1. Report Information - Report title: "Big Asset Morning Report" - Report date: December 25, 2025 - Report team: Macro Team of the Research Center [1] 2. Global Asset Market Performance 2.1 Bond Market - **10 - year Treasury Bonds**: The latest yields of 10 - year Treasury bonds in major economies are as follows: US 4.136%, UK 4.504%, France 3.561%, Germany 2.861%, Italy 3.550%, Spain 3.286%, Switzerland 0.293%, Greece 3.444%, Japan 2.042%, Brazil 6.159%, China 1.835%, Australia 4.740%, New Zealand 4.448% [2] - **2 - year Treasury Bonds**: The latest yields of 2 - year Treasury bonds in major economies are: US 3.506%, UK 3.721%, Germany 2.140%, Japan 1.098%, Italy 2.261%, China (1 - year yield) 1.336%, Australia 4.031% [2] 2.2 Exchange - rate Market - **USD against Major Emerging - economy Currencies**: The latest exchange rates of the US dollar against major emerging - economy currencies are: Brazil 5.540, South Africa (zar) 16.665, South Korea (won) 1446.900, Thailand (baht) 31.022, Malaysia (ringgit) 4.047. The latest rates of on - shore RMB, off - shore RMB, RMB central parity rate, and RMB 12 - month NDF are 7.016, 7.007, 7.047, and 6.886 respectively [2] 2.3 Stock Market - **Major Economies' Stock Indexes**: The latest values of major economies' stock indexes are: S&P 500 6932.050, Dow Jones Industrial Average 48731.160, NASDAQ 23613.310, Mexico Stock Index 65616.430, UK Stock Index 9870.680, France CAC 8103.580, Spain Stock Index 17172.900, Russia Stock Index (not available), Nikkei 50344.100, Hang Seng Index 25818.930, Shanghai Composite Index 3940.947, Taiwan Stock Index 28371.980, South Korea Stock Index 4108.620, India Stock Index 8537.911, Thailand Stock Index 1275.330, Malaysia Stock Index 1678.310, Australia Stock Index 9068.961, Emerging - economy Stock Index 1392.070 [2] 2.4 Credit - bond Market - **Credit - bond Indexes**: The latest values of credit - bond indexes are: US investment - grade credit - bond index 3545.840, Euro - zone investment - grade credit - bond index 265.380, emerging - economy investment - grade credit - bond index 290.210, US high - yield credit - bond index 2909.190, Euro - zone high - yield credit - bond index 409.840, emerging - economy high - yield credit - bond index 1822.849 [2] 3. Stock - index Futures Trading Data 3.1 Index Performance - The closing prices of A - share, CSI 300, SSE 50, ChiNext, and CSI 500 are 3940.95, 4634.06, 3025.18, 3229.58, and 7352.04 respectively. The percentage changes are 0.53%, 0.29%, - 0.08%, 0.77%, and 1.31% respectively [3] 3.2 Valuation - The PE (TTM) of CSI 300, SSE 50, CSI 500, S&P 500, and Germany DAX are 14.11, 11.78, 33.37, 27.69, and 18.84 respectively. The环比changes are 0.02, - 0.02, 0.41, 0.09, and 0.00 respectively [3] 3.3 Risk Premium - The risk premiums (1/PE - 10 - year interest rate) of S&P 500 and Germany DAX are - 0.52 and 2.45 respectively. The环比changes are 0.02 and 0.00 respectively [3] 3.4 Fund Flow - The latest values of fund flow in A - share, main board, ChiNext, and CSI 300 are 626.94, 328.21, 247.71, and 85.15 respectively. The 5 - day average values are - 22.94, - 42.38, 19.99, and 73.46 respectively [3] 3.5 Transaction Amount and Basis - The latest transaction amounts of Shanghai and Shenzhen