12/10 以色列军队对目前中其控制的加沙汗尤尼斯部分地区发动了空袭和炮击 12/10 哈马斯官员表示：解除巴勒斯坦人的武装就等于夺走他们的生命。 隼运昼报 | | | | | | | 研究中心能化团队 | | | 2025/12/11 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 合约 | | 昨日收盘价 | 涨跌 | 基 | 昨日成交量 | | 昨日持会 | 持仓变动 | | 期货 | EC2512 | | 1655.1 | -0.58% | -146.0 | 321 | | 3169 | -114 | | | EC2602 | | 1665.2 | 2.80% | -156.1 | 35894 | | 31382 | રિકેટ | | | EC2604 | | 1080.7 | 0.66% | 428.4 | 3703 | | 19219 | -159 | | | EC2606 | | 1225.6 | 0.53% | 283.5 | 380 | | 2274 | -69 | | | EC2608 | | 137 ...

Report Industry Investment Rating - Not provided Core Viewpoints - The domestic market has a relatively high valuation. Although the domestic chemical industry has poor profits, its operation remains stable, and there are expectations of a slight increase in civil demand. The short - term driving force still has support. Attention should also be paid to winter weather and oil price conditions [1] Summary by Relevant Data Daily Changes - On Wednesday, for civil LPG, the price in East China was 4424 (+32), in Shandong was 4370 (-80), and in South China was 4440 (+0). The price of ether - after carbon four was 4570 (+20). The lowest delivery location was Shandong, with a basis of 80 (-48), and the 01 - 02 monthly spread was 91 (+25). As of 21:00, FEI was 525.67 (+4.67) and CP was 517.67 (+7.67) US dollars per ton [1] Weekly Changes - The futures market fluctuated, with a basis of 143 (+232), 01 - 02 monthly spread of 79 (+3), and 03 - 04 monthly spread of - 211 (-19). There were 4611 lots of warehouse receipts (-200). Civil LPG prices rose, and the cheapest deliverable was East China civil LPG at 4411 (+88). The external market FEI declined, while CP and MB rose, and the oil - gas ratio decreased. Both domestic and international prices weakened, with PG - CP dropping to 100 (-21) and PG - FEI to 79 (-7). The US - Asia arbitrage window opened. The arrival premium of propane in East China was 97 (-2), and the FOB premiums of AFEI, Middle East, and US propane were 30 (+18.75), 25 (-13), and 43 US dollars (+4) respectively. Freight rates declined. The spot profit of PDH weakened, and the futures profit decreased; the alkylation unit improved; the MTBE profit fluctuated. Port inventories decreased (-7%) due to a significant drop in arrivals (-18%) and a slight increase in demand; refinery inventories slightly increased (+0.86%). The PDH operating rate was 70.22% (+0.4pct), the alkylation operating rate was 37.93% (+1pct), and the MTBE operating rate was 71.58% (+0) [1]

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 蒙古口岸原煤库提价 A10.5，V28，S<0.6%，G83 2021 2022 2023 2024 2025 3400.00 3900.00 4400.00 普氏峰景 1900/1/4 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 ...

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，但公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。且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，客户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 锌 当月合约-现货 次月合约-现货 价差 -45 5 理论价差 - - 铅 当月合约-现货 次月合约-现货 价差 115 115 理论价差 - - 跨品种套利跟踪 2025/12/11 铜/锌 铜/铝 铜/铅 铝/锌 铝/铅 铅/锌 沪（三连） 3.98 4.18 5.37 0.95 1.28 0.74 伦（三连） 3.75 4.03 5.84 0.93 1.45 0.64 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 ...

原油成品油早报 研究中心能化团队 2025/12/11 | 日期 | WTI | BRENT | DUBAI | diff FOB dated bre | BRENT 1- | WTI-BREN | DUBAI-B | NYMEX RB | RBOB-BR | NYMEX | HO-BRT | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 2月差 | T | RT（EFS | OB | T | HO | | | | | | | nt | | | | | | | | | 2025/12/04 | 59.67 | 63.26 | 63.89 | 0.56 | 0.40 | -3.59 | 0.04 | 182.71 | 13.48 | 230.37 | 33.50 | | 2025/12/05 | 60.08 | 63.75 | 64.26 | 0.41 | 0.36 | -3.67 | 0.05 | 183.41 | 13.28 | 236.29 | 35.49 | | 2025/12/ ...

