跨期套利跟踪 2025/12/25 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 2360 2490 2530 2560 理论价差 571 1039 1517 1995 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 165 205 235 250 理论价差 218 343 467 591 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 200 255 275 315 理论价差 222 344 467 590 铅 次月-现货月 三月-现货 月 四月-现货月 五月-现货月 价差 245 220 245 255 理论价差 210 316 422 528 镍 次月-现货月 三月-现货月 四月-现货 月 五月-现货月 价差 4960 5210 5370 5720 锡 5-1 价差 1660 理论价差 7006 期现套利跟踪 2025/12/25 铜 当月合约-现货 次月合约-现货 价差 -920 1440 理论价差 302 1169 锌 当月合约-现货 次月合约-现货 价差 -205 -40 理论价差 154 290 免责声明: 以上内容所依据的信息均来源于交易所 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the high - sulfur crack spread rebounded, the monthly spread rebounded from a low level, and the basis rebounded. In Europe, the high - sulfur crack spread fluctuated, the monthly spread weakened, and the EW continued to strengthen. The 0.5% crack spread in Singapore weakened, the monthly spread fluctuated at a low level, and the basis also fluctuated at a low level. The low - sulfur crack spread in Europe fluctuated at a low level [5]. - In terms of inventory, Singapore's residual fuel oil inventory decreased, high - sulfur floating storage inventory increased, ARA's residual fuel oil inventory was basically flat, Fujairah's residual fuel oil inventory decreased significantly, high - sulfur floating storage inventory decreased, and EIA's residual fuel oil inventory increased slightly [5][8]. - This week, the crack spreads of gasoline and diesel in the external market continued to decline, and the price difference between low - sulfur fuel oil and diesel continued to rebound. After the fire at the Al Zour refinery on October 21, the external low - sulfur fuel oil market is supported, but the short - term upside space is limited [8]. - The global residual fuel oil market has entered the off - season for inventory accumulation. The external crack spread depends on crude oil price fluctuations and feedstock premium levels. This week, the external market's inventory decreased and the monthly spread strengthened, and it is still expected to fluctuate in the short term. The valuation of low - sulfur fuel oil is low, but there is no driving force for now [8]. 3. Data Summary Rotterdam Fuel Oil Swap Data | Type | 2025/12/18 | 2025/12/19 | 2025/12/22 | 2025/12/23 | 2025/12/24 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 327.47 | 323.91 | 332.23 | 333.06 | 332.36 | - 0.70 | | Rotterdam 0.5% VLS FO Swap M1 | 369.76 | 370.46 | 379.22 | 381.38 | 379.92 | - 1.46 | | Rotterdam HSFO - Brent M1 | - 8.26 | - 8.86 | - 8.91 | - 9.15 | - 9.50 | - 0.35 | | Rotterdam 10ppm Gasoil Swap M1 | 593.29 | 588.07 | 597.32 | 607.46 | 607.21 | - 0.25 | | Rotterdam VLSFO - G O M1 | - 223.53 | - 217.61 | - 218.10 | - 226.08 | - 227.29 | - 1.21 | | LGO - Brent M1 | 22.13 | 20.77 | 20.41 | 21.48 | 22.69 | 1.21 | | Rotterdam VLSFO - H SFO M1 | 42.29 | 46.55 | 46.99 | 48.32 | 47.56 | - 0.76 |[3] Singapore Fuel Oil Swap Data | Type | 2025/12/18 | 2025/12/19 | 2025/12/22 | 2025/12/23 | 2025/12/24 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 341.67 | 335.69 | 340.79 | 347.07 | 344.78 | - 2.29 | | Singapore 180cst M1 | 352.34 | 342.69 | 347.66 | 352.82 | 352.53 | - 0.29 | | Singapore VLSFO M1 | 407.95 | 404.73 | 411.59 | 417.13 | 418.09 | 0.96 | | Singapore GO M1 | 79.76 | 78.63 | 79.11 | 79.71 | 80.63 | 0.92 | | Singapore 380cst - Brent M1 | - 6.01 | - 6.57 | - 6.90 | - 6.88 | - 7.53 | - 0.65 | | Singapore VLSFO - G O M1 | - 182.27 | - 177.13 | - 173.82 | - 172.72 | - 178.57 | - 5.85 |[3] Singapore Fuel Oil Spot Data | Type | 2025/12/18 | 2025/12/19 | 2025/12/22 | 2025/12/23 | 2025/12/24 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 339.30 | 332.35 | 337.57 | 344.15 | 343.65 | - 0.50 | | FOB VLSFO | 407.57 | 403.41 | 410.73 | 416.98 | 417.55 | 0.57 | | 380 Basis | - 3.00 | - 2.95 | - 2.80 | - 1.85 | - 1.60 | 0.25 | | High - sulfur Internal - External Spread | 3.3 | 2.9 | 5.0 | 3.8 | 5.3 | 1.5 | | Low - sulfur Internal - External Spread | 4.8 | 6.5 | 8.6 | 8.3 | 9.8 | 1.5 |[4] Domestic FU Data | Type | 2025/12/18 | 2025/12/19 | 2025/12/22 | 2025/12/23 | 2025/12/24 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2403 | 2356 | 2413 | 2433 | 2415 | - 18 | | FU 05 | 2464 | 2415 | 2474 | 2496 | 2498 | 2 | | FU 09 | 2431 | 2382 | 2440 | 2463 | 2468 | 5 | | FU 01 - 05 | - 61 | - 59 | - 61 | - 63 | - 83 | - 20 | | FU 05 - 09 | 33 | 33 | 34 | 33 | 30 | - 3 | | FU 09 - 01 | 28 | 26 | 27 | 30 | 53 | 23 |[4] Domestic LU Data | Type | 2025/12/18 | 2025/12/19 | 2025/12/22 | 2025/12/23 | 2025/12/24 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 2901 | 2886 | 2969 | 2976 | 3000 | 24 | | LU 05 | 2936 | 2912 | 2974 | 2994 | 3013 | 19 | | LU 09 | 2977 | 2952 | 3010 | 3026 | 3039 | 13 | | LU 01 - 05 | - 35 | - | - 5 | - 18 | - 13 | 5 | | LU 05 - 09 | - 41 | - 40 | - 36 | - 32 | - 26 | 6 | | LU 09 - 01 | 76 | 66 | 41 | 50 | 39 | - 11 |[5]

