New Stock Listings - Baiaosaitu (688796) listed at an issue price of 26.68 on December 10, 2025[1] - Quanyin Gaoke (300087) has a tender offer period from December 4, 2025, to January 5, 2026[1] - Tiangong Co. (605255) has a tender offer period from November 20, 2025, to December 19, 2025[1] Delisting and Trading Alerts - ST Guangdao (920680) enters the delisting arrangement period starting December 11, 2025[1] - ST Suwu (600200) has 13 trading days remaining until the last trading day[1] Market Volatility - Hai Xin Food (002702) reported severe abnormal fluctuations[1] - Anji Food (603696) and other companies are under observation for abnormal trading activities[2] Additional Announcements - Multiple companies including Dongbai Group (600693) and Nanjing Business Travel (600250) have recent announcements linked to their stock codes[1] - Various companies are linked to announcements regarding abnormal fluctuations and trading activities[3]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - For alumina, it is recommended to conduct light - position oscillatory trading, control the rhythm and trading risks. The supply is in a relatively large state, and demand has some resilience [2]. - For electrolytic aluminum, light - position oscillatory trading is also advised, paying attention to rhythm and risks. Supply has an incremental expectation, and demand is transitioning from peak to off - season with some support from end - of - year impulses [2]. - For cast aluminum alloys, light - position oscillatory trading is suggested. Supply is restricted, and demand is in a slight decline with inventory accumulation [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai Aluminum main contract is 21,935 yuan/ton, up 160 yuan; the main - to - second - consecutive contract spread is - 130 yuan, down 40 yuan. The main contract's open interest is 185,806 lots, down 9,920 lots [2]. - The closing price of the alumina futures main contract is 2,477 yuan/ton, down 69 yuan; the main - to - second - consecutive contract spread is - 51 yuan, down 14 yuan. The main contract's open interest is 278,854 lots, down 3,226 lots [2]. - LME aluminum's three - month quotation is 2,845.5 dollars/ton, down 41 dollars; LME aluminum inventory is 523,300 tons, down 2,500 tons [2]. - The closing price of the cast aluminum alloy main contract is 20,930 yuan/ton, up 120 yuan; the main - to - second - consecutive contract spread is - 75 yuan, down 15 yuan. The main contract's open interest is 17,403 lots, up 84 lots [2]. 3.2 Spot Market - The price of Shanghai Non - ferrous Metals Network A00 aluminum is 21,770 yuan/ton, down 110 yuan; the price of alumina spot in Shanghai Non - ferrous is 2,740 yuan/ton, unchanged [2]. - The average price of ADC12 aluminum alloy ingots is 21,500 yuan/ton, down 100 yuan; the price of Yangtze River Non - ferrous Market AOO aluminum is 21,860 yuan/ton, down 120 yuan [2]. - The basis of cast aluminum alloy is 570 yuan/ton, down 140 yuan; the basis of electrolytic aluminum is - 165 yuan/ton, down 270 yuan [2]. - The Shanghai Wumao aluminum premium/discount is - 90 yuan/ton, up 10 yuan; the LME aluminum premium/discount is - 32.36 dollars/ton, down 0.22 dollars [2]. - The basis of alumina is 263 yuan/ton, up 69 yuan [2]. 3.3 Upstream Situation - Alumina production is 786.5 million tons, down 13.40 million tons; the national alumina start - up rate is 84.37%, down 0.92%; the utilization rate of alumina production capacity is 86.51%, down 0.45% [2]. - The demand for alumina in the electrolytic aluminum part is 730.23 million tons, up 25.92 million tons; the supply - demand balance of alumina is 37.98 million tons, down 8.87 million tons [2]. - The average price of crushed raw aluminum in Foshan metal scrap is 17,100 yuan/ton, down 100 yuan; the average price in Shandong metal scrap is 16,700 yuan/ton, unchanged [2]. - China's import volume of aluminum scrap is 158,360.01 tons, up 2,945.61 tons; the export volume is 32.46 tons, down 36.08 tons [2]. - The export volume of alumina is 18 million tons, down 7 million tons; the import volume is 18.93 million tons, up 12.93 million tons [2]. - The WBMS aluminum supply - demand balance is - 19.21 million tons, down 8.67 million tons; the social inventory of electrolytic aluminum is 54.60 million tons, up 0.40 million tons [2]. 