成文日期: 20250814 研究品种:豆粕 报告周期: 日度 研究员：漆建华（从业资格号：F03099134；投资咨询从业证书号：Z0017731) 豆粕期货日报 1 期货市场 1.1 合约行情 当日（20250814）期货品种豆粕 m2601 合约价格整体上先涨 后跌。终盘报收于 3157 元/吨，较昨日上涨 12 元/吨，参考涨幅 0.38%。全日成交量为 1347343 手，持仓量为 1990701 手。 图 1：豆粕 m2601 分时图 数据来源：大连商品交易所 1.2 品种价格 豆粕期货各合约全天以小幅上涨为主，品种合约总持仓量为 4655321 手，较上一交易日减少 25411 手。 图 2：豆粕期货日行情表 研究咨询: 028 6130 3163 邮箱: institute@gjqh.com.cn 投诉热线: 4006821188 请务必阅读文末风险揭示及免责声明 | | | 商品名称合约名称 开盘价最高价 最低价 收盘价前结算价结算价涨跌涨跌1 | | | | | | 成交量 | | 持仓量 | 成交额 | | --- | --- | --- | --- | --- | --- | --- ...

Report Overview - Report Date: August 12, 2025 - Report Cycle: Daily - Research Variety: Beans - Researcher: Qi Jianhua [1] 1. Futures Market 1.1 Contract Quotes - On August 12, 2025, the main continuous contract of DCE Bean No.1 futures fluctuated weakly. The opening price was 4,067 yuan/ton, the highest price was 4,073 yuan/ton, the lowest price was 4,015 yuan/ton, and the closing price was 4,034 yuan/ton, down 29 yuan/ton or 0.71% from the previous day. The trading volume was 141,159 lots, and the open interest was 185,359 lots, with a daily increase of 30,232 lots [2]. 1.2 Variety Prices | Contract Name | Closing Price (yuan/ton) | Change (yuan/ton) | Change Rate | Trading Volume (lots) | Open Interest (lots) | Daily Increase in Open Interest (lots) | Amplitude | | --- | --- | --- | --- | --- | --- | --- | --- | | A2509 | 4,087 | -11 | -0.27% | 62,101 | 47,467 | -24,040 | 0.81% | | A2511 | 4,034 | -29 | -0.71% | 141,159 | 185,359 | 30,232 | 1.43% | | A2601 | 4,031 | -24 | -0.59% | 38,907 | 63,644 | 10,304 | 1.09% | | A2603 | 4,031 | -1 | -0.47% | 5,184 | 25,892 | 377 | 0.94% | [3] 2. Spot Market - Today's basis of Bean No.1 was -14 yuan/ton, and the basis continued to strengthen. The total registered warehouse receipts of Bean No.1 today were 12,865 lots, a decrease of 258 lots from the previous trading day [5]. 3. Influencing Factors 3.1 Important Events - According to Wind data, today's average quotation of domestic soybeans was 4,054 yuan/ton, a month-on-month increase of 0.17%. In recent days, the spot price of soybeans has continued to rise steadily. Today, the soybean inventory in major ports was 6.8283 million tons, a month-on-month decrease of 0.19%. Currently, the inventory accumulation of port soybeans has slowed down [8][9]. 3.2 Industry News - In terms of imported soybeans, according to Wind data, today's near - month landed duty - paid prices of imported soybeans showed an overall upward trend. The near - month landed duty - paid price of US Gulf soybeans was reported at 4,839.38 yuan/ton, that of Brazilian soybeans was reported at 4,024.47 yuan/ton, and that of Argentine soybeans was reported at 3,867.78 yuan/ton. Recently, the overall crushing profit of enterprises has maintained a steady - to - rising trend [10].

