黄金期货不是在全球范围内实现真正意义上的24小时不间断连续交易。其交易时间主要由各交易所的具体规则决定，通常分为场内公开喊价和电子盘交易时 段，且不同市场的交易时间存在差异。 以下为主要市场黄金期货的交易时间概述(以北京时间为准，并假设无季节性调整)： 摘要黄金期货不是在全球范围内实现真正意义上的24小时不间断连续交易。其交易时间主要由各交易所的具体规则决定，通常分为场内公开喊价和电子盘交 易时段，且不同市场的交易时间存在差异。 1.美国COMEX交易所(主力合约，全球定价中心) 主要交易时段： 夜盘：21:00-次日凌晨02:30。 电子盘：周一至周五，约06:00-次日05:00(次日凌晨)。 特点：拥有夜盘交易，覆盖了欧美市场的主要交易时段，但在15:00收盘后至21:00夜盘开盘前有约6小时的休市时间，且在02:30夜盘收盘后至次日09:00开盘 前也有长时间休市。 场内公开喊价(已电子化，但时段保留)：周一至周五，21:20-次日03:30。 特点：这是全球交易量最大、影响力最广的黄金期货市场。虽然电子盘交易时间长达近23小时，覆盖了亚、欧、美主要交易时段，但在每天05:00至06:00之 间仍有大 ...

【基本面消息】 【黄金期货最新行情】 美国至12月13日当周初请失业金人数22.4万人，预期22.5万人，前值由23.6万人修正为23.7万人。 美联储古尔斯比：11月通胀数据良好，对前置降息感到不安。终端利率将远低于当前水平。 | 12月19日 | 收盘价（元/克） | 当日涨跌幅 | 成交量（手） | 持仓量（手） | | --- | --- | --- | --- | --- | | 沪金主力 | 979.90 | -0.01% | 328878 | 189662 | 打开APP，查看更多高清行情>> 数据显示，12月19日上海黄金现货价格报价973.50元/克，相较于期货主力价格（979.90元/克）贴水6.4 元/克。 美国11月未季调CPI年率录得2.7%，预期3.1%；美国11月未季调核心CPI年率录得2.6%，预期3%，为 2021年3月以来新低。由于政府此前的关门，美国劳工统计局取消了10月份的CPI报告，因此本次没有 公布月度CPI。 昨晚公布的美国11月CPI数据意外大幅好于预期，一度提振了市场对美联储未来降息的预期，推动美元 走软、金银价格同步上扬。然而，由于10月CPI数据受此前政府 ...

上海期货交易所指定交割仓库期货周五（12月19日）仓单日报显示，黄金期货总计91716千克，今日仓 单较上一日持平。 沪金主力盘内高位回落，周五（12月19日）黄金期货开盘价977.60元/克，截至目前最高988.80元/克， 最低975.14元/克。截止发稿报979.90元/克，跌幅0.01%，成交量为328878手，持仓为189662手，日持仓 减少7090手。 上海期货交易所黄金期货仓单日报(单位：千克) | 上期所指定交割金库 | 期货 | 增减 | | --- | --- | --- | | | 91716 | 0 | 12月18日，俄罗斯央行声明称，其资产遭欧洲金融机构非法处置，将向欧方追讨损失。因欧盟无限期冻 结俄央行在欧资产并企图擅自使用，俄央行宣布向俄仲裁法院起诉欧洲银行，索赔被非法留置的资产及 利润损失。 此前，欧盟理事会12日决定无限期冻结俄在欧资产，塔斯社15日报道俄央行已起诉存管大量被冻结资产 的欧洲清算银行，索赔超18万亿卢布。俄外交部发言人扎哈罗娃强调，未经俄方同意处置主权资产（无 论冻结、没收或包装成"赔偿贷款"）均属非法，严重违反国际法。 ...

Core Viewpoint - The establishment of the investor education base in Hangzhou by CITIC Securities Futures is a significant step towards enhancing investor education and supporting the real economy in the Yangtze River Delta region [1][3]. Group 1: Investor Education Initiative - The investor education base in Hangzhou aims to serve as a professional platform for learning and interaction, focusing on professional knowledge and risk management services [3]. - The company has emphasized the importance of investor education as a foundational aspect of the futures industry, with previous successful initiatives in other regions, such as the one in Chongqing [3]. Group 2: Market Outlook and Analysis - Following the establishment ceremony, the Hangzhou branch's lecturer team provided insights into the commodity market outlook for 2026, discussing supply and demand dynamics influenced by growth stabilization and anti-competitive policies [5]. - Specific topics included the current oversupply of oil and coal, as well as an analysis of the fundamentals of copper, silver, and lithium carbonate [5]. Group 3: Future Commitment - The Hangzhou branch of CITIC Securities Futures is committed to serving the Yangtze River Delta region by enhancing its professional capabilities and innovative service models to contribute to high-quality regional economic development [7].

