投资咨询业务资格：证监许可【2012】669号 中信期货研究（有⾊每⽇报告） 2025-12-24 广期所调整铂钯保证金比例，警惕高位 波动加剧风险 12⽉23⽇，GFEX铂主⼒合约再度涨停，收盘价为619.95元/克，涨幅 10%；钯主⼒合约收盘价为532.55元/克，涨幅5.52%。⼴期所发布通 知，⾃2025年12⽉25⽇结算时起，铂、钯期货合约涨跌停板幅度调整为 10%，交易保证⾦标准调整为12%。如遇上述涨跌停板幅度、交易保证⾦ 标准与现⾏执⾏的涨跌停板幅度、交易保证⾦标准不同时，则按两者中幅 度⼤、标准⾼的执⾏。市场情绪⾼涨下需警惕价格波动⻛险。 铂观点：现货紧缺叠加市场流动性偏宽松，铂价继续冲高 主要逻辑：铂金加速冲高，内外价差持续扩大，截至12月23日收盘，广期 所铂金主力合约国内收盘时点与NYMEX铂金（含税）溢价高达57. 4元/ 克，大幅高于进口成本，存在无风险套利机会，因此未来价差存在收敛倾 向。不过由于套保额度限制等方面的问题，短期价差或仍然偏高。12月 23日广期所发布公告调整涨跌停板幅度与保证金比例，市场情绪高涨下仍 需警惕价格波动风险。展望未来，供给方面，南非作为全球铂族金属的 ...

现货方面仍处于春节前发运高峰,02合约最后交易日对02合约有抬升作用。一方面,EC2602合约最后交易日为2月9日,因此实 际采集的运价为1月19日-2月8日实际发生的运价。2026年除夕为2月16日,春节前发运高峰或可持续至春节前一段时间,因此相比去年 现货运价在12月见顶、目前现货运价仍在持续上行的达峰过程中。从SCFI、TCI、WCI等现货运价指数来看，现货端当前实现了1500美 元/TEU,2600美元/FEU以上的现货水平,同时从发运时间来看元旦后首周仍不能看到现货运价整体达到高点。 近期市场仍存一定扰动。首先现货运力仍有调整、由于欧洲港口拥堵、欧线现货航运市场船期呈现边际下调的趋势，1月计划运 力调整至30.7万TEU/周，环比下调，部分航运公司在旺季会临时增加加班船，其次现货见顶后整体回落幅度仍不确定，航运公司或宣 涨1月下半月现货运价:带动市场对旺季预期高点仍有上浮空间:当前针对欧线期货近月或将转为连续合约，后续市场移仓或呈现一定 调整。 【中信期货航运】现货乐观预期带动EC主力合约增仓上 2025/12/22 涨,盘后SCFIS更新于1589.20点上涨5.2% 投资咨询业务资格: 伊 工业 ...

