投资咨询业务资格:证监许可【2012】31号 股指期权数据日报 投资咨询号: Z0000116 国贸期货研究院 2025/10/14 金融衍生品中心 李泽钜 从业资格号:F0251925 数据来源: Wind,国贸期货研究院 行情回顾 指数 收盘价 涨跌幅(%) 成交额(亿元) 成交量(亿) 1857. 83 上证50 2967. 206 70. 16 -0. 26 沪深300 7140.02 315. 01 4593. 9785 -0. 50 7519. 7636 中证1000 -0. 19 4709. 91 288. 40 中金所股指期权成交情况 期权成交量 认购期权 认沾期权 日成交量 期权持企量 认购期权 认洁期权 持仓量 指数 持仓量 (万张) (万张) 持仓量 成交量 成交量 PCR PCR 上证50 3.79 0. 70 7.72 0. 72 6. 46 2. 67 3. 24 4. 49 11. 74 沪深300 22. 43 0. 91 19. 79 10. 54 9. 25 0. 88 10. 69 21. 61 中证1000 23. 21 29. 23 14. 72 44. 82 1. ...

航运衍生品数据日报 | | | | 二人八大リノリアノロハイレーリノリー 卢钊毅 | | 投资咨询号： Z0021177 从业资格号:F03101843 | | 2025/10/14 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 数据来源：Clarksons、Wind | | | | | | | 运价指数 | 上海出口集装箱运价 | 中国出口集装箱运价 | SCFI-美西 | SCFIS-美西 | SCFI-美东 | SCFI-西北欧 | | | | 综合指数SCFI | 指数CCFI | | | | | | 集 | 现值 | 1115 | 1087 | 1460 | 862 | 2385 | 971 | | + | 前值 | 1198 | 1120 | 1636 | 876 | 2557 | 1052 | | 15 | 涨跌幅 | -6.97% | -2.93% | -10.76% | -1.60% | -6.73% | -7.70% | | 指 | | SCFIS-西北欧 | SCFI-地中海 | | | | | | 米 | 现值 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints - Market competition intensifies, crude oil prices drop significantly. PX market trading is sluggish, and transaction prices plunge. Polyester downstream procurement halts. Asian naphtha cracking operates stably, the spread between MX and naphtha narrows from $88/ton last week to $85/ton, and the spread between PX and MX drops to $132, continuing to support PX short - process profit. The US - Asia MX arbitrage window widens to $185, but there is no news of shipments from South Korea to the US. Domestic large - scale PTA plants conduct rotational inspections, domestic PTA production declines, domestic PTA basis weakens, and demand shows stability. Polyester's operating load rebounds to 91%. Due to the weak crude oil, PTA performs weakly. Bottle chips and short fibers continue to follow cost fluctuations [2] Group 3: Data Summary Spot Price Changes - PTA spot price drops from 4490 to 4440, a change of - 50 [2] - MEG inner - market price drops from 4206 to 4171, a change of - 35 [2] - 1.56dtex*38mm semi - bright natural white (1.4D) polyester short - fiber in the East China market: price range is 6170 - 6510 (cash on the spot, tax - included self - pick - up); in the North China market: 6290 - 6630 (cash on the spot, tax - included delivery); in the Fujian market: 6170 - 6400 (cash on the spot, tax - included delivery) [2] - Polyester bottle chips in the Jiangsu and Zhejiang market: mainstream negotiation range is 5700 - 5780 yuan/ton, with the average price dropping 30 yuan/ton compared to the previous working day [2] Futures and Related Index Changes - Polyester short - fiber main futures contract drops 52 to 6132 [2] - Short - fiber basis changes from 165 to 172, an increase of 7 [2] - 11 - 12 spread changes from 38 to 34, a decrease of 4 [2] - Polyester short - fiber cash flow changes from 240 to 246, an increase of 6 [2] - 1.4D imitation large - chemical fiber price drops from 5500 to 5525, a change of - 25 [2] - The spread between 1.4D direct - spinning and imitation large - chemical fiber changes from 910 to 900, a decrease of 10 [2] - East China water - bottle chips price drops from 5743 to 5704, a change of - 39 [2] - Hot - filling polyester bottle chips price drops from 5743 to 5704, a change of - 39 [2] - Carbonated - grade polyester bottle chips price drops from 5843 to 5804, a change of - 39 [2] - Outer - market water - bottle chips price drops from 750 to 755, a change of - 5 [2] - Bottle - chip spot processing fee changes from 495 to 511, an increase of 15.48 [2] - T32S pure polyester yarn price drops from 10290 to 10300, a change of - 10 [2] - T32S pure polyester yarn processing fee changes from 3880 to 3875, a decrease of 5 [2] - Polyester - cotton yarn 65/35 45S price remains unchanged at 16350 [2] - Cotton 328 price drops from 14450 to 14500, a change of - 50 [2] - Polyester - cotton yarn profit changes from 1638 to 1609, a decrease of 28.84 [2] - Primary three - dimensional hollow (with silicon) price drops from 6990 to 7000, a change of - 10 [2] - Hollow short - fiber 6 - 15D cash flow changes from 552 to 597, an increase of 44.48 [2] - Primary low - melting - point short - fiber price remains unchanged at 7350 [2] Operating Load and Production and Sales Data - Direct - spinning short - fiber load (weekly): changes from 94.40% to 93.90%, a decrease of 0.01 [3] - Polyester short - fiber production and sales: changes from 59.00% to 66.00%, an increase of 7.00% [3] - Polyester yarn startup rate (weekly): remains unchanged at 63.50% [3] - Regenerated cotton - type load index (weekly): changes from 51.00% to 51.50%, an increase of 0.01 [3]

