国内商品期市夜盘收盘多数上涨，非金属建材涨幅居前，PVC涨2.40%；化工品多数上涨，甲醇涨 2.11%；油脂油料多数上涨，豆粕涨0.62%；能源品全部上涨，LPG涨0.60%；黑色系跌幅居前，焦煤跌 2.37%；农副产品涨跌参半，玉米淀粉跌0.52%。 ...

非金属建材涨幅居前，PVC涨2.40%；化工品多数上涨，甲醇涨2.11%；油脂油料多数上涨，豆粕涨 0.62%；能源品全部上涨，LPG涨0.60%；黑色系跌幅居前，焦煤跌2.37%；农副产品涨跌参半，玉米淀 粉跌0.52%。 ...

中国统计信息服务中心 卓创资讯 据对全国流通领域9大类50种重要生产资料市场价格的监测显示，2025年12月中旬与12月上旬相比，15 种产品价格上涨，31种下降，4种持平。 吨 | 吨 | 16904.2 | | | | --- | --- | --- | --- | | -161.4 | -0.9 | | | | 锌锭(0#) | 吨 | | | | 23261.7 | 325.4 | | | | 1.4 | 三、化工产品 | | | | 硫酸(98%) | 吨 | | | | 1057.9 | 44.0 | | | | 4.3 | (液碱，32%) | 烧碱 | | | 吨 | 762.6 | | | | -20.4 | -2.6 | | | | (优等品 | ) | 甲醇 | 吨 | | 2107.7 | -2.4 | | | | -0.1 | (石油苯，工业级 | ) | 纯苯 | | 吨 | 5278.1 | | | | -35.1 | -0.7 | | | | (一级品 | ) | 苯乙烯 | 吨 | | 6603.6 | -44.7 | | | | -0.7 | 聚乙烯(LLDPE，熔融指数 ...

Report Summary 1. Hot News - On Thursday, the main palladium futures contract on the Guangzhou Futures Exchange hit the daily limit again, and the main platinum futures contract nearly hit the limit. Starting from the trading session on December 23, 2025, non - futures company members or clients are restricted to a maximum daily opening position of 500 lots for platinum and palladium futures contracts respectively. Also, from the trading session on December 22, the minimum opening order quantity for polysilicon futures contracts is adjusted from 1 lot to 5 lots [3] - China has re - implemented export license management for steel after 16 years, aiming to strengthen monitoring, statistical analysis, and quality tracking of steel product exports. Meanwhile, the Ministry of Commerce has approved some general export license applications for rare earths. China strongly opposes the EU's recent investigations under the Foreign Subsidies Regulation (FSR) and will take necessary measures [3] - A giant undersea gold mine, the only one in China and the largest in Asia, has been discovered in the northern waters of Sanshandao, Laizhou, Shandong. The city's total proven gold reserves exceed 3,900 tons, accounting for about 26% of the country's total, ranking first in both reserves and production nationwide [3] - At the "2025 Annual Conference of the Photovoltaic Industry", Yang Xudong, Director of the Department of Electronic Information of the Ministry of Industry and Information Technology, stated that the photovoltaic industry governance will enter a critical stage in 2026, with further capacity regulation to achieve dynamic balance. The China Photovoltaic Industry Association did not predict the next - year's new installed capacity [3] - The US core CPI in November 2025 rose 2.6% year - on - year, the slowest pace since early 2021 and lower than the market expectation of 3%. The overall CPI rose 2.7% year - on - year, lower than the expected 3.1%. However, the reliability of this inflation report is questioned due to the serious interference of the federal government shutdown in data collection [4] 2. Key Focus - The key commodities to focus on are urea, Shanghai copper, palladium, plastic, and asphalt [5] 3. Night - session Performance - The night - session price changes of different commodity futures sectors are as follows: non - metallic building materials 2.42%, precious metals 33.32%, oilseeds and oils 8.49%, soft commodities 3.33%, non - ferrous metals 23.90%, coal, coke, and steel ore 10.87%, energy 2.51%, chemicals 10.29%, grains 1.27%, and agricultural and sideline products 3.60% [5] 4. Major Asset Performance - **Equity**: The daily, monthly, and annual percentage changes for various stock indices are provided. For example, the Shanghai Composite Index had a daily increase of 0.16%, a monthly decrease of 0.31%, and an annual increase of 15.65%. Other indices like S&P 500, Hang Seng Index, etc., also have their respective performance data [7] - **Fixed - income**: The performance of 10 - year, 5 - year, and 2 - year treasury bond futures is presented, including daily, monthly, and annual percentage changes [7] - **Commodity**: The performance of CRB commodity index, WTI crude oil, London spot gold, LME copper, and Wind commodity index is shown, with daily, monthly, and annual percentage changes [7] - **Other**: The performance of the US dollar index and CBOE volatility index is given, including their daily, monthly, and annual percentage changes [7]

