交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 胡毓秀 从业资格证号： F03105325 投资咨询证号： Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 螺卷早报（2026-1-6） 每日观点 螺纹： 1、基本面：需求不见起色，库存低位回升，贸易商采购意愿仍不强，地产行业继续处下行周期；偏空 2、基差：螺纹现货价3290，基差186；偏多 3、库存：全国35个主要城市库存294.19万吨，环比减少，同比增加；偏多 4、盘面：价格在20日线下方，20日线向下；偏空 5、主力持仓：螺纹主力持仓净空，空增；偏空 6、预期：房地产市场依旧偏弱，需求降温，国内有去产能的计划冲击市场，震荡偏空思路对待 利多： 产量维持低位，现货升水，促进国内消费。 利空： 下游地产行业下行周期延续，终端需求继续弱势运行低于同期。 每日观点 热卷： 1、基本面：供需都有所走弱，库存继续减少，出口受阻，国内政策或发力；中性 2 ...

Report Industry Investment Ratings - Iron ore, coal coke, rolled steel, glass, soda ash, 2-year treasury bonds, 5-year treasury bonds, log, pulp, double offset paper, soybean oil, palm oil, rapeseed oil, soybean meal, rapeseed meal, soybean two, rubber: Oscillation [2][3][4][5][6][7][8][9] - Shanghai Stock Exchange 50, CSI 300: Oscillation [3] - CSI 500, CSI 1000: Rebound [3] - 10-year treasury bonds: Consolidation [3] - Gold, silver: Correction [5] - Live pigs: Relatively strong [7] - PX, PTA: Wide-range oscillation [9] - MEG: Low-level oscillation [9] - PR: Wait-and-see [9] - PF: Wait-and-see [9] Core Views of the Report - The high supply, weak demand, and high inventory pattern of iron ore remains unchanged, but short-term bullish sentiment has emerged due to policy changes and the expectation of pre-holiday restocking by steel mills. Long-term shorting opportunities should be considered after restocking is realized [2] - The fourth round of price cuts for coke is expected to be proposed at the end of the month and implemented in early January. Coal coke still has support due to capacity inspections, safety supervision, and anti-involution policies [2] - The implementation of the steel export license management system has shifted market expectations from supply-side policy benefits to demand-side negatives, which will have a direct impact on steel exports and raw material prices [2] - The price of glass is expected to experience a process of first verifying supply reduction and then verifying demand sustainability. The overall demand is weak, and attention should be paid to macro and production line cold repair situations [2] - The stock indexes of the previous trading day showed different trends. The government's advance allocation of 625 billion yuan in ultra-long-term special treasury bonds to support consumer goods trade-in programs is expected to drive consumption [3] - The pricing mechanism of gold is shifting from being centered on real interest rates to central bank gold purchases. Short-term corrections are possible, but there is solid medium- to long-term support [5] - The supply of logs is expected to stabilize, but demand is relatively weak. Prices are expected to oscillate [5] - The supply of pulp is abundant, and demand is weak. Prices are expected to maintain an oscillating trend [5] - The supply of double offset paper is stable, and demand has some support. Prices are expected to oscillate steadily in the short term [5] - The supply of edible oils is abundant, and demand is uncertain. Prices are expected to oscillate in the short term [6] - The global soybean inventory is relatively abundant, and the supply of soybean meal is expected to be sufficient. Prices are expected to oscillate [6] - The demand for live pigs is expected to increase during the New Year's Day holiday, which will support price increases [7] - The price of natural rubber is expected to oscillate due to supply and demand factors and inventory accumulation [9] - The supply of PX is high, and the demand for PTA has some support. Prices are expected to oscillate widely [9] - The supply of MEG has long-term accumulation pressure, and prices are expected to oscillate at a low level [9] - The polyester bottle chip market may consolidate within a range due to the high price of raw materials and a wait-and-see attitude in the industry [9] - The short fiber market is expected to be in a wait-and-see state in the short term [9] Summaries by Relevant Catalogs Black Industry - **Iron Ore**: High supply, weak demand, and high inventory. Short-term bullish sentiment due to policy and restocking expectations. Long-term shorting after restocking [2] - **Coal Coke**: Fourth round of price cuts expected. Support from capacity inspections, safety supervision, and anti-involution policies [2] - **Rolled Steel**: Impacted by export license management. Policy changes bring short-term bullish sentiment, but prices are expected to oscillate at the bottom [2] - **Glass**: Cold repair expected at the end of the year. Market to verify supply reduction and demand sustainability. Overall demand is weak [2] - **Soda Ash**: Inventory accumulation, high midstream inventory, and weak demand. Attention to macro and production line cold repair [2] Financial - **Stock Index Futures/Options**: Different trends in previous trading day's stock indexes. Advance allocation of special treasury bonds to support consumption [3] - **Treasury Bonds**: Interest rates are in a state of consolidation, and the market shows a slight rebound [3] Precious Metals - **Gold**: Pricing mechanism shift. Short-term corrections possible, but solid medium- to long-term support [5] - **Silver**: Similar to gold, short-term corrections and medium- to long-term support [5] Light Industry - **Log**: Supply expected to stabilize, demand weak. Prices to oscillate [5] - **Pulp**: Abundant supply, weak demand. Prices to maintain an oscillating trend [5] - **Double Offset Paper**: Stable supply, some demand support. Short-term stable oscillation [5] Oilseeds and Oils - **Edible Oils**: Abundant supply, uncertain demand. Short-term price oscillation [6] - **Meal**: Abundant global soybean inventory, sufficient soybean meal supply. Price oscillation [6] Agricultural Products - **Live Pigs**: Increased demand during the New Year's Day holiday to support price increases [7] Soft Commodities - **Rubber**: Supply affected by weather, demand with some support. Inventory accumulation, price oscillation [9] Polyester - **PX**: High supply, demand supported by downstream polyester. Price wide-range oscillation [9] - **PTA**: Cost affected by oil prices, short-term supply-demand improvement. Price wide-range oscillation [9] - **MEG**: Long-term supply accumulation pressure, short-term low-level oscillation [9] - **PR**: High raw material prices, industry wait-and-see. Market range consolidation [9] - **PF**: Short-term market wait-and-see [9]

