Core Viewpoint - The A-share market experienced a pullback on December 2, with the photovoltaic ETF Huaxia (515370) declining by 1.32%, reflecting a broader trend of most constituent stocks retreating, particularly in the photovoltaic sector [1] Group 1: Market Performance - The A-share market's three major indices showed volatility and a downward trend, with significant declines in stocks such as 聚合材料 and 通威股份, which fell over 4% [1] - Major companies like 大全能源, TCL中环, and 隆基绿能 also experienced declines, indicating a general downturn in the photovoltaic sector [1] Group 2: Policy Adjustments - On December 1, the Guangxi Futures Exchange announced adjustments to the trading margin standards and limits for the polysilicon futures PS2601 contract, effective from December 3, 2025 [1] - The speculative trading margin for the PS2601 contract will be raised to 13%, while the hedging margin will be set at 12%, with a daily opening position limit of 500 contracts for non-futures company members or clients [1] Group 3: Market Outlook - According to Jianxin Futures, the adjustments aim to curb excessive speculation and reduce volatility risks in the market [1] - Short-term effects include constraints on speculative funds, leading to a cooling of trading activity in near-month contracts and a potential decrease in open interest [1] - In the medium to long term, the fundamental supply and demand dynamics of the industry remain unchanged, with polysilicon prices still dependent on terminal demand, production cuts by companies, and inventory reduction pace [1]

Report Summary Key Information - The Guangzhou Futures Exchange will adjust the trading margin standard and trading limit of the polysilicon futures PS2601 contract. Effective from the settlement on December 3, 2025, the speculative trading margin standard will be adjusted to 13%, and the hedging trading margin standard will be adjusted to 12%. Starting from the trading session on December 3, 2025, the single - day opening volume of non - futures company members or clients on the polysilicon futures PS2601 contract shall not exceed 500 lots [2] - The Henan Bureau of the National Mine Safety Administration has ordered Henan Shenhuo Coal & Power Co., Ltd.'s Xinzhuang Coal Mine to suspend production for rectification for 2 days due to major accident hazards [2] - The ANRPC monthly rubber report shows that in October 2025, natural rubber prices showed a bearish trend. In 2025, the global natural rubber production is expected to increase slightly by 1.3% compared to 2024, and demand is expected to increase by 0.8% [2] - As of November 28, 2025, the commercial inventory of soybean oil in key regions across China was 117.88 million tons, a decrease of 0.11 million tons from the previous week, a decline of 0.09%. The commercial inventory of palm oil in key regions was 65.35 million tons, a decrease of 1.36 million tons from the previous week, a decline of 2.04% [2] - The US ISM Manufacturing PMI index in November dropped 0.5 points to 48.2, remaining below the 50 boom - bust line for nine consecutive months, marking the largest contraction in four months. The new orders index dropped to the fastest contraction rate since July, and the backlog of orders had the largest decline in seven months [3] Plate Performance - Key areas of focus include urea, coking coal, silver, asphalt, and PVC [4] - In the night session, the non - metallic building materials sector rose 2.77%, the precious metals sector rose 30.31%, the oilseeds and oils sector rose 9.08%, the non - ferrous metals sector rose 23.79%, the soft commodities sector rose 2.75%, the coal, coking, steel, and ore sector rose 12.35%, the energy sector rose 2.84%, the chemical sector rose 10.87%, the grain sector rose 1.39%, and the agricultural and sideline products sector rose 3.84% [4] Plate Position - The document presents the position changes of commodity futures plates in the past five days, but specific data is not clearly stated in text form [5] Performance of Major Asset Classes | Category | Name | Daily Return (%) | Monthly Return (%) | Annual Return (%) | | --- | --- | --- | --- | --- | | Equity | Shanghai Composite Index | 0.65 | 0.65 | 16.77 | | | SSE 50 | 0.81 | 0.81 | 11.51 | | | CSI 300 | 1.10 | 1.10 | 16.30 | | | CSI 500 | 1.00 | 1.00 | 24.03 | | | S&P 500 | - 0.53 | - 0.53 | 15.83 | | | Hang Seng Index | 0.67 | 0.67 | 29.78 | | | German DAX | - 1.04 | - 1.04 | 18.49 | | | Nikkei 225 | - 1.89 | - 1.89 | 23.58 | | | FTSE 100 | - 0.18 | - 0.18 | 18.71 | | Fixed - income | 10 - year Treasury Bond Futures | 0.12 | 0.09 | - 0.81 | | | 5 - year Treasury Bond Futures | 0.10 | 0.09 | - 0.66 | | | 2 - year Treasury Bond Futures | 0.03 | 0.03 | - 0.55 | | Commodity | CRB Commodity Index | 0.41 | 0.41 | 2.03 | | | WTI Crude Oil | 1.71 | 1.97 | - 17.20 | | | London Spot Gold | 0.30 | 0.30 | 61.24 | | | LME Copper | 0.00 | 0.00 | 27.26 | | | Wind Commodity Index | 2.12 | 2.12 | 36.63 | | Other | US Dollar Index | - 0.03 | - 0.03 | - 8.36 | | | CBOE Volatility Index | 0.00 | 0.00 | - 5.76 | [6]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - In the short - term, supply - demand and prices are the two major economic concerns. The manufacturing industry was in a state of passive de - stocking in November, and the relationship between production and demand improved slightly. However, the sustainability needs to be observed, and the endogenous demand in consumption and real estate needs to be strengthened. The price index has been repaired, with the front - end stronger than the back - end in structure [28]. - After the December Politburo meeting, the general policy direction for 2026 will be set, and the subsequent Central Economic Work Conference will make further deployments. Key areas of focus include monetary policy, fiscal policy, technological self - reliance, etc. The overall environment is favorable for the market [28]. 3. Summary of Each Section 3.1 Macro Data Overview - GDP growth rate in Q3 2025 was 4.8% year - on - year, down from 5.2% in the previous quarter but up from 4.6% in the same period last year [1]. - In November 2025, the manufacturing PMI was 49.2%, slightly up from 49.0% in the previous month but down from 50.3% in the same period last year; the non - manufacturing PMI for business activities was 49.5%, down from 50.1% in the previous month and 50.0% in the same period last year [1]. - In October 2025, the monthly increase in social financing scale was 816.1 billion yuan, significantly lower than 3529.9 billion yuan in the previous month but higher than 1412.0 billion yuan in the same period last year [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - From December 3, 2025, the speculative trading margin standard for the polysilicon futures PS2601 contract will be adjusted to 13%, and the hedging trading margin standard to 12%. The daily opening volume limit for non - futures company members or clients will be 500 lots [2]. - China's S&P manufacturing PMI in November was 49.9, down from 50.6 in the previous month [3]. - On December 1, 36 domestic commodity varieties had positive basis, and 30 had negative basis [3]. - The Bank of Japan Governor signaled a possible interest rate hike [3]. 3.2.2 Metals - Due to supply shortages and expectations of Fed rate cuts, silver prices soared to record highs. On Monday, spot silver reached over $58 per ounce, with a year - to - date increase of over 100% [4]. - On December 1, the price of battery - grade lithium carbonate rose to 94,400 yuan/ton, and the price of lithium hydroxide rose to 82,500 yuan/ton [5]. - As of November 28, lead, aluminum, and nickel inventories decreased, while zinc inventory increased [6]. 3.2.3 Coal, Coking, Steel, and Minerals - The China Iron and Steel Association emphasized accelerating key iron ore projects to enhance the industry's resource security capacity [8]. - Saudi Arabia launched a new round of mineral exploration tenders covering 13,000 square kilometers [8]. - Indonesia set the benchmark prices for different grades of coal for the first half of December [8]. 