1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints - The rapeseed meal market is in a situation of weak supply and demand. Domestically, the supply is tight due to restrictions on Canadian rapeseed and rapeseed meal imports and oil mills being shut down. However, the arrival of Australian rapeseed for crushing and the weakening demand from aquaculture, along with the negative impact of domestic soybean auctions and the substitution advantage of soybean meal, have led to a weakening of demand. The futures price of rapeseed meal has been dragged down by the decline of US soybeans and has been in a weak and volatile state recently [2]. - The rapeseed oil market is also facing a complex situation. The increase in Canadian rapeseed production and the decline in exports have constrained the futures price. But the change in German bio - fuel policy has provided a substitution space for rapeseed oil, boosting its biodiesel consumption. Domestically, the supply of imported rapeseed is structurally tightened, and oil mills are mostly shut down, leading to a continuous inventory reduction of rapeseed oil, which supports its price. However, the arrival of Australian rapeseed for crushing and the abundant supply of soybean oil have limited the demand for rapeseed oil to mainly rigid demand. The rapeseed oil price has rebounded from a low level due to the German biodiesel policy and is expected to maintain a short - term oscillating trend [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Futures prices: The closing price of the active contract of rapeseed oil was 9,599 yuan/ton, up 156 yuan; the closing price of the active contract of rapeseed meal was 2,323 yuan/ton, down 69 yuan; the closing price of the active contract of ICE rapeseed was 615.3 Canadian dollars/ton, down 18 Canadian dollars; the closing price of the active contract of rapeseed was 5,487 yuan/ton, down 21 yuan [2]. - Spread and basis: The 1 - 5 spread of rapeseed oil was 293 yuan/ton, up 3 yuan; the 1 - 5 spread of rapeseed meal was 78 yuan/ton; the basis of the rapeseed oil main contract was 257 yuan/ton, down 120 yuan; the basis of the rapeseed meal main contract was 87 yuan/ton, up 36 yuan [2]. - Positions and warehouse receipts: The position of the rapeseed oil main contract was 76,367 lots, down 13,761 lots; the position of the rapeseed meal main contract was 590,971 lots, up 11,723 lots. The net long position of the top 20 futures holders of rapeseed oil was - 4,175 lots, up 14,932 lots; the net long position of the top 20 futures holders of rapeseed meal was - 75,885 lots, up 13,249 lots. The number of rapeseed oil warehouse receipts was 3,490, unchanged; the number of rapeseed meal warehouse receipts was 0, unchanged [2]. 3.2 Spot Market - Spot prices: The spot price of rapeseed oil in Jiangsu was 9,700 yuan/ton, down 70 yuan; the spot price of rapeseed meal in Nantong was 2,410 yuan/ton, up 30 yuan; the average price of rapeseed oil was 9,818.75 yuan/ton, down 70 yuan; the import cost of rapeseed was 7,688.67 yuan/ton, down 20.24 yuan; the spot price of rapeseed in Yancheng, Jiangsu was 5,700 yuan/ton, unchanged; the oil - meal ratio was 3.96, down 0.04 [2]. - Substitute prices: The spot price of grade - 4 soybean oil in Nanjing was 8,590 yuan/ton, up 50 yuan; the spot price of 24 - degree palm oil in Guangdong was 8,680 yuan/ton, up 40 yuan; the spot price of soybean meal in Zhangjiagang was 3,060 yuan/ton, up 20 yuan. The spot price difference between rapeseed oil and soybean oil was 1,160 yuan/ton, down 70 yuan; the spot price difference between rapeseed oil and palm oil was 1,060 yuan/ton, down 70 yuan; the spot price difference between soybean meal and rapeseed meal was 650 yuan/ton, down 10 yuan [2]. 