Report Summary 1. Report Information - Report Date: September 10, 2025 [1] - Report Cycle: Daily - Research Variety: Live Hogs - Researcher: Qi Jianhua [1] 2. Investment Rating - No investment rating is provided in the report. 3. Core Viewpoints - The current supply - demand pattern in the live hog market remains loose, with weak upward momentum in the spot market prices. The market focuses on the slaughter rhythm of large - scale farms, the selling intensity of secondary fattening hogs, and the effects of policy regulation. - The moving averages on the futures market show a bearish arrangement, indicating that the downward momentum has not subsided. In the short term, the price of the lh2511 contract is expected to show a weak and oscillating trend at a low level. [15] 4. Summary by Section 4.1 Futures Market - **Contract Quotes**: On September 10, 2025, the lh2511 contract of live hog futures showed an upward trend throughout the day, closing at 13,315 points, up 0.64% from the previous day. The daily trading volume was 32,600 lots, and the open interest was 75,700 lots. [2] - **Variety Prices**: All contracts of live hog futures rose. The total open interest of the variety was 194,143 lots, a decrease of 1,362 lots from the previous trading day. [4] - **Related Quotes**: The daily trading volume of live hog options was 10,649 lots, and the total open interest was 35,378 lots, an increase of 679 lots. The total number of exercised options on the day was 0 lots. [7] 4.2 Spot Market - **Basis Data**: Today's live hog basis was 280 yuan/ton, compared with 490 yuan/ton yesterday, a decrease of 210 yuan/ton from the previous trading day, indicating a slight convergence of the basis. [8][9] - **Registered Warehouse Receipts**: The number of registered warehouse receipts for live hogs remained unchanged from the previous day, with a total of 428 lots. [10] 4.3 Influencing Factors - **Industry News**: The Ministry of Commerce has implemented anti - dumping measures on imported pork from the EU since September 10, which will increase the cost of imported pork, reduce external supply pressure, and may support the domestic live hog market. [12] - **Technical Analysis**: The short - term moving averages such as the 5 - day and 10 - day moving averages of the lh2511 contract of live hog futures show a significant downward slope, indicating strong downward momentum in the near - term price. The long - term moving averages such as the 60 - day moving average also show signs of turning downward. [13]

12 89999 3876 pb2510 766 图 2：沪铅期货日行情表 20250910 | 交割月 | 前结算 | 今开盘 | 覆高价 | 最低价 | 收盘价 | 结算参 | 涨跌1 涨跌2 | | 成交手 | 成交答额 | 持仓手/变化 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 4સ્ત્ર | | | | | | 考价 | | | | | | | | 商品名称:铅 | | | | | | | | | | | | | | 2509 | 16850 | 16830 | 16830 | 16760 | 16760 | 16805 | -90 | -45 | 285 | 2394.83 | 4495 | 75 | | 2510 | 16915 | 16895 | 16910 | 16790 | 16795 | 16840 | -120 | -75 | 45315 | 381613.05 | 50467 | 766 | | 2511 | 16915 | 16915 | 16915 ...

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The current stainless steel market presents a dual - factor game pattern of "strengthened cost support and suppression from loose supply - demand". Technically, the narrow - range oscillation pattern remains unchanged. In the short term, the price may maintain range - bound fluctuations, and a breakthrough requires a substantial recovery in demand or a signal of supply - side contraction [11] 3. Summary by Directory 3.1 Futures Market 3.1.1 Contract Quotes - On September 9, 2025, the stainless steel ss2511 futures contract oscillated strongly. It reached the lowest point of 12,880 at the opening and then rose to the highest point of 12,980, closing at 12,950. The trading volume was large at the opening and when reaching the highest point, and the open interest increased slightly throughout the day, with a trading volume of 109,512 lots [2] 3.1.2 Variety Prices - The prices of 12 stainless steel futures contracts show a normal market pattern with near - term contracts lower and far - term contracts higher. Near - term contracts have a larger price increase, while far - term contracts have a smaller increase. The total open interest of the variety is 287,952 lots, a decrease of 1,557 lots from the previous trading day. The open interest of the active contract ss2511 is 123,179 lots, an increase of 5,300 lots, and the open interest of the second - main contract ss2510 decreased by 9,541 lots [4] 3.2 Spot Market 3.2.1 Basis Data - In the past 10 