Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core Viewpoints - The PTA market is favorable due to strong polyester filament sales, enhanced cost support, and high expectations of PTA device maintenance under low processing fees, leading to a rise in PTA prices. However, the PTA market is under pressure as domestic PTA devices return, PTA production increases, the PTA basis declines rapidly, and OPEC+ raises oil production, causing a significant drop in crude oil prices and a contraction in the spread between PX and naphtha [2]. - The ethylene glycol (MEG) futures rebounded slightly, and the spot market price strengthened slightly, but the basis negotiation continued to weaken. The overall inventory of MEG continued to decline, and the port is expected to continue destocking. However, the MEG price is under continuous pressure due to domestic device commissioning and the return of coal - based MEG devices [2]. 3. Summary by Relevant Catalogs Market Data - **INE Crude Oil**: The price rose from 482.3 yuan/barrel on September 24, 2025, to 490.6 yuan/barrel on September 25, 2025, an increase of 8.3 yuan [2]. - **PTA - SC**: The value decreased from 1121.1 yuan/ton to 1112.8 yuan/ton, a decrease of 8.32 yuan; the PTA/SC ratio decreased from 1.3199 to 1.3121, a decrease of 0.0077 [2]. - **CFR China PX**: The price rose from 812 to 817, an increase of 5; the PX - naphtha spread decreased from 215 to 211, a decrease of 4 [2]. - **PTA**: The主力 futures price rose from 4626 yuan/ton to 4678 yuan/ton, an increase of 52 yuan; the spot price rose from 4525 yuan/ton to 4585 yuan/ton, an increase of 60 yuan; the spot processing fee increased from 202.8 yuan/ton to 213.5 yuan/ton, an increase of 10.6 yuan; the disk processing fee increased from 268.8 yuan/ton to 291.5 yuan/ton, an increase of 22.6 yuan; the basis remained unchanged at (73); the number of PTA warehouse receipts remained unchanged at 32714 [2]. - **MEG**: The主力 futures price rose from 4234 yuan/ton to 4246 yuan/ton, an increase of 12 yuan; the MEG - naphtha spread increased from (133.86) yuan/ton to (131.05) yuan/ton, an increase of 2.8 yuan; the MEG domestic price rose from 4301 to 4315, an increase of 14 yuan; the basis increased from 68 to 70, an increase of 2 [2]. Industry Chain Start - up Situation - **PX**: The start - up rate remained unchanged at 85.57% [2]. - **PTA**: The start - up rate decreased from 79.38% to 78.12%, a decrease of 1.26% [2]. - **MEG**: The start - up rate remained unchanged at 62.62% [2]. - **Polyester**: The load decreased from 89.00% to 87.81%, a decrease of 1.19% [2]. Product Price and Cash Flow - **Polyester Filament**: The price of POY150D/48F decreased from 6600 to 6530, a decrease of 70 yuan; the cash flow decreased from 40 to (86), a decrease of 126 yuan; the price of FDY150D/96F decreased from 6745 to 6720, a decrease of 25 yuan; the cash flow decreased from (315) to (396), a decrease of 81 yuan; the price of DTY150D/48F decreased from 7855 to 7840, a decrease of 15 yuan; the cash flow decreased from 95 to 24, a decrease of 71 yuan; the sales rate increased from 80% to 175%, an increase of 95% [2]. - **Polyester Staple Fiber**: The price of 1.4D direct - spun polyester staple fiber increased from 6460 to 6500, an increase of 40 yuan; the cash flow decreased from 250 to 234, a decrease of 16 yuan; the sales rate increased from 67% to 88%, an increase of 21% [2]. - **Polyester Chip**: The price of semi - bright chips increased from 5690 to 5725, an increase of 35 yuan; the cash flow decreased from 30 to 9, a decrease of 21 yuan; the sales rate increased from 143% to 152%, an increase of 9% [2]. Device Maintenance - Two PTA devices in South China with a total capacity of 5 million tons have reduced their loads recently due to weather conditions, and the recovery time is to be tracked [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The recent macro - environment is generally favorable. Overseas, the Sino - US economic and trade talks sent positive signals and the Fed's first rate cut this year is beneficial to A - shares. Domestically, poor economic data has led to stronger policy expectations, increasing the necessity of promoting consumption, stabilizing the real estate market, and expanding fiscal policies. The stock index trend continues to be bullish, but the policy aims for a "slow - bull" pattern to avoid rapid rallies, and it is recommended to adjust and go long, controlling positions before the holiday [5] 3. Summary by Related Catalogs Market and Liquidity - **Interest Rates**: DROO1 closed at 1.47 with a 3.76bp increase, DR007 at 1.60 with a 1.53bp increase, GC001 at 