Report Industry Investment Rating No relevant content provided. Core View of the Report - The market sentiment cooled slightly yesterday, with the commodity market weakening significantly and the stock index showing a volatile trend. The trading volume also contracted. After a rapid rise, the stock index has entered a stage of shock consolidation. There are no obvious macro-level negatives at present, and the short-term outlook for the stock index remains bullish. The bond futures are favored by the asset shortage and weak economy, but the central bank has recently warned of interest rate risks. Attention should be paid to the Bank of Japan's interest rate decision. [1] - The prices of various commodities are affected by different factors, such as supply and demand, policy changes, and macro sentiment. The report provides trend judgments and trading suggestions for each commodity, including metals, energy, chemicals, and agricultural products. [1] Summary by Related Catalogs Macro Finance - Stock Index: After a rapid rise, the stock index has entered a stage of shock consolidation. There are no obvious macro-level negatives at present, and the short-term outlook for the stock index remains bullish. Attention should be paid to capital flows and market sentiment changes. [1] - Treasury Bonds: The bond futures are favored by the asset shortage and weak economy, but the central bank has recently warned of interest rate risks. Attention should be paid to the Bank of Japan's interest rate decision. [1] Non-Ferrous Metals - Copper: The copper price has fallen from its recent high, but there are still disruptions in the mining end. The downside space for the copper price is expected to be limited. [1] - Aluminum: There has been an accumulation of domestic electrolytic aluminum stocks recently, and the industrial driving force is limited. The macro anti-involution sentiment has ebbed, and the aluminum price has fallen from its high. [1] - Alumina: The supply side of alumina still has a large release space, and the industrial side exerts downward pressure on the price. However, the current price is basically near the cost line, and the price is expected to fluctuate. [1] - Zinc: The fundamentals of zinc have improved, and the cost center has shifted upward. The recent macro sentiment has been good, and the zinc price has risen. However, considering the still existing pressure on the fundamentals, caution is advised regarding the upside space. [1] - Nickel: The market's concerns about nickel supply have significantly cooled, and the LME nickel inventory has increased significantly recently. The nickel price has corrected from its high. Since Indonesia has not disclosed the specific amount and said that it is still in the process of accounting, there is still uncertainty about the implementation of the subsequent policy. The short-term volatility risk of the nickel price has increased. Attention should be paid to the implementation of Indonesia's policy, changes in macro sentiment, and changes in futures positions, and risk control should be done well. [1] Precious Metals and New Energy - Gold and Silver: The annual weight adjustment of the BCOM index has officially started, and the exchange has introduced multiple risk control measures for silver to suppress speculative enthusiasm. The prices of precious metals have fallen across the board, with a significant decline in silver. In the short term, gold and silver are expected to continue to be weak and volatile. In the medium and long term, attention can be paid to the opportunity to buy on dips after this round of risk release. [1] - Platinum and Palladium: Platinum and palladium have followed the weakening of precious metals. In the short term, they are expected to be in a wide-range volatile pattern. In the medium and long term, with the still existing supply-demand gap for platinum and the tendency of palladium to have a loose supply, platinum can still be bought on dips or a [long platinum, short palladium] arbitrage strategy can be adopted. [1] Industrial Products - Industrial Silicon: There is an increase in production in the northwest and a decrease in production in the