Group 1 - The core viewpoint of the articles indicates a significant decline in liquefied gas futures prices, with the December closing average at 4188 yuan/ton, down 120 yuan/ton or 2.79% from the previous month [1] - The international crude oil prices showed a mixed trend, with WTI averaging $57.87/barrel, down $1.61/barrel or -2.70%, and Brent averaging $61.64/barrel, down $2.02/barrel or -3.18% [1] - Domestic liquefied gas supply in December was 2.1686 million tons, a slight decrease of 0.25% month-on-month but an increase of 5.49% year-on-year [1] Group 2 - The basis in South China strengthened significantly to 405 yuan/ton, expanding by 239 yuan/ton month-on-month, primarily due to the sharp decline in futures prices [2] - The average daily trading volume of the main contract decreased significantly to 19,245 lots, with the average daily open interest at 57,544 lots, down 20,880 lots month-on-month [2] - The outlook for January predicts weak fluctuations in international crude oil prices, with chemical processing profits remaining in substantial losses, likely exerting negative pressure on demand [2]

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - The report is a daily monitoring of iron ore basis and spread, presenting data on futures contracts, basis of different iron ore varieties, and variety spreads, along with corresponding chart analysis [1][3][5][12]. 3. Summary by Related Catalogs 3.1 Futures Contracts - The closing prices of I05, I09, and I01 contracts are 796.5, 773.5, and 816.0 respectively, with changes of 13.5, 12.5, and 14.5 compared to the previous day [3]. - The spreads between I05 - I09, I09 - I01, and I01 - I05 are 23.0, -42.5, and 19.5 respectively, with changes of 1.0, -2.0, and 1.0 compared to the previous day [3]. 3.2 Basis 3.2.1 Basis Data - The basis of various iron ore varieties such as Carajás fines (Kafan), BRBF, Newman fines, etc. is presented, along with their price changes and basis changes compared to the previous day. For example, the price of Carajás fines increased by 17.0 to 892, and the basis increased by 5 to 54 [5]. 3.2.2 Basis Charts - Charts are provided for different types of iron ore basis, including Brazilian fines, Australian medium - grade fines, Australian low - grade fines, domestic ores, etc. [7][8][9]. 3.3 Exchange Rule Changes - Four new deliverable varieties (Benxi concentrate, IOC6, KUMBA, Ukrainian concentrate) are added with a brand premium of 0 starting from the I2202 contract. The brand premium of some existing varieties is adjusted, with only PB fines, BRBF, and Carajás fines having a brand premium of 15 yuan/ton, and the rest being 0 [10]. - The allowable range of iron grade and other element indicators for substitutes is adjusted, and a dynamic adjustment mechanism for the premium of iron element indicators (X) is introduced. Currently, X = 1.5 [10]. - Four more varieties (Taigang concentrate, Magang concentrate, Minmetals standard fines, SP10 fines) are added as deliverable varieties with a brand premium of 0, and the adjusted rules apply to contracts from I2312 onwards [10][11]. 3.4 Variety Spreads 3.4.1 Variety Spread Data - The spreads between various iron ore varieties are presented, such as PB lump - PB fines, Carajás fines - Newman fines, etc., along with their changes compared to the previous day. For example, the spread of PB lump - PB fines increased by 2.0 to 78.0 [12]. 3.4.2 Variety Spread Charts - Charts are provided for different types of variety spreads, including lump - fines spreads, high - medium grade fines spreads, medium - low grade fines spreads, etc. [13][14][15][16][18].

