Group 1: Price Performance - London Gold's latest price is 4337.60 with a change of 4.25 [1] - London Silver's latest price is 65.79 with a change of - 0.51 [1] - London Platinum's latest price is 1924.00 with a change of 18.00 [1] - London Palladium's latest price is 1711.00 with a change of 68.00 [1] - WTI Crude's latest price is 56.52 with a change of 0.37 [1] - LME Copper's latest price is 11809.50 with a change of 95.00 [1] - US Dollar Index's latest value is 98.71 with a change of 0.27 [1] - Euro - US Dollar's latest value is 1.17 with a change of - 0.00 [1] - British Pound - US Dollar's latest value is 1.34 with a change of - 0.00 [1] - US Dollar - Japanese Yen's latest value is 157.73 with a change of 2.17 [1] - US 10 - year TIPS's latest value is 1.92 with a change of 0.04 [1] Group 2: Trading Data - COMEX Silver's latest inventory is 14112.48 with a change of 17.12 [2] - SHFE Silver's latest inventory is 899.64 with a change of - 12.52 [2] - Gold ETF's latest holding is 1052.54 with a change of 0.00 [2] - Silver ETF's latest holding is 16066.24 with a change of 47.95 [2] - SGE Silver's latest deferred fee payment direction is 2, and SGE Gold's is 1, with no change [2]

1. Report Industry Investment Rating - No relevant information found. 2. Core Viewpoints of the Report - The report presents the performance of global asset markets, including the latest yields of 10 - year and 2 - year government bonds in major economies, exchange rates of the US dollar against major emerging - economy currencies, and the latest values of major economies' stock indices and credit bond indices. It also provides stock index futures trading data such as closing prices, price changes, valuations, risk premiums, and fund flows. Additionally, it includes trading data for treasury bond futures, money market interest rates, and trading volume and price changes of the stock market [3][4][5]. 3. Summary by Related Catalogs Global Asset Market Performance - **Government Bond Yields**: The latest 10 - year government bond yields are 4.148% in the US, 4.523% in the UK, 3.611% in France, etc.; 2 - year government bond yields are 3.484% in the US, 3.746% in the UK, etc. [3] - **Exchange Rates**: The US dollar to Brazilian real exchange rate is 5.543, to South African rand is 16.776, etc. The on - shore RMB exchange rate is 7.041, the off - shore RMB is 7.034, etc. [3] - **Stock Indices**: The latest values of major stock indices are 6834.500 for the S&P 500, 48134.890 for the Dow Jones Industrial Index, etc. [3] - **Credit Bond Indices**: The latest values of credit bond indices are 3534.890 for the US investment - grade credit bond index, 265.100 for the euro - zone investment - grade credit bond index, etc. [3] Stock Index Futures Trading Data - **Index Performance**: The closing prices of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 are 3890.45, 4568.18, 3004.34, 3122.24, and 7169.55 respectively, with price changes of 0.36%, 0.34%, 0.19%, 0.49%, and 0.97% respectively. [4] - **Valuation**: The PE(TTM) of the CSI 300, SSE 50, CSI 500, S&P 500, and German DAX are 13.97, 11.70, 32.58, 27.30, and 18.80 respectively, with环比 changes of 0.01, - 0.02, 0.29, 0.24, and 0.07 respectively. [4] - **Risk Premium**: The risk premium (1/PE - 10 - year interest rate) of the S&P 500 is - 0.49 with a环比 change of - 0.06, and that of the German DAX is 2.43 with a环比 change of - 0.06. [4] - **Fund Flows**: The latest fund flow values for A - shares, the main board, small - and medium - sized enterprise board, ChiNext, and CSI 300 are 369.45, 489.44, N/A, - 38.03, and 163.95 respectively, and the 5 - day average values are - 208.57, - 96.34, N/A, - 61.15, and 54.52 respectively. [4] Other Trading Data - **Stock Market Transaction Amount**: The latest transaction amounts of the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, small - and medium - sized board, and ChiNext are 17259.15, 3715.77, 949.40, 3512.23, and 4382.72 respectively, with环比 changes of 704.32, - 105.25, 122.23, 197.55, and - 61.24 respectively. [5] - **Stock Index Futures Basis**: The basis of IF, IH, and IC are - 41.18, 2.06, and - 114.15 respectively, with basis spreads of - 0.90%, 0.07%, and - 1.59% respectively. [5] - **Treasury Bond Futures Trading**: The closing prices of T2303, TF2303, T2306, and TF2306 are 108.15, 105.97, 108.18, and 105.97 respectively, with price changes of 0.13%, 0.11%, 0.12%, and 0.10% respectively. [5] - **Money Market Interest Rates**: The interest rates of R001, R007, and SHIBOR - 3M are 1.3517%, 1.5148%, and 1.6022% respectively, with daily changes of - 17.00BP, - 1.00BP, and 0.00BP respectively. [5]

