Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - For the stock index, although there is uncertainty at the end of the year due to some funds cashing in profits, the long - term view is to go long on dips as the policy support for the capital market remains unchanged [4]. - For treasury bonds, in the short - term, the bond market is expected to fluctuate under the background of weak domestic demand and institutional behavior disturbances, and a quick - in - quick - out strategy is suitable [7]. - For precious metals, they are in an accelerating upward phase, but may face short - term corrections in January next year. It is recommended to wait and see [8]. - For non - ferrous metals, different metals have different supply - demand situations and price trends. For example, copper and aluminum have relatively strong price support, while zinc and lead may be affected by the departure of long positions [11][13]. - For black building materials, steel prices are expected to oscillate at the bottom, and the iron ore price is expected to run within the oscillation range [31][34]. - For energy chemicals, the strategies for different products vary. For example, for crude oil, a low - buy - high - sell strategy is maintained with short - term waiting and seeing [52]. - For agricultural products, different products also have different price trends and trading strategies. For example, for live pigs, a strategy of short - term long and long - term short is recommended [75]. Summary by Relevant Catalogs Macro Financial Stock Index - **Market Information**: The State Administration for Market Regulation deployed key tasks for 2026, including anti - monopoly work; from January to November, the operating income of state - owned enterprises increased by 1.0% year - on - year, and the total profit decreased by 3.1% year - on - year; tobacco advertising and business promotion expenses of tobacco enterprises cannot be deducted; the auction electricity price of the largest power grid operator in the United States may double [2]. - **Strategy Viewpoint**: Although there is uncertainty at the end of the year, the long - term view is to go long on dips as policy support remains unchanged [4]. Treasury Bonds - **Market Information**: On Monday, the main contracts of TL, T, TF, and TS all declined. From January to November, the operating income of state - owned enterprises increased by 1.0% year - on - year, and the total profit decreased by 3.1% year - on - year. The National Development and Reform Commission held a private enterprise symposium [5]. - **Liquidity**: The central bank conducted a 4823 - billion - yuan 7 - day reverse repurchase operation on Monday, with a net investment of 4150 billion yuan [6]. - **Strategy Viewpoint**: The bond market is expected to fluctuate in the short - term, and a quick - in - quick - out strategy is suitable [7]. Precious Metals - **Market Information**: Shanghai gold and silver prices fell. Trump's remarks on the Fed and the selection of the new Fed chair have an impact on market expectations, and international silver prices hit a new high [8]. - **Strategy Viewpoint**: Precious metals may face short - term corrections in January next year, and it is recommended to wait and see [8]. Non - Ferrous Metals Copper - **Market Information**: After the sharp adjustment of precious metals, copper prices rose and then fell sharply. LME copper inventory decreased, and domestic social inventory increased [10]. - **Strategy Viewpoint**: The supply of copper mines is tight, and the price support is strong. The reference range for the Shanghai copper main contract is 95,500 - 99,000 yuan/ton [11]. Aluminum - **Market Information**: After the sharp adjustment of precious metals, aluminum prices rose and then fell. Domestic aluminum ingot and aluminum rod inventories increased, and LME aluminum inventory decreased [12]. - **Strategy Viewpoint**: The price support is strong. The reference range for the Shanghai aluminum main contract is 22,200 - 22,600 yuan/ton [13]. Zinc - **Market Information**: The Shanghai zinc index rose slightly. LME zinc inventory and domestic social inventory decreased [14]. - **Strategy Viewpoint**: The zinc industry's fundamentals are weak, and the departure of long positions may impact prices [15]. Lead - **Market Information**: The Shanghai lead index fell slightly. LME lead inventory increased, and domestic social inventory increased slightly [16]. - **Strategy Viewpoint**: The supply - demand of lead is weak, and the departure of long positions may impact prices [16]. Nickel - **Market Information**: Nickel prices rose