沪锡延续偏强震荡格局，周三主力合约收涨2.22%，报322630元/吨，刷新阶段高位。近期刚果（金）地 缘冲突风险减弱，有助于缓解市场对当地锡矿供应的担忧情绪，但缅甸佤邦复产进程缓慢，锡矿供应仍 处于偏紧格局，对锡价形成较强支撑。目前沪锡市场处于主力合约移仓换月的关键阶段，2601与2602合 约持仓结构呈现显著分化，多头在 2601 合约上主动加仓巩固优势，而2602合约多空增仓力度接近，席 位间博弈更趋白热化，整体持仓变动反映出资金对供需格局的分歧进一步拉大。 | 沪锡 | 净持仓 | 2601合约 | | | 2025/12/10 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 排名 | 期货公司 | 净多持仓 | 製化 | 排名 | 期货公司 | 净空头寸 | 变化 | | 1 | 永安朗贷 | 2052 | 203 | I | 中泰朗货 | 2150 | 178 | | 2 | 华泰期货 | 1327 | 121 | 2 | 金瑞期货 | 1864 | 333 | | 3 | 东亚期货 | 1053 | 33 | 3 | 五矿期货 ...

Core Insights - The Chinese futures market is reshaping global commodity pricing logic and increasingly integrating into global industrial risk management [1] - The number of tradable products for qualified foreign investors has exceeded 100, enhancing the influence of "Chinese prices" in global markets [2] Group 1: Expansion of Market Access - The number of futures and options products available for qualified foreign investors reached 107 by the end of October 2023, with 24 internationalized products [2] - The Shanghai Futures Exchange has opened 6 specific products to foreign investors, with over 70% of listed products now accessible [2] - The Dalian Commodity Exchange has increased its tradable products for qualified foreign investors to 27, with nearly 400 foreign clients participating in trading [3] Group 2: International Influence of "Chinese Prices" - "Chinese prices" are becoming essential references in international commodity markets, with Shanghai copper and oil futures recognized as significant pricing benchmarks [6][9] - The introduction of settlement price authorization for futures contracts, such as the Shanghai natural rubber futures listed on the Osaka Exchange, enhances the international pricing influence of Chinese commodities [7] Group 3: Innovation in Cross-Border Services - Futures companies are innovating business strategies to meet the needs of both domestic and international clients, effectively translating the advantages of the open market into tangible benefits for the real economy [10] - Companies like UBS Futures and Nanhua Futures are expanding their international business, providing tailored risk management solutions for cross-border trade [11][12] Group 4: Future Development Plans - The Shanghai Futures Exchange plans to expand the range of specific products and increase the number of tradable products for qualified foreign investors [13] - The Zhengzhou Commodity Exchange aims to enhance its service quality and expand its product offerings to better serve the modern economy [14] - The Guangxi Futures Exchange is focused on building a green futures market aligned with low-carbon transformation goals [15]

