Report Overview - Report Date: September 11, 2025 [1] - Report Author: Xiang Weiyi from Dayue Futures Investment Consulting Department [1] Industry Investment Rating - Not provided in the report Core Viewpoints - Gold: After the adjustment of non - farm payroll data, the gold price dropped slightly during the previous day, but due to the continued slowdown of PPI and high expectations of interest rate cuts, the gold price fluctuated and closed higher. With the approaching of the September Fed meeting and high expectations of interest rate cuts, paying attention to today's CPI data, the gold price remains strong [4]. - Silver: With the continued slowdown of PPI and high expectations of interest rate cuts, risk appetite recovered, and the silver price fluctuated and closed higher. As the September meeting approaches and interest rate cut expectations are high, paying attention to the US CPI data today, the silver price follows the gold price and remains strong [6]. Summary by Directory 1. Previous Day Review - **Gold**: The US PPI in August declined more than expected, and the gold price fluctuated and closed higher. The three major US stock indexes rose and fell differently, and the main European stock indexes also showed mixed results at the close. The US Treasury yields fell collectively, with the 10 - year Treasury yield dropping 4.21 basis points to 4.047%. The US dollar index rose 0.08% to 97.85, and the offshore RMB appreciated slightly against the US dollar to 7.1226. COMEX gold futures closed down 0.05% at $3680.4 per ounce [4]. - **Silver**: The US PPI in August declined more than expected, and the silver price fluctuated at a high level. The three major US stock indexes rose and fell differently, and the main European stock indexes also showed mixed results at the close. The US Treasury yields fell collectively, with the 10 - year Treasury yield dropping 4.21 basis points to 4.047%. The US dollar index rose 0.08% to 97.85, and the offshore RMB appreciated slightly against the US dollar to 7.1226. COMEX silver futures closed up 0.75% at $41.65 per ounce [6]. 2. Daily Tips - **Gold**: The basis is - 3.92, with the spot at a discount to the futures; the inventory of gold futures warrants increased by 1536 kilograms to 45951 kilograms; the 20 - day moving average is upward, and the K - line is above the 20 - day moving average; the main net position is long, and the main long position increased [5]. - **Silver**: The basis is - 25, with the spot at a discount to the futures; the inventory of Shanghai silver futures warrants increased by 1831 kilograms to 1252170 kilograms; the 20 - day moving average is upward, and the K - line is above the 20 - day moving average; the main net position is long, and the main long position decreased [6]. 3. Today's Focus - Time TBD: South Korean President Lee Jae - myung holds a press conference on his 100th day in office; the 7th China Financial Technology Forum is held; the 2025 China International Fair for Trade in Services is held at Shougang Park; the 2025 E - commerce Conference is held; the 17th meeting of the 14th National People's Congress Standing Committee is held in Beijing from September 8 - 12; Reserve Bank of New Zealand Governor Adrian Orr gives a speech [15]. - 20:15: The European Central Bank releases its interest rate decision [15]. - 20:30: US CPI for August and the number of initial jobless claims for the week of September 6 are released [15]. - 20:45: ECB President Christine Lagarde holds a monetary policy press conference [15]. - 23:10: Bank of England Executive Director Sasha Mills speaks at the European Settlement System Conference [15]. - Next Day 00:00: US household net worth in the second quarter is released [15]. - Next Day 02:00: US government budget for August is released [15]. 4. Fundamental Data - **Gold Logic**: After Trump took office, the world entered a period of extreme turmoil and change. The inflation expectation has shifted to an economic recession expectation, and the gold price is difficult to fall. The verification between the expected and actual policies of the new US government will continue, and the sentiment for the gold price is high, still prone to rise and difficult to fall [10]. - **Silver Logic**: After Trump took office, the world entered a period of extreme turmoil and change. The inflation expectation has shifted to an economic recession expectation, and the silver price still mainly follows the gold price. The concern about tariffs has a stronger impact on the silver price itself, and there is a risk of an enlarged increase in the silver price [13]. 5. Position Data - **Gold**: On September 10, 2025, the long position volume was 251,787, a decrease of 1,379 or 0.54% compared with September 9; the short position volume was 82,397, an increase of 1,398 or 1.73%; the net position was 169,390, a decrease of 2,777 or 1.61% [31]. - **Silver**: On September 10, 2025, the long position volume was 366,328, an increase of 2,030 or 0.56% compared with September 9; the short position volume was 247,265, a decrease of 448 or 0.18%; the net position was 119,063, an increase of 2,478 or 2.13% [32].

