Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - BZ2603 showed a weak and volatile trend, closing at 5455 yuan/ton last week. The operating rates of petroleum benzene and hydrobenzene decreased, and domestic pure benzene production declined. The operating rates of downstream styrene and caprolactam decreased, while those of phenol, aniline, and adipic acid increased. The weighted operating rate of pure benzene downstream decreased slightly. The inventory at East China ports continued to accumulate, higher than the same period in previous years. Petroleum benzene profit was slightly repaired but remained at a low - valuation level due to weak supply and demand. This week, a domestic disproportionation unit is under maintenance, but the increase in imported resources is expected to lead to a slight rise in domestic petroleum benzene supply. In December, the impact of domestic petroleum benzene maintenance changes little compared to November. The commissioning and restart of downstream styrene units, along with the expected increase in the loads of phenol and caprolactam, may drive a slight increase in pure benzene demand, and the wide - balance state of spot supply and demand is expected to ease. In terms of cost, the actual supply of international oil prices is stronger than demand, and there are still uncertainties in geopolitical situations such as Russia - Ukraine and US - Venezuela. The market expects an increased probability of the Fed cutting interest rates in December, leading to a long - short game in international oil prices. In the short term, BZ2603 is expected to show a volatile trend, with a daily range expected to be around 5400 - 5530 [2]. Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the main pure benzene contract was 5455 yuan/ton, down 24 yuan; the settlement price was 5452 yuan/ton, down 13 yuan. The trading volume of the main contract decreased by 207 hands, and the open interest was 24075 hands, an increase of 649 hands. The mainstream prices in the East China, North China, South China, and Northeast markets were 5355 yuan/ton, 5300 yuan/ton, 5270 yuan/ton, and 5265 yuan/ton respectively, with the latter two increasing by 20 yuan/ton [2]. Spot Market - The mainstream price of pure benzene in the East China market was 5375 yuan/ton, unchanged; in the North China market, it was 5150 yuan/ton, unchanged. The FOB mid - price of pure benzene in South Korea was 657 US dollars/ton, an increase of 3 US dollars/ton; the CFR mid - price of pure benzene in China was 668.82 US dollars/ton, an increase of 3.54 US dollars/ton [2]. Upstream Situation - The CFR mid - price of naphtha in the Japanese region was 571.5 US dollars/ton, an increase of 5.5 US dollars/ton; the spot price of Brent DTD crude oil was 64.83 US dollars/barrel, an increase of 0.28 US dollars/barrel [2]. Industry Situation - The capacity utilization rate of pure benzene was 76.59%, a decrease of 0.08 percentage points; the weekly output was 44.62 tons, a decrease of 0.05 tons. The port inventory of pure benzene was 16.4 tons, an increase of 1.7 tons. The production cost of pure benzene was 5246.8 yuan/ton, a decrease of 67.6 yuan/ton; the production profit was 78 yuan/ton, an increase of 38 yuan/ton [2]. Downstream Situation - The operating rate of styrene was 67.29%, a decrease of 1.66 percentage points; the capacity utilization rate of caprolactam was 86.68%, a decrease of 1.54 percentage points; the capacity utilization rate of phenol was 81.16%, an increase of 2.45 percentage points; the capacity utilization rate of aniline was 77.19%, an increase of 1.51 percentage points; the capacity utilization rate of adipic acid was 59.4%, an increase of 3.9 percentage points [2]. Industry News - From November 21st to 27th, SH2601 fell 1.03% to close at 2212 yuan/ton. From November 22nd to 28th, the weighted operating rate of pure benzene downstream decreased by 0.14% to 72.99%. As of December 1st, the inventory of pure benzene in East China was 22.4 tons, an increase of 36.59% from the previous period. From November 21st to 27th, the profit of petroleum benzene increased by 38 yuan/ton to 78 yuan/ton [2].