Core Viewpoint - The Chinese government emphasizes the importance of human-centered new urbanization as a key strategy for expanding domestic demand during the 14th Five-Year Plan period, aiming to enhance urbanization quality and promote urban-rural integration [2][4]. Group 1: New Urbanization Strategy - The new urbanization is described as a systematic project that requires tailored planning and implementation based on local conditions, focusing on urban-rural integration and addressing the dual structure of urban and rural areas [2][6]. - The urbanization rate in China increased from 63.89% to 67% since the beginning of the 14th Five-Year Plan, with a target to reach nearly 70% by 2024 [4]. - It is estimated that a 1 percentage point increase in urbanization rate could generate over 200 billion in annual consumption demand and drive trillions in new investment [4]. Group 2: Agricultural Population Urbanization - The government aims to facilitate the urbanization of 170 million migrant workers and their families who have not yet settled in cities, addressing key issues such as employment, social security, housing, and education [7][8]. - The central government has established a financial incentive system to support the urbanization of agricultural migrants, encouraging local governments to create mechanisms that promote this process [8]. Group 3: Urban Renewal Initiatives - Urban renewal is highlighted as a critical component of the new urbanization strategy, aimed at improving urban quality and addressing safety hazards while stabilizing the real estate market [8]. - The government plans to invest over 5 trillion in urban renewal projects, including the construction and renovation of over 700,000 kilometers of underground pipelines during the 14th Five-Year Plan [8]. - The introduction of Real Estate Investment Trusts (REITs) for urban renewal projects marks a significant breakthrough in financing, allowing for the transformation of future revenues into tradable fund shares, thus enhancing the sustainability and professional management of urban renewal initiatives [9].

本报（chinatimes.net.cn）记者刘诗萌 北京报道 "稳楼市"的提法，在一年一度的中央经济工作会议前夕，再度出现在高层会议的表述中。 新提"消除安全隐患" 11月底，香港大埔一座31层住宅宏福苑发生火灾，截至目前造成159人死亡，仍有31人失联。在这次事 件中，高层建筑暴露出发生火灾后扑救难、疏散慢、蔓延快的痛点，带来了深刻的警示。 12月3日，国务院以"深入推进以人为本的新型城镇化，着力构建城乡融合发展新格局"为主题，进行第 十七次专题学习。国务院总理李强在会上强调，要深入实施城市更新行动，把城市更新和消除安全隐 患、稳楼市等工作结合起来，扎实推进好房子建设和房地产高质量发展。 值得注意的是，去年的中央经济工作会议明确提出要"稳住楼市股市"，并在多处强调了大力实施城市更 新、城中村改造，赋予"稳楼市"在新一轮高质量发展中的重要使命，今年3月政府工作报告也再次提到 稳住楼市股市。而相比之下，"消除安全隐患"则是一个新的提法，在近期香港大埔宏福苑火灾事故发生 之后，各地也掀起了高层建筑火灾隐患的排查行动。 上海易居房地产研究院副院长严跃进向《华夏时报》记者表示，在城市发展新阶段，将城市更新与消除 安 ...

Group 1: Domestic Market Developments - The People's Bank of China continued to net withdraw funds on December 3, with the main repo rates fluctuating at low levels, leading to a slight increase in the yield of long-term bonds [1][7] - Vanke's bonds continued to decline, and Fitch placed Vanke and Vanke Hong Kong's "CCC-" issuer rating on negative watch, downgrading Vanke Hong Kong's note rating to "CC" [1][14] - The logistics industry in China showed a slight recovery in November, with the logistics industry prosperity index at 50.9%, up 0.2 percentage points from the previous month [2] Group 2: International Market Insights - The U.S. ADP employment report for November showed an unexpected decline, with a loss of 32,000 jobs, marking the largest drop since March 2023, indicating increasing pressure on the labor market [4] - The ISM services index in the U.S. rose to 52.6 in November, the fastest expansion in nine months, supported by improved business activity and a decrease in price pressures [5] - In the international oil market, WTI crude oil futures rose by 0.53% to $58.95 per barrel, while natural gas prices increased by 3.83% to $5.010 per million British thermal units [6] Group 3: Bond Market Dynamics - The bond market experienced narrow fluctuations, with most interest rate bonds seeing an increase in yield, particularly the 30-year bonds which rose over 3 basis points [10] - In the secondary market, several bonds showed significant price deviations, with "H0中南02" dropping over 96% and various Vanke bonds declining by more than 13% [13] - The convertible bond market followed the downward trend of the equity market, with major indices declining and a total trading volume of 54.11 billion yuan [15]

