1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The report presents the latest variety arbitrage data of futures on December 9, 2025, covering multiple sectors including thermal coal, energy and chemical, black metals, non - ferrous metals, agricultural products, and stock index futures [1][4][19][25][38][49] 3. Summary by Directory 3.1 Thermal Coal - The report shows the basis and spread data of thermal coal from December 2 to December 8, 2025. The basis decreased from 1.6 yuan/ton on December 2 to - 22.4 yuan/ton on December 8, while the spreads (5 - 1, 9 - 1, 9 - 5) remained at 0.0 yuan/ton during this period [1][2] 3.2 Energy and Chemical 3.2.1 Energy Commodities - The basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from December 2 to December 8, 2025 are presented. For example, the basis of fuel oil was 3.31 yuan/ton on December 8 [6] 3.2.2 Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from December 2 to December 8, 2025 are shown. For instance, the basis of rubber was - 365 yuan/ton on December 8 [8] - **Inter - period Spread**: The inter - period spreads (5 - 1, 9 - 1, 9 - 5) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are provided. For example, the 5 - 1 spread of rubber was - 15 yuan/ton [9] - **Inter - variety Spread**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from December 2 to December 8, 2025 are given. For example, the LLDPE - PVC spread was 2236 yuan/ton on December 8 [9] 3.3 Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from December 2 to December 8, 2025 are presented. For example, the basis of rebar was 137.0 yuan/ton on December 8 [19] - **Inter - period Spread**: The inter - period spreads (5 - 1, 9(10) - 1, 9(10) - 5) of rebar, iron ore, coke, and coking coal are provided. For example, the 5 - 1 spread of rebar was 12.0 yuan/ton [18] - **Inter - variety Spread**: The inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from December 2 to December 8, 2025 are given. For example, the rebar/iron ore ratio was 4.00 on December 8 [18] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from December 2 to December 8, 2025 are shown. For example, the basis of copper was - 590 yuan/ton on December 8 [26] 3.4.2 London Market - The LME spread, Shanghai - London ratio, CIF price, domestic spot price, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on December 8, 2025 are provided. For example, the LME spread of copper was 8.19 [32] 3.5 Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc. from December 2 to December 8, 2025 are presented. For example, the basis of soybeans No.1 was - 65 yuan/ton on December 8 [39] - **Inter - period Spread**: The inter - period spreads (5 - 1, 9 - 1, 9 - 5) of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc. are provided. For example, the 5 - 1 spread of soybeans No.1 was 35 yuan/ton [39] - **Inter - variety Spread**: The inter - variety spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc. from December 2 to December 8, 2025 are given. For example, the soybeans No.1/corn ratio was 1.80 on December 8 [39] 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from December 2 to December 8, 2025 are shown. For example, the basis of CSI 300 was 8.55 on December 8 [50] - **Inter - period Spread**: The inter - period spreads (next month - current month, next quarter - current quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are provided. For example, the next month - current month spread of CSI 300 was - 14.4 [50]

Group 1: Report Information - Report Name: Sugar Daily Report [2] - Date: December 8, 2025 [2] - Researcher: Liu Qiannan [7] Group 2: Data Analysis Futures Data - SRO9: Closing price 5,262, increase of 0.17%, volume 6,374, increase of 1,257, open interest 28,876, increase of 1,892 [3] - SR01: Closing price 5,337, increase of 34, increase rate of 0.64%, volume 173,785, increase of 20,741, open interest 289,716, decrease of 27,587 [3] - SROE: Closing price 5,244, increase of 11, increase rate of 0.21%, volume 118,780, increase of 25,273, open interest 309,725, increase of 14,181 [3] Spot Price Data - Sugar spot prices in different regions: Liuzhou 5,505 (no change), Kunming 5,345 (decrease of 25), Wuhan 5,810 (no change), Nanning 5,430 (no change), Yingkou 0 (no data), Rizhao 5,700 (no change), Xi'an 5,960 (decrease of 20) [3] - Basis: Liuzhou 168, Kunming (data missing), Wuhan 473, Nanning 93, Rizhao 363, Xi'an 623 [3] Inter - month Spread Data - SR05 - SR01: Spread - 23, change - 33; SR09 - SR05: Spread 18, change - 2; SR09 - SR01: Spread - 75, change - 25 [3] Import Profit Data - Brazilian imports: ICE主力 14.82, premium (0.19), freight 37.75, in - quota price 4,049, out - of - quota price 5,144, spread with Liuzhou 361, spread with Rizhao 556.00, spread with the market 