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - EB2601 fell and then rebounded, closing at 6,549 yuan/ton. Last week, the impact of the shutdown of Sinochem Quanzhou's 450,000 - ton plant expanded, and Tianjin Bohua's 450,000 - ton plant had a short - term shutdown. Styrene production and capacity utilization decreased month - on - month. Downstream operating rates varied, and the consumption of downstream EPS, PS, and ABS decreased slightly. Factory and port inventory changes were inconsistent, and the de - stocking pace slowed down. Non - integrated process losses decreased, and integrated process profitability deepened. Recently, Dongming's 200,000 - ton new plant was put into operation, and Lianyungang Petrochemical's 600,000 - ton plant will restart this week. Domestic styrene supply is expected to recover. In December, the impact of styrene maintenance will weaken marginally, and the capacity utilization rate is expected to rise. In the short term, the downstream demand load will be slightly adjusted, with little overall change. The tight balance between supply and demand of styrene may gradually turn into a loose balance, and price support will weaken. In terms of cost, the actual supply of international oil prices continues to be stronger than demand. There are still uncertainties in the geopolitical situations of Russia - Ukraine and the US - Venezuela. The market expects the probability of the Fed cutting interest rates in December to increase, and there is a long - short game in international oil prices. In the short term, EB2601 is expected to show a volatile trend, and the daily K - line should pay attention to the support around 6,460 and the resistance around 6,620 [2][3] Group 3: Summary by Related Catalogs Futures Market - The futures closing price of the active contract for styrene was 6,549 yuan/ton, a decrease of 17 yuan; the futures trading volume was 270,098, a decrease of 20,251; the long - position volume of the top 20 holders was 316,499 hands, a decrease of 21,219 hands; the 1 - month contract closing price was 6,549 yuan/ton, a decrease of 17 yuan; the futures open interest was 308,914 hands, a decrease of 6,808 hands; the net long - position volume of the top 20 holders was - 46,463 hands, an increase of 4,741 hands; the short - position volume of the top 20 holders was 362,962 hands, a decrease of 25,960 hands; the total number of warehouse receipts was 0 hands, a decrease of 100 hands [2] Spot Market - The spot price of styrene was 6,656 yuan/ton, unchanged; the FOB Korea intermediate price was 811 US dollars/ton, an increase of 5 US dollars; the CFR China intermediate price was 821 US dollars/ton, an increase of 5 US dollars; the mainstream price in the Northeast region was 6,375 yuan/ton, unchanged; the mainstream price in the South China region was 6,790 yuan/ton, an increase of 40 yuan; the mainstream price in the North China region was 6,540 yuan/ton, unchanged; the mainstream price in the East China region was 6,605 yuan/ton, an increase of 30 yuan; the CFR Northeast Asia intermediate price of ethylene was 741 US dollars/ton, an increase of 10 US dollars; the CFR Southeast Asia intermediate price of ethylene was 721 US dollars/ton, unchanged; the CIF Northwest Europe intermediate price of ethylene was 641.5 US dollars/ton, a decrease of 1 US dollar; the FD US Gulf price of ethylene was 457 US dollars/ton, a decrease of 6 US dollars [2] Upstream Situation - The spot price of pure benzene in Taiwan's CIF was 658 US dollars/ton, a decrease of 3.33 US dollars; the spot price of pure benzene in the US Gulf's FOB was 273 cents/gallon, unchanged; the spot price of pure benzene in Rotterdam's FOB was 714 US dollars/ton, a decrease of 6 US dollars; the market price of pure benzene in the South China market was 5,300 yuan/ton, unchanged; the market price of pure benzene in the East China market was 5,355 yuan/ton, an increase of 35 yuan; the market price of pure benzene in the North China market was 5,270 yuan/ton, an increase of 20 yuan [2] Industry Situation - The total styrene operating rate was 67.29%, a decrease of 1.66 percentage points; the national styrene inventory was 190,430 tons, an increase of 2,334 tons; the total inventory in the East China main port was 164,200 tons, an increase of 15,900 tons; the trade inventory in the East China main port was 94,200 tons, an increase of 6,900 tons [2] Downstream Situation - The operating rate of EPS was 54.75%, a decrease of 1.52 percentage points; the operating rate of ABS was 71.2%, a decrease of 1.2 percentage points; the operating rate of PS was 57.6%, an increase of 1.7 percentage points; the operating rate of UPR was 37%, unchanged; the operating rate of styrene - butadiene rubber was 75.99%, an increase of 1.23 percentage points [2] Industry News - From November 21st to 27th, the total output of Chinese styrene plants was 334,700 tons, a decrease of 2.39% from the previous period; the plant capacity utilization