1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - This week, the high - sulfur crack spread rebounded, the monthly spread rebounded from a low level, and the basis rebounded. The European high - sulfur crack spread fluctuated, the monthly spread weakened, and the EW continued to strengthen. The 0.5% crack spread in Singapore weakened, the monthly spread fluctuated at a low level, and the basis fluctuated at a low level. The European V low - sulfur crack spread fluctuated at a low level [3]. - In terms of inventory, Singapore's residual oil inventory decreased, high - sulfur floating storage inventory increased, ARA's residual oil inventory remained basically flat, Fujairah's residual oil inventory decreased significantly, high - sulfur floating storage inventory decreased, and EIA's residual oil inventory increased slightly [3]. - This week, the crack 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 Al Zour refinery shut down due to a fire on October 21, the external low - sulfur fuel oil market faced support, but the short - term upward space was limited [4]. - The global residual oil market entered the off - season for inventory accumulation. The external crack spreads should pay attention to crude oil price fluctuations and feedstock premium/discount levels. This week, the external market's inventory decreased and the monthly spread strengthened, and it remained volatile in the short term. The valuation of low - sulfur fuel oil was low, but there was no driving force [4]. 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From December 16 to December 22, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased from 316.99 to 333.50, a change of 9.59; the price of Rotterdam 0.5% VLS FO swap M1 increased from 364.37 to 380.56, a change of 10.10; the Rotterdam HSFO - Brent M1 changed from - 8.87 to - 8.94, a change of - 0.08; the Rotterdam 10ppm Gasoil swap M1 increased from 588.11 to 601.54, a change of 13.47; the Rotterdam VLSFO - Gasoil M1 changed from - 223.74 to - 220.98, a change of - 3.37; the LGO - Brent M1 increased from 22.32 to 21.09, a change of 0.32; the Rotterdam VLSFO - HSFO M1 increased from 47.38 to 47.06, a change of 0.51 [1]. Singapore Fuel Oil Swap Data - From December 16 to December 22, 2025, the price of Singapore 380cst M1 increased from 332.73 to 347.26, a change of 11.57; the price of Singapore 180cst M1 increased from 341.31 to 353.38, a change of 10.69; the price of Singapore VLSFO M1 increased from 406.98 to 417.31, a change of 12.58; the price of Singapore Gasoil M1 increased from 79.66 to 80.10, a change of 1.47; the Singapore 380cst - Brent M1 changed from - 7.27 to - 6.81, a change of - 0.24; the Singapore VLSFO - Gasoil M1 changed from - 182.50 to - 175.43, a change of 1.70 [1][7]. Singapore Fuel Oil Spot Data - From December 16 to December 22, 2025, the FOB 380cst price increased from 328.39 to 337.57, a change of 5.22; the FOB VLSFO price increased from 407.01 to 410.73, a change of 7.32; the 380 basis changed from - 4.05 to - 2.80, a change of 0.15; the high - sulfur internal - external price difference increased from 2.3 to 5.0, a change of 2.1; the low - sulfur internal - external price difference increased from 3.7 to 8.6, a change of 2.1 [2]. Domestic FU Data - From December 16 to December 22, 2025, the price of FU 01 increased from 2368 to 2413, a change of 57; the price of FU 05 increased from 2431 to 2474, a change of 59; the price of FU 09 increased from 2400 to 2440, a change of 58; the FU 01 - 05 changed from - 63 to - 61, a change of - 2; the FU 05 - 09 changed from 31 to 34, a change of 1; the FU 09 - 01 changed from 32 to 27, a change of 1 [2]. Domestic LU Data - From December 16 to December 22, 2025, the price of LU 01 increased from 2900 to 2969, a change of 83; the price of LU 05 increased from 2934 to 2974, a change of 62; the price of LU 09 increased from 2977 to 3010, a change of 58; the LU 01 - 05 changed from - 34 to - 5; the LU 05 - 09 changed from - 43 to - 36, a change of 4; the LU 09 - 01 changed from 77 to 41, a change of - 25 [3].