隻运早报 | | | | | | | 研究中心能化团队 | | | 2026/1/5 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | ਵ ਕੇ | | 昨日收费价 | 涨跌 | 募 | 昨日成交昼 | | 昨日持仓量 | 持仓变动 | | | EC2602 | | 1801.3 | 0.35% | -58.7 | 21505 | | 24130 | -3725 | | | EC2604 | | 1166.0 | 0.50% | 5/6.6 | 4507 | | 20919 | -322 | | | EC2606 | | 1367.9 | -0.11-1% | 374.7 | 414 | | 2152 | -78 | | | EC2608 | | 1500.0 | -0.01% | 242.6 | 65 | | 1195 | -1 | | | EC2610 | | 1060.0 | 0.38% | 682.6 | 319 | | 6024 | - 60 | | | 月差 | | 前一日 | 前两日 | 前三日 | 日环比 | ...

| | 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 | 1450.00 | 0.00 | -50.00 | -55.00 | 2.11% Peak Downs | 228.50 | 0.00 | 0.50 | 13.00 | 20.50 | | 原煤口岸库提价 | 960.00 | -10.00 | -25.00 | -27.00 | 5.49% Goonyella | 229.50 | 0.00 | 0.50 | 15.00 | 18.50 | | 沙河驿蒙5# | 1340.00 | 0.00 | 0.00 | -80.00 | -4.29% 盘面05 | 1110.00 | 1.50 | -14.00 | -69.00 | -3.48% | | 安泽主焦 | 1500.00 | -100.00 | -100.00 | 0.00 | 4.90% 盘面09 | 1192.50 | 4.50 ...

焦炭日报 研究中心黑色团队 2026/1/5 | | 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 | 1430.97 | 0.00 | -54.61 | -163.84 | -14.09% 高炉开工率 | 85.26 | | 0.32 | -1.82 | -0.34% | | 河北准一干熄 | 1680.00 | 0.00 | -55.00 | -165.00 | 4.35% 铁水日均产量 | 227.43 | | 0.85 | -4.87 | 0.99% | | 山东准一干熄 | 1625.00 | 0.00 | -35.00 | -145.00 | -11.92% 盘面05 | 1714.5 | 7.00 | -25.00 | -28.50 | -4.03% | | 江苏准一干熄 | 1645.00 | 0.00 | -55.00 | -165.00 | -12.73% 盘面09 | 1 ...

| | | | | | 玻璃纯碱早报 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 研究中心能化团队 | | | 2026/1/5 | | | | | | | 玻 璃 | | | | | | | | | | | 2025/12/24 2025/12/30 2025/12/31 周度变化 日度变化 | | | | | | 2025/12/24 2025/12/30 2025/12/31 周度变化 日度变化 | | | | 沙河安全 5mm大 板 | 976.0 | 959.0 | 959.0 | -17.0 | 0.0 | FG05合约 | 1048.0 | 1087.0 | 1087.0 | 39.0 | 0.0 | | 沙河长城 5mm大板 | 959.0 | 954.0 | 954.0 | -5.0 | 0.0 | FG01合约 | 941.0 | 950.0 | 949.0 | 8.0 | -1.0 | | 沙河5mm大 板低价 | 950 ...

IPG = #5 el H 研究中心能化团队 2026/01/05 ~P G 丙烷CFR华 CP预测合 山东烷基 丙烷CIF日本 山东醚后碳四 纸面进口利润 日期 华南液化气 山东液化气 主力基差 华东液化 目似 化油 Fi 2025/12/25 4389 539 -245 4505 4310 590 510 4520 7150 413 2025/12/26 4510 4384 4270 l 541 4500 7150 -233 589 512 390 2025/12/29 4510 4380 4320 580 531 4430 7130 434 208 -163 2025/12/30 4372 4300 542 515 4440 7150 -172 4510 582 375 2025/12/31 4376 4250 545 516 4440 7100 4590 581 -80 318 日度变化 -50 -1 3 1 0 能忌 -50 92 -57 80 4 l本周内盘震荡，周三因CP高开而冲高后回落。02基差118（-92），02-03月差119（+7），03-04月差-184（+14），仓单6398手（+ ...