1. Report's Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The glass futures market is expected to maintain a volatile pattern in the short - term, with a tug - of - war between weak reality and policy expectations. Mid - term directional breakthroughs depend on the actual implementation of capacity - clearing policies and the substantial recovery of demand during the traditional peak seasons of "Golden September and Silver October". The market's kinetic energy conversion depends on inventory reduction rates and the pace of macro - level positive news realization [14] 3. Summary by Relevant Catalogs 3.1 Futures Market 3.1.1 Contract Quotes - On August 13, 2025, the FG2601 glass futures contract oscillated around the moving average during the night and early sessions. In the afternoon, short - sellers gained the upper hand, pushing the price down to the daily low and closing with a negative line. The price dropped by 19 yuan/ton, a 1.54% decline, and closed at 1214 yuan/ton. The trading volume was 2.2177 million lots, and the open interest was 1.0237 million lots [2] 3.1.2 Variety Prices - All 12 glass futures contracts closed lower. The total open interest of the variety was 1.8795 million lots, a decrease of 59,402 lots from the previous trading day. The open interest of the active contract FG2601 increased by 88,800 lots [5] 3.1.3 Related Quotes - On the day, put options on glass outperformed call options [8] 3.2 Spot Market - The spot price of glass continued to be weak. Prices in Northeast China remained stable, while prices in other regions were under pressure and declined [10] 3.3 Influencing Factors 3.3.1 Supply - Demand Factors - Supply side: The daily melting volume of float glass in production reached 159,600 tons, a 0.38% increase month - on - month. The operating rate was 75.34%, and the capacity utilization rate was 79.78%. The weekly output increased by 0.16% to 1.117 million tons. In August, there were 2 cold - repaired and 2 restarted production lines, with capacity remaining basically unchanged. Demand side: The demand for real - estate completion did not improve. Deep - processing enterprises faced difficulties in collecting funds, and new orders decreased year - on - year. They mainly focused on consuming raw - sheet inventories [11] 3.3.2 Inventory Analysis - The overall inventory of glass enterprises increased from a downward trend. It rose by 2.348 million weight boxes, a 3.95% increase, reaching a total of 61.847 million weight boxes. Inventories of glass enterprises in all regions increased [13]

成文日期: 20250813 报告周期: 日报 研究品种:纯 (从业资格号:F0238922;投资咨询从业证书号:Z0001219) 研究员:何宁 缅甸斯斯货目报 1 期货市场 1.1 合约行情 当日（20250813）纯碱期货市场呈现 "高开低走" 态势。其 中纯碱 2601（SA601）开盘价是 1408 元/吨，最高价是 1423 元/吨, 最低价是 1375 元/吨,收盘价是 1383 元/吨,较上一个交易日结算价 下跌 5 元/吨, 跌幅 0.36%, 成交量 249 万手, 较上日减少 74.5 万手, 持仓量 121.8 万手，较上日增加 6.4 万手。 图 1: 纯碱 2601 (SA601) 分时图 数据来源:国金期货 WH6 1.2 品种价格 表 1：纯碱期货日行情表 20250813 | 合约名称 | 开盘 | 最高 | 最低 | | 最新 涨跌 涨幅% 成交量 持仓量 | | --- | --- | --- | --- | --- | --- | | 纯碱2509 | 1293 | 1308 | 1271 | 1276 | -6 -0.47% 347399 385899 | | 纯碱2 ...