交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 胡毓秀 从业资格证号： F03105325 投资咨询证号： Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 螺卷早报（2025-12-30） 每日观点 螺纹： 1、基本面：需求不见起色，库存低位回升，贸易商采购意愿仍不强，地产行业继续处下行周期；偏空 2、基差：螺纹现货价3300，基差170；偏多 3、库存：全国35个主要城市库存294.19万吨，环比减少，同比增加；偏多 4、盘面：价格在20日线上方，20日线向下；中性 5、主力持仓：螺纹主力持仓净空，空减；偏空 6、预期：房地产市场依旧偏弱，需求降温，国内有去产能的计划冲击市场，震荡偏空思路对待 利多： 产量维持低位，现货升水，促进国内消费。 利空： 下游地产行业下行周期延续，终端需求继续弱势运行低于同期。 每日观点 热卷： 1、基本面：供需都有所走弱，库存继续减少，出口受阻，国内政策或发力；中性 ...

交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 胡毓秀 从业资格证号： F03105325 投资咨询证号： Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 螺卷早报（2025-12-26） 利空： 下游地产行业下行周期延续，终端需求继续弱势运行低于同期。 每日观点 螺纹： 1、基本面：需求不见起色，库存低位回升，贸易商采购意愿仍不强，地产行业继续处下行周期；偏空 2、基差：螺纹现货价3310，基差183；偏多 3、库存：全国35个主要城市库存294.19万吨，环比减少，同比增加；偏多 4、盘面：价格在20日线上方，20日线走平；偏多 5、主力持仓：螺纹主力持仓净空，空增；偏空 6、预期：房地产市场依旧偏弱，需求降温，国内有去产能的计划冲击市场，震荡偏空思路对待 利多： 产量维持低位，现货升水，促进国内消费。 每日观点 热卷： 1、基本面：供需都有所走弱，库存继续减少，出口受阻，国内政策或发力；中性 ...

成文日期: 20251215 研究员：张孟威(期货从业咨询证号:F03127896、Z0020205) 报告周期:周报 建材期货周报： 基本面驱动行情 核心观点： 当周（2025.12.08-12.12）建材持续回落，玻璃进入阴跌状态. 短期宏观驱动或告一段落，接下来主导价格的重心或重回基本面。 图 3：螺纹总库存 图 4：浮法玻璃日熔量及开工率 图 5: 总库存 9000 Box Box Back Back Barcel -2024年度 -- -2021年度 122年度 期现市场 宏观方面,当周美联储议息落地,降息 25 个 BP 符合预期,接 下来降息节奏略显鸽派,国内重要会议也圆满结束,政策并未释放 太多增量信息，均在市场预期范围内。 钢厂利润有所改善,但进入周期性淡季,螺纹表需环比也有所 下降,产量仍维持下滑状态,相较表需,产量跌幅更大,库存呈现 持续去化态势,螺纹整体基本面回归供需双弱格局,在无重要事件 驱动的情况下,螺纹或维持震荡。玻璃当周一条产线点火但尚未出 玻璃、周产量基本持稳, 下周 1 条产线有冷修预期,需求端目前仍 以刚性为主,库存周环比稍有下滑,由资金主导的高波动行情或趋 于平缓,随着 ...