Group 1: Report Core Views - The soybean export sales of the United States from November 13th are expected to increase, with the 2025 - 26 annual soybean export sales expected to net increase by 60 - 140 million tons, the 2025 - 26 annual soybean meal export sales expected to net increase by 5 - 45 million tons, and the 2025 - 26 annual soybean oil export sales expected to net increase by 0.5 - 2.5 million tons [1] - The soybean crushing volume in the United States in October 2025 was 7.11 million short tons, and the soybean oil production was 2.83 billion pounds, which increased by 18% compared to September 2025 and 11% compared to October 2024 [1] - Malaysia's palm - oil inventory at the end of November reached the highest level in more than six and a half years, with a 13% increase to 2.84 million tons due to increased production and weak export demand [1] - Australia's 2025/26 annual rapeseed production is expected to increase to 7.2 million tons, and Canada's 2025/26 annual rapeseed production is expected to increase to 21.8 million tons [1] Group 2: Key Data U.S. Data - The U.S. soybean crushing volume in October 2025 was 7.11 million short tons (237 million bushels), the September 2025 crushing volume was 6.15 million short tons (205 million bushels), and the October 2024 crushing volume was 6.47 million short tons (216 million bushels) [1] - The U.S. soybean oil production in October 2025 was 2.83 billion pounds, a 18% increase from September 2025 and an 11% increase from October 2024 [1] Malaysia Data - Malaysia's palm - oil inventory at the end of November increased by 13% to 2.84 million tons, the November production decreased by 5.3% to 1.94 million tons, and the export volume decreased by 28.13% to 1.21 million tons [1] - From December 1 - 10, Malaysia's palm - oil export volume decreased by 15% according to ITS and 10.31% according to AmSpec [1] Rapeseed Data - Australia's 2025/26 annual rapeseed production is expected to be 7.2 million tons, and Canada's 2025/26 annual rapeseed production is expected to be 21.8 million tons [1] Spot Price Data | Date | Bean Meal (Jiangsu) | Rapeseed Meal (Guangdong) | Soybean Oil (Jiangsu) | Palm Oil (Guangzhou) | Rapeseed Oil (Jiangsu) | | --- | --- | --- | --- | --- | --- | | 2025/12/04 | 3020 | 2520 | 8520 | 8620 | 9890 | | 2025/12/05 | 3020 | 2500 | 8540 | 8720 | 9870 | | 2025/12/08 | 3020 | 2500 | 8500 | 8660 | 9760 | | 2025/12/09 | 3000 | 2460 | 8450 | 8570 | 9630 | | 2025/12/10 | 3030 | 2490 | 8500 | 8510 | 9680 | [5]

| | | 燃料油早报 研究中心能化团队 2025/12/11 | 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 | | 2025/12/04 | 347.85 | 388.30 | -8.06 | 632.46 | -244.16 | 23.85 | 40.45 | | 2025/12/05 | 348.81 | 391.67 | -8.45 | 648.64 | -256.97 | 25.44 | 42.86 | | 2025/12/08 | 339.79 | 384.68 | -8.89 | 635.57 | -250.89 | 25.03 | 44.89 | | 2025/12/09 ...

农产品早报 淀粉：短期看，受到季节性消费支撑，下游补库需求带动企业稳定去库。同时，在原料供应受限的环境下，加剧产业挺价意愿，淀粉价格预计 保持稳定。中长期需重点关注下游消费节奏变化，这将成为价格走势的关键支撑因素，季节性旺季过后，企业库存是否会持续去化将成为未来 淀粉定价的关键因素。 白糖 现货价格 基差 进口利润 仓单 日期 柳州 南宁 昆明 柳州基差 泰国 巴西 郑盘 2025/12/04 5525 5430 5380 197 255 435 183 2025/12/05 5505 5410 5370 202 258 438 183 2025/12/08 5505 5410 5345 168 252 432 1671 2025/12/09 5505 5410 5345 162 301 481 1886 2025/12/10 5480 5370 5340 152 204 384 2101 变化 -25 -40 -5 -10 -97 -97 215 【行情分析】： 白糖：国产新糖供应陆续增加，本周糖厂报价下调较快，现货弱势带动盘面下行。短期原糖供应压力减少，盘面定价仍可参考国产糖成本和现 货价格；中长期若全球 ...

废钢早报 研究中心黑色团队 2025/12/11 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2025/12/04 | 2192 | 2264 | 2035 | 2231 | 2223 | 2092 | | 2025/12/05 | 2194 | 2263 | 2037 | 2231 | 2223 | 2093 | | 2025/12/08 | 2187 | 2262 | 2035 | 2218 | 2216 | 2089 | | 2025/12/09 | 2183 | 2255 | 2032 | 2211 | 2216 | 2089 | | 2025/12/10 | 2182 | 2253 | 2031 | 2208 | 2215 | 2088 | | 环比 | -1 | -2 | -1 | -3 | -1 | -1 | 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 ...

纸浆早报 研究中心能化团队 2025/12/11 SP主力合约收盘价： 5436.00 | 日期 | 2025/12/10 | 2025/12/09 | 2025/12/08 | 2025/12/05 | 2025/12/04 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5436.00 | 5386.00 | 5392.00 | 5450.00 | 5496.00 | | 折美元价 | 672.25 | 665.47 | 666.04 | 673.36 | 679.27 | | 距上一日涨跌 | 0.92833% | -0.11128% | -1.06422% | -0.83697% | 0.69623% | | 山东银星基差 | 64 | 114 | 108 | 50 | 29 | | 江浙沪银星基差 | 114 | 164 | 158 | 115 | 79 | 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 | | --- | --- | --- | --- | --- | --- | ...