and then fell. The price of nickel ore was stable, and the price of nickel iron rose [17]. - **Strategy Viewpoint**: The excess pressure of nickel is still large, but the short - term bottom may have appeared. It is recommended to wait and see [17]. Tin - **Market Information**: The Shanghai tin main contract price fell. The supply of tin ore was tight, and the demand was weak. The inventory increased [18]. - **Strategy Viewpoint**: It is recommended to wait and see. The reference range for the domestic main contract is 300,000 - 350,000 yuan/ton [19]. Lithium Carbonate - **Market Information**: The spot and futures prices of lithium carbonate fell. The contract decreased its position significantly [20]. - **Strategy Viewpoint**: It is recommended to wait and see or try light - position call options. The reference range for the 2605 contract is 112,100 - 122,500 yuan/ton [21]. Alumina - **Market Information**: The alumina index fell. The spot price was at a discount, and the futures inventory decreased [22]. - **Strategy Viewpoint**: It is recommended to wait and see. The reference range for the domestic main contract AO2602 is 2400 - 2900 yuan/ton [24]. Stainless Steel - **Market Information**: The stainless steel main contract price fell. The spot price was stable, and the inventory decreased [25]. - **Strategy Viewpoint**: It is recommended to go long on dips and pay attention to policy implementation [25]. Casting Aluminum Alloy - **Market Information**: The price of the casting aluminum alloy main contract rose. The inventory decreased [26]. - **Strategy Viewpoint**: The price is expected to fluctuate strongly in the short - term [28]. Black Building Materials Steel - **Market Information**: The prices of rebar and hot - rolled coil futures rose slightly. The inventory of rebar decreased, and the inventory of hot - rolled coil decreased [30]. - **Strategy Viewpoint**: Steel prices are expected to oscillate at the bottom, and the winter storage willingness is weak [31]. Iron Ore - **Market Information**: The iron ore main contract price rose. The spot price was at a premium, and the inventory increased [32]. - **Strategy Viewpoint**: The iron ore price is expected to run within the oscillation range, and attention should be paid to market sentiment [34]. Glass and Soda Ash - **Glass** - **Market Information**: The glass main contract price rose. The inventory increased, and the trading volume decreased [35]. - **Strategy Viewpoint**: The glass market is expected to be weak in the short - term, and it is recommended to wait and see [35]. - **Soda Ash** - **Market Information**: The soda ash main contract price rose. The inventory decreased, and the trading volume decreased [36]. - **Strategy Viewpoint**: The supply - demand contradiction of soda ash has not been significantly alleviated, and the market rebound is limited [36]. Manganese Silicon and Ferrosilicon - **Market Information**: The prices of manganese silicon and ferrosilicon futures rose slightly. The spot prices were at a premium [37]. - **Strategy Viewpoint**: The future market trend is affected by the black sector and cost factors. Attention should be paid to manganese ore and "dual - carbon" policies [39]. Industrial Silicon and Polysilicon - **Industrial Silicon** - **Market Information**: The industrial silicon futures main contract price fell. The spot price was stable, and the inventory increased [40]. - **Strategy Viewpoint**: The price is expected to fluctuate with the market, and attention should be paid to new supply disturbances in the northwest [41]. - **Polysilicon** - **Market Information**: The polysilicon futures main contract price fell. The spot price was stable, and the inventory decreased [42]. - **Strategy Viewpoint**: Under strong supervision, the futures price is expected to oscillate weakly, and attention should be paid to spot transactions [44]. Energy Chemicals Rubber - **Market Information**: Rubber prices fluctuated weakly. The tire start - up rate was slightly worse, and the inventory increased [46]. - **Strategy Viewpoint**: It is recommended to wait and see and partially close the hedging position [50]. Crude Oil - **Market Information**: The INE main crude oil futures price fell. The inventories of refined oil products had different changes [51]. - **Strategy Viewpoint**: A low - buy - high - sell strategy is maintained, and short - term waiting and seeing are recommended [52]. Methanol - **Market Information**: The regional spot prices of methanol fell, and the main futures contract price was stable [53]. - **Strategy Viewpoint**: The methanol market