3.4 Industry Situation - The import volume of primary aluminum is 248,261.37 tons, up 4,462 tons; the export volume is 24,573.56 tons, down 4,396.36 tons [2]. - The total production capacity of electrolytic aluminum is 4,524.20 million tons, up 1 million tons; the start - up rate is 98.21%, down 0.03% [2]. - The production of aluminum products is 569.40 million tons, down 20.60 million tons; the export volume of unwrought aluminum and aluminum products is 57 million tons, up 7 million tons [2]. - The production of recycled aluminum alloy ingots is 60.83 million tons, down 4.82 million tons; the export volume of aluminum alloy is 3.09 million tons, up 0.74 million tons [2]. 3.5 Downstream and Application - The built - up production capacity of recycled aluminum alloy ingots is 126 million tons, unchanged; the National Real Estate Prosperity Index is 92.43, down 0.34 [2]. - The production of aluminum alloy is 168.20 million tons, unchanged; the automobile production is 327.90 million vehicles, up 5.25 million vehicles [2]. 3.6 Option Situation - The 20 - day historical volatility of Shanghai Aluminum is 13.61%, down 0.21%; the 40 - day historical volatility is 11.72%, up 0.10% [2]. - The implied volatility of the Shanghai Aluminum main contract at - the - money is 10.06%, down 0.0347%; the call - to - put ratio of Shanghai Aluminum options is 1.60, down 0.0950 [2]. 3.7 Industry News - During the "15th Five - Year Plan" period, the retail industry should focus on high - quality development [2]. - The Federal Reserve is expected to cut interest rates for the third time, with market expectations of a 25 - basis - point cut [2]. - China's economy is expected to maintain a stable and positive trend, and the economic aggregate will reach a new level [2]. - In November, the CPI decreased 0.1% month - on - month and increased 0.7% year - on - year; the PPI increased 0.1% month - on - month and decreased 2.2% year - on - year [2].

| 项目类别 | 数据指标 最新 | 最新 | 环比 数据指标 | 环比 | | --- | --- | --- | --- | --- | | 期货市场 | 主力收盘价:多晶硅(日,元/吨) 605 | 55915 | 305 1月-2月合约收盘价价差 | 185 | | | 主力持仓量:多晶硅(日,手) 47665 | 54959 | -13915 多晶硅-工业硅价差(日,元/吨) | 395 | | 现货市场 | 品种现货价:多晶硅(日,元/吨) -3615 | 52300 | 0 基差:多晶硅(日,元/吨) | -305 | | | 平均价:N型硅片:210R(日,元/片) 6.5 | 1.18 | 0 光伏级多晶硅周平均价(周,美元/千克) | 0 | | 上游情况 | 主力合约收盘价:工业硅(日,元/吨) 45073.34 | 8250 | -90 出口数量工业硅(月,吨) | -25159.39 | | | 品种现货价:工业硅(日,元/吨) 22.28 | 9200 | 0 进口数量:工业硅(月,吨) | -1917.57 | | | 工业硅:产量(月,吨) 55.2 | 451660 | 48 ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The short - term industrial compound fertilizer has high operation rate and continuous demand. There are still some reserve gaps, and the urea factory inventory may still show a slight downward trend. The UR2601 contract is expected to fluctuate in the range of 1630 - 1680 in the short term [2]. - The reserve demand has temporarily stopped to wait and see due to the too - fast increase in urea prices. The compound fertilizer operation rate has increased month - on - month, and the short - term compound fertilizer capacity utilization rate is expected to show a narrow increase. With the implementation of a new batch of quotas, export demand gradually increases [2]. 