Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - On December 4, the JM2605 contract of coking coal closed at 1184.0, up 1.94%. The spot price of Tangshan Meng 5 coking coal was 1390, equivalent to 1170 on the futures market. Coking coal is in a bottom - oscillating state with short - term multi - and short - side fluctuations. Technically, the daily K - line is below the 20 - and 60 - day moving averages, and the short - term trend is oscillating [2]. - On December 4, the J2601 contract of coke closed at 1651.5, up 1.69%. The first - round price cut of coke in the spot market has been implemented. The demand for coke has decreased with the iron - making output down by 1.60 million tons this period, and the total coke inventory is higher than the same period. The average profit per ton of coke for 30 independent coking plants is 46 yuan/ton. Technically, the daily K - line is below the 20 - and 60 - day moving averages, and the short - term trend is oscillating [2]. 3) Summary by Related Catalogs Futures Market - JM主力合约收盘价（日，元/吨） was 1091.50, up 21.00; J主力合约收盘价（日，元/吨） was 1651.50, up 27.00. JM期货合约持仓量（日，手） was 833449.00, down 14909.00; J期货合约持仓量（日，手） was 45213.00, down 1315.00. The net position of the top 20 contracts of coking coal was - 79594.00, up 17706.00; that of coke was - 387.00, down 670.00 [2]. - JM5 - 1月合约价差（日，元/吨） was 92.50, down 1.50; J5 - 1月合约价差（日，元/吨） was 131.00, up 4.00. The coking coal warehouse receipt was 0.00, down 600.00; the coke warehouse receipt was 2070.00, unchanged [2]. Spot Market - The price of Ganqimao Du Meng 5 raw coal was 1015.00, up 15.00; the price of Tangshan Grade 1 metallurgical coke was 1830.00, unchanged. The price of Russian main coking coal forward spot (CFR, USD/wet ton) was 162.00, unchanged; the price of Rizhao Port quasi - Grade 1 metallurgical coke was 1620.00, unchanged [2]. - The price of Australian imported main coking coal at Jingtang Port was 1510.00, unchanged; the price of Tianjin Port Grade 1 metallurgical coke was 1720.00, unchanged. The price of Shanxi - produced main coking coal at Jingtang Port was 1630.00, down 40.00; the price of Tianjin Port quasi - Grade 1 metallurgical coke was 1620.00, unchanged [2]. - The price of medium - sulfur main coking coal in Lingshi, Jinzhong, Shanxi was 1610.00, unchanged. The J主力合约基差 （日，元/吨） was 178.50, down 27.00; the JM主力合约基差（日，元/吨） was 518.50, down 21.00 [2]. Upstream Situation - The daily output of clean coal from 314 independent coal washing plants was 27.10 million tons, up 0.50; the weekly inventory of clean coal from 314 independent coal washing plants was 321.40 million tons, up 16.10. The weekly capacity utilization rate of 314 independent coal washing plants was 0.37%, unchanged; the monthly output of raw coal was 40675.00 million tons, down 475.50 [2]. - The monthly import volume of coal and lignite was 4174.00 million tons, down 426.00; the daily average output of raw coal from 523 coking coal mines was 190.40 million tons, down 0.90. The weekly inventory of imported coking coal at 16 ports was 465.00 million tons, up 8.10; the weekly inventory of coke at 18 ports was 247.20 million tons, down 6.20 [2]. - The weekly total inventory of coking coal of all - sample independent coking enterprises was 1010.30 million tons, down 27.89; the weekly inventory of coke of all - sample independent coking enterprises was 71.76 million tons, up 6.47. The weekly inventory of coking coal of 247 steel mills nationwide was 801.30 million tons, up 4.22; the weekly inventory of coke of 247 sample steel mills was 625.52 million tons, up 3.18 [2]. - The weekly available days of coking coal of all - sample independent coking enterprises was 13.01 days, up 0.04; the weekly available days of coke of 247 sample steel mills was 11.29 days, up 0.24 [2]. Industry Situation - The monthly import volume of coking coal was 1059.32 million tons, down 33.04; the monthly export volume of coke and semi - coke was 73.00 million tons, up 19.00. The monthly output of coking coal was 4231.51 million tons, up 255.59; the weekly capacity utilization rate of independent coking enterprises was 72.95%, up 1.24 [2]. - The weekly profit per ton of coke in independent coking plants was 46.00 yuan/ton, up 27.00. The monthly output of coke was 4189.60 million tons, down 66.00 [2]. Downstream Situation - The weekly blast furnace operating rate of 247 steel mills nationwide was 81.07%, down 1.10; the weekly blast furnace iron - making capacity utilization rate of 247 steel mills was 87.96%, down 0.60. The monthly output of crude steel was 7199.70 million tons, down 149.31 [2]. Industry News - Premier Li Qiang pointed out that new - type urbanization is an important carrier for expanding domestic demand, promoting industrial upgrading, and strengthening the domestic cycle. The OECD predicts that the inflation rate of G20 economies will gradually fall from 3.4% in 2025 to 2.5% in 2027, and the public debt ratio of OECD economies is expected to reach 113% in 2027 [2]. - The EU will completely ban the import of Russian natural gas from the autumn of 2027. From January to November, the trade - in of consumer goods drove the sales of related goods to exceed 2.5 trillion yuan, benefiting over 360 million people. Among them, over 11.2 million cars and over 128.44 million household appliances were traded in [2].

