strengthens significantly, and the disproportionation and isomerization benefits both increase to a relatively high level, while the US - Asia aromatics spread shrinks [1]. - **Outlook**: After the PX price strengthens, the downstream filament profit decreases sharply, and the probability of accelerated production reduction increases. The short - term upward space of PX may be limited, and it is necessary to wait for the downstream to pass on the price [1]. MEG - **Device Changes**: Zheng Dakai's 600,000 - ton device restarts, and Zhongkun's 600,000 - ton device increases the load [1]. - **Market Situation**: The near - end domestic devices increase the load, the start - up rate rises month - on - month, the overseas maintenance plan increases, the port inventory accumulates at the beginning of next week, the basis is weak, and the coal - based profit fluctuates at a low level [1]. - **Outlook**: The domestic supply is stable with a slight increase, the overseas maintenance increases month - on - month, the overall inventory accumulation continues, and the absolute inventory is not low. The pattern is expected to remain weak under the continuous new production, and attention should be paid to short - selling opportunities on rebounds [1]. Polyester Staple Fiber - **Device Changes**: Sanfangxiang increases the load, and the start - up rate slightly increases to 96.2% [1]. - **Market Situation**: The production and sales improve month - on - month, and the inventory accumulates slightly. On the demand side, the start - up rate of polyester yarn drops, the raw material inventory and finished product inventory are both reduced month - on - month, and the profit decreases month - on - month [1]. - **Outlook**: Although the domestic demand side is gradually entering the off - season, the further weakening space is limited due to the low absolute inventory, and attention should be paid to the warehouse receipt situation [1]. Natural Rubber - **Price Changes**: There are daily and weekly changes in the prices of various types of natural rubber, such as Shanghai full - cream rubber, Shanghai 3L rubber, etc. Some indicators like the basis and spread also change [1]. - **Market Situation**: The national explicit inventory remains stable, and the Thai stage price is stable [1]. - **Strategy**: The strategy is to wait and see [1]. Styrene - related Products - **Price and Profit Changes**: There are daily changes in the prices of styrene, pure benzene, and related products. The domestic profits of PS, ABS, etc., also change [1]. - **Start - up Rate**: The start - up rates of EPS, ABS, and PS show different trends [1].

| | | 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，我们均不承担任何责任。 | | | | | 大类资产早报 | | | 研究中心宏观团队 2025/12/31 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | 4.123 | 4.497 | 3.562 | 2.854 | 3.548 | 3.286 | 0.276 | 3.439 | | 日本 | | 巴西 | 中国 | 韩国 | 澳大利亚 | 新西兰 | | | | 最新 | 2.059 | 6.197 | 1.851 | - | 4.746 | 4.381 | | | | 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 ...

农产品早报 研究中心农产品团队 2025/12/31 | 玉米/淀粉 | | | | 玉米 | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/12/24 | 2160 | 2230 | 2250 | 2390 | 34 | 10 219 | 2750 | 2800 | 211 | -14 | | 2025/12/25 | 2160 | 2230 | 2250 | 2380 | 41 | 0 195 | 2750 | 2800 | 221 | -49 | | 2025/12/26 | 2160 | 2250 | 2250 | 2390 | 28 | -10 206 | 2750 | 2800 | 191 | -49 | | 2025/12/29 | 2160 | 2280 | 2244 | 2430 | 31 | 0 255 | 2750 | 28 ...

废钢早报 研究中心黑色团队 2025/12/31 华东 स्क 中部 东北 日期 华南 2025/12/245 | 2174 2226 2216 2254 原点 2036 2227 2025/12/25 2174 2254 2036 2217 2224 2025/12/26 2173 2253 2039 2215 2025/12/29 2164 2252 2035 2222 2213 2025/12/305 容 2164 ~2251 原占 2034 2226 原 2213 沙钢重三价格 (含税) ◆ 2022 ↓ 2023 ↓ 2024 ● 2025 4,200元/吨 3,900 3,600 3,300 3,000 2,700 2,400 2,100 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月11月12月 长流程日耗 镇江鸿泰剪切料价格 (不含税) ● 2022 ● 2023 ● 2024 ● 2025 3,600元/吨 3,300 3,000 2,700 2,400 2,100 1,800 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月11月12月 短流程日耗 ◆ 2022 ...