需期货有限公司 C Futures Company Limited 2025年12月23日 铝产业链日度数据跟踪 一、氧化铝 价格68美元/干吨,环比-1美元/干吨; (2) 12月22日现货价格指数为2754元/吨,环比-8元/吨; (3) 12月22日期货库存168677吨,环比-11122吨; (4) 12月22日进口盈亏为15元/吨,环比-8元/吨; 二、电解铝 （1）12月22日国产矿价格为509元 /吨，环比0元/吨，22日几内亚进口矿 （1）12月22日SMI 400均价21930元/吨，环比+110元/吨，升贴水为-170 （1）12月22日保太A0012价格为21300元/吨。环比持平: 元/吨,环比-20元/吨; (4) 12月22日进口盈亏为-80元/吨,环比+24元/吨; 图表 1: 国产铝土矿价格 元/吨 - 2024 600 F 570 540 510 480 450 420 03/17 04/11 05/07 06/01 06/26 07/21 08/15 09/09 图表 2: 几内亚铝土矿价格 - 2024 120 110 100 02 01/30 02/28 03/27 0 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The pulp futures significantly increased, and the supply-side positive factors were the main catalysts. The pulp market is expected to be bullish in the short term, with the bottom of the futures price rising, and the probability of breaking below the low on December 1st is not high [1]. - The sentiment in the oil market showed signs of stabilizing. Soybean oil, palm oil, and rapeseed oil are expected to fluctuate. Attention should be paid to the changes in the production and demand expectations of Malaysian palm oil [5]. - The spot price of soybean meal remained stable, and the futures price rebounded from oversold levels. Soybean meal, rapeseed meal, and US soybeans are expected to fluctuate [6][7]. - The corn and starch market lacked clear drivers and is expected to fluctuate [7]. - The overall supply of live pigs is abundant, and the pig price is expected to fluctuate at a low level in the short term, with a weakening supply pressure expected in the second half of 2026 [8]. - The rubber price continued to fluctuate, and the market lacked strong driving forces [10][11]. - The sentiment in the synthetic rubber market remained strong, and the market is expected to be bullish in the medium term [12]. - The cotton price continued to strengthen, and it is expected to fluctuate upward in the long term, but the near-term contracts are restricted by hedging pressure [13]. - The sugar price is searching for a bottom, and it is expected to be bearish in the medium and long term due to the expected oversupply in the global sugar market [14][15]. - The double-offset paper market has no prominent contradictions and is expected to fluctuate weakly in the short term [17]. - The fundamentals of logs are expected to improve, and there is support at the bottom. Attention should be paid to the reverse spread and long opportunities in the far-month contracts [19]. 3. Summary by Relevant Catalogs 3.1 Pulp - **Viewpoint**: The futures significantly increased, and the supply-side positive factors were the main catalysts [1]. - **Logic**: Positive factors include the rising US dollar price of broadleaf pulp, the supply reduction expectation caused by the shutdown of pulp mills, the potential production reduction of other softwood pulp mills, and the relatively high actual demand for pulp. Negative factors include the difficulty in cost transfer for downstream paper products, the seasonal decline in demand starting from January, and the abundant liquidity of softwood pulp in the spot market [1]. - **Outlook**: Bullish in the short term, with the bottom of the futures price rising, and the probability of breaking below the low on December 1st is not high. The upper pressure level has shifted upward, with the 05 contract focusing on the pressure in the range of 5650 - 5750. The market is expected to fluctuate upward [1]. 3.2 Oils - **Viewpoint**: The sentiment in the oil market showed signs of stabilizing. Attention should be paid to the changes in the production and demand expectations of Malaysian palm oil [5]. - **Logic**: The US soybean market was bearish due to sufficient supply and concerns about Chinese demand. The South American soybean harvest is expected to be abundant. The production of Malaysian palm oil decreased seasonally in December, and the probability of inventory reduction at the origin is high. The supply of domestic rapeseed is tight, but the supply is expected to increase in the future [5]. - **Outlook**: Soybean oil, palm oil, and rapeseed oil are expected to fluctuate. Attention should be paid to the effectiveness of the technical support at the bottom [5]. 3.3 Protein Meal - **Viewpoint**: The spot price of soybean meal remained stable, and the futures price rebounded from oversold levels [6]. - **Logic**: Internationally, the US soybean production outlook is optimistic, and the market is expected to fluctuate weakly before the South American weather speculation. Domestically, the state reserve soybean auctions increased the market supply pressure, the seasonal de-stocking of soybean and soybean meal was slow, and the downstream consumption was weak [7]. - **Outlook**: US soybeans, Dalian soybean meal, and rapeseed meal are expected to fluctuate. The market is expected to be bearish in the short term [7]. 