Report Summary 1. Core Information - A private exporter reported selling 134,000 tons of soybeans to China for delivery in the 2025/2026 market year [1] - Analysts estimated that US soybean export sales for the week ending December 4, 2025, would net increase by 80 - 200 million tons, with 80 - 200 million tons for the 2025 - 26 year and 0 tons for the 2026 - 27 year. US soybean meal export sales were expected to net increase by 20 - 50 million tons, and US soybean oil export sales were expected to net increase by 0.5 - 2.5 million tons, all for the 2025 - 26 year with 0 tons for the 2026 - 27 year [1] - ITS data showed that Malaysia's palm oil product exports from December 1 - 20, 2025, were 851,057 tons, a 2.4% increase from the 831,005 tons exported in the same period last month [1] - Indonesia launched a road test for B50 biodiesel (50% palm - oil content) two weeks ago, and the mandatory use policy is likely to be implemented in the second half of 2026 [1] 2. Spot Price Information | Date | Soybean Meal (Jiangsu) | Rapeseed Meal (Guangdong) | Soybean Oil (Jiangsu) | Palm Oil (Guangzhou) | Rapeseed Oil (Jiangsu) | | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/12/15 | 3050 | 2510 | 8440 | 8530 | 9750 | | 2025/12/16 | 3050 | 2520 | 8380 | 8440 | 9540 | | 2025/12/17 | 3040 | 2500 | 8310 | 8370 | 9470 | | 2025/12/18 | 3020 | 2510 | 8270 | 8330 | 9420 | | 2025/12/19 | 3010 | 2490 | 8150 | 8250 | 9230 | [1][9]

芳烃橡胶早报 研究中心能化团队 2025/12/22 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 ...

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Report Core View - The LPG market is characterized by a tight supply of Middle Eastern resources, rising premiums, and high prices in winter. The 1 - month CP official price is approaching release. 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 Catalog Market Price and Basis - On December 15 - 19, 2025, the prices of Shandong LPG, propane CIF Japan, Shandong ether - after carbon four, etc. fluctuated. The lowest delivery location was Shandong, with a basis of 143 and a daily change of (- 19). The 01 - 02 month spread was 145 (+ 26), the 02 - 03 month spread was 166 (+ 5), and the 03 - 04 month spread was - 185 (+ 21). The FEI was 512 (+ 6) and the CP was 498 (- 1) US dollars/ton [4] Market Trends - The LPG futures price rebounded. The 01 basis was 162 (- 187), the 01 - 02 month spread was 119 (+ 35), and the 03 - 04 month spread was - 206 (+ 33). The number of warehouse receipts was 3368 lots (- 108). Domestic civil LPG prices were differentiated, with the most suitable delivery product being Shandong at 4380 (- 50), East China at 4398 (- 21), and South China at 4500 (+ 80). The FEI month spread strengthened, the CP month spread weakened, and the oil - gas ratio fluctuated [4] Profit and Inventory - The PDH spot profit was weak, but the futures profit rebounded. The number of arriving ships decreased by 7.64%, and the port inventory decreased by 7.89%. The refinery commercial volume increased by 0.82%, and the refinery inventory decreased by 0.03%. The PDH operating rate was 75% (+ 2.13 pct) [4]

