12月25日，离岸人民币对美元汇率升破7.0大关，最高触及6.9985，同时在岸人民币对美元升破7.01元关 口，均为2024年9月底以来首次。整体来看，今年离岸人民币对美元汇率呈现"先抑后扬、震荡走升"的 趋势。2025年4月，离岸人民币对美元汇率在连续三个月升值后出现贬值，月内一度贬值至7.42下方， 随后又反转回升至7.26附近，此后呈现波动走势，整体升值态势明显。 至于对期货市场的影响，王骏认为，期货品种价格走势或将分化：进口依赖度强的大宗商品受离岸人民 币对美元汇率升值影响，企业采购成本会下降，相关期货品种的价格表现或偏强运行，如铜、铝、锡、 钴和铁矿石等；出口导向型的大宗商品或因人民币汇率升值，使海外竞争力相对减弱，相关期货品种的 价格短期内面临一定压力，如PTA、短纤、棉花、钢材、焦炭等出口占比较高的商品。 对此，王骏建议，产业企业须警惕汇率单边波动的风险，可以借助国内商业银行的外汇远期、外汇期权 等外汇衍生工具来锁定进出口汇率成本，有效对冲汇率短期波动风险和长期趋势性风险。个人交易者则 要坚守理性投资底线，不要盲目跟风，决策时须聚焦品种的基本面，同时匹配自身的风险承受能力，做 好期货仓位管理与 ...

投资咨询系列报告 山金期货黑色板块日报 操作建议： 多单继续持有，中线交易 表1：螺纹、热卷相关数据 数据类别 指标 单位 最新 较上日 较上周 期现货价格 螺纹钢主力合约收盘价 元/吨 3127 -9 -0.29% 2 0.06% 热轧卷板主力合约收盘价 元/吨 3280 -5 -0.15% 3 0.09% 螺纹钢现货价格（HRB400E 20mm，上海） 元/吨 3310 -10 -0.30% 10 0.30% 热轧板卷现货价格（Q235 4.75mm，上海） 元/吨 3280 10 0.31% 0 0 基差与价差 螺纹钢主力基差 元/吨 183 -1 8 热轧卷板主力基差 元/吨 0 15 -3 螺纹钢期货10-1价差 元/吨 65 13 40 热轧卷板期货10-1价差 元/吨 17 3 17 螺纹钢期货1-5价差 元/吨 -20 -5 -21 热轧卷板期货1-5价差 元/吨 2 0 -9 螺纹钢期货5-10价差 元/吨 -45 -8 -19 热轧卷板期货5-10价差 元/吨 -19 -3 -8 热卷01-螺纹01价差 元/吨 175 9 13 热卷05-螺纹05价差 元/吨 153 4 1 热卷10- ...

2025年12月26日 国泰君安期货商品研究晨报 观点与策略 | 黄金：通胀温和回落 | 3 | | --- | --- | | 白银：高位调整 | 3 | | 铜：市场情绪偏暖，支撑价格上涨 | 5 | | 锌：横盘震荡 | 7 | | 铅：库存持续减少，支撑价格 | 9 | | 锡：供应再出扰动 | 10 | | 铝：震荡偏强 | 12 | | 氧化铝：持续磨底 | 12 | | 铸造铝合金：跟随电解铝 | 12 | | 铂：多头情绪占优 | 14 | | 钯：震荡上行 | 14 | | 镍：盘面资金博弈，镍价宽幅震荡 | 16 | | 不锈钢：基本面供需双弱，印尼镍矿消息扰动 | 16 | | 碳酸锂：正极大厂检修，关注回调风险 | 18 | | 工业硅：关注情绪带动 | 20 | | 多晶硅：硅片价格报涨 | 20 | | 铁矿石：高位反复 | 22 | | 螺纹钢：宽幅震荡 | 23 | | 热轧卷板：宽幅震荡 | 23 | | 硅铁：市场信息扰动，宽幅震荡 | 25 | | 锰硅：市场信息扰动，宽幅震荡 | 25 | | 焦炭：震荡反复 | 27 | | 焦煤：震荡反复 | 27 | | 原木：低 ...

