Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - **沪镍**: Short - term bullish, but price is far from the moving average, risk should be noted [2] - **不锈钢**: Bullish, short - sellers should wait and see [4] 3. Summary by Relevant Catalogs 3.1 Price Overview - **沪镍**: On December 25, the main contract of Shanghai nickel was 125,410, down 2,590 from the previous day; the spot price of SMM1 electrolytic nickel was 127,400, down 2,800 [9][10] - **不锈钢**: On December 25, the main contract of stainless steel was 12,990, down 85 from the previous day; the average price of cold - rolled 304*2B stainless steel in major markets remained unchanged [9][10] 3.2 Inventory - **镍**: As of December 25, LME nickel inventory was 255,696 (closed), Shanghai Futures Exchange nickel warehouse receipts were 37,827, a decrease of 601; total inventory was 293,523, a decrease of 601 [13] - **不锈钢**: As of December 19, the national stainless steel inventory was 1.0421 million tons, a decrease of 21,400 tons; on December 25, the stainless steel warehouse receipts were 47,580, unchanged [17][18] 3.3 Raw Material Prices - **镍矿**: On December 25, the price of red - soil nickel ore CIF with Ni1.5% was 55 US dollars/wet ton, unchanged; the price of red - soil nickel ore CIF with Ni0.9% was 29 US dollars/wet ton, unchanged [21] - **镍铁**: On December 25, the price of high - nickel iron (8 - 12) was 900 yuan/nickel point, up 6 yuan; the price of low - nickel iron (below 2) was 3,250 yuan/ton, unchanged [21] 3.4 Production Cost - **不锈钢**: The traditional production cost was 12,779, the scrap steel production cost was 13,142, and the low - nickel + pure nickel production cost was 16,792 [23] 3.5 Import Cost - **镍**: The converted import price was 124,859 yuan/ton [26]

交易咨询业务资格：证监许可【2012】1091号 天胶早报- 2025年12月26日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 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。 CONTENTS 目 录 1 每日提示 2 3 基本面数据 多空因素及主要风险点 4 基差 天胶： 1、基本面：供应开始增加，现货偏强，国内库存开始减少，轮胎开工率高位 中性 2、基差：现货15200，基差-550 偏空 3、库存：上期所库存周环比增加，同比减少；青岛地区库存周环比增加，同比增加 中性 4、盘面：20日线走平，价格20日线上运行 偏多 5、主力持仓：主力净空，空增 偏空 6、预期：市场下方有支撑，逢低做多 多空因素及主要风险点 • 利多 • 1、下游消费偏高 • 2、现货价格抗跌 • 3、国内反内卷 • 利空 • 1、供应增加 • 2、国内经济指标偏空 • 3、贸易摩擦 • 风险点 • 世界经济衰 ...

据伊宁市相关部门出具的证明，该项目已直接惠及30户脱贫人口，并通过土地流转、田间务工、运输销 售等链条，带动111名农村劳动力实现就业创业。 海证期货相关负责人表示，公司始终坚持"因地制宜、务求实效"的帮扶原则，未来将持续关注博孜村农 业发展需求，在产销对接、技术培训、防灾减灾等方面探索更多支持方式，助力小农户融入现代农业体 系。 如今，在天山脚下、伊犁河畔，一株株玉米不仅承载着丰收的期盼，更映照出社会力量参与乡村振兴的 务实担当。海证期货以"粮"心守初心，用实际行动诠释了：产业帮扶，贵在精准，重在长效，成在为 民。 粮食安全是"国之大者"，产业兴旺是乡村振兴之基。在新疆伊犁河谷腹地的伊宁市胡地亚于孜镇博孜 村，一片片绿油油的玉米田正孕育着丰收的希望。近日，海证期货有限公司投入4万元专项资金，精准 支持当地玉米种植产业发展，通过改善生产条件、提升种植效益，有效带动30户脱贫人口稳定增收，为 边疆地区夯实粮食安全根基与巩固脱贫成果注入了坚实力量。 ...

Group 1 - The core idea of the news is the successful implementation of a vegetable greenhouse project in Bayande Village, Hami City, Xinjiang, which has become a new engine for local income generation and poverty alleviation [1][2] - Haizheng Futures Company provided targeted financial support of 20,000 yuan to assist in the construction of vegetable greenhouses, effectively revitalizing land resources and enhancing agricultural efficiency [1] - The project has directly benefited 40 impoverished households, helping to stabilize their income and providing local employment opportunities for 40 rural laborers [1] Group 2 - The company emphasizes a shift from "blood transfusion" to "blood production," focusing on sustainable development and support for local agricultural industries [2] - Future support will include technical training, market connections, and brand building to help small farmers integrate into the modern agricultural industry chain [2] - The greenhouses are not only producing fresh vegetables but also instilling hope and confidence in the local community, transforming resource advantages into development momentum [2]

