| | | | | 大类资产早报 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 研究中心宏观团队 2025/12/24 | | | 全 球 资 产 市 场 表 现 | | | | | | | | | | 主要经济体10年期国债 | | | | | | | | | | 美国 | | 英国 | 法国 | 德国 | 意大利 | 西班牙 | 瑞士 | 希腊 | | 最新 | 4.165 | 4.508 | 3.561 | 2.861 | 3.550 | 3.286 | 0.293 | 3.444 | | 日本 | | 巴西 | 中国 | 韩国 | 澳大利亚 | 新西兰 | | | | 最新 | 2.027 | 6.174 | 1.831 | - | 4.754 | 4.456 | | | | 主要经济体2年期国债 | | | | | | | | | | 美国 | | 英国 | 德国 | 日本 | 意大利 | 中国（1Y收益 率） | 韩国 | 澳大利亚 | | 最新 | 3.533 | 3.734 | ...

| | | | | | 玻璃纯碱早报 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 研究中心能化团队 | | 2025/12/24 | | | | | | | | 玻 璃 | | | | | | | | | | | 2025/12/16 2025/12/22 2025/12/23 周度变化 日度变化 | | | | | | 2025/12/16 2025/12/22 2025/12/23 周度变化 日度变化 | | | | 沙河安全 5mm大 板 | 984.0 | 980.0 | 976.0 | -8.0 | -4.0 | FG05合约 | 1038.0 | 1031.0 | 1028.0 | -10.0 | -3.0 | | 沙河长城 5mm大板 | 976.0 | 959.0 | 959.0 | -17.0 | 0.0 | FG01合约 | 946.0 | 931.0 | 938.0 | -8.0 | 7.0 | | 沙河5mm大 板低价 ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalogs BR Main Contract (12) Information - **Price**: On 11/21 it was 10385, on 12/17 it was 11160, on 12/19 it was 11020, on 12/22 it was 11230, and on 12/23 it was 11175, with a weekly change of 15 [4] - **Holding Volume**: On 11/21 it was 68247, on 12/17 it was 105416, on 12/19 it was 101995, on 12/22 it was 103729, and on 12/23 it was 103099, with a daily change of -630 and a weekly change of -2317 [4] - **Trading Volume**: On 11/21 it was 167355, on 12/17 it was 181436, on 12/19 it was 127276, on 12/22 it was 173927, and on 12/23 it was 156564, with a daily change of -17363 and a weekly change of -24872 [4] - **Warehouse Receipt Quantity**: On 11/21 it was 12030, on 12/17 it was 19680, on 12/19 it was 20810, on 12/22 it was 20810, and on 12/23 it was 22510, with a daily change of 1700 and a weekly change of 2830 [4] - **Virtual - Physical Ratio**: On 11/21 it was 28.37, on 12/17 it was 26.78, on 12/19 it was 24.51, on 12/22 it was 24.92, and on 12/23 it was 22.90, with a daily change of -2 and a weekly change of -4 [4] - **Butadiene Rubber Basis**: On 12/17 it was -210, on 12/19 it was -170, on 12/22 it was -230, and on 12/23 it was -175, with a weekly change of 35 [4] - **Styrene - Butadiene Basis**: On 12/17 it was 140, on 12/19 it was 230, on 12/22 it was 20, and on 12/23 it was 125, with a daily change of -15 [4] - **02 - 03 Spread**: On 12/17 it was -10, on 12/19 it was -25, on 12/22 it was -15, and on 12/23 it was -15, with a daily change of 0 and a weekly change of -5 [4] - **03 - 04 Spread**: On 12/17 it was 0, on 12/19 it was -5, on 12/22 it was -10, and on 12/23 it was -15, with a daily change of -5 and a weekly change of -15 [4] - **RU - BR Spread**: On 11/21 it was 4855, on 12/17 it was 4230, on 12/19 it was 4170, on 12/22 it was 3975, and on 12/23 it was 4115, with a daily change of 140 and a weekly change of -115 [4] - **NR - BR Spread**: On 11/21 it was 1900, on 12/17 it was 1410, on 12/19 it was 1340, on 12/22 it was 1125, and on 12/23 it was 1230, with a daily change of 105 and a weekly change of -180 [4] BR Spot Price and Profit - **Shandong Market Price**: On 11/21 it was 10450, on 12/17 it was 10950, on 12/19 it was 10850, on 12/22 it was 11000, and on 12/23 it was 11000, with a daily change of 0 and a weekly change of 50 [4] - **Chuanhua Market Price**: On 11/21 it was 10350, on 12/17 it was 10950, on 12/19 it was 10800, on 12/22 it was 10900, and on 12/23 it was 10950, with a daily change of 50 and a weekly change of 0 [4] - **Qilu Factory Price**: On 11/21 it was 10700, on 12/17 it was 10900, on 12/19 it was 10900, on 12/22 it was 10900, and on 12/23 it was 10900, with a daily change of 0 and a weekly change of 0 [4] - **CFR Northeast Asia**: On 11/21 it was 1350, on 12/17 it was 1350, on 12/19 