1. Report's Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - No information provided 3. Summary by Relevant Catalogs 3.1 Basis and Spread - The Shandong basis (+80) (non-Jingbo) was -30 on 11/11, 42 on 12/5, -43 on 12/9, -40 on 12/10, -60 on 12/11, with a daily change of -20 and a weekly change of -102 [2][3] - The East China basis (Zhenjiang warehouse) was 100 on 11/11, 92 on 12/5, 97 on 12/9, 100 on 12/10, 20 on 12/11, with a daily change of -80 and a weekly change of -72 [2][3] - The South China basis (Foshan warehouse) was 80 on 11/11, -18 on 12/5, 17 on 12/9, 20 on 12/10, 0 on 12/11, with a daily change of -20 and a weekly change of 18 [2][3] - The 01 - 03 spread was -40 on 11/11, -25 on 12/5, -35 on 12/9, -36 on 12/10, -28 on 12/11, with a daily change of 8 and a weekly change of -3 [2][3] - The 02 - 03 spread was -26 on 11/11, -14 on 12/5, -20 on 12/9, -18 on 12/10, -13 on 12/11, with a daily change of 5 and a weekly change of 1 [2][3] - The 03 - 06 spread was -30 on 11/11, -41 on 12/5, -42 on 12/9, -42 on 12/10, -39 on 12/11, with a daily change of 3 and a weekly change of 2 [2][3] 3.2 Futures Market - The BU main contract (02) was 3050 on 11/11, 2948 on 12/5, 2943 on 12/9, 2940 on 12/10, 2960 on 12/11, with a daily change of 20 and a weekly change of 12 [2][3] - The trading volume was 314162 on 11/11, 253337 on 12/5, 280627 on 12/9, 226203 on 12/10, 394179 on 12/11, with a daily change of 167976 and a weekly change of 140842 [2][3] - The open interest was 339671 on 11/11, 428146 on 12/5, 426690 on 12/9, 430400 on 12/10, 427106 on 12/11, with a daily change of -3294 and a weekly change of -1040 [2][3] 3.3 Spot Market - Brent crude oil was 65.2 on 11/11, 63.3 on 12/5, 62.5 on 12/9, 61.9 on 12/10, 62.2 on 12/11, with a daily change of 0.3 and a weekly change of -1.1 [2][3] - Jingbo's price was 3000 on 11/11, 2940 on 12/5, 2940 on 12/9, 2950 on 12/10, 2960 on 12/11, with a daily change of 10 and a weekly change of 20 [2][3] - The price in Shandong (non-Jingbo) was 2940 on 11/11, 2910 on 12/5, 2820 on 12/9, 2820 on 12/10, 2820 on 12/11, with a daily change of 0 and a weekly change of -90 [2][3] - The price in Zhenjiang warehouse was 3150 on 11/11, 3040 on 12/5, 3040 on 12/9, 3040 on 12/10, 2980 on 12/11, with a daily change of -60 and a weekly change of -60 [2][3] - The price in Foshan warehouse was 3130 on 11/11, 2930 on 12/5, 2960 on 12/9, 2960 on 12/10, 2960 on 12/11, with a daily change of 0 and a weekly change of 30 [2][3] 3.4 Profit - The asphalt Ma瑞 profit was 64 on 11/11, 154 on 12/5, 192 on 12/9, 358 on 12/10, 346 on 12/11, with a daily change of -12 and a weekly change of 192 [2][3]

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints - The domestic LPG market shows a situation where the internal valuation is relatively high. Although the domestic chemical industry has poor profits, the operating rate remains strong, and there is an expectation of a slight increase in civil demand, providing short - term support. Attention should be paid to winter weather and oil price conditions [1] 3. Summary by Relevant Data and Information Daily Changes - On Thursday, for civil LPG, the price in East China was 4415 (-9), in Shandong was 4400 (+30), and in South China was 4420 (-20). The price of ether - after carbon four was 4570 (+0). The lowest delivery location was Shandong, with a basis of 292 (+164), the 01 - 02 month spread was 68 (-9), and the 03 - 04 month spread was - 237 (-31). As of 21:00, FEI was 527 (-4) and CP was 521 (-3) dollars per ton [1] Weekly Views - The futures market was volatile, with a basis of 143 (+232), the 01 - 02 month spread of 79 (+3), and the 03 - 04 month spread of - 211 (-19). The number of warehouse receipts was 4611 lots (-200). Civil LPG prices rose, and the cheapest delivery product was civil LPG in East China at 4411 (+88). The foreign market FEI declined, while CP and MB increased, and the oil - gas ratio decreased. The internal and external markets weakened, with PG - CP dropping to 100 (-21) and PG - FEI dropping to 79 (-7). The US - Asia arbitrage window opened. The arrival premium for propane in East China was 97 (-2), and the FOB premiums for propane in AFEI, the Middle East, and the United States were 30 (+18.75), 25 (-13), and 43 dollars (+4) respectively. Freight rates declined. The spot profit of PDH weakened, and the futures profit decreased; the alkylation unit improved; the MTBE profit fluctuated. Port inventories decreased (-7%) due to a significant drop in arrivals (-18%) and a slight increase in demand; refinery inventories increased slightly (+0.86%). The PDH operating rate was 70.22% (+0.4pct), the alkylation operating rate was 37.93% (+1pct), and the MTBE operating rate was 71.58% (+0) [1]

