非银金融板块震荡反弹，瑞达期货直线涨停，长城证券、越秀资本、华泰证券、湘财股份、中泰证券、 中信建投等跟涨。 ...

Group 1: Report Industry Investment Rating - No information provided on the report industry investment rating Group 2: Core View of the Report - The domestic sugar market is expected to see sugar prices fluctuate mainly. The early bearish factors in the market have been basically digested, and the pessimistic sentiment has eased. The late - opening of sugar cane in Guangxi has brought low - priced sugar sources to the market, driving down the price of Yunnan sugar. Although processed sugar and beet sugar have some impact, their prices are relatively firm, providing some support for Guangxi sugar prices [2] Group 3: Summary According to Relevant Catalogs Futures Market - The closing price of the main futures contract for sugar was 5366 yuan/ton, down 16 yuan; the main contract position volume was 330,181 lots, down 8,305 lots; the number of sugar warehouse receipts was 0, unchanged; the net long position of the top 20 futures holders was - 52,892 lots, up 2,501 lots; the total effective warehouse receipt forecast was 183, unchanged [2] Spot Market - The estimated import - processing price of Brazilian sugar within the quota was 4,121 yuan/ton, up 48 yuan; that of Thai sugar within the quota was 4,167 yuan/ton, up 47 yuan. The estimated price of imported Brazilian sugar outside the quota (50% tariff) was 5,223 yuan/ton, up 62 yuan; that of imported Thai sugar outside the quota (50% tariff) was 5,283 yuan/ton. The spot price of sugar in Kunming, Yunnan was 5,410 yuan/ton, down 5 yuan; in Nanning, Guangxi was 5,460 yuan/ton, down 10 yuan; in Liuzhou, Guangxi was 5,525 yuan/ton, down 20 yuan [2] Upstream Situation - The national sugar - crop planting area was 1,480 thousand hectares, up 60 thousand hectares; the planting area of sugar cane in Guangxi was 840.33 thousand hectares, up 5.24 thousand hectares [2] Industry Situation - The cumulative national sugar production was 1,116.21 million tons, up 5.49 million tons; the cumulative sales volume of cane sugar in Guangxi was 602.29 million tons, up 26.66 million tons; the cumulative production of cane sugar in Yunnan was 241.88 million tons, unchanged. Brazil's total sugar export volume was 420.5 million tons, up 95.92 million tons. The import volume of sugar in the current month was 75 million tons, up 20 million tons; the cumulative import volume was 390 million tons, up 74 million tons [2] Downstream Situation - The monthly production of refined sugar was 88.3 million tons, up 34.39 million tons; the monthly production of soft drinks was 1,096.2 million tons, down 495.5 million tons [2] Option Market - The implied volatility of at - the - money call options for sugar was 8.76%, up 1.69%; the implied volatility of at - the - money put options for sugar was 8.76%, up 1.69%. The 20 - day historical volatility of sugar was 6.73%, up 0.06%; the 60 - day historical volatility was 6.85%, up 0.03% [2] Industry News - As of November 30, 2025, India had crushed 48.6 million tons of sugar cane (33.4 million tons in the same period last year), producing 4.135 million tons of sugar (2.76 million tons in the same period last year), and the average sugar yield was 8.51%, up from 8.27% in the same period last year. ICE's most actively traded March raw sugar futures rose 0.22 cents or 1.50%, settling at 14.98 cents per pound [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The current situation of loose supply and demand in the cotton market continues. New cotton sales progress is significantly slow, market digestion rhythm is lower than expected, and port inventory remains high. Downstream demand has no obvious improvement, new orders of textile enterprises have decreased, and the overall market trading atmosphere is weak. The short - term rebound space of cotton prices is limited. Later, attention should be paid to the improvement of actual replenishment willingness and macro - dynamics [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - Zhengzhou cotton main contract closing price was 