1. Report's Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - It is predicted that the inventory level may further increase this week due to continuous supply growth and short - term impact on raw material procurement from downstream maintenance; the capacity utilization rate of domestic tire enterprises decreased last week but may slightly rebound this week; the BR2603 contract is expected to fluctuate in the range of 11,400 - 12,000 yuan/ton in the short term [2] 3. Summary of Each Directory 3.1 Futures Market - The closing price of the main contract of synthetic rubber is 1,1645 yuan/ton, with a week - on - week increase of 125 yuan/ton; the position volume of the main contract is 40,237 tons, with a week - on - week decrease of 1,024 tons; the 2 - 3 spread of synthetic rubber is - 40 yuan/ton, with a week - on - week decrease of 15 yuan/ton; the total warehouse receipt quantity of butadiene rubber is 4,560 tons, with no change [2] 3.2 Spot Market - The mainstream prices of BR9000 from Qilu Petrochemical, Daqing Petrochemical, and Maoming Petrochemical in Shandong, Shanghai, and Guangdong are 11,500 yuan/ton, 11,500 yuan/ton, and 11,600 yuan/ton respectively, with no change; the basis of synthetic rubber is - 115 yuan/ton, with a week - on - week decrease of 15 yuan/ton [2] 3.3 Upstream Situation - The current - week capacity of butadiene is 15.93 million tons/week, with no change; the capacity utilization rate is 71.17%, with a week - on - week increase of 0.56 percentage points; the port inventory of butadiene is 44,700 tons, with a week - on - week increase of 1,400 tons; the production profit of butadiene rubber is 334 yuan/ton, with a week - on - week increase of 45 yuan/ton [2] 3.4 Downstream Situation - The production of all - steel tires in the current month is 1.301 million pieces, and that of semi - steel tires is 5.831 million pieces; the inventory days of all - steel and semi - steel tires in Shandong are 3.27 days and 47.05 days respectively; the capacity utilization rate of semi - steel tire sample enterprises is 66.53%, with a week - on - week decrease of 3.83 percentage points; the capacity utilization rate of all - steel tire sample enterprises is 57.93%, with a week - on - week decrease of 3.76 percentage points [2] 3.5 Industry News - In December, the production of butadiene rubber was 143,600 tons, with a month - on - month increase of 10.38% and a year - on - year increase of 1.97%; the capacity utilization rate was 72.13%, 4.65 percentage points higher than the previous month and 2.68 percentage points lower than the same period last year; as of December 31, 2025, the domestic inventory of butadiene rubber was 33,500 tons, with a week - on - week decrease of 3.07% [2]

国新国证期货早报 2026 年 1 月 5 日 星期一 品种观点： 【股指期货】 周三（12 月 31 日）A 股三大指数涨跌不一，沪指 11 连阳收官。截止收盘，沪指涨 0.09%， 收报 3968.84 点；深证成指跌 0.58%，收报 13525.02 点；创业板指跌 1.23%，收报 3203.17 点。沪深两市成交额 20659 亿，较昨日缩量 958 亿。 沪深 300 指数 12 月 31 日回调整理。收盘 4629.94，环比下跌 21.34。（数据来源：东方财富网） 客服产品系列•日评 【焦炭 焦煤】12 月 31 日焦炭加权指数震荡整理，收盘价 1691.8，环比下跌 18.5。 12 月 31 日焦煤加权指数窄幅震荡，收盘价 1112.5 元，环比上涨 8.1。 影响焦炭期货、焦煤期货价格的有关信息： 焦炭：焦炭现货三轮提降落地后，焦企出现小幅亏损，叠加前期环保检查影响，钢联数据显示上周样本焦企 产能利用率下降，焦炭日均产量下滑。需求，钢联数据显示钢厂铁水产量环比继续下降，但周度降幅收窄。 焦煤：临近年末，因完成生产任务减产煤矿数量增加，高频数据显示矿方开工率持续下降，国内煤炭供应环 比 ...

| | | PVC产业日报 2025-12-30 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 修装置陆续恢复，成本端支撑或受削弱。PVC弱现实与强预期博弈，短期预计震荡走势，V2605日度K线关 助理研究员: 徐天泽 期货从业资格号F03133092 注4700附近支撑与4860附近压力。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 收盘价:聚氯乙烯(PVC)(日,元/吨) | 4810 | 33 成交量:聚氯乙烯(PVC ...

