jis 合成橡胶早报 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/ RPORAL / / / - ...

示 沥青早报 周度变化 -2830 -2970 -2920 10 7 20 -10 132765 37940 -500 -1.6 -2960 -2840 -2980 -2930 60 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 6/1 7/1 4/1 -20 -20 -40 -40 -60 -60 -80 -80 r -100 -100 2019 2021 2022 2023 2024 2020 2025 2019 2020 -2021 2022 - 2024 2025 2023 BU主力合约 BU远期结构 5000 3150 4500 3100 3050 4000 3000 3500 2950 2900 3000 MAR MA 2850 W 2500 2800 3/1 7/1 8/1 9/1 10/1 11/1 12/1 1/1 2/1 4/1 ...

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The report presents overnight market information, export - sales data, import data, and production - inventory data of major countries in the oilseeds and oils market, as well as price data [1] 3. Summary by Related Content Overnight Market Information - A private exporter reported the sale of 114,000 tons of soybeans for delivery in the 2025/2026 marketing year to unknown destinations [1] US Export Sales Data - For the week ending November 27, US soybean export sales net increased by 1.106 million tons, down 52% from the previous week and 7% from the four - week average, with net sales of 2.142 million tons to the Chinese mainland; export shipments were 803,500 tons, up 5% from the previous week and down 25% from the four - week average. New sales were 1.2148 million tons for the current market year and 10,000 tons for the next market year [1] - For the week ending November 27, US soybean meal export sales net increased by 436,000 tons, up 189% from the previous week and 112% from the four - week average; export shipments were 367,400 tons, up 9% from the previous week and 22% from the four - week average. New sales were 487,600 tons for the current market year and 0 tons for the next market year [1] China's Import Data - In November 2025, China's edible oil imports were 1.03 million tons, up 42.9% year - on - year; cumulative imports from January to November were 9.03 million tons, up 5.9% year - on - year. Soybean oil imports were 50,000 tons, up 827.2% year - on - year; cumulative imports from January to November were 340,000 tons, up 23.8% year - on - year. Palm oil imports were 330,000 tons, up 97.8% year - on - year; cumulative imports from January to November were 2.29 million tons, down 7.6% year - on - year. Rapeseed and mustard oil imports were 170,000 tons, down 16.8% year - on - year; cumulative imports from January to November were 1.91 million tons, up 14.5% year - on - year [1] Indonesia's Production and Export Data - In October, Indonesia's palm oil inventory decreased by 10% to 2.33 million tons compared to the previous month, despite increased production. Domestic consumption increased by 8.5% to 2.22 million tons. Crude palm oil production was 4.35 million tons, higher than 3.93 million tons in September. The 1 - 10 month crude palm oil production increased by nearly 10%. Palm oil product exports were 2.8 million tons, down about 3% from the previous year [1] Canada's Rapeseed Data - AAFC raised the forecast for Canada's rapeseed ending stocks in the 2025/2026 season by 450,000 tons to 2.95 million tons in its December 17 report, higher than 1.597 million tons in the 2024/2025 season. Rapeseed export forecast was raised from 7 million tons in November to 8 million tons, but still 1.3 million tons lower year - on - year. Domestic rapeseed use forecast reached a record high of 12 million tons [1] Price Data - The report provides the spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from December 12 to December 18, 2025 [1]

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 2025/12/19 LP G 内院CFR华 CP预测合 山东烷基 丙烷CIF日本 山东液化气 山东醚后碳四 纸面进口利润 日期 华南液化气 |华东液化气 主力基差 同价 化油 E 2025/12/12 4420 4419 4430 550 -440 600 215 4560 7130 350 2025/12/15 4413 4460 4550 7130 4460 595 546 510 -357 279 2025/12/16 4408 4440 4570 7130 -276 4460 ୧୫୧ 520 203 240 2025/12/17 4398 4410 4600 -254 4490 586 523 504 7110 282 2025/12/18 4380 4610 4500 4398 576 208 500 7130 389 I -30 -4 日度变化 -10 -15 10 2 ...

集运早报 研究中心能化团队 合约 昨日收盘价 其差 昨日成交昆 涨跌 FC 2512 1624.4 -0 47% -113 8 122 | | | | | | | 研究中心能化团队 | | | 2025/12/19 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | हिंदी को किसी की की की में बाद किया था। इस बार की बाद किया था। इस बार की बाद किया है कि में बाद किया है कि कि में बाद किया है कि कि किसी की किसी की किसी की बाद किया है कि क | | 昨日收盘价 | 涨跌 | 道業 | 昨日成交量 | | 昨日持仓昼 | 持仓变动 | | | EC2512 | | 1624.4 | -0.47% | -113.8 | 122 | | 2143 | -75 | | | EC2602 | | 1668.6 | -1.84% | -158.0 | 27023 | | 3 ...

| 研究中心农产品团队 2025/12/19 | | --- | | 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 | | 2025/12/12 | 2160 | 2250 | 2224 | 2430 | 8 | 30 238 | 2750 | 2820 | 179 | -23 | | 2025/12/15 | 2160 | 2270 | 2230 | 2430 | 42 | 10 253 | 2750 | 2820 | 192 | -21 | | 2025/12/16 | 2160 | 2240 | 2230 | 2420 | 20 | 30 252 | 2750 | 2800 | 203 | -21 | | 2025/12/17 | 2160 | 2230 | 2250 | 2410 | 24 | 30 251 | 275 ...

芳烃橡胶早报 研究中心能化团队 2025/12/19 | 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 荷 | 仓单+有 效预报 | TA基差 产销 | | | 2025/1 2/12 | 61.1 | 549 | 831 | 4610 | 6340 | 100.74 | 282.0 | 150 | 41 | 78.7 | 73.7 | 141587 | -20 | 0.40 | | 2025/1 2/15 | 60.6 | 546 | 833 | 4620 | 6335 | 101.85 | 287.0 | 154 | 13 | 78.7 | 73.7 | 138957 | -2 ...