Core Viewpoint - Styrene futures continue to show a fluctuating trend, with the main contract reaching a peak of 6843.00 yuan and currently trading at 6809.00 yuan, reflecting a 0.80% increase [1] Group 1: Market Analysis - Nanhua Futures advises against high-position buying of styrene, citing a temporary supply contraction due to an unexpected shutdown of a 450,000-ton styrene facility in Tianjin, which has led to a positive sentiment in the market [2] - Newhu Futures indicates that styrene prices are expected to fluctuate widely, with the Jiangsu market closing at 6790-6840 yuan/ton, an increase of 50 yuan/ton from the previous working day, driven by reduced planned supply and increased export transactions [2] - The overall sentiment in the chemical sector is improving, with funds beginning to position themselves positively at lower levels, particularly in PX and PTA, which have seen significant short-term price increases [2] Group 2: Supply and Demand Dynamics - The market is currently experiencing a balance of positive news on both supply and demand sides, with increased export discussions and a reduction in supply contributing to market optimism [2] - Port inventories continue to decline, providing some support for styrene prices, while the price gap between Shandong and Jiangsu markets has opened an arbitrage window, although there is limited flow of Shandong goods to East China [2] - In the medium term, the pressure on styrene prices is expected to ease, with no new capacity pressures anticipated in the next six months, allowing for some upward adjustment in existing operations [2]

Report Industry Investment Rating No relevant content provided. Core Views - For gold prices, short - term, due to rapid capital outflows, the market needs time to repair, and it is recommended to wait and see. The market may focus on US economic data and Fed policies. Long - term, the US macro - economic fundamentals and monetary policy expectations are favorable, and physical demand is strong with potentially tight inventory. After the CME and other exchanges increase margin requirements, the "irrational" price increase may end, and attention should be paid to the possible callback caused by the global commodity index rebalancing. Before the New Year's Day, it is recommended to close or lock positions and wait for the silver price's long - term bullish allocation window [3]. - For platinum and palladium, in the medium - to long - term, they are expected to continue to oscillate upward as they are undervalued relative to gold and driven by capital. In the short - term, the domestic market has relatively low liquidity at the initial stage of listing, and there is a risk of price fluctuations due to possible profit - taking by long - positions, so it is recommended to wait for the situation to stabilize after the New Year [3]. Summary by Related Catalogs 1. Stock Index Futures Spread Daily Report - **Price Difference Data**: Includes information on the current price difference, historical quantile, and changes compared to the previous day for various stock index futures such as F, H, IC, IM, etc., covering different periods like month - to - month, season - to - season, and long - term to short - term. Also provides cross - variety ratio data such as CSI 500/CSI 300, CSI 500/SSE 50, etc. [1] 2. Bond Futures Spread Daily Report - **Price Difference Data**: Presents the basis, cross - period spread, and cross - variety spread data for bond futures including TS, TF, T, TL on December 29, 2025, along with the IRR and the percentile since the contract's listing [2]. 3. Precious Metals Spot - Futures Daily Report - **Price Data**: Domestic and foreign futures closing prices, spot prices for gold, silver, platinum, and palladium on different dates are provided, including the price changes and percentage changes. Also includes basis, ratio, interest rate, exchange rate, inventory, and position data [3]. 4. Container Shipping Industry Spot - Futures Daily Report - **Index Data**: Settlement price indices for SCFIS (European and US West routes) and Shanghai Export Container Freight Index (SCFI) and their changes are presented. - **Futures and Basis Data**: Futures prices and basis data for different contracts of EC are provided, along with their price changes and percentage changes [5]. - **Fundamental Data**: Data on global container shipping capacity supply, port - related indicators in Shanghai, monthly export amounts, overseas economic indicators such as PMI and consumer confidence index, and OECD composite leading indicators are included [5].

