1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No clear core viewpoints presented in the given content 3. Summary by Related Catalogs 3.1 SP Main Contract Information - The closing price of the SP main contract on December 16, 2025, was 5468.00 [4] - The closing prices and related data for previous days are also provided, showing the price trends and changes such as daily percentage changes, basis differences [4] 3.2 Pulp Import Information - Import information for different pulp brands from various origins is presented, including port - dollar prices, Shandong - region RMB prices, and import profits. For example, the import profit of Canadian Golden Lion pulp is 24.94, while that of Canadian Lion pulp is - 337.30, and the import profit of Chilean Silver Star pulp is 60.46 [5] 3.3 Pulp Price Averages - The national and Shandong - region average prices of different types of pulp (coniferous, broad - leaved, natural, and chemical mechanical pulp) from December 10 - 16, 2025, are provided, with no price changes during this period [5] 3.4 Paper Product Indexes and Profit Margins - Indexes of different paper products (cultural paper, packaging paper, and living paper) are presented, with most remaining unchanged except for a 4 - point increase in the living - paper index [5] - Estimated profit margins of different paper products are also provided, showing some positive changes from December 11 - 16, 2025 [5] 3.5 Pulp Price Spreads - Price spreads between different types of pulp (coniferous - broad - leaved, coniferous - natural, coniferous - chemical mechanical, and coniferous - waste paper) from December 10 - 16, 2025, are given, showing some fluctuations [5]

Group 1: Price Performance - The latest prices of London Gold, London Silver, London Platinum, London Palladium, and LME Copper are 4324.20, 62.98, 1775.00, 1558.00, and 11608.00 respectively, with changes of 8.35, -0.89, 1.00, 22.00, and -76.50 [3]. - The latest values of the US Dollar Index, Euro to US Dollar, British Pound to US Dollar, and US Dollar to Japanese Yen are 98.22, 1.17, 1.34, and 154.73 respectively, with changes of -0.06, -0.00, 0.00, and -0.49 [3]. Group 2: Trading Data - The latest inventories of COMEX Silver, SHFE Silver, Gold ETF, and Silver ETF are - (not provided), 890.72, 1051.68, and 16018.29 respectively, with changes of - (not provided), 32.91, 0.00, and -42.31 [4]. - The latest deferred fee payment directions of SGE Silver and SGE Gold are 1 and 2 respectively, with changes of 0.00 and 1.00 [4].

1. Report Date - The report is dated December 17, 2025 [1] 2. Price Information - The latest price of Shanxi quasi - first wet quenching coke is 1,540.20, with no daily change, a weekly decrease of 54.61, a monthly decrease of 109.23, and a year - on - year decrease of 10.31% [2] - The latest price of Hebei quasi - first dry quenching coke is 1,790.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 110.00, and a year - on - year increase of 7.83% [2] - The latest price of Shandong quasi - first dry quenching coke is 1,715.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 110.00, and a year - on - year decrease of 9.74% [2] - The latest price of Jiangsu quasi - first dry quenching coke is 1,755.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 110.00, and a year - on - year decrease of 9.54% [2] - The latest price of Inner Mongolia second - grade coke is 1,230.00, with no daily change, a weekly decrease of 50.00, a monthly decrease of 100.00, and a year - on - year decrease of 12.14% [2] 3. Production and Utilization Information - The blast furnace operating rate is 85.92, with a weekly decrease of 1.16, a monthly decrease of 2.88, and a year - on - year decrease of 1.61% [2] - The average daily hot metal yield is 229.20, with a weekly decrease of 3.10, a monthly decrease of 7.68, and a year - on - year decrease of 1.41% [2] - The coking capacity utilization rate is 72.64, with a weekly increase of 0.62, a monthly increase of 0.80, and a year - on - year decrease of 1.48% [2] - The average daily coke output is 51.60, with a weekly decrease of 0.58, a monthly decrease of 1.52, and a year - on - year decrease of 3.26% [2] 4. Inventory Information - The coking plant inventory is 50.11, with a weekly increase