1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - International corn market prices are suppressed by high supply pressure and relatively loose supply - demand conditions, but the strong US domestic corn spot market provides support [2]. - In the domestic market, in the Northeast, growers are reluctant to sell, and buyers are active. Deep - processing enterprises' prices are likely to rise. In the North China and Huanghuai regions, the market volume is increasing, and processing enterprises' purchase prices fluctuate slightly. Corn futures prices are generally in a strong - side shock [2]. - For corn starch, the supply pressure increases due to abundant raw materials and rising industry operating rates, but strong downstream demand and smooth enterprise sales lead to a decline in inventory. Starch futures prices also maintain a strong - side shock [3]. 3. Summary According to Related Catalogs 3.1 Futures Market - Corn starch futures closing price (active contract) is 2,287 yuan/ton, up 28 yuan/ton; corn monthly spread (1 - 5) is - 7 yuan/ton; corn starch monthly spread (1 - 3) is 14 yuan/ton [2]. - Futures positions: 938,213 lots for yellow corn and 229,123 lots for corn starch, with an increase of 3,174 lots for corn starch [2]. - Net long positions of the top 20 futures holders: - 184,321 lots for corn starch and - 40,210 lots for corn, a decrease of 7,515 lots for corn [2]. - Registered warehouse receipts: 58,664 lots for yellow corn and 0 lots for corn starch; the CS - C spread of the main contract is 351 yuan/ton [2]. - CBOT corn futures closing price (active contract) is 443.25 cents/bushel, down 6.5 cents; total CBOT corn positions are 1,644,250 lots, down 11,481 lots [2]. 3.2 Outer - Market - CBOT corn non - commercial net long positions are 37,621 lots, down 83,343 lots [2]. 3.3 Spot Market - Average corn spot price is 2,348.63 yuan/ton, up 8.73 yuan/ton; corn starch factory price in Changchun is 2,590 yuan/ton, unchanged [2]. - Corn flat - hatch price in Jinzhou Port is 2,310 yuan/ton, up 10 yuan/ton; corn starch factory price in Weifang is 2,800 yuan/ton, unchanged [2]. - Imported corn CIF price is 2,095.98 yuan/ton, down 2.33 yuan/ton; corn starch factory price in Shijiazhuang is 2,730 yuan/ton, unchanged [2]. - Corn starch main - contract basis is 52 yuan/ton, down 28 yuan/ton; corn main - contract basis is - 19.27 yuan/ton [2]. - The spread between Shandong starch and corn is 61.63 yuan/ton, down 20 yuan/ton; the spread between cassava starch and corn starch is 601 yuan/ton, up 147 yuan/ton [2]. 3.4 Upstream Situation - Predicted corn planting areas: 42.71 million hectares in the US, 13.1 million hectares in Brazil, 5.3 million hectares in Argentina, and 29.5 million hectares in China [2]. - Predicted corn yields: 364.4 million tons in the US, 22.6 million tons in Brazil, 7.5 million tons in Argentina, 44.3 million tons in China, and 32 million tons in Ukraine [2]. 3.5 Industry Situation - Corn inventories: 59.9 million tons in southern ports, down 2.9 million tons; 140 million tons in northern ports, up 6 million tons [2]. - Starch enterprise weekly inventory is 105.4 million tons, down 1.5 million tons [2]. - Corn imports are 6 million tons, down 2 million tons; corn starch exports are 12,780 tons, down 2,020 tons [2]. 3.6 Downstream Situation - Feed production is 2,957 million tons, down 171.7 million tons; sample feed corn inventory days are 27.83 days, up 1.6 days [2]. - Deep - processing corn consumption is 142.34 million tons, up 4.03 million tons; alcohol enterprise operating rate is 71.34%, up 1.89%; starch enterprise operating rate is 61.66%, up 0.28% [2]. 3.7 Option Market - 20 - day historical volatility of corn is 8.7%, up 0.08%; 60 - day historical volatility is 8.59%, up 0.11% [2]. - Implied volatility of at - the - money call options for corn is 12.11%, up 1.94%; implied volatility of at - the - money put options is 12.11%, up 1.94% [2]. 3.8 Industry News - Brazilian 2025/26 corn production is expected to be 138 million tons, 2 million tons lower than the previous forecast [2]. - Analysts expect US 2025/26 corn export net sales from October 30, 2025, to be between 800,000 and 2.5 million tons [2].