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - The reports mainly present the latest data on various financial products including stock index futures spreads, bond futures spreads, precious metals spot - futures, and container shipping industry spot - futures. These data cover price changes, basis differences, and historical percentile positions, providing a basis for investors to understand market trends and make investment decisions. 3. Summary by Related Categories 3.1 Stock Index Futures Spreads - **Price - Spot Spreads**: For example, the IF price - spot spread was - 2.60, the IH price - spot spread was - 7.84, the IC price - spot spread was - 33.79, and the IM price - spot spread was 9.86 on the relevant day [1]. - **Inter - period Spreads**: There are detailed data on spreads between different contract months such as the next - month and current - month, far - month and current - month, etc. For instance, the IC next - month minus current - month spread was - 16.60 [1]. - **Cross - variety Ratios**: Ratios like CSI 500/CSI 300 were 1.5584, with historical percentile positions provided, indicating their relative valuation levels [1]. 3.2 Bond Futures Spreads - **IRR and Basis**: The 15 - contract IRR was 1.6378, and the basis of different bond futures contracts had various values and changes compared to the previous trading day. For example, the T basis was 1.4325 on 2025 - 12 - 10 [2]. - **Inter - period Spreads**: Spreads between different contract quarters such as the current - quarter and next - quarter, and next - quarter and far - quarter were reported. For example, the TF current - quarter minus next - quarter spread was - 0.0350 on 2025 - 12 - 10 [2]. - **Cross - variety Spreads**: Spreads between different bond futures varieties like TS - TF were - 3.3690 on 2025 - 12 - 10 [2]. 3.3 Precious Metals Spot - Futures - **Futures Closing Prices**: Domestic futures closing prices of AU2602, AG2602, etc. showed price increases or decreases compared to the previous day. For example, the AU2602 contract price rose from 951.54 to 956.40, a 0.51% increase [3]. - **Spot Prices**: London gold, silver, and other spot prices also had corresponding changes. For instance, London gold rose from 4206.59 to 4227.65, a 0.50% increase [3]. - **Basis and Ratios**: The basis between gold TD and Shanghai gold futures, gold - silver ratios, etc. were presented. For example, the basis of gold TD - Shanghai gold futures was - 5.27, and the COMEX gold/silver ratio was 68.46 [3]. - **Interest Rates, Exchange Rates, and Inventories**: 10 - year and 2 - year US Treasury yields, the US dollar index, etc. had changes. Inventory data of precious metals on the Shanghai Futures Exchange and COMEX also showed different trends [3]. 3.4 Container Shipping Industry Spot - Futures - **Shipping Indexes**: The SCFIS (European route) increased by 1.72% from 1483.65 to 1509.10, while the SCFIS (US West route) decreased by 50.71% from 1948.77 to 960.51. The SCFI comprehensive index increased by 0.69% [5]. - **Futures Prices and Basis**: Futures prices of EC2602 (main contract) and others had price changes, and the basis of the main contract changed by 41.01% [5]. - **Fundamental Data**: Global container shipping capacity supply increased by 0.01%, Shanghai port on - time rate decreased by 18.50%, and Shanghai port berthing increased by 5.83%. Monthly export amount increased by 8.19%. Overseas economic indicators such as the euro - zone comprehensive PMI increased by 0.57% [5].

