近日，第八届"郑商所杯"全国大学生金融模拟交易大赛圆满落幕。据期货日报记者了解，本届大赛共吸 引全国1883所高校的106871名学子报名参与，参赛人数再创新高。此外，大赛模拟交易期间，总成交量 达3300万手，持仓量达5700万手，两项数据均刷新历史纪录，充分展现了大赛极高的活跃度与参与深 度。 这场横跨数月的青春赛事，不仅点燃了万千学子的金融实践热情，更是期货机构与高校携手深耕产教融 合的生动实践。 以赛为媒，铺就产教融合"快车道" 作为赛事的核心推动者，期货机构凭借多年的深耕与创新实践，将"郑商所杯"打造成了连接行业与高校 的重要纽带。 中信建投期货网点管理部副经理兼投教基地负责人蔡颖表示，本届赛事交出了一份"破纪录"的答卷：合 作高校参赛规模实现历史性突破，总报名人数创历年峰值，其中有5所高校的报名人数直奔千人大关。 这足以看出期货知识正在年轻群体中快速"圈粉"。 华南理工大学经济与金融学院助理研究员许鹤丽也认为，"郑商所杯"让课堂知识"活"了起来。"期权定 价、波动率等基础概念，光靠公式推导太枯燥了，但模拟交易界面上跳动的价格、动态的曲线，一下子 就能让学生明白这些知识的现实价值。"此外，她还特别点 ...

近日，中国（天津）自由贸易试验区管理委员会、天津市商务局、天津市地方金融管理局等6部门联合 发布《关于促进天津自贸试验区大宗商品交易场所高质量发展的若干措施》（下称《措施》），围绕完 善大宗商品现货市场体系、支持交易场所业务创新及开放发展、支持期现市场联动发展、导入供应链金 融服务、依托交易平台打造产业生态及做好服务保障、做优营商环境等六大方面，提出了具体且细致的 举措，为天津自贸试验区大宗商品交易场所的高质量发展勾勒出了清晰的蓝图。 在上述业内人士看来，《措施》的发布也将为天津地区期货公司创新服务模式、提升服务能力提供新机 遇。 赵未夏告诉记者，《措施》支持期货公司及风险管理子公司与商品期货交易所及相关机构合作开发风险 管理工具，在更好地满足实体企业个性化风险管理需求的同时，能够增强期货公司风险管理服务的能 力，为期货行业延伸服务场景、拓展市场功能、推动金融创新提供了政策支撑。 其中，《措施》明确提出支持大宗商品期现市场联动发展。具体来看，一方面，支持大宗商品交易场所 在商品期货交易所设立相关品种报价专区，探索推动指定交收库合作及仓单互认，为仓单跨市场交易、 流通提供支持。另一方面，鼓励大宗商品交易场所立足 ...

12月24日，国内期货市场开盘，广期所铂期货主力合约触及涨停，日内涨7%，现报657.65元/克，沪 银、钯涨超5%，沪镍、碳酸锂涨超3%。跌幅方面，丁二烯橡胶跌超2%，沪锡、乙二醇（EG）、焦煤 跌超1%。 ...