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The report presents comprehensive information on the overnight market of oilseeds and oils, including the export inspection, sales, and shipment data of US soybeans and soybean products, the production and export data of Brazilian soybeans, and the import data of various oils and oilseeds in China, as well as the price and basis data of related products [1]. 3. Summary by Relevant Catalogs Overnight Market Information - **US Soybean Export Inspection**: As of the week ending December 18, 2025, the US soybean export inspection volume was 870,199 tons, meeting expectations. The export inspection volume to the Chinese mainland was 386,010 tons, accounting for 44.36% of the total. So far in this crop year, the cumulative US soybean export inspection volume is 14,586,856 tons, compared with 27,027,931 tons in the same period of the previous year [1]. - **US Soybean Export Sales**: As of the week ending December 4, 2025, the net increase in US soybean export sales in the current market year was 1.5521 million tons, a 40% increase from the previous week and a 34% increase from the average of the previous four weeks, meeting market expectations. The net increase in export sales to the Chinese mainland was 1.011 million tons. The soybean export shipment volume was 1.0711 million tons, a 33% increase from the previous week and a 6% increase from the average of the previous four weeks [1]. - **US Soybean and Product Export Sales Forecast**: Analysts expect that as of the week ending December 11, 2025, the net increase in US soybean export sales will be 1.8 - 2.9 million tons, the net increase in US soybean meal export sales will be 275,000 - 550,000 tons, and the net increase in US soybean oil export sales will be 50,000 - 240,000 tons [1]. - **Brazilian Soybean Production and Export**: AgRural raised its forecast for Brazil's 2025/26 soybean production to 180.4 million tons, up from the previous forecast of 178.5 million tons in November. Brazil exported 2,442,367.61 tons of soybeans in the first three weeks of December, with an average daily export volume of 162,824.51 tons, a 70% increase from the average daily export volume in December of the previous year [1]. - **China's Import Data**: In November 2025, China's palm oil imports were 334,052.37 tons, a 52.25% month - on - month increase and a 97.79% year - on - year increase. China's rapeseed imports were 1,998.30 tons, a 99.72% year - on - year decrease. China's rapeseed meal imports were 214,741.88 tons, a 2.44% month - on - month decrease and a 132.96% year - on - year increase. China's rapeseed oil imports were 165,541.10 tons, a 17.65% month - on - month increase and a 16.80% year - on - year decrease [1]. - **Malaysian Palm Oil Data**: According to SGS, Malaysia's palm oil product exports from December 1 - 20, 2025, were 676,674 tons, a 43.60% increase from the same period of the previous month. According to AmSpec, the exports were 821,442 tons, a 0.87% decrease from the same period of the previous month. The palm oil production from December 1 - 20, 2025, in Malaysia decreased by 7.15% month - on - month [1]. Spot Price The report provides the spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from December 16 - 22, 2025 [3].