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core View of the Report - The report presents the spot prices, futures prices, basis, basis rates, historical quantiles, and spot references of various commodities, including ferrous metals, non-ferrous metals, precious metals, agricultural products, energy and chemicals, and financial futures on December 11, 2025. [1] 3. Summary by Commodity Category Ferrous Metals - **Silicon Iron (SF603)**: Spot price is 5478, futures price is 5434, basis is 44, basis rate is 0.81%, and historical quantile is 60.50%. [1] - **Silicon Manganese (SM603)**: Spot price is 5790, futures price is 5724, basis is 66, basis rate is 1.15%, and historical quantile is 38.00%. [1] - **Rebar (RB2605)**: Spot price is 3280, futures price is 3117, basis is 163, basis rate is 5.23%, and historical quantile is 66.50%. [1] - **Hot Rolled Coil (HC2605)**: Spot price is 3280, futures price is 3282, basis is -2, basis rate is -0.06%, and historical quantile is 17.60%. [1] - **Iron Ore (I2605)**: Spot price is 842, futures price is 769, basis is 73, basis rate is 9.45%, and historical quantile is 56.30%. [1] - **Coke (J2601)**: Spot price is 1603, futures price is 1527, basis is 76, basis rate is 4.95%, and historical quantile is 90.22%. [1] - **Coking Coal (JM2605)**: Spot price is 1160, futures price is 1070, basis is 90, basis rate is 8.41%, and historical quantile is 48.10%. [1] Non - Ferrous Metals - **Copper (CU2601)**: Spot price is 91700, futures price is 91850, basis is -150, basis rate is -0.16%, and historical quantile is 32.70%. [1] - **Aluminum (AL2602)**: Spot price is 21770, futures price is 21935, basis is -165, basis rate is -0.75%, and historical quantile is 9.79%. [1] - **Alumina (AO2601)**: Spot price is 2807, futures price is 2477, basis is 330, basis rate is 13.31%, and historical quantile is 87.22%. [1] - **Zinc (ZN2601)**: Spot price is 23000, futures price is 23075, basis is -75, basis rate is -0.33%, and historical quantile is 43.75%. [1] - **Tin (SN2601)**: Spot price is 316700, futures price is 322630, basis is -5930, basis rate is -1.84%, and historical quantile is 1.45%. [1] - **Nickel (NI2601)**: Spot price is 117000, futures price is 117090, basis is -90, basis rate is -0.08%, and historical quantile is 46.66%. [1] - **Stainless Steel (SS2601)**: Spot price is 12970, futures price is 12555, basis is 415, basis rate is 3.31%, and historical quantile is 75.96%. [1] - **Lithium Carbonate (LC2605)**: Spot price is 92700, futures price is 95980, basis is -3280, basis rate is -3.42%, and historical quantile is 14.09%. [1] - **Industrial Silicon (SI2601)**: Spot price is 9200, futures price is 8250, basis is 950, basis rate is 11.52%, and historical quantile is 62.38%. [1] Precious Metals - **Gold (AU2602)**: Spot price is 951.1, futures price is 956.4, basis is -5.3, basis rate is -0.55%, and historical quantile is 2.20%. [1] - **Silver (AG2602)**: Spot price is 14377.0, futures price is 14373.0, basis is 4.0, basis rate is 0.03%, and historical quantile is 91.00%. [1] Agricultural Products - **Soybean Meal (M2605)**: Spot price is 3040, futures price is 2754.0, basis is 286.0, basis rate is 10.38%, and historical quantile is 67.90%. [1] - **Soybean Oil (Y2605)**: Spot price is 8410, futures price is 8000.0, basis is 410.0, basis rate is 5.13%, and historical quantile is 70.10%. [1] - **Palm Oil (P2605)**: Spot price is 8530, futures price is 8528.0, basis is 2.0, basis rate is 0.02%, and historical quantile is 23.00%. [1] - **Rapeseed Meal (RM605)**: Spot price is 2450, futures price is 2329.0, basis is 121.0, basis rate is 5.20%, and historical quantile is 71.20%. [1] - **Rapeseed Oil (OI601)**: Spot price is 9680, futures price is 9443.0, basis is 237.0, basis rate is 2.51%, and historical quantile is 75.40%. [1] - **Corn (C2601)**: Spot price is 2290, futures price is 2241.0, basis is 49.0, basis rate is 2.19%, and historical quantile is 67.40%. [1] - **Corn Starch (CS2601)**: Spot price is 2650, futures price is 2532.0, basis is 118.0, basis rate is 4.66%, and historical