1.50 with a - 14.50bp change, GC007 at 1.88 with a - 4.00bp change, SHBOR 3M at 1.57 with a 0.80bp increase, LPR 5 - year at 3.50 with no change, 1 - year treasury at 1.37 with no change, 5 - year treasury at 1.63 with a - 0.50bp change, 10 - year treasury at 1.81 with a - 1.00bp change, and 10 - year US treasury at 4.16 with a 4.00bp increase [3] - **Central Bank Operations**: The central bank conducted 4835 billion yuan of 7 - day reverse repurchase operations at an interest rate of 1.40% yesterday, with 4870 billion yuan of reverse repurchases maturing, resulting in a net withdrawal of 35 billion yuan. This week, there are 18268 billion yuan of reverse repurchases maturing from Monday to Friday (2800 billion, 2870 billion, 4185 billion, 4870 billion, 3543 billion respectively), and 3000 billion yuan of MLF maturing on September 25 [3] Stock Index Futures - **Stock Index Performance**: The CSI 300 rose 0.6% to 4593.5, the SSE 50 rose 0.45% to 2952.7, the CSI 500 rose 0.24% to 7341.3, and the CSI 1000 fell 0.37% to 7506.5. The trading volume of the two markets was 23711 billion yuan, an increase of 443 billion yuan from the previous day. Most industry sectors declined, with game, power equipment, energy metals, and wind power equipment sectors rising, while precious metals, shipping ports, jewelry, gas, engineering machinery, and auto - service sectors falling [4] - **Futures Contracts**: For IF, the current - month contract rose 0.6%, with a trading volume of 133482 (down 9.0%) and an open interest of 266373 (up 1.0%); for IH, the current - month contract rose 0.4%, with a trading volume of 51813 (down 16.6%) and an open interest of 94947 (down 3.4%); for IC, the current - month contract rose 0.2%, with a trading volume of 129665 (down 26.8%) and an open interest of 248859 (down 2.8%); for IM, the current - month contract fell 0.4%, with a trading volume of 212836 (down 27.5%) and an open interest of 353327 (down 3.3%) [4] - **Premium and Discount**: IF's current - month contract has a 0.00% premium, IH's current - month contract has a - 0.60% discount, IC's current - month contract has a 10.88% premium, and IM's current - month contract has a 13.68% premium [5]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - On September 25, the main contract of Shanghai gold futures closed down 0.45% to 854.72 yuan/gram, while the main contract of Shanghai silver futures closed up 0.08% to 10,411 yuan/kilogram [4]. - The US economic data is performing well, the US dollar index has rebounded, the trade situation between the US and Europe has further eased, and the market has closed positions in advance before the National Day holiday to avoid risks. As a result, the upward trend of gold has slowed down and entered a high - level shock. However, silver, boosted by its industrial attributes and the sharp rise of copper, has continued its upward trend. On the other hand, US Treasury Secretary Bessent urged a rate cut by the end of the year, and the probability of two more rate cuts this year remains high. In the long run, precious metal prices still have room to rise [4]. - In the medium - to - long term, the Fed still has room to cut interest rates this year, global geopolitical uncertainties persist, the US debt is unsustainable, and great - power competition intensifies, which will long - term increase the credit risk of the US dollar. The continuation of gold purchases by global central banks means that the medium - to - long - term center of gravity of gold is likely to continue to move up [4]. 3. Summary by Relevant Catalogs 3.1 Price Tracking of Internal and External Gold and Silver - **Price Data**: On September 25, 2025, the price of London gold was 3,740.94 US dollars/ounce, London silver was 43.96 US dollars/ounce, COMEX gold was 3,771.60 US dollars/ounce, COMEX silver was 44.26 US dollars/ounce, AU2510 was 851.74 yuan/gram, AG2510 was 10,370 yuan/kilogram, AU (T + D) was 850.58 yuan/gram, and AG (T + D) was 10,346 yuan/kilogram. Compared with September 24, the price of gold generally decreased, with a decline of 0.8% for London gold, 0.9% for COMEX gold, 0.5% for AU2510, and 0.5% for AU (T + D). The price of silver also mostly decreased, with a decline of 0.3% for London silver and 0.2% for COMEX silver, but AG2510 and AG (T + D) increased by 0.2% [3]. - **Spread/Ratio Data**: On September 25, 2025, the spread of gold TD - SHFE active price was - 1.16 yuan/gram, the spread of silver TD - SHFE active price was - 24 yuan/kilogram, the spread of gold internal - external market (TD - London) was - 4.78 yuan/gram, the spread of silver internal - external market (TD - London) was - 896 yuan/kilogram, the ratio of SHFE gold - silver main contracts was 82.14, the ratio of COMEX gold - silver main contracts was 85.22, the spread of AU2512 - 2510 was 2.98 yuan/gram, and the spread of AG2512 - 2510 was 41 yuan/kilogram. Compared with September 24, the spread of gold TD - SHFE active price increased by 28.9%, the spread of gold internal - external market (TD - London) decreased by 31.0%, etc. [3] 3.2 Position Data - **COMEX Gold and Silver Non - commercial Positions**: As of September 16, 2025 (weekly data), on September 24, the non - commercial long position of COMEX gold was 326,778 contracts, the non - commercial short position was 60,368 contracts, and the non - commercial net long position was 266,410 contracts. Compared with September 23, the non - commercial long position increased by 0.59%, the non - commercial short position decreased by 4.38%, and the non - commercial net long position increased by 1.78%. The non - commercial long position of COMEX silver was 71,623 contracts, the non - commercial short position was 20,085 contracts, and the non - commercial net long position was 51,538 contracts. Compared with September 23, the non - commercial long position decreased by 1.14%, the non - commercial short position increased by 8.49%, and the non - commercial net long position decreased by 4.45% [3]. - **ETF Positions**: On September 24, the position of the gold ETF - SPDR was 996.85 tons, and the position of the silver ETF - SLV was 15,469.12379 tons. Compared with September 23, the position of the gold ETF - SPDR decreased by 0.37%, and the position of the silver ETF - SLV remained unchanged [3]. 3.3 Inventory Data - **SHFE Inventory**: On September 25, 2025, the SHFE gold inventory was 65,634 kilograms, an increase of 8.41% compared with September 24. The SHFE silver inventory was 1,156,855 kilograms, a decrease of 0.43% compared with September 24 [3]. - **COMEX Inventory**: On September 24, 2025, the COMEX gold inventory was 39,807,223 troy ounces, an increase of 0.16% compared with September 23. The COMEX silver inventory was 527,155,089 troy ounces, an increase of 0.08% compared with September 23 [3]. 3.4 Interest Rate/Exchange Rate/Index Data - **Interest Rate and Exchange Rate**: On September 25, 2025, the US dollar index was 97.87, the 2 - year US Treasury yield was 3.57%, the 10 - year US Treasury yield was 4.16%, and the US dollar/Chinese yuan central parity rate was 7.11. Compared with September 24, the US dollar index increased by 0.06%, the 2 - year US Treasury yield increased by 0.65%, the 10 - year US Treasury yield increased by 1.13%, and the US dollar/Chinese yuan central parity rate remained unchanged [3][4]. - **Index**: On September 25, 2025, the S&P 500 index was 6,637.97, and the NYMEX crude oil price was 64.81. Compared with September 24, the S&P 500 index decreased by 2.76%, and the NYMEX crude oil price increased by 1.82% [4].

Report Summary 1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the reports. 2. Core Views - **Steel**: Steel market is oscillating without a clear single - side direction. Although the Steel Union data improved on Thursday with a short - term continuation of the structure of both supply and demand rising, there are still pressures such as high inventory and insufficient de - stocking slope. Suggest to wait and see or conduct range trading, and consider taking profit on basis long positions before National Day according to spot exposure [3]. - **Silicon Iron and Manganese Silicon**: Market sentiment has improved, but there are still concerns in the fundamentals. The industry has turned from losses to profits, supply is increasing, and terminal demand verification is pending. There is a risk of a decline in iron - water and electric - furnace start - up, and high inventory needs to be de - stocked [4]. - **Coking Coal and Coke**: The first round of coke price increase has started comprehensively, and coking coal spot prices continue to strengthen. The market is concerned about pre - holiday furnace material replenishment, but due to limited terminal demand improvement, the upward drive is limited. It is recommended to gradually close long positions before the holiday and use selling hedging if prices rise again [5][6]. - **Iron Ore**: There are continuous disturbances from bullish rumors. Support exists before the holiday, but the upside depends on steel demand. It is advisable to wait and see for now, and maintain the long - term view of buying on dips [6]. 