Report Industry Investment Rating - Not provided in the content Core Viewpoints - The report presents the trading and liquidity data of various financial product sectors on December 26, 2025, including trading volume, trading value, position value, and trading - position ratio, as well as their changes compared to the previous trading day [1][2] Summary by Directory I. Plate Liquidity - The report provides multiple figures related to plate liquidity, such as trading - position ratio, trading value change rate, position volume, position value, trading volume, and trading value of each plate [4][5] II. Stock Index Plate - On December 26, 2025, the trading value of the stock index plate was 751.349 billion yuan, a +34.05% change from the previous trading day; the position value was 1486.49 billion yuan, a +7.98% change; the trading - position ratio was 50.44% [1] III. Treasury Bond Plate - On that day, the trading value of the treasury bond plate was 339.923 billion yuan, a +15.26% change from the previous trading day; the position value was 837.514 billion yuan, a +2.35% change; the trading - position ratio was 40.03% [1] IV. Base Metals and Precious Metals (Metal Plate) - The trading value of the base metals plate was 927.335 billion yuan, a +12.98% change from the previous day; the position value was 745.138 billion yuan, a +2.37% change; the trading - position ratio was 145.26%. The trading value of the precious metals plate was 1109.909 billion yuan, a - 4.75% change; the position value was 569.314 billion yuan, a +1.35% change; the trading - position ratio was 284.37% [1] V. Energy and Chemicals Plate - The trading value of the energy and chemicals plate was 569.447 billion yuan, a +27.80% change from the previous trading day; the position value was 442.518 billion yuan, a - 0.84% change; the trading - position ratio was 121.45% [1] VI. Agricultural Products Plate - The trading value of the agricultural products plate was 327.738 billion yuan, a +38.23% change from the previous trading day; the position value was 562.829 billion yuan, a +0.90% change; the trading - position ratio was 56.14% [1] VII. Black Building Materials Plate - The trading value of the black building materials plate was 247.651 billion yuan, a +60.30% change from the previous trading day; the position value was 304.223 billion yuan, a - 2.45% change; the trading - position ratio was 77.61% [2]

1. Report's Core View - On December 25, 2025, different sectors in the market showed various liquidity performances. The stock index, basic metal, precious metal, and agricultural product sectors had increased trading volumes compared with the previous trading days, while the treasury bond, energy - chemical, and black building material sectors had decreased trading volumes [1][2]. 2. Summary by Relevant Catalogs 2.1 Stock Index Plate - Trading volume was 560.484 billion yuan, a +10.45% change from the previous trading day. The holding amount was 1376.631 billion yuan, with a +4.67% change. The trading volume - holding ratio was 40.59% [1]. 2.2 Treasury Bond Plate - Trading volume was 294.915 billion yuan, a -34.30% change from the previous trading day. The holding amount was 818.284 billion yuan, with a +1.10% change. The trading volume - holding ratio was 35.57% [1]. 2.3 Basic Metal and Precious Metal (Metal) Plate - Trading volume was 820.815 billion yuan, a +34.56% change from the previous trading day. The holding amount was 727.873 billion yuan, with a +1.41% change. The trading volume - holding ratio was 116.61% [1]. 2.4 Energy - Chemical Plate - Trading volume was 445.584 billion yuan, a -11.40% change from the previous trading day. The holding amount was 446.265 billion yuan, with a +0.10% change. The trading volume - holding ratio was 91.56% [1]. 2.5 Agricultural Product Plate - Trading volume was 237.094 billion yuan, a +2.38% change from the previous trading day. The holding amount was 557.817 billion yuan, with a -2.23% change. The trading volume - holding ratio was 40.83% [1]. 2.6 Black Building Material Plate - Trading volume was 154.490 billion yuan, a -25.74% change from the previous trading day. The holding amount was 311.853 billion yuan, with a -1.85% change. The trading volume - holding ratio was 46.74% [2].