13,780 yuan/ton, down 20 yuan; cotton yarn main contract closing price was 19,925 yuan/ton, down 80 yuan. - Cotton futures top 20 net positions were - 128,839 hands, down 3,568 hands; cotton yarn futures top 20 net positions were - 447 hands, up 249 hands. - Cotton main contract positions were 522,168 hands, down 21,990 hands; cotton yarn main contract positions were 4,916 hands, down 1,081 hands. - Cotton warehouse receipts were 2,589 sheets, up 90 sheets; cotton yarn warehouse receipts were 13 sheets, down 1 sheet. - China Cotton Price Index (CCIndex:3128B) was 15,005 yuan/ton, up 25 yuan; China Yarn Price Index (pure cotton carded yarn 32 - count) was 20,770 yuan/ton, unchanged [2] 3.2现货市场 - China's imported cotton price index (FCIndexM:1% tariff) was 12,941 yuan/ton, down 15 yuan; the arrival price of imported cotton yarn price index (pure cotton carded yarn 32 - count) was 20,959 yuan/ton, down 25 yuan. - China's imported cotton price index (FCIndexM: sliding duty) was 13,937 yuan/ton, down 4 yuan; the arrival price of imported cotton yarn price index (pure cotton combed yarn 32 - count) was 22,214 yuan/ton, down 26 yuan [2] 3.3 Upstream Situation - The national cotton sowing area was 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; the national cotton output was 6.16 million tons, an increase of 0.54 million tons [2] 3.4 Industry Situation - The cotton - yarn price difference was 5,765 yuan/ton, down 25 yuan; the national industrial inventory of cotton was 785,000 tons, down 76,000 tons. - The monthly import volume of cotton was 90,000 tons, down 10,000 tons; the monthly import volume of cotton yarn was 140,000 tons, up 10,000 tons. - The profit of imported cotton was 1,043 yuan/ton, up 48 yuan; the national commercial inventory of cotton was 2.9306 million tons, up 1.9089 million tons [2] 3.5 Downstream Situation - The inventory days of yarn were 26.12 days, up 1.27 days; the inventory days of grey cloth were 31.97 days, up 0.85 days. - The monthly output of cloth was 2.62 billion meters, down 0.18 billion meters; the monthly output of yarn was 2.001 million tons, down 0.073 million tons. - The monthly export value of clothing and clothing accessories was 110,034,804,300 US dollars, down 14,497,665,700 US dollars; the monthly export value of textile yarns, fabrics and products was 112,584,189,200 US dollars, down 7,080,970,800 US dollars [2] 3.6 Option Market - The implied volatility of cotton at - the - money call options was 9.53%, up 1.51%; the implied volatility of cotton at - the - money put options was 9.53%, up 1.62%. - The 20 - day historical volatility of cotton was 5.96%, down 0.3%; the 60 - day historical volatility of cotton was 6.67%, down 0.64% [2] 3.7 Industry News - As of October 21, 2025, the non - commercial long positions of US cotton decreased by 1,181 hands to 72,047 hands; the non - commercial short positions decreased by 4,202 hands to 134,658 hands; the net short positions decreased by 3,021 hands to 62,611 hands. - ICE cotton futures stabilized on Tuesday, rebounding after the previous day's decline, supported by bargain - hunting. The ICE March cotton futures contract fell 0.06 cents, or 0.10%, to settle at 64.57 cents per pound [2] 3.8 View Summary - The new cotton delivery is coming to an end, the cost is fixed with the price of seed cotton, but the sales progress of new cotton is significantly slow, the market digestion rhythm is lower than expected, and the port inventory remains high. The downstream demand has no obvious improvement, the new orders of textile enterprises have decreased significantly, the shipment rhythm of cotton yarn has slowed down, and the overall market trading atmosphere is weak. The current situation of loose supply and demand continues, and the short - term rebound space of cotton prices is limited [2] 3.9 Prompt Attention - Today there is no news. Later, attention should be paid to the improvement of actual replenishment willingness and macro - dynamics [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Late Fuji apple