Core Insights - The article provides a comprehensive review of the commodity market in 2025, highlighting significant events and their impacts on various commodities, including oil, metals, and shipping fuels [2][3]. Commodity Index Review - January 10: The U.S. Treasury announced major sanctions against Russian energy companies, causing WTI crude oil to spike to $80.04 per barrel due to supply concerns [6]. - January 20: Trump's administration initiated tariff increases, particularly targeting China, leading to a decline in shipping-related fuel prices [6]. - April: The "reciprocal tariff" policy negatively impacted global economic expectations, causing WTI crude to drop to a low of $55.12 per barrel and LME copper prices to fall nearly 20% [6]. - June 13: Israeli airstrikes on Iranian targets raised supply concerns, pushing oil prices to a yearly high of $78.4 per barrel [6]. - June 23: A ceasefire between Iran and Israel led to a rapid decline in oil prices as tensions eased [7]. - July: The "anti-involution" policy led to significant price rebounds in oversupplied commodities like polysilicon and industrial silicon, with polysilicon prices rising by 80% [8]. - October: Post-National Day, the "anti-involution" sentiment faded, leading to a decline in glass prices as seasonal demand did not materialize [10]. Key Commodity Highlights - Lithium Carbonate: Prices fluctuated significantly throughout the year, with a peak above 100,000 yuan per ton driven by supply concerns and increased demand from the energy storage sector [12][14]. - Aluminum Oxide: Prices were pressured by high inventory levels and a shift in supply dynamics, with a notable drop in prices during the first quarter [16]. - Polysilicon: Prices surged by over 80% in July due to policy expectations, but faced downward pressure as market realities set in later [20]. - Copper: Prices experienced volatility due to supply disruptions and geopolitical tensions, reaching new highs in late 2025 [23]. - Coking Coal: Prices rebounded significantly after hitting lows earlier in the year, driven by demand recovery and supply constraints [26]. Market Dynamics - The article emphasizes that commodity price fluctuations are influenced by a combination of macroeconomic narratives and micro-level events, indicating that true investment opportunities arise at the intersection of these factors [11].

行业 铜期货日报 日期 2025 年 12 月 24 日 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 有色金属研究团队 研究员：余菲菲 研究员：彭婧霖 请阅读正文后的声明 ＃summary＃ 每日报告 一、 行情回顾与操作建议 图1：沪铜走势及盘面价差 图2：伦铜走势及价差 二、 行业要闻 请阅读正文后的声明- 2 - 数据来源：Wind，建信期货研究发展部 数据来源：Wind，建信期货研究发展部 铜价震荡收十字星，总持仓下降 9850 手，盘面 01-02 价差缩窄至 190，现货铜跌 205 至 93470，现货贴水扩大 20 至 215，现货进口亏损扩大至 1600 以上，进口窗 口关闭，LME0-3back 扩大至 6.58，同时沪伦比值继续下跌，外盘价格表现持续强 于内盘。日内有 ...

市场要闻与重要数据 期货行情： 2025-12-23，沪铜主力合约开于 94030元/吨，收于 93930元/吨，较前一交易日收盘-0.41%，昨日夜盘沪铜主力合 约开于 94850元/吨，收于 94890元/吨，较昨日午后收盘上涨1.02%。 现货情况： 据 SMM 讯，昨日SMM电解铜现货报价贴水260至170元/吨，均价贴水215元/吨，较昨日下跌20元。1#电解铜价格 区间为93340-93600元/吨。早盘沪铜主力合约窄幅整理于93610-93800元/吨，尾盘小幅收涨。现货市场表现低迷， 整体转为买方主导。早盘平水铜对次月报价贴水220元/吨左右，好铜贴水170元/吨，随后平水铜贴水扩大至260元/ 吨，好铜相对稳定在180元/吨附近。湿法铜因货源偏紧，价格仍居高位。跨月价差维持在C220-C180元/吨之间。预 计买方还价意愿持续偏低，市场交投清淡，现货升水或将继续下行。 重要资讯汇总： 新能源及有色金属日报 | 2025-12-24 现货表现持续低迷 短期铜价大幅走强概率或相对较小 宏观与地缘方面，经济数据方面，美国第三季度实际GDP初值年化季环比大幅增长4.3%，远超市场预期的增长3.3%， ...