3.4 Corn and Starch - **Viewpoint**: The market lacked clear drivers and is expected to fluctuate [7]. - **Logic**: The upstream farmers are reluctant to sell, and the downstream enterprises have established a certain safety inventory. The market is in a tight balance state, and there are no major contradictions. Attention should be paid to the implementation of the old wheat auction and the rumor of state reserve release [7]. - **Outlook**: Fluctuation [7]. 3.5 Live Pigs - **Viewpoint**: The overall supply of live pigs is abundant, and the pig price is expected to fluctuate at a low level [8]. - **Logic**: In the short term, the supply of large pigs is increasing. In the medium term, the supply of commercial pigs is expected to be excessive before April 2026. In the long term, the supply pressure is expected to ease after May 2026. The demand increased during the Winter Solstice, and the inventory weight increased [8]. - **Outlook**: Bearish in the short term, with the price expected to fluctuate in a weak range. The far-month contracts are supported by the expectation of production capacity reduction [8]. 3.6 Natural Rubber - **Viewpoint**: The rubber price continued to fluctuate [10]. - **Logic**: The market lacked strong driving forces, and the geopolitical speculation was difficult to verify. The overseas supply increased seasonally, and the raw material price was firm, but there was a certain downward pressure. The downstream demand was weak, and the market sentiment was bearish [11]. - **Outlook**: The price is expected to continue to fluctuate, and it is difficult to have a trending market [11]. 3.7 Synthetic Rubber - **Viewpoint**: The sentiment in the synthetic rubber market remained strong [12]. - **Logic**: The BR futures contract was favored by funds due to the marginal improvement in the butadiene fundamentals and the relatively low absolute price. The butadiene price fluctuated upward last week, and the inventory pressure was slightly relieved [12]. - **Outlook**: Bullish in the medium term, but there is pressure at the upper level in the short term, and adjustment may be needed [12]. 3.8 Cotton - **Viewpoint**: The cotton price continued to strengthen [13]. - **Logic**: Internationally, the US cotton production decreased slightly, and the ICE cotton price had weak upward momentum. India's cotton production is expected to decrease for the second consecutive year, which may support the ICE cotton price. Domestically, the cotton supply and demand balance sheet is expected to accumulate a small amount of inventory, but if the apparent demand continues to grow, the new crop may be in a tight balance, which will increase the cotton price valuation. The commercial inventory accumulation speed is slower than the listing speed, indicating good consumption. There is an expectation of a reduction in the planting area next year, and the slow registration speed of warehouse receipts is also positive for the cotton price [13]. - **Outlook**: Bullish in the short term due to sentiment, but beware of callback risks. Bullish in the long term, and it is advisable to buy on dips [13]. 3.9 Sugar - **Viewpoint**: The sugar price is searching for a bottom [14]. - **Logic**: Internationally, the sugar production in Brazil is expected to remain high, and the global sugar market is expected to be oversupplied in the new season. Domestically, the sugar production in November decreased year-on-year, and the supply will increase marginally with the concentrated start of the sugar cane crushing season [14][15]. - **Outlook**: Bearish in the medium and long term due to the expected oversupply in the global sugar market [14][15]. 3.10 Double-Offset Paper - **Viewpoint**: The market has no prominent contradictions and is expected to fluctuate [17]. - **Logic**: The supply pressure still exists, and the paper mills have a strong desire to raise prices due to continuous losses. The downstream demand is weak, and the market is in a weak balance state [17]. - **Outlook**: Bearish in the short term, and attention should be paid to the potential upward movement of the market if the paper mills shut down due to high inventory and continuous losses [17]. 3.11 Logs - **Viewpoint**: The fundamentals are expected to improve, and there is support at the bottom [19]. - **Logic**: The port inventory continued to decline, and the spot price stabilized. The supply pressure is gradually easing, and the overseas shipping volume is expected to decrease in December and January. The 03 contract has relatively strong gaming characteristics [19]. - **Outlook**: Bullish in the medium term, and attention should be paid to the reverse spread and long opportunities in the far-month contracts [19].

