Morning session notice 研究员：吴志桥 从业资格：F3085283 交易咨询资格：Z0019267 联系方式：15000295386 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 周一夜盘主力合约期货 BZ2603 价格下跌 62 元至 5470 元/吨，华东主流地区现货价 格 5360 元/吨（环比+35），山东地区现货价格 5206 元/吨（环比+39）。持仓方面， 多头持仓增加 652 手至 1.72 万手，空头持仓增加 1863 至 2.2 万手。 【重要资讯】 1、供应方面，11 月国内纯苯产量 191.8 万吨，同比-0.93%。12 月计划内检修偏多。 10 月纯苯进口量 49.67 万吨，环比+14.1%。市场消息：华东某炼厂计划 1 月对 1000 万吨常减压以及一套重整检修，影响纯苯产能 60 万吨。 | | --- | --- | --- | --- | | 能源与化 | 纯苯 | 震荡 | 2、库存方面，截至 2025 年 12 月 22 日，中国纯苯港口样本商业库存总量：29.3 万 吨，较上期库存 28 万吨累库 1.3 万吨，环比上升 4.6 ...

联系方式：0371-65617380 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 12 月 30 日星期二 Morning session notice 如引用、转载、刊发，须注明出处为格林大华期货有限公司。 | 板块 | 品种 | 多（空） | 推荐理由 | | --- | --- | --- | --- | | | | | 【行情复盘】 | | | | | 昨日夜盘玉米期货震荡整理，截至夜盘收盘2603合约涨幅0.54%，收于2249元/吨。 | | | | | 【重要资讯】 | | | | | 1、中国粮油商务网数据显示，昨日深加工企业收购价涨跌互现。东北地区深加工企 | | | | | 业收购价2127元/吨，较上周五涨9元/吨；华北地区深加工企业收购价2266元/吨， | | | | | 较上周五跌9元/吨。 | | | | | 2、中国粮油商务网监测数据显示，昨日港口价格明显上涨。锦州港收购价2265-22 | | | | | 80元/吨，较上周五涨25元/吨；蛇口港成交价2410元/吨，较上周五涨20元/吨。 | | | ...

更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 12 月 30 日星期二 Morning session notice 早盘提示 研究员：吴志桥 从业资格：F3085283 交易咨询资格：Z0019267 联系方式：15000295386 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 周一夜盘主力合约期货 BZ2603 价格下跌 62 元至 5470 元/吨，华东主流地区现货价 格 5360 元/吨（环比+35），山东地区现货价格 5206 元/吨（环比+39）。持仓方面， 多头持仓增加 652 手至 1.72 万手，空头持仓增加 1863 至 2.2 万手。 【重要资讯】 1、供应方面，11 月国内纯苯产量 191.8 万吨，同比-0.93%。12 月计划内检修偏多。 10 月纯苯进口量 49.67 万吨，环比+14.1%。市场消息：华东某炼厂计划 1 月对 1000 万吨常减压以及一套重整检修，影响纯苯产能 60 万吨。 | | --- | --- | --- | --- | | 能源与化 | 纯苯 | 震荡 | 2、库存方面，截 ...

【冠通期货研究报告】 螺纹日报：震荡整理 发布日期：2025 年 12 月 29 日 一、市场行情回顾 1，期货价格：螺纹钢主力合约周一持仓量减仓 3632 手，成交量相比上一 交易日略微缩量，成交量 1051146 手。日内震荡运行，最低 3116，最高 3150， 收于 3130 元/吨，上涨 22 元/吨，涨幅 0.71%。 2，现货价格：主流地区上螺纹钢现货 HRB400E 20mm 报价 3300 元/吨，相 比上一交易日上涨 10 元。 3，基差：期货贴水现货 170 元/吨。期货贴水较大，一定程度上继续支撑 期货价格。 二、基本面数据 投资有风险，入市需谨慎。 本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 1 库存端：库存连续去化，截止 12 月 25 日当周，总库存周环比下降 18.29 万吨至 434.25 万吨，连续 8 周去化，但同比仍高 34.51 万吨，其中社 会库存294.19万吨，周环比下降18.81万吨，去库有所放缓，钢厂库存140.06 万吨，微增 0.52 万吨，社库去库显示当下需求韧性。但本周库存去化速度 放缓，整体库存压力仍可控。 ■宏观面：中央经济会议 ...

【冠通期货研究报告】 尿素日报：反弹乏力，关注上方压力 发布日期：2025 年 12 月 29 日 【行情分析】 今日尿素低开高走，日内收平。市场氛围一般，企业开启降价吸单，山 东、河南及河北尿素工厂小颗粒尿素出厂价格范围多在 1620-1690 元/吨，多较 上周五下调 10-20 元/吨，河南工厂价格偏低端。基本面来看，目前日产 20 万 吨，前期停车企业有停车，1 月份西南地区气头装置依然有停车减产计划，但 1 月份也有大量前期停车装置复产，难有新低日产数据。复合肥工厂本期开工负 荷继续下滑，环比下降 1.62 个百分点，其中主要受华北地区环保限产的影响， 开工率多有下降，但东北及西南等地区相对稳定，上周开会后重点磷肥生产企 业与下游主要采购企业达成共识，后续磷肥保供稳价为主，后续预计冬储市场 稳定运行，环保限制解除后，开工或有回升，原料采购端有韧性。本期库存去 化幅度增大，主要系近期上下游的装置均有部分减产，目前同步去年偏低 45.61 万吨。尿素今日拉涨乏力，上方压力明显，目前尚未到农需旺季，淡季 备肥为主，价格难有大幅涨跌，短期小幅震荡为主，若无利多政策，预计震荡 回调，短期偏弱，中长期偏强。 【 ...

