油脂异动点评：阿根廷暂时免征谷物出口关税，油 脂市场应声回调 投资咨询业务资格：证监许可【2011】1292 号 王泽辉（投资咨询资格编号：Z0019938） 2025 年 9 月 23 日星期二 电话：020-88818064 邮箱：wangzehui@gf.com.cn 行情导读：为缓解美元供应紧张，阿根廷政府周一（22 日）宣布从即日起到 10 月 31 日，将取消大豆、 谷物以及制成品（包括豆粕和豆油）的出口税，刺激出口。阿根廷是全球最大的豆粕和豆油出口国， 阿根廷政府此举或改善其豆油出口竞争力。阿根廷取消出口关税，导致芝加哥豆油期货跌至 6 月中旬 以来的最低水平。国内豆棕油主力合约盘中一度跌至 8018 与 8946 点的低位，下跌幅度分别为 3.91% 与 4.06%。 图2：Y2601合约近期走势 广发期货有限公司提醒广大投资者：期市有风险 入市需谨慎 Page 1 图1：P2601合约近期走势 数据来源：Wind 广发期货研究所 驱动分析一：阿根廷政府取消大豆、豆粕、豆油等商品出口税 阿根廷是全球最大的大豆油粕出口国，是全球第三大大豆产出国，阿根廷取消出口税导致国际大 豆、豆油与豆粕市场竞争 ...

全品种价差日报 投资咨询业务资格:证监许可 [2011] 1292号 2025年9月23日 数据来源:Wind、Mysteel、广发期货研究所。清仔细阅读报告尾端免责声明。历史分位数:根据各品种近五年的基差水平排序 | 折算价:72硅铁合格块:内蒙-天津仓单 | 硅铁(SF51) | 80 | 66.50% | 1.42% | 5728 | 5648 | 2.21% | 折算价:6517硅锰:内蒙-湖北仓单 | 硅锰 (SM601) | 6000 | 130 | 49.10% | 5870 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ેટ | 2.98% | 3280 | 47.90% | HRB40020mm: 上海 | 螺纹钢 (RB2601) | 3185 | 50 | 39.90% | 热卷 (HC2601) | 3430 | 1.48% | Q235B: 4.75mm: 上海 | 3380 | | | ...

| 股指期货价差日报 | 投资咨询业务资格: 证监许可【2011】1292号 2025年9日23日 | 叶倩宁 | Z0016628 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 品种 | 价差 | 最新值 | 较前一日变化 | 历史1年分位数 | 全历史分位数 | -38.61 | 7.90% | E期到分差 | -1.09 | 14.30% | | | | | | | -2.84 | H期现价差 | 0.82 | 58.6096 | 61.40% | 期现价差 | -25.58 | 0.0096 | IC期现价差 | -211.93 | 0.40% | IM期现价差 | 5.00% | -259.28 | -11.89 | 0.10% | | 次月-当月 | -13.00 | 10.00 | 29.5096 | 31.8096 | 季月-崇月 | -22.40 | 23.20 | 48,7096 | 3 ...

| 期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | 纪工菲 | 0813180 | | 现货价格与基差 | | | | | | | 品种 | 9月22日 | 9月19日 | 消费 | 涨跌幅 | 单位 | | N型复投料 - 平均价 | 52650.00 | 52650.00 | 0.00 | 0.00% | | | N型颗粒硅 - 平均价 | 49500.00 | 49500.00 | 0.00 | 0.00% | 元/肥 | | N型料基差(平均价) | 1660.00 | -50.00 | 1710.00 | 3420.00% | | | N型硅片-210mm - 平均价 | 1.7000 | 1.6900 | 0.01 | 0.59% | 元/片 | | N型硅片-210R - 平均价 | 1.4000 | 1.4000 | 0.00 | 0.00% | | | 单晶Topcon电池片-210R - 平均价 | 0.2880 | 0.2880 | 0.0000 | 0.00% | | | Topcon组件-210mm(分 ...

| 股指期货价差日报 | 投资咨询业务资格: 证监许可【2011】1292号 2025年9日23日 | 叶倩宁 | Z0016628 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 品种 | 价差 | 最新值 | 较前一日变化 | 历史1年分位数 | 全历史分位数 | -38.61 | 7.90% | E期到分差 | -1.09 | 14.30% | | | | | | | -2.84 | H期现价差 | 0.82 | 58.6096 | 61.40% | 期现价差 | -25.58 | 0.0096 | IC期现价差 | -211.93 | 0.40% | IM期现价差 | 5.00% | -259.28 | -11.89 | 0.10% | | 次月-当月 | -13.00 | 10.00 | 29.5096 | 31.8096 | 季月-崇月 | -22.40 | 23.20 | 48,7096 | 3 ...

