1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report The market situation of various agricultural products and energy commodities is complex. The production of Malaysian palm oil has declined, and its export volume shows different trends according to different institutions' data. The soybean production and export in the Americas are affected by weather and market demand. The domestic trading volume and inventory of agricultural products also show different changes, and the macro - economic situation at home and abroad has an impact on the market [5][6][10]. 3. Summary by Relevant Catalogs Overnight Market Quotes - The closing prices and price changes of multiple commodities are presented, including BMD's March palm oil futures (4016.00, up 2.07% the previous day and 0.73% overnight), ICE's March Brent crude oil futures (61.54, up 2.36% the previous day and 0.31% overnight), and NYMEX's February US crude oil futures (57.95, up 2.49% the previous day and 0.29% overnight) [1]. - The latest prices and price changes of multiple currencies are also provided, such as the US dollar index (98.29, down 0.42%), and the exchange rate of the Chinese yuan against the US dollar (7.0572, up 0.03%) [1]. Spot Market Quotes - The spot prices, basis, and basis changes of DCE's palm oil 2601, soybean oil 2605, and soybean meal 2605 in different regions are given. For example, the spot price of DCE palm oil 2601 in North China is 8420, with a basis of 110 and no change in basis overnight [2]. - The CNF premiums, premium changes, and CNF quotes of imported soybeans from different regions are presented. The CNF premium of Brazilian soybeans is 149 cents per bushel, and the CNF quote is 444 dollars per ton [2]. Important Fundamental Information Production Area Weather - The weather conditions in the main soybean - producing areas of Brazil are favorable or continuously improving. There will be sporadic showers in some states before Tuesday, and the overall soil moisture is improving [3]. - In the main soybean - producing areas of Argentina, most areas have suitable soil humidity for soybean growth after a frontal passage brought widespread rainfall last weekend [3]. International Supply and Demand - From December 1 - 20, 2025, Malaysia's palm oil production decreased by 7.15% month - on - month, with a 6.26% decline in fresh fruit bunch yield per unit and a 0.17% decrease in oil extraction rate [5]. - Different institutions' data on Malaysia's palm oil exports from December 1 - 20 show different trends. AmSpec reported a 0.87% decrease compared to the same period last month, while SGS reported a 43.6% increase [5][6]. - The MPOC expects that the Malaysian palm oil market will stabilize in 2026, with exports increasing to 16.2 million tons and production growing moderately to 19.7 million tons [6]. - Indonesia's palm oil exports in November decreased by 13.4% month - on - month to 1.748 million tons [7]. - USDA data shows that the US soybean export inspection volume in the week ending December 18, 2025, was 870,199 tons, in line with expectations [7]. - USDA export sales reports for the week ending December 4 show that US soybean, soybean meal, and soybean oil have different export sales and shipment situations. For example, US soybean export sales increased by 40% compared to the previous week, and the export shipment increased by 33% [8]. - Analysts expect that in the week ending December 11, US soybean export sales will net increase by 1.8 - 2.9 million tons, soybean meal by 275,000 - 550,000 tons, and soybean oil by 500 - 24,000 tons [9][10]. - As of December 20, Brazil's soybean sowing rate was 97.6%, and AgRural expects Brazil's 2025/26 soybean production to reach 180.4 million tons [10]. - Brazil exported 2,442,367.61 tons of soybeans in the first three weeks of December, with an average daily export volume 70% higher than that of the whole month of December last year [11]. - The Baltic Dry Index continued to decline on Monday, with all ship - type freight indices weakening [11]. Domestic Supply and Demand - On December 22, the total trading volume of soybean oil and palm oil was 68,700 tons, a 304% increase from the previous trading day [13]. - On December 22, the trading volume of soybean meal in major domestic oil mills increased by 40,600 tons compared to the previous day, and the overall oil mill operating rate was 55.88%, a 0.16% decrease from the previous day [13]. - As of December 19, the commercial inventory of palm oil in key domestic regions was 700,000 tons, a 7.25% increase from the previous week, and the soybean oil inventory was 1.1235 million tons, a 1.22% decrease from the previous week [13]. - China's palm oil imports in November 2025 were 334,052.37 tons, a 52.25% month - on - month increase; soybean imports were 8.10736476 million tons, a 14.50% month - on - month decrease [14]. - On December 22, the "Agricultural