基本面来看，矿端国产矿供应平稳，氧化铝企业采购施压，部分地区价格微跌。进口矿方面，几内亚前 期停采矿企复采，新建、国营矿企陆续开采，后续供应预期增加，氧化铝市场将维持过剩。需求端，氧 化铝开工仍处于偏高水平，供应充足，下游电解铝开工虽小幅提升，但需求增量有限。仓单库存16.1万 吨，周内减少1.9万吨。现货市场方面，元旦假期前，持货商有清库存压力，市场货源供应宽松。下游 电解铝企业存在节前备货补货需求，市场交投较为兴旺，在阶段性需求释放带动下市场交投活跃，今日 全天交易量继续增加。 整体来看，政策面利多提振氧化铝市场情绪，且期价处于成本下方、价值洼地，低位做多意愿集中。但 基本面过剩现状及预期未改，短时多为情绪反弹，后续上涨受限，建议谨慎追涨，关注供应端政策及减 产情况。 长江有色金属网www.ccmn.cn 电话：0592-5668838 新浪合作大平台期货开户 安全快捷有保障 长江有色网12月29日讯，今日氧化铝承压震荡，主力月2605合约走势承压，盘中维持区间震荡运行姿 态；截止当日15：00收盘，氧化铝主力月2605合约报2751元，收涨3元，涨幅0.11%；15个合约累计成 交1702712手，比前 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - For p-xylene options approaching expiration, consider buying options for directional trading [2] 3. Summary by Related Catalogs 3.1 Agricultural Products Data 3.1.1 Futures Market Statistics - Various agricultural product futures showed different closing prices, price changes, trading volumes, and open interest changes. For example, corn (c2603) closed at 2222 with a price increase of 33, trading volume of 729,771 (up 468,659), and open interest of 1,014,722 (up 17,278) [3] 3.1.2 Options Market Statistics - Different agricultural product options had varying trading volumes, PCR (Put-Call Ratio) changes, open interest, and PCR changes. For instance, corn options' main contract had a trading volume of 132,095 (up 77,780), PCR of 0.3494 (up 0.0136), open interest of 265,650 (up 3,485), and PCR of 0.4557 (up 0.026) [5] 3.1.3 Options Quantitative Indicators - Each agricultural product option had specific remaining trading days, at-the-money volatility, volatility changes, 60-day quantiles, HV10, HV20, skew, and skew changes. For example, corn (c2603) had 37 remaining trading days, at-the-money volatility of 10.12% (up 0.46%), 60-day quantile of 65.0%, HV10 of 9.63%, HV20 of 9.18%, skew of 16.16% (down 2.49%), and 60-day skew quantile of 83.33% [6] 3.2 Energy and Chemical Data 3.2.1 Futures Market Statistics - Energy and chemical futures had different closing prices, price changes, trading volumes, and open interest changes. For example, PTA (ta2605) closed at 5280 with a price increase of 128, trading volume of 1,936,584 (up 324,031), and open interest of 1,478,489 (up 68,925) [7] 3.2.2 Options Market Statistics - Options in the energy and chemical sector had varying trading volumes, PCR changes, open interest, and PCR changes. For instance, PTA options' main contract had a trading volume of 735,602 (up 220,883), PCR of 0.4889 (up 0.0608), open interest of 254,635 (up 16,834), and PCR of 1.0724 (up 0.0587) [8] 3.2.3 Options Quantitative Indicators - Each energy and chemical option had specific remaining trading days, at-the-money volatility, volatility changes, 60-day quantiles, HV10, HV20, skew, and skew changes. For example, PTA (ta2602) had 10 remaining trading days, at-the-money volatility of 35.88% (up 8.33%), 60-day quantile of 100.0%, HV10 of 18.83%, HV20 of 19.32%, skew of 32.59% (up 5.71%), and 60-day skew quantile of 96.67% [10] 3.3 Black Data 3.3.1 Futures Market Statistics - Black futures showed different closing prices, price changes, trading volumes, and open interest changes. For example, iron ore (i2605) closed at 783.0 with a price increase of 4.5, trading volume of 291,118 (up 145,309), and open interest of 580,731 (up 13,627) [11] 3.3.2 Options Market Statistics - Black options had varying trading volumes, PCR changes, open interest, and PCR changes. For instance, iron ore options' main contract had a trading volume of 103,210 (up 63,177), PCR of 1.1848 (down 0.3322), open interest of 122,845 (up 5,018), and PCR of 1.5185 (down 0.1206) [11] 3.3.3 Options Quantitative Indicators - Each black option had specific remaining trading days, at-the-money volatility, volatility changes, 60-day quantiles, HV10, HV20, skew, and skew changes. For example, iron ore (i2602) had 15 remaining trading days, at-the-money volatility of 16.56% (up 1.65%), 60-day quantile of 38.33%, HV10 of 10.43%, HV20 of 12.52%, skew of 1.47% (up 4.45%), and 60-day skew quantile of 100.0% [12] 3.4 Metal Data 3.4.1 Futures Market Statistics - Metal futures had different closing prices, price changes, trading volumes, and open interest changes. For example, gold (au2602) closed at 1016.3 with a price increase of 7.54, trading volume of 224,588 (up 4,452), and open interest of 180,712 (down 1,467) [13] 3.4.2 Options Market Statistics - Metal options showed varying trading volumes, PCR changes, open interest, and PCR changes. For instance, gold options' main contract had a trading volume of 79,266 (up 22,923), PCR of 0.2866 (down 0.0513), open interest of 88,080 (up 5,003), and PCR of 0.5676 (up 0.026) [14] 3.4.3 Options Quantitative Indicators - Each metal option had specific remaining trading days, at-the-money volatility, volatility changes, 60-day quantiles, HV10, HV20, skew, and skew changes. For example, gold (au2602) had 19 remaining trading days, at-the-money volatility of 25.99% (up 3.46%), 60-day quantile of 85.0%, HV10 of 15.28%, HV20 of 13.04%, skew of 44.39% (up 7.65%), and 60-day skew quantile of 100.0% [15]