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - The main contract of Shanghai copper fluctuates strongly, with increasing positions, spot premium, and strengthening basis. The processing fee of copper concentrate in the raw material end still operates in the negative range, and the raw material supply remains tight, supporting the copper price cost. After the previous centralized maintenance, smelting capacity may be released again, but the tight supply of raw materials will limit the capacity, so the domestic refined copper supply will only increase slightly. The impact of the consumption off - season is gradually emerging, and the high copper price restrains downstream consumption, leading to cautious downstream purchasing sentiment. The social inventory remains at a medium - low level but may accumulate due to the off - season. The year - end rush of domestic power infrastructure and the year - end sales push of the new energy vehicle industry support the demand to some extent. In the options market, the call - put ratio of at - the - money options is 1.29, up 0.0159 month - on - month, indicating a bullish sentiment, and the implied volatility rises slightly. Technically, the 60 - minute MACD has both lines above the 0 - axis with a shrinking red column. The overall view is to trade with a light position in a fluctuating market, paying attention to controlling the rhythm and trading risks [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai copper is 90,980 yuan/ton, up 1770 yuan; the price of LME 3 - month copper is 11,411 dollars/ton, down 76.50 dollars. The spread between adjacent months of the main contract is - 40 yuan/ton, down 20 yuan; the position of the main contract of Shanghai copper is 234,570 lots, up 10,586 lots. The position of the top 20 futures holders of Shanghai copper is - 32,233 lots, up 2,696 lots. The LME copper inventory is 162,150 tons, up 350 tons; the Shanghai Futures Exchange inventory of cathode copper is 97,930 tons, down 12,673 tons; the Shanghai Futures Exchange warrant of cathode copper is 32,139 tons, down 2,856 tons [2] 3.2 Spot Market - The price of SMM 1 copper spot is 91,245 yuan/ton, up 2,265 yuan; the price of Yangtze River Non - ferrous Market 1 copper spot is 91,175 yuan/ton, up 2,090 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper is 48.50 dollars/ton, unchanged; the average premium of Yangshan copper is 39.00 dollars/ton, unchanged. The basis of the CU main contract is 265 yuan/ton, up 495 yuan; the LME copper premium (0 - 3) is 88.38 dollars/ton, up 19.20 dollars [2] 3.3 Upstream Situation - The import volume of copper ore and concentrates is 245.15 million tons, down 13.56 million tons. The rough smelting fee (TC) of domestic copper smelters is - 42.75 dollars/kiloton, down 0.43 dollars. The price of copper concentrate in Jiangxi is 79,350 yuan/metal ton, up 330 yuan; the price of copper concentrate in Yunnan is 80,050 yuan/metal ton, up 330 yuan. The processing fee of blister copper in the south is 1,300 yuan/ton, unchanged; the processing fee of blister copper in the north is 900 yuan/ton, unchanged [2] 3.4 Industry Situation - The output of refined copper is 120.40 million tons, down 6.20 million tons. The import volume of unwrought copper and copper products is 440,000 tons, down 50,000 tons. The social inventory of copper is 41.82 million tons, up 0.43 million tons. The price of 1 bright copper wire scrap in Shanghai is 60,990 yuan/ton, up 150 yuan; the price of 2 copper scrap (94 - 96%) in Shanghai is 74,750 yuan/ton, up 200 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 870 yuan/ton, unchanged [2] 3.5 Downstream and Application - The output of copper products is 200.40 million tons, down 22.80 million tons. The cumulative completed investment in power grid infrastructure is 4,824 billion yuan, up 445.93 billion yuan. The cumulative completed investment in real estate development is 73,562.70 billion yuan, up 5,856.99 billion yuan. The monthly output of integrated circuits is 4,177,000 thousand pieces, down 194,236.10 thousand pieces [2] 3.6 Options Situation - The 20 - day historical volatility of Shanghai copper is 12.50%, up 1.54%; the 40 - day historical volatility of Shanghai copper is 15.56%, down 2.65%. The implied