金 信 期 货 P T A 乙 二 醇 日 刊 本刊由金信期货研究院撰写 PTA 主力合约：12月30日PTA主力期货合约TA605今天上涨0.16%，基差走强至-47元/吨。 ibaotu.com 日度市场情况 基本面：今日PTA华东地区市场价5105元/吨，较前一交易日上涨35元/吨。成本端布伦特原油下跌后持稳在61.5美元/桶左右；供给端 一套220万吨装置近日重启，PTA产能利用率较上一工作日+0.76%至73.60%；周度PTA工厂库存天数3.61天，环比减少0.15天。 主力动向：多头主力增仓 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 走势预期：PTA供应端有增量预期，下游聚酯负荷也从高位下调，供需格局相较之前转向宽松；关注聚酯工厂节前提前放假情况，终 端需求或将转弱。对上游PX2026年的市场一致看法供需偏紧，预计PTA价格跟随成本端高位震荡。 MEG 主力合约：12月30日乙二醇主力期货合约eg2605上涨0.50%，基差走强至-132元/吨。 基本面：今日乙 ...

证券代码：839979 碳酸锂期货周报 2025年12月22日-12月26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。 1 回顾与展望 2 基本面分析 3 技术面分析 2 1 回顾与展望 3 一．回顾与展望 本周05合约为上涨态势，周一开盘价为109000元/吨，周五收盘价为130520元/吨，周涨幅为19.74%。 供给端来看，本周碳酸锂产量为22161吨，高于历史同期平均水平，其中锂辉石产13864吨，环比增加 0.43%,高于历史同期平均水平，锂云母产2866吨，环比增加1.42%,高于历史同期平均水平，盐湖产3075吨， 环比减少0.64%,高于历史同期平均水平，回收产2356吨，环比增加1.55%,高于历史同期水平。 需求端来看，2025年11月碳酸锂需求量为133451实物吨，环比增加5.11%,预测下月需求量为13041 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - For industrial silicon, the 05 contract showed an upward trend this week, with the Monday opening price at 8,685 yuan/ton and the Friday closing price at 8,880 yuan/ton, a weekly increase of 2.25%. Supply is expected to decrease in production scheduling next week but remain at a high level, while demand recovery is at a low level, and cost support has increased. It is expected that the market will experience a bearish and volatile adjustment. [4][5] - For polysilicon, the 05 contract showed a downward trend this week, with the Monday opening price at 60,000 yuan/ton and the Friday closing price at 58,955 yuan/ton, a weekly decline of 1.74%. Supply production scheduling is expected to decrease in the short - term and recover in the medium - term, and overall demand shows a continuous decline. Cost support remains stable. It is expected that the market will experience a neutral and volatile adjustment next week. [7][8] 3. Summary by Relevant Catalogs 3.1 Review and Outlook 3.1.1 Industrial Silicon - **Price**: The 05 contract rose from 8,685 yuan/ton to 8,880 yuan/ton, a 2.25% increase. [4] - **Supply**: This week's supply was 87,000 tons, a 1.13% decrease from the previous week. Sample enterprise production was 45,700 tons, a 0.02% decrease. Different regions had varying changes in production rates. [4] - **Demand**: This week's demand was 77,000 tons, a 4.93% decrease. Demand in various downstream sectors was generally weak. [5] - **Cost**: In Xinjiang, the production loss of sample oxygen - passing 553 was 2,874 yuan/ton, and cost support increased during the dry season. [5] - **Inventory**: Social inventory was 555,000 tons, a 0.36% increase; sample enterprise inventory was 195,600 tons, a 1.61% increase; and major port inventory was 140,000 tons, a 1.45% increase. [5] - **Outlook**: Supply production scheduling is expected to decrease next week, demand recovery is at a low level, and cost support has increased. The market is expected to be bearish and volatile. [5] 3.1.2 Polysilicon - **Price**: The 05 contract fell from 60,000 yuan/ton to 58,955 yuan/ton, a 1.74% decline. [7] - **Supply**: Last week's