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].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View The report presents the market liquidity situation on December 4, 2025, including the trading volume, holding value, trading - holding ratio, and their changes compared to the previous trading day for different sectors such as stock index, treasury bond, basic metal, precious metal, energy - chemical, agricultural product, and black building materials sectors. 3. Summary by Directory I. Plate Liquidity The report details the trading volume, holding value, trading - holding ratio, and their changes compared to the previous trading day for multiple sectors, including stock index, treasury bond, basic metal, precious metal, energy - chemical, agricultural product, and black building materials sectors [1][2]. II. Stock Index Plate - On December 4, 2025, the trading volume was 5422.17 billion yuan, a - 3.31% change from the previous trading day. The holding value was 12717.80 billion yuan, a - 2.71% change. The trading - holding ratio was 42.45% [1]. III. Treasury Bond Plate - On December 4, 2025, the trading volume was 6338.89 billion yuan, a + 82.55% change from the previous trading day. The holding value was 7460.51 billion yuan, a - 0.79% change. The trading - holding ratio was 86.52% [1]. IV. Basic Metal and Precious Metal (Metal Plate) - Basic Metal: On December 4, 2025, the trading volume was 6288.88 billion yuan, a + 41.78% change from the previous trading day. The holding value was 6733.83 billion yuan, a + 3.96% change. The trading - holding ratio was 81.17% [1]. - Precious Metal: On December 4, 2025, the trading volume was 10437.94 billion yuan, a - 5.41% change from the previous trading day. The holding value was 4862.81 billion yuan, with no change. The trading - holding ratio was 326.71% [1]. V. Energy - Chemical Plate - On December 4, 2025, the trading volume was 3831.98 billion yuan, a - 4.20% change from the previous trading day. The holding value was 4645.49 billion yuan, a - 0.25% change. The trading - holding ratio was 70.49% [1]. VI. Agricultural Product Plate - On December 4, 2025, the trading volume was 3177.12 billion yuan, a + 14.85% change from the previous trading day. The holding value was 6081.99 billion yuan, a + 0.22% change. The trading - holding ratio was 52.56% [1]. VII. Black Building Materials Plate - On December 4, 2025, the trading volume was 2288.76 billion yuan, a + 7.00% change from the previous trading day. The holding value was 3559.93 billion yuan, a + 0.08% change. The trading - holding ratio was 64.59% [2].

流动性日报 | 2025-12-02 市场流动性概况 2025-12-01，股指板块成交5223.87亿元，较上一交易日变动-5.48%；持仓金额12818.55亿元，较上一交易日变动 +0.02%；成交持仓比为40.76%。 国债板块成交3213.73亿元，较上一交易日变动+4.51%；持仓金额7290.34亿元，较上一交易日变动-1.09%；成交持 仓比为43.77%。 基本金属板块成交5527.22亿元，较上一交易日变动+48.01%；持仓金额6387.43亿元，较上一交易日变动+5.41%； 成交持仓比为82.49%。 贵金属板块成交11165.21亿元，较上一交易日变动+84.10%；持仓金额4874.97亿元，较上一交易日变动+3.48%；成 交持仓比为353.45%。 能源化工板块成交4339.49亿元，较上一交易日变动+2.33%；持仓金额4602.15亿元，较上一交易日变动+1.30%；成 交持仓比为83.59%。 农产品板块成交2941.98亿元，较上一交易日变动+0.80%；持仓金额6071.74亿元，较上一交易日变动-0.01%；成交 持仓比为46.79%。 黑色建材板块成交2850. ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoint - The report presents the market liquidity overview of various sectors on November 28, 2025, including trading volume, holding amount, and trading - holding ratio, along with their changes compared to the previous trading day [1][2] Summary by Directory 1. Plate Liquidity - The report shows the trading volume, holding amount, and trading - holding ratio of multiple sectors such as stock index, treasury bond, basic metal, precious metal, energy chemical, agricultural product, and black building material, along with their changes compared to the previous trading day [1][2] 2. Stock Index Plate - On November 28, 2025, the trading volume was 5526.47 billion yuan, a - 6.65% change from the previous trading day; the holding amount was 12815.44 billion yuan, a - 1.32% change; the trading - holding ratio was 42.91% [1] 3. Treasury Bond Plate - The trading volume was 3074.93 billion yuan, a - 26.33% change from the previous trading day; the holding amount was 7370.43 billion yuan, a - 0.51% change; the trading - holding ratio was 41.05% [1] 4. Basic Metal and Precious Metal (Metal Plate) - Basic metal: The trading volume was 3734.35 billion yuan, a - 16.95% change from the previous trading day; the holding amount was 6059.51 billion yuan, a + 1.05% change; the trading - holding ratio was 64.06% [1] - Precious metal: The trading volume was 6064.64 billion yuan, a - 19.23% change from the previous trading day; the holding amount was 4711.20 billion yuan, a + 3.09% change; the trading - holding ratio was 201.81% [1] 5. Energy Chemical Plate - The trading volume was 4240.84 billion yuan, a + 6.40% change from the previous trading day; the holding amount was 4543.21 billion yuan, a - 0.02% change; the trading - holding ratio was 81.27% [1] 6. Agricultural Product Plate - The trading volume was 2918.64 billion yuan, a - 7.99% change from the previous trading day; the holding amount was 6072.60 billion yuan, a + 0.09% change; the trading - holding ratio was 44.23% [1] 7. Black Building Material Plate - The trading volume was 2387.49 billion yuan, a + 15.73% change from the previous trading day; the holding amount was 3541.71 billion yuan, a - 0.93% change; the trading - holding ratio was 70.65% [2]

