中化新网讯 近日，加拿大先进生物燃料协会发表声明，欢迎联邦政府的"生物燃料生产激励计划"于1月 1日正式生效。该计划旨在应对美国《通胀削减法案》及清洁燃料生产抵免政策所带来的竞争压力，保 障加拿大本土生物燃料产能并增强能源安全。 目前，加拿大联邦—省—地区低碳燃料协商机制已建立，下一步关键是协调长期政策，确保加拿大生物 燃料生产稳定增长并扎根于本土，避免供应与竞争力受外国政策左右。各省份在吸引生物燃料生产、原 料加工及可再生燃料基础设施投资方面扮演核心角色，同时也应保障农民与农村社区能从相关产业链中 获得长期就业、收入及增值收益。协会呼吁各省和地区积极参与政策协商，共同构建持久、稳定的长期 投资框架，以保护现有生产设施、吸引新资本，并将生物燃料投资与生产牢牢留在加拿大。 协会主席弗雷德·加塔拉指出，自美国相关政策实施以来，加拿大生产商一直处于竞争劣势。新激励计 划将通过支持本土就业、原料和燃料供应，将清洁燃料投资与生产保留在国内。生物燃料是可立即部署 的减排解决方案，同时有助于支持油菜籽等本土农作物及农村经济发展。 该协会代表生物柴油、乙醇、可再生柴油、可再生汽油及可持续航空燃料的生产商，这些产品已广泛应 用 ...

白糖周报：印度双周糖产大增 国内压榨进入高峰期 研究员：刘倩楠 期货从业证号：F3013727 投资咨询证号：Z0014425 | 第一章综合分析与交易策略 | 2 | | --- | --- | | 第二章核心逻辑分析 | 4 | | 第三章周度数据追踪 | 9 | GALAXYFUTURES 1 综合分析与交易策略 【逻辑分析】 国际方面，巴西甘蔗预计将逐渐进入收榨阶段，巴西糖供应压力将逐渐缓解，市场近期关注点转移到北半球，目前北半球糖产大部分也处于增产周期。 目前印度双周产量较高，增产可能会超预期，给国际糖价以悲观影响。但是由于糖价已经跌至低位且目前大宗商品偏强，因此预计美糖价格短期底部 震荡走势。 国内市场，国内白糖加工成本价格较高，目前广西的糖厂成本大部分都在5400元/吨以上，此外近期外盘美糖走势有筑底迹象，进口巴西糖配额外成 本在5000-5200元/吨，成本端对白糖价格形成一定支撑。但是考虑目前国内正处于白糖压榨高峰期国内糖仍有一定的销售压力，此外25/26年度全球 糖都处于增产预期中，因此预计白糖在上方震荡平台附近有较大压力。短期预计价格震荡。 目录 【交易策略】 1.单边：国际糖价短期预计 ...

来源：中国金融信息网 新华财经北京1月8日电（郑大伟）截至2026年1月8日，中国能化现货估价指数报 786.31点，较前一工作日（1月7日，下 同）下跌2.36点，跌幅为0.3%，较基期（2024年7月2日）下跌213.69点，跌幅为21.37%。 其中，石油行业估价指数报749.29点，较前一工作日下跌5.26点，跌幅为0.7%。 天然气行业估价指数报842.89点，较前一工作日下跌2.93点，跌幅为0.35%。 化工行业估价指数报818.44点，较前一工作日上涨1.41点，涨幅为0.17%。 今日国内能化现货指数整体收跌，行业间走势仍有分化。国际原油收盘大跌，市场利空情绪加码，多数品类价格延续跌 势，业者多观望消化库存为主，整体补货情况一般。天然气行业受制于需求疲软，局部地区价格仍有下调。化工品消息 面利好延续，部分品种价格小幅探涨。 表：当期中国能化现货监测估价情况 （单位：元／吨，山东、上海、舟山保税船燃 单位：美元／吨） | 行业 | 品类 | 详情 | 当期价格 | 上期价格 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 石 ...

