Group 1: Aerospace and Defense Companies - Shenjian Co., Ltd. has seen a stock increase for five consecutive days, focusing on aerospace-related molds, metal parts, composite materials, and Beidou satellite navigation system terminal products [2] - Aerospace Engineering has experienced a stock rise for four days, being the only listed company under the Rocket Technology Research Institute of the Aerospace Science and Technology Corporation, specializing in gasification technology and key equipment [2] - Daye Co., Ltd. is investing in a joint venture that focuses on aerospace power systems and specialized pressure vessels, while also developing humanoid robot dexterous hands [2] - Zhongchao Holdings is a comprehensive cable supplier, providing high-temperature alloy precision castings for aerospace applications [2] - Boyun New Materials has developed carbon/carbon throat lining materials for the Kuaizhou series of commercial solid rockets, establishing itself as a core research base for solid rocket engine composite materials [2] Group 2: Satellite and Communication Technologies - Xinguang Yuda is engaged in information perception, satellite communication, and unmanned systems, reporting a net profit increase of 260% year-on-year in its third-quarter report [2] - Ruihua Tai has participated in multiple aerospace military projects, including the manned space station and launch vehicles, and is developing PI films to enhance the lifespan of satellites and spacecraft [3] - Guojiji Precision Engineering is a leading company in the aerospace bearing sector, having provided bearings for major projects like Chang'e and Long March rockets [3] - China Satellite is a leading domestic satellite manufacturer and a major provider for the Beidou system [3] Group 3: Emerging Technologies and Innovations - Jun Da Co., Ltd. has formed a strategic partnership with Shangyi Optoelectronics to explore the application of perovskite battery technology in space energy [3] - Tian Tong Co., Ltd. showcased its commercial satellite digital batch electrical assembly technology at a national conference, contributing to the supply chain of the aerospace information industry [6] - Yingli Automotive focuses on lightweight automotive components, including dashboard frames and EV battery housings, leveraging its Taiwanese background [5] Group 4: Investment and Expansion Plans - Jiufeng Energy is expanding its special fuel and gas supply project at the Hainan commercial space launch site, with an estimated total investment of approximately 300 million yuan [2] - Nanjing Panda's new satellite communication terminal project includes both hardware and software, supporting satellite communication between terminals [3] - The company has signed a strategic cooperation agreement with Galaxy Aerospace to enter the commercial aerospace sector [6]

Group 1 - The A-share internet finance sector experienced a strong rally, with key player Ruida Futures hitting the daily limit, indicating positive market sentiment towards the digital transformation potential and policy benefits in the internet finance industry [1] - Core stocks such as Kexin Information and Zhisheng Information followed suit, while companies in financial IT like Tianji Technology and Yingshisheng also responded positively, creating a rising trend across futures, fintech, and data services [1] - The People's Bank of China announced a new data asset credit enhancement financing service aimed at small and micro enterprises, expected to reach a loan scale of 200 million yuan from 2025 to 2027, enhancing the value transformation of data elements in finance [1] Group 2 - The "China Financial Technology and Digital Finance Development Report (2025)" predicts the global open financial market will reach $174.18 billion, with AI becoming a standard in fintech infrastructure, penetrating core areas like credit approval and risk pricing [2] - The China Securities Regulatory Commission is accelerating the integration of AI with capital market operations, launching pilot projects to explore the synergy between data elements and capital markets [2] - AI applications in finance are improving operational efficiency, with tools like Tonghuashun's AI research tool increasing report generation speed by 80%, and financial institutions reducing operational costs by 15% [3] Group 3 - The financial IT and system integration sector is benefiting from digital transformation and AI technology implementation, with companies like Hengsheng Electronics seeing a 70% increase in order volume [4] - The data element and credit service sector is experiencing a surge in demand due to the integration of data assets into financing applications, with data governance and security becoming key growth variables [4] - The futures and derivatives service sector is witnessing growth driven by digital transformation and increased market activity, with Ruida Futures positioned to benefit from regulatory support for capital market digitization [4]

Core Viewpoint - The non-bank financial sector experienced a significant rally on December 24, with notable gains in various companies, particularly in futures trading firms [1]. Group 1: Company Performance - Ruida Futures saw a remarkable increase of over 7%, reaching a peak before hitting the daily limit [1]. - Nanhua Futures, Huajin Capital, and Bank of China Securities all recorded gains exceeding 2% [1]. - Specific performance metrics include: - Ruida Futures: 7.38% increase, closing at 28.51 [2] - Nanhua Futures: 2.97% increase, closing at 19.42 [2] - Huajin Capital: 2.75% increase, closing at 16.06 [2] - Bank of China Securities: 2.75% increase, closing at 14.95 [2]

每经AI快讯，12月24日，金融概念股午后走强，瑞达期货拉升逼近涨停，中银证券、志晟信息、赢时 胜、汇金股份、华泰证券等纷纷冲高。 （文章来源：每日经济新闻） ...

