1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The economic indicators released in November have put some pressure on the upside of A-shares, but the positive tone set by the Politburo meeting and the Central Economic Work Conference has injected confidence into the market, providing strong support for the bottom of A-shares. The market is currently in a macro data vacuum period, and the impact of the external environment on A-shares has increased. The recent expectation of a dovish stance from the new Fed chair has weakened the US dollar, and the continuous strengthening of the RMB exchange rate supports the expectation of loose monetary policy in January 2026 [2] 3. Summary by Related Catalogs 3.1 Futures Market - **Futures Prices**: The prices of IF, IH, IC, and IM main and secondary contracts all increased. For example, the latest price of the IF main contract (2603) was 4610.6, up 14.8; the latest price of the IH main contract (2603) was 3034.0, up 8.2; the latest price of the IC main contract (2603) was 7320.6, up 70.4; the latest price of the IM main contract (2603) was 7419.0, up 85.4 [2] - **Futures Spreads**: The spreads between different contracts also changed. For example, the IF - IH current month contract spread was 1599.2, up 6.8; the IC - IF current month contract spread was 2766.0, up 59.0 [2] - **Futures Holdings**: The net positions of the top 20 in the futures market changed. The net position of the top 20 in the IF was -27,710.00, down 147.0; the net position of the top 20 in the IH was -16,523.00, up 212.0; the net position of the top 20 in the IC was -25,254.00, down 472.0; the net position of the top 20 in the IM was -39,737.00, up 403.0 [2] 3.2 Spot Market - **Spot Prices**: The prices of the CSI 300, SSE 50, CSI 500, and CSI 1000 all increased. The CSI 300 was 4642.54, up 8.5; the SSE 50 was 3,032.8, up 7.7; the CSI 500 was 7,410.7, up 58.7; the CSI 1000 was 7,579.4, up 73.0 [2] - **Basis**: The basis of the main contracts of IF, IH, IC, and IM also changed. The basis of the IF main contract was -31.9, up 7.1; the basis of the IH main contract was 1.2, down 0.7; the basis of the IC main contract was -90.1, up 21.5; the basis of the IM main contract was -160.4, up 18.4 [2] 3.3 Market Sentiment - **Trading Volume and Margin Trading Balance**: The A-share trading volume was 19,439.18 billion yuan, up 466.76 billion yuan; the margin trading balance was 25,416.83 billion yuan, up 101.20 billion yuan [2] - **Northbound Trading and Repurchase**: The total northbound trading volume was 1671.78 billion yuan, down 132.60 billion yuan; the repurchase (maturity volume, operation volume) was -883.0 billion yuan, up 1771.0 billion yuan [2] - **Main Funds and MLF**: The main funds were +53.35 billion yuan yesterday and -235.59 billion yuan today; the MLF (renewal volume, net investment) was 0 billion yuan, down 3000 billion yuan [2] - **Stock Rise Ratio and Shibor**: The ratio of rising stocks was 69.05%, down 6.54%; the Shibor was 1.262%, down 0.005% [2] - **Option Prices and Volatility**: The closing price of the IO at - the - money call option (2601) was 58.00, up 1.40; the implied volatility of the IO at - the - money call option was 14.41%, down 0.63%; the closing price of the IO at - the - money put option (2601) was 70.40, down 12.80; the implied volatility of the IO at - the - money put option was 14.41%, down 0.64% [2] - **Volatility and PCR**: The 20 - day volatility of the CSI 300 index was 11.82%, down 0.02%; the trading volume PCR was 50.06%, down 4.98%; the position PCR was 69.06%, up 1.08% [2] 3.4 Market Strength and Weakness Analysis - The scores of all A - shares, technical indicators, and capital indicators in the Wind market strength and weakness analysis all decreased. All A - shares were 6.80, down 0.50; the technical aspect was 6.90, down 0.60; the capital aspect was 6.80, down 0.30 [2] 3.5 Industry News - **LPR Announcement**: On December 22, the 1 - year LPR was 3.0% (unchanged from the previous time), and the 5 - year LPR was 3.5% (unchanged from the previous time) [2] - **Trump's Statement**: Trump hopes that the next Fed chair will cut interest rates when the economy and the market are performing well, rather than "killing the market" due to inflation concerns [2] - **A - share Market Performance**: A - share major indices generally rose, with the Shanghai Composite Index rising 0.47%, the Shenzhen Component Index rising 0.33%, and the ChiNext Index rising 0.3%. Small and medium - cap stocks were stronger than large - cap blue - chip stocks. The trading volume of the Shanghai and Shenzhen stock markets slightly rebounded, and nearly 3800 stocks rose. The national defense and military industry sector strengthened significantly, while the comprehensive sector declined significantly [2] 3.6 Key Events to Watch - From December 24 - 25, the US, Europe, Hong Kong and other places were closed for Christmas. On December 27 at 9:30, China's industrial enterprise profits above designated size for November will be released [3]

