Price Performance - London Gold's latest price is 4346.95 with a change of 116.60 [4] - London Silver's latest price is 64.51 with a change of 2.39 [4] - London Platinum's latest price is 1669.00 with a change of 4.00 [4] - London Palladium's latest price is 1471.00 with a change of -10.00 [4] - WTI Crude's latest price is 57.44 with a change of -0.16 [4] - LME Copper's latest price is 11898.00 with a change of 273.00 [4] - US Dollar Index's latest value is 98.40 with a change of 0.06 [4] - Euro to US Dollar's latest rate is 1.17 with a change of 0.00 [4] - British Pound to US Dollar's latest rate is 1.34 with a change of -0.00 [4] - US Dollar to Japanese Yen's latest rate is 155.84 with a change of 0.27 [4] - US 10 - year TIPS's latest value is 1.93 with a change of 0.04 [4] Trading Data - SHFE Silver's latest inventory is 820.92 with a change of 40.32 [5] - Gold ETF's latest holding is 1053.12 with a change of 2.29 [5] - Silver ETF's latest holding is 16102.90 with a change of 19.74 [5] - SGE Gold's deferred fee payment direction is 1 with a change of 0.00 [5] - SGE Silver's deferred fee payment direction is 2 with a change of 0.00 [5]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - This week, oil prices declined, with a rapid weakening of global supply - demand. On - land and on - water inventories significantly increased. Dubai's monthly spread further weakened. Geopolitically, the US seized a Venezuelan oil tanker, and Russia - Ukraine negotiations continued. There were market rumors that Russia had found more ways to export crude oil. The CPC's third berth is expected to resume operation on the 17th. Global gasoline and diesel cracks declined. US refinery operations recovered to over 94%, and domestic refinery operations fluctuated. The fundamental surplus has intensified. If there are no new geopolitical changes, the surplus in the first quarter will be close to that during the pandemic. In the short term, short - allocate the monthly spread and absolute prices [4] 3. Summary by Relevant Catalog 3.1 Price Data - From December 8 - 12, 2025, WTI decreased by $0.16, BRENT by $0.16, and DUBAI by $0.04. The BRENT 1 - 2 month spread increased by $0.06, and the WTI - BRENT spread remained unchanged. Other price differences and spreads also showed corresponding changes [3] - During the same period, SC decreased by 2.10, OMAN by $0.21. The SC - BRT spread decreased by $0.09, and the SC - WTI spread decreased by $0.09. Domestic gasoline prices remained stable, with the domestic gasoline - BRT spread increasing by 12.00 [3] - Japanese naphtha CFR decreased by $5.50, and the Japanese naphtha - BRT spread decreased by $4.32. Singapore fuel oil 380CST premium increased by 0.9, and the Singapore 380 - BRT spread increased by 3.07. Other related prices also changed accordingly [3] 3.2 Daily News - Iran seized a suspected smuggling oil tanker in the Gulf of Oman, detaining 18 crew members. The ship carried about 6 million liters (about 3.7 barrels) of fuel. The US intercepted a tanker related to Iran - Venezuela oil trade a few days ago, and Iran's Foreign Ministry condemned the US action as "state piracy" [3] - Ukrainian drones attacked a Russian refinery, causing it to suspend production [4] - The US seized a tanker transporting Venezuelan oil and imposed sanctions on 6 tankers. China firmly opposes illegal unilateral sanctions and "long - arm jurisdiction" without international legal basis [4] - The US is preparing to seize more tankers transporting Venezuelan oil, and many shipping - related parties are reconsidering their routes [4] 3.3 Inventory Data - For the week ending December 5, US EIA crude oil inventory was - 181.2 barrels, strategic petroleum reserve inventory was 24.8 barrels, gasoline inventory was 639.7 barrels, refined oil inventory was 250.2 barrels, and Cushing crude oil inventory was 30.8 barrels. Refinery equipment utilization rate was 94.5% [4]

新 加 坡 燃 料 油 现 货 | 日期 | FOB 380cst | FOB VLSFO | 380基差 | 高硫内外价差 | 低硫内外价差 | | --- | --- | --- | --- | --- | --- | | 2025/12/08 | 343.53 | 425.03 | -6.40 | 2.1 | 4.5 | | 2025/12/09 | 333.81 | 415.01 | -5.22 | 1.7 | 4.2 | | 2025/12/10 | 330.84 | 416.96 | -5.85 | -0.2 | 3.8 | | 2025/12/11 | 328.65 | 410.80 | -5.35 | 0.8 | 3.7 | | 2025/12/12 | 331.79 | 416.24 | -4.45 | 3.3 | 6.1 | | 变化 | 3.14 | 5.44 | 0.90 | 2.5 | 2.4 | | 国 内 F U | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 日期 | FU 01 | FU 05 | FU ...

