、隐波指教分位教与波动军价差分位数排名图 1 ↓ 隐波分位数代表当前品种隐波在历史上的水平 • 分位数高代表当前稳波偏高 • 分位数低代表稳波偏低 • 2 • 波动率价差书急疫指数•历史玻 动率。 隐含波动率分位数排名 历史波动率分位数排名 波动率数据日报 永安期货期权总部 更新时间:2025/12/10 一、隐含波动率指数、历史波动率及其价差走势图 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 IV-HV美 - 1000股指 -- 1000股指 500ETF - 500ETF IV-HV 70 10 20 10 IV-HV美 日报 rtat IV-HV美 low a OSSALS 60 - 豆粕 IV-HV差 直播 IV-HV差 玉米 王米 30 50 20 30 20 40 10 10 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core View - No core view explicitly stated in the provided content 3. Summary by Related Catalogs Global Asset Market Performance - **10 - Year Treasury Yields of Major Economies**: On December 9, 2025, the 10 - year Treasury yields of the US, UK, France, etc. were 4.189%, 4.504%, 3.554% respectively. There were various changes in yields over different time periods such as daily, weekly, monthly, and yearly [3]. - **2 - Year Treasury Yields of Major Economies**: On December 9, 2025, the 2 - year Treasury yields of the US, UK, Germany, etc. were 3.560%, 3.777%, 2.152% respectively. Yields also had different changes over different time intervals [3]. - **US Dollar Exchange Rates against Major Emerging - Market Currencies**: On December 9, 2025, the exchange rates of the US dollar against currencies like the Brazilian real, Russian ruble, etc. were reported. There were percentage changes in these exchange rates over different time periods [3]. - **Renminbi Exchange Rates**: On December 9, 2025, the on - shore, off - shore, and middle - price of the Renminbi were 7.064, 7.061, 7.077 respectively. There were percentage changes in these rates over different time periods [3]. - **Stock Indices of Major Economies**: On December 9, 2025, the closing prices of indices such as the Dow Jones, S&P 500, etc. were reported. There were percentage changes in these indices over different time periods [3]. - **Credit Bond Indices**: On December 9, 2025, the values of emerging - market investment - grade, high - yield, and other credit bond indices were reported. There were percentage changes in these indices over different time periods [3]. Stock Index Futures Trading Data - **Index Performance**: The closing prices and percentage changes of A - shares, CSI 300, SSE 50, etc. were reported on a certain day. The closing prices were 3909.52, 4598.22, 2997.96 respectively, with percentage changes of - 0.37%, - 0.51%, - 0.71% [4]. - **Valuation**: The PE (TTM) and their环比 changes of CSI 300, SSE 50, etc. were reported. For example, the PE (TTM) of CSI 300 was 14.03 with a环比 change of - 0.05 [4]. - **Risk Premium**: The risk premiums and their环比 changes of S&P 500, German DAX, etc. were reported. For example, the risk premium of S&P 500 was - 0.51 with a环比 change of - 0.02 [4]. - **Fund Flows**: The latest values and 5 - day average values of fund flows in A - shares, the main board, etc. were reported. For example, the latest value of A - share fund flow was - 1141.62 [4]. - **Trading Volume**: The latest trading volumes and their环比 changes in the Shanghai and Shenzhen stock markets, CSI 300, etc. were reported. For example, the latest trading volume of the Shanghai and Shenzhen stock markets was 19039.53 with a环比 change of - 1326.93 [4]. - **Main Contract Premium or Discount**: The basis and percentage of basis of IF, IH, IC were reported. For example, the basis of IF was - 15.02 with a percentage of - 0.33% [4]. Treasury Bond Futures Trading Data - **Closing Prices and Percentage Changes**: The closing prices and percentage changes of T00, TF00, T01, TF01 Treasury bond futures were reported. For example, the closing price of T00 was 108.160 with a percentage change of 0.05% [5]. - **Funding Rates**: The R001, R007, SHIBOR - 3M funding rates and their daily changes (in BP) were reported. For example, the R001 rate was 1.3650% with a daily change of - 12.00 BP [5].