193 [3] - Thai imports: ICE主力 14.82, premium 0.89, freight 18.00, in - quota price 4,082, out - of - quota price 5,192, spread with Liuzhou 313, spread with Rizhao 508.00, spread with the market 145 [3] Group 3: Market Research Important Information - As of December 8, 2025, in the 2025/26 sugar - crushing season, 56 sugar mills in Guangxi have started crushing, 11 less than the same period last year, with a daily sugar - cane crushing capacity of 425,000 tons, 112,500 tons less than the same period last year. 16 sugar mills in Yunnan have started crushing, 6 more than the same period last year, with a planned daily crushing capacity of 59,900 tons, 23,500 tons more than the same period last year [5] - In November 2025, the actual arrival of out - of - quota raw sugar was 114,500 tons, and the forecasted arrival was 363,500 tons [6] Logical Analysis - Internationally, Brazilian sugar is entering the harvest stage, the sugar - making ratio has decreased, and the cumulative sugar production in central and southern Brazil is 39.179 million tons, 800,000 tons more than the same period last year. International sugar prices show signs of bottom - building and are expected to be slightly stronger in the short term [8] - Domestically, sugar mills are starting to crush, and the supply and sales pressure will gradually increase. However, due to tightened imports of syrups and premixes and high previous pricing costs, domestic sugar production costs are relatively high, supporting the futures price. The short - term price is expected to fluctuate at a low level [8] Trading Strategies - Unilateral: Brazilian sugar supply pressure is easing, international sugar prices are showing signs of bottom - building, and are expected to be slightly stronger in the short term. Domestically, although there are sales pressure, considering the high production cost and low futures price, it is recommended to build long positions at low prices [9] - Arbitrage: Wait and see [10] - Options: Sell put options at low prices [10] Group 4: Related Diagrams - Diagrams include Guangxi and Yunnan monthly inventory, monthly production, Liuzhou sugar spot price, Liuzhou - Kunming sugar spot price spread, sugar basis for different months, and inter - month spreads for different contracts [11][14][17]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The domestic market has a relatively high valuation. Although the domestic chemical industry has poor profits, its operation remains stable, and there is an expectation of a slight increase in civil demand. Therefore, there is still short - term support for the driving force. Attention should also be paid to winter weather and oil price conditions [1] 3. Summary by Relevant Content 3.1 Daily Changes - On Friday, in the civil gas market, the price in East China was 4411 (+0), in Shandong was 4500 (+20), and in South China was 4470 (-50). The price of ether - post carbon four was 4470 (+10). The lowest delivery location was East China, with a basis of 79 (-22), and the 01 - 02 month difference was 79 (+0). As of 15:00, FEI was 516 (-1) and CP was 498 (-4) dollars/ton [1] 3.2 Weekly Views - The futures market fluctuated. The basis was 143 (+232), the 01 - 02 month difference was 79 (+3), and the 03 - 04 month difference was -211 (-19). The number of warehouse receipts was 4611 lots (-200). The price of civil gas increased, and the cheapest deliverable product was East China civil gas at 4411 (+88). The external market FEI declined, while CP and MB increased, and the oil - gas ratio decreased. Both domestic and international markets weakened. The PG - CP spread reached 100 (-21); the PG - FEI spread reached 79 (-7). The US - Asia arbitrage window opened [1] - The arrival premium of propane in East China was 97 (-2), and the FOB premiums of 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 [1] - 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 View of the Report - This is a daily report on futures variety arbitrage data of Baocheng Futures, covering multiple sectors such as thermal coal, energy and chemical, black metals, non - ferrous metals, agricultural products, and stock index futures, providing various data on basis, inter - period spreads, and inter - variety spreads [1] 3. Summary by Directory 3.1 Thermal Coal - Basis data from December 1 to December 5, 2025: December 1st was 66.0 yuan/ton, December 2nd was 16.0 yuan/ton, December 3rd was - 3.4 yuan/ton, December 4th was - 10 yuan/ton, and December 5th was - 16 yuan/ton. The 5 - month to 1 - month, 9 - month to 1 - month, and 9 - month to 5 - month spreads were all 0.0 yuan/ton during this period [1][2] 3.2 Energy and Chemical 3.2.1 Energy Commodities - Basis data for fuel oil, crude oil/asphalt, and INE crude oil