production was 25,300 tons, a 1.20% increase. The predicted December production scheduling is 113,500 tons, a 0.95% decrease from the previous month. [7] - **Demand**: Downstream production in silicon wafers, battery cells, and components is generally decreasing. [7] - **Cost**: The average cost of N - type polysilicon materials in the industry is 38,600 yuan/ton, and the production profit is 13,800 yuan/ton. [7] - **Inventory**: Weekly inventory was 303,000 tons, a 3.41% increase, at a historically high level. [8] - **Outlook**: Supply production scheduling is expected to decrease in the short - term and recover in the medium - term, demand continues to decline, and cost support remains stable. The market is expected to be neutral and volatile. [8] 3.2 Fundamental Analysis - **Price - Basis and Delivery Product Spread Trends**: Shows the trends of the SI main contract basis, the price difference between East China 421 and 553 silicon, etc. [14][15] - **Inventory**: Displays the inventory trends of industrial silicon in different regions and in total, including sample enterprises, ports, and registered warrants. [17][18][19] - **Production and Capacity Utilization**: Presents the production trends of sample enterprises in different regions and the monthly production by specification, as well as the capacity utilization and production rate trends. [21][22][23] - **Cost**: Analyzes the cost and profit trends of industrial silicon in sample regions such as Sichuan, Yunnan, and Xinjiang. [28][29][30] - **Supply - Demand Balance**: Provides the weekly and monthly supply - demand balance tables of industrial silicon, showing production, import, export, consumption, and balance. [33][34][37] - **Downstream Industries** - **Organic Silicon**: Analyzes the price, production, import - export, and inventory trends of DMC and its downstream products. [39][40][41] - **Aluminum Alloy**: Covers the price, supply, inventory, production, and demand trends in the automotive and wheel hub sectors. [51][52][56] - **Polysilicon**: Analyzes the cost, price, inventory, production, and supply - demand balance of polysilicon, as well as the trends of its downstream silicon wafers, battery cells, photovoltaic components, and accessories. [59][60][62] 3.3 Technical Analysis - **Industrial Silicon (SI)**: The main 05 contract showed an upward trend this week, and it is expected to be bearish and volatile next week. [83] - **Polysilicon (PS)**: The main 05 contract showed a downward trend this week, and it is expected to have a narrow - range and volatile adjustment next week. [85]

交易咨询业务资格：证监许可【2012】1091号 沪锌期货早报-2025年12月29日 大越期货投资咨询部 祝森林 从业资格证号：F3023048 投资咨询证号： Z0013626 联系方式：0575-85225791 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。 指标体系 沪锌: 1、基本面：外媒10月19日消息：世界金属统计局（WBMS）公布最新数据显 示，2025年9月，全球精炼锌产量为119.35万吨,消费量为122.92万吨,供应 短缺3.57万吨.1-9月,全球锌板产量为1036.32万吨,消费量为1073.69万吨, 供应短缺37.37万吨.9月份,全球锌矿产量为116.33万吨.1-9月,全球锌矿产 量为996.47万吨；偏多。 2、基差：现货23280，基差+110；中性。 3、库存：12月24日LME锌库存较上日增加7900吨至106875吨，12月25日上期 所锌库存仓单较上日增加756吨至42075吨；偏空。 4、盘面：昨日沪锌震荡上涨走势，收2 ...

