Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Through macro - fundamental and technical analyses, the report predicts the trends of various futures contracts on December 16, 2025, and gives resistance and support levels for each contract. Some futures like platinum, palladium, and polysilicon are expected to reach new highs [2]. Summary by Related Catalogs Futures Market Outlook - **Stock Index Futures**: On December 16, 2025, stock index futures are likely to oscillate weakly. For example, IF2512 has a resistance at 4575 and 4600 points and a support at 4511 and 4500 points. In December 2025, IF, IH, IC, and IM main contracts are expected to oscillate strongly in a wide range [2][19]. - **Treasury Bond Futures**: On December 16, 2025, the 10 - year Treasury bond futures main contract T2603 is likely to oscillate weakly and test the support at 107.75 and 107.61 yuan. The 30 - year Treasury bond futures main contract TL2603 is likely to oscillate weakly and test the support at 111.1 and 110.4 yuan [2][39][42]. - **Precious Metal Futures**: - **Gold**: On December 16, 2025, the gold futures main contract AU2602 is likely to oscillate weakly and test the support at 970.6 and 963.3 yuan/gram. In December 2025, it is expected to oscillate strongly in a wide range [45]. - **Silver**: On December 16, 2025, the silver futures main contract AG2602 is likely to oscillate strongly and attack the resistance at 15200 and 15600 yuan/kilogram. In December 2025, it is expected to reach a new high [53][54]. - **Platinum and Palladium**: On December 16, 2025, platinum and palladium futures main contracts PT2606 and PD2606 are likely to oscillate strongly and reach new highs [3][59][60]. - **Base Metal Futures**: - **Copper**: On December 16, 2025, the copper futures main contract CU2602 is likely to oscillate in a wide range. In December 2025, it is expected to reach a new high [63]. - **Aluminum and Alumina**: On December 16, 2025, the aluminum futures main contract AL2602 is likely to oscillate weakly, while the alumina futures main contract AO2601 is also likely to oscillate weakly. In December 2025, the aluminum continuous contract is expected to oscillate strongly, and the alumina continuous contract is expected to reach a new low [70][71][75]. - **Nickel and Tin**: On December 16, 2025, nickel and tin futures main contracts NI2601 and SN2601 are likely to oscillate weakly. In December 2025, the nickel continuous contract is expected to oscillate weakly in a wide range, and the tin continuous contract is expected to oscillate strongly [79][82]. - **Energy and Chemical Futures**: - **Polysilicon and Lithium Carbonate**: On December 16, 2025, polysilicon and lithium carbonate futures main contracts PS2605 and LC2605 are likely to oscillate strongly in a wide range. The polysilicon contract is expected to reach a new high [88][89][90]. - **Steel - related Futures**: On December 16, 2025, rebar, hot - rolled coil, iron ore, coking coal, glass, and soda ash futures main contracts RB2605, HC2605, I2605, JM2605, FG605, and SA605 are expected to have different trends. For instance, rebar and hot - rolled coil are likely to oscillate in a wide range, iron ore is likely to oscillate strongly, and the rest are likely to have weak or wide - range oscillations [4][6][95][98]. - **Crude Oil, Fuel Oil, PTA, Methanol**: On December 16, 2025, crude oil, fuel oil, PTA, and methanol futures main contracts SC2602, FU2603, TA605, and MA605 are likely to oscillate weakly [6][120][124][126]. - **Agricultural Futures**: - **Soybean Meal and Palm Oil**: On December 16, 2025, soybean meal and palm oil futures main contracts M2605 and P2605 are likely to oscillate weakly [7][131][133]. Macro - information and Trading Tips - **Domestic News**: - The article "Expanding Domestic Demand is a Strategic Move" by General Secretary Xi Jinping is published in Qiushi Journal, emphasizing the importance of domestic demand [8]. - China's economic data for November shows that industrial added - value, service production index, and retail sales have different growth rates, while fixed - asset investment and real - estate development investment decline [8]. - The housing price data of 70 cities in November shows that the second - hand housing prices decline, and the new - housing prices have different trends in different - tier cities [9]. - Six departments issue a plan to promote the high - quality development of service outsourcing [9]. - The National Energy Work Conference deploys key tasks for 2026, including increasing wind and solar power generation capacity [9]. - The State Council Food Safety Office deploys food safety work during festivals and important meetings [9]. - **International News**: - European leaders plan to form a "multinational force" to support Ukraine [10]. - There is resistance to the potential appointment of Kevin Hassett as the new Fed Chairman [10]. - Fed officials express their views on the economy, inflation, and unemployment rate [10]. - International commodity futures have different price trends, such as platinum and palladium rising, and crude oil falling [11]. - The exchange rates of major currencies fluctuate, including the US dollar index falling [13].

Group 1: Report Information - Report Name: Soda Ash and Glass Daily Report [1] - Date: October 14, 2025 [2] - Research Team: Energy and Chemical Research Team [4] - Researchers: Li Jie (Crude Oil and Fuel Oil), Ren Junchi (PTA and MEG), Peng Haozhou (Urea and Industrial Silicon), Peng Jinglin (Polyolefins), Liu Youran (Pulp), Feng Zeren (Glass and Soda Ash) [4] Group 2: Industry Investment Rating - No industry investment rating information is provided in the report. Group 3: Core Viewpoints - Soda Ash: The equipment maintenance of soda ash enterprises is less than expected, and the supply remains at a high level. The downstream demand is weak, and the pattern of oversupply has not been effectively improved. The macro - sentiment is stable, and the futures price is expected to fluctuate weakly [8]. - Glass: The fundamentals of float glass are in a weak balance, and the production of photovoltaic glass shows a downward trend. After the holiday, the supply pressure and inventory accumulation suppress the price rebound. The cost side may be disturbed, and the price is expected to fluctuate weakly in the short - term, but excessive short - selling is not recommended [9]. Group 4: Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - On October 13, the price of the main soda ash futures contract SA601 continued to decline. The closing price was 1,247 yuan/ton, down 6 yuan/ton, a decrease of 0.47%, and the position decreased by 58,152 lots [7]. - The equipment maintenance of soda ash enterprises is less than expected, the supply is high, and the downstream demand is weak. The market is in an oversupply situation, and the price is expected to fluctuate weakly [8]. Glass - The fundamentals of float glass are in a weak balance, and the production of photovoltaic glass shows a downward trend. After the holiday, the supply pressure and inventory accumulation suppress the price rebound. The cost side may be disturbed, and the price is expected to fluctuate weakly in the short - term, but excessive short - selling is not recommended [9]. Group 5: Data Overview - The report provides data charts on the price trends of active contracts of soda ash and glass, weekly production and enterprise inventory of soda ash, market price of heavy soda ash in Central China, and flat glass production [11][14][16]