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。 台H 研究中心能化团队 2025/12/23 -P G 内院CFR华 CP预测合 山东烷基 纸面进口利润 日期 华南液化气 华东液化 山东液化气 丙烷CIF日本 山东醚后碳四 主力基差 目尖 化油 南 2025/12/16 4460 4440 520 4408 285 203 4570 7130 -276 240 2025/12/17 4410 523 7110 4490 4398 586 504 4600 -254 282 2025/12/18 4500 4398 4380 203 500 4610 7130 576 -165 389 2025/12/19 4398 4500 4380 573 504 497 4610 7150 -142 399 2025/12/22 4480 4388 4370 536 4580 7150 355 l I l ll B 32 日度变化 -20 -10 -10 -30 0 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - The current valuation of the 02 contract is high, and future performance depends on spot cargo trends. Short - term sentiment is positive due to spot improvement, but it's difficult to predict the peak height and time of January freight rates and subsequent price - drop rhythms. It's not recommended to enter the market at the current level [3]. - The valuation of the 04 contract is moderately high. It may follow the spot market or recover the basis in the short term. Attention should be paid to short - selling opportunities [3]. - Far - month contracts are greatly affected by geopolitical factors. Short - selling off - season contracts is safer than short - or long - selling peak - season contracts. An overall positive spread strategy should be adopted, and attention should be paid to short - selling opportunities for the 10 contract [3]. 3. Detailed Summaries Futures Contracts - **Contract Prices and Changes**: EC2512 closed at 1631.0 with a 0.06% increase; EC2602 at 1871.8 with an 8.84% increase; EC2604 at 1166.8 with a 3.37% increase; EC2606 at 1320.0 with a 2.46% increase; EC2608 at 1486.2 with a 2.27% increase; EC2610 at 1061.0 with a 1.02% increase. The trading volumes were 100, 52704, 11708, 587, 256, and 1449 respectively, and the open interests were 1956, 36510, 20471, 2184, 1197, and 5401 respectively, with changes of - 27, 5003, 1634, - 36, - 91, and 466 [2]. - **Month - to - Month Spreads**: For example, EC2512 - 2504 was 464.2, with a day - on - day change of - 37.1 and a week - on - week change of - 79.8; EC2512 - 2602 was - 240.8, with a day - on - day change of - 151.1 and a week - on - week change of - 213.0; EC2502 - 2604 was 705.0, with a day - on - day change of 114.0 and a week - on - week change of 133.2 [2]. Spot Market - **Spot Indexes**: The TEU index updated on 2025/12/22 was 1589.20, up 5.21% from the previous period. SCF on 2025/12/19 was 1533 dollars/TEU, down 0.3% from the previous period. CCFI on 2025/12/19 was 1473.9 points, up 0.23% from the previous period. NCFI on 2025/12/19 was 1067.29 points, up 0.30% from the previous period [2]. - **European Line Spot Situation**: In Week 52, MSK's opening price was 2300 dollars (down 100 dollars from the previous week), and other companies mainly followed Week 51 prices. The central price was 2500 dollars, equivalent to about 1750 points on the futures. All shipping companies are raising prices for January cabins. In Week 1, MSK's opening price was 2500 dollars (up 200 dollars from the previous week), and the prices of other shipping companies are yet to be announced [4]. News and Geopolitical Factors - The US plans to hold a Gaza reconstruction conference to promote a new round of cease - fire. The meeting may be held as early as next month, and Washington is a potential venue. Egypt and other locations are also being considered. The meeting is likely to be held after the "Peace Committee" is established [4]. - The Turkish Foreign Minister expects the second phase of the Gaza cease - fire agreement to start early in the new year [4].

玻璃纯碱早报 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 华北重碱 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (500) 0 500 1,000 1,500 2,000 华北氨碱法利润 2020 2021 2022 2023 2024 2025 (1,000) (500) 0 500 1,000 1,500 2,000 2,500 华北联碱法利润 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 华北轻碱 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 6 0 6 5 7 0 7 5 8 0 8 5 9 0 9 5 100 39083 39096 39109 39122 39135 39148 39161 39174 39187 39200 39213 39226 39239 39252 39265 392 ...

s 加安期货 沥青早报 周度变化 -2931 -3081 -3031 -5 10 21 101 2082 14856 0 -0.1 -2950 -2830 -2980 -2930 4 2025 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 7/1 4/1 6/1 -20 -20 -40 -40 -60 -60 -80 -80 r -100 -100 2019 2021 2022 2023 2024 2020 2025 2019 2020 -2021 2022 2023 - 2024 2025 BU主力合约 BU远期结构 5000 3150 4500 3100 3050 4000 3000 2950 3500 2900 3000 2850 MAR MA 2800 W 2500 2750 3/1 4/1 7/1 8/1 9/1 10/1 11/1 12/1 1/1 ...

