Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The PG futures price has rebounded. The Middle East resources are tight, the premium is still rising, and the winter price is hard to fall. The official January CP price is approaching. The internal and external valuations are high, but the driving force is weak, and the internal and external trading logics are differentiated. The upward driving force of FEI is limited, and the domestic market needs to focus on the negative feedback between warehouse receipts and PDH, with high uncertainty [4] Group 3: Summary by Relevant Catalogs Market Price Data - On Tuesday, for civil LPG, the price in East China was 4377 (-11), in Shandong was 4370 (+0), and in South China was 4475 (-5). The price of etherified C4 was 4580 (+0). The lowest delivery location was Shandong, with a basis of 135 [4] - The daily changes were: basis (+51), 01 - 02 spread 147 (-7), 03 - 04 spread -194 (-1). As of 21:00, FEI was 526 (+5) and CP was 506 (+0) dollars/ton [4] - The PG futures price rebounded. The 01 basis was 162 (-187), the 01 - 02 spread was 119 (+35), and the 03 - 04 spread was -206 (+33). The number of warehouse receipts was 3368 lots (-108) [4] - The domestic civil LPG market was differentiated. The cheapest delivery product was in Shandong at 4380 (-50); in East China at 4398 (-21), and in South China at 4500 (+80) [4] Market Relationship Data - The FEI monthly spread strengthened, the CP monthly spread weakened, and the oil - gas ratio fluctuated. The internal and external relationships strengthened. PG - CP reached 99.6 (+28); PG - FEI reached 85.6 (+20); FEI - MB reached 170 (+6), and FEI - CP reached 14 (+8) [4] - The arrival premium of propane in East China was 83 (-7). The FOB premiums of propane in the Middle East and the US were 13 (-24.25), 51 (+9), and 43 dollars (-4) respectively. FEI - MOPJ was -19.25 [4] Profit and Inventory Data - The spot profit of PDH was weak, and the futures profit rebounded. The arrivals decreased by 7.64%, and the port inventory decreased by -7.89%. The commercial volume of refineries increased by +0.82%, and the refinery inventory decreased by -0.03% [4] - The PDH operating rate was 75% (+2.13 pct) [4]

Report Summary 1. Report Industry Investment Rating - No information provided in the report. 2. Core View of the Report - No explicit core view was presented in the provided content; the report mainly offers data on the synthetic rubber market. 3. Summary by Related Catalogs BR (Butadiene Rubber) - **Futures Indicators**: The closing price of the BR main contract (12) on December 24 was 11395, with a daily increase of 220 and a weekly increase of 355. The open interest was 99013, with a daily decrease of 4086 and a weekly decrease of 2363. The trading volume was 191046, with a daily increase of 34482 and a weekly increase of 63612. The warehouse receipt quantity was 23490, with a daily increase of 980 and a weekly increase of 3310. The long - short ratio was 21.08, with a daily decrease of 2 and a weekly decrease of 4 [4]. - **Price Differences**: The cash - and - carry spread was - 345, with a daily decrease of 170 and a weekly decrease of 155. The butadiene - styrene price difference was not fully clear from the data. The 02 - 03 spread was - 10, with a daily increase of 5 and a weekly increase of 0; the 03 - 04 spread was - 5, with a daily increase of 10 and a weekly increase of 20. The RU - BR spread was 4255, with a daily increase of 140 and a weekly decrease of 25; the NR - BR spread was 1220, with a daily decrease of 10 and a weekly decrease of 195 [4]. - **Spot Prices**: The Shandong market price was 11050, with a daily increase of 50 and a weekly increase of 200. The Transfar market price was 10950, with no daily change and a weekly increase of 150. The Qilu ex - factory price was 11100, with a daily increase of 200 and a weekly increase of 200. The CFR Northeast Asia price was 1400, with no daily change and a weekly increase of 50. The CFR Southeast Asia price was 1625, with no daily change [4]. - **Profit Indicators**: The spot processing profit was 767, with a daily decrease of 27 and a weekly increase of 149. The import profit was - 571, with a daily increase of 64 and a weekly decrease of 173. The export profit was 1166, with a daily decrease of 57 and a weekly