of 5.42, a monthly increase of 13.96, and a year - on - year increase of 10.04% [2] - The port inventory is 181.20, with a weekly decrease of 0.10, a monthly decrease of 17.60, and a year - on - year increase of 9.04% [2] - The steel mill inventory is 635.28, with a weekly increase of 10.03, a monthly increase of 12.88, and a year - on - year increase of 1.88% [2] - The steel mill inventory days are 11.66, with a weekly increase of 0.37, a monthly increase of 0.60, and a year - on - year decrease of 3.24% [2] 5. Futures Market Information - The latest price of futures contract 05 is 1,669, with a daily increase of 7.00, a weekly decrease of 37.50, a monthly decrease of 173.00, and a year - on - year decrease of 12.30% [2] - The latest price of futures contract 09 is 1,747, with a daily increase of 7.50, a weekly decrease of 35.00, a monthly decrease of 172.50, and a year - on - year decrease of 10.66% [2] - The latest price of futures contract 01 is 1,501.5, with a daily increase of 7.00, a weekly decrease of 35.50, a monthly decrease of 196.50, and a year - on - year decrease of 17.41% [2] - The 05 basis is 164.55, with a daily decrease of 7.00, a weekly decrease of 21.22, a monthly increase of 39.42, and a year - on - year increase of 43.68 [2] - The 09 basis is 86.55, with a daily decrease of 7.50, a weekly decrease of 23.72, a monthly increase of 38.92, and a year - on - year increase of 18.18 [2] - The 01 basis is 332.05, with a daily decrease of 7.00, a weekly decrease of 23.22, a monthly increase of 62.92, and a year - on - year increase of 126.18 [2] - The 5 - 9 spread is - 167.50, with no daily change, a weekly increase of 2.00, a monthly decrease of 23.50, and a year - on - year decrease of 82.50 [2] - The 9 - 1 spread is - 78.00, with a daily decrease of 0.50, a weekly decrease of 2.50, a monthly decrease of 0.50, and a year - on - year decrease of 25.50 [2] - The 1 - 5 spread is 245.50, with a daily increase of 0.50, a weekly increase of 0.50, a monthly increase of 24.00, and a year - on - year increase of 108.00 [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No clear core viewpoints are explicitly stated in the report 3. Summary by Related Catalogs Price - For silicon ferroalloy on December 17, 2025, the prices of宁夏72 and 内蒙72 were 5150 and 5200 respectively, with daily changes of -50 and -20, and weekly changes of 50 and 80. The prices of different contracts on the disk also had corresponding changes [2] - For silicon manganese, the prices of different regions such as 内蒙6517, 宁夏6517, etc. had different daily and weekly changes on the same day [2] Supply - The report presents the historical production data of 136 silicon ferroalloy enterprises in China from 2021 - 2025, including monthly and weekly production, as well as the capacity utilization rate of enterprises in different regions [5] - It also shows the historical production data of silicon manganese in China from 2021 - 2025, and the procurement volume and price data of HeSteel Group [7] Demand - The report provides historical data on the demand volume of silicon manganese in China from 2021 - 2025, and also shows the production data of related products such as crude steel, stainless - steel crude steel, etc., which are related to the demand for ferroalloys [5][8] Inventory - For silicon ferroalloy, it shows the inventory data of 60 sample enterprises in different regions (China, Ningxia, Inner Mongolia, Shaanxi) from 2021 - 2025, as well as the warehouse receipt quantity, effective forecast, and inventory average available days in different regions [6] - For silicon manganese, it presents the warehouse receipt quantity, effective forecast, inventory average available days, and inventory data of 63 sample enterprises in China from 2021 - 2025 [8] Cost and Profit - For silicon ferroalloy, it shows the electricity price data in different regions (Inner Mongolia, Qinghai, Ningxia, Shaanxi), the market price of raw materials such as semi - coke, and the production cost, disk profit, and spot profit in Ningxia and Inner Mongolia from 2021 - 2025 [6] - For silicon manganese, it shows the profit data of different regions (Inner Mongolia, Guangxi, North Region, South Region) from 2021 - 2025, as well as the profit of Guangxi silicon manganese converted to the main contract on the disk [8]