Report Industry Investment Ratings - Iron ore: Volatile [2] - Coking coal and coke: Volatile [2] - Rolled steel and wire rod: Volatile [2] - Glass: Volatile and weakening [2] - Soda ash: Volatile [2] - CSI 500: Rebound [4] - CSI 1000: Rebound [4] - 2 - year Treasury bond: Volatile [4] - 5 - year Treasury bond: Volatile [4] - 10 - year Treasury bond: Upward [4] - Gold: Volatile and bullish [4] - Silver: Volatile and bullish [4] - Logs: Consolidating at the bottom [5] - Pulp: Volatile [5] - Offset paper: Volatile [5] - Soybean oil: Range - bound [7] - Palm oil: Range - bound [7] - Rapeseed oil: Range - bound [7] - Soybean meal: Volatile and bearish [7] - Rapeseed meal: Volatile and bearish [7] - Soybean No.2: Volatile and bearish [7] - Soybean No.1: Volatile and bearish [7] - Live pigs: Volatile and bullish [10] - Rubber: Volatile [12] - PX: Wide - range volatile [12] - PTA: Volatile [12] - MEG: Weakly volatile [12] - PR: Hold and observe [12] - PF: Hold and observe [12] Core Views - The overall situation of the black industry shows an oversupply pattern, with weak domestic demand, and prices are mainly in a volatile state. The financial market has short - term adjustments but a positive medium - term trend. Precious metals are supported by factors such as central bank gold purchases and geopolitical risks. The forestry and paper industry has weak demand and supply pressures are gradually easing. The oil and oilseed market has uncertain demand prospects and supply is relatively abundant. The agricultural product market has supply - demand imbalances, and the soft commodity market has price fluctuations affected by factors such as supply, demand, and inventory [2][4][5][7][10][12] Summary by Related Catalogs Black Industry - Iron ore: Global shipments increased by 44.7 million tons to 33.232 billion tons, 47 - port foreign ore arrivals decreased by 155.5 million tons to 27.84 billion tons, daily average hot metal production dropped by 1.6 million tons to 2.3468 billion tons. The demand core lies in real estate, with new construction at 2005 levels. Port iron ore inventory rose slightly, reaching an 8 - month high. The supply - demand surplus pattern is hard to reverse, and prices are in high - level volatility [2] - Coal and coke: On December 1st, the first round of coke price cuts was implemented, and there are still expectations of further cuts. After continuous declines, valuations are reasonable, and there was a bottom - rebound on Monday. There are concerns about supply resumption, but steel and coke enterprises still have restocking needs, providing short - term support at low levels [2] - Rolled steel and wire rod: Downstream demand is sluggish, and winter restocking has not started. The core lies in steel demand, with real - estate new construction at 2005 levels. Steel prices depend on strict implementation of a production cut of over 5% in Q4 2025 and the implementation strength of anti - "involution" policies, and are currently in bottom - level volatility [2] - Glass: There are supply - side disturbances, with rumors of postponed cold - repairs. Float glass inventory decreased, but real - estate completion decline drags down demand. Whether prices can stop falling depends on cold - repair progress [2] Financial - Stock index futures/options: The previous trading day saw declines in major stock indices. Energy equipment and motorcycle sectors had capital inflows, while forestry and Internet sectors had outflows. China's November S&P composite PMI was 51.2, and the service PMI was 52.1. The market is in short - term adjustment but has a positive medium - term trend [4] - Treasury bonds: The yield of 10 - year Treasury bonds rose by 1bp, and the central bank conducted 79.3 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 134 billion yuan. Bond prices had a small - scale rebound [4] - Precious metals: Gold's pricing mechanism is shifting to central - bank gold purchases. It has strong currency, financial, and risk - aversion attributes. The current logic for the price increase remains unchanged, and factors such as the Fed's interest - rate policy and risk - aversion sentiment are short - term disturbances. Silver also has a volatile and bullish trend [4][6] Forestry and Paper - Logs: Last week, the average daily port shipment volume decreased by 0.31 million cubic meters to 6.13 million cubic meters. In October, the volume of New Zealand logs shipped to China increased by 2%, while China's coniferous