quantile is 60.30%. [1] - **Live Hogs (LH2603)**: Spot price is 11300, futures price is 11310.0, basis is -10.0, basis rate is -0.09%, and historical quantile is 44.90%. [1] - **Eggs (JD2601)**: Spot price is 3020, futures price is 3153.0, basis is -133.0, basis rate is -4.22%, and historical quantile is 27.10%. [1] - **Cotton (CF601)**: Spot price is 14830, futures price is 13780.0, basis is 1050.0, basis rate is 7.62%, and historical quantile is 64.90%. [1] - **Sugar (SR605)**: Spot price is 5480, futures price is 5225.0, basis is 255.0, basis rate is 4.88%, and historical quantile is 26.70%. [1] - **Apples (AP605)**: Spot price is 9000, futures price is 9510.0, basis is -510.0, basis rate is -5.36%, and historical quantile is 7.00%. [1] - **Jujubes (CJ605)**: Spot price is 8600, futures price is 9290.0, basis is -690.0, basis rate is -7.43%, and historical quantile is 61.80%. [1] Energy and Chemicals - **Para - Xylene (PX603)**: Spot price is 6774.0, futures price is 6746.0, basis is 28.0, basis rate is 0.42%, and historical quantile is 33.90%. [1] - **PTA (TA601)**: Spot price is 4610.0, futures price is 4616.0, basis is -6.0, basis rate is -0.13%, and historical quantile is 54.10%. [1] - **Ethylene Glycol (EG2601)**: Spot price is 3665.0, futures price is 3682.0, basis is -17.0, basis rate is -0.46%, and historical quantile is 52.80%. [1] - **Polyester Staple Fiber (PF602)**: Spot price is 6275.0, futures price is 6114.0, basis is 161.0, basis rate is 2.63%, and historical quantile is 79.10%. [1] - **Styrene (EB2601)**: Spot price is 6645.0, futures price is 6469.0, basis is 176.0, basis rate is 2.72%, and historical quantile is 63.80%. [1] - **Methanol (MA601)**: Spot price is 2078.0, futures price is 2053.0, basis is 25.0, basis rate is 1.22%, and historical quantile is 56.60%. [1] - **Urea (UR601)**: Spot price is 1700.0, futures price is 1645.0, basis is 55.0, basis rate is 3.34%, and historical quantile is 33.20%. [1] - **LLDPE (L2601)**: Spot price is 6625.0, futures price is 6561.0, basis is 64.0, basis rate is 0.98%, and historical quantile is 42.30%. [1] - **PP (PP2601)**: Spot price is 6345.0, futures price is 6162.0, basis is 183.0, basis rate is 2.97%, and historical quantile is 72.60%. [1] - **PVC (V2601)**: Spot price is 4330.0, futures price is 4328.0, basis is 2.0, basis rate is 0.05%, and historical quantile is 81.60%. [1] - **Caustic Soda (SH603)**: Spot price is 2218.8, futures price is 2110.0, basis is 108.8, basis rate is 9.15%, and historical quantile is 64.50%. [1] - **LPG (PG2601)**: Spot price is 4498.0, futures price is 4242.0, basis is 256.0, basis rate is 6.03%, and historical quantile is 48.20%. [1] - **Asphalt (BU2602)**: Spot price is 2930.0, futures price is 2940.0, basis is -10.0, basis rate is -0.34%, and historical quantile is 50.10%. [1] - **Butadiene Rubber (BR2602)**: Spot price is 10600.0, futures price is 10605.0, basis is -5.0, basis rate is -0.05%, and historical quantile is 28.00%. [1] - **Glass (FG601)**: Spot price is 968.0, futures price is 964.0, basis is 4.0, basis rate is 0.41%, and historical quantile is 77.52%. [1] - **Soda Ash (SA601)**: Spot price is 1104.0, futures price is 1094.0, basis is 10.0, basis rate is 0.91%, and historical quantile is 53.15%. [1] - **Natural Rubber (RU2605)**: Spot price is 14850.0, futures price is 15215.0, basis is -365.0, basis rate is -2.46%, and historical quantile is 76.73%. [1] Financial Futures - **Stock Index Futures**: - **IF2512.CFE**: Spot price is 4591.8, futures price is 4574.2, basis is -17.6, basis rate is -0.39%, and historical quantile is 26.30%. [1] - **IH2512.CFE**: Spot price is 2988.6, futures price is 2980.8, basis is -7.8, basis rate is -0.26%, and historical quantile is 26.70%. [1] - **IC2512.CFE**: Spot price is 7156.0, futures price is 7122.2, basis is -33.8, basis rate is -0.47%, and historical quantile is 37.00%. [1] - **IM2512.CFE**: Spot price is 7408.2, futures price is 7371.4, basis is -36.8, basis rate is -0.50%, and historical quantile is 50.20%. [1] - **Treasury Bond Futures**: - **2 - Year