股指期货全景日报 2025/12/10 | 项目类别 | 数据指标 IF主力合约（2512） | 最新 4574.2 | 环比 数据指标 -6.8↓ IF次主力合约（2603） | 最新 4534.2 | 环比 -8.8↓ | | --- | --- | --- | --- | --- | --- | | | IC主力合约（2512） | 7122.2 | +28.0↑ IC次主力合约（2603） | 6944.0 | +24.6↑ | | | IH主力合约（2512） | 2980.8 | -10.4↓ IH次主力合约（2603） | 2970.6 | -11.0↓ | | | IM主力合约（2512） | 7371.4 | +19.4↑ IM次主力合约（2603） | 7123.0 | +8.2↑ | | | IF-IH当月合约价差 | 1593.4 | +1.8↑ IC-IF当月合约价差 | 2548.0 | +36.8↑ | | 期货盘面 | IM-IC当月合约价差 | 249.2 | -4.2↓ IC-IH当月合约价差 | 4141.4 | +38.6↑ | | | IM-IF当月合约价差 | 27 ...

Report Industry Investment Rating - Not provided Core Viewpoints - On Wednesday, the futures prices of the container shipping index (European line) rose collectively. The main contract EC2602 closed up 3.41%, and the far - month contracts closed up between 1 - 2%. The shipping companies' price increase announcements in late December drove up the futures prices [1]. - The SCFIS European line settlement freight rate index rebounded, and the new export order index in November showed a pre - Christmas recovery in terminal transportation demand [1]. - Spot freight rates of shipping companies increased, which also contributed to the rise in futures prices [1]. - The geopolitical conflict is in a stalemate, and its short - term impact on freight rates has weakened. The improvement of the trade war situation and the arrival of the shipping peak season are conducive to the recovery of futures prices. The current freight rate market is mainly affected by seasonal demand, and investors are advised to be cautious [1]. Summary by Relevant Catalogs Futures Market Data - EC main contract closing price: 1665.200, up 54.9; EC sub - main contract closing price: 1080.7, up 6.10 [1]. - EC2602 - EC2604 spread: 584.50, up 38.30; EC2602 - EC2606 spread: 439.60, up 38.90; EC contract basis: - 156.10, down 45.40 [1]. - Futures holding positions: 31382, up 669; EC main contract holding volume: not specified [1]. Spot Market Data - SCFIS (European line) (weekly): 1509.10, up 25.45; SCFIS (US West line) (weekly): 960.51, up 11.74 [1]. - SCFI (composite index) (weekly): 1114.89, down 6.91; CCFI (European line) (weekly): 1447.56, down 1.78; CCFI (composite index) (weekly): not specified [1]. - Container ship capacity (10,000 TEUs): 1227.97, up 0.11 [1]. Shipping - related Indexes - Baltic Dry Index (daily): 2557.00, up 137.00; Panama Freight Index (daily): 1786.00, up 27.00 [1]. - Average charter price (Panamax ship): 16670.00, unchanged; Average charter price (Capesize ship): 37465.00, down 400.00 [1]. Industry News - The Minister of Commerce Wang Wentao met with the Managing Director of the International Monetary Fund Kristalina Georgieva, emphasizing China's hope for objective research on international economic and trade issues and strengthening policy communication [1]. - The United Nations Conference on Trade and Development reported that global trade volume will increase by about 7% (an increase of $2.2 trillion) in 2025, reaching a record of $35 trillion [1]. - US President Trump said he would use support for immediate and significant interest rate cuts as a "touchstone" for selecting the new Fed Chairman and might adjust tariff policies to help reduce prices [1]. Key Data to Focus On - December 11, 03:00: US Fed interest rate decision (upper limit) as of December 10 [1] - December 11, 21:30: US initial jobless claims (in ten thousand) for the week ending December 6 [1] - December 11, 21:30: US trade balance (in $100 million) for September [1] - December 11, 23:00: US wholesale sales monthly rate for September [1]

国债期货日报 2025/12/10 行业消息 \ 2、海关总署12月8日发布数据显示，2025年前11个月，我国货物贸易进出口总值41.21万亿 元人民币，同比（下同）增长3.6%。其中，出口24.46万亿元，增长6.2%；进口16.75万亿 元，增长0.2%。11月份，我国货物贸易增速回升，进出口总值3.9万亿元，增长4.1%。其中， 出口2.35万亿元，增长5.7%；进口1.55万亿元，增长1.7%。 3、商务部副部长盛秋平在全国零售业创新发展大会上表示，"十五五"时期，要把零售业作 为培育完整内需体系、做强国内大循环的关键着力点，推动行业转向品质驱动、服务驱动，实 现高质量发展。要学习推广胖东来等企业好经验好做法，加快转型提升。 | | 周三国债现券收益率多数下行，到期收益率1-7Y下行约0.5-0.7bp左右，10Y、30Y到期收益率 | | --- | --- | | | 分别变动0.15、-1.10bp左右至1.84%、2.24%。国债期货集体走强，TS、T、TF、TL主力合约 | | | 分别上涨0.04%、0.06%、0.06%、0.30%。DR007加权利率维持1.45%附近震荡。国内基本 ...