southwest. The production schedules for polysilicon and organic silicon in December have decreased. [1] - Polysilicon: It is the traditional peak season for new energy vehicles. The demand for energy storage is strong. The supply side has increased production resumption. There is a short-term rapid increase. [1] - Rebar and Hot Rolled Coil: In the short term, sentiment and capital have a greater influence than industrial contradictions. One can try to follow long positions with a stop-loss; for futures-spot trading, participate in positive spread positions. [1] - Iron Ore: There is sector rotation, but the upside pressure on iron ore is obvious. It is not recommended to chase long positions at this level. [1] - Non-Ferrous Metals: There is a combination of weak reality and strong expectations. The current supply and demand situation remains weak, but in terms of expectations, energy consumption double control and anti-involution may have an impact on supply. [1] - Soda Ash: Soda ash follows the trend of glass. In the medium term, the supply and demand situation will be more relaxed, and the price will be under pressure. [1] - Coking Coal and Coke: If the "capacity reduction" expectation continues to ferment and there is pre-holiday restocking of spot goods, coking coal may still have room to rise. However, since the current market's "capacity reduction" expectation mainly comes from online rumors, it is difficult to judge the actual upside space. After a significant increase, the volatility will intensify, and caution should be exercised. The logic for coke is the same as that for coking coal. [1] Agricultural Products - Palm Oil: The MPOB December data is expected to be bearish for palm oil, but palm oil will reverse under the themes of seasonal production reduction, the B50 policy, and US biodiesel in the future. Short-term rebounds due to macro sentiment should be watched out for. [1] - Soybean Oil: The fundamentals of soybean oil are relatively strong. It is recommended to allocate more in the oil sector and consider a long Y, short P spread. Wait for the January USDA report. [1] - Rapeseed Oil: The trade relationship between China and Canada may improve, and Australian rapeseed will be imported smoothly. After the rapeseed trade flow is opened up, the trading logic of rapeseed oil will gradually shift from the domestic tight supply situation to the global rapeseed production increase expectation. There is still room for the price to fall. Short-term rebounds due to macro sentiment should be watched out for. [1] - Cotton: There is a strong expectation of a good harvest for domestic new crops, and the purchase price of seed cotton supports the cost of lint cotton. The downstream operating rate remains low, but the inventory of yarn mills is not high, and there is a rigid demand for restocking. Considering the growth of spinning capacity, the demand for cotton in the new crop market year is relatively resilient. Currently, the cotton market is in a situation of "having support but no driving force." Future attention should be paid to the tone of the No. 1 Central Document in the first quarter of next year regarding the direct subsidy price and cotton planting area, the intention of cotton planting area next year, the weather during the planting period, and the demand during the "Golden Three and Silver Four" peak season. [1] - Sugar: Currently, there is a global surplus of sugar, and the supply of domestic new crops has increased. The short-selling consensus is relatively strong. If the futures price continues to fall, there will be strong cost support below. However, there is a lack of continuous driving force in the short-term fundamentals. Attention should be paid to changes in the capital side. [1] - Corn: The fundamentals of corn have not changed significantly. The spot price remains firm, and the progress of grain sales at the grassroots level is relatively fast. Most traders have not yet strategically built inventories, and feed enterprises maintain a safe inventory. There is a certain restocking demand before the holiday. The short-term outlook for CO3 is expected to be oscillating and slightly bullish. Attention