投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 | | | | | 聚酯数据日报 | | | --- | --- | --- | --- | --- | --- | | | | 国贸期货研究院 | | 投资咨询号:Z0017251 | 2025/10/14 | | | | 能源化工研究中心 | 陈胜 | | 从业资格号:F3066728 | | | 指标 | | 2025/10/10 2025/10/13 | 变动值 | 行情综述 | | | INE原油(元/桶) | 461.9 | 453. 7 | -8. 20 | 成交情况: PTA:原油并未收回上周五的跌幅,利空PTA市场。下 | | SC | PTA-SC(元/陣) | 1177.3 | 1212.9 | 35. 59 | 游涤纶长丝产销53%,需求继续上升的空间有限。PTA | | | | | | | 现货充足,华东330万吨PTA装置计划10月14日满负荷 | | | PTA/SC(比价) | 1. 3507 | 1. 3679 | 0. 0171 | | | PX | CFR中国PX | 798 | 791 | -7 | | | ...

投资咨询业务资格:证监许可【2012】31号 | | C 影教据 国贸期货研究院 投资咨询号:Z0015194 从业资格号:F3042528 农产品研究中心 杨璐琳 纸浆价格数据 | | | 2025年10月13日 | 日环比 | 周环比 | | | 2025年10月13日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货价格 | SP2601 | 5158 | 1.58% | -2. 16% | | 针叶浆银星 | 5500 | -0. 36% | -1.79% | | | SP2511 | 4842 | 1.13% | -3. 47% | 现货价 | 针叶浆俄针 | 5000 | -0. 99% | -2.91% | | | SP2505 | 5228 | 1.79% | -1. 28% | | 阔叶浆等更 | 4250 | 0.00% | 0.00% | | | | 本期价格 | 上期价格 | 月环比 | | | 本期价格 | 上期价格 | 月环比 | | 外盘报价 | 智利银星 | 700 ...

宏观金融数据日报 投资咨询业务资格:证监许可【2012】31号 == 注:括号里的数值为年化计算后的升贴水率(标绿为升水,标红为贴水)。 回顾: 央行昨日开展了1378亿元7天期逆回购操作,操作利率1.40%,投标 量1378亿元,中标量1378亿元。当日无逆回购到期,据此计算,单日净投 放1378亿元。 热评:本周央行公开市场将有10210亿元逆回购到期,其中周四、周五分 别到期6120亿元、4090亿元。此外,周三还将有1500亿元国库现金定存到 期,周二将有8000亿元91天期买断式逆回购到期。 | 品种 | 收盘价 | 较前一日变动 (%) | 品种 | 收盘价 | 较前一日变 动(%) | | --- | --- | --- | --- | --- | --- | | 沪深300 | 4594 | -0.50 | IF当月 | 4586 | -0.6 | | 上证50 | 2967 | -0.26 | IH当月 | 2966 | -0.3 | | 中证500 | 7377 | -0.29 | IC当月 | 7350 | -0.4 | | 中证1000 | 7520 | -0.19 | IM当月 | ...