log imports decreased by 4.67% month - on - month and 7.14% year - on - year. The expected arrival volume last week decreased by 48%. Port inventory decreased by 6 million cubic meters. Spot prices are weak, and the price is expected to consolidate at the bottom [5] - Pulp: The previous trading day's spot prices continued to be strong, with some prices of softwood and hardwood pulp rising. The latest foreign prices of softwood pulp remained stable, and hardwood pulp increased by $10 to $550 per ton. The cost support for pulp prices has strengthened, but the paper industry's profitability is low, and demand is weak. Prices are expected to return to volatility [5] - Offset paper: The previous trading day's spot prices were stable. Production is expected to be stable, and orders are expected to increase. Large - scale paper enterprises are firm in maintaining prices, and prices are expected to be volatile [5] Oil and Oilseed - Oils: U.S. soybean crushing reached a record high, but the U.S. biodiesel policy is uncertain. In October, Malaysian palm oil production and inventory were higher than expected, and exports in November decreased by 19.7% month - on - month. However, palm oil is supported by flood - induced production - reduction expectations and EU policy delays. Domestic soybean arrivals are large, and oil inventories are sufficient. Overall, oil prices are expected to continue range - bound trading [7] - Meals: U.S. soybean production, exports, and ending stocks have all been reduced, but the global supply is still relatively abundant. Sino - U.S. trade agreements may promote U.S. exports, but U.S. soybean prices are higher than Brazil's. Brazilian and Argentine soybean growing conditions are mixed. Domestic oil - mill operating rates are high, and soybean meal supply is sufficient. Demand is supported by high livestock inventories, but feed enterprises are cautious in purchasing. Prices are expected to be weakly volatile [7] Agricultural Products - Live pigs: The average trading weight is showing a downward trend. Supply has increased due to farmers' accelerated sales, while demand is limited, causing settlement prices to decline. Slaughter - enterprise operating rates increased slightly but are expected to weaken next week. Pig - raising profitability has decreased, and the average weekly price is expected to continue to fall [10] Soft Commodities - Rubber: In Yunnan, raw - material prices are stable; in Hainan, output has decreased due to temperature. Thai raw - material prices rose, and Vietnamese supply is gradually recovering. Total inventory is low. Tire - enterprise capacity utilization decreased but will gradually recover. Automobile production and sales increased in October. Natural rubber inventory is in a significant accumulation phase, and prices are expected to be in wide - range volatility [12] - PX: In the long - term, crude - oil supply exceeds demand, and recent geopolitical factors have caused oil prices to rebound slightly. PX supply is high, but downstream polyester demand has increased, and PX prices are in wide - range volatility [12] - PTA: Oil - price fluctuations affect the PX end, and PTA's cost is unstable. Short - term supply - demand has improved, but seasonal weakening is inevitable. Processing margins are low, and prices are expected to follow cost fluctuations [12] - MEG: There is still long - term inventory - accumulation pressure, but the near - term situation has improved due to supply reduction. As port inventory rises, spot basis weakens, and prices are expected to be weakly volatile [12] - PR: Local supply is tight, and cost support remains. The polyester bottle - chip market may stop falling and stabilize [12] - PF: Oil - price increases and low factory inventories are favorable, but terminal orders are insufficient. The short - fiber market is expected to have limited fluctuations [12][13]

·李强主持国务院第十七次专题学习指出新型城镇化是扩大内需和促进产业升级、做强国内大循环的重 要载体 ·两部门印发行动方案促进文旅与民航业融合发展 ·两大GPU龙头IPO新进展：摩尔线程将于12月5日上市沐曦股份发行价格确定 ·12月3日，国务院以"深入推进以人为本的新型城镇化，着力构建城乡融合发展新格局"为主题，进行第 十七次专题学习。国务院总理李强指出，新型城镇化是扩大内需和促进产业升级、做强国内大循环的重 要载体。要因地制宜实施好新型城镇化规划，坚持以规划为引领，进一步优化"人、产、城"布局，并根 据不同城市的情况实施分类指导。要科学有序推进农业转移人口市民化，采取更有力度、更具针对性的 举措，解决好农业转移人口的就业、社保、安居、子女教育等问题。要深入实施城市更新行动，把城市 更新和消除安全隐患、稳楼市等工作结合起来，扎实推进好房子建设和房地产高质量发展。要着力破解 城乡二元结构，推动城乡要素双向流动，加强城乡基础设施联通、产业对接，推进基本公共服务均等 化，促进城乡融合发展。（新华社） 用于投资"新型高性能通用GPU研发及产业化项目""新一代人工智能推理GPU研发及产业化项目"和"面 向前沿领域及新兴 ...

