Group 1: Stock Indices - The Shanghai Composite Index closed down 43.11 points, a decrease of 1.11%, at 3824.81 points on December 16 [4] - The Shenzhen Component Index closed down 197.42 points, a decrease of 1.51%, at 12914.67 points on December 16 [4] - The CSI 300 Index closed down 54.50 points, a decrease of 1.20%, at 4497.55 points on December 16 [4] - The ChiNext Index closed down 66.04 points, a decrease of 2.10%, at 3071.76 points on December 16 [4] - The STAR Market 50 Index closed down 25.52 points, a decrease of 1.94%, at 1293.38 points on December 16 [4] Group 2: Commodity Analysis - The document includes various commodities such as live pigs, lithium carbonate, soybean meal, red dates, crude oil, rebar, silver, cotton, palm oil, soda ash, coking coal, sugar, PVC, PTA, and rubber, but specific data or analysis for these commodities is not provided in the excerpts [5][7][10][11][13][15][17][18][20][22][24][25][27][29][30][33][35][36][38][39][41][42][44][46][48][49][51][53][55][56][58]

| | | | 投资咨询业务资格:证监许可[ 2012 ]31号 | | IIC 国贸期货 | | --- | --- | --- | --- | --- | --- | | | | | | | 尿素数据日报 | | | | | 国贸期货研究院 | | 期货从业号:F3054270 | | | | | 能源化工研究中心 陈一州 | | 投资咨询证号:Z0015946 | | 指标 2025/12/15 | | | 2025/12/12 | 涨跌值 | 行情评述 | | 沫煤 | | 465. 00 | 465.00 | 0. 00 | | | 成本 | 无烟小块 | 960. 00 | 960. 00 | 0.00 | | | 天然气 | | 3820.00 | 3820.00 | 0.00 | | | 河南 | | 1670.00 | 1680.00 | -10.00 | | | 河北 | | 1710.00 | 1710.00 | 0.00 | 本周工业复合肥开工率逐渐提升,但因 | | 安徽 | | 1670.00 | 1670.00 | 0.00 | 农业需求下降明显,且尿素供应持续高 | | 山东 ...

Report Summary 1. Report's Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Report's Core View - Short - term, both short - fiber and bottle - chip markets are in low - level oscillations, and there is pressure in the medium - term [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Short - fiber** - Futures prices: Short - fiber 2601 was 6110 (up 22 from the previous day), short - fiber 2602 was 6098 (up 24), and short - fiber 2603 was 6090 (down 30) [1]. - Spread: PF01 - 02 was 12 (down 2), PF02 - 03 was 8 (change from - 46), and PF main - contract basis was 167 (down 14) [1]. - Position and volume: The main - contract position was 200193 (down 46764), and the main - contract volume was 213686 (up 3867) [1]. - Spot price and sales rate: The East China spot price was 6265 (up 10), and the sales - to - production ratio was 79% (up 23%) [1]. - **Bottle - chip** - Futures prices: Bottle - chip 2601 was 5552 (up 22), bottle - chip 2602 was 5654 (up 26), and bottle - chip 2603 was 5644 (up 28) [1]. - Spread: PR01 - 02 was - 102 (down 4), PR02 - 03 was 10 (down 2), and PR main - contract basis was 26 (down 18) [1]. - Position and volume: The main - contract position was 36148 (down 533), and the main - contract volume was 34886 (down 19243) [1]. - Spot prices: The East China spot price was 5670 (up 10), and the South China spot price was 5720 (up 20) [1]. 3.2 Spot News - **Short - fiber** - Futures prices fluctuated up and then down. Factory quotes were stable, with the mainstream quote for semi - dull 1.4D in the range of 6400 - 6500. The mainstream negotiation price was in the range of 6150 - 6400. The average sales - to - production ratio was 79% [1]. - **Bottle - chip** - Upstream raw material futures oscillated and rebounded. Factory quotes were mostly stable, with some up 20 - 50 yuan and some down 50 yuan. The market transaction was average, with 12 - 2 month orders mostly traded at 5660 - 5700 yuan/ton ex - factory [2]. 3.3 Trend Intensity - The trend intensity of short - fiber and bottle - chip was - 1, indicating the daily - session main - contract futures price fluctuations on the report day [2].

