台H 研究中心能化团队 2025/12/16 LP G 内院CFR华 CP预测合 山东烷基 山东液化气 丙烷CIF日本 山东醚后碳四 纸面进口利润 日期 主力基差 华南液化气 华东液化气 同价 化油 E 2025/12/09 549 4440 4392 4450 596 511 4550 7100 -395 199 2025/12/10 4424 4370. 4570 7100 -429 4440 600 557 245 198 2025/12/11 4415 4400 525 4570 7130 4420 610 564 -519 200 2025/12/12 4419 4430 515 4420 600 550 4560 7130 -440 350 2025/12/15 4460 4550 7130 -357 4460 4413 202 510 279 l 日度变化 30 -5 -5 -10 0 83 -71 40 -6 |周一，民用气方面，华东4413（-6），山东4460（+30），华南4460（+40）。懿后碳四4550（-10）。最低交割地为华东，基差24 日度变化 ０（-32），01-02月差1 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report Core Views - Corn: In the short - term, the spot is expected to remain strong before the channel inventory accumulates. In the long - term, if downstream demand weakens seasonally and middlemen release stocks, prices may decline [3]. - Starch: In the short - term, prices are expected to be stable due to seasonal consumption and raw material supply constraints. In the long - term, downstream consumption rhythm is the key factor for price trends [3]. - Cotton: Low initial inventory offsets yield increases. With expanding textile production, good profits, and favorable tariff policies, long - term demand is expected to improve, making it suitable for long - term long positions [8]. - Eggs: The inflection point of inventory has emerged. If older hens are culled before Laba, it will benefit egg prices in the second quarter [12]. - Apples: National cold - storage inventory is lower than last year. The market has a shortage of high - quality goods. The futures market may show a near - strong and far - weak pattern [16]. - Pigs: Spot prices are strong on weekends. There is an expectation of increased supply and demand before the Spring Festival. Pay attention to the sustainability of the price rebound and factors that may cause expectation differences [16]. - Sugar: Domestic new sugar supply is increasing, and spot weakness drives the futures down. In the long - term, if the global sugar market surplus intensifies, prices may decline [5]. 3. Content Summaries by Commodity Corn/Starch - **Price Data**: From December 9 - 15, 2025, the price in Changchun remained unchanged at 2160, while that in Jinzhou increased by 20 to 2270. The starch processing profit increased by 2 to - 21 [2]. - **Market Analysis**: Corn spot shows a differentiated trend. In the short - term, the supply is expected to be strong; in the long - term, prices may decline if demand weakens and stocks are released. Starch prices are expected to be stable in the short - term and depend on downstream consumption in the long - term [3]. Sugar - **Price Data**: From December 9 - 15, 2025, the spot price in Liuzhou decreased by 10 to 5450, and the import profit from Thailand increased by 38 [5]. - **Market Analysis**: Domestic new sugar supply is increasing, causing spot and futures prices to decline. In the long - term, global market conditions will affect prices [5]. Cotton/Cotton Yarn - **Price Data**: From December 9 - 15, 2025, the price of 3128 cotton increased by 60 to 14690, and the 32S spinning profit decreased by 63 to - 434 [8]. - **Market Analysis**: Low initial inventory and positive factors such as production expansion and tariff reduction are expected to improve demand next year [8]. Eggs - **Price Data**: From December 9 - 15, 2025, the price in Hebei remained at 3.02, and the base difference decreased by 20 to 490 [12]. - **Market Analysis**: The inflection point of inventory has appeared. Culling older hens before Laba may benefit second - quarter prices [12]. Apples - **Price Data**: From December 9 - 15, 2025, the price of Shandong 80 first - and second - grade apples remained at 8900 [15][16]. - **Market Analysis**: National cold - storage inventory is lower than last year. The futures market may show a near - strong and far - weak pattern [16]. Pigs - **Price Data**: From December 9 - 15, 2025, the price in Henan Kaifeng increased by 0.05 to 11.43, and the base difference increased by 70 to 125 [16]. - **Market Analysis**: Spot prices are strong on weekends. Pay attention to the sustainability of the rebound and factors that may cause expectation differences [16].