Report Industry Investment Rating - Not provided Core Viewpoints - For PTA, the near - term TA device runs stably, polyester load may reach an inflection point and TA inventory will gradually accumulate, with overall low pressure and valuation. Short - term outlook is to wait and see, while long - term attention should be paid to buying opportunities on dips due to the good PX pattern and raw material support [2] - For MEG, after the valuation is compressed, production cuts increase, the inventory accumulation rate narrows, and the profit compression space is limited. However, considering new production capacity, it is expected to fluctuate weakly [2] - For polyester staple fiber, the short - term inventory pressure is limited, but new production capacity is accelerating, and the downstream is entering the off - season. The pattern is weakening, and attention should be paid to the warehouse receipt situation [2] - For natural rubber and 20 - number rubber, with stable national explicit inventory and stable Thai cup - lump price affected by rainfall, the strategy is to wait and see [2] PTA - **Price Changes**: From December 10 to 16, 2025, crude oil dropped from $62.2 to $58.9, PTA internal - market spot price decreased from 4605 to 4590, and the polyester gross profit decreased from 27 to 8 [2] - **Device and Market Conditions**: Near - term TA device runs stably with stable start - up, polyester load drops slightly, inventory is destocked, basis strengthens slightly, and spot processing fee weakens. PX domestic start - up is stable, overseas load rises, PXN strengthens, disproportionation benefit is stable while isomerization benefit increases, and the US - Asia aromatics spread contracts [2] MEG - **Price Changes**: From December 10 to 16, 2025, MEG internal - market price dropped from 3674 to 3634, and MEG coal - to - MEG profit decreased from - 617 to - 615 [2] - **Device and Market Conditions**: Near - term domestic oil - based MEG reduces load, start - up decreases, some overseas devices reduce load, port inventory accumulates at the beginning of next week, basis weakens, and coal - to - MEG benefit continues to weaken [2] Polyester Staple Fiber - **Price Changes**: From December 10 to 16, 2025, the price of 1.4D cotton - type staple fiber remained at 6310 - 6325, and the short - fiber profit remained at 123 - 152 [2] - **Device and Market Conditions**: Near - term Hengyi Gaoxin has maintenance, start - up drops to 95.5%, production and sales are basically stable, and inventory is stable. On the demand side, the start - up of polyester yarn is stable, raw material inventory increases, and finished - product inventory accumulates, with improved benefit [2] Natural Rubber & 20 - Number Rubber - **Price Changes**: From December 10 to 16, 2025, the US - dollar Thai standard spot price increased from 1820 to 1825, and the RU main contract price decreased from 15215 to 15170 [2] - **Market Conditions**: The national explicit inventory is stable, and the Thai cup - lump price is stable affected by rainfall [2] Styrene - **Price Changes**: From December 10 to 16, 2025, the styrene (CFR China) price remained at 815 - 818, and the EPS (East - China common material) price remained at 7550 [5] - **Profit Changes**: The styrene domestic profit remained at - 94 to - 98, and the EPS domestic profit increased from 210 to 235 [5]

1. Report Industry Investment Rating No relevant information provided. 2. Core Views - For contracts after 02, the trend mainly depends on the spot market. The key lies in the peak height and time of freight rates in January. Historically, freight rate peaks often occur 4 - 5 weeks before the Spring Festival, but high capacity in January may suppress the increase. Currently, the risk - reward ratio for both shorting and going long is not high, so it is recommended to wait and see [3]. - For the 04 contract, the short - term downside space is small. Pay attention to short - selling opportunities when 04 may follow the spot market or close the basis [3]. - For far - term contracts, use a positive spread strategy. Pay attention to short - selling opportunities for the 10 contract [3]. 