Group 1 - The PMI index has returned to the expansion zone, which is favorable for the spring market trend. The manufacturing PMI for December is reported at 50.1%, up from the previous value of 49.2%. This marks the first return to the expansion zone in nine months, indicating a marginal improvement in the economic fundamentals [1] - On Monday, both stock markets opened high and continued to rise, with trading volume increasing significantly. The Shanghai Composite Index closed near its daily high, marking the twelfth consecutive bullish day. The Shenzhen Component Index outperformed, surpassing the high from early October last year. Total trading volume exceeded 2.5 trillion yuan, a substantial increase from the previous trading day [1] - Market hotspots were primarily concentrated in the TMT (Technology, Media, and Telecommunications) and pharmaceutical sectors, with a leading performance from the technology sector. The Shanghai Composite Index has formed a small double bottom pattern and is currently challenging previous high points [1]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - SCFIS continues to rise, spot freight rates maintain an upward trend, and the market shows a strong and volatile pattern. Attention should be paid to the freight rate trend in February [2] - The impact of the US raid on Venezuela on the market is expected to be limited. The premium space caused by weather and congestion is also limited. The current core factor is the direction of spot freight rates [4] - The main contract has shown a seasonal rebound. It is recommended to participate with a light position or wait and see [4] - After the holiday, the freight rates of various shipping companies have increased slightly, which supports the market to some extent, but there are differences in the subsequent increase. The overall market is strongly volatile. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [4] 3. Summary by Relevant Catalogs 3.1 Freight Rate Indexes - On January 5, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1795.83 points, up 3.1% from the previous period; for the US - West route, it was 1250.12 points, down 3.9% from the previous period [3] - On January 2, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1296.7 points, up 10.40% from the previous period; for the European route, it was 1258.31 points, up 9.96% from the previous period; for the US - West route, it was 1743.56 points, up 38.94% from the previous period [3] - On December 26, the Shanghai Export Container Freight Index (SCFI) announced price was 1656.32 points, up 103.4 points from the previous period; the European - line price was 1690 USD/TEU, up 10.24% from the previous period; the US - West route price was 2188 USD/FEU, up 9.84% from the previous period [3] - On December 26, the China Export Container Freight Index (CCFI) (composite index) was 1124.73 points, up 0.6% from the previous period; for the European route, it was 1473.90 points, up 0.2% from the previous period; for the US - West route, it was 792.06 points, down 0.9% from the previous period [3] 3.2 Economic Data - The preliminary value of the eurozone's December composite PMI was 51.9, with an expected value of 52.6 and a previous value of 52.8. The preliminary value of the services PMI was 52.6, lower than the market - expected 53.3, indicating a weakening growth momentum in the service sector [3] - The eurozone's December Sentix investor confidence index was -6.2, with an expected value of -7 and a previous value of -7.4 [3] - In November, the manufacturing purchasing managers' index (PMI) was 49.2%, up 0.2 percentage points from the previous month, and the business climate improved [4] - In October, the composite PMI output index was 49.7, down 0.3 percentage points from the previous month, and it fell below the boom - bust line for the first time since 2023 [4] - The preliminary value of the US December S&P Global services PMI was 52.9, a six - month low, with an expected value of 54 and a previous value of 54.1. The preliminary value of the US December S&P Global composite PMI was 53, with an expected value of 53.9 and a previous value of 54.2 [4] 3.3 Market Conditions of the Main Contract - On January 5, the main contract 2602 closed at 1855.5, with a gain of 1.48%, a trading volume of 22,900 lots, and an open interest of 26,000 lots, an increase of 1,916 lots from the previous day [4] 3.4 Investment Strategies - Short - term strategy: The main contract has reached a new high. It has been recommended to take all profits. It is recommended to wait and see in the short term and not to add more positions [5] - Arbitrage strategy: Against the backdrop of international geopolitical turmoil, each contract still follows the seasonal logic and has large fluctuations. It is recommended to wait and see or try with a light position [5] - Long - term strategy: It has been recommended to take profits when each contract reaches a high. Wait for the price to stabilize after a pull - back and then judge the subsequent direction [5] 3.5 Contract Adjustments - The daily price limit for contracts 2508 - 2606 has been adjusted to 18% [5] - The company's margin for contracts 2508 - 2606 has been adjusted to 28% [5] - The daily opening position limit for all contracts 2508 - 2606 is 100 lots [5]