looking at gold. So, gold's on pace for its best year since the 70s. Uh the years that you gave us, 73, 79.Those are the years after we abandoned the gold standard. So, is there any correlation between those years and this year that we're seeing such a big gold rally. >> Yeah, you know, if you go back through the 70s till now, there's only been four times that gold's actually um returned over 50%.So, I think a lot of what we're seeing now is the debasement trade. So looking at largely central banks uh movin ...

Group 1: Oil Market Dynamics - The international oil price has dropped significantly due to weak demand and geopolitical factors, with a total decline of approximately 20% this year, reaching its lowest level since February 2021 [2] - The commodity trading giant Trafigura warns of a "super surplus" in the oil market next year due to a combination of supply surge and declining global demand [2] - Analysts predict that the peak of supply surplus will occur in the first quarter of 2026, with expectations of continued inventory growth throughout the year, putting further pressure on oil prices [3] Group 2: Gold Market Trends - International gold prices have surged from $2,650 per ounce at the beginning of the year to over $4,000 per ounce, marking a significant bull market with a year-to-date increase of approximately 60% [4] - Central banks have shown strong demand for gold, with net purchases reaching 254 tons from January to October, providing substantial support for gold prices [4] - The International Clearing Bank (BIS) warns of potential bubble signs in the gold market due to excessive optimism and rising valuations, which could lead to a price correction of 5% to 20% [5] Group 3: Copper Market Outlook - The price of copper is expected to remain robust due to global industrial transformation, particularly in the electric vehicle sector, with a projected demand increase of around 3% in 2026 [7] - Supply constraints, exacerbated by incidents such as the collapse of a copper mine in Chile, have led to reduced production forecasts, supporting copper prices [7] - Goldman Sachs predicts that over 60% of copper demand growth by 2030 will be driven by investments in power infrastructure, indicating strong long-term prospects for copper [8]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report Currently, under the macro - environment, the Fed's interest - rate cut expectations are fluctuating, and the uncertainty of the new Fed chairperson makes the market doubt the degree of monetary policy easing. The long - term agreement processing fee was set at 0 last Friday, which confirms the tight supply expectation of copper mines. There is an expectation that domestic smelters will cut production by 10% next year, so the tight supply is a long - term fundamental logic. In the short term, the consumer side is restricted by high - priced copper and has slowed down. The subsequent focus should be on the downstream's ability to accept high prices, and the copper price remains strong in the medium - to - long term [3]. 3. Summary by Relevant Catalogs 3.1 Market Analysis - **Macro aspect**: In November, the year - on - year CPI and core CPI dropped to 2.7% and 2.6% respectively, significantly lower than market expectations. Due to data missing caused by the government shutdown in October, the market generally believes the data has low reference value. The non - farm payrolls increased by 64,000 in November, but the unemployment rate rose to 4.6% [3]. - **Supply aspect**: On December 19, Chinese copper smelters and Antofagasta set the 2026 copper concentrate long - term processing fee at $0/ton and $0.00/lb, a historical "zeroing" compared to $21.25/ton and $0.02125/lb in 2025. In November, SMM's Chinese electrolytic copper production was 1.1031 million tons, a month - on - month increase of 11,500 tons (1.05%) and a year - on - year increase of 9.75%. It is expected that December's production will increase by 65,700 tons (5.96% month - on - month) and 6.69% year - on - year [3]. - **Demand aspect**: According to SMM data, the expected December copper tube enterprise operating rate is 67.09%. The lower - than - expected operating rate is mainly due to the decline in air - conditioner production scheduling and high copper prices suppressing downstream raw material procurement. In November, the operating rate of refined copper rod enterprises was 66.65%, a month - on - month decrease of 8.03 percentage points, 0.93 percentage points higher than expected, and a year - on - year decrease of 8.03 percentage points. After entering December, it is expected that downstream enterprises will gradually have holidays and stop work, and the operating rate will further decline. The copper foil market has maintained high - speed growth after December, but in 2026, with the new policy of halving the purchase tax for new - energy vehicles, the terminal demand will be under pressure and the growth rate may slow down [3]. 