rate was 67.29%, a decrease of 1.66 percentage points month - on - month. From November 21st to 28th, the consumption of downstream EPS, PS, and ABS of styrene was 268,800 tons, a decrease of 0.3% month - on - month. As of November 27th, the styrene plant inventory was 190,400 tons, an increase of 1.24% from the previous week. As of December 1st, the styrene inventory in the East China port was 160,600 tons, a decrease of 2.19% from the previous week; the inventory in the South China port was 9,500 tons, a decrease of 39.1% from the previous week. As of November 26th, the non - integrated profit of styrene was - 159 yuan/ton, and the integrated profit was 208.76 yuan/ton [2]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The freight rate market is currently highly influenced by news, and the futures price is expected to experience increased volatility. Investors are advised to exercise caution, pay attention to the operation rhythm, and control risks. They should also track geopolitical, shipping capacity, and cargo volume data in a timely manner [2]. - The improvement in the trade - war situation, a substantial turning point in the geopolitical conflict towards easing, and the arrival of the shipping peak season in the fourth quarter all have certain impacts on the market [2]. 3. Summary by Relevant Catalogs Futures Market - EC2602, the main contract of the container shipping index (European line) futures, closed up 3.02%, and the far - month contracts closed up between 1 - 2%. The shipping companies' price increase announcements for late December drove up the futures price of the container shipping index (European line) [2]. - The EC2602 - EC2604 spread increased by 14.80, while the EC2602 - EC2606 spread decreased by 1.20. The EC contract basis decreased by 176.32. The main contract's open interest decreased by 129 lots to 18,614 lots [2]. Spot Market - The latest SCFIS European line settlement freight rate index was 1,483.65, down 155.72 points from last week, with a month - on - month increase of 9.5%. The SCFI (composite index) increased by 9.57, and the container ship capacity increased by 0.04 to 1,403.13 (in ten thousand TEUs) [2]. - The CCFI (composite index) decreased by 0.99, while the CCFI (European line) increased by 16.38 to 1,121.80. The Baltic Dry Index decreased by 80, and the Panamax freight index increased by 10. The average charter price of Panamax ships remained unchanged at 17,695, and that of Capesize ships increased by 2,970 to 34,595 [2]. - Maersk's 50 - week opening offer for 40 - foot containers was $2,100 - $2,200, down $300 from the previous week, which led other shipping alliances to follow suit and reduce freight rates, causing a significant decline in the futures price [2]. Industry News - The National Development and Reform Commission held a symposium for private enterprises to discuss high - quality service development during the "15th Five - Year Plan" period [2]. - After the new round of US - Ukraine negotiations, US Secretary of State Rubio said the talks were "productive," and the US will strengthen diplomatic efforts in the next week. The US Middle East envoy is expected to visit Moscow [2]. - The European Space Agency's Council Ministerial Meeting in Bremen, Germany, approved a budget of approximately 22.1 billion euros for the next three years (2026 - 2028), aiming to maintain Europe's leading position in space exploration [2]. Fundamental Factors - In November, China's manufacturing PMI data showed a slight recovery, in line with seasonal patterns. The new export order index rose to 47.9, indicating a pre - Christmas recovery in terminal transportation demand [2]. - The Russia - Ukraine conflict has entered its fourth year, with both sides in a "positional and attritional war." Western aid to Ukraine has decreased, and the conflict remains deadlocked [2]. - Germany's better - than - expected economic performance has boosted market confidence and stimulated the economic recovery of the eurozone. If the German new government's proposed fiscal expansion policy has more specific details, it will enhance investors' confidence in the eurozone's medium - term growth [2].

端在期货 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：T为10年期国债期货，TF为5年期国债期货，TS为2年期国债期货 研究员： 廖宏斌 期货从业资格号F30825507 期货投资咨询从业证书号Z0020723 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。 国债期货日报 2025/12/1 | 项目类别 | 数据指标 最新 | 最新 | 环比 项目 | | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | T主力收盘价 | 108.040 | 0.12% T主力成交量 | 82471 | 19607↑ | | | TF主力收盘价 | 105.840 | 0.1% TF主力成 ...