Report Industry Investment Ratings No specific investment ratings for the entire industry are provided in the report. Core Views - The report provides daily research on various commodities, including precious metals, base metals, energy, agricultural products, etc., and gives corresponding trend judgments and analysis based on their fundamentals and market news [2]. - The overall market is affected by multiple factors such as geopolitical events, macro - economic data, and supply - demand relationships. For example, the situation in Venezuela has an impact on the prices of gold, copper, and other commodities [5][8]. Summary by Commodity Category Precious Metals - **Gold**: Safe - haven sentiment has rebounded. The prices of domestic and foreign gold futures and spot have different trends. The trading volume and positions of some contracts have changed. The geopolitical event of the US airstrike in Venezuela has supported the price of gold [2][5]. - **Silver**: It is in a high - level consolidation. The prices of domestic and foreign silver futures and spot have different trends. The trading volume and positions of some contracts have changed [2][5]. - **Platinum**: It is oscillating upwards. The prices of platinum futures and spot have increased, and the trading volume and positions of some contracts have changed [25][27]. - **Palladium**: It is in a range - bound oscillation. The prices of palladium futures and spot have increased, and the trading volume and positions of some contracts have changed [25][27]. Base Metals - **Copper**: The sentiment of going long is strong, and the price has been rising continuously. The prices of domestic and foreign copper futures have increased, and the trading volume and positions of some contracts have changed. Geopolitical risks and industry news such as production capacity expansion and labor - contract negotiations have an impact on the price [2][8]. - **Zinc**: It is oscillating strongly. The prices of domestic and foreign zinc futures have increased, and the trading volume and positions of some contracts have changed. Macroeconomic data and industry news have affected the price [2][11]. - **Lead**: The reduction in inventory supports the price. The prices of domestic and foreign lead futures have different trends, and the trading volume and positions of some contracts have changed. Geopolitical events and industry news have affected the price [2][14]. - **Tin**: It is oscillating within a range. The prices of domestic and foreign tin futures have increased, and the trading volume and positions of some contracts have changed. Macro - and industry news have an impact on the price [2][18]. - **Aluminum**: It continues to make up for losses. The prices of aluminum futures and spot have increased, and the trading volume and positions of some contracts have changed. Macroeconomic data and industry news have affected the price [2][21]. - **Alumina**: It has a slight decline. The prices of alumina futures and spot have changed, and the trading volume and positions of some contracts have changed [2][21]. - **Nickel**: There is a game between the real - world pressure and the narrative of the cycle shift, with a wide - range oscillation. The prices of nickel futures and spot have changed, and the trading volume and positions of some contracts have changed. Industry news such as policy restrictions in Indonesia has an impact on the price [2][29]. - **Stainless steel**: The real - world fundamentals are dragging down, and the market is mainly gambling on Indonesian policies. The prices of stainless - steel futures and spot have changed, and the trading volume and positions of some contracts have changed [2][29]. Energy and Chemicals - **Crude Oil - related (implied)**: The geopolitical situation in Venezuela and other regions has affected the price expectations of crude oil - related products, which in turn has an impact on the prices of downstream products [29][64]. - **PTA**: It is in a high - level oscillating market with cost support. The prices of PTA futures and spot have changed, and the trading volume and positions of some contracts have changed. The supply and demand of the upstream and downstream industries and the start - up rate of production facilities have an impact on the price [2][59][64]. - **MEG**: The upside space is limited, and there is still pressure in the medium term. The prices of MEG futures and spot have changed, and the trading volume and positions of some contracts have changed. The supply and demand of the upstream and downstream industries and the start - up rate of production facilities have an impact on the price [2][59][65]. - **Rubber**: It is oscillating. The prices of rubber futures and spot have changed, and the trading volume and positions of