Core Insights - The conference highlighted the need for effective investment during the "14th Five-Year Plan" period, emphasizing the balance between maintaining reasonable investment growth and improving investment efficiency [1][2] - Key relationships to manage include government vs. market, quality vs. quantity, investment vs. consumption, stock vs. increment, traditional vs. new, and "investment in objects" vs. "investment in people" [1] Group 1 - The current stock of infrastructure in China is approximately 400 trillion yuan, with significant investment needs for updating and transforming existing assets to meet high-quality development standards [1] - Many existing assets in industrial and urban construction sectors do not meet the requirements for high-quality development and safety, indicating a substantial demand for investment in these areas [1] - The relationship between "investment in objects" and "investment in people" is closely tied to development stages, with many industries reaching a peak in demand for material consumption due to factors like population aging [1] Group 2 - Investment structure optimization is crucial for improving investment efficiency, with a focus on four major transformations: promoting consumption demand, enhancing the quality of existing asset supply, cultivating new growth drivers, and high-quality co-construction of the "Belt and Road" initiative [2] - The "14th Five-Year Plan" aims to achieve two main goals: optimizing investment structure and maintaining reasonable investment growth [2] - Key areas for investment during this period include new production capabilities, new infrastructure, new urbanization, and major engineering projects, particularly in electricity, water conservancy, and ecological environment sectors, which show significant potential for future investment growth [2]

Group 1: Report's Investment Rating for the Industry - The report's view on the industry is that it will operate in a consolidation phase [2] Group 2: Core Viewpoints of the Report - The steel price is in a narrow - range shock, and the market's overall driving force is not strong. It is necessary to pay attention to the changes in weekly fundamental data [1] - The steel market is currently in the off - season of demand, which puts pressure on steel prices. However, the improvement of macro - level expectations near the end of the year has driven a recent rebound [1] Group 3: Summary by Relevant Catalogs Industry Background - Premier Li Qiang pointed out that new - type urbanization is an important carrier for expanding domestic demand, promoting industrial upgrading, and strengthening the domestic large - scale cycle. The development space of new - type urbanization in the "15th Five - Year Plan" period is still large [1] Cost and Profit - The average tax - free cost of hot metal of mainstream sample steel mills in Tangshan this week is 2,310 yuan/ton. Compared with the ex - factory price of billets of 2,990 yuan/ton on December 3rd, the average loss of steel mills is 81 yuan/ton, a week - on - week decrease of 24 yuan/ton [1] Production - In November, a total of 42 construction steel production enterprises in the country carried out production reduction and maintenance, 9 more than last month, affecting a production volume of 2.0134 million tons, a month - on - month increase of 14.27% [1] Capital - As of December 2nd, the capital availability rate of sample construction sites is 59.49%, a week - on - week decrease of 0.07 percentage points. Among them, the capital availability rate of housing construction projects is 54.02%, a week - on - week increase of 0.03 percentage points [1]

美国就业下滑。宏观方面，国务院总理李强在主持专题学习时指出，新型城镇化是扩大内需和促进产业升级、做 强国内大循环的重要载体。要因地制宜实施好新型城镇化规划。科学有序推进农业转移人口市民化。要深入实施 城市更新行动，把城市更新和消除安全隐患、稳楼市等工作结合起来，扎实推进好房子建设和房地产高质量发展。 要着力破解城乡二元结构。海外方面，ADP就业数据显示，11月私营企业减少3.2万个工作岗位，为2023年3月以来 最大降幅，远不及市场预期的增加1万个。 股指回调。现货市场，A股三大指数震荡下跌，沪指跌0.51%收于3878点，创业板指跌1.12%。行业方面，板块指 数跌多涨少，交通运输、有色金属、煤炭行业领涨，传媒、计算机、房地产、商贸零售行业跌幅居前。当日沪深 两市成交额为1.67万亿元。海外方面，美国三大股指小幅收涨，道指涨0.86%报47882.9点。 期指基差修复。期货市场，基差方面，股指期货的贴水继续修复。成交持仓方面，四大期指的成交量和持仓量同 步增加。 策略 海外方面，美国小非农就业数据表现弱于预期，美联储降息预期进一步升温，美股三大指数均小幅收涨。