is expected to be sorted out at a low level, and it is recommended to wait and see [54]. Urea - **Market Information**: The regional spot prices of urea were stable, and the main futures contract price was stable [55]. - **Strategy Viewpoint**: The urea market is expected to build a bottom in an oscillating manner, and it is recommended to go long on dips [56]. Pure Benzene and Styrene - **Market Information**: The pure benzene spot and futures prices were stable, and the styrene spot price rose while the futures price fell [57]. - **Strategy Viewpoint**: It is recommended to go long on the non - integrated profit of styrene before the first quarter of next year [58]. PVC - **Market Information**: The PVC05 contract price fell. The supply was strong, and the demand was weak [59]. - **Strategy Viewpoint**: It is recommended to go short on rallies in the medium - term [61]. Ethylene Glycol - **Market Information**: The EG05 contract price fell. The supply was high, and the demand was weak [62]. - **Strategy Viewpoint**: The supply - demand pattern needs to be improved by increasing production cuts, and the valuation needs to be compressed in the medium - term [63]. PTA - **Market Information**: The PTA05 contract price fell. The supply was high, and the demand was weak. The inventory decreased [64]. - **Strategy Viewpoint**: PTA is expected to enter the Spring Festival inventory accumulation stage after short - term de - stocking. Pay attention to the callback risk in the short - term and the opportunity to go long on dips in the medium - term [66]. p - Xylene - **Market Information**: The PX03 contract price fell. The supply was high, and the demand was weak. The inventory increased [67]. - **Strategy Viewpoint**: PX is expected to maintain a small inventory accumulation pattern before the maintenance season. Pay attention to the callback risk in the short - term and the opportunity to go long on dips in the medium - term [68]. Polyethylene PE - **Market Information**: The PE futures price fell, and the spot price rose. The supply was stable, and the demand was weak [69]. - **Strategy Viewpoint**: It is recommended to go long on the LL5 - 9 spread on dips [70]. Polypropylene PP - **Market Information**: The PP futures price fell, and the spot price was stable. The supply was stable, and the demand was weak [71]. - **Strategy Viewpoint**: The PP price may bottom out in the first quarter of next year [72]. Agricultural Products Live Pigs - **Market Information**: The domestic pig price mainly rose. The supply and demand were in a complex state [74]. - **Strategy Viewpoint**: The spot price may be strong in the short - term, and it is recommended to short after the near - month rebound [75]. Eggs - **Market Information**: The national egg price was mainly stable. The supply was sufficient, and the demand was weak [76]. - **Strategy Viewpoint**: It is recommended to short on rallies in the near - term and pay attention to the long - term pressure [78]. Soybean and Rapeseed Meal - **Market Information**: The CBOT soybean price fell. The domestic soybean and meal inventories were large, and the demand was weak [79]. - **Strategy Viewpoint**: The soybean meal price is expected to oscillate [80]. Oils and Fats - **Market Information**: The Malaysian palm oil production and export data changed. The domestic palm oil inventory was high, and the rapeseed oil inventory decreased [81]. - **Strategy Viewpoint**: It is recommended to observe high - frequency data and conduct short - term operations [83]. Sugar - **Market Information**: The Zhengzhou sugar futures price fell. The domestic and international sugar production and import data changed [84]. - **Strategy Viewpoint**: The international sugar price may rebound after February next year, and the domestic sugar price may continue to rebound in the short - term [86]. Cotton - **Market Information**: The Zhengzhou cotton futures price fell. The domestic cotton production increased, and the import was restricted [87]. - **Strategy Viewpoint**: It is recommended to wait for a callback and then go long [89].

| CTERHH | 日度策略参 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 发布日期:2025/12/ | 人业资格号:F02519 | | | | | | | 行业板块 | 逻辑观点精粹及策略参考 | 趋势研判 | 品种 | 昨日股指进一步上行,市场成交量有所放大,市场情绪和流动性 | 股指 | 维持良好态势。短期股指突破前期震荡区间,预计仍将保持偏强 | | 运行态势。 | 六八守 | 资产荒和弱经济利好债期,但短期央行提示利率风险,近期关注 | 国债 | 震荡 | 日本央行利率决策。 | | | 近期产业面偏弱,而宏观情绪向好,铜价维持偏强。 | 近期国内电解铝有所累库，产业驱动有限,而宏观情绪向好, | 铝 | 价震荡偏强运行 | | | | | 国家发改委提出对氧化铝、铜冶炼等强资源约束型产业,强化管 | 氧化铝 | 震荡 | 理、优化布局,氧化铝超跌反弹,关注政策持续性。 | 锌基本面有所好转,成本中枢上移,近期利空因素已基本兑现。 | | | | 随着市场风险偏好好转,锌价震荡偏强。 | 宏观情绪转暖。印尼12月镍矿升水仍 ...