trading has slowed down. In Shandong, the warehousing work is basically finished, with ground trading mainly for direct market delivery by merchants, and in - warehouse trading starting. The foreign trade channel continues to seek goods, with small fruits selling well and the outbound rate slightly faster than last year. In Shaanxi, products are gradually leaving the warehouse, with Luochuan mainly packaging goods in merchants' hands and having a light cold - storage trading atmosphere. The arrival volume in the sales area has increased, but the trading atmosphere remains light. The increase in the listing volume of citrus fruits squeezes the apple sales space. Apple futures prices are expected to remain high in the short term, and the impact of alternative fruits should be noted [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the apple futures main contract is 9712 yuan/ton, with a month - on - month increase of 866; the main contract position is 8144 hands; the net long position of the top 20 futures positions is 120323 hands, with a month - on - month increase of 5896 [2] 3.2 Spot Market - The spot prices of apples in Gansu Jingning, Shandong Yiyuan, Shaanxi Luochuan, and Shandong Yantai Qixia are 5.25 yuan/jin, 2.6 yuan/jin, 4.2 yuan/jin, and 4 yuan/jin respectively, with no month - on - month change [2] 3.3 Upstream Situation - The national apple output is 5128.51 million tons, and the output in a certain area is 168.34 million tons [2] 3.4 Industry Situation - The weekly apple wholesale price is 9.38 yuan/kg, with a month - on - month decrease of 0.02; the average wholesale price of Fuji apples is 9.06 yuan/kg; the national apple cold - storage total inventory is 766.75 million tons, with a month - on - month decrease of 6.41; the storage capacity ratios of Shandong and Shaanxi apples are 0.54 and 0.58 respectively, with month - on - month decreases of 0.01; the monthly apple export volume is 80,000 tons, with an increase of 10,000 tons; the monthly import amount of fresh and dried fruits and nuts is 1.334364 billion US dollars, with a decrease of 503,616 US dollars; the year - on - year monthly apple export amount is - 14.3%; the weekly profit of first - and second - grade paper - bag apple 80 storage merchants is 0 yuan/jin [2] 3.5 Downstream Situation - The weekly wholesale prices of pears, bananas, and watermelons are 6.76 yuan/kg, 5.41 yuan/kg, and 6 yuan/kg respectively, with month - on - month increases of 0.05, 0.22, and 0.04; the early - morning average daily arrival vehicle numbers at Guangdong Jiangmen, Xiaqiao, and Chalong wholesale markets are 16, 25.2, and 19.2 respectively, with month - on - month increases of 3.8, 1.4, and 3.2 [2] 3.6 Option Market - The implied volatility of at - the - money call and put options for apples is 1.85% and 17.51% respectively, with month - on - month decreases of 15.66 and 9.27 [2] 3.7 Industry News - The trading of inventory apples remains light. In Shandong and Shaanxi, there are few inquiring merchants, mainly self - picking by merchants. In Gansu, the sales of Huaniu apples are okay, while the trading of Fuji apples has slowed down slightly, with little change in transaction prices [2]

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 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 | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):鸡蛋(日,元/500千 | 3138 | -64 期货前20名持仓:净买单量:鸡蛋(日,手) | -26186 | 2013 | | 期货市场 克) | 鸡蛋期货月间价差(1-5):(日,元/500千克) | -463 | -13 期货持仓量(活跃合约):鸡蛋(日,手) | 168548 | 7677 | | | 注册仓单量 ...

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 备注：I：铁矿石 研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 免责声明 铁矿石产业链日报 2025/12/3 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | I 主力合约收盘价（元/吨） | 777.00 | +1.50↑ I 主力合约持仓量(手) | 347,088 | +30976↑ | | | I 1-5合约价差（元/吨） | 22.5 | -2.50↓ I 合约前20名净持仓(手) | 22597 | +10414↑ | | | I 大商所仓单（手） | 1,300.00 | 0.00 | | | | | 新加坡铁矿石主力合约截止15：00报价(美元/吨) | 104.15 | +0.25↑ | | | | 现货市场 | 青岛港61.5%PB粉矿 (元/干吨) | 866 | -1↓ 青岛港60.8%麦克粉矿 (元/干吨) | 859 | -1↓ | | | 京唐港56.5% ...