Price Performance - The latest price of London Platinum is 2083.00, with a change of 127.00 [2] - The latest price of London Palladium is 1773.00, with a change of 90.00 [2] - The latest price of WTI Crude Oil is 58.38, with a change of 0.37 [2] - The latest price of LME Copper is 11932.00, with a change of -37.00 [2] - The latest price of the US Dollar Index is 97.91, with a change of -0.35 [2] - The latest price of EUR/USD is 1.18, with a change of 0.00 [2] - The latest price of GBP/USD is 1.35, with a change of 0.01 [2] - The latest price of USD/JPY is 156.26, with a change of -0.77 [2] Trading Data - The latest inventory of COMEX Silver is 14023.94, with a change of 7.36 [3] - The latest inventory of SHFE Silver is 899.66, with a change of -1.81 [3] - The latest Gold ETF holdings are 1064.56, with no change [3] - The latest Silver ETF holdings are 16503.37, with a change of -95.88 [3] - The deferred fee payment direction of SGE Gold is 1, with no change [3] - The deferred fee payment direction of SGE Silver is 2, with no change [3]

中央经济工作会议作为定调国家年度经济工作、指引经济中长期发展方向的重要会议，其精神内涵为金 融行业践行使命、找准定位提供了根本遵循，也为期货行业高质量发展锚定了清晰的航向。国信期货深 刻认识到，贯彻落实会议精神是当前的重要任务，需立足自身资源禀赋，聚焦期货核心价值，以差异 化、特色化发展路径破解行业同质化竞争，在服务国家战略中实现高质量发展。 服务国家战略，彰显责任担当。中央经济工作会议提出培育壮大新动能、推动全面绿色转型等要求。近 年来，国信期货聚焦广期所绿色品种，积极开展投资者教育，成为广期所新品种上市首批做市商，成功 为多家硅业企业量身定制套期保值方案。未来，国信期货将持续把服务国家战略作为差异化竞争的重 点。聚焦新能源、节能环保等产业，为工业硅、锂电池材料等企业提供套期保值、价格风险管理等服 务，助力企业稳定生产经营。中央经济工作会议提出坚持协调发展，促进城乡融合和区域联动。近年 来，国信期货持续深化"保险+期货"模式，累计开展"保险+期货"项目257个，为饲料、生猪等14个品种 提供风险管理服务，项目累计金额达51.2亿元，项目开展地点覆盖22个省市自治区，累计覆盖83个地级 市和175个县级市区， ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 2025年12月24日，早盘开盘，国内期货主力合约涨跌不一。 沪银涨超4%，沪镍、烧碱涨超2%，PX、 沪铜涨超1%。跌幅方面，丁二烯橡胶跌超2%，沪锡、乙二醇（EG）、焦煤跌超1%。 | 序号 | 合约名称 | 麻川 | 现手 | 买价 | 李价 | 大学理学十 | 买卖 | 主席 | 成交量 | 流跃 | 持创学 | 日增仓 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 田2606 M | 657.65 | 1234 | 657.65 | - | 7.00% | 914 | --- | 1234 43.00 | | 38400 | -513 | | 2 | 把2606 M | 577.00 | 704 | 577.00 | 577.15 | 6.72% | 7 | 5 | | 704 36.35 | 21406 | 247 | | 3 | 护银2602 M | 17150 | 3005 | 17150 | 171 ...

（文华综合） 外盘交易所休市安排如下：均为北京时间 | 交易所 | 市场/交易品种 | 2025年12月24日 | 2025年12月25日 | 2025年12月26日 | | --- | --- | --- | --- | --- | | | | (星期三) | (星期四) | (星期五) | | CME | 股指 | 电子盘次日凌晨2:15提前收市 | 休市 | 正常交易 | | | 利率 | 电子盘次日凌晨2:15提前收市 | 休市 | 正常交易 | | | 外汇 | 电子盘次日凌晨2:45提前收市 | 休市 | 正常交易 | | NYMEX | 美原油、美燃油、汽油 | 电子盘次日凌晨2:45提前收市 | 休市 | 正常交易 | | | 铂金、铝合 | 电子盘次日凌晨2:45提前收市 | 休市 | 正常交易 | | COMEX | 铜、金、银 | 电子盘次日凌晨2:45提前收市 | 休市 | 正常交易 | | CBOT | 美豆、美玉米、美豆粗、美豆油、美麦 | 电子盘次日凌晨2:05提前收市 | 休市 | 延迟至22:30开市 | | ICE(美国) | 棉花、糖11号、可可、咖啡、橙汁 | 棉花、咖 ...