1. Report Industry Investment Rating - No information provided regarding the report industry investment rating 2. Core Viewpoints - The overseas market remains tight with an expected increase in the official price of January CP. Domestically, the domestic - foreign price difference is relatively high, and the basis is relatively low, and the driving force needs further waiting. The profit of PDH is deteriorating, and the maintenance situation in January needs to be observed [1] 3. Summary by Relevant Data and Information Price Data - **Domestic Civil Gas**: On 2025/12/29, the price in East China was 4380 (-4), in Shandong was 4320 (+50), and in South China was 4510 (+0). The price of ether - post carbon four was 4430 (-70). The lowest delivery location was Shandong, with the latest basis at 244 (-30) [1] - **Futures Spreads**: The 02 - 03 month spread was 113 (+1), another 02 - 03 month spread was 126 (+13), and the 03 - 04 month spread was -190 (+10). For the inner - plate, the 02 basis was 186 (-95), the 01 - 02 month spread was 117 (-2), and the 03 - 04 month spread was -203 (-3) [1] - **Paper Goods Prices**: As of 9 p.m., the FEI and CP paper goods prices were 523 and 510 respectively, up 2 and 6 US dollars [1] - **1 - Month CP First - Round Recommended Values**: Propane and butane were 505/495 (+10/+10) respectively [1] - **Price Ratios**: PG - CP reached 100 (+1.86), PG - FEI reached 89 (+4.86), FEI - MB reached 185.6 (+10.6), and FEI - CP reached 11 (+3) [1] - **Propane Premiums**: The premium of propane arriving at East China was 4 (+1), and the premiums of AFEI, Middle - East, and US propane OB were 18.75 (+5.75), 50 (-1), and 43 (+0) respectively [1] - **FEL - MORI Price Difference**: -14 (up 4 month - on - month) [1] Inventory and Production Data - **Port Inventory**: The arrival rate of ships was 54.83%, and port inventory decreased by 14.3% [1] - **Refinery Data**: The refinery's commercial volume increased by 1.18%, and refinery inventory increased by 0.41% [1] - **PDH Data**: The operating rate of PDH was 76.36% (+1.36 pct) [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - As of the week ending December 25, 2025, the U.S. soybean export inspection volume was 750,312 tons, in line with market expectations [1] - A private exporter reported a sale of 10,000 tons of soybeans to Egypt for delivery in the 2025/2026 market year [1] 3. Summary by Relevant Catalogs Overnight Market Information - The U.S. soybean export inspection volume as of the week ending December 25, 2025, was 750,312 tons, with the previous market forecast ranging from 750,000 - 1,200,000 tons. The volume in the previous week was revised to 929,365 tons from an initial value of 870,199 tons. The export inspection volume to the Chinese mainland that week was 135,417 tons, accounting for 18.05% of the total. As of the week ending December 26, 2024, the U.S. soybean export inspection volume was 1,643,692 tons. So far this crop year, the cumulative U.S. soybean export inspection volume is 15,396,334 tons, compared with 28,671,623 tons in the same period of the previous year [1] - A private exporter reported a sale of 10,000 tons of soybeans to Egypt for delivery in the 2025/2026 market year [1] Spot Prices - The spot prices of various products from December 23 - 29, 2025, are presented in a table, including prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu [2] Protein Meal Basis - Not provided in the given content Fatty Basis - Not provided in the given content Fatty Oil Futures Spread - Not provided in the given content

Report Industry Investment Ratings No relevant information provided. Core Viewpoints of the Report - The overall market shows complex trends, with different commodities and financial products having their own characteristics. Some are influenced by supply - demand fundamentals, some by geopolitical factors, and others by macro - economic policies and seasonal factors. The market rhythm switches quickly, and most products are in a state of oscillation, with different potential investment opportunities and risks [2][3][14] - Different industries have different outlooks. For example, some industries like polycrystalline silicon and manganese silicon are expected to have a relatively positive trend, while others such as urea and PVC may face certain challenges in supply - demand balance and price trends [13][18][28] Summary by Related Catalogs Precious Metals and Base Metals - **Precious Metals**: International gold prices continued a moderate upward trend after the breakthrough, while silver, platinum, and palladium accelerated their rise, with a gain of over 10%. The Fed's easing prospects and geopolitical risks support the strength of precious metals. The spot shortage expectation makes silver, platinum, and palladium more favored by funds, and the gold - silver ratio has dropped significantly below the average. However, exchange restrictions are frequent, and market volatility is extremely high [2] - **Copper**: Copper prices continued to rise strongly last Friday. The Shanghai copper weighted reached a maximum of 102,700 yuan, and it is expected that the London copper will open at $12,700 - $12,800. The market has quickly reached the bullish targets of most overseas institutions for 2026. The target price of the copper market is raised, with the London copper at about $13,100 and the Shanghai copper at about 104,000 yuan [3] - **Aluminum**: The aluminum market's fundamentals are neutral, with poor apparent demand and spot feedback. Shanghai aluminum mainly followed the upward trend, with relatively mild fluctuations. Long - positions should be held with the 40 - day moving average as the support [4] - **Zinc**: In late December, domestic smelter overhauls increased, supporting the adjustment of Shanghai zinc above the annual line. In January, the pressure on the zinc ingot supply side is small, and with the late Spring Festival in 2026 and the expected good start, the consumption side is not pessimistic. Shanghai zinc is expected to oscillate in the range of 22,800 - 23,800 yuan/ton [7] Energy and Chemicals - **Fuel Oil & Low - Sulfur Fuel Oil**: High - sulfur fuel oil supply is mainly affected