试多远月。 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 鸡蛋产业日报 2025-12-25 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货收盘价(活跃合约):鸡蛋(日,元/500千 | 2946 | -1 期货前20名持仓:净买单量:鸡蛋(日,手) | -38032 | -4612 | | | 克) 鸡蛋期货月间价差(5-9):(日,元/500千克) | -528 | 0 期货持仓量(活跃合约):鸡蛋(日,手) | 158949 | ...

Group 1: Report Information - Report Name: Methanol Industry Daily Report 2025 - 12 - 25 [2] - Researcher: Lin Jingyi [3] - Futures Practitioner Qualification Number: F03139610 [3] - Futures Investment Consulting Practitioner Certificate Number: Z0021558 [3] Group 2: Market Data Futures Market - Main contract closing price of methanol: 2162 yuan/ton, down 10 yuan/ton [3] - 5 - 9 spread of methanol: 7 yuan/ton, down 20 yuan/ton [3] - Main contract open interest of methanol: 794,131 lots, down 3,810 lots [3] - Net long positions of the top 20 futures holders: -142,531 lots, down 32,156 lots [3] - Warehouse receipt quantity of methanol: 6,748 sheets, unchanged [3] Spot Market - Price in Jiangsu Taicang: 2150 yuan/ton, up 25 yuan/ton [3] - Price in Inner Mongolia: 1870 yuan/ton, down 45 yuan/ton [3] - East - Northwest spread: 280 yuan/ton, up 70 yuan/ton [3] - Basis of Zhengzhou methanol main contract: -22 yuan/ton, up 9 yuan/ton [3] - CFR China Main Port: 252 US dollars/ton, up 4 US dollars/ton [3] - CFR Southeast Asia: 320 US dollars/ton, unchanged [3] - FOB Rotterdam: 253 euros/ton, up 1 euro/ton [3] - China Main Port - Southeast Asia spread: -68 US dollars/ton, up 4 US dollars/ton [3] Upstream Situation - NYMEX natural gas: 4.25 US dollars/million British thermal units, down 0.16 US dollars/million British thermal units [3] Industry Situation - East China port inventory: 100.73 tons, up 20.77 tons [3] - South China port inventory: 40.52 tons, down 1.4 tons [3] - Methanol import profit: 4.53 yuan/ton, up 1.39 yuan/ton [3] - Import volume: 141.76 tons, down 19.5 tons [3] - Inland enterprise inventory: 404,000 tons, up 12,900 tons [3] - Methanol enterprise operating rate: 90.52%, up 0.71% [3] Downstream Situation - Formaldehyde operating rate: 42.58%, up 1.09% [3] - Dimethyl ether operating rate: 7.09%, down 1.89% [3] - Acetic acid operating rate: 76.51%, up 2.62% [3] - MTBE operating rate: 68.9%, down 0.85% [3] Option Market - Olefin operating rate: 89.51%, down 0.44% [3] - Methanol - to - olefin disk profit: -1020 yuan/ton, up 18 yuan/ton [3] - 20 - day historical volatility: 13.78%, up 0.1% [3] - 40 - day historical volatility: 14.81%, down 0.02% [3] - At - the - money call option implied volatility: 17.92%, down 0.15% [3] - At - the - money put option implied volatility: 17.93%, down 0.14% [3] Group 3: Industry News - As of December 24, China's methanol sample production enterprise inventory was 40.40 tons, up 3.28% from the previous period; sample enterprise orders to be delivered were 19.36 tons, down 12.16% from the previous period [3] - As of December 24, China's total methanol port inventory was 141.25 tons, up 19.37 tons from the previous data. East China had inventory build - up, while South China had inventory drawdown. The significant inventory build - up in ports was mainly due to more output from restored capacity than capacity loss from maintenance and production cuts, increasing overall production and market supply [3] - As of December 25, the domestic methanol - to - olefin plant capacity utilization rate was 88.68%, down 0.44%. The load of MTO enterprises in East China and Northwest decreased slightly, and the weekly average industry operating rate continued to decline [3] Group 4: Core Views - Inland enterprise inventory increased. In the short - term, with relatively abundant supply, weak winter demand expectations are unfavorable for upstream production end sales, and inventory is expected to increase overall [3] - Methanol port inventory increased significantly this week, mainly in Jiangsu. Weakening inland market led to weaker提货 in the Yangtze River area of Jiangsu, contributing to significant inventory accumulation. Next week, the arrival volume of foreign vessels will remain high, and import demand may remain weak. Port methanol inventory is expected to continue to increase, subject to the unloading speed of foreign vessels and specific提货 volume changes [3] - The load of MTO enterprises in East China and Northwest decreased slightly, and the domestic methanol - to - olefin industry operating rate continued to decline this week. In the short - term, individual enterprises in East China and Northwest will continue to reduce their loads, and the industry operating rate is expected to decline slightly [3] - The MA2605 contract is expected to fluctuate in the range of 2100 - 2190 in the short - term [3] Group 5: Suggestions - Pay attention to the inventory data of Longzhong enterprises and ports on Wednesday [3]