来源：中国金融信息网 新华财经北京1月5日电（郑大伟）截至2026年1月5日，中国能化现货估价指数报784.33点，较前一工作日（12月31日，下 同）下跌1.38点，跌幅为0.18%，较基期（2024年7月2日）下跌215.67点，跌幅为21.57%。 其中，石油行业估价指数报753.88点，较前一工作日上涨0.24点，涨幅为0.03%。 天然气行业估价指数报845.82点，较前一工作日下跌20.71点，跌幅为2.39%。 今日国内能化现货估价指数整体微跌，行业间走势依旧有所分化。石油及化工行业微幅收涨，液化气局部地区价格领涨 能化行业。天然气则在供应与天气因素压制下，多数地区价格承压降价，液厂补跌促销情况普遍，现货成交节奏未见明 显变化，下游采购仍以刚需为主，市场观望情绪延续。 表：当期中国能化现货监测估价情况 （单位：元／吨，山东、上海、舟山保税船燃 单位：美元／吨） | 行业 | 品类 | 详情 | 当期价格 | 上期价格 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 石油 | 原油 | 山东港进口到岸价 | 3120 | 314 ...

Report Summary 1. Report Industry Investment Rating - No industry investment rating information is provided in the content. 2. Report's Core View - The report presents the base - rate statistics of various futures and spot commodities on December 26, 2025, including base - rate changes, monthly basis differences, contract prices, and spot prices [3]. 3. Summary by Related Categories Non - ferrous Metals - Copper (CU): The main contract base - rate is - 0.56%, an increase of 0.04% from the previous day. The spot price is 94,760 (SMM 1 electrolytic copper) [3]. - Aluminum (AL): The main contract base - rate is - 0.86%, a decrease of 0.05% from the previous day. The spot price is 21,980 (SMM A00 aluminum) [3]. - Zinc (ZN): The main contract base - rate is 0.33%, an increase of 0.05% from the previous day. The spot price is 23,080 (SMM 0 zinc ingot) [3]. - Lead (PB): The main contract base - rate is - 0.96%, a decrease of 0.31% from the previous day. The spot price is 17,100 (SMM 1 lead ingot) [3]. - Tin (SN): The main contract base - rate is - 0.36%, an increase of 0.68% from the previous day. The spot price is 332,750 (SMM 1 tin) [3]. - Nickel (NI): The main contract base - rate is 1.83%, a decrease of 0.72% from the previous day. The spot price is 127,400 (SMM 1 electrolytic nickel) [3]. - Industrial Silicon: The main contract base - rate is 5.29%, an increase of 0.30% from the previous day. The spot price is 9,250 (SMM annual flux 253 silicon) [3]. - Lithium Carbonate (LC): The main contract base - rate is - 3.2%, an increase of 14.15% from the previous day. The spot price is 116,750 (Steel Union's high - quality battery - grade lithium carbonate) [3]. Precious Metals - Gold (AU): The main contract base - rate is - 0.57%, an increase of 0.17% from the previous day. The spot price is 1,003.01 (AuT + D: Shanghai Gold Exchange) [3]. - Silver (AG): The main contract base - rate is 0.10%, a decrease of 0.50% from the previous day. The spot price is 17,414 (Ag(T + D): Shanghai Gold Exchange) [3]. Black Industry - Rebar (RB): The main contract base - rate is 5.21%, a decrease of 1.29% from the previous day. The spot price is 3,290 (HRB400: 20mm: Shanghai) [3]. - Hot - rolled Coil (HC): The main contract base - rate is 0.30%, an increase of 1.07% from the previous day. The spot price is 3,290 (Q235B: 4.75mm: Shanghai) [3]. - Iron Ore: The main contract base - rate is 6.92%, an increase of 0.14% from the previous day. The spot price is 832.4 (PB powder: 61%: Qingdao) [3]. - Coke: The main contract base - rate is - 8.28%, an increase of 0.37% from the previous day. The spot price is 1,595 (Metallurgical coke: quasi - first - class) [3]. - Coking Coal and Steam Coal (JM, ZC): The main contract base - rates are - 0.58% and 14.3% respectively. The spot prices are 1,117.5 (Main coking coal: clean coal: Mongolian No. 5) and 689.0 (Shanxi Q500: Qinhuangdao) [3]. - Ferrosilicon (SE): The main contract base - rate is - 7.41%, a decrease of 0.59% from the previous day. The spot price is 5,270 (FeSi75 - B: Inner Mongolia) [3]. - Manganese Silicon (SM): The main