3. Summary by Related Catalogs Contract Market Data - **Contract Prices and Volumes**: EC2512 closed at 1631.5 with a - 1.11% change, EC2602 at 1686.8 (- 3.39%), EC2604 at 1112.7 (- 3.22%), EC2606 at 1290.0 (- 1.28%), EC2608 at 1462.4 (- 1.18%), and EC2610 at 1041.2 (- 1.20%). Trading volumes were 212 for EC2512, 27798 for EC2602, 7161 for EC2604, 279 for EC2606, 216 for EC2608, and 641 for EC2610. Open interest and its changes also varied for each contract [2]. - **Month - to - Month Spreads**: For example, EC2512 - 2504 had a spread of 518.8, with a day - on - day increase of 18.7 and a week - on - week decrease of - 73.3. Different month - to - month spreads showed various trends [2]. - **Index Data**: The ટરદાર index on 2025/12/15 was 1510.56 with a 0.10% increase. SCFI (on 2025/12/12) was 1538 dollars/TEU with a 9.86% increase, CCFI was 1470.55 points with a 1.59% increase, and NCFI was 1064.13 points with a 9.98% increase [2]. European Line Spot Situation - **Week 51**: MSK opened bookings for 2400 (200 more than the previous week). MSC and OA quoted between 2600 - 2700, and PA quoted 2400 dollars. The current central price was 1760 dollars, equivalent to about 1760 points on the futures market [4]. - **Week 52**: MSK opened bookings for 2300 (100 less than the previous week), and other companies mainly followed the Week 51 quotes [4]. - **January**: MSK and MSC announced price increases to 3500 and 3700 dollars respectively [4]. - **Monday**: MSC opened bookings at 2864 dollars, equivalent to 2000 points on the futures market [4]. - **Tuesday**: MSK quoted 2700 dollars/FEU for the China - Europe route to London (2800 for 40 - foot high - cube containers) [4]. Related News - On 12/15, the White House privately rebuked Israeli Prime Minister Netanyahu for violating the Gaza cease - fire agreement. Israel killed a Hamas deputy commander in Gaza City on Saturday without informing or consulting the US [5]. - On 12/16, the Israeli Defense Forces attacked a Hezbollah member in southern Lebanon [5].

Group 1: Spot Market Information - Newman powder price is 780, with a daily change of 5 and a weekly change of 0, and the import profit is -3.64 [1] - PB powder price is 783, with a daily change of 5 and a weekly change of 0, and the import profit is -16.24 [1] - Macfarlane powder price is 777, with a daily change of 6 and a weekly change of 4, and the import profit is 25.46 [1] - Jimbobara powder price is 736, with a daily change of 5 and a weekly change of 0, and the import profit is 23.54 [1] - Mainstream mixed powder price is 725, with a daily change of 5 and a weekly change of 4, and the import profit is -0.47 [1] - Super special powder price is 670, with a daily change of 5 and a weekly change of 2, and the import profit is -13.29 [1] - Carajás powder price is 864, with a daily change of 9 and a weekly change of -1, and the import profit is -30.88 [1] - Brazilian blend price is 814, with a daily change of 5 and a weekly change of 0, and the import profit is -9.27 [1] - Roy Hill powder price is 770, with a daily change of 5 and a weekly change of 0, and the import profit is 16.54 [1] - Tangshan iron concentrate price is 969, with a daily change of 0 and a weekly change of -14 [1] Group 2: Futures Market Information - i2601 contract price is 783.5, with a daily change of 6.5 and a weekly change of 3.5, and the monthly spread is -44.0 [1] - i2605 contract price is 761.0, with a daily change of 8.0 and a weekly change of 3.5, and the monthly spread is 22.5 [1] - i2609 contract price is 739.5, with a daily change of 8.0 and a weekly change of 6.0, and the monthly spread is 21.5 [1] - FE01 contract price is 101.53, with a daily change of -0.45 and a weekly change of -0.53, and the monthly spread is -4.08 [1] - FE05 contract price is 99.48, with a daily change of -0.24 and a weekly change of -0.10, and the monthly spread is 2.05 [1] - FE09 contract price is 97.45, with a daily change of -0.11 and a weekly change of 0.05, and the monthly spread is 2.03 [1]