格隆汇12月24日｜A股市场非银金融股拉升，其中，瑞达期货一度拉升触及涨停，翠微股份、南华期 货、永安期货等跟涨。 ...

Group 1: Report Investment Rating - No information provided on the industry investment rating Group 2: Core Viewpoints - On Tuesday, the freight index (European line) futures prices fluctuated slightly. The main contract EC2602 closed down 0.86%, while the far - month contracts rose between 1 - 2%. The latest SCFIS European line settlement freight rate index was 1589.20, rising 78.64 points from last week, a 5.2% increase. The SCFI rebounded for the second consecutive week, rising 46.46 points to 1552.92, a 3.08% increase. The full - load of shipping companies drove the futures prices up. The manufacturing PMI data in November showed a slight recovery, and the new export order index rose to 47.9, indicating a pre - Christmas recovery of terminal transportation demand. The 52 - week average spot freight rate for large containers was 2450 US dollars, and some voyages were over - booked. The "peace plan" between the US and Ukraine was initially completed, improving the Red Sea re - navigation expectation. The euro - zone economy continued to recover. Overall, the improvement of the trade - war situation and the arrival of the shipping peak season are favorable for the futures price recovery, while the short - term impact of the geopolitical situation on freight rates has weakened. The freight rate market is mainly affected by seasonal demand, so investors should be cautious, pay attention to operation rhythm and risk control, and track geopolitical, shipping capacity and cargo volume data [1] Group 3: Summary by Relevant Catalogs Futures Market Data - EC main contract closing price: 1806.600, - 15.7↓; EC second - main contract closing price: 1158, + 3.40↑ - EC2602 - EC2604 spread: 648.60, - 56.40↓; EC2602 - EC2606 spread: 474.90, - 76.90↓ - EC contract basis: - 217.40, + 65.20↑ - EC main contract open interest: 35004, - 1506↓ [1] Spot Market Data - SCFIS (European line) (weekly): 1589.20, 78.64↑; SCFIS (US West Coast line) (weekly): 962.10, 37.74↑ - SCFI (composite index) (weekly): 1552.92, 46.46↑ - CCFI (composite index) (weekly): 1124.73, 6.66↑; CCFI (European line) (weekly): 1473.90, 3.35↑ - Baltic Dry Index (daily): 2023.00, - 44.00↓; Panamax Freight Index (daily): 1323.00, - 41.00↓ - Average charter price (Panamax ship): 0.00, 0.00↑; Average charter price (Capesize ship): 28125.00, 1345.00↑ - Container ship capacity (10,000 TEUs): 1227.97, 0.00↑ [1] Industry News - Premier Li Qiang chaired a meeting on the preparation of the "15th Five - Year" Plan Outline Draft, emphasizing the planning of major projects - The Ukrainian delegation completed negotiations with the US in Miami, and the 20 - point "peace plan" was initially completed - The EU extended economic sanctions against Russia for 6 months until July 31, 2026, and introduced anti - circumvention measures [1] Key Data to Watch - US initial jobless claims for the week ending December 20, to be released on December 24 at 21:30 [1]

1. Report Industry Investment Rating - Not provided in the report. 2. Core View of the Report - Due to the relatively loose supply and weak downstream demand, the inventory of liquid caustic soda plants has accumulated. Affected by the rebound of caustic soda and liquid chlorine prices, the profits of Shandong chlor - alkali enterprises have recovered. The capacity utilization rate of caustic soda is expected to rise slightly this week. In December, caustic soda is expected to be in a high - supply situation. The imbalance between supply and demand in the alumina industry is expected to intensify, but the short - term negative factors for caustic soda cannot be realized. Non - aluminum