contract base - rate is - 1.30%, a decrease of 0.24% from the previous day. The spot price is 5,770 (FeMn68Si18: Hebei) [3]. - Stainless Steel: The main contract base - rate is 0.46%, an increase of 0.65% from the previous day. The spot price is 13,050 (304/2B: 2.0*1219: Angang Lianzhong Wuxi) [3]. - Glass (FG): The main contract base - rate is - 3.5%, a decrease of 0.86% from the previous day. The spot price is 1,010 (North China 5mm float glass market price) [3]. Oilseeds and Oils - Soybean: The main contract base - rate is - 4.4%, a decrease of 0.44% from the previous day. The spot price is 3,940 (Domestic third - grade soybean: Harbin) [3]. - Soybean Meal (M): The main contract base - rate is 9.42%, a decrease of 1.65% from the previous day. The spot price is 3,020 (Ordinary protein soybean meal: Zhangjiagang) [3]. - Rapeseed Meal (RM) and Rapeseed Oil (V): The main contract base - rates are 7.57% and 6.72% respectively. The spot prices are 2,530 (Ordinary rapeseed meal: Nantong) and 8,320 (First - grade soybean oil: Zhangjiagang) [3]. - Peanut (PK): The main contract base - rate is 16.98%, an increase of 0.26% from the previous day. The spot price is 9,300 (Baisha peanuts: 45% oil content, 9% water content, Changtu) [3]. - Palm Oil (P): The main contract base - rate is - 0.61%, a decrease of 0.40% from the previous day. The spot price is 8,490 (24 - degree palm oil: Guangdong) [3]. - Corn (C): The main contract base - rate is 4.61%, an increase of 0.33% from the previous day. The spot price is 2,290 (National - standard first - grade corn at Huangpu Port) [3]. - Corn Starch (CS): The main contract base - rate is 3.46%, an increase of 0.41% from the previous day. The spot price is 2,570 (Factory - delivered price of corn starch: Changchun) [3]. Agricultural and Sideline Products - Apple (AP): The main contract base - rate is - 6.50%, a decrease of 0.17% from the previous day. The spot price is 8,600 (Average of Yantai Qixia and Shaanxi Luochuan Red Fuji apples) [3]. - Egg (JD): The main contract base - rate is - 1.56%, an increase of 0.03% from the previous day. The spot price is 2,900 (Eggs: Hebei Cangzhou) [3]. - Live Pig (LH): The main contract base - rate is 2.97%, an increase of 0.61% from the previous day. The spot price is 11,800 (One - yuan live pigs from Henan) [3]. Soft Commodities - Cotton (CF): The main contract base - rate is 7.18%, a decrease of 0.51% from the previous day. The spot price is 15,279 (Cotton price index 328: Xinjiang) [3]. - Sugar (SR): The main contract base - rate is 2.87%, a decrease of 0.14% from the previous day. The spot price is 5,420 (White sugar: Liuzhou) [3]. - Methanol (MA): The main contract base - rate is 0.14%, unchanged from the previous day. The spot price is 2,165 (Methanol: East China) [3]. - Ethanol (EG): The main contract base - rate is - 4.4%, an increase of 0.13% from the previous day. The spot price is 3,650 (Ethanol: East China) [3]. - PTA (TA): The main contract base - rate is - 1.40%, an increase of 0.06% from the previous day. The spot price is 5,080 (PTA: East China) [3]. - Polypropylene (PP): The main contract base - rate is 8.52%, an increase of 0.21% from the previous day. The spot price is 6,800 (Market price of Hangzhou Shaoxing Sanyuan T30S) [3]. - Styrene (EB): The main contract base - rate is 0.26%, an increase of 0.38% from the previous day. The spot price is 11111 (Styrene: East China) [3]. - Polyester Staple Fiber (PF): The main contract base - rate is 0.00%, a decrease of 0.25% from the previous day. The spot price is 6,540 (Yifangxiang semi - bright natural white 