Commodity Index - The article discusses the performance of various commodity indices, highlighting their recent trends and movements [36][40]. Stock Indices - The Shanghai Composite Index closed at 3889.35 points, up 16.03 points or 0.41% on December 12 [40]. - The Shenzhen Component Index closed at 13252.50 points, up 105.12 points or 0.80% on the same day [40]. - The CSI 300 Index closed at 4580.95 points, up 28.77 points or 0.63% [40]. - The ChiNext Index closed at 3189.65 points, up 25.98 points or 0.82% [40]. - The STAR Market 50 Index closed at 1348.88 points, up 23.05 points or 1.74% [41].

Core Viewpoint - The main focus of the article is the significant increase in the price of Shanghai tin futures, with the leading contract experiencing a rise of 6% [1] Group 1 - The Shanghai tin futures market is showing strong upward momentum, indicating potential bullish sentiment among investors [1]

1. Report Industry Investment Rating - The investment ratings for coke and coking coal are both "wide - range fluctuations" [1] 2. Core View of the Report - The coke and coking coal markets are expected to experience wide - range fluctuations [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: The closing price of JM2601 was 934 yuan/ton, down 29 yuan/ton (-3.0%), and J2601 was 1491.5 yuan/ton, down 35.5 yuan/ton (-2.3%). The trading volume of JM2601 was 212,855 hands, with a position of 199,252 hands (a decrease of 20,740 hands), and J2601 had a trading volume of 18,180 hands, a position of 25,407 hands (a decrease of 631 hands) [1] - **Spot Prices**: Most spot prices of coking coal and coke remained unchanged. For example, the price of Linfen low - sulfur main coking coal was 1500 yuan/ton, and the price of Hebei quasi - one thousand - gun coke was 1690 yuan/ton. The cost of Mongolia 5 coking coal warehouse receipts decreased by 5 yuan/ton to 1155 yuan/ton [1] - **Basis and Spreads**: The basis of JM2601 in Shanxi increased by 29 yuan/ton to 250 yuan/ton, and the basis of J2601 in Shanxi quasi - one arrival price increased by 35.5 yuan/ton to 190.5 yuan/ton. The spread of JM2601 - JM2605 increased by 6 yuan/ton to - 101 yuan/ton, and the spread of J2601 - J2605 increased by 8.5 yuan/ton to - 165.5 yuan/ton [1] 3.2 Macro and Industry News - The Central Economic Work Conference was held in Beijing from December 10th to 11th, with important leaders attending [2] 3.3 Trend Intensity - The trend intensity of coke is 0, and the trend intensity of coking coal is also 0 [4]

Core Viewpoint - The main focus of the news is the significant increase in the price of silver futures, with the leading contract experiencing a rise of 4% [1]. Group 1 - The silver futures market is showing a notable upward trend, indicating potential bullish sentiment among investors [1].

行业 油脂 日期 2025 年 12 月 12 日 研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 研究员：林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 研究员：王海峰 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 表1：行情回顾 每日报告 三、数据概览 | Fr 84 | 前结算价 : | 开盘价 : | 最高价 : | 最低价 | 收盘价 :涨跌:涨跌幅 | | | 成交量 : | | 持企量 持仓量变化 ...

2025 年 12 月 12 日 短纤：中期有压力，多 TA 空 PF 持有 20251212 瓶片：中期有压力，多 TA 空 PR 持有 20251212 钱嘉寅 投资咨询从业资格号：Z0023476 qianjiayin@gtht.com 【基本面跟踪】 （资料来源：华瑞信息） 【趋势强度】 短纤趋势强度：-1；瓶片趋势强度：-1(仅指报告日的日盘主力合约期价波动情况） 注：趋势强度取值范围为【-2,2】区间整数。强弱程度分类如下：弱、偏弱、中性、偏强、强，-2 表示 最看空，2 表示最看多。 国 泰 君 安 期 货 研 究 所 | | | 昨日 | 前日 | 变化 | | 昨日 | 前日 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 短纤2601 | 6128 | 6124 | ব | PF01-02 | 6 | 10 | -4 | | PF | 短纤2602 | 6122 | 6114 | 8 | PF02-03 | 2 | -60 | 62 | | | 短纤2603 | 6120 | 6174 | -54 | P ...