湖南君见律师事务所出具法律意见书，认为株洲冶炼集团股份有限公司2025年第四次临时股东会的召 集、召开程序，出席会议人员及召集人资格，表决程序和表决结果均符合相关法律法规及公司章程规 定，会议合法有效。本次会议审议通过了2026年度日常关联交易预计、商品期货套期保值及外汇衍生品 业务相关议案。 12月26日主力资金净流入798.09万元，占总成交额2.05%；游资资金净流出663.0万元，占总成交额 1.7%；散户资金净流出135.1万元，占总成交额0.35%。 公司公告汇总株冶集团2025年第四次临时股东会决议公告 截至2025年12月26日收盘，株冶集团(600961)报收于16.52元，上涨2.74%，换手率3.15%，成交量23.72 万手，成交额3.89亿元。 株洲冶炼集团股份有限公司于2025年12月26日召开2025年第四次临时股东会，审议通过了关于2026年度 日常关联交易预计的议案、2026年度开展商品期货套期保值业务和外汇衍生品业务的议案，以及相关可 行性分析报告。会议由董事会召集，董事长主持，采用现场与网络投票结合方式召开，表决程序合法有 效。关联股东湖南有色金属控股集团有限公司和株洲冶 ...

本周，商业航天概念表现出色，多只股连续涨停，上证指数走出了8连阳。在周五晚，国际黄金、白银、铜飙升，再创历史新高。其中伦敦现货白银、 钯、铂金一日大涨10%左右。 在每日经济新闻App举办的掘金大赛中，第80期比赛于12月15日开赛以来，多位选手跑步入场，取得不错的收益。目前商业航天概念可能步入高潮，A股 涨价题材能否站上风口？参赛高手怎么看呢？今日他们做了一些分享。 大赛为模拟炒股，模拟资金50万元。掘金大赛第80期比赛的报名时间为12月13日到12月31日，比赛时间为12月15日到12月31日。每期比赛结束，正收益 就获现金奖励！报名就拿福利！冲刺月度积分王大奖！ 每期比赛的税前现金奖励为：第1名奖励688元，第2~4名奖励188元/人，第5~10名奖励88元/人，其余正收益选手均分500元正收益奖。月度积分王的税前 现金奖励为：第1名奖励888元，第2~4名奖励288元/人，第5~10名奖励188元/人，第11~30名奖励68元/人，第31~100名奖励18元/人。 目前，上证指数走出了新一波上升浪，为便于参赛选手提高交易胜率，只要成功报名掘金大赛，就能获得每日经济新闻App私人订制的"火线快评"6个交 ...