1.56*38mm) [3]. - Plastic: The main contract base - rate is 0.16%, an increase of 1.84% from the previous day. The spot price is 6,400 (Market price of Yuyao Zhejiang Petrochemical 7042) [3]. - PVC (V): The main contract base - rate is - 5.40%, an increase of 0.47% from the previous day. The spot price is 4,500 (East China SG - 5 Xinjiang Zhongtai mainstream price) [3]. - Rubber (RU): The main contract base - rate is - 3.3%, an increase of 0.15% from the previous day. The spot price is 15,200 (Thai - produced: Qingdao Free Trade Zone) [3]. - 20 - number Rubber (NR): The main contract base - rate is 3.77%, an increase of 0.02% from the previous day. The spot price is 13,174 (Thai 20 standard rubber: Qingdao Free Trade Zone) [3]. - Soda Ash (SA): The main contract base - rate is - 4.1%, a decrease of 0.17% from the previous day. The spot price is 1,135 (Shahe heavy - quality market price) [3]. - Urea (UR): The main contract base - rate is - 1.72%, a decrease of 0.28% from the previous day. The spot price is 1,710 (Small - particle urea: Henan) [3]. - Pulp (SP): The main contract base - rate is - 1.41%, an increase of 0.28% from the previous day. The spot price is 5,525 (Bleached softwood pulp: Silver Star: Chile) [3]. Energy and Chemicals - Crude Oil (SC): The main contract base - rate is - 8.5%, an increase of 0.45% from the previous day. The spot price is 406.6 (Chinese Shengli: Pacific Rim) [3]. - Fuel Oil (FU): The main contract base - rate is 6.42%, a decrease of 0.55% from the previous day. The spot price is 2,649 (Bonded marine fuel oil 380CST: Zhoushan) [3]. - Asphalt (BU): The main contract base - rate is - 2.50%, an increase of 0.03% from the previous day. The spot price is 2,920 (Heavy - traffic asphalt: market price: Shandong) [3]. - Low - sulfur Fuel Oil (LU): The main contract base - rate is - 0.21%, an increase of 0.01% from the previous day. The spot price is 3,010 (Marine fuel oil 0.5% low - sulfur: Singapore) [3]. - LPG (PG): The main contract base - rate is 11.09%, an increase of 1.39% from the previous day. The spot price is 4,528 (Market price: Guangzhou) [3]. Stock Index Futures - CSI 300 (IF): The main contract base - rate is 0.69%, a decrease of 0.16% from the previous day. The spot price is 4,642.5 [3]. - SSE 50 (IH): The main contract base - rate is - 0.04%, an increase of 0.02% from the previous day. The spot price is 3,032.8 [3]. - CSI 500 (IC): The main contract base - rate is 1.23%, a decrease of 0.31% from the previous day. The spot price is 7,410.7 [3].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - For some varieties like tin (SN2602), plastic (L2605), and sugar (SR2605), they are short - term bullish; for others like silver (AG2602), it is fluctuating bullish [3]. - Stock index futures are expected to move in a range with structural differentiation among sectors. It is advisable to observe cautiously and consider a bull - spread strategy on deep single - day pullbacks [3]. - Treasury bond futures are in a volatile consolidation. For T2603, pay attention to the support around 107.6 - 107.8. Consider going long on T contracts on pullbacks and engage in cash - and - carry and basis - widening strategies for the 2603 contracts [3]. - Precious metals are affected by the strong US dollar. Gold and silver are recommended to hold long positions, reduce positions or lock in profits before the Spring Festival. Palladium may have a significant pullback [3]. - The container shipping index (European line) EC2602 is expected to be volatile in the short term. Steel products' prices are in a range - bound movement. Iron ore prices are