国内方 面，指数开启二次探底，关注即将召开的两大 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The overall market maintains a volatile trend, with different sectors showing various performance characteristics. Factors such as policy changes, supply - demand relationships, and geopolitical issues significantly impact the market. For example, the expected Fed rate cut affects the precious metals market, and geopolitical conflicts influence the oil market [69][70][121]. Summary by Related Catalogs Financial Derivatives - **Stock Index Futures**: The market lacks catalysts and remains volatile. It is recommended to reduce long positions at high levels, conduct IM/IC 2512 long + ETF short cash - and - carry arbitrage, and adopt a double - buying option strategy [19][20][21]. - **Treasury Bond Futures**: The sentiment is weak, and the ultra - long end is under pressure. It is advisable to lightly short the T contract on rallies and be cautious about curve - steepening arbitrage [24][25][26]. Agricultural Products - **Protein Meal**: There is obvious supply pressure, and the price of US soybeans continues to decline. It is recommended to wait and see and adopt a strategy of selling wide - straddle options [28][29]. - **Sugar**: International sugar prices are adjusting, and domestic sugar prices are falling. It is suggested to wait and see [30][31][33]. - **Oilseeds and Oils**: The market continues to fluctuate. It is recommended to buy low and sell high in the short term [34][35][36]. - **Corn/Corn Starch**: The spot is strong, and the futures are in a high - level volatile state. Different trading strategies are proposed for different contracts [37][39]. - **Hogs**: There is still supply pressure, and the price fluctuates slightly. A bearish strategy is recommended [40][41][42]. - **Peanuts**: The spot is stable, and the futures fluctuate downward. Short - selling at high levels for the 01 contract and waiting and seeing for the 05 contract are advised [44][45][46]. - **Eggs**: The demand is average, and the price is mainly stable. It is recommended to build long positions at low levels for far - month contracts [47][48][49]. - **Apples**: The inventory is low, and the fundamentals are strong. It is recommended to wait and see [50][51][52]. - **Cotton - Cotton Yarn**: The fundamental contradictions are not significant, and the price fluctuates mainly. It is expected that US cotton will fluctuate in a range, and Zhengzhou cotton will be slightly strong in the short term [53][54][55]. Ferrous Metals - **Steel**: The steel price fluctuates in a range, and the cost provides support. It is recommended to maintain a volatile strategy, short the coil - coal ratio and the coil - rebar spread [58][59]. - **Coking Coal and Coke**: They are in a bottom - oscillating state. It is advisable to lightly go long on far - month contracts at low levels [60][61][62]. - **Iron Ore**: It should be treated with a bearish view at high levels [63][64][65]. - **Ferroalloys**: The cost drives a short - term rebound, but the demand suppresses the rebound height. It is recommended to sell out - of - the - money straddle option combinations [66][67]. Non - Ferrous Metals - **Gold and Silver**: Gold remains stable, and the game for silver intensifies. It is recommended to hold long positions for gold and be cautious with new positions for silver, and buy out - of - the - money call options [69][70][71]. - **Platinum and Palladium**: Platinum can be bought on dips, and palladium fluctuates. It is recommended to go long on the platinum - palladium ratio and buy out - of - the - money call options [72][73][75]. - **Copper**: The LME cancelled warrants increase significantly, and the copper price hits a new high. It is recommended to hold remaining long positions and pay attention to cash - and - carry arbitrage opportunities [77][78][79]. - **Alumina**: There is no substantial production cut, and the price is weak. It is recommended to wait and see [80][81][83]. - **Electrolytic Aluminum**: The overseas market sentiment is volatile, and the fundamentals are supportive. It is recommended to be bullish on dips in the medium term [86][87]. - **Cast Aluminum Alloy**: It moves with the aluminum price. It is recommended to wait and see [88][89][90]. - **Zinc**: It fluctuates widely. It is recommended to wait and see [91][92]. - **Lead**: It fluctuates in a range. It is advisable to go long lightly on dips [93][94]. - **Nickel**: Supply increases and demand decreases in December. It is recommended to be a short - side allocation [96][97]. - **Stainless Steel**: Supply and demand are weak. It is recommended to be a short - side allocation [99][100][101]. - **Industrial Silicon**: It fluctuates in a range, and it is recommended to short on rallies [102][105]. - **Polysilicon**: There is an expectation of state - purchase implementation, and the price may strengthen again. It is recommended to avoid short positions first and try to go long on far - month