should be paid to the dynamics of policy grain auctions. [1] - Soybean Meal: The domestic market may restart the auction of imported soybeans; the relationship between China and Canada is expected to ease, and China is expected to suspend the tax on Canadian rapeseed meal; the macro sentiment has cooled, and the domestic market has returned to the fundamentals and shown a significant decline. Recently, it has been greatly affected by policy news. The soybean meal futures price is expected to be mainly oscillating in the short term. Attention should be paid to the adjustment of the January USDA supply and demand report and the trend of the Brazilian premium. [1] - Pulp: Pulp has fallen today due to the decline in the commodity macro market. The overall price has not broken through the oscillating range. The short-term commodity sentiment fluctuates greatly, and it is recommended to observe cautiously. [1] - Logs: The spot price of logs has shown a certain sign of bottoming out and rebounding recently. The further downside space for the futures price is expected to be limited. However, the January overseas quotation has still slightly declined, and the log futures and spot markets lack upward driving factors. It is expected to oscillate in the range of 760 - 790 yuan/m³. [1] - Hogs: Recently, the spot price has gradually stabilized. Supported by demand and with the出栏体重 not yet fully cleared, the production capacity still needs to be further released. [1] Energy and Chemicals - Crude Oil: OPEC+ has suspended production increases until the end of 2026. There is uncertainty about the Russia-Ukraine peace agreement. The United States has imposed sanctions on Venezuela's crude oil exports. [1] - Fuel Oil: In the short term, the supply-demand contradiction is not prominent, and it follows the trend of crude oil. The probability of the 14th Five-Year Plan's rush demand being falsified is high, and the supply of Ma Rui crude oil is not short. The profit of asphalt is relatively high. [1] - BR Rubber: The futures position has declined, and the number of new warehouse receipts has increased. The increase in BR has slowed down temporarily. The spot price has led the rise to repair the basis, and BR continues to focus on the upward momentum above the 12,000 yuan line. The listed prices of BD/BR have been continuously raised, and the processing profit of butadiene rubber has narrowed. The overseas cracking device capacity has been cleared, which is beneficial to the long-term export expectation of domestic butadiene. The tax on naphtha also has a positive impact on the butadiene price. Fundamentally, butadiene rubber maintains high production and high inventory operation, and the trading center is generally average. Styrene-butadiene rubber is relatively better than butadiene rubber. [1] - PX and PTA: The PX market has experienced a rapid rise, but this round of rise is not due to a fundamental change. The fundamentals of PX do have support, and the market is expected to continue to tighten in 2026, driven by the new PTA production capacity in India and the organic growth of demand. Domestic PTA maintains high production. The gasoline spread is still at a high level, which supports aromatics. [1] - Ethylene Glycol: There is news that two sets of MEG plants in Taiwan, China, with a total annual capacity of 720,000 tons, plan to stop production next month due to efficiency reasons. Ethylene glycol has rebounded rapidly during the continuous decline, stimulated by supply-side news. The current operating rate of the polyester downstream remains above 90%, and the demand performance is slightly better than expected. [1] - Short Fiber: The PX market has experienced a rapid rise, but this round of rise is not due to a fundamental change. Domestic PTA maintains high production, and the domestic polyester load has declined. The short fiber price continues to closely follow the cost fluctuations. [1] - Styrene: The Asian styrene market is generally stable. Suppliers are reluctant to lower prices due to continuous losses, while buyers insist on pressing prices due to weak downstream polymer demand and compressed profits. Although the downstream