投资咨询业务资格：证监许可【2012】669号 | | | | | | No. of the Real Pro- | | of the first of the results of | | --- | --- | --- | --- | --- | --- | --- | --- | | 股指 | 上证50期货 | 3025.6 | 0.24% | 0.64% | 2.25% | 1.22% | 12.98 | | | 中证500期货 | 7133.2 | 0.14% | 110% | 4.88% | -2.16% | 25.30 | | | 中证1000期货 | 7197.4 | -0.09% | 0.78% | 2.44% | -2.82% | 23.06 | | 国债 | 2年期国债期货 | 102.526 | 0.06% | 0.04% | 0.14% | 0.23% | -0.44 | | | 5年期国债期货 | 106.025 | 0.16% | 0.05% | 0.26% | 0.48% | -0.48 | | | 10年期国债期货 | 108.22 | 0.22% | 0.06% | 0.2 ...

Report Summary 1. Investment Rating The provided content does not include the industry investment rating. 2. Core Views - **Overall Market**: At the end of the year, some funds are cashing in on their gains, leading to certain uncertainties in the market. However, in the long - term, the policy support for the capital market remains unchanged, and the general strategy is to go long on dips [4]. - **Bonds**: In the short - term, the bond market is expected to remain volatile due to weak domestic demand and institutional behavior disturbances. Attention should be paid to the repair of the supply - demand relationship at the end of the year and the rebound after the oversold situation [7]. - **Commodities**: Different commodities have different outlooks. For example, copper prices may face resistance despite potential short - term increases; aluminum prices are expected to oscillate and gradually rise; zinc prices may have short - term upward impulses but are expected to be weak in the medium - term; etc. 3. Summary by Category Macro - financial - **Stock Index Futures** - **Market Information**: Multiple non - ferrous futures prices rose at night; the US Q3 economic growth reached 4.3%, the fastest in two years; SMIC raised some production capacity prices by about 10%; Starlink's global active users exceeded 9 million [2]. - **Strategy**: Although there are uncertainties at the end of the year, the long - term strategy is to go long on dips [4]. - **Treasury Bonds** - **Market Information**: On Tuesday, the prices of TL, T, TF, and TS main contracts changed by 0.76%, 0.22%, 0.16%, and 0.06% respectively. The central bank conducted 593 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 760 billion yuan [5]. - **Strategy**: The short - term bond market is expected to oscillate. Attention should be paid to the supply - demand relationship repair and rebound opportunities [7]. - **Precious Metals** - **Market Information**: Shanghai gold rose 0.42% to 1012.58 yuan/gram, and Shanghai silver rose 4.14% to 16961.00 yuan/kilogram. The US Q3 GDP data exceeded expectations, suppressing the Fed's interest - rate cut expectations [8]. - **Strategy**: In the medium - term, the Fed is expected to cut interest rates and expand the balance sheet. It is recommended to hold long positions in gold and silver [10]. Non - ferrous Metals - **Copper** - **Market Information**: LME copper closed up 1.21% to $12055/ton, and Shanghai copper closed at 94890 yuan/ton. LME inventory increased, and domestic premiums widened [12]. - **Strategy**: Short - term prices may rise, but there is resistance. The operating range for Shanghai copper is 93500 - 96000 yuan/ton, and for LME copper is 11850 - 12200 dollars/ton [13]. - **Aluminum** - **Market Information**: LME aluminum was flat at $2941/ton, and Shanghai aluminum closed at 22160 yuan/ton. Domestic inventories increased, and the spot was at a discount [14]. - **Strategy**: Aluminum prices are expected to oscillate and gradually rise. The operating range for Shanghai aluminum is 22050 - 22300 yuan/ton, and for LME aluminum is 2910 - 2980 dollars/ton [15]. - **Zinc** - **Market Information**: Shanghai zinc index fell 0.10% to 23100 yuan/ton, and LME zinc fell to $3086.5/ton. Inventories increased, and the basis changed [16]. - **Strategy**: Zinc prices may have short - term upward impulses but are expected to be weak in the medium - term [17]. - **Lead** - **Market Information**: Shanghai lead