Core Viewpoint - The Shenzhen-Hong Kong Stock Connect Financial R Index (483025) closed at 10,609.41 points, up 0.4%, with a trading volume of 23.809 billion yuan and a turnover rate of 0.26% on December 4 [1] Group 1: Index Performance - The index had 62 stocks rising, with Ruida Futures leading at a 5.89% increase, while 23 stocks fell, with Haide Co. leading the decline at 4.85% [1] Group 2: Capital Flow - The net inflow of main funds into the index's constituent stocks totaled 147 million yuan, while retail investors experienced a net outflow of 1.48 billion yuan [1] - Detailed capital flow for major stocks includes: - Ruida Futures: Main funds net outflow of 95.6817 million yuan, retail net outflow of 80.9992 million yuan [1] - Changcheng Securities: Main funds net inflow of 92.5656 million yuan, retail net outflow of 60.4180 million yuan [1] - Dongfang Fortune: Main funds net inflow of 76.8948 million yuan, retail net outflow of 42.0381 million yuan [1] - Other notable stocks include Ping An Bank with a main fund inflow of 30.1908 million yuan and a retail outflow of 86.7189 million yuan [1]

Core Points - The Shenzhen-Hong Kong Stock Connect Financial R (HKD) Index (483026) closed at 10,396.76 points, up 0.36% with a trading volume of 26.22 billion HKD and a turnover rate of 0.26% [1] - Among the index constituents, 62 stocks rose, led by Ruida Futures with a 5.89% increase, while 23 stocks fell, with Haide Co. leading the decline at 4.85% [1] Fund Flow Analysis - The total net inflow of main funds into the Shenzhen-Hong Kong Stock Connect Financial R (HKD) Index constituents was 147 million HKD, while retail investors experienced a net outflow of 1.48 billion HKD [1] - Detailed fund flow for key stocks includes: - Ruida Futures: Main net inflow of -95.68 million HKD, retail net outflow of -80.99 million HKD [1] - Great Wall Securities: Main net inflow of 92.57 million HKD, retail net outflow of -60.42 million HKD [1] - Dongfang Fortune: Main net inflow of 76.89 million HKD, retail net outflow of -42.04 million HKD [1] - Other notable stocks include Ping An Bank and Shaanxi Guotou A, with varying levels of net inflows and outflows [1]

望态度，且本周订单较少，采买量级较少，部分企业选择使用库存进行生产，部分企业进行少量刚需采买 研究员: 陈思嘉 期货从业资格证F03118799 期货投资咨询从业证书号Z0022803 。现货升水下跌至-150元/吨；LME库存小幅增加，现货升水上涨。技术面，放量增仓上影阳线，多空分歧 免责声明 | | | 沪锡产业日报 2025-12-04 | 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:沪锡(日,元/吨) | 316230 | 3860 1月-2月合约收盘价:沪锡(日,元/吨) | -740 | -120 | | | LME3个月锡(日,美元/吨) | 40750 | 1910 主力合约持仓量:沪锡(日,手) | 52057 | -998 | | | 期货前20名净持仓:沪锡(日,手) | -815 | 685 LME锡:总库存(日,吨) | 3195 | 50 | | | 上期所库存:锡(周,吨) | 6359 | 130 LME锡:注销仓单(日,吨) | ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - The total inventory at Qingdao Port has continued to accumulate significantly, with inventory piling up in both bonded and general trade warehouses. Overseas shipments arriving at the port for storage remain at a high level, but downstream factories arrange production flexibly and stock up cautiously, leading to a large - scale inventory accumulation at Qingdao Port. - Domestic tire companies' capacity utilization has increased week - on - week, but the shipment pace of each tire company is slow. Short - term production control behavior still exists, and the increase in overall capacity utilization is expected to be limited. - The ru2601 contract is expected to fluctuate in the range of 15000 - 15700 in the short term, and the nr2601 contract is expected to fluctuate in the range of 11800 - 12200 in the short term [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main contract of Shanghai rubber was 15040 yuan/ton, down 150 yuan; the closing price of the main contract of 20 - number rubber was 11970 yuan/ton, down 115 yuan. - The trading volume and open interest of related contracts changed, with the open interest of the main contract