supported by the expected restocking of steel mills [3]. - Energy and chemical products have different trends. For example, PX and PTA should be treated with caution after a sharp rise, while LLDPE can be short - term long on the 2605 contract [3]. - Agricultural products have various trends. For instance, soybeans and rapeseeds are in a narrow - range fluctuation, and sugar is in a short - term rebound [3]. Summary by Related Catalogs Daily Selected Views - Tin (SN2602) and plastic (L2605): Take profit on long positions, short - term bullish [3]. - Coking coal (JM2605): Take profit on long positions [3]. - Sugar (SR2605): Short - term bullish [3]. - Silver (AG2602): Fluctuating bullish [3]. Full - Variety Daily Review Financial Futures - Stock Index Futures: The index rebounds after the Bank of Japan's interest - rate hike. Small - and medium - cap indexes are strong with sectoral differentiation. The market is expected to move in a range. Consider a bull - spread strategy on deep single - day pullbacks [3]. - Treasury Bond Futures: 10 - year varieties are relatively stable. T2603 pays attention to the support around 107.6 - 107.8. Consider going long on T contracts on pullbacks and engage in cash - and - carry and basis - widening strategies for the 2603 contracts [3]. - Precious Metals: Affected by the strong US dollar, gold and silver are recommended to hold long positions, reduce positions or lock in profits before the Spring Festival. Palladium may have a significant pullback [3]. Commodity Futures - Container Shipping Index (European Line): EC2602 is expected to be volatile in the short term [3]. - Steel Products: Steel prices are in a range - bound movement. The 5 - month rebar and hot - rolled coil focus on the ranges of 3000 - 3200 yuan and 3200 - 3350 yuan respectively [3]. - Iron Ore: The decline in molten iron is limited, and the expected restocking of steel mills supports the price. Short - term range trading is recommended [3]. - Coking Coal and Coke: Both are viewed as volatile. Take profit on long positions and pay attention to the specified price ranges [3]. - Ferrosilicon and Manganese Silicon: Ferrosilicon is in a bottom - range fluctuation, while manganese silicon can be shorted on rebounds above the Ningxia spot cost [3]. - Non - ferrous Metals: Different non - ferrous metals have different trends. For example, copper is recommended to wait and see, and zinc's cross - market reverse arbitrage can be held [3]. - Energy Products: Polysilicon is in a high - level fluctuation, and lithium carbonate is expected to be in a wide - range fluctuation after a pullback. PX and PTA should be treated with caution after a sharp rise [3]. - Chemical Products: Different chemical products have different trading strategies. For example, LLDPE can be short - term long on the 2605 contract, and PP focuses on the expansion of PDH profits [3]. - Agricultural Products: Different agricultural products have different trends. For example, soybeans and rapeseeds are in a narrow - range fluctuation, and sugar is in a short - term rebound [3].

广发期货 = 03 投资咨询业务资格: 证监许可【2011】1292号 2025年12月24日 欢迎关注微信公众号 | | 集运指数 (欧线) | EC2602 | EC主力震荡下行 | 预期短期震荡 | | --- | --- | --- | --- | --- | | | 钢材 | RB2605 | 钢材减产去库,价格维持区间震荡走势 | 5月螺纹和热卷分别关注3000-3200元和3200- 3350元区间走势 | | 能 | 铁矿 | 12605 | 铁水降幅或有限,钢厂补库预期支撑价格 | 短线区间操作为主,区间参考760-810 | | 色 | 焦煤 | JM2605 | 产地煤价涨跌互现,蒙煤价格跟随期货波动,盘面超跌反弹 | 震荡反弹看待,区间参考1000-1200 | | | 焦炭 | J2605 | 12月焦炭第三轮提降落地,港口贸易价格跟随期货波动 | 震荡看待,多单止盈,区间参考1650-1800 | | | 硅铁 | SF603 | 减产缓解供需矛盾,成本持稳 | 底部震荡,区间参考5400-5650 | | | 锰硅 | SM603 | 高库存压制价格反弹,成本端有支撑 | 短线操 ...

