Report Overview This is a futures research report from Baocheng Futures, providing daily arbitrage data for various commodities on December 15, 2025. It covers multiple sectors including thermal coal, energy and chemicals, black metals, non-ferrous metals, agricultural products, and stock index futures. 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report's Core View The report presents detailed historical data on the basis, inter - period spreads, and inter - commodity spreads of different futures commodities, aiming to offer reference for market participants in analyzing price relationships and potential arbitrage opportunities among various futures contracts. 3. Summary by Commodity Category Thermal Coal - **Basis Data**: From December 8 to December 12, 2025, the basis of thermal coal was -22.4, -32.4, -40.4, -48.4, -56.4 yuan/ton respectively [2]. Energy and Chemicals - **Energy Commodities**: Data on basis, price ratios, and other indicators for fuel oil, crude oil, and asphalt are provided, such as the basis of INE crude oil on December 8, 2025, being 9.43 yuan/ton [7]. - **Chemical Commodities** - **Basis**: From December 8 to December 12, 2025, the basis of rubber was -365, -285, -365, -285, -280 yuan/ton respectively; for methanol, it was 11, 29, 42, 51, 40.5 yuan/ton respectively [9]. - **Inter - period Spreads**: For example, the 5 - month minus 1 - month spread of rubber was -20 yuan/ton, and the 9 - month minus 1 - month spread was -40 yuan/ton [10]. - **Inter - commodity Spreads**: On December 12, 2025, the LLDPE - PVC spread was 2276 yuan/ton, and the LLDPE - PP spread was 375 yuan/ton [10]. Black Metals - **Inter - period Spreads**: For example, the 5 - month minus 1 - month spread of rebar was -13 yuan/ton, and the 9 - month (10) minus 1 - month spread was 20 yuan/ton [19]. - **Inter - commodity Spreads**: On December 12, 2025, the rebar/iron ore ratio was 4.04, and the rebar/coke ratio was 20480 [19]. - **Basis**: From December 8 to December 12, 2025, the basis of rebar was 137, 161, 183, 181, 190 yuan/ton respectively [20]. Non - ferrous Metals - **Domestic Market Basis**: From December 8 to December 12, 2025, the basis of copper was -590, 730, -10, 170, -620 yuan/ton respectively [28]. - **London Market**: On December 12, 2025, the LME copper premium/discount was 20.69, and the Shanghai - London ratio was 7.92 [33]. Agricultural Products - **Basis**: From December 8 to December 12, 2025, the basis of soybean No.1 was -65, -69, -141, -153, -118 yuan/ton respectively [38]. - **Inter - period Spreads**: For example, the 5 - month minus 1 - month spread of soybean No.1 was 25 yuan/ton, and the 9 - month minus 1 - month spread was 32 yuan/ton [38]. - **Inter - commodity Spreads**: On December 12, 2025, the soybean No.1/corn ratio was 1.85, and the soybean oil/soybean meal ratio was 2.89 [38]. Stock Index Futures - **Basis**: On December 12, 2025, the basis of CSI 300 was 6.95, and the basis of SSE 50 was 7.84 [49]. - **Inter - period Spreads**: The next - month minus current - month spread of CSI 300 was -172, and the next - quarter minus current - quarter spread was -440 [49].