Report Industry Investment Rating No relevant content provided. Core View The report provides a detailed overview of the market liquidity situation on December 22, 2025, including the trading volume, position value, and trading - position ratio of various sectors such as the stock index, treasury bond, basic metal, precious metal, energy and chemical, agricultural product, and black building materials sectors [1][2]. Summary by Directory 1. Plate Liquidity - The report presents data on the trading - position ratio, trading volume change rate, position volume, position value, trading volume, and trading value of each sector through multiple charts [4][5][8]. 2. Stock Index Plate - On December 22, 2025, the trading volume of the stock index plate was 5203.53 billion yuan, a change of - 32.20% from the previous trading day; the position value was 13056.29 billion yuan, a change of + 0.22% from the previous trading day; the trading - position ratio was 39.81% [1]. - Multiple charts show the price change rate, trading - position ratio, precipitation fund change, precipitation fund trend, trading value change, and the top 20 net position ratio trend of each variety in the stock index plate [5][9]. 3. Treasury Bond Plate - The trading volume of the treasury bond plate was 3789.31 billion yuan, a change of + 18.77% from the previous trading day; the position value was 7682.75 billion yuan, a change of - 0.28% from the previous trading day; the trading - position ratio was 49.34% [1]. - Multiple charts show the price change rate, trading - position ratio, precipitation fund change, precipitation fund trend, trading value change, and the top 20 net position ratio trend of each variety in the treasury bond plate [5]. 4. Basic Metal and Precious Metal (Metal Plate) - The trading volume of the basic metal plate was 7823.95 billion yuan, a change of + 13.66% from the previous trading day; the position value was 7179.92 billion yuan, a change of + 2.81% from the previous trading day; the trading - position ratio was 106.48%. The trading volume of the precious metal plate was 11168.20 billion yuan, a change of - 7.87% from the previous trading day; the position value was 5483.82 billion yuan, a change of + 6.32% from the previous trading day; the trading - position ratio was 302.97% [1]. - Multiple charts show the price change rate, trading - position ratio, precipitation fund change amount, precipitation fund trend, trading value change rate, and the top 20 net position ratio trend of each variety in the metal plate [5]. 5. Energy and Chemical Plate - The trading volume of the energy and chemical plate was 5137.33 billion yuan, a change of + 19.97% from the previous trading day; the position value was 4464.24 billion yuan, a change of + 1.19% from the previous trading day; the trading - position ratio was 111.24% [1]. - Multiple charts show the price change rate, trading - position ratio, precipitation fund change amount, precipitation fund trend, trading value change rate, and the top 20 net position ratio trend of the main varieties in the energy and chemical plate [5]. 6. Agricultural Product Plate - The trading volume of the agricultural product plate was 2803.34 billion yuan, a change of - 3.17% from the previous trading day; the position value was 5720.66 billion yuan, a change of - 1.40% from the previous trading day; the trading - position ratio was 46.56% [1]. - Multiple charts show the price change rate, trading - position ratio, precipitation fund change amount, precipitation fund trend, trading value change rate, and the top 20 net position ratio trend of the main varieties in the agricultural product plate [5]. 7. Black Building Materials Plate - The trading volume of the black building materials plate was 2268.71 billion yuan, a change of + 10.32% from the previous trading day; the position value was 3192.35 billion yuan, a change of + 0.10% from the previous trading day; the trading - position ratio was 64.99% [2]. - Multiple charts show the price change rate, trading - position ratio, precipitation fund change amount, precipitation fund trend, trading value change rate, and the top 20 net position ratio trend of each variety in the black building materials plate [5].