Report Date - The report was released on December 26, 2025 [1] Industry Focus - The report focuses on the industrial silicon and polysilicon industries [1][2] Investment Rating - No investment rating is provided in the report Core Viewpoints - The report tracks the fundamentals of industrial silicon and polysilicon, including futures market data, basis, prices, profits, inventory, and raw material costs [2] - There is a news about the trading volume limit on polysilicon futures contracts starting from December 29, 2025 [2][4] - The trend intensity of industrial silicon and polysilicon is both 0, indicating a neutral view [4] Summary by Category Futures Market Data - Si2605: The closing price is 8,835 yuan/ton, with a change of -25 yuan compared to T - 1, 190 yuan compared to T - 5, and -125 yuan compared to T - 22. The trading volume is 268,435 lots, with a change of -53,715 lots compared to T - 1, -80,042 lots compared to T - 5, and 20,247 lots compared to T - 22. The open interest is 216,554 lots, with a change of -1,636 lots compared to T - 1, 8,774 lots compared to T - 5, and -47,365 lots compared to T - 22 [2] - PS2605: The closing price is 60,760 yuan/ton, with a change of 2,460 yuan compared to T - 1 and 1,460 yuan compared to T - 5. The trading volume is 124,231 lots, with a change of -73,209 lots compared to T - 1 and -274,588 lots compared to T - 5. The open interest is 132,126 lots, with a change of 5,042 lots compared to T - 1 and -7,734 lots compared to T - 5 [2] Basis - Industrial silicon: The spot - to - futures basis varies depending on the benchmark, such as +415 yuan/ton (against East China Si5530), +15 yuan/ton (against East China Si4210), -135 yuan/ton (against Xinjiang 99 silicon) [2] - Polysilicon: The spot - to - futures basis against N - type re - feed is -8760 yuan/ton, with changes of -2,460 yuan compared to T - 1, -1,460 yuan compared to T - 5, and -5,525 yuan compared to T - 22 [2] Prices - Industrial silicon: The price of Xinjiang 99 silicon is 8700 yuan/ton, Yunnan Si4210 is 10,000 yuan/ton [2] - Polysilicon: The price of N - type re - feed is 52,350 yuan/ton [2] - Other products: The prices of silicon wafers, battery cells, components, photovoltaic glass, and other related products are also provided [2] Profits - Silicon plant: The profit of Xinjiang new - standard 553 is -2491.5 yuan/ton, and that of Yunnan new - standard 553 is -4829 yuan/ton [2] - Polysilicon enterprise: The profit is 8.0 yuan/kg, with changes compared to different time points [2] - Other industries: The profits of DMC enterprises, regenerative aluminum enterprises are also presented [2] Inventory - Industrial silicon: The social inventory (including warehouse receipt inventory) is 55.5 million tons, the enterprise inventory is 19.6 million tons, the industry inventory (social + enterprise) is 75.1 million tons, and the futures warehouse receipt inventory is 4.6 million tons [2] - Polysilicon: The manufacturer's inventory is 30.3 million tons [2] Raw Material Costs - The costs of silicon ore, washed coal, petroleum coke, electrodes, etc. in different regions are provided [2] Macro and Industry News - Starting from December 29, 2025, non - futures company members or customers have a daily opening volume limit of 50 lots on each of the polysilicon futures contracts PS2601 - PS2612. Hedging and market - making transactions are exempted, and accounts with real control relationships are managed as one account [2][4] Trend Intensity - The trend intensity of industrial silicon and polysilicon is 0, indicating a neutral view [4]

12月26日，碳酸锂主力合约盘中突破13万关口，日内一度涨超8%，创2023年11月以来新高。 编辑 ｜ 钉钉 | 0 | | | GFEX碳酸锂 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | LC.GFE | | | | | | | | 130100 | 昨年 120720 总手 | | | | 13.91万 | | 万得 | | | | | | | | | 公 ■ | | +9380 | +7 7% ナニ | | 124220 现手 | | | 6 | | | 最高价 | 130800 の | 导 | 60.86万 | 4 | | | 7.00万 | | 最低价 | 124220 色 | 辑 | 1372 | 内 | | | 6.90万 | | 书时 | 五日 EK EK | | | EK | | 用关 | | | 普加 | | | | 均价:128469 | | | | | | | | | | -- 8.35%- 卖一 | 130100 | 81 | | | | | | | | 130060 | 82 | | | | | ...

