早盘速递-20251211

Report Summary 1. Industry Investment Rating - No information provided 2. Core Viewpoints - The Fed cut the benchmark interest rate by 25 basis points to 3.50%-3.75%, the third consecutive meeting with a rate cut, and has cumulatively cut rates by 75 basis points this year [2] - The IMF predicts that China's economy will grow by 5.0% in 2025, an upward revision of 0.2 percentage points compared to the October "World Economic Outlook" [2] 3. Summary by Relevant Catalogs Hot News - The Shanghai Futures Exchange will adjust the trading margin ratio and daily price limit for the silver futures AG2602 contract starting from the settlement after the close on December 12, 2025. The daily price limit will be adjusted to 15%, the hedging position trading margin ratio to 16%, and the general position trading margin ratio to 17% [2] - Malaysia's palm oil imports in November were 23,176 tons, a month-on-month decrease of 36.12%. The inventory was 2,835,439 tons, a month-on-month increase of 13.04%. Exports were 1,212,814 tons, a month-on-month decrease of 28.13%. Production was 1,935,510 tons, a month-on-month decrease of 5.30% [2] - Beijing Guanghe Qiancheng Technology Co., Ltd. was officially registered with a registered capital of 3 billion yuan, jointly held by Tongwei Co., Ltd., GCL Technology Consulting Service Co., Ltd., Daquan Energy, Xinte Energy, etc. [3] Key Focus - Key commodities to focus on include silver, rapeseed oil, pulp, Shanghai copper, and Shanghai gold [4] Night Session Performance - The night session performance of commodity futures shows that the precious metals sector had a significant increase of 30.86%, followed by the non - ferrous metals sector with 24.53%, and the coal, coke, and steel ore sector with 11.60% [4] Plate Positions - The chart shows the position changes of commodity futures sectors in the past five days, but specific data is not described in text [5] Performance of Major Asset Classes - In the equity category, the CSI 500 had a daily increase of 0.49%, a monthly increase of 1.77%, and an annual increase of 24.98%. The S&P 500 had a daily increase of 0.67%, a monthly increase of 0.55%, and an annual increase of 17.09% [6] - In the fixed - income category, the 10 - year Treasury bond futures had a daily increase of 0.06%, a monthly increase of 0.08%, and an annual decrease of 0.82% [6] - In the commodity category, the London spot gold had a daily increase of 0.50%, a monthly increase of 0.22%, and an annual increase of 61.10%. The LME copper had a daily increase of 0.63%, a monthly increase of 3.44%, and an annual increase of 31.63% [6] - Other assets such as the US dollar index had a daily decrease of 0.60%, a monthly decrease of 0.80%, and an annual decrease of 9.07% [6] Trends of Major Commodities - The chart shows the trends of various commodities such as the Baltic Dry Index, CRB spot index, WTI crude oil, London spot gold, LME copper, etc., but specific data is not described in text [7]