volatility of the at - the - money option of the current month is 17.96%, up 0.0051. The call - put ratio of at - the - money options is 1.29, up 0.0159 [2] 3.7 Industry News - From 2022 to 2024, the gap between external debt repayment funds and new financing of developing countries reached 741 billion dollars, the highest in more than 50 years. In 2024, the total external debt of developing countries reached a record 8.9 trillion dollars, and the total interest payment reached a record 415.4 billion dollars. The ADP employment in the US decreased by 32,000 in November, the lowest since March 2023, and the market expected an increase of 10,000. The probability of the Fed cutting interest rates by 25 basis points in December is close to 90%. The Chinese government emphasizes the importance of new - type urbanization, including promoting the urbanization of agricultural transfer population, implementing urban renewal, and promoting the high - quality development of real estate. From January to November this year, the replacement of old consumer goods drove the sales of related goods to exceed 2.5 trillion yuan, benefiting more than 360 million people. From January to October, China's service trade imports and exports totaled 6,584.43 billion yuan, a year - on - year increase of 7.5%, and the service trade deficit was 766.37 billion yuan, a year - on - year decrease of 269.39 billion yuan. With the consumption of the fourth batch of 6.9 billion yuan national subsidy funds, more than 20 cities in China have suspended or adjusted the subsidy for car replacement. In November, the retail sales of the national passenger car market were 2.263 million, a year - on - year decrease of 7%. Among them, the retail sales of the new energy market were 1.354 million, a year - on - year increase of 7%, and the penetration rate of the new energy market was 59.8% [2]

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， 出处为瑞 达研究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。 铝类产业日报 2025/12/4 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 沪铝主力合约收盘价(日,元/吨) | 22,060.00 | +120.00↑ 氧化铝期货主力合约收盘价(日,元/吨) | 2,615.00 | -21.00↓ | | | 主力-连二合约价差:沪铝(日,元/吨) | -60.00 | +30.00↑ 主力-连二合约价差:氧化铝(日,元/吨) | -68.00 | +12.00↑ | | | 主力合约持仓量:沪铝(日,手) | 244,457.00 | -4791.00↓ 主力合约持仓量:氧化铝(日,手) | 329,329.00 | -15058.00↓ | | | LME铝注销仓单(日,吨) | 48 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report - The new - season jujube prices in Xinjiang's main producing areas are trending weakly. The acquisition in some areas is completed, and the overall acquisition progress is about 80%. Enterprises purchase a small amount, and small and medium - sized merchants are the main purchasing entities, with Cangzhou merchants being the main purchasing force. Short - term Zhengzhou jujube futures prices may remain weak [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main jujube futures contract is 9030 yuan/ton, down 25 yuan; the main contract's open interest is 88405 lots, down 2618 lots. The net long position of the top 20 futures holders is - 13350 lots, up 2244 lots. The number of warehouse receipts is 659, up 35, and the total valid warehouse receipt forecasts are 808, down 12 [2]. 3.2 Spot Market - The prices of jujube in various regions are mostly stable. For example, the unified - grade jujube price in Kashi is 6.15 yuan/kg, unchanged; the first - grade grey jujube wholesale price in Hebei is 4.25 yuan/jin, unchanged. Only the special - grade jujube price in Hebei increased by 0.01 yuan/kg to 9.76 yuan/kg [2]. 3.3 Upstream Market - The annual jujube output is 606.9 million tons, an increase of 318.7 million tons, and the planting area is 1.993 million hectares, a decrease of 41,000 hectares [2]. 3.4 Industry Situation - The national jujube inventory is 10,848 tons, an increase of 518 tons. The monthly jujube export volume is 2,205,220 kg, a decrease of 78,451 kg, and the cumulative monthly export volume is 25,753,622 kg, an increase of 2,205,220 kg [2]. 3.5 Downstream Situation - The cumulative quarterly sales volume of jujubes of Hao Xiang Ni is 36,480.43 tons, a decrease of 2981.06 tons, and the cumulative year - on - year jujube production growth rate is 1.47%, a decrease of 34.59 percentage points [2]. 