Group 1: Report Investment Ratings - No investment ratings provided in the report. Group 2: Core Views of the Report - For 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 floating storage is high, and it is expected to return to inventory accumulation later. It is believed that the end - point of contract 01 will still be high inventory, and it is advisable to do a 1 - 5 reverse spread on rallies [1]. - For polyethylene, the inventory of Sinopec and PetroChina is neutral year - on - year. Upstream and coal - chemical industries are destocking, while social inventory remains flat. Overall inventory is neutral. The 09 basis is around - 110 in North China and - 50 in East China. Import profit is around - 200 with no further increase for now. 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]. - For polypropylene, upstream and mid - stream inventories are decreasing. The basis is - 60, non - standard price spreads are neutral, and import profit is around - 700. Exports have been good this year.后续供应预计环比略增加, downstream orders are average currently, and raw material and finished - product inventories are neutral. In the context of over - capacity, contract 01 is expected to face neutral to excessive pressure, which can be alleviated if exports continue to increase or PDH plants have more maintenance [3]. - For PVC, the basis remains at 01 - 270, and the ex - factory basis is - 480. Downstream operating rates are seasonally weakening, and the willingness to hold goods at low prices is strong. Mid - and upstream inventories are continuously accumulating. Attention should be paid to new plant commissioning and export sustainability in Q4. Current static inventory contradictions are accumulating slowly, costs are stable, and downstream performance is mediocre. Attention should be paid to exports, coal prices, commercial housing sales, terminal orders, and operating rates [3]. Group 3: Summaries by Commodity Methanol - **Price Data**: From December 19 to 25, 2025, the price of power coal futures remained at 801, while the prices of Jiangsu and South China spot, and other regional prices showed certain fluctuations, with daily changes such as a 25 - yuan decrease in Jiangsu spot [1]. - **Inventory and Market Situation**: Iranian plants shut down, ports and inland areas rebounded, basis strengthened slightly, ports destocked for two weeks but floating storage was high, and it is expected to return to inventory accumulation. November shipments from Iran were 1.1 million tons, and it is difficult to reduce imports from December to January [1]. Polyethylene - **Price Data**: From December 19 to 25, 2025, prices of Northeast Asia ethylene, North China LL, and other products changed, with daily changes like a 10 - yuan decrease in North China LL [3]. - **Inventory and Market Situation**: Sinopec and PetroChina's inventory is neutral year - on - year, upstream and coal - chemical industries are destocking, social inventory is flat, downstream raw material and finished - product inventories are neutral. Overall inventory is neutral, import profit is around - 200, and domestic linear production has decreased recently [3]. Polypropylene - **Price Data**: From December 19 to 25, 2025, prices of Shandong propylene, Northeast Asia propylene, and other products changed, with daily changes such as a 75 - yuan increase in East China PP [3]. - **Inventory and Market Situation**: Upstream and mid - stream inventories are decreasing, the basis is - 60, non - standard price spreads are neutral, import profit is around - 700, exports are good, and subsequent supply is expected to increase slightly [3]. PVC - **Price Data**: From December 19 to 25, 2025, prices of Northwest calcium carbide, Shandong caustic soda, and other products changed, with daily changes such as a 10 - yuan decrease in the price of calcium carbide - based PVC in East China [3]. - **Inventory and Market Situation**: The basis remains stable, downstream operating rates are seasonally weakening, mid - and upstream inventories are accumulating, and attention should be paid to new plant commissioning and export sustainability in Q4 [3].