3.2 Shanghai Copper Price Trend This week, Shanghai copper showed a weak and volatile trend. The weekly high was 94,360 yuan/ton, the low was 90,750 yuan/ton, the weekly amplitude was 3.84%, and the interval decline was 0.96% [5]. 3.3 Shanghai Copper Spot Market As of December 19, the average spot premium in East China was - 150 yuan/ton, and the average premium in South China was 25 yuan/ton. At the year - end settlement period, holders of goods intended to sell at low prices, resulting in a discount market for copper prices [10]. 3.4 London Copper Spread Structure As of December 19, LME copper rose 0.36% during the week, closing at $11,837/ton [15]. 3.5 Copper Concentrate Supply As of December 19, customs data showed that the copper concentrate port inventory was 680,000 tons, a week - on - week increase of 1.6%. In November 2025, China imported 2.526 million tons of copper ore and concentrates; from January to November, the import volume was 27.614 million tons, a year - on - year increase of 8.0%. It is expected that the import volume in December 2025 will be 2.6 million physical tons, and the annual import volume will be 30.26 million physical tons, a year - on - year increase of 7.43% with an expected increment of 2.094 million physical tons [21]. 3.6 Scrap Copper Supply In October 2025, the import volume of scrap copper (copper waste and scrap) was about 196,607 tons, a month - on - month increase of 6.81% and a year - on - year increase of 7.35%, with Japan being the largest importing country. In November, the operating rate of recycled copper rod enterprises was 23.84%, higher than the expected 27.68%, a month - on - month decrease of 2.62% and a year - on - year decrease of 12.46%. Near the year - end, the shortage of bills affects the operating conditions of recycled copper enterprises, and it is expected to improve after New Year's Day. Currently, the market supply of scrap copper is tight, and under the influence of large copper price fluctuations and Document 770, the operating load of scrap - copper rod production is mainly low [26]. 3.7 Smelter Fees As of December 19, China's spot rough smelting fee (TC) was - $43.98/dry ton, and the RC fee was - $0.0458/lb, with the TC/RC fees remaining weakly stable. The China Copper Smelters Purchasing Consortium (CSPT) announced that its members will jointly cut production by more than 10% in 2026. On December 19, Chinese copper smelters and Antofagasta set the 2026 copper concentrate long - term processing fee at $0/ton and $0.00/lb, a historical "zeroing" compared to 2025 [30]. 3.8 Refined Copper Supply From January to October 2025, the global refined copper market had a supply surplus of 122,000 tons, a reduction compared to 261,000 tons in the same period of the previous year. In November, SMM's Chinese electrolytic copper production was 1.1031 million tons, a month - on - month increase of 11,500 tons (1.05%) and a year - on - year increase of 9.75%. It is expected that December's production will increase by 65,700 tons (5.96% month - on - month) and 6.69% year - on - year. In November 2025, China imported 427,000 tons of unwrought copper and copper products; from January to November, the import volume was 4.883 million tons, a year - on - year decrease of 4.7% [34]. 3.9 Apparent Demand As of October 2025, the apparent consumption of copper was 1321,800 tons, a month - on - month decrease of 9.25% [38]. 