Report Industry Investment Rating - Not provided in the given content Core Viewpoints - For EC2602, the future trend mainly depends on the spot market. It's difficult to predict the peak height and time of freight rates in January and the subsequent price - decline rhythm. It's not recommended to enter the market at the current level, and the strategy is mainly to go short on rallies considering factors like geopolitical reversals, pre - holiday position reduction, and price increase notices after reaching the bottom [3][13] - For EC2604, the valuation is moderately high. There is a short - term upward risk due to factors such as capital position transfer and greater geopolitical influence on far - month contracts. In the long - term logic of resumption of navigation and off - season, the strategy is mainly to go short on rallies [3][13] Summary by Relevant Information Futures Market - **Futures Contracts**: EC2512 closed at 1604.8 with a - 0.51% change; EC2602 at 1822.9 with a - 0.09% change; EC2604 at 1169.9 with a 1.31% change; EC2606 at 1374.0 with a 4.39% change; EC2608 at 1497.7 with a 0.78% change; EC2610 at 1054.7 with a 0.51% change [2][12] - **Month - to - Month Spreads**: For example, EC2512 - 2504 was 434.9, with a day - on - day change of - 23.3 and a week - on - week change of - 66.4 [2][12] Spot Market - **Indices**: SCEIS on December 29, 2025, was 1742.64 points, up 9.66% from the previous period; SCFI on December 26, 2025, was 1690 dollars/TEU, up 10.24% from the previous period; CCFI on December 26, 2025, was 1519.06 points, up 3.06% from the previous period; NCFI on December 26, 2025, was 1144.37 points, up 7.22% from the previous period [2][12] - **European Line Spot Situation**: In Week 1, MSK opened at 2500 dollars, OA at 2700 - 2800 dollars, PA at 2800 dollars, with a central price of 1950 dollars. In Week 2, MSK remained at 2500 dollars, and the price at Hamburg Port was 2600 dollars (a 100 - dollar increase from the previous period). YML reduced the price of a voyage in Week 2 by 200 dollars to 2600 dollars, and ONE increased the second - half - month quote by 500 dollars to 3335 dollars [4][14] Geopolitical News - On December 30, 2025, US President Trump said he reached an agreement with Israeli Prime Minister Netanyahu on most matters, talked about disarming Hamas, and hoped to enter the second phase of the Gaza plan soon [4][14] - On December 29, 2025, Hamas accused Israel of not fulfilling the cease - fire agreement and called on the US to pressure Israel [5][15]

Group 1: SP Main Contract Information - The closing price of the SP main contract on December 29, 2025, was 5510.00 [3] - The closing prices from December 23 - 26, 2025, were 5620.00, 5620.00, 5604.00, and 5630.00 respectively [3] - The corresponding US - dollar prices were 698.78, 700.03, 698.96, 702.06, and 686.78 [3] - The daily price changes were - 0.03557%, 0.00000%, - 0.28470%, 0.46395%, and - 2.13144% [3] - The Shandong Yinxing basis on December 29, 2025, was 80, and the Yangtze River Delta Yinxing basis was 50 [3] Group 2: Pulp Import Information - With a 13% VAT calculation, the import profit for Canadian Golden Lion pulp was 51.39, for Canadian Lion pulp was - 287.55, and for Chilean Yinxing pulp was - 24.91 [4] - The port US - dollar prices were 780, 730, and 700 respectively, and the Shandong region RMB prices were 6300, 5565, and 5590 [4] Group 3: Pulp and Paper Price Averages - From December 23 - 29, 2025, the national average prices of softwood pulp, hardwood pulp, kraft pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively [4] - The Shandong region average prices also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 [4] - The cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and most of the price indices remained unchanged, except for the life - paper index which increased by 2 to 857 [4] Group 4: Paper Profit Margins - The estimated profit margins of double - offset paper and double - copper paper remained unchanged from December 24 - 29, 2025, at - 4.4235% and 5.9667% respectively [4] - The estimated profit margin of white - card paper remained unchanged at - 8.9723% [4] - The estimated profit margin of life - paper increased from 3.5917% to 4.3314%, a change of 0.7397 [4] Group 5: Pulp Price Spreads - From December 23 - 29, 2025, the softwood - hardwood pulp price spread was 930.00, the softwood - kraft pulp price spread was 190, the softwood - chemimechanical pulp price spread was 1740, and the softwood - waste paper price spread was 4014 [4]