some contracts have changed. The inventory and production situation have an impact on the price [2][66]. - **Synthetic Rubber**: The short - term center has shifted upwards. The prices of synthetic - rubber futures and spot have changed, and the trading volume and positions of some contracts have changed. The supply and demand of raw materials and the start - up rate of production facilities have an impact on the price [2][69]. - **LLDPE**: The upstream inventory has been transferred, and the basis has strengthened. The prices of LLDPE futures and spot have changed, and the trading volume and positions of some contracts have changed. The supply and demand of raw materials and the start - up rate of production facilities have an impact on the price [2][72]. - **PP**: Multiple PDH units are planned to be overhauled in January, and the basis has strengthened. The prices of PP futures and spot have changed, and the trading volume and positions of some contracts have changed. The supply and demand of raw materials and the start - up rate of production facilities have an impact on the price [2][74]. - **Caustic Soda**: It is not advisable to chase short. The price of caustic - soda futures has changed, and the spot market is not optimistic. The high - production and high - inventory pattern and the demand situation have an impact on the price [2][76]. - **Paper Pulp**: It is in a wide - range oscillation. The prices of paper - pulp futures and spot have changed, and the trading volume and positions of some contracts have changed. The inventory and demand situation have an impact on the price [2][81]. - **Glass**: The price of the original sheet is stable. The prices of glass futures and spot have changed, and the trading volume and positions of some contracts have changed. The market supply and demand and the sales situation have an impact on the price [2][86]. - **Methanol**: It is strong in the short term. The prices of methanol futures and spot have changed, and the trading volume and positions of some contracts have changed. Geopolitical events and the supply and demand of the upstream and downstream industries have an impact on the price [2][90]. - **Urea**: The oscillation center has shifted upwards. The prices of urea futures and spot have changed, and the trading volume and positions of some contracts have changed. The inventory and demand situation have an impact on the price [2][95]. - **Styrene**: It is in a short - term oscillation. The prices of styrene futures and spot have changed, and the trading volume and positions of some contracts have changed. The supply and demand of the upstream and downstream industries and the inventory situation have an impact on the price [2][99]. - **Soda Ash**: The spot market has little change. The prices of soda - ash futures and spot have changed, and the trading volume and positions of some contracts have changed. The supply and demand of the upstream and downstream industries have an impact on the price [2][103]. - **LPG**: Geopolitical factors have disturbed the cost, and attention should be paid to the realization of the downward drive. The prices of LPG futures and spot have changed, and the trading volume and positions of some contracts have changed. The supply and demand of the upstream and downstream industries and the price of CP paper have an impact on the price [2][109]. - **Propylene**: The upward and downward drives are limited, and the spot trend has stabilized. The prices of propylene futures and spot have changed, and the trading volume and positions of some contracts have changed. The supply and demand of the upstream and downstream industries and the start - up rate of production facilities have an impact on the price [2][110]. - **PVC**: It is strong in the short term and oscillating in the medium term. The prices of PVC futures and spot have changed, and the trading volume and positions of some contracts have changed. The high - production and high - inventory pattern and the demand situation have an impact on the price [2][118]. - **Fuel Oil**: The upward trend has paused, and there is support at the bottom. The prices of fuel - oil futures and spot have changed, and the trading volume and positions of some contracts have changed. The supply and demand of the upstream and downstream industries and the international market situation have an impact on the price [2][123]. - **Low - Sulfur Fuel Oil**: It is in a narrow - range oscillation, and the price difference between high - and low - sulfur fuels in the overseas spot market is temporarily stable. The prices of low - sulfur fuel - oil futures and spot have changed, and the trading volume and positions of some contracts have changed. The supply and demand of the upstream and downstream industries and the international market situation have an impact on the price [2][123]. Agricultural Products - **Palm Oil**: The fundamental driving force is not strong, and attention should be paid to the spill - over effect of crude - oil fluctuations. The prices of palm - oil futures and spot have changed, and the trading volume and positions of some contracts have changed. The inventory, production, and export situation have an impact on the price [2][150]. - **Soybean Oil**: The unilateral price is in a range, and attention should be paid to the price - difference opportunities between months. The prices of soybean - oil futures and spot have changed, and the trading volume and positions of some contracts have changed. The inventory, production, and export situation have an impact on the price [2][150]. - **Soybean Meal**: The peripheral market has generally risen, and the Dalian soybean meal may follow the rebound. The prices of soybean - meal futures and spot have changed, and the trading volume and positions of some contracts have changed. The supply and demand of the international and domestic markets and the weather in South America have an impact on the price [2][155]. - **Soybean**: It is in a rebound and oscillation. The prices of soybean futures and spot have changed, and the trading volume and positions of some contracts have changed. The supply and demand of the international and domestic markets and the weather in South America have an impact on the price [2][155]. - **Corn**: Attention should be paid to the spot price. The prices of corn futures and spot have changed, and the trading volume and positions of some contracts have changed. The supply and demand of the domestic and international markets and the import situation have an impact on the price [2][158]. - **Sugar**: It is mainly in a weak operation. The prices of sugar futures and spot have changed. The production, consumption, and import situation at home and abroad have an impact on the price [2][162]. - **Cotton**: It maintains an oscillating and strong trend. The prices of cotton futures and spot have changed, and the trading volume and positions of some contracts have changed. The supply and demand of the domestic and international markets and the purchase situation of textile enterprises have an impact on the price [2][167]. - **Eggs**: It is in an oscillating adjustment. The prices of egg futures and spot have changed, and the trading volume and positions of some contracts have changed. The supply and demand of the upstream and downstream industries and the price of feed have an impact on the price [2][172]. - **Hogs**: The weakness is emerging. The prices of hog futures and spot have changed, and the trading volume and positions of some contracts have changed. The supply and demand of the market and the inventory of warehouse receipts have an impact on the price [2][175]. - **Peanuts**: It is in an oscillating operation. The prices of peanut futures and spot have changed, and the trading volume and positions of some contracts have changed. The supply and demand of the market and the purchase situation have an impact on the price [2][181]. Shipping - **Container Freight Index (European Line)**: Attention should be paid to the cabin - opening guidance. The prices of container - freight - index futures have changed, and the trading volume and positions of some contracts have changed. The shipping capacity, price adjustment of shipping companies, and geopolitical situation have an impact on the price [2][125].

Core Viewpoint - The overall economic sentiment in China is improving, as indicated by the rise in manufacturing and non-manufacturing indices, suggesting a recovery in economic activity and market confidence [1][2][4]. Manufacturing Sector - In December 2025, the Manufacturing Purchasing Managers' Index (PMI) reached 50.1%, marking its first entry into the expansion zone since April 2025, with 16 out of 21 surveyed industries showing improvement [1][2]. - The New Orders Index rose to 50.8%, increasing by 1.6 percentage points, indicating a release of market demand after five months below 50% [2]. - The Production Index increased to 51.7%, up by 1.7 percentage points, reflecting a positive expansion in manufacturing activities [2]. - High-tech manufacturing PMI was reported at 52.5%, up by 2.4 percentage points, indicating a favorable growth trend [2]. - Large enterprises' PMI reached 50.8%, up by 1.5 percentage points, with significant increases in both production and new orders indices [3]. Non-Manufacturing Sector - The Non-Manufacturing Business Activity Index rose to 50.2%, up by 0.7 percentage points, indicating an improvement in non-manufacturing activities [4]. - The Business Activity Expectation Index for non-manufacturing reached 56.5%, reflecting a continuous upward trend and strong market expectations [4]. - The construction sector showed significant improvement, with the Business Activity Index at 52.8%, up by 3.2 percentage points, driven by seasonal factors and project acceleration [4]. Economic Outlook - Experts indicate that the combination of effective economic policies and market dynamics is expected to lead to steady growth in the manufacturing sector in 2026, with both qualitative and quantitative improvements anticipated [3][5].