投资咨询业务资格：证监许可【2012】669号 中信期货研究|⾦融衍⽣品策略⽇报 2025-12-23 股市多空㬵着，债市⻓端偏弱 股指期货：空头因素减弱，多头热点分散 股指期权：隐波低位下探 国债期货：⻓端情绪仍偏弱 股指期货⽅⾯，周一沪指高开回升，站上3900点，小幅放量至1.88万 亿元。目前处于多空因素均难以证伪的阶段，缩量博弈氛围中，仍建议谨 慎配置。空头因素有所缓和，1）上周五日本央行加息落地，日元多头兑 现、汇率趋贬，并未出现套息交易逆转的风险；2）IC、IM贴水趋于收 敛，且持仓量减少，空头止盈主导，或受到量化策略年末调仓赎回的推 动。多头热点出现，但覆盖范围有限，海南自贸区封关、美光财报超预 期、金价新高等事件催化，海南、存储芯片、贵金属板块活跃，通信、电 子、有色金属行业领涨，消费也继续受益于季节性强势。展望后市，市场 进入事件空窗期，叠加年末临近，资金博弈意愿下降，预计年末难出现系 统性机会。在此氛围之下，仍建议资金防御配置，以高股息、涨价链作为 配置主线，大市值优于小市值。 股指期权⽅⾯，周一全品种市场流动性有所下降，结构上科创ETF期 权在板块行情带动下成交额明显回升。海外日本加息落 ...

板块逻辑： 对2026年商品期货的充分讨论与分析后，在主力合约相继转移至05合 约后，市场开始进入了资金主导的预期交易。聚烯烃被作为空配，期价再 创新低；PX因供需偏紧的预期，成为多配首选，利润创年内新高。这种极 致的价差也很可能因为资金的扰动出现反向波动，关注强势品种月差的阶 段性见顶。周一公布库存的三大液化品种，EB、BZ和EG，全部都实现了库 存的环比走高，BZ库存甚至环比增加5%，BZ和EB港口库存位于五年最高， EG库存也向五年中位靠拢。 原油：俄乌及委内地缘持续扰动，油价延续震荡 沥青：美委局势再度升温，沥青期价上涨 高硫燃油：地缘带动高硫燃油期价上涨 低硫燃油：低硫燃油跟随原油上涨 甲醇：沿海内地均偏僵持，甲醇震荡看待 尿素：供应需求双弱，盘面震荡整理 乙二醇：负荷仍有抬升空间，现货流通宽松未改 PX：情绪助推下，PX维持偏强整理，利润持续扩张 PTA：成本提振下预期向好 短纤：上游成本支撑转强，但无法完全转嫁，利润压缩 瓶片：上游原料成本支撑价格 丙烯：现货偏强，PDH降开工预期，PL震荡 PP：检修预期提振，PP震荡 塑料：检修支撑有限，塑料震荡偏弱 苯乙烯：新增出口成交&芳烃氛围偏强，苯乙 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究（有⾊每⽇报告） 2025-12-23 静待消费跟进，基本金属震荡整固 有⾊观点：静待消费跟进，基本⾦属震荡整固 交易逻辑：11月美国CPI低于市场预期提振降息预期，但美联储新一任候 选人还处于遴选中；12月10-11日中央经济工作会议召开，定调较为积 极，继续"国补"，国内消费预期有望改善，整体上看，宏观面偏正面。 原料端延续偏紧局面，并逐步往冶炼端传导，供应端收缩风险仍然存在。 终端略偏弱，12月初汽车销售延续放缓，12月空调排产降幅扩大，2026年 1-2月排产预计改善，基本金属现实供需偏宽松，但预期偏紧。整体来 看，中短期，供应扰动担忧继续支撑价格，但高价对消费抑制对价格进一 步涨势构成约束，可继续关注铜铝低吸做多机会，锡近期涨幅较大且累库 加快，多头适当减仓为宜；长期，国内潜在增量刺激政策预期仍在，并且 铜铝锡供应扰动问题仍在，供需仍有趋紧预期，看好铜铝锡价格走势。 铜观点：铜矿⻓单加⼯费落地，铜价⾼位震荡。 氧化铝观点：过剩状态未有明显改善，氧化铝价继续承压。 铝观点：库存有所累积，铝价⾼位震荡。 铝合⾦观点：关注需求变化，盘⾯⾼位震荡。 ...