from December 1 to December 5, 2025 are provided, along with corresponding price ratios [7] 3.2.2 Chemical Commodities - Inter - period spreads data for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented. For example, the 5 - month to 1 - month spread of rubber was - 45 yuan/ton, and that of methanol was 95 yuan/ton. - Inter - variety spreads data for LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from December 1 to December 5, 2025 are provided. For example, on December 5th, LLDPE - PVC was 2258 yuan/ton, and LLDPE - PP was 400 yuan/ton. - Basis data for rubber, methanol, PTA, LLDPE, PVC, PP from December 1 to December 5, 2025 are given [9][10] 3.3 Black Metals - Inter - period spreads data for rebar, iron ore, coke, and coking coal are provided. For example, the 5 - month to 1 - month spread of rebar was 20 yuan/ton, and that of iron ore was - 16.0 yuan/ton. - Inter - variety spreads data for rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from December 1 to December 5, 2025 are presented. For example, on December 5th, rebar/iron ore was 4.02, and rebar/coke was 19393.1. - Basis data for rebar, iron ore, coke, and coking coal from December 1 to December 5, 2025 are given [20][21] 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - Domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from December 1 to December 5, 2025 are provided. For example, on December 5th, the basis of copper was - 790 yuan/ton, and that of aluminum was - 195 yuan/ton [30] 3.4.2 London Market - LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data for copper, aluminum, zinc, lead, nickel, and tin on December 5, 2025 are presented. For example, the LME spread of copper was 23.05, and the Shanghai - London ratio was 7.94 [33] 3.5 Agricultural Products - Basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from December 1 to December 5, 2025 are provided. For example, on December 5th, the basis of soybeans No.1 was - 55 yuan/ton, and that of soybeans No.2 was 84.38 yuan/ton. - Inter - period spreads data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are presented. - Inter - variety spreads data for soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch on December 5, 2025 are given [37] 3.6 Stock Index Futures - Basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from December 1 to December 5, 2025 are provided. For example, on December 5th, the basis of CSI 300 was 10.14, and that of SSE 50 was 4.61. - Inter - period spreads data for the next - month to current - month and next - quarter to current - quarter of CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, the next - month to current - month spread of CSI 300 was - 190 [48]

Group 1: Report Information - Report Title: Asphalt Morning Report [2] - Release Date: December 8, 2025 [5] - Research Team: Research Center Energy and Chemicals Team [5] Group 2: Investment Rating - No investment rating information provided Group 3: Core Viewpoints - No core viewpoints information provided Group 4: Data Summary Basis and Spread - Shandong basis (+80) (Hongrun) on 12/5 was 42, with a daily change of -6 [3] - East China basis (Zhenjiang Warehouse) on 12/5 was 92, with a daily change of 4 [3] - South China basis (Foshan Warehouse) on 12/5 was -18, with a daily change of -16 [3] - 12 - 01 spread on 12/5 was -26, with a daily change of -7 [3] - 12 - 03 spread on 12/5 was -51, with a daily change of -4 [3] - 01 - 02 spread on 12/5 was -11, with a daily change of 0 [3] Futures - BU main contract (01) on 12/5 was 2948, with a daily change of -4 [3] - Trading volume on 12/5 was 253,337, with a daily change of -36,820 (-5%) [3] - Open interest on 12/5 was 428,146, with a daily change of -1,202 [3] - Lot size remained 4,690 [3] Spot - Brent crude on 12/5 was 63.3, with a daily change of 0.6 [3] - Jingbo price on 12/5 was 2940, with a daily change of -10 [3] - Hongrun price on 12/5 was 2910, with a daily change of -10 [3] - Zhenjiang Warehouse price on 12/5 was 3040, with no daily change [3] - Foshan Warehouse price on 12/5 was 2930, with a daily change of -20 [3] Profit - Asphalt - Ma Rui profit on 12/5 was 107, with a daily change of -36 [3] - Ma Rui - type refinery comprehensive profit on 12/5 was 719, with a daily change of -29 [3]