Product Wholesale Price 200 Index" and the "Vegetable Basket" product wholesale price index decreased slightly compared to last Friday [16]. Macroeconomic News International News - According to CME's "FedWatch", the probability of the Fed cutting interest rates by 25 basis points in January next year is 19.9%, and the probability of keeping interest rates unchanged is 80.1% [18]. - The US Chicago Fed National Activity Index in November was - 0.21, lower than the expected - 0.17 [18]. - A former Bank of Japan board member said that the Bank of Japan may raise interest rates three times to 1.5% during the remaining term of Governor Ueda Kazuo until early 2028 [18]. Domestic News - On December 22, the US dollar/Chinese yuan exchange rate was 7.0572, up 22 points (depreciation of the Chinese yuan) [20]. - On December 22, the People's Bank of China conducted 67.3 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 63.6 billion yuan due to the maturity of 130.9 billion yuan of 7 - day reverse repurchase operations [20]. Market Capital Flow On December 22, 2025, the net inflow of funds into the futures market was 17.854 billion yuan, with a net inflow of 17.605 billion yuan into the commodity futures market and a net outflow of 14 million yuan from stock index futures and 30 million yuan from treasury bond futures [22]. Arbitrage Tracking No information provided.

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - The PTA/PX market remains strong as the US is in the process of aromatics stockpiling. From December 1st to 20th, South Korea exported 0.43 tons of MX, 4.5 tons of PX, and 1.48 tons of toluene to the US [1]. - Crude oil has rebounded due to escalating geopolitical conflicts, with Venezuela becoming a short - term market focus. However, there is still significant downward pressure on oil prices in Q1 next year. Near - term market liquidity may be affected by overseas holidays and commodity index fund rebalancing at the beginning of the year [2]. - PX: The PXN was $335/ton (a $30.01/ton increase from the previous period). PX units are operating stably. With good expectations for the first half of next year, PXN has risen significantly. Even if there are fluctuations in the reformer start - up of some factories, PX production can still be effectively maintained. The monthly spread has strengthened recently, and there are many PX maintenance plans in Q2 next year, with positive long - term expectations. The strong polyester start - up rate supports PXN. In the gasoline blending aspect, gasoline cracking has shown no obvious improvement, but the US has started aromatics stockpiling [2]. - TA: The spot basis of the TA main contract is - 14 yuan/ton (a 4 - yuan/ton decrease from the previous period), the PTA spot processing fee is 144 yuan/ton (a 3 - yuan/ton decrease from the previous period), and the processing fee on the main contract's futures price is 306 yuan/ton (a 27 - yuan/ton increase from the previous period). Downstream raw material inventories have reached a low level, and the replenishment demand of polyester factories has increased significantly, driving the spot basis to strengthen. There are many near - term maintenance plans, and the cancellation of India's BIS has boosted PTA export demand. With the support of polyester load, the December balance sheet shows inventory reduction, and there is no pressure for inventory accumulation in January, which is better than previously expected. In the long run, as the period of concentrated capacity release ends, PTA processing fees are expected to gradually improve [3]. - Demand: The polyester start - up rate is 91.1% (a 0.1% decrease from the previous period). The weaving load has been declining rapidly recently. Since the end of November, domestic trade orders have weakened rapidly, and grey fabric inventories have started to accumulate rapidly. Although samples for spring - summer and foreign trade orders for next year have been made, large - scale orders have not been placed yet. It is expected that the start - up rate will decline more rapidly from late December. The polyester load remains strong for now, with increasing pressure on filament profits but acceptable inventory pressure. After the inventory of bottle - chip factories decreased, their load has rebounded. In the short term, the polyester load is expected to remain stable at around 91%, and a decline is expected around January [3]. - PF: The spot production profit is 142 yuan/ton (a 32 - yuan/ton decrease from the previous period). The fundamentals of direct - spun polyester staple fiber have not changed much, with low inventory. As raw material prices rise rapidly, the processing margin is under pressure. In terms of demand, the sales of pure polyester yarn and polyester - cotton yarn are average, with a slight decline in load and a slight increase in inventory [4]. - PR: The spot processing fee