Report Industry Investment Rating - Not provided in the content. Report's Core View - Supply disruption concerns are intensifying, and new energy metals remain strong. In the short - to - medium term, polysilicon and lithium carbonate will alternately lead the rise of new energy metals. In the long - term, the supply of silicon is expected to shrink, especially for polysilicon, with a possible increase in the price level. The lithium ore production capacity is still rising, but demand expectations are also growing, and the expected surplus in supply - demand is narrowing. The annual supply - demand inflection point for lithium carbonate may occur earlier. [2] Summary by Relevant Catalogs 1.行情观点 Industrial Silicon - **View**: Supply - demand remains weak, and silicon prices show an oscillatory trend. The medium - term outlook is "oscillatory". [6] - **Information Analysis**: As of December 22, the spot price of industrial silicon fluctuated slightly. The latest domestic inventory decreased by 0.5% month - on - month. As of November 2025, the monthly output of domestic industrial silicon decreased by 11.2% month - on - month and 0.7% year - on - year. In November, industrial silicon exports increased by 21.8% month - on - month and 3.7% year - on - year. In October 2025, the newly installed photovoltaic capacity increased by 30.43% month - on - month but decreased by 38.3% year - on - year. [6] - **Main Logic**: In terms of the fundamentals, the production of industrial silicon decreased in December. The demand from polysilicon, organic silicon was weak, and the demand boost from aluminum alloy was limited. Although the industry inventory decreased recently, there is still some pressure. Overall, the supply pressure was relieved to some extent, but the downstream demand weakened simultaneously, and the inventory continued to accumulate in December, with the fundamentals remaining weak. [6] - **Outlook**: The fundamentals of industrial silicon are weak, but the coal price has recovered, and market sentiment fluctuates. It is believed that the price of industrial silicon will show an oscillatory trend. [7] Polysilicon - **View**: The expectation of state - reserve purchase is still fermenting, and polysilicon prices continue to be highly volatile. The medium - term outlook is "oscillatory and slightly bullish". [7] - **Information Analysis**: As of the week of December 22, the average transaction price of N - type re - feedstock was stable week - on - week. The number of polysilicon warehouse receipts on the GZFE remained unchanged. In November, China's polysilicon exports decreased by 18% year - on - year, and imports decreased by 62% year - on - year. From January to October 2025, the newly installed domestic photovoltaic capacity increased by 39.5% year - on - year. A polysilicon platform company was registered on December 9, 2025, with a registered capital of 3 billion yuan. The GZFE added new registered brands and adjusted the minimum order quantity for some polysilicon futures contracts. [7][8] - **Main Logic**: With the establishment of the polysilicon platform company, the expectation of state - reserve purchase has heated up again, and prices continue to be highly volatile. In the supply side, production in the southwest region decreased during the dry season, and the impact of anti - involution policies on supply needs to be monitored. In the demand side, the photovoltaic installation growth rate in the first five months was high but overdrew the demand in the second half of the year. The demand for polysilicon has gradually weakened since November. Although the fundamentals are weak, the anti - involution policy expectation provides strong price support at the bottom. [10] - **Outlook**: The anti - involution policy significantly boosts polysilicon prices. With the establishment of the platform company, market sentiment has improved, and the price of polysilicon may show an oscillatory and slightly bullish trend in the short term. [11] Lithium Carbonate - **View**: Demand remains strong, and lithium prices continue to rise. The medium - term outlook is "oscillatory and slightly bullish". [11] - **Information Analysis**: On December 22, the closing price of the lithium carbonate main contract increased by 2.68%, and the total open interest increased. The spot prices of battery - grade and industrial - grade lithium