stock markets, CSI 300, SSE 50, small - and medium - sized board, and ChiNext are 18802.68, 4063.76, 912.64, 3992.53, and 5025.69 respectively. The环比changes are - 195.73, - 267.65, - 192.06, 102.09, and 88.86 respectively. The basis of IF, IH, and IC are - 39.06, 1.82, and - 111.64 respectively, with the corresponding basis spreads of - 0.84%, 0.06%, and - 1.52% [4] 4. Treasury - futures Trading Data - The closing prices of T2303, TF2303, T2306, and TF2306 are 108.23, 106.03, 108.23, and 106.02 respectively. The percentage changes are 0.01%, 0.00%, 0.01%, and - 0.01% respectively. The funding rates of R001, R007, and SHIBOR - 3M are 1.3568%, 1.5198%, and 1.6000% respectively, with the daily changes of - 14.00 BP, 2.00 BP, and 0.00 BP [4]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - At the current price level, it's not recommended to enter the market as it's difficult to predict the peak height, time, and subsequent price - drop rhythm of the freight rate in January [3]. - The valuation of the 04 contract is moderately high, but it may follow the spot price or recover the basis in the short - term. Pay attention to short - selling opportunities in the near future [3]. - The far - month contracts are greatly affected by geopolitical factors. It's safer to short the off - season contracts than the peak - season contracts. Generally, use a positive - spread trading strategy and pay attention to short - selling opportunities in the 10 contract [3]. 3. Summary by Relevant Content Futures Market - **Contract Prices and Changes**: On December 25, 2025, the closing price of EC2512 was 1605.9, down 0.01%. For other contracts like EC2602, EC2604, etc., there were different price changes. For example, EC2602 was at 1795.8, down 0.60%, and EC2604 was at 1165.0, up 0.60% [2]. - **Month - to - Month Spreads**: There were also changes in month - to - month spreads. For instance, EC2512 - 2504 was 440.9, with a daily decrease of 7.1 compared to the previous day [2]. Spot Market - **European Line Spot Situation**: In Week 52, MSK opened at 2300 (down 100 from the previous week), and other companies mainly followed Week 51 prices. The central price was around 2500 US dollars, equivalent to about 1750 points on the futures market. All shipping companies are raising prices for January cabins. MSK's January upper - half quote is 2500, and it will rise to 2600 in Week 2 to Hamburg, while other ports remain flat. The central quote of shipping companies in January is about 2500 - 2600 US dollars [4]. - **Spot Indexes**: As of December 22, 2025, the SCFIS (European Line) was 1589.20 points, up 5.21% from the previous period. As of December 19, 2025, the SCFI (European Line) was 1533 US dollars/TEU, the CCFI was 1473.9 points (up 0.23% from the previous period), and the NCFI was 1067.29 points (up 0.30% from the previous period) [2]. News and Geopolitical Factors - **Suez Canal**: On December 23, the Suez Canal Authority reported that two ships of CMA CGM passed through the canal [4]. - **Israel - Hamas Conflict**: On December 24, the Israeli Prime Minister's Office stated that Hamas violated the cease - fire agreement, and Hamas claimed that Israel's continuous attacks on Gaza hindered the peace plan [4].