| | | 大类资产早报 研究中心宏观团队 2025/12/25 | | | --- | 股 指 期 货 交 易 数 据 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，我们均不承担任何责任。 | 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 | 4.136 | 4.504 | 3.561 | 2.861 | 3.550 | 3.286 | 0.293 | 3.444 | | 日本 | | 巴西 | 中国 | 韩国 | 澳大利亚 | 新西兰 | | | | 最新 | 2.042 | 6.159 | 1.835 | - | 4.740 | 4.448 | | | | 主要经济体2年期国 ...

集运星报 | | | | | | | 研究中心能化团队 | | | 2025/12/25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | ਵਾਲੇ EC2512 | | 昨日收盘价 1605.9 | 涨跌 -0.01 % | 基差 -16.7 | 昨日成交昼 139 | | 昨日持仓昼 1790 | 持仓变动 -100 | | | EC2602 EC2604 | | 1795.8 1165.0 | -0.60% 0.60% | -206.6 424.2 | 23706 5133 | | 34316 20990 | -688 123 | | | EC2606 | | 1319.0 | -0.95% | 270.2 | 200 | | 2145 | -4.2 | | | EC2608 | | 1481.0 | 0.07% | 108.2 | 124 | | 1193 | -6 | | 期货 | EC2610 | | 1051.1 | -0.09% | 538.1 | 651 | | 5664 | 61 | | | 月差 | | ...

芳烃橡胶早报 研究中心能化团队 2025/12/25 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。 P T A 日期 原油 石脑油日 本 PX CFR 台湾 PTA内盘现 货 POY 1 50D/4 8F 石脑油裂 解价差 PX加工差 PTA加 工差 聚酯毛利 PTA平衡 负荷 PTA负 ...

研究中心能化团队 2025/12/25 -300 s 加安期货 沥青早报 | | | | | | | | MIZUT O'HOLOGIA EVEST | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 11/24 10 | 12/18 | 12/22 -22 | 12/23 -37 | 12/24 | 日度变化 -19 | 筒 | | | 山东基差(+80)(非京博) | | -42 | | | -56 | -19 | | | | 华东基差(镇江库) | 40 | -52 | -dr | -97 | -116 | | | | | 华南基差(佛山库) | 20 | -132 | -195 | -177 | -196 | -19 | | | 基差&月差 | 01-03 | -22 | -29 | -30 | -26 | -34 | -8 | | | | 02-03 | -20 | -17 | -12 | -13 | -10 | 3 | | | | 03-06 | -32 | -20 | -23 | -27 | -28 | - 1 ...