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 陈思嘉 期货从业资格号F03118799 期货投资咨询从业证书号Z0022803 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。 沪铜产业日报 2025/12/1 | 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:沪铜(日,元/吨) | 89,280.00 | +1850.00↑ LME3个月铜(日,美元/吨) | 11,216.00 | +27.00↑ | | | 主力合约隔月价差(日,元/吨) | -40.00 | -70.0 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint of the Report - The stainless - steel futures price is expected to fluctuate and adjust, and attention should be paid to the M300 pressure [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the stainless - steel futures main contract is 12445 yuan/ton, with a month - on - month increase of 80 yuan/ton; the 01 - 02 contract spread is - 70 yuan/ton, with no change [2] - The net long position of the top 20 futures holders is - 6126 lots, an increase of 1933 lots; the main contract position is 108469 lots, a decrease of 8957 lots [2] - The warehouse receipt quantity is 62998 tons, a decrease of 121 tons [2] 现货 Market - The price of 304/2B coil (cut - edge, Wuxi) is 13200 yuan/ton, with no change; the market price of scrap stainless steel 304 (Wuxi) is 8850 yuan/ton, with no change [2] - The SS main contract basis is 375 yuan/ton, a decrease of 80 yuan/ton [2] Upstream Situation - The electrolytic nickel output is 29430 tons, an increase of 1120 tons; the total nickel - iron output is 22900 metal tons, an increase of 1200 metal tons [2] - The import volume of refined nickel and alloys is 9939.65 tons, a decrease of 18631.22 tons; the import volume of nickel - iron is 905100 tons, a decrease of 180200 tons [2] - The SMM1 nickel spot price is 119750 yuan/ton, an increase of 250 yuan/ton; the average price of nickel - iron (7 - 10%, national) is 885 yuan/nickel point, with no change [2] - China's ferrochrome output is 757800 tons, a decrease of 26900 tons [2] Industry Situation - The 300 - series stainless - steel output is 1.8 million tons, an increase of 37300 tons; the total inventory of 300 - series stainless steel is 597600 tons, an increase of 12300 tons [2] - The stainless - steel export volume is 458500 tons, a decrease of 29500 tons [2] Downstream Situation - The cumulative value of new housing construction area is 490613900 square meters, an increase of 36623900 square meters [2] - The output of excavators is 30900 units, a decrease of 700 units; the output of large and medium - sized tractors is 21900 units, a decrease of 4300 units; the output of small tractors is 9000 units, a decrease of 1000 units [2] Industry News - China's official manufacturing PMI in November rebounded to 49.2 month - on - month. The high - tech manufacturing PMI has been above the critical point of 50 for 10 consecutive months. Affected by the high base, the non - manufacturing PMI declined slightly [2] - European Central Bank President Lagarde said that interest rates are at a reasonable level [2] - Germany's CPI in November was 2.3% year - on - year, lower than expected, while the preliminary value of the harmonized CPI year - on - year unexpectedly rose to 2.6%, a nine - month high [2] Viewpoint Summary - On the raw material side, the Philippines is gradually entering the rainy season, the nickel ore grade is decreasing, and the raw material inventory of domestic nickel - iron plants is tightening. However, Indonesia's nickel - iron output remains at a high level, and the amount flowing back to China is expected to increase. Recently, the nickel - iron price has dropped significantly, and the raw material cost has decreased [2] - On the supply side, the production profit of stainless - steel plants has improved, and although the traditional demand peak season is over, the actual decline in output is expected to be limited, and the supply pressure is increasing [2] - On the demand side, downstream demand is gradually turning to the off - season, and the stainless - steel export volume is showing a downward trend. The impact of the previous export squeeze is beginning to appear. The market's purchasing willingness is not high, and the overall inquiry and transaction performance are average. Therefore, the national stainless - steel social inventory is showing a narrow increase [2] - Technically, the position is decreasing, the price is under pressure, and the short sentiment is weakening [2]

| | | 沪锡产业日报 2025-12-01 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 将有下降。需求端，部分下游及终端企业担忧锡价持续拉升，进行了少量补库及刚需采买，而整体则对当 前价位仍持观望态度。国内库存录得下降，现货升水回升至500元/吨；LME库存小幅增加，现货升水上涨 免责声明 。技术面，成交放量收上影线，多空分歧增大。观点参考：预计沪锡震荡上移，关注30.5-31位置阻力。 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 | | --- | --- | --- | --- | --- | --- | | | 期货主 ...