成文日期: 20251215 研究员：张孟威(期货从业咨询证号:F03127896、Z0020205) 报告周期:周报 建材期货周报： 基本面驱动行情 核心观点： 当周（2025.12.08-12.12）建材持续回落，玻璃进入阴跌状态. 短期宏观驱动或告一段落，接下来主导价格的重心或重回基本面。 图 3：螺纹总库存 图 4：浮法玻璃日熔量及开工率 图 5: 总库存 9000 Box Box Back Back Barcel -2024年度 -- -2021年度 122年度 期现市场 宏观方面,当周美联储议息落地,降息 25 个 BP 符合预期,接 下来降息节奏略显鸽派,国内重要会议也圆满结束,政策并未释放 太多增量信息，均在市场预期范围内。 钢厂利润有所改善,但进入周期性淡季,螺纹表需环比也有所 下降,产量仍维持下滑状态,相较表需,产量跌幅更大,库存呈现 持续去化态势,螺纹整体基本面回归供需双弱格局,在无重要事件 驱动的情况下,螺纹或维持震荡。玻璃当周一条产线点火但尚未出 玻璃、周产量基本持稳, 下周 1 条产线有冷修预期,需求端目前仍 以刚性为主,库存周环比稍有下滑,由资金主导的高波动行情或趋 于平缓,随着 ...

Core Viewpoint - The article discusses the potential recovery of the PTA (Purified Terephthalic Acid) market amidst a broader trend of reducing competition and "involution" in the chemical industry [1][3]. Group 1 - The article highlights a shift in the chemical industry, suggesting that the trend of "anti-involution" may positively impact the PTA sector [1][3]. - It raises questions about whether PTA can experience a turnaround in its market performance [1][3].

瑞达期货研究院 「2025.12.19」 棉花（纱）市场周报 研究员：王翠冰 期货从业资格号F03139616 期货投资咨询从业证Z0021556 关 注 微信客 服 号 添加客服 业务咨询 目录 「 周度要点小结」 行情回顾：本周郑棉主力2601合约价格上涨，周度涨幅约1.19%。 美棉市场 行情展望：据美国农业部(USDA)报告显示，11月27日止当周，2025/26年度美国陆 地棉出口销售净增13.59万包，较前周减少8%，较前四周均值减少23%。2025/26年 度美国陆地棉出口装运量12.21万包，较前周增加1%，较前4周平均水平减少5%。 当周美国棉花出口签约量减少、装运量环比小增。国内市场：供应端，当前全国棉 花公检量已超550万吨，预计商业库存加速增长。另外，11月棉花进口量环比小幅增 加，预计进口港口库存维持增长趋势，据海关统计，2025年11月我国棉花进口总量 约12万吨，环比增加3万吨，同比增幅9.4%。需求端，下游纺企旺季采购结束，纺 企淡季特征逐渐现象，市场出货速度偏慢，预计短期棉价震荡为主。 3 图1、CFTC美棉净持仓与ICE美棉活跃合约价格走势 1、周度要点小结 2、期现市场 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - This week, the futures price of the Container Freight Index (European Line) rose slightly. The main contract EC2602 closed up 1.75%, and the far - month contracts rose between 1 - 2%. The latest SCFIS European Line settlement freight index was 1510.56, up 1.46 points from last week, a 0.1% increase. The Christmas stocking demand is beneficial for the futures price to rise, but the price increase announcements failed to materialize, and leading shipping companies have successively lowered the container prices, causing the previous price increase to be reversed. The traditional peak - season boost effect may be weaker than expected due to high tax rates on exports to the US. The freight market is highly influenced by news, and the futures price is expected to fluctuate more violently. Investors are advised to be cautious, pay attention to the operation rhythm and risk control, and track geopolitical, shipping capacity and cargo volume data in a timely manner [6][7][39] 3. Summary According to the Table of Contents 3.1. Market Review - Futures contracts: EC2512 fell 1.28% (- 21.20), closing at 1630.10; EC2602 rose 1.75% (29.60), closing at 1719.80; EC2604 rose 0.71% (8.00), closing at 1128.80; EC2606 rose 2.16% (27.20), closing at 1288.30; EC2608 rose 1.59% (22.70), closing at 1453.20; EC2610 rose 1.63% (16.80), closing at 1050.30. The SCFIS index rose 0.1% (1.46), closing at 1510.56. The trading volume and open interest of the EC2512 contract showed a divergence this week [9][10][15] 3.2. News Review and Analysis - China's re - implementation of export license management for steel after 16 years aims to strengthen monitoring, statistics and analysis of steel product exports and track product quality. The EU's FSR investigations on Chinese enterprises are opposed by China. The full - scale customs closure of Hainan Free Trade Port on December 18 expanded the "zero - tariff" commodity scope to over 6600 tariff items. The EU Commission proposed to relax the 2035 "ban on fuel - powered vehicles" requirement to a 90% emission reduction. The European Central Bank maintained the benchmark interest rate at 2% for the fourth consecutive time. The Fed's Williams said that the US unemployment rate is expected to drop to 4.5% by the end of 2025, and inflation is expected to rise to 2.5% in 2026 and fall to 2% in 2027 [18] 3.3. Weekly Market Data - The basis and spread of the Container Freight Index (European Line) futures contracts both contracted this week. The export container freight index rebounded slightly. Global container shipping capacity continued to grow, while European - line shipping capacity decreased slightly. The BDI and BPI declined, and freight rates fluctuated slightly. The charter price of Panamax ships continued to rise, and the spread between the offshore and on - shore RMB against the US dollar converged [24][27][31] 3.4. Market Outlook and Strategy - The same as the core viewpoints, the Christmas stocking demand is beneficial for the futures price to rise, but the price increase announcements failed to materialize, and the traditional peak - season boost effect may be weaker than expected. The freight market is highly influenced by news, and investors are advised to be cautious and track relevant data [39][40]