Group 1: Report Core Information - **Report Type**: Iron Ore Morning Report [1] - **Report Date**: December 25, 2025 [1] - **Research Team**: Black Team of the Research Center [1] - **Data Source**: MYSTEEL [2] Group 2: Spot Market Information Australian Mainstream Iron Ore - Newman powder: The latest price is 788, with a daily change of 1 and a weekly change of 4; the discounted futures price is 843.3; the import profit is 14.69 [1] - PB powder: The latest price is 791, with a daily change of 1 and a weekly change of 4; the discounted futures price is 842.3; the import profit is -17.75 [1] - Macarthur powder: The latest price is 786, with a daily change of 2 and a weekly change of 6; the discounted futures price is 858.5; the import profit is 40.00 [1] - Jinbuba powder: The latest price is 744, with a daily change of 1 and a weekly change of 4; the discounted futures price is 836.6; the import profit is 35.20 [1] - Mixed powder: The latest price is 734, with a daily change of 1 and a weekly change of 5; the discounted futures price is 872.5; the import profit is 4.79 [1] - Super Special powder: The latest price is 673, with a daily change of 1 and a weekly change of -2; the discounted futures price is 893.1; the import profit is -11.80 [1] - Carajás powder: The latest price is 870, with a daily change of 0 and a weekly change of 0; the discounted futures price is 802.8; the import profit is -35.72 [1] Brazilian Mainstream Iron Ore - Brazilian mixed ore: The latest price is 827, with a daily change of 2 and a weekly change of 2; the discounted futures price is 834.1; the import profit is -3.30 [1] - Brazilian coarse ore IOC6: The latest price is 755, with a daily change of 1 and a weekly change of -2 [1] - Brazilian coarse ore SSFG: The latest price is 760, with a daily change of 1 and a weekly change of -2 [1] Other Iron Ore - Ukrainian concentrate: The latest price is 875, with a daily change of 0 and a weekly change of 10; the discounted futures price is 945.2 [1] - 61% Indian powder: The latest price is 733, with a daily change of 1 and a weekly change of 4 [1] - Karara concentrate: The latest price is 875, with a daily change of 0 and a weekly change of 10; the discounted futures price is 895.1 [1] - Roy Hill powder: The latest price is 778, with a daily change of 1 and a weekly change of 4; the discounted futures price is 856.3; the import profit is 36.19 [1] - KUMBA powder: The latest price is 850, with a daily change of 1 and a weekly change of 4; the discounted futures price is 829.5 [1] - 57% Indian powder: The latest price is 608, with a daily change of 1 and a weekly change of -2 [1] - Atlas powder: The latest price is 729, with a daily change of 1 and a weekly change of 5 [1] Domestic Iron Ore - Tangshan iron concentrate: The latest price is 976, with a daily change of 0 and a weekly change of 7; the discounted futures price is 863.0 [1] Group 3: Futures Market Information Dalian Commodity Exchange - i2601 contract: The latest price is 798.0, with a daily change of 1.5 and a weekly change of 9.5; the inter - monthly spread is -40.0, with a daily change of 4.8, a weekly change of -1.5, and a monthly change of -9.5 [1] - i2605 contract: The latest price is 779.5, with a daily change of 1.0 and a weekly change of 11.5; the inter - monthly spread is 18.5, with a daily change of 23.3, a weekly change of -1.0, and a monthly change of -11.5 [1] - i2609 contract: The latest price is 758.0, with a daily change of 1.5 and a weekly change of 12.5; the inter - monthly spread is 21.5, with a daily change of 44.8, a weekly change of -1.5, and a monthly change of -12.5 [1] Singapore Exchange - FE01 contract: The latest price is 104.37, with a daily change of -0.39 and a weekly change of 1.82; the inter - monthly spread is -3.96, with a daily change of -33.4, a weekly change of 2.1, and a monthly change of -0.9 [1] - FE05 contract: The latest price is 102.53, with a daily change of -0.28 and a weekly change of 2.05; the inter - monthly spread is 1.84, with a daily change of -36.8, a weekly change of -0.8, and a monthly change of 1.7 [1] - FE09 contract: The latest price is 100.41, with a daily change of -0.34 and a weekly change of 2.00; the inter - monthly spread is 2.12, with a daily change of -41.9, a weekly change of -1.3, and a monthly change of 1.6 [1]