decrease of 22 [4]. BD (Butadiene) - **Spot Prices**: The Shandong market price on December 24 was 7925, with a daily increase of 75 and a weekly increase of 50. The Jiangsu market price was 7700, with a daily increase of 75 and a weekly decrease of 50. The Yangzi ex - factory price was 7800, with no daily or weekly change. The CFR China price was 930, with no daily change and a weekly increase of 60 [4]. - **Profit Indicators**: The ethylene cracking profit data was incomplete. The carbon - four extraction profit data was incomplete. The butene oxidative dehydrogenation profit was - 1254, with a daily increase of 75 and a weekly decrease of 120. The import profit was 164, with a daily increase of 84 and a weekly decrease of 511. The export profit was - 945, with a daily increase of 279 and a weekly increase of 802. The styrene - butadiene production profit was 1313, with a daily increase of 100 and a weekly increase of 100. The ABS production profit data was incomplete. The SBS production profit was - 425, with no daily or weekly change [4]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Glass Summary Price and Contract Changes - From Dec 17 to Dec 24, the price of 5mm glass in Shahe Security decreased from 984.0 to 976.0, a weekly change of -8.0 and a daily change of 0.0; FG05 contract price increased from 1038.0 to 1048.0, a weekly change of 10.0 and a daily change of 20.0 [2] - The price of 5mm glass in Shahe Great Wall decreased from 976.0 to 959.0, a weekly change of -17.0 and a daily change of 0.0; FG01 contract price decreased from 944.0 to 941.0, a weekly change of -3.0 and a daily change of 3.0 [2] Profit and Basis - North China coal - fired glass profit was 73.6 on Dec 24, with a weekly change of 6.4 and a daily change of -4.7; North China coal - fired cost was 876.4, with a weekly change of -15.4 and a daily change of -4.3 [2] - 01 Hebei basis was 9.0 on Dec 24, with a weekly change of -6.0 and a daily change of -12.0; 01 Hubei basis was 49.0, with a weekly change of 3.0 and a daily change of -3.0 [2] Sales and Market Conditions - Shahe glass factory sales were weak, with traders' low - price at around 950 and average shipments; Hubei factory glass price was around 990, with weakening transactions [2] - Glass sales rates were 90 in Shahe, 72 in Hubei, 109 in East China, and 112 in South China [2] 纯碱 Summary Price and Contract Changes - From Dec 17 to Dec 24, the price of Shahe heavy soda ash remained at 1140.0, with a weekly change of 0.0 and a daily change of 0.0; SA05 contract price increased from 1170.0 to 1184.0, a weekly change of 14.0 and a daily change of 9.0 [2] - The price of Central China heavy soda ash decreased from 1130.0 to 1120.0, a weekly change of -10.0 and a daily change of -10.0; SA01 contract price decreased from 1127.0 to 1117.0, a weekly change of -10.0 and a daily change of 0.0 [2] Profit and Basis - North China ammonia - soda process profit was -230.1 on Dec 24, with a weekly change of 14.5 and a daily change of -6.2; North China combined - soda process profit was -321.2, with a weekly change of 36.0 and a daily change of -5.5 [2] - SA01 Shahe basis was 23.0 on Dec 24, with a weekly change of 10.0 and a daily change of 0.0 [2] Industry Conditions - Upstream soda ash inventory accumulated, while mid - stream inventory decreased; Yuanxing's first - phase production capacity increased to 17,000 tons per day, and the second - phase produced qualified products [2]

Report Summary 1. Report Date - The report is dated December 25, 2025, and is from the agricultural products team of the research center [1] 2. Industry Investment Rating - No investment rating information is provided in the report 3. Core Views - **Corn**: In the short - term, the spot market shows a differentiated trend with port prices falling and产区 prices rising. The supply pressure may shift later due to middle - men hoarding. In the long - term, if downstream demand weakens seasonally and hoarded grains are released, prices may fall [3] - **Starch**: In the short - term, supported by seasonal consumption, prices are expected to be stable. In the long - term, downstream consumption rhythm is the key factor for price trends [3] - **Sugar**: In the short - term, the supply pressure of raw sugar decreases, and the pricing can refer to domestic sugar