Report Industry Investment Rating - No relevant information provided Core Viewpoints - On December 3, the manganese - silicon 2603 contract was reported at 5746, up 0.14%. The spot price of Inner Mongolia silicon - manganese was reported at 5520. The OECD estimated that the global economic growth in 2025 would be 3.2%, 2.9% in 2026, and 3.1% in 2027. Fundamentally, inventory rebounded rapidly, production at a high level continued to decline slightly, and inventory increased for 9 consecutive weeks. The port inventory of imported manganese ore at the raw material end increased by 87,000 tons, and the overall molten iron demand declined seasonally. In terms of profit, the spot profit in Inner Mongolia was - 310 yuan/ton, and in Ningxia it was 410 yuan/ton. Technically, the daily K - line was below the 20 - day and 60 - day moving averages, and the short - term trend was oscillatory [2]. - On December 3, the ferrosilicon 2603 contract was reported at 5446, down 0.11%. The spot price of Ningxia ferrosilicon was reported at 5200. The annual bond issuance of local governments exceeded 10 trillion yuan for the first time. In terms of supply and demand, market transactions were mainly for terminal rigid - demand replenishment, prices declined, and inventory continued to decrease this period. In terms of profit, the spot profit in Inner Mongolia was - 270 yuan/ton, and in Ningxia it was - 525 yuan/ton. Technically, the daily K - line was below the 20 - day and 60 - day moving averages, and the short - term trend was oscillatory [2]. Summary by Related Catalogs Futures Market - SM main contract closing price (daily, yuan/ton): 5,722.00, down 2.00; SF main contract closing price (daily, yuan/ton): 5,448.00, down 18.00 [2]. - SM futures contract open interest (daily, lots): 627,726.00, down 31,053.00; SF futures contract open interest (daily, lots): 482,471.00, up 428.00 [2]. - Net position of the top 20 in manganese - silicon (daily, lots): - 26,664.00, down 2,048.00; Net position of the top 20 in ferrosilicon (daily, lots): - 20,914.00, up 1,086.00 [2]. - SM 5 - 1 month contract spread (daily, yuan/ton): 48.00, up 4.00; SF 5 - 1 month contract spread (daily, yuan/ton): 14.00, up 14.00 [2]. - SM warehouse receipts (daily, sheets): 15,851.00, unchanged; SF warehouse receipts (daily, sheets): 11,255.00, down 61.00 [2]. Spot Market - Inner Mongolia manganese - silicon FeMn68Si18 (daily, yuan/ton): 5,520.00, unchanged; Inner Mongolia ferrosilicon FeSi75 - B (daily, yuan/ton): 5,250.00, unchanged [2]. - Guizhou manganese - silicon FeMn68Si18 (daily, yuan/ton): 5,520.00, unchanged; Qinghai ferrosilicon FeSi75 - B (daily, yuan/ton): 5,150.00, unchanged [2]. - Yunnan manganese - silicon FeMn68Si18 (daily, yuan/ton): 5,550.00, unchanged; Ningxia ferrosilicon FeSi75 - B (daily, yuan/ton): 5,200.00, unchanged [2]. - Manganese - silicon index average (weekly, yuan/ton): 5,499.00, down 16.75; SF main contract basis (daily, yuan/ton): - 248.00, up 18.00 [2]. - SM main contract basis (daily, yuan/ton): - 202.00, up 2.00 [2]. Upstream Situation - South African ore: Mn38 lumps: Tianjin Port (daily, yuan/ton - degree): 32.00, unchanged; Silica (98%, Northwest, daily, yuan/ton): 210.00, unchanged [2]. - Inner Mongolia Wuhai secondary metallurgical coke (daily, yuan/ton): 1,250.00, unchanged; Semi - coke (medium grade, Shenmu, daily, yuan/ton): 880.00, unchanged [2]. - Manganese ore port inventory (weekly, 10,000 tons): 438.30, up 8.70 [2]. Industry Situation - Manganese - silicon enterprise operating rate (weekly, %): 38.09, down 1.04; Ferrosilicon enterprise operating rate (weekly, %): 33.41, down 0.40 [2]. - Manganese - silicon supply (weekly, tons): 194,775.00, down 2,135.00; Ferrosilicon supply (weekly, tons): 107,200.00, down 1,100.00 [2]. - Manganese - silicon manufacturer inventory (half - monthly, tons): 368,000.00, up 5,000.00; Ferrosilicon manufacturer inventory (half - monthly, tons): 71,830.00, down 1,220.00 [2]. - Manganese - silicon inventory days of national steel mills (monthly): 15.84, up 0.14; Ferrosilicon inventory days of national steel mills (monthly): 15.80, up 0.13 [2]. - Demand for manganese - silicon from five major steel types (weekly, tons): 121,727.00, up 320.00; Demand for ferrosilicon from five major steel types (weekly, tons): 19,660.00, up 117.00 [2]. Downstream Situation - Blast furnace operating rate of 247 steel mills (weekly, %): 81.07, down 1.10; Blast furnace capacity utilization rate of 247 steel mills (weekly, %): 87.96, down 0.60 [2]. - Crude steel output (monthly, 10,000 tons): 7,199.70, down 149.31 [2]. Industry News - As of December 2, the national local government bond issuance scale was about 10.1 trillion yuan [2]. - Six major state - owned banks, including ICBC, ABC, BOC, CCB, BCM, and PSBC, have stopped selling 5 - year large - denomination certificate of deposit products [2]. - The United Nations Conference on Trade and Development predicted in its "Trade and Development Report 2025" that the global economic growth in 2025 would slow down to 2.6%, lower than 2.9% in 2024 [2]. - The OECD estimated that the global economic growth in 2025 would be 3.2%, 2.9% in 2026, and 3.1% in 2027. It also estimated that China's economic growth in 2025 would be 5%, previously estimated at 4.9% [2].