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 694.0 -7.0 -38.0 -132.0 -71.0 25省终端可用天数 22.1 -0.3 2.2 1.2 4.5 秦皇岛5000 591.0 -7.0 -40.0 -136.0 -89.0 25省终端供煤 600.1 4.5 -8.5 -40.0 -22.8 广州港5500 810.0 -5.0 -20.0 -55.0 -65.0 北方港库存 2815.0 -35.0 35.0 313.0 365.6 鄂尔多斯5500 495.0 0.0 -10.0 -100.0 -65.0 北方锚地船舶 39.0 -18.0 -22.0 -56.0 -18.0 大同5500 550.0 0.0 -10.0 -95.0 -70.0 北方港调入量 119.9 -18.2 -22.0 -66.8 -31.9 榆林6000 690.0 0.0 0.0 -42.0 -42.0 北方港吞吐量 144.8 13.8 2.1 -39.0 -5.2 榆林6200 745.0 0.0 0.0 -15.0 -15.0 CBCFI海运指数 604 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoint No relevant information provided. 3. Summary by Related Catalogs Price - The price of silicon - iron and silicon - manganese in different regions and varieties is presented, including spot prices, factory - to - futures prices, and futures prices of different contracts [2]. - The price trends of silicon - iron and silicon - manganese in different regions from 2021 to 2025 are shown through multiple price charts, such as market prices, export and import prices, basis differences, and inter - month spreads [3][6]. Supply - The supply data of silicon - iron includes the production volume of 136 Chinese silicon - iron enterprises (monthly and weekly), capacity utilization rates of enterprises in Inner Mongolia, Ningxia, and Shaanxi (monthly), and the production volume of Chinese stainless - steel crude steel (monthly) [4]. - The supply data of silicon - manganese includes the weekly production volume of Chinese silicon - manganese, procurement prices and quantities of Hebei Iron and Steel Group (monthly), and the market prices of related products like high - carbon ferromanganese and electrolytic manganese [6]. Demand - The demand - related data of silicon - iron includes the estimated and actual production volume of Chinese crude steel (monthly), the price and production volume of metal magnesium, the export volume of silicon - iron (monthly), and the procurement volume of Hebei Iron and Steel Group (monthly) [4]. - The demand - related data of silicon - manganese includes the demand volume of Chinese silicon - manganese (in ten thousand tons, Steel Union's caliber), the export volume of silicon - manganese (monthly), and the estimated production volume of Chinese crude steel (monthly) [4][7]. Inventory - The inventory data of silicon - iron includes the inventory of 60 sample enterprises in China and different regions (weekly), the number of warehouse receipts, effective forecasts, and the sum of them (daily), and the average available inventory days in different regions (monthly) [5]. - The inventory data of silicon - manganese includes the inventory of 63 sample enterprises in China (weekly, in tons), the number of warehouse receipts, effective forecasts, and the sum of them (daily), and the average available inventory days in China (monthly) [7]. Cost and Profit - For silicon - iron, the cost - related factors include electricity prices in different regions, the market price of semi - coke, the production cost in Ningxia and Inner Mongolia, and the profit includes the profit of 75 - grade silicon - iron exports, the profit of Ningxia silicon - iron in the spot and futures markets [5]. - For silicon - manganese, the cost - related factors include the prices of chemical coke and various manganese ores, and the profit includes the profit in Inner Mongolia, Guangxi, and different regions, and the profit of Guangxi and Ningxia silicon - manganese in the futures market [6][7].

1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 临汾出厂价 2021 2022 2023 2024 2025 900.00 1400.00 1900.00 2400.00 2900.00 3400.00 3900.00 4400.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 吕梁出厂价 2021 2022 2023 2024 2025 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 4000.00 4500.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 日照港准一平仓 2021 2022 2023 2024 2025 焦炭日报 研究中心黑色团队 2025/12/25 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | 最新 | 日变化 | 周变化 | ...