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The report presents the liquidity situation of various market sectors on December 16, 2025, including trading volume, holding amount, trading - holding ratio, and their changes compared to the previous trading day [1] 3. Summary According to Relevant Catalogs I. Plate Liquidity - The report provides data on trading volume, holding amount, and trading - holding ratio of multiple market sectors, including stock index, treasury bond, basic metal, precious metal, energy - chemical, agricultural product, and black building material sectors [1][2] II. Stock Index Plate - On December 16, 2025, the trading volume of the stock index plate was 849.387 billion yuan, a +24.56% change from the previous trading day; the holding amount was 1406.923 billion yuan, a +5.20% change; the trading - holding ratio was 60.28% [1] III. Treasury Bond Plate - On December 16, 2025, the trading volume of the treasury bond plate was 416.234 billion yuan, a - 12.59% change from the previous trading day; the holding amount was 742.040 billion yuan, a +0.49% change; the trading - holding ratio was 56.69% [1] IV. Basic Metal and Precious Metal (Metal Plate) - On December 16, 2025, the trading volume of the basic metal plate was 610.622 billion yuan, a - 26.80% change from the previous trading day; the holding amount was 673.869 billion yuan, a - 2.10% change; the trading - holding ratio was 88.50% - The trading volume of the precious metal plate was 977.344 billion yuan, a - 31.80% change; the holding amount was 502.580 billion yuan, a - 2.35% change; the trading - holding ratio was 280.87% [1] V. Energy - Chemical Plate - On December 16, 2025, the trading volume of the energy - chemical plate was 428.570 billion yuan, a - 12.79% change from the previous trading day; the holding amount was 442.301 billion yuan, a - 0.89% change; the trading - holding ratio was 91.70% [1] VI. Agricultural Product Plate - On December 16, 2025, the trading volume of the agricultural product plate was 337.875 billion yuan, a +5.17% change from the previous trading day; the holding amount was 593.555 billion yuan, a - 0.40% change; the trading - holding ratio was 54.37% [1] VII. Black Building Material Plate - On December 16, 2025, the trading volume of the black building material plate was 218.691 billion yuan, a - 26.30% change from the previous trading day; the holding amount was 322.402 billion yuan, a +0.01% change; the trading - holding ratio was 65.41% [2]

Report Industry Investment Rating - Not provided Core Viewpoints - The report presents the trading liquidity data of various market sectors on December 15, 2025, including trading volume, holding amount, trading - holding ratio, and their changes compared to the previous trading day [1][2] Summary by Relevant Catalogs 1. Plate Liquidity - The report provides multiple figures related to plate liquidity, such as the trading - holding ratio, trading volume change rate, holding volume, holding amount, trading volume, and trading amount of each plate [5][8] 2. Stock Index Plate - On December 15, 2025, the stock index plate had a trading volume of 681.895 billion yuan, a decrease of 8.66% from the previous trading day; the holding amount was 1337.425 billion yuan, a decrease of 3.79% from the previous trading day; the trading - holding ratio was 50.87% [1] - Multiple figures show the price change, trading - holding ratio, precipitation fund change, precipitation fund trend, trading amount change, and the top 20 net holding ratio trend of each variety in the stock index plate [5][9] 3. Treasury Bond Plate - The trading volume of the treasury bond plate was 476.194 billion yuan, an increase of 2.47% from the previous trading day; the holding amount was 738.393 billion yuan, an increase of 1.83% from the previous trading day; the trading - holding ratio was 65.78% [1] - Figures illustrate the price change, trading - holding ratio, precipitation fund change, precipitation fund trend, trading amount change, and the top 20 net holding ratio trend of each variety in the treasury bond plate [5][19] 4. Basic Metals and Precious Metals (Metal Plate) - The trading volume of the basic metal plate was 834.138 billion yuan, an increase of 19.67% from the previous trading day; the holding amount was 688.333 billion yuan, a decrease of 2.00% from the previous trading day; the trading - holding ratio was 116.84% - The trading volume of the precious metal plate was 1433.070 billion yuan, an increase of 48.21% from the previous trading day; the holding amount was 514.680 billion yuan, an increase of 0.63% from the previous trading day; the trading - holding ratio was 401.86% [1] - Figures display the price change, trading - holding ratio, precipitation fund change amount, precipitation fund trend, trading amount change rate, and the top 20 net holding ratio trend of each variety in the metal plate [5][31] 5. Energy and Chemical Industry Plate - The trading volume of the energy and chemical industry plate was 491.436 billion yuan, an increase of 4.37% from the previous trading day; the holding amount was 446.292 billion yuan, a decrease of 2.06% from the previous trading day; the trading - holding ratio was 101.34% [1] - Figures show the