Core Viewpoint - The recent financial crime trends in Beijing highlight the increasing sophistication and concealment of illegal activities, particularly in the futures trading sector, as evidenced by a case involving a total transaction amount of 437 million yuan through illegal means [1]. Group 1: Financial Crime Trends - The financial crime methods are evolving, with increased concealment and professionalism [1]. - A specific case involved illegal futures trading using a 5,000 yuan software that allowed the creation of multiple trading accounts, bypassing regulatory requirements [4][5]. - The case reflects the government's commitment to strengthening financial regulation and combating illegal activities in the financial sector [1]. Group 2: Illegal Trading Mechanisms - The software enabled the creation of up to 15 independent trading ports from a single account, allowing unqualified clients to engage in high-risk trading without proper identity verification [4]. - The illegal operation was structured to attract clients under the guise of recruiting skilled traders, offering lucrative profit-sharing agreements [6][7]. - The operation involved two main funding sources: personal funds from the operators and borrowed funds from a private fund that had reached its liquidation threshold [8]. Group 3: Regulatory Response and Legal Action - The prosecution of the case was based on the illegal organization of futures trading and the collection of fees without proper authorization, which was classified as unauthorized futures brokerage [10]. - The investigation revealed that the actual illegal gains were significantly lower than the total transaction volume, leading to a more nuanced understanding of the crime's scale [10]. - The case has prompted discussions among regulatory bodies to address the loopholes that allowed such illegal activities to flourish [11].

Market Overview - As of January 2, the London Metal Exchange (LME) reported zinc registered warehouse stocks at 97,925 tons, with cancellations of 8,400 tons, resulting in a net decrease of 750 tons. Total zinc inventory stands at 106,325 tons, down by 1,300 tons [1] - The Shanghai zinc futures inventory recorded 69,793 tons, a decrease of 3,170 tons compared to the previous trading day [2] Production Forecast - Refined zinc production is projected to be 552,100 tons in December 2025, which is below expectations. However, production is expected to increase to 569,400 tons in January 2026 [3] Institutional Insights - According to Nanhua Futures, the overall market sentiment is warming. The treatment charges (TC) have stabilized due to the opening of the import window, but are expected to decline in January. The domestic raw material supply remains tight in the short term, while the supply side is expected to loosen in the long term. High zinc prices are suppressing downstream consumption, and domestic inventory reduction due to exports and production cuts is providing support for Shanghai zinc prices. The outlook suggests that while low domestic inventory supports prices, there is a lack of upward driving force in the fundamentals, leading to a range-bound market [4] - Guangzhou Futures anticipates that the medium to long-term focus for zinc prices will gradually shift upward. However, due to the traditional off-season in the first quarter, short-term upward potential is limited. Prices are expected to trend upward after the holiday, followed by a transition into a range-bound market [5]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The estimated ending stock of US soybeans in the 2025/26 season remains at 290 million bushels, with a low inventory - consumption ratio of 6.7%, which provides some support for the downside of CBOT US soybeans. Attention should be paid to the adjustment of US soybean yield and exports in the January USDA supply - demand report [8]. - There is no obvious bullish factor in South American weather in the short term. The weather in Argentine production areas is dry recently, but the soil moisture is suitable with no obvious adverse impact for now. Brazilian soybean sowing is nearly finished, and harvesting has begun in Paraná state. With the expectation of a large Brazilian soybean harvest, the impact of the selling pressure during the January harvest on Brazilian CX premiums should be monitored. The sum of the US soybean futures price and Brazilian premiums is expected to decline, and M05 is expected to be relatively weak without special events [9]. - In China, the de - stocking of soybeans in January is expected to accelerate. Due to concerns about soybean shortages in the first quarter and extended customs inspections, downstream pre - holiday stocking is expected to be active, which supports domestic spot prices before the Spring Festival. The concentrated ownership of imported soybeans in the first quarter causes a structural supply problem in China, which supports M03. M03 - M05 is still in a positive spread in the short term, but the risk lies in policy changes. The impact of stricter customs inspection policies, the volume, price, and shipping rhythm of imported soybean auctions or directed supplies are hard to predict, so investors are advised to operate cautiously [9]. 3. Summary by Related Catalogs 3.1 Basis Data - For the basis of the soybean meal main contract (Zhangjiagang), the basis values in Dalian, Tianjin, and other places on December 31st were 411, 391, etc., with a daily increase of 29 [6]. - The basis of 43% soybean meal spot (against the main contract) in Zhangjiagang was 371 on December 31st, with a daily increase of 29 [6]. - The basis of rapeseed meal spot in Guangdong was 129 on December 31st, with a daily increase of 35 [6]. 3.2 Spread Data - The spread between soybean meal and rapeseed meal was 534, with a decrease of 2; the spot spread (in Guangdong) was 300; the spread of the main contract was 384, with an increase of 9 [7]. 3.3 International Data - The US dollar - RMB exchange rate was 6.9584, and the Brazilian soybean CNF premium was 130.00 cents per bushel, with a daily increase of 0. The Brazilian soybean import gross margin per ton was also presented in the 2025 chart [7]. 3.4 Inventory Data - Charts were provided for China's port soybean inventory, major domestic oil mills' soybean inventory, feed enterprises' soybean meal inventory days, major domestic oil mills' soybean meal inventory, etc., covering data from 2020 - 2025 [7]. 3.5 Machine and Pressing Situation - Charts showed the major domestic oil mills' soybean pressing volume in tons and the operating rate from 2020 - 2023 [7].