Report Industry Investment Rating No information provided in the report regarding the industry investment rating. Core Viewpoints of the Report - The overnight Israeli air - strike on the Hamas base in Qatar has increased the risk sentiment of geopolitical concerns, and the situation in Gaza is unlikely to improve. The EIA's short - term energy outlook remains pessimistic about future oil prices, and the API inventory has increased more than expected, putting pressure on prices. In the short term, continue to monitor geopolitical changes. Oil prices are expected to fluctuate. It is predicted to operate in the range of 480 - 490 in the short term, and long - term long positions should be held [3]. Summary by Directory 1. Daily Prompt - **Fundamentals**: Israel's air - strike on Hamas leaders in Qatar has escalated the military operation in the Middle East. The EIA predicts that global oil prices will drop significantly in the coming months as OPEC+ production increases, causing a large increase in oil inventories. The U.S. economic employment figures may be 911,000 less than previously estimated. Overall, it is neutral [3]. - **Basis**: On September 9, the spot price of Oman crude oil was $70.05 per barrel, and that of Qatar Marine crude oil was $69.38 per barrel. The basis was $37.67 per barrel, with the spot price higher than the futures price, which is bullish [3]. - **Inventory**: The U.S. API crude oil inventory for the week ending September 5 increased by 1.25 million barrels, exceeding the expected decrease of 1.869 million barrels. The EIA inventory for the week ending August 29 increased by 2.415 million barrels, contrary to the expected decrease of 2.031 million barrels. The Cushing area inventory for the week ending August 29 increased by 1.59 million barrels. As of September 9, the Shanghai crude oil futures inventory remained unchanged at 5.721 million barrels, which is bearish [3]. - **Disk**: The 20 - day moving average is flat, and the price is below the moving average, which is neutral [3]. - **Main Position**: As of September 2, the main position of WTI crude oil is long, with a decrease in long positions; the main position of Brent crude oil is long, with an increase in long positions, which is neutral [3]. - **Expectation**: Oil prices are expected to fluctuate. In the short term, it will operate in the range of 480 - 490, and long - term long positions should be held [3]. 2. Recent News - **Israeli Attack in Qatar**: On September 9, there were several explosions in Doha, Qatar. Israel's military and security agencies admitted responsibility for the attack on Hamas leaders. The targeted Hamas leaders were said to be responsible for the 2023 attack on Israel and were planning new operations. The attack occurred during a meeting of Hamas leaders discussing a U.S. - proposed cease - fire in Gaza [5]. - **U.S. Employment Data Revision**: The U.S. government stated that the total number of employment positions in the economy as of March may be 911,000 less than previously estimated, indicating that employment growth had stagnated before Trump's tariff policies. The data revision means that the average monthly increase in non - farm employment is about 71,000 instead of 147,000. The financial market's reaction was limited, and the Fed is expected to resume interest - rate cuts next Wednesday [5]. - **Iran - IAEA Agreement**: On the evening of September 9, Iran's foreign minister and the IAEA director - general announced a new cooperation agreement in Cairo, aiming to build a new cooperation framework between Iran and the IAEA, which is the first meeting since the June bombing of Iranian nuclear facilities by Israel and the U.S. [5]. 3. Bullish and Bearish Concerns - **Bullish Factors**: None mentioned in the report. - **Bearish Factors**: The possibility of a cease - fire between Russia and Ukraine, and the continuous tension in U.S. trade relations with other economies [6]. - **Market Drivers**: In the short term, geopolitical conflicts are decreasing, while the risk of trade tariffs is rising. In the medium - to - long - term, supply will increase after the peak season [6]. - **Risk Points**: Disunity within OPEC+ leading to increased production, and the escalation of war risks [6]. 4. Fundamental Data - **Futures Market**: The settlement prices of Brent crude oil, WTI crude oil, SC crude oil, and Oman crude oil have all increased, with increases of $0.37, $0.37, $7.20, and $0.34 respectively, and the increase rates are 0.56%, 0.59%, 1.51%, and 0.49% respectively [7]. - **Spot Market**: The spot prices of UK Brent, WTI, Oman crude oil, Shengli crude oil, and Dubai crude oil have all increased, with increases of $0.22, $0.37, $0.67, $0.39, and $0.56 respectively, and the increase rates are 0.33%, 0.59%, 0.97%, 0.61%, and 0.81% respectively [9]. - **Inventory Data**: The API inventory for the week ending September 5 increased by 1.25 million barrels, and the EIA inventory for the week ending August 29 increased by 2.415 million barrels [3]. 5. Position Data - **WTI Crude Oil**: As of September 2, the net long position of WTI crude oil funds was 102,428, a decrease of 7,044 [16]. - **Brent Crude Oil**: As of September 2, the net long position of Brent crude oil funds was 251,054, an increase of 44,511 [18].

