Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report's Core View - The Middle East has a tight supply of LPG, and prices are unlikely to fall significantly in winter. The domestic market is expected to be weak in the short - term, with attention on the subsequent PDH operation under high - cost conditions and the situation of factory - warehouse warrants [4] Group 3: Summary by Related Catalog Price and Basis - In the civil gas segment, prices in East China were 4408 (-5), Shandong 4440 (-20), and South China 4460 (+0). The price of ether - after carbon four was 4570 (+20). The lowest delivery area was East China, with a basis of 198 and a daily change of (+5). The 01 - 02 monthly spread was 155 (+1), and the 03 - 04 monthly spread was - 212 (+18). As of 21:00, FEI was 506 (-6) and CP was 503 (+0) dollars/ton [4] - The PG futures price dropped due to falling oil prices, PDH shutdown news, and an increase in warrants. The basis was 265 (+122), the 01 - 02 monthly spread was 84 (+5), and the 03 - 04 monthly spread was - 223 (-12). The number of warrants was 5476 lots (+865). Domestic civil gas prices declined, and the cheapest delivery product was East China civil gas at 4419 [4] External and Internal Market Relationships - The external paper market first rose and then fell. The FEI and CP monthly spreads strengthened, while the MB monthly spread weakened; the oil - gas ratio declined. The internal - external relationship weakened, with PG - CP at 71 (-28) and PG - FEI at 65 (-14). The US - Asia arbitrage window opened. The arrival premium for propane in East China was 85 (-7), and the FOB premiums for propane in AFEI, the Middle East, and the US were 42 (+12), 42 (+17), and 47 (+4) respectively. Freight rates increased slightly [4] Profit and Operation - The spot and futures profits of PDH weakened; the alkylation unit's performance deteriorated; the MTBE profit fluctuated. The arrival volume increased by 12.25%, port inventory increased by 3.22%, external sales increased slightly by 1.3%, and refinery storage capacity increased slightly by 0.27%. The chemical demand had poor profit but strong operating rates, with the PDH operating rate at 72.87% (+2.65 pct) [4]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints No information provided. 3) Summary by Relevant Catalog - **Coal Prices**: The latest price of Qinhuangdao 5500 is 741.0, with a daily change of 0.6, a weekly change of 10.0, and a monthly change of 23.0; Qinhuangdao 5000 is 638.0, with a daily change of -9.0, a weekly change of -30.0, and a monthly change of -41.0; Onezhou Port 5500 is 835.0, with a daily change of -5.0, a weekly change of -15.0, and a monthly change of -50.0; Ordos 5500 is 505.0, with a daily change of -5.0, a weekly change of -85.0, and a monthly change of 20.0; Datong 5500 and Yulin 6000 are 712.0, with a daily change of 0.0, a weekly change of -10.0, and a monthly change of -20.0; Yulin 6200 is 755.0, with a daily change of -5.0, a weekly change of -10.0, and a monthly change of 5.0 [1]. - **Inventory and Consumption**: The 25 - province terminal available days are 22.7 days, with a daily change of 4.6, a weekly change of -99.0, and a monthly change of -67.0; the 25 - province terminal coal supply is 575.1, with a daily change of -33.4, a weekly change of -64.9; the 25 - province terminal inventory is 13438.5, with a daily change of 618.0, a weekly change of 1921.0, and a monthly change of 66.0; the 5 - province terminal daily consumption is 359.1, with a daily change of -135.8, a weekly change of -59.7 [1]. - **Port - related Data**: The northern port inventory is 2799.0, with a daily change of 65.0, a weekly change of 405.0; the northern port调入量 is -25.3; the northern port throughput is 135.1, with a daily change of -15.5, a weekly change of -24.8; the northern anchor - berth ships are 52.0, with a daily change of 20, a weekly change of -24.0 [1]. - **Shipping Index**: The CBCFI shipping index is 643.2, with a daily change of 23.8; the shipping price from Qinhuangdao to Shanghai (4 - 5DWT) is 606.3, with a daily change of 15.9, a weekly change of -36.9, and a monthly change of -39.7 [1].

Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: December 17, 2025 [3] Report Content BR (Cis - Polybutadiene Rubber) Futures Market - On December 16, the BR main contract (12) was at 10,930, up 85 from the previous day and 355 for the week [4]. - Open interest reached 101,056, an increase of 3,013 from the previous day and 20,510 for the week [4]. - Trading volume was 140,807, a decrease of 69,256 from the previous day but an increase of 13,815 for the week [4]. - Warehouse receipt quantity remained at 19,180, with no change from the previous day and an increase of 160 for the week [4]. - The long - short ratio was 26.34, up 1 from the previous day and 5 for the week [4]. Basis/Spread/Inter - Variety - The cis - polybutadiene basis was - 180, down 85 from the previous day and 125 for the week [4]. - The butadiene basis was 270, down 85 from the previous day and 175 for the week [4]. - The 02 - 03 spread was - 25, up 5 from the previous day and down 10 for the week [4]. - The 03 - 04 spread was - 25, unchanged from the previous day and down 10 for the week [4]. - The RU - BR spread was 4,240, down 115 from the previous day and 370 for the week [4]. - The NR - BR spread was 1,455, down 60 from the previous day and 210 for the week [4]. Spot Market - The Shandong market price was 10,750, unchanged from the previous day and up 200 for the week [4]. - The Transfar market price was 10,650, unchanged from the previous day and up 150 for the week [4]. - The Qilu ex - factory price was 10,700, up 100 from the previous day and 100 for the week [4]. - CFR Northeast Asia was 1,350, up 25 from the previous day and 25 for the week [4]. - CFR Southeast Asia was 1,600, unchanged from the previous day and for the week [4]. Profit - Spot processing profit was 543, up 92 from the previous day but down 259 for the week [4]. - Import profit was - 503, down 199 from the previous day but up 26 for the week [4]. - Export profit was 1,280, unchanged from the previous day and down 199 for the week [4]. BD (Butadiene) Spot Market - The Shandong market price was 7,850, down 90 from the previous day and up 450 for the week [4]. - The Jiangsu market price was 7,625 [4]. - The Yangzi ex - factory price was 7,550, unchanged from the previous day and up 350 for the week [4]. - CFR China was 870, unchanged from the previous day and up 10 for the week [4]. Profit - Ethylene cracking profit was N/A [4]. - C4 extraction profit was N/A [4]. - Butene oxidative dehydrogenation profit was - 1,259, up 375 [4]. - Import profit was 547, up 25 from the previous day and 311 for the week [4]. - Export profit was - 1,287, down 22 from the previous day and up 226 for the week [4]. Production Profit - Styrene - butadiene production profit was 1,288, up 100 from the previous day and down 163 for the week [4]. - ABS production profit was N/A [4]. - SBS production profit was - 465, unchanged from the previous day and down 45 for the week [4]

国内价格 LME价格 比价 现货 16775 1896 8.87 三月 16855 1944 11.88 均衡比价 盈利 现货进口 8.66 406.32 跨期套利跟踪 2025/12/17 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 -520 -470 -470 -560 理论价差 564 1026 1498 1969 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 -355 -340 -320 -340 理论价差 220 346 472 598 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 -10 35 80 120 理论价差 220 342 463 584 铅 次月-现货月 三月-现货 月 四月-现货月 五月-现货月 价差 -115 -105 -70 -35 理论价差 210 316 421 527 镍 次月-现货月 三月-现货月 四月-现货 月 五月-现货月 价差 -1900 -1700 -1370 -1140 锡 5-1 价差 1290 理论价差 6602 期现套利跟踪 2025/12/17 铜 当月合约-现货 次月合约-现货 价差 765 ...