Group 1 - The core viewpoint of the article indicates that the domestic lead futures market is experiencing a slight upward trend, with the main contract reported at 17,320.00 yuan/ton, reflecting a 1.08% increase [1] Group 2 - On the supply side, processing fees are currently low, with mixed supply dynamics. Primary lead enterprises are resuming operations after maintenance, while environmental controls due to severe air pollution are causing significant production cuts in recycling enterprises in major regions [2] - The recycling volume of waste lead-acid batteries is at a low level, leading to a tight market supply [2] Group 3 - On the demand side, the downstream lead-acid battery market is performing weakly, failing to generate effective demand. This is primarily due to rigid production needs and a decline in actual purchasing enthusiasm [2] - The implementation of new national standards for electric bicycles has resulted in poor sales of finished battery inventories, leading distributors to adopt a cautious stocking strategy [2] Group 4 - Regarding inventory, there is a divergence in inventory patterns between domestic and international markets, with LME experiencing significant accumulation and a long-term trend of increasing inventory, while domestic inventories are at historically low levels [2] Group 5 - Looking ahead, domestic smelters are resuming production slowly, and social inventories remain at low levels, which supports lead prices. However, year-end accounting practices by traders and battery companies, along with generally weak spot trading performance, may limit the upward potential of lead prices [2] - Short-term price expectations are for a volatile but slightly strong trend, with attention to pressure near previous highs [2]

Core Viewpoint - On December 24, 2023, Ruida Futures announced the convening of its fifth board of directors' tenth meeting, where several proposals, including the early redemption of "Ruida Convertible Bonds," were approved [2] Group 1 - The board meeting took place on December 24, 2023 [2] - The meeting reviewed and approved multiple proposals [2] - One of the key proposals was the early redemption of "Ruida Convertible Bonds" [2]

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：2025-082 瑞达期货股份有限公司 第五届董事会第十次会议决议公告 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。 一、董事会会议召开情况 瑞达期货股份有限公司（以下简称"公司"）第五届董事会第十次会议于 2025 年 12 月 24 日以现场和通讯相结合的方式，在厦门市思明区桃园路 18 号公司 27 楼 会议室召开。经全体董事一致同意，本次会议豁免通知时限要求。本次会议应参会 董事 7 人，实际参会董事 7 人，其中董事林鸿斌先生、于学会先生、顾乾坤先生、 陈咏晖先生以通讯方式出席。本次会议由董事长林志斌先生召集并主持，会议的召 集、召开符合法律、行政法规、部门规章和《公司章程》的规定。 二、董事会会议审议情况 表决结果：同意票 7 票，反对票 0 票，弃权票 0 票，表决通过。 （二）审议通过公司《关于终止梧州营业部的议案》 根据公司经营发展的实际情况，经董事会审慎考虑，同意终止梧州营业部，并 授权公司管理层决定本次终止期货营业部的具体方案，依照中国证券 ...