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The US soybean market is affected by the expectation of a bumper harvest and uncertainties in Sino - US trade negotiations. Before the September USDA report, it oscillates above the 1000 - point mark, waiting for further guidance on Sino - US tariff negotiations and the growth weather in US soybean - producing areas. The domestic soybean meal market may enter a moderately strong oscillation pattern in the short term, supported by good demand recently, but restricted by a high level of imported soybeans arriving at ports in August and spot price discounts [8]. - The domestic soybean market is influenced by the US soybean market and technical oscillations. It is affected by the peak arrival of imported soybeans and the expectation of a new - season domestic soybean harvest, but the cost of imported soybeans and the expected increase in domestic soybean demand support the price floor [10]. Summary by Relevant Catalogs 1. Daily Prompt No relevant content provided. 2. Recent News - The short - term progress of Sino - US tariff negotiations is positive for US soybeans. With relatively good weather in US soybean - producing areas recently, the US soybean futures market has rebounded under the influence of relatively positive USDA report data and is expected to oscillate above the 1000 - point mark [12]. - The arrival of imported soybeans at domestic ports remained high in August, and the inventory of soybean meal at oil mills entered a relatively high level. Affected by the relatively positive data in the August USDA report and the rise of rapeseed meal, soybean meal is expected to oscillate moderately strongly in the short term [12]. - The reduction in domestic pig - breeding profits has led to a low expectation of pig restocking. However, the recent recovery in soybean meal demand supports the price, and due to the uncertainty in Sino - US trade negotiations, soybean meal has returned to an interval oscillation pattern [12]. - The inventory of soybean meal at domestic oil mills continues to rise. With the possibility of weather speculation in US soybean - producing areas and uncertainties in the Sino - US tariff war, soybean meal will oscillate moderately strongly in the short term, waiting for the clear output of South American soybeans and further developments in the Sino - US tariff war [12]. 3. Bullish and Bearish Factors Soybean Meal - Bullish factors: slow customs clearance of imported soybeans, relatively low inventory of soybean meal at domestic oil mills, and uncertainties in the weather of US soybean - producing areas [13]. - Bearish factors: high total arrival of imported soybeans at domestic ports in September, the end of the Brazilian soybean harvest, and the continuous expectation of a bumper harvest of South American soybeans [13]. Soybeans - Bullish factors: the cost of imported soybeans supports the price floor of the domestic soybean market, and the expected increase in domestic soybean demand supports the price [14]. - Bearish factors: the continuous expectation of a bumper harvest of Brazilian soybeans and China's increased procurement of Brazilian soybeans, and the expected increase in the new - season domestic soybean harvest suppressing the price [14]. 4. Fundamental Data - **Soybean Meal and Rapeseed Meal Transaction Data**: From September 1st to 9th, the transaction average price of soybean meal fluctuated between 3053 - 3065 yuan/ton, and the transaction volume ranged from 7.84 - 17.49 million tons. The transaction average price of rapeseed meal was mainly around 2560 - 2600 yuan/ton, and the transaction volume was relatively small [15]. - **Soybean and Meal Futures and Spot Price Data**: From September 1st to 9th, the futures prices of soybean No. 1 fluctuated between 3961 - 3977 yuan/ton, and the spot price in Jiamusi remained at 4200 yuan/ton. The futures prices of soybean meal fluctuated between 3048 - 3081 yuan/ton, and the spot price in Jiangsu was mainly around 2970 - 2990 yuan/ton [17]. - **Soybean and Meal Warehouse Receipt Data**: From August 28th to September 9th, the warehouse receipts of soybean No. 1 decreased from 11545 to 7817, the warehouse receipts of soybean No. 2 increased from 0 to 300, and the warehouse receipts of soybean meal increased from 10925 to 25915 [19]. - **Soybean Supply - Demand Balance Sheets**: The global and domestic soybean supply - demand balance