Group 1: Report Overview - Report Title: "Asphalt Morning Report" [2] - Report Date: December 17, 2025 [4] - Research Team: Research Center Energy and Chemicals Team [4] Group 2: Price and Basis Information Basis - Shandong Basis (non-Jingbo, +80): On December 16, it was 16, with a daily change of 69 [3] - East China Basis (Zhenjiang Warehouse): On December 16, it was 86 [3] - South China Basis (Foshan Warehouse): On December 16, it was 36 [3] Month Spread - 01 - 03: On December 16, it was -52, with a daily change of 5 [3] - 02 - 03: On December 16, it was -22, with a daily change of -3 [3] - 03 - 06: On December 16, it was -44, with a daily change of -10 [3] Contract Price - BU Main Contract (02): On December 16, it was 2894, a decrease of 69 [3] Spot Price - Jingbo: On December 16, it was 2950, unchanged [3] - Shandong (non-Jingbo): On December 16, it was 2830, unchanged [3] - Zhenjiang Warehouse: On December 16, it was 2980, unchanged [3] - Foshan Warehouse: On December 16, it was 2930, unchanged [3] Crude Oil Price - Brent Crude: On December 16, it was 60.6, a decrease of 0.6 [3] Profit - Asphalt Marrow Profit: On December 16, it was 418, an increase of 26 [3] Group 3: Trading Volume and Open Interest - Trading Volume: On December 16, it was 567412, an increase of 239607 compared to the previous period [3] - Open Interest: On December 16, it was 472105, an increase of 45908 compared to the previous period [3] Group 4: Weekly Changes - The report also provides weekly change data for various indicators, such as a weekly change of 56 for a certain indicator and -14 for another [6]

Group 1: Global Asset Market Performance - Latest yields of 10 - year government bonds in major economies: US 4.146, UK 4.518, France 3.547, Germany 2.844, Italy 3.542, Spain 3.280, Switzerland 0.277, Greece 3.422, Japan 1.952, Brazil 6.168, China 1.844, South Korea (not available), Australia 4.727, New Zealand 4.452 [1] - Latest yields of 2 - year government bonds in major economies: US 3.488, UK 3.759, Germany 2.132, Japan 1.059, Italy 2.248, China (1Y yield) 1.380, South Korea (not available), Australia 4.019 [1] - Latest exchange rates of the US dollar against major emerging - economy currencies: Brazil 5.468, Russia (not available), South Africa zar 16.759, South Korean won 1473.200, Thai baht 31.522, Malaysian ringgit 4.086 [1] - Latest exchange rates of the Chinese yuan: on - shore 7.043, off - shore 7.036, mid - price 7.060, 12 - month NDF 6.909 [1] - Latest stock indices of major economies: S&P 500 6800.260, Dow Jones Industrial Average 48114.260, Nasdaq 23111.460, Mexican index 63230.870, UK index 9684.790, French CAC 8106.160, German DAX 24076.870, Spanish index 16921.900, Russian index (not available), Nikkei 49383.290, Hang Seng Index 25235.410, Shanghai Composite Index 3824.812, Taiwan index 27536.660, South Korean index 3999.130, Indian index 8686.469, Thai index 1260.680, Malaysian index 1648.310, Australian index 8880.633, emerging - economy index 1352.660 [1] - Latest credit - bond indices: US investment - grade 3533.650, euro - zone investment - grade 265.441, emerging - economy investment - grade 290.080, US high - yield 2898.000, euro - zone high - yield 409.250, emerging - economy high - yield 1817.098 [1] Group 2: Stock Index Futures Trading Data - Index performance: A - share closing price 3824.81, down 1.11%; CSI 300 closing price 4497.55, down 1.20%; SSE 50 closing price 2954.79, down 1.08%; ChiNext closing price 3071.76, down 2.10%; CSI 500 closing price 7001.32, down 1.58% [2] - Valuation: PE (TTM) of CSI 300 13.77 (down 0.12), SSE 50 11.52 (down 0.09), CSI 500 31.86 (down 0.49), S&P 500 27.16 (down 0.09), German DAX 18.65 (down 0.12) [2] - Risk premium: 1/PE - 10 - year interest rate of S&P 500 - 0.46 (up 0.04), German DAX 2.52 (up 0.04) [2] - Fund flow: A - share latest value - 1087.65, 5 - day average - 674.95; main board latest value - 777.32, 5 - day average - 496.24; small - and - medium - sized enterprise board (not available); ChiNext latest value - 214.64, 5 - day average - 136.24; CSI 300 latest value - 147.68, 5 - day average - 96.94 [2] Group 3: Transaction Data and Other Market Information - Transaction amount: Shanghai and Shenzhen stock markets latest value 17241.73, down 492.66; CSI 300 latest value 3905.00, down 338.83; SSE 50 latest value 1033.24, down 78.10; small - cap board latest value 3381.18, down 25.44; ChiNext latest value 4461.76, down 206.17 [3] - Main contract basis and basis ratio: IF basis 1.85, basis ratio 0.04%; IH basis - 3.39, basis ratio - 0.11%; IC basis 8.88, basis ratio 0.13% [3] - Treasury futures closing prices: T2303 107.91, up 0.03%; TF2303 105.80, up 0.01%; T2306 107.92, up 0.02%; TF2306 105.80, up 0.01% [3] - Fund interest rates: R001 1.3448%, down 17.00 BP; R007 1.5003%, down 1.00 BP; SHIBOR - 3M 1.5950%, up 1.00 BP [3]