Report Investment Ratings - PX: Strong upward trend [1][5] - PTA: Strong cost support, upward trend [1][5] - MEG: Limited upside, medium - term pressure [1][6] Core Views - PX's tight supply expectation can't be falsified in the short - term despite polyester plant's planned production cuts, so its unilateral price trend is strong and it squeezes downstream profits [5] - PTA has strong cost support due to PX's strength, with supply tightening and a continued de - stocking pattern, so its unilateral trend is upward [5] - MEG has a medium - term weak trend. Low valuation, high domestic operating rate, high port inventory and polyester production cut expectations limit its price increase [6] Market Data Summary Futures - PX, PTA, PF prices rose yesterday with increases of 0.88%, 1.14%, 0.86% respectively, while SC decreased by 0.45%, and MEG remained unchanged [2] - PX1 - 5, PTA1 - 5, PF12 - 1 month - spreads increased, while MEG1 - 5 and SC11 - 12 decreased [2] Spot - PX CFR China, PTA East China, MEG spot prices rose, while naphtha MOPJ decreased, and Dated Brent increased [2] - PX - naphtha spread and MOPJ naphtha - Dubai crude spread increased, while PTA, short - fiber and bottle - chip processing fees decreased [2] Market Dynamics Summary PTA - This week, Ineos' 1.1 million - ton and Yisheng Ningbo's 2.2 million - ton plants restarted, Yisheng New Materials reduced load, and some plants had short - stops. By Thursday, PTA load was 70.8% [3] MEG - As of December 25, the overall operating load of ethylene glycol in mainland China was 72.15% (up 0.18% from the previous period), and the operating load of ethylene glycol produced by oxalic acid catalytic hydrogenation (syngas) was 76.37% (up 0.91% from the previous period) [3] Polyester - This week, the operating load of large - scale polyester industrial yarn manufacturers remained stable. As of Thursday, the overall theoretical operating load of domestic polyester industrial yarn was about 75%. (Since January 2025, the production capacity base of polyester industrial yarn has been adjusted to 3.28 million tons) [3] - One polyester filament plant is shutting down, one filament plant restarted and produced normally, and one new bottle - chip plant produced products. In addition, three major polyester filament manufacturers cut production collectively, involving load reduction of some polyester plants [3] - Since December 1, 2025, the polyester production capacity in mainland China has been revised up to 89.84 million tons, with new 300,000 - ton plants of Xinjiang Yuxin and Anhui Youshun. As of Thursday, the polyester load in mainland China was about 89.7% [5] Trend Intensity - PX trend intensity: 1 - PTA trend intensity: 1 - MEG trend intensity: 0 [5] Views and Suggestions PX - Pay attention to long PX short PF/PR/BZ/EB positions and 5 - 9 positive spreads [5] PTA - Go long on PTA, short PF/PR/MEG/BZ/EB, hold positive spreads [5] MEG - Medium - term trend is weak, upside is limited [6]

1. Report Industry Investment Ratings - **Positive Trends**: p-Xylene, PTA, rubber, fuel oil, low-sulfur fuel oil [2][10][79] - **Neutral Trends**: MEG, synthetic rubber, asphalt, LLDPE, PP, caustic soda, pulp, glass, methanol, urea, styrene, soda ash, LPG, propylene, PVC, short fiber, bottle chip, offset printing paper, pure benzene [2][15][25] - **Negative Trends**: None 2. Core Views - **PX**: The unilateral price trend is strong, squeezing downstream profits. Despite polyester factory plans to cut production, the tight supply expectation cannot be falsified in the short term [8]. - **PTA**: Supply tightens, cost support is strong, and the unilateral trend is upward. The PX price continues to rise, squeezing downstream profits [8]. - **MEG**: The upside space is limited, and there is still pressure in the medium term. The current valuation is low, but the high operating rate and high port inventory restrict price increases [9]. - **Rubber**: The market is oscillating strongly. Although the price of Thai glue has declined, the cup rubber price is relatively firm, and the raw material price in Yunnan is stable [10][12]. - **Synthetic Rubber**: It is in a weak current situation but has strong future expectations, entering an oscillatory pattern. The previous rise was