Core Viewpoint - The article highlights the transformation of the Guichi District in Chizhou, Anhui Province, focusing on the dual conversion of ecological and economic value in the renewable energy and environmental protection industries, showcasing significant advancements in green development. Group 1: Bamboo Industry - Anhui Hongye Group Co., Ltd. has innovatively transformed bamboo into over 170 products, with 70% of bamboo waste being converted into green steam and high-quality bamboo charcoal, increasing the value from 300 yuan per ton to a total output value of 4,000 yuan from 5 tons of bamboo waste [1] - The processed bamboo charcoal can further be refined into high-end biomass activated carbon, potentially doubling its value [1] Group 2: Traditional Industries Transformation - Traditional industries like copper and aluminum processing in Guichi are actively upgrading to reduce carbon emissions and enhance sustainability [2] - Anhui Jincheng New Materials Co., Ltd. has implemented a digital transformation in its production processes, utilizing IoT technology and big data to optimize energy management, leading to reduced energy consumption and strengthened green manufacturing advantages [2] - Jiuhua Mingkun Aluminum Industry has transitioned from traditional building aluminum profiles to high-end equipment manufacturing and materials for emerging industries, achieving over 50% utilization of solid waste [2] Group 3: Industrial Park Development - The Chizhou High-tech Zone, initially dominated by heavy industries, has shifted towards greener practices since its merger in 2018, supported by a 500 million yuan industrial guidance fund [3] - The Guizhou Metal Factory's project utilizes 150,000 tons of hazardous waste to produce 40,000 tons of high-purity zinc oxide, contributing to an annual output value of 320 million yuan and increasing the park's solid waste utilization rate to 98% [3] - Since 2018, the industrial landscape of the Chizhou High-tech Zone has transformed from "black" to "green," with one national-level green factory and seven provincial-level green factories established, aiming for recognition as a "national-level green industrial park" by 2024 [3]

黄金一年上涨超60%，白银翻倍，铜价突破12000美元，背后是一场全球性资源价值重估。 12月24日，现货黄金价格盘中最高触及每盎司4511.93美元，再创历史新高。与此同时，现货白银价格也冲至每盎司71.87美元的历史高点。 更引人注目的是，伦敦铜价在同一天首次突破每吨12000美元大关。这是自1980年以来，黄金、白银、铜三大金属首次在同一个年度内全部刷新历史纪录。 国内黄金饰品价格应声而涨，多家品牌足金首饰报价已涨至每克1400元左右。 01 市场表现 2025年的金属市场，以一场罕见的集体狂欢收官。贵金属与工业金属携手，上演了历史性的突破行情。 贵金属方面，黄金年内累计涨幅超过60%，全年共50次刷新历史纪录。表现更为惊人的是白银，年内涨幅超过100%，堪称贵金属市场的最大"黑马"。 工业金属的代表"铜博士"同样强势。LME铜价突破每吨11952美元的峰值，沪铜主力合约首次超越每吨94000元大关。年内铜价累计上涨超过30%。 在铜价飙升的同时，小金属市场也"涨"声一片。钨、钴等品种价格年内涨幅均达到130%以上。 02 股市映射 商品市场的狂热迅速传导至A股市场。截至2025年12月，有色金属板块以 ...

作者|哥吉拉 数据支持| 勾股大数据（www.gogudata.com） 12月26日，在海外市场因节日休市的背景下，中国商品市场迎来年内最壮观的一幕。 还有沪铜主力也出现加速疯涨，盘中最高冲至99730元/吨，离10万元大关仅一步之遥，最终收涨3.60%报98720元/吨。 碳酸锂主力合约也暴涨了8.12%，最高触及131000元/吨，创下2023年11月以来的新高。 股市方面，得益于期货多个有色品种的集体飙升，今日贵金属以及锌、铜、铅、钴、镍等工业金属及其细分概念几乎霸榜A股涨幅榜，并吸引主力资金大规 模的净流入。 | 名称 | | 米幅961 | 年初至今 | 二力净额 | 5日涨幅% | | | --- | --- | --- | --- | --- | --- | --- | | 1 | 海南自贸区 | +4.32% | +45.73% | +15.84Z | 12.58 | 439.61亿 | | 2 | 金属锌 | +3.61% | +87.29% | +7.63亿 | 5.12 | 394.41亿 | | 3 | | +3.30% | +85.29% | +7.88亿 | 4.63 | 385 ...