Treasury Bond (TS2603)**: Spot price is 100.09, futures price is 102.46, basis is -0.05, basis rate is -0.05%, and historical quantile is 13.30%. [1] - **5 - Year Treasury Bond (TF2603)**: Spot price is 99.50, futures price is 105.81, basis is -0.09, basis rate is -0.08%, and historical quantile is 16.50%. [1] - **10 - Year Treasury Bond (T2603)**: Spot price is 100.39, futures price is 108.00, basis is 0.08, basis rate is 0.07%, and historical quantile is 26.20%. [1] - **30 - Year Treasury Bond (TL2603)**: Spot price is 127.54, futures price is 112.68, basis is 0.63, basis rate is 0.56%, and historical quantile is 86.70%. [1]

1. Report Investment Ratings - No investment ratings are provided in the reports. 2. Core Views - The reports present daily data on various financial products including stock index futures spreads, bond futures spreads, precious metals spot - futures, and container shipping industry spot - futures. They offer detailed information on price changes, historical quantiles, and related market indicators to help investors understand market trends and price relationships. 3. Summary by Category Stock Index Futures Spreads - **Price - Spot Spread**: For example, the IF price - spot spread was - 2.60, the IH price - spot spread was - 7.84, the IC price - spot spread was - 33.79, and the IM price - spot spread was - 36.84 on the reporting date. The historical 1 - year and full - history quantiles of these spreads are also provided [1]. - **Inter - period Spread**: Different contracts' inter - period spreads such as next month - current month, far month - next month are presented with their latest values, changes from the previous day, and historical quantiles [1]. - **Cross - variety Ratio**: Ratios like CSI 500/CSI 300, IC/IF, etc. are given along with their historical quantiles [1]. Bond Futures Spreads - **IRR and Basis**: IRR values and basis data for different bonds are provided, including the 15 - bond set with an IRR of 1.6378, and basis values for T, TF, TS, etc. with their changes from the previous day and historical quantiles [2]. - **Inter - period Spread**: Inter - period spreads for different bond contracts such as TS, TF, T, TL are presented, along with their changes and historical quantiles [2]. - **Cross - variety Spread**: Cross - variety spreads like TS - TF, TF - T, etc. are given with their values and historical quantiles [2]. Precious Metals Spot - Futures - **Domestic and Overseas Futures Closing Prices**: Closing prices of domestic and overseas precious metal futures contracts (such as AU2602, COMEX gold, etc.) on December 10 and December 9 are provided, along with price changes and percentage changes [3]. - **Spot Prices**: Spot prices of precious metals (such as London gold, Shanghai Gold Exchange gold + D, etc.) on December 10 and December 9 are presented, along with price changes and percentage changes [3]. - **Basis and Ratio**: Basis values (e.g., gold TD - Shanghai gold main contract) and price ratios (e.g., COMEX gold/silver) are given with their changes and historical quantiles [3]. - **Interest Rates, Exchange Rates, Inventory, and Positions**: Data on interest rates (10 - year US Treasury yield, etc.), exchange rates (USD index, etc.), inventory (Shanghai Futures Exchange gold inventory, etc.), and positions (SPRD gold ETF position, etc.) are provided [3]. Container Shipping Industry Spot - Futures - **Shipping Index**: Settlement price indices of SCFIS (European and US - West routes) and Shanghai Export Container Freight Index (SCFI) are presented with their changes and percentage changes [5]. - **Futures Prices and Basis**: Futures prices of different contracts (EC2602, etc.) and the basis of the main contract are provided, along with their price changes and percentage changes [5]. - **Fundamental Data**: Data on container shipping industry fundamentals including global container shipping capacity supply, port - related indicators (Shanghai port on - time rate, etc.), monthly export amount, and overseas economic indicators (euro - zone PMI, etc.) are provided [5].