1. Report Information - Report Title: "Synthetic Rubber Morning Report" [2] - Research Team: Research Center's Energy and Chemicals Team [3] - Report Date: December 22, 2025 [3] - Data Sources: Mysteel, Wind [8] 2. Core Data Summary BR (Butadiene Rubber) - **Futures Information** - On December 19, the BR主力合约 (12) was at 11020, with a daily change of -20 and a weekly change of 175 [4] - The holding volume was 101995, a daily increase of 619 and a weekly increase of 3952 [4] - The trading volume was 127276, a daily decrease of 158 and a weekly decrease of 82787 [4] - The warehouse receipt quantity was 20810, a daily increase of 630 and a weekly increase of 1630 [4] - The long - short ratio was 24.51, with a daily and weekly decrease of 1 [4] - **Basis/Spread/Inter - variety** - The butadiene rubber basis was -170, a daily increase of 20 and a weekly decrease of 75 [4] - The styrene - butadiene basis was 230, a daily decrease of 30 and a weekly decrease of 125 [4] - The 02 - 03 spread was -25, a daily decrease of 15 and a weekly increase of 5 [4] - The 03 - 04 spread was -5, a daily increase of 20 and a weekly increase of 20 [4] - The RU - BR spread was 4170, a daily decrease of 110 and a weekly decrease of 185 [4] - The NR - BR spread was 1340, a weekly decrease of 175 [4] - **Spot Price** - The Shandong market price was 10850, with no daily change and a weekly increase of 100 [4] - The Transfar market price was 10800, with no daily change and a weekly increase of 150 [4] - The Qilu ex - factory price was 10900, with no daily change and a weekly increase of 300 [4] - CFR Northeast Asia was 1350, with no daily change and a weekly increase of 25 [4] - CFR Southeast Asia was 1600, with no daily and weekly change [4] - **Profit** - The spot processing profit was 752, a daily increase of 51 and a weekly increase of 217 [4] - The import profit was -394, a daily increase of 3 and a weekly decrease of 91 [4] - The export profit was 1184, a daily decrease of 3 [4] BD (Butadiene) - **Spot Price** - The Shandong market price was 7825, a daily decrease of 50 and a weekly decrease of 115 [4] - The Jiangsu market price was 7700, a daily decrease of 50 and a weekly increase of 100 [4] - The Yangzi ex - factory price was 7800, with no daily change and a weekly increase of 250 [4] - CFR China was 870, with no daily and weekly change [4] - **Profit** - The ethylene cracking profit data on December 19 was N/A [4] - The carbon four extraction profit data on December 19 was N/A [4] - The import profit was 627, a daily decrease of 48 and a weekly increase of 26 [4] - The export profit was -1286, a daily increase of 42 and a weekly increase of 543 [4] - The styrene - butadiene production profit was 1213, with no daily change and a weekly increase of 25 [4] - The ABS production profit data on December 19 was N/A [4] - The SBS production profit was -392, a daily increase of 30 and a weekly increase of 70 [4]

-300 s 加安期货 沥青早报 | | | | | | | | | MIS C. L . B BO I RET LE . LE . LE . LE . LE . | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 山东基差(+80)(非京博) | 11/19 15 | 12/15 -53 | 12/17 -102 | | 12/18 -42 | 12/19 1 | 日度变化 43 | 팀 | | | 华东基差(镇江库) | 105 | 17 | -32 | | -52 | -9 | 43 | | | | 华南基差(佛山库) | 35 | -33 | -102 | | -132 | -109 | 23 | | | 基差&月差 | 01-03 | -50 | -30 | -17 | | -29 | -27 | 2 | | | | 02-03 | -27 | -19 | -2 | | -17 | -15 | 2 | | | | 03-06 | -38 | -34 | -10 | | -20 | -24 | -4 | | ...