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report The report is a daily report on futures variety arbitrage data of Baocheng Futures on December 12, 2025, presenting data on basis, inter - period spreads, and inter - variety spreads for multiple futures varieties across different sectors. 3. Summary by Directory 3.1 Power Coal - **Basis Data**: The basis of power coal on December 11, 2025, was - 48.4 yuan/ton, showing a downward trend compared to previous days. The inter - period spreads of 5 - 1, 9 - 1, and 9 - 5 were all 0 [1][2]. 3.2 Energy and Chemicals - **Energy Commodity Basis**: For fuel oil and INE crude oil, the basis on December 11, 2025, was - 1.64 yuan/ton and - 2.37 yuan/ton respectively. The ratio of crude oil to asphalt was 0.1485 [7]. - **Chemical Commodity Basis**: On December 11, 2025, the basis of rubber was - 285 yuan/ton, methanol was 51 yuan/ton, PTA was - 14 yuan/ton, LLDPE was 466 yuan/ton, V was 84 yuan/ton, and PP was 148 yuan/ton [9]. - **Chemical Commodity Inter - period Spreads**: For the 5 - 1 inter - period, rubber was - 30 yuan/ton, methanol was 57 yuan/ton, etc.; for the 9 - 1 inter - period, rubber was - 10 yuan/ton, methanol was 54 yuan/ton, etc.; for the 9 - 5 inter - period, rubber was 20 yuan/ton, methanol was - 3 yuan/ton, etc. [10]. - **Chemical Commodity Inter - variety Spreads**: On December 11, 2025, LLDPE - PVC was 2267 yuan/ton, LLDPE - PP was 377 yuan/ton, etc. [10]. 3.3 Black Metals - **Black Metal Basis**: On December 11, 2025, the basis of rebar was 181.0 yuan/ton, iron ore was 33.0 yuan/ton, coke was 113.5 yuan/ton, and coking coal was 135.0 yuan/ton [20]. - **Black Metal Inter - period Spreads**: For the 5 - 1 inter - period, rebar was - 10.0 yuan/ton, iron ore was - 20.0 yuan/ton, etc.; for the 9(10) - 1 inter - period, rebar was 22.0 yuan/ton, iron ore was - 43.5 yuan/ton, etc.; for the 9(10) - 5 inter - period, rebar was 32.0 yuan/ton, iron ore was - 23.5 yuan/ton, etc. [19]. - **Black Metal Inter - variety Spreads**: On December 11, 2025, the ratio of rebar to iron ore was 4.05, the ratio of rebar to coke was 2.0289, etc. [19]. 3.4 Non - ferrous Metals - **Domestic Market Basis**: On December 11, 2025, the domestic basis of copper was 170 yuan/ton, aluminum was - 80 yuan/ton, zinc was 125 yuan/ton, lead was 5 yuan/ton, nickel was 3350 yuan/ton, and tin was - 600 yuan/ton [29]. - **London Market Data**: On December 11, 2025, the LME copper premium/discount was 24.76, aluminum was (26.68), etc.; the Shanghai - London ratio of copper was 7.93, aluminum was 7.65, etc.; the CIF price of copper was 94072.03, aluminum was 23768.13, etc.; the domestic spot price of copper was 92950.00, aluminum was 21910.00, etc.; the import profit/loss of copper was (1122.03), aluminum was (1858.13), etc. [34]. 3.5 Agricultural Products - **Agricultural Product Basis**: On December 11, 2025, the basis of soybeans No.1 was - 153 yuan/ton, soybeans No.2 was - 60.11 yuan/ton, soybean meal was 310 yuan/ton, soybean oil was 534 yuan/ton, and corn was 37 yuan/ton [42]. - **Agricultural Product Inter - period Spreads**: For soybeans No.1, the 5 - 1 inter - period was 11 yuan/ton, 9 - 1 was 14 yuan/ton, 9 - 5 was 38 yuan/ton; for other products, similar data are provided [42]. - **Agricultural Product Inter - variety Spreads**: On December 11, 2025, the ratio of soybeans No.1 to corn was 1.86, soybeans No.2 to corn was 1.69, etc. [41]. 3.6 Stock Index Futures - **Stock Index Futures Basis**: On December 11, 2025, the basis of CSI 300 was 12.58, SSE 50 was 7.23, CSI 500 was 8.49, and CSI 1000 was 7.40 [53]. - **Stock Index Futures Inter - period Spreads**: For the CSI 300, the next - month minus current - month was - 16.0, the next - quarter minus current - quarter was - 43.6; for other indices, similar data are provided [53].