of Shanghai rubber increasing by 65920 hands to 123975 hands, and that of the 20 - number rubber decreasing by 2375 hands to 36885 hands. - The Shanghai rubber and 20 - number rubber spreads and their changes were also reported, along with the net positions of the top 20 in both contracts and the exchange warehouse receipts [2]. Spot Market - The prices of various types of natural rubber in the Shanghai market and synthetic rubber in the spot market changed. For example, the price of Shanghai market state - owned whole latex remained unchanged at 14850 yuan/ton, while the price of Shanghai market Vietnam 3L decreased by 10 yuan/ton to 15200 yuan/ton. - The base spreads of Shanghai rubber and 20 - number rubber and their changes were also presented [2]. Upstream Situation - The market reference prices of different forms of Thai raw rubber (such as smoke sheets, films, glue water, and cup glue) and their changes were given. - The theoretical production profits of RSS3 and STR20 and their changes were reported. - The monthly import volumes of technical - classified natural rubber and mixed rubber and their changes were provided [2]. Downstream Situation - The operating rates of all - steel tires and semi - steel tires, inventory days, and production volumes and their changes were reported. For example, the weekly operating rate of all - steel tires was 63.33%, up 1.08 percentage points; the monthly production volume of all - steel tires was 12420000 pieces, down 720000 pieces [2]. Option Market - The historical 20 - day and 40 - day volatilities of the underlying asset, and the implied volatilities of at - the - money call and put options and their changes were reported [2]. Industry News - In November 2025, China's heavy - truck market sold about 100000 vehicles (wholesale basis, including exports and new energy), a year - on - year increase of about 46%. From January to November, the cumulative sales exceeded 1000000 vehicles, a year - on - year increase of about 26%. - As of November 30, 2025, the total inventory of natural rubber in Qingdao (including bonded and general trade) was 481600 tons, a month - on - month increase of 2.71%. - As of December 4, the capacity utilization rate of China's semi - steel tire sample enterprises was 68.33%, a month - on - month increase of 2.33 percentage points; the capacity utilization rate of all - steel tire sample enterprises was 64%, a month - on - month increase of 1.25 percentage points [2].

Report Industry Investment Rating - No investment rating provided in the report Core Viewpoint - The market is in a game between weak reality and strong expectations. The short - term near - month contracts may be in a wide - range shock state, and one can try to go long on the far - month contracts with a light position [2] Summary by Relevant Catalogs Futures Market - The futures closing price of the active egg contract is 3138 yuan/500 kilograms, with a 0 yuan change compared to the previous day. The net long position of the top 20 futures holders of eggs is - 24952 hands, an increase of 1234 hands. The egg futures monthly spread (1 - 5) is - 476 yuan/500 kilograms, a decrease of 13 yuan. The futures trading volume of the active egg contract is 160465 hands, a decrease of 8083 hands. The registered warehouse receipt volume of eggs is 0 hands, with no change [2] 现货市场 - The spot price of eggs is 3.1 yuan/jin, a decrease of 0.01 yuan. The basis (spot - futures) is - 41 yuan/500 kilograms, a decrease of 12 yuan [2] Upstream Situation - The laying hen inventory index nationwide is 114.24 (with 2015 = 100), a decrease of 1.02. The culled laying hen index nationwide is 114.44 (with 2015 = 100), a decrease of 10.19. The average price of laying hen chicks in the main production areas is 2.7 yuan/feather, with no change. The new - born chick index nationwide is 