for polyester bottle - chips is 423 yuan/ton (a 9 - yuan/ton decrease from the previous period). Polyester bottle - chip factories have raised prices following raw materials, and the overall processing margin has been compressed to below 500 yuan. Fundamentally, the load of bottle - chip factories has remained unchanged, but as their inventory has declined, the load has rebounded. Additionally, a new 300,000 - ton polyester bottle - chip plant in Shandong Fuhai has started production. In the future, bottle - chip supply may increase, and the short - term processing margin for polyester bottle - chips is expected to be limited, with market prices following raw material fluctuations [4]. - Strategy: For PX/PTA/PF/PR, a cautious and bullish stance is recommended. In the short term, prices have risen rapidly due to capital concentration, and the risk of price retracement due to capital reduction should be watched. For PX, there are many maintenance plans in Q2 next year, with positive long - term expectations, and the strong polyester start - up rate supports PXN. For TA, there are many near - term maintenance plans, with inventory reduction in December and no inventory accumulation pressure in January, and PTA processing fees are expected to improve in the long run. For PF, the load is high, and factory inventory is low. At low - price stages, downstream buyers will make appropriate purchases, but due to few orders from downstream yarn mills, there is no strong willingness for large - scale inventory building or chasing high prices, and the processing fee is expected to fluctuate. For PR, although the inventory of bottle - chip factories has decreased due to increased recent transactions, supply is expected to increase, and the processing margin for polyester bottle - chips is expected to be limited, with market prices following raw material fluctuations [5]. - Cross - variety: No strategy provided - Cross - period: A long position in the PTA and PX 5 - 9 spread is recommended [6] Summary by Directory Price and Basis - Figures include TA main contract, basis, and cross - period spread trends; PX main contract trends, basis, and cross - period spread; PTA East China spot basis; and short - fiber 1.56D*38mm semi - bright natural white basis [10][11][13] Upstream Profits and Spreads - Figures cover PX processing fee PXN, PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [19][23] International Spreads and Import - Export Profits - Figures include toluene US - Asia spread, toluene South Korean FOB - Japanese naphtha CFR, and PTA export profit [27][28] Upstream PX and PTA Start - up - Figures show the operating rates of PTA in China, South Korea, and Taiwan, as well as the operating rates of PX in China and Asia [29][32][36] Social Inventory and Warehouse Receipts - Figures include PTA weekly social inventory, PX monthly social inventory, PTA total warehouse receipts + forecast volume, PTA warehouse receipt inventory, PX warehouse receipt inventory, and PF warehouse receipt inventory [38][40][41] Downstream Polyester Load - Figures cover filament sales volume, short - fiber sales volume, polyester load, direct - spun filament load, polyester staple fiber load, polyester bottle - chip load, filament factory inventory days, Jiangsu and Zhejiang loom start - up rate, Jiangsu and Zhejiang texturing machine start - up rate, and Jiangsu and Zhejiang dyeing start - up rate [49][51][56] PF Detailed Data - Figures include polyester staple fiber load, polyester staple fiber factory equity inventory days, 1.4D physical inventory, 1.4D equity inventory, recycled cotton - type staple fiber load, difference between original and recycled fibers, pure polyester yarn start - up rate, pure polyester yarn production profit, polyester - cotton yarn start - up rate, polyester - cotton yarn processing fee, pure polyester yarn factory inventory available days, and polyester - cotton yarn factory inventory available days [68][72][77] PR Fundamental Detailed Data - Figures include polyester bottle - chip load, bottle - chip factory bottle - chip inventory days, bottle - chip spot processing fee, bottle - chip export processing fee, bottle - chip export profit, difference between East China water bottle - chips and recycled 3A - grade white bottle - chips, bottle - chip next - month spread, and bottle - chip next - next - month spread [90][92][97]

新能源及有色金属日报 | 2025-12-23 散单成交下滑 铅价难有靓丽表现 市场要闻与重要数据 现货方面：2025-12-22，LME铅现货升水为-45.23美元/吨。SMM1#铅锭现货价较前一交易日变化25元/吨至16825 元/吨，SMM上海铅现货升贴水较前一交易日变化 0元/吨至60.00元/吨，SMM广东铅现货较前一交易日变化25元/ 吨至16925元/吨，SMM河南铅现货较前一交易日变化25元/吨至16850元/吨，SMM天津铅现货升贴水较前一交易日 变化25元/吨至16825元/吨。铅精废价差较前一交易日变化0元/吨至-50元/吨，废电动车电池较前一交易日变化0元/ 吨至9825元/吨，废白壳较前一交易日变化0元/吨至10025元/吨，废黑壳较前一交易日变化0元/吨至10225元/吨。 期货方面：2025-12-22，沪铅主力合约开于16970元/吨，收于16920元/吨，较前一交易日变化40元/吨，全天交易日 成交49244手，较前一交易日变化-7217手，全天交易日持仓59586手，手较前一交易日变化-2591手，日内价格震荡， 最高点达到17030元/吨，最低点达到16890元/吨。夜盘 ...