sheets show the changes in harvest area, initial inventory, output, total supply, total consumption, ending inventory, and inventory - to - consumption ratio from 2015 to 2024 [31][32]. - **Soybean Planting and Harvest Progress**: The planting and harvest progress of soybeans in Argentina, the US, and Brazil from 2023 - 2025 are presented, including sowing progress, emergence rate, flowering rate, pod - setting rate, defoliation rate, harvest rate, etc. [33][34][35][36][37][38][39][40]. - **USDA Monthly Supply - Demand Reports**: The USDA's monthly supply - demand reports from February to August 2025 show changes in harvest area, yield per unit, output, ending inventory, old - crop exports, crushing volume, and the output of Brazilian and Argentine soybeans [41]. 5. Position Data - The main long positions in soybean meal futures have increased, and capital has flowed in [8]. - The main long positions in soybean futures have decreased, and capital has flowed out [10].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The rapeseed meal RM2601 is expected to oscillate within the range of 2520 - 2580. It is currently experiencing a short - term shock - strengthening pattern due to the uncertainty of the final anti - dumping ruling on Canadian rapeseed. The market is waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. The short - term demand for rapeseed meal remains in the peak season with low inventory supporting the market, but after the National Day, the demand will gradually enter the off - season and there are still variables in Sino - Canadian trade negotiations [9]. 3. Summary by Directory 3.1 Daily Prompt - Rapeseed meal RM2601 is in a 2520 - 2580 range. The market is influenced by the soybean meal trend, technical consolidation, and awaits the final result of the anti - dumping ruling on Canadian rapeseed. The short - term demand is in the peak season with low inventory, but there are concerns about post - National Day demand and Sino - Canadian trade [9]. 3.2 Recent News - Domestic aquaculture is in the peak season, and the listing of domestic rapeseed has improved the expected tight supply in the spot market. The demand side maintains a good outlook. - China's preliminary anti - dumping ruling on Canadian rapeseed imports is established, and a 75.8% import deposit is being levied. The final ruling is still uncertain. - Global rapeseed production has increased this year, especially in Canada. - The Russia - Ukraine conflict continues, and although the decrease in Ukrainian rapeseed production and the increase in Russian production offset each other, there is still a possibility of an escalation in geopolitical conflicts, which supports commodities [11]. 3.3 Multi - Short Concerns - Bullish factors: China's preliminary anti - dumping determination on Canadian rapeseed imports and low inventory pressure on oil mills. - Bearish factors: The concentrated listing of domestic rapeseed and the uncertainty of the final anti - dumping result on Canadian rapeseed imports with a small probability of reconciliation. The current main logic is the focus on domestic aquaculture demand and the expected tariff war on Canadian rapeseed [12]. 3.4 Fundamental Data - **Price and Volume**: From September 1st to 9th, the average transaction price of soybean meal ranged from 3053 - 3065 yuan/ton, and the trading volume ranged from 7.84 - 17.49 million tons. The average transaction price of rapeseed meal was mainly around 2560 - 2600 yuan/ton, and the trading volume was relatively small, from 0 - 0.23 million tons. The price difference between soybean and rapeseed meal fluctuated between 453 - 504 yuan/ton [13]. - **Futures and Spot Prices**: From September 1st to 9th, the price of the main rapeseed meal futures contract 2601 fluctuated between 2500 - 2550, and the far - month contract 2605 was between 2388 - 2408. The spot price of rapeseed meal in Fujian was stable at 2560 - 2600 [15]. - **Warehouse Receipts**: From August 28th to September 9th, the rapeseed meal warehouse receipts first decreased and then increased. For example, on August 28th, it was 7314 (- 396), and on September 9th, it was 11343 (+940) [16]. - **Aquatic Product Prices**: Aquatic fish prices have rebounded slightly, while shrimp and shellfish prices have remained stable [34]. 3.5 Position Data - The main short positions have decreased, and funds have flowed out, which is a bearish signal [9].