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Report Summary 1) Report Industry Investment Rating - No industry investment rating information is provided in the reports. 2) Core View - The reports mainly focus on the cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking of non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on December 23, 2025, presenting relevant prices, ratios, spreads, and profit data [1][4][5]. 3) Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On December 23, 2025, the domestic spot price was 93,770, LME spot price was 11,976, and the spot ratio was 7.73. The three - month domestic price was 94,370, LME price was 11,969, and the ratio was 7.87. The equilibrium ratio for spot import was 8.00, with a profit of - 1754.65, and the profit for spot export was 1058.03 [1]. - **Zinc**: The domestic spot price was 23,130, LME spot price was 3059, and the spot ratio was 7.56. The three - month domestic price was 23,155, LME price was 3092, and the ratio was 5.47. The equilibrium ratio for spot import was 8.42, with a profit of - 2628.45 [1]. - **Aluminum**: The domestic spot price was 21,940, LME spot price was 2919, and the spot ratio was 7.51. The three - month domestic price was 22,270, LME price was 2960, and the ratio was 7.49. The equilibrium ratio for spot import was 8.35, with a profit of - 2459.99 [1]. - **Nickel**: The domestic spot price was 120,850, LME spot price was 15,051, and the spot ratio was 8.03. The equilibrium ratio for spot import was 8.09, with a profit of - 557.70 [1]. - **Lead**: The domestic spot price was 16,800, LME spot price was 1932, and the spot ratio was 8.71. The three - month domestic price was 16,920, LME price was 1979, and the ratio was 11.66. The equilibrium ratio for spot import was 8.67, with a profit of 85.37 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were 1320, 1370, 1430, and 1480 respectively, while the theoretical spreads were 567, 1032, 1506, and 1980 respectively [4]. - **Zinc**: The spreads were 50, 90, 110, and 110 respectively, and the theoretical spreads were 218, 343, 467, and 591 respectively [4]. - **Aluminum**: The spreads were 100, 150, 180, and 205 respectively, and the theoretical spreads were 222, 344, 467, and 589 respectively [4]. - **Lead**: The spreads were 70, 70, 90, and 140 respectively, and the theoretical spreads were 209, 315, 420, and 525 respectively [4]. - **Nickel**: The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were 4520, 4620, 4920, and 5190 respectively [4]. - **Tin**: The 5 - 1 spread was 1400, and the theoretical spread was 6999 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were - 665 and 655 respectively, and the theoretical spreads were 355 and 1065 respectively [4]. - **Zinc**: The spreads were - 65 and - 15 respectively, and the theoretical spreads were 166 and 301 respectively [4]. - **Lead**: The spreads were 50 and 120 respectively, and the theoretical spreads were 166 and 278 respectively [5]. Cross - Variety Arbitrage Tracking - On December 23, 2025, the cross - variety ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous contracts) were 4.08, 4.24, 5.58, 0.96, 1.32, and 0.73 respectively, and in London (three - continuous contracts) were 3.87, 4.05, 6.05, 0.95, 1.49, and 0.64 respectively [5].

| 玉米/淀粉 | | | | 玉米 | | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 | 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/12/16 | 2160 | 2240 | 2230 | 2420 | 20 | 30 | 252 | 2750 | 2800 | 203 | -21 | | 2025/12/17 | 2160 | 2230 | 2250 | 2410 | 24 | 30 | 251 | 2750 | 2800 | 193 | -14 | | 2025/12/18 | 2160 | 2240 | 2250 | 2410 | 50 | 20 | 243 | 2750 | 2800 | 206 | -14 | | 2025/12/19 | 2160 | 2240 | 2250 | 2410 | 48 | 20 | 228 | 2750 | 2800 | 203 ...

废钢早报 研究中心黑色团队 2025/12/23 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2025/12/16 | 2169 | 2252 | 2034 | 2221 | 2215 | 2085 | | 2025/12/17 | 2169 | 2250 | 2034 | 2222 | 2215 | 2085 | | 2025/12/18 | 2172 | 2253 | 2030 | 2224 | 2216 | 2087 | | 2025/12/19 | 2172 | 2252 | 2031 | 2225 | 2216 | 2090 | | 2025/12/22 | 2172 | 2253 | 2032 | 2227 | 2216 | 2090 | | 环比 | 0 | 1 | 1 | 2 | 0 | 0 | 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 ...