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]

1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints - Copper prices are expected to remain strong due to loose overseas liquidity and are recommended to be bought on dips, with a price range of $10,800 - $12,500 in December [1] - Aluminum prices are supported by strong expectations despite weak domestic demand and low basis [1] - Zinc's domestic fundamentals are poor, but supply may decrease seasonally at the end of the year, so it is recommended to wait and see; pay attention to reverse arbitrage and positive spread opportunities [4] - Nickel's short - term fundamentals are weak, but the policy of Indonesia Nickel Association may lead to increased long - positions [7] - Stainless steel's fundamentals are weak, but short - term prices are rebounding due to Indonesia's policy [11] - Lead prices are expected to fluctuate between 17,100 and 17,600, and it is recommended to be cautious due to the risk of low - warehouse receipts [13] - Tin prices may be volatile in the short term and can be a long - term multi - allocation in the first quarter of 2026, but there are risks of supply increase and demand weakness [16] - Industrial silicon's short - term price will fluctuate with cost, and in the long - term, it will oscillate at the bottom of the cycle [19] - Lithium carbonate's short - term supply and demand are both strong, but demand may weaken, and there may be inventory accumulation in January [21] 3. Summary by Metal Copper - This week, copper prices rose significantly due to the precious metal market and improved risk appetite. Domestic downstream is experiencing negative feedback, with the weekly operating rate of electrolytic copper rods dropping seasonally and social inventory accumulating rapidly. Overseas, the CL spread is slightly narrowing. It is recommended to buy on dips, with a price range of $10,800 - $12,500 in December [1] Aluminum - In November, the import of primary aluminum decreased, while exports of primary aluminum, aluminum products, and semi - finished products increased. Domestic apparent demand is weaker than expected. Automobile sales are poor and are expected to decline further after the subsidy ends in 2026, but photovoltaic installations are better than expected. Aluminum ingot and product inventories are accumulating, and apparent demand is decreasing. Although domestic demand and terminal consumption are weakening and the basis is at a multi - year low, low inventory levels support the current high prices [1] Zinc - This week, the LME zinc 0 - 3M contango remained volatile at - $28.26, which eases overseas supply - demand contradictions. Supply - side: Domestic and imported TC are accelerating their decline, and domestic zinc concentrate supply will be tight from the fourth quarter to the first quarter of next year. In November, the Huoshaoyun zinc ingot was put into production, and in December, many smelters had maintenance, with a production decline of 15,000 - 18,000 tons expected. Demand - side: Domestic demand is seasonally weak, and overseas demand in Europe is average, while US zinc imports have increased recently. The export window is opening, and domestic social inventory is decreasing. It is recommended to wait and see for unilateral trading, pay attention to reverse arbitrage opportunities, and positive spread opportunities [4] Nickel - Supply - side: Pure nickel production decreased slightly. Demand - side: Overall demand is weak, but the premium of Jinchuan nickel is strong. Inventory - side: Domestic inventory accumulation slowed down, and LME inventory increased slightly. The short - term fundamentals are weak. The Indonesia Nickel Association said that the quota for next year will be 250 million tons (a 34% decrease from 2025), which has increased long - positions [7] Stainless Steel - Supply - side: Steel mills are maintaining high production. Demand - side: It is mainly driven by rigid demand. Cost - side: Ferronickel prices are stabilizing slightly, and ferrochrome prices remain stable. Inventory - side: Inventory is at a high level. The fundamentals are weak, but the short - term price has rebounded due to the quota reduction news from the Indonesia Nickel Association [11] Lead - This week, lead prices rose with the macro - environment. Supply - side: Primary lead production is driven by profit, with an expected production reduction of 10,000 - 15,000 tons due to maintenance; refined ore supply is tightening, and TC has no hope of rebounding. Secondary lead production is resuming, and the output is increasing. Demand - side: The battery operating rate was high this week, but there is an expectation of weakening demand. The lead ingot market has been tight since the end of September. Although the supply - demand contradiction has been alleviated, battery factories' high operating rate makes inventory accumulation difficult. Lead prices are expected to fluctuate between 17,100 and 17,600, and it is recommended to pay attention to the risk of low - warehouse receipts [13] Tin - This week, tin prices fluctuated upward due to macro - sentiment and capital allocation. Supply - side: Ore processing fees are at a low level with limited rebound space. Overseas, production in Wa State is recovering slowly, but high prices are stimulating inventory ore exports. Indonesia will resume normal tin ingot exports in 2026, with an expected export of over 6,000 tons in November. The peace agreement between Congo (Kinshasa) and Rwanda has alleviated short - term risks. Demand - side: High prices are mainly supported by rigid demand, and downstream order - taking willingness has weakened. There is a risk of short - term supply increase, and the fundamentals are showing signs of weakening. In the long - term, demand determines the upside space [16] Industrial Silicon - This week, a large factory in Xinjiang increased production by 2 units, Dongfang Hope entered the maintenance period and reduced 2 units, Inner Mongolia reduced 4 units, and Gansu increased 4 units. The supply and demand of industrial silicon are approaching balance. In the short - term, the price is expected to fluctuate with cost. In the long - term, due to over - capacity and low operating rate, the price will oscillate at the bottom of the cycle [19] Lithium Carbonate - Affected by sentiment such as Tianqi Lithium's reference price switch and downstream processing fee negotiations, the futures price rose significantly. Raw material - side: The available supply is still tight, and lithium salt producers are less willing to accept high ore prices, with light trading. Lithium salt - side: Upstream producers mainly fulfill long - term contracts, and a small number of spot sales are at high prices, with inventory continuing to decline. Downstream - side: The futures price exceeds the acceptable range of material producers, and trading is mainly for rigid demand. In the short - term, supply and demand are both strong, but demand is showing signs of weakening. The inventory reduction in December is expected to be 7,000 - 7,500 tons, and there may be inventory accumulation of 2,000 - 3,000 tons in January [21]

