1. Report Industry Investment Ratings No investment ratings for industries are provided in the report. 2. Core Views of the Report Fundamental - based Judgments - **Trend空头**: Carbonate lithium, zinc, caustic soda, plastic, ferromanganese - silicon, live pigs, ferrosilicon, SSE 50 stock index futures, five - year treasury bond futures, CSI 300 stock index futures, CSI 1000 index futures, CSI 500 stock index futures, corn, eggs, urea, methanol, pulp, logs, offset printing paper, red dates, coking coal, soda ash, glass, apples, coke [2] - **Oscillating偏空**: Ethylene glycol, crude oil, liquefied petroleum gas, industrial silicon, thirty - year treasury bond futures, ten - year treasury bond futures, two - year treasury bond futures, synthetic rubber [2] - **Oscillating**: Lead, zinc, aluminum, tin, copper, palm oil, plastic, rebar, corn, glass, PVC, soybean No.1, asphalt, gold, coking coal, polypropylene, ferromanganese - silicon, silver, Zhengzhou cotton [2][4] - **Oscillating偏多**: Rubber, polysilicon, bottle chips, PTA, staple fiber, p - xylene, fuel oil, cotton, cotton yarn [2] - **Trend多头**: None Quant - based Judgments - **偏空**: Rapeseed meal, sugar, PTA, methanol, lead, rubber, coke [4] - **Oscillating**: Zinc, palm oil, plastic, aluminum, rebar, tin, copper, soybean No.2, glass, PVC, soybean No.1, asphalt, gold, coking coal, polypropylene, ferromanganese - silicon, silver, Zhengzhou cotton [4] - **偏多**: Soybean meal, rapeseed oil, soybean oil, iron ore, eggs, corn starch, hot - rolled coil [4] 3. Key Points by Directory Macro News - The Political Bureau of the CPC Central Committee held a meeting to study and deploy the work on improving Party conduct, building a clean government and combating corruption in 2026, emphasizing anti - corruption and enhancing the comprehensive effectiveness of corruption governance [6] - On December 25, the offshore RMB against the US dollar rose above the "7" mark, and the on - shore RMB approached "7". The RMB is expected to appreciate in 2026 without a unilateral trend [6] - JD announced its 2025 year - end bonus plan, with 92% of employees getting full or excess bonuses, and the total bonus input increasing by over 70% year - on - year. There are also rumors of salary increases at BYD, ByteDance, and CATL [6] - The Ministry of Commerce opposed the US imposing 301 tariffs on Chinese semiconductor products, promoted compliant rare - earth magnet exports, and hoped for a balanced solution for TikTok's agreement with investors [7] - The Shenzhen Stock Exchange approved the IPO application of Dapu Micro, the first unprofitable company on the Growth Enterprise Market to pass the review [7] - Israeli officials signaled a possible military conflict with Iran over Iran's efforts to rebuild its ballistic missile arsenal [7] - Morgan Stanley strategists pointed out three potential "surprises" in the US stock market in 2026: "job - less productivity improvement", the return of the inverse relationship between stocks and bonds, and a sharp rise in commodity and energy prices [7] Macro - finance Stock Index Futures - The A - share market continued to rise, with the Shanghai Composite Index up 0.47%, the Shenzhen Component Index up 0.33%, and the ChiNext Index up 0.3%. The market turnover was 1.94 trillion yuan [9] - The central bank's MLF operation had a net injection of 100 billion yuan, and if bond purchases reached 350 billion yuan this month, it would be the largest - scale operation. The urgency for interest - rate cuts is low [9] - Pay attention to the sustainability of liquidity repair and structure. If the conditions are met, the index may strengthen, and focus on IH [9] Treasury Bond Futures - The short - and medium - term bonds may oscillate strongly, but the odds are more important than the direction. The capital is balanced and loose, and the capital interest rates are stable [10] - The central bank's MLF operation had a net injection of 100 billion yuan. Without interest - rate cuts, the market sentiment may decline, and bonds within 10 years will oscillate [10] Black Commodities Coking Coal and Coke - The prices of coking coal and coke may oscillate and rise in the short term. Pay attention to the production at coal mines, safety inspections, downstream raw - material winter storage, and changes in hot - metal production [12] - The production of coal mines has