contracts at low levels [107][108]. - **Lithium Carbonate**: It is under pressure to correct in the medium term. It is recommended to buy after a full correction in the long term [109][110][111]. - **Tin**: The expectation of rate cut and supply concerns drive the price up. It is recommended to maintain a high - level volatile view [112][113][114]. Shipping - **Container Shipping**: There is still an expectation of a price increase in January, and the futures are expected to continue to rebound. It is recommended to hold long positions in the EC2602 contract and consider partial profit - taking for the 2 - 4 cash - and - carry arbitrage [115][116][119]. Energy and Chemicals - **Crude Oil**: Geopolitical conflicts dominate, and the price fluctuates widely. It is recommended to wait and see [120][121][122]. - **Asphalt**: The pessimistic sentiment eases, and the price rebounds. It is recommended to sell out - of - the - money call options for the BU2601 contract [123][124][125]. - **Fuel Oil**: The supply of high - sulfur fuel oil continues to increase. It is recommended to wait and see [125][126][128]. - **Natural Gas**: The terminal demand is weak, and the price drops faster. It is recommended to sell call options for TTF and adopt a combination of selling out - of - the - money call options and buying out - of - the - money put options for HH [130][132][134]. - **PX & PTA**: PX supply is abundant, and PTA has an inventory accumulation expectation. It is recommended to conduct reverse arbitrage for PX1, 3 contracts and PTA1, 5 contracts and sell out - of - the - money call and put options [135][136]. - **Ethylene Glycol**: There is an inventory accumulation expectation, and the price drops. It is recommended to sell out - of - the - money call options [138][139]. - **Short - Fiber**: Domestic demand declines seasonally. It is recommended to adopt a double - selling option strategy [140][141]. - **Bottle Chips**: The demand is expected to weaken in the off - season. It is recommended to adopt a double - selling option strategy [142][143]. - **Pure Benzene and Styrene**: The cost lacks support, and the inventory needs to be reduced. It is recommended to short pure benzene and go long on styrene and sell out - of - the - money call options [145][146][148]. - **Propylene**: The price of external propane rises, and propylene fluctuates at a high level. It is recommended to short on rallies and sell call options [151][152]. - **Plastic PP**: The cost increases. It is recommended to wait and see for the L and PP 01 contracts and hold the SPC L2605&PP2605 contract [153][154][155]. - **Caustic Soda**: The price is weak. It is recommended to wait and see [156][157]. - **PVC**: It is in a weak downward trend. It is recommended to wait and see [158][159][160]. - **Soda Ash**: It fluctuates. It is recommended to pay attention to the opportunity of shorting soda ash and going long on glass for the 05 contract [161][162]. - **Glass**: The cold - repair logic weakens, and the price drops. It is recommended to pay attention to the opportunity of shorting soda ash and going long on glass for the 05 contract [163][164][165]. - **Methanol**: It fluctuates mainly. It is recommended to pay attention to the 5 - 9 cash - and - carry arbitrage [167][169]. - **Urea**: It fluctuates strongly. It is expected to be strong in the short term and weak in the medium term [170][171][172]. - **Pulp**: The sentiment in the spot market improves. It is recommended to wait and see and take profit on previous long positions gradually [173][174][176]. - **Logs**: The fundamentals are weakening. It is recommended to wait and see and pay attention to the potential impact of Sino - Japanese relations on log imports [176][177][178]. - **Offset Printing Paper**: The supply pressure remains, and the market lacks upward momentum. It is recommended to sell the OP2602 - C - 4200 option [183][184]. - **Natural Rubber and No. 20 Rubber**: Hold short positions. It is recommended to set stop - loss levels for RU01 and NR01 contracts and hold the RU2601 - NR2601 spread [186][187][189]. - **Butadiene Rubber**: The oil - end cost decreases. It is recommended to hold short positions for the BR 02 contract and the BR2602 - NR2602 spread [190][191][192].

2. 美油主力合约收涨 0.8%，报 59.11 美元/桶；布伦特原油主力合约涨 0.54%， 报 62.79 美元/桶。 地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告资讯信息来源于万得资讯和金十数据，冠通研究整理编辑 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 资讯早间报 发布日期： 2025/12/04 隔夜夜盘市场走势 1. 国际贵金属期货普遍收涨，COMEX 黄金期货涨 0.33%报 4234.8 美元/盎司， COMEX 白银期货涨 0.39% ...