price change, trading - holding ratio, precipitation fund change amount, precipitation fund trend, trading amount change rate, and the top 20 net holding ratio trend of the main varieties in the energy and chemical industry plate [5][39] 6. Agricultural Products Plate - The trading volume of the agricultural products plate was 321.262 billion yuan, a decrease of 0.92% from the previous trading day; the holding amount was 595.920 billion yuan, unchanged from the previous trading day; the trading - holding ratio was 48.58% [1] - Figures present the price change, trading - holding ratio, precipitation fund change amount, precipitation fund trend, trading amount change rate, and the top 20 net holding ratio trend of the main varieties in the agricultural products plate [5][43] 7. Black Building Materials Plate - The trading volume of the black building materials plate was 296.737 billion yuan, an increase of 30.12% from the previous trading day; the holding amount was 322.386 billion yuan, a decrease of 1.30% from the previous trading day; the trading - holding ratio was 86.17% [2] - Figures illustrate the price change, trading - holding ratio, precipitation fund change amount, precipitation fund trend, trading amount change rate, and the top 20 net holding ratio trend of each variety in the black building materials plate [5][53]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View The report presents the market liquidity situation on December 12, 2025, including the trading volume, holding amount, and trading - holding ratio of various sectors such as stock index, treasury bond, basic metal, precious metal, energy chemical, agricultural product, and black building materials sectors, and also shows the changes compared with the previous trading day [1][2]. 3. Summary by Directory I. Plate Liquidity The report provides data on trading volume, holding amount, and trading - holding ratio for different sectors, along with their changes from the previous trading day [1][2] II. Stock Index Plate On December 12, 2025, the trading volume of the stock index plate was 746.525 billion yuan, a +20.12% change from the previous trading day; the holding amount was 1390.143 billion yuan, a +5.44% change; the trading - holding ratio was 53.59% [1] III. Treasury Bond Plate The trading volume of the treasury bond plate was 464.695 billion yuan, a +27.39% change from the previous trading day; the holding amount was 725.148 billion yuan, a - 3.37% change; the trading - holding ratio was 65.61% [1] IV. Basic Metal and Precious Metal (Metal Plate) The basic metal plate's trading volume was 697.053 billion yuan, a +30.47% change from the previous trading day; the holding amount was 702.402 billion yuan, a +3.16% change; the trading - holding ratio was 96.81%. The precious metal plate's trading volume was 966.907 billion yuan, a +13.93% change from the previous trading day; the holding amount was 511.462 billion yuan, a +4.99% change; the trading - holding ratio was 275.60% [1] V. Energy Chemical Plate The trading volume of the energy chemical plate was 470.863 billion yuan, a - 4.63% change from the previous trading day; the holding amount was 455.676 billion yuan, a - 0.93% change; the trading - holding ratio was 96.43% [1] VI. Agricultural Product Plate The trading volume of the agricultural product plate was 324.239 billion yuan, a - 9.32% change from the previous trading day; the holding amount was 595.909 billion yuan, a - 0.81% change; the trading - holding ratio was 50.99% [1] VII. Black Building Materials Plate The trading volume of the black building materials plate was 228.045 billion yuan, a - 11.57% change from the previous trading day; the holding amount was 326.643 billion yuan, a - 2.08% change; the trading - holding ratio was 67.46% [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The report presents the trading and position - holding data of various market sectors on December 10, 2025, including changes in trading volume, position - holding amount, and trading - to - position ratios [1][2] 3. Summary by Directory 3.1 Plate Liquidity - The report provides figures on the trading volume and position - holding amount of multiple sectors, including the stock index, treasury bond, basic metal, precious metal, energy - chemical, agricultural product, and black building materials sectors, along with their respective trading - to - position ratios and changes from the previous trading day [1][2] 3.2 Stock Index Plate - On December 10, 2025, the trading volume of the stock index plate was 632.676 billion yuan, a +23.64% change from the previous trading day; the position - holding amount was 1349.433 billion yuan, a +2.45% change; and the trading - to - position ratio was 47.04% [1] 