Group 1: Global Asset Market Performance - The latest yields of 10 - year government bonds in major economies: US 4.169, UK 4.476, France 3.562, Germany 2.854, Italy 3.548, Spain 3.286, Switzerland 0.277, Greece 3.439, Japan 2.059, Brazil 6.209, China 1.843, Australia 4.741, New Zealand 4.397 [3] - The latest yields of 2 - year government bonds in major economies: US 3.475, UK 3.714, Germany 2.120, Japan 1.168, Italy 2.194, China (1Y yield) 1.342, Australia 4.056 [3] - The latest exchange rates of the US dollar against major emerging - economy currencies: Brazil (not fully shown), Russia (not fully shown), South Africa zar 16.561, South Korean won (not fully shown), Thai baht (not fully shown), Malaysian ringgit 4.060 [3] - The latest exchange rates of the RMB: on - shore RMB 6.988, off - shore RMB 6.976, RMB central parity rate 7.029, RMB 12 - month NDF 6.862 [3] - The latest values of major economies' stock indexes: S&P 500 6845.500, Dow Jones Industrial Average 48063.290, Nasdaq 23241.990, Mexican Index 64308.290, UK Index 9931.380, France CAC 8149.500, German DAX (not fully shown), Spanish Index 17307.800, Russian Index (not fully shown), Nikkei (not fully shown), Hang Seng Index 25630.540, Shanghai Composite Index 3968.840, Taiwan Index (not fully shown), South Korean Index (not fully shown), Indian Index (not fully shown), Thai Index (not fully shown), Malaysian Index 1680.110, Australian Index 9018.786, Emerging - economy Index 1404.370 [3] - The latest values of credit - bond indexes: US investment - grade credit - bond index 3545.180, Eurozone investment - grade credit - bond index 265.782, Emerging - economy investment - grade credit - bond index 290.360, US high - yield credit - bond index 2914.490, Eurozone high - yield credit - bond index 410.300, Emerging - economy high - yield credit - bond index 1824.631 [3] Group 2: Stock Index Futures Trading Data - Index performance: A - shares' closing price is 3968.84 with a 0.09% increase; CSI 300's closing price is 4629.94 with a - 0.46% decrease; SSE 50's closing price is 3031.13 with a - 0.18% decrease; ChiNext's closing price is 3203.17 with a - 1.23% decrease; CSI 500's closing price is 7465.57 with a 0.09% increase [4] - Valuation: PE (TTM) of CSI 300 is 14.17 with a - 0.02 change; SSE 50 is 11.85 with a 0.02 change; CSI 500 is 33.80 with a 0.01 change; S&P 500 is 27.34 with a - 0.21 change; German DAX is 18.95 with a 0.00 change [4] - Risk premium: 1/PE - 10 - year interest rate of S&P 500 is - 0.51 with a - 0.02 change; German DAX is 2.42 with a 0.00 change [4] - Fund flow: The latest values for A - shares are - 601.31, for the main board - 430.72, for the ChiNext - 108.75, for CSI 300 - 177.02; the 5 - day average values for A - shares are - 401.18, for the main board - 313.35, for the ChiNext - 66.25, for CSI 300 - 21.09 [4] - Transaction amount: The latest values for the Shanghai and Shenzhen stock markets are 20451.42 with a - 971.84 change; for CSI 300 are 4444.92 with a - 126.93 change; for SSE 50 are 1076.68 with a - 55.07 change; for the small - and - medium - sized board are 4402.75 with a - 233.99 change; for the ChiNext are 5436.92 with a - 158.03 change [5] - Main contract basis and spread: For IF, the basis is - 30.14 with a - 0.65% spread; for IH, the basis is - 6.13 with a - 0.20% spread; for IC, the basis is - 102.77 with a - 1.38% spread [5] Group 3: Treasury Bond Futures Trading Data - Closing prices of treasury bond futures: T2303 is 107.86 with a - 0.07% change; TF2303 is 105.76 with a - 0.05% change; T2306 is 107.88 with a - 0.06% change; TF2306 is 105.75 with a - 0.07% change [5] - Fund interest rates: R001 is 1.4568% with a - 60.00 BP change; R007 is 2.1559% with a 10.00 BP change; SHIBOR - 3M is 1.6000% with a 0.00 BP change [5]

