交易咨询业务资格：证监许可【2012】1091号 贵金属周报（10.27-10.31） 大越期货投资咨询部 项唯一 从业资格证号： F3051846 投资咨询证号： Z0015764 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。 CONTENTS 目 录 1 上周回顾 2 每周周评 3 4 5 基本面数据 持仓数据 总结 | 指 标 | 前 | 收 | 最 高 | 最 | 低 | 涨 | 跌 | 涨跌幅 （%） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 沪金2512 | 921 . | 92 | 948 46 . | 893 | 64 . | - 23 . | 92 | - 2 . | 53 | | 沪银2512 | 11441 | | 11534 | 11001 | | - 7 . | 00 | - 0 . | 06 | | 黄金2604 ...

交易咨询业务资格：证监许可【2012】1091号 棉花周报（10.27-10.31） 大越期货投资咨询部 王明伟 从业资格证号：F0283029 投资咨询证号： Z0010442 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。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 本周回顾： 本周棉花继续震荡反弹，中美谈判传出短期利好，前期价格超跌，目前价格修复中。 全国棉花产量预计728万吨，新疆再创新高。ICAC9月报：25/26年度产量2550万吨，消费2550 万吨。USDA9月报：25/26年度产量2562.2万吨，消费2587.2万吨，期末库存1592.5万吨。海 关：9月纺织品服装出口244.2亿美元，同比下降1.4%。9月份我国棉花进口10万吨，同比减少 18.7%；棉纱进口13万吨，同比增加18.18%。农村部10月25/26年度：产量636万吨，进口140 万吨，消费740 ...

Report Industry Investment Rating - Hold long positions on rubber futures [1][2][8] Core Viewpoints - The market is dominated by sentiment this week, with prices rising and then falling without breaking through the technical resistance level. The natural rubber fundamentals remain bullish, and the price correction this week is not a new downward trend. It is recommended to continue holding long positions [2][3][7][8] Summary by Directory 1. Futures Market Review - RU2601 opened at 15330, reached a high of 15670, a low of 15030, and closed at 15085, with a decline of 1.63%. NR2512 opened at 12480, reached a high of 12770, a low of 12190, and closed at 12230, with a decline of 2.2%. BR2512 opened at 11100, reached a high of 11155, a low of 10525, and closed at 10585, with a decline of 4.81%. The natural rubber market rose and then fell this week, and the price failed to break through the technical resistance level, with sentiment dominating the trend [3] 2. Spot Market Review - The quoted price of 2023 state - owned whole latex in Shanghai and Yunnan, including 9% tax, is 14800 yuan/ton, up 50 yuan/ton from last week. The quoted price of smoked sheet rubber in Qingdao Free Trade Zone is 2050 US dollars/ton, down 20 US dollars/ton from last week. The quoted price of BR9000 in Shanghai is 10925 yuan/ton, down 350 yuan/ton from last week [4] 3. Inventory Situation Review - This week, the inventory of the Shanghai Futures Exchange decreased. The subtotal inventory decreased by 1425 tons to 162025 tons, and the futures inventory decreased by 3120 tons to 120990 tons [5] 4. Market Structure - The basis strengthened this week due to the decline in futures prices and the rise in spot prices [6] 5. Forecast and Operation Strategy - The price rose and then fell this week without breaking through the technical resistance level. The prices of Thai raw materials rose across the board this week, with a large increase in latex. The operating rate of tire enterprises declined slightly. In terms of tire enterprise inventories, the semi - steel tire inventory remained unchanged, and the all - steel tire inventory decreased. The release of the 14th Five - Year Plan in China and the expected easing of Sino - US trade conflicts drove market sentiment, but the final trade agreement was lower than market expectations, causing financial asset prices to fall. The natural rubber market fluctuated with the market, rising first and then falling. The market was dominated by sentiment last week, and the natural rubber fundamentals remain bullish. The domestic visible inventory continued to decrease, and the operating rate of tire enterprises was at a high level. The price correction this week is not a new downward trend, and a bullish view on the future market is maintained, suggesting to continue holding long positions [7][8]

交易咨询业务资格：证监许可【2012】1091号 纯碱周报 2025.10.27-10.31 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 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。 每周观点 利多： 1、年内检修高峰期来临，产量预计将有所下滑。 利空： 1、23年以来，纯碱产能大幅扩张，今年仍有较大投产计划，行业产量处于历史同期高位。 上周纯碱期货先扬后抑，主力合约SA2601收盘较前一周下跌0.33%报1225元/吨。现货方 面，河北沙河重碱低端价1170元/吨，较前一周下跌0.85%。 供给方面，近期纯碱装置运行相对稳定，检修企业少，供应预期持续增加，下周产量预 计76万吨，开工率87%，供应依旧处于较高水平，远兴能源二期预计在年底前投产，整体供 给充裕。需求端，下游需求一般，资金压力大，按需为主，低价补库；周内浮法日熔量 16.13万吨，环比稳定，光伏8.93万吨，环比增加6 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Last week, the glass futures first declined and then rose. The closing price of the main contract FG2601 decreased by 0.82% compared to the previous week, reaching 1083 yuan/ton. The spot price of 5mm white glass sheets in Hebei Shahe was 1048 yuan/ton, down 0.38% from the previous week [2][8][13]. - The glass supply has stabilized at a low level and is showing signs of recovery. The demand from the terminal real - estate sector remains weak, and the glass fundamentals are characterized by stable supply and weak demand. In the short term, it is expected to mainly operate with a downward - biased oscillation [3]. - Influenced by the "anti - involution" policy, there is an expectation of capacity clearance in the float glass industry. However, the terminal real - estate demand is still weak, and the market sentiment of "anti - involution" has faded. The glass is expected to mainly operate with wide - range oscillations [5][6][7]. Summary by Directory Glass Futures and Spot Weekly Market - The closing price of the main contract decreased from 1092 yuan/ton to 1083 yuan/ton, a decline of 0.82%. The spot benchmark price dropped from 1052 yuan/ton to 1048 yuan/ton, a decrease of 0.38%. The main basis decreased from - 40 yuan/ton to - 35 yuan/ton, a decline of 12.50% [8]. Glass Spot Market - The market price of 5mm white glass sheets in Hebei Shahe, the spot benchmark location, was 1048 yuan/ton, down 0.38% from the previous week [13]. Fundamentals - Cost and Profit No specific content for cost and profit analysis provided other than the title. Fundamentals - Supply - The number of operating float glass production lines nationwide was 226, with an operating rate of 76.35%. The number of operating production lines is at a historically low level for the same period [23]. - The daily melting capacity of float glass nationwide was 161,300 tons, which is at the lowest level in the same period in history and has stabilized and started to recover [25]. Fundamentals - Demand - In August 2025, the apparent consumption of float glass was 4.8602 million tons [29]. Fundamentals - Inventory - The inventory of float glass enterprises nationwide was 65.79 million weight boxes, a decrease of 1.24% from the previous week, and the inventory is running above the 5 - year average [43]. Fundamentals - Supply - Demand Balance Sheet - The report provides the annual supply - demand balance sheet of float glass from 2017 to 2024E, including data on production, consumption, production growth rate, consumption growth rate, and net import ratio [44].