芳烃橡胶早报 研究中心能化团队 2025/12/25 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。 P T A 日期 原油 石脑油日 本 PX CFR 台湾 PTA内盘现 货 POY 1 50D/4 8F 石脑油裂 解价差 PX加工差 PTA加 工差 聚酯毛利 PTA平衡 负荷 PTA负 ...

研究中心能化团队 2025/12/25 -300 s 加安期货 沥青早报 | | | | | | | | MIZUT O'HOLOGIA EVEST | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 11/24 10 | 12/18 | 12/22 -22 | 12/23 -37 | 12/24 | 日度变化 -19 | 筒 | | | 山东基差(+80)(非京博) | | -42 | | | -56 | -19 | | | | 华东基差(镇江库) | 40 | -52 | -dr | -97 | -116 | | | | | 华南基差(佛山库) | 20 | -132 | -195 | -177 | -196 | -19 | | | 基差&月差 | 01-03 | -22 | -29 | -30 | -26 | -34 | -8 | | | | 02-03 | -20 | -17 | -12 | -13 | -10 | 3 | | | | 03-06 | -32 | -20 | -23 | -27 | -28 | - 1 ...

Group 1: Report Core Information - **Report Type**: Iron Ore Morning Report [1] - **Report Date**: December 25, 2025 [1] - **Research Team**: Black Team of the Research Center [1] - **Data Source**: MYSTEEL [2] Group 2: Spot Market Information Australian Mainstream Iron Ore - Newman powder: The latest price is 788, with a daily change of 1 and a weekly change of 4; the discounted futures price is 843.3; the import profit is 14.69 [1] - PB powder: The latest price is 791, with a daily change of 1 and a weekly change of 4; the discounted futures price is 842.3; the import profit is -17.75 [1] - Macarthur powder: The latest price is 786, with a daily change of 2 and a weekly change of 6; the discounted futures price is 858.5; the import profit is 40.00 [1] - Jinbuba powder: The latest price is 744, with a daily change of 1 and a weekly change of 4; the discounted futures price is 836.6; the import profit is 35.20 [1] - Mixed powder: The latest price is 734, with a daily change of 1 and a weekly change of 5; the discounted futures price is 872.5; the import profit is 4.79 [1] - Super Special powder: The latest price is 673, with a daily change of 1 and a weekly change of -2; the discounted futures price is 893.1; the import profit is -11.80 [1] - Carajás powder: The latest price is 870, with a daily change of 0 and a weekly change of 0; the discounted futures price is 802.8; the import profit is -35.72 [1] Brazilian Mainstream Iron Ore - Brazilian mixed ore: The latest price is 827, with a daily change of 2 and a weekly change of 2; the discounted futures price is 834.1; the import profit is -3.30 [1] - Brazilian coarse ore IOC6: The latest price is 755, with a daily change of 1 and a weekly change of -2 [1] - Brazilian coarse ore SSFG: The latest price is 760, with a daily change of 1 and a weekly change of -2 [1] Other Iron Ore - Ukrainian concentrate: The latest price is 875, with a daily change of 0 and a weekly change of 10; the discounted futures price is 945.2 [1] - 61% Indian powder: The latest price is 733, with a daily change of 1 and a weekly change of 4 [1] - Karara concentrate: The latest price is 875, with a daily change of 0 and a weekly change of 10; the discounted futures price is 895.1 [1] - Roy Hill powder: The latest price is 778, with a daily change of 1 and a weekly change of 4; the discounted futures price is 856.3; the import profit is 36.19 [1] - KUMBA powder: The latest price is 850, with a daily change of 1 and a weekly change of 4; the discounted futures price is 829.5 [1] - 57% Indian powder: The latest price is 608, with a daily change of 1 and a weekly change of -2 [1] - Atlas powder: The latest price is 729, with a daily change of 1 and a weekly change of 5 [1] Domestic Iron Ore - Tangshan iron concentrate: The latest price is 976, with a daily change of 0 and a weekly change of 7; the discounted futures price is 863.0 [1] Group 3: Futures Market Information Dalian Commodity Exchange - i2601 contract: The latest price is 798.0, with a daily change of 1.5 and a weekly change of 9.5; the inter - monthly spread is -40.0, with a daily change of 4.8, a weekly change of -1.5, and a monthly change of -9.5 [1] - i2605 contract: The latest price is 779.5, with a daily change of 1.0 and a weekly change of 11.5; the inter - monthly spread is 18.5, with a daily change of 23.3, a weekly change of -1.0, and a monthly change of -11.5 [1] - i2609 contract: The latest price is 758.0, with a daily change of 1.5 and a weekly change of 12.5; the inter - monthly spread is 21.5, with a daily change of 44.8, a weekly change of -1.5, and a monthly change of -12.5 [1] Singapore Exchange - FE01 contract: The latest price is 104.37, with a daily change of -0.39 and a weekly change of 1.82; the inter - monthly spread is -3.96, with a daily change of -33.4, a weekly change of 2.1, and a monthly change of -0.9 [1] - FE05 contract: The latest price is 102.53, with a daily change of -0.28 and a weekly change of 2.05; the inter - monthly spread is 1.84, with a daily change of -36.8, a weekly change of -0.8, and a monthly change of 1.7 [1] - FE09 contract: The latest price is 100.41, with a daily change of -0.34 and a weekly change of 2.00; the inter - monthly spread is 2.12, with a daily change of -41.9, a weekly change of -1.3, and a monthly change of 1.6 [1]