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The geopolitical news - driven rebound in oil prices has limited space and sustainability, and there is a downward drive for oil prices in the medium - to - long - term. Gold and silver markets are affected by US economic data and Fed meetings, and it's not advisable to chase high prices for precious metals before gold breaks through the previous high resistance. The prices of various metals, energy, chemicals, and agricultural products are influenced by factors such as supply - demand relationships, policy changes, and weather conditions, showing different trends of rise, fall, or shock [2][3]. Summary by Related Categories Energy - **Crude Oil**: Peace in the Russia - Ukraine conflict may lead to the lifting of sanctions on Russian companies and the release of restricted oil supplies. The US oil production is expected to set a larger - than - expected record. The market is concerned about the IEA's December report. The oil price rebound has mostly been reversed, and there is a greater expectation of inventory accumulation in the first quarter of next year, with a downward drive for oil prices in the medium - to - long - term [2]. - **Fuel Oil & Low - Sulfur Fuel Oil**: The fuel oil market is influenced by multiple factors and follows the trend of crude oil. High - sulfur fuel oil supply is expected to be loose in the medium - term, and the demand drive is limited. Low - sulfur fuel oil supply pressure is relieved, but the demand lacks highlights. The overall supply - demand pattern is loose, and the short - term is expected to continue the shock pattern [19]. - **Asphalt**: Some refineries in Hebei have launched winter storage contracts, and the price is higher than market expectations. Some refineries in Shandong have switched to producing residue oil, and the supply has tightened, driving the market price up slightly. The decline of BU following the drop in crude oil prices is limited [20]. Metals - **Precious Metals**: The number of job openings in the US in October increased, silver reached a new high, and the gold - silver ratio continued to decline. The market focuses on the Fed meeting, and it's not advisable to chase high prices for precious metals before gold breaks through the previous high resistance [3]. - **Base Metals** - **Copper**: The copper price adjusted overnight, and some positions took profits when the Fed cut interest rates in December. The market is concerned about the adjustment, and some long positions can be held after taking partial profits [4]. - **Aluminum**: The Shanghai aluminum price fluctuated narrowly overnight. The medium - term upward trend remains unchanged, but the short - term fundamental contradiction is limited, and the overbought situation in the technical aspect is being repaired [5]. - **Zinc**: The long positions took profits at high prices, and the Shanghai zinc price tested the annual line support. The domestic zinc ingot output is expected to decrease in December, and the short - term inventory accumulation pressure is not large. The Shanghai zinc price is expected to rebound following the external market in the short - term, with a resistance level at 23,500 yuan/ton [8]. - **Lead**: The low price of lead reduces the willingness of holders to deliver to the warehouse. The inventory in the exchange is low, and there is no obvious squeeze - out risk in the near - term. The downstream demand is mainly for rigid procurement at low prices [9]. - **Tin**: The tin price fluctuated overnight. The Shanghai tin price continued to reduce positions and fell below the moving average. Options strategies can be considered [9]. - **Nickel**: No relevant content provided. - **Manganese Silicon**: The price fluctuated. The manganese ore spot price increased, and the port inventory has a structural problem. The silicon - manganese production decreased slightly, and the inventory increased slowly [16]. - **Silicon Iron**: The price fluctuated. The market expects a decrease in coal supply, which may lead to a decline in power costs and blue - carbon prices. The demand has some resilience, and the supply decreased slightly, with the inventory decreasing slightly [17]. - **Ferrous Metals** - **Iron Ore**: The global iron ore shipment increased, and the domestic arrival decreased. The port inventory continued to accumulate. The demand is in the off - season, and the steel mills' profitability is poor. The iron ore price has a downward pressure in the medium - to - long - term, but there may be short - term fluctuations [13]. - **Coke**: The market expects a second - round price cut for coke. The coking profit is average, and the daily output increased slightly. The inventory decreased slightly, and the price is expected to fluctuate weakly [14]. - **Coking Coal**: The output of coking coal mines decreased slightly, and the spot auction price mainly decreased. The total inventory increased slightly, and the price is expected to fluctuate weakly [15]. - **Steel (Rebar & Hot - Rolled Coil)**: The steel price stabilized overnight. The demand for rebar decreased in the off - season, and the output and inventory decreased. The supply and demand of hot - rolled coil both decreased, and the inventory decreased slowly. The steel mills' profitability is poor, and there is a possibility of further production cuts. The black - series products are under pressure in the short - term, and the market is sensitive to macro - policies [12]. Chemicals - **Polycrystalline Silicon**: The polycrystalline silicon futures strengthened significantly, driven by the news of the establishment of a polycrystalline silicon consortium. The short - term upward expectation exists, but it needs policy verification to break through the upper limit of the range [10]. - **Industrial Silicon**: The price of industrial silicon broke through the previous low. The production reduction effect in the southwest region weakened, and the demand from the organic silicon and polycrystalline silicon industries decreased. The price may continue to decline, but it may be supported at the 8,000 - yuan/ton level [11]. - **Urea**: The urea price decreased slightly. The compound fertilizer enterprises increased their production, and the inventory of urea production enterprises decreased last week. The supply is still abundant, and the market is expected to fluctuate and adjust [21]. - **Methanol**: The methanol price continued to decline at night. The inventory at the port is expected to remain high, and the supply along the coast is sufficient. The short - term supply - demand pattern is difficult to improve significantly, and the price is expected to fluctuate weakly within the range [22]. - **Pure Benzene**: The pure benzene price continued to decline. The port inventory increased, but the supply - demand pressure may be relieved in the future. Attention should be paid to the oil price trend [23]. - **Styrene**: The crude oil price decreased, and the pure benzene price may fluctuate within a range, which is difficult to drive the styrene price up. However, the supply - demand structure of styrene has not weakened and may support the price [24]. - **Polypropylene, Plastic & Propylene**: The propylene production enterprises' sales are smooth, but the price increase momentum is insufficient. The polyethylene supply is abundant, and the downstream demand is mainly for rigid procurement. The supply pressure of polypropylene is controllable, but the downstream demand is in the off - season [25]. - **PVC & Caustic Soda**: The PVC price continued to decline. The supply pressure may be relieved if the enterprises are forced to overhaul. The export situation has improved, but the domestic demand is weak. The caustic soda price continued to decline, with high supply and low demand, and the industry inventory is under pressure [26]. - **PX & PTA**: The PX and PTA prices fell at night. The PX load decreased slightly, and the PTA output increased slightly. The terminal weaving load continued to decline. The PX is expected to be strong in the medium - term, and the PTA processing margin is expected to be repaired [27]. - **Ethylene Glycol**: The ethylene glycol market was boosted by the news of device shutdowns. The supply increased, and the demand decreased seasonally, resulting in significant inventory accumulation pressure. The long - term pressure still exists [28]. - **Short - Fiber & Bottle - Chip**: The short - fiber load is high, and the inventory increased slightly. The long - term supply - demand pattern is relatively good. The bottle - chip demand is weak, and the production capacity is in surplus, with the price mainly driven by costs [29]. Agricultural Products - **Soybean & Soybean Meal**: The US soybean data in the December USDA report remained unchanged. The South American weather has improved, which is beneficial to soybean growth. The domestic soybean and soybean meal inventories decreased. The strategy is to wait and see the South American weather, and consider going long if the weather deteriorates [33]. - **Soybean Oil & Palm Oil**: The US soybean supply - demand balance sheet remained unchanged in December. Argentina will reduce the export tax on soybeans and their products. The market expects the palm oil inventory in Malaysia to increase. The short - term view is that the prices of soybean oil and palm oil will fluctuate within a range [34]. - **Rapeseed