carbonate increased, as did the average price of spodumene concentrate index. The number of warehouse receipts increased. The GZFE made adjustments to lithium carbonate futures delivery warehouses, and the total warehouse capacity increased by 7,000 tons. [11][12] - **Main Logic**: Currently, the supply and demand of lithium carbonate are both strong, and the long - term demand expectation is also strong. Market trading focuses on the resumption time of Jiaxiawo Mine and the off - season demand. The resumption expectation has been postponed, which is a major positive factor. There are differences in the market's expectation of January demand, and the social inventory decline has slowed down. In the short term, there are few negative factors, and the market sentiment is optimistic. However, attention should be paid to the possible emotional fluctuations caused by the increase in warehouse capacity. [12] - **Outlook**: The short - term supply - demand is in a tight balance, and the price is expected to be mainly oscillatory and slightly bullish. [12] 2.行情监测 - Not provided with specific content in the text. 3.中信期货商品指数 - **Comprehensive Index**: - The commodity 20 index was 2,634.42, up 1.34%. - The industrial product index was 2,226.50, up 0.79%. - The PPI commodity index was 1,379.81, up 0.63%. [54] - **New Energy Commodity Index**: On December 22, 2025, the index was 493.12, with a daily increase of 0.25%, a 5 - day increase of 6.64%, a 1 - month increase of 13.17%, and a year - to - date increase of 19.57%. [55]

1. Report Industry Investment Rating - The mid - term outlook for the black building materials industry is "oscillation" [5] 2. Core View of the Report - The policy tone remains positive, with the "15th Five - Year Plan" draft planning major projects. In the current off - season, supply and demand are both weak. The steel rebar fundamentals are still resilient, while hot - rolled coils face inventory pressure. Supported by winter storage and cost, the futures market continues to rebound. The iron ore futures perform strongly, and the valuation of coking coal and coke continues to recover due to supply disturbances. The glass - soda ash prices are suppressed by the oversupply situation. Overall, there is a chance of a low - level rebound in the futures market [1] 3. Summary by Relevant Catalogs 3.1 Iron Element - Iron ore: Iron ore shipments and arrivals have decreased slightly, and port inventories are accumulating. Iron water production continues to decline, weakening the rigid demand. Steel mills' restocking is slow, and there is strong game between upstream and downstream. Short - term ore prices are expected to oscillate [2][7] - Scrap steel: The supply of scrap steel has decreased, and demand remains stable. Steel mills' inventories are high, and restocking has slowed down. However, the profit of electric furnaces is good, and the demand from long - and short - process steel enterprises still provides support. The spot price is expected to oscillate [2][9] 3.2 Carbon Element - Coke: The cost of coke has shown signs of stabilization, and the expectation of further spot price cuts is low. As winter storage by coke and steel enterprises begins, the spot price will be more strongly supported, and the futures valuation still has room for repair, expected to follow coking coal and oscillate [2][11] - Coking coal: As the year - end approaches, the intensity of winter storage increases, and the fundamentals of coking coal will continue to improve marginally. The futures valuation has room for repair, and the short - term trend is expected to be oscillating and slightly stronger [2][12] 3.3 Alloys - Manganese silicon: The market supply and demand of manganese silicon remain loose, and the upstream inventory pressure is large. The upward movement of the futures price may face selling pressure, and the upside space is limited. In the medium term, it will oscillate at a low level around the cost valuation [2][15] - Ferrosilicon: The high cost supports the price bottom. Currently, the upstream supply pressure is not large, but in the off - season of terminal demand, the market supply and demand are both weak. The upside space of the futures price is not overly optimistic, and it is expected to oscillate at a low level around the cost valuation [2][16] 3.4 Glass and Soda Ash - Glass: There are still expectations of supply