Report Investment Rating - The report does not provide an overall investment rating for the industry [1][2] Core Viewpoints - A-shares and stock index futures rose this week, with small and medium-cap stocks outperforming large-cap blue-chips. The external environment had a greater impact on A-shares due to a lack of macro data. Expectations of a Fed rate cut weakened the US dollar, which supported the stock market sentiment. The market trading activity rebounded significantly [6][12] - The bond market saw continued loose liquidity, with overnight weighted interest rates falling, supporting short-term bonds and guiding long-term interest rates down. Monetary policy is expected to remain moderately loose, with a focus on structural tools and a more cautious approach to overall easing [6] - Commodity indexes are expected to strengthen further as precious metals and crude oil remain relatively strong, despite weak economic data and deflationary pressures [6] - The US dollar is likely to remain weak in the short term due to expectations of a Fed rate cut, while the euro and yen may strengthen due to interest rate differentials [7][11] Summary by Section This Week's Summary and Next Week's Allocation Recommendations - **Stocks**: A-share major indexes rose collectively, with most gains exceeding 2%. Stock index futures also rose, with small and medium-cap stocks outperforming. The external environment had a greater impact on the market due to a lack of macro data. The expectation of a Fed rate cut weakened the US dollar, which supported the stock market. The trading activity rebounded. Recommendation: Buy on dips [6][12] - **Bonds**: The bond market had loose liquidity, with short-term bonds supported and long-term interest rates guided down. Monetary policy is expected to remain moderately loose, with a focus on structural tools. Long positions have weak momentum, and interest rates are expected to fluctuate. Recommendation: Range trading [6] - **Commodities**: Economic data was weak, and deflationary pressures remained. However, commodity indexes are expected to strengthen as precious metals and crude oil remain strong. Recommendation: Wait and see [6] - **Foreign Exchange**: The US dollar is likely to remain weak due to expectations of a Fed rate cut, while the euro and yen may strengthen due to interest rate differentials. Recommendation: Cautious wait-and-see [6][7] Important News and Events - **Domestic**: The central bank's fourth-quarter monetary policy meeting maintained a moderately loose tone, with a focus on structural tools. Hainan Free Trade Port's full-island customs closure operation started, expanding the "zero-tariff" commodity range. The government strengthened price regulation of internet platforms. Beijing optimized housing purchase restrictions [14] - **International**: Ukraine announced a "peace plan" draft, but the territorial issue remains unresolved. Trump wants the next Fed chair to cut rates, and the EU extended economic sanctions against Russia. The Bank of Japan raised interest rates to a 30-year high [16] This Week's Domestic and International Economic Data - **China**: The one-year loan prime rate remained unchanged at 3%. The year-on-year growth of total social electricity consumption in November slowed to 6.2% from 10.4% [17] - **US**: The initial annualized quarterly rate of real GDP in the third quarter was 4.3%, higher than expected. The initial quarterly rate of real personal consumption expenditure was 3.5%, also higher than expected [17] Next Week's Important Economic Indicators and Events - **December 30, 2025**: US October S&P/CS 20-city unadjusted home price index annual rate [76] - **December 31, 2025**: China December official manufacturing PMI; US weekly initial jobless claims [76] - **January 2, 2026**: France, Germany, Eurozone, UK, and US December manufacturing PMI final values [76]