l js 合成橡胶早报 研究中心能化团队 2025/12/15 | 品种 | 类别 | 指标 BR主力合约(12) | 11/12 10430 | 12/8 10515 | 12/10 10605 | 12/11 10710 | 12/12 10720 | 日度变化 10 | 周度变化 205 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 持つ量 | 76397 | 27454 | 80546 | 86990 | 89834 | 2844 | 62380 | | | 需面 | 成交量 | 151513 | 62819 | 126992 | 155798 | 123845 | -31953 | 61026 | | | | 仓単数量 | 12610 | 17320 | 19020 | 19320 | 19180 | -140 | 1860 | | | | 虚实比 | 30.29 | 7.93 | 21.17 | 22.51 | 23.42 | 1 | 15 | | | | 顺丁基差 | -30 | -12 | -22 | ...

大类资产早报 研究中心宏观团队 2025/12/15 | 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 | 4.185 | 4.516 | 3.576 | 2.856 | 3.547 | 3.305 | 0.298 | 3.456 | | 日本 | | 巴西 | 中国 | 韩国 | 澳大利亚 | 新西兰 | | | | 最新 | 1.946 | 6.219 | 1.837 | 3.413 | 4.728 | 4.515 | | | | 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 | 3.523 | 3.742 | 2.152 | 1.061 | 2.274 | 1.391 | 2.9 ...

废钢早报 研究中心黑色团队 2025/12/15 华东 स्क 中部 东北 日期 华南 2025/12/085 2187 2035 2218 2216 2262 原点 2025/12/09 2183 2255 2032 2211 2216 2208 2025/12/10 2182 2253 2031 2215 短流程日耗 ◆ 2022 ↓ 2023 ↓ 2024 ● 2025 思原H lle 12 10 8 6 4 2 0 张家港废钢到货 】 据点资讯 ● 2022 ● 2023 ● 2024 ● 2025 tial 3 2.5 2 1.5 1 0.5 0 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月11月12月 长流程日耗 镇江鸿泰剪切料价格（不含税） ● 2022 ↓ 2023 ↓ 2024 ↓ 2025 3,600元/吨 3,300 3,000 2,700 2,400 2,100 1,800 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月11月12月 环比 -5 -3 沙钢重三价格 (含税) ◆ 2022 ↓ 2023 ↓ 2024 ● 2025 4,200元/吨 3,90 ...

1. Industry Investment Rating - No investment rating provided in the report. 2. Core Viewpoints - For PTA, in the near - term, TA device runs stably, polyester load drops slightly, inventory decreases, and basis strengthens slightly. In the future, as the terminal weakens, polyester load may reach a turning point, and TA inventory will accumulate. It is recommended to wait and see in the short - term, and consider long - position opportunities at low prices in the long - run due to good PX prospects [2]. - For MEG, domestic oil - based units reduce load, and overseas units also cut production. The port inventory accumulates. In the future, after the valuation is compressed, production cuts increase, and the inventory accumulation narrows. However, considering new production capacity, it is expected to fluctuate weakly [2]. - For polyester staple fiber, the start - up rate decreases due to maintenance. Sales are stable, and inventory is stable. In the future, demand remains the same, but new production capacity is accelerating, and the downstream is entering the off - season. Attention should be paid to the warehouse receipt situation [2]. - For natural rubber and 20 - number rubber, the national explicit inventory is stable, and the price of Thai cup - lump rubber is stable. The strategy is to wait and see [2]. 3. Summary by Product PTA - **Data Changes**: From December 8th to 12th, 2025, crude oil price dropped by 0.4 USD, PTA spot price decreased by 30 CNY, and polyester gross profit increased by 35 CNY. The PTA balance load decreased by 0.3%, and the basis increased by 3 CNY. The daily average basis of PTA spot trading for 2601 is - 22 [2]. - **Situation Analysis**: Near - term TA device runs stably, polyester load drops slightly, inventory decreases, basis strengthens slightly, and spot processing fee weakens. In the future, as the terminal weakens, polyester load may reach a turning point, and TA inventory will accumulate, but the overall pressure is not large and the valuation is not high [2]. MEG - **Data Changes**: From December 8th to 12th, 2025, MEG outer - market price dropped by 2 USD, and MEG inner - market price decreased by 28 CNY. The coal - based MEG profit increased by 14.24 CNY, and the inner - market cash flow (ethylene) decreased by 26 CNY [2]. - **Situation Analysis**: Near - term domestic oil - based units reduce load, overseas units also cut production, the port inventory accumulates, and the basis weakens. In the future, after the valuation is compressed, production cuts increase, and the inventory accumulation narrows [2]. Polyester Staple Fiber - **Data Changes**: From December 8th to 12th, 2025, the price of 1.4D cotton - type staple fiber decreased by 50 CNY, and the profit of pure - polyester yarn increased by 50 CNY [2]. - **Situation Analysis**: Near - term the start - up rate decreases due to maintenance, sales are stable, and inventory is stable. In the future, demand remains the same, but new production capacity is accelerating, and the downstream is entering the off - season [2]. Natural Rubber & 20 - Number Rubber - **Data Changes**: From December 8th to 12th, 2025, the price of US - dollar Thai standard rubber increased by 5 USD, and the price of Shanghai full - latex rubber increased by 40 CNY. The basis between mixed rubber and RU main contract decreased by 25 CNY [2]. - **Situation Analysis**: The national explicit inventory is stable, and the price of Thai cup - lump rubber is stable. The main contradiction lies in stable inventory and rainfall affecting rubber tapping. The recommended strategy is to wait and see [2]. Styrene - **Data Changes**: From December 8th to 12th, 2025, the price of styrene (CFR China) decreased by 10 USD, and the price of EPS (East China ordinary material) remained unchanged. The domestic profit of styrene decreased by 87 CNY [2][5]. - **Situation Analysis**: No overall situation analysis provided in the report. Only data changes are presented.