Report Industry Investment Ratings - Bullish: Carbonate Lithium, BR Rubber [1] - Bearish: Palm Oil, Soybean Meal, Rapeseed Oil [1] - Neutral (Oscillating): Stock Index, Treasury Bonds, Copper, Aluminum, Alumina, Zinc, Nickel, Stainless Steel, Tin, Gold, Platinum, Industrial Silicon, Polysilicon, Rebar, Hot Rolled Coil, Iron Ore, Ferroalloy, Glass, Coke, Coking Coal, Cotton, Sugar, Piglets, Pulp, Logs, Live Pigs, Crude Oil, Bitumen, MEG, Short - Fiber, Styrene, Propylene, Butadiene, Ethylene, Propylene Oxide, Chlor - Alkali, LPG, Container Shipping to Europe [1][2] Core Views - The stock index is expected to remain strong in the short - term after breaking through the previous shock range, while the bond futures are affected by asset shortage and weak economy but face interest - rate risks in the short - term [1]. - Metal prices are mainly affected by macro - sentiment, industrial fundamentals, and policy factors. For example, nickel and stainless - steel prices are influenced by Indonesian policies, and tin prices are affected by industry initiatives and geopolitical situations [1]. - In the energy and chemical sector, factors such as OPEC+ policies, supply - demand relationships, and cost changes affect prices. For instance, BR rubber is supported by cost and market sentiment, and PTA benefits from strong PX prices and high polyester consumption [1]. - Agricultural product prices are affected by factors such as production expectations, supply - demand relationships, and weather conditions. For example, palm oil has a bearish outlook due to supply expectations, and cotton is in a state of "supported but no drive" [1]. Summary by Categories Stock Index and Bonds - Stock Index: The market sentiment and liquidity are in good condition. The index broke through the previous shock range and is expected to remain strong in the short - term [1]. - Treasury Bonds: Asset shortage and weak economy are favorable, but the central bank has warned of interest - rate risks in the short - term. Attention should be paid to the Bank of Japan's interest - rate decision [1]. Metals - Copper: The industrial situation is weak, and the macro - sentiment is volatile, resulting in high - level oscillations [1]. - Aluminum: The driving force in the electrolytic aluminum industry is limited, and the macro - sentiment is volatile, leading to price oscillations [1]. - Alumina: The domestic fundamentals are weak, and the price remains low in the short - term [1]. - Zinc: The fundamentals have improved, the cost center has moved up, and the negative factors have basically been realized. The price is expected to oscillate strongly as market risk appetite improves [1]. - Nickel: Global nickel inventory is high, but supply concerns have led to a recent sharp rebound in Shanghai nickel. The Indonesian policy has not been implemented but is difficult to disprove. The price may oscillate strongly in the short - term, and the long - term supply of primary nickel is in surplus [1]. - Stainless Steel: The raw material price has stabilized, the social inventory has decreased slightly, and steel mills have increased production cuts in December. The futures price is expected to oscillate strongly in the short - term [1]. - Tin: Affected by the industry initiative, the price oscillates weakly in the short - term. Considering the tense situation in Congo - Kinshasa and the improved market risk appetite, low - buying opportunities are recommended [1]. - Gold: After reaching a record high, it may oscillate at a high level in the short - term due to strong US economic data and weakened interest - rate cut expectations [1]. - Platinum: The domestic futures price has a large premium over the spot and foreign markets, and the market is expected to be volatile. Rational participation is recommended [1]. Energy and Chemicals - Crude Oil: Affected by OPEC+ policies, the Russia - Ukraine peace agreement, and US sanctions on Venezuela, the short - term supply - demand contradiction is not prominent [1]. - Bitumen: It follows crude oil in the short - term. The supply of Marey crude oil is sufficient, and the profit is relatively high [1]. - BR Rubber: The transaction has improved, the cost has increased, and the market sentiment is strong due to rumors of a factory shutdown [1]. - PTA: The PX price is strong, the PTA device operates at a high load, and the polyester consumption is high [1]. - MEG: Supply - side news has stimulated a rebound, and the polyester downstream demand is better than expected [1]. - Styrene: The cost has some support, the market sentiment has improved slightly, but the inventory is high [1]. Agricultural Products - Palm Oil: High - frequency data has improved, but the supply in the producing areas is expected to be loose. Rebound selling is recommended [1]. - Cotton: It is currently in a state of "supported but no drive". Attention should be paid to policies, planting intentions, and weather conditions in the future [1]. - Sugar: There is a global surplus and an increase in domestic supply. The short - term fundamentals lack continuous drive [1]. - Piglets: Affected by weather and supply - demand relationships, the price is expected to oscillate weakly in the short - term, with limited decline [1]. - Soybean Meal: There is a risk of selling pressure due to high - yield expectations, and the price is affected by reserve rumors [1]. - Pulp: Affected by weak demand and strong supply expectations, unilateral investment is recommended to be on the sidelines, and 1 - 5 reverse spreads can be considered [1]. - Logs: Affected by external quotes and spot price declines, the 01 contract is expected to oscillate weakly [1]. - Live Pigs: The supply is yet to be fully released, and the price is affected by demand support and inventory [1].

