芳烃橡胶早报 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。 研究中心能化团队 2025/12/23 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 ...

有色套利早报 研究中心有色团队 2025/12/23 铜：跨市套利跟踪 2025/12/23 国内价格 LME价格 比价 现货 93770 11976 7.73 三月 94370 11969 7.87 均衡比价 盈利 现货进口 8.00 -1754.65 现货出口 1058.03 锌：跨市套利跟踪 2025/12/23 国内价格 LME价格 比价 现货 23130 3059 7.56 三月 23155 3092 5.47 均衡比价 盈利 现货进口 8.42 -2628.45 铝：跨市套利跟踪 2025/12/23 国内价格 LME价格 比价 现货 21940 2919 7.51 三月 22270 2960 7.49 均衡比价 盈利 现货进口 8.35 -2459.99 镍：跨市套利跟踪 2025/12/23 国内价格 LME价格 比价 现货 120850 15051 8.03 均衡比价 盈利 现货进口 8.09 -557.70 铅：跨市套利跟踪 2025/12/23 国内价格 LME价格 比价 现货 16800 1932 8.71 三月 16920 1979 11.66 均衡比价 盈利 现货进口 8.67 8 ...

| 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 | | 2025/12/16 | 2160 | 2240 | 2230 | 2420 | 20 | 30 | 252 | 2750 | 2800 | 203 | -21 | | 2025/12/17 | 2160 | 2230 | 2250 | 2410 | 24 | 30 | 251 | 2750 | 2800 | 193 | -14 | | 2025/12/18 | 2160 | 2240 | 2250 | 2410 | 50 | 20 | 243 | 2750 | 2800 | 206 | -14 | | 2025/12/19 | 2160 | 2240 | 2250 | 2410 | 48 | 20 | 228 | 2750 | 2800 | 203 ...

废钢早报 研究中心黑色团队 2025/12/23 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2025/12/16 | 2169 | 2252 | 2034 | 2221 | 2215 | 2085 | | 2025/12/17 | 2169 | 2250 | 2034 | 2222 | 2215 | 2085 | | 2025/12/18 | 2172 | 2253 | 2030 | 2224 | 2216 | 2087 | | 2025/12/19 | 2172 | 2252 | 2031 | 2225 | 2216 | 2090 | | 2025/12/22 | 2172 | 2253 | 2032 | 2227 | 2216 | 2090 | | 环比 | 0 | 1 | 1 | 2 | 0 | 0 | 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 ...

2500 200 600 2000 400 1500 200 AAV 1000 11/1 2/1 -200 500 -400 0 -600 7/1 8/1 9/1 10/1 11/1 12/1 5/1 -500 -800 -1000 -1000 -1500 -1200 2024 2023 2024 2025 2025 顺丁出口利润(东南亚 BR现货加工利润 6000 5000 5000 4000 4000 3000 3000 2000 2000 1000 1000 0 0 11/1 10/1 r 12/ 9VV V12/ 11/1 5/1 - 6/1 8/1 10/1 4/1 7/1 3/1 2/1 -1000 -1000 -2000 -2000 2020 2023 2020 2024 -2021 2024 ·2025 2021 2022 2025 -2022 2023 RU-BR NR-BR 6000 4000 3000 5000 2000 4000 1000 3000 0 2000 7/1 9/1 8/1 3/1 4/1 5/1 10/1 12/1 6/ AMA -1000 MAF 1000 -2000 ...

一、日度新闻 ·以总理访美前伊朗军方最新表态：密切关注相关事态发展金十数据12月21日讯，当地时间12月21日，针对以色列总理 内塔尼亚胡即将访美以及以色列对伊朗的威胁，伊朗武装部队副总参谋长萨达尔·瓦希迪在接受媒体采访时表示，以色 列政权正面临巨大问题，这一点已非常明显。以色列在对伊朗的战争中并未实现任何目标，伊朗正在密切关注相关事态 发展。萨达尔·瓦希迪称，以色列试图通过媒体，对伊朗发动"心理战"来掩盖其弱点，从而营造一种截然不同的现实图 景，以色列试图通过一系列威胁举措来掩盖其在今年的12日战争中遭受的惨败。他表示，以色列的言论和宣传不会给其 带来任何好处。"如今，以色列政权孤立无援，只是徒劳地试图自救。" ·以总理访美前伊朗军方最新表态：密切关注相关事态发展金十数据12月21日讯，当地时间12月21日，针对以色列总理 内塔尼亚胡即将访美以及以色列对伊朗的威胁，伊朗武装部队副总参谋长萨达尔·瓦希迪在接受媒体采访时表示，以色 列政权正面临巨大问题，这一点已非常明显。以色列在对伊朗的战争中并未实现任何目标，伊朗正在密切关注相关事态 发展。萨达尔·瓦希迪称，以色列试图通过媒体，对伊朗发动"心理战"来掩盖其弱点 ...