3.10 Copper Products In November, the operating rate of copper tube enterprises was 63.82%, a month - on - month increase of 1.45 percentage points and a year - on - year decrease of 17.86 percentage points. It is expected that the December operating rate will be 67.09%. The lower - than - expected operating rate is mainly due to the decline in air - conditioner production scheduling and high copper prices suppressing downstream raw material procurement. In November, the operating rate of refined copper rod enterprises was 66.65%, a month - on - month decrease of 8.03 percentage points, 0.93 percentage points higher than expected, and a year - on - year decrease of 8.03 percentage points. After entering December, it is expected that downstream enterprises will gradually have holidays and stop work, and the operating rate will further decline. The copper foil market has maintained high - speed growth after December, but in 2026, with the new policy of halving the purchase tax for new - energy vehicles, the terminal demand will be under pressure and the growth rate may slow down [43]. 3.11 Power Grid Project Data As of the end of October, the national cumulative installed power - generation capacity was 3.75 billion kilowatts, a year - on - year increase of 17.3%. Among them, the installed capacity of solar power generation was 1.14 billion kilowatts, a year - on - year increase of 43.8%; the installed capacity of wind power was 590 million kilowatts, a year - on - year increase of 21.4%. From January to October, the national power - generation equipment had an average cumulative utilization of 2,619 hours, a decrease of 260 hours compared to the same period of the previous year [47]. 3.12 Real Estate and Infrastructure Data From January to November, the sales area of newly - built commercial housing was 787.02 million square meters, a year - on - year decrease of 7.8%; among them, the sales area of residential housing decreased by 8.1%. The sales volume of newly - built commercial housing was 7.513 trillion yuan, a decrease of 11.1%; among them, the sales volume of residential housing decreased by 11.2% [53]. 3.13 Automobile/New - Energy Automobile Industry Data From November 1 to 30, 2025, the wholesale sales volume of new - energy passenger vehicles in China reached 1.72 million, a year - on - year increase of 20% and a month - on - month increase of 7%. As of November this year, the cumulative wholesale sales volume of new - energy vehicles had reached 13.78 million, a year - on - year increase of 29%. Starting from January 1, 2026, the vehicle purchase tax will be halved from exemption, which may lead to pre - purchase demand for new - energy vehicles [59]. 3.14 Global Copper Inventories in Major Exchanges As of December 19, LME copper inventory decreased by 5,500 tons to 160,400 tons, a week - on - week decrease of 3.32% and a year - on - year decrease of 41.1%. COMEX copper inventory was 462,200 tons, a week - on - week increase of 2.57% and a year - on - year increase of 394.48%. The continuous inventory build - up in the US has led to a shortage of copper inventory resources in other regions. Although the LME inventory is lower year - on - year, it is still at a relatively medium level in recent years. On December 18, the cumulative spot copper inventory in the bonded areas of Shanghai and Guangdong was 109,100 tons, and the bonded - area inventory increased again. The exported goods from smelters continued to arrive and be stored in the warehouse during the week, and the inventory rebounded. As of December 19, the Shanghai Futures copper inventory was 45,700 tons, a week - on - week increase of 40.46%; the cathode copper inventory was 95,800 tons, a week - on - week increase of 7.18%, both showing an inventory build - up trend [64][69].

01 主要观点策略 铜周报：铜矿长单TC落地，铜价高位整理 2025-12-22 01 主要观点策略 02 宏观及产业资讯 03 期现市场及持仓情况 目 录 04 基本面数据 01 上周行情回顾 p 上周沪铜高位震荡。截至上周五收至83180元/吨，周跌幅1.05%。宏观层面，美国11月CPI数据低于预期，虽短暂提振降息预期， 但对铜价的直接刺激有限，市场已基本消化年内货币政策路径。矿端持续紧缺，中国头部冶炼企业与Antofagasta敲定2026年铜精矿 长单加工费Benchmark为0美元/吨与0美分/磅。传统淡季下游需求放缓，铜库存累库叠加宏观缺乏指引下，预计铜价高位震荡运行。 60000 65000 70000 75000 80000 85000 90000 95000 100000 25-12-19 25-12-15 25-12-09 25-12-03 25-11-27 25-11-21 25-11-17 25-11-11 25-11-05 25-10-30 25-10-24 25-10-20 25-10-14 25-09-30 25-09-24 25-09-18 25-09-12 25-09-08 ...

二月下旬，特朗普命令商务部启动安全审查，瞄准进口铜对美国经济的隐患，大家都猜这是为加税铺 路。七月底公告落地，八月起半成品铜和相关产品一律50%关税。 贸易商赶紧把货转向美国港口，避免多掏腰包。托克和嘉能可这些大户带头行动，原计划去亚洲的船队 改道新奥尔良和巴尔的摩。 短短几个月，五十万吨铜堆积如山，比平时月均进口多出七倍。仓库紧急扩容，企业主抢着囤货，生怕 价格再上窜。 美国本土铜业本就疲软，产量跟不上消费，依赖智利和加拿大六成多。这关税本想护着自家产业复苏， 可现实是库存爆棚，供需彻底乱套。 本土供应商被迫甩卖，矿场减产，工人日子难过。铜价在纽约交易所比伦敦高出一千四百美元一吨，套 利机会吸引更多货流进来。 全球链条跟着受影响，原本均衡的供应被抽走，其他地区开始闹荒。中国作为头号买家，首当其冲，新 能源和电网项目用铜本就紧，这下采购成本直线上窜。 中国八成五铜矿靠进口，电动车和太阳能设备年需求还在涨。可铜价从年初八千多美元一吨窜到纪录高 位，工厂主们咬牙扛着，中小企业先顶不住，生产线慢下来。 废铜渠道也堵塞，美国出口几乎枯竭，本该缓冲市场的环节失效。上海期货交易所逆价差拉大，现货比 远期贵，显示供应吃紧。 ...

