首席点评：继续实施更加积极的财政政策：重点品种：白糖，股指，铜

1. Report Industry Investment Rating The report provides a bias assessment for various varieties, with "√" indicating a bullish bias and "V" (assuming it's a typo and should be "√") indicating a bullish bias as well: - Bullish: Index futures (IH, IF, IC, IM), Treasury bonds (TS), Rubber, Rebar, Hot - rolled coil, Iron ore, Gold, Silver, Copper, Aluminum, Lithium carbonate, Cotton, Corn [5] - Bearish: Crude oil, Methanol, Apple, Container shipping to Europe [5] 2. Report's Core View - The Central Economic Work Conference emphasizes continuing to implement a more proactive fiscal policy and a moderately loose monetary policy, aiming to promote economic development and stabilize the market [1][7][11] - Under multiple positive factors, the long - term and slow - rising trend of the A - share market is expected to be consolidated, and the resonance of positive policy signals and the Fed's interest rate cut may boost market risk appetite [3][10] - Different futures varieties show different trends based on their own supply - demand fundamentals and macro - economic factors 3. Summary by Relevant Catalogs 3.1当日主要新闻关注 - International News: The US initial jobless claims for the week ending December 6 reached 236,000, the highest since the week of September 6, 2025 [6] - Domestic News: The Central Economic Work Conference held in Beijing on December 10 - 11 pointed out the overall requirements and policy orientation for next year's economic work, including continuing proactive fiscal and moderately loose monetary policies, stabilizing the real estate market, and resolving local government debt risks [7] - Industry News: In November, China's monthly automobile production exceeded 3.5 million for the first time, and the production and sales of new energy vehicles both approached 15 million, with exports of new energy vehicles doubling year - on - year [7] 3.2外盘每日收益情况 - The report shows the daily returns of various overseas futures on December 10 - 11, 2025, including the S&P 500, FTSE China A50 futures, ICE Brent crude oil, etc. For example, the S&P 500 rose 0.21% to 6,901.00 points, and ICE Brent crude oil fell 1.55% to $61.55 per barrel [9] 3.3主要品种早盘评论 3.3.1 Financial - Stock Index Futures: After the previous trading day's decline, with the improvement of the system, the expansion of funds, and the empowerment of industries, the long - term and slow - rising trend of the A - share market may be consolidated. The Fed's expected interest rate cut in December and the positive policy signals are expected to boost market risk appetite [3][10] - Treasury Bonds: Treasury bonds rose slightly, with the yield of the 10 - year Treasury bond active bond falling to 1.831%. The market liquidity is loose. The Fed's interest rate cut and the expected introduction of domestic policies support the short - term Treasury bond futures [11] 3.3.2 Energy and Chemicals - Crude Oil: The sc night - session fell 1.27%. The IEA raised the forecast for oil demand growth in 2026, but the overall downward trend is difficult to reverse due to factors such as weak European demand [13] - Methanol: Methanol's night - session fell 1.83%. The domestic coal (methanol) to olefins plant operating rate decreased, and the coastal methanol inventory decreased. It is expected to be weak in the short term [14] - Rubber: Natural rubber futures fluctuated. Overseas supply is increasing, and domestic supply elasticity is weakening. The demand side supports the stable operation of all - steel tire production. It is expected to fluctuate widely in the short term [15] - Polyolefins: Polyolefin futures declined. The downstream demand has reached a high level, and the previous price decline was affected by the weakening of crude oil and the overall commodity market. After the Fed's interest rate cut, the price continued to be weak [16] - Glass and Soda Ash: Glass futures continued to be weak, and soda ash futures mainly declined. Both are in the process of inventory digestion. Attention should be paid to the potential changes in industrial production and the recovery of the real estate industry chain [17] 3.3.3 Metals - Precious Metals: Gold and silver prices rose. The Fed's interest rate cut and balance - sheet expansion are expected to boost market liquidity and support the long - term upward trend of precious metals [18] - Copper: The night - session copper price rose more than 2% due to the Fed's unexpected action. The concentrate supply is tight, and the global copper supply - demand is expected to turn into a deficit. Attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [19] - Zinc: The night - session zinc price rose nearly 3% due to the Fed's action. The zinc concentrate supply is temporarily tight, and the supply - demand difference is not obvious. Attention should be paid to market sentiment and related factors [20] - Aluminum: The night - session Shanghai aluminum rose 0.82%. The Fed's interest rate cut and balance - sheet expansion support the aluminum price. In the short - to - medium term, the supply is stable, and the demand is okay in the off - season. The upward momentum is weakening in the short term, but the long - term outlook is optimistic [21] - Lithium Carbonate: The supply is expected to increase in December, and the demand is expected to decline. The short - term supply disturbance is the focus. It is recommended to take a bullish view after a callback [22][23] 3.3.4 Black Metals - Coking Coal and Coke: The night - session coking coal and coke futures continued to be weak. The steel mill's production reduction expectation and the increase in Mongolian coal imports put pressure on the price, but the strong policy expectation in December may provide upward momentum. It is expected to fluctuate in the short term [24] - Iron Ore: The iron ore price declined. The shipping volume increased slightly, and the port inventory increased slightly. The steel mill's demand is weak, and it is expected to fluctuate slightly stronger in the short term [25] - Steel Products: The steel price volatility increased. The supply and demand are both weak, and the inventory decline has narrowed. The steel price has short - term rebound momentum but is expected to be weak in the medium term [26] 3.3.5 Agricultural Products - Protein Meal: The night - session soybean and rapeseed meal futures rose slightly. The Brazilian soybean sowing progress is slower than last year, and the US soybean export is slow. The domestic supply is sufficient, and the price is expected to be weak [27] - Oils and Fats: The night - session soybean and palm oil futures were weak, and rapeseed oil rose. The Malaysian palm oil inventory increased, and the rapeseed oil is expected to be strong in the short term due to positive news [28] - Sugar: Zhengzhou sugar futures fluctuated narrowly and are expected to be weak in the short term. The international raw sugar price is affected by Brazil and India, and the domestic supply is increasing, but the cost provides some support [29] - Cotton: The overnight cotton price was weak but still above the upper limit of the range. It is expected to be strong in the short term due to factors such as fast sales progress, potential reduction in planting area, and improved Sino - US relations [30] 3.3.6 Shipping Index - Container Shipping to Europe: The EC fluctuated, and the 02 contract rose 2.04%. The shipping companies' price - holding intention is strong in December and early January. The 02 contract is expected to fluctuate, and the 04 contract may decline due to supply surplus and potential red - sea route resumption [31]