焦炭日报 研究中心黑色团队 2025/12/10 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 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 4000.00 4500.00 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 日照港准一平仓 2021 2022 2023 2024 2025 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 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 长治出厂价 2021 2022 2023 2024 2025 4500.00 青岛港准一平仓 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 4000.00 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 2021 2022 2023 2024 2025 230家焦化产能利用率 230家焦炭产量 全样本焦化焦炭库存 以上内容所依据的信息均来源于交 ...

2025/12/10 研究中心黑色团队 焦煤日报 、 | | 最新 | 日变化 | 周变化 | 月变化 | 年变化 | 最新 | 日变化 | 周变化 | 月变化 | 年变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 柳林主焦 | 1505.00 | 0.00 | 0.00 | -140.00 | 0.60% Peak Downs | 222.00 | 0.00 | 6.50 | 10.50 | 5.00 | | 原煤口岸库提价 | 960.00 | -10.00 | -40.00 | -151.00 | -4.00% Goonyella | 221.00 | 0.00 | 6.50 | 9.50 | 4.00 | | 沙河驿蒙5# | 1420.00 | 0.00 | 0.00 | -130.00 | -7.79% 盘面05 | 1084.00 | -23.00 | -77.50 | -205.00 | -11.37% | | 安泽主焦 | 1500.00 | 0.00 | -80.00 | -160.00 ...

Report Industry Investment Rating - Not provided in the documents Core Viewpoints - Copper: Maintain a bullish stance on dips, with expected price range of $10,800 - $12,000 in December [1] - Aluminum: Positive outlook due to overseas rate - cut expectations, with supply - demand expected to be loose in early 2026 and then tighten [1] - Zinc: Suggest a wait - and - see approach for single - side trading, focus on reverse arbitrage opportunities between domestic and overseas markets, and positive arbitrage opportunities for the 01 - 03 spread [7] - Nickel: Given the short - term weak fundamentals, pay attention to short - selling opportunities on rallies [8][9] - Stainless Steel: With a weak fundamental outlook, pay attention to short - selling opportunities on rallies [12] - Lead: Expect prices to oscillate between $17,100 - $17,600 next week, and be cautious due to low - warehouse receipt risks [14] - Tin: High - level oscillation is likely in the short term, and it can be a long - position allocation in the first half of 2026 [17] - Industrial Silicon: Prices are expected to oscillate in December and move in a cyclical bottom - oscillation pattern in the long term [19] - Lithium Carbonate: Short - term supply - demand is strong. The upside potential depends on inventory reduction, speculative demand, and stronger holding intentions [21] Summary by Metal Copper - **Price and Spread**: LME cash - 3m spread rose significantly, and copper prices exceeded $11,000. The structural supply - demand gap persists, and inventory is unevenly distributed globally [1] - **Domestic Situation**: High prices have curbed actual consumption, with a slight inventory build - up expected until the Spring Festival. The monthly spread and import profit window are restricted [1] - **Outlook**: Pay attention to the FOMC meeting in December. Maintain a bullish stance on dips, with expected price range of $10,800 - $12,000 [1] Aluminum - **Price and Inventory**: Prices increased, and the spot basis declined. Aluminum ingot inventory remained flat, while aluminum products continued to reduce inventory [1] - **Supply - Demand**: Overseas rate - cut expectations are positive. Supply is expected to be loose in early 2026 and then tighten [1] Zinc - **Price and Spread**: Zinc prices rose, and the LME zinc 0 - 3M premium declined. The spot premium in the domestic market increased [5][6][7] - **Supply**: Domestic and imported TC are declining rapidly. Some smelters are under maintenance in December, with an expected output reduction of 15,000 - 18,000 tons [7] - **Demand**: Domestic demand is seasonally weak, while US zinc imports have increased recently. The export window is opening [7] - **Strategy**: Wait - and - see for single - side trading, focus on reverse arbitrage and 01 - 03 positive arbitrage opportunities [7] Nickel - **Price and Inventory**: Prices were relatively stable, and both domestic and overseas inventories increased [8] - **Supply - Demand**: Supply is slightly reduced, demand is weak, and the Jinchuan premium is strong [8] - **Strategy**: Pay attention to short - selling opportunities on rallies due to short - term weak fundamentals [8][9] Stainless Steel - **Price and Inventory**: Prices were mostly stable, and inventory remained at a high level [12] - **Supply - Demand**: Supply is high, demand is mainly for rigid needs, and costs are relatively stable [12] - **Strategy**: Pay attention to short - selling opportunities on rallies due to weak fundamentals [12] Lead - **Price and Spread**: Prices rebounded. The refined - scrap spread returned to - 50 [13][14] - **Supply**: Primary lead production is high, and secondary lead production has recovered, alleviating the supply shortage [14] - **Demand**: Battery production is stable, and demand is expected to weaken [14] - **Strategy**: Prices are expected to oscillate between $17,100 - $17,600 next week. Be cautious due to low - warehouse receipt risks [14] Tin - **Price and Inventory**: Prices increased, and LME inventory decreased [17] - **Supply**: Mining processing fees are low, and overseas production recovery is slow. However, high prices stimulate inventory exports [17] - **Demand**: Demand is mainly for rigid needs, and downstream acceptance of prices has increased [17] - **Strategy**: High - level oscillation is likely in the short term, and it can be a long - position allocation in the first half of 2026 [17] Industrial Silicon - **Price and Inventory**: Prices oscillated weakly, and inventory was stable [19] - **Supply - Demand**: Southwest production is reducing to support prices, and supply - demand is balanced in December. In the long term, over - capacity persists [19] Lithium Carbonate - **Price and Inventory**: Prices declined, and inventory is high in the intermediate and battery raw material links [21] - **Supply - Demand**: Supply and demand are both strong in the short term. The de - stocking scale is expected to be 5,000 - 6,000 tons if Ningde resumes production in December [21] - **Outlook**: The upside potential depends on inventory reduction, speculative demand, and stronger holding intentions [21]