3.2.4 Energy and Chemicals - Two shale gas industry standards will be implemented on March 28, 2026, to support shale gas development [10]. - On December 1, international oil prices rose due to geopolitical risks and supply - side factors [10]. - Saudi Aramco and Algerian National Oil Company raised LPG prices by 3% - 5% in December [10]. 3.2.5 Agricultural Products - The domestic corn market has been rising strongly, with significant price increases in major ports [11]. - On December 1, the domestic live - hog futures contract 2601 was at a low level, and the spot market prices mostly fell [11]. - The USDA reported weekly export sales data for various agricultural products in the US [11][12]. 3.3 Financial News Compilation 3.3.1 Open Market - On December 1, the central bank conducted 107.6 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 231.1 billion yuan [14]. 3.3.2 Key News - French President Macron will visit China from December 3 - 5 [15]. - The CSRC is promoting the pilot of commercial real estate investment trusts (REITs) to support the real estate market [16]. - As of the end of October, the balance of loans in the Yangtze River Delta region showed certain growth trends [17]. - In November, new energy vehicle sales rankings were released, with BYD leading [17]. 3.3.3 Bond Market Summary - The Chinese bond market was mostly strong and volatile. Interest - rate bond yields mostly declined, and treasury - bond futures had mixed performance [21]. - Exchange - traded bonds, especially Vanke bonds, generally declined [21]. - The CSI Convertible Bond Index rose 0.10% [22]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose 69 basis points on December 1 [27]. - The US dollar index fell 0.03% in New York trading [27]. 3.3.5 Research Report Highlights - Huatai Fixed - Income commented on the November official manufacturing PMI, highlighting supply - demand and price concerns [28]. - Guosheng Macro's Xiong Yuan released a report on the possible policy directions after the December Politburo meeting [28]. 3.3.6 Today's Reminders - On December 2, 155 bonds will be listed, 101 bonds will be issued, 54 bonds will be settled, and 135 bonds will pay principal and interest [29][30]. 3.4 Stock Market Key News - A - shares rose unilaterally, with technology themes active. The Shanghai Composite Index rose 0.65%, and the trading volume expanded to 1.89 trillion yuan [31]. - The Hong Kong Hang Seng Index rose 0.67%, and the Southbound funds had a net purchase of HK$2.148 billion [31]. - Shenzhen Stock Exchange will adjust samples of multiple indices on December 15 [31].

广期所:多晶硅期货PS2601合约保证 金及限额周整 【广期所调整多晶硅期货PS2601合约保证金标准及 交易限额】 12月1日,广期所发布通知,决定对多 晶硅期货PS2601合约交易保证金标准及交易限额进 行调整。自2025年12月3日结算时起,该合约投机 交易保证金标准调至13%,套期保值交易保证金标 准调至12%。自2025年12月3日交易时起,非期货 公司会员或客户单日开仓量不得超500手。套期保 值、做市交易不受此限,有实际控制关系的账户按 一个账户管理。若与现行标准不同,按高标准执 行。 【广期所调整多晶硅期货PS2601合约保证金标准及交易限额】12月1日，广期所发布通知，决定对多晶 硅期货PS2601合约交易保证金标准及交易限额进行调整。 自2025年12月3日结算时起，该合约投机交易 保证金标准调至13%，套期保值交易保证金标准调至12%。 自2025年12月3日交易时起，非期货公司会 员或客户单日开仓量不得超500手。套期保值、做市交易不受此限，有实际控制关系的账户按一个账户 管理。若与现行标准不同，按高标准执行。 本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 和讯猎报 12 ...

Core Points - The Guangzhou Futures Exchange announced adjustments to the trading margin standards and trading limits for the polysilicon futures PS2601 contract, effective from December 3, 2025 [1] Summary by Category Trading Margin Standards - The trading margin for speculative trading of the polysilicon futures PS2601 contract will be adjusted to 13% [1] - The trading margin for hedging transactions will be adjusted to 12% [1] Trading Limits - Non-futures company members or clients will have a daily opening position limit of 500 lots for the polysilicon futures PS2601 contract [1] - The daily opening position limit refers to the total of buy and sell opening positions in a single contract on that day [1] - Hedging transactions and market-making transactions are not subject to the above daily opening position limit [1] Additional Provisions - If the new trading margin standards differ from the currently implemented standards, the higher of the two will be enforced [1]