Report Summary 1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - In the week of 12.01 - 12.05, US soybean futures prices mainly declined due to the extension of China's purchase time and lack of expected positive factors. Domestic soybean meal futures prices first rose and then fell, while soybean No.1 futures prices were weak. - In the coming week (12.08 - 12.12), it is expected that the prices of Dalian soybean meal and soybean No.1 will fluctuate weakly. [2][6] 3. Summary by Relevant Catalogs International Soybean Market - **China's Purchase of US Soybeans**: On December 5, China purchased 462,000 tons of US soybeans (for delivery in the 2025/26 season). Although the event itself is positive, it is lower than expected and has limited incentive for US soybeans. [2] - **Brazilian Soybean Import Cost**: As of the week of December 5, the average weekly CNF premium of Brazilian soybeans for February 2026 delivery increased, the average import cost slightly increased, and the average crushing profit on the futures market also increased. [2] - **Brazilian Soybean Planting**: As of the week of November 27, the planting progress of 2025/26 Brazilian soybeans was 89%, lower than about 91% in the same period last year. Rainfall distribution was uneven, causing drought in some areas, but it's hard to conclude a yield decline. [2] - **Argentine Soybean Planting**: As of the week of December 4, the planting progress of 2025/26 Argentine soybeans was about 44.7%, lower than about 54% in the same period last year, mainly due to excessive moisture in central Buenos Aires. [2] - **South American Weather Forecast**: In the next two weeks (December 6 - December 19), precipitation in the main soybean - producing areas of Brazil will be slightly higher and the temperature will be lower; precipitation in the main soybean - producing areas of Argentina will be lower and the temperature will be basically normal. Overall, the weather in the producing areas is not a big problem. [2] Domestic Soybean Meal Spot Market - **Trading Volume**: The weekly trading volume of soybean meal increased. As of the week of December 5, the average daily trading volume of soybean meal in major domestic oil mills was about 140,000 tons, compared with about 120,000 tons in the previous week. [3] - **Pick - up Volume**: The weekly pick - up volume of soybean meal slightly decreased. As of the week of December 5, the average daily pick - up volume of soybean meal in major oil mills was about 184,000 tons, compared with about 188,000 tons in the previous week. [3] - **Basis**: The weekly average basis of soybean meal (Zhangjiagang) increased to about 143 yuan/ton, compared with about - 10 yuan/ton in the previous week and about 198 yuan/ton in the same period last year. [4] - **Inventory**: The inventory of soybean meal increased both weekly and year - on - year. As of the week of November 28, the inventory of soybean meal in major domestic oil mills was about 1.08 million tons, with a weekly increase of about 6% and a year - on - year increase of about 45%. [4] - **Crushing Volume**: The weekly soybean crushing volume decreased, and it is expected to increase next week. As of the week of December 5, the domestic weekly soybean crushing volume was about 2.06 million tons, and the operating rate was about 57%. Next week (December 6 - December 12), the crushing volume is expected to be about 2.21 million tons, and the operating rate will be 61%. [4] Domestic Soybean No.1 Spot Market - **Soybean Price**: The price of soybean No.1 was stable with a slight increase. In the Northeast, the purchase price of clean soybeans increased by 40 yuan/ton; in the Inner Pass region, the price was flat; and in the sales areas, the price was also flat. [5] - **State Reserve Purchase**: There were no new purchase points for the state reserve. After the opening of purchases at Suihua and Harbin direct - controlled depots, the price was higher than other depots in the province, but there were still few trucks delivering soybeans. [5] - **Farmer's Selling Sentiment**: The increase in the purchase price in the Northeast产区 loosened farmers' reluctance to sell, but the market's acceptance of the increased - price soybeans was average. Later in the week, some large trading entities slightly lowered the purchase price due to rumors of state reserve sales. [5] - **Sales Area Demand**: The pattern of "better in the north and stable in the south" in the sales area demand continued. In the north, the demand for soy products increased due to lower temperatures, and the trading speed of Northeast soybeans was fair; in the south, the demand for edible soybeans did not improve significantly, and the trading speed was normal but slow. [5]

| | 收盘价 | 今日涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 生猪01 | 11385 | 0 | 0% | | 生猪03 | 11085 | -105 | -0.94% | | 生猪05 | 11805 | -65 | -0.55% | | 生猪07 | 12590 | -30 | -0.24% | | 生猪09 | 13515 | -10 | -0.07% | | 生猪11 | 13770 | -5 | -0.04% | 饲料养殖日报 2025/12/05 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z000220 审核：唐韵 Z0002422 【免责声明】本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和 建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形 下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客 ...