| 乖 亦安期货 | | --- | 纸浆早报 | 日期 | 2025/12/31 | 2025/12/30 | 2025/12/29 | 2025/12/26 | 2025/12/25 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5532.00 | 5568.00 | 5510.00 | 5630.00 | 5604.00 | | 折美元价 | 691.61 | 696.05 | 686.78 | 702.06 | 698.96 | | 距上一日涨跌 | -0.64655% | 1.05263% | -2.13144% | 0.46395% | -0.28470% | | 山东银星基差 | 58 | 22 | 80 | -40 | -14 | | 江浙沪银星基差 | 28 | -8 | 50 | -70 | -44 | 以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | --- | | 加拿大 | 金狮 | CFR | 78 ...

Core Viewpoint - The Dalian Commodity Exchange (DCE) expresses gratitude for the support received and outlines its strategic focus for 2026, emphasizing the importance of risk management, regulatory compliance, and high-quality development in the context of China's economic planning [1][3]. Group 1: Achievements in 2025 - DCE successfully launched pure benzene futures and options, and introduced monthly average price futures contracts for chemical products, enhancing its risk management tools [2]. - The exchange improved contract rules to better align with industry needs, resulting in significant enhancements in product quality [2]. - DCE reinforced regulatory measures and risk monitoring systems to ensure stable market operations [2]. - The exchange increased participation from industry clients and promoted the "insurance + futures" model to support agriculture, expanding the influence of "Dalian prices" in spot trade [2]. - DCE expanded its offerings to qualified foreign investors, increasing the number of tradable products from 14 to 27, thereby enhancing market internationalization [2]. - The exchange completed a successful transition to a new main trading center and advanced its digital transformation to improve service quality [2]. Group 2: Strategic Focus for 2026 - In 2026, DCE aims to implement the spirit of the 20th National Congress and the Central Economic Work Conference, focusing on political guidance and the scientific formulation of the 14th Five-Year Plan [3]. - The exchange will emphasize strict regulatory oversight and risk prevention to strengthen market stability [3]. - DCE plans to continue product innovation and rule optimization while enhancing the effectiveness of services to the real economy [3]. - The exchange seeks to deepen its international presence and increase the global influence of "Dalian prices" [3]. - DCE will solidify its technological capabilities and accelerate its digital transformation efforts [3].