Meal & Rapeseed Oil**: The rapeseed market is facing the supply impact of new crops. The supply is at its loosest stage, and the demand lacks positive factors. The domestic rapeseed inventory is decreasing, and the import is diversified. The short - term price is expected to be weak [35]. - **Soybean No. 1**: The domestic soybean price is in a sideways shock adjustment. The policy will auction imported soybeans. The short - term US soybean price is in a callback, and the medium - term price is expected to be strong. Attention should be paid to the domestic soybean spot and policy [36]. - **Corn**: The Dalian corn futures continued to decline in a shock pattern. The US corn export data increased, and the short - term price is expected to be strong. The supply of high - quality corn in the Northeast is tight, and there is a supply - demand mismatch. The short - term 01 contract may decline, and the 03 and 05 contracts can be considered for long - positions after the decline [37]. - **Live Pig**: The live pig 03 contract rebounded slightly, and the far - month contracts were weak. The impact of the epidemic on the pig supply is expected to be limited. The industry needs to reduce inventory, and the pig price may have a second - bottoming in the first half of next year [38]. - **Egg**: The egg futures price dropped significantly, and the spot price increased. The 01 contract price is expected to be weak due to the convergence of futures and spot prices. The far - month contracts have reached a short - term high [39]. - **Cotton**: The US cotton price increased slightly. The domestic cotton sales progress is fast, but the downstream orders are weak, which limits the cotton price. The operation strategy is to wait and see [40]. - **Sugar**: The US sugar price fluctuated. The sugar production in India and Thailand is expected to be good. The domestic sugar production in Guangxi in the 25/26 season is expected to be good [41]. - **Apple**: The apple futures price fluctuated at a high level. The cold - storage apple sales are average, and the price is strong. The short - term price is strong, but the far - month contracts may face inventory pressure [42]. - **Wood**: The wood futures price fluctuated. The supply is expected to decrease, and the demand is in the off - season, but the port delivery increased last week. The low inventory supports the price, and the operation strategy is to wait and see [43]. - **Paper Pulp**: The paper pulp futures price decreased at night. The port inventory decreased, and the new - year contract may face less warehouse - receipt pressure. The price is expected to fluctuate within a range, and the operation strategy is to wait and see or conduct short - term operations [44]. Others - **Container Shipping Index (European Line)**: Maersk's pricing strategy is cautious, and the downward freight rate center is expected to be around $2400 - 2500/FEU. The loading rate is increasing, but the market lacks strong driving factors. The short - term futures price is expected to fluctuate [18]. - **Stock Index**: The A - share market was mixed, and the stock index futures closed down. The market is waiting for the Fed's interest - rate decision. The A - share market is expected to be strong in a shock pattern, and investors can increase positions slightly at low prices after the uncertainty is relieved [45]. - **Treasury Bond**: The treasury bond futures fluctuated and adjusted. The interest - rate bond yields decreased. The market is still cautious, and investors can participate in the rebound of some oversold varieties after the liquidity is restored [46].

记者丨董鹏 编辑丨张伟贤 12月5日，由南方财经全媒体集团主办，21世纪经济报道承办的南方财经论坛2025年年会，在广州金融 城南方财经大厦正式启幕。 年会现场，中国金融期货交易所党委委员、副总经理蔡向辉发表主旨演讲。 他指出，近年来，中金所以"期货入市服务现货入市"为目标，加力推动中长期资金入市，并且在各方的 努力下金融期货市场展现出新气象，市场承载力、机构化程度与机构参与积极性均有显著提升。 蔡向辉还表示，"机构参与提升与市场运行质量改善形成良性互动，金融期货精准服务中长期资金的作 用空间进一步打开。" "在各方努力下，金融期货市场展现出新气象。"蔡向辉表示。 机构化特征更突出 今年1月，六部门联合印发《关于推动中长期资金入市工作的实施方案》，进一步明确了"任务单"、"时 间表"和"路线图"。 大力推动中长期资金入市，有利于增强资本市场专业力量，推动市场生态向价值投资、长期投资转型， 有利于将社会资金转化为耐心资本，"长钱长投"适配科技创新需要，为实体经济高质量发展和国家重大 战略实施提供稳定支持，当然也有利于中长期资金充分把握长期机会，有效应对低利率时代挑战，更好 实现保值增值。 蔡向辉指出，当前我国资 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - After a previous continuous rise and influenced by the adjustment of overseas US stocks, market risk appetite has decreased, and the short - term index faces certain uncertainties. However, in the long - run, the policy's support for the capital market remains unchanged. In the short - term, focus on the Politburo meeting and the Central Economic Work Conference in December, and in the medium - to - long - term, the main idea is to buy on dips [10][11]. 