交易咨询业务资格：证监许可【2012】1091号 每日观点 螺纹： 1、基本面：需求不见起色，库存低位回升，贸易商采购意愿仍不强，地产行业继续处下行周期；偏空 2、基差：螺纹现货价3270，基差196；偏多 3、库存：全国35个主要城市库存338.7万吨，环比减少，同比增加；中性 4、盘面：价格在20日线下方，20日线向下；偏空 5、主力持仓：螺纹主力持仓净空，空减；偏空 6、预期：房地产市场依旧偏弱，需求降温，国内有去产能的计划冲击市场，震荡偏空思路对待 利多： 产量维持低位，现货升水，国内去产能预期。 大越期货投资咨询部 胡毓秀 从业资格证号： F03105325 投资咨询证号： Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 螺卷早报（2025-12-17） 利空： 下游地产行业下行周期延续，终端需求继续弱势运行低于同期。 每日观点 热卷： 1、基本面：供需都有所走弱，库存继续减少，出口受阻，国内政策或发力；中性 ...

期货开户入口 2017 + 价差及量能说明 2025年12月12日 日报 62 HD TNA: 商品 值,5 = 045 量仓变化统计 市场力力 研究员 田猛 从业资格证号:F3020809 投资咨询资格:Z0013442 本产品数据与信息均来源于公开资料,我公司对这些信息的准确性和完整性 不做任何保证。我们力求内容客观、公正、观点及内容仅供参考,不构成所 述品种的买卖出价。任何表示过去或历史业绩的信息均不代表未来的业绩, 交易者据此作出的任何投资决策及交易行为与本公司无关。交易者应综合考 虑自身风险承受能力,依据自己的独立思考做出投资决策,自行承担投资决 策风险和交易结果。本报告版权仅为我公司所有,未经书面许可,任何机构 和个人不得以任何形式翻版、复制和发布。 风险揭示:期市有风险 入市需谨慎。本文观点仅供参考,不作为入市依据。 热点品种 2025年12月12日 | 板块 | 品种 | 交易策略 | 国内 | 国内 | 外盘 | 外盘 | 关注 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 大趋势 | 小趋势 | 大趋势 | 小趋势 ...