Report Information - Report Date: December 10, 2025 [1] - Report Type: Ferroalloy Morning Report Core Insights - The report presents the latest prices, price changes, and related data of ferroalloys such as ferrosilicon and ferromanganese, including spot prices, futures prices, basis, and spreads, to provide a comprehensive view of the ferroalloy market [2]. Summary by Category 1. Price - **Ferrosilicon**: Different regions have varying spot prices, with the latest prices for 72% ferrosilicon in Ningxia at 5100, Inner Mongolia at 5120, and Qinghai at 5150. Futures prices also show differences among different contracts, and there are changes in basis and spreads [2]. - **Ferromanganese**: The latest factory - ex prices for 6517 ferromanganese in Inner Mongolia, Ningxia, and other regions are 5510, 5490, etc. Futures prices and related basis and spreads also have specific values and changes [2]. 2. Supply - **Ferrosilicon**: The production volume and capacity utilization of 136 ferrosilicon enterprises in China are presented, and there are also data on production in different regions such as Inner Mongolia, Ningxia, and Shaanxi [4]. - **Ferromanganese**: The weekly production volume of ferromanganese in China is provided, along with procurement prices and quantities from Hebei Iron and Steel Group [6]. 3. Demand - **Ferrosilicon**: The demand is related to industries such as steelmaking and metal magnesium production. Data on the production of crude steel, stainless - steel crude steel, and metal magnesium are presented, which can reflect the demand for ferrosilicon [4]. - **Ferromanganese**: The demand for ferromanganese in China is shown, and it is also related to the steel industry, with data on crude steel production and ferromanganese procurement by Hebei Iron and Steel Group [6][7]. 4. Inventory - **Ferrosilicon**: The inventory data of 60 sample enterprises in China, including inventory in different regions such as Ningxia, Inner Mongolia, and Shaanxi, as well as warehouse receipt data and effective forecasts, are provided [5]. - **Ferromanganese**: The inventory data of 63 sample enterprises in China, warehouse receipt data, and effective forecasts are presented, along with the inventory average available days in China [7]. 5. Cost and Profit - **Ferrosilicon**: The cost is related to electricity prices and raw material prices such as semi - coke. Profit data include production profit, export profit, and profit after converting to the main futures contract in regions like Ningxia and Inner Mongolia [5]. - **Ferromanganese**: The profit data in different regions such as Inner Mongolia, Guangxi, the northern and southern regions are presented, along with the profit after converting to the main futures contract in Guangxi and Ningxia [7].