1. Report's Investment Rating for the Industry - No information provided 2. Core Viewpoints - The domestic market has sufficient cotton supply as the current inspection volume of new cotton has exceeded 4.6 million tons and the port cotton inventory remains high. The import quota for this year is almost used up, with limited RMB shipments, resulting in more imports than exports at cotton ports. As of December 4, the weekly inventory at major import cotton ports increased by 1.92% to 387,600 tons, reaching a five - month high. The downstream demand is relatively differentiated, with the demand for high - count yarn improving, which boosts the cotton market to some extent. Overall, although the demand shows marginal improvement, the supply is still abundant, limiting the rebound of cotton prices [2] 3. Summary by Relevant Content Futures Market - Zhengzhou cotton main contract closing price (daily, yuan/ton): 13,780, up 40; cotton yarn main contract closing price (daily, yuan/ton): 19,965, up 20 - Cotton futures top 20 net positions (lots): - 136,077, down 5702; cotton yarn futures top 20 net positions (lots): - 250, up 172 - Main contract positions: cotton (daily, lots): 474,318, down 4249; cotton yarn (daily, lots): 18,058, up 688 - Warehouse receipt quantity: cotton (daily, sheets): 2970, up 221; cotton yarn (daily, sheets): 12, unchanged - China Cotton Price Index: CCIndex: 3128B (daily, yuan/ton): 15,004, up 5; China Yarn Price Index: Pure Cotton Carded Yarn 32S (daily, yuan/ton): 20,800, unchanged - China Imported Cotton Price Index: FCIndexM: 1% tariff (daily, yuan/ton): 12,846, up 34; arrival price of Imported Cotton Yarn Price Index: Pure Cotton Carded Yarn 32S (daily, yuan/ton): 21,036, down 23 - China Imported Cotton Price Index: FCIndexM: sliding - scale tariff (daily, yuan/ton): 13,873; arrival price of Imported Cotton Yarn Price Index: Pure Cotton Combed Yarn 32S (daily, yuan/ton): 22,209, down 25 [2] Spot Market - China Imported Cotton Price Index: FCIndexM: 1% tariff (daily, yuan/ton): 12,846, up 34; arrival price of Imported Cotton Yarn Price Index: Pure Cotton Carded Yarn 32S (daily, yuan/ton): 21,036, down 23 - China Imported Cotton Price Index: FCIndexM: sliding - scale tariff (daily, yuan/ton): 13,873; arrival price of Imported Cotton Yarn Price Index: Pure Cotton Combed Yarn 32S (daily, yuan/ton): 22,209, down 25 [2] Upstream Situation - National cotton sown area (annual, thousand hectares): 2838.3, up 48.3; national cotton output (annual, million tons): 6.16, up 0.54 [2] Industry Situation - Cotton - yarn price difference (CY C32S - CC3128B, yuan/ton): 5796, down 5 - Industrial inventory of cotton: national (monthly, million tons): 85, up 6.5 - Cotton import volume: monthly value (monthly, million tons): 9, down 1; cotton yarn import volume: monthly value (monthly, tons): 140,000, up 10,000 - Imported cotton profit (daily, yuan/ton): 1131, down 7 - Commercial inventory of cotton: national (monthly, million tons): 293.06, up 190.89 [2] Downstream Situation - Inventory days of yarn (monthly, days): 26.12, up 1.27; inventory days of grey fabric (monthly, days): 31.97, up 0.85 - Cloth output: monthly value (monthly, billion meters): 26.2, down 1.8; yarn output: monthly value (monthly, million tons): 2.001, down 0.073 - Export value of clothing and clothing accessories: monthly value (monthly, million US dollars): 11,003,480.43, down 1,449,766.57; export value of textile yarns, fabrics and products: monthly value (monthly, million US dollars): 11,258,418.92, down 708,097.08 [2] Option Market - Implied volatility of at - the - money call option for cotton (%): 11.58, up 4.1; implied volatility of at - the - money put option for cotton (%): 11.58, up 4.1 - 20 - day historical volatility of cotton (%): 5.75, down 0.03; 60 - day historical volatility of cotton (%): 6.43, down 0.21 [2] Industry News - As of November 4, 2025, according to the US Commodity Futures Trading Commission, the non - commercial long positions of US cotton were 78,625 lots, an increase of 3267 lots from the previous week; the non - commercial short positions were 123,469 lots, a decrease of 6936 lots from the previous week; the net short positions were 44,844 lots, a decrease of 10,203 lots from the previous week - As of the end of November 2025, according to statistics from the Cotton Information Network, the national cotton commercial inventory was 4.6836 million tons, an increase of 1.753 million tons from the previous month, a growth rate of 59.82%, and 10,000 tons higher than the same period last year, a growth rate of 0.21%. Among them, as of the end of November, the cotton inventory in Xinjiang was 3.7905 million tons, a month - on - month increase of 1.4497 million tons, and 76,400 tons lower than the same period last year - The Intercontinental Exchange (ICE) cotton futures closed higher on Tuesday. Traders digested the monthly supply - demand report released by the US Department of Agriculture, which showed that the US cotton production and ending inventory forecasts were raised. The ICE March cotton futures contract rose 0.18 cents, or 0.28%, to settle at 63.86 cents per pound [2]

