有色早报 研究中心有色团队 2025/12/23 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 2025/12/16 -375 3947 115035 45784 -1413.46 -104.22 42.0 48.0 -9.52 166600 64400 2025/12/17 -330 4353 115035 44877 -1276.65 -196.60 44.0 50.0 -9.80 166925 64450 2025/12/18 -415 4343 115035 44650 -1447.76 -188.76 44.0 50.0 -13.89 164275 61550 2025/12/19 -385 4468 95805 45739 -1750.70 -420.54 43.0 49.0 4.73 160400 56450 2025/12/22 -430 5281 95805 48542 -1754.65 -517.00 48.0 51.0 6.58 1577 ...

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 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 长治出厂价 2021 2022 2023 2024 2025 4000.00 4500.00 青岛港准一平仓 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 1月 ...

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View - No clear core view presented in the provided text. 3. Summary by Categories Spot Market - **Australian Mainstream Iron Ore**: Newman powder price is 791, down 1 from the previous day and up 16 for the week, with a discounted futures price of 846.6 and an import profit of 5.39; PB powder price is 794, down 1 from the previous day and up 16 for the week, with a discounted futures price of 845.6 and an import profit of -21.56; Mac powder price is 787, up 2 from the previous day and up 16 for the week, with a discounted futures price of 859.6 and an import profit of 26.92; Jinbuba powder price is 747, down 1 from the previous day and up 16 for the week, with a discounted futures price of 839.8 and an import profit of 23.69; Mixed powder price is 735, down 3 from the previous day and up 15 for the week, with a discounted futures price of 873.6 and an import profit of -3.48; Super special powder price is 677, unchanged from the previous day and up 12 for the week, with a discounted futures price of 897.5 and an import profit of -16.20; Carajás powder price is 874, unchanged from the previous day and up 19 for the week, with a discounted futures price of 807.2 and an import profit of -41.32 [1]. - **Brazilian Mainstream Iron Ore**: Brazilian mixed powder price is 829, down 1 from the previous day and up 14 for the week, with a discounted futures price of 836.3 and an import profit of -10.34; Brazilian coarse IOC6 price is 764, down 1 from the previous day and up 16 for the week; Brazilian coarse SSFG price is 769, down 1 from the previous day and up 16 for the week [1]. - **Other Iron Ores**: Ukrainian concentrate price is 877, up 2 from the previous day and up 22 for the week; 61% Indian powder price is 736, down 1 from the previous day and up 16 for the week; Karara concentrate price is 877, up 2 from the previous day and up 22 for the week; Roy Hill powder price is 781, down 1 from the previous day and up 16 for the week, with a discounted futures price of 859.6 and an import profit of 20.89; KUMBA powder price is 853, down 1 from the previous day and up 16 for the week; 57% Indian powder price is 612, unchanged from the previous day and up 12 for the week; Atlas powder price is 730, down 3 from the previous day and up 15 for the week; Tangshan iron concentrate price is 976, unchanged from the previous day and up 7 for the week, with a discounted futures price of 863.0 [1]. Futures Market - **DCE Contracts**: i2601 contract price is 797.5, down 0.5 from the previous day and up 20.5 for the week, with a monthly spread of -37.0; i2605 contract price is 781.5, up 1.5 from the previous day and up 28.5 for the week, with a monthly spread of 16.0; i2609 contract price is 760.5, up 2.5 from the previous day and up 29.0 for the week, with a monthly spread of 21.0 [1]. - **SGX Contracts**: FE01 contract price is 104.70, down 0.18 from the previous day and up 2.72 for the week, with a monthly spread of -4.01; FE05 contract price is 102.75, down 0.11 from the previous day and up 3.03 for the week, with a monthly spread of 1.95; FE09 contract price is 100.69, down 0.10 from the previous day and up 3.13 for the week, with a monthly spread of 2.06 [1].

研究中心宏观团队 2025/12/23 | 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 | 4.165 | 4.535 | 3.611 | 2.897 | 3.598 | 3.332 | 0.307 | 3.482 | | 日本 | | 巴西 | 中国 | 韩国 | 澳大利亚 | 新西兰 | | | | 最新 | 2.077 | 6.184 | 1.835 | - | 4.794 | 4.475 | | | | 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 | 澳大利亚 | | 最新 | 3.508 | 3.736 | 2.147 | 1.113 | 2.262 | 1.356 | - | 4.075 | | ...