demand is weak, the domestic market has a strong bullish sentiment due to export support. The market is in a weak balance state, and the short-term upward momentum needs to be driven by the overseas market. [1] - Urea: The export sentiment has slightly eased, and there is limited upside space due to insufficient domestic demand. There is support from anti-involution and the cost side below. [1] - PF: Geopolitical conflicts have intensified, and there is a risk of an increase in crude oil prices. There are fewer maintenance activities, the operating load is at a high level, and there are overseas arrivals, so the supply has increased. The downstream demand operating rate has weakened. In 2026, there will be more new production capacity, and the supply-demand surplus will further intensify, and the market expectation is weak. [1] - Propylene: There are fewer maintenance activities, the operating load is relatively high, and the supply pressure is relatively large. The improvement in the downstream is less than expected. The propylene monomer price is at a high level, the crude oil price has risen, and the cost support is strong. Geopolitical conflicts have intensified, and there is a risk of an increase in crude oil prices. [1] - PVC: In 2026, there will be less global new production capacity, and the future expectation is relatively optimistic. Currently, there are fewer maintenance activities, new production capacity is being released, and the supply pressure is increasing. The demand has weakened, and the orders are not good. The differential electricity price in the northwest region is expected to be implemented, which will force the clearance of PVC production capacity. [1] - LPG: The January CP has risen more than expected, and the cost support for imported gas is relatively strong. The geopolitical conflicts between the United States, Venezuela, and the Middle East have escalated, and the short-term risk premium has increased. The trend of inventory accumulation in the EIA weekly C3 inventory has slowed down, and it is expected to gradually turn to inventory reduction. The domestic port inventory has also decreased. Domestic PDH maintains high production and deep losses. There is a rigid demand for global civil combustion, and the demand for MTBE from overseas olefin blending for gasoline has declined temporarily. Since January 1, 2026, naphtha has been re-taxed, and the long-term demand expectation for light cracking raw materials such as LPG has increased, and the performance of downstream olefin products is relatively strong. [1] Shipping - Container Shipping - European Line: It is expected to peak in mid-January. Airlines are still relatively cautious in their trial reflights. The pre-holiday restocking demand still exists. [1]

硅铁：钢招定价落地，警惕盘面情绪 锰硅：节后询价情绪浓厚，等待钢招落地 | | 李亚飞 | 投资咨询从业资格号：Z0021184 | liyafei2@gtht.com | | --- | --- | --- | --- | | | 金园园（联系人） | 期货从业资格号：F03134630 | jinyuanyuan2@gtht.com | | 【基本面跟踪】 | | | | 硅铁、锰硅基本面数据 2026 年 1 月 5 日 | | 期货合约 | 收盘价 | 较前一交易日 | 成交量 | 持仓量 | | --- | --- | --- | --- | --- | --- | | | 硅铁2603 | 5672 | -78 | 225,315 | 218,692 | | 期 货 | 硅铁2605 | 5628 | -78 | 28,644 | 47,924 | | | 锰硅2603 | 5920 | -22 | 146,560 | 267,767 | | | 锰硅2605 | 5936 | -12 | 66,562 | 206,794 | | | 项 目 | | | 价 格 | 较前一交易日 | 单 位 | ...

| 股指期货价差日报 | 投资咨询业务资格:证监许可【2011】1292号 | 叶倩宁 | Z0016628 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025年12月23日 | 品种 | 爰新值 | 历史1年分位数 | 全历史分位数 | 较前一日变化 | 价差 | | | | | | | | | | | F期现价差 | -46.82 | 11.0096 | 5.6096 | -5.65 | 52 80% | H期现价差 | -1.83 | -3.89 | 46.70% | 期现价差 | | | | | | | IC期现价差 | -132.46 | -18.31 | 8,1096 | 1.00% | 5.00% | -204.75 | -191.00 | 3.00% | IM期现价差 | -15.60 | 次月-当月 | 4.40 | 33.6096 | 28.50% | | | 零月-当月 | -26 ...

| 股指期货价差日报 | 投资咨询业务资格:证监许可【2011】1292号 | Z0016628 | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 叶倩宁 | 2025年12月22日 | 历史1年分位数 | 品种 | 匿新債 | 全历史分位数 | 较前一日变化 | | | | | | | | | | | 价元 | -41.18 | IE期前分差 | -38.79 | 13.90%6 | 7.10% | | | | | | | | | | | | H期配分器 | 68.40% | 2.06 | 5.58 | 77.40% | 期现价差 | IC期现价差 | -114.15 | 2.00% | -114.32 | 14.70% | IM期现价差 | -188.01 | 5.00% | 4.30% | -3.26 | | 次月-当月 | -20.00 | -0.80 | 21.30% | 22 60% | 李月- ...