Investment Rating - The report emphasizes a positive outlook for the construction materials industry, particularly in relation to domestic demand and government policies aimed at stabilizing the housing market and increasing residents' income [1][11]. Core Insights - The Central Political Bureau meeting in 2025 prioritized "maintaining domestic demand and building a strong domestic market," which is crucial for the construction materials sector as it is closely tied to the housing market and residents' income [1][11]. - The Federal Reserve's recent interest rate cut of 25 basis points is expected to alleviate external debt pressures for African countries, potentially increasing investment opportunities in the region, which is highlighted as a key area for expansion [2][12]. - The report discusses the rapid evolution of AI materials, suggesting a strategy of "stability in response to change," with a focus on companies like Zhongcai Technology and Copper Crown Copper Foil, which are positioned to benefit from technological advancements and market demand [3][13]. Summary by Sections Weekly Discussion - The report highlights the importance of domestic demand for the construction materials industry, linking it to government initiatives aimed at increasing income and stabilizing the housing market [1][11]. Market Performance - The construction materials index showed a slight decline of -0.01%, with specific segments like glass manufacturing and cement experiencing varied performance [18][21]. - The report notes that the national average price for cement is 355 RMB/t, with a year-on-year decrease of 70 RMB/t but a month-on-month increase of 5 RMB/t [14][30]. Price Changes in Construction Materials - Cement prices have shown regional variations, with increases in areas like Henan and Guangdong, while declines were noted in Sichuan and Yunnan [30]. - The floating glass market is experiencing a slight upward trend, with the average price reaching 1163.86 RMB/t, reflecting a 1.40% increase from the previous week [41][42]. Industry Trends - The report identifies a trend towards AI materials, particularly in electronic fabrics and high-end copper foil, with companies like Zhongcai Technology and Copper Crown Copper Foil leading the way in innovation and market share [3][13]. - The glass fiber market is showing slight price increases, driven by selective price hikes from certain manufacturers, with the average price for 2400tex non-alkali yarn at 3535.25 RMB/t [65].

（责任编辑：郭健东 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 每经AI快讯，国内商品期市夜盘收盘多数下跌，黑色系跌幅居前，焦煤跌5.24%；农副产品多数下 跌，玉米淀粉跌1.70%；化工品多数下跌，乙二醇跌1.64%；非金属建材涨跌参半，PVC跌0.99%；油脂 油料多数下跌，菜粕跌0.71%；能源品涨幅居前，低硫燃料油涨1.32%。 每日经济新闻 ...