Report Industry Investment Rating No relevant content provided. Core View of the Report - The production of primary lead remains stable overall, but the shortage of raw material supply restricts further significant production growth. The supply of lead concentrate remains tight. The production of recycled lead shows signs of recovery, but the growth is less than expected. The supply of waste batteries is tight, which restricts the release of recycled lead production capacity. If environmental control remains stable and waste battery supply stays at the current level, recycled lead production is expected to maintain a stable growth trend. On the demand side, orders in the leading energy storage battery sector are relatively stable, supporting the demand for lead. However, due to the "trade - in" policy, the traditional replacement market is dull. Downstream battery enterprises face inventory pressure and are cautious in purchasing high - priced lead sources. Overall, the price of Shanghai lead is expected to fluctuate, and it is expected to maintain a weak oscillation today [3]. Summary by Related Catalogs Futures Market - The closing price of the Shanghai lead main contract is 17,115 yuan/ton, down 55 yuan; the 3 - month lead quotation on LME is 1,976.5 US dollars/ton, down 22 US dollars. The spread between the 01 - 02 month contracts of Shanghai lead is - 15 yuan/ton, down 20 yuan. The trading volume of Shanghai lead is 79,017 lots, down 1,395 lots. The net position of the top 20 in Shanghai lead is - 238 lots, an increase of 1,158 lots. The warehouse receipts of Shanghai lead are 0 tons, unchanged. The inventory of the Shanghai Futures Exchange is 34,735 tons, down 3,064 tons; the LME lead inventory is 236,925 tons, down 2,900 tons [3]. Spot Market - The spot price of 1 lead on the Shanghai Non - ferrous Metals Network is 16,975 yuan/ton, down 125 yuan; the spot price of 1 lead in the Yangtze River Non - ferrous Metals Market is 17,150 yuan/ton, down 130 yuan. The basis of the lead main contract is - 140 yuan/ton, down 70 yuan; the LME lead premium (0 - 3) is - 49.76 US dollars/ton, an increase of 1.81 US dollars. The price of lead concentrate (50% - 60%) in Jiyuan is 16,771 yuan, an increase of 166 yuan; the price of domestic recycled lead (≥98.5%) is 16,930 yuan/ton, down 140 yuan [3]. Upstream Situation - The monthly supply - demand balance of lead by WBMS is 22,000 tons, an increase of 45,500 tons. The monthly capacity utilization rate of recycled lead is 43.14%, an increase of 7.58%. The number of recycled lead production enterprises is 68, unchanged. The monthly output of recycled lead is 224,200 tons, a decrease of 67,500 tons. The average weekly operating rate of primary lead is 68.49%, a decrease of 13.32%. The weekly output of primary lead is 38,600 tons, a decrease of 1,700 tons. The processing fee of lead concentrate (60%) at major ports is - 100 US dollars/kiloton, unchanged. The monthly supply - demand balance of lead by ILZSG is - 2,500 tons, an increase of 3,100 tons. The monthly global lead ore production by ILZSG is 383,300 tons, an increase of 3,400 tons. The monthly lead ore import volume is 98,300 tons, a decrease of 52,300 tons [3]. Industry Situation - The monthly refined lead import volume is 3,812.24 tons, an increase of 2,304.32 tons. The average weekly domestic processing fee of lead concentrate to the factory is 340 yuan/ton, unchanged. The monthly refined lead export volume is 2,098.42 tons, an increase of 612.28 tons. The average daily price of waste batteries is 9,851.79 yuan/ton, a decrease of 46.42 yuan [3]. Downstream Situation - The monthly export volume of batteries is 45,661,000, a decrease of 350,000. The average daily price of lead - antimony alloy (for batteries, containing 2% antimony) is 19,400 yuan/ton, down 125 yuan. The daily Shenwan industry index of batteries and other power sources is 1,934.16 points, down 13.49 points. The monthly automobile production is 3.279 million vehicles, an increase of 52,000. The monthly new energy vehicle production is 1.71 million vehicles, an increase of 130,000 [3]. Industry News - Trump may reduce tariffs on some over - priced goods and considers an immediate interest - rate cut as the "touchstone" for choosing the new Fed chairman. Trump starts the final round of interviews for the Fed chairman this week, with Hassett leading. Hassett believes the Fed has enough room for a significant interest - rate cut. The US job openings in October reached the highest level in five months, but recruitment remains sluggish. The Thailand - Cambodia conflict continues. Zelensky refuses to "cede territory" and will submit an updated peace proposal to the US on the 10th. Ukraine is consulting with the US and Europe on three key documents, and the US is pressuring Zelensky to make a quick decision. The Reserve Bank of Australia keeps the interest rate at 3.6% as expected, emphasizing the upward risk of inflation, and the market expects the interest - rate cut cycle may end [3].