| 国 内 F U | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 日期 | FU 01 | FU 05 | FU 09 | FU 01-05 | FU 05-09 | FU 09-01 | | 2025/12/15 | 2417 | 2474 | 2445 | -57 | 29 | 28 | | 2025/12/16 | 2368 | 2431 | 2400 | -63 | 31 | 32 | | 2025/12/17 | 2384 | 2444 | 2412 | -60 | 32 | 28 | | 2025/12/18 | 2403 | 2464 | 2431 | -61 | 33 | 28 | | 2025/12/19 | 2356 | 2415 | 2382 | -59 | 33 | 26 | | 变化 | -47 | -49 | -49 | 2 | 0 | -2 | 国 内 L U | 日期 | LU 01 | LU 05 | LU 09 | LU 01-05 | LU 05-09 | LU 09-01 | | --- | -- ...

Report Information - Report Title: Coking Coal Daily Report - Date: December 22, 2025 - Research Team: Black Team of the Research Center [1] Price and Inventory Data Coal Prices - **柳林主焦**: The latest price is 1500.00, with no daily change, a weekly decrease of 5.00, a monthly decrease of 145.00, and an annual increase of 3.45% [2] - **原煤口岸库提价**: The latest price is 983.00, with a daily increase of 13.00, a weekly increase of 53.00, a monthly decrease of 17.00, and an annual increase of 1.87% [2] - **沙河驿蒙5**: The latest price is 1360.00, with no daily change, a weekly decrease of 40.00, a monthly decrease of 150.00, and an annual decrease of 8.72% [2] - **安泽主焦**: The latest price is 1600.00, with no daily change, a weekly increase of 100.00, a monthly decrease of 60.00, and an annual increase of 3.23% [2] International Coal Prices - **Peak Downs**: The latest price is 228.00, with no daily change, a weekly increase of 4.00, a monthly increase of 18.00, and an annual increase of 25.00 [2] - **Goonyella**: The latest price is 229.00, with no daily change, a weekly increase of 6.00, a monthly increase of 20.00, and an annual increase of 26.00 [2] Futures Prices - **盘面05**: The latest price is 1110.00, with a daily increase of 2.00, a weekly increase of 56.50, a monthly decrease of 83.50, and an annual decrease of 3.77% [2] - **盘面09**: The latest price is 1185.50, with a daily increase of 2.00, a weekly increase of 57.00, a monthly decrease of 75.50, and an annual decrease of 3.07% [2] - **盘面01**: The latest price is 997.50, with a daily decrease of 8.00, a weekly increase of 27.00, a monthly decrease of 115.50, and an annual decrease of 8.49% [2] Inventory Data - **总库存**: The latest inventory is 3934.10, with a weekly increase of 28.66, a monthly increase of 297.27, and an annual decrease of 16.27% [2] - **煤矿库存**: The latest inventory is 272.77, with a weekly increase of 17.46, a monthly increase of 86.85, and an annual decrease of 19.17% [2] - **港口库存**: The latest inventory is 307.50, with a weekly increase of 11.00, a monthly increase of 9.00, and an annual decrease of 31.50% [2] - **钢厂焦煤库存**: The latest inventory is 794.65, with a weekly decrease of 3.62, a monthly increase of 4.48, and an annual increase of 5.11% [2] - **焦化焦煤库存**: The latest inventory is 1037.30, with a weekly increase of 28.10, a monthly decrease of 31.67, and an annual decrease of 0.23% [2] Other Data - **焦化产能利用率**: The latest utilization rate is 72.05, with a weekly decrease of 1.11, a monthly increase of 0.34, and an annual decrease of 1.33% [2] - **焦化焦炭库存**: The latest inventory is 85.73, with a weekly decrease of 0.22, a monthly increase of 0.50, and an annual decrease of 0.89% [2] - **05基差**: The latest value is -83.79, with a daily increase of 20.99, a weekly decrease of 33.51, a monthly decrease of 83.17, and an annual decrease of 71.44% [2] - **09基差**: The latest value is -159.29, with a daily increase of 20.99, a weekly decrease of 34.01, a monthly decrease of 91.17, and an annual increase of 0.95% [2] - **01基差**: The latest value is 28.71, with a daily increase of 30.99, a weekly