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Views - **Methanol**: Iranian plants have started to shut down, leading to a resonance rebound in ports and inland areas, with a slight strengthening of the basis. Port inventories have decreased for two consecutive weeks, but there are many floating storage tanks. It is expected to return to inventory accumulation later. The 01 contract on the futures market offers a risk - free arbitrage opportunity for imports, and it is believed that the 01 contract will end with high inventories. It is advisable to do a 1 - 5 reverse spread on rallies [1]. - **Polyethylene**: The inventory of the two major state - owned petrochemical companies is neutral year - on - year. Upstream and coal - chemical industries are reducing inventories, while social inventories remain flat. Downstream raw material and finished - product inventories are also neutral. Overall inventory is neutral. The 09 contract basis is around - 110 in North China and - 50 in East China. Import profits are around - 200 with no further increase for now. Non - standard HD injection prices are stable, and other price spreads are fluctuating. LD prices are weakening. Domestic linear production has decreased recently. Attention should be paid to LL - HD conversion and US quotes, as well as new plant commissioning in 2025 [3]. - **Polypropylene**: Upstream and mid - stream inventories of polypropylene are decreasing. In terms of valuation, the basis is - 60, non - standard price spreads are neutral, and import profits are around - 700. Exports have been good this year. Non - standard price spreads are neutral. PDH profits are around - 400, propylene prices are fluctuating, and powder production starts are stable.拉丝 production scheduling is neutral. Future supply is expected to increase slightly. Downstream orders are average currently, and raw material and finished - product inventories are neutral. Under the background of over - capacity, the 01 contract is expected to face moderate to excessive pressure. If exports continue to increase or there are many PDH plant overhauls, the supply pressure can be alleviated to a neutral level [3]. - **PVC**: The basis remains at 01 - 270, and the factory - pickup basis is - 480. Downstream开工率 is seasonally weakening, but there is a strong willingness to hold goods at low prices. Mid - and upstream inventories are continuously accumulating. In summer, Northwest plants have seasonal overhauls, and the load center is between the spring overhaul and the high production in Q1. In Q4, attention should be paid to production capacity commissioning and export sustainability. Near - term export orders have declined slightly. Coal sentiment is positive, and the cost of semi - coke is stable. Calcium carbide profits are under pressure due to PVC overhauls. Attention should be paid to subsequent export orders for caustic soda. PVC comprehensive profits are - 100. Currently, the static inventory contradiction is accumulating slowly, costs are stable, downstream performance is average, and the macro - environment is neutral. Attention should be paid to exports, coal prices, commercial housing sales, terminal orders, and开工率 [3]. 3. Summary by Commodity Methanol - **Price Data**: From December 4 to December 10, 2025, the power coal futures price remained at 801. The prices of methanol in different regions and related indicators such as import profits, basis, and MTO profits changed. For example, the import profit on December 4 was 7, and on December 10, the basis was 25 [1]. - **Market Situation**: Iranian plants have shut down, causing a resonance rebound in ports and inland areas. Ports have seen two consecutive weeks of inventory reduction, but there are many floating storage tanks. It is expected to return to inventory accumulation later. The 01 contract on the futures market offers an import risk - free arbitrage opportunity [1]. Polyethylene - **Price Data**: From December 4 to December 10, 2025, prices of Northeast Asian ethylene, various types of polyethylene in different regions, and related indicators such as import profits, basis, and two - oil inventories changed. For example, the import profit on December 4 was 139, and on December 10, the basis was - 30 [3]. - **Market Situation**: The inventory of the two major state - owned petrochemical companies is neutral year - on - year. Upstream and coal - chemical industries are reducing inventories, while social inventories remain flat. Downstream raw material and finished - product inventories are also neutral. Overall inventory is neutral. Import profits are around - 200 with no further increase for now. Non - standard HD injection prices are stable, and other price spreads are fluctuating. LD prices are weakening. Domestic linear production has decreased recently [3]. Polypropylene - **Price Data**: From December 4 to December 10, 2025, prices of Shandong propylene, Northeast Asian propylene, various types of polypropylene in different regions, and related indicators such as export profits, basis, and two - oil inventories changed. For example, the export profit on December 4 was - 4, and on December 10, the basis was - 70 [3]. - **Market Situation**: Upstream and mid - stream inventories of polypropylene are decreasing. In terms of valuation, the basis is - 60, non - standard price spreads are neutral, and import profits are around - 700. Exports have been good this year. Non - standard price spreads are neutral. PDH profits are around - 400, propylene prices are fluctuating, and powder production starts are stable. Future supply is expected to increase slightly [3]. PVC - **Price Data**: From December 4 to December 10, 2025, prices of Northwest calcium carbide, Shandong caustic soda, various types of PVC in different regions, and related indicators such as export profits, comprehensive profits, and basis changed. For example, the export profit on December 4 was 179, and on December 10, the basis was - 20 [3]. - **Market Situation**: The basis remains at 01 - 270, and the factory - pickup basis is - 480. Downstream开工率 is seasonally weakening, but there is a strong willingness to hold goods at low prices. Mid - and upstream inventories are continuously accumulating. In summer, Northwest plants have seasonal overhauls. Near - term export orders have declined slightly. Coal sentiment is positive, and the cost of semi - coke is stable. Calcium carbide profits are under pressure due to PVC overhauls [3].