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。 交易咨询业务资格：证监许可【2012】1091号 菜粕早报 2025-11-03 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸菜粕观点和策略 菜粕RM2601：2400至2460区间震荡 1.基本面：菜粕震荡回升，豆粕带动和技术性震荡整理，市场回归震荡等待加拿大油菜籽进 口反倾销裁定尚待最终结果。菜粕现货需求旺季过去，但库存维持低位支撑盘面，加上 中加贸易磋商仍变数，盘面短期受豆粕影响维持区间震荡。中性 2.基差：现货2520，基差132，升水期货。偏多 3.库存：菜粕库存1.75万吨，上周1.8万吨，周环比减少2.78%，去年同期2.2万吨，同比减 少20.45%。偏多 4.盘面：价格在20日均线上方但方向向下。中性 5.主力持仓：主力多 ...

交易咨询业务资格：证监许可【2012】1091号 白糖周报（10.27-10-31） 大越期货投资咨询部 王明伟 从业资格证号：F0283029 投资咨询证号： Z0010442 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。 CONTENTS 本周回顾： 本周白糖震荡反弹，表现为内强外弱，而郑糖近月反弹更强于远月。可能跟广西前期台风受灾影 响产量有关。 巴西中南部本榨季截至10月上半月累计产糖3601.6万吨，同比增长0.9%。Czarnikow:上调25/26年 度全球食糖过剩预期至740万吨，比8月份预估高出120万吨。StoneX:预计25/26年度全球糖市供应 过剩277万吨。ISO:预计25/26年度全球食糖供应缺口为23.1万吨，比之前预计缺口大幅减少。 2025年8月底，24/25年度本期制糖全国累计产糖1116.21万吨；全国累计销糖1000万吨；销糖率 89.6%。2025年9月中国进口食糖55万吨，同比增加15万吨 ...

交易咨询业务资格：证监许可【2012】1091号 工业硅期货早报 2025年11月3日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 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。 目 录 1 每日观点 2 基本面/持仓数据 每日观点——工业硅 | | | | | 供给端来看 ， | | 上周工业硅供应量为10万吨 | | ， | | 环比有所减少0 | 99% . 。 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 需求端来看 ， | 上周工业硅需求为8 | | . | ， | 环比减少7 | 44% . | . | 需求持续低迷 . | | | 7万吨 | | | | | | | ...

交易咨询业务资格：证监许可【2012】1091号 PVC期货早报 2025年11月3日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 1 每日观点 2 基本面/持仓数据 供给端来看，据隆众统计，2025年10月PVC产量为212.812万吨，环比增加4.79%；本周样本企业产能利 用率为78.26%，环比增加0.02个百分点；电石法企业产量32.925万吨，环比增加4.10%,乙烯法企业产 量14.771万吨，环比减少1.76%；本周供给压力有所增加；下周预计检修有所减少，预计排产少量增加 需求端来看，下游整体开工率为50.54%，环比增加.68个百分点，高于历史平均水平；下游型材开工率 为37.83%，环比增加.96个百分点，低于历史平均水平；下游管材开工率为42%，环比增加.799个百分 点，低于历史平均水平；下游薄膜开工率为71.79%，环比减少0.70个百分点，高于历史平均水平；下游 糊树脂开工率为77.69%，环比增加8.93个百分点，高于历史平均水平；船运费用看跌；国内PVC出口价 格价格占优；当前需求或持续低迷。 ...

交易咨询业务资格：证监许可【2012】1091号 碳酸锂期货早报 2025年11月3日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 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。 目 录 1 每日观点 2 基本面/持仓数据 每日观点 供给端来看，上周碳酸锂产量为21080吨，环比减少1.07%,高于历史同期平均水平。 需求端来看，上周磷酸铁锂样本企业库存为104979吨，环比增加0.61%,上周三元材料样本企业库 存为18890吨，环比增加1.60%。 供给端，2025年9月碳酸锂产量为87260实物吨，预测下月产量为89890实物吨，环比增加 3.01%,2025年9月碳酸锂进口量为19597实物吨，预测下月进口量为22000实物吨，环比增加 12.26%。需求端，预计下月需求有所强化，库存或将有所去化。成本端，6%精矿CIF价格日度环比 持平，低于历史同期平均水平，需求持续走强， ...