3.3 Upstream Situation - Production and imports: The global rapeseed production forecast was 90.96 million tons, up 1.38 million tons; the annual forecast of rapeseed production was 13,446 thousand tons, unchanged. The total rapeseed import volume was 0 tons, down 115,300 tons; the import volume of rapeseed oil and mustard oil was 140,000 tons, down 20,000 tons; the import volume of rapeseed meal was 220,600 tons, up 62,900 tons [2]. - Inventory and profit: The total inventory of rapeseed in oil mills was 0 tons, down 1,000 tons; the weekly opening rate of imported rapeseed was 0%, unchanged. The import rapeseed crushing profit was 523 yuan/ton, up 74 yuan [2]. 3.4 Industry Situation - Inventory: The coastal rapeseed oil inventory was 0.8 million tons, down 0.22 million tons; the coastal rapeseed meal inventory was 0.02 million tons, up 0.01 million tons; the rapeseed oil inventory in East China was 33.9 million tons, down 1.6 million tons; the rapeseed meal inventory in East China was 19.36 million tons, down 1.9 million tons; the rapeseed oil inventory in Guangxi was 0.7 million tons, down 0.22 million tons; the rapeseed meal inventory in South China was 23.4 million tons, down 0.9 million tons [2]. -提货量: The weekly rapeseed oil pickup volume was 0 tons, unchanged; the weekly rapeseed meal pickup volume was 0.45 million tons, down 0.67 million tons [2]. 3.5 Downstream Situation - Production: The monthly production of feed was 2,957 million tons, down 171.7 million tons; the monthly production of edible vegetable oil was 427.6 million tons, down 67.4 million tons [2]. - Consumption: The monthly catering revenue in social consumer goods retail sales was 51.99 billion yuan, up 6.904 billion yuan [2]. 3.6 Option Market - Rapeseed meal options: The implied volatility of at - the - money call options of rapeseed meal was 17.03%, up 0.09%; the implied volatility of at - the - money put options of rapeseed meal was 17.03%, up 0.1%. The 20 - day historical volatility of rapeseed meal was 10.46%, up 0.06%; the 60 - day historical volatility of rapeseed meal was 11.73%, up 0.02% [2]. - Rapeseed oil options: The implied volatility of at - the - money call options of rapeseed oil was 16.37%, up 2.78%; the implied volatility of at - the - money put options of rapeseed oil was 16.37%, up 2.78%. The 20 - day historical volatility of rapeseed oil was 9.57%, down 0.14%; the 60 - day historical volatility of rapeseed oil was 14%, up 0.05% [2]. 3.7 Industry News - On December 10 (Wednesday), ICE rapeseed futures fell for the ninth time in the past ten trading days, but the price remained above the low on Monday. The January rapeseed futures contract closed down 4.50 Canadian dollars at 615.40 Canadian dollars per ton; the March rapeseed futures contract fell 5 Canadian dollars to 626.80 Canadian dollars per ton [2]. - The US soybean is in the export season, with abundant short - term supply. The US still faces competition from cheaper Brazilian soybeans in the global export market. The market is also concerned about China's purchase of US soybeans, and the price of US soybeans has recently fallen from a high level [2]. - Statistics Canada reported that the national rapeseed production increased by 13.3% to 21.8 million tons, higher than the 20.03 million tons announced in September and the market expectation of 21.25 million tons. The export of Canadian rapeseed has decreased significantly this year, which has continued to constrain the futures price [3]. - The MPOB report showed that the palm oil inventory in Malaysia at the end of November increased by 13.04% to 2.84 million tons compared with the previous month, higher than the market estimate of 2.66 million tons. The export of palm oil in Malaysia in the first 10 days was still declining, and the export was still weak, which dragged down the palm oil price. However, the palm oil production in the producing areas will enter the off - season later, and the implementation of seasonal production reduction needs to be watched [3].