1. Report's Industry Investment Rating - No information provided 2. Core Viewpoints - This week, methanol port inventory decreased slightly. With the support of reverse flow and trans - shipment, the提货 volume in the mainstream warehouses in East China remained stable, while the inventory in the mainstream warehouses in South China continued to decline. Next week, the expected arrival of foreign vessels is at a high level, and an olefin plant in East China is expected to shut down. The import demand may weaken, and port methanol inventory is expected to increase. [2] - The operating rate of the olefin industry increased slightly due to the rising load of olefin enterprises in East China. After the restart of the Qinghai Salt Lake olefin plant, the load is expected to continue to rise in the short - term. [2] - The MA2601 contract is expected to fluctuate in the range of 2050 - 2150 in the short term. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main methanol contract was 2128 yuan/ton, a decrease of 4 yuan/ton. The 1 - 5 spread of methanol was - 86 yuan/ton, an increase of 14 yuan/ton. [2] - The position volume of the main methanol contract was 948,396 lots, a decrease of 30,173 lots. The net long position of the top 20 futures holders was - 180,854 lots, an increase of 15,188 lots. [2] - The number of methanol warehouse receipts was 5,800, an increase of 2,000. [2] 3.2现货市场 - The price in Jiangsu Taicang was 2115 yuan/ton, an increase of 15 yuan/ton. The price in Inner Mongolia was 2000 yuan/ton, an increase of 5 yuan/ton. [2] - The price spread between East China and Northwest China was 115 yuan/ton, an increase of 10 yuan/ton. The basis of the main Zhengzhou methanol contract was - 17 yuan/ton, an increase of 19 yuan/ton. [2] - The CFR price of methanol at the main Chinese port was 249 US dollars/ton, an increase of 2 US dollars/ton. The CFR price in Southeast Asia was 317 US dollars/ton, unchanged. [2] - The FOB price in Rotterdam was 257 euros/ton, a decrease of 3 euros/ton. The price spread between the main Chinese port and Southeast Asia was - 68 US dollars/ton, an increase of 2 US dollars/ton. [2] 3.3 Upstream Situation - The price of NYMEX natural gas was 4.83 US dollars/million British thermal units, a decrease of 0.06 US dollars. [2] 3.4 Industry Situation - The inventory in East China ports was 93.88 tons, an increase of 0.13 tons. The inventory in South China ports was 41.06 tons, a decrease of 1.54 tons. [2] - The import profit of methanol was - 26.67 yuan/ton, a decrease of 6.89 yuan/ton. The import volume in the current month was 161.26 tons, an increase of 18.57 tons. [2] - The inventory of domestic enterprises was 361,500 tons, a decrease of 12,200 tons. The operating rate of methanol enterprises was 89.09%, an increase of 0.32%. [2] 3.5 Downstream Situation - The operating rate of formaldehyde was 42.98%, an increase of 0.97%. The operating rate of dimethyl ether was 7.88%, an increase of 2.19%. [2] - The operating rate of acetic acid was 73.06%, an increase of 3.47%. The operating rate of MTBE was 69.97%, unchanged. [2] - The operating rate of olefins was 89.93%, an increase of 0.28%. The on - disk profit of methanol - to - olefins was - 802 yuan/ton, a decrease of 16 yuan/ton. [2] 3.6 Option Market - The 20 - day historical volatility of methanol was 19.87%, a decrease of 0.57%. The 40 - day historical volatility of methanol was 20.52%, a decrease of 0.03%. [2] - The implied volatility of at - the - money call options for methanol was 18.62%, a decrease of 1.05%. The implied volatility of at - the - money put options for methanol was 18.61%, a decrease of 1.06%. [2] 3.7 Industry News - As of December 3, the inventory of Chinese methanol sample production enterprises was 36.15 tons, a decrease of 1.22 tons or 3.26% compared with the previous period. The pending orders of sample enterprises were 23.97 tons, an increase of 0.90 tons or 3.90% compared with the previous period. [2] - As of December 3, the total inventory of Chinese methanol ports was 134.94 tons, a decrease of 1.41 tons compared with the previous data. East China saw inventory accumulation, while South China saw inventory reduction. [2] - As of November 27, the capacity utilization rate of domestic methanol - to - olefins plants was 91.01%, a month - on - month increase of 0.9%. [2]

| | | 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。 加之部分出口需求的推进，本周国内尿素企业库存继续下降，短期考虑到部分气头企业停车带来的供应减 数据来源于第三方，观点仅供参考。市场有风险，投资需谨慎！ 量，而下游储备需求继续推进，预计尿素企业库存有望继续小幅下降。UR2601合约短线预计在1660-1700 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 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 尿素产业日报 2025-12-03 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑州尿素主力合约收 ...