3. Summary by Related Catalogs Futures Market - **Prices and Changes on September 25**: - **Rebar (RB)**: RB2605 closed at 3225 yuan/ton, up 8 yuan or 0.25%; RB2601 (near - month contract) closed at 3167 yuan/ton, up 10 yuan or 0.32% [1]. - **Hot - rolled coil (HC)**: HC2605 closed at 3366 yuan/ton, up 8 yuan or 0.24%; HC2601 closed at 3358 yuan/ton, up 8 yuan or 0.24% [1]. - **Other Contracts**: I2605 closed at 785.5 yuan/ton, up 4 yuan or 0.51%; J2605 closed at 1900 yuan/ton, up 30.5 yuan or 1.63%; JM2605 closed at 1328 yuan/ton, up 12 yuan or 0.91%. For near - month contracts, I2601, J2601, and JM2601 also had corresponding price changes [1]. - **Spread and Ratio**: - **Cross - month Spread**: RB2601 - 2605 was - 58 yuan/ton on September 25, with a change of 5 yuan; HC2601 - 2605 was - 8 yuan/ton, with no change [1]. - **Other Spreads and Ratios**: The coil - rebar spread was 191 yuan/ton, the rebar - ore ratio was 3.93, the coal - coke ratio was 1.43, the rebar disk profit was - 99.83 yuan/ton, and the coking disk profit was 118.12 yuan/ton on September 25, with corresponding changes [1]. Spot Market - **Prices on September 25**: - **Rebar**: Shanghai rebar was 3300 yuan/ton, up 10 yuan; Tianjin rebar was 3210 yuan/ton with no change; Guangzhou rebar was 3330 yuan/ton with no change [1]. - **Hot - rolled Coil**: Shanghai hot - rolled coil was 3420 yuan/ton, Hangzhou was 3430 yuan/ton, and Guangzhou was 3390 yuan/ton, all with no change [1]. - **Other Spot Goods**: Tangshan billet was 3030 yuan/ton with no change; the Platts Index was 106.1, up 0.4; various iron ore and coking coal spot prices also had specific values and changes [1]. - **Basis**: - On September 25, the basis of HC was 62 yuan/ton, down 1 yuan; the basis of RB was 133 yuan/ton, up 7 yuan; the basis of I was 26 yuan/ton with no change; the basis of J was - 187.37 yuan/ton, down 30 yuan; the basis of JM was 80.5 yuan/ton, down 10 yuan [1].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The pulp fundamentals still show no signs of recovery, with no significant reduction in pulp port inventories and the number of warehouse receipts. The pulp futures are expected to fluctuate, and an 11 - 1 reverse spread is recommended [5][6]. 3. Summary by Relevant Catalog Price Data - **Futures Prices**: On September 25, 2025, SP2601 was 5314 with a daily increase of 0.34% and a weekly decrease of 0.15%; SP2511 was 5060 with a daily increase of 0.32% and a weekly increase of 0.92%; SP2505 was 5328 with a daily increase of 0.30% and a weekly decrease of 0.34% [5]. - **Spot Prices**: Coniferous pulp Silver Star was 5650, Russian Needle was 5200; Broad - leaf pulp Goldfish was 4220, all with no daily or weekly changes [5]. - **Outer - disk Quotes**: Chilean Silver Star decreased by 2.78% to 700 dollars; Japanese quotes increased by 3.92% to 530 dollars; Chilean Venus remained unchanged at 590 dollars [5]. - **Import Costs**: Chilean Silver Star decreased by 2.75% to 5721; Brazilian Goldfish increased by 3.87% to 4344; Chilean Venus remained unchanged at 4830 [5]. Fundamental Data - **Supply**: In August 2025, coniferous pulp imports were 61.4 tons, a month - on - month decrease of 4.95%; broad - leaf pulp imports were 125.8 tons, a month - on - month decrease of 6.88%. The pulp shipment volume to China in August was 162 tons, a 4.50% increase [5]. - **Production**: Domestic broad - leaf pulp production on September 25, 2025, was 23.8 tons; chemimechanical pulp production was 22.3 tons [5]. - **Inventory**: As of September 25, 2025, the pulp port inventory was 203.3 tons, a decrease of 7.9 tons from the previous period, a 3.7% decrease. The futures delivery warehouse inventory was 23.5 tons [5]. - **Demand**: On September 25, 2025, double - offset paper production was 21.00 tons; coated paper production was 8.50 tons; tissue paper production was 28.07 tons; white cardboard production was 35.90 tons [5]. Valuation Data - **Basis**: On September 25, 2025, the Russian Needle basis was 140 with a quantile level of 0.867; the Silver Star basis was 590 with a quantile level of 0.86 [5]. - **Import Profit**: Coniferous pulp Silver Star had an import profit of - 71 with a quantile level of 0.497; broad - leaf pulp Goldfish had an import profit of - 124 with a quantile level of 0.523 [5]. Market Analysis - **Supply Side**: Arauco's September quotes showed a decrease in coniferous pulp outer - disk quotes and an increase in broad - leaf pulp quotes [5]. - **Demand Side**: Current paper product demand is stable, prices have not rebounded significantly, and the positive impact of the "Golden September and Silver October" on pulp demand has not been reflected [5]. - **Inventory Side**: As of September 25, 2025, the pulp inventory showed a de - stocking trend [5].