Report Industry Investment Rating - No relevant information provided Core View of the Report - In the short term, supply-demand mismatch may occur and push up prices, but in the long term, the pattern of supply surplus remains unchanged. The increase in overall supply is the main factor suppressing futures prices. The fourth quarter is the traditional peak season for new energy vehicles, and the economy of independent energy storage has emerged after the increase in capacity electricity price and the expansion of the spot price difference, with strong installation demand indicated by the increase in tender volume [3] Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 73,100 yuan, a decrease of 450 yuan; SMM industrial - grade lithium carbonate has an average price of 70,850 yuan, a decrease of 450 yuan [1] Lithium Ore - Lithium spodumene concentrate (CIF China) has an average price of 829 yuan, a decrease of 10 yuan; lithium mica (Li20:1.5% - 2.0%) has an average price of 1055 yuan, a decrease of 35 yuan; lithium mica (Li20:2.0% - 2.5%) has an average price of 1765 yuan, a decrease of 45 yuan; phospho - lithium - aluminum stone (Li20:6% - 7%) has an average price of 5980 yuan, a decrease of 70 yuan; phospho - lithium - aluminum stone (Li20:7% - 8%) has an average price of 7070 yuan, a decrease of 80 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 33,530 yuan, a decrease of 110 yuan; the average price of ternary material 811 (polycrystalline/power type) is 154,300 yuan, an increase of 1200 yuan; the average price of ternary material 523 (single - crystal/power type) is 125,200 yuan, an increase of 800 yuan; the average price of ternary material 613 (single - crystal/power type) is 131,350 yuan, an increase of 900 yuan [2] Price Differences - The price difference between battery - grade and industrial - grade lithium carbonate is 2250 yuan; the price difference between battery - grade lithium carbonate and the main contract is 820 yuan, an increase of 10 yuan; the price difference between the near - month and the first - continuous contract is - 200 yuan, an increase of 20 yuan; the price difference between the near - month and the second - continuous contract is - 220 yuan, a decrease of 60 yuan [2] Inventory - The total inventory (weekly, tons) is 134,801 tons, a decrease of 2024 tons; the inventory of smelters (weekly, tons) is 34,747 tons, an increase of 1255 tons; the inventory of downstream (weekly, tons) is 59,765 tons, a decrease of 1128 tons; the inventory of others (weekly, tons) is 40,290 tons, a decrease of 2150 tons; the registered warehouse receipts (daily, tons) is 36,718 tons, a decrease of 5951 tons [2] Profit Estimation - The cash cost of外购锂辉石精矿 is 73,403 yuan, and the profit is - 1368 yuan; the cash cost of外购锂云母精矿 is 76,101 yuan, and the profit is - 6050 yuan [3] Industry News - Chinese researchers have solved the problem of interface contact in all - solid - state metal lithium batteries. A research team led by researcher Huang Xuejie from the Institute of Physics, Chinese Academy of Sciences, in collaboration with Huazhong University of Science and Technology and the Ningbo Institute of Materials Technology and Engineering, Chinese Academy of Sciences, has developed an anion regulation technology, which solves the problem of poor contact between the electrolyte and the lithium electrode in all - solid - state metal lithium batteries [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Steel has a neutral valuation, and the spot market lacks a rebound driver. The steel market is affected by macro - uncertainties and industry - specific factors, with demand being crucial. For the short - term, there is no clear contradiction for a unilateral direction, and there are concerns about negative feedback in the off - season [2]. - Silicon iron and manganese silicon lack driving forces and their prices are oscillating. Supply is high, demand is weak, and there are long - term concerns despite short - term production motivation [2]. - Coking coal and coke have strong spot performance but the futures market is oscillating. There are concerns about negative feedback in the short - term, while policies may have a positive impact on supply in the long - term [4]. - Iron ore is affected by trade frictions and supply - demand factors. There is a risk of supply surplus in the fourth quarter, and short - term observation is recommended [5]. Summary by Related Catalogs Futures Market - On October 13, for far - month contracts, RB2605 closed at 3139.00 yuan/ton (down 27.00 yuan, - 0.85%), HC2605 at 3274.00 yuan/ton (down 25.00 yuan, - 0.76%), etc. For near - month contracts, RB2601 closed at 3083.00 yuan/ton (down 24.00 yuan, - 0.77%), HC2601 at 3261.00 yuan/ton (down 29.00 yuan, - 0.88%) [1]. - The cross - month spreads, such as RB2601 - 2605 at - 56.00 yuan/ton, HC2601 - 2605 at - 13.00 yuan/ton, etc., and the spreads/price ratios/profits like the coil - to - rebar spread at 178.00 yuan, the rebar - to - ore ratio at 3.83, etc., also had corresponding changes on October 13 [1]. Spot Market - On October 13, Shanghai rebar was priced at 3210.00 yuan/ton (down 50.00 yuan), Tianjin rebar at 3180.00 yuan/ton (down 50.00 yuan), etc. Shanghai hot - rolled coil was 3300.00 yuan/ton (down 60.00 yuan), Hangzhou hot - rolled coil at 3340.00 yuan/ton (down 60.00 yuan) [1]. - The base differentials, such as HC main contract at 39.00 yuan/ton, RB main contract at 127.00 yuan/ton, etc., also had changes on October 13 [1]. Investment Strategies - For steel, take a wait - and - see approach for unilateral trading. Focus on the opportunity to go long on the coil - to - rebar spread of the 01 contract when it is below 150. Roll the futures - cash reverse arbitrage [6]. - For coking coal and coke, take a wait - and - see approach for now [6]. - For iron ore, take a short - term wait - and - see approach [5].