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | JM主力合约收盘价（日，元/吨） | 1035.00 | -35.00↓ J主力合约收盘价（日，元/吨） | 1491.50 | -35.50↓ | | 期货市场 | JM期货合约持仓量（日，手） | 790767.00 | -15390.00↓ J期货合约持仓量（日，手） | 47200.00 | +170.00↑ | | | 焦煤前20名合约净持仓（日，手） | -74511.00 | -71691.00↓ 焦炭前20名合约净持仓（日，手） | -51.00 | -51.00↓ | | | JM5-1月合约价差（日，元/吨） | 101.00 | -6.00↓ J5-1月合约价差（日，元/吨） | 165.50 | -8.50↓ | | | 焦煤仓单（日，张） | 0.00 | -300.00↓ 焦炭仓单（日，张） | 2070.00 | 0.00 | | | 干其毛都蒙5原煤（日，元/吨） | 952.00 | -8.00↓ 唐山一级冶金焦 ...

鸡蛋产业日报 2025-12-11 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货收盘价(活跃合约):鸡蛋(日,元/500千 | 3144 | -9 期货前20名持仓:净买单量:鸡蛋(日,手) | -37633 | 0 | | | 克) 鸡蛋期货月间价差(1-5):(日,元/500千克) | -415 | -17 期货持仓量(活跃合约):鸡蛋(日,手) | 100206 | -20492 | | | 注册仓单量:鸡蛋(日,手) | 0 | 0 | | | | 现货市场 | 鸡蛋现货价格(日,元/斤) | 3.14 | 0.02 基差(现货-期货)(日,元/500千克) | -6 | 29 | | 上游情况 | 产蛋鸡存栏指数:全国(月,2015=100) | 114.24 | -1.02 淘汰产蛋鸡指数:全国(月,2015=100) | 114.44 | -10.19 | | | 主产区平均价:蛋鸡苗(周,元/羽) | 2.85 | 0.15 新增雏鸡指数:全国(月,2015= ...

| | 美玉米收割步入出口旺季，阶段性供应压力较高。且全球及美玉米供需仍然相对宽松，压制国际玉米市场 | | | | | --- | --- | --- | --- | --- | | | 价格。不过，USDA将2025/26年度美玉米结转库存预测值从上月的21.54亿蒲式耳下调至20.29亿蒲式耳， | | | | | 观点总结（ | 低于分析师预期的21.24亿蒲式耳，对美玉米价格有所支撑。国内方面，东北产区进入12月储备库的收购力 | | | | | 玉米） | 度加大，收储库点持续增多，轮换玉米的采购量也在增加，部分粮库提高收购价，对市场底部构成支撑。 | | | | | | 不过，阶段性高价限制了用粮企业采购积极性，加之受小麦及储备玉米调节储备投放传闻影响，种植户与 | | | | | 观点总结（ | 随着新季玉米上市量逐步增加，原料玉米供应较为充裕，行业开机率持续回升，供应端压力增加。不过，下游行业需求较好，木薯 | | | | | | 贸易主体恐高心理陆续显现，开始释放粮源，随市场供给增加价格出现高位回落调整。华北黄淮产区基层 | | | | | | 淀粉涨幅过大后，部分下游客户重新采购玉米淀粉 ...

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: 张昕 期货从业资格号F03109641 期货投资咨询从业证书号Z0018457 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。 花生产业日报 2025-12-11 | 项目类别 | 数据指标 | 最新 环比 | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 花生主力合约 收盘价(日,元/吨) | 8050 | -36 花生主力合约 成交量(日,手) | 124276 | -23592 0 | | | 花生主力合约 持仓量(日,手) | 184460 | -2376 花生交易所仓单(日,手) | 0 | ...

股指期货全景日报 2025/12/11 | 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） IH主力合约（2512） | 4539.6 2969.8 | -35.0↓ IF次主力合约（2603） -10.4↓ IH次主力合约（2603） | 4496.6 2961.8 | -38.0↓ -8.2↓ | | | IC主力合约（2512） | 7074.4 | -53.8↓ IC次主力合约（2603） | 6894.0 | -54.2↓ | | | IM主力合约（2512） | 7304.6 | -70.0↓ IM次主力合约（2603） | 7063.0 | -67.0↓ | | 期货盘面 | IF-IH当月合约价差 | 1569.8 | -23.6↓ IC-IF当月合约价差 | 2534.8 | -13.2↓ | | | IM-IC当月合约价差 | 230.2 | -19.0↓ IC-IH当月合约价差 | 4104.6 | -36.8↓ | | | IM-IF当月合约价差 ...

