股指期货将偏强震荡，白银、铜期货再创上市以来新高，锡、锌期货将震荡偏强，氧化铝期货再创上市以来新低

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report Through macro - fundamental and technical analysis, the report predicts the trend of various futures contracts on December 12, 2025, including whether they will be strong, weak, or in a wide - range or narrow - range oscillation, and gives corresponding resistance and support levels [2][3][4]. 3. Summary by Related Catalogs 3.1 Futures Market Outlook Points - Stock index futures are likely to oscillate strongly. Specific contracts and their resistance and support levels are provided, such as IF2512, IH2512, IC2512, and IM2512 [2]. - Ten - year and thirty - year treasury bond futures are likely to oscillate strongly, with corresponding resistance and support levels [2]. - Gold, silver, copper, aluminum, zinc, tin, polycrystalline silicon, and lithium carbonate futures are likely to oscillate strongly, while alumina, glass, soda ash, and crude oil futures are likely to oscillate weakly. Resistance and support levels are given for each [2][3][4]. - Rebar futures are likely to oscillate in a wide range, and hot - rolled coil futures are likely to oscillate and consolidate [4]. - Iron ore futures are likely to oscillate strongly, and coking coal futures are likely to oscillate weakly [4]. 3.2 Macro News and Trading Tips - The Central Economic Work Conference emphasizes continued implementation of proactive fiscal and moderately loose monetary policies, and sets eight key tasks for 2026 [7]. - The Taiwan Affairs Office of the State Council emphasizes the necessity of reunification and opposes "Taiwan independence" [7]. - Mexico will impose tariffs on some products from China and other Asian countries, and China has launched a trade - investment barrier investigation [8]. - Regarding the EU's anti - subsidy case on electric vehicles, China welcomes price - commitment consultations but hopes for fair negotiation [8]. - The World Bank raises China's 2025 economic growth forecast to 4.9% [8]. - The US trade deficit in September narrows significantly, with exports rising and imports growing moderately [8]. - The number of initial jobless claims in the US surges, while the number of continued jobless claims drops [9]. - The US Treasury Secretary proposes a more relaxed regulatory environment and monitors AI - related financial risks [9]. - The President of Ukraine expresses willingness to hold elections under certain conditions [9]. 3.3 Commodity Futures - Related Information - On December 11, US and Brent crude oil futures decline. Barclays expects an oil supply surplus in 2026 [9]. - International precious metal futures generally rise on December 11, affected by factors such as the Fed's interest - rate cut and geopolitical events [10]. - Most London base metals rise on December 11, except for nickel [10]. - The IEA lowers the global oil supply surplus forecast for 2026 and raises the 2025 oil consumption growth forecast [11]. - OPEC predicts a balanced global oil market in 2026, contrary to the general expectation of a supply surplus [12]. - The on - shore and offshore RMB exchange rates against the US dollar rise on December 11, and the central parity rate is adjusted upward [12]. - The US dollar index falls on December 11, and most non - US currencies rise [12]. 3.4 Futures Market Analysis and Outlook 3.4.1 Stock Index Futures - On December 11, stock index futures such as IF2512, IH2512, IC2512, and IM2512 decline, with varying degrees of downward pressure [13][14]. - A - share markets decline on December 11, with over 4300 stocks falling, and trading volume increases [15]. - Hong Kong stock markets decline on December 11, with semiconductor, consumer, and pharmaceutical stocks leading the decline [15]. - US stock markets close with mixed results on December 11, and European stock markets rise [16]. - Stock index futures are expected to oscillate strongly on December 12, and the December 2025 outlook also shows a strong - wide - range oscillation trend [17]. 3.4.2 Treasury Bond Futures - On December 11, ten - year and thirty - year treasury bond futures rise. The central bank conducts 1186 billion yuan of 7 - day reverse repurchase operations, resulting in a net withdrawal of 622 billion yuan [36][37]. - Treasury bond futures are expected to oscillate strongly on December 12 [37][39]. 3.4.3 Precious Metal Futures - On December 11, gold and silver futures rise. Silver futures set new highs during night trading, and their upward trend is obvious [41][48][49]. - Gold and silver futures are expected to oscillate strongly on December 12, and the December 2025 outlook also shows a positive trend, with silver likely to set new highs [41][50]. 3.4.4 Base Metal Futures - On December 11, copper, aluminum, zinc, and tin futures show different trends. Copper and tin rise, while aluminum and zinc decline slightly [53][59][70][74]. - These base metal futures are expected to have different trends on December 12, with most showing a strong - oscillation or wide - range - oscillation trend [53][60][70][75]. 3.4.5 Other Futures - On December 11, polycrystalline silicon, lithium carbonate, rebar, hot - rolled coil, iron ore, coking coal, glass, soda ash, and crude oil futures show different trends [79][86][90][94][100][102][107][111]. - Their trends on December 12 are predicted, with some expected to oscillate strongly, some to oscillate weakly, and some to oscillate in a wide range or consolidate [79][86][90][94][100][102][107][111].