cost and spot price. In the long - term, if the global sugar market surplus intensifies, the price may decline to the out - of - quota import cost [4][5] - **Cotton**: With low initial inventory offsetting most of the output increase, future demand is expected to improve next year due to expanding textile production, good profits, and favorable tariff policies, making it suitable for long - term investment [6] - **Eggs**: The存栏 has reached an inflection point but the base is still high. The speed of存栏 decline depends on the chicken culling rate. Accelerated culling will benefit egg prices in the second quarter [8] - **Apples**: The trading atmosphere in the产区 is light, and the sales in the sales area are slow. The market may show a pattern of near - term strength and long - term weakness [15] - **Pigs**: After the end of winter solstice stocking and southern curing, the slaughter pressure increases. There may be short - term supply - demand mismatches before the Spring Festival, and the long - term market improvement depends on further production and inventory reduction [15] 4. Data Summary Corn/Starch | Product | Location | Price on 2025/12/18 | Price on 2025/12/24 | Change | | --- | --- | --- | --- | --- | | Corn | Changchun | 2160 | 2160 | 0 | | | Jinzhou | 2240 | 2230 | - 10 | | | Weifang | 2250 | 2250 | 0 | | | Shekou | 2410 | 2390 | - 20 | | Starch | Heilongjiang | 2750 | 2750 | 0 | | | Weifang | 2800 | 2800 | 0 | [2] Sugar | Location | Price on 2025/12/18 | Price on 2025/12/24 | Change | | --- | --- | --- | --- | | Liuzhou | 5390 | 5420 | 30 | | Nanning | 5270 | 5340 | 70 | | Kunming | 5220 | 5240 | 20 | [4] Cotton/Cotton Yarn | Product | Index | Value on 2025/12/18 | Value on 2025/12/24 | Change | | --- | --- | --- | --- | --- | | Cotton | 3128 | 14750 | 14910 | 160 | | | Imported M - grade US cotton | 72.9 | | | | | CotlookA(FE) | 73.3 | | | | | Import profit | 2022 | | | | | Warehouse receipts + Forecast | 7568 | 8192 | 624 | | Cotton Yarn | Vietnamese yarn spot | 2.53 | 2.53 | 0 | | | Vietnamese yarn import profit | 542 | 893 | 351 | | | 32S spinning profit | - 492 | - 345 | 147 | [6] Eggs | Location | Price on 2025/12/18 | Price on 2025/12/24 | Change | | --- | --- | --- | --- | | Hebei | 3.02 | 2.89 | - 0.13 | | Liaoning | 2.96 | 2.82 | - 0.14 | | Shandong | 3.05 | 2.80 | - 0.25 | | Henan | 3.00 | 2.80 | - 0.20 | | Hubei | 3.16 | 3.18 | 0.02 | [8] Apples | Location | Price on 2025/12/18 | Price on 2025/12/24 | Change | | --- | --- | --- | --- | | Shandong 80 first and second - grade | 8900 | 8900 | 0 | | Shaanxi 70 general | 4 | 4 | 0 | [14] Pigs | Location | Price on 2025/12/18 | Price on 2025/12/24 | Change | | --- | --- | --- | --- | | Henan Kaifeng | 11.83 | 11.73 | - 0.1 | | Hubei Xiangyang | 11.70 | 11.60 | - 0.1 | | Shandong Linyi | 11.77 | 11.92 | 0.15 | | Anhui Hefei | 12.45 | 12.15 | - 0.3 | | Jiangsu Nantong | 12.40 | 12.20 | - 0.2 | [15]

Report Summary 1. Report Industry Investment Rating - No relevant information provided. 2. Core View - No clear core view presented in the given content. 3. Summary by Related Catalogs 3.1 Overnight Market Information - MPOA data shows that Malaysia's crude palm oil production from December 1 - 20, 2025, decreased by 7.44% compared to the same period last month, with a 11.66% drop in Peninsular Malaysia, 1.73% in Borneo, 2.12% in Sabah, and 0.75% in Sarawak [1]. 3.2 Production - Country Precipitation - Information about Brazil's soybean precipitation is provided, including observed and forecast precipitation compared to normal, with a total precipitation of 268 mm and a deficit of 110 mm in the 60 - day period ending December 20, 2025, and a 15 - day forecast starting December 21, 2025 [1]. 3.3 Imported Soybean Crushing Profit - Graphs show the crushing profit of Brazilian soybeans for July and August from 2016 - 2025 [1]. 3.4 Oil Import Profit - Graphs display the import profit of soybean oil, palm oil, and rapeseed oil for July and August from 2016 - 2025 [1]. 3.5 Spot Prices - Spot prices of palm oil in Guangzhou, soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, and rapeseed oil in Jiangsu from December 18 - 24, 2025, are provided [2]. 