Core Viewpoint - The recent fluctuations in precious metals, particularly gold, are influenced by geopolitical tensions and monetary policy expectations from the Federal Reserve [2][6]. Group 1: Precious Metals Market - London spot gold experienced significant volatility, peaking at $4,400 per ounce before closing up 0.13% [2][6]. - COMEX gold futures rebounded by 0.43%, while SHFE gold saw a slight increase of 0.04% [2][6]. - The market is characterized by large fluctuations, with short-term trading strategies being advised due to the upcoming two trading days during the New Year period [2][6]. Group 2: Federal Reserve Insights - The Federal Reserve's meeting minutes indicate that most participants believe further rate cuts may be appropriate if inflation continues to decline as expected [2][6]. - A majority supports a rate cut in December, citing increased risks to employment in recent months [2][6]. - The Fed's survey suggests that respondents expect a net purchase scale of approximately $220 billion within the first 12 months following the initiation of purchases [2][6]. Group 3: Geopolitical Factors - Ongoing geopolitical tensions, particularly the worsening situation in the Russia-Ukraine conflict and Saudi airstrikes in Mukalla, Yemen, are contributing to increased risk aversion in the market [2][6]. - These geopolitical developments are likely to impact gold prices as investors seek safe-haven assets [2][6].

专题：光大期货热点追踪视频合集 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 1231热点追踪：2025年，让老铁们意难平的那些行情 新浪合作平台光大期货开户 安全快捷有保障 专题：光大期货热点追踪视频合集 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 1231热点追踪：2025年，让老铁们意难平的那些行情 新浪合作平台光大期货开户 安全快捷有保障 责任编辑：朱赫楠 责任编辑：朱赫楠 ...

岁暮天寒，真情送暖。近日，港信期货再次向五莲县困难群众送去优质大米，以持续三年的爱心捐赠传 递企业的关怀与温度。 一袋米，载着温暖；一堂课，传递新知。港信期货以实际行动诠释国有金融企业的社会责任，坚持物资 帮扶与知识赋能并重，在乡村振兴的道路上持续贡献专业力量与人文温度，与乡村一道，共守温暖、共 筑希望。 港信期货与五莲县相关村党组织围绕乡村振兴主线，坚持开展党建共建，通过党课联学等形式推动资源 共享、行动协同，本次捐赠正是双方持续合作的又一生动实践。 结合当地农业实际，港信期货还组织了面向乡村干部与村民的专题培训，聚焦玉米等农产品，系统介绍 期货市场的基本原理与价格风险管理知识，帮助村民了解如何运用现代金融工具增强农业经营的稳健 性，为乡村发展融入更多专业思维。 ...

Core Viewpoint - The recent decline in precious metal prices is attributed to a technical correction following a strong prior rally, compounded by multiple macroeconomic and geopolitical negative factors, particularly during the low liquidity period of the Christmas holidays in Europe and the U.S. [1] Group 1: Price Movements - As of December 30, domestic precious metal futures prices collectively fell, with the main gold contract down 3.11% and the main silver contract down 3.96%, while platinum and palladium futures hit their daily limit down [1] - The sharp decline in precious metal prices is seen as a correction of previous over-expectations regarding U.S. fiscal and monetary policies [2] - Platinum prices surged over 30% in the previous week, leading to significant profit-taking and increased volatility in the short term [2] Group 2: Market Influences - The expectation of a new Federal Reserve chair aligning with President Trump's fiscal policies is influencing market sentiment, with potential for accelerated interest rate cuts [4] - Global central banks are reducing U.S. Treasury holdings while increasing gold reserves, which directly supports higher precious metal prices [4] - The industrial demand for silver remains strong due to its support from the photovoltaic industry, while platinum and palladium face declining demand from the automotive sector [4] Group 3: Future Outlook - Despite the recent price corrections, the long-term outlook for precious metals remains positive, driven by expectations of continued Federal Reserve rate cuts [4] - The upcoming announcement of the new Federal Reserve chair and the pace of interest rate cuts will be critical factors to monitor [4] - The introduction of new regulations in India regarding silver collateral may impact international silver supply dynamics in the first quarter of the following year [5]