交易咨询业务资格：证监许可【2012】1091号 碳酸锂期货早报 2025年9月10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19419吨，环比增长2.04%,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94756吨，环比增加0.28%,上周三元材料样本企业库存 为17644吨，环比减少1.05%。 供给端，2025年8月碳酸锂产量为85240实物吨，预测下月产量为86730实物吨，环比增加 1.75%,2025年8月碳酸锂进口量为17000实物吨，预测下月进口量为19500实物吨，环比增加 14.71%。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 有所增长，低于历史同期平均水平，需求持续走强 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall supply pressure of PVC is strong, and the domestic demand recovery is sluggish. The PVC2601 is expected to oscillate in the range of 4816 - 4878. The main influencing factors include cost, supply, demand, and inventory. The cost is weakening, the supply pressure is increasing, the demand may remain sluggish, and the inventory is at a high level. [9][14] - The bullish factors are supply resumption, cost support from calcium carbide and ethylene, and export benefits. The bearish factors are the rebound in overall supply pressure, high - level and slow - consuming inventory, and weak domestic and foreign demand. [13] 3. Summary According to the Directory 3.1 Daily Views - **Fundamentals**: In August 2025, PVC production was 2.07334 million tons, a month - on - month increase of 3.43%. This week, the capacity utilization rate of sample enterprises was 77.13%, a month - on - month increase of 0.01 percentage points. The production of calcium carbide enterprises was 327,885 tons, a month - on - month decrease of 0.68%, and the production of ethylene enterprises was 134,060 tons, a month - on - month increase of 7.11%. The downstream overall start - up rate was 43.5%, a month - on - month increase of 0.899 percentage points, lower than the historical average. The cost of calcium carbide and ethylene methods is weakening, and the overall cost is weakening, and the production scheduling may be under pressure. The fundamentals are bearish. [7][8] - **Basis**: On September 9, the price of East China SG - 5 was 4,710 yuan/ton, and the basis of the 01 contract was - 137 yuan/ton, with the spot at a discount to the futures. It is bearish. [11] - **Inventory**: The in - plant inventory was 315,801 tons, a month - on - month increase of 1.17%. The calcium carbide plant inventory was 251,301 tons, a month - on - month increase of 3.77%. The ethylene plant inventory was 64,500 tons, a month - on - month decrease of 7.85%. The social inventory was 533,000 tons, a month - on - month increase of 2.12%. The inventory days of production enterprises in the warehouse were 5.25 days, a month - on - month increase of 0.96%. It is bearish. [11] - **Disk**: MA20 is downward, and the futures price of the 01 contract closed below MA20. It is bearish. [11] - **Main Position**: The main position is net short, and the short position increases. It is bearish. [11] 3.2 PVC Market Overview - The futures prices of different contracts and varieties decreased to varying degrees. For example, the 01 contract decreased by 0.88%, the 02 contract decreased by 0.87%, etc. The downstream start - up rates of different products also changed. The profile start - up rate decreased by 9.88%, the pipe start - up rate decreased by 0.39%, etc. The profit of calcium carbide method was - 420.96 yuan/ton, with the loss increasing by 5.45% month - on - month, and the profit of ethylene method was - 670.97 yuan/ton, with the loss increasing by 6.85% month - on - month. [17] 3.3 PVC Futures Market - **Basis Trend**: It shows the historical data of the basis, PVC East China market price, and the main contract closing price from 2022 to 2025. [20] - **Trend and Volume**: It presents the trading volume, opening price, highest price, lowest price, closing price, and the position changes of the top 5/20 seats of the main contract from