3.6 Protein Meal and Oil Basis - Graphs show the basis of soybean meal (January, May, September in Jiangsu), rapeseed meal (January, May, September in Guangdong), soybean oil (January, May, September in Zhangjiagang), palm oil (January, May, September in Guangzhou), and rapeseed oil (January, May, September in East China) for different years and time periods [3][10][12]. 3.7 Oil and Oilseed Futures Spread - Graphs present the seasonal spreads of soybean meal (1 - 5, 5 - 9, 9 - 1), rapeseed meal (1 - 5, 5 - 9, 9 - 1), soybean oil (1 - 5, 5 - 9, 9 - 1), palm oil (1 - 5, 5 - 9, 9 - 1), rapeseed oil (1 - 5, 5 - 9, 9 - 1), soybean - rapeseed meal (January, May, September), soybean - palm oil (January, May, September), and rapeseed - soybean oil (January, May, September) for different years and time periods [10].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The current valuation of 02 is high, and its future performance mainly depends on the spot market trend. In the short term, due to the improvement in the spot market, the market sentiment is positive. However, it is difficult to predict the peak height and time of the freight rate in January and the subsequent price - decline rhythm. Therefore, entry at the current level is not recommended. [2][8] - The valuation of 04 is moderately high, but in the short term, it may follow the spot market or recover the basis. Attention should be paid to shorting opportunities in the near - term continuous high. The far - month contracts are greatly affected by geopolitical factors. Shorting off - season contracts is safer than shorting peak - season contracts. Overall, a positive spread strategy should be adopted, and attention should be paid to shorting opportunities in the 10 contract. [2][8] Group 3: Summary by Related Catalog Futures Contract Data - EC2512: Yesterday's closing price was 1606.0, down 1.53% or 16.8, with a trading volume of 281 and an open interest of 1890, a decrease of 11 in open interest. [2][8] - EC2602: Down 3.48%, trading volume of 35004, closing price of 1806.6, down 217.4, open interest of 41660, down 0.75%. [2][8] - EC2604: Trading volume of 7754, open interest of 20867, closing price of 1158.0, up 431.2. [2][8] - EC2606: Up 0.89%, closing price of 1331.7, up 257.5, open interest of 372, trading volume of 2187. [2][8] - EC2608: Trading volume of 141, open interest of 1199, closing price of 1480.0, up 109.2. [2][8] - EC2610: Down 0.85%, closing price of 1052.0, up 537.2. [2][8] Month - to - Month Spread Data - EC2512 - 2504: The spread was 448.0, with a daily decline of 16.2 and a weekly decline of 52.1. [2][8] - EC2512 - 2602: The spread was - 200.6, with a daily decline of 40.2 and a weekly decline of 104.4. [2][8] - EC2502 - 2604: The spread was 648.6, with a previous value of 705.0 and a previous - two - period value of 591.0. [2][8] Index Data - SCEIS: Up 5.21%, updated every Monday. The current value is 1589.20, the previous value was 1510.56, and the previous - two - period value was 1509.10, announced on 2025/12/22. [2][8] - SCFI (European line): Up 9.86%, updated every Friday. The current value is 1400 dollars/TEU, the previous value was 1533, and the previous - two - period value was 1538, announced on 2025/12/19. [2][8] - CCFI (European line): Up 1.59%, the current value is 1473.9 points, the previous value was 1470.55, and the previous - two - period value was 1447.56, announced on 2025/12/19. [2][8] - NCFI: Up 9.98%, the current value is 1067.29 points, the previous value was 1064.13, and the previous - two - period value was 967.55, announced on 2025/12/19. [2][8] European Line Spot Market Situation - Week 52: MSK opened bookings at $2300 (a decrease of $100 compared to the previous week). Other companies mainly continued to use the rates of Week 51. The central price was $2500, equivalent to about 1750 points on the futures market. All shipping companies announced price increases for January bookings. [2][8] - Week 1: MSK opened bookings at $2500 (an increase of $200 compared to the previous week), waiting for other shipping companies to open bookings. [2][8] - Week 2: MSK mainly maintained the same price, quoting $2500 (high - cube containers at $2600). [2][8] Related News - On 12/23, the Suez Canal Authority: The Jacques Saadé and Adonis of CMA CGM passed through the canal on Tuesday. One was a return vessel with a previous statement, and the other was on a regular route with a precedent. [2][8]

