地区 品种 最新 日变化 周变化 折盘面 最新 日变化 周变化 进口利润 108.35 1.25 3.35 纽曼粉 792 1 13 847.7 98.55 -2.35 -0.50 15.01 PB粉 795 1 13 846.7 108.35 -0.15 2.90 -19.57 麦克粉 785 1 14 857.4 99.15 -1.25 1.45 27.04 金布巴 748 1 13 840.9 92.65 -1.55 0.80 32.37 主流 混合粉 738 0 16 876.8 95.75 -0.60 1.95 3.86 超特粉 677 -1 6 897.5 91.15 -0.70 1.85 -13.02 卡粉 874 2 9 807.2 120.05 -1.05 2.75 -34.84 巴西 巴混 830 -2 11 837.4 110.35 -0.95 2.15 -2.91 主流 巴粗IOC6 765 1 13 839.2 巴粗SSFG 770 1 13 乌克兰精粉 875 2 13 947.5 61%印粉 737 1 13 卡拉拉精粉 875 2 13 895.1 罗伊山粉 782 1 13 ...

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints - The report presents the latest price, profit, and inventory data of glass and soda ash, as well as the market conditions of the two industries, including production and sales, upstream inventory, and new product output [2]. 3. Section Summaries Glass - **Price**: The prices of 5mm glass in various regions remained mostly stable from December 12 - 19, 2025. For example, the price of 5mm glass at Shahe Anquan was 984, with no weekly or daily change. FG05 contract price increased by 25 from December 12 - 18 and then decreased by 21 on December 19 [2]. - **Profit**: The profit of North China coal - fired glass increased by 0.8 weekly and 5.0 daily on December 19, 2025, while the profit of North China natural gas glass decreased by 14.3 weekly and increased by 2.1 daily. The 05FG and 01FG natural gas profits on the market also changed [2]. - **Production and Sales**: Shahe's glass production - sales ratio was 82, Hubei's was 100, East China's was 92, and South China's was 100. Shahe factory's production and sales were weak, and the low - price of Shahe traders was around 959, with general shipments. In Hubei, the transaction in the province weakened [2]. Soda Ash - **Price**: The prices of heavy soda ash in different regions had changes from December 12 - 19, 2025. For example, Shahe heavy soda ash price increased by 30 weekly and decreased by 10 daily on December 19. SA05 contract price increased by 50 weekly and decreased by 17 daily [2]. - **Profit**: The profit of North China ammonia - soda method increased by 57.7 weekly and decreased by 4.9 daily on December 19, 2025, and the profit of North China combined - soda method increased by 81.0 weekly and decreased by 4.2 daily [2]. - **Industry Situation**: The upstream inventory of soda ash was accumulating, and the second - phase of Yuanxing produced qualified products [2].

Group 1: Investment Ratings - No investment ratings provided in the report Group 2: Core Views - The corn spot market shows a differentiated trend this week, with port prices falling and production area prices rising. In the short - term, the spot is expected to remain strong, while in the long - term, there is a possibility of a phased decline [3] - The starch price is expected to remain stable in the short - term due to seasonal consumption support and raw material supply constraints. In the long - term, downstream consumption rhythm is the key factor for price trends [3] - The supply of domestic new sugar is increasing, and the weak spot market is driving the futures price down. In the short - term, the futures price can refer to domestic sugar cost and spot price; in the long - term, it may seek the out - of - quota import cost [4][5] - For cotton, the low initial inventory offsets most of the production increase. With the expansion of domestic textile production, good recent profits, and favorable Sino - US tariff reduction, the demand is expected to improve next year, suitable for long - term long positions [6] - For eggs, the存栏 inflection point has appeared but the base is still high. The future decline rate of inventory depends on the elimination rhythm. If the elimination accelerates, it will be beneficial to the egg price in the second quarter [11] - For apples, the national cold - storage inventory is about 5.5%, less than last year. The spot market has a shortage of high - quality goods, and the futures market is expected to show a near - strong and far - weak pattern [15] - For pigs, the spot price fell over the weekend. Before the Spring Festival, both supply and demand will increase, and there may be a short - term supply - demand mismatch. The improvement of long - term sentiment depends on further de - stocking in the short - term [15] Group 3: Summary by Commodity Corn/Starch - **Price Data**: From December 15 - 19, 2025, the prices in Changchun remained at 2160, while some port prices declined. The starch price in Heilongjiang and Weifang remained at 2750 and 2800 respectively [2] - **Analysis**: The short - term spot is strong, and the long - term price may decline due to potential supply pressure [3] Sugar - **Price Data**: From December 15 - 19, 2025, the spot prices in Liuzhou, Nanning, and Kunming decreased. The import profit decreased by 107, and the number of warehouse receipts increased by 3000 [4] - **Analysis**: The short - term futures price can refer to domestic sugar cost and spot price, and the long - term may seek the out - of - quota import cost [4][5] Cotton/Cotton Yarn - **Price Data**: From December 15 - 19, 2025, the price of 3128 cotton increased by 35, and the number of warehouse receipts + forecasts increased by 154 [6] - **Analysis**: The demand is expected to improve next year, suitable for long - term long positions [6] Eggs - **Price Data**: From December 15 - 19, 2025, the price in Hubei increased by 0.06, and the basis increased by 51.00 [10] - **Analysis**: The future decline rate of inventory depends on the elimination rhythm, and accelerated elimination is beneficial to the second - quarter egg price [11] Apples - **Price Data**: From December 15 - 19, 2025, the spot prices in Shandong and Shaanxi remained unchanged, and the national inventory decreased by 102.00, Shandong inventory decreased by 131.00, and Shaanxi inventory decreased by 41.00 [14][15] - **Analysis**: The futures market is expected to show a near - strong and far - weak pattern [15] Pigs - **Price Data**: From December 15 - 19, 2025, the prices in some production areas decreased, and the basis decreased by 100.00 [15] - **Analysis**: There may be a short - term supply - demand mismatch before the Spring Festival, and the long - term improvement depends on short - term de - stocking [15]

