光大期货金融期货日报 光大期货金融期货日报（2025 年 12 月 23 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 市场全天震荡走强，沪指重返 3900 点上方，创业板指涨超 2%。个股涨多跌 | | | | 少，沪深京三市超 2900 股飘红，今日成交逾 1.88 万亿。截止收盘沪指涨 | | | | 0.69%，深成指涨 1.47%，创业板指涨 2.23%。近期，股指期货市场围绕 10 月 | | | | 以来的中枢下沿持续震荡，大小盘指数分化有限，板块间轮动频繁，市场情 | | | | 绪相对温和。12 月政治局会议与中央经济工作会议相继召开，短期内政策对 | | | | 市场的影响有望增强。从政策表述来看，重要会议提到"实现'十五五'良 | | | | 好开局"，预计明年 5%的 GDP 增长目标不会改变。政策发力方向仍主要集 | | | 股指 | 中在"稳内需"和"促进新质生产力快速发展"。会议提到，"必须坚持投 | 震荡 | | | 资于物和投资于人紧密结合"，提振居民收入水平和消费能力是宏观通胀预 | | | | 期回升的重要条件。同时 ...

Report Industry Investment Rating No relevant content provided Core Viewpoints - The steel market has average transactions, with steel prices fluctuating. The iron ore market has a decline in global shipments, and ore prices are rising while fluctuating. The coking coal and coke market has seen the third round of price cuts implemented, with prices fluctuating. The thermal coal market has a narrowing decline in production area coal prices due to supply contraction at the end of the month [1][3][5][8] Market Analysis Steel - Futures and spot: Steel futures maintained a fluctuating trend. Spot inventory of rebar and hot-rolled coils in national cities decreased significantly, and overall spot transactions were average, mainly at low prices [1] - Supply and demand: The supply-demand fundamentals of building materials continue to improve, with off-season consumption showing resilience, a slight increase in production, and a continuous decline in inventory. However, there is an expected seasonal decline in demand. Plate production decreased slightly, consumption and exports also declined slightly but still showed resilience. High inventory continued to suppress plate prices, and the spread between hot-rolled coils and rebar continued to weaken [1] Iron Ore - Futures and spot: Iron ore futures prices rose while fluctuating. The prices of mainstream imported iron ore varieties at Tangshan ports fluctuated slightly. The total spot trading volume at major national ports was 1.009 million tons, a 15.91% increase from the previous day, and the forward spot trading volume was 1.12 million tons, a 38.96% increase. The global iron ore shipments decreased slightly to 34.65 million tons, a 3.6% decrease, and the arrival volume at 45 ports decreased slightly to 26.47 million tons, a 2.8% decrease. Port inventories continued to accumulate, with the total inventory at 45 ports reaching 156.82 million tons, a 1.1% increase [3] - Supply and demand: The supply-demand contradiction of iron ore continues to accumulate. Non-mainstream shipments remain at a high level under high valuations, and the total inventory has continued to rise. However, due to the lack of liquidity of some port supplies, ore prices remain high. Some steel mills have reduced production to relieve restocking pressure and have insufficient short-term restocking willingness. If the liquidity of some port supplies recovers, ore prices will face downward pressure [3] Coking Coal and Coke - Futures and spot: The futures of coking coal and coke fluctuated. Mainstream steel mills in Hebei and Shandong implemented the third round of coke price cuts, with a reduction of 50 - 55 yuan/ton. Coking enterprises began to restock appropriately, and coking coal transactions improved. The price of Mongolian No. 5 raw coal is 970 - 980 yuan/ton, and the price of Mongolian No. 3 clean coal is about 1,050 yuan/ton [5][6] - Supply and demand: For coke, after the third round of price cuts, supply has contracted, and demand has weakened due to the decline in molten iron. Short-term supply and demand maintain a weak balance, and coke prices remain under pressure. For coking coal, imported coal has impacted the domestic market, downstream demand is insufficient, and coking coal inventories have continued to accumulate. Coupled with the decline in thermal coal prices, the fundamentals of coking coal are weak. However, due to the approaching delivery month, the price of the near-month contract returns to the warehouse receipt value, so the futures price maintains a wide - range fluctuation [6] Thermal Coal - Futures and spot: In the production areas, coal prices rose and fell. The shipment of medium and low - calorie coal from some coal mines improved, but high - calorie coal mines still saw price declines. At the ports, the thermal coal market remained weak, but some rigid demand and short - selling inquiries increased near the end of the month. The supply at the production areas tightened at the end of the year, and the pessimistic market sentiment eased slightly. The load of downstream power plants and terminal enterprises did not increase significantly, the actual procurement intensity remained weak, and short - term prices remained weak. The price of imported low - calorie coal stabilized, and there were also inquiries for high - calorie coal, but there was still a situation of bargaining and waiting and seeing [8] - Supply and demand: Supply has contracted near the end of the month, but coal demand is poor, inventories continue to grow, and coal prices fluctuate weakly. In the long - term, the pattern of loose supply remains unchanged [8] Strategies Steel - Unilateral: Fluctuating; Cross - period: None; Cross - variety: None; Futures - spot: None; Options: None [2] Iron Ore - Unilateral: Fluctuating; Cross - variety: None; Cross - period: None; Futures - spot: None; Options: None [4] Coking Coal and Coke - Coking coal: Fluctuating; Coke: Fluctuating; Cross - variety: None; Cross - period: None; Futures - spot: None; Options: None [7]