生猪产业日报 2025-12-11 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | 期货主力合约收盘价:生猪(日,元/吨) | 11220 | -90 主力合约持仓量:生猪(日,手) | 154716 | 5288 | | 仓单数量:生猪(日,手) | | 523 | 150 期货前20名持仓:净买单量:生猪(日,手) | -42727 | 1324 | | 现货价格 | 生猪价 河南 驻马店(日,元/吨) | 11300 | 0 生猪价 吉林 四平(日,元/吨) | 11100 | 100 | | 生猪价 广东 云浮(日,元/吨) | | 12400 | 0 生猪主力基差(日,元/吨) | 80 | 90 | | 上游情况 | 生猪存栏(月,万头) | 43680 | 1233 生猪存栏:能繁母猪(月,万头) | 3990 | -45 | | 产业情况 | CPI:当月同比(月,%) | 0.2 | 0.5 现货价:豆粕:张家港(日,元/吨) | 3060 | 20 | | 玉米现 ...

不锈钢产业日报 2025-12-11 | 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) | 12500 | -55 01-02月合约价差:不锈钢(日,元/吨) | -125 | -5 | | | 期货前20名持仓:净买单量:不锈钢(日,手) | -16061 | -3269 主力合约持仓量:不锈钢(日,手) | 64258 | -7223 | | | 仓单数量:不锈钢(日,吨) | 61378 | -120 | | | | 现货市场 | 304/2B卷:切边:无锡(日,元/吨) | 13300 | 0 市场价:废不锈钢304:无锡(日,元/吨) | 9000 | 50 | | | SS主力合约基差(日,元/吨) | 415 | -55 | | | | 上游情况 | 电解镍产量(月,吨) | 29430 | 1120 镍铁产量合计(月,万金属吨) | 2.29 | 0.12 | | | 进口数量:精炼镍及合金(月,吨) | | 9939.65 - ...

沪铜产业日报 2025/12/11 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:沪铜(日,元/吨) | 92,210.00 | +360.00↑ LME3个月铜(日,美元/吨) | 11,616.00 | +59.50↑ | | 期货市场 | 主力合约隔月价差(日,元/吨) | -100.00 | -30.00↓ 主力合约持仓量:沪铜(日,手) | 190,380.00 | -9993.00↓ | | | 期货前20名持仓:沪铜(日,手) | -39,249.00 | +2828.00↑ LME铜:库存(日,吨) | 164,975.00 | -700.00↓ | | | 上期所库存:阴极铜(周,吨) | 88,905.00 | -9025.00↓ LME铜:注销仓单(日,吨) | 65,400.00 | +2300.00↑ | | | 上期所仓单:阴极铜(日,吨) | 31,461.00 | -2856.00↓ | | | | | SMM1#铜现货(日,元/吨) | ...

碳酸锂产业日报 2025/12/11 | 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） | | 98,880.00 | +2900.00↑ 前20名净持仓（日，手） | -188,864.00 | -5282.00↓ | | 期货市场 | 主力合约持仓量（日，手） | | 634,283.00 | +28830.00↑ 近远月合约价差（日，元/吨） | -1,640.00 | -880.00↓ | | | 广期所仓单（日，手/吨） | | 14,750.00 | +1070.00↑ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | | 93,500.00 | +800.00↑ 工业级碳酸锂平均价（日，万元/吨） | 91,000.00 | +750.00↑ | | | Li₂CO₃主力合约基差（日，元/吨） | | -5,380.00 | -2100.00↓ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元 ...