有色早报 研究中心有色团队 2025/12/29 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2025/12/22 -430 5281 95805 48542 -1754.65 -517.00 48.0 51.0 6.58 157750 51750 2025/12/23 -440 4777 95805 49543 -1909.24 -498.41 55.0 54.0 13.16 158575 48875 2025/12/24 -465 5208 95805 52222 -2003.83 -422.80 55.0 54.0 19.69 157025 46525 2025/12/25 -500 5373 95805 59083 - 422.09 55.0 54.0 - - - 2025/12/26 -525 6208 111703 58647 - 2945.00 55.0 54.0 - - - 变化 -25 835 15898 -436 - 2522.91 0. ...

原油成品油早报 研究中心能化团队 2025/12/29 | 日期 | WTI | BRENT | DUBAI | diff FOB BRENT 1- dated bre | WTI-BREN | DUBAI-B | NYMEX RB | RBOB-BR | NYMEX | HO-BRT | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 2月差 | T | RT（EFS | OB | T | HO | | | | | | | nt | | | | | | | | 2025/12/22 | 58.01 | 62.07 | 62.12 | - 0.49 | -4.06 | 0.28 | 174.22 | 11.10 | 215.81 | 28.57 | | 2025/12/23 | 58.38 | 62.38 | 62.11 | - 0.51 | -4.00 | 0.64 | 174.32 | 10.83 | 219.06 | 29.63 | | 2025/12/24 | 58.35 | 62.24 | 6 ...

升 贴 水 、 库 存 、 E T F 持 仓 变 化 贵金属早报 研究中心宏观团队 2025/12/29 价 格 表 现 品种 伦敦金 伦敦银 伦敦铂 伦敦钯 WTI原油 LME铜 最新 - - - - 56.74 12133.00 变化 - - - - - 0.00 品种 美元指数 欧元兑美元 英镑兑美元 美元兑日元 美国10年期TIPS 最新 - - - - 1.91 变化 - - - - - 交 易 数 据 | 日期 | COMEX白银 | 上期所白银 | 黄金ETF持仓 | 白银ETF持仓 | 上金所白银 | 上金所黄金 | 上金所白银 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 库存 | 库存 | | | 库存 | 递延费支付方向 | 递延费支付方向 | | 最新 | - | 819.43 | 1071.13 | 16390.56 | - | 1 | 2 | | 变化 | - | -32.99 | - | - | - | 0.00 | 0.00 | 贵 金 属 比 价 以上图表数据来源：彭博、永安源点资讯、万得 免责声明: 以上内 ...

Report Overview - The report is a pulp morning report from the Energy and Chemicals Team of the Research Center, dated December 29, 2025 [2] SP Main Contract Close Price - On December 26, 2025, the SP main contract closed at 5630.00 [3] - The daily price changes from December 22 - 26 were 2.10679%, -0.03557%, 0.00000%, -0.28470%, and 0.46395% respectively [3] - The basis for Shandong Yinxing on December 26 was -40, and for Jiangsu, Zhejiang, and Shanghai Yinxing was -70 [3] Import Pulp Prices and Profits - Based on a 13% VAT calculation, the import profit for Canadian Golden Lion was 51.39, for Canadian Lion was -287.55, and for Chilean Yinxing was -24.91 [4] Pulp and Paper Price Averages - From December 22 - 26, 2025, the national and Shandong regional average prices of coniferous pulp, broad - leaf pulp, natural pulp, and chemical mechanical pulp remained unchanged [4] - The indices of cultural paper (double - offset and double - copper), packaging paper (white card), and living paper also showed no change during this period [4] - The estimated profit margins of double - offset, double - copper, white card, and living paper remained constant from December 23 - 26 [4] Pulp Price Spreads - The price spreads between coniferous and broad - leaf, coniferous and natural, coniferous and chemical mechanical, and coniferous and waste paper pulp showed little change from December 22 - 26 [4]

1. Report's Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - For the EC2602 contract, future trends depend on spot prices. It's difficult to predict the peak height, timing of the January freight rates, and subsequent price - drop rhythms. At current levels, entry is not recommended [2]. - The EC2604 contract has a moderately high valuation, but there is a short - term upward risk due to factors such as capital position transfer, geopolitical reversals, pre - holiday position reduction, and price increase announcements after reaching a price bottom. The strategy is to short on rallies [2]. - The far - month contracts are highly affected by geopolitics. Given the long - term logic of resumption of navigation and off - season, the strategy for the EC2610 contract is to short on rallies [2]. 3. Summary by Related Catalogs Futures Contract Data - EC2512: Yesterday's closing price was 1613.0, with a change of 0.31% and a decline of 23.8. The trading volume was 85 [1]. - EC2602: Yesterday's closing price was 1824.5, with a change of 1.38% and a decline of 235.3. The trading volume was 26553 [1]. - EC2604: Yesterday's closing price was 1154.8, with a change of - 0.83% and an increase of 434.4. The trading volume was 7478 [1]. - EC2606: Yesterday's closing price was 1316.2, with a change of - 0.29% and an increase of 273.0. The trading volume was 734 [1]. - EC2608: Yesterday's closing price was 1486.1, with a change of - 0.71% and an increase of 103.1. The trading volume was 62 [1]. - EC2610: Yesterday's closing price was 1049.3, with a change of - 0.92% and an increase of 539.9. The trading volume was 939 [1]. Month - to - Month Spread - EC2512 - 2504: The spread was 458.2, with a daily increase of 14.7 and a weekly decrease of 57.4 [1]. - EC2512 - 2602: The spread was - 211.5, with a daily decrease of 19.8 and a weekly decrease of 167.3 [1]. - EC2502 - 2604: The spread was 669.7, with a daily increase of 34.5 and a weekly increase of 109.9 [1]. Shipping Indexes - SCFIS (European Line): On 2025/12/22, the index was 1589.20 points, with a 5.21% increase from the previous period. On 2025/12/26, the price was 1690 dollars/TEU [1]. - CCFI: On 2025/12/26, the index was 1519.06 points, with a 3.06% increase from the previous period [1]. - NCFI: On 2025/12/26, the index was 1144.37 points, with a 7.22% increase from the previous period [1]. European Line Spot Freight Quotes - Week 52: Maersk (MSK) opened at 2300 dollars, and other companies mainly followed Week 51. The central price was 2500 dollars, equivalent to about 1750 points on the futures [3]. - Week 1: Maersk (MSK) opened at 2500 dollars, OA at 2700 - 2800 dollars (EMC's partial routes at 2500+ dollars), and PA at 2800 dollars (Jiliang at 2600 dollars). The central price was 1950 dollars, equivalent to about 1950 points on the futures [3]. - Week 2: Maersk (MSK) kept the price flat at 2500 dollars, but the price at Hamburg Port was 2600 dollars (a 100 - dollar increase from the previous period) [3]. Related News - On December 28, differences between the US and Israel over the Gaza issue emerged. Israeli Prime Minister Netanyahu visited the US, aiming to persuade the US to accept Israel's tougher stance on the Gaza cease - fire agreement [4]. - On December 27, the rift in the Gulf region deepened as Saudi Arabia attacked a Yemeni faction supported by the UAE [4].