工业硅日报 工业硅&多晶硅日报（2025 年 12 月 25 日） 一、研究观点 点评 24 日工业硅震荡偏强，主力 2605 收于 8860 元/吨，日内涨幅 1.43%，持仓 增仓 4414 手至 21.8 万手。百川工业硅现货参考价 9063 元/吨，较上一交易 日上调 23 元/吨。最低交割品#421 价格持稳在 8850 元/吨，现货升水转至 贴水 10 元/吨。多晶硅震荡偏弱，主力 2605 收于 58300 元/吨，日内跌幅 1.3%，持仓减仓 4519 手至 12.7 万手；百川多晶硅 N 型复投硅料价格下调 至 52350 元/吨，最低交割品硅料价格下调至 52350 元/吨，现货对主力贴 水收至 5960 元/吨。西北厂家新增检修动态，因新产出品被前期套保单锁 定，厂家整体压力不大。年末西北存在进一步环保减产预期，工业硅受减 产和多晶硅提振，短期延续偏强态势。硅厂大幅提升现货报价，部分咨询 网站坚持稳价发布。受银价持续攀升影响，电池片全尺寸及硅片价格上 涨，下游在协会新的配额要求下面临一定减产压力。交易所再度进行规则 调整，针对全合约实施交易限额，叠加新纳入交割的两家品牌注册了少量 仓单， ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The US job market shows resilience with initial jobless claims falling to 214,000 and continued claims rising to 1923,000 but well below the annual high. Policy discussions are advancing, and the stock market is generally rising. In China, the Beijing property market policy has been marginally relaxed, and the central bank will continue a moderately loose monetary policy. The A-share market has seen a general rise [2][3]. - The prices of platinum and palladium futures in the domestic market have reached the daily limit for three consecutive days, and the prices of gold and silver futures have hit new highs. However, the market is expected to experience increased volatility in the short term, and there is a risk of a callback due to regulatory policy changes [4][5]. - The price of copper is expected to remain strong in the short term due to a weak US dollar, strong demand expectations, and a tight supply situation in the global mining sector [6][7]. - The aluminum price is expected to fluctuate as the end - of - year consumption weakens and there is pressure on inventory accumulation [8]. - The zinc price is expected to continue to fluctuate due to limited short - term supply - demand contradictions and a lack of overseas guidance during the Christmas holiday [9][10]. - The lead price is expected to be slightly stronger in the short term, but the upside is limited by weak spot trading at the end of the year [11]. - The tin price faces increased pressure for a high - level adjustment due to a weakening supply - side support and weak consumption [12]. - The price of industrial silicon is expected to rebound slightly as supply contracts and demand shows marginal improvement [13][14]. - The steel price is expected to fluctuate as the steel market faces a situation of weak supply and demand, with a game between macro - policy expectations and weak terminal reality [15]. - The iron ore price is expected to be under pressure and fluctuate due to a supply - strong and demand - weak market situation [16]. - The prices of coking coal and coke are expected to fluctuate weakly in the short term as the market is affected by multiple factors such as production cuts and cautious procurement [17]. - The price of soybean and rapeseed meal is expected to oscillate weakly as the appreciation of the RMB reduces import costs and weather conditions affect crop growth [18]. - The price of palm oil is expected to fluctuate as the production contraction supports the price, but there are uncertainties in the market due to various factors [19][20]. 3. Summary by Related Catalogs 3.1 Macro - Overseas: The US job market is resilient, with initial jobless claims at 214,000 and continued claims at 1923,000. Policy discussions are advancing, and the stock market is generally rising. The dollar index rose to 97.9, the 10Y US Treasury yield fell to 4.13%, the gold price adjusted to 4480 after breaking through 4500, the copper price reached a new high, and the oil price slightly declined [2]. - Domestic: The Beijing property market policy has been marginally relaxed to support housing demand. The central bank will continue a moderately loose monetary policy. The A - share market had a general rise, with the Shanghai Composite Index reaching 3940 points, and the trading volume slightly decreased to 1.9 trillion [3]. 3.2 Precious Metals - Wednesday saw platinum and palladium futures in the domestic market hitting the daily limit for three consecutive days, and gold and silver futures reaching new highs. The silver futures contract had a net inflow of nearly 6.5 billion yuan, while the gold futures had an outflow of 3.5 billion yuan. The night - session prices of platinum and palladium in the NYMEX market fluctuated, and the prices of gold and silver in the overseas market showed different trends. The market is expected to be more volatile in the short term, and there is a risk of a regulatory - induced callback [4][5]. 