due to improved butadiene fundamentals and strong far - month expectations, but the current fundamentals have weakened marginally [15]. - **Asphalt**: The spot price is temporarily stable. The overall supply and demand are relatively stable, with a slight decline in refinery operating rates and inventory rates [17][26]. - **LLDPE**: The basis is weak, and spot trading has declined. The raw material price is oscillating, and the downstream demand is weak. The supply side has some new production and maintenance, and the medium - term supply - demand pressure is still large [27][28]. - **PP**: The PDH profit is compressed again, and the market is oscillating steadily. The cost support is limited, the supply - demand game of existing capacity is intensifying, and the demand is weak [30][31]. - **Caustic Soda**: It is oscillating weakly. The high - production and high - inventory pattern persists around the Spring Festival, and the demand is difficult to support [35]. - **Pulp**: It is oscillating. The pulp price has increased weekly, but the intraday price is stable. The futures and spot markets show differentiation, and the port inventory has been decreasing for five consecutive weeks [40][44]. - **Glass**: The original sheet price is stable. The downstream demand is average, and the float glass factory is mainly focused on shipping at a price - for - volume strategy [47]. - **Methanol**: It is oscillating. The port inventory has increased significantly, and the spot price shows a differentiated operation [50][52]. - **Urea**: The medium - term price center will move up. Although the production has gradually recovered, the downstream demand lacks continuous upward momentum [55][57]. - **Styrene**: It is oscillating in the short term. The supply - demand structure of the styrene industry chain provides some support for the price in 2026, but there are also risks of downstream inventory back - pressure [58][61]. - **Soda Ash**: The spot market has little change. The supply is increasing, and the downstream demand is general, with a wait - and - see attitude [63]. - **LPG**: The trend is under pressure. The CP paper price has increased slightly, and there are many PDH and LPG plant maintenance plans [65][71]. - **Propylene**: The spot price is at a low level. The PDH operating rate has increased slightly, and the market is affected by supply and demand and cost factors [66]. - **PVC**: It is oscillating weakly. The high - production and high - inventory structure is difficult to change in the short term, and the rebound space is limited [75]. - **Fuel Oil**: The night - session price has risen slightly, and it may maintain a strong trend in the short term. The low - sulfur fuel oil is oscillating strongly, and the price difference between high - and low - sulfur fuels in the external market has rebounded slightly [79]. - **Container Freight Index (European Line)**: The near - month contract is oscillating, and the far - month contract should pay attention to the progress of the second - stage cease - fire negotiation in Gaza. The supply and demand of shipping capacity and freight rates are affected by multiple factors such as geopolitics and market demand [81][93]. - **Short Fiber**: It is strong in the short term, and the processing fee is compressed. Attention should be paid to the potential negative feedback of polyester production cuts [99]. - **Bottle Chip**: It is strong in the short term. Attention should be paid to the potential negative feedback of polyester production cuts [99]. - **Offset Printing Paper**: It is recommended to wait and see. The market price is relatively stable, and the cost and profit situation has little change [103]. - **Pure Benzene**: It is oscillating in the short term. The current inventory is high, but it is expected to improve in 2026, and the price may show a pattern of wide - range oscillation with a low - front and high - back center [59][107]. 