Report Overview - Report Title: Asphalt Morning Report [2][10] - Research Team: Research Center Energy and Chemicals Team [3][11] - Report Date: December 31, 2025 [3][11] 1. Report Investment Rating - No investment rating provided in the report. 2. Core Viewpoints - No clear core viewpoints are presented in the given content; it mainly provides data on asphalt - related indicators. 3. Summary by Relevant Catalog 3.1 Basis and Spread - **Basis**: The Shandong basis (+80) (non - Jingbo) was - 68 on December 30, with no daily change and a weekly change of - 12; the East China basis (Zhenjiang warehouse) was - 118, with no daily change and a weekly change of - 2; the South China basis (Foshan warehouse) was - 138, with a daily change of 40 and a weekly change of 28 [4][12]. - **Month - to - month spreads**: The 01 - 03 spread was - 43 on December 30, with a daily change of - 8 and a weekly change of - 9; the 02 - 03 spread was - 7, with a daily change of - 3 and a weekly change of 3; the 03 - 06 spread was - 24, with a daily change of 1 and a weekly change of 4 [4][12]. 3.2 BU Main Contract (02) - **Price**: It was 3038 on December 30, with a daily change of 30 and a weekly change of 42 [4][12]. - **Trading Volume**: The trading volume on December 30 was 465,494, with a daily increase of 79,321 and a weekly increase of 170,851 [4][12]. - **Open Interest**: The open interest on December 30 was 440,255, with a daily decrease of 2,448 and a weekly decrease of 31,865 [4][12]. - **Combination**: It was 8,260 on December 30, with a daily and weekly increase of 4,080 [4][12]. 3.3 Spot Market - **Brent Crude Oil**: It was 61.9 on December 30, with a daily increase of 1.3 and a weekly decrease of 0.4 [4][12]. - **Jingbo**: The price was 2,980 on December 30, with a daily and weekly increase of 40 [4][12]. - **Shandong (non - Jingbo)**: The price was 2,890 on December 30, with a daily and weekly increase of 30 [4][12]. - **Zhenjiang Warehouse**: The price was 2,920 on December 30, with a daily and weekly increase of 30 [4][12]. - **Foshan Warehouse**: The price was 2,900 on December 30, with a daily increase of 70 and a weekly increase of 100 [4][12]. 3.4 Profit - **Asphalt - Marrow Profit**: It was 385 on December 30, with a daily decrease of 42 and a weekly increase of 45 [4][12].

Report Summary 1. Report Industry Investment Rating - No relevant information provided. 2. Report Core View - No explicit core view presented in the given content. 3. Summary Based on Related Catalogs SP Main Contract Information - The closing price of the SP main contract on December 30, 2025, was 5568.00 [3]. - The closing prices and related data for the previous days (December 24 - 29, 2025) are also provided, including the closing price, converted US - dollar price, daily change, and basis differences in Shandong and Jiangsu - Zhejiang - Shanghai regions [3]. Import Pulp Information - With a 13% VAT calculation, for Canadian pulp brands like Golden Lion (CFR price 780 in US dollars) and Lion (CFR price 730 in US dollars), and Chilean Silver Star (CFR with 90 - day letter of credit, price 700 in US dollars), their corresponding RMB prices in Shandong and import profits are presented. The import profit for Golden Lion is 69.01, Lion is - 271.05, and Silver Star is - 9.09 [4]. Pulp Price Averages - From December 24 - 30, 2025, the national and Shandong regional average prices of softwood pulp, hardwood pulp, natural pulp, and chemical mechanical pulp remained unchanged. The changes were all 0.00 [4]. Paper Product Indexes and Margins - The indexes of cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and living paper (living index) showed little change from December 25 - 30, 2025. The changes were all 0 [4]. - The estimated profit margins of double - offset paper, double - copper paper, white - card paper, and living paper also had little change during this period, with the change in living paper profit margin being 0.0000 [4]. Pulp Price Spreads - From December 24 - 30, 2025, the price spreads between softwood and hardwood pulp, softwood and natural pulp, softwood and chemical mechanical pulp, and softwood and waste paper pulp remained constant [4].