有色早报 研究中心有色团队 2025/12/30 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2025/12/23 -440 4777 95805 49543 -1909.24 -498.41 55.0 54.0 13.16 158575 48875 2025/12/24 -465 5208 95805 52222 -2003.83 -422.80 55.0 54.0 19.69 157025 46525 2025/12/25 -500 5373 95805 59083 - 422.09 55.0 54.0 - - - 2025/12/26 -525 6208 111703 58647 - 2945.00 55.0 54.0 - - - 2025/12/29 -435 6790 111703 65878 -1855.70 -146.77 53.0 52.0 31.35 154575 44075 变化 90 582 0 7231 - -3091.77 -2.0 ...

Core Viewpoint - The release of the "Opinions on Strengthening Regulation to Prevent Risks and Promote High-Quality Development of the Futures Market" marks a historic shift for the Chinese futures industry from rapid growth to high-quality development [2] Group 1: Regulatory Environment - The past year has seen a significant transformation in the industry ecosystem, characterized by enhanced regulatory measures, increased penalties, and a focus on risk prevention [2] - The industry consensus has shifted towards safe development, emphasizing the importance of intelligent risk control capabilities for early identification and management of risks [2][4] Group 2: Company Strategy and Development - The company, Everbright Futures, is committed to a customer-centric approach, aiming to become a leading derivatives investment bank by focusing on core competencies and avoiding low-level competition [3] - Everbright Futures has launched the "Yongdong Qihang" industry service brand, having served over 16,000 real enterprises, and its subsidiary has been recognized as one of China's top 500 service enterprises for five consecutive years [3] Group 3: Risk Management - The company has adopted a comprehensive risk management approach, integrating a culture of risk awareness across all levels and enhancing its compliance and risk management systems [4] - The company is advancing its digital compliance and risk control system, known as the "Fengsui" system, to strengthen its risk management capabilities [4] Group 4: Future Outlook - The futures market is expected to see a more complete regulatory framework, with improved operational efficiency and risk management capabilities [5] - The company aims to enhance its core competitiveness by expanding capital channels and improving service quality, particularly in risk management [7] - The company plans to leverage its full range of financial licenses to provide comprehensive cross-border financial services, enhancing its international business presence [7] Group 5: Digital Transformation - The company is committed to advancing its "Digital Yong'an" strategy, establishing a robust digital support system to facilitate its transformation and address industry challenges [8]

波动率数据日报 永安期货期权总部 更新时间:2025/12/29 、隐含波动率指数、历史波动率及其价差走势图 隐波指教分位教与波动率价差分位费排名图 1、隐波分位数代表当前品种隐波在历史上的水平。分位教高代表当前稳波偏高。分位数低代表稳疲隔低。2、波动率价差书急按指数十历史皮 动率。 隐含波动率分位数排名 历史波动率分位数排名 Ph 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。 42 6) 85 限 36 0.2 0.3 0.4 0.5 ore 0.7 0.8 0.9 0.1 1 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0 0 ora 1 70 -300股指 IV -- 300股指 HV IV-HV美 IV-HV美 - 50ETF IV - 50ETF HV 20 20 80 IV-HV差 -- 1000股指 IV -- 1000股指 HV V-HV美 - 500ETF I ...