1900/1/4 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。 50.00 100.00 150.00 200.00 250.00 300.00 350.00 400.00 450.00 500.00 550.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1 ...

1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 临汾出厂价 2021 2022 2023 2024 2025 900.00 1400.00 1900.00 2400.00 2900.00 3400.00 3900.00 4400.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 吕梁出厂价 2021 2022 2023 2024 2025 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 日照港准一平仓 2021 2022 2023 2024 2025 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 4000.00 4500.00 焦炭日报 研究中心黑色团队 2025/12/16 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | | --- | --- | --- | --- | --- | ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Content SP Main Contract Closing Price - On December 15, 2025, the SP main contract closing price was 5,572.00, with a 0.68666% increase from the previous day. The corresponding US dollar price was 690.59 [3]. Import Prices and Profits - With a 13% VAT calculation, for Canadian pulp brands, the CFR price of Golden Lion was 780 US dollars, with a RMB price of 6,300 in Shandong and an import profit of 16.13; the CFR price of Lion was 730 US dollars, with a RMB price of 5,540 in Shandong and an import loss of 345.55. For the Chilean brand Silver Star, the CFR letter - of - credit price for 90 days was 680 US dollars, with a RMB price of 5,565 in Shandong and an import profit of 77.78. The previous day's exchange rate was 7.05 [4]. Pulp and Paper Price Averages - From December 9 to December 15, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6,073.75, 4,810.75, 5,415.00, and 3,686.25 respectively. The average prices in Shandong also remained unchanged. The indices of cultural papers (double - offset and double - copper), packaging paper (white card), and living paper also remained unchanged during this period [4]. Pulp and Paper Profit Margins - From December 10 to December 15, 2025, the estimated profit margin of double - offset paper changed by 0.0855, double - copper paper by - 0.9500, white card paper by 0.0577, and living paper by 0.3752 [4]. Pulp Price Spreads - From December 9 to December 15, 2025, the softwood - hardwood pulp price spread remained at 900.00. The softwood - natural pulp price spread and other spreads showed certain changes during this period [4].

数据来源: Mysteel、云沥青、Wind 免责 s 加安期货 沥青早报 研究中心能化团队 2025/12/16 | | 指标 | 11/13 | 12/9 | 12/11 | 12/12 | 12/15 | 日度变化 | 周度变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 基差&月差 | 山东基差(+80)(非京博) | -9 | -43 | -60 | -42 | -23 | -11 | -10 | | | 华东基差(镇江库) | 121 | 97 | 20 | 18 | 17 | -1 | -80 | | | 华南县差(佛山库) | 101 | 17 | 0 | -32 | -33 | -1 | -50 | | | 01-03 | -43 | -35 | -28 | -39 | -30 | 9 | 5 | | | 02-03 | -27 | -20 | -13 | -18 | -19 | -1 | | | | 03-06 | -37 | -42 | -39 | -40 | -34 | 6 | 8 | | 用 | BU主力合约 ...