| | | | | 燃料油早报 | | 研究中心能化团队 2025/12/23 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 燃 料 油 | | | | | | | | | 日期 | 鹿特丹3.5% HSF | 鹿特丹0.5% VLS | 鹿特丹HSFO-Br | 鹿特丹10ppm G | 鹿特丹VLSFO-G | LGO-Brent M1 | 鹿特丹VLSFO-H | | | O掉期 M1 | FO掉期 M1 | ent M1 | asoil掉期 M1 | O M1 | | SFO M1 | | 2025/12/16 | 316.99 | 364.37 | -8.87 | 588.11 | -223.74 | 22.32 | 47.38 | | 2025/12/17 | 325.12 | 368.94 | -8.40 | 594.14 | -225.20 | 22.33 | 43.82 | | 2025/12/18 | 327.47 | 369.76 | -8.26 | 593.29 | -223.53 | 22.13 | 42.29 | | ...

| 油脂油料早报 | | | --- | --- | | 研究中心农产品团队 2025/12/23 | | | 隔 夜 市 场 信 息 ： | | | 12月18日止当周美国大豆出口检验量为870,199吨，符合预期 | | | USDA周度出口检验报告显示，截至2025年12月18日当周，美国大豆出口检验量为870,199吨，此前市场预估为 | | | 800,000-1,000,000吨，前一周修正后为810,110吨，初值为795,661吨。 | | | 当周，对中国大陆的大豆出口检验量为386，010吨，占出口检验总量的44.36%。 | | | 截至2024年12月19日当周，美国大豆出口检验量为1,775,083吨。 | | | 本作物年度迄今，美国大豆出口检验量累计为14,586,856吨，上一年度同期为27,027,931吨。 | | | 民间出口商报告向中国出口销售396，000吨大豆 | | | 民间出口商报告向中国出口销售396,000吨大豆，其中330,000吨在2025/2026市场年度付运，66,000吨在2026/2027 | | | 市场年度付运。 | | | 12月4日止当周 ...

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。 台H 研究中心能化团队 2025/12/23 -P G 内院CFR华 CP预测合 山东烷基 纸面进口利润 日期 华南液化气 华东液化 山东液化气 丙烷CIF日本 山东醚后碳四 主力基差 目尖 化油 南 2025/12/16 4460 4440 520 4408 285 203 4570 7130 -276 240 2025/12/17 4410 523 7110 4490 4398 586 504 4600 -254 282 2025/12/18 4500 4398 4380 203 500 4610 7130 576 -165 389 2025/12/19 4398 4500 4380 573 504 497 4610 7150 -142 399 2025/12/22 4480 4388 4370 536 4580 7150 355 l I l ll B 32 日度变化 -20 -10 -10 -30 0 ...

集运早报 | | | | | | | 研究中心能化团队 | | | 2025/12/23 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | ਵਨ | | 昨日收盘价 | 涨跌 | 基美 | 昨日成交昼 | | 昨日持仓屋 | 持仓变动 | | | EC2512 | | 1631.0 | 0.06% | -41.8 | 100 | | 1956 | -27 | | | EC2602 | | 1871.8 | 8.84% | -282.6 | 52704 | | 36510 | 5003 | | | EC2604 | | 1166.8 | 3.37% | 422.4 | 11708 | | 20471 | 1634 | | | EC2606 | | 1320.0 | 2.46% | 269.2 | 587 | | 2184 | -36 | | | EC2608 | | 1486.2 | 2.27% | 103.0 | 256 | | 1197 | -91 | | 期货 | EC2610 | | 1061.0 | 1.02% | ...

玻璃纯碱早报 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 华北重碱 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (500) 0 500 1,000 1,500 2,000 华北氨碱法利润 2020 2021 2022 2023 2024 2025 (1,000) (500) 0 500 1,000 1,500 2,000 2,500 华北联碱法利润 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 华北轻碱 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 6 0 6 5 7 0 7 5 8 0 8 5 9 0 9 5 100 39083 39096 39109 39122 39135 39148 39161 39174 39187 39200 39213 39226 39239 39252 39265 392 ...

s 加安期货 沥青早报 周度变化 -2931 -3081 -3031 -5 10 21 101 2082 14856 0 -0.1 -2950 -2830 -2980 -2930 4 2025 2019 2022 2024 2020 2021 2023 2025 2019 2024 2021 2022 2023 2025 2020 BU02-03 BU03-06 100 100 80 80 60 60 40 40 20 20 0 0 7/1 8/1 4/1 5/1 6/1 3/1 5/1 7/1 4/1 6/1 -20 -20 -40 -40 -60 -60 -80 -80 r -100 -100 2019 2021 2022 2023 2024 2020 2025 2019 2020 -2021 2022 2023 - 2024 2025 BU主力合约 BU远期结构 5000 3150 4500 3100 3050 4000 3000 2950 3500 2900 3000 2850 MAR MA 2800 W 2500 2750 3/1 4/1 7/1 8/1 9/1 10/1 11/1 12/1 1/1 ...