波动率数据日报 永安期货期权总部 更新时间:2025/12/19 1、金融期权隐含波动率指数反映截止上一交易日的30日隐波走势,商品期权隐含波动 率指数通过主力月平值期权上下两档隐波加权所得,反映主力合约的隐波变化趋势。2 隐波指数与历史波动率的差值,差值越大反映隐波相对历史波动率越高,差值越小代 表隐波相对历史波动率越低。 70 -300股指 IV -- 300股指 HV IV-HV美 IV-HV美 - 50ETF IV - 50ETF HV 20 BO IV-HV差 -- 1000股指 IV -- 1000股指 HV - 500ETF HV - 500ETF IV V-HV 70 10 20 10 白银 IV IV-HV美 IV-HV旁 nt IN HT HV STSNIF 60 -豆粕 IV 空期 HV IV-HV差 -王米IV 玉米 HV IV-HV差 30 50 20 30 40 10 D 10 TO 10 40 10 30 40 日糖 HV 三 # IV 75 30 5 棉花 IV 棉花 HV IV-HV差 25 20 20 20 10 15 UI 0 10 TO 10 20 15 5 UT 30 ...

s 加安期货 沥青早报 研究中心能化团队 2025/12/19 量明 s 加安期货 沥青早报 研究中心能化团队 2025/12/19 | | 指标 | 11/18 | 12/12 | 12/16 | 12/17 | 12/18 | 日度变化 | 周度变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 基差&月差 | 山东基差(+80)(非京博) | -2 | -42 | 16 | -2932 | -2872 | 60 | -2830 | | | 华东基差(镇江库) | 118 | 18 | 86 | -3012 | -2952 | 60 | -2970 | | | 华南基差(佛山库) | 48 | -32 | 36 | -3012 | -2952 | 60 | -2920 | | | 01-03 | -49 | -39 | -25 | -17 | -29 | -12 | 10 | | | 02-03 | -29 | -18 | -22 | -2 | -17 | -15 | | | | 03-06 | -39 | -40 | -44 | ...

原油成品油早报 ·市场消息：美国允许部分与伊朗相关的交易持续至1月18日 ·JODI：沙特10月原油出口量增加至710万桶/日 研究中心能化团队 2025/12/19 | 日期 | WTI | BRENT | DUBAI | diff FOB dated bre | BRENT 1- | WTI-BREN | DUBAI-B | NYMEX RB | RBOB-BR | NYMEX | HO-BRT | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | nt | 2月差 | T | RT（EFS | OB | T | HO | | | 2025/12/12 | 57.44 | 61.12 | 62.06 | 0.61 | 0.28 | -3.68 | 0.35 | 175.21 | 12.47 | 219.80 | 31.20 | | 2025/12/15 | 56.82 | 60.56 | 61.70 | 0.69 | 0.26 | -3.74 | 0.54 | 173.23 | 12.20 ...