3) Summary According to Relevant Catalogs Futures Market - The closing price of Zhengzhou urea's main contract is 1645 yuan/ton, up 2 yuan; the 1 - 5 spread is - 68 yuan/ton, up 0.644 yuan; the position volume is 142,791 lots, down 7,855 lots; the net position of the top 20 is - 5,324; the exchange warehouse receipt is 11,228 sheets, down 249 sheets [2]. Spot Market - The prices in Hebei, Henan, Jiangsu, and Anhui are 1720 yuan/ton (down 10 yuan), 1680 yuan/ton (down 10 yuan), 1680 yuan/ton (down 10 yuan), and 1680 yuan/ton (down 10 yuan) respectively; the price in Shandong is 1700 yuan/ton, up 10 yuan. The main contract basis is 55 yuan/ton, up 8 yuan [2]. - FOB Baltic is 352.5 dollars/ton, unchanged; FOB China's main port is 391.5 dollars/ton, unchanged [2]. Industry Situation - The port inventory is 10.5 million tons, up 0.5 million tons; the enterprise inventory is 129.05 million tons, down 7.34 million tons [2]. - The urea enterprise operation rate is 81.83%, down 1.88%; the daily urea output is 197,900 tons, down 4,500 tons [2]. - The urea export volume is 1.2 billion tons, down 17%; the monthly output is 6,000,330 tons, up 129,060 tons [2]. Downstream Situation - The compound fertilizer operation rate is 40.53%, up 3.47%; the melamine operation rate is 61.66%, up 0.86% [2]. - The weekly profit of compound fertilizer is 56 yuan/ton, up 12 yuan; the weekly profit of melamine with externally - purchased urea is - 29 yuan/ton, down 129 yuan [2]. - The monthly output of compound fertilizer is 4.3825 billion tons, up 753.8 million tons; the weekly output of melamine is 32,100 tons, up 600 tons [2]. Industry News - As of December 10, the total inventory of Chinese urea enterprises is 1.2342 billion tons, down 563,000 tons from last week, a month - on - month decrease of 4.36% [2]. - As of December 4, the sample inventory of Chinese urea ports is 10.5 million tons, up 0.5 million tons, a month - on - month increase of 5%. There are expectations of continuous container collection for exports, but due to restrictions such as the flow of goods and factory inspections, the current container collection rhythm is still slow, and the arrival volume at most ports has not been concentrated [2]. - As of December 4, the output of Chinese urea production enterprises is 1.3851 billion tons, down 319,000 tons from the previous period, a month - on - month decrease of 2.25%; the capacity utilization rate is 81.83%, down 1.88% from the previous period, and the trend continues to decline [2]. Suggested Attention - Pay attention to the enterprise inventory, port inventory, daily output, and operation rate data from Longzhong on Thursday [2]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - A-share market is expected to maintain short-term strength driven by inflation recovery and optimism from the Politburo meeting, but if the Fed's post-meeting statement is hawkish, A-shares may face capital outflow pressure [2] Summary by Relevant Catalogs Futures Disk - IF主力合约（2512）最新4574.2，环比-6.8；IC主力合约（2512）最新7122.2，环比+28.0；IH主力合约（2512）最新2980.8，环比-10.4；IM主力合约（2512）最新7371.4，环比+19.4 [2] - IF-IH当月合约价差1593.4，环比+1.8；IC-IF当月合约价差2548.0，环比+36.8 [2] - IF当季-当月-40.0，环比-0.6；IH当季-当月-10.2，环比-0.4；IC当季-当月-178.2，环比-2.0；IM当季-当月-248.4，环比-12.2 [2] Futures Position - IF前20名净持仓-22,704.00，环比-413.0；IH前20名净持仓-12,252.00，环比-254.0；IC前20名净持仓-22,078.00，环比-676.0；IM前20名净持仓-36,011.00，环比+804.0 [2] Spot Price - 沪深300最新4591.83，环比-6.4；上证50最新2,988.6，环比-9.3；中证500最新7,156.0，环比+34.7；中证1000最新7,408.2，环比+27.7 [2] - IF主力合约基差-17.6，环比-2.6；IH主力合约基差-7.8，环比-1.5；IC主力合约基差-33.8，环比-6.9；IM主力合约基差-36.8，环比-4.1 [2] Market Sentiment - A股成交额（日，亿元）17,916.34，环比-1260.55；两融余额（前一交易日，亿元）25,105.72，环比+100.58 [2] - 北向成交合计（前一交易日，亿元）2196.00，环比-29.69；逆回购（到期量，操作量，亿元）-793.0，环比+1898.0 [2] - 主力资金（昨日，今日，亿元）-617.91，环比-335.68；上涨股票比例（日，%）44.63，环比+20.69 [2] - IO平值看涨期权收盘价（2512）28.40，环比-4.80；IO平值看涨期权隐含波动率（%）12.85，环比+1.01 [2] - IO平值看跌期权收盘价（2512）53.60，环比+7.40；IO平值看跌期权隐含波动率（%）12.72，环比+0.88 [2] - 沪深300指数20日波动率（%）14.34，环比+0.00；成交量PCR（%）59.45，环比-4.85；持仓量PCR（%）77.65，环比-1.72 [2] Wind Market Strength and Weakness Analysis - 全部A股5.20，环比+1.90；技术面4.50，环比+2.20；资金面5.90，环比+1.60 [2] Industry News - The Politburo meeting on December 8 set the tone for the 2026 economic work, with a focus on expanding domestic demand and implementing proactive fiscal and moderately loose monetary policies [2] - In the first 11 months of 2025, China's total goods trade imports and exports reached 41.21 trillion yuan, a year-on-year increase of 3.6% [2] - In November, the CPI decreased 0.1% month-on-month and increased 0.7% year-on-year, while the PPI increased 0.1% month-on-month and decreased 2.2% year-on-year [2] Key Events to Watch - China's November financial data to be released; Fed interest rate decision on December 11 at 3:00; Swiss National Bank interest rate decision on December 11 at 16:30; US initial jobless claims for the week ending December 6 on December 11 at 21:30 [3]