disturbances, but the inventories of middle and downstream are moderately high. Currently, the supply and demand are in an oversupply situation. If there is no more cold - repair by the end of the year, high inventories will suppress the price, expected to oscillate weakly; otherwise, the price will rise [2][12] - Soda ash: Recently, the coal price recovery has strengthened the cost support. However, the overall supply and demand are still in an oversupply situation. In the short term, it is expected to oscillate, and in the long term, the oversupply pattern will intensify, and the price center will decline [2][15] 3.5 Specific Analysis of Each Variety - Steel: The cost support is strong, and the futures market continues to rebound. The spot market trading is average. Steel production is decreasing, but rebar production has stabilized and rebounded. Demand is weak in the off - season but still has support. Steel inventories are decreasing, but the current inventory level is still high year - on - year, and demand may weaken. The upside space of the futures market is limited [6] - Iron ore: The spot price is weakly oscillating. Overseas shipments have decreased, arrivals have declined, and iron water production has dropped significantly. Port inventories are accumulating, and steel mills' restocking demand is slow to release. Short - term ore prices are expected to oscillate [7] - Scrap steel: The supply is at a low level, and demand is stable. Steel mills' inventories are high, and restocking has slowed down. The spot price is expected to oscillate [9] - Coke: The third round of price cuts has been implemented, and coking enterprises' profits have turned negative. The production enthusiasm is okay, but some are restricted by environmental protection. Steel mills' inventories are increasing, and the overall market is stabilizing. The futures valuation has room for repair and is expected to follow coking coal and oscillate [11] - Coking coal: Affected by the earthquake, the market sentiment is high. Domestic supply is at a low level, and imports are high. The downstream has started to restock, and the futures valuation has room for repair [12] - Glass: The spot price is still weak, and the futures market is oscillating. The policy is positive, but the supply may decline in the long term and is difficult to have a large - scale cold - repair in the short term. The demand is weak, and middle - stream inventories are large, suppressing the valuation. If there is no more cold - repair by the end of the year, the price will oscillate weakly; otherwise, it will rise [12] - Soda ash: The supply has slightly decreased, and demand is expected to weaken. The overall supply and demand are in an oversupply situation, and the market is at the bottom of the cycle. In the short term, it is expected to oscillate, and in the long term, the price center will decline [13][15] - Manganese silicon: The futures price is strongly oscillating, and the spot price has slightly increased. The cost has slightly loosened, demand is weak, and supply is difficult to significantly reduce inventory. The upside space of the futures price is limited, and it will oscillate at a low level in the medium term [15] - Ferrosilicon: The futures market is oscillating, and the spot price has little change. The cost is high, demand is weak, supply pressure has been alleviated, and the supply - demand relationship is balanced. The futures price is expected to oscillate at a low level [16] 3.6 Index Information - On December 22, 2025, the comprehensive index of CITIC Futures commodities, the specialty index (Commodity Index, Commodity 20 Index, Industrial Products Index) all increased, with increases of 1.10%, 1.34% and 0.79% respectively. The steel industry chain index increased by 0.30% on the day, 2.44% in the past 5 days, - 0.06% in the past month, and - 6.26% since the beginning of the year [104][106]

投资咨询业务资格：证监许可【2012】669号 沪金重回千元关口，白银再创历史新高 ——中信期货晨报20251223 中信期货研究所 仲鼎 从业资格号F03107932 投资咨询号Z0021450 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 | 金融市场涨跌幅 | | --- | | | | | THE MAN MET LAND THE THE | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 板块 | 品种 | 现代 | | | 日度涨跌幅 周皮涨跌幅 月度涨跌幅 季度涨跌幅 | | 今年涨跌幅 | | | 沪深300期货 | 4564.8 | 0.83% | 0.83% | 2.07% | -1.15% | 16.42% | | 股指 | 上证50期货 | 3018.4 | 0.40% | 0.40% | 2.01% | 0.98% | 12.71% | | | 中证500期货 | 7123. ...