it was 1350, on 12/22 it was 1350, and on 12/23 it was 1400, with a daily change of 50 and a weekly change of 50 [4] - **CFR Southeast Asia**: On 11/21 it was 1640, on 12/17 it was 1600, on 12/19 it was 1600, on 12/22 it was 1600, and on 12/23 it was 1625, with a daily change of 25 [4] - **Spot Processing Profit**: On 11/21 it was 753, on 12/17 it was 498, on 12/22 it was 819, and on 12/23 it was 793, with a daily change of -26 [4] - **Import Profit**: On 11/21 it was -912, on 12/17 it was -297, on 12/19 it was -394, on 12/22 it was -237, and on 12/23 it was -634, with a daily change of -397 and a weekly change of -337 [4] - **Export Profit**: On 11/21 it was 1931, on 12/17 it was 1100, on 12/19 it was 1184, on 12/22 it was 1047, and on 12/23 it was 1223, with a daily change of 176 and a weekly change of 122 [4] BD Spot Price and Profit - **Shandong Market Price**: On 11/21 it was 7350, on 12/17 it was 8090, on 12/19 it was 7825, on 12/22 it was 7825, and on 12/23 it was 7850, with a weekly change of -240 [4] - **Jiangsu Market Price**: On 11/21 it was 7050, on 12/17 it was 7825, on 12/19 it was 7700, on 12/22 it was 7775, and on 12/23 it was 7625, with a daily change of -150 and a weekly change of -200 [4] - **Yangzi Factory Price**: On 11/21 it was 7200, on 12/17 it was 7800, on 12/19 it was 7800, on 12/22 it was 7800, and on 12/23 it was 7800, with a daily change of 0 and a weekly change of 0 [4] - **CFR China**: On 11/21 it was 770, on 12/17 it was 870, on 12/19 it was 870, on 12/23 it was 930, with a daily change of 5 and a weekly change of 60 [4] - **Ethylene Cracking Profit**: On 11/21 it was -72, on 12/17 it was -41, on 12/19 it was -35, on 12/22 it was -41 [4] - **Carbon - Four Extraction Profit**: On 11/21 it was 285, on 12/17 it was 1118, on 12/19 it was 1134, on 12/22 it was 1062 [4] - **BD Spread**: On 11/21 it was -1764, on 12/17 it was -1059, on 12/19 it was -1254, on 12/22 it was -1179, and on 12/23 it was -1329, with a daily change of -150 and a weekly change of -270 [4] - **Import Profit**: On 11/21 it was 708, on 12/17 it was 750, on 12/19 it was 627, on 12/22 it was 269, and on 12/23 it was 80, with a daily change of -190 and a weekly change of -671 [4] - **Export Profit**: On 11/21 it was -1302, on 12/17 it was -2027, on 12/19 it was -1286, on 12/22 it was -1355, and on 12/23 it was -1225, with a daily change of 130 and a weekly change of 803 [4] - **Styrene - Butadiene Production Profit**: On 11/21 it was 1375, on 12/17 it was 1213, on 12/19 it was 1238, on 12/22 it was 1238, and on 12/23 it was 1213, with a daily change of -25 and a weekly change of 0 [4] - **ABS Production Profit**: On 11/21 it was -301, on 12/17 it was -688 [4] - **SBS Production Profit**: On 11/21 it was -390, on 12/17 it was -425, on 12/19 it was -392, on 12/22 it was -392, and on 12/23 it was -425, with a daily change of -30 and a weekly change of 0 [4]

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core Viewpoints - This week, the high - sulfur cracking spread rebounded, the monthly spread rebounded from a low level, and the basis rebounded. European high - sulfur cracking spread fluctuated, the monthly spread weakened, and the EW continued to strengthen. The 0.5% cracking spread in Singapore weakened, the monthly spread fluctuated at a low level, and the basis fluctuated at a low level. European V low - sulfur cracking spread fluctuated at a low level [3]. - In terms of inventory, Singapore's residual fuel oil inventory decreased, high - sulfur floating storage inventory increased, ARA's residual fuel oil inventory was basically flat, Fujairah's residual fuel oil inventory decreased significantly, high - sulfur floating storage inventory decreased, and EIA's residual fuel oil inventory increased slightly [3]. - This week, the cracking spreads of gasoline and diesel in the external market continued to decline, and the price difference between low - sulfur fuel oil and diesel continued to rebound. After the fire at the Al Zour refinery on October 21, it stopped production, providing support for the external low - sulfur fuel oil market, but the short - term upward space is limited. Global residual fuel oil enters the off - season for inventory accumulation. The external cracking spread should pay attention to crude oil fluctuations and feedstock premium/discount levels. This week, the external market's inventory decreased and the monthly spread strengthened, remaining volatile in the short term. The valuation of low - sulfur fuel oil is low, but there is no driving force [4]. 3. Data Summary Rotterdam Fuel Oil Data - From December 17 to December 23, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased from 325.12 to 335.28, a change of 3.05. The price of Rotterdam 0.5% VLS FO swap M1 increased from 368.94 to 383.22, a change of 4.00 [1]. Singapore Fuel Oil Data - From December 17 to December 23, 2025, the price of Singapore 380cst M1 increased from 337.69 to 348.22, a change of 7.43. The price of Singapore VLSFO M1 increased from 404.54 to 419.72, a change of 8.13 [1]. Singapore Fuel Oil Spot Data - From December 17 to December 23, 2025, the FOB price of 380cst increased from 333.61 to 344.15, a change of 6.58. The FOB price of VLSFO increased from 404.59 to 416.98, a change of 6.25 [2]. Domestic FU Data - From December 17 to December 23, 2025, the price of FU 01 increased from 2384 to 2433, a change of 20. The price of FU 05 increased from 2444 to 2496, a change of 22. The price of FU 09 increased from 2412 to 2463, a change of 23 [2]. Domestic LU Data - From December 17 to December 23, 2025, the price of LU 01 increased from 2864 to 2976, a change of 7. The price of LU 05 increased from 2912 to 2994, a change of 20. The price of LU 09 increased from 2956 to 3026, a change of 16 [3].

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 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，我们均不承担任何责任。 油脂油料早报 研究中心农产品团队 2025/12/24 隔 夜 市 场 信 息 ： 12月11日止当周美国大豆出口销售合计净增242.47万吨，符合预期 12月11日止当周，美国当前市场年度大豆出口销售净增239.62万吨，较之前一周增加54%，较前四周均值增加69%。 市场预估为净增180-290万 ...

芳烃橡胶早报 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。 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 荷 仓单+有 效预报 TA基差 产销 2025/1 ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalogs 3.1 Spot Market - **Australian Mainstream Iron Ore**: Newman powder price is 787, down 4 daily and up 7 weekly; PB powder price is 790, down 4 daily and up 7 weekly; Mac powder price is 784, down 3 daily and up 7 weekly; Jinbuba powder price is 743, down 4 daily and up 7 weekly; Mixed powder price is 733, down 2 daily and up 8 weekly; Super special powder price is 672, down 5 daily and up 2 weekly; Roy Hill powder price is 777, down 4 daily and up 7 weekly [1] - **Brazilian Mainstream Iron Ore**: Ba Hun price is 825, down 4 daily and up 5 weekly; Ba coarse IOC6 price is 754, down 10 daily and up 1 weekly; Ba coarse SSFG price is 759, down 10 daily and up 1 weekly [1] - **Other Iron Ores**: Ukrainian concentrate powder price is 875, down 2 daily and up 10 weekly; 61% Indian powder price is 732, down 4 daily and up 7 weekly; 57% Indian powder price is 607, down 5 daily and up 2 weekly; Atlas powder price is 728, down 2 daily and up 8 weekly; KUMBA powder price is 849, down 4 daily and up 7 weekly [1] - **Domestic Iron Ore**: Tangshan iron concentrate powder price is 976, unchanged daily and up 7 weekly [1] 3.2 Futures Market - **DCE Contracts**: i2601 price is 796.5, down 1.0 daily and up 13.0 weekly; i2605 price is 778.5, down 3.0 daily and up 17.5 weekly; i2609 price is 756.5, down 4.0 daily and up 17.0 weekly [1] - **SGX Contracts**: FE01 price is 104.76, up 0.06 daily and up 3.23 weekly; FE05 price is 102.81, up 0.06 daily and up 3.33 weekly; FE09 price is 100.75, up 0.06 daily and up 3.30 weekly [1]