Report Summary 1. Report Industry Investment Rating - Not provided in the content. 2. Core View - This week, the price of the Apple Futures 2605 contract increased with a weekly gain of about 0.52%. Apple产区 has seen a slight increase in the number of buyers, but the transaction of fruit farmers' goods is limited. The in - warehouse packaging and shipping have increased. As of December 24, 2025, the cold - storage inventory of apples in the main production areas in China was 7.4404 billion tons, a decrease of 89,400 tons from last week, with a slower de - stocking speed than the same period last year. The sales area has seen an increase in arrivals. Driven by festivals such as the Winter Solstice and Christmas, the sales have improved slightly compared to the previous period, but there is still pressure on digestion. The short - term price will mainly fluctuate. Future trading should focus on fruit prices and consumption. [4][6] 3. Summary by Relevant Catalogs 3.1. Week - to - Week Summary - The price of the Apple Futures 2605 contract increased this week, with a weekly gain of about 0.52%. The number of buyers in apple production areas increased slightly, but the transaction of fruit farmers' goods was limited. The cold - storage inventory decreased, but the de - stocking speed was slower than last year. The sales in the sales area improved slightly. The short - term price will mainly fluctuate. Future trading should focus on fruit prices and consumption. [4][6] 3.2. Futures and Spot Markets - **Futures Market**: The price of the Apple Futures 2605 contract increased this week, with a weekly gain of about 0.52%. As of the end of this week, the net position of the top 20 in apple futures was 4,848 lots, and the number of apple futures warehouse receipts was 0. [6][13] - **Spot Market**: As of December 26, 2025, the mainstream price of fruit farmers' goods of Shandong Yantai Qixia paper - bagged Red Fuji apples above 80 and of the first - and second - grade was 4.0 yuan per catty; the price of Shandong Yiyuan paper - bagged Fuji apples above 75 was 2.60 yuan per catty. [16] 3.3. Industry Situation and Options - **Supply Side**: As of December 24, 2025, the cold - storage inventory of apples in the main production areas in China was 7.4404 billion tons, a decrease of 89,400 tons from last week, with a slower de - stocking speed than the same period last year. The storage capacity ratio in Shandong was 52.98%, a decrease of 0.43% from last week, and that in Shaanxi was 56.84%, a decrease of 0.58% from last week. [24] - **Demand Side**: - As of December 25, the average daily number of early - morning arrivals at major apple wholesale markets in Guangdong increased. The profit of 80 first - and second - grade apple storage merchants was suspended (represented by 0). - As of December 19, 2025, the average wholesale price of all apple varieties was 9.30 yuan per kilogram, a week - on - week decrease of 0.07 yuan per kilogram; the wholesale price of Fuji apples was 9.30 yuan per kilogram, a week - on - week increase of 0.17 yuan per kilogram. - As of December 19, 2025, the weekly average wholesale price of 5 kinds of fruits was 7.61 yuan per kilogram, a week - on - week increase of 0.17 yuan per kilogram. - In October 2025, China's apple export volume was 80,000 tons, a month - on - month increase of 14.29%, and the export value was 779.12 million US dollars, a month - on - month increase of 12.62%. [26][31][35][39] - **Options Market**: Information about the implied volatility of at - the - money apple options this week is provided, but specific data is not described in text. [40] 3.4. Futures - Stock Correlation - A graph of the price - earnings ratio of Honghui Fruit & Vegetable is presented, but specific analysis is not provided. [42]