1. Report's Industry Investment Rating - No relevant information provided in the content 2. Core Viewpoints of the Report - No clear core viewpoints presented in the content 3. Summary by Relevant Catalogs Index Trends - On December 4th, the Shanghai Composite Index had a change of -0.06%, closing at 3875.79 points with a trading volume of 623.713 billion yuan; the Shenzhen Component Index had a change of 0.4%, closing at 13006.72 points with a trading volume of 925.247 billion yuan [1]. - The CSI 1000 Index had a change of 0.01% with a trading volume of 311.316 billion yuan, opening at 7246.86, closing at 7248.66, with a daily high of 7269.9 and a low of 7185.91 [1]. - The CSI 500 Index had a change of 0.24% with a trading volume of 239.913 billion yuan, opening at 7001.64, closing at 7012.81, with a daily high of 7039.72 and a low of 6958.63 [1]. - The SSE 50 Index had a change of 0.38% with a trading volume of 88.622 billion yuan, opening at 2968.56, closing at 2974.34, with a daily high of 2980.24 and a low of 2958.61 [1]. Impact of Sector Movements on Indexes - The CSI 1000 rose 0.39 points from the previous closing price. Sectors such as Electronics, Machinery, and Automobiles significantly pulled the index up, while Media, Basic Chemicals, and Non - Ferrous Metals pulled it down [3]. - The CSI 500 rose 16.45 points from the previous closing price. Sectors like Electronics, National Defense and Military Industry, and Machinery significantly pulled the index up, while Non - Ferrous Metals pulled it down [3]. - The SSE 300 rose 15.52 points from the previous closing price. Sectors including Electronics, Power Equipment, and Communication significantly pulled the index up, while Banking and Food and Beverage pulled it down [3]. - The SSE 50 rose 11.26 points from the previous closing price. Sectors such as Electronics, Non - Ferrous Metals, and Pharmaceutical Biology significantly pulled the index up, while Banking and Food and Beverage pulled it down [3]. Stock Index Futures Basis and Annualized Opening Costs Converted from Basis - IM00 had an average daily basis of -48.93, IM01 of -122.48, IM02 of -274.44, and IM03 of -512.61 [12]. - IC00 had an average daily basis of -40.9, IC01 of -95.77, IC02 of -210.83, and IC03 of -419.05 [12]. - IF00 had an average daily basis of -13.65, IF01 of -30.25, IF02 of -50.75, and IF03 of -99.82 [12]. - IH00 had an average daily basis of -4.94, IH01 of -11.59, IH02 of -13.58, and IH03 of -27.91 [12]. Stock Index Futures Roll - over Point Differences and Their Converted Annualized Costs - For IM, data on roll - over point differences and their converted annualized costs at different 15 - minute intervals are provided, such as at 09:45, IM00 - 01 was -73.02267, IM00 - 02 was -259.4522 etc. [21]. - For IC, similar data is given, e.g., at 09:45, IC00 - 01 was -68.64222, IC00 - 02 was -225.568 etc. [23]. - For IF, at 09:45, IF00 - 01 was -12.31678, IF00 - 02 was -41.14122 etc. [23]. - For IH, at 09:45, IH00 - 01 was 0.707, IH00 - 02 was 1.4593333 etc. [25].