国泰君安期货·有色及贵金属 周报合集 国泰君安期货研究所·有色及贵金属团队 王 蓉 投资咨询从业资格号：Z0002529 wangrong2@gtht.com 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan@gtht.com 王宗源 （联系人）从业资格号：F03142619 wangzongyuan@gtht.com 2025年12月21日 Guotai Junan Futures all rights reserved, please do not reprint 1 CONTENTS 01 黄金：宏观水温舒适 白银：稳步爬升 02 03 铜：近远端缺乏共振，或限制价格上涨空间 铝：再度上攻22000关口，关注突破有效性 氧化铝：底部磨盘继续，周度产量环比小降 金银周报 国泰君安期货研究所 有色及贵金属 刘雨萱投资咨询从业资格号：Z0020476 日期：2025年12月21日 04 铸造铝合金：成本刚性，价格高位震荡 05 锌：23000一线相对均衡，等待新驱动 06 铅：供需双弱，价格震荡 07 08 锡 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - Gold prices have slightly increased this week, but the intensity of the increase is limited, with a higher probability of range - bound fluctuations. The 10 - year TIPS has risen to 1.93%, and the 10 - year nominal interest rate has fallen to 4.19%. The recent price correlation between gold and real interest rates has returned [4][5]. - Silver prices have fluctuated significantly this week. Although there was a small accumulation of futures inventory, the accumulation was limited, and the TD deferred fee remained in the state of short - paying - long. The overseas Lease rate rebounded moderately. The risk of short - squeeze in silver at home and abroad in December is limited, but there is a greater risk of price increase from January to March 2026. After the price recently reached $65, it may enter a shock adjustment stage [5]. 3. Summaries by Related Catalogs 3.1 Transaction Aspects (Price, Spread, Inventory, Funds, and Positions) - **Price and Spread** - This week, London gold rose 2.45%, and London silver rose 11.02%. The gold - silver ratio fell from 72.2 last week to 66.6. The gold - silver price ranges are 950 - 990 yuan/gram for gold and 13,700 - 15,000 yuan/kilogram for silver [3][5]. - Overseas, the London spot - COMEX gold主力 spread fell to - 30.515 dollars/ounce, and the COMEX gold continuous - COMEX gold主力 spread was - 27.1 dollars/ounce. The London spot - COMEX silver主力 spread rose to - 0.165 dollars/ounce, and the COMEX silver continuous - COMEX silver主力 spread was - 1.03 dollars/ounce [11][17]. - Domestically, the gold futures - spot spread was - 5.86 yuan/gram, at the lower end of the historical range; the silver futures - spot spread was 29 yuan/gram, at the upper end of the historical range. The gold monthly spread was 7.28 yuan/gram, at the upper end of the historical range; the silver monthly spread was 7 yuan/gram, at the lower end of the historical range [23][26][30][33]. - **Inventory** - COMEX gold inventory decreased by 10.66 tons this week, and the registered warrant ratio rose to 52.7%. COMEX silver inventory decreased by 115.42 tons to 137,581 tons, and the registered warrant ratio rose to 30.3%. Domestic gold futures inventory remained unchanged, and silver futures inventory increased by 132 tons to 802 tons [42][44][48]. - **Positions** - This week, the non - commercial net - long position of COMEX CFTC gold increased slightly, while the non - commercial net - long position of silver decreased slightly. The gold SPDR ETF inventory increased by 2.82 tons, and the domestic gold ETF decreased by 0.2 tons. The silver SLV ETF inventory increased by 177 tons [50][53][57]. 3.2 Gold's Core Drivers - The correlation between gold and real interest rates has returned this week, and the 10YTIPS has continued to decline [66]. - Information on inflation, retail sales, non - farm employment, industrial manufacturing cycle, financial conditions, economic surprise index, and inflation surprise index is presented, but no specific conclusions are drawn [70][73][78][80].