进口玉米成交较好 提振盘面震荡收涨 研究员：许方莉 期货从业资格号F3073708 期货投资咨询从业证书号 Z0017638 取 更 多 资 讯 联系电话：0595-86778969 关 注 我 们 获 业 务 咨 询 添 加 客 服 瑞达期货研究院 「2025.12.26」 玉米类市场周报 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场分析 「 周度要点小结」 总结及策略建议 3 Ø 玉米： Ø 行情回顾：本周玉米期货震荡上涨。主力2603合约收盘价为2222元/吨，较上周+30元/吨。 Ø 行情展望：美玉米步入出口旺季，阶段性供应压力较高。不过，美玉米出口状况良好，且USDA将 2025/26年度美玉米结转库存预测值从上月的21.54亿蒲式耳下调至20.29亿蒲式耳，低于分析师预 期的21.24亿蒲式耳，对美玉米价格有所支撑。国内方面，东北产区今年售粮进度同比偏快，粮质 整体较好，基层种植户售粮意向一般，火运发运量明显减少，下游需求支撑不足，粮点及烘干塔 随行出货为主，上量较为有限，成交情况不理想。受畜禽养殖行情不景气。饲料企业补库积极性 减弱，深加工企业库存水平相对安全，对高价玉米接受 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - A - share major indices rose collectively this week, with gains exceeding 2% for all except the Shanghai Composite Index. The four stock - index futures also rose collectively, and small - and medium - cap stocks outperformed large - cap blue - chip stocks. Market trading activity significantly rebounded compared to last week. - Overseas, Trump's statement strengthened the market's expectation that the new Fed Chairman would cut interest rates. Domestically, the economic fundamentals in November were weak, with deflation pressure remaining. The 12 - month LPR quote remained unchanged, which was in line with market expectations. Although the weak economic indicators in November exerted pressure on A - shares, positive tones from political meetings provided bottom support [7][94]. 3. Summary by Directory 3.1. Market Review | Futures/Spot | Contract/Index Name | Weekly Change (%) | Friday Change (%) | Closing Price | | --- | --- | --- | --- | --- | | Futures | IF2603 | 2.46 | 0.48 | 4638.4 | | | IH2603 | 1.50 | 0.51 | 3051.4 | | | IC2603 | 4.71 | 0.80 | 7388.0 | | | IM2603 | 4.63 | 0.57 | 7472.4 | | Spot | CSI 300 | 1.95 | 0.32 | 4657.24 | | | SSE 50 | 1.37 | 0.41 | 3045.40 | | | CSI 500 | 4.03 | 0.65 | 7458.84 | | | CSI 1000 | 3.76 | 0.35 | 7605.53 | [10] 3.2. News Overview - The 1 - year and 5 - year - plus LPR remained unchanged, which is neutral [13]. - Trump hoped the next Fed Chairman would cut interest rates when the economy and market perform well, which is neutral - to - bullish [13]. - The PBC's Q4 2025 monetary policy committee meeting proposed measures to maintain capital market stability, which is neutral - to - bullish [13]. - A large number of A - share listed companies completed private placements this year, which is neutral [13]. 3.3. Weekly Market Data - **Domestic Major Indices**: The Shanghai Composite Index rose 1.88%, the Shenzhen Component Index rose 3.53%, the STAR 50 Index rose 2.85%, the SME 100 Index rose 3.88%, and the ChiNext Index rose 3.90% [16]. - **Overseas Major Indices (as of Thursday)**: The S&P 500 rose 1.43%, the FTSE 100 fell 0.27%, the Nikkei 225 rose 2.33%, and the Hang Seng Index rose 0.50% [17]. - **Industry Sectors**: Most industry sectors rose, with non - ferrous metals and national defense and military industries leading the gains. Most industry sectors saw net outflows of main funds, with significant net outflows in computer and national defense and military industries, and significant net inflows in power equipment [21][25]. - **SHIBOR Short - term Interest Rates**: SHIBOR short - term interest rates showed differentiation, and the capital price was at a low level [29]. - **Restricted Share Unlock and Northbound Capital Transactions**: This week, major shareholders net - sold 1.1102 billion yuan in the secondary market, the restricted share unlock market value was 192.473 billion yuan, and northbound capital traded a total of 529.777 billion yuan [32]. - **Futures Basis and Spread**: The basis of the main contracts of IF, IH, IC, and IM strengthened [40][43][46][49]. 3.4. Market Outlook and Strategy - The A - share major indices rose collectively this week, and the four stock - index futures also rose. Small - and medium - cap stocks were stronger than large - cap blue - chip stocks, and market trading activity rebounded. - Overseas, Trump's statement strengthened the expectation of interest rate cuts. Domestically, the economic fundamentals in November were weak, and the 12 - month LPR remained unchanged. Although the weak economic indicators in November pressured A - shares, positive policy tones provided bottom support. The expectation of a dovish Fed Chairman led to a weaker dollar and a stronger RMB, supporting the expectation of loose monetary policy in January 2026 [94].