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - This week, the fundamentals of the natural rubber market resonated with commodity linkages, causing rubber prices to surge multiple times. The asking price center of the imported rubber market moved upwards. Traders mainly rotated and exchanged positions, with arbitrageurs actively closing positions and selling, while some added positions to buy. Factories remained cautiously on the sidelines. The spot price center of domestic natural rubber also moved upwards. The fluctuating and rising futures market boosted market trading sentiment, and holders adjusted their asking prices upwards. Downstream inquiry sentiment slightly improved, with cautious purchases based on rigid demand [7]. - In the domestic Yunnan production area, the rubber tapping season has ended, and the raw material purchase price has remained basically stable. In the Hainan production area, with the arrival of winter, the number of times local rubber farmers tap rubber has decreased, and the dry content of latex has continued to decline. The amount of rubber that can be collected on the island has significantly decreased, and some private processing plants have stopped purchasing latex, with their production lines gradually entering a shutdown state. Recently, the total inventory at Qingdao Port has continued to accumulate, with both bonded warehouses and general trade warehouses showing inventory accumulation, and the total inventory accumulation rate has increased compared to the previous period. The arrival of overseas standard rubber at the port has shown an increasing trend, while the arrival of mixed rubber has slightly decreased. Downstream tire factories have been cautious in replenishing their stocks, with most purchasing sentiment being wait - and - see. The overall outbound volume has been small. In terms of demand, tire enterprises have flexibly arranged production this week, with some enterprises controlling production. The capacity utilization rate of domestic tire enterprises has been running weakly, entering the seasonal off - season. The overall shipment rhythm of enterprises has been slow, and the finished product inventory has increased. Under the pressure of production and sales, some enterprises have limited or stopped production [7]. - The ru2605 contract is expected to fluctuate in the range of 15,000 - 15,650 in the short term, and the nr2602 contract is expected to fluctuate in the range of 12,200 - 12,650 in the short term [7]. 3. Summary by Directory 3.1 Week - to - Week Summary - **Market Review**: The fundamentals of the natural rubber market resonated with commodity linkages, and rubber prices surged multiple times. The asking price center of imported rubber and domestic natural rubber spot prices both moved upwards [7]. - **Market Outlook**: Yunnan has stopped tapping, and Hainan's rubber - tapping volume has decreased. Qingdao Port's inventory has continued to accumulate. Overseas standard rubber arrivals have increased, and downstream tire factories have been cautious in restocking. Tire enterprises have flexibly arranged production, with some controlling production, and are in the seasonal off - season [7]. - **Strategy Recommendation**: The ru2605 contract is expected to fluctuate between 15,000 - 15,650, and the nr2602 contract between 12,200 - 12,650 in the short term [7] 3.2 Futures and Spot Markets 3.2.1 Futures Market - **Price Trends**: This week, the main contract price of Shanghai rubber futures fluctuated and closed down, with a weekly decline of 0.26%. The main contract price of 20 - number rubber fluctuated and closed up, with a weekly increase of 0.24% [10]. - **Warehouse Receipts**: As of December 19, the Shanghai rubber warehouse receipts were 87,160 tons, an increase of 30,170 tons from the previous week. The 20 - number rubber warehouse receipts were 58,968 tons, a decrease of 605 tons from the previous week [25]. - **Spreads**: As of December 19, the spread between the Shanghai rubber 5 - 9 contracts was 20, and the spread between the 20 - number rubber 2 - 3 contracts was - 25 [20]. 