3.3 Treasury Bond Plate - The trading volume of the treasury bond plate was 361.108 billion yuan, a +6.19% change from the previous trading day; the position - holding amount was 739.837 billion yuan, a +1.18% change; and the trading - to - position ratio was 48.18% [1] 3.4 Basic Metal and Precious Metal (Metal Plate) - The basic metal plate had a trading volume of 535.179 billion yuan, a - 6.10% change from the previous trading day, a position - holding amount of 673.527 billion yuan, a +0.21% change, and a trading - to - position ratio of 81.75%. The precious metal plate had a trading volume of 866.385 billion yuan, a +24.20% change, a position - holding amount of 484.287 billion yuan, a +2.58% change, and a trading - to - position ratio of 274.97% [1] 3.5 Energy - Chemical Plate - The trading volume of the energy - chemical plate was 450.435 billion yuan, a +3.69% change from the previous trading day; the position - holding amount was 456.628 billion yuan, a - 0.72% change; and the trading - to - position ratio was 87.43% [1] 3.6 Agricultural Product Plate - The trading volume of the agricultural product plate was 372.909 billion yuan, a +19.63% change from the previous trading day; the position - holding amount was 594.625 billion yuan, a +0.05% change; and the trading - to - position ratio was 60.09% [1] 3.7 Black Building Materials Plate - The trading volume of the black building materials plate was 279.873 billion yuan, a +15.05% change from the previous trading day; the position - holding amount was 335.693 billion yuan, a - 1.13% change; and the trading - to - position ratio was 84.34% [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - The report presents the trading and position - holding data of various market sectors on December 9, 2025, including trading volume, position - holding amount, trading - to - position ratio, and their changes compared to the previous trading day [1][2] 3. Summary According to the Directory 3.1 Plate Liquidity - There are figures showing the trading - to - position ratio, trading volume change rate, position - holding volume, position - holding amount, trading volume, and trading amount of each plate [4][5] 3.2 Stock Index Plate - On December 9, 2025, the trading volume was 5117.24 billion yuan, a change of - 16.21% compared to the previous trading day; the position - holding amount was 13172.08 billion yuan, a change of - 0.86% compared to the previous trading day; the trading - to - position ratio was 38.64% [1] 3.3 Treasury Bond Plate - On December 9, 2025, the trading volume was 3400.58 billion yuan, a change of - 29.40% compared to the previous trading day; the position - holding amount was 7311.86 billion yuan, with no change compared to the previous trading day; the trading - to - position ratio was 46.45% [1] 3.4 Basic Metals and Precious Metals (Metal Plate) - On December 9, 2025, the basic metals trading volume was 5699.31 billion yuan, a change of - 3.60% compared to the previous trading day; the position - holding amount was 6721.31 billion yuan, a change of - 3.18% compared to the previous trading day; the trading - to - position ratio was 83.68%. The precious metals trading volume was 6975.61 billion yuan, a change of - 29.97% compared to the previous trading day; the position - holding amount was 4720.89 billion yuan, a change of - 3.07% compared to the previous trading day; the trading - to - position ratio was 212.83% [1] 3.5 Energy and Chemical Plate - On December 9, 2025, the trading volume was 4343.91 billion yuan, a change of + 5.03% compared to the previous trading day; the position - holding amount was 4599.41 billion yuan, with no change compared to the previous trading day; the trading - to - position ratio was 81.00% [1] 3.6 Agricultural Products Plate - On December 9, 2025, the trading volume was 3117.11 billion yuan, a change of - 9.14% compared to the previous trading day; the position - holding amount was 5943.21 billion yuan, a change of - 1.72% compared to the previous trading day; the trading - to - position ratio was 51.66% [1] 3.7 Black Building Materials Plate - On December 9, 2025, the trading volume was 2432.68 billion yuan, a change of - 13.63% compared to the previous trading day; the position - holding amount was 3395.17 billion yuan, a change of - 1.93% compared to the previous trading day; the trading - to - position ratio was 73.27% [2]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - On December 8, 2025, the trading volume and positions of various sectors in the market showed different changes. The trading volume of the stock index sector decreased, while that of the national debt, basic metals, precious metals, energy - chemical, agricultural products, and black building