Report Information - Report Title: Polyolefin Morning Report [2] - Report Date: December 26, 2025 [2] - Analyst: Zhu Tianyi from Dayue Futures Investment Consulting Department [3] Industry Investment Rating - Not provided in the report Core Viewpoints - The LLDPE market is expected to be volatile today, with a weakening futures contract, oversupply in the fundamentals, neutral industrial inventory, and weakening downstream demand [4] - The PP market is also expected to be volatile today, with a weakening futures contract, oversupply in the fundamentals, neutral industrial inventory, and weakening downstream demand [6] Summary by Content LLDPE Overview - **Fundamentals**: In November, the official PMI was 49.2, up 0.2 points from the previous month, indicating stable manufacturing sentiment. OPEC+ decided to maintain the production plan set in early November, increasing production by 137,000 barrels per day in December and suspending the increase from January to March 2026. Coal prices have fallen, and coal - based profits have stabilized. The demand for agricultural films is gradually weakening, and the packaging film orders have declined after the peak season. The current spot price of LLDPE delivery products is 6320 (+100), and the overall fundamentals are bearish [4] - **Basis**: The basis of the LLDPE 2605 contract is - 70, with a premium - discount ratio of - 1.1%, which is bearish [4] - **Inventory**: The comprehensive PE inventory is 491,000 tons (-32,000), which is bearish [4] - **Market**: The 20 - day moving average of the LLDPE main contract is downward, and the closing price is below the 20 - day line, which is bearish [4] - **Main Position**: The net long position of the LLDPE main contract is decreasing, which is bullish [4] - **Expectation**: The LLDPE main contract is weak, with oversupply in the fundamentals, neutral industrial inventory, and weakening downstream demand. It is expected to be volatile today [4] - **Factors**: Bullish factor is cost support; bearish factors are weak downstream demand year - on - year and many new production projects in the fourth quarter. The main logic is oversupply and domestic macro - policies [5] PP Overview - **Fundamentals**: In November, the official PMI was 49.2, up 0.2 points from the previous month, indicating stable manufacturing sentiment. OPEC+ decided to maintain the production plan set in early November, increasing production by 137,000 barrels per day in December and suspending the increase from January to March 2026. Coal prices have fallen, and coal - based profits have stabilized, while PDH profits have continued to decline due to the strong propane price. The plastic weaving industry has entered the off - season, and the demand for pipes has decreased. The current spot price of PP delivery products is 6220 (+40), and the overall fundamentals are bearish [6] - **Basis**: The basis of the PP 2605 contract is - 46, with a premium - discount ratio of - 0.7%, which is bearish [6] - **Inventory**: The comprehensive PP inventory is 533,000 tons (+5,000), which is bearish [6] - **Market**: The 20 - day moving average of the PP main contract is downward, and the closing price is below the 20 - day line, which is bearish [6] - **Main Position**: The net short position of the PP main contract is increasing, which is bearish [6] - **Expectation**: The PP main contract is weak, with oversupply in the fundamentals, neutral industrial inventory, and weakening downstream demand. It is expected to be volatile today [6] - **Factors**: Bullish factor is cost support; bearish factors are weak downstream demand year - on - year and many new production projects in the fourth quarter. The main logic is oversupply and domestic macro - policies [7] Market Data - **LLDPE**: The current spot price of the delivery product is 6320 (+100), the 05 - contract price is 6390 (-18), the basis is - 70, the import price in US dollars is 755 (unchanged), the import conversion price is 6532 (-4), and the import price difference is - 212 (+104). The warehouse receipt is 11,265 (unchanged), the PE comprehensive factory inventory is 491,000 tons (-32,000), and the social inventory is 472,000 tons (+3,000) [8] - **PP**: The current spot price of the delivery product is 6220 (+40), the 05 - contract price is 6266 (-12), the basis is - 46, the import price in US dollars is 750 (unchanged), the import conversion price is 6490 (-4), and the import price difference is - 270 (+44). The warehouse receipt is 14,935 (+3,000), the PP comprehensive factory inventory is 533,000 tons (+5,000), and the social inventory is 293,000 tons (-12,000) [8] Supply - Demand Balance Sheets - **Polyethylene**: From 2018 to 2024, the production capacity, output, net import volume, and apparent consumption have generally shown an upward trend, with fluctuations in the growth rate. The import dependence has gradually decreased. In 2025E, the production capacity is expected to reach 43.195 million tons, with a growth rate of 20.5% [13] - **Polypropylene**: From 2018 to 2024, the production capacity, output, net import volume, and apparent consumption have generally increased, with fluctuations in the growth rate. The import dependence has gradually decreased. In 2025E, the production capacity is expected to reach 4.906 million tons, with a growth rate of 11.0% [15]

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 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。 交易咨询业务资格：证监许可【2012】1091号 焦煤焦炭早报（2025-12-26） 6、预期：焦炭经过三轮降价，钢厂利润恢复不佳，仍有继续提降预期。然焦化企业利润亦有限，短期 下游对高价煤的接受程度仍不高，部分原料煤库存偏高位的焦钢企业有控制到货现象，预计短期焦煤价 格或偏弱运行。 4、盘面：20日线向上，价格在20日线上方；偏多 5、主力持仓：焦煤主力净空，空增；偏空 焦煤 利 多：1.铁水产量上涨 2.供应难有增量 利 空：1.焦钢企业对原料煤采购放缓 2.钢材价格疲软 每日观点 焦煤： 1、基本面：近期中间洗煤贸易企业拿货数量谨慎，小单成交，投机行为较少，手中库存高价成交仍显 乏力。线上竞拍流拍比稍有升高，目前部分配焦煤种价格仍在窄幅调整的过程，部分优质的主干煤种价 格相对坚挺；偏空 2、 ...

