上证报中国证券网讯（记者 严晓菲）12月9日日间盘，国内商品期货主力合约跌多涨少，其中多晶硅主 力合约领涨。截至15:00收盘，多晶硅涨超3%，生猪、纤维板、集运指数（欧线）涨超1%，硅铁、线 材、白糖等微涨；跌幅方面，工业硅跌超3%，焦炭、燃油、原油等跌超2%，菜油、沪铝、玉米等跌超 1%，甲醇、苯乙烯、沪镍等微跌。 建信期货研报分析，基本面来看，多晶硅供需双减，终端需求疲软传导逐步向产业链上游传递，下游企 业减产控产，市场尚未进入主动去库阶段；硅片和电池片等价格近期持续走弱，产业链利润集中在硅料 端。目前，政策面强调稳定，基本面提供上行驱动有限，期货价格调整至现货价格区间后预计仍然延续 震荡格局。 中信期货研报表示，在仓单仍处低位、"反内卷"背景下，多晶硅期货价格预计仍呈现宽幅震荡格局，后 续重点需关注仓单注册进度及政策信号变化。 来源：上海证券报·中国证券网 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 严晓菲）12月9日日间盘，国内商品期货主力合约跌多涨少，其中多晶硅主 力合约领涨。截至15:00收盘，多晶硅涨超3%，生猪、纤维板、集运指数（欧线）涨超1%，硅铁、线 材、白糖等微涨；跌幅方面 ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - As of the close on December 9, most domestic futures main contracts were in the red. Industrial silicon dropped over 3%, and many other commodities like coke, fuel oil, and SC crude oil also had significant declines. On the other hand, polysilicon rose over 3%, and some commodities such as live pigs and fiberboard had gains over 1%. Different futures varieties showed various trends based on their own supply - demand fundamentals, cost factors, and market news [5][6]. 3) Summary by Related Catalogs a) Futures Market Overview - As of the close on December 9, domestic futures main contracts were mostly down. Industrial silicon dropped over 3%, and commodities like coke, fuel oil, SC crude oil, etc., dropped over 2%. In terms of gains, polysilicon rose over 3%, and live pigs, fiberboard, and container shipping to Europe routes rose over 1%. Stock index futures mostly declined, while treasury bond futures generally rose [5][6]. b) Market Analysis - **Shanghai Copper**: Opened high and closed low, declining on the day. CSPT announced a joint production cut of over 10% in 2026 due to low copper concentrate processing fees. In November, the operating rate of recycled copper rods was 23.84%, higher than expected but lower year - on - year and month - on - month. In December, some smelters are under maintenance, and production is expected to increase. Downstream demand is weak, and with the approaching Fed rate - cut meeting, market sentiment is cautious [8]. - **Lithium Carbonate**: Opened high and closed low, declining on the day. The news of Nigeria's mining suspension had little impact on the fundamentals. In November, production continued to grow, and it is expected to increase by about 3% in December. Downstream production growth has slowed, and the inventory reduction process has slowed down. It is expected to trade in a high - level range in the short term [10]. - **Crude Oil**: OPEC+ will maintain production in 2026, and some countries will pause production increases in Q1 2026. The peak demand season is over, and US oil inventories have increased. The US is at a high - production level. Geopolitical issues in Venezuela and Libya may cause supply disruptions. The market is worried about demand, and the market is in a supply - surplus situation. It is expected to trade in a low - level range [11][12]. - **Asphalt**: Last week, the operating rate increased slightly, and December production is expected to decrease. Downstream demand is affected by funds and weather. The inventory - to - sales ratio of refineries is at a low level. Crude oil prices are weak, and it is expected that asphalt futures prices will trade in a weak range [13]. - **PP**: As of December 5, the downstream operating rate was at a low level in the same period. On December 9, the enterprise operating rate increased, and the production ratio of standard products rose. Petrochemical inventories are at a high level. Cost and supply factors are not favorable, and downstream demand is in the off - season. It is expected to trade in a weak range, and the L - PP spread is expected to narrow [14][15]. - **Plastic**: On December 9, the operating rate increased. As of December 5, the downstream operating rate decreased. Petrochemical inventories are at a high level. Cost and supply factors are not favorable, and downstream demand is in the off - season. It is expected to trade in a weak range, and the L - PP spread is expected to narrow [16]. - **PVC**: The upstream calcium carbide price is stable. The supply - side operating rate decreased slightly, and downstream demand is weak. India's policy changes have limited impact, and export orders have decreased. Social inventories are high, and it is expected to trade in a weak range [18]. - **Coking Coal**: Opened low and closed low, dropping over 2% on the day. The price of some spot products decreased. At the end of the year, imported coal impacts the domestic market. Coal production is at a high level, but some factories may reduce production. Inventories are not well - transferred, and the iron - water output decreased. The market is in a weak state [19][20]. - **Urea**: Opened low and closed low, trading weakly on the day. Spot prices are stable on the surface but decreasing in reality. The supply of gas - based plants decreased, and the cost support is weak. Downstream demand is not strong, and the inventory reduction rate will slow down. The market has some support from exports and winter storage [21].