| 证券代码：002961 | 证券简称：瑞达期货 | 公告编号：2025-087 | | --- | --- | --- | | 债券代码：128116 | 债券简称：瑞达转债 | | 证券代码：002961 证券简称：瑞达期货 公告编号：2025-087 瑞达期货股份有限公司 关于提前赎回"瑞达转债"的第二次提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、赎回价格：101.118 元/张（含当期应计利息，当期年利率为 2.00%，且 当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公 司（以下简称"中登公司"）核准的价格为准。 11、根据安排，截至 2026 年 1 月 16 日收市后仍未转股的"瑞达转债"将被 强制赎回，特提醒"瑞达转债"持有人注意在限期内转股。本次赎回完成后，"瑞 达转债"将在深圳证券交易所（以下简称"深交所"）摘牌。"瑞达转债"持有 人持有的"瑞达转债"存在被质押或被冻结的，建议在停止交易日前解除质押或 冻结，以免出现因无法转股而被强制赎回的情形。 12、本次"瑞达转债"赎回价格可能与其 ...

Group 1 - The core viewpoint indicates that aluminum oxide futures have stabilized, with the main contract reaching a limit-up price of 2787.0 yuan/ton, reflecting a 5.37% increase [1] - As of December 25, the national aluminum oxide inventory stands at 4.773 million tons, an increase of 93,000 tons from the previous week [2] - The National Development and Reform Commission emphasizes the need for enhanced management and optimized layout for resource-intensive industries like aluminum oxide and copper smelting, aiming to prevent blind investments and disorderly construction [2] Group 2 - The total built capacity for metallurgical-grade aluminum oxide in the country is 110.32 million tons/year, with an operational capacity of 88.085 million tons/year, maintaining a weekly operating rate of 79.85% [2] - Zhongyuan Futures notes a technical rebound in the futures market driven by short-term funding sentiment and macro technical support, while the overall aluminum oxide fundamentals remain in a surplus situation, likely leading to weak performance in the medium term [4] - According to Ruida Futures, the price of aluminum oxide has fallen below the theoretical cost line, which may lead to a slight reduction in domestic capacity and operations due to profit erosion, while demand from electrolytic aluminum plants remains stable [4]

证券代码：002961 证券简称：瑞达期货 公告编号：2025-086 债券代码：128116 债券简称：瑞达转债 瑞达期货股份有限公司 关于控股股东持股比例被动稀释触及1%整数倍及 跨越5%整数倍的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 1、本次权益变动主要系瑞达期货股份有限公司（以下简称"公司"）公开发 行的可转换公司债券（以下简称"可转债"）转股导致公司总股本增加，从而使控 股股东福建省瑞达控股有限责任公司（以下简称"瑞达控股"）所持有的公司股份 比例被动稀释触及 1%整数倍并跨越 5%整数倍，不涉及其持股数量发生变化。 2、本次权益变动不涉及要约收购，不会导致公司控制权发生变化，不会影响 公司的治理结构和持续经营能力。 一、本次权益变动的基本情况 经中国证券监督管理委员会《关于核准瑞达期货股份有限公司公开发行可转换 公司债券的批复》（证监许可〔2020〕1039 号）核准，公司于 2020 年 6 月 29 日 公开发行了 650 万张可转债，每张面值 100 元，发行总额 65,000 万元，期限为 6 年。 特别提示： 2、本次权益变 ...

| 证券代码：002961 | 证券简称：瑞达期货 | 公告编号：2025-085 | | --- | --- | --- | | 债券代码：128116 | 债券简称：瑞达转债 | | 证券代码：002961 证券简称：瑞达期货 公告编号：2025-085 瑞达期货股份有限公司 关于提前赎回"瑞达转债"的第一次提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、赎回价格：101.118 元/张（含当期应计利息，当期年利率为 2.00%，且 当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公 司（以下简称"中登公司"）核准的价格为准。 11、根据安排，截至 2026 年 1 月 16 日收市后仍未转股的"瑞达转债"将被 强制赎回，特提醒"瑞达转债"持有人注意在限期内转股。本次赎回完成后，"瑞 达转债"将在深圳证券交易所（以下简称"深交所"）摘牌。"瑞达转债"持有 人持有的"瑞达转债"存在被质押或被冻结的，建议在停止交易日前解除质押或 冻结，以免出现因无法转股而被强制赎回的情形。 12、本次"瑞达转债"赎回价格可能与其 ...