Group 1 - The core viewpoint of the article highlights the strong performance of precious metal futures, particularly platinum futures hitting the limit up, and silver prices surging by 8% [1][2] - The report from Nanhua Futures indicates that the precious metals market is experiencing limited supply, shallow inventory, and strong demand from investment and allocation, driven by global competition for pricing and inventory [1][2] - Geopolitical complexities are boosting the demand for precious metals as a safe haven and for inflation hedging [1][2] Group 2 - The silver market is characterized by a smaller scale, rigid industrial demand, and a tight spot market, making prices highly sensitive to increased investment and speculative demand [1][2] - Future attention should be given to the appointment of the new Federal Reserve Chairman and how data may influence monetary policy expectations [1][2] - In the short term, gold remains strong after breaking previous highs, while silver exhibits high volatility, indicating significant price risks [1][2]

Core Viewpoint - The initiative by Haizheng Futures Co., Ltd. to invest 20,000 yuan in camel breeding in Hami City, Xinjiang, aims to enhance local economic development and support poverty alleviation through the establishment of a sustainable and specialized industry [1][2]. Group 1: Investment and Support - Haizheng Futures has allocated 20,000 yuan specifically for the camel breeding project in Huangtuchang Village, focusing on improving breeding conditions and enhancing the industry chain [1]. - The funding is directed towards critical areas such as barn repairs, forage storage, basic epidemic prevention, and the introduction of quality breeds, effectively alleviating the initial investment pressure on breeders [1][2]. Group 2: Economic Impact - The project has directly benefited 42 impoverished households and created job opportunities for 43 rural laborers through various stages of camel breeding, milking, transportation, and initial processing [1]. - The camel breeding initiative is expected to stimulate local employment and entrepreneurship, contributing to the overall economic uplift of the region [1]. Group 3: Market Potential and Sustainability - Camel breeding aligns well with local ecological conditions and has potential for integration with cultural tourism, such as camel riding experiences and cultural exhibitions [2]. - The introduction of cold chain logistics and brand development for camel milk, a high-value product, could further expand market opportunities [2]. - The company emphasizes a tailored approach to support local industries that have foundational strengths, unique characteristics, and market potential, rather than pursuing large-scale operations [2].

交易咨询业务资格：证监许可【2012】1091号 尿素早报 2025-12-26 大越期货投资咨询部 朱天一 从业资格证号：F3020542 投资咨询证号： Z0021831 联系方式：0575-85226759 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。 • 尿素概述： • 1. 基本面：当前日产及开工率企稳，综合库存有所回落，去库形态较明显。需求端，农业需 求、工业需求按需为主，复合肥开工率、三聚氰胺开工稳。出口内外价差大，近期出口配额企业 多完成集港，短期出口需求回落，周中印标消息公布提振盘面，国内尿素整体仍供过于求。交割 品现货1710（+0），基本面整体中性； • 2. 基差： UR2605合约基差-30，升贴水比例-1.8%，偏空； • 3. 库存：UR综合库存131.8万吨（-4.0），偏空； • 4. 盘面： UR主力合约20日均线走平，收盘价位于20日线上，偏多； • 5. 主力持仓：UR主力持仓净空，增空，偏空； • 6. 预期：尿素主力合约盘面震 ...

Core Viewpoint - The company emphasizes the importance of reputation risk management as a critical component of its long-term stability and development, highlighting that every employee plays a role in maintaining the company's reputation [1][2] Group 1: Training and Awareness - The company organized a comprehensive training session on reputation risk management for all employees, covering headquarters, branches, and subsidiaries [1] - The training utilized the "Reputation Risk Management Measures of Haizheng Futures Co., Ltd." as the core material, explaining the nature, sources, and strategies for managing reputation risk [1] - Employees were informed that reputation risk is not solely the responsibility of the public relations department but is linked to the daily actions of every employee [1] Group 2: Employee Responsibility and Culture - The training highlighted that every detail, from professional service by front-line staff to operational norms by back-office employees, can impact the company's reputation [1] - The company aims to instill the belief that "no small matter is insignificant in reputation risk" and to integrate compliance, prudence, and integrity into every work process [1] - Maintaining a good market reputation is viewed as the company's most valuable intangible asset, essential for gaining customer trust, partner respect, and regulatory recognition [1] Group 3: Future Initiatives - The company plans to continue deepening the culture of reputation risk management, promoting a mechanism of "proactive identification, effective prevention, and rapid response" [2] - The goal is to make valuing reputation and protecting the brand a conscious action among all employees, contributing to the company's high-quality development and industry culture [2]