3.6 Industry News - In the Hebei Cuierzhuang market, trading is mainly in new - season jujubes. After the new - season harvest, jujubes are gradually processed in factories. The price difference of new - season jujubes is large, and the transaction price is weakly stable. In the Guangdong Ruyifang market, 3 trucks of jujubes arrived, the supply is sufficient, some holders sell at a discount, and the morning trading volume is average [2].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View - In early December, the market will still be in a multi - vacuum period of macro data, performance, and policies. Without clear trading guidance, the market is expected to maintain a random - walk state, and stock index futures will remain volatile. The domestic economic fundamentals, with all three major PMI indices in the contraction range in November, especially the manufacturing PMI in contraction for 8 consecutive months, may have a negative impact on market sentiment [2]. 3. Summary by Related Catalogs Futures Contract Prices - IF主力合约（2512）price is 4530.6, up 17.2; IH主力合约（2512）price is 2968.2, up 13.0; IC主力合约（2512）price is 6983.2, up 42.0; IM主力合约（2512）price is 7213.4, up 28.0 [2]. - Price differences between different contracts show various changes, such as IF - IH当月合约价差 up 2.6 to 1562.4, IC - IF当月合约价差 up 20.4 to 2452.6 [2]. - Differences between different quarters and the current month also vary, e.g., IF当季 - 当月 is - 38.4, down 2.6 [2]. Futures Position - IF前20名净持仓 is - 19,498.00, down 175.0; IH前20名净持仓 is - 11,870.00, up 487.0; IC前20名净持仓 is - 21,167.00, up 182.0; IM前20名净持仓 is - 33,240.00, down 1242.0 [2]. Spot Prices - The Shanghai - Shenzhen 300 index is 4546.57, up 15.5; the Shanghai Stock Exchange 50 index is 2974.3, up 11.3; the China Securities 500 index is 7012.8, up 16.5; the China Securities 1000 index data is provided, and A - share trading volume is 15,616.65 billion yuan, up 0.4 [2]. Market Sentiment - North - bound trading volume is 1873.09 billion yuan, up 75.49; main - force funds are - 686.96 billion yuan, down 321.57; the proportion of rising stocks is 26.67%, up 0.22; Shibor is 1.302%, up 0.001 [2]. - IO平值看涨期权收盘价（2512）is 40.60, up 3.40; IO平值看跌期权收盘价（2512）is 58.40, down 8.60 [2]. - The 20 - day volatility of the Shanghai - Shenzhen 300 index is 13.89%, down 0.97; the trading volume PCR is 60.61%, down 13.68; the open - interest PCR is 73.71%, up 0.39 [2]. Wind Market Strength - Weakness Analysis - The strength of all A - shares is 3.80, up 0.40; the technical aspect is 2.70, up 0.10; the capital aspect is 5.00, up 0.80 [2]. Industry News - A - share major indices closed with mixed results. The Shanghai Composite Index fell 0.06%, the Shenzhen Component Index rose 0.4%, and the ChiNext Index rose 1.01%. Trading volume in the Shanghai and Shenzhen stock markets declined significantly, with nearly 3900 stocks falling. Most industry sectors declined, with the comprehensive and beauty - care sectors leading the decline, and the machinery and electronics sectors leading the gain [2]. - Overseas, the US small non - farm payrolls in November weakened significantly, supporting the expectation of a Fed rate cut in December. Domestically, in November, among the three major PMI indices, the non - manufacturing PMI and the composite PMI declined compared to October, only the manufacturing PMI rose slightly, and all three were in the contraction range, putting pressure on the market [2]. Key Data to Watch - On December 4, 20:30, watch the US Challenger job - cuts in November; 21:30, watch the US initial jobless claims for the week ending November 29. On December 5, 23:00, watch the US PCE and core PCE for November [3].