67.09 (with 2015 = 100), a decrease of 9.56. The average price of laying hen compound feed is 2.76 yuan/kg, with no change. The breeding profit of laying hens is - 0.41 yuan/hen, an increase of 0.05 yuan. The average price of culled hens in the main production areas is 7.6 yuan/kg, a decrease of 0.16 yuan. The average age of culled hens nationwide is 510 days, an increase of 3 days [2] Industry Situation - The average wholesale price of pork is 17.65 yuan/kg, a decrease of 0.09 yuan. The average wholesale price of 28 key - monitored vegetables is 5.93 yuan/kg, an increase of 0.05 yuan. The average wholesale price of dressed chickens is 17.81 yuan/kg, a decrease of 0.17 yuan. The weekly inventory in the circulation link is 1.2 days, an increase of 0.15 days. The weekly inventory in the production link is 1.1 days, an increase of 0.09 days. The monthly export volume of fresh eggs is 13394.53 tons, an increase of 178.74 tons [2] Downstream Situation - The weekly consumption of eggs in the sales areas is 7472 tons, an increase of 88.6 tons [2] Industry News - Today, the average price of eggs in Shandong's main production area is 6.29 yuan/kg, unchanged from yesterday; the average price of eggs in Hebei is 5.76 yuan/kg, a decrease of 0.02 yuan from yesterday; the average price of eggs in Guangdong is 6.53 yuan/kg, unchanged from yesterday; the average price of eggs in Beijing is 6.40 yuan/kg, unchanged from yesterday. The continuous losses of the breeding end have led to a decline in the enthusiasm for replenishment and an increase in the number of old hens culled. The inventory of laying hens has slightly declined, and the market atmosphere has slightly improved [2]

甲醇产业日报 2025-12-04 存停车预期，进口表需或有所走弱，预计港口甲醇库存或将累库，具体需关注外轮卸货情况。需求方面， 数据来源第三方，观点仅供参考，市场有风险，投资需谨慎！ 本周青海盐湖烯烃装置负荷提升，烯烃行业整体开工提升，宁波富德后期预期停车检修，整体开工率预计 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 有所下降。MA2601合约短线预计在2100-2150区间波动。 免责声明 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 ...

：预计不锈钢期价震荡调整，关注M30压力。 免责声明 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 不锈钢产业日报 2025-12-04 | 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:不锈钢(日,元/吨) | 12425 | -40 01-02月合约价差:不锈钢(日,元/吨) | -95 | -15 -871 | | | 期货前20名持仓:净买单量:不锈钢(日,手) | -8837 | 204 主力合约持仓量:不锈钢(日,手) | 96076 | | | | 仓单数量:不锈钢(日,吨) | 62157 | -180 | | | | 现货市场 | 304/2B卷:切边:无锡(日,元/ ...

Report Summary 1. Report Industry Investment Rating - No investment rating is provided in the report. 2. Core View of the Report - The report anticipates that Shanghai zinc will experience a moderately strong oscillation, and it is recommended to monitor whether it can break through 23,000 yuan/ton [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai zinc main contract was 22,865 yuan/ton, up 110 yuan; the LME three - month zinc quotation was 3,062 US dollars/ton, up 6.5 US dollars [3]. - The total open interest of Shanghai zinc was 201,973 lots, an increase of 6,148 lots; the net open interest of the top 20 in Shanghai zinc was 15,926 lots, an increase of 3,565 lots [3]. - The Shanghai Futures Exchange inventory was 95,916 tons, a decrease of 4,431 tons; the LME inventory was 52,450 tons, an increase of 75 tons [3]. 3.2 Spot Market - The spot price of 0 zinc on the Shanghai Non - ferrous Metals Network was 22,990 yuan/ton, up 200 yuan; the spot price of 1 zinc in the Yangtze River Non - ferrous Metals Market was 23,090 yuan/ton, up 200 yuan [3]. - The basis of the ZN main contract was 125 yuan/ton, up 90 yuan; the LME zinc premium (0 - 3) was 186.85 US dollars/ton, down 64.13 US dollars [3]. - The ex - works price of 50% zinc concentrate in Kunming was 19,470 yuan/ton, up 560 yuan; the price of 85% - 86% crushed zinc in Shanghai was 16,200 yuan/ton, up 100 yuan [3]. 