Report Industry Investment Rating No relevant content provided. Core View of the Report - The production of primary lead remains stable overall, but the shortage of raw material supply restricts further significant production growth. The supply of lead concentrate remains tight. The production of recycled lead shows signs of recovery, but the growth is less than expected. The supply of waste batteries is tight, which restricts the release of recycled lead production capacity. If environmental control remains stable and waste battery supply stays at the current level, recycled lead production is expected to maintain a stable growth trend. On the demand side, orders in the leading energy storage battery sector are relatively stable, supporting the demand for lead. However, due to the "trade - in" policy, the traditional replacement market is dull. Downstream battery enterprises face inventory pressure and are cautious in purchasing high - priced lead sources. Overall, the price of Shanghai lead is expected to fluctuate, and it is expected to maintain a weak oscillation today [3]. Summary by Related Catalogs Futures Market - The closing price of the Shanghai lead main contract is 17,115 yuan/ton, down 55 yuan; the 3 - month lead quotation on LME is 1,976.5 US dollars/ton, down 22 US dollars. The spread between the 01 - 02 month contracts of Shanghai lead is - 15 yuan/ton, down 20 yuan. The trading volume of Shanghai lead is 79,017 lots, down 1,395 lots. The net position of the top 20 in Shanghai lead is - 238 lots, an increase of 1,158 lots. The warehouse receipts of Shanghai lead are 0 tons, unchanged. The inventory of the Shanghai Futures Exchange is 34,735 tons, down 3,064 tons; the LME lead inventory is 236,925 tons, down 2,900 tons [3]. Spot Market - The spot price of 1 lead on the Shanghai Non - ferrous Metals Network is 16,975 yuan/ton, down 125 yuan; the spot price of 1 lead in the Yangtze River Non - ferrous Metals Market is 17,150 yuan/ton, down 130 yuan. The basis of the lead main contract is - 140 yuan/ton, down 70 yuan; the LME lead premium (0 - 3) is - 49.76 US dollars/ton, an increase of 1.81 US dollars. The price of lead concentrate (50% - 60%) in Jiyuan is 16,771 yuan, an increase of 166 yuan; the price of domestic recycled lead (≥98.5%) is 16,930 yuan/ton, down 140 yuan [3]. Upstream Situation - The monthly supply - demand balance of lead by WBMS is 22,000 tons, an increase of 45,500 tons. The monthly capacity utilization rate of recycled lead is 43.14%, an increase of 7.58%. The number of recycled lead production enterprises is 68, unchanged. The monthly output of recycled lead is 224,200 tons, a decrease of 67,500 tons. The average weekly operating rate of primary lead is 68.49%, a decrease of 13.32%. The weekly output of primary lead is 38,600 tons, a decrease of 1,700 tons. The processing fee of lead concentrate (60%) at major ports is - 100 US dollars/kiloton, unchanged. The monthly supply - demand balance of lead by ILZSG is - 2,500 tons, an increase of 3,100 tons. The monthly global lead ore production by ILZSG is 383,300 tons, an increase of 3,400 tons. The monthly lead ore import volume is 98,300 tons, a decrease of 52,300 tons [3]. Industry Situation - The monthly refined lead import volume is 3,812.24 tons, an increase of 2,304.32 tons. The average weekly domestic processing fee of lead concentrate to the factory is 340 yuan/ton, unchanged. The monthly refined lead export volume is 2,098.42 tons, an increase of 612.28 tons. The average daily price of waste batteries is 9,851.79 yuan/ton, a decrease of 46.42 yuan [3]. Downstream Situation - The monthly export volume of batteries is 45,661,000, a decrease of 350,000. The average daily price of lead - antimony alloy (for batteries, containing 