3.2.2 Spot Market - **Domestic Natural Rubber Spot Price**: As of December 18, the state - owned full - latex was reported at 15,000 yuan/ton, an increase of 150 yuan/ton from the previous week [29]. - **20 - number Rubber Basis and Non - standard Basis**: As of December 18, the 20 - number rubber basis was 536 yuan/ton, a decrease of 158 yuan/ton from the previous week. The non - standard basis was - 770 yuan/ton, a decrease of 65 yuan/ton from the previous week [35] 3.3 Industry Situation 3.3.1 Upstream - **Thailand's Raw Material Prices and Processing Profits**: As of December 19, the field latex in Thailand's natural rubber raw material market was 56 (+0.75) Thai baht/kg, and the cup lump was 50.75 (+1.3) Thai baht/kg. The standard rubber's theoretical processing profit was 2.4 US dollars/ton, a decrease of 48.6 US dollars/ton from the previous week [39]. - **Domestic Production Area Raw Material Prices**: As of December 18, the price of fresh latex in Hainan was 13,900 yuan/ton, a decrease of 400 yuan/ton from the previous week. The Yunnan production area was in the off - season [42]. 3.3.2 Imports - In October 2025, China's natural rubber imports (including technical classification, latex, smoked sheets, primary forms, mixed rubber, and compound rubber) were 510,800 tons, a month - on - month decrease of 14.27% and a year - on - year decrease of 0.9%. From January to October 2025, the cumulative import volume was 5.2281 million tons, a cumulative year - on - year increase of 17.27% [45]. 3.3.3 Qingdao Inventory - As of December 14, 2025, the total inventory of natural rubber in bonded and general trade in Qingdao was 498,900 tons, a week - on - week increase of 10,200 tons, an increase of 2.08%. The bonded area inventory was 77,500 tons, an increase of 4.88%. The general trade inventory was 421,400 tons, an increase of 1.58% [48]. 3.3.4 Downstream - **Tire Capacity Utilization**: As of December 18, the capacity utilization rate of China's semi - steel tire sample enterprises was 70.01%, a week - on - week decrease of 0.13 percentage points and a year - on - year decrease of 8.67 percentage points. The capacity utilization rate of China's full - steel tire sample enterprises was 63.61%, a week - on - week decrease of 0.94 percentage points and a year - on - year increase of 3.72 percentage points [51]. - **Tire Exports**: In October 2025 China's tire exports were 653,100 tons, a month - on - month decrease of 5050 tons and a year - on - year decrease of 6.79%. From January to October 2025, the cumulative tire exports were 7.0438 million tons, a cumulative year - on - year increase of 3.68% [54]. - **Domestic Heavy - truck Sales**: In November 2025, China's heavy - truck market sold about 100,000 vehicles (wholesale, including exports and new energy), a month - on - month decrease of about 6% and a year - on - year increase of about 46%. From January to November 2025, the cumulative sales of China's heavy - truck market exceeded 1 million vehicles, reaching 1.03 million vehicles, a year - on - year increase of about 26% [57]

Report Industry Investment Rating There is no information provided regarding the report industry investment rating. Core Viewpoints of the Report - A - share major indices generally declined this week, with all but the Shanghai Composite Index falling to varying degrees. The performance of the four stock - index futures was differentiated. The domestic economic data in November continued to be weak, and the US employment and inflation data in November showed a slowdown, but the market's confidence in the data was affected by the government shutdown, and the Fed's interest - rate cut expectation only slightly increased. The market trading activity declined compared with last week [8]. - In November, the external demand in the fundamentals improved slightly, but the endogenous economic momentum still needs to be boosted. The Central Economic Work Conference and the Political Bureau Meeting in December set a positive tone. Next year, fiscal and monetary policies will continue to be loose, but the market still has differences on the implementation rhythm of reserve - requirement ratio cuts and interest - rate cuts. In the short term, the market lacks incremental information, and the interest rate may continue to fluctuate [8]. - The real - estate