川产区主要以客商包装手中货源发自有渠道居多，少量调货以果农两级货源。销区市场到货量小幅增加， 数据来源第三方(我的农产品网、中果网、郑商所)，观点仅供参考，市场有风险，入市需谨慎！ 交易氛围仍显清淡，中转库有积压，柑橘类水果冲击苹果市场。不过终端走货不快，价格回落风险加大。 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 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。 苹果产业日报 2025-12-10 | 项目类别 | 数据指标 环比 | 最新 | | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合 ...

注实际走货情况，短期价格重心开始上抬，关注需求提升情况，若实际需求好转，价格反弹概率加大。 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 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。 红枣产业日报 2025-12-10 | 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:红枣(日,元/吨) | 9290 | 55 主力合约持仓量:红枣(日,手) | 105657 | 43099 | | | 期货前20名持仓:净买单量:红枣(日,手) | -16060 | 4 ...

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 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | 期货主力合约收盘价:生猪(日,元/吨) | 11310 | -140 主力合约持仓量:生猪(日,手) | 149428 | 602 | | | 仓单数量:生猪(日,手) | 373 | 265 期货前20名持仓:净买单量:生猪(日,手) | -44051 | 102 | | 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) | 11000 | 100 | | | 生猪价 ...

| | 集运指数（欧线）期货日报 | | 2025/12/9 | | | --- | --- | --- | --- | --- | | 项目类别 | 数据指标 环比 数据指标 最新 | 最新 | 环比 | | | EC主力收盘价 | 18.8↑ EC次主力收盘价 1073.6 | 1619.800 | | -4.20↓ | | 期货盘面 | EC2602-EC2604价差 +8.60↑ EC2602-EC2606价差 400.70 | 546.20 | | +2.70↑ | | EC合约基差 | -4.50↓ | -110.70 | | | | 期货持仓头寸（手） EC主力持仓量 | -753↓ | 30713 | | | | SCFIS（欧线）（周） | 25.45↑ SCFIS（美西线）（周） 960.51 | 1509.10 | | 11.74↑ | | SCFI（综合指数）（周） | -5.50↓ 集装箱船运力（万标准箱） 1,227.97 | 1397.63 | | 0.21↑ | | 现货价格 | CCFI（综合指数）（周） -6.91↓ CCFI（欧线）（周） 1,447.56 | 1114. ...

贵金属期货日报 2025/12/9 | 项目类别 | 数据指标 最新 | 最新 | 环比 数据指标 | | 环比 | | --- | --- | --- | --- | --- | --- | | | 沪金主力合约收盘价（日，元/克） 13607 | 951.540 | -7.2↓ 沪银主力合约收盘价（日，元/千克） | | -99.00↓ | | 期货市场 | 主力合约持仓量:沪金(日,手) 18,604.00 | 194,493.00 | -2700.00↓ 主力合约持仓量:沪银(日,手) | | -1582.00↓ | | | 主力合约成交量:沪金 1,309,030.00 | 229,564.00 | -68667.00↓ 主力合约成交量:沪银 | | -724701.00↓ | | | 仓单数量:沪金(日,千克) | 91299 | 0↑ 仓单数量:沪银(日,千克) | 717,788 | 18497↑ | | 现货市场 | 上金所黄金现货价 | 947.13 | -6.97↓ 华通一号白银现货价 | 13,630.00 | 49.00↑ | | | 沪金主力合约基差(日,元/克) | -4.41 ...