乘 亦安期货 动力煤早报 研究中心黑色团队 2025-12-29 最新 日变化 月变化 年变化 最新 日变化 月 变化 周变化 周变化 年变化 秦皇岛5500 秦皇岛5000 687.0 25省终端可用天数 25省终端供煤 20 9.0 134.0 220 0.6 -85.0 -2.0 -29.0 -136.0 607.3 -1.2 -32.7 -15.5 1.1 273.0 一州港5500 810.0 0.0 -15.0 -50.0 -60.0 北方港库存 2799.0 -14.0 -12.0 427.3 495.0 550.0 71.0 14.0 -4.0 -36.7 鄂尔多斯5500 0.0 -10.0 -100.0 -65.0 北方锚地船舶 0.0 6.0 -10.0 -70.0 北方港调入量 大同5500 0.0 -95.0 7.7 3.7 北方港吞叶量 榆林6000 690.0 0.0 0.0 -42.0 -42.0 142.4 -14.4 -16.6 -41.5 -13.4 CBCFI海运指数 秦皇岛-上海（4-5DWT） 596.5 榆林6200 5省终端日耗 745.0 0.0 -15.0 ...

| | | 股 指 期 货 交 易 数 据 | 指数表现 | A股 | 沪深300 | 上证50 | 创业板 | 中证500 | | --- | --- | --- | --- | --- | --- | | 收盘价 | 3963.68 | 4657.24 | 3045.40 | 3243.88 | 7458.84 | | 涨跌（%） | 0.10 | 0.32 | 0.41 | 0.14 | 0.65 | | 估值 | 沪深300 | 上证50 | 中证500 | 标普500 | 德国DAX | | PE(TTM) | 14.13 | 11.78 | 33.61 | 27.68 | 18.84 | | 环比变化 | 0.00 | 0.00 | 0.00 | -0.01 | 0.00 | | 风险溢价 | 沪深300 | 上证50 | 中证500 | 标普500 | 德国DAX | | 1/PE-10利率 | - | - | - | -0.52 | - | | 环比变化 | - | - | - | 0.00 | - | | 资金流向 | A股 | 主板 | 中小企业板 | 创业板 | 沪深300 | | 最新 ...

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油脂油料早报 研究中心农产品团队 2025/12/29 隔 夜 市 场 信 息 ： SGS：马来西亚12月1-25日棕榈油出口量环比增加41.25% 船货检验机构SGS发布的数据显示，马来西亚2025年12月1-25日棕榈油产品出口量为824,276吨，较上月同期的 583,574吨增加41.25%。 AmSpec:马来西亚12月1-25日棕榈油出口量环比增加3% 独立检验公司AmSpecAgri发布数据显示，马来西亚2025年12月1-25日棕榈油产品出口量为1,017,897吨，较上月同 期的987，978吨增加3.0%。 SPPOMA：马来西亚12月1-25日棕榈油产量环比下滑9.12% SPPOMA发布的数据显示，2025年12月1-25日马来西亚棕榈油产量环比下滑9.12%，鲜果串单产下滑8.49%，出油率下 降0.12%。 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 | | --- | --- | --- | --- | --- ...

音紧像胶呈报 图1 研究中心能化团队 2025/12/29 P 不 As 占 商品 POY 1 石脑油日 PX CFR PTA内盘现 PTA加 仓单+有 PTA平衡 PTA负 石脑油裂 50D/4 聚酯毛利 TA基美 日期 原油 PX加工美 产销 工差 效预报 台湾 न्ह 解价差 K 荷 负荷 8F Hill 2025/1 6345 127869 62.1 540 893 4885 84.91 353.0 105 -192 78.6 72.5 -70 0.45 2/22 2025/1 62.4 542 896 4955 6395 85.00 354.0 164 -185 78.6 72.5 123951 -75 0.45 2/23 图H 2025/1 62.2 -240 -75 0.40 540 901 5015 6395 84.03 206 78.6 72.5 120464 361.0 2/24 2025/1 919 5050 97.76 377.0 72.5 60.6 542 6440 277 -252 78.6 119054 -65 0.45 2/25 2025/1 l 图H 542 5175 97. ...