Report Information - Report Title: Asphalt Morning Report [2][10] - Research Team: Research Center Energy and Chemicals Team [3][11] - Report Date: December 24, 2025 [3][11] Key Points by Category 1. Basis and Calendar Spread - **Basis**: The Shandong basis (+80) (non-Jingbo) was -2897 on 12/23, with a daily change of 18; the East China basis (Zhenjiang warehouse) was -2977, also with a daily change of 18; the South China basis (Foshan warehouse) was -2977, with a daily change of 18 [4][12]. - **Calendar Spread**: The 01 - 03 spread was -26 on 12/23, with a daily change of 4 and a weekly change of -9; the 02 - 03 spread was -13, with a daily change of -1 and a weekly change of -11; the 03 - 06 spread was -27, with a daily change of -4 and a weekly change of -17 [4][12]. 2. Futures Contract - **BU Main Contract (02)**: The price was 2977 on 12/23, with a daily change of -18 and a weekly change of -35 [4][12]. - **Trading Volume**: It was 362,421 on 12/23, with a daily change of -210,076 and a weekly change of -439,276 [4][12]. - **Open Interest**: It was 481,679 on 12/23, with a daily change of -5,282 and a weekly change of 8,006 [4][12]. 3. Spot Market - **Brent Crude Oil**: The price was 62.1 on 12/23, with a daily change of 1.6 and a weekly change of 3.2 [4][12]. - **Asphalt Spot Prices**: The Jingbo price was 2,950 on 12/19 (no data after that); the Shandong (non-Jingbo) price was 2,830 on 12/19 (no data after that); the Zhenjiang warehouse price was 2,900 on 12/19 (no data after that); the Foshan warehouse price was 2,800 on 12/19 (no data after that) [4][12]. 4. Profit - **Asphalt - Marrow Profit**: It was 351 on 12/23, with a daily change of -74 and a weekly change of -135 [4][12].

1. Report Information - Report Name: Coking Coal Daily [1] - Date: December 24, 2025 [1] - Research Team: Black Team of the Research Center [1] 2. Price Information Spot Prices - **LiuLin Main Coking Coal**: The latest price is 1,500.00, with no daily change, a weekly decrease of 5.00, a monthly decrease of 145.00, and an annual increase of 3.45% [2] - **Raw Coal Port Delivery Price**: The latest price is 965.00, with a daily decrease of 5.00, a weekly decrease of 5.00, a monthly decrease of 43.00, and an annual increase of 1.58% [2] - **ShaHeYi Meng 5**: The latest price is 1,360.00, with no daily change, no weekly change, a monthly decrease of 150.00, and an annual decrease of 8.11% [2] - **AnZe Main Coking Coal**: The latest price is 1,600.00, with no daily change, a weekly increase of 100.00, a monthly increase of 20.00, and an annual increase of 3.90% [2] International Spot Prices - **Peak Downs**: The latest price is 228.00, with no daily change, a weekly increase of 2.00, a monthly increase of 14.00, and an annual increase of 27.00 [2] - **Goonyella**: The latest price is 229.00, with no daily change, a weekly increase of 2.00, a monthly increase of 16.00, and an annual increase of 28.00 [2] Futures Prices - **Futures 05**: The latest price is 1,125.00, with a daily increase of 20.50, a weekly increase of 63.00, a monthly decrease of 63.50, and an annual decrease of 2.93% [2] - **Futures 09**: The latest price is 1,199.50, with a daily increase of 14.50, a weekly increase of 64.00, a monthly decrease of 54.00, and an annual decrease of 2.04% [2] - **Futures 01**: The latest price is 1,034.50, with a daily increase of 30.50, a weekly increase of 64.00, a monthly decrease of 62.50, and an annual decrease of 4.39% [2] 3. Inventory Information - **Total Inventory**: The latest inventory is 3,934.10, with a weekly increase of 28.66, a monthly increase of 297.27, and an annual decrease of 16.27% [2] - **Coal Mine Inventory**: The latest inventory is 272.77, with a weekly increase of 17.46, a monthly increase of 86.85, and an annual decrease of 19.17% [2] - **Port Inventory**: The latest inventory is 307.50, with a weekly increase of 11.00, a monthly increase of 9.00, and an annual decrease of 31.50% [2] - **Steel Mill Coking Coal Inventory**: The latest inventory is 794.65, with a weekly decrease of 3.62, a monthly increase of 4.48, and an annual increase of 5.11% [2] - **Coking Plant Coking Coal Inventory**: The latest inventory is 1,037.30, with a weekly increase of 28.10, a monthly decrease of 31.67, and an annual decrease of 0.23% [2] - **Coking Plant Coke