波动率数据日报 永安期货期权总部 更新时间:2025/12/15 1、金融期权隐含波动率指数反映截止上一交易日的30日隐波走势,商品期权隐含波动 率指数通过主力月平值期权上下两档隐波加权所得,反映主力合约的隐波变化趋势。2 隐波指数与历史波动率的差值,差值越大反映隐波相对历史波动率越高,差值越小代 表隐波相对历史波动率越低。 70 300股指 -- 300股指 IV-HV美 IV-HV差 - 50ETF - 50ETF 20 20 - 1000股指 IV-HV美 -- 1000股指 FOOETF - 500ETF IV-HV 70 10 20 10 Prave IV-HV美 日报 IV-HV美 rtat Disars 60 - 豆粕 IV-HV差 百船 IV-HV差 玉米 王米 30 50 20 30 40 10 10 0 10 10 10 40 10 30 40 日 游 75 30 IV-HV美 棉花 棉花 25 20 20 20 10 15 UI 0 10 TO 10 20 15 5 5 30 20 40 025/3/3/ 024/12/ 2025/1/ 2025/2/ 024/7/ 024/10/ 02 ...

有色早报 研究中心有色团队 2025/12/15 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 2025/12/08 145 3804 115035 29956 -857.49 -131.15 40.0 46.0 8.19 164550 63175 2025/12/09 110 4266 115035 29531 -838.94 -8.32 40.0 46.0 0.00 165675 63100 2025/12/10 35 4271 115035 28931 -1168.76 -70.55 41.0 48.0 11.69 164975 65400 2025/12/11 5 4282 115035 31461 -1540.94 -17.07 41.0 48.0 24.76 165850 66650 2025/12/12 -15 4927 115035 32563 -1469.82 -364.76 41.0 47.0 20.69 165900 66000 变化 - ...

焦炭日报 研究中心黑色团队 2025/12/15 | | 最新 | 日变化 | 周变化 | 月变化 | 同比 | 最新 | 日变化 | 周变化 | 月变化 同比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 山西准一湿熄 | 1540.20 | -54.61 | -54.61 | -51.42 | -10.31% 高炉开工率 | 85.92 | | -1.16 | -2.88 | -1.61% | | 河北准一干熄 | 1845.00 | 0.00 | 0.00 | 0.00 | 11.14% 铁水日均产量 | 229.20 | | -3.10 | -7.68 | -1.41% | | 山东准一干熄 | 1770.00 | 0.00 | 0.00 | 0.00 | -6.84% 盘面05 | 1657 | -32.00 | -49.50 | -165.50 | -15.82% | | 江苏准一干熄 | 1810.00 | 0.00 | 0.00 | 0.00 | -6.70% 盘面09 | 1732.5 | ...

价格 铁合金早报 4500 5500 6500 7500 8500 9500 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 72%FeSi：市场价：内蒙古（日） 2021 2022 2023 2024 2025 4000 5000 6000 7000 8000 9000 10000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 72%FeSi：市场价：青海 2021 2022 2023 2024 2025 4000 5000 6000 7000 8000 9000 10000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 72%FeSi：市场价：宁夏 2021 2022 2023 2024 2025 4500 5500 6500 7500 8500 9500 01/01 02/01 03/01 04/01 05/01 0 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - No clear core view presented in the given content 3. Summary by Related Catalogs Price and Profit - The report shows the spot prices of various steel products from December 8 to December 12, 2025, including different types of rebar in Beijing, Shanghai, Chengdu, etc., and hot - rolled and cold - rolled coils in Tianjin, Shanghai, etc., along with their price changes during this period [1] Basis and Spread - No relevant content provided Production and Inventory - No relevant content provided

研究中心能化团队 2025/12/15 甲醇聚烯烃早报 | 甲 醇 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 动力煤期 | | 江苏现货 华南现货 | 鲁南折盘 | 西南折盘面 | 河北折盘 | 西北折盘 | CFR中国 | CFR东南 | | 进口利润 主力基差 | 盘面MTO | | | 货 | | | 面 | | 面 | 面 | | 亚 | | | 利润 | | 2025/12/0 8 | 801 | 2088 | 2068 | 2425 | 2465 | 2435 | 2595 | 243 | 317 | -10 | 0 | -1092 | | 2025/12/0 9 | 801 | 2090 | 2053 | 2423 | 2465 | 2385 | 2590 | 243 | 317 | -15 | 5 | -1106 | | 2025/12/1 0 | 801 | 2095 | 2048 | 2435 | 2465 ...

SP主力合约收盘价： 5534.00 | 日期 | 2025/12/12 | 2025/12/11 | 2025/12/10 | 2025/12/09 | 2025/12/08 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5534.00 | 5586.00 | 5436.00 | 5386.00 | 5392.00 | | 折美元价 | 685.35 | 691.61 | 672.25 | 665.47 | 666.04 | | 距上一日涨跌 | -0.93090% | 2.75938% | 0.92833% | -0.11128% | -1.06422% | | 山东银星基差 | 56 | 4 | 64 | 114 | 108 | | 江浙沪银星基差 | 66 | 14 | 114 | 164 | 158 | 以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | --- | | 加拿大 | 金狮 | CFR | 780 | 6 ...

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