index rose 0.43% to 16990 yuan/ton, and LME lead fell to $1977.5/ton. Inventories and basis changed [19]. - **Strategy**: Lead prices are expected to be strong in the short - term within a wide range [19]. - **Nickel** - **Market Information**: Shanghai nickel rose 1.71% to 125150 yuan/ton. Spot premiums and costs changed [20]. - **Strategy**: Although there is still a large surplus pressure, the short - term bottom may have been reached. It is recommended to wait and see. The operating range for Shanghai nickel is 110000 - 125000 yuan/ton, and for LME nickel is 13000 - 15500 dollars/ton [20]. - **Tin** - **Market Information**: Shanghai tin rose 1.27% to 344750 yuan/ton. Supply and demand had different trends [21]. - **Strategy**: It is recommended to wait and see. The operating range for domestic tin is 300000 - 350000 yuan/ton, and for overseas tin is 39000 - 43000 dollars/ton [23]. - **Lithium Carbonate** - **Market Information**: The MMLC index rose 3.14%, and the LC2605 contract rose 5.23% [24]. - **Strategy**: It is recommended to wait and see or buy options lightly. The operating range for the LC2605 contract is 114500 - 124500 yuan/ton [25]. - **Alumina** - **Market Information**: The alumina index rose 0.01% to 2583 yuan/ton. Inventories and basis changed [26]. - **Strategy**: It is recommended to wait and see. The operating range for the AO2601 contract is 2400 - 2700 yuan/ton [27]. - **Stainless Steel** - **Market Information**: The stainless - steel main contract rose 0.43% to 12905 yuan/ton. Spot prices and inventories changed [28][29]. - **Strategy**: It is recommended to wait and see and pay attention to policy implementation [29]. - **Cast Aluminum Alloy** - **Market Information**: The AD2602 contract fell 0.12% to 21265 yuan/ton. Inventories decreased [30]. - **Strategy**: The price is expected to fluctuate within a range [31]. Black Building Materials - **Steel** - **Market Information**: Rebar rose 0.063% to 3128 yuan/ton, and hot - rolled coil rose 0.122% to 3281 yuan/ton. Inventories and positions changed [33]. - **Strategy**: Steel prices are expected to oscillate at the bottom. The impact of export licenses will be gradually digested, and winter - storage willingness is weak [34]. - **Iron Ore** - **Market Information**: The iron - ore main contract fell 0.38% to 778.50 yuan/ton. Spot prices and basis changed [35]. - **Strategy**: Iron - ore prices are expected to oscillate. Attention should be paid to supply and demand changes [36]. - **Glass and Soda Ash** - **Market Information**: Glass fell 0.29% to 1028 yuan/ton, and soda ash rose 0.51% to 1175 yuan/ton. Inventories and positions changed [37][40]. - **Strategy**: Glass is expected to oscillate narrowly, and for soda ash, it is recommended to short at appropriate times [39][41]. - **Manganese Silicon and Ferrosilicon** - **Market Information**: Manganese silicon fell 0.31% to 5822 yuan/ton, and ferrosilicon rose 0.07% to 5648 yuan/ton. Spot prices and basis changed [42]. - **Strategy**: Pay attention to the leading role of the black - building materials sector and cost and supply factors [43][45]. - **Industrial Silicon and Polysilicon** - **Market Information**: Industrial silicon rose 2.15% to 8780 yuan/ton, and polysilicon rose 0.65% to 59225 yuan/ton. Inventories and basis changed [46][48]. - **Strategy**: Industrial silicon is expected to fluctuate, and polysilicon futures are unstable. Attention should be paid to risks [47][49]. Energy and Chemicals - **Rubber** - **Market Information**: Rubber prices oscillated. There are different views on supply and demand [51][52]. - **Strategy**: It is recommended to operate short - term and hold hedging positions [54]. - **Crude Oil** - **Market Information**: INE crude oil rose 1.92% to 440.90 yuan/barrel. Inventories changed [55][56]. - **Strategy**: It is recommended to wait and see and test OPEC's export - support willingness [57]. - **Methanol** - **Market Information**: Regional spot prices