| 铁矿石产业期现日报 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 咨询业务资格:证监许可 [2011] 1292号 | | | | | 徐艺丹 Z0020017 | | | 铁矿石相关价格及价差 | | | | | | | | 现值 | 品种 | | 前值 | 涨跌 | 涨跌幅 | 单位 | | 仓单成本:卡粉 | | 855.0 | 852.8 | 2.2 | 0.3% | | | 仓单成本:PB粉 | | 848.0 | 848.0 | 0.0 | 0.0% | | | 仓单成本:巴混粉 | | 857 3 | 857 3 | 0.0 | 0.0% | | | 仓单成本:金布巴粉 | | 858.6 | 858.6 | 0.0 | 0.0% | | | 01合约基差:卡粉 | | 46.5 | 88.8 | -42.3 | -47.6% | | | 元/肥 | 01合约基差:PB粉 | 39.5 | 84.0 | -44.5 | -53.0% | | | 01合约基差:巴混粉 | | 42.8 | 87.3 | -44.5 | ...

Report Industry Investment Ratings No relevant information provided. Core Views Oils and Fats - Palm oil is expected to gradually rise due to positive fundamentals, with Dalian palm oil futures potentially following suit and starting an upward trend [1]. - Soybean oil is under pressure from seasonal harvest and Sino - US trade disputes, but the expected decrease in soybean imports in the fourth quarter may provide long - term support [1]. Sugar - International raw sugar is expected to remain in a bottom - oscillating pattern due to oversupply, while domestic sugar is likely to continue its weak performance [3][4]. Grains and Oilseeds - US soybeans are under pressure, and domestic oilseed meal is expected to maintain a weak - oscillating rhythm due to sufficient supply [6]. Cotton - Medium - term domestic cotton prices may face pressure due to weak demand and high hedging pressure [9]. Corn - The corn market is expected to remain weak in the short term, with attention on new grain purchase rhythms and opening prices [10]. Eggs - Egg prices are expected to oscillate within a bottom - range due to sufficient supply and uncertain demand [15]. Pigs - The pig market has a clear supply recovery pattern, with near - month contracts maintaining weak adjustments, and attention on 1 - 5 and 3 - 7 reverse spread opportunities [17][18]. Summary by Related Catalogs Oils and Fats - **Prices**: On September 22, 2025, soybean oil spot price in Jiangsu remained unchanged at 8620 yuan/ton, palm oil spot price in Guangdong decreased by 0.32% to 9270 yuan/ton, and rapeseed oil spot price in Jiangsu increased by 0.29% to 10210 yuan/ton [1]. - **Spreads**: The three - oil 01 - 05 spread increased by 4.35% to 288 yuan/ton, the palm oil 01 - 05 spread increased by 1.98% to 206 yuan/ton, and the rapeseed oil 01 - 05 spread increased by 1.00% to 505 yuan/ton [1]. Sugar - **Futures Market**: On September 22, 2025, the price of SR2601 decreased by 0.16% to 5452 yuan/ton, and the price of SR2605 decreased by 0.26% to 5432 yuan/ton [3]. - **Spot Market**: The spot price in Nanning decreased by 0.51% to 5800 yuan/ton, and the spot price in Kunming decreased by 0.43% to 5820 yuan/ton [3]. - **Industry Situation**: National sugar production increased by 12.03% year - on - year to 1116.21 million tons, and national sugar sales increased by 12.87% year - on - year to 1000 million tons [3]. Grains and Oilseeds - **Prices**: On September 22, 2025, the spot price of soybean meal in Jiangsu remained unchanged at 2950 yuan/ton, the spot price of rapeseed meal in Jiangsu remained unchanged at 2600 yuan/ton, and the spot price of soybeans in Harbin remained unchanged at 3980 yuan/ton [6]. - **Spreads**: The soybean meal 01 - 05 spread increased by 10.53% to 252 yuan/ton, the rapeseed meal 01 - 05 spread increased by 14.81% to 155 yuan/ton, and the soybean - rapeseed meal 2601 spread increased by 2.85% to 506 yuan/ton [6]. Cotton - **Futures Market**: On September 22, 2025, the price of CF2605 decreased by 0.66% to 13812 yuan/ton, and the price of CF2601 decreased by 0.80% to 13610 yuan/ton [9]. - **Spot Market**: The Xinjiang arrival price of 3128B decreased by 0.34% to 15146 yuan/ton, and the CC Index of 3128B decreased by 0.39% to 15224 yuan/ton [9]. - **Industry Situation**: Warehouse inventory decreased by 20.6% month - on - month to 117.59 million tons, and industrial inventory decreased by 3.4% month - on - month to 86.21 million tons [9]. Corn - **Futures Market**: On September 22, 2025, the price of C2511 decreased by 0.97% to 2147 yuan/ton, and the price of CS2511 decreased by 1.30% to 2431 yuan/ton [10]. - **Spot Market**: The FOB price at Jinzhou Port increased by 0.88% to 2300 yuan/ton, and the spot price of corn starch in Changchun remained unchanged at 2560 yuan/ton [10]. - **Spreads**: The C11 - 3 spread decreased by 200.00% to - 1 yuan/ton, and the CS11 - 3 spread decreased by 45.00% to - 29 yuan/ton [10]. Eggs - **Prices**: On September 22, 2025, the price of the JD11 contract decreased by 1.19% to 3075 yuan/500KG, and the price of the JD10 contract decreased by 1.42% to 2982 yuan/500KG [14]. - **Related Indicators**: The egg - feed ratio increased by 7.95% to 2.85, and the breeding profit increased by 135.13% to 3.20 yuan/feather [14]. Pigs - **Futures Market**: On September 22, 2025, the price of LH2511 decreased by 0.23% to 12795 yuan/ton, and the price of LH2601 decreased by 0.04% to 13345 yuan/ton [17]. - **Spot Market**: The spot price in Henan decreased by 200 yuan/ton to 12700 yuan/ton, and the spot price in Shandong decreased by 50 yuan/ton to 12850 yuan/ton [17]. - **Related Indicators**: The sample slaughterhouse daily volume decreased by 0.24% to 153248, and the self - breeding profit per week decreased by 245.13% to - 24 yuan/head [17].