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints - For contracts after 02, the focus is on spot trends. It's difficult to predict the peak height, time, and subsequent price - drop rhythm of January freight rates. At the current level, entry is not recommended [2][7]. - The 04 contract is moderately over - valued, but there is short - term upward risk (due to factors like capital position transfer, geopolitical reversal, pre - holiday position reduction, and price increase notices after reaching the bottom). The strategy is to short on rallies [2][7]. - Far - month contracts are greatly affected by geopolitics. Under the long - term logic of expected resumption of shipping and the off - season, the strategy for the 10 contract is to short on rallies [2][7]. 3. Summaries by Related Catalogs 3.1 Futures Contract Data - **EC Contracts**: EC2512 had a 0.31% change, with a price of 1613.0 and a decrease of 23.8. EC2602 had a 1.38% change, with a price of 1824.5 and a decrease of 235.3. Other contracts also had their respective price and change data [2][7]. - **Month - to - Month Spreads**: For example, EC2512 - 2504 had a spread of 458.2, with a change of - 19.8 compared to the previous period [2][7]. 3.2 Index Data - **SCEIS**: It had a 5.21% change this period and a 0.10% change compared to the previous period, with a value of 1509.10 as of 2025/12/22, updated weekly [2][7]. - **SCFI (European Line)**: It had a 10.24% change this period and a - 0.33% change compared to the previous period, with a value of 1690 dollars/TEU as of 2025/12/26, updated weekly [2][7]. - **CCFI**: It had a 3.06% change this period and a 0.23% change compared to the previous period, with a value of 1519.06 as of 2025/12/26, updated weekly [2][7]. - **NCFI**: It had a 7.22% change this period and a 0.30% change compared to the previous period, with a value of 1144.37 as of 2025/12/26, updated weekly [2][7]. 3.3 European Line Spot Situation - **Week 52**: MSK opened at 2300 dollars, and other companies generally followed Week 51's rates. The central rate was 2500 dollars, equivalent to about 1750 points on the futures market [2][7]. - **Week 1**: MSK opened at 2500 dollars, OA at 2700 - 2800 dollars (EMC's partial routes at 2500+ dollars), and PA at 2800 dollars (with a volume - related rate of 2600 dollars). The central rate was 1950 dollars, equivalent to about 1950 points on the futures market [2][7]. - **Week 2**: MSK kept the rate at 2500 dollars, but the rate at Hamburg Port was 2600 dollars (a 100 - dollar increase from the previous period) [2][7]. 3.4 Related News - On 12/28, there were significant differences between the US and Israel on the Gaza issue. Israeli Prime Minister Netanyahu visited the US, aiming to persuade the US to accept a tougher stance on the Gaza cease - fire agreement [2][7]. - On 12/27, the rift in the Gulf region deepened as Saudi Arabia attacked a faction in Yemen supported by the UAE [2][7].

Report Summary 1. Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core View During the Christmas holiday, trading volume in the overseas market was light, and crude oil prices declined on Friday night. The market is focused on geopolitical situations, with Iran warning Israel and the US not to launch attacks. EIA weekly reports and ARA inventory updates are on hold. Global oil inventories are decreasing, while Singapore's oil inventories are increasing. Gasoline and diesel cracks are oscillating weakly, with a large fundamental surplus. If geopolitical risks subside, the surplus in the first quarter will be four times the seasonal level. Short - term spreads and absolute prices should be under - allocated [6]. 3. Summary by Directory a. Price Data - From December 22 to December 26, 2025, WTI prices fluctuated from $58.01 to $56.74, BRENT from $62.07 to $60.64, and DUBAI from $62.12 to $61.86. Other related prices such as SC, OMAN, and various refined products also showed different degrees of change [3]. b. Daily News - Hamas claims that Israel has not fulfilled the cease - fire agreement and calls on the US to pressure Israel. Hamas hopes to complete the agreement's terms and enter the second phase, and emphasizes that the future management committee in the Gaza Strip should be composed of Palestinians [3]. - Iranian President warns the US and Israel not to launch new attacks, stating that Iran is stronger now than before the June attacks [4]. - Ukrainian President Zelensky will meet with European leaders after meeting with US President Trump to seek a stronger stance against Russia [4]. c. Inventory - US API crude oil inventory for the week ending December 19 was 239.1 million barrels, compared to the previous value of - 932.2 million barrels. API refined oil inventory was 68.5 million barrels (previous value: 251.1 million barrels), and API gasoline inventory was 109 million barrels (previous value: 483.5 million barrels) [4][5]. - EIA report shows that commercial crude oil inventory (excluding strategic reserves) decreased by 127.4 million barrels to 424 million barrels, a 0.3% decline. Strategic Petroleum Reserve (SPR) inventory increased by 24.9 million barrels to 412.2 million barrels, a 0.06% increase. US domestic crude oil production decreased by 1.0 million barrels to 1384.3 million barrels per day. US crude oil exports increased by 65.5 million barrels per day to 466.4 million barrels per day. Commercial crude oil imports (excluding strategic reserves) were 652.5 million barrels per day, a decrease of 6.4 million barrels per day from the previous week. The four - week average supply of US crude oil products increased by 0.82% year - on - year [5].