trading days, the basis of the active contract ss2511 has changed significantly, with a maximum of 275 yuan/ton, a minimum of 120 yuan/ton, and 130 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 are 12,950 yuan/ton, 13,100 yuan/ton, 12,800 yuan/ton, and 12,950 yuan/ton respectively [7] 3.2.2 Registered Warehouse Receipts - In the past 10 trading days, the registered warehouse receipts have slightly increased, with a maximum of 100,431 tons and a minimum of 98,534 tons. On the day, it was 98,534 tons, a decrease of 422 tons from the previous day [8] 3.3 Influencing Factors - The fundamentals of Shanghai nickel have support but no obvious decisive dominance. The first - phase benchmark price of nickel ore in September has decreased. Although there has been some rainfall in the main mining areas in the Philippines recently, the overall production and shipment have not been significantly affected, and the domestic arrival inventory remains at a high level. The trend of ferronickel is also strong, with a recent transaction at 955 yuan/nickel point in a southern factory, and the bottom support is strong. The profit has been repaired under continuous price corrections. The stainless steel spot prices are basically flat. The anti - dumping duty on South Korea's stainless steel thick plates from China has been implemented, and there are still disturbances in exports to the EU. Entering the traditional consumption peak season of "Golden September", the short - term consumption growth rate is slightly faster, and the price is relatively firm due to cost support [9][10] 3.4 Market Outlook - On September 9, the closing price of the stainless steel futures main contract was 12,950 yuan/ton. The current market is in a game between strengthened cost support and loose supply - demand. Technically, the narrow - range oscillation pattern remains unchanged. In the short term, the price may maintain range - bound fluctuations, and a breakthrough requires a substantial recovery in demand or a signal of supply - side contraction [11]

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints - The current urea market is supported by exports, with port inventories accumulating but expected to drive down social inventories. Domestic demand is weak, and the medium - and long - term supply - demand pattern is loose. Future prices are mainly driven by export effectiveness and domestic demand recovery speed, and there is still medium - and long - term supply pressure [10] 3. Summary by Directory 3.1 Futures Market 3.1.1 Contract Market - On September 10, 2025, the price of the main urea futures contract fluctuated and declined, closing at 1669 yuan/ton, with a maximum of 1692 yuan/ton and a minimum of 1668 yuan/ton. The trading volume was 169,000 lots, a decrease of 13,000 lots from the previous day, and the open interest was 283,000 lots, an increase of 15,000 lots from the previous day [2] 3.1.2 Variety Price - The latest price of urea2509 was 1613 yuan/ton, down 12 yuan or 0.74%, with an open interest of 4753 lots and a trading volume of 89 lots. The latest price of urea2510 was 1633 yuan/ton, down 17 yuan or 1.03%, with an open interest of 12959 lots and a trading volume of 2029 lots. The latest price of urea2601 M was 1669 yuan/ton, down 17 yuan or 1.01%, with an open interest of 283349 lots and a trading volume of 168507 lots [6] 3.2 Spot Market 3.2.1 Spot Price and Basis Data - The overall urea spot prices in major domestic regions remained stable, with slight differences in some areas due to demand. Representative factory quotes were: Henan Xinlianxin in Central China at 1720 yuan/ton (basis 51 yuan/ton), Ningxia Petrochemical in Northwest China at 1530 yuan/ton (basis - 139 yuan/ton), Ruixing Group in East China at 1650 yuan/ton (basis - 19 yuan/ton), and Hualu Hengsheng in North China at 1660 yuan/ton (basis - 9 yuan/ton) [7] 3.3 Influencing Factors 3.3.1 Industry Information - Export policy is a key factor affecting urea prices. Attention should be paid to the large - scale urea import tender of India's NFL (with a record - high bid volume) and its final procurement result. In September, as an important window for urea export, the accelerating port collection speed has led to a continuous increase in port inventories. The export volume in August and September is expected to be considerable, which may lead to a decline in social inventories. The superimposed effect of accelerated exports and the seasonal recovery of domestic demand also needs to be observed [8][9] 3.4 