Group 1: Stock Index Futures Spread 1. Report Industry Investment Rating No relevant content provided. 2. Core View The report presents the latest values, historical quantiles, and changes compared to the previous day for various stock index futures spreads on December 12, 2025, including IF, IH, IC, and IM, as well as cross - variety ratios [1]. 3. Summary by Related Catalog - **Futures - Spot Spreads**: IF futures - spot spread is - 12.58 (1 - year quantile: 5.04%, all - time quantile: 59.40%); IH is - 7.23 (1 - year: 0.61%, all - time: 30.70%); IC is - 8.49 (1 - year: 90.10%, all - time: 71.40%); IM is - 7.40 (1 - year: 95.00%, all - time: 75.60%) [1]. - **Inter - delivery Spreads**: For IF, spreads like next - month minus current - month is - 16.80, etc.; for IH, spreads such as next - month minus current - month is - 7.20; for IC, next - month minus current - month is - 4.20; for IM, next - month minus current - month is - 4.20 [1]. - **Cross - variety Ratios**: Ratios like CSI 500/CSI 300 is 1.5559, IC/IF is 1.5584, etc., are presented with their changes and quantiles [1]. Group 2: Treasury Bond Futures Spread 1. Report Industry Investment Rating No relevant content provided. 2. Core View The report shows the latest values, changes compared to the previous trading day, and percentiles since listing for various treasury bond futures spreads on December 12, 2025, including TS, TF, T, and TL, as well as cross - variety spreads [3]. 3. Summary by Related Catalog - **Basis**: TS basis is 1.7270 (change: - 0.0774, percentile: 35.30%); TF basis is 1.7233 (change: - 0.0742, percentile: 48.90%); T basis is 1.4883 (change: 0.0223, percentile: 51.10%); TL basis is 1.5214 (change: 0.4679, percentile: 51.70%) [3]. - **Inter - delivery Spreads**: For TS, spreads like current - quarter minus next - quarter is - 0.0040; for TF, current - quarter minus next - quarter is - 0.0350; for T, current - quarter minus next - quarter is 0.1700; for TL, current - quarter minus next - quarter is 0.2100 [3]. - **Cross - variety Spreads**: Spreads like TS - TF is - 3.4110, TS - T is - 5.6260, etc., are provided [3]. Group 3: Precious Metals Spot - Futures 1. Report Industry Investment Rating No relevant content provided. 2. Core View The report provides the closing prices, price changes, and percentage changes of domestic and foreign precious metals futures, spot prices, basis, ratios, yields, exchange rates, inventory, and positions on December 11, 2025 [5]. 3. Summary by Related Catalog - **Domestic Futures Closing Prices**: AU2602 contract is 957.90 yuan/g (increase: 1.50, 0.16%); AG2602 contract is 14488 yuan/kg (increase: 115, 0.80%); etc. [5]. - **Foreign Futures Closing Prices**: COMEX gold is 4309.30 (increase: 51.00, 1.20%); COMEX silver is 63.98 (increase: 1.78, 2.85%); etc. [5]. - **Spot Prices**: London gold is 4279.10 (increase: 51.45, 1.22%); London silver is 63.55 (increase: 1.82, 2.94%); etc. [5]. - **Basis**: Gold TD - SHFE gold is - 5.55 (change: - 0.28, 1 - year quantile: 4.40%); Silver TD - SHFE silver is - 41 (change: - 45, 1 - year quantile: 13.20%); etc. [5]. - **Ratios**: COMEX gold/silver is 67.36 (decrease: - 1.10, - 1.61%); SHFE gold/silver is 66.12 (decrease: - 0.42, - 0.64%); etc. [5]. - **Yields and Exchange Rates**: 10 - year US Treasury yield is 4.14% (increase: 0.01, 0.2%); 2 - year US Treasury yield is 3.52% (decrease: - 0.02, - 0.6%); etc. [5]. - **Inventory and Positions**: SHFE gold inventory is 91302 (increase: 3, 0.00%); SHFE silver inventory is 780600 kg (increase: 38755, 5.22%); etc. [5]. Group 4: Container Shipping Industry Spot - Futures 1. Report Industry Investment Rating No relevant content provided. 2. Core View The report presents the settlement price indices, futures prices, basis, and fundamental data of the container shipping industry on December 12, 2025 [6]. 3. Summary by Related Catalog - **Shipping Indices**: SCFIS (European route) is 1509.10 points (increase: 25.4, 1.72%); SCFIS (US West route) is 960.51 (decrease: - 988.3, - 50.71%); SCFI composite index is 1403.13 points (increase: 9.6, 0.69%) [6]. - **Futures Prices and Basis**: EC2602 (main contract) is 1689.0 points (increase: 23.8, 1.43%); basis (main contract) is - 179.9 (change: - 23.8, 15.25%) [6]. - **Fundamental Data**: Global container shipping capacity supply is 3352.62 FTEU (increase: 0.02, 0.00%); Shanghai port on - time rate is 40.00% (decrease: - 9.08, - 18.50%); monthly export amount is 3303.50 billion US dollars (increase: 249.97, 8.19%) [6].