观点 伊朗装置开始停车，港口内地共振反弹，基差小幅走强，卸货慢，港口连续两周去库，浮仓很多，预计后期回归 累库，11月伊朗发 运110w，预计12-1月进口下降较难，盘面01给进口无风险套机会，认为01终点仍是高库存，偏向逢高 做15反套。 甲醇聚烯烃早报 研究中心能化团队 2025/12/19 | 甲 醇 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 动力煤期 | | 江苏现货 华南现货 | 鲁南折盘 | 西南折盘面 | 河北折盘 | 西北折盘 | CFR中国 | CFR东南 | | 进口利润 主力基差 | 盘面MTO | | | 货 | | | 面 | | 面 | 面 | | 亚 | | | 利润 | | 2025/12/1 2 | 801 | 2092 | 2070 | 2440 | 2465 | 2395 | 2565 | 243 | 317 | 1 | 20 | - | | 2025/12/1 5 | 801 | 2123 ...

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Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - This week, the high - sulfur cracking spread fluctuated, the high - sulfur monthly spread and basis fluctuated at low levels. The European high - sulfur cracking spread weakened, the monthly spread weakened, and the EW strengthened. The Singapore 0.5% cracking spread fluctuated at a historical low, the monthly spread and basis fluctuated at low levels, and the Singapore VLSFO cracking spread further weakened [3]. - In terms of inventory, Singapore residual oil, high - sulfur floating storage, ARA residual oil, and Fujairah residual oil increased in inventory. High - sulfur floating storage and EIA residual oil decreased in inventory. 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 [3][4]. - After the fire at the Al Zour refinery on October 21st, the external low - sulfur fuel oil has support, but the short - term upside space is limited. Global residual oil has entered the off - season for inventory accumulation. The external cracking spread is affected by crude oil fluctuations, and the spot market shows no improvement, so it is regarded as bearish. The low - sulfur fuel oil has a low valuation but no driving force for now [4]. 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From December 12th to December 18th, the price of Rotterdam 3.5% HSFO swap M1 decreased by 1.46, the price of Rotterdam 0.5% VLSFO swap M1 increased by 1.27, the Rotterdam HSFO - Brent M1 increased by 0.35, the Rotterdam 10ppm Gasoil swap M1 decreased by 2.60, the Rotterdam VLSFO - GO M1 increased by 3.87, the LGO - Brent M1 remained unchanged, and the Rotterdam VLSFO - HSFO M1 increased by 2.73 [1]. Singapore Fuel Oil Swap Data - From December 12th to December 18th, the price of Singapore 380cst M1 increased by 0.34, the price of Singapore 180cst M1 increased by 4.31, the price of Singapore VLSFO M1 decreased by 0.88, the price of Singapore GO M1 decreased by 0.22, the Singapore 380cst - Brent M1 increased by 0.36, and the Singapore VLSFO - GO M1 increased by 0.75 [1]. Singapore Fuel Oil Spot Data - From December 12th to December 18th, the FOB price of 380cst increased by 5.69, the FOB price of VLSFO increased by 2.98, the 380 - basis increased by 0.25, the high - sulfur domestic - foreign price difference decreased by 0.4, and the low - sulfur domestic - foreign price difference decreased by 1.0 [2]. Domestic FU Futures Data - From December 12th to December 18th, the price of FU 01 increased by 19, the price of FU 05 increased by 20, the price of FU 09 increased by 19, the FU 01 - 05 decreased by 1, the FU 05 - 09 increased by 1, and the FU 09 - 01 remained unchanged [2]. Domestic LU Futures Data - From December 12th to December 18th, the price of LU 01 increased by 37, the price of LU 05 increased by 24, the price of LU 09 increased by 21, the LU 01 - 05 increased by 13, the LU 05 - 09 increased by 3, and the LU 09 - 01 decreased by 16 [3].

SP主力合约收盘价： 5500.00 纸浆早报 研究中心能化团队 2025/12/19 | 日期 | 2025/12/18 | 2025/12/17 | 2025/12/16 | 2025/12/15 | 2025/12/12 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5500.00 | 5506.00 | 5468.00 | 5572.00 | 5534.00 | | 折美元价 | 682.39 | 682.74 | 678.31 | 690.59 | 685.35 | | 距上一日涨跌 | -0.10897% | 0.69495% | -1.86648% | 0.68666% | -0.93090% | | 山东银星基差 | 40 | 34 | 72 | -7 | 56 | | 江浙沪银星基差 | 40 | 34 | 82 | -22 | 66 | 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 ...