1. Report Industry Investment Ratings - Not provided in the given content 2. Core Views of the Report - A-share market experiences a decline after continuous volume increase, with large and small-cap stocks diverging, and the market is expected to enter a volatile trend. The bond market lacks a trading theme, and the 10-year Treasury bond rate may face downward resistance around 1.8% - 1.82%. Gold prices are supported by geopolitical events and remain strongly volatile. Most commodity futures have their own supply - demand situations and corresponding market trends [2] 3. Summary by Related Categories 3.1 Stock Index Futures - The A-share market has large trading differences after a continuous volume increase, trading volume begins to shrink, market sentiment cools down, and the market is expected to enter a volatile trend. It is recommended to control portfolio risks, take profits on some profitable contracts, reduce long positions, and wait for re - entry opportunities [2] 3.2 Treasury Bond Futures - The capital market has a marginal convergence, and the central bank increases MLF issuance. The bond market lacks a trading theme, and the 10-year Treasury bond rate may face downward resistance around 1.8% - 1.82%. It is recommended to use range - bound trading for unilateral strategies and not to chase high prices. For spot - futures strategies, pay attention to positive arbitrage and widening basis strategies [2] 3.3 Precious Metals - Gold prices remain strongly volatile but with increased fluctuations. After the correction, long positions above the 20 - day moving average can be held, and profits can be locked at high levels. It is recommended to buy on dips, and platinum can be bought on dips when it retraces to the 20 - day moving average [2] 3.4 Ferrous Metals - Steel has weak supply and demand, and steel prices maintain a volatile trend. Iron ore supply faces the off - season and port inventories continue to accumulate. Coking coal prices in Shanxi rise more than fall, while Mongolian coal prices fall from highs. Coke prices are proposed to be raised by mainstream coke enterprises, but port trading prices fall. Silicon - iron and manganese - silicon have improved supply - demand margins. It is recommended to take corresponding trading strategies such as range - bound trading, shorting at highs, and arbitrage [2] 3.5 Non - Ferrous Metals - Copper's CL premium narrows, and inventories continue to accumulate. Alumina rebounds slightly due to production cut news. Aluminum is volatile, and there is a risk of an emotional correction in the short term. Zinc's downstream procurement recovers, and the spot premium stabilizes. Tin has a wide - range intraday volatility. Nickel has support from nickel ore quota disturbances. Stainless steel is strongly volatile. Industrial silicon and polysilicon futures are strongly volatile. It is recommended to take corresponding trading strategies such as waiting for adjustments to enter long positions, range - bound trading, and arbitrage [2] 3.6 New Energy and Chemicals - Lithium carbonate has a resurgence of supply - side disturbance expectations and is strongly trending. PX has a short - term high - level volatility. PTA follows raw material fluctuations. Short - fiber and bottle - chip follow raw material trends. Ethanol rebounds. Benzene and styrene have limited upward space due to high inventories. LLDPE has good upstream orders. PP has weak supply and demand and is weakly volatile. Methanol prices are strong but with average trading. Caustic soda rebounds from oversold levels. PVC may enter wide - range volatility. Urea has a weak supply - demand pattern. Soda ash is expected to continue to decline in a volatile manner. Glass is weak in the off - season. Natural rubber prices rise, and synthetic rubber rebounds strongly. It is recommended to take corresponding trading strategies such as range - bound trading, shorting at highs, and taking profits on long positions [2] 3.7 Agricultural Products - Soybean meal has strong bottom support. Pork has increased supply pressure. Corn has both support and pressure and is in a high - level volatile trend. Palm oil may try to break through 8900. Sugar has a weak trading situation. Cotton can be bought on dips. Eggs are in a volatile range. Apples rebound due to Spring Festival demand. Orange juice futures are weakly volatile. It is recommended to take corresponding trading strategies such as range - bound trading, participating in the rebound lightly, and selling long - term call options [2]

| | | | | 申银万国期货研究所 唐广华（从业资格号：F3010997；交易咨询号：Z0011162） tanggh@sywgqh.com.cn 021-50586292 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | TS2603 | TS2606 | TF2603 | TF2606 | T2603 | T2606 | TL2603 | TL2606 | | | 昨日收盘价 | 102.434 | 102.468 | 105.840 | 105.840 | 108.005 | 108.025 | 112.14 | 112.33 | | | 前日收盘价 | 102.426 | 102.470 | 105.795 | 105.795 | 107.905 | 107.920 | 111.39 | 111.55 | | | 涨跌 | 0.008 | -0.002 | 0.045 | 0.045 | 0.100 | 0.105 | 0.750 | 0.780 | | | 涨跌幅 | 0.01% | 0 ...

2025年12月12日申万期货品种策略日报-国债 | | | | | 申银万国期货研究所 唐广华（从业资格号：F3010997；交易咨询号：Z0011162） tanggh@sywgqh.com.cn 021-50586292 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | TS2603 | TS2606 | TF2603 | TF2606 | T2603 | T2606 | TL2603 | TL2606 | | | 昨日收盘价 | 102.474 | 102.492 | 105.885 | 105.885 | 108.100 | 108.115 | 113.19 | 113.34 | | | 前日收盘价 | 102.456 | 102.466 | 105.825 | 105.820 | 108.030 | 108.045 | 112.79 | 112.94 | | | 涨跌 | 0.018 | 0.026 | 0.060 | 0.065 | 0.070 | 0.070 | 0.400 | 0.4 ...

| | | | | 申银万国期货研究所 唐广华（从业资格号：F3010997；交易咨询号：Z0011162） tanggh@sywgqh.com.cn 021-50586292 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | TS2603 | TS2606 | TF2603 | TF2606 | T2603 | T2606 | TL2603 | TL2606 | | | 昨日收盘价 | 102.456 | 102.466 | 105.825 | 105.820 | 108.030 | 108.045 | 112.79 | 112.94 | | | 前日收盘价 | 102.430 | 102.444 | 105.785 | 105.790 | 107.980 | 108.000 | 112.59 | 112.75 | | | 涨跌 | 0.026 | 0.022 | 0.040 | 0.030 | 0.050 | 0.045 | 0.200 | 0.190 | | | 涨跌幅 | 0.03% | 0. ...