Report Industry Investment Ratings - Iron ore: Oscillating weakly [2] - Coking coal and coke: Weak [2] - Rebar: Oscillating [2] - Glass: Weak [2] - Soda ash: Weak [2] - CSI 50 Index Futures/Options: Oscillating [4] - Treasury bonds (2-year, 5-year, 10-year): Oscillating, consolidating [4] - Gold and silver: Oscillating strongly [4][6] - Logs: Oscillating at the bottom [6] - Pulp and offset paper: Oscillating [6] - Edible oils (soybean oil, palm oil, rapeseed oil): Range-bound [7] - Meal (soybean meal, rapeseed meal, soybean No.2): Oscillating weakly [7] - Live pigs: Weak [9] - Rubber: Oscillating weakly [11] - PX: Widely oscillating [11] - PTA: Oscillating [11] - MEG: Weakly oscillating [11] - PR and PF: On the sidelines [11] Core Views - The iron ore market features loose supply, low demand, and port inventory accumulation, with prices expected to oscillate weakly. The coal and coke market has short - term supply pressure, but there is support at the bottom. The steel market is in a bottom - oscillating state, and the price depends on production reduction and policy implementation. The glass market is weak, and its price depends on cold - repair progress and macro factors [2]. - The financial market shows a mixed trend. Stock index futures/options are oscillating, and treasury bonds are in a state of consolidation or small - scale rebound. The precious metals market is supported by factors such as central bank gold purchases and geopolitical risks, with prices oscillating strongly [4]. - The light industry market, including logs and pulp, is in a process of supply - demand re - balancing, with prices expected to oscillate. The edible oils and meals market has uncertain demand prospects, and prices are expected to range - bound or oscillate weakly [6][7]. - The agricultural product market, represented by live pigs, has stable supply but limited terminal demand growth, with prices expected to decline. The soft commodity market, such as rubber, has weak demand and increasing inventory, with prices oscillating weakly. The polyester market has complex supply - demand situations, and prices show different trends such as oscillation, weak oscillation, and waiting - and - seeing [9][11]. Summary by Related Catalogs Black Industry - Iron ore: In 2026, global mines will add 64 - 65 million tons, with a growth rate far exceeding that of crude steel. Current demand is weak, and prices oscillate weakly. After the inventory replenishment and sentiment boost, short - selling opportunities can be sought based on high inventory and surplus expectations [2]. - Coking coal and coke: In November, Mongolian coal imports may reach a new high this year, and there is short - term supply pressure. After the first round of coke price cuts in December, there are still expectations of further cuts. Although there is support at the bottom, the market is weak [2]. - Rebar: Downstream demand is low, and it is in an oscillating state. The key lies in steel demand, and steel prices depend on production reduction and policy implementation [2]. - Glass: The price is weak, with low processing orders and high inventory. Whether it can stop falling depends on cold - repair progress and macro factors [2]. Financial - Stock index futures/options: The previous trading day showed a decline, and the market is oscillating. High - tech industries continue to grow, and market sentiment is rising [4]. - Treasury bonds: The yield of 10 - year treasury bonds has declined, and the market is in a state of consolidation or small - scale rebound [4]. - Precious metals: Gold's pricing mechanism is shifting, and it is supported by factors such as central bank gold purchases, geopolitical risks, and increased physical demand in China. Silver is also affected by similar factors, and both are expected to oscillate strongly [4][6]. Light Industry - Logs: Port shipments have increased, but demand improvement needs to be observed. Supply pressure may gradually ease, and prices are expected to oscillate at the bottom [6]. - Pulp: The spot price is stable, but demand is weak. The cost supports the price, and it is expected to oscillate [6]. - Double - gum paper: The price is stable, with stable supply and some support from orders, but weak social demand restricts price increases, and it is expected to oscillate [6]. Oils and Fats - Edible oils: The demand for soybean oil has uncertainties, palm oil production and exports are complex, and domestic oil supply is abundant. With cost support, prices are expected to range - bound [7]. - Meals: The global soybean inventory is abundant, and the demand for US soybeans is uncertain. Domestic supply is ample, and prices are expected to oscillate weakly [7]. Agricultural Products - Live pigs: The average transaction weight shows a north - rising and south - falling trend, terminal demand growth is limited, and prices are expected to decline. The slaughter rate has increased, and the profit situation varies [9]. Soft Commodities and Polyester - Rubber: Production in some regions is affected by weather, demand is weak, and inventory is increasing. Prices are expected to oscillate weakly [11]. - Polyester: PX prices are widely oscillating, PTA prices follow the cost, MEG prices are weakly oscillating, and PR and PF markets are on the sidelines [11].

12月9日晚上期货交易策略 思路分享： 来源：新黑金日志 螺纹的多单被迫止损，今天是螺纹补跌的日子，不过我还是会继续做多螺纹的。总感觉空头会看到比较 好的基本面数据之后，会离场一下。 （来源：新黑金日志） 今天比较意外的是乙二醇的多单，居然赚钱，尾盘反弹比较多，预计还能往上拱一拱。趋势下跌行情中 出个大反弹也是正常的，不过我们也要及时止盈。 ...

证监许可【2011】1288号 报告 关注交易逻辑转变的时点 2025年12月5日 更多精彩内容 请关注 格林大华期货 官方微信 研究员：纪晓云 联系方式：010-56711796 期货从业资格证号：F3066027 期货交易咨询号：Z0011402 钢矿观点 钢材：当前宏观政策真空期，产业逻辑主导市场。钢材市场供需双弱，因需求端未出现明显改善，冬储尚 未启动，谨慎看待螺卷上方空间，螺纹主力2605合约压力位3200，3050一线仍为强支撑。后期关注市场交 易逻辑，可能向宏观预期转变。 铁矿石：本周铁水日产232.3万吨，环比上周减少2.38万吨，同比去年减少0.31万吨。预计铁水产量降至 230万吨以下。本期国内铁矿到港下降，但发运积极。综合判断，预计铁矿继续维持震荡走势。主力2601 合约压力位833，支撑位750。后期关注主力合约移仓换月。 【交易策略】 1、交易逻辑未发生改变前，建议短线操作。 2、市场逻辑转变：12月将由产业驱动转向宏观预期，注意时间拐点。 重要资讯 3、2025年10月全国不锈钢粗钢产量362.44万吨，与2025年9月环比增加7.87万吨，增长2.22%。10月，中国不锈钢进口量 ...