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The copper price is expected to remain strong in 2026 with potential for further increase, mainly due to the Federal Reserve's interest rate cuts supporting the economy and the supply - demand gap. [2][200] - From a macro perspective, the Federal Reserve's monetary policy will continue to be loose, leading to a marginal improvement in liquidity. [2] - From a micro perspective, there are structural changes in both the supply and demand of refined copper, and the supply - demand situation will shift from surplus in 2025 to a deficit in 2026. [2] 3. Summary According to the Table of Contents 3.1 2025 Copper Price Trend Review 3.1.1 Copper Price Review: Increased Volatility and Higher Central Value - In 2025, the copper price first declined and then rose, reaching a new historical high. The LME 3 - month copper price increased by 15.37% from the beginning of the year to March 26, then fell by 11.05%, and finally rose by 31.13% as of December 12. The Shanghai Copper Index also increased, but its annual increase was lower than that of the LME copper. [6][7] 3.1.2 Driving Logic: Supply - Demand Imbalance and Structural Changes - The core driving logic of the price is the continuous fermentation of rigid supply constraints, demand structure changes, and macro - policy support, which attracted a large amount of capital to participate in copper futures trading. [10] - Supply - side tensions were continuously fermented and gradually spread to the smelting end. Multiple large - scale copper mines had unexpected production cuts and shutdowns, and the supply of scrap copper was weaker than expected. [12][17] - Demand shifted from the real - world logic to the expected logic. In the first half of the year, domestic copper consumption continued to rise, but in the second half, high copper prices began to suppress downstream demand, and the market started trading on consumption expectations. [18][20] - The global monetary policy turned to be loose, which was an important macro - support for copper prices. However, Trump's tariff policy and the U.S. government shutdown increased price volatility. [21] 3.2 U.S. Economic Soft Landing and Federal Reserve Interest Rate Cuts, Supporting the Price of Risk Assets - In 2026, the U.S. economic resilience, Federal Reserve interest rate cuts, and structural consumption will continue to affect the copper price, providing support at the bottom and a ceiling at the top. [24] - The U.S. economy may achieve a soft landing, with consumption showing a trend of moderate positive growth, investment presenting a structural change, and net exports maintaining a large deficit but with a reduced drag on GDP. [24][25][27] - The Federal Reserve's monetary policy will continue to be loose, with interest rates likely to decline overall. This will reduce the risk - free rate, increase the valuation of risk assets, and support economic growth, which will also drive up the copper price. [29][32] 3.3 Fundamentals: The Expectation of Marginal Consumption Recovery is Strengthening, and the Logic of Supply Tightness is Spreading to the Smelting End 3.3.1 New - Quality Productivity and the New - Energy Industry Significantly Contribute to the Increment of Copper Consumption - AI drives the potential of U.S. copper consumption, and the U.S. has a high tolerance for copper price increases. It is estimated that the AI computing power centers in the U.S. will drive an additional copper consumption of 4.73 million tons in 2026. [37][42] - Policy - driven new - energy industries are developing strongly, with an increasing copper consumption. It is expected that the global new - energy industry will have a copper consumption increment of 32.06 million tons in 2026. [54] - China's "14th Five - Year Plan" supports the development of new - quality productivity, and power grid investment is an important engine for copper consumption growth. It is estimated that the power grid investment will drive a copper consumption increment of 31.84 million tons in 2026. [81][84] 3.3.2 Traditional Industries' Copper Consumption Continues to Increase, but with Significant Differences Among Countries - China's policies support the traditional industries, but the growth rate of copper consumption is slowing down. The real - estate market will continue to adjust, and