Core Viewpoint - The company has received approval from the China Securities Regulatory Commission to issue a total face value of 650 million yuan in "Rida Convertible Bonds" with a term of 6 years, which will be listed for trading starting July 24 of the following year [1] Summary by Relevant Sections - **Bond Issuance Details** - The total face value of the "Rida Convertible Bonds" is 650 million yuan [1] - The bonds have a term of 6 years, with trading commencing on July 24 of the following year [1] - **Redemption Conditions** - As of December 24, 2025, the company's stock has closed at or above 130% of the bond's conversion price (26.42 yuan per share) for fifteen trading days, triggering the conditional redemption clause [1] - The company's fifth board of directors has approved the exercise of the early redemption right for the "Rida Convertible Bonds," which will be redeemed at the bond's face value plus accrued interest for all unconverted bonds after the closing price on the redemption registration date [1]

| 证券代码：002961 | 证券简称：瑞达期货 | 公告编号：2025-083 | | --- | --- | --- | | 债券代码：128116 | 债券简称：瑞达转债 | | 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、风险提示：截至 2025 年 12 月 24 日收市后，"瑞达转债"收盘价为 141.495 元/张。根据赎回安排，截至 2026 年 1 月 16 日收市后尚未实施转股的"瑞达转 债"将按照 101.118 元/张的价格强制赎回，因目前二级市场价格与赎回价格差 异较 ...

福建天衡联合律师事务所 关于瑞达期货股份有限公司 提前赎回可转换公司债券的 法律意见书 关于瑞达期货股份有限公司 提前赎回可转换公司债券的 法律意见书 〔2025〕天衡法证意字第 132 号 致：瑞达期货股份有限公司 福建天衡联合律师事务所接受瑞达期货股份有限公司的委托，指派本所陈威律 师、薛可瑶律师对提前赎回可转换公司债券所涉及的相关事项出具本法律意见书， 并根据《中华人民共和国公司法》《可转换公司债券管理办法》《深圳证券交易所上 市公司自律监管指引第 15 号——可转换公司债券》等法律、法规和规范性文件以 及《瑞达期货股份有限公司公开发行可转换公司债券募集说明书》的规定，按照律 师行业公认的业务标准、道德规范和勤勉尽责的精神，并基于律师声明事项，就本 次赎回的相关事项出具本法律意见书。 - 1 - 法律意见书 引 言 一、释义 在本法律意见书中，除非明确表述或上下文另有定义，下列各项用语具有如下 特定的含义： 《管理办法》 是指 《可转换公司债券管理办法》 公司、瑞达期货 是指 瑞达期货股份有限公司 可转债 是指 可转换公司债券，具体指经中国证券监督管理委 员会核发的《关于核准瑞达期货股份有限公司公 开发 ...

二〇二五年十二月 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）作为瑞达期货 股份有限公司（以下简称"瑞达期货"、"公司"）公开发行可转换公司债券（以 下简称"可转债"）的保荐机构，根据《证券发行上市保荐业务管理办法》及《深 圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 13 号— —保荐业务》《深圳证券交易所上市公司自律监管指引第 15 号——可转换公司债 券》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》 等相关法律法规和规范性文件的规定，对瑞达期货提前赎回"瑞达转债"有关事 项进行了核查，核查情况和核查意见如下： 一、"瑞达转债"发行上市情况 （一）发行情况 中信证券股份有限公司 关于瑞达期货股份有限公司 提前赎回"瑞达转债"的核查意见 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。 （二）上市情况 经深圳证券交易所（以下简称" ...