Investment Rating - The report indicates a recovery in the overall industry, with consumer goods leading the major categories [1] Core Insights - The national PMI for December is 50.1, reflecting a month-on-month increase of 0.9 percentage points and a year-on-year increase of 0, which is 1.4 percentage points higher than the recent average [1][3] - The production index has rebounded to 51.7, with a month-on-month increase of 1.7 percentage points, while the new orders index has risen to 50.8, up by 1.6 percentage points [4][9] - The highest absolute values among industries this month are in pharmaceuticals, clothing, transportation, and communication, while the highest month-on-month increases are seen in petroleum, clothing, and timber [1][3] Summary by Sections Manufacturing PMI - The manufacturing PMI index stands at 50.1, with 4 industries above 50 and 11 below [3] - The highest PMI is in the pharmaceutical manufacturing sector at 58.9, while the lowest is in general equipment manufacturing at 40.7 [3] New Orders Index - The new orders index is at 50.8, with 3 industries above 50 and 8 below [4] - The highest new orders index is also in pharmaceuticals at 62.5, while the lowest is in petroleum processing at 35.7 [5][6] Profit Trend Index - The profit trend index for manufacturing is -2.3, showing a month-on-month increase of 2.1 percentage points [7] - The highest profit trend index is in the automotive manufacturing sector at 9.3, while the lowest is in non-ferrous metal smelting at -25 [7][10] Production Index - The production index is at 51.7, with 5 industries above 50 and 9 below [9] - The highest production index is in the textile and apparel sector at 67.9, while the lowest is in general equipment manufacturing at 38.9 [9] Purchase Price Index - The purchase price index is at 53.1, down by 0.5 percentage points from last month [13] - The highest purchase price index is in non-ferrous metal smelting at 68.8, while the lowest is in petroleum processing at 32.1 [13][14] Finished Goods Inventory Index - The finished goods inventory index is at 48.2, with 4 industries above 50 and 10 below [17] - The highest inventory index is in pharmaceuticals at 55, while the lowest is in metal products at 31.3 [17] Export Orders Index - The export orders index is at 49, with 3 industries above 50 and 8 below [18] - The highest export orders index is in textiles at 62.5, while the lowest is in agricultural products at 33.3 [19][22]

Core Viewpoint - The manufacturing Purchasing Managers' Index (PMI) rose to 50.1% in December 2025, indicating a return to the expansion zone after eight months, driven by policy support, increased external demand, and a later Spring Festival in 2026 [2][3]. Group 1: Policy Support and Investment Recovery - Policy measures have effectively promoted investment stabilization, with the central economic work conference emphasizing the need to "promote investment stabilization and stimulate private investment vitality" [2][3]. - The National Development and Reform Commission announced a plan for early 2026 construction projects and a central budget investment plan totaling approximately 295 billion yuan [2][3]. - The production index increased to 51.7% and the new orders index rose to 50.8%, indicating a rebound in production and orders due to fiscal support [3]. Group 2: External Demand and Export Orders - The new export orders index increased by 1.4 percentage points to 49%, reflecting a significant rise in export orders driven by strong external demand [4]. - Global monetary easing and fiscal stimulus have bolstered external demand, with manufacturing PMIs in France and the UK rising to expansion zones, and the US PMI remaining above 52% since August [4]. - Container throughput increased by 7.2% year-on-year in December, indicating a positive trend in export activities [4]. Group 3: Impact of the Spring Festival Timing - The later timing of the 2026 Spring Festival (February 17) resulted in less disruption to December's physical workload compared to previous years [5]. - The production index in December rose by 1.7 percentage points, contrasting with the historical trend of decline in December production indices [5]. Group 4: Price Trends and Inventory Adjustments - The PMI output price index rose by 0.7 percentage points to 48.9%, indicating a recovery in output prices, although they remain in a contraction zone [5]. - The inventory index saw an increase, with procurement volume, raw material inventory, and finished goods inventory rising due to increased production and orders [6]. - Various industries, including electrical machinery and pharmaceuticals, showed signs of inventory replenishment, although the sustainability of this trend requires further data support [6].