| 铁矿石产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年12月5日 | | | | Z0020017 徐艺丹 | | | 铁矿石相关价格及价差 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | 仓単成本:卡粉 | 796.7 | 803.3 | -6.6 | -0.8% | | | 仓单成本:PB粉 | 841.4 | 844.7 | -3.3 | -0.4% | | | 仓单成本:巴混粉 | 843.8 | 847.0 | -3.2 | -0.4% | | | 仓单成本:金布巴粉 | 840.3 | 843.5 | -3.2 | -0.4% | | | 01合约基差:卡粉 | 2.2 | 3.8 | -1.6 | -41.6% | | | 01合约基差:PB粉 | 46.9 | 45.2 | 1.7 | 3.8% | 元/吨 | | 01合约基差:巴混粉 | 49.3 | 47.5 | 1.8 | 3.7% | | | 01合约基差 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Overseas: Before the release of PCE data, market optimism has subsided, and the three major U.S. stock indexes showed mixed results [2]. - Domestic: The market remains in a state of shrinking volume and is in a volatile market with relatively low overall risks [2]. 3. Summary by Relevant Catalogs Market Analysis - Macro: China's Ministry of Commerce announced that the Chinese government is conducting export controls on rare - earth - related items in accordance with laws and regulations. Applications for civilian and compliant exports are approved in a timely manner. President Xi Jinping held talks with French President Macron, emphasizing mutual understanding and support on core interests and major concerns [1]. - Overseas: The number of initial jobless claims in the U.S. last week unexpectedly decreased by 27,000 to 191,000, the lowest level since September 2022. The three major U.S. stock indexes closed with mixed results, with the Nasdaq rising 0.22% to 23,505.14 points [1]. - Stock Indexes: The three major A - share indexes showed divergent trends. The Shanghai Composite Index fell 0.51% to 3878 points, and the ChiNext Index fell 1.12%. Most sector indexes declined. The machinery, electronics, and national defense and military industries led the gains, while the beauty care, social services, commercial retail, and textile and apparel industries led the declines. The trading volume of the Shanghai and Shenzhen stock markets was less than 1.6 trillion yuan [1]. - Futures Market: In the futures market, the basis of IC and IM continued to repair, and the trading volume and open interest of the four major stock index futures decreased simultaneously [1]. Strategy The overseas market's optimism has subsided before the PCE data release. The domestic market maintains a shrinking volume and is in a volatile state with low risks [2]. Macro Economic Charts - The report includes charts showing the relationship between the U.S. dollar index and A - share trends, the U.S. Treasury yield and A - share trends, the RMB exchange rate and A - share trends, and the U.S. Treasury yield and A - share style trends [6][7]. Spot Market Tracking Charts - Table 1 shows the daily performance of major domestic stock indexes on December 4 and 3, 2025, including the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, etc. For example, the Shanghai Composite Index decreased by 0.06% from 3878.00 to 3875.79 [12]. - Charts include the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [13]. Stock Index Futures Tracking Charts - Table 2 shows the trading volume and open interest of stock index futures (IF, IH, IC, IM). For example, the trading volume of IF decreased by 5184 to 92574, and the open interest decreased by 3942 to 261904 [16]. - Table 3 shows the basis (futures - spot) of stock index futures for different contracts (current month, next month, current quarter, next quarter). For example, the current - month contract basis of IF is - 15.97 with a change of - 3.12 [40]. - Table 4 shows the inter - delivery spread of stock index futures, including spreads such as next month - current month, next quarter - current month, etc. For example, the next - month - current - month spread of IF is - 18.40 with a change of - 2.40 [46][47]. - Charts include the open interest of different contracts, the latest open - interest ratio, foreign - funded net open - interest quantity, basis, and inter - delivery spread of different stock index futures [17][20][28][30][31][38][41][43][51].