3.3 Copper - The Shanghai copper and London copper prices continued to rise. The spot market trading was weak, and the inventory situation in different markets varied. The Fed's potential interest - rate cut expectations and China's central bank's MLF operations affected the market. The import of scrap copper in China increased in November. The copper price is expected to remain strong in the short term [6][7]. 3.4 Aluminum - The Shanghai aluminum price fell slightly, while the LME price rose. The spot price increased, and the inventory increased. The end - of - year consumption is weakening, and the aluminum price is expected to fluctuate [8]. 3.5 Zinc - The Shanghai zinc price fluctuated, and the LME price was weak. The spot market trading was mainly among traders, and the LME inventory increased. The short - term supply - demand contradiction is limited, and the zinc price is expected to continue to fluctuate [9][10]. 3.6 Lead - The Shanghai lead price rose, and the LME price was stable. The spot market inventory was low, and the trading was weak. The LME inventory decreased, and the domestic refinery's resumption of production was slow. The lead price is expected to be slightly stronger in the short term, but the upside is limited [11]. 3.7 Tin - The Shanghai tin price adjusted downward, and the LME price was weak. The US job market recovery reduced the expectation of an interest - rate cut in January. The supply - side support is weakening, and the consumption is weak. The tin price faces increased pressure for a high - level adjustment [12]. 3.8 Industrial Silicon - The price of industrial silicon rebounded slightly. The supply is contracting, and the demand shows marginal improvement. The inventory decreased last week, and the price is expected to rebound slightly in the short term [13][14]. 3.9 Steel (Spiral and Coil) - The steel futures prices fluctuated. The spot market trading volume was 96,000 tons. The Beijing property market policy adjustment had limited impact. The supply has shrunk, and the demand is seasonally weak. The steel price is expected to fluctuate [15]. 3.10 Iron Ore - The iron ore futures prices fluctuated and adjusted. The port spot trading volume was 1.28 million tons. The steel mills' profits have shrunk, and the demand is in the off - season. The supply is at a high level, and the price is expected to be under pressure and fluctuate [16]. 3.11 Coking Coal and Coke (Double - Coking) - The double - coking futures prices fluctuated and adjusted. The spot prices of coking coal and coke decreased. The production of coking coal is affected by maintenance, and the coke enterprises' profits have shrunk. The market is affected by multiple factors, and the prices are expected to fluctuate weakly [17]. 3.12 Soybean and Rapeseed Meal - The soybean meal futures price fell, and the rapeseed meal futures price rose slightly. The Argentine soybean sales data and the weather conditions in Brazil and Argentina are factors to watch. The appreciation of the RMB has put pressure on the price, and it is expected to oscillate weakly [18]. 3.13 Palm Oil - The palm oil futures price rose, while the soybean oil futures price fell slightly and the rapeseed oil futures price rose. The production of Malaysian palm oil decreased in the first 20 days of December. The Indonesian government's actions may affect production and prices. The price is expected to fluctuate [19][20]. 3.14 Metal Main Variety Trading Data - The report provides detailed trading data for various metals, including copper, aluminum, zinc, lead, nickel, tin, gold, and silver, such as closing prices, price changes, trading volumes, and inventories in different markets on December 24 [21][23][26]. 3.15 Industry Data Perspective - The report presents a comprehensive set of industry data for different commodities, including price changes, inventory levels, and spreads between different varieties and markets, covering metals, energy, and agricultural products [23][26][28].