1. Report Industry Investment Rating - No relevant content provided 2. Core View - No core view explicitly stated in the provided content 3. Summary by Related Catalogs Global Asset Market Performance - **10 - Year Treasury Yields of Major Economies**: On December 9, 2025, the 10 - year Treasury yields of the US, UK, France, etc. were 4.189%, 4.504%, 3.554% respectively. There were various changes in yields over different time periods such as daily, weekly, monthly, and yearly [3]. - **2 - Year Treasury Yields of Major Economies**: On December 9, 2025, the 2 - year Treasury yields of the US, UK, Germany, etc. were 3.560%, 3.777%, 2.152% respectively. Yields also had different changes over different time intervals [3]. - **US Dollar Exchange Rates against Major Emerging - Market Currencies**: On December 9, 2025, the exchange rates of the US dollar against currencies like the Brazilian real, Russian ruble, etc. were reported. There were percentage changes in these exchange rates over different time periods [3]. - **Renminbi Exchange Rates**: On December 9, 2025, the on - shore, off - shore, and middle - price of the Renminbi were 7.064, 7.061, 7.077 respectively. There were percentage changes in these rates over different time periods [3]. - **Stock Indices of Major Economies**: On December 9, 2025, the closing prices of indices such as the Dow Jones, S&P 500, etc. were reported. There were percentage changes in these indices over different time periods [3]. - **Credit Bond Indices**: On December 9, 2025, the values of emerging - market investment - grade, high - yield, and other credit bond indices were reported. There were percentage changes in these indices over different time periods [3]. Stock Index Futures Trading Data - **Index Performance**: The closing prices and percentage changes of A - shares, CSI 300, SSE 50, etc. were reported on a certain day. The closing prices were 3909.52, 4598.22, 2997.96 respectively, with percentage changes of - 0.37%, - 0.51%, - 0.71% [4]. - **Valuation**: The PE (TTM) and their环比 changes of CSI 300, SSE 50, etc. were reported. For example, the PE (TTM) of CSI 300 was 14.03 with a环比 change of - 0.05 [4]. - **Risk Premium**: The risk premiums and their环比 changes of S&P 500, German DAX, etc. were reported. For example, the risk premium of S&P 500 was - 0.51 with a环比 change of - 0.02 [4]. - **Fund Flows**: The latest values and 5 - day average values of fund flows in A - shares, the main board, etc. were reported. For example, the latest value of A - share fund flow was - 1141.62 [4]. - **Trading Volume**: The latest trading volumes and their环比 changes in the Shanghai and Shenzhen stock markets, CSI 300, etc. were reported. For example, the latest trading volume of the Shanghai and Shenzhen stock markets was 19039.53 with a环比 change of - 1326.93 [4]. - **Main Contract Premium or Discount**: The basis and percentage of basis of IF, IH, IC were reported. For example, the basis of IF was - 15.02 with a percentage of - 0.33% [4]. Treasury Bond Futures Trading Data - **Closing Prices and Percentage Changes**: The closing prices and percentage changes of T00, TF00, T01, TF01 Treasury bond futures were reported. For example, the closing price of T00 was 108.160 with a percentage change of 0.05% [5]. - **Funding Rates**: The R001, R007, SHIBOR - 3M funding rates and their daily changes (in BP) were reported. For example, the R001 rate was 1.3650% with a daily change of - 12.00 BP [5].

2025/12/10 研究中心黑色团队 焦煤日报 、 | | 最新 | 日变化 | 周变化 | 月变化 | 年变化 | 最新 | 日变化 | 周变化 | 月变化 | 年变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 柳林主焦 | 1505.00 | 0.00 | 0.00 | -140.00 | 0.60% Peak Downs | 222.00 | 0.00 | 6.50 | 10.50 | 5.00 | | 原煤口岸库提价 | 960.00 | -10.00 | -40.00 | -151.00 | -4.00% Goonyella | 221.00 | 0.00 | 6.50 | 9.50 | 4.00 | | 沙河驿蒙5# | 1420.00 | 0.00 | 0.00 | -130.00 | -7.79% 盘面05 | 1084.00 | -23.00 | -77.50 | -205.00 | -11.37% | | 安泽主焦 | 1500.00 | 0.00 | -80.00 | -160.00 ...

近日，由大商所联合云南证监局、云南省地方金融管理局、云南省证券业协会等单位主办的"DCE·产业 行——期货衍生品市场服务云南产业高质量发展培训班"在昆明成功举办。来自五矿股份、中垦现代农 业、永安期货、晨实科技等机构的专家齐聚昆明，围绕套期保值体系建设、农牧企业期现结合实践、国 有企业衍生品应用及风险内控等主题展开深度分享，为云南实体企业利用期货工具管理价格风险、提升 产业链韧性提供系统性解决方案。来自当地政府部门、产业企业、期货经营机构的110余名代表参加了 培训。 据期货日报记者了解，当前，在全球供应链重构加速、大宗商品价格波动的市场格局下，云南作为我国 重要的农产品、有色金属和能源化工生产基地，企业正面临风险管理挑战和难得的发展机遇。在此背景 下，本次培训班聚焦"金融服务实体经济"核心使命，旨在推动期货市场功能与地方产业深度融合。 结合衍生品操作实践，五矿发展股份有限公司（下称五矿发展）期货部副总经理边媛媛表示，国有企业 开展金融衍生业务已从"粗放探索"迈向"规范精细"阶段。五矿发展作为大型央企，已建立起覆盖"集团 董事会—归口管理部门—操作主体"的三级治理体系，明确"严禁投机、严控规模、严守主业相关性 ...

SP主力合约收盘价： 5392.00 | 日期 | 2025/12/08 | 2025/12/05 | 2025/12/04 | 2025/12/03 | 2025/12/02 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5392.00 | 5450.00 | 5496.00 | 5458.00 | 5328.00 | | 折美元价 | 673.36 | 673.36 | 679.27 | 674.79 | 658.04 | | 距上一日涨跌 | -1.06422% | -0.83697% | 0.69623% | 2.43994% | 2.65896% | | 山东银星基差 | 108 | 50 | 29 | 67 | 97 | | 江浙沪银星基差 | 158 | 115 | 79 | 67 | 97 | 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 | | --- | --- | --- | --- | --- | --- | | 加拿大 | 金狮 | CFR | 780 | 630 ...