研究品种:豆 研究员:漆建华 成文日期：20250712 报告周期:周度 期货咨询证号（F03099134&Z0017731) 豆粕期货周报 本周核心观点 本周（20250707-0711）豆粕期货主力 M2509 合约价格先抑后 扬,短期获技术支持,周度期价小幅度上涨。但是受 CBOT 大豆下 跌、国内豆粕现货供应充足,需求受限等因素影响,使得豆粕市场 价格承压,全国多数地区现货均价跌破 2800 元/吨,同时期货主力 M2509 合约期价反弹幅度受阻，上行空间受到限制。 1. 市场概述与行情回顾 1.1 市场总体表现 本周（20250707-0711）豆粕期货主力 M2509 合约减仓增量, 价格以偏强震荡调整为主，周 K 线最终以阳线报收。 图片来源:国金期货行情软 1.2 期货行情数据 研究热线: 028 6130 3163 邮箱:institute@gjqh.com.cn 投诉热线: 4006821188 请务必阅读文末风险揭示及免责声明 图 3：豆粕部分地区现货价格走势图 图 1：豆粕期货主力合约周 K 线价格走势图 图 2:豆粕期货周度行情数据 | | | | | 商品名称 合约名称 周开盘价 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The stainless - steel futures rose today, driven by steel mills' price hikes and related variety disk trends. However, due to weak downstream demand in the off - season, the market is in a wait - and - see state with light trading. Technically, there is a callback pressure after the price breaks through the 50 - day moving average and the RSI indicator moves from the oversold area to the middle range. In the short term, stainless - steel futures may maintain a volatile trend [10]. 3. Section - by - Section Summaries 3.1 Futures Market - **Contract行情**: On August 5, 2025, the price of the stainless - steel ss2509 contract fluctuated upward. It opened near the daily low of 12985 points, then dropped to the daily low of 12920 points, and oscillated within this range throughout the day. The price rose at the end of the session and then fell back to the closing price of 12960 points. Trading volume was high at the opening and before the close, with a daily trading volume of 79826 lots [2]. - **Variety Price**: The 12 stainless - steel futures contracts show a normal market pattern of lower near - term prices and higher far - term prices. Contracts at both ends of the months saw relatively large price increases, while those in the middle months had weak increases. The active contract ss2509 had a position of 85949 lots, a decrease of 1526 lots. Funds entered the stainless - steel variety on that day, and the position of the secondary - leading contract increased by 2863 lots [5]. 3.2 Spot Market - **Basic Data**: In the past 10 trading days, the basis of the active contract ss2509 changed significantly, with a maximum of 470 yuan/ton, a minimum of 25 yuan/ton, and 140 yuan/ton on the day. In the spot market, taking the 304 stainless - steel cold - rolled coil plate with rough edges as an example, the prices in Foshan Yongjin, Wuxi Yongjin, Zibo Hongwang, and Shanghai Hongwang were 12750 yuan/ton, 12800 yuan/ton, 12700 yuan/ton, and 12800 yuan/ton respectively [7]. - **Registered Warehouse Receipts**: The registered warehouse receipts of stainless - steel on the Shanghai Futures Exchange were 102865 tons, a decrease of 60 tons compared with the previous trading day. The recent change in registered warehouse receipts was small, and the overall warehouse receipt quantity remained at a historical high [7]. 3.3 Influencing Factors - **Industry News**: In terms of cost, the price of Indonesian nickel ore remained stable, and the premium of pyrometallurgical nickel ore was maintained at 24 - 25 US dollars/wet ton. The nickel - iron quotation range moved up slightly, mainly concentrated at 920 - 930 yuan/nickel point. High - cost nickel - iron production lines were mostly in a state of reduction or shutdown. In terms of supply, since July, the stainless - steel price has rebounded, and the steel mills' profits have been significantly repaired. However, the production reduction of steel mills in July was less than expected, and the production schedule in August increased further, so there is still supply pressure. According to Steel Union data, the production schedule of the 300 - series in August is 1.7598 million tons, a 3% month - on - month increase. In terms of inventory, the social inventories in Wuxi and Foshan of stainless - steel have been gradually reduced recently, mainly due to the slowdown of market arrivals and the steel mills' price hikes stimulating purchasing demand. But the terminal demand has not improved significantly, mainly for just - in - time replenishment, and the tariff policy has uncertainties for exports [9]. 3.4 Market Outlook The stainless - steel futures rose today, affected by steel mills' price hikes and related variety disk trends. Due to weak downstream demand in the off - season, the wait - and - see sentiment is strong and trading is light. Technically, there is a callback pressure after the price breaks through the 50 - day moving average and the RSI indicator moves from the oversold area to the middle range. In the short term, stainless - steel futures may maintain a volatile trend [10].

成文日期：20250806 报告周期:日度 研究品种:豆 研究员：漆建华（从业资格号：F03099134; 投资咨询从业证书号：Z0017731) 豆一期货日报 1 期货市场 1.2 品种价格 | 合约名称 | 收盘价 | 涨跌(元/ | 涨幅% | 成交量 | 持仓量 | 日増仓 | 振幅% | | --- | --- | --- | --- | --- | --- | --- | --- | | | (元/吨) | 吨) | | (手) | (手) | (手) | | | A2509 | 4118 | -3 | -0.07% | 93189 | 100381 | -୧୦୯୦ | 1.34% | | A2511 | 4092 | -8 | -0.20% | 80926 | 125634 | -1863 | 1.29% | | A2601 | 4095 | -6 | -0.15% | 26336 | 45337 | 3073 | 1.22% | | A2603 | 4083 | -8 | -0.20% | 4082 | 24696 | 451 | 1.15% | 数据来源：国金期货行情软件 2 现货市场 1. ...