Group 1: Manufacturing Sector Insights - December Manufacturing PMI index rose to 50.1%, an increase of 0.9 percentage points from November, indicating a return to expansion territory[2] - New orders index for December was 50.8%, up 1.6 percentage points, with external demand contributing positively[2] - Production index increased to 51.7%, up 1.7 percentage points, reflecting improved manufacturing activity[2] - Supplier delivery time index slightly increased to 50.2%, up 0.1 percentage points, indicating stable supply chain conditions[2] Group 2: Investment and Economic Outlook - Fixed asset investment growth is expected to remain promising at the beginning of 2026, despite some weakness in December[3] - December's main raw material purchase price index was at 53.1%, down 0.5 percentage points, indicating high price levels[9] - The manufacturing profit margin is expanding as factory prices rise while raw material costs slightly decline[9] - Construction sector PMI rose to 52.8%, up 3.2 percentage points, indicating a recovery in construction activity[15] Group 3: Non-Manufacturing Sector Insights - December Non-Manufacturing PMI index rose to 50.2%, an increase of 0.7 percentage points, indicating expansion[11] - New orders index for non-manufacturing was at 47.3%, up 1.6 percentage points, but still below the expansion threshold[11] - Employment index in the non-manufacturing sector was at 46.1%, indicating contraction despite a slight increase of 0.8 percentage points[11]

Group 1: Economic Indicators - In December, the Manufacturing Purchasing Managers' Index (PMI) reached 50.1%, marking the first time since April that it has entered the expansion zone [2] - The Non-Manufacturing Business Activity Index rose to 50.2%, indicating an improvement in the non-manufacturing sector's economic conditions [4] - The Composite PMI Output Index increased to 50.7%, reflecting an overall expansion in business activities compared to the previous month [6] Group 2: Manufacturing Sector Insights - In December, 16 out of 21 surveyed industries reported an increase in PMI, indicating improved production and operational conditions [2] - The Production Index and New Orders Index were recorded at 51.7% and 50.8%, respectively, both showing significant increases from the previous month [2] - High-tech manufacturing PMI was at 52.5%, indicating a positive growth trend in this sector [3] Group 3: Non-Manufacturing Sector Insights - The Non-Manufacturing Business Activity Index showed a recovery, with the New Orders Index rising to 47.3%, the highest level this year [4] - The Services Business Activity Index was at 49.7%, indicating a slight recovery in the service sector, although still below the expansion threshold [4] - The Construction Business Activity Index surged to 52.8%, reflecting a significant improvement in the construction sector's economic conditions [5]

权威 · 恒 50 186 12月份，制造业PMI为50.1%，4月份以来 首次升至扩张区间。在调查的21个行业中 有16个行业PMI较上月回升,相关企业生产 经营情况有所改善。 | 权威敦读 国家统计局服务业调查中心、中国物流与采购联合会31日发布12月份PMI指数。数据显示，12月 份，制造业采购经理指数、非制造业商务活动指数和综合PMI产出指数分别为50.1%、50.2%和50.7%， 比上月上升0.9个、0.7个和1.0个百分点，三大指数均升至扩张区间，我国经济景气水平总体回升。 权威 时间 策划：令伟家 统筹：曹建礼 制作：缪异星 【纠错】 【责任编辑:谷玥】 50.2% 12月份,非制造业商务活动指数为50.2%, 比上月上升0.7个百分点，非制造业景气水 平改善。 | 权威数读 ...