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 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 below expectations, and port inventories remain high. Downstream demand shows no obvious improvement, with fewer new orders for textile enterprises and a slowdown in cotton yarn shipment rhythm. The short - term rebound space of cotton prices is limited, and attention should be paid to the improvement of actual restocking willingness and macro - dynamics [2][3] 3. Summary by Relevant Catalogs 3.1 Futures Market - Zhengzhou cotton main contract closing price is 13,790 yuan/ton, up 10 yuan; cotton yarn main contract closing price is 20,095 yuan/ton, up 170 yuan - Cotton futures top 20 net positions are - 132,985 lots, down 4,146 lots; cotton yarn futures top 20 net positions are - 413 lots, up 34 lots - Cotton main contract positions are 513,147 lots, down 9,021 lots; cotton yarn main contract positions are 13,558 lots, up 8,642 lots - Cotton warehouse receipt quantity is 2,639 sheets, up 50 sheets; cotton yarn warehouse receipt quantity is 12 sheets, down 1 sheet [2] 3.2 Spot Market - China Cotton Price Index (CCIndex:3128B) is 14,998 yuan/ton, down 7 yuan; China Yarn Price Index (pure cotton carded yarn 32 - count) is 20,770 yuan/ton, unchanged - China Imported Cotton Price Index (FCIndexM:1% tariff) is 12,936 yuan/ton, down 5 yuan; arrival price of imported cotton yarn price index (pure cotton carded yarn 32 - count) is 20,978 yuan/ton, up 19 yuan - China Imported Cotton Price Index (FCIndexM:sliding duty) is 13,932 yuan/ton, down 5 yuan; arrival price of imported cotton yarn price index (pure cotton combed yarn 32 - count) is 22,234 yuan/ton, up 20 yuan [2] 3.3 Upstream Situation - National cotton sowing area is 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; national cotton output is 6.16 million tons, an increase of 0.54 million tons - Cotton - yarn price difference is 5,772 yuan/ton, up 7 yuan; national industrial inventory of cotton is 785,000 tons, down 76,000 tons [2] 3.4 Industry Situation - Cotton import volume is 90,000 tons, down 10,000 tons; cotton yarn import volume is 140,000 tons, up 10,000 tons - Imported cotton profit is 1,073 yuan/ton, up 30 yuan; national commercial inventory of cotton is 2.9306 million tons, up 1.9089 million tons [2] 3.5 Downstream Situation - Yarn inventory days are 26.12 days, up 1.27 days; grey cloth inventory days are 31.97 days, up 0.85 days - Cloth output is 2.62 billion meters, down 0.18 billion meters; yarn output is 2.001 million tons, down 73,000 tons - Export value of clothing and clothing accessories is 110,034,804,300 US dollars, down 14,497,665,700 US dollars; export value of textile yarns, fabrics and products is 112,584,189,200 US dollars, down 7,080,970,800 US dollars [2] 3.6 Option Market - Implied volatility of cotton at - the - money call option is 10.99%, up 1.46%; implied volatility of cotton at - the - money put option is 11%, up 1.47% - 20 - day historical volatility of cotton is 5.73%, down 0.24%; 60 - day historical volatility of cotton is 6.67%, down 0.01% [2] 3.7 Industry News - As of December 3, 2025, 20,147,916 bales of cotton have been inspected, totaling 4,548,335 tons, a year - on - year increase of 16.88%. Xinjiang cotton cumulative inspection volume is 4,474,521 tons, a year - on - year increase of 18.34% - Intercontinental Exchange (ICE) cotton futures fell slightly on Wednesday. The ICE March cotton futures contract closed down 0.11 cents, or 0.17%, at 64.46 cents per pound [2] 3.8 Viewpoint Summary - On the supply side, new cotton sales progress is slow, and port inventory remains high. As of November 27, the inventory of imported cotton in major ports increased by 1.28% week - on - week, with a total inventory of 380,300 tons - On the demand side, downstream demand has not improved significantly, with fewer new orders for textile enterprises and a slowdown in cotton yarn shipment rhythm. The current situation of loose supply and demand continues, and the short - term rebound space of cotton prices is limited [2][3]

Report Industry Investment Rating - No investment rating provided in the report. Core Viewpoints - The trading of late Fuji apples has slowed down. The shipments in the production areas are mainly for packaging and delivering previously ordered goods. The inventory work in the Shandong production area is basically finished, with some ground transactions by direct - shipping merchants to the market. The in - warehouse transactions have gradually started, and the foreign trade channels are still seeking goods, with small fruits having better sales and the出库 speed slightly faster than the same period last year. In the Shaanxi production area, the products are gradually leaving the warehouse. In Luochuan, merchants mainly package their own goods and distribute them through their own channels, with a small amount of fruit sourced from