Core Viewpoint - The gold and silver markets are experiencing a significant resurgence, with gold surpassing $4500 per ounce and silver exceeding $79.3 per ounce, both reaching historical highs as uncertainties dissipate [1]. Group 1: Market Performance - Gold has seen a year-to-date increase of 72.69%, approaching the second-highest historical record from 1974, while silver's annual increase stands at 173.99%, significantly surpassing the 83.61% rise in 2010 [1][2]. - The silver market is expected to set a historical record for annual growth in 2025, with a market dynamic characterized by gold leading and silver experiencing explosive growth [2]. Group 2: Factors Influencing Market Trends - Investment demand has overtaken central bank gold purchases as the primary driver of the market, alongside structural squeezes in the silver market due to global inventory issues and strong industrial demand [2]. - A decline of approximately 10% in the US dollar index, coupled with the Federal Reserve's resumption of rate cuts and technical balance sheet expansion, has contributed to the bullish sentiment in precious metals [2]. Group 3: Future Outlook - Analysts generally expect the strong performance of gold and silver to continue, although they anticipate that the rate of increase will not match the extraordinary levels seen in 2025 [5]. - The macroeconomic environment for 2026 is viewed as optimistic, with expectations of continued Federal Reserve rate cuts and a global liquidity environment remaining loose, which may influence the performance of risk assets and the appeal of gold as a safe haven [5][6]. Group 4: Strategic Positioning - The global precious metals market is deemed suitable for strategic allocation, with gold recommended as a core defensive asset supported by central bank purchases and ETF inflows, while silver is suggested for high-elasticity allocation during phases of capital inflow [6]. - Analysts have identified potential risks for silver, including rapid capital withdrawal from ETFs, the return of US silver stocks to London, and the lack of inclusion of silver in global central bank balance sheets, which may affect its status as a defensive reserve asset [6].

证券之星消息，12月24日多元金融板块较上一交易日上涨1.38%，瑞达期货领涨。当日上证指数报收于 3940.95，上涨0.53%。深证成指报收于13486.42，上涨0.88%。多元金融板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002961 | 瑞达期货 | 29.21 | 10.02% | 30.45万 | | 8.58亿 | | 600927 | 永安期货 | 15.44 | 3.42% | 9.74万 | | 1.49亿 | | 600053 | 九鼎投资 | 20.08 | 3.40% | 12.24万 | | 2.43亿 | | 600599 | *ST熊猫 | 10.31 | 3.00% | 14.39万 | | 1.47亿 | | 603093 | 南华期货 | 19.39 | 2.81% | 9.36万 | | ...

中国经济网北京12月24日讯 中国证监会天津监管局网站近日公布关于对永安期货股份有限公司天津分公司采取出具警示函措施的决定。 经查，永安期货股份有限公司天津分公司存在以下问题：一是客户回访工作不到位，违反了《期货公司监督管理办法》第五十六条的规定；二是任用无 从业资格的人员从事期货业务，违反了《期货公司监督管理办法》第五十六条、《期货从业人员管理办法》第十条第二款的规定；三是2023年天津证监局现 场检查期间，向天津证监局提供的现场检查材料不完整，违反了《期货公司监督管理办法》第五十六条、第一百条第二款的规定。 上述情形表明永安期货股份有限公司天津分公司内部控制存在缺陷，根据《期货公司监督管理办法》第一百零九条的规定，天津证监局决定对永安期货 股份有限公司天津分公司采取出具警示函的监督管理措施，并记入证券期货市场诚信档案。 永安期货于2021年12月23日在上交所主板上市，公开发行新股1.46亿股，发行价格为17.97元/股，保荐机构为中信建投证券股份有限公司、财通证券股 份有限公司。其中，中信建投证券股份有限公司的保荐代表人为李华筠、周伟，财通证券股份有限公司的保荐代表人为吴云建、熊文峰。 永安期货于202 ...