| | | | | 国贸期货研究院 | | 投资咨询号: Z0013700 | | | 2025/10/14 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 宏观金融研究中心 白素娜 | | 从业资格号:F3023916 | | | | | | | 伦敦金现 | 伦敦银现 | COMEX黄金 | COMEX白银 | AU2512 | AG2512 | AU (T+D) | AG (T+D) | | 内外盘金 | 日期 | (美元/盎司) | (美元/登司) | (美元/盗司) | (美元/盎司) | (元/克) | (元/千克) | (元/克) | (元/千克) | | 银15点价 | | | | | | | | | | | 格跟踪 | 2025/10/13 | 4067. 85 | 51.51 | 4086. 90 | 49. 49 | 927.56 | 11531.00 | 924. 40 | 11430.00 | | (本表数 | | | | | | | | | | | 据来源: | 2025/10/10 ...

【油脂周报（P&Y&OI)】 国贸期货 农产品研究中心 2025-10-13 陈凡生 从业资格号：F03117830 投资咨询号：Z0022681 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供参考，不构成任何投资建议；期市有风险，投资需谨慎 投资咨询业务资格：证监许可【2012】31号 02 PART TWO 行情回顾 行情回顾 01 PART ONE 主要观点及策略概述 油脂：中美贸易摩擦引发市场波动，长期看多逻辑未变 | 影响因素 | 驱动 | 主要逻辑 | | | --- | --- | --- | --- | | 供给 | 偏多 | （1）印马棕榈油产地未来两周暴雨预期；（2）油厂压榨量降低；（3）三油库存有去库趋势。 | | | 需求 | 观望 | （1）产地方面印尼B50积极推进中；（2）美国生柴RVO未落定，或视贸易摩擦结果而定；（3）国内旺季成色偏差，油脂成交量较同期偏低。 | | | 库存 | 中性偏多 | 国内上周油脂总库存有所累库，但主要原因是假期提货量减少，基于大豆油厂降压榨挺价、菜籽油厂缺少菜籽的情况，后续油脂库存预计整体走低。 | | | 宏观及政策 | 偏多 | RVO ...