downstream may maintain rigid procurement. There is a game between the strong expectation and weak reality of caustic soda, and SH2603 is expected to show a volatile trend in the short term, with the range around 2100 - 2300 [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the caustic soda main contract was 2219 yuan/ton, with a month - on - month increase of 38 yuan/ton; the position of the caustic soda main contract was 164,939 lots, a month - on - month decrease of 1,519 lots; the net position of the top 20 futures contracts was - 15,233 lots, a month - on - month increase of 2,243 lots; the trading volume of the caustic soda main contract was 343,667 lots, a month - on - month increase of 19,395 lots. The closing price of the January caustic soda contract was 2138 yuan/ton, up 23 yuan/ton month - on - month, and the closing price of the May contract was 2324 yuan/ton, up 35 yuan/ton month - on - month [2]. 3.2 Spot Market - The price of 32% ionic membrane caustic soda in Shandong was 720 yuan/ton, with no month - on - month change; the price in Jiangsu was 820 yuan/ton, with no month - on - month change. The converted - to - 100% price of 32% caustic soda in Shandong was 2250 yuan/ton, with no month - on - month change, and the basis of caustic soda was 31 yuan/ton, a month - on - month decrease of 38 yuan/ton [2]. 3.3 Upstream Situation - The mainstream price of raw salt in Shandong was 247.5 yuan/ton, with no month - on - month change; the mainstream price in the Northwest was 220 yuan/ton, with no month - on - month change. The price of steam coal was 644 yuan/ton, a month - on - month decrease of 1 yuan/ton [2]. 3.4 Industry Situation - The mainstream price of liquid chlorine in Shandong was 75.5 yuan/ton, a month - on - month decrease of 24.5 yuan/ton; the mainstream price in Jiangsu was 175 yuan/ton, a month - on - month decrease of 25 yuan/ton [2]. 3.5 Downstream Situation - The spot price of viscose staple fiber was 12,900 yuan/ton, with no month - on - month change; the spot price of alumina was 2,665 yuan/ton, a month - on - month decrease of 10 yuan/ton [2]. 3.6 Industry News - From December 12th to 18th, the average capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 200,000 tons and above was 84.7%, a month - on - month decrease of 1.5%. From December 13th to 19th, the alumina operating rate decreased by 1.11% month - on - month to 85%. From December 12th to 18th, the viscose staple fiber operating rate remained stable at 89.62%, and the printing and dyeing operating rate decreased by 0.69% month - on - month to 62.06%. As of December 18th, the factory inventory of fixed liquid caustic soda sample enterprises with a capacity of 200,000 tons and above in the country was 464,700 tons (wet tons), a month - on - month increase of 1.66% and a year - on - year increase of 52.34%. From December 11th to 18th, the weekly average gross profit of Shandong chlor - alkali enterprises was 216 yuan/ton, an increase from the previous week [2].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report anticipates that Shanghai tin will undergo short - term high - level adjustments, facing pressure at the upper edge of the upward channel at the 34 position. It also suggests paying attention to the support of the lower MA5 [3]. - On the macro front, there are differing views on the Fed's interest - rate policy, with one view stating that not continuing to cut interest rates next year may lead to a recession, while another view is that there is no need to cut interest rates in the next few months. On the fundamental side, the domestic supply of tin ore imports remains relatively tight, and the smelting of refined tin is expected to