decreased slightly, and the third round of coke price cuts has been implemented. The demand for raw materials from steel mills has declined in the short term [12] - Due to "anti - involution" and "over - production inspection" policies, the supply of coking coal is expected to shrink, but the potential negative feedback from the steel industry may limit the price increase [12] Ferroalloys - For ferrosilicon, the end - of - session rally may stimulate hedging, and the sustainability of high prices needs attention. Manganese - silicon is weak, and focus on the new capacity launch before the end of January. In the medium term, both are bearish on rallies [13] - On December 25, the auction price of Hongliulin lump coal increased, with a decrease in the auction volume [13] Soda Ash and Glass - For soda ash, wait and see; for glass, try to go long after the market sentiment stabilizes [14] - Soda ash supply is at a low level due to some enterprises' maintenance, and cost increases have weakened the upstream's willingness to start production. Glass supply reduction expectations have less impact, and spot sentiment is weak [14] Non - ferrous Metals and New Materials Zinc - As of December 25, the domestic zinc inventory decreased. Tianjin and Guangdong saw inventory declines. After the fading of macro - positive factors, the price is expected to oscillate downward. Hold short positions [16] - In November 2025, the import of zinc concentrates increased significantly, with a year - on - year increase of 13.84% and a cumulative increase of 33.74% from January to November [16][17] Lead - As of December 25, the social inventory of lead decreased. The trading activity in the lead spot market declined. The market is in a state of weak supply and demand, and the price is expected to oscillate at a high level in the short term. Wait and see, and aggressive investors can enter short positions at high prices [18][19] Lithium Carbonate - The fundamentals are showing signs of weakening in the short term, but the long - term demand is positive. Look for buying opportunities after the price correction [20] Industrial Silicon - Environmental disturbances in Xinjiang and strong coking - coal prices have provided some valuation - repair space, but the rebound is under pressure. Consider selling out - of - the - money call options on rallies [21] Polysilicon - Exchange risk - control measures have tightened, and the trading volume may cool down. The expected price increase of downstream silicon wafers will support the spot price of polysilicon, and the price is expected to be strong [22] Agricultural Products Cotton - The short - term supply is loose, but the long - term supply is expected to shrink. The pre - festival restocking demand has boosted the cotton price. The US cotton production and inventory have increased, while the global production has slightly decreased [23][24] - The domestic commercial and port inventories are accumulating, but the low industrial inventory of textile enterprises and policy expectations support the price [24] Sugar - The domestic sugar market is in a season of high supply and demand, and the Zhengzhou sugar futures are undervalued, with a technical rebound. Wait and see [25] - The global sugar supply is expected to be in surplus in 2025/26, but some institutions have lowered the surplus forecast. The domestic supply pressure is increasing, and the demand for pre - holiday stocking will start [26][27] Eggs - The commodity market sentiment is strong, and the pre - January festival stocking demand may increase, leading to short - covering in the near - term contracts and a price rebound. The supply - demand pattern is still loose, and the price increase space is limited before the Spring Festival [28] - The far - term contracts are supported by the expectation of a possible decline in the laying - hen inventory, but this expectation cannot be verified or falsified for now. Wait and see [28][29] Apples - The apple futures price may oscillate. The apple出库 is slightly lower than the same period last year, and the sales in the distribution areas are slow. The good - quality apple price is firm [30][31] - The national cold - storage inventory ratio is 53.31%, and the inventory is 7.021 million tons, lower than the same period last year. Citrus fruits are on the market, affecting apple sales [31] Corn - The