易后果，凡据此入市者，我公司不承担任何责任。未经公司授权，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，我们均不承担任何责任。 铅：跨市套利跟踪 2025/12/19 有色套利早报 研究中心有色团队 2025/12/19 铜：跨市套利跟踪 2025/12/19 国内价格 LME价格 比价 现货 92190 - - 三月 92660 11715 7.90 均衡比价 盈利 现货进口 - - 现货出口 - 锌：跨市套利跟踪 2025/12/19 国内价格 LME价格 比价 现货 23110 - - 三月 23045 3066 5.46 均衡比价 盈利 现货进口 - - 铝：跨市套利跟踪 2025/12/19 国内价格 LME价格 比价 现货 21740 - - 三月 22000 2894 7.58 均衡比价 盈利 现货进口 - - 镍：跨市套利跟踪 2025/12/19 国内价格 LME价格 比价 现货 11585 ...

乘 亦安期货 动力煤早报 研究中心黑色团队 2025-12-19 日变化 月变化 最新 日变化 月 变化 最新 周变化 年变化 周变化 年变化 秦皇岛5500 秦皇岛5000 -115.0 25省终端可用天数 25省终端供煤 723.0 -9.0 41.0 22 0.0 -37.3 622.0 -9.0 40.0 -78.0 585.5 3.0 -23.0 -54.5 825.0 2780.0 一州港5500 -5.0 -40.0 -55.0 北方港库存 9.0 10.0 311.0 288.1 -75.0 -70.0 -5.0 鄂尔多斯5500 505.0 0.0 20.0 -75.0 北方锚地船舶 69.0 8.0 -55.0 36.0 -70.0 560.0 134.0 -20.0 0.0 北方港调入量 -46.8 大同5500 -7.9 -6.1 榆林6000 北方港吞叶量 690.0 0.0 -22.0 -42.0 -47.0 141.0 -1.7 -21.0 17.2 -7.3 -20.0 -52.2 CBCFI海运指数 秦皇岛-上海（4-5DWT） 榆林6200 5省终端日耗 745.0 -10 ...

Group 1: Report Investment Rating - No information provided Group 2: Core Views - There is no obvious trend in the recent market, and the futures market fluctuates widely around the MSK cabin opening news. For contracts after 02, the focus is on the spot price trend. The contradiction lies in the peak height and time of freight rates in January. Historically, freight rate highs often occur 4 - 5 weeks before the Spring Festival, but high capacity in January may suppress the increase. Currently, the profit - loss ratio for both short and long positions is not high, so it is recommended to wait and see. For contract 04, the short - term downside space is limited, and attention should be paid to short - selling opportunities when it follows the spot price or recovers the basis. For far - month contracts, a positive spread strategy is recommended, and attention should be paid to short - selling opportunities for contract 10 [3][13] Group 3: Summary by Relevant Catalogs Futures Market - **Contract Prices and Changes**: On December 18, 2025, EC2512 closed at 1632.0 with a 0.03% increase; EC2602 closed at 1699.8 with a 0.77% increase; EC2604 closed at 1124.1 with a 1.02% increase; EC2606 closed at 1283.7 with a 0.49% decrease; EC2608 closed at 1448.1 with a 0.98% decrease; EC2610 closed at 1045.2 with a 0.38% increase [2][12] - **Trading Volume and Open Interest**: The trading volume of EC2512 was 390, and the open interest was 2218 with a decrease of 348; EC2602 had a trading volume of 24199, and the open interest was 31971 with a decrease of 512; EC2604 had a trading volume of 4585, and the open interest was 19059 with a decrease of 869; EC2606 had a trading volume of 223, and the open interest was 2306 with an increase of 1; EC2608 had a trading volume of - (not clear), and the open interest was 1325 with a decrease of 26; EC2610 had a trading volume of 417, and the open interest was 4795 with an increase of 84 [2][12] - **Monthly Spreads**: The spread of EC2512 - 2504 was 507.9, a decrease of 10.9 compared to the previous day and 83.2 compared to the previous week; EC2512 - 2602 was - 67.8, a decrease of 12.5 compared to the previous day and 112.7 compared to the previous week; EC2502 - 2604 was 5/5.7, an increase of 1.6 compared to the previous day and 29.5 compared to the previous week [2][12] Spot Market - **European Line Spot Freight Rates**: In Week 51, MSK opened at 2400 (a month - on - month increase of 200), MSC and OA quoted 2600 - 2700, and PA quoted 2400 US dollars. The current central price was 1760 US dollars, equivalent to about 1760 points on the futures market. In Week 52, MSK opened at 2300 (a month - on - month decrease of 100), and other companies mainly followed the prices in Week 51. MSC opened at 2864 US dollars (a month - on - month increase of 200), equivalent to 2000 points on the futures market. MSK's opening quotes for the China - Europe line to London were 2700 US dollars/FEU (2800 for 40 - foot high - cube containers), and 2500 US dollars/FEU for European base ports such as Rotterdam (2600 for 40 - foot high - cube containers) [4][14] - **Spot Freight Rate Indexes**: As of December 15, 2025, the SCFI (European Line) was 1510.56 points, a 0.10% increase from the previous period; the freight rate was 1538 US dollars/TEU, a 9.86% increase. As of December 12, 2025, the CCFI was 1470.55 points, a 1.59% increase; the NCFI was 1064.13 points, a 9.98% increase [2][12] Related News - On December 17, the head of the Mossad claimed that Iran still desired to build nuclear weapons, increasing the possibility of further conflict between the two countries [5][15]