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 12月9日收盘，国内期货主力合约跌多涨少。多晶硅涨超3%，生猪、纤维板、集运欧线涨超1%；下跌 方面，工业硅跌超3%，焦炭、燃油、原油、焦煤、玻璃跌超2%。 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 12月9日收盘，国内期货主力合约跌多涨少。多晶硅涨超3%，生猪、纤维板、集运欧线涨超1%；下跌 方面，工业硅跌超3%，焦炭、燃油、原油、焦煤、玻璃跌超2%。 | 名移 现价条幅后1 工量 之量 | 12.43 | | | જિલ્લ | 正价 | 芝价 | | | ने में | 成交量 | 特色 | 日常仓 | ਦੇ ਨੇ | 最高 | 量低 | 开盘 | 昨日 | 昨台 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 8 品轻2601 p=2601 5581F NSD Et | | 55810 | | | 503555 | 5 ...

Core Viewpoint - The domestic futures market for light chemical products experienced mixed performance, with fiberboard futures showing a slight upward trend, closing at 1262.00 yuan/ton, up 0.40% [1] Group 1: Steel Production and Inventory - In late September 2025, key steel enterprises produced 18.89 million tons of crude steel, with an average daily output of 1.889 million tons, reflecting a month-on-month decrease of 8.9% [1] - The production of pig iron reached 18.17 million tons, with an average daily output of 1.817 million tons, showing a month-on-month decline of 4.9% [1] - Steel output totaled 21.42 million tons, with an average daily output of 2.142 million tons, indicating a month-on-month increase of 4.0% [1] - The steel inventory among key steel enterprises was recorded at 14.67 million tons, a decrease of 620,000 tons or 4.1% from the previous period, but an increase of 2.7% compared to the same period last year [1] Group 2: Steel Exports - In September, the total steel export volume from 32 domestic ports reached 12.3042 million tons, representing a month-on-month increase of 2.17% [1] - Tianjin New Port exported 3.7404 million tons of steel in September, up 28.26% month-on-month [1] - The export volume from Jingtang Port was 1.2425 million tons, reflecting a month-on-month increase of 38.13% [1] - Luojing Port's steel export volume was 1.0987 million tons, marking a month-on-month increase of 19.98% [1]

Group 1 - The domestic futures market for light chemical sector showed mixed results, with fiber board futures experiencing high volatility, closing at 1276.50 yuan/ton, a slight increase of 0.12% [1] Group 2 - In Tangshan, steel mills are implementing production restrictions, resulting in low operating rates and capacity utilization, alongside transportation controls for National VI standard and new energy vehicles [2] - The mainstream prices for Tangshan section steel remained stable, with I-beam at 3390 yuan/ton, angle steel at 3400 yuan/ton, and channel steel between 3350-3400 yuan/ton, with weak transaction volumes [2] - As of mid-August 2025, the inventory of key steel enterprises was reported at 15.67 million tons, an increase of 600,000 tons or 4.0% from the previous period [2] - The total urban inventory for the week was 8.54 million tons, up by 340,100 tons (+4.15%) from the previous week, while the total inventory of construction steel was 4.64 million tons, increasing by 216,000 tons (+4.88%) [2] - The vice president of the China Iron and Steel Association, Xia Nong, indicated that the steel industry is expected to maintain a stable and positive trend due to continued national support for production regulation and the gradual implementation of comprehensive rectification policies [2]