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Report's Core View - During the Christmas holiday, trading volume in the overseas market was light, and crude oil prices fell on Friday night. The market is focused on geopolitical situations. Iran claims to have more powerful weapons and warns Israel and the US not to launch attacks. EIA weekly reports and ARA inventories have suspended updates. Global oil inventories are being depleted, while Singapore's oil inventories are increasing. Gasoline and diesel cracks are oscillating weakly, with a large fundamental surplus. If geopolitical risks decline, the surplus in the first quarter will be four times the seasonal level. In the short - term, monthly spreads and absolute prices should be short - allocated [6]. 3. Summary by Relevant Catalogs 3.1 Price Data - From December 24 to December 30, 2025, WTI crude oil price changed by -$0.13, BRENT by -$0.61, and DUBAI remained unchanged at $0.00. Other price differentials and related products also showed various changes, such as a -$0.15 change in BRENT 1 - 2 month spread and a $0.58 change in NYMEX RBOB [3]. 3.2 Daily News - Israeli Prime Minister Netanyahu stated that Iran is resuming ballistic missile production. - US API crude oil inventory for the week ending December 26 was 174.7 million barrels, against an expected -230 million barrels and a previous value of 239.1 million barrels. API gasoline inventory was 624.8 million barrels, against an expected 155 million barrels and a previous value of 109 million barrels. API精炼油 inventory was 97.7 million barrels, against an expected 175 million barrels and a previous value of 68.5 million barrels. - Some Fed officials are cautious about further interest rate cuts early next year. - Zelensky denied the claim of a breakdown in talks, stating that the dialogue with the US continues daily. He is negotiating with US President Trump about deploying US troops to Ukraine, and hopes Trump can visit Ukraine [3][4]. 3.3 Inventory - EIA report: US crude oil exports in the week ending December 19 decreased by 1.048 million barrels per day to 3.616 million barrels per day. - US domestic crude oil production in the week ending December 19 decreased by 0.018 million barrels to 13.825 million barrels per day. - Commercial crude oil inventory excluding strategic reserves increased by 0.405 million barrels to 425 million barrels, a 0.1% increase. - US strategic petroleum reserve (SPR) inventory in the week ending December 19 increased by 0.8 million barrels to 413 million barrels, a 0.19% increase. - US crude oil imports excluding strategic reserves in the week ending December 19 were 6.086 million barrels per day, a decrease of 0.439 million barrels per day from the previous week [4][5][18].

Group 1: Price Performance - London gold's latest price is 4367.80 with a change of 30.75 [1] - London silver's latest price is 74.84 with a change of 0.20 [1] - London platinum's latest price is 2180.00 with no change [1] - London palladium's latest price is 1648.00 with no change [1] - WTI crude's latest price is 58.08 with no change [1] - LME copper's latest price is 12476.50 with a change of -76.50 [1] - The latest value of the US dollar index is 98.22 with a change of 0.22 [1] - The latest exchange rate of euro against US dollar is 1.17 with no change [1] - The latest exchange rate of pound against US dollar is 1.35 with no change [1] - The latest exchange rate of US dollar against Japanese yen is 156.43 with a change of 0.39 [1] - The latest yield of the US 10 - year TIPS is 1.90 with no change [1] Group 2: Trading Data - COMEX silver's latest inventory is 13960.19 with a change of -9.24 [2] - SHFE silver's latest inventory is 755.75 with a change of -40.99 [2] - Gold ETF's latest holding is 1071.99 with no change [2] - Silver ETF's latest holding is 16455.42 with a change of 149.46 [2] - SGE silver's latest inventory is 714.41 with no change [2] - SGE gold's latest deferred - fee payment direction value is 1 with no change [2] - SGE silver's latest deferred - fee payment direction value is 2 with no change [2]

Report Information - Report Title: Coking Coal Daily Report - Report Date: December 31, 2025 - Research Team: Black Team of the Research Center [1] Industry Investment Rating - Not provided Core Viewpoints - Not provided Summary by Relevant Catalogs Price Information - **Coal Types**: The latest price of Liulin Main Coking Coal is 1450.00, with no daily change, a weekly decrease of 50.00, a monthly decrease of 55.00, and a yearly increase of 2.11%. The price of Peak Downs is 228.00, with no daily and weekly changes, a monthly increase of 13.50, and a yearly increase of 14.00. Other coal types such as raw coal port pick - up price, Shaheyi Meng 5, and Anze Main Coking Coal also have their respective price changes [2]. - **Futures Prices**: The latest price of Futures 05 is 1110.00, with a daily increase of 1.50, a weekly decrease of 14.00, a monthly decrease of 69.00, and a yearly decrease of 3.48%. Futures 09 and Futures 01 also have corresponding price and change data [2]. Inventory and Utilization Information - **Inventory**: The total inventory is 4011.40, with a weekly increase of 77.29, a monthly increase of 290.20, and a yearly decrease of 15.69%. Different inventory types like coal mine inventory, port inventory, steel mill coking coal inventory, and coking coking coal inventory have their own change trends [2]. - **Utilization Rate**: The coking capacity utilization rate is 71.66, with a weekly decrease of 0.39, a monthly decrease of 1.29, and a yearly decrease of 1.97%. The coking coke inventory is 85.52, with a daily decrease of 0.21, a monthly increase of 0.10, and a yearly decrease of 0.86% [2]. Spread Information - **Futures Spreads**: The 5 - 9 spread is - 82.50, with a daily decrease of 3.00, a weekly decrease of 3.00, a monthly decrease of 18.50, and a yearly increase of 0.15%. The 9 - 1 spread and 1 - 5 spread also have their respective change data [2]. - **Futures Basis**: The 05 basis is - 121.72, with a daily decrease of 1.50, a weekly decrease of 23.93, a monthly decrease of 26.40, and a yearly decrease of 32.41%. The 09 basis and 01 basis also have corresponding change trends [2].