corn price may oscillate in the short term. Wait and see and pay attention to farmers' selling sentiment [33] - The domestic corn spot price is mixed. The supply - demand mismatch is easing, but the far - term contracts face pressure from supply [33] Red Dates - The market is in a stage of concentrated new - product arrival, with supply pressure. The price may oscillate in the short term. Pay attention to the sales progress in the distribution areas and downstream purchasing sentiment [34] Live Pigs - The supply - demand pattern is still supply - strong and demand - weak. The expectation of a sharp price increase during the Winter Solstice was false, and the price is expected to oscillate downward. Go short on the near - term contracts on rallies [34][35] Energy and Chemicals Crude Oil - The escalating situation in Venezuela has led to a rapid rebound in oil prices, but the impact is limited. In the medium term, the oil price may decline due to oversupply and the easing of geopolitical tensions [37] - The Chinese INE crude oil futures 2602 contract rose to 444.7 yuan/barrel at night [37] Fuel Oil - Geopolitical and macro - factors dominate the oil price. The supply of fuel oil is loose, and the demand is weak. The price will follow the oil price, and the inventory is increasing [38] Plastics - Polyolefins have high supply pressure and weak downstream demand, but the upstream losses may provide some support. The price is expected to oscillate [39] Synthetic Rubber - Continue to focus on the strategy of buying RU and selling BR. The butadiene inventory has increased, and the price is expected to oscillate strongly in the short term but may not maintain high prices [40] Methanol - The current supply - demand situation of methanol has improved slightly, and the inventory is gradually decreasing. Do not be overly bearish in the short term. Consider a slightly long - biased allocation for the far - term contracts after the inventory reduction is smooth [41][42] Caustic Soda - The near - term contracts of caustic soda are close to the real - world situation and are relatively weak, while the far - term contracts have many macro - positive expectations. Keep a bearish view on the main 03 contract [43] Asphalt - The asphalt price is expected to have a larger fluctuation range. The focus is on the price bottom after the winter - storage game [44] Polyester Industry Chain - The market benefits have been gradually realized, and the downstream negative feedback is increasing. Consider reducing long positions on rallies [44] Liquefied Petroleum Gas - The LPG futures price has entered the delivery logic. The supply is abundant globally, and the demand has both supporting and constraining factors. The price is expected to oscillate [47] Pulp - The pulp port inventory has decreased continuously, and the spot price is firm. The market sentiment has improved, but there may be hedging pressure. Wait and see in the short term [48] Logs - The log market fundamentals are oscillating, and the spot price has stabilized. The market is expected to maintain a weak supply - demand balance [49] Urea - The urea market is expected to oscillate. The upstream production reduction is positive for the market. Pay attention to the basis pressure when the futures expectations are too strong [50]

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12月25日，中共中央政治局召开会议，听取中央纪委国家监委工作汇报，研究部署2026年党风廉政建设 和反腐败工作。 会议提到，坚定不移推进反腐败斗争，一步不停歇、半步不退让，深化标本兼治，一体推进不敢腐、不 能腐、不想腐，不断增强治理腐败综合效能。 北京青年报记者注意到，每年12月召开的中央政治局会议，都会研究部署次年的党风廉政建设和反腐败 工作。 2022年12月6日、2023年12月8日、2024年12月9日召开的中央政治局会议，除了分析研究次年经济工作 之外，都研究部署了来年党风廉政建设和反腐败工作。 多个信息值得关注。 第一，对省区市巡视全覆盖。 此次中央政治局会议，肯定了2025年中央纪委国家监委和各级纪检监察机关的工作，提到了"保持反腐 败高压态势，深入推进风腐同查同治，坚决整治群众身边不正之风和腐败问题，完成对省区市巡视全覆 盖"等。 其中，巡视是推进党的自我革命、全面从严治党的战略性制度安排，是党之利器、国之利器。 《中国共产党巡视工作条例》明确，党的中央和省、自治区、直辖市委员会实行巡视制度，设立巡视机 构，在一届任期内，对所管理的地方、部门、企事业单位党组织实现巡视全覆盖。 党的二十大以来 ...

中共中央政治局12月25日召开会议，听取中央纪委国家监委工作汇报，研究部署2026年党风廉政建设和反腐败工作。中共中央 总书记习近平主持会议。会议强调—— 中共中央政治局召开会议指出 2025年12月25日 中國 狗 網 網 巩固拓展 深入贯彻中央八项规定精神 学习教育成果, 推进作风建设常态化长效化, 持续深化群众身边 不正之风和腐败问题集中整治, 用更多可感可及的成里 赢得群众信任。 中共中央政治局召开会议指出 2025年12月25日 F 71 VI 强化监督执纪问责, 切实增强制度执行力。 中共中央政治局召开会议指出 2025年12月25日 坚定不移推进反腐败斗争, 步不停歇、半步不退让, 深化标本兼治, 体推进不敢腐、不能腐、不想腐, 不断增强治理腐败综合效能。 中共中央政治局召开会议指出 2025年12月25日 中國 狗闻網 WWW.CHINANEWS.COM.CN 把权力关进制度笼子, STATE WATER 持续加强纪检监察工作 规范化法治化正规化建设, 着力锻造纪检监察铁军。 中共中央政治局召开会议指出 2025年12月25日 [ 责编：袁晴 ] ...