Core Insights - CME Group experienced a trading halt across its platforms due to a cooling failure at a third-party data center, impacting key commodity prices like gold, silver, and copper [2][3] - Prior to the outage, COMEX silver futures reached a historic high of $54.6 per ounce, while COMEX gold futures surged to $4227 per ounce [2] - The outage lasted over 8 hours, leading to a significant loss of liquidity in the futures market [3] Group 1: Impact of the Outage - The cooling issue at CyrusOne data center prevented global traders from operating through the Globex system, exposing institutions relying on this platform for hedging and speculation to unmanageable risk [3] - The immediate consequence of the outage was a drastic reduction in market liquidity, with OTC spreads widening significantly [3] - The outage affected not only commodities but also forex, U.S. Treasury, and stock index futures, with CME's EBS forex platform also pausing trading [3] Group 2: Market Reactions and Expectations - Analysts noted that a significant portion of the recent rise in gold prices was driven by investor positioning for an anticipated low interest rate environment, with an 85% probability of a Fed rate cut in December according to CME's FedWatch tool [3] - The macroeconomic environment continues to support precious metal prices, as the dollar is experiencing its worst week since late July, enhancing the appeal of dollar-denominated assets like gold [3] - Market participants are currently limited to off-exchange operations, which may increase price volatility risks until trading resumes [4]

Core Viewpoint - CME Group experienced a platform-wide trading halt due to a cooling failure at a third-party data center, impacting key commodity prices like gold, silver, and copper, which entered a "stagnation" phase for over 8 hours [3][4]. Group 1: Incident Details - The trading halt was triggered by a cooling issue at CyrusOne data center, preventing global traders from operating through the Globex system, leading to significant risks for institutions relying on this platform for hedging and speculation [4]. - The immediate consequence of the outage was a sudden disappearance of liquidity in the futures market, with OTC spreads widening significantly [4]. Group 2: Market Reactions - Tim Waterer, Chief Market Analyst at KCM Trade, noted that a significant portion of the gold price increase was due to investors positioning for an anticipated low interest rate environment, with an 85% probability of a Fed rate cut in December according to CME's FedWatch tool [5]. - The system failure not only affected commodities but also impacted forex, U.S. Treasury, and stock index futures, with the EBS forex platform also pausing trading [6]. Group 3: Economic Context - The macroeconomic environment is supporting precious metal prices, as the dollar is experiencing its worst week since late July, enhancing the appeal of dollar-denominated assets like gold [6]. - Market participants are limited to off-market operations until trading resumes, creating a disjointed state that may increase price volatility risks [6].