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - For alumina, it is recommended to conduct light - position oscillating trading, control the rhythm and trading risks. The supply may gradually converge due to profit issues, and the demand from electrolytic aluminum shows some resilience [2]. - For electrolytic aluminum, it is also advised to conduct light - position oscillating trading, control the rhythm and trading risks. The production is slightly weak, and the downstream demand has some resilience [2]. - For cast aluminum alloy, light - position oscillating trading is recommended, with attention to controlling rhythm and trading risks. The supply may decrease slightly, and the demand has certain support [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Aluminum - related Contracts**: The closing price of the Shanghai Aluminum main contract was 21,865 yuan/ton, up 255 yuan; the closing price of the alumina futures main contract was 2,677 yuan/ton, down 30 yuan. The LME electrolytic aluminum three - month quotation was 2,865 dollars/ton, up 33.5 dollars [2]. - **Inventory and Positions**: LME aluminum inventory decreased by 2,000 tons to 539,050 tons; Shanghai Aluminum's warehouse receipts decreased by 102 tons to 66,833 tons. The main contract positions of Shanghai Aluminum increased by 4,953 hands to 265,623 hands, while the main contract positions of alumina decreased by 320 hands to 359,920 hands [2]. 3.2 Spot Market - **Prices**: The price of Shanghai Non - ferrous A00 aluminum was 21,730 yuan/ton, up 280 yuan; the spot price of alumina in Shanghai Non - ferrous was 2,770 yuan/ton, unchanged [2]. - **Premiums and Basis**: The Shanghai Wuma Aluminum premium was - 60 yuan/ton, unchanged; the LME aluminum premium was - 25.95 dollars/ton, up 2.5 dollars. The basis of alumina was 93 yuan/ton, up 30 yuan [2]. 3.3 Upstream Situation - **Alumina**: The production was 786.50 million tons, down 13.40 million tons; the demand from the electrolytic aluminum part was 730.23 million tons, up 25.92 million tons. The export was 18.00 million tons, down 7.00 million tons; the import was 18.93 million tons, up 12.93 million tons [2]. - **Aluminum Scrap**: The average price of crushed raw aluminum in Foshan was 17,150 yuan/ton, up 200 yuan; the import quantity of aluminum scrap in China was 158,360.01 tons, up 2,945.61 tons; the export quantity was 32.46 tons, down 36.08 tons [2]. 3.4 Industry Situation - **Electrolytic Aluminum**: The import quantity was 248,261.37 tons, up 4,462 tons; the export quantity was 24,573.56 tons, down 4,396.36 tons. The total production capacity was 4,523.20 million tons, unchanged; the production was affected by seasonality and decreased slightly [2]. - **Aluminum Products**: The production of aluminum products was 569.40 million tons, down 20.60 million tons; the export of unforged aluminum and aluminum products was 50.00 million tons, down 2.00 million tons [2]. 3.5 Downstream and Application - **Automobile**: The monthly production was 327.90 million vehicles, up 5.25 million vehicles. It is expected that the annual automobile sales in China will exceed 34 million vehicles, with new - energy vehicle sales reaching 16 million vehicles and exports exceeding 6.8 million vehicles [2]. - **Real Estate**: The national housing climate index was 92.43, down 0.34 [2]. 3.6 Option Situation - The 20 - day historical volatility of Shanghai Aluminum was 10.96%, down 0.33%; the 40 - day historical volatility was 10.73%, up 0.33%. The implied volatility of the at - the - money option of the Shanghai Aluminum main contract was 9.23%, up 0.0021; the put - call ratio was 1.64, up 0.0672 [2]. 3.7 Industry News - Goldman Sachs believes that the Fed will cut interest rates at the December 9 - 10 meeting, with a probability of about 85% - 86% for a 25 - basis - point cut [2]. - In November, China's manufacturing PMI was 49.2%, up 0.2 percentage points; the non - manufacturing PMI was 49.5%, down 0.6 percentage points; the composite PMI output index was 49.7%, down 0.3 percentage points [2]. - The inventory warning index of Chinese automobile dealers in November was 55.6%, up 3.8 percentage points year - on - year and 3.0 percentage points month - on - month. The estimated terminal sales of passenger cars in November were about 2.15 million vehicles [2]. - The CMF annual report suggests that China's economy will face three new opportunities in 2026, and it is advisable to set cross - cycle interval combination targets [2].