中共中央政治局召开会议 研究部署党风廉政建设和反腐败工作 中共中央总书记习近平主持会议 中共中央政治局12月25日召开会议，听取中央纪委国家监委工作汇报，研究部署2026年党风廉政建设和 反腐败工作。中共中央总书记习近平主持会议。 会议指出，2025年，在以习近平同志为核心的党中央坚强领导下，中央纪委国家监委和各级纪检监察机 关深入学习贯彻习近平新时代中国特色社会主义思想特别是习近平总书记关于党的建设的重要思想、关 于党的自我革命的重要思想，持续推进党风廉政建设和反腐败斗争，聚焦"两个维护"强化政治监督，扎 实开展深入贯彻中央八项规定精神学习教育，保持反腐败高压态势，深入推进风腐同查同治，坚决整治 群众身边不正之风和腐败问题，完成对省区市巡视全覆盖，推动完善党和国家监督体系，深入开展"纪 检监察工作规范化法治化正规化建设年"行动，推动纪检监察工作高质量发展取得新进展新成效。 会议强调，2026年，各级纪检监察机关要坚持以习近平新时代中国特色社会主义思想为指导，深刻领 悟"两个确立"的决定性意义，坚决做到"两个维护"，以更高标准、更实举措推进全面从严治党，为"十 五五"时期经济社会发展提供坚强保障。要围绕实现" ...

新华社北京12月25日电 中共中央政治局12月25日召开会议，听取中央纪委国家监 委工作汇报，研究部署2026年党风廉政建设和反腐败工作。中共中央总书记习近平主持 会议。 会议还研究了其他事项。 来源：新华社 会议指出，2025年，在以习近平同志为核心的党中央坚强领导下，中央纪委国家监 委和各级纪检监察机关深入学习贯彻习近平新时代中国特色社会主义思想特别是习近平 总书记关于党的建设的重要思想、关于党的自我革命的重要思想，持续推进党风廉政建 设和反腐败斗争，聚焦"两个维护"强化政治监督，扎实开展深入贯彻中央八项规定精神 学习教育，保持反腐败高压态势，深入推进风腐同查同治，坚决整治群众身边不正之风 和腐败问题，完成对省区市巡视全覆盖，推动完善党和国家监督体系，深入开展"纪检监 察工作规范化法治化正规化建设年"行动，推动纪检监察工作高质量发展取得新进展新成 效。 会议强调，2026年，各级纪检监察机关要坚持以习近平新时代中国特色社会主义思 想为指导，深刻领悟"两个确立"的决定性意义，坚决做到"两个维护"，以更高标准、更 实举措推进全面从严治党，为"十五五"时期经济社会发展提供坚强保障。要围绕实现"十 五五"时期目标 ...

此前， 习近平 总 书记 主持召开中央 政治局 常委会会议，听取中央纪委国家监委2025年工作情况和二十届中央纪律检查委员会第五次全 体会议准备情况汇报。 会议同意明年1月12日至14日召开二十届中央纪律检查委员会第五次全体会议。 据央视新闻， 中共 中央 政治局 12月25日召开会议，听取中央纪委国家监委工作汇报，研究部署2026年党风廉政建设和反腐败工作。 中共 中央 总 书记 习近平 主持会议。 会议指出，2025年，在以 习近平 同志为核心的党中央坚强领导下，中央纪委国家监委和各级纪检监察机关深入学习贯彻 习近平 新时代中 国特色社会主义思想特别是 习近平 总 书记 关于党的建设的重要思想、关于党的自我革命的重要思想，持续推进党风廉政建设和反腐败斗 争，聚焦"两个维护"强化政治监督，扎实开展深入贯彻中央八项规定精神学习教育，保持反腐败高压态势，深入推进风腐同查同治，坚决整 治群众身边不正之风和腐败问题，完成对省区市巡视全覆盖，推动完善党和国家监督体系，深入开展"纪检监察工作规范化法治化正规化建 设年"行动，推动纪检监察工作高质量发展取得新进展新成效。 会议强调，2026年，各级纪检监察机关要坚持以 习 ...