2% antimony) is 19,400 yuan/ton, down 125 yuan. The daily Shenwan industry index of batteries and other power sources is 1,934.16 points, down 13.49 points. The monthly automobile production is 3.279 million vehicles, an increase of 52,000. The monthly new energy vehicle production is 1.71 million vehicles, an increase of 130,000 [3]. Industry News - Trump may reduce tariffs on some over - priced goods and considers an immediate interest - rate cut as the "touchstone" for choosing the new Fed chairman. Trump starts the final round of interviews for the Fed chairman this week, with Hassett leading. Hassett believes the Fed has enough room for a significant interest - rate cut. The US job openings in October reached the highest level in five months, but recruitment remains sluggish. The Thailand - Cambodia conflict continues. Zelensky refuses to "cede territory" and will submit an updated peace proposal to the US on the 10th. Ukraine is consulting with the US and Europe on three key documents, and the US is pressuring Zelensky to make a quick decision. The Reserve Bank of Australia keeps the interest rate at 3.6% as expected, emphasizing the upward risk of inflation, and the market expects the interest - rate cut cycle may end [3].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - Some farmers are reluctant to sell and support prices, and demand is increasing, supporting the narrow - range adjustment of spot prices. However, the oversupply situation continues, and the upside space of prices is still limited. The main 2603 contract of live pigs closed down 1.01%, giving back some of the gains of the previous two trading days, and the rebound was a bit weak, mainly in a range - bound pattern [2] 3. Summary of Relevant Catalogs 3.1 Futures Disk - The closing price of the main futures contract for live pigs was 11,310 yuan/ton, a decrease of 140 yuan. The main contract's open interest was 149,428 lots, an increase of 602 lots. The number of warehouse receipts was 373 lots, an increase of 265 lots. The net long position of the top 20 futures holders was - 44,051 lots, an increase of 102 lots [2] 3.2 Spot Prices - The live pig price in Zhumadian, Henan was 11,300 yuan/ton with no change; in Siping, Jilin it was 11,000 yuan/ton, an increase of 100 yuan; in Yunfu, Guangdong it was 12,400 yuan/ton with no change. The main live - pig basis was - 10 yuan/ton, an increase of 140 yuan [2] 3.3 Upstream Situation - The live - pig inventory was 436.8 million heads, an increase of 12.33 million heads; the inventory of breeding sows was 39.9 million heads, a decrease of 450,000 heads [2] 3.4 Industry Situation - The year - on - year increase in CPI was 0.2%, an increase of 0.5 percentage points. The spot price of soybean meal in Zhangjiagang was 3,040 yuan/ton with no change. The spot price of corn was 2,357.25 yuan/ton, a decrease of 1.97 yuan. The Dalian Commodity Exchange's pig - feed cost index was 896.72, an increase of 0.4. The monthly output of feed was 29.57 million tons, a decrease of 1.717 million tons. The price of binary breeding sows was 1,437 yuan/head, a decrease of 12 yuan. The breeding profit from purchasing piglets was - 259.39 yuan/head, a decrease of 10.57 yuan; the profit from self - breeding and self - raising was - 167.69 yuan/head, a decrease of 19.7 yuan. The monthly import volume of pork was 70,000 tons, a decrease of 10,000 tons. The average price of white - striped chickens in the main producing areas was 13.9 yuan/kg with no change [2] 3.5 Downstream Situation - The slaughter volume of designated live - pig slaughtering enterprises was 38.34 million heads, an increase of 2.5 million heads. The monthly retail sales of social consumer goods in the catering industry was 519.9 billion yuan, an increase of 69.04 billion yuan [2] 3.6 Industry News - According to Mysteel data, on December 10, the daily slaughter volume of live pigs by sample slaughtering enterprises in key provinces was 160,989 heads, a month - on - month increase of 0.44%. Currently, the slaughter rhythm of large - scale farms has recovered, and the slaughter of large pigs by散户 has increased. However, as prices fall, the reluctance to sell among some farmers is gradually rising. On the demand side, winter is the peak season for pork consumption. The activities of curing and making sausages in southwest and other regions continue to increase, the operating rate of slaughtering enterprises has continuously rebounded, and consumption support has strengthened [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The freight rate market is currently influenced by news, and the futures price is expected to fluctuate more severely. Investors are advised to be cautious, pay attention to the operation rhythm and risk control, and track geopolitical, capacity, and cargo volume data in a timely manner [1]. - The improvement of the trade - war situation, the substantial easing of the geopolitical conflict, and the arrival of the fourth - quarter shipping peak season also have certain impacts [1]. 3. Summary by Relevant Catalogs 3.1 Market Data - **Futures Data**: The EC2602 main contract of the container shipping index (European line) futures closed up 1.17%, and the far - month contracts closed down between 1 - 2%. The EC2602 - EC2604 spread increased by 8.60 to 546.20, and the EC2602 - EC2606 spread was 400.70. The EC contract basis was - 110.70, down 4.50. The main contract's open interest decreased by 753 to 30713 hands [1]. - **Spot Price Data**: The latest SCFIS European line settlement freight rate index was 1509.10, up 25.45 points from last week, a 1.7% week - on - week increase. The SCFI (composite index) decreased by 5.50 to 1397.63, and the CCFI (composite index) decreased by 6.91 to 1114.89. The CCFI (European line) decreased by 1.78 to 1447.56. The Baltic Dry Index decreased by 33.00 to 2727.00, and the Panamax Freight Index decreased by 24.00 to 1837.00. The average charter price of Panamax ships remained unchanged at 16670.00, and that of Capesize ships decreased by 400.00 to 37465.00 [1]. 3.2 Industry News - The Politburo of the CPC Central Committee held a meeting to analyze and study the economic work in 2026, emphasizing stable progress and quality improvement in next year's economic work [1]. - US President Trump plans to sign an AI regulatory executive order and launch a long - awaited agricultural aid program worth $12 billion. He also claims that the US inflation problem is basically solved [1]. - Ukrainian President Zelensky held talks with European leaders on a new peace plan for the Ukraine crisis, reaching consensus on security guarantees, post - war reconstruction, and future defense support [1]. 3.3 Market Analysis - Shipping companies' price increases in late December drove up the container shipping index (European line) futures price. The new export order index in China's manufacturing PMI data in November recovered to 47.9, indicating a pre - Christmas recovery in terminal transportation demand [1]. - In the spot freight market, Maersk's 51 - week opening quotes for large containers were between 2300 - 2400 US dollars, and MSC's online quotes were raised to 2665 US dollars [1]. - Geopolitically, the Russia - Ukraine conflict is in a stalemate, with reduced Western aid to Ukraine. Germany's economic recovery and potential fiscal expansion policies may boost market confidence in the eurozone [1]. 3.4 Key Events to Follow - China's November CPI annual rate on December 10 at 09:30 [1]. - The US third - quarter labor cost index quarterly rate on December 10 at 21:30 [1].

贵金属期货日报 2025/12/9 | 项目类别 | 数据指标 最新 | 最新 | 环比 数据指标 | | 环比 | | --- | --- | --- | --- | --- | --- | | | 沪金主力合约收盘价（日，元/克） 13607 | 951.540 | -7.2↓ 沪银主力合约收盘价（日，元/千克） | | -99.00↓ | | 期货市场 | 主力合约持仓量:沪金(日,手) 18,604.00 | 194,493.00 | -2700.00↓ 主力合约持仓量:沪银(日,手) | | -1582.00↓ | | | 主力合约成交量:沪金 1,309,030.00 | 229,564.00 | -68667.00↓ 主力合约成交量:沪银 | | -724701.00↓ | | | 仓单数量:沪金(日,千克) | 91299 | 0↑ 仓单数量:沪银(日,千克) | 717,788 | 18497↑ | | 现货市场 | 上金所黄金现货价 | 947.13 | -6.97↓ 华通一号白银现货价 | 13,630.00 | 49.00↑ | | | 沪金主力合约基差(日,元/克) | -4.41 ...