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - It is expected that Shanghai nickel will rebound and adjust in the short - term, and attention should be paid to the resistance at 119,000 [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai nickel is 117,850 yuan/ton, with a month - on - month increase of 770 yuan/ton; the price difference between the 01 - 02 contracts of Shanghai nickel is - 210 yuan/ton, a decrease of 40 yuan/ton [2] - The price of LME 3 - month nickel is 14,820 US dollars/ton, a decrease of 20 US dollars/ton; the position of the main contract of Shanghai nickel is 122,891 lots, a decrease of 4,444 lots [2] - The net long position of the top 20 futures positions of Shanghai nickel is - 33,268 lots, a decrease of 6,343 lots; the LME nickel inventory is 254,760 tons, a decrease of 690 tons [2] - The inventory of nickel in the Shanghai Futures Exchange is 40,782 tons, an increase of 987 tons; the total cancelled warrants of LME nickel is 10,254 tons, a decrease of 1,146 tons [2] - The warehouse receipt quantity of Shanghai nickel is 32,722 tons, a decrease of 587 tons [2] 3.2 Spot Market - The spot price of SMM 1 nickel is 119,750 yuan/ton, an increase of 250 yuan/ton; the spot average price of 1 nickel plate in Yangtze River Non - ferrous is 119,850 yuan/ton, an increase of 150 yuan/ton [2] - The CIF (bill of lading) price of Shanghai electrolytic nickel is 85 US dollars/ton, unchanged; the bonded warehouse (warehouse receipt) price of Shanghai electrolytic nickel is 85 US dollars/ton, unchanged [2] - The average price of battery - grade nickel sulfate is 27,500 yuan/ton, unchanged; the basis of the main NI contract is 1,900 yuan/ton, a decrease of 520 yuan/ton [2] - The LME nickel (spot/three - month) premium is - 196.77 US dollars/ton, an increase of 0.29 US dollars/ton [2] 3.3 Upstream Situation - The import volume of nickel ore is 468.28 tons, a decrease of 143.17 tons; the total port inventory of nickel ore is 1,487.33 tons, a decrease of 12.43 tons [2] - The average import unit price of nickel ore is 57.33 US dollars/ton, an increase of 0.61 US dollars/ton; the tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 US dollars/wet ton, unchanged [2] 3.4 Industry Situation - The electrolytic nickel output is 29,430 tons, an increase of 1,120 tons; the total nickel - iron output is 22,900 tons, an increase of 1,200 tons [2] - The import volume of refined nickel and alloys is 9,939.65 tons, a decrease of 18,631.22 tons; the import volume of nickel - iron is 905,100 tons, a decrease of 180,200 tons [2] 3.5 Downstream Situation - The output of 300 - series stainless steel is 1.8 million tons, an increase of 37,300 tons; the total inventory of 300 - series stainless steel is 597,600 tons, an increase of 12,300 tons [2] 3.6 Industry News - China's official manufacturing PMI in November rebounded to 49.2, the PMI of high - tech manufacturing has been above the critical point of 50 for 10 consecutive months, and the non - manufacturing PMI declined slightly due to the high base effect [2] - European Central Bank President Lagarde said that interest rates are at a reasonable level, indicating satisfaction with the recent situation [2] - Germany's CPI in November was 2.3% year - on - year, lower than expected, and the preliminary value of the harmonized CPI year - on - year unexpectedly rose to 2.6%, reaching a nine - month high [2] 3.7 Technical and Market Conditions - In terms of technology, positions are stable, prices are adjusting, and differences between bulls and bears are increasing [2] - Domestically, nickel inventory continues to grow, the market mainly purchases as needed, and spot premiums rise; overseas, LME inventory also shows an increase [2]

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：IF:沪深300 IH:上证50 IC:中证500 IM：中证1000 IO:沪深300期权 股指期货全景日报 2025/12/1 | 项目类别 | 数据指标 最新 环比 数据指标 最新 | | | | 环比 | | --- | --- | --- | --- | --- | --- | | | IF主力合约（2512） | 4555.4 | +48.6↑ IF次主力合约（2603） | 4518.2 | +46.0↑ | | | IH主力合约（2512） | 2986.4 | +22.6↑ IH次主力合约（2603） | 2978.4 | +20.2↑ | | | IC主力合约（2512） | 7031.6 | +61.4↑ IC次主力合约（2603） | 6857.8 | +59.0↑ | | | IM主力合约（2512） | 7290.0 | +40.2↑ IM次主力合约（2603） | 7057.6 | +40.4↑ | | | IF-IH当月合约价差 | 1569.0 | +26.4↑ IC-IF当月合约价差 | 2476.2 | +7. ...