3. Summaries by Related Catalogs PX, PTA, MEG - **Market Dynamics**: PTA device restarts and load reductions coexist, MEG operating rate increases slightly, and polyester load is at a high level [6][8]. - **Trend Intensity**: PX and PTA are 1, MEG is 0 [8]. - **Views and Suggestions**: PX is long - biased, and attention should be paid to multi - PX and short - downstream positions; PTA is long - biased, and attention should be paid to positive spreads and multi - PTA and short - downstream positions; MEG is bearish in the medium term [8][9]. Rubber - **Fundamental Tracking**: The futures price, trading volume, and open interest have changed, and the spot price has increased slightly. The price of Thai glue has declined, and the cup rubber price has increased [10][12]. - **Trend Intensity**: 1 [10]. Synthetic Rubber - **Fundamental Tracking**: The futures price, trading volume, and open interest have decreased, and the spot price has increased slightly. The inventory of butadiene and synthetic rubber has increased [13][14]. - **Trend Intensity**: 0 [15]. Asphalt - **Fundamental Tracking**: The futures price has increased slightly, the trading volume and open interest have changed, and the spot price is stable. The refinery operating rate and inventory rate have decreased slightly [17]. - **Trend Intensity**: 0 [25]. - **Market Information**: The domestic asphalt production in January 2026 will decrease, the factory inventory will decrease, and the social inventory will increase [26]. LLDPE - **Fundamental Tracking**: The futures price has decreased slightly, the trading volume has increased, and the open interest has increased. The basis is weak, and the spot price has increased slightly [27]. - **Trend Intensity**: 0 [29]. - **Market Situation Analysis**: The raw material price is oscillating, the downstream demand is weak, and the supply - demand pressure is large in the medium term [28]. PP - **Fundamental Tracking**: The futures price has decreased slightly, the trading volume has decreased, and the open interest has decreased. The basis is under pressure, and the spot price has increased slightly [30]. - **Trend Intensity**: 0 [32]. - **Market Situation Analysis**: The cost support is limited, the supply - demand game of existing capacity is intensifying, and the demand is weak [31]. Caustic Soda - **Fundamental Tracking**: The futures price is 2233, the spot price is 710, and the basis is - 14. The factory inventory has decreased [33][34]. - **Trend Intensity**: 0 [36]. - **Market Situation Analysis**: The high - production and high - inventory pattern persists around the Spring Festival, and the demand is difficult to support [35]. Pulp - **Fundamental Tracking**: The futures price has decreased slightly, the trading volume has decreased, and the open interest has decreased. The spot price has increased slightly, and the port inventory has decreased for five consecutive weeks [40][44]. - **Trend Intensity**: 0 [40]. Glass - **Fundamental Tracking**: The futures price has decreased slightly, the trading volume has decreased, and the open interest has decreased. The basis has decreased, and the spot price has decreased slightly [47]. - **Trend Intensity**: 0 [47]. - **Spot News**: The domestic float glass price has decreased in some areas, and the downstream demand is average [47]. Methanol - **Fundamental Tracking**: The futures price has decreased slightly, the trading volume has decreased, and the open interest has decreased. The basis is stable, and the spot price has shown a differentiated operation [50][52]. - **Trend Intensity**: 0 [53]. Urea - **Fundamental Tracking**: The futures price has increased slightly, the trading volume has decreased, and the open interest has increased. The basis has decreased, and the spot price is stable [55]. - **Trend Intensity**: 0 [57]. - **Industry News**: The domestic urea enterprise inventory has decreased, and the market price center has moved up [56][57]. Styrene - **Fundamental Tracking**: The futures price has changed, and the spot price has some changes. The supply - demand structure of the styrene industry chain provides some support for the price in 2026 [58][61]. - **Trend Intensity**: 0 [58]. Soda Ash - **Fundamental Tracking**: The futures price has decreased slightly, the trading volume has decreased, and the open interest has decreased. The basis has increased, and the spot price is stable [63]. - **Trend Intensity**: 0 [63]. - **Spot News**: The domestic soda ash market is weak and stable, the supply is increasing, and the downstream demand is general [63]. LPG, Propylene - **Fundamental Tracking**: The futures price has changed, the trading volume and open interest have changed, and the spot price is at a low level. The PDH operating rate has increased slightly [66]. - **Trend Intensity**: 0 [70]. - **Market Information**: The CP paper price has increased slightly, and there are many PDH and LPG plant maintenance plans [71]. PVC - **Fundamental Tracking**: The futures price is 4469, the spot price is 4480, and the basis is 11. The social inventory has increased [75]. - **Trend Intensity**: 0 [77]. - **Market Situation Analysis**: The high - production and high - inventory structure is difficult to change in the short term, and the rebound space is limited [75]. Fuel Oil, Low - Sulfur Fuel Oil - **Fundamental Tracking**: The futures price has increased slightly, the trading volume and open interest have decreased, and the spot price has increased slightly. The price difference between high - and low - sulfur fuels in the external market has rebounded slightly [79]. - **Trend Intensity**: 1 [79]. Container Freight Index (European Line) - **Fundamental Tracking**: The futures price has increased slightly, the trading volume and open interest have changed, and the freight rate index has increased. The shipping capacity has changed, and the geopolitical situation affects the market [81][93]. - **Trend Intensity**: 0 [98]. - **Macro News**: There are new developments in the Gaza cease - fire negotiation and shipping operations in the Red Sea [90][91]. Short Fiber, Bottle Chip - **Fundamental Tracking**: The futures price has increased, the trading volume and open interest have changed, and the spot price has increased slightly. The short - fiber sales are light, and the bottle - chip market trading atmosphere has declined slightly [99][100]. - **Trend Intensity**: 0 [100]. Offset Printing Paper - **Fundamental Tracking**: The futures price has increased, the trading volume and open interest have changed, and the spot price is stable. The cost and profit situation has little change [103]. - **Trend Intensity**: 0 [103]. - **Industry News**: The market price in Shandong and Guangdong is stable, and the market trading atmosphere is general [104][106]. Pure Benzene - **Fundamental Tracking**: The futures price has changed, the trading volume and open interest have changed, and the spot price has increased slightly. The port inventory has increased [107][108]. - **Trend Intensity**: 0 [108]. - **News**: The Jiangsu pure benzene port inventory has increased, and the Shandong pure benzene price has increased slightly [108].

12月26日，广期所铂期货主力合约触及涨停板，日内涨9.99%，现报709.85元/克，再创上市以来新 高。 更多最新消息： 商务部回应美将对中国半导体加征301关税；泽连斯基与美特使通话，推进俄乌和平计划磋商；西安 至延安高铁今日开通运营丨早报 ...

Group 1: Precious Metals Futures - New York gold prices showed a fluctuating upward trend, breaking through $4530/oz and $4540/oz, with daily increases of 0.62% and 0.86% respectively [1][2] - Spot gold also strengthened, surpassing $4500/oz with a daily increase of 0.50%, but later slightly retreated below $4480/oz, ending with a daily decrease of 0.04% [3][4] - Silver futures and spot prices saw significant gains, with New York silver breaking $74/oz, increasing by 3.23%, and spot silver surpassing $73/oz, rising by 2.65% [5][6] - In the domestic market, silver's main contract prices surged, reaching increases of 4% and 5%, quoted at 17875 yuan/ton and 18045 yuan/ton respectively [7][8] Group 2: Base Metals Futures - Nickel's main contract price rose by 2% during the day, currently reported at 127630 yuan/ton [9] Group 3: Macro and Market Impact - The U.S. government is adjusting energy policies to reduce reliance on China's battery supply chain, promoting subsidies for the battery industry, including approving multiple federal grants and providing $500 million for battery materials and recycling projects to counter China's dominance in battery technology [10] - The spot market prices for storage products remain strong, with DDR4, DDR5, and module prices rising continuously, leading manufacturers like Kingston to increase DRAM prices; NAND Flash spot market shows bullish sentiment due to contract price increase expectations, with suppliers holding back sales causing tight supply, and wafer spot prices climbing [11]