s 加安期货 研究中心能化团队 2025/12/24 -300 -300 沥青早报 2019 2022 2024 2020 2021 2023 2025 2019 2024 2021 2022 2023 2025 2020 BU02-03 BU03-06 100 100 80 80 60 60 40 40 20 20 0 0 7/1 8/1 4/1 5/1 6/1 3/1 5/1 6/1 7/1 4/1 -20 -20 -40 -40 -60 -60 -80 -80 r -100 -100 2019 2021 2022 2023 2024 2020 2025 2019 2020 -2021 2022 · 2024 2025 2023 BU主力合约 BU远期结构 5000 3150 4500 3100 4000 3050 3000 3500 2950 3000 MAR MA 2900 S 2500 2850 3/1 4/1 7/1 8/1 9/1 10/1 11/1 12/1 1/1 2/1 5/1 6/1 BU05 BU06 BU01 BU02 BU03 BU04 2022 -2019 -2020 -2021 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No core viewpoints are explicitly stated in the provided content. 3. Summary by Relevant Catalogs 3.1. Basis and Spreads - The Shandong basis (+80) (non-Jingbo) decreased from 2 on 11/20 to -2915 on 12/22, with a daily change of -2916 and a weekly change of -2931 [4][12]. - The East China basis (Zhenjiang warehouse) decreased from 42 on 11/20 to -2995 on 12/22, with a daily change of -2986 and a weekly change of -3081 [4][12]. - The South China basis (Foshan warehouse) decreased from 22 on 11/20 to -2995 on 12/22, with a daily change of -2886 and a weekly change of -3031 [4][12]. - The 01 - 03 spread decreased from -42 on 11/20 to -30 on 12/22, with a daily change of -3 and a weekly change of -5 [4][12]. - The 02 - 03 spread increased from -27 on 11/20 to -12 on 12/22, with a daily change of 3 and a weekly change of 10 [4][12]. - The 03 - 06 spread increased from -31 on 11/20 to -23 on 12/22, with a daily change of 7 and a weekly change of 21 [4][12]. 3.2. BU Main Contract (02) - The price of the BU main contract (02) increased from 3058 on 11/20 to 2995 on 12/22, with a daily change of 86 and a weekly change of 101 [4][12]. - The trading volume increased from 439,201 on 11/20 to 572,497 on 12/22, with a daily change of 105,545 and a weekly change of 2,082 [4][12]. - The open interest increased from 330,157 on 11/20 to 486,961 on 12/22, with a daily change of 11,963 and a weekly change of 14,856 [4][12]. - The contract value remained at 4,180 from 12/16 to 12/22, with no daily or weekly change [4][12]. 3.3. Spot Market - The price of Brent crude oil increased from 63.4 on 11/20 to 60.5 on 12/22, with a daily change of 0.6 and a weekly change of -0.1 [4][12]. - The price of Jingbo asphalt decreased from 3020 on 11/20 to 0 on 12/22, with a daily change of -2950 and a weekly change of -2950 [4][12]. - The price of Shandong (non-Jingbo) asphalt decreased from 2980 on 11/20 to 0 on 12/22, with a daily change of -2830 and a weekly change of -2830 [4][12]. - The price of Zhenjiang warehouse asphalt decreased from 3100 on 11/20 to 0 on 12/22, with a daily change of -2900 and a weekly change of -2980 [4][12]. - The price of Foshan warehouse asphalt decreased from 3080 on 11/20 to 0 on 12/22, with a daily change of -2800 and a weekly change of -2930 [4][12]. 3.4. Profit - The asphalt Marrow profit decreased from 223 on 11/20 to 425 on 12/22, with a daily change of -21 and a weekly change of 4 [4][12].

纸浆早报 研究中心能化团队 2025/12/23 SP主力合约收盘价： 5622.00 | 日期 | 2025/12/22 | 2025/12/19 | 2025/12/18 | 2025/12/17 | 2025/12/16 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5622.00 | 5506.00 | 5500.00 | 5506.00 | 5468.00 | | 折美元价 | 698.09 | 683.23 | 682.39 | 682.74 | 678.31 | | 距上一日涨跌 | 2.10679% | 0.10909% | -0.10897% | 0.69495% | -1.86648% | | 山东银星基差 | -17 | 19 | 40 | 34 | 72 | | 江浙沪银星基差 | -47 | 29 | 40 | 34 | 82 | 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 | | --- | --- | --- | --- | --- | --- | | 加拿 ...