Market Outlook - The current urea market is supported by exports, with port inventories accumulating but expected to drive down social inventories. Domestic demand is weak, and the effectiveness of manufacturers' price cuts to attract orders is limited. Agricultural autumn fertilizer demand starts slowly, and industrial demand is restricted. On the supply side, production is at a high level, the operating rate will rise, and with new production capacity, the medium - and long - term supply - demand pattern is loose. Attention should be paid to the resonance point of export growth and the seasonal recovery of domestic demand. Future prices are mainly driven by export effectiveness and the recovery speed of domestic demand, but medium - and long - term supply pressure remains [10] 3.5 Demand and Supply 3.5.1 Demand - Domestic urea manufacturers have lowered prices to attract orders, but overall trading is light. Agricultural autumn fertilizer demand is gradually starting, and industrial downstream (compound fertilizers, melamine) mainly makes rigid - demand purchases. Due to previous important events, the operations of the panel and compound fertilizer industries were restricted, resulting in weak overall industrial demand [12] 3.5.2 Supply - The operating rate of the urea industry is expected to rise. Against the background of high production levels, with the release of new production capacity, the medium - and long - term market supply - demand pattern remains loose [12]

Report Summary 1. Report Information - Research Variety: Shanghai Aluminum [1] - Report Cycle: Daily - Date: September 10, 2025 2. Investment Rating - Not provided 3. Core View - The electrolytic aluminum market is currently in a stage of game between macro - expectations and fundamental reality. The expectation of the Fed's interest rate cut provides macro - benefits, but the degree of fundamental demand recovery still needs to be verified. Aluminum prices are expected to remain in a high - level shock in the short term [11] 4. Section Summaries 4.1 Futures Market - **Contract行情**: On September 10, 2025, the Shanghai Aluminum al2510 contract maintained a volatile trend throughout the day, with a trading volume of 93,249 lots and an open interest of 196,440 lots [2] - **Variety Price**: The total open interest of 12 Shanghai Aluminum futures contracts was 542,337 lots, an increase of 7,282 lots from the previous trading day. The open interest of the active contract al2510 increased by 2,246 lots [2] 4.2 Spot Market - On September 10, 2025, the basis of the main contract Shanghai Aluminum al2510 weakened. The spot aluminum price in East China was 20,750 yuan/ton, the closing price of the futures main contract was 20,790 yuan/ton, and the basis was - 40 yuan/ton [5] 4.3 Influencing Factors - **Macro News**: The recent global macro - environment shows a mixed situation. US non - farm payrolls growth unexpectedly cooled in August, with only 22,000 new jobs added. The June employment data was revised down to negative growth, and the unemployment rate rose to a new high since 2021 [6] - **Fundamental News**: The supply of electrolytic aluminum remains high and stable, and the production capacity is approaching the policy ceiling. The demand side is on the verge of the traditional "Golden September and Silver October" consumption season, showing signs of marginal improvement. The operating rate of downstream processing enterprises has rebounded, but they are still resistant to high - priced aluminum and their purchasing attitude is cautious. As of September 10, 2025, the electrolytic aluminum inventory is at a relatively low level in the same period of the past five years, providing some support for aluminum prices [7] - **Technical Analysis**: The daily line of the Shanghai Aluminum 2510 contract fluctuates above the short - term moving average and is still in a box. The MACD yellow and white lines are glued, the trading volume is shrinking, and the long - short game of funds is intense [8]

1 期货市场 矿石期货日报 1.1 合约行情 当日(20250911)，期货品种铁矿石 i2601 合约震荡调整, 最低 跌至 791.5 点，最高触及 809 点，收盘收于 795.5 点，跌幅 0.81%。 成交量为36.51万手，较前一交易日增加3.06万手，持仓量为53.90 万手，较前一交易日减少 5590 手。 图 1：铁矿石 i2601 分时图 1.2 品种价格 铁矿石期货 12 个合约，价格呈现近强远弱的反向市场格局。全 天各合约普遍调整，幅度在 3 到 9.5 点之间。品种持仓量 852781 手, 较上一交易日减少 3584 手,其中铁矿石 2601 合约持仓量减少最多, 减少 5590 手。 图 2：铁矿石期货日行情表 数据来源:同花顺期货通行情软件 成文日期：20250912 报告周期:日度 研究分析师：安致远（期货从业资格证号：F03143832；投资咨询证书号：Z0022799) 2 现货市场 2.1 基差数据 据同花顺期货通行情数据，近 5 个交易日，主力合约铁矿石 i2601，基差小幅震荡，最大 30 元/吨，最小 27 元/吨，当日为 30 元 /吨。 2.2 注册仓单 近 ...