Inventory**: The latest inventory is 85.73, with a weekly decrease of 0.22, a monthly increase of 0.50, and an annual decrease of 0.89% [2] 4. Production and Utilization Information - **Coking Capacity Utilization Rate**: The latest utilization rate is 72.05, with a weekly decrease of 1.11, a monthly increase of 0.34, and an annual decrease of 1.33% [2] 5. Basis and Spread Information Basis - **05 Basis**: The latest basis is -98.79, with a daily decrease of 20.50, a weekly decrease of 40.01, a monthly decrease of 137.65, and an annual decrease of 80.94 [2] - **09 Basis**: The latest basis is -173.29, with a daily decrease of 14.50, a weekly decrease of 41.01, a monthly decrease of 147.15, and an annual increase of 1.08 [2] - **01 Basis**: The latest basis is -8.29, with a daily decrease of 30.50, a weekly decrease of 41.01, a monthly decrease of 138.65, and an annual decrease of 1.14 [2] Spread - **5 - 9 Spread**: The latest spread is -74.50, with a daily increase of 6.00, a weekly decrease of 1.00, a monthly decrease of 9.50, and an annual increase of 0.14 [2] - **9 - 1 Spread**: The latest spread is 165.00, with a daily decrease of 16.00, no weekly change, a monthly increase of 8.50, and an annual increase of 0.16 [2] - **1 - 5 Spread**: The latest spread is -90.50, with a daily increase of 10.00, a weekly increase of 1.00, a monthly increase of 1.00, and an annual increase of 0.18 [2]

Report Overview - The report is a daily report on coke, released on December 24, 2025, by the black team of the research center [1] Key Data Coke Prices - The latest price of Shanxi quasi - first wet quenching coke is 1485.59, with no daily change, a weekly decrease of 54.61, a monthly decrease of 163.84, and a year - on - year decrease of 13.49% [2] - The latest price of Hebei quasi - first dry quenching coke is 1735.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 165.00, and a year - on - year increase of 4.52% [2] - The latest price of Shandong quasi - first dry quenching coke is 1660.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 165.00, and a year - on - year decrease of 12.63% [2] - The latest price of Jiangsu quasi - first dry quenching coke is 1700.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 165.00, and a year - on - year decrease of 12.37% [2] - The latest price of Inner Mongolia second - grade coke is 1180.00, with no daily change, a weekly decrease of 50.00, a monthly decrease of 150.00, and a year - on - year decrease of 15.71% [2] Production and Utilization - The blast furnace开工率 (not translated as the term might be specific to the industry and needs context) is 84.93, with a weekly decrease of 0.99, a monthly decrease of 3.65, and a year - on - year decrease of 2.69% [2] - The daily average iron water output is 226.55, with a weekly decrease of 2.65, a monthly decrease of 9.73, and a year - on - year decrease of 1.25% [2] - The coking capacity utilization rate is 71.92, with a weekly decrease of 0.72, a monthly increase of 0.82, and a year - on - year decrease of 2.18% [2] - The daily average coke output is 51.30, with a weekly decrease of 0.30, a monthly decrease of 1.59, and a year - on - year decrease of 3.21% [2] Inventory - The coking plant inventory is 51.90, with a weekly increase of 1.79, a monthly increase of 8.46, and a year - on - year increase of 10.19% [2] - The port inventory is 175.65, with a weekly decrease of 5.55, a monthly decrease of 17.35, and a year - on - year increase of 5.08% [2] - The steel mill inventory is 633.73, with a weekly decrease of 1.55, a monthly increase of 11.39, and a year - on - year increase of 0.34% [2] - The steel mill inventory days are 11.72, with a weekly increase of 0.06, a monthly increase of 0.67, and a year - on - year decrease of 6.24% [2] Futures Data - The latest price of the 05 futures contract is 1742.5, with a daily increase of 6.00, a weekly increase of 78.50, a monthly decrease of 36.00, and a year - on - year decrease of 4.18% [2] - The latest price of the 09 futures contract is 1818.5, with a daily increase of 8.50, a weekly increase of 81.50, a monthly decrease of 26.00, and a year - on - year decrease of 2.60% [2] - The latest price of the 01 futures contract is 1606, with a daily increase of 9.50, a weekly increase of 84.50, a monthly decrease of 21.00, and a year - on - year decrease of 9.72% [2] - The 05 basis is 32.32, with a daily decrease of 6.00, a weekly decrease of 137.22, a monthly decrease of 154.15, and a year - on - year decrease of 171.97 [2] - The 09 basis is - 43.68, with a daily decrease of 8.50, a weekly decrease of 140.22, a monthly decrease of 164.15, and a year - on - year decrease of 199.47 [2] - The 01 basis is 168.82, with a daily decrease of 9.50, a weekly decrease of 143.22, a monthly decrease of 169.15, and a year - on - year decrease of 74.97 [2] - The 5 - 9 spread is - 136.50, with a daily increase of 3.50, a weekly increase of 6.00, a monthly increase of 15.00, and a year - on - year decrease of 97.00 [2] - The 9 - 1 spread is - 76.00, with a daily decrease of 2.50, a weekly decrease of 3.00, a monthly decrease of 10.00, and a year - on - year decrease of 27.50 [2] - The 1 - 5 spread is 212.50, with a daily decrease of 1.00, a weekly decrease of 3.00, a monthly decrease of 5.00, and a year - on - year increase of 124.50 [2]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - The current valuation of the 02 contract is high, and future performance depends on spot market trends. Although the short - term sentiment is positive due to spot market improvement, it's difficult to predict the peak height and time of freight rates in January and subsequent price decline rhythms. It's not recommended to enter the market at the current level [3]. - The valuation of the 04 contract is moderately high, but it may follow the spot market or recover the basis in the short term. Pay attention to short - selling opportunities on rallies in the near term [3]. - Far - month contracts are greatly affected by geopolitical factors. It's safer to short off - season contracts than peak - season contracts. Adopt a positive spread trading strategy overall and focus on short - selling opportunities in the 10 contract [3]. Group 3: Summary by Related Catalogs Futures Market - **Contract Prices and Changes**: On December 24, 2025, the closing prices of EC2512, EC2602, EC2604, EC2606, EC2608, and EC2610 were 1606.0, 1806.6, 1158.0, 1331.7, 1480.0, and 1052.0 respectively, with daily changes of - 1.53%, - 3.48%, - 0.71 - 5% (might be a typo, assumed - 0.71%), 0.89%, - 0.42%, and - 0.85% [2]. - **Volume and Open Interest**: The trading volumes of EC2512, EC2602, EC2604, EC2606, EC2608, and EC2610 were 281, 41660, 7754, 372, 141, and 796 respectively. The open interests were 1890, 35004, 20867, 2187, 1199, and 5603 respectively, with changes of - 66, - 1506, 396, 3, 2, and 202 [2]. - **Month - to - Month Spreads**: For example, the EC2512 - 2504 spread was 448.0, with a daily change of - 16.2 and a weekly change of - 52.1; the EC2512 - 2602 spread was - 200.6, with a daily change of 40.2 and a weekly change of - 104.4 [2]. Spot Market - **SCFIS**: Updated weekly on Mondays, the index on December 22, 2025, was 1589.20, up 5.21% from the previous period and 0.10% from the period before that [2]. - **SCFI (Euro - Line)**: Updated on Fridays, the price on December 19, 2025, was 1533 dollars/TEU, down 0.33% from the previous period and up 9.86% from the period before that [2]. - **CCFI (Euro - Line)**: Updated on Fridays, the index on December 19, 2025, was 1473.9, up 0.23% from the previous period and 1.59% from the period before that [2]. - **NCFI (Euro - Line)**: Updated weekly, the index on December 19, 2025, was 1067.29, up 0.30% from the previous period and 9.98% from the period before that [2]. Euro - Line Spot Situation - **Week 52**: MSK opened 2300 cabins (a decrease of 100 compared to the previous week), and other companies mainly followed Week 51. The central price was 2500 US dollars, equivalent to about 1750 points on the futures market. All shipping companies announced price increases for January cabins [4]. - **Week 1**: MSK opened cabins at 2500 US dollars (an increase of 200 compared to the previous week), and waiting for other shipping companies to open cabins [4]. - **Week 2**: MSK's prices were mainly flat, with a price of 2500 US dollars (2600 for high - cube containers) [4]. Related News - On December 23, the Suez Canal Authority reported that the French CMA CGM Jacques Saadé and Adonis passed through the canal. One was a return ship and the other was on a specific route with precedent [5].