Group 1 - The core viewpoint highlights the significant growth and development of the Qingdao capital market during the "14th Five-Year Plan" period, establishing itself as a stabilizing force for high-quality regional economic development [1] - The number of listed companies in Qingdao has increased to 65, ranking third among northern cities, with a historical high in the reserve of companies planning to go public [1] - The innovation layer of the New Third Board has seen a 133% increase compared to the end of the "13th Five-Year Plan," and over 3,500 companies have been served by the regional equity market [1] Group 2 - Direct financing in the Qingdao capital market exceeded 600 billion yuan, with technology innovation bonds totaling 13.9 billion yuan and R&D expenditures doubling to 21.7 billion yuan [2] - The issuance of REITs has marked a breakthrough, and the scale of asset-backed securities (ABS) financing has tripled compared to the "13th Five-Year Plan" period [2] - The overseas business revenue of Qingdao listed companies reached 960.6 billion yuan in the first half of this year, a 58% increase compared to the "13th Five-Year Plan" period [2]

Core Viewpoint - The lithium carbonate futures market has seen a significant price increase, reaching a new high since March 2022, with trading volume and market participation rising sharply, prompting regulatory adjustments by the Guangzhou Futures Exchange [1][2][3] Group 1: Market Performance - On December 25, the main lithium carbonate futures contract 2605 reached a peak of 127,880 yuan/ton, marking a continuous five-day increase [1] - The total funds in the lithium carbonate futures market approached 30 billion yuan, ranking fourth among commodity futures [1][3] - Trading volume for the top twenty main positions increased significantly, with December 25 seeing a volume of 1,061,500 contracts, up from below 900,000 contracts prior to December 23 [2] Group 2: Regulatory Adjustments - The Guangzhou Futures Exchange adjusted trading instructions for lithium carbonate futures, increasing the minimum opening order size from 1 to 5 contracts and setting daily opening limits for non-futures company members [1] - Daily opening limits for non-futures company members are capped at 400 contracts or 800 contracts, while hedging and market-making transactions are exempt from these limits [1] Group 3: Market Sentiment and Participation - Analysts express optimism regarding future demand in the lithium carbonate spot market, contributing to a bullish sentiment that has driven prices higher [1][2] - The market has seen increased participation from various investors, with a notable rise in funds exceeding 100,000 yuan entering the market [2] - The current market structure includes both long-term industrial capital and short-term speculative funds, driven by expectations of sustained demand from the energy storage and electric vehicle sectors [2]

临近年末，人民币汇率持续走强。12月25日，离岸人民币兑美元升破7.0这一关键心理关口，最高触及 6.996，这也是自2024年9月以来的首次突破。 南华期货在最新研报中指出，这标志着人民币在经历了较长时间在7上方运行后，重新展现出强劲的升 值动能。尽管在触及6区间后有所回调，但当日整体的强势走势清晰地表明，市场对人民币的信心正在 增强。 对于本轮人民币汇率升值破7的原因，市场人士普遍分析认为，是内外因素共振的结果。 （文章来源：中国经营报） 不过，国贸期货在研报中进一步分析指出，目前，即期汇率已经强于中间价，两者差距还在不断走扩， 未来或面临回归修正。待季节性因素消退后，人民币升值动能或走弱。未来人民币汇率的走势需重点关 注两个方面：一是国内股市短期修复行情以及年初配置抢跑下对于外资流入的吸引。二是关注中间价的 政策指引信号。 总体来看，朱振鑫认为，人民币升值是一个中期趋势，从2024年开始可能持续2—3年。 薛洪言也表示，尽管市场情绪偏向乐观，但考虑到政策层面强调汇率稳定，且国际经济环境仍存在不确 定性，人民币短期内虽可能维持偏强，但更大概率会呈现双向波动的格局，出现单边快速升值的可能性 较低。 随着人民 ...

Group 1 - The futures market for platinum and palladium has experienced increased volatility and overall trading activity [1] - The Guangxi Futures Exchange announced adjustments to the minimum trading quantities for platinum and palladium futures contracts, effective December 29, 2025, increasing the minimum opening order quantity from 1 lot to 2 lots while maintaining the minimum closing order quantity at 1 lot [1] - The exchange also implemented risk control measures for polysilicon futures, increasing the minimum opening order quantity from 5 lots to 10 lots, raising transaction fees from 0.01% to 0.05%, and reducing the trading limit from 200 lots to 50 lots, effective December 29, 2025 [1] Group 2 - Industry insiders indicate that increasing the minimum opening quantity, raising transaction fees, and lowering trading limits are effective measures to reduce market activity and promote rational trading [2] - The Guangxi Futures Exchange's risk control measures reflect a strong regulatory stance aimed at comprehensive oversight of the polysilicon futures market [2]

（文章来源：每日经济新闻） 每经AI快讯，12月25日，贵金属期货走强，沪银涨超3%，沪金涨0.18%。 ...

-23,716 前20期商动态：净持仓较上日减少4200手 12月25日，烧碱前20名期货公司（全月份合约加总）多单持仓16.57万手，空单持仓18.94万手，多空比 0.87。净持仓为-2.37万手，相较上日减少4200手。 据统计，近两年价格和净持仓数据的相关系数为0.68，两者存在中度正相关关系(同向性)。 数据时间2025-12-25 烧碱指数收盘价 2241.7 净持仓 烧碱主力合约机构动向： 从净多头持仓排行来看，东方财富期货以4231手净多排行榜首，日内净多头头寸增加512手，该公司品种 主力合约近一年盈利为-31,719.27万元。 净空排行方面，东证期货以9976手拔得头筹，日内净空头头寸增加2226手，该公司品种主力合约近一年盈 利为15,004.49万元。 分类 会员持仓 净持仓 净持仓增减 近一年盈利（万） | 净多 | 东方财富期货 | 4,231 | 512 | -31,719.27 | | --- | --- | --- | --- | --- | | 前三 | 银河期货 | 3,204 | 74 | 697.79 | | | 中泰期货 | 2,848 | 75 | -24,27 ...