Report Summary 1. Report Information - Research variety: Beans - Report cycle: Daily - Date of report: September 4, 2025 - Researcher: Qi Jianhua [1] 2. Investment Rating - No investment rating is provided in the report. 3. Core View - Currently, domestic soybean prices fluctuate, recent imported soybean prices trend weakly, port inventory accumulation slows, and enterprise crushing profits weaken again. The price of the main soybean futures contract A2511 oscillates around the 5 - day moving average, and the short - term bearish power on the disk weakens. The price of the A2511 contract may continue to fluctuate around the 5 - day moving average [15]. 4. Summary by Directory 4.1 Futures Market - **Contract行情**: On September 4, 2025, the main continuous contract of DCE soybean futures oscillated strongly. The opening price was 3951 yuan/ton, the highest was 3982 yuan/ton, the lowest was 3951 yuan/ton, and the closing price was 3965 yuan/ton, up 1 yuan/ton or 0.03% from the previous day. The trading volume was 101,673 lots, the open interest was 199,022 lots, and the daily increase in positions was - 6675 lots [2]. - **Variety price**: Different contracts have different closing prices, price changes, and trading volumes. For example, the A2509 contract closed at 4056 yuan/ton, down 31 yuan/ton or 0.76%; the A2511 contract closed at 3965 yuan/ton, up 1 yuan/ton or 0.03% [3]. 4.2 Spot Market - The basis of soybean No. 1 today is 95 yuan/ton, showing a slight weakening. The total registered warehouse receipts of soybean No. 1 today are 8510 lots, a decrease of 64 lots compared with the previous trading day [5]. 4.3 Influencing Factors - **Important events**: The average domestic soybean price today is 4039 yuan/ton, a month - on - month decrease of 0.81%. The prices have fluctuated in recent days. The soybean inventory in major ports today is 6.7903 million tons, a month - on - month decrease of 0.76%, and the inventory accumulation speed has slowed [8][10]. - **Industry information**: The recent arrival - at - port duty - paid prices of imported soybeans are generally weak. The recent arrival - at - port duty - paid price of US Gulf soybeans is 4583.97 yuan/ton, that of Brazilian soybeans is 3993.74 yuan/ton, and that of Argentine soybeans is 3852.45 yuan/ton. The enterprise crushing profit has continued to decline from a high level and has weakened again [11].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The price of the soybean meal m2601 contract is expected to mainly fluctuate within a range in the short term, as the approaching US soybean harvest season clarifies production expectations, and concerns about the uncertainty of US soybean export prospects lead to a continued decline in overnight CBOT soybean futures. Domestically, the high volume of imported soybean crushing results in a situation where the production of soybean meal exceeds the提货 quantity of terminal feed and breeding enterprises, weakening the price - holding intention of oil mills [12]. 3. Summary by Relevant Catalogs 3.1 Futures Market 3.1.1 Contract Quotes - On September 4, 2025, the soybean meal m2601 contract showed a weak oscillating trend, with the price rising first and then falling. It closed at 3048 yuan/ton, a decrease of 9 yuan/ton or 0.20% from the previous day. The daily trading volume was 956,943 lots, and the open interest was 2,043,281 lots [2]. 3.1.2 Variety Prices - On the same day, the prices of all soybean meal futures contracts declined. The total open interest of the variety contracts was 4,203,542 lots, an increase of 20,034 lots from the previous trading day [3]. 3.2 Spot Market 3.2.1 Spot Quotes - On September 4, 2025, the spot quotes of soybean meal in some domestic regions were stable with a slight decline. For example, the price in Rizhao decreased by 10 yuan to 2990 yuan, while the prices in Zhangjiagang, Tianjin, and Dongguan remained unchanged at 2990 yuan, 3060 yuan, and 2960 yuan respectively, all with a protein content of 43% [7][8]. 3.2.2 Registered Warehouse Receipts - The total number of soybean meal registered warehouse receipts increased by 3,750 lots to 19,375 lots. The warehouse receipts at Nantong Cargill increased from 0 to 3,750 lots, while those at other warehouses remained unchanged [9]. 3.3 Influencing Factors 3.3.1 Industry News - The import cost of soybeans decreased today. The import cost of US soybeans was 4544 yuan/ton, a decrease of 34 yuan/ton from the previous day, reaching a more than three - week low. The import cost of Brazilian soybeans was 3904 yuan/ton, a decrease of 29 yuan/ton, hitting a four - week low. The import cost of Argentine soybeans was 3774 yuan/ton, a decrease of 17 yuan/ton, refreshing a more than three - week low. - As of the week ending August 27, Argentine farmers sold 656,300 tons of 2024/2025 soybeans, bringing the cumulative sales volume to 3,053,870 tons [9]. 3.4 Market Outlook - With the approaching US soybean harvest season and the uncertainty of US soybean export prospects, the overnight CBOT soybean futures continued to decline. Domestically, the high crushing volume of imported soybeans and the situation where the production of soybean meal exceeds the demand of terminal enterprises weaken the oil mills' price - holding intention. The price of the m2601 contract is expected to mainly fluctuate within a range in the short term [12].