1 期货市场 1.1 合约行情 当日（20250806）期货品种豆粕 m2509 合约价格冲高回落， 日内区间震荡。终盘报收于 3026 元/吨，较昨日下跌 4 元/吨，参考 跌幅 0.1%，日 K 线最终以阴线报收。全日成交量为 945564 手,持 仓量为 1203970 手。 成文日期：20250806 报告周期: 日度 研究品种:豆粕 研究员：漆建华（从业资格号：F03099134；投资咨询从业证书号：Z0017731) 豆粕期货日报 图 1：豆粕 m2509 分时图 1.2 品种价格 豆粕期货 8 个合约,价格互有涨跌,品种合约总持仓量为 4771882 手,较上一交易日增加 10102 手。其中活跃合约豆粕 m2509，持仓量减少 71233 手，相对其他合约减少手数较多。另外 豆粕 m2601 合约,持仓量增加 52856手,相对其他合约增加手数较 多。 研究咨询：028 6130 3163 邮箱：institute@gjqh.com.cn 投诉热线：4006821188 请务必阅读文末风险揭示及免责声明 数据来源:大连商品交易所 图 2:豆粕期货日行情表 | | | 商品名称合约名称开盘价最高 ...

Report Summary 1. Report Information - Research Variety: Beans - Report Type: Daily report on soybean No. 1 futures - Date: August 5, 2025 [1] 2. Futures Market 2.1 Contract Quotes - The main continuous contract of DCE soybean No. 1 futures fluctuated, closing with a doji on the daily K - line. The opening price was 4,115 yuan/ton, the highest was 4,134 yuan/ton, the lowest was 4,109 yuan/ton, and the closing price was 4,116 yuan/ton, a decrease of 10 yuan/ton (-0.24%) from the previous day. The trading volume was 65,168 lots, the open interest was 107,330 lots, and the daily change in open interest was -3,096 lots [2]. 2.2 Variety Prices | Contract Name | Closing Price (yuan/ton) | Change (yuan/ton) | Change Rate | Trading Volume (lots) | Open Interest (lots) | Daily Change in Open Interest (lots) | Amplitude | | --- | --- | --- | --- | --- | --- | --- | --- | | A2509 | 4,116 | -10 | -0.24% | 65,168 | 107,330 | -3,096 | 0.61% | | A2511 | 4,102 | -3 | -0.07% | 38,020 | 127,497 | 2,997 | 0.37% | | A2601 | 4,104 | 6 | 0.15% | 13,298 | 42,264 | 2,425 | 0.56% | | A2603 | 4,095 | 6 | 0.15% | 2,072 | 24,245 | 188 | 0.49% | [3] 3. Spot Market - The basis of soybean No. 1 was -96 yuan/ton, continuing to narrow. The total registered warehouse receipts of soybean No. 1 were 13,678 lots, a decrease of 10 lots from the previous trading day [5] 4. Influencing Factors 4.1 Important Events - The average price of domestic soybeans was 4,002 yuan/ton, a decrease of 0.22% from the previous day, with the price stabilizing and declining in recent days. The inventory of soybeans in major ports was 6.7739 million tons, a decrease of 1.99% from the previous day, and the inventory accumulation rate slowed down [6][8] 4.2 Industry News - The recent arrival - at - destination duty - paid prices of imported soybeans showed a stable - to - rising trend. The recent arrival - at - destination duty - paid price of US Gulf soybeans was 4,783.13 yuan/ton, that of Brazilian soybeans was 3,962.21 yuan/ton, and that of Argentine soybeans was 3,814.33 yuan/ton. The overall crushing profit of enterprises has been showing a stable - to - rising trend recently [9]

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