decrease of 4.01, a monthly decrease of 51.17, and an annual decrease of 0.44% [2] - **5 - 9价差**: The latest value is -75.50, with no daily change, a weekly decrease of 0.50, a monthly decrease of 8.00, and an annual increase of 0.09% [2] - **9 - 1价差**: The latest value is 188.00, with a daily increase of 10.00, a weekly increase of 30.00, a monthly increase of 40.00, and an annual increase of 0.41% [2] - **1 - 5价差**: The latest value is -112.50, with a daily decrease of 10.00, a weekly decrease of 29.50, a monthly decrease of 32.00, and an annual increase of 0.77% [2]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Relevant Catalogs Price - For silicon ferroalloy on December 22, 2025, the latest spot price of Ningxia 72 is 5200 with a daily change of 0 and a weekly change of 100; Inner Mongolia 72 is 5250 with a daily change of 0 and a weekly change of 130; the latest price of the main contract is 5640 with a daily change of 48 and a weekly change of 170 [2]. - For silicon manganese on December 22, 2025, the latest ex - factory price of Inner Mongolia 6517 is 5540 with a daily change of 0 and a weekly change of 20; the main contract price is 5808 with a daily change of 28 and a weekly change of 78 [2]. Supply - The content shows the historical production data of 136 silicon ferroalloy enterprises in China (monthly and weekly), and the capacity utilization rate data of silicon ferroalloy production enterprises in Inner Mongolia, Ningxia, and Shaanxi (monthly) from 2021 - 2025 [5]. - It also shows the historical production data of silicon manganese in China (weekly) from 2021 - 2025 [7]. Demand - The content presents data on the estimated and actual production of crude steel in China (monthly, in ten thousand tons), the production of stainless - steel crude steel in China (monthly, in ten thousand tons), and the demand for silicon manganese in China (in ten thousand tons) from 2021 - 2025 [5][8]. - It also shows the procurement volume and price data of silicon ferroalloy (FeSi75 - B) and silicon manganese (6517) by HeSteel Group (monthly) from 2021 - 2025 [5][7]. Inventory - For silicon ferroalloy, it includes data on the inventory of 60 sample enterprises in China (weekly), CZCE silicon ferroalloy warehouse receipt quantity (daily), effective forecast (daily), and inventory average available days in different regions (monthly) from 2021 - 2025 [5]. - For silicon manganese, it includes data on CZCE silicon manganese warehouse receipt quantity (daily), effective forecast (daily), warehouse receipt + effective inventory (daily), inventory of 63 sample enterprises in China (weekly, in tons), and inventory average available days in China (monthly) from 2021 - 2025 [8]. Cost and Profit - For silicon ferroalloy, it shows data on production costs and profits in Ningxia and Inner Mongolia from 2021 - 2025 [5]. - For silicon manganese, it shows profit data in Inner Mongolia, Guangxi, the northern region, and the southern region, as well as data on Guangxi silicon manganese converted to the main contract profit and Ningxia silicon manganese converted to the contract profit from 2021 - 2025 [8].

| | | | | | A 11 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 研究中心能化团队 | | | 2025/12/22 | | | 合约 | | 昨日收盘价 | 涨跌 | 基 | 昨日成交量 | | 昨日持仓量 | 持仓变动 | | 期货 | EC2512 | | 1630.1 | 0.35% | -119.5 | 186 | | 1983 | -160 | | | EC2602 | | 1719.8 | 3.07% | -209.2 | 31624 | | 31507 | -136 | | | EC2604 | | 1128.8 | 1.80% | 381.8 | 4225 | | 18837 | 145 | | | EC2606 | | 1288.3 | 1.40% | 222.3 | 437 | | 2220 | -52 | | | EC2608 | | 1453.2 | 0.85% | 57.4 | 87 | | 1288 | -28 | | | EC2610 | ...