Group 1: Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core View - During the week from September 1st to September 5th, 2025, the price of Shanghai lead futures generally maintained a high - level range operation [2]. Group 3: Summary by Directory 1. Futures Market 1.1 Contract Price - The price of Shanghai lead futures fluctuated repeatedly around the upper part of the range during the week. As of the weekend, the weekly closing price of the main contract Shanghai lead 2510 (pb2510) reached 16,900 points, with a maximum price of 16,950 and a minimum price of 16,780. The position was 49,426 lots, an increase of about 244 lots compared with the previous week [3]. 1.2 Variety Market - In the weekly market of Shanghai lead futures, the contract price of Shanghai lead (pb2509) was the lowest, the price change ranges of Shanghai lead (pb2601) and Shanghai lead (pb2603) were the smallest, the contract price of Shanghai lead (pb2608) was the highest, and the price change range of Shanghai lead (pb2606) was the largest [5]. 1.3 Related Market - From the observation of the Shanghai lead option market, among the contracts with the exercise price between 14,800 and 17,000 points, the call option at 17,000 points had the largest trading volume and open interest [6]. 2. Spot Market 2.1 Basis Data - The spot price on Friday was 16,675 yuan/ton, and the spot price last Friday was 16,650 yuan/ton. The basis on Friday was - 225 yuan/ton, and the basis last Friday was - 230 yuan/ton. The weekly basis narrowed [9]. 3. Influencing Factors 3.1 Latest News - Macroeconomically, in China, the retail industry index reached an 8 - month high in September. Overseas, the US non - farm payrolls data in August fell far short of expectations, increasing the market's expectation of the Fed's interest rate cut this year. Trump exempted key commodities such as gold from tariffs. Fundamentally, on the supply side, for primary lead, smelters in Henan, Inner Mongolia and other regions started maintenance, offsetting the increase from the resumption of production of smelters in Liaoning; for recycled lead, the raw material supply remained tight, smelters were still in a loss state, and the scale of smelter production cuts expanded. On the demand side, the recent consumption of lead - acid batteries was not prominent, and the seasonal consumption in the traditional peak season did not materialize. However, the new national standard will be implemented in September, and the anti - dumping sanctions tariffs in the Middle East will take effect in September, which may have a certain impact on the export of starting lead - acid batteries [10]. 4. Market Outlook - Macroeconomically, the expectation of the Fed's interest rate cut has increased again. Fundamentally, the supply is still in short supply, and on the demand side, the peak season has not materialized yet, but there is still a strong expectation. In the short term, due to the strong macro and fundamental expectations, the price will run strongly [11].

Report Overview - Research Variety: Shanghai Silver Futures [1] - Report Date: September 8, 2025 - Report Cycle: Weekly - Researcher: Cao Baiquan [1] 1. Futures Market 1.1 Contract Price - The Shanghai Silver futures price showed a strong trend during the week. The closing price of the main contract, Shanghai Silver 2510, was 9,812 yuan/kg on Friday afternoon at 3 p.m., with a maximum price of 9,965 yuan/kg and a minimum price of 9,385 yuan/kg [2] 1.2 Variety Market - The report provides a detailed table of the Shanghai Silver futures market, including contract details such as opening price, high price, low price, closing price, change, open interest, and trading volume for different delivery months from ag2509 to ag2608. The total trading volume for all contracts was 6,022,014, and the total trading value was 88.29 billion yuan [5] 1.3 Related Market - In the Shanghai Silver options market, the call option contracts with strike prices between 9,800 yuan/kg and 10,000 yuan/kg had the highest trading volume and open interest at the 10,000 yuan/kg strike price [6] 2. Spot Market 2.1 Spot Market Conditions - According to Wind data, the basis of the active contract, Shanghai Silver 2510, remained relatively stable over the past five trading days, with a maximum of -21 yuan/kg and a minimum of -44 yuan/kg. The basis on Friday was -24 yuan/kg [8] 3. Influencing Factors 3.1 Important Events - US President Trump stated on Friday that "substantial" tariffs on semiconductors are imminent. He also mentioned discussing tariff issues with some technology leaders at a dinner and reiterated plans to impose tariffs on companies not entering the US [9] 3.2 Macroeconomic Analysis - Geopolitical tensions are high, with the Russia-Ukraine war continuing, the Israel-Houthi conflict expanding, and US military operations near Venezuela. Market expectations for a Fed rate cut in September are rising, but Fed Chair Powell signaled a cautious approach. US economic data shows an increase in initial jobless claims to 237,000 and a decline in the ISM output index to 47.8 [10] 4. Market Outlook - Silver prices strengthened this week. Lower-than-expected US non-farm payrolls in August, rising unemployment, and expectations of a Fed rate cut drove up precious metal prices. Geopolitical tensions and China's central bank gold purchases also supported the upward trend [11]