fruit farmers, and the cold - storage trading atmosphere is light. The arrival volume in the sales area market has increased, but the trading atmosphere remains light. The increasing listing volume of citrus fruits squeezes the sales space of apples. There are signs of adjustment in the futures price, and it is advisable to wait and see in the short term. Attention should be paid to the impact of other substitute fruits. [2] Summary by Directory Futures Market - The closing price of the main apple futures contract is 9,605 yuan/ton, and the main contract's open interest is 128,838 lots, with an increase of 8,515 lots. The net long position of the top 20 futures holders is 4,433 lots, a decrease of 3,711 lots. [2] Spot Market - The spot price of bagged apples above 75 in Gansu Jingning is 5.25 yuan/jin, and in Shandong Yiyuan is 2.6 yuan/jin, both unchanged. The spot price of bagged apples above 70 in Shaanxi Luochuan is 4.2 yuan/jin, and the spot price of bagged first - grade apples above 80 in Shandong Yantai Qixia is 4 yuan/jin, both unchanged. [2] Upstream Situation - The annual national apple production is 5,128.51 million tons, an increase of 168.34 million tons. The weekly apple wholesale price is 9.38 yuan/kg, a decrease of 0.02 yuan/kg; the average wholesale price of Fuji apples is 9.06 yuan/kg, a decrease of 0.01 yuan/kg. The national total apple cold - storage inventory is 763.51 million tons, a decrease of 3.24 million tons. The capacity utilization ratio of Shandong apple cold - storage is 54%, unchanged, and that of Shaanxi is 58%, unchanged. The monthly apple export volume is 80,000 tons, an increase of 10,000 tons. [2] Industry Situation - The monthly import value of fresh and dried fruits and nuts has a year - on - year change of - 5.8%, and the monthly year - on - year change of apple export value is - 14.3%. The monthly import value is 1.334364 billion US dollars, a decrease of 503.616 million US dollars. The profit of storage merchants for first - and second - grade bagged 80 apples is 0 yuan/jin, unchanged. [2] Downstream Situation - The weekly wholesale price of pears is 6.76 yuan/kg, an increase of 0.05 yuan/kg; the weekly wholesale price of bananas is 5.41 yuan/kg, an increase of 0.22 yuan/kg; the weekly wholesale price of watermelons is 3.8 yuan/kg, an increase of 0.04 yuan/kg. The average daily morning arrival volume at the Guangdong Jiangmen wholesale market is 6 vehicles, and at the Guangdong Xiaqiao wholesale market is 19.2 vehicles, and at the Guangdong Chalong wholesale market is 25.2 vehicles, an increase of 1.4 vehicles. [2] Option Market - The implied volatility of at - the - money call options for apples is 1.85%, a decrease of 15.66%, and the implied volatility of at - the - money put options is 17.51%, a decrease of 9.27%. [2] Industry News - As of December 3, 2025, the total inventory of apples in cold - storage in the main national production areas is 763.51 million tons, a decrease of 3.24 million tons from last week. The capacity utilization ratio in the Shandong production area is 53.97%, a decrease of 0.23% from last week, and in the Shaanxi production area is 58.21%, a decrease of 0.23% from last week. [2]

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | 93,700.00 | +40.00↑ 前20名净持仓（日，手） | -161,102.00 | +9916.00↑ | | 期货市场 | 主力合约持仓量（日，手） | 560,629.00 | -2207.00↓ 近远月合约价差（日，元/吨） | -1,800.00 | -1800.00↓ | | | 广期所仓单（日，手/吨） | 10,422.00 | +770.00↑ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 94,000.00 | -350.00↓ 工业级碳酸锂平均价（日，万元/吨） | 91,550.00 | -350.00↓ | | | Li₂CO₃主力合约基差（日，元/吨） | 300.00 | -390.00↓ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | 1,230.00 | 0.00 磷锂铝石平均价（日，元/吨） | 9,725 ...

| 项目类别 | 数据指标 最新 | 最新 | 环比 数据指标 | | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪胶主力合约收盘价(日,元/吨) | 15190 | -170 20号胶主力合约收盘价(日,元/吨) | 12085 | -145 | | | 沪胶1-5价差(日,元/吨) | 20 | 30 20号胶1-2价差(日,元/吨) | 0 | 5 | | | 沪胶与20号胶价差(日,元/吨) | 3125 | -5 沪胶主力合约 持仓量(日,手) | 58055 | -4907 | | | 20号胶主力合约持仓量(日,手) | 39260 | -3018 沪胶前20名净持仓 | -32075 | -595 | | | 20号胶前20名净持仓 | -9285 | -978 沪胶交易所仓单(日,吨) | 41400 | 0 | | | 20号胶交易所仓单(日,吨) 上海市场国营全乳胶(日,元/吨) | 51710 14850 | -403 50 上海市场越南3L(日,元/吨) | 15250 | 50 | | | 泰标STR20(日,美元/吨) ...

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]