1. Report Industry Investment Rating - There is no information about the report's industry investment rating provided in the content. 2. Core Viewpoint of the Report - The LPG futures contract's closing price increased by 28 yuan/ton to 4317 yuan/ton, a 0.65% rise. The national LPG market price went up, with the average price reaching 4360 yuan/ton, a 0.44% increase from the previous workday. The LPG market is expected to operate in a range - bound manner [3]. 3. Summary by Relevant Catalog 3.1 Market Overview - The international LPG market showed a trend of rising first and then falling this week, but the overall price center shifted upward. The non - US supply was tight while market buying interest remained strong. The Middle East's January shipment negotiations were active, and the demand was firm. The Far - East arbitrage window in the European and American markets was still open, but buying interest weakened due to shrinking arbitrage. In the Far - East market, LPG prices rose first and then fell. In the shipping market, freight rates from the Middle East to the Far East and from the US Gulf of Mexico to the Far East both increased slightly [3]. 3.2 Regional Market Conditions 3.2.1 East China Region - The average price of the civil LPG market increased by 13 yuan/ton to 4360 yuan/ton, a 0.30% increase. The market in East China mainly rose this week. The release of December CP last week increased the import cost, supporting the sentiment of upstream and downstream. The refinery supply in Shanghai and Jiangsu decreased, and the overall supply showed an obvious narrowing trend. Chemical demand increased slightly, and downstream enthusiasm for entering the market was strong. The import cost increased, but the price increase of imported gas was less than that of domestic gas [3]. 3.2.2 South China Region - The average price of the civil LPG market increased by 25 yuan/ton to 4360 yuan/ton, a 0.58% increase. The LPG market in South China rose across the board this week. Supply tightness and cost increase were the main supporting factors. For civil gas, terminals led the price increase. Due to delayed ship arrivals, some terminal inventories were low, and importers continuously raised prices. Refineries quickly followed suit. For industrial gas, the supply pressure of refineries was relieved, and the prices also increased [3]. 3.2.3 Shandong Region - The average price of the civil LPG market increased by 10 yuan/ton to 4460 yuan/ton, a 0.22% increase, and the average price of ether - post - carbon - four increased by 6 yuan/ton to 4281 yuan/ton. The civil LPG market in Shandong first remained stable and then rose, reaching a high in nearly two months. The increase in CP led to an obvious rise in import costs, driving up the price of related propane and slightly improving the profitability of downstream chemical plants [3]. 3.3 Price and Spread - Futures prices: The closing price of the main LPG futures contract increased by 28 yuan/ton to 4317 yuan/ton, a 0.65% increase; the settlement price increased by 19 yuan/ton to 4301 yuan/ton, a 0.44% increase. - Inter - month spreads: The spreads between different LPG contracts showed different changes, such as PG2601 - PG2602 being - 15 yuan/ton (down from 96 yuan/ton), and PG2601 - PG2603 being 229 yuan/ton (down 10 yuan/ton). - Cross - variety spreads: For example, PG - 7.33*SC was 999.44 yuan/ton, a 0.50% decrease [3]. 3.4 Cost and Profit - The production cost of PDH - made propylene was 6392 yuan/ton, a 0.06% decrease; the production cost of PDH - made PP was 7575.55 yuan/ton, a 0.79% increase. The production profit of PDH - made propylene was - 397 yuan/ton, a 0.25% decrease; the production profit of PDH - made PP was - 1252.22 yuan/ton, a 7.35% decrease [3]. 3.5 Other Information - Freight rates: Freight rates for different shipping routes remained unchanged. - Exchange - rate and interest - rate: The US dollar index decreased by 0.46%, and SHIBOR - overnight remained basically unchanged at 1.3020% [3].