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]

Group 1: Implied Volatility Index and Historical Volatility - The financial option implied volatility index reflects the 30 - day implied volatility trend as of the previous trading day, and the commodity option implied volatility index is obtained by weighting the implied volatilities of the two - strike options above and below the at - the - money option of the main contract month, reflecting the implied volatility change trend of the main contract [3] - The difference between the implied volatility index and historical volatility, a larger difference indicates higher implied volatility relative to historical volatility, while a smaller difference represents lower implied volatility relative to historical volatility [3] Group 2: Implied Volatility Quantile and Volatility Spread Quantile - The implied volatility quantile represents the current level of the implied volatility of a variety in history. A high quantile means the current implied volatility is high, and a low quantile means the current implied volatility is low [5] - The volatility spread is the implied volatility index plus historical volatility [5]

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].

Market Performance - The diversified financial sector increased by 1.38% on December 24, with Ruida Futures leading the gains [1] - The Shanghai Composite Index closed at 3940.95, up 0.53%, while the Shenzhen Component Index closed at 13486.42, up 0.88% [1] Individual Stock Performance - Ruida Futures (002961) closed at 29.21, up 10.02% with a trading volume of 304,500 shares and a transaction value of 858 million yuan [1] - Yong'an Futures (600927) closed at 15.44, up 3.42% with a trading volume of 97,400 shares [1] - Jiuding Investment (600053) closed at 20.08, up 3.40% with a trading volume of 122,400 shares [1] - Other notable performers include ST Panda (600599) up 3.00% and Nanhua Futures (603093) up 2.81% [1] Capital Flow Analysis - The diversified financial sector saw a net inflow of 26.6455 million yuan from institutional investors, while retail investors contributed a net inflow of 12.9 million yuan [2] - There was a net outflow of 156 million yuan from speculative funds [2] Detailed Capital Flow for Selected Stocks - Ruida Futures had a net inflow of 18.4 million yuan from institutional investors, but a net outflow of 44.7849 million yuan from speculative funds [3] - Jiuding Investment experienced a net inflow of 16.3632 million yuan from institutional investors, with a net outflow of 27.9435 million yuan from retail investors [3] - Yong'an Futures had a net inflow of 9.1456 million yuan from institutional investors, but a net outflow of 7.9232 million yuan from retail investors [3]