by geopolitical factors, with the shipping rhythm in the Middle East and Russia slowing down. The demand side may be boosted by improved refinery profits and the US blockade of Venezuelan oil exports. Singapore's inventory continues to accumulate, and the high - inventory pressure is still significant. Low - sulfur fuel oil supply is dominated by overseas refinery starts. The demand side of ship fuel consumption is continuously weak due to high - sulfur substitution [21] - **Asphalt**: Since December, the weekly shipment volume has remained below 400,000 tons, at a low level in the same period of the past four years. Last week, both social and factory inventories increased. The supply - demand of BU is marginally relaxed, but positive news has a significant boost. However, it will eventually return to the price - pressured pattern dominated by supply - demand relaxation [22] Agricultural Products - **Soybean & Bean Meal**: CBOT soybeans oscillated downward after reopening last Friday, and Dalian soybean meal rose first and then fell. In the future, attention should be paid to the specific export situation of US soybeans and whether the La Nina weather in South America can have a continuous impact [35] - **Cotton**: US cotton rebounded from a low level last week, and the weekly signing data improved, with increased Chinese purchases. Domestic Zhengzhou cotton rose continuously, and the market is bullish. Although this year's new cotton production has increased significantly, the commercial inventory is basically the same as the previous year, and the sales progress is relatively fast [42] Others - **Stock Index**: The previous trading day, the broader market oscillated with heavy volume, and the Shanghai Composite Index recorded an 8 - day consecutive gain. All major futures index contracts closed higher, with IC leading the gain. Industrial profits of large - scale enterprises from January to November showed a growth trend, and the RMB exchange rate broke "7" last week [47] - **Treasury Bonds**: On December 26, 2025, the 30 - year treasury bond futures had the largest increase of 0.36%. In December, the central bank's net MLF injection was 10 billion yuan, a consecutive tenth - month incremental renewal. Against the background of increased counter - cyclical adjustment policies, long - term interest rates have risen significantly recently [48]

Report Summary 1. Industry Investment Rating - No industry investment rating information is provided in the reports. 2. Core Views - **Precious Metals**: The expected central price of gold in 2026 will gradually rise, targeting over $4,800. Some investors are pre - positioning in precious metals, leading to increased ETF and derivatives positions. In the short - term, the market will remain strong without clear negative factors. For silver, due to favorable financial and industrial attributes, strong physical demand and tight inventory, the "irrational" price increase may continue. However, investors should watch for regulatory measures and potential price corrections. In the domestic market, the newly - listed futures on Guangzhou Futures Exchange have low liquidity, and there is a risk of short - term price fluctuations. It is recommended to lock in profits and wait for a more stable market after the New Year [3]. - **Container Shipping**: The settlement price indices of container shipping, such as SCFIS and SCFI, have shown varying degrees of increase. The futures prices of container shipping contracts have also changed, and the fundamentals show that the global container shipping capacity supply remains stable, while some overseas economic indicators have slightly declined [5]. 3. Summary by Category **Stock Index Futures Spread** - **Futures - Spot Spread**: The IF futures - spot spread is - 18.84, with a 1 - year historical quantile of 13.10% and an all - time quantile of 49.10%. The IH futures - spot spread is 4.84, with corresponding quantiles of 94.60% and 87.10%. The IC futures - spot spread is - 70.84, and the IM futures - spot spread is - 133.13 [1]. - **Inter - period Spread**: Different inter - period spreads for IF, IH, IC, and IM show various values and quantiles. For example, the next - month minus current - month spread for IF is - 15.00, with a 1 - year historical quantile of 35.60% [1]. - **Cross - variety Ratio**: Ratios such as CSI 500/CSI 300, IC/IF, etc., also have their respective values and quantiles. For instance, the CSI 500/CSI 300 ratio is 1.6016, with a 1 - year historical quantile of 97.90% [1]. **Bond Futures Basis and Spread** - **Basis**: On December 26, 2025, the TS basis is - 0.0682, the TF basis is 0.0192, the T basis is - 0.0127, and the TL basis is - 0.1615, with different historical quantiles [2]. - **Inter - period Spread**: For example, the current - quarter minus next - quarter spread for TS is - 0.0480, with a historical quantile of 15.30% [2]. - **Cross - variety Spread**: The TS - TF spread is - 0.0220, the TS - T spread is - 5.7520, etc., with corresponding historical quantiles [2]. **Precious Metals** - **Domestic and Foreign Futures Closing Prices**: On December 26, 2025, the AU2602 contract closed at 1016.30 yuan/gram, up 0.75% from the previous day. COMEX gold closed at $4,562.00, up 1.26% [3]. - **Spot Prices**: London gold was at $4,532.51 per ounce, up 1.19%. Shanghai Gold Exchange's gold TD was at 1008.80 yuan/gram, up 