3.3 Upstream Situation - The WBMS zinc supply - demand balance was - 21,000 tons, an increase of 6,800 tons; the ILZSG zinc supply - demand balance was 47,900 tons, an increase of 17,700 tons [3]. - The global zinc mine production was 1.0976 million tons, an increase of 21,400 tons; the domestic refined zinc production was 625,000 tons, a decrease of 26,000 tons [3]. - The zinc ore import volume was 340,900 tons, a decrease of 164,500 tons [3]. 3.4 Industry Situation - The refined zinc import volume was 18,836.76 tons, a decrease of 3,840.75 tons; the refined zinc export volume was 8,518.67 tons, an increase of 6,040.84 tons [3]. - The social zinc inventory was 137,500 tons, a decrease of 3,100 tons [3]. 3.5 Downstream Situation - The monthly output of galvanized sheets was 2.32 million tons, an increase of 10,000 tons; the monthly sales volume of galvanized sheets was 2.28 million tons, a decrease of 90,000 tons [3]. - The monthly new housing construction area was 490.6139 million square meters, an increase of 36.6239 million square meters; the monthly housing completion area was 348.61 million square meters, an increase of 37.3212 million square meters [3]. - The monthly automobile production was 3.279 million vehicles, an increase of 52,000 vehicles; the monthly air - conditioner production was 14.204 million units, a decrease of 3.8908 million units [3]. 3.6 Option Market - The implied volatility of at - the - money call options on zinc was 11.64%, a decrease of 0.42 percentage points; the implied volatility of at - the - money put options on zinc was 11.64%, a decrease of 0.42 percentage points [3]. - The 20 - day historical volatility of at - the - money zinc options was 10.09%, a decrease of 0.47 percentage points; the 60 - day historical volatility of at - the - money zinc options was 9.1%, an increase of 0.04 percentage points [3]. 3.7 Industry News - On December 3, the State Council conducted its 17th special study on "deeply promoting people - centered new urbanization and focusing on building a new pattern of integrated urban - rural development" [3]. - The US ADP employment in November unexpectedly declined by 32,000 people, the largest drop since March 2023, with a sharp increase in unemployment among small businesses [3]. - The US ISM services PMI index in November rose to 52.6, a nine - month high, with an expected value of 52.0 [3]. 3.8 Fundamental Analysis - The upstream zinc ore import volume declined due to the worsening internal - external price ratio and increased losses in importing zinc concentrates in China [3]. - Domestic smelters have started winter raw material reserves, preferring domestic zinc concentrates, leading to increased competition and a significant decline in processing fees at home and abroad, squeezing smelter profits and restricting production in some smelters [3]. - Overseas supply remains tight, the Shanghai - London ratio has remained low, imports are at a loss, and the export window is open, expected to turn into a net export situation to ease domestic supply pressure [3]. - On the demand side, the downstream market is entering the off - season, with the real estate sector dragging down, and the infrastructure and home appliance sectors weakening, while the automotive sector shows some bright spots due to policy support [3]. 3.9 Technical Analysis - Open interest has increased along with rising prices, indicating a warming up of the bullish sentiment [3].

| | 集运指数（欧线）期货日报 | | | | 2025/12/4 | | --- | --- | --- | --- | --- | --- | | 项目类别 | 数据指标 环比 数据指标 最新 | 最新 | | | 环比 | | EC主力收盘价 | | 1585.000 | 51.0↑ EC次主力收盘价 | 1090.1 | +11.60↑ | | 期货盘面 | EC2602-EC2604价差 +37.90↑ EC2602-EC2606价差 | 494.90 | | 329.90 | +44.30↑ | | EC合约基差 | -200.62↓ | -101.35 | | | | | 期货持仓头寸（手） EC主力持仓量 | | 34222 | -786↓ | | | | SCFIS（欧线）（周） | -155.72↓ SCFIS（美西线）（周） | 1483.65 | | 948.77 | -159.08↓ | | SCFI（综合指数）（周） | 9.57↑ 集装箱船运力（万标准箱） | 1403.13 | | 1,227.97 | 0.00↑ | | 现货价格 | CCFI（综合指数）（周） -0.99 ...