be restricted. Although Indonesia's export volume increased in November, domestic tin imports are expected to remain at a low level. The demand side shows a dull purchasing atmosphere, and the technical side shows a strong long - position sentiment but faces resistance [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai tin is 344,750 yuan/ton, with a month - on - month increase of 4,310 yuan/ton. The closing price of the January - February contract of Shanghai tin is - 1,040 yuan/ton, with a month - on - month decrease of 220 yuan/ton [3]. - LME3 - month tin is at 42,730 US dollars/ton, with a month - on - month decrease of 497 US dollars/ton. The main contract position of Shanghai tin is 61,161 lots, with a month - on - month increase of 31,914 lots [3]. - The net position of the top 20 futures of Shanghai tin is - 2,481 lots, with a month - on - month decrease of 1,452 lots. LME tin's total inventory is 4,625 tons, with a month - on - month decrease of 20 tons [3]. - The inventory of tin on the Shanghai Futures Exchange is 8,095 tons (weekly), with a month - on - month increase of 704 tons. LME tin's cancelled warrants are 115 tons, with a month - on - month decrease of 20 tons [3]. - The warehouse receipts of tin on the Shanghai Futures Exchange are 8,340 tons (daily), with a month - on - month increase of 655 tons [3]. 3.2 Spot Market - The SMM1 tin spot price is 339,800 yuan/ton, with a month - on - month decrease of 800 yuan/ton. The Yangtze River Non - ferrous Market 1 tin spot price is 339,420 yuan/ton, with a month - on - month decrease of 1,780 yuan/ton [3]. - The basis of the main Shanghai tin contract is - 5,940 yuan/ton, with a month - on - month decrease of 3,560 yuan/ton. The LME tin premium (0 - 3) is 25.01 US dollars/ton, with a month - on - month increase of 36.01 US dollars/ton [3]. 3.3 Upstream Situation - The import volume of tin ore and concentrates is 1.16 million tons (monthly), with a month - on - month increase of 0.29 million tons. The average price of 40% tin concentrate is 327,800 yuan/ton, with a month - on - month decrease of 800 yuan/ton [3]. - The processing fee of 40% tin concentrate (Antaike) is 10,500 yuan/ton, with no month - on - month change. The average price of 60% tin concentrate is 331,800 yuan/ton, with a month - on - month decrease of 800 yuan/ton [3]. - The processing fee of 60% tin concentrate (Antaike) is 6,500 yuan/ton, with no month - on - month change [3]. 3.4 Industry Situation - The monthly output of refined tin is 1.4 million tons, with a month - on - month decrease of 0.16 million tons. The monthly import volume of refined tin is 983.25 tons, with a month - on - month decrease of 518.38 tons [3]. 3.5 Downstream Situation - The price of 60A solder bar in Gejiu is 217,930 yuan/ton, with no month - on - month change. The cumulative output of tin - plated sheets (strips) is 139.01 million tons (monthly), with a month - on - month increase of 14.47 million tons [3]. - The monthly export volume of tin - plated sheets is 22.26 million tons, with a month - on - month increase of 2.5 million tons [3]. 3.6 Industry News - China's LPR has remained unchanged for seven consecutive months. In December, the over - 5 - year LPR is 3.5%, and the 1 - year LPR is 3% [3]. - Trump - appointed Fed理事Milan said that if the Fed does not continue to cut interest rates next year, there will be a risk of recession, but he also believes that there will be no short - term economic recession. Rising unemployment may prompt the Fed to cut interest rates. Another Fed voter with a hawkish stance said there is no need to cut interest rates in the next few months and that the November CPI is underestimated [3].