3. Summary by Directory 3.1 Monthly Assessment and Strategy Recommendation - **Important News**: The Politburo meeting and the Central Economic Work Conference are upcoming; the National Space Administration has established a commercial space department; the World Gold Council expects a 15% - 30% increase in gold prices in 2026; the People's Bank of China will conduct a 1000 - billion - yuan outright reverse repurchase operation on December 5, 2025 [10]. - **Economic and Corporate Earnings**: In October 2025, industrial added value grew 4.9% year - on - year, retail sales grew 2.9%, and fixed - asset investment decreased 1.7%. The November official manufacturing PMI was 49.2. M1 and M2 growth rates decreased in October, and the social financing increment was 816.1 billion yuan, a year - on - year decrease. The export in September 2025 decreased year - on - year, and housing prices in all cities declined in October [10]. - **Interest Rate and Credit Environment**: The 10Y treasury bond rate and credit bond rate rebounded this month, the credit spread slightly converged, and liquidity remained loose [10]. - **Trading Strategy Recommendations**: Hold a small amount of IM long positions in the long - term as its valuation is at a moderately low level and it has a long - term discount; hold IF long positions for 6 months as a new interest - rate cut cycle may benefit high - dividend assets [12]. 3.2 Spot and Futures Market - **Spot Market**: The Shanghai Composite Index was at 3888.60 points, with a turnover of 1613.88 billion yuan and a decline of 1.67%. The Shenzhen Component Index was at 12984.08 points, with a turnover of 2177.93 billion yuan and a decline of 2.95%. Other major indices also showed varying degrees of decline [14]. - **Futures Market**: All major futures contracts, including IF, IH, IC, and IM, showed declines in points and varying degrees of decrease in prices [15]. 3.3 Economic and Corporate Earnings - **Economic Indicators**: The real GDP growth rate in Q3 2025 was 4.8%. The November official manufacturing PMI was 49.2. In October 2025, consumption growth was 2.9%, export growth was - 1.1%, and investment growth was - 1.7%. Manufacturing investment grew 2.7%, real - estate investment was - 14.7%, and infrastructure investment was - 0.1% [34][37][40]. - **Corporate Earnings**: In the Q3 2025 report, the year - on - year growth rate of operating income was 1.24%, and the net profit growth rate was 3.89%, both rebounding compared to the semi - annual report [43]. 3.4 Interest Rate and Credit Environment - **Interest Rates**: The 10Y treasury bond rate and 3 - year AA - corporate bond rate showed certain trends. Liquidity remained loose, and the central bank conducted reverse repurchase operations [46][50]. - **Credit Environment**: In October 2025, M1 growth was 6.2% and M2 growth was 8.2%. The social financing increment was 816.1 billion yuan, a year - on - year decrease due to pre - issued government bonds and reduced household loans [58]. 3.5 Funding - **Fund Inflow**: This week, about 121.56 billion shares of new equity - oriented funds were established, and the margin trading balance increased by about 100.1 billion yuan, with a new balance of 2466.478 billion yuan [64][67]. - **Fund Outflow**: This week, major shareholders had a net reduction of 82.87 billion yuan, and there were 2 IPO approvals [70]. 3.6 Valuation - **P/E Ratio**: The P/E ratio (TTM) of the Shanghai 50 was 11.86, the CSI 300 was 14.02, the CSI 500 was 32.35, and the CSI 1000 was 46.48. - **P/B Ratio**: The P/B ratio (LF) of the Shanghai 50 was 1.30, the CSI 300 was 1.46, the CSI 500 was 2.21, and the CSI 1000 was 2.44 [74].

油价夜盘收涨。市场预期美联储降息，俄乌和平计划进展停滞，削弱了市场对达成协议后恢复俄沟 出口预期。 周四调查显示，尽管OPEC+同意提高11月份产量，但由于一些成员国的停产， OPEC11月 石油产量仍有所下降，故该组织的供应量进一步低于其目标且略低于10月产量。综上，短期内利多 因素占据主导下油价震荡偏强。 【贵金属】 隔夜美国公布周度初请失业金人数降至19.1万人远低于预期，创2022年9月以来新低,缓解劳动力 市场急剧恶化担忧。12月降息已基本定价，贵金属震荡为主，黄金突破前高阻力前贵金属整体不宜 追高。 gtaxinstitute@essence.com.cn 综合晨报 2025年12月05日 (原油) 【铜】 隔夜铜价纪录位置震荡，LME现货升水缩至50美元，美伦溢价400美元以上。昨日国内现铜强跟涨到 91245元，上海升水扩至170元，精废价差扩至5000元以上，而周内SMM社库微减100吨。国内现货 信号及仓量跟踪,短线支持铜价。多单依托MA5均线持有,关注接近记录水平的量价表现。 【铝】 隔夜沪铝上涨。近期资金推涨有色,铝市远期存在偏紧预期，短期供需矛盾有限,铝锭社库维持窄 幅波动，季节性库 ...