1. Report Industry Investment Rating - No information provided 2. Core Views of the Report - For the corn market, the international corn price is suppressed by high supply pressure and relatively loose global and US corn supply - demand. However, the strong US domestic spot market and good export demand support the price. In the domestic market, Northeast China's increased reserve acquisition supports the market bottom, but some farmers' selling enthusiasm and enterprises' wait - and - see lead to a narrowing of the upward range. In North China and the Huang - Huai region, the price fluctuates narrowly. The corn futures price has fallen from a high recently, and short - term observation is recommended [2]. - For the corn starch market, the supply pressure increases due to abundant raw material supply and rising industry operating rate. But the demand is good, and the inventory has decreased. Affected by the fall of corn prices, the starch price has also fallen, and short - term observation is recommended [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Corn futures: The closing price of the active contract is 2236 yuan/ton, with a decrease of 30 yuan/ton compared to the previous period. The net long position of the top 20 futures holdings is - 125832 hands, a decrease of 2066 hands. The registered warehouse receipt volume is 59705 hands [2]. - Corn starch futures: The closing price of the active contract is 2522 yuan/ton, an increase of 7 yuan/ton. The net long position of the top 20 futures holdings is - 40774 hands, a decrease of 13862 hands. The registered warehouse receipt volume is 0 hands [2]. - The CS - C spread of the main contract is 337 yuan/ton, a decrease of 13 yuan/ton [2]. 3.2 Outer Market - CBOT corn futures: The closing price of the active contract is 444 cents/bushel, a decrease of 1 cent/bushel. The total position is 1637907 contracts, a decrease of 6343 contracts. The non - commercial net long position is 69481 contracts, a decrease of 13862 contracts [2]. 3.3 Spot Market - Corn: The average spot price is 2359.22 yuan/ton, a decrease of 1.37 yuan/ton. The flat - hatch price at Jinzhou Port is 2310 yuan/ton, a decrease of 20 yuan/ton. The CIF price of imported corn is 2146.53 yuan/ton, an increase of 0.89 yuan/ton [2]. - Corn starch: The factory - quoted price in Changchun is 2590 yuan/ton, unchanged; in Weifang is 2800 yuan/ton, unchanged; in Shijiazhuang is 2730 yuan/ton, unchanged [2]. 3.4 Upstream Situation - The predicted sown area and yield of corn in the US, Brazil, Argentina, China, and Ukraine show different figures, with no change in the predicted yield for most regions. The corn inventory in southern ports is 51.7 tons, a decrease of 8.2 tons; the deep - processing corn inventory is 275.4 tons, an increase of 5.6 tons [2]. 3.5 Industry Situation - The corn inventory in northern ports is 163 tons, an increase of 23 tons. The weekly inventory of starch enterprises is 105.4 tons, a decrease of 1.5 tons. The monthly import volume of corn is 6 tons, an increase of 2 tons; the monthly export volume of corn starch is 12.78 tons, a decrease of 2.02 tons [2]. 3.6 Downstream Situation - The monthly output of feed is 2957 tons, a decrease of 171.7 tons. The processing profit of corn starch in Shandong is 6 yuan/ton, unchanged; in Hebei is 100 yuan/ton, unchanged; in Jilin is - 62 yuan/ton, unchanged. The alcohol enterprise operating rate is 70.28%, a decrease of 1.06%; the starch enterprise operating rate is 61.66%, an increase of 0.28% [2]. 3.7 Option Market - The 20 - day historical volatility of corn is 1.99%, and the 60 - day historical volatility is 10.82%, an increase of 0.53%. The implied volatility of at - the - money call and put options for corn is 10.27%, a decrease of 2.63% [2]. 3.8 Industry News - As of December 4, the first - season corn sowing in the central - southern region of Brazil in the 2025/26 season is almost over. - In the week ending December 4, 2025, the US corn export inspection volume was 1,452,822 tons, lower than the previous week and higher than the same period last year [2].