聚烯烃日报 | 2025-12-23 供强需弱格局延续，拖累价格下行 市场要闻与重要数据 价格与基差方面，L主力合约收盘价为6240元/吨（-80），PP主力合约收盘价为6119元/吨（-94），LL华北现货为6250 元/吨（-100），LL华东现货为6400元/吨（+0），PP华东现货为6150元/吨（-60），LL华北基差为10元/吨（-20），LL 华东基差为160元/吨（+80）， PP华东基差为31元/吨（+34）。 上游供应方面，PE开工率为83.9%（-0.2%），PP开工率为79.4%（+1.1%）。 生产利润方面，PE油制生产利润为61.6元/吨（-57.7），PP油制生产利润为-368.4元/吨（-57.7），PDH制PP生产利润 为-629.8元/吨（+48.0）。 进出口方面，LL进口利润为-131.8元/吨（-8.2），PP进口利润为-215.8元/吨（+1.8），PP出口利润为-13.4美元/吨（-0.2）。 下游需求方面，PE下游农膜开工率为45.2%（-1.2%），PE下游包装膜开工率为49.0%（-0.6%），PP下游塑编开工率 为44.0%（-0.1%），PP下游BOPP ...

Group 1: Report Industry Investment Ratings - The investment strategy for both soybeans and peanuts is neutral [3][6] Group 2: Core Views of the Report - The domestic soybean market shows a differentiated pattern of "scarce high - quality beans and pressured ordinary grains." The scarcity of high - quality soybeans supports firm prices, while the demand side is cautious. The key variable affecting the price is the policy auction [3] - The domestic peanut supply is abundant, with slow inventory digestion in some intermediate links. The demand side's purchase price is stable, and attention should be paid to the actual release of festival stocking demand [5] Group 3: Summary by Related Topics Soybean Analysis Market Analysis - Futures: The closing price of the soy - bean 2605 contract was 4105.00 yuan/ton, up 53.00 yuan/ton (+1.31%) from the previous day [1] - Spot: The edible soybean spot basis was A05 + 95, down 53 (-32.14%) from the previous day. Northeast farmers have strong reluctance to sell, and the actual available grain sources are tight. After the subsequent large - scale release of old soybeans by Sinograin for auction, the spot price may face downward pressure [1][2] Market Information - Spot prices in various regions in Heilongjiang: Most remained flat, with prices in Heihe Nenjiang and Suihua Hailun rising [2] Strategy - The strategy is neutral [3] Peanut Analysis Market Analysis - Futures: The closing price of the peanut 2603 contract was 7962.00 yuan/ton, down 12.00 yuan/ton (-0.15%) from the previous day [3] - Spot: The average peanut spot price was 8055.00 yuan/ton, down 9.00 yuan/ton (-0.11%) month - on - month. The spot basis was PK03 - 1162.00, up 12.00 (-1.02%) month - on - month [3] Market Information - The national average price of general - quality peanuts was 4.03 yuan/jin, down 0.01 yuan/jin. Oil mills' contract purchase prices for oil - used peanuts were basically stable [4] Strategy - The strategy is neutral, with the risk of weakening demand [6]

2025年12月23日 国泰君安期货商品研究晨报-能源化工 观点与策略 | 对二甲苯：不追高，高位震荡市 | 2 | | --- | --- | | PTA：不追高，高位震荡市 | 2 | | MEG：趋势偏弱 | 2 | | 橡胶：宽幅震荡20251223 | 5 | | 合成橡胶：震荡中枢上移 | 7 | | 沥青：现货窄幅调整，背离油价持稳 | 9 | | LLDPE：全密度部分转产，估值支撑有限 | 12 | | PP：PDH利润再度压缩，趋势震荡偏弱 | 13 | | 烧碱：短期反弹，关注库存变化 | 14 | | 纸浆：震荡运行20251223 | 15 | | 玻璃：原片价格平稳 | 17 | | 甲醇：震荡有支撑 | 18 | | 尿素：震荡运行 | 20 | | 苯乙烯：短期震荡 | 22 | | 纯碱：现货市场变化不大 | 24 | | LPG：外盘成本偏强 | 25 | | 丙烯：供需存收紧预期，短期走势存支撑 | 25 | | PVC：短期反弹，高度或有限 | 28 | | 燃料油：夜盘上涨，短期波动放大 | 29 | | 低硫燃料油：跟涨走势为主，外盘现货高低硫价差小幅回弹 | 29 ...