Group 1: Report Industry Investment Ratings - Gold, silver, and palladium are rated ★☆☆, indicating a bullish bias but limited trading opportunities on the market [1] Group 2: Core Viewpoints - Recent Fed easing prospects and geopolitical risks in Venezuela, Israel, and other regions have supported the strength of precious metals, with each variety hitting new highs and forming a resonant breakthrough [1] - After the short - term sharp rise, market volatility will increase during the Christmas holiday when the overseas market is closed, so attention should be paid to position control [1] - In 2026, platinum is expected to remain in short supply, and the supply gap of palladium will narrow significantly. The supply side of both is fragile. With a long time until delivery, funds are actively bullish on the future price of platinum, and the price difference between platinum and palladium exceeds 130 yuan/gram [2] - In the bull market cycle of precious metals, funds have strong control, and the mid - line strategy is to increase positions on dips. The implied volatility (IV) of platinum and palladium options continues to rise, and attention should be paid to the opportunity of selling put options [2] Group 3: Summary by Related Information Geopolitical and Policy News - US officials suggest they prefer sanctions over military action against Venezuela [3] - Zelensky announced a 20 - point draft of the Russia - Ukraine "peace plan", but the territorial issue remains unresolved, and Russia wants to modify the US proposal [3] - Bank of Japan Governor Kazuo Ueda suggests a possible further interest rate hike next year and expresses increasing confidence in achieving the sustainable price target [3] Market Performance - The preparation for the delivery of the Guangzhou Futures Exchange is progressing smoothly. The overnight overseas palladium price plunged, and panic spread. The platinum and palladium contracts on the Guangzhou Futures Exchange opened lower with a gap. Palladium fluctuated weakly near the daily limit, while platinum opened low and closed higher, with strong long - short competition among funds [2]

【冠通期货研究报告】 玻璃日报：短期震荡 发布日期：2025 年 12 月 25 日 一、市场行情回顾 库存方面，样本企业总库存 5862.3 万重箱，环比+6.5 万重箱，环比+0.11%， 同比+29.63%。折库存天数 26.5 天，较上期持平。 需求方面，1-11 月份，全国房地产开发投资 78591 亿元，同比下降 15.9%； 其中，住宅投资 60432 亿元，下降 15.0%；1-11 月份，房地产开发企业到位资金 85145 亿元，同比下降 11.9%。全国深加工样本企业订单天数均值 9.7 天，环比 -4.2%，同比-22.6%。北部区域深加工订单环比继续下滑，中部及东部整体变化 不大，华南订单环比仍适度增加，西南区域内增降并存，订单均值环比小幅下滑。 投资有风险，入市需谨慎。 本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 1 全国深加工样本企业散单仍集中在 3-7 天，部分工程类订单排期缩短至 15-20 天。 1，期货市场：玻璃主力高开低走，日内震荡偏弱。成交量较昨日减 41.2 万手，持仓量较昨日减 19672 手；日内最高 1059，最低 1042，收盘 1047，（ ...

投资咨询系列报告 今日贵金属高位分化，沪金主力收跌0.39%，沪银主力收涨2.64%，铂金主力收涨4.51%，钯金主力收涨跌7.65%。①核心逻辑， 短期避险方面，贸易战避险消退，地缘异动风险上升；美国就业走弱通胀温和，降息预期支撑仍存。②避险属性方面，美委、泰柬 、俄乌等地缘异动风险上升。③货币属性方面，尽管美国第三季度经济增长超过预期，但消费者信心降至4月以来的最低水平。美 国11月核心CPI同比上涨2.6%，创下2021年初以来最慢增速，低于市场预期的3%。美国11月就业反弹超预期，失业率升至四年高 位。美联储12月在重重分歧中下调利率，暗示将暂停行动明年或仅降息一次。鲍威尔指出，美联储的利率政策已处于良好位置， 可以应对未来经济走势，但他拒绝就近期是否会再次降息提供指引。目前市场预期美联储26年1月不降息概率维持在80%附近，下 次降息或到4月。美元指数和美债收益率震荡偏弱；④商品属性方面，白银受到供应偏紧支撑。铂金氢能产业铂基催化剂需求预期 强劲。钯金短期需求仍有韧性，长期面临燃油车市场结构性压力。CRB商品指数震荡偏弱，人民币升值利空内价格。⑤预计贵金属 短期金弱银强，铂强钯弱，中期高位震荡，长期 ...

Core Viewpoint - The announcement from Ruida Futures indicates that as of December 24, 2025, the total share capital of the company will increase to 453,549,952 shares due to the cumulative conversion of "Ruida Convertible Bonds" [1] Group 1 - The controlling shareholder, Ruida Holdings, will see its shareholding ratio diluted from 75.5775% to 74.1528%, representing a dilution of 1.4247% [1] - This change in equity is classified as passive dilution, meaning there will be no change in the number of shares held by the controlling shareholder [1] - The dilution does not involve a tender offer and will not lead to any change in the company's control or governance structure, nor will it affect the company's ongoing operations [1]