the consumption of traditional fuel - powered vehicles will decline. It is estimated that the traditional industries in China will have a copper consumption decrease of 7.62 million tons in 2026. [89][90][101] - The U.S. and Europe have cut interest rates multiple times, supporting the moderate development of traditional industries. The U.S. real - estate market is expected to recover in 2026, and the European copper demand will increase due to grid transformation and other factors. [109][120] - Japan's traditional industries face uncertainties in recovery, while South Korea's traditional industries face pressure but receive strong policy support. [126][129] - Developing and emerging countries have a significant increment in copper consumption. Southeast Asia has become a world economic growth pole, India's economy is growing at a relatively high speed, the Middle East is transforming from resource - dependence to diversification, South America's economy is growing moderately, and Africa is promoting growth and reducing poverty. [131][134][142] 3.3.3 Tight Raw - Material Supply and Excessive Expansion of Smelting Capacity - The production of copper mines is highly disturbed, and the output is lower than expected. It is estimated that the global copper mine output will increase by 68 million tons in 2026, but the available copper concentrate increment in the market will be about 51 million tons. [151][157] - The domestic supply of scrap copper increases, but the growth rate of scrap - copper imports slows down. It is estimated that the domestic scrap - copper supply will increase by 15 million tons in 2026, and the scrap - copper import volume will be the same as in 2025. [168][177] - China's copper smelting capacity is expanding, and the copper output is increasing significantly. It is estimated that the domestic refined - copper output will increase by 68.75 million tons in 2026, while the overseas electrolytic - copper output will only decrease by less than 3 million tons. [185][190] 3.3.4 Balance Sheet: It is Expected that the Global Copper Supply will be in Surplus in 2025 but in a Large Deficit in 2026 - It is expected that the global copper mine supply will be in shortage from 2025 to 2026, affecting the refined - copper output and changing the supply situation from surplus to deficit. In 2025, the global refined - copper supply will have a surplus of 9.1 million tons, while in 2026, it will have a deficit of 19.7 million tons. [198] 3.4 Conclusion and Investment Outlook 3.4.1 Logic of the Copper Price in 2026: Macro - Level Support from Federal Reserve Interest Rate Cuts and Micro - Level Supply - Demand Gap - The copper price is expected to remain strong in 2026, with potential for further increase. The Federal Reserve's interest rate cuts will support the economy, and the supply - demand gap will also drive up the price. [200] 3.4.2 Investment Outlook - Unilateral trading: Multiple logics drive the price to remain strong. The Federal Reserve's interest rate cuts and the supply - demand gap support the price. In terms of rhythm, the price is more likely to be strong in the first half of the year, and the increment of refined copper from Indonesian mines in the second half may limit the upside space. However, market capital, U.S. copper tariff policy expectations, and the pricing of emerging industries are still conducive to increasing the upward volatility of the price. [204][205] - Arbitrage trading: There is a certainty in the term positive arbitrage of Shanghai Copper and LME Copper. The de - stocking of global copper inventories in 2026 and the price difference between COMEX and LME copper will drive the trade. The internal - external reverse and positive arbitrage are stage - based trades. Each has its own logic and risk points. [208][209]

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 来源：华泰期货 作者： 师橙 市场要闻与重要数据 期货行情： 2025-12-18，沪铜主力合约开于 92830元/吨，收于 92600元/吨，较前一交易日收盘-0.24%，昨日夜盘沪 铜主力合约开于 92600元/吨，收于 92870 元/吨，较昨日午后收盘上涨0.29%。 现货情况： 据 SMM 讯，昨日SMM 1#电解铜现货对次月2601合约报价贴水200至贴水80元/吨，均价贴水140元/吨， 较前一日上涨10元。现货价格区间为92100-92380元/吨。主力2601合约早间波动于92300-92480元，跨月 价差在C120至C90之间。早间持货商报价偏高但成交稀少，多数企业年末资金压力较大，且预期2601- 2602合约价差可能扩大。早盘平水铜报贴水140元/吨，好铜报贴水100元/吨；随后第二节迅速走弱，平 水铜低至贴水200元，好铜报贴水120元/吨。今日，现货市场流动性预计仍偏弱，在卖方积极出货压力 下，升水或继续小幅承压下行。 重要资讯汇总： 宏观与地缘方面，通胀方面，美国11月核心CPI同比上涨2.6%，创下2021年初 ...