0.58% [3]. - **Basis**: The gold TD - Shanghai gold futures spread is - 7.50, with a 1 - year historical quantile of 6.80% [3]. - **Price Ratios**: The COMEX gold/silver ratio is 57.26, down 8.66% [3]. - **Interest Rates and Exchange Rates**: The 10 - year US Treasury yield is 4.14%, down 0.2%, and the US dollar index is 98.03, up 0.13% [3]. - **Inventory and Positions**: The Shanghai Futures Exchange's gold inventory increased by 4.25% to 97,692 units, while the COMEX silver inventory decreased by 0.36% to 449,727,730 units [3]. **Container Shipping** - **Shipping Indices**: The SCFIS (European route) settled at 1589.20 points on December 22, up 5.21% from December 15. The SCFI composite index was 1552.92 points on December 19, up 3.08% from December 12 [5]. - **Futures Prices and Basis**: The EC2602 (main contract) closed at 1824.5 on December 26, up 1.38% from the previous day. The basis of the main contract was - 235.3, down 11.78% [5]. - **Fundamentals**: The global container shipping capacity supply remained at 3365.73 million TEU on December 29. The port punctuality rate in Shanghai in November was 40.00%, down 18.50% from October [5].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The LLDPE basis is weak, and spot transactions are concentrated in the middle - stream. The futures price has rebounded, and upstream quotes have increased. There is positive short - term feedback in the spot market, with inventory shifting to the middle - stream. The supply of Middle Eastern and US goods is expected to increase in Q1 2026. The raw material end is stable, the PE disk has rebounded from a low level, and downstream is not chasing up to replenish goods. There are supply and demand pressures in the medium - term due to high production capacity and weakening demand [1][2] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing price of L2605 is 6465, up 1.17% from the previous day. The trading volume is 684,637, and the open interest has decreased by 15,696. The 05 - contract basis is - 245 (compared to - 150 the previous day), and the 05 - 09 contract spread is - 31 (compared to - 33 the previous day) [1] - **Spot Price**: The spot price in North China is 6220 yuan/ton (down from 6240 yuan/ton the previous day), 6300 yuan/ton in East China (unchanged), and 6320 yuan/ton in South China (unchanged) [1] 3.2 Spot News - The futures price fluctuates, and upstream quotes increase by 40 - 70. The rebound in the disk provides an opportunity for agents and futures - cash traders to build positions. The spot market has positive short - term feedback, inventory is transferred to the middle - stream, and the de - stocking of warehouse receipts has stopped. Middle Eastern and US offers have declined, and the internal - external price difference has slightly recovered. Shipments from the Middle East and the US are expected to arrive in large quantities in Q1 2026 [1] 3.3 Market Condition Analysis - The price of crude oil at the raw material end is stable, the monomer link is weakly stable, and the supply profit of PE ethylene and ethane is compressed. The PE disk rebounds from a low level, and transactions are concentrated in the middle - stream. Downstream has not chased up to replenish goods. The demand for agricultural films has weakened recently, and the packaging film industry maintains rigid demand. After the recent decline, the willingness of middle and downstream enterprises to hold goods has weakened. Upstream enterprises offer discounts to sell goods at the end of the year, and factory inventory has slightly decreased. The basis is weak. On the supply side, Guangxi Petrochemical is gradually starting up, and the current maintenance plan in December is neutral. Some FD production is switched, and some Inner Mongolia plants have reduced their loads. In the medium - term, attention should be paid to the supply - demand pressure caused by high production capacity and weakening demand [2] 3.4 Trend Intensity - The trend intensity of LLDPE is 0 [3]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - Malaysia's palm oil exports from December 1 - 25, 2025, showed significant growth, with SGS reporting a 41.25% increase to 824,276 tons compared to the same period last month, and AmSpec reporting a 3.0% increase to 1,017,897 tons [1] - Malaysia's palm oil production from December 1 - 25, 2025, decreased by 9.12% compared to the previous period, with a 8.49% decline in fresh fruit bunch yield and a 0.12% decrease in oil extraction rate [1] 3. Summary by Related Catalogs Overnight Market Information - SGS data showed that Malaysia's palm oil product exports from December 1 - 25, 2025, were 824,276 tons, a 41.25% increase from the same period last month [1] - AmSpec data showed that Malaysia's palm oil product exports from December 1 - 25, 2025, were 1,017,897 tons, a 3.0% increase from the same period last month [1] - SPPOMA data showed that Malaysia's palm oil production from December 1 - 25, 2025, decreased by 9.12% compared to the previous period, with a 8.49% decline in fresh fruit bunch yield and a 0.12% decrease in oil extraction rate [1] Spot Prices - From December 22 - 26, 2025, the spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu showed different degrees of change [2] Protein Meal Basis - No specific data provided Fat Basis - No specific data provided Fat and Oil Futures Spread - No specific data provided