1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views of the Report - The Fed cut interest rates by 25bp, with an unexpectedly dovish stance, which is expected to improve global liquidity in the short - term and boost risk assets. A - shares may have short - term upward opportunities, but high - level chasing should be treated with caution [3]. - The pressure on the bond market to decline may have passed its peak, and the bond futures may return to a sideways trend in the short - term. There is a possibility of a phased rebound in the bond market later, and investors are advised to wait and see for now [3]. - Precious metals have increased fluctuations, and short - term gold prices need to build momentum to break the sideways pattern. Silver may face increased trading congestion, and investors should be cautious about chasing high prices [3]. 3. Summary by Categories 3.1 Daily Selected Views - **Bullish**: Tin (SN2601) is expected to be sideways with an upward bias; Methanol (MA2601) and rebar (rb2501) are expected to be sideways with an upward bias at the bottom [3]. - **Bearish**: Corn (C2601) is expected to be sideways with a downward bias [3]. 3.2 All - Variety Daily Reviews 3.2.1 Financial Products - **Stock Index Futures**: Due to the Fed's interest rate cut, short - term global liquidity expectations will improve, and A - shares have short - term upward opportunities. It is recommended to go long intraday but be cautious about high - level chasing, and consider using protective options or bull spread strategies [3]. - **Bond Futures**: The pressure on the bond market to decline may have passed, and bond futures may return to a sideways trend. It is recommended to wait and see for now and pay attention to the outcome of the Central Economic Work Conference. Positive arbitrage opportunities between TL and TF2603 contracts can be gradually considered [3]. - **Precious Metals**: Gold prices are fluctuating in the range of $4150 - 4260 and need to build momentum to break the sideways pattern. Silver may face increased trading congestion after a rapid rise. It is recommended to use a virtual option double - selling strategy for gold and be cautious about chasing high prices for silver [3]. 3.2.2 Industrial Products - **Steel and Iron Ore**: Steel prices have stopped falling and are expected to continue to move sideways. Iron ore is expected to weaken from its high - level sideways movement, and coking coal and coke are also expected to be bearish [3]. - **Non - ferrous Metals**: For copper, long - term long positions can be held. Aluminum prices are affected by the Fed's interest rate decision, and it is recommended to take profits for previous long positions and then go long again. For other non - ferrous metals, different trading strategies are provided according to their respective fundamentals [3]. - **New Energy and Chemicals**: Polysilicon futures are rising, while industrial silicon prices are falling. PX has support at low levels, while PTA and short - fiber are expected to be weak in the short - term. Different trading strategies are recommended for various chemical products based on their supply - demand situations [3]. 3.2.3 Agricultural Products - **Grains and Oils**: Corn is expected to be sideways with a downward bias, while soybean meal and rapeseed meal are expected to move in a narrow range. Palm oil has broken through support levels, and its main contract is testing the support at 8500 [3]. - **Livestock and Poultry**: The spot price of live pigs is expected to be sideways with an upward bias in the short - term due to pickling demand [3]. - **Other Agricultural Products**: Sugar is expected to move sideways at the bottom, cotton is expected to be sideways with an upward bias, and eggs are expected to be sideways with a downward bias [3].

商 品 研 究 2025 年 12 月 11 日 LLDPE：单边下跌，基差再度转弱 周富强 投资咨询从业资格号：Z0023304 zhoufuqiang@gtht.com 【基本面跟踪】 LLDPE 基本面数据 | 期 货 | | 昨日收盘价 | 日涨跌 | 昨日成交 | 持仓变动 | | --- | --- | --- | --- | --- | --- | | | L2601 | 6561 | 0.06% | 601624 | -72250 | | 基差月差变化 | | 昨日价差 | | 前日价差 | | | | 01合约基差 | -61 | | 1 3 | | | | 01-05合约价差 | -38 | | -53 | | | 重要现货价格 | | 昨日价格 | （元/吨） | 前日价格 | （元/吨） | | | 北 华 | 6500 | | 6570 | | | | 华 东 | 6700 | | 6750 | | | | 华 南 | 6600 | | 6670 | | 资料来源：卓创资讯，国泰君安期货 【现货消息】 期货盘面承压下行，华北 LL 基差昨日暂时升水后，今天 LL 现货加速下跌；仓单近 ...