他提到，当前我国资本市场估值重构，资金流入和市场向好，相互促进的良好局面已经形成，这是各方 努力的宝贵成果，也是深刻反映着全球资本对中国经济的信心和期待。吸引更多中长期资金入市需要适 宜的环境和土壤，其中也离不开金融期货等风险管理工具。"十五五"规划建议提出稳步发展期货和衍生 品，证监会也强调将丰富适配长期投资的产品和风险管理工具，这为推动金融期货市场更好服务长期资 金入市和高质量发展也指明了方向。 专题：南方财经论坛2025年会 由南方财经全媒体集团主办、21世纪数字传媒主要承办的"南方财经论坛2025年会"于12月5-6日在广州 南方财经大厦举办，主题为"共识的力量——创新涌动，中国资产重估"。中国金融期货交易所党委委 员、副总经理蔡向辉出席并演讲。 谈及金融期货服务中长期资金入市，蔡向辉表示，中长期资金入市意义重大，金融期货责无旁贷。大力 推动中长期资金入市，有利于增强资本市场专业力量，推动市场生态向价值投资、长期投资转型。有利 于将社会资金转化为耐心资本，长钱长投，适配科技创新新需要，为实体经济高质量发展和国家重大战 略实施提供稳定支持。当然也有利于中长期资金充分把握长期机会，有效应对低利率时代挑战， ...

金融研究 2025年12月4日 星期四 金融期货早班车 招商期货有限公司 市场表现：12 月 3 日，A 股四大股指有所回调，其中上证指数下跌 0.51%，报收 3878 点；深成指 下跌 0.78%，报收 12955.25 点；创业板指下跌 1.12%，报收 3036.79 点；科创 50 指数下跌 0.89%， 报收 1308.37 点。市场成交 16,836 亿元，较前日增加 763 亿元。行业板块方面，交通运输(+0.69%)， 有色金属(+0.63%)，煤炭(+0.57%)涨幅居前；传媒(-2.86%)，计算机(-2.26%)，房地产(-1.53%)跌幅 居前。从市场强弱看，IF>IH>IC>IM，个股涨/平/跌数分别为 1,442/137/3,872。沪深两市，机构、主 力、大户、散户全天资金分别净流入-215、-238、89、364 亿元，分别变动-20、-121、+19、+123 亿元。 股指期货 基差：IM、IC、IF、IH 次月合约基差分别为 127.07、102.56、28.85 与 11.28 点，基差年化收益率 分别为-14.14%、-11.82%、-5.13%与-3.07%，三年期 ...

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股指期货日度数据跟踪 2025-12-03 12 月 02 日，上证综指涨跌幅-0.42%，收于 3897.71 点，成交额 6274.41 亿元，深成指数涨跌幅-0.68%，收于 13056.7 点，成交额 9659.9 亿元。 中证 1000 指数涨跌幅-1.0%，成交额 3202.19 亿元，其中开盘价 7364.2，收盘价 7313.18，当日最高价 7364.2，最低价 7299.27； 中证 500 指数涨跌幅-0.87%，成交额 2473.6 亿元，其中开盘价 7084.8，收盘价 7040.3，当日最高价 7085.3，最低价 7022.61； 沪深 300 指数涨跌幅-0.48%，成交额 3643.66 亿元，其中开盘价 4571.91，收盘价 4554.33，当日最高价 4575.49，最低价 4539.43； 上证 50 指数涨跌幅-0.51%，成交额 791.66 亿元，其中开盘价 2992.38，收盘价 2978.47，当日最高价 2994.71，最低价 2970.95。 数据来源：Wind，光期研究所 数据来源：Wind，光期研究所 二、板块涨跌对指数影响 中证 1000 较前收盘 ...