新华社记者史彧 新华社金沙萨12月22日电 专访｜刚中合作持续走深走实——访刚果（金）副总理桑巴 桑巴表示，在基础设施领域，刚中合作正在转化为实实在在的发展成果。他特别提到中企承建的金沙萨环线公路项目，该项目建成后将"彻底 改变金沙萨的城市结构和居民出行方式"。 桑巴说，刚果（金）希望在刚中合作框架下推动本地生产能力建设，减少对原材料出口的依赖，越来越多的中国企业在刚果（金）投资兴 业，有力推动了当地制造业和工业发展。"我们将来在金沙萨也会有一个'小义乌'。" 桑巴指出，刚中合作早已超越单纯的经贸合作，他自己小时候就曾见过来自中国的农业专家深入田间地头，与当地民众同吃同住，传授稻米 种植技术，这成为他对两国合作最早、也最直观的认识。"同中国的农业技术合作在刚果（金）留下的印记，至今仍然存在。"这种深入到基 层的合作形式，正是刚中关系的重要特征。 12月18日，刚果（金）副总理兼国民经济部长达尼埃尔·穆科科·桑巴在首都金沙萨接受新华社记者专访。新华社发（伯努瓦·年巴摄） 刚果（金）副总理兼国民经济部长达尼埃尔·穆科科·桑巴日前在首都金沙萨接受新华社记者专访时表示，刚果（金）和中国的合作不断走深走 实，不仅体现在 ...

据交易所数据显示，12月23日，截至伦交所收盘（伦敦时间16:30），英国富时100指数下跌0.37%，知 名英股多数上涨。 涨幅居前的个股包括： 作者：行情君 洛克霍普勘探上涨8.22%，报76.4便士/股，成交额3.04亿，总市值493.71亿便士（约4.94亿英镑）。 泛非资源上涨5.54%，报118.2便士/股，成交额5.74亿，总市值2396.28亿便士（约23.96亿英镑）。 西班牙对外银行上涨3.96%，报20.2便士/股，成交额367.55万，总市值0.0便士（约23.96亿英镑）。 威严葡萄酒上涨3.51%，报70.8便士/股，成交额1116.05万，总市值50.78亿便士（约0.51亿英镑）。 阿斯顿马丁上涨3.39%，报64.05便士/股，成交额3597.84万，总市值648.48亿便士（约6.48亿英镑）。 跌幅居前的个股包括： 兰科集团下跌5.5%，报99.6便士/股，成交额9062.43万，总市值466.56亿便士（约4.67亿英镑）。 帝亚吉欧(UK)下跌3.46%，报1620.5便士/股，成交额69.98亿，总市值36079.02亿便士（约360.79亿英 镑）。 DCI AD ...

Core Insights - Baoji City has cultivated 38 distinctive labor brands, leading to employment and entrepreneurship for 400,000 people [1][2] - The city has implemented comprehensive policies and established a complete policy chain for labor brand development, including funding support and standards [1] - Baoji's labor brands are diversified and tailored to key industries, enhancing the integration of brands with industrial development [1] Group 1: Labor Brand Development - Baoji City has adopted innovative methods to enhance labor brand construction, making it a key task and annual goal [1] - The city has held the first municipal labor brand development conference in the province and issued the "Implementation Plan for Labor Brand Cultivation" [1] - A guidance team of 31 experts has been established to provide ongoing support to grassroots initiatives [1] Group 2: Economic Impact - The titanium industry in Baoji has reached a total output value of 56 billion yuan, while the brand value of Xifeng liquor has surpassed 330 billion yuan [1] - The "one bowl of noodles" economy has achieved a total industrial output value of 16.2 billion yuan, highlighting the increasing support of labor brands for key industries [1] - During the 14th Five-Year Plan period, the labor economy income in Baoji is projected to reach 32.3 billion yuan, creating a virtuous cycle of brand establishment and employment [2] Group 3: Training and Management - Baoji City has strengthened training, promotion, and management, establishing a training system that covers the entire occupational cycle [2] - The city has created seven master skill studios and included specialty occupations in the subsidy catalog [2] - A unified brand identity and dynamic management have been implemented to protect the rights of workers and promote brand upgrades [2]