Report Industry Investment Rating - Not provided Core Viewpoints - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, and lead on December 22, 2025, with specific price, ratio, and profit information [1] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot domestic price is 92315, LME price is 11814, ratio is 7.79; March domestic price is 93220, LME price is 11810, ratio is 7.86. Spot import equilibrium ratio is 8.00, with a loss of 1750.70; spot export profit is 1151.20 [1] - **Zinc**: Spot domestic price is 23150, LME price is 3042, ratio is 7.61; March domestic price is 23095, LME price is 3073, ratio is 5.50. Spot import equilibrium ratio is 8.43, with a loss of 2493.35 [1] - **Aluminum**: Spot domestic price is 21820, LME price is 2885, ratio is 7.56; March domestic price is 22230, LME price is 2925, ratio is 7.53. Spot import equilibrium ratio is 8.35, with a loss of 2272.48 [1] - **Nickel**: Spot domestic price is 119400, LME price is 14652, ratio is 8.15. Spot import equilibrium ratio is 8.09, with a loss of 1178.71 [1] - **Lead**: Spot domestic price is 16800, LME price is 1928, ratio is 8.71; March domestic price is 16905, LME price is 1974, ratio is 11.68. Spot import equilibrium ratio is 8.67, with a profit of 78.05 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of the next month, March, April, and May relative to the spot month are 730, 770, 770, and 720 respectively, while the theoretical spreads are 564, 1027, 1498, and 1969 [4] - **Zinc**: The spreads of the next month, March, April, and May relative to the spot month are 10, 30, 55, and 65 respectively, while the theoretical spreads are 218, 343, 467, and 591 [4] - **Aluminum**: The spreads of the next month, March, April, and May relative to the spot month are 290, 335, 355, and 385 respectively, while the theoretical spreads are 220, 342, 463, and 585 [4] - **Lead**: The spreads of the next month, March, April, and May relative to the spot month are 100, 125, 160, and 195 respectively, while the theoretical spreads are 209, 314, 419, and 524 [4] - **Nickel**: The spreads of the next month, March, April, and May relative to the spot month are 3520, 3660, 3900, and 4210 respectively [4] - **Tin**: The spread of 5 - 1 is 860, and the theoretical spread is 7051 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month contract and the next - month contract relative to the spot are 130 and 860 respectively, while the theoretical spreads are 531 and 1148 [5] - **Zinc**: The spreads of the current - month contract and the next - month contract relative to the spot are - 85 and - 75 respectively, while the theoretical spreads are 194 and 367 [5] - **Lead**: The spreads of the current - month contract and the next - month contract relative to the spot are - 20 and 80 respectively, while the theoretical spreads are 167 and 279 [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) are 4.04, 4.19, 5.51, 0.96, 1.31, and 0.73 respectively; in London (three - continuous) are 3.87, 4.03, 5.99, 0.96, 1.48, and 0.65 respectively [7]

乘 亦安期货 动力煤早报 研究中心黑色团队 2025-12-22 日变化 月变化 最新 日变化 月 变化 最新 周变化 年变化 周变化 年变化 秦皇岛5500 秦皇岛5000 -115.0 25省终端可用天数 25省终端供煤 723.0 -9.0 41.0 23.7 0.0 622.0 -9.0 -40.0 -25.0 -78.0 591.1 5.6 -17.4 -48.9 -31.7 825.0 2780.0 9.0 一州港5500 -5.0 -40.0 -55.0 北方港库存 10.0 311.0 294 5 -75.0 -70.0 -75.0 -70.0 61.0 4.0 鄂尔多斯5500 505.0 0.0 20.0 北方锚地船舶 9.0 -56.0 20.0 560.0 -20.0 0.0 北方港调入量 0.3 -30.9 大同5500 -0.2 北方港吞叶量 榆林6000 690.0 0.0 -22.0 -42.0 -47.0 142.7 9.0 29 35.1 -2.4 CBCFI海运指数 秦皇岛-上海（4-5DWT） 榆林6200 5省终端日耗 745.0 -10.0 -15.0 -20.0 ...

废钢早报 研究中心黑色团队 2025/12/22 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2025/12/15 | 2167 | 2251 | 2033 | 2217 | 2215 | 2084 | | 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 | | 环比 | 0 | -1 | 1 | 1 | 0 | 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 ...