sector dragged down the overall fixed - asset investment. The growth rate of infrastructure and manufacturing investment decreased slightly, and the real - estate sector remained at a low level. The production declined, and the differentiation between upstream and downstream enterprises became more serious. The policy of expanding domestic demand is expected to be continuously strengthened, which is expected to drive the growth of the consumer market [12]. Summary by Related Catalogs This Week's Summary and Next Week's Allocation Suggestions Stocks - The Shanghai and Shenzhen 300 Index fell by 0.28%, and the Shanghai and Shenzhen 300 Stock - Index Futures fell by 0.10%. A - share major indices generally declined, and the four stock - index futures showed differentiated performance. The domestic economic data in November was weak, and the US employment and inflation data in November had credibility issues due to the government shutdown. The Fed's interest - rate cut expectation only slightly increased, and the market trading activity declined. Allocation suggestion: Buy on dips [8]. Bonds - The 10 - year Treasury bond yield decreased by 0.04%, with a weekly change of - 0.07BP, and the main 10 - year Treasury bond futures rose by 0.14%. In November, the external demand improved slightly, but the endogenous economic momentum still needs to be boosted. The policies in December were positive, and the expectation of loose monetary policy increased, but there were differences in the market regarding the implementation rhythm of reserve - requirement ratio cuts and interest - rate cuts. In the short term, the interest rate may continue to fluctuate. Allocation suggestion: Range trading [8]. Commodities - The Wind Commodity Index rose by 1.50%, and the China Securities Commodity Futures Price Index rose by 0.43%. With the strengthening of crude oil and gold, the commodity index is expected to further strengthen. Attention should be paid to the US CPI and PCE data released on Friday. Allocation suggestion: Wait - and - see [8]. Foreign Exchange - The euro - US dollar exchange rate fell by 0.12%, and the euro - US dollar 2603 contract fell by 0.19%. The weak non - farm payrolls report, lower - than - expected CPI inflation data, and the dovish stance of FOMC officials support the Fed's loose policy path. The Fed's restart of interest - rate cuts will suppress the US dollar index. The Bank of Japan's tendency to turn hawkish and the European Central Bank's wait - and - see attitude will support the euro and the yen in the short term. Allocation suggestion: Cautious wait - and - see [8]. Important News and Events - **Domestic News**: The central government emphasized expanding domestic demand, stabilizing the real - estate market, and implementing a moderately loose monetary policy next year. It will also focus on preventing and resolving financial risks [14]. - **International News**: The Fed's Williams said the current policy stance was appropriate; Trump's new policy may weaken US AI regulation; multiple Fed officials expressed their views on inflation and interest - rate cuts; Europe proposed to form a "multinational force" to support Ukraine [16]. This Week's Domestic and International Economic Data - **China**: From January to November, the national fixed - asset investment (excluding rural households) decreased by 2.6% year - on - year, with real - estate investment falling by 15.9%. In November, the social consumer goods retail sales increased by 1.3% year - on - year and decreased by 0.42% month - on - month [12]. - **US**: In November, the unemployment rate was 4.6%, the non - farm payrolls increased by 64,000, and the CPI increased by 2.7% year - on - year [11][17]. - **EU**: The eurozone's industrial output in October increased by 0.8% month - on - month, and the December manufacturing PMI preliminary value was 49.2 [17]. - **UK**: The November unemployment rate was 4.39%, the December manufacturing PMI preliminary value was 51.2, and the central bank interest rate was cut to 3.75% [17]. Next Week's Important Economic Indicators and Economic Events - On December 22, 2025, China's one - year loan prime rate and the UK's Q3 GDP annual growth rate final value will be released. - On December 24, 2025, the US initial jobless claims for the week ending December 20 will be released. - On December 25, 2025, Japan's November unemployment rate will be released [78].