中共中央政治局召开会议 研究部署党风廉政建设和反腐败工作 中共中央总书记习近平主持会议 新华社北京12月25日电 中共中央政治局12月25日召开会议，听取中央纪委国家监委工作汇报，研 究部署2026年党风廉政建设和反腐败工作。中共中央总书记习近平主持会议。 会议指出，2025年，在以习近平同志为核心的党中央坚强领导下，中央纪委国家监委和各级纪检监 察机关深入学习贯彻习近平新时代中国特色社会主义思想特别是习近平总书记关于党的建设的重要思 想、关于党的自我革命的重要思想，持续推进党风廉政建设和反腐败斗争，聚焦"两个维护"强化政治监 督，扎实开展深入贯彻中央八项规定精神学习教育，保持反腐败高压态势，深入推进风腐同查同治，坚 决整治群众身边不正之风和腐败问题，完成对省区市巡视全覆盖，推动完善党和国家监督体系，深入开 展"纪检监察工作规范化法治化正规化建设年"行动，推动纪检监察工作高质量发展取得新进展新成效。 会议强调，2026年，各级纪检监察机关要坚持以习近平新时代中国特色社会主义思想为指导，深刻 领悟"两个确立"的决定性意义，坚决做到"两个维护"，以更高标准、更实举措推进全面从严治党， 为"十五五"时期经济社会发展 ...

本报特约评论员 党的二十届四中全会强调，保持反腐败永远在路上的清醒坚定，一体推进"三不腐"，打好反腐败斗争攻 坚战、持久战、总体战。此次制定证据指引，是纪检监察机关落实党中央部署、保障和提高新型腐败和 隐性腐败案件查办质量的重要举措，释放了以证据指引推动反腐败斗争取得新成效的信号。各地纪检监 察机关要积极作为，以实干实效用好证据指引，有力有效惩治腐败，推动纪检监察工作高质量发展。 中央纪委办公厅、国家监委办公厅近日印发《调查新型腐败和隐性腐败问题证据指引》，针对近年来出 现的新型腐败和隐性腐败问题，立足法定证据标准，完善取证思路、明确取证重点，着力破解新型腐败 和隐性腐败发现、取证、定性难题，不断提升调查取证工作规范化、法治化、正规化水平。有关负责人 表示，证据指引为各级纪检监察机关查办新型腐败和隐性腐败问题提供了全面、具体、可操作的取证指 导，有利于进一步规范监察权行使、提升案件查办质效。 党的十八大以来，我们党开展了史无前例的反腐败斗争，以"得罪千百人、不负十四亿"的使命担当祛疴 治乱，坚决同一切影响党的先进性、弱化党的纯洁性的问题作斗争，不断增强党的创造力、凝聚力和战 斗力。尽管正风肃纪反腐驰而不息，自 ...

会议强调，要永葆对党忠诚政治本色，坚持用习近平新时代中国特色社会主义思想凝心铸魂，修好共产 党人的"心学"，严守政治纪律和政治规矩，以实际行动深刻领悟"两个确立"的决定性意义、坚决做 到"两个维护"。 要始终严守党纪国法底线，时刻牢记权力是人民赋予的，坚持权为民所用、情为民所系、利为民所谋， 坚决破除特权思想、特权行为，做到依法用权、秉公用权、廉洁用权。 要持之以恒正风肃纪反腐，始终保持反腐败高压态势，从严查处政治问题和经济问题交织的腐败，深化 整治权力集中、资金密集、资源富集领域的腐败，坚决惩治新型腐败、隐性腐败，更加有力遏制增量、 有效清除存量。 要巩固深入贯彻中央八项规定精神学习教育成果，推进作风建设常态化长效化，加强对权力配置、运行 的规范和监督，不断铲除腐败滋生的土壤和条件。 要坚决落实管党治党责任，切实增强落实管党治党主体责任、监督责任、第一责任人责任、"一岗双 责"的自觉性主动性，着力把压力层层传导下去、责任逐级落实到位，真正做到敢管敢治、严管严治， 推动全省党风政风持续向好、政治生态持续优化。 转自：北京日报客户端 12月21日消息，江西省政协党组成员、副主席尹建业被查。 据江西新闻联播报道， ...