Group 1 - The A-share non-ferrous metal sector is experiencing a strong performance, with companies like Zhongtung High-tech rising over 9%, and others such as Zhongmin Resources, Xiamen Tungsten, Tianqi Lithium, and Ganfeng Lithium also seeing significant gains [1] - The spot silver price has surpassed $66, reaching a new historical high, indicating a bullish trend in the metal market [2] - Dongxing Securities highlights that the global mining project's upstream capital expenditure environment is deteriorating, and geopolitical disturbances are increasing, leading to a tightening supply-demand structure in the metal industry [2] Group 2 - The metal inventory cycle has been in a long-term depletion trend since 2013, with global visible metal inventories at approximately the 25th percentile level since 1990 as of Q4 this year [2] - The continued weakening of visible inventories suggests a rigid supply characteristic in the global metal market, reinforcing the logic of strong pricing amid low inventory [2] - The China Nonferrous Metals Mining Index covers various sub-sectors, providing a diversified investment approach to mitigate price volatility risks of individual commodities [2]

Group 1 - European stock markets showed a flat performance, with the Stoxx 600 index closing nearly unchanged. Mining stocks led the gains as commodity prices rose following increased sanctions on Venezuela by U.S. President Donald Trump [1][4] - Insurance stocks also saw an increase, while the automotive and food & beverage sectors experienced the largest declines [1][4] - The stock market appears to be entering a dull period ahead of the year-end, with potential rotation from outperforming sectors to those that have lagged behind, a trend that may continue into early January [5] Group 2 - The European benchmark index reached multiple historical highs last week, driven by optimistic expectations for further policy easing and resilient U.S. economic growth. The index is on track for its sixth consecutive month of gains [3][7] - Despite a cumulative increase of approximately 16% this year, European stock market performance still lags behind global markets [3][7] Group 3 - Danish wind energy developer Ørsted saw its stock price plummet by 13% after the Trump administration suspended leases for five offshore wind farms under construction on the U.S. East Coast, citing national security concerns [5]

12月18日，刚果（金）副总理兼国民经济部长达尼埃尔·穆科科·桑巴在首都金沙萨接受新华社记者 专访。新华社发（伯努瓦·年巴摄） 桑巴不久前率团访问浙江省，出席中非经贸和文化论坛，并考察当地高校、企业和商贸平台。他 说，此次访问让他更直观地了解中国坚持对外开放的发展逻辑。 新华社金沙萨12月22日电（记者史彧）刚果（金）副总理兼国民经济部长达尼埃尔·穆科科·桑巴日 前在首都金沙萨接受新华社记者专访时表示，刚果（金）和中国的合作不断走深走实，不仅体现在经贸 合作层面，而且深入到人文层面，这让刚中关系具有很强的稳定性。 在浙江期间，桑巴重点走访了义乌等地，对当地高度国际化的商业生态印象深刻。在他看来，义乌 不仅是重要的商品集散地，还是不同文化交流交汇的场所。"商业交流让不同国家的人群更好地相识相 知。" 桑巴强调，中国是刚果（金）信赖的合作伙伴。刚中合作的深度，已经深入到人文层面，这种长期 形成的历史积淀，使刚中关系在多元合作格局中保持稳定性和连续性。 桑巴认为，中国经济是推动全球经济增长的一股重要动力。中国在经济发展以及减贫方面的经验， 对包括非洲国家在内的发展中经济体具有重要借鉴意义。 展望未来，桑巴表示，刚中 ...

Group 1 - The company has a copper production capacity of 50,000 tons of cathode copper and 6,000 tons of crude cobalt hydroxide (metal content) from its Karongwei mine, with no nickel resources available [2] - The FTB project is still under exploration, and any significant findings will be announced in due course [2]

证券日报网讯 12月22日，盛屯矿业（600711）在互动平台回答投资者提问时表示，截至2025年10月底 公司的在册股东户数为149954户。 ...