1. Report Industry Investment Rating - No information provided regarding the report industry investment rating. 2. Core Views - No clear core views are presented in the reports. The documents mainly provide data and statistics on various financial instruments and industries, such as stock index futures spreads, futures spreads, precious metals, and container shipping. 3. Summary by Relevant Catalogs Stock Index Futures Spreads - **Price Differences**: The report provides data on the spreads of various stock index futures, including IF, IH, IC, and IM. For example, the IE spot - futures spread was 15.97 with a change of -3.12 compared to the previous day, and the 1 - year and all - time quantiles were 52.40% and 28.60% respectively [1]. - **Inter - period Spreads**: It details inter - period spreads like the difference between the next - month and current - month contracts, and the far - month and next - month contracts for different futures varieties. For instance, in IF, the next - month - current - month spread was -18.40 with a change of -2.40, and the 1 - year and all - time quantiles were 22.10% and 24.70% [1]. - **Cross - variety Ratios**: Cross - variety ratios such as CSI 500/SSE 300, CSI 1000/SSE 300, and IC/IF are presented. For example, the IC/IF ratio was 1.5413 with a change of 0.0030 [1]. Futures Spreads - **IRR and Basis**: Information on the implied repo rate (IRR) and basis of different futures contracts is given. For example, for the 15 - year bond futures, the IRR was 0.0663 on 2025 - 12 - 04 with a change of 0.0054, and the TF basis was 0.9011 on the same date [2]. - **Inter - period Spreads**: Inter - period spreads for different maturities of futures contracts (TS, TF, T, and TL) are provided. For example, the TS next - quarter - current - quarter spread was 0.0340 on 2025 - 12 - 04 with a 1 - year quantile of 25.90% [2]. - **Cross - variety Spreads**: Cross - variety spreads like TS - TF, TS - T, and TF - T are presented. For example, TS - TF was -3.2270 on 2025 - 12 - 04 with a 1 - year quantile of 16.50% [2]. Precious Metals - **Futures and Spot Prices**: Domestic and foreign futures closing prices, as well as spot prices of precious metals (gold, silver, platinum, and palladium) are reported. For example, the AU2602 contract closed at 953.42 yuan/gram on December 4, 2025, down 0.34% from the previous day [3]. - **Basis and Ratios**: Basis data (e.g., gold TD - Shanghai gold futures) and price ratios (e.g., COMEX gold/silver) are provided. For example, the gold TD - Shanghai gold futures basis was -4.98 with a change of 2.18 and a 1 - year quantile of 7.20% [3]. - **Interest Rates, Exchange Rates, and Inventories**: Information on interest rates (10 - year US Treasury bond yield, 2 - year US Treasury bond yield), exchange rates (US dollar index, offshore RMB exchange rate), and inventories (上期所 and COMEX gold and silver inventories, ETF holdings) is included. For example, the 10 - year US Treasury bond yield was 4.11% on December 4, 2025, up 1.2% from the previous day [3]. Container Shipping Industry - **Shipping Indexes**: Settlement price indexes (SCFIS for European and US - West routes), Shanghai export container freight rates (SCFI comprehensive index, SCFI for different routes) are presented. For example, the SCFIS (European route) was 1483.65 points on December 1, 2025, down 9.50% from November 24 [5]. - **Futures Prices and Basis**: Futures prices of container shipping contracts (EC2602, etc.) and the basis of the main contract are provided. For example, the EC2602 (main contract) was 1585.0 points on December 4, 2025, up 2.92% from the previous day, and the basis of the main contract was -101.4, down 79.54% [5]. - **Fundamental Data**: Data on container shipping capacity supply, port - related indicators (port on - time rate, port calls), export amounts, and overseas economic indicators (eurozone PMI, US manufacturing PMI) are included. For example, the global container shipping capacity supply was 3349.44 million TEU on December 4, 2025, with no change from the previous day [5].