12月20日，KPResearch创始人、《培风客》作者陈大鹏、中信建投期货研究所联席负责人田亚雄、浙商期货首席策略师、投资咨询部总经理徐涛做客由华尔 街见闻和中欧国际工商学院联合主办的「Alpha峰会」，对话帕黎斯资产管理集团董事长余志嘉，共同探讨了2026年大宗商品市场的走向。 KPResearch创始人、《培风客》作者陈大鹏表示，全球许多地缘不确定性并未消失，明年黄金逢低买入逻辑不变，按过去几年经验，逢低是从高点回撤 10%-15%。明年可能导致黄金回调的因素有两种：一是非常乐观的经济趋势，二是地缘局势缓和。但这种回调是买入机会，其结构性看多因素并未消失。 中信建投期货研究所联席负责人田亚雄认为，美联储影响力弱化，财政政策正成为主导。AI绑定太多以至于"大而不能倒"，但高投入并不一定能保证全要素 生产率往上跃迁，但AI投资或将持续，通胀或全面展开，美元信用将受损，美元指数或下破到80-70区间，商品可能提前反应，白银已在抢跑。 浙商期货首席策略师、投资咨询部总经理徐涛则提醒，明年美国市场某个阶段可能有较大波动。当美股波动时，不要说大宗商品，所有资产都会跌。所以明 年大宗商品最大风险点在美国市场，一旦出现 ...

来源：市场资讯 据印尼政府数据，预计2025年印尼柴油进口量将达490万千升，约占全国总需求量的10.6%，实现柴油 进口归零的核心举措是2026年在全国推广B50生物柴油。此外，印尼计划在2030年前强制要求汽油中掺 混10%的乙醇。2024年印尼乙醇产能为30.3325万千升，实际产量仅16.0946万千升。数据显示，印尼目 前每年用于燃料进口的支出约520万亿印尼盾。 关于液化石油气方面的进口，印度尼西亚曾于2021年提出计划在2030年前停止进口，并制定了一系列措 施以调整其能源结构。2023年，能源与矿产资源部长曾表示，印尼正通过发展生物燃料来减少对燃油进 口的依赖。（市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资 建议。） 印度尼西亚总统普拉博沃·苏比安托于12月16日宣布一项计划，目标是在2030年前逐步停止包括柴油在 内的所有燃料进口，以此推动国家能源自给战略。苏比安托表示，该国将从2026年起首先停止柴油进 口。 ...

2026年起首先停止进口柴油 中化新网讯 12月16日，印尼总统普拉博沃・苏比安托宣布，该国计划在未来4年内逐步停止燃料进口， 以此推动国家能源自给战略落地。苏比安托表示，印尼政府将从2026年起首先停止柴油进口，后续逐步 减少其他燃料进口，最终于2030年前彻底中止，此举旨在降低印尼对外国能源的依赖，并将相关资金转 投国内建设。 实现柴油进口归零的核心举措是2026年在全国推广B50生物柴油，通过提高国内脂肪酸甲酯(FAME)在 柴油中的掺混比例，完全以本土资源替代进口柴油。政府数据显示，2025年印尼柴油进口量预计达490 万千升，约占全国总需求量的10.6%。 政府还计划在2030年前强制要求汽油中掺混10%乙醇，进一步削减燃料进口规模。印尼甲醇与乙醇生产 商协会数据显示，2024年印尼乙醇产能为30.3325万千升，实际产量仅16.0946万千升。标普全球能源旗 下普氏资讯指出，要满足E10标准，印尼乙醇产量需提升8.7倍。 印尼当前每年用于燃料进口的支出约520万亿印尼盾。苏比安托表示，减少燃料进口每年可节省数百万 亿印尼盾，这些资金将用于支持地方发展。政府的中长期能源规划还包括利用本土农产品开发生 ...