Core Viewpoint - The announcement from Ruida Futures indicates that as of December 24, 2025, the total share capital of the company will increase to 453,549,952 shares due to the cumulative conversion of "Ruida Convertible Bonds" [1] Group 1 - The controlling shareholder, Ruida Holdings, will see its shareholding ratio diluted from 75.5775% to 74.1528%, representing a dilution of 1.4247% [1] - This change in equity is classified as passive dilution, meaning there will be no change in the number of shares held by the controlling shareholder [1] - The dilution does not involve a tender offer and will not lead to any change in the company's control or governance structure, nor will it affect the company's ongoing operations [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The bullish logic in the precious metals market remains intact. The US dollar is expected to remain weak in the short - term, but there is a risk of short - term technical correction due to prices deviating from fundamentals. The gold - silver ratio has returned to the historical average range, and it may stabilize near key support levels with some potential for rebound and repair [1] Group 3: Summary by Relevant Catalogs 1. Futures Market - The closing price of the Shanghai Gold main contract was 1008.760 yuan/gram, down 5.9; the closing price of the Shanghai Silver main contract was 17408 yuan/kilogram, down 201.00. The main contract positions of Shanghai Gold decreased by 4619.00 to 182,179.00 hands, while those of Shanghai Silver increased by 4967.00 to 16,778.00 hands. The main contract trading volumes of Shanghai Gold and Shanghai Silver decreased by 131165.00 and 53477.00 to 220,136.00 and 1,313,777.00 respectively. The warehouse receipt quantity of Shanghai Gold remained unchanged at 93711 kilograms, and that of Shanghai Silver decreased by 29532 to 852,417 kilograms [1] 2. Spot Market - The spot price of gold on the Shanghai Gold Exchange was 1002.98, down 4.71; the spot price of Huatong No.1 silver was 17,134.00, down 214.00. The basis of the Shanghai Gold main contract increased by 1.21 to - 5.78 yuan/gram, and that of the Shanghai Silver main contract decreased by 13.00 to - 274.00 yuan/gram [1] 3. Supply and Demand Situation - The SPDR Gold ETF holdings increased by 3.71 to 1068.27 tons, while the SLV Silver ETF holdings decreased by 56.40 to 16,446.97 tons. The non - commercial net positions of gold and silver in CFTC increased by 10092.00 and 6331.00 to 233978.00 and 38,519.00 respectively. The total quarterly supply of gold increased by 86.24 to 1313.07 tons, and the annual supply of silver increased by 482.00 to 32,056.00 tons. The total quarterly demand for gold increased by 174.15 to 1257.90 tons, and the annual demand for silver decreased by 491.00 to 35,716.00 tons [1] 4. Macroeconomic Data - The US dollar index increased by 0.05 to 97.95, the 10 - year US Treasury real yield decreased by 0.03 to 1.91. The VIX volatility index decreased by 0.53 to 13.47, and the CBOE gold volatility index decreased by 0.72 to 23.81. The S&P 500/gold price ratio and the gold - silver ratio remained unchanged [1] 5. Industry News - The US Q3 real GDP initial value had an annualized quarterly growth rate of 4.3%, far exceeding the expected 3.3%. Consumption was the main driver, with a growth rate accelerating to 3.5%. The core PCE price index rose 2.9%. In October, orders and shipments of core capital goods in the US rebounded. Trump hoped the next Fed chair would cut interest rates when the economy and market are good. Gold prices have risen over 71% this year, and silver prices have risen about 147%. According to CME's "FedWatch", the probability of a 25 - basis - point rate cut by the Fed in January next year is 13.3%, and the probability of keeping rates unchanged is 86.7%. By March next year, the probability of a cumulative 25 - basis - point rate cut is 40.7%, the probability of keeping rates unchanged is 54.4%, and the probability of a cumulative 50 - basis - point rate cut is 5.0% [1]