12月26日甘肃工业硅市场价格弱稳，下游采购刚需为主，终端消耗有限，521硅#硅价格在8900-9100元/ 吨。 12月25日，广期所工业硅期货仓单录得9259手，较上一交易日持平；最近一周，工业硅期货仓单累计增 长444手，增长幅度为5.04%；最近一个月，工业硅期货仓单累计下降31455手，下降幅度为77.26%。 12月25日，工业硅前20名期货公司（全月份合约加总）多单持仓23.75万手，空单持仓26.53万手，多空 比0.9。净持仓为-2.78万手，相较上日增加3080手。 截至2025年12月26日当周，工业硅期货主力合约收于8880元/吨，周K线收阳，持仓量环比上周增持 14869手。 本周（12月22日-12月26日）市场上看，工业硅期货周内开盘报8685元/吨，最高触及8935元/吨，最低下 探至8560元/吨，周度涨跌幅达2.78%。 消息面回顾： 机构观点汇总： 新湖期货：工业硅供需两弱，但成本支撑下，硅价下方空间有限。企业虽有挺价意愿，但下游需求表现 难有起色，预计近期硅价维持底部震荡，建议反弹布空。仍需关注头部企业开工变化。 海证期货：供应端，西南地区减产边际放缓，西北减产尚未落地 ...

后市来看，苯乙烯期货行情将如何运行，相关机构观点汇总如下： 瑞达期货（002961）指出，本周宝来35万吨装置重启，天津渤化45万吨装置故障停车，前期重启装置影 响扩大，苯乙烯产量、产能利用率环比上升。下游EPS、PS、UPR、丁苯橡胶装置开工负荷不同程度上 升，ABS开工率小幅下降。工厂、港口库存变化不一，显性库存去化趋势放缓。受美委地缘局势恶化影 响，近期国际油价涨幅显著。本周非一体化装置维持亏损状态，一体化装置盈利缩窄。短期原油成本支 撑与苯乙烯供需宽松博弈，EB2602预计震荡走势，关注6390附近支撑与6690附近压力。 12月25日，苯乙烯前20名期货公司（全月份合约加总）多单持仓32.47万手，空单持仓34.72万手，多空 比0.94。净持仓为-2.25万手，相较上日增加1.59万手。 12月25日，大商所苯乙烯期货仓单录得1700手，较上一交易日持平；最近一周，苯乙烯期货仓单累计增 长1000手，增长幅度为142.86%；最近一个月，苯乙烯期货仓单累计增长240手，增长幅度为16.44%。 最新数据显示，截至12月25日当周，中国苯乙烯工厂整体产量在35.46万吨，环比上涨0.78万吨，涨幅为 ...

Core Viewpoint - The document provides an overview of trading strategies and market analysis for various commodities, indicating a cautious approach with a mix of short-term trading opportunities and a general tendency to observe market trends [5][10]. Group 1: Trading Strategies - Rebar is recommended for short-term buying with a fluctuating market trend [5][10] - Hot-rolled coil is advised to be on hold, reflecting a stable market condition [5][10] - Iron ore is also suggested to be on hold, indicating no significant market movement [5][10] - Stainless steel is recommended for short-term buying, suggesting potential upward movement [5][10] - Coking coal is advised to be on hold, reflecting a stable market [5][10] - Silicon iron is recommended for short-term buying, indicating potential for profit [5][10] - PTA (Purified Terephthalic Acid) is suggested for short-term buying, indicating a strong market outlook [5][10] - Cotton is recommended for short-term buying, reflecting a positive market trend [5][10] Group 2: Market Conditions - The overall market is characterized by a mix of stability and fluctuations across different commodities, with many being advised to observe rather than trade [5][10] - The document highlights a cautious approach to trading, with several commodities marked for observation due to uncertain market conditions [5][10] - The analysis indicates that while some commodities present short-term trading opportunities, others require a more conservative approach [5][10]