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - Copper prices are expected to maintain a long - position strategy on dips, with a price range of $10,800 - $12,000 in December 2025, due to a structural supply - demand gap in 2026 and uneven global inventory distribution [1] - Aluminum prices are expected to be volatile and strong in the short term, but demand may be weak in early 2026 and then tighten with demand growth, as the easing of interest - rate cut expectations and weak terminal demand have affected the market [2] - Zinc prices are difficult to fall deeply at the end of the year due to a potential supply reduction, but the domestic fundamentals are poor. It is recommended to wait and see on the long - short side, focus on reverse arbitrage opportunities between domestic and foreign markets, and pay attention to the positive arbitrage opportunity between contracts 01 - 03 [6] - Nickel's short - term fundamentals are weak with supply decline, weak demand, and continuous inventory accumulation. Pay attention to short - selling opportunities due to potential price - supporting policies in Indonesia [9] - Stainless steel's fundamentals are weak with high production, weak demand, and high inventory. Pay attention to short - selling opportunities due to potential price - supporting policies in Indonesia [12] - Lead prices are expected to oscillate between 17,000 - 17,600, with the supply - demand contradiction relieved by the resumption of secondary lead production, but there is still a risk of low - warehouse receipts [13] - Tin prices may fluctuate greatly in the short term if there is a macro - systematic correction, and there is a risk of supply over - release and downstream negative feedback. It can be a long - position allocation in the first half of 2026, but beware of correction risks [15] - Industrial silicon prices are expected to oscillate with costs in the short term and move in a cycle at the bottom in the long term, as the supply and demand are balanced in December 2025 and there is still high over - capacity [18] - Lithium carbonate prices are in a short - term pattern of strong supply and demand. The upper - price limit needs inventory reduction, speculative demand improvement, or stronger holding willingness [20] Group 3: Summary by Metals Copper - **Price and Inventory**: Copper prices hit a new high this week and then fell. The inventory is unevenly distributed globally, and there is a supply - demand gap in 2026. Domestic inventory may accumulate slightly until the Spring Festival [1] - **Strategy**: Maintain a long - position strategy on dips, with a price range of $10,800 - $12,000 in December [1] Aluminum - **Price and Inventory**: Aluminum prices fluctuated this week, affected by interest - rate cut expectations and weak terminal demand. The inventory remained unchanged [2] - **Strategy**: Volatile and strong in the short term, but demand may be weak in early 2026 [2] Zinc - **Price and Inventory**: Zinc prices rose this week, and the LME 0 - 3M premium declined. The domestic social inventory decreased, and the overseas LME inventory increased [6] - **Supply and Demand**: The supply of domestic and imported zinc concentrates is tightening, and some smelters are under maintenance. The domestic demand is seasonally weak, and the overseas demand is average [6] - **Strategy**: Wait and see on the long - short side, focus on reverse arbitrage opportunities between domestic and foreign markets, and pay attention to the positive arbitrage opportunity between contracts 01 - 03 [6] Nickel - **Price and Inventory**: Nickel prices fell this week. The supply decreased slightly, the demand was weak, and the inventory increased continuously at home and abroad [9] - **Strategy**: Pay attention to short - selling opportunities due to potential price - supporting policies in Indonesia [9] Stainless Steel - **Price and Inventory**: Stainless steel prices decreased slightly this week. The production remained high, the demand was mainly for rigid needs, and the inventory remained high [12] - **Strategy**: Pay attention to short - selling opportunities due to potential price - supporting policies in Indonesia [12] Lead - **Price and Inventory**: Lead prices fell slightly this week. The supply - demand contradiction was relieved by the resumption of secondary lead production, and the downstream replenishment provided support [13] - **Strategy**: The price is expected to oscillate between 17,000 - 17,600, and beware of the risk of low - warehouse receipts [13] Tin - **Price and Inventory**: Tin prices rose rapidly this week. The supply may increase marginally under high prices, and the demand was mainly for rigid needs with weak downstream orders [15] - **Strategy**: May fluctuate greatly in the short term if there is a macro - systematic correction. It can be a long - position allocation in the first half of 2026, but beware of correction risks [15] Industrial Silicon - **Price and Inventory**: The basis of industrial silicon decreased slightly this week, and the warehouse receipts increased [16] - **Supply and Demand**: The supply and demand are balanced in December 2025, and there is still high over - capacity [18] - **Strategy**: Oscillate with costs in the short term and move in a cycle at the bottom in the long term [18] Lithium Carbonate - **Price and Inventory**: Lithium carbonate prices rose slightly this week. The supply and demand are both strong in the short term, but the actual trading volume is light [20] - **Strategy**: The upper - price limit needs inventory reduction, speculative demand improvement, or stronger holding willingness [20]

1. Industry Investment Rating - No information provided 2. Core Viewpoints - In October 2025, Brazilian factories processed 4.39 million tons of soybeans, producing 3.36 million tons of soybean meal and 0.9 million tons of soybean oil, with soybean, soybean meal, and soybean oil ending inventories of 1,126 tons, 2.51 million tons, and 0.49 million tons respectively [1] - From December 1 - 15, 2025, Malaysia's palm oil production decreased by 2.97% month - on - month, fresh fruit bunch yield per unit area decreased by 2.55%, and oil extraction rate decreased by 0.08% [1] - The expected sown area of winter rapeseed in France for the 2026/27 season will reach 1.34 million hectares, a three - year high, with a year - on - year increase of 6.4% and a 9.4% increase compared to the average of last year [1] 3. Summary by Related Catalogs Overnight Market Information - In October 2025, Brazilian factories processed 4.39 million tons of soybeans, with 3.36 million tons of soybean meal and 0.9 million tons of soybean oil produced, and the ending inventories of soybean, soybean meal, and soybean oil were 1,126 tons, 2.51 million tons, and 0.49 million tons respectively [1] - From December 1 - 15, 2025, Malaysia's palm oil production decreased by 2.97% month - on - month, fresh fruit bunch yield per unit area decreased by 2.55%, and oil extraction rate decreased by 0.08% [1] - The expected sown area of winter rapeseed in France for the 2026/27 season will reach 1.34 million hectares, a three - year high, increasing by 6.4% year - on - year and 9.4% compared to the average of last year [1] Spot Prices - 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 10 - 16, 2025 are presented in a table [2] Protein Meal Basis - No information provided [3] Oil and Fat Futures Spread - No information provided [6] Oil and Fat Basis - No information provided [8]

Group 1: General Information - The report is the Scrap Steel Morning Report by the Black Team of the Research Center on December 17, 2025 [1][2] Group 2: Price Data - The scrap steel prices in different regions from December 10 to December 16, 2025 are as follows: In the East China region, the prices were 2182 on December 10, 2173 on December 11, 2168 on December 12, 2167 on December 15, and 2169 on December 16; In the North China region, the prices were 2253 on December 10, 2251 on December 11, 2248 on December 12, 2251 on December 15, and 2252 on December 16; In the Central region, the prices were 2031 on December 10, 2031 on December 11, 2030 on December 12, 2033 on December 15, and 2034 on December 16; In the South China region, the prices were 2208 on December 10, 2208 on December 11, 2206 on December 12, 2217 on December 15, and 2221 on December 16; In the Northeast region, the prices were 2215 from December 10 to December 16; In the Southwest region, the prices were 2088 on December 10, 2087 on December 11, 2084 on December 12, 2084 on December 15, and 2085 on December 16 [3] - The环比 (month - on - month) changes are 2 in East China, 1 in North China, 1 in the Central region, 4 in South China, 0 in the Northeast region, and 1 in the Southwest region [3]