Core Insights - CME Group experienced a system outage due to a cooling issue at the CyrusOne data center, leading to a halt in trading across its platforms, affecting key commodities like gold, silver, and copper [1][2] - Prior to the outage, COMEX silver futures reached a historic high of $54.6 per ounce, while COMEX gold futures surged to $4227 per ounce [1] - The outage resulted in a significant loss of liquidity in the futures market, with OTC spreads widening as traders were unable to execute trades [2] Group 1 - The outage affected not only commodities but also forex, U.S. Treasury, and stock index futures, with CME's EBS platform also pausing trading [2] - Market analysts noted that the anticipated low interest rate environment was driving gold prices higher, with an 85% probability of a Fed rate cut in December according to CME's FedWatch tool [2] - The macroeconomic environment, including a weak dollar, has been supporting precious metal prices, enhancing the appeal of dollar-denominated assets like gold [2] Group 2 - CME Group's technical support team is working to resolve the issue and will notify clients about the trading resumption details as soon as possible [1] - The outage has created a situation where market participants can only engage in limited operations in the OTC market, increasing the risk of price volatility [2]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View The report presents the market liquidity situation on November 27, 2025, including the trading volume, holding amount, and trading - holding ratio of different sectors such as stock index, treasury bond, basic metal, precious metal, energy chemical, agricultural product, and black building material sectors, along with their changes compared to the previous trading day [1][2]. 3. Summary by Directory I. Plate Liquidity The report shows the trading - holding ratio, trading volume change rate, holding volume, holding amount, trading volume, and trading amount of each sector through multiple figures [1][2][9][13]. II. Stock Index Plate On November 27, 2025, the stock index plate had a trading volume of 592.041 billion yuan, a 5.20% increase from the previous trading day; the holding amount was 1298.655 billion yuan, a 1.83% increase; the trading - holding ratio was 45.10%. Multiple figures display the changes and trends of each variety in the stock index plate [1]. III. Treasury Bond Plate The trading volume of the treasury bond plate was 417.381 billion yuan, a 21.73% decrease from the previous trading day; the holding amount was 740.792 billion yuan, an 8.76% decrease; the trading - holding ratio was 56.06%. Figures show the changes and trends of each variety in the treasury bond plate [1]. IV. Basic Metal and Precious Metal (Metal Plate) The basic metal plate had a trading volume of 449.653 billion yuan, a 4.43% decrease; the holding amount was 599.669 billion yuan, a 1.63% increase; the trading - holding ratio was 81.95%. The precious metal plate had a trading volume of 750.892 billion yuan, a 6.34% decrease; the holding amount was 457.010 billion yuan, a 2.52% increase; the trading - holding ratio was 242.97%. Figures show the changes and trends of each variety in the metal plate [1]. V. Energy Chemical Plate The trading volume of the energy chemical plate was 398.558 billion yuan, a 12.18% decrease from the previous trading day; the holding amount was 454.414 billion yuan, a 0.09% decrease; the trading - holding ratio was 84.09%. Figures show the changes and trends of major varieties in the energy chemical plate [1]. VI. Agricultural Product Plate The trading volume of the agricultural product plate was 317.198 billion yuan, a 7.41% decrease from the previous trading day; the holding amount was 606.696 billion yuan, a 0.28% decrease; the trading - holding ratio was 52.56%. Figures show the changes and trends of major varieties in the agricultural product plate [1]. VII. Black Building Material Plate The trading volume of the black building material plate was 206.292 billion yuan, a 14.57% decrease from the previous trading day; the holding amount was 357.495 billion yuan, a 1.17% decrease; the trading - holding ratio was 59.45%. Figures show the changes and trends of each variety in the black building material plate [2].

流动性日报 | 2025-11-26 黑色建材板块成交2252.75亿元，较上一交易日变动-24.70%；持仓金额3633.73亿元，较上一交易日变动+0.11%； 成交持仓比为62.98%。 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 市场流动性概况 2025-11-25，股指板块成交6740.41亿元，较上一交易日变动-1.13%；持仓金额13043.20亿元，较上一交易日变动 -0.08%；成交持仓比为51.14%。 国债板块成交6167.96亿元，较上一交易日变动+4.52%；持仓金额8311.26亿元，较上一交易日变动+0.50%；成交持 仓比为74.91%。 基本金属板块成交3912.18亿元，较上一交易日变动-1.13%；持仓金额5810.09亿元，较上一交易日变动+2.01%；成 交持仓比为76.62%。 贵金属板块成交7167.44亿元，较上一交易日变动-11.91%；持仓金额4384.12亿元，较上一交易日变动+1.78%；成 交持仓比为214.55%。 能源化工板块成交3698.25亿元，较上一交易日变动-25.91%；持仓金额4525.67亿元，较上一交易日 ...

流动性日报 | 2025-11-25 市场流动性概况 2025-11-24，股指板块成交6817.59亿元，较上一交易日变动-32.28%；持仓金额13053.50亿元，较上一交易日变动 -3.93%；成交持仓比为52.04%。 国债板块成交5901.47亿元，较上一交易日变动-12.05%；持仓金额8269.98亿元，较上一交易日变动+0.87%；成交 持仓比为70.09%。 基本金属板块成交3957.00亿元，较上一交易日变动-27.36%；持仓金额5695.83亿元，较上一交易日变动-1.22%；成 交持仓比为75.28%。 贵金属板块成交8136.73亿元，较上一交易日变动-24.48%；持仓金额4307.30亿元，较上一交易日变动-1.08%；成交 持仓比为251.76%。 能源化工板块成交4991.52亿元，较上一交易日变动-4.92%；持仓金额4500.70亿元，较上一交易日变动-1.16%；成 交持仓比为101.63%。 农产品板块成交3330.15亿元，较上一交易日变动-3.56%；持仓金额6015.99亿元，较上一交易日变动+0.53%；成交 持仓比为52.06%。 黑色建材板块成交299 ...