Report Summary 1. Industry Investment Rating - Not mentioned in the report. 2. Core Viewpoints - After MSK's first passage through the Red Sea, the market showed a pattern of rising and then falling, suggesting a potential reversal signal. Investors are advised to take profits and adopt a short - term wait - and - see approach. The core of the freight rate trend lies in traditional seasonality and the resumption of Red Sea shipping, and the current spot price has slightly declined. The tariff issue has a marginal effect, and the main contract has had a seasonal rebound, so light - position participation or waiting and seeing is recommended. With the fading of optimistic sentiment and the withdrawal of long - position funds, the market is under pressure and fluctuating weakly, and attention should be paid to tariff policies, the Middle East situation, and spot freight rates [2][4]. 3. Summary by Relevant Content Freight Rate Indexes - On December 22, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1589.20 points, up 5.2% from the previous period; the SCFIS for the US West route was 962.10 points, up 4.1% from the previous period. The Shanghai Export Container Freight Index (SCFI) announced a price of 1552.92 points, up 46.46 points from the previous period. The SCFI price for the European route was 1533 USD/TEU, down 0.33% from the previous period; the SCFI price for the US West route was 1992 USD/FEU, up 11.91% from the previous period [3]. - On December 19, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1094.77 points, up 3.20% from the previous period; the NCFI for the European route was 1067.29 points, up 0.30% from the previous period; the NCFI for the US West route was 1228.34 points, up 19.28% from the previous period. The China Export Container Freight Index (CCFI) (composite index) was 1124.73 points, up 0.6% from the previous period; the CCFI for the European route was 1473.90 points, up 0.2% from the previous period; the CCFI for the US West route was 792.06 points, down 0.9% from the previous period [3]. Economic Data - In the Eurozone, the preliminary composite PMI value in November was 52.4, slightly lower than the October data of 52.5, remaining above the boom - bust line of 50, basically in line with expectations. The service industry and manufacturing industry were differentiated, with the service industry PMI value at 53.1, higher than the previous value of 53 and better than the expected value of 52.8, achieving the best monthly performance in a year and a half. The Eurozone's December Sentix investor confidence index was - 6.2, with an expected value of - 7 and a previous value of - 7.4 [3]. - In November, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month, with improved business sentiment. In October, the composite PMI output index was 49.7, down 0.3 percentage points from the previous month, falling below the boom - bust line for the first time since 2023. The US November S&P Global services PMI preliminary value was 55, with an expected value of 54.6 and a previous value of 54.8. The US November S&P Global composite PMI preliminary value was 54.8, rising for the second consecutive month, with an expected value of 54.6 and a previous value of 54.6 [4]. Market Conditions of the Main Contract - On December 24, the main contract 2602 closed at 1795.8, with a decline of 1.63%, a trading volume of 23,700 lots, and an open interest of 34,300 lots, a decrease of 688 lots from the previous day [4]. Investment Strategies - Short - term strategy: Since the main contract has reached a new high, it is recommended to take all profits and adopt a wait - and - see approach in the short term, and not to add more positions. - Arbitrage strategy: Against the backdrop of international geopolitical turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see temporarily or try with a light position. - Long - term strategy: It is recommended to take profits when each contract reaches a high, wait for the price to stabilize after a pullback, and then judge the subsequent direction. - The daily limit for contracts 2508 - 2606 is adjusted to 18%. - The company's margin for contracts 2508 - 2606 is adjusted to 28%. - The intraday opening limit for all contracts 2508 - 2606 is 100 lots [5].