中国统计信息服务中心 卓创资讯 据对全国流通领域9大类50种重要生产资料市场价格的监测显示，2025年11月下旬与11月中旬相比，15 种产品价格上涨，30种下降，5种持平。 2025年11月下旬流通领域重要生产资料市场价格变动情况 铅锭(1#) 吨 | | | 16979.2 | | --- | --- | --- | | | | -295.8 -1.7 | | 锌锭(0#) | | | | | 吨 | | | | | 22398.3 -85.5 | | | | -0.4 | | 三、化工产品 | | | | 硫酸(98%) | | | | | 吨 | 939.5 | | | | 72.6 | | 烧碱 (液碱，32%) | | 8.4 | | | 吨 | 825.1 | | | | -20.9 | | | | -2.5 | | 甲醇 (优等品 ) | | | | | 吨 | | | | | 2059.5 21.0 | | | | 1.0 | | 纯苯 (石油苯，工业级 ) | | | | | 吨 | | | | | 5313.6 | | | | -26.0 | | 苯乙烯 (一级品 ) | | -0.5 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - On December 1st, most domestic commodity futures closed higher, with precious metals leading the gains, while agricultural products showed mixed performance. Industrial products mostly rose, and agricultural products had both gains and losses [1] - The focus of the steel futures market in December will shift from reality to macro - expectations, and short - term market sentiment is favorable [1] - The rising trend of basic metals is supported by multiple factors, and the fundamentals of aluminum are relatively stable [1] - The geopolitical situation and OPEC's production plan affect the energy - chemical products market, and the pressure on oil prices may increase if Russian oil returns to normal [1] - The short - term soybean market lacks new drivers, and palm oil prices may rise if the减产 logic is confirmed [1] Group 3: Summary by Relevant Catalog Black Series - All black series commodities rose. The recent demand for finished products improved, speculative demand rebounded significantly, and inventory continued to decline. Last week, the inventory of the five major steel products decreased by 2.25% to 1400.81 million tons, reaching a 3.5 - month low, while production increased by 0.68% to 85.71 million tons, and apparent demand slightly decreased by 0.69% to 88 million tons, still higher than the same period last year [1] Basic Metals - Most basic metals rose. The price of copper broke through the previous high, and the upward trend is supported by multiple factors in the medium term. The price of aluminum fluctuated upward, with low inventory and resilient demand [1] Energy - Chemical Products - Most energy - chemical products rose. International oil prices pulled up strongly in Asian electronic trading, and the domestic crude - oil series mostly rose. Geopolitical contradictions remain, and OPEC plans to maintain the current production plan. The pressure on oil prices will increase if Russian oil returns to normal [1] Oilseeds and Oils - Most oilseeds and oils rose. The price of US soybeans declined, and the domestic soybean meal market lacks new drivers. Palm oil prices are supported by seasonal production reduction expectations, and the price may rise if the reduction logic is confirmed [1] Index Changes - The comprehensive index of Guomao Commodities rose by 1.13% from 2200 to 2224.82 [1] - The daily consumption index rose by 0.85% from 1587.47 to 1601.03 [1] - The Guomao Black Commodity Index rose by 1.12% from 1700.99 to 1720.10 [1] - The Guomao Energy - Chemical Index decreased by 0.05% from 575.99 to 575.72 [1] - The Guomao Oilseeds and Oils Index rose by 0.03% from 2124.65 to 2125.19 [1]

Group 1: Hot News - The US Trade Representative's Office extended the tariff exemptions on China's technology transfer and intellectual property issues until November 10, 2026, which were originally set to expire on November 29, 2025 [2] - The National Development and Reform Commission will continue to address disorderly price competition among enterprises to maintain market price order [2] - From January to October 2025, the total profits of industrial enterprises above designated size in China reached 5950.29 billion yuan, a year - on - year increase of 1.9%, but in October, the profits decreased by 5.5% year - on - year [2] - The State Administration for Market Regulation will strengthen anti - monopoly law enforcement in key areas and fair competition reviews [2] - Russian President Putin said the US peace plan could be the basis for a Ukraine agreement, and the US delegation will visit Moscow next week [3] Group 2: Sector Performance - Key sectors to watch include lithium carbonate, coke, coking coal, Shanghai copper, and Shanghai gold [4] - Night - trading performance shows that different commodity futures sectors had varying degrees of price changes, with precious metals up 30.01%, non - metallic building materials up 3.02%, and so on [4] Group 3: Sector Positions - The chart shows the changes in commodity futures sector positions in the past five days, with different trends for each sector [5] Group 4: Performance of Major Asset Classes - In the equity market, the Shanghai Composite Index had a daily increase of 0.29%, a monthly decrease of 2.01%, and a yearly increase of 15.62%. Other indices also had their respective performance [6] - In the fixed - income market, 10 - year, 5 - year, and 2 - year treasury bond futures all had negative returns to varying degrees [6] - In the commodity market, the CRB commodity index, WTI crude oil, London spot gold, LME copper, and the Wind commodity index had different price changes [6] - Other assets such as the US dollar index and CBOE volatility index also showed their own trends [6]

Group 1 - The domestic commodity futures market closed mixed on November 26, with chemical products leading the gains, particularly methanol which rose by 1.82% [1] - All non-metallic building materials increased, with glass up by 1.27% [1] - Most energy products saw an increase, with LPG rising by 0.52% [1] Group 2 - The black series experienced the largest declines, with coke falling by 0.96% [1] - Most oilseeds and oils decreased, with rapeseed oil down by 0.46% [1] - Agricultural products showed mixed results, with corn dropping by 0.40% [1]