2025年9月23日 | | | | 下游聚酯产品价格及现金流 | 上游价格 | 9月22日 | 9月19日 | 涨跌幅 | 9月19日 | 涨跌 | 涨跌幅 | 品种 | 张跌 | 单位 | 品种 | 9月22日 | 单位 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 布伦特原油(11月) | -0.2% | POY150/48价格 | 6600 | -0.8% | 66.57 | -0.11 | 6655 | -25 | 66.68 | 美元/桶 | -0.1% | WTI原油(10月) | -0.8% | -0.04 | FDY150/96价格 | -55 | 6845 | 62.68 | 6790 | 62.64 | | | 597 | -0.7% | CFR日本石脑油 | -55 | -1 | -0.2% | DTY150/48价格 | 78 ...

本报告中的信息均来源于被广发期货有限公司认为可靠的已公开资料，但广发期货对这些信息的准确性及完整性不作任何保证。本报告反映研究人员的 其附属机构的立场。在任何情况下，报告内容仅供参考，报告中的信息或所表达的意见并不构成所 担。本报告旨在发送给广发期货特定客户及其他专业人士，版权归广发期货所有，未经广发期货书 机留及分析方法 险目打 授权,任何人不得对本报告进行任何形式的发布、复制。如引用、刊发、需注明出处为"广发期货"。 | 铜产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年9月23日 星期二 | | | | 周敏波 | Z0015979 | | 价格及基差 | | | | | | | | 现值 | 前值 | 日涨跌 | 日涨跌幅 | 单位 | | SMM 1#电解铜 | 80225 | 79990 | +235.00 | 0.29% | 7C/ HQG | | SMM 1#电解铜升贴水 | 60 | 70 | -10.00 | - | 元/吨 | | SMM 广东1#电解铜 | ...

知识图强,求实奉献,客户至上,合作共赢 | *业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年9月23日 | | | | 纪元菲 Z0013180 | | | 现货价格及主力合约基差 | | | | | | | 品相 | 9月22日 | 9月19日 | 涨跌 | 涨跌幅 | 单位 | | 华东通氧SI5530工业硅 | a500 | a320 | J20 | 1.60% | | | 基差(通氧SI5530基准) | ട്ടാ | 45 | 202 | 1122.22% | | | 华东SI4210工业硅 | 9700 | 9600 | 100 | 1.04% | 元/肥 | | 基差(SI4210基准) | -50 | -505 | 455 | 90.10% | | | 新疆99硅 | 9000 | 8800 | 200 | 2.27% | | | 基差(新疆) | 820 | 295 | 555 | 188.14% | | | 月间价差 | | | | | | | 合约 | 9月 ...