August to September 2025. [23] - **Spread Analysis**: It shows the historical data of the spread between different contracts (such as 1 - 9 spread, 5 - 9 spread) from 2024 to 2025. [26] 3.4 PVC Fundamentals - **Calcium Carbide Method - Related**: It includes the price, cost, profit, start - up rate, inventory, and production of raw materials such as blue charcoal, calcium carbide, liquid chlorine, raw salt, and caustic soda from 2016 - 2025. For example, the price of blue charcoal medium material in Shenmu, the mainstream price of Shaanxi calcium carbide, etc. [29][32][34][36] - **Supply Trend**: The capacity utilization rate of calcium carbide method and ethylene method, profit, daily and weekly production, and weekly maintenance volume from 2018 - 2025 are presented. For example, the capacity utilization rate of calcium carbide method this week was 76.73%, a month - on - month decrease of 0.67%. [39][41] - **Demand Trend**: It shows the daily sales volume of traders, weekly pre - sales volume, apparent consumption, downstream start - up rate, and production - sales rate of PVC from 2019 - 2025. For example, the downstream average start - up rate of PVC, the start - up rate of profiles, pipes, films, and paste resin. [44][46] - **Inventory**: The exchange warehouse receipts, calcium carbide plant inventory, ethylene plant inventory, social inventory, and production enterprise inventory days from 2019 - 2025 are shown. For example, the calcium carbide plant inventory was 251,301 tons, a month - on - month increase of 3.77%. [55] - **Ethylene Method - Related**: The import volume of vinyl chloride and dichloroethane, PVC export volume, and related price spreads from 2018 - 2025 are presented. For example, the import volume of vinyl chloride and dichloroethane in different months. [57] - **Supply - Demand Balance Sheet**: It shows the export, demand, social inventory, factory inventory, production, and import volume of PVC from July 2024 to August 2025. For example, the production in August 2025 was 1.94 million tons, and the demand was 1.81 million tons. [60]

交易咨询业务资格：证监许可【2012】1091号 工业硅期货早报 2025年9月10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9万吨，环比持平。 需求端来看，上周工业硅需求为8.1万吨，环比减少1.21%.需求持续低迷.多晶硅库存为21.1万吨， 处于低位，硅片亏损，电池片亏损，组件盈利；有机硅库存为73200吨，处于高位，有机硅生产利润 为46元/吨，处于盈利状态，其综合开工率为70.59%，环比持平，低于历史同期平均水平；铝合金锭 库存为5.79万吨，处于高位，进口亏损为176元/吨，A356铝送至无锡运费和利润为605.88元/吨，再 生铝开工率为55.3%，环比增加3.36%,处于低位。 成本端来看，新疆地区样本通氧553生产亏损 ...

交易咨询业务资格：证监许可【2012】1091号 沥青期货早报 2025年9月10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 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，根据隆众，2025年8月份国内沥青总计划排产量为241.3万吨，环比降幅5.1%, 同比增幅17.1%。本周国内石油沥青样本产能利用率为30.501%，环比减少0.90个百分点，全 国样本企业出货26.35万吨，环比减少0.11%,样本企业产量为50.9万吨，环比减少2.86%,样 本企业装置检修量预估为68.5万吨，环比增加0.44%,本周炼厂有所减产，降低供应压力。下 周或将减少供给压力。 需求端来看，重交沥青开工率为28.1%，环比减少0.04个百分点，低于历史平均水平；建筑沥 青开工率为18.2%，环比持平，低于历史平均水平；改性沥青开工 ...

交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 祝森林 从业资：F3023048 投资咨询证：Z0013626 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。 沪镍 每日观点 1、基本面：外盘继续回落，20均线成压力线。产业链上，矿价部分小幅回落，镍铁价格稳中有升，成 本线坚挺。不锈钢库存继续回落，期待金九银十的表现，关注库存变化。新能源汽车产销数据较好，但 三元电池装车量同比下降，总体需求提振受限。短期关注反内卷的再次影响，中长线过剩格局不变。偏 空 2、基差：现货121900，基差1200，偏多 3、库存：LME库存218070，+456，上交所仓单22599，-173，偏空 4、盘面：收盘价收于20均线以下，20均线向下，偏空 5、主力持仓：主力持仓净空，空减，偏空 6、结论：沪镍2510：震荡运行，下方成本线有支撑。 沪镍&不锈钢早报—2025年9月10日 不锈钢 每日观点 1、基本面：现货不锈钢价格持平， ...

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 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 交易咨询业务资格：证监许可【2012】1091号 贵金属早报—— 2025年9月10日 黄金 1、基本面：非农年度数据大幅下修，金价拉高回落；美国三大股指小幅收涨，欧洲 三大股指收盘涨跌不一；美债收益率集体下跌，10年期美债收益率跌3.82个基点报 4.038%；美元指数涨0.31%报97.76，离岸人民币对美元小幅贬值报7.1232；COMEX黄 金期货涨0.67%报3677.60美元/盎司；中性 2、基差：黄金期货834.48，现货831，基差-3.48，现货贴水期货；中性 3、库存：黄金期货仓单44415千克，增加1080千克；偏空 4、盘面：20日均线向上，k线在20日均线上方；偏多 5、主 ...