Group 1: Price Performance - London Gold's latest price is $4198.00 with a change of $9.75 [1] - London Silver's latest price is $58.63 with a change of $0.25 [1] - London Platinum's latest price is $1650.00 with a change of $5.00 [1] - London Palladium's latest price is $1480.00 with a change of $21.00 [1] - LME Copper's latest price is $11469.50 with a change of -$239.00 [1] - The latest Dollar Index is 99.24 with a change of 0.14 [1][13] - The latest Euro to US Dollar exchange rate is 1.16 with a change of -0.00 [1] - The latest British Pound to US Dollar exchange rate is 1.33 with a change of -0.00 [1] - The latest US Dollar to Japanese Yen exchange rate is 156.89 with a change of 0.96 [1][13] Group 2: Trading Data - The latest inventory of SHFE Silver is 717.79 with a change of 18.50 [2] - The latest Gold ETF holding is 1047.97 with a change of -1.14 [2] - The latest deferred fee payment direction of SGE Silver is 1 with a change of 0.00 [2] - The latest deferred fee payment direction of SGE Gold is 2 with a change of 0.00 [2]

| | | | 钢材早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心黑色团队 2025/12/10 | | | 现 货 价 格 | | | | | | | | 日期 | 北京螺纹 | 上海螺纹 | 成都螺纹 | 西安螺纹 | 广州螺纹 | 武汉螺纹 | | 2025/12/03 | 3210 | 3320 | 3300 | 3310 | 3560 | 3440 | | 2025/12/04 | 3190 | 3320 | 3300 | 3310 | 3560 | 3440 | | 2025/12/05 | 3180 | 3270 | 3320 | 3310 | 3560 | 3440 | | 2025/12/08 | 3150 | 3260 | 3280 | 3260 | 3500 | 3390 | | 2025/12/09 | 3120 | 3240 | 3280 | 3260 | 3490 | 3360 | | 变化 | -30 | -20 | 0 | 0 | -10 | -30 | | 日期 | 天津热卷 | ...

集运早报 | | | | | | | 研究中心能化团队 | | | 2025/12/10 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 合约 | | 昨日收盘价 | 涨跌 | 基 | 昨日成交量 | | 昨日持会 | 持仓变动 | | | EC2512 EC2602 | | 1664.7 1619.8 | -0.31% 0.28% | -155.6 -110.7 | 451 19042 | | 3283 30/13 | -111 -753 | | | EC2604 | | 1073.6 | -0.38% | 435.5 | 2762 | | 19378 | -235 | | | EC2606 | | 1219.1 | 0.15% | 290.0 | 444 | | 2335 | 133 | | 期货 | EC2608 | | 1379.9 | 1.76% | 129.2 | 138 | | 1574 | -24 | | | EC2610 | | 1019.3 | -0.87% | 489.8 | 308 | | 4201 ...

废钢早报 日期 华东 华北 中部 华南 东北 西南 2025/12/03 2192 2264 2032 2231 2225 2090 2025/12/04 2192 2264 2035 2231 2223 2092 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。 2025/12/05 219 ...