交易咨询业务资格：证监许可【2012】1091号 工业硅期货早报 2025年12月23日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点——工业硅 供给端来看，上周工业硅供应量为8.8万吨，环比持平。 需求端来看，上周工业硅需求为8.1万吨，环比增长8.00%.需求有所抬升. 多晶硅库存为29.3万吨，处于高位，硅片亏损，电池片亏损，组件盈利； 有机硅库存为43900吨，处于低位，有机硅生产利润为1384元/吨，处于盈 利状态，其综合开工率为69.79%，环比持平，低于历史同期平均水平；铝 合金锭库存为7.23万吨，处于高位，进口亏损为080元/吨，A356铝送至无 锡运费和利润为634.77元/吨，再生铝开工率为59.8%，环比持平，处于高 位。 成本端来看，新疆地区样本通氧553生产 ...

Group 1: Market Performance on December 22, 2025 - A-share market: The Shanghai Composite Index rose 0.69% to 3917.36, the Shenzhen Component Index rose 1.47% to 13332.73, and the ChiNext Index rose 2.23% to 3191.98. The trading volume in the Shanghai and Shenzhen stock markets reached 1861.9 billion yuan, an increase of 136 billion yuan from the previous trading day [1] - Stock index futures: The CSI 300 index was strong, closing at 4611.62, a rise of 43.45 [2] - Coal futures: The coke weighted index maintained strength, closing at 1717.3, a rise of 24.4; the coking coal weighted index fluctuated and sorted, closing at 1098.1 yuan, a rise of 6.1 [2][3] - Other futures: The closing prices and changes of various futures on December 22 are as follows: Zheng sugar 2605 contract, palm oil P2605, Shanghai copper CU2602, cotton, iron ore 2605, asphalt 2605, log 2603, steel rb2605 and hc2605, alumina ao2601, and Shanghai aluminum al2602 [1][2][3][4][6][8] Group 2: Factors Affecting Futures Prices - Coke and coking coal: For coke, after the previous sharp price drop, downstream increased the procurement of cost-effective raw coal, and news such as "anti-involution" in China and Indonesia's export tax boosted market sentiment in the short term; for coking coal, the overall supply in the producing areas continued to shrink, and the high volume of Mongolian coal clearance and rising port inventory brought pressure to domestic coal [4] - Zheng sugar: Affected by factors such as the rebound of US sugar, the decline in imports in November, and the increase in spot quotes, short positions were closed, pushing the Zheng sugar 2605 contract to rise [4] - Rubber: Due to a large short-term decline, affected by technical factors, Shanghai rubber fluctuated slightly lower on Monday; at night, supported by short covering, it fluctuated slightly higher [4] - Soybean meal: Internationally, factors such as the rise in crude oil prices and the weakening of the US dollar boosted the price of US soybeans; domestically, the supply of soybeans was abundant, and the supply pressure of soybean meal was significant [4][6] - Pig: The supply of live pigs remained high, while the demand showed marginal improvement, and the increase