materials sectors increased. The positions of the stock index, national debt, basic metals, energy - chemical, agricultural products, and black building materials sectors decreased to varying degrees, and only the positions of the precious metals sector increased slightly [1][2] 3. Summary According to the Directory 3.1 Plate Liquidity - The report presents the trading volume, position amount, and trading - to - position ratio of various sectors, including the stock index, national debt, basic metals, precious metals, energy - chemical, agricultural products, and black building materials sectors, and their changes compared with the previous trading day [1][2] 3.2 Stock Index Plate - On December 8, 2025, the trading volume of the stock index plate was 610.69 billion yuan, a decrease of 15.13% from the previous trading day; the position amount was 1328.635 billion yuan, a decrease of 3.10% from the previous trading day; the trading - to - position ratio was 45.98% [1] 3.3 National Debt Plate - On December 8, 2025, the trading volume of the national debt plate was 481.639 billion yuan, an increase of 4.83% from the previous trading day; the position amount was 731.193 billion yuan, a decrease of 0.25% from the previous trading day; the trading - to - position ratio was 66.15% [1] 3.4 Basic Metals and Precious Metals (Metal Plate) - **Basic Metals**: On December 8, 2025, the trading volume was 591.185 billion yuan, an increase of 3.79% from the previous trading day; the position amount was 694.225 billion yuan, an increase of 0.27% from the previous trading day; the trading - to - position ratio was 84.98% [1] - **Precious Metals**: On December 8, 2025, the trading volume was 996.06 billion yuan, an increase of 25.28% from the previous trading day; the position amount was 487.032 billion yuan, an increase of 0.70% from the previous trading day; the trading - to - position ratio was 308.88% [1] 3.5 Energy - Chemical Plate - On December 8, 2025, the trading volume of the energy - chemical plate was 413.598 billion yuan, an increase of 10.17% from the previous trading day; the position amount was 459.947 billion yuan, a decrease of 0.78% from the previous trading day; the trading - to - position ratio was 80.29% [1] 3.6 Agricultural Products Plate - On December 8, 2025, the trading volume of the agricultural products plate was 343.058 billion yuan, an increase of 23.62% from the previous trading day; the position amount was 604.749 billion yuan, a decrease of 0.65% from the previous trading day; the trading - to - position ratio was 58.19% [1] 3.7 Black Building Materials Plate - On December 8, 2025, the trading volume of the black building materials plate was 281.646 billion yuan, an increase of 35.34% from the previous trading day; the position amount was 346.182 billion yuan, a decrease of 2.91% from the previous trading day; the trading - to - position ratio was 78.40% [2]

Core Viewpoint - The expansion of registered brands for polysilicon futures by the Guangzhou Futures Exchange is a strategic response to market demands, enhancing the delivery system and supporting the real economy [1][2]. Group 1: Registered Brand Expansion - The Guangzhou Futures Exchange has added two new registered brands, "Jin Nuo" and "Dong Fang Xi Wang," to the polysilicon futures market, effective immediately [1]. - This expansion is expected to improve market liquidity and price representation, allowing futures prices to better reflect the actual supply and demand dynamics in the industry [2]. Group 2: Market Impact and Industry Response - The addition of new registered brands is seen as a critical step for companies to manage price risks and enhance their competitiveness in the polysilicon market [3]. - Companies like Xinjiang Jin Nuo New Energy and Xinjiang Dong Fang Xi Wang are preparing for warehouse registration and view participation in the futures market as essential for their development [3]. Group 3: Warehouse and Delivery System - As of December 5, the number of polysilicon futures warehouse receipts has increased to 2,320, a 75% rise from 1,330 receipts at the end of November [4]. - The futures market employs a centralized cancellation system for warehouse receipts, ensuring that only products with production dates within 90 days are registered, which aligns with downstream demand for quality [4][5]. Group 4: Future Prospects - The enthusiasm for registering warehouse receipts has increased since late November, indicating a potential for further growth in the number of receipts in the polysilicon futures market [6]. - The Guangzhou Futures Exchange plans to continue monitoring industry changes and enhance regulatory measures to maintain market stability and improve service levels [6].