Report Title - LPG: Suppressed by Warehouse Receipts, Sharp Decline [1] - Propylene: Spot Prices Stable, Main Contracts Decline Following Costs [2] Report Date - December 12, 2025 [1] Fundamental Data Futures Prices - PG2601: Yesterday's closing price was 4,220, with a daily decline of 0.52%; night - session closing price was 4,108, with a decline of 2.65% [2] - PG2602: Yesterday's closing price was 4,143, with a daily decline of 0.29%; night - session closing price was 4,040, with a decline of 2.49% [2] - PL2601: Yesterday's closing price was 5,950, with a daily decline of 0.15%; night - session closing price was 5,966, with an increase of 0.27% [2] - PL2602: Yesterday's closing price was 5,785, with a daily increase of 0.28%; night - session closing price was 5,741, with a decline of 0.76% [2] - PL2603: Yesterday's closing price was 5,749, with a daily increase of 0.19%; night - session closing price was 5,702, with a decline of 0.82% [2] Position and Trading Volume - PG2601: Yesterday's trading volume was 57,027, a decrease of 42,633 from the previous day; yesterday's open interest was 40,904, a decrease of 4,284 from the previous day [2] - PG2602: Yesterday's trading volume was 32,586, a decrease of 8,814 from the previous day; yesterday's open interest was 72,929, an increase of 2,165 from the previous day [2] - PL2601: Yesterday's trading volume was 9,718, an increase of 9,207 from the previous day; yesterday's open interest was 2,467, a decrease of 520 from the previous day [2] - PL2602: Yesterday's trading volume was 8,311, a decrease of 24,584 from the previous day; yesterday's open interest was 8,476, an increase of 452 from the previous day [2] - PL2603: Yesterday's trading volume was 22,659, a decrease of 38,071 from the previous day; yesterday's open interest was 17,774, an increase of 212 from the previous day [2] Spreads - Guangzhou domestic gas to PG01 contract spread: Yesterday's spread was 250, compared to 258 the previous day [2] - Guangzhou imported gas to PG01 contract spread: Yesterday's spread was 310, compared to 318 the previous day [2] - Shandong propylene to PL01 contract spread: Yesterday's spread was 140, compared to 131 the previous day [2] - East China propylene to PL01 contract spread: Yesterday's spread was 25, compared to 16 the previous day [2] - South China propylene to PL01 contract spread: Yesterday's spread was -25, compared to -34 the previous day [2] Key Industrial Chain Data - PDH operating rate: This week it was 72.9%, compared to 70.2% last week [2] - MTBE operating rate: This week it was 69.8%, compared to 70.0% last week [2] - Alkylation operating rate: This week it was 37.5%, compared to 37.9% last week [2] Trend Intensity - LPG trend intensity: 0; Propylene trend intensity: -1. The range of trend intensity values is an integer within the [-2, 2] interval. The strength levels are classified as weak, relatively weak, neutral, relatively strong, and strong. -2 indicates the most bearish, and 2 indicates the most bullish [6] Market News - On December 11, 2025, the January CP paper cargo price for propane was 525 US dollars per ton, an increase of 9 US dollars per ton from the previous trading day; the price for butane was 517 US dollars per ton, an increase of 8 US dollars per ton from the previous trading day. The February CP paper cargo price for propane was 511 US dollars per ton, an increase of 3 US dollars per ton from the previous trading day [7] - There are multiple domestic PDH plant maintenance plans and domestic liquefied gas plant maintenance plans detailed in the report [7][8]