| | | 沪镍产业日报 2025-12-23 参考：预计短线沪镍偏强调整，关注MA5支撑，上方13关口。 免责声明 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪镍(日,元/吨) | 123440 | 2180 01-02月合约价差:沪镍(日,元/吨) | -400 | 40 | | | LME3个月镍(日,美元/吨) | 15260 | 360 主力合约持仓量:沪镍(日,手) | 134454 | 77443 | | | 期货前20名持仓:净买单量:沪镍(日,手) | -36843 | -1689 LME镍:库存(日,吨) | 254388 | -162 | | | 上期所库存:镍(周,吨) | 45280 | 603 LME镍:注销仓单:合计(日,吨) | 11772 | -792 | | | 仓单数量:沪镍(日,吨) | 38621 | -301 | | | | 现货市场 | SMM1#镍现货价(日,元/吨) | 125250 | 3450 现货均价: ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - On Tuesday, the I2605 contract traded within a range. China's December LPR remained unchanged for the 7th consecutive month. In terms of supply and demand, the shipments and arrivals of Australian and Brazilian iron ore decreased simultaneously, steel mills increased blast furnace maintenance, molten iron production continued to decline, and port inventories of iron ore continued to rise. Overall, port inventories showed an accumulation trend, supply was relatively abundant, steel mills made purchases as needed, but the spot price was firm, so the futures price might trade within a range. Technically, the 1 - hour MACD indicator of the I2605 contract showed that DIFF and DEA declined from high levels, with the green bar expanding. It is recommended to conduct short - term trading and pay attention to risk control [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the I main contract was 778.50 yuan/ton, down 3.00 yuan; the position volume was 554,034 lots, up 2081 lots. The 1 - 5 contract spread was 18 yuan/ton, up 2.00 yuan; the net position of the top 20 contract holders was 4987 lots, up 561 lots. The DCE warehouse receipt was 1,300.00 lots, unchanged. The Singapore iron ore main contract was quoted at 104.4 dollars/ton at 15:00, down 0.36 dollars [2] 现货市场 - The price of 61.5% PB fines at Qingdao Port was 854 yuan/dry ton, up 2 yuan; the price of 60.5% Mac fines was 846 yuan/dry ton, down 1 yuan. The price of 56.5% Super Special fines at Jingtang Port was 763 yuan/dry ton, down 3 yuan. The basis of the I main contract (Mac fines dry ton - main contract) was 68 yuan, up 2 yuan. The 62% Platts iron ore index was 108.25 dollars/ton (previous day), up 0.10 dollars. The ratio of Jiangsu scrap steel to 60.5% Mac fines at Qingdao Port was 3.10, unchanged. The estimated import cost was 878 yuan/ton, unchanged [2] Industry Situation - The global iron ore shipment volume (weekly, in 10,000 tons) was 3,464.50, down 128.00. The arrival volume at 47 Chinese ports (weekly, in 10,000 tons) was 2,790.20, down 137.90. The iron ore inventory at 47 ports (weekly, in 10,000 tons) was 16,225.53, up 114.06. The iron ore inventory of sample steel mills (weekly, in 10,000 tons) was 8,723.95, down 110.25. The iron ore import volume (monthly, in 10,000 tons) was 11,054.00, down 77.00. The available days of iron ore (weekly, in days) was 22.00, up 1. The daily output of 266 mines (weekly, in 10,000 tons) was 37.61, down 0.26. The operating rate of 266 mines (weekly, in %) was 59.52, down 0.55. The iron concentrate inventory of 266 mines (weekly, in 10,000 tons) was 47.80, up 2.83. The BDI index was 1,979.00, down 44.00. The iron ore freight rate from Tubarao, Brazil to Qingdao was 24.21 dollars/ton, up 0.04 dollars; the freight rate from Western Australia to Qingdao was 9.795 dollars/ton, down 0.30 dollars [2] Downstream Situation - The blast furnace operating rate of 247 steel mills (weekly, in %) was 78.45, down 0.16; the blast furnace capacity utilization rate of 247 steel mills (weekly, in %) was 84.91, down 0.99. The domestic crude steel output (monthly, in 10,000 tons) was 6,987, down 213 [2] Option Market - The 20 - day historical volatility of the underlying (daily, in %) was 13.31, up 0.01; the 40 - day historical volatility of the underlying (daily, in %) was 14.70, down 0.08. The implied volatility of at - the - money call options (daily, in %) was 15.16, down 0.19; the implied volatility of at - the - money put options (daily, in %) was 14.93, down 0.30 [2] Industry News - From December 15th to December 21st, 2025, the global iron ore shipment volume was 3464.5 tons, a week - on - week decrease of 128.0 tons. The total shipment volume of Australian and Brazilian iron ore was 2814.7 tons, a week - on - week decrease of 150.8 tons. The Australian shipment volume was 1950.6 tons, a week - on - week decrease of 102.0 tons, and the volume shipped from Australia to China was 1694.5 tons, a week - on - week decrease of 7.6 tons. The Brazilian shipment volume was 864.1 tons, a week - on - week decrease of 48.8 tons. The arrival volume at 47 Chinese ports was 2790.2 tons, a week - on - week decrease of 137.9 tons; the arrival volume at 45 Chinese ports was 2646.7 tons, a week - on - week decrease of 76.7 tons; the arrival volume at the six northern ports was 1256.4 tons, a week - on - week decrease of 102.1 tons [2]