Report Industry Investment Rating - Not provided in the report Core Viewpoints - On Wednesday, the HC2605 contract first declined and then rebounded. The United Nations Conference on Trade and Development's "Trade and Development Report 2025" predicts that the global economic growth in 2025 will slow to 2.6%, lower than 2.9% in 2024. The weekly output of hot-rolled coils continued to increase, and the capacity utilization rate rose to 81.49%. The apparent demand and inventory changed little. Overall, the recent positive macro expectations support the steel price to run strongly, but as the price rises, the downstream procurement is more wait-and-see, and the short-term market may fluctuate. Technically, the 1-hour MACD indicator of the HC2605 contract shows that DIFF and DEA are running above the 0 axis. It is recommended for short-term trading and pay attention to risk control [2] Summary by Relevant Directory Futures Market - The closing price of the HC main contract was 3,324 yuan/ton, up 2 yuan; the position volume was 954,557 lots, up 62,471 lots; the net position of the top 20 in the HC contract was -70,778 lots, up 17,734 lots; the HC1 - 5 contract spread was -5 yuan/ton, down 8 yuan; the HC warehouse receipt at the Shanghai Futures Exchange was 141,932 tons, unchanged; the HC2605 - RB2605 contract spread was 155 yuan/ton, up 2 yuan [2] Spot Market - The price of 4.75 hot-rolled coils in Hangzhou was 3,340 yuan/ton, unchanged; in Guangzhou, it was 3,340 yuan/ton, down 10 yuan; in Wuhan, it was 3,330 yuan/ton, unchanged; in Tianjin, it was 3,240 yuan/ton, unchanged. The basis of the HC main contract was 16 yuan/ton, down 2 yuan; the price difference between hot-rolled coils and rebar in Hangzhou was 10 yuan/ton, unchanged [2] Upstream Situation - The price of 61.5% PB powder ore at Qingdao Port was 798 yuan/wet ton, unchanged; the price of quasi-first-class metallurgical coke in Hebei was 1,690 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan was 2,160 yuan/ton, unchanged; the price of Q235 billet in Hebei was 2,990 yuan/ton, up 20 yuan. The inventory of iron ore at 45 ports was 15,206.07 tons, up 155.19 tons; the inventory of coke at sample coking plants was 44.95 tons, up 1.62 tons; the inventory of coke at sample steel mills was 625.53 tons, up 3.13 tons; the inventory of billets in Hebei was 114.76 tons, down 1.34 tons [2] Industry Situation - The blast furnace operating rate of 247 steel mills was 81.07%, down 1.10%; the blast furnace capacity utilization rate was 87.96%, down 0.60%. The weekly output of hot-rolled coils at sample steel mills was 319.01 tons, up 3 tons; the capacity utilization rate of hot-rolled coils at sample steel mills was 81.49%, up 0.76%. The inventory of hot-rolled coils at sample steel mills was 78.02 tons, unchanged; the social inventory of hot-rolled coils in 33 cities was 322.88 tons, down 1.21 tons. The monthly output of domestic crude steel was 7,200 tons, down 149 tons; the monthly net export volume of steel was 928 tons, down 64 tons [2] Downstream Situation - The monthly output of automobiles was 3.3587 million, up 0.0829 million; the monthly sales volume of automobiles was 3.3221 million, up 0.0957 million. The monthly output of air conditioners was 14.204 million, down 3.8908 million; the monthly output of household refrigerators was 8.788 million, down 1.3396 million; the monthly output of household washing machines was 11.035 million, down 0.7499 million [2] Industry News - At 1:30 am on December 3, a ocean - going freighter loaded with 200,000 tons of high - grade iron ore left the port of Maribaya in Guinea and headed for China. The first shipment of iron ore from the Simandou project was successfully sent. As of December 2, 13 mainstream automakers released their new energy vehicle sales data for November 2025. Many brands' delivery volumes hit records. Nine automakers achieved growth both month - on - month and year - on - year [2] Key Points to Watch - The weekly output, in - plant inventory, and social inventory of hot-rolled coils on Thursday [2]