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 秦皇岛5500 694.0 -7.0 -38.0 -132.0 -71.0 25省终端可用天数 22.1 -0.3 2.2 1.2 4.5 秦皇岛5000 591.0 -7.0 -40.0 -136.0 -89.0 25省终端供煤 600.1 4.5 -8.5 -40.0 -22.8 广州港5500 810.0 -5.0 -20.0 -55.0 -65.0 北方港库存 2815.0 -35.0 35.0 313.0 365.6 鄂尔多斯5500 495.0 0.0 -10.0 -100.0 -65.0 北方锚地船舶 39.0 -18.0 -22.0 -56.0 -18.0 大同5500 550.0 0.0 -10.0 -95.0 -70.0 北方港调入量 119.9 -18.2 -22.0 -66.8 -31.9 榆林6000 690.0 0.0 0.0 -42.0 -42.0 北方港吞吐量 144.8 13.8 2.1 -39.0 -5.2 榆林6200 745.0 0.0 0.0 -15.0 -15.0 CBCFI海运指数 604 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoint No relevant information provided. 3. Summary by Related Catalogs Price - The price of silicon - iron and silicon - manganese in different regions and varieties is presented, including spot prices, factory - to - futures prices, and futures prices of different contracts [2]. - The price trends of silicon - iron and silicon - manganese in different regions from 2021 to 2025 are shown through multiple price charts, such as market prices, export and import prices, basis differences, and inter - month spreads [3][6]. Supply - The supply data of silicon - iron includes the production volume of 136 Chinese silicon - iron enterprises (monthly and weekly), capacity utilization rates of enterprises in Inner Mongolia, Ningxia, and Shaanxi (monthly), and the production volume of Chinese stainless - steel crude steel (monthly) [4]. - The supply data of silicon - manganese includes the weekly production volume of Chinese silicon - manganese, procurement prices and quantities of Hebei Iron and Steel Group (monthly), and the market prices of related products like high - carbon ferromanganese and electrolytic manganese [6]. Demand - The demand - related data of silicon - iron includes the estimated and actual production volume of Chinese crude steel (monthly), the price and production volume of metal magnesium, the export volume of silicon - iron (monthly), and the procurement volume of Hebei Iron and Steel Group (monthly) [4]. - The demand - related data of silicon - manganese includes the demand volume of Chinese silicon - manganese (in ten thousand tons, Steel Union's caliber), the export volume of silicon - manganese (monthly), and the estimated production volume of Chinese crude steel (monthly) [4][7]. Inventory - The inventory data of silicon - iron includes the inventory of 60 sample enterprises in China and different regions (weekly), the number of warehouse receipts, effective forecasts, and the sum of them (daily), and the average available inventory days in different regions (monthly) [5]. - The inventory data of silicon - manganese includes the inventory of 63 sample enterprises in China (weekly, in tons), the number of warehouse receipts, effective forecasts, and the sum of them (daily), and the average available inventory days in China (monthly) [7]. Cost and Profit - For silicon - iron, the cost - related factors include electricity prices in different regions, the market price of semi - coke, the production cost in Ningxia and Inner Mongolia, and the profit includes the profit of 75 - grade silicon - iron exports, the profit of Ningxia silicon - iron in the spot and futures markets [5]. - For silicon - manganese, the cost - related factors include the prices of chemical coke and various manganese ores, and the profit includes the profit in Inner Mongolia, Guangxi, and different regions, and the profit of Guangxi and Ningxia silicon - manganese in the futures market [6][7].

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 临汾出厂价 2021 2022 2023 2024 2025 900.00 1400.00 1900.00 2400.00 2900.00 3400.00 3900.00 4400.00 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 吕梁出厂价 2021 2022 2023 2024 2025 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 焦炭日报 研究中心黑色团队 2025/12/25 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | 最新 | 日变化 | 周变化 | ...

焦煤日报 2025/12/25 研究中心黑色团队 | | 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 | 1500.00 | 0.00 | -5.00 | -145.00 | 2.74% Peak Downs | 228.00 | 0.00 | 0.00 | 14.00 | 28.00 | | 原煤口岸库提价 | 996.00 | 31.00 | 77.00 | -4.00 | 5.96% Goonyella | 229.00 | 0.00 | 0.00 | 16.00 | 29.00 | | 沙河驿蒙5# | 1340.00 | -20.00 | -20.00 | -160.00 | -8.84% 盘面05 | 1124.00 | -1.00 | 16.00 | -43.50 | -1.58% | | 安泽主焦 | 1600.00 | 0.00 | 100.00 | 20.00 | 6.6 ...

废钢早报 研究中心黑色团队 2025/12/25 华东 स्क 中部 东北 日期 华南 2025/12/185 | 2172 2030 2224 2216 2253 原点 2225 2025/12/19 2172 2252 2031 2216 2227 2025/12/22 2172 2253 2032 2216 2025/12/23 2174 2254 2032 2227 2216 2025/12/24 12 2174 2254 原品 2036 2226 原 2216 环比 0 4 -1 0 0 沙钢重三价格 (含税) 镇江鸿泰剪切料价格（不含税） ◆ 2022 ↓ 2023 ↓ 2024 ● 2025 ● 2022 ● 2023 ● 2024 ● 2025 3,600 4,200元/吨 3,900 3,300 3,600 长流程日耗 ◆ 2022 ↓ 2023 ↓ 2024 ● 2025 nd 18 16 14 12 10 8 6 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 147家钢厂废钢到货 + 2019 ↓ 2020 ↓ 2021 ↓ 2022 ↓ 2023 lt+ ...