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 长治出厂价 2021 2022 2023 2024 2025 4000.00 4500.00 青岛港准一平仓 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 2021 2022 2023 2024 2025 全样本焦化焦炭库存 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 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 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 4000.00 4500.00 1月 2月 3月 4月 5月 6月 7月 8月 9 ...

近日，"第十九届深圳国际金融博览会暨2025中国金融机构年会"在深圳举行。在"中国期货业年会"分论 坛上，永安期货（600927）北京研究院负责人朱世伟在主题演讲中表示，当前全球宏观经济呈现疲软基 本面与宽松政策面相互博弈的格局，商品市场分化特征显著，贵金属、部分有色金属等品种已步入牛市 初期，但整体市场的回暖需等待政策效果传导与产业供需改善的共振。 历史经验显示，美国降息后周期及国内M2同比领先效应(通常领先商品1~4个季度)显现时，商品或全面 回暖。朱世伟预计，未来两三个季度有望看到宏观层面改善，并建议投资者关注政策指引与产业"反内 卷"措施，重点把握贵金属、有色等优势品种出现的机会。 其中，贵金属长期牛市逻辑明确，美债规模扩张为黄金提供长期支撑，不过以2022年黄金与美元第二次 脱钩时为基准，则显示当下价格已处于高位。有色金属方面，铝因产能天花板限制，库存自2017年起持 续出现年度级下降，供需格局优于铜。铜获新能源、电气化需求支撑但短期震荡，锡受益于人工智能短 期强势，镍、锌需防范市场波动风险。在能源与黑色品种方面，原油的需求缓慢增长，但供应端增产的 压力压制其上行空间；黑色产业链的利润与价格处于低位 ...

Core Viewpoint - International crude oil futures prices experienced a sudden drop, with WTI crude oil falling below $60, indicating a bearish trend in the market [1]. Price Movements - As of 20:00, WTI crude oil, ICE Brent crude, and ICE light low-sulfur crude all declined by approximately 1% [1]. - WTI crude oil was reported at $59.46, down by $0.62 or 1.03% [2]. - ICE light low-sulfur crude opened at $59.88, closing at $59.11, reflecting a decrease of $0.67 or 1.12% [3]. Market Analysis - Analysts noted that the recent fluctuations in the European situation, combined with increased oil inventories in the U.S. and the impact of the Thanksgiving holiday, have led to a subdued trading environment, resulting in a narrow trading range for oil prices [3]. - A report from Yong'an Futures indicated that the lack of clear progress in the Russia-Ukraine agreement could lead to a significant rebound in Russian oil exports, potentially exerting downward pressure on oil prices [4]. - The OPEC+ decision to continue increasing production by 137,000 barrels per day in December, with a pause in increases planned for the first quarter of next year, suggests ongoing supply surplus pressures, indicating a risk of downward price adjustments in the fourth quarter and the first quarter of the following year [4].

Core Viewpoint - Yong'an Futures has shown a significant increase in stock price, rising by 4.97% with a trading volume of 345 million yuan and a market capitalization of 22.75 billion yuan [1] Group 1: Company Overview - Yong'an Futures primarily engages in commodity futures brokerage, financial futures brokerage, asset management, and futures investment consulting, with risk management services provided through its wholly-owned subsidiary, Yong'an Capital [2] - The company is state-owned, with its ultimate control held by the Zhejiang Provincial Finance Department [2] - As of September 30, Yong'an Futures reported a net profit of 475 million yuan for the first nine months of 2025, representing a year-on-year growth of 13.31% [6] Group 2: Financial Performance - The company's main revenue sources include risk management services (90.17%), futures brokerage (6.90%), overseas business (2.24%), and other segments [6] - Yong'an Futures has distributed a total of 1.035 billion yuan in dividends since its A-share listing, with 627 million yuan distributed over the past three years [7] Group 3: Market Activity - The stock has seen a net inflow of 19.01 million yuan today, with a total of 35.36 million yuan in main trading volume, indicating a lack of strong control by major investors [4] - The average trading cost of the stock is 15.25 yuan, with the current price approaching a resistance level of 15.66 yuan, suggesting potential for upward movement if this level is surpassed [5]