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - This week, the cracking spread of high - sulfur fuel oil in Singapore fluctuated, the monthly spread was at a historical low, strengthened slightly on Friday, the basis weakened and then strengthened slightly on Friday; the cracking spread of European HSFO fluctuated weakly, and the EW spread fluctuated. The cracking spread of 0.5% fuel oil in Singapore weakened, with the monthly spread and basis fluctuating at low levels. [3] - In terms of inventory, Singapore's residue oil had a slight inventory build - up, high - sulfur floating storage had a slight inventory draw - down, ARA's residue oil had a slight inventory build - up, Fujairah's residue oil had a significant inventory build - up, high - sulfur floating storage had an inventory draw - down, and EIA's residue oil had a slight inventory build - up. [3] - With the increasing expectation of Russia - Ukraine peace talks, the cracking spreads of gasoline and diesel in the external market continued to decline this week, and the price difference between low - sulfur fuel oil and diesel continued to rebound. After the fire at Al Zour refinery on October 21, the external low - sulfur fuel oil was supported, but the short - term upside space was limited. [4] - The global heavy - oil market entered the off - season with inventory build - up. The external cracking spread was affected by crude oil fluctuations, and there was no improvement in the spot market. FU01 should be treated bearishly. The valuation of low - sulfur fuel oil was low but there was no driving force. [4] 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From December 3 to December 9, 2025, the price of Rotterdam 3.5% HSF O swap M1 dropped from 348.42 to 335.47, a decrease of 4.32; the price of Rotterdam 0.5% VLS FO swap M1 dropped from 390.01 to 381.64, a decrease of 3.04. [1] - The Rotterdam HSFO - Brent M1 spread changed by 0.06, the Rotterdam 10ppm Gasoil swap M1 decreased by 11.68, the Rotterdam VLSFO - Gasoil M1 increased by 8.64, the LGO - Brent M1 decreased by 0.96, and the Rotterdam VLSFO - HSFO M1 increased by 1.28. [1] Singapore Fuel Oil Swap Data - From December 3 to December 9, 2025, the price of Singapore 380cst M1 dropped from 345.72 to 341.31, a decrease of 11.08; the price of Singapore 180cst M1 dropped from 350.42 to 349.84, a decrease of 9.74; the price of Singapore VLSFO M1 dropped from 419.63 to 416.32, a decrease of 10.14. [1] - The price of Singapore GO M1 dropped from 83.93 to 83.59, a decrease of 1.87; the Singapore 380cst - Brent M1 spread decreased by 0.31, and the Singapore VLSFO - Gasoil M1 increased by 3.69. [1] Singapore Fuel Oil Spot Data - From December 3 to December 9, 2025, the FOB price of 380cst dropped from 334.01 to 333.81, a decrease of 9.72; the FOB price of VLSFO dropped from 418.67 to 415.01, a decrease of 10.02. [2] - The 380 - cst basis increased by 1.18, the high - sulfur internal - external price difference decreased by 0.4, and the low - sulfur internal - external price difference decreased by 0.3. [2] Domestic FU Data - From December 3 to December 9, 2025, the price of FU 01 dropped from 2437 to 2418, a decrease of 90; the price of FU 05 dropped from 2499 to 2488, a decrease of 85; the price of FU 09 dropped from 2468 to 2464, a decrease of 70. [2] - The FU 01 - 05 spread decreased by 5, the FU 05 - 09 spread decreased by 15, and the FU 09 - 01 spread increased by 20. [2] Domestic LU Data - From December 3 to December 9, 2025, the price of LU 01 dropped from 3010 to 2989, a decrease of 82; the price of LU 05 dropped from 3021 to 3003, a decrease of 88; the price of LU 09 dropped from 3060 to 3033, a decrease of 72. [3] - The LU 01 - 05 spread increased by 6, the LU 05 - 09 spread decreased by 16, and the LU 09 - 01 spread increased by 10. [3]

Group 1 - The core viewpoint indicates that the styrene market is experiencing a weak downward trend, with futures prices showing fluctuations and a decline of approximately 2.33% [1][2] - According to Guotou Anxin Futures, the decline in crude oil prices and the stable supply-demand structure for styrene may prevent significant price increases, although there are no signs of weakening demand [2] - Newhu Futures reports that the resumption of petrochemical facilities in Lianyungang and Dongming will increase supply, leading to a slight decrease in spot prices and a weakening basis [2] Group 2 - Nanhua Futures notes a planned short shutdown of the Liaoning Baolai facility for 10 days, which may tighten near-term supply [3] - The demand side shows an increase in operating rates for EPS and PS, while ABS profits are declining, leading to reduced output from marginal facilities [3] - Despite high port inventories for styrene, the market remains cautious about liquidity risks, with active replenishment observed in the near term [3]