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report's Core View - The U.S. soybean crush volume in November 2025 is expected to decline by 3.2% from October's record high but increase by 14.0% from November 2024 [1]. - The estimated soybean oil inventory of NOPA members as of November 30, 2025, is expected to reach a seven - month high, up 7.9% from the end of October and 29.9% from the previous year [1]. - From November 1 - 20, 2025, the U.S. 2025/26 soybean export sales are expected to net increase by 80 - 300 million tons, with 0 tons for 2026 - 27 [1]. - The 2025/26 global soybean export volume is expected to increase mainly driven by Brazil, while the exports of the U.S. and Argentina may decline [1]. - Malaysia's palm oil exports from December 1 - 10, 2025, increased by 46.98% compared to the same period last month [1]. Group 3: Summary by Category Overnight Market Information - U.S. November 2025 soybean crush volume is estimated to be 220.285 million bushels, with an estimated range of 213 million to 224.332 million bushels and a median of 220.85 million bushels [1]. - As of November 30, 2025, NOPA's soybean oil inventory is expected to be 1.408 billion pounds, with an estimated range of 1.32 billion to 1.508 billion pounds and a median of 1.4 billion pounds [1]. - From November 1 - 20, 2025, U.S. 2025/26 soybean export sales are expected to net increase by 80 - 300 million tons, 2025 - 26 U.S. soybean meal export sales by 10 - 45 million tons, and 2025 - 26 U.S. soybean oil export sales by 0.5 - 2.5 million tons [1]. - In 2025/26, Brazil's soybean exports are expected to reach a record 110 million tons, up 6.7% from 2024/25, and production is expected to reach 178.3 million tons, up 4.1% from the previous year [1]. - In 2025/26, the U.S. soybean exports are expected to be 43 million tons, down 14% from 2024/25, and Argentina's soybean exports are likely to decline due to reduced production and increased crush volume [1]. - Malaysia's palm oil exports from December 1 - 10, 2025, were 280,048 tons, up 46.98% from the same period last month [1]. Spot Price - 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 8 - 12, 2025, are presented in a table [2].

研究中心能化团队 2025/12/15 s 加安期货 沥青早报 | | | | | | | | MIS L S BOLARIN FAES | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 11/12 | 12/8 | 12/10 | 12/11 | 12/12 | 日度变化 | 博 | | | 山东基差(+80)(非京博) | -23 | 51 | -40 | -60 | -42 | 18 | | | | 华东基差(镇江库) | 87 | 81 | 100 | 20 | 18 | -2 | | | 基差&月差 | 华南基差(佛山库) | 67 | 1 | 20 | 0 | -32 | -32 | | | | 01-03 | -47 | -40 | -36 | -28 | -39 | -11 | | | | 02-03 | -28 | -22 | -18 | -13 | -18 | -5 | | | | 03-06 | -26 | -47 | -42 | -39 | -40 | - 1 | | | | BU主力合约(02) ...

1,000 1,200 1,400 1,600 1,800 2,000 2,200 河北鑫利4.8mm（折5mm） 2022 2023 2024 2025 (600) (400) (200) 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 华北玻璃生产利润（气） 2020 2021 2022 2023 2024 2025 967 984 967 990 940 935 1016 1092 900 950 1000 1050 1100 1150 1200 1250 1300 沙河德金 沙河安全 沙河低价 湖北低价 12合约 01合约 05合约 09合约 玻璃价格结构 今日(12/12） 昨日(12/11） 一周前(12/5） 一月前(11/12） (500) 0 500 1,000 1,500 华南玻璃利润（气） 2020 2021 2022 2023 2024 2025 0 500 1,000 1,500 2,000 2,500 3,000 3,500 玻璃：河北低价大板 2019 2020 2021 2022 2023 2024 2025 0 100 200 ...