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints - The copper spot demand is under pressure, the macro - expectation is upward, and there are constraints on copper mine supply [1] - The copper futures market shows a strong performance, while the spot demand is weak, and the discount is widening [10] 3. Summary by Directory Price Data - On December 24, the LME copper 0 - 3M premium strengthened compared to the previous Friday [12] - The copper market shows a situation of strong futures and weak spot demand with an expanding discount [10] Fundamental Data - This week, the average price of the copper concentrate TC index decreased by $1.25 per ton week - on - week to - $44.9 per ton, remaining at a low level [14] - According to Steel Union, the port inventory of copper concentrate this week was 670,000 tons, a decrease of 10,000 tons week - on - week and lower compared to the same period last year [17] - The refined - scrap copper price difference strengthened week - on - week [19] - The estimated domestic electrolytic copper production in December will increase by 5.96% month - on - month and 6.69% year - on - year [21] - In November, China imported 269,200 tons of refined copper, a decrease of 3.8% month - on - month, and exported 143,000 tons, an increase of 116.8% month - on - month [22] - This week, the spot inventory of electrolytic copper continued to increase week - on - week, while the bonded - area inventory decreased slightly [23] - LME copper continued to destock, while COMEX copper continued to accumulate inventory [24] - The operating rate of refined copper rods decreased week - on - week and is expected to remain under pressure next week [26] - From December 1st to 21st, the retail volume of the new - energy passenger vehicle market in China increased by 1% year - on - year and 3% compared to the same period last month [28] - The overall production schedule of photovoltaic modules in January is expected to decline significantly [31] - The planned production volume of air conditioners, refrigerators, and washing machines in January increased by 6% compared to the actual production volume of the same period last year, with household air conditioners increasing by 11% [33] Macroeconomic Data - China's LPR has remained unchanged for seven consecutive months [37] - The US GDP in the third quarter exceeded expectations, with the core PCE increasing by 2.9% [39] - The US labor market is recovering, with the ADP weekly average private employment showing positive growth for three consecutive weeks [42]

Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 联系方式：15000295386 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 周五尿素主力合约 2605 价格下跌 1 元至 1735 元/吨，华中主流地区现货价格 1710 | | --- | --- | --- | --- | | | | | 元/吨。持仓方面，多头持仓减少 7334 手至 16.46 万手，空头持仓减少 6129 手至 18.83 万手。 【重要资讯】 1、供应方面，尿素行业日产 19.18 万吨，较上一工日减少 0.32 万吨；较去年同期 增加 1.3 万吨；今日开工率 79.32%，较去年同期 79.11%上涨 0.21%。 | | | | | 2、库存方面，中国尿素企业总库存量 106.89 万吨，较上周减少 11.08 万吨，环比 减少 9.39%。尿素港口样本库存量 17.7 万吨，环比+3.9 万吨。 | | | | | 3、需求方面，复合肥开工率 37.7%，环比-1.6%，三聚氰胺开工率 58.5%，环比-3.1%。 | | | | | 4、印度 NFL 发布 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 沪银主力合约日内涨8.00%，现报19568.00元/千克。 新浪合作大平台期货开户 安全快捷有保障 责任编辑：朱赫楠 新浪合作大平台期货开户 安全快捷有保障 责任编辑：朱赫楠 沪银主力合约日内涨8.00%，现报19568.00元/千克。 ...