中国期货每日简报-20251202

Report Industry Investment Rating No relevant content provided. Core Viewpoints - On December 1st, equity index futures and CGB futures rallied; most commodities advanced, with metals leading the gains while agricultural products remained weak [2][9][12]. - Gold re - entered the uptrend, and silver's short squeeze boosted upside, unlikely to ease soon. Poly - Silicon prices trended higher, but its fundamentals remained weak [16][17][24]. Summary by Directory 1. China Futures 1.1 Overview - On December 1st, equity index futures and CGB futures rallied; most commodities advanced, with metals leading the gains while agricultural products remained weak. China's financial futures: IH rose by 0.76%, IM rose by 1.08%, TL fell by 0.08%. In commodity futures, silver, platinum, and polysilicon topped the gainers, while egg futures, glass futures, and alumina led the decliners [9][10][11]. 1.2 Daily Raise 1.2.1 Gold & Silver - On December 1st, Gold rose 1.3% to 963.28 yuan/g, Silver rose 5.9% to 13278 yuan/kg. Gold re - entered the uptrend as the market became desensitized to Fed's possible actions in December, and the reshuffle of the Fed chair may open long - term rate cut expectations. Silver's short squeeze boosted upside, and it's unlikely to ease soon due to tight overseas spot supply and year - end delivery peak [15][16][17]. 1.2.2 Poly - Silicon - On December 1st, Poly - Silicon rose 3.3% to 57705 yuan/ton. Recent policy expectations picked up, but its fundamentals remained weak. Southwest China entered the dry season, reducing supply. Demand was also weak, and inventory remained high. Overall, 11 - 12 saw a decline in both supply and demand, with supply dropping more sharply, expecting a slight surplus or tight balance by year - end [23][24][25]. 2. China News 2.1 Macro News - French President Emmanuel Macron will pay a state visit to China from December 3rd to 5th. Chinese citizens can enter Russia visa - free for tourism and business purposes until September 14, 2026, with a maximum stay of 30 days [27]. 2.2 Industry News - The People's Bank of China convened the Meeting of the Coordination Mechanism for Cracking Down on Virtual Currency Trading and Speculation on November 28, 2025. Starting January 1, 2026, Shanghai Futures Exchange decided that futures company members, overseas special brokerage participants and overseas intermediaries shall not be subject to position limits. As of the end of October, the total assets under management of public funds had approached 37 trillion yuan, an increase of over 4 trillion yuan year - to - date [28].