Group 1 - The China Securities Regulatory Commission (CSRC) Tianjin Regulatory Bureau issued a warning letter to Everbright Futures Co., Ltd. Tianjin Branch due to several violations, including inadequate client follow-up, employing unqualified personnel, and providing incomplete inspection materials during a site check [1] - The violations indicate deficiencies in internal controls at Everbright Futures Tianjin Branch, leading to the decision to issue a warning letter and record it in the securities and futures market integrity archive [1] - Everbright Futures was listed on the Shanghai Stock Exchange on December 23, 2021, with an initial public offering of 146 million shares at a price of 17.97 yuan per share, underwritten by CITIC Securities Co., Ltd. and Caitong Securities Co., Ltd. [1] Group 2 - Everbright Futures reached its highest stock price of 41.69 yuan on the sixth trading day after its listing, but has since experienced a decline and is currently in a state of stock price drop [2] - The total funds raised from the initial public offering amounted to 2.616 billion yuan, with a net amount of 2.507 billion yuan after deducting issuance costs, which were intended to supplement the company's capital [2] - The total issuance costs (excluding VAT) were 108 million yuan, with underwriting and sponsorship fees amounting to 86.7925 million yuan [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The current valuation of 02 is high, and its future performance mainly depends on the spot market trend. In the short term, due to the improvement in the spot market, the market sentiment is positive. However, it is difficult to predict the peak height and time of the freight rate in January and the subsequent price - decline rhythm. Therefore, entry at the current level is not recommended. [2][8] - The valuation of 04 is moderately high, but in the short term, it may follow the spot market or recover the basis. Attention should be paid to shorting opportunities in the near - term continuous high. The far - month contracts are greatly affected by geopolitical factors. Shorting off - season contracts is safer than shorting peak - season contracts. Overall, a positive spread strategy should be adopted, and attention should be paid to shorting opportunities in the 10 contract. [2][8] Group 3: Summary by Related Catalog Futures Contract Data - EC2512: Yesterday's closing price was 1606.0, down 1.53% or 16.8, with a trading volume of 281 and an open interest of 1890, a decrease of 11 in open interest. [2][8] - EC2602: Down 3.48%, trading volume of 35004, closing price of 1806.6, down 217.4, open interest of 41660, down 0.75%. [2][8] - EC2604: Trading volume of 7754, open interest of 20867, closing price of 1158.0, up 431.2. [2][8] - EC2606: Up 0.89%, closing price of 1331.7, up 257.5, open interest of 372, trading volume of 2187. [2][8] - EC2608: Trading volume of 141, open interest of 1199, closing price of 1480.0, up 109.2. [2][8] - EC2610: Down 0.85%, closing price of 1052.0, up 537.2. [2][8] Month - to - Month Spread Data - EC2512 - 2504: The spread was 448.0, with a daily decline of 16.2 and a weekly decline of 52.1. [2][8] - EC2512 - 2602: The spread was - 200.6, with a daily decline of 40.2 and a weekly decline of 104.4. [2][8] - EC2502 - 2604: The spread was 648.6, with a previous value of 705.0 and a previous - two - period value of 591.0. [2][8] Index Data - SCEIS: Up 5.21%, updated every Monday. The current value is 1589.20, the previous value was 1510.56, and the previous - two - period value was 1509.10, announced on 2025/12/22. [2][8] - SCFI (European line): Up 9.86%, updated every Friday. The current value is 1400 dollars/TEU, the previous value was 1533, and the previous - two - period value was 1538, announced on 2025/12/19. [2][8] - CCFI (European line): Up 1.59%, the current value is 1473.9 points, the previous value was 1470.55, and the previous - two - period value was 1447.56, announced on 2025/12/19. [2][8] - NCFI: Up 9.98%, the current value is 1067.29 points, the previous value was 1064.13, and the previous - two - period value was 967.55, announced on 2025/12/19. [2][8] European Line Spot Market Situation - Week 52: MSK opened bookings at $2300 (a decrease of $100 compared to the previous week). Other companies mainly continued to use the rates of Week 51. The central price was $2500, equivalent to about 1750 points on the futures market. All shipping companies announced price increases for January bookings. [2][8] - Week 1: MSK opened bookings at $2500 (an increase of $200 compared to the previous week), waiting for other shipping companies to open bookings. [2][8] - Week 2: MSK mainly maintained the same price, quoting $2500 (high - cube containers at $2600). [2][8] Related News - On 12/23, the Suez Canal Authority: The Jacques Saadé and Adonis of CMA CGM passed through the canal on Tuesday. One was a return vessel with a previous statement, and the other was on a regular route with a precedent. [2][8]