changed, and the main contract rose 1 yuan/ton to 2156 yuan/ton [58]. - **Strategy**: It is recommended to wait and see. Methanol is expected to consolidate at a low level [59]. - **Urea** - **Market Information**: Regional spot prices changed, and the main contract rose 23 yuan/ton to 1721 yuan/ton [60]. - **Strategy**: It is recommended to go long at low prices. Urea is expected to build a bottom through oscillation [61]. - **Pure Benzene and Styrene** - **Market Information**: Spot and futures prices changed. Supply and demand indicators changed [62]. - **Strategy**: It is recommended to go long on non - integrated styrene profits before the first quarter of next year [63]. - **PVC** - **Market Information**: The PVC05 contract rose 147 yuan to 4738 yuan/ton. Supply and demand and costs changed [64]. - **Strategy**: It is recommended to short on rallies in the medium - term [65]. - **Ethylene Glycol** - **Market Information**: The EG05 contract fell 112 yuan to 3623 yuan/ton. Supply and demand and inventories changed [66]. - **Strategy**: Attention should be paid to the risk of price rebounds due to unexpected maintenance [68]. - **PTA** - **Market Information**: The PTA05 contract rose 42 yuan to 5082 yuan/ton. Supply and demand and inventories changed [69]. - **Strategy**: It is recommended to go long on dips based on expectations [70]. - **Para - Xylene** - **Market Information**: The PX03 contract rose 44 yuan to 7302 yuan/ton. Supply and demand and inventories changed [71]. - **Strategy**: It is recommended to go long on dips [72][73]. - **Polyethylene (PE)** - **Market Information**: The main contract rose 56 yuan/ton to 6296 yuan/ton. Supply and demand and inventories changed [74]. - **Strategy**: It is recommended to go long on the LL5 - 9 spread at low prices [75]. - **Polypropylene (PP)** - **Market Information**: The main contract rose 39 yuan/ton to 6158 yuan/ton. Supply and demand and inventories changed [76]. - **Strategy**: Wait for the supply - surplus situation to change in the first quarter of next year [77]. Agricultural Products - **Hogs** - **Market Information**: Domestic hog prices mostly rose. Regional prices and supply - demand changed [79]. - **Strategy**: Near - term contracts are expected to oscillate. Consider short - selling on rallies, and pay attention to long - term support [80]. - **Eggs** - **Market Information**: Egg prices were mostly stable. Supply and demand and prices changed [81]. - **Strategy**: Near - term contracts are expected to squeeze the premium. Consider short - selling on rallies, and pay attention to long - term pressure [82]. - **Soybean and Rapeseed Meal** - **Market Information**: CBOT soybeans fell slightly. Domestic meal prices and inventories changed [83]. - **Strategy**: Meal prices are expected to oscillate [84]. - **Oils and Fats** - **Market Information**: Palm oil production and exports changed. Domestic oil prices rebounded [85]. - **Strategy**: Observe high - frequency data for short - term operations [86]. - **Sugar** - **Market Information**: Zhengzhou sugar futures rose. Domestic and international production and import data changed [87][88]. - **Strategy**: It is recommended to wait and see in the short - term. The overall outlook is bearish [90]. - **Cotton** - **Market Information**: Zhengzhou cotton futures rose. Domestic and international production, import, and inventory data changed [91][92]. - **Strategy**: It is unlikely for Zhengzhou cotton to have a unilateral trend [93].

投资咨询业务资格：证监许可【2012】669号 Investment Consulting Business Qualification： CSRC License [2012] No. 669 China Commodity Futures Cross-Border Arbitrage Weekly Report 中国商品期货跨境套利周报 从业资格号：F3018552 Qualification No. 投资咨询号：Z0013315 Investment consulting No. 桂晨曦 Gui Chenxi CFA PhD 从业资格号：F3023159 Qualification No. 投资咨询号：Z0013632 Investment consulting No. 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。This report is not a service under the futures trading consulting business. T ...