in consumption demand boosted pig prices to some extent [6] - Palm oil: Affected by the warming of the external crude oil and the overall oil market, palm oil rebounded rapidly from a low level; the production in Malaysia decreased, while exports increased [6] - Shanghai copper: The decline in copper ore processing fees, the expansion of smelting losses, and the weakening of the US dollar and rising interest rate cut expectations supported the price increase [6] - Iron ore: The supply increased while the demand decreased, and the price fluctuated in the short term [6] - Asphalt: Supply increased, inventory decreased slightly, demand in the off-season continued to shrink, and the price fluctuated [6] - Log: There was no major contradiction in the supply - demand relationship, and subsequent attention should be paid to factors such as spot prices, import data, and inventory changes [8] - Steel: The supply - demand situation was weak, but due to cost support, the price might fluctuate upward [8] - Alumina: Although production decreased slightly due to maintenance, the overall supply was still in excess, and inventory accumulation put pressure on prices [8] - Shanghai aluminum: The production was stable, inventory continued to accumulate, and demand showed regional differences [8] Group 3: Future Focus - Soybean meal: Focus on extreme weather changes in South America and soybean arrivals [6] - Pig: Pay attention to the changes in the inventory of breeding sows, the slaughter rhythm of large - scale pig enterprises, and the progress of cured meat consumption [6] - Iron ore: Follow the return of year - end funds, inventory changes, and macro - policy trends [6] - Log: Monitor spot prices, import data, inventory changes, and macro - market sentiment [8]

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 白糖： 消息方面，2025/26榨季截至12月20日，泰国累计甘蔗入榨量为781.22万吨，较去年同期的917.97万吨减 少136.75万吨，降幅14.9%；甘蔗含糖分11.36%，较去年同期的11.48%减少0.12%；产糖率为8.183%， 较去年同期的8.121%减少0.062%；产糖量为63.93万吨，较去年同期的74.55万吨减少10.62万吨，降幅 14.25%。现货报价方面，广西制糖集团报价区间为5250~5370元/吨，持平；云南制糖集团报价 5120~5230元/吨，个别下调10元/吨；加工糖厂主流报价区间为5670~5900元/吨，少数上调20元/吨。原 糖方面，泰国进入生产季，未来可继续关注生产进度。国内现货市场止跌企稳，市场情绪回暖，成交温 和回升。盘面也伴随现货市场小幅反弹，本轮下跌暂时止住，预计未来窄幅震荡，静待新的指引。 棉花： 周一，ICE美棉下跌0.22%，报收63.61美分/磅，CF601环比上涨0.61%，报收14070元/吨，主力合约持仓 环比增加23519手至78.5万手。国际市场方面，宏观层面仍有扰 ...

五矿期货农产品早报 五矿期货农产品团队 农产品早报 2025-12-23 从业资格号：F0273729 交易咨询号：Z0002942 邮箱：wangja@wkqh.cn 从业资格号：F03116327 交易咨询号：Z0019233 邮箱:yangzeyuan@wkqh.cn 从业资格号：F03114441 交易咨询号：Z0022498 电话：028-86133280 邮箱：sxwei@wkqh.cn 王俊 组长、生鲜品研究员 周一 CBOT 大豆收涨，逢低买盘及美元走弱支撑，但美豆销售偏慢及南美丰产预期持续施压。周一国内 豆粕现货上涨 10 元/吨左右成交尚可，提货较好。MYSTEEL 预计本周油厂大豆压榨量为 213.06 万吨， 上周压榨大豆 212.06 万吨，上周饲企库存天数为 9.23 环比上升 0.1 天，上周港口大豆大幅去库 50 万吨， 不过豆粕库存因压榨量较大有所升高，豆粕库存同比增加约 55 万吨。 杨泽元 白糖、棉花研究员 巴西主要种植区未来两周预报降雨偏多，阿根廷主产区预计降雨量也处于正常水平，不过阿根廷最大主 产区布宜诺斯艾利斯省降雨偏少，需持续关注其天气表现。全球大豆预测年度库销比 ...