Report Industry Investment Rating - No relevant content found Core Viewpoints - In the short term, factors such as the approaching traditional peak season for new energy vehicles, downstream stocking demand, and the appearance of independent energy storage economy support the futures price. However, in the long - term, the pattern of supply surplus remains unchanged [3] Summary by Related Content Lithium Compound Prices - SMM battery - grade lithium carbonate has an average price of 73,750 yuan, a decrease of 100 yuan; SMM industrial - grade lithium carbonate has an average price of 71,500 yuan, a decrease of 100 yuan [1] Lithium Ore Prices - Lithium spodumene concentrate (CIF China) has an average price of 856 yuan, with no change; lithium mica (Li20: 1.5% - 2.0%) has an average price of 1,140 yuan; lithium mica (Li20: 2.0% - 2.5%) has an average price of 1,875 yuan; petalite (Li20: 6% - 7%) has an average price of 6,150 yuan; petalite (Li20: 7% - 8%) has an average price of 7,285 yuan [1][2] Positive Electrode Material Prices - The average price of lithium iron phosphate (power type) is 33,690 yuan, a decrease of 20 yuan; the average price of ternary material 811 (polycrystalline/power type) is 148,050 yuan, an increase of 500 yuan; the average price of ternary material 523 (single - crystal/power type) is 120,750 yuan, an increase of 300 yuan; the average price of ternary material 613 (single - crystal/power type) is 125,600 yuan, an increase of 500 yuan [2] Price Differences - The difference between battery - grade and industrial - grade lithium carbonate is 2,250 yuan, with no change; the difference between battery - grade lithium carbonate and the main contract is - 290 yuan, a decrease of 1,260 yuan; the difference between the near - month and the first - continuous contract is - 300 yuan, a decrease of 100 yuan; the difference between the near - month and the second - continuous contract is - 320 yuan, a decrease of 100 yuan [2] Inventory - The total inventory (weekly) is 136,825 tons, a decrease of 706 tons; the inventory of smelters (weekly) is 33,492 tons; the inventory of downstream (weekly) is 60,893 tons, an increase of 1,398 tons; the inventory of others (weekly) is 42,440 tons, a decrease of 1,140 tons; the registered warehouse receipts (daily) is 40,309 tons, an increase of 560 tons [2] Profit Estimation - The cash cost of purchasing spodumene concentrate externally is 75,328 yuan, with a profit of - 2,650 yuan; the cash cost of purchasing lithium mica concentrate externally is 78,729 yuan, with a profit of - 8,042 yuan [3] Industry News - On September 24, China announced new contributions at the United Nations Climate Change Summit, including increasing the proportion of non - fossil energy consumption to over 30% of the total energy consumption, and the total power generation capacity of electricity to reach more than 6 times that of 2020, aiming for 3.6 billion kilowatts [3]

投资咨询业务资格:证监许可【2012】31号 | | 库但四季度国内豆粕供应预期仍宽松,目前11-1买船进度偏慢。明年一季度的豆粕供应仍需补充，补充来源暂不确定。需求方面，生推 | | --- | --- | | | 和禽类养殖短期预期维持高存栏。支撑饲用需求，但政策导向控生猪存栏和体重,预期影响远月生猪供应;豆粗性价比较高。提倡干 | | 41 | 高位;本周豆相下游现货成交有所改量。库存方面，国内大豆库存增至高位;油厂豆粕库存上升，但低于去年同期，预期短期仍处于累 | | 倩 | 库周期:饲料企业豆粕库存天数上升。 | | | 整体来说,目前阿根廷豆和巴西豆的GNP升贴水价差达到100美分，远高于正常年份,从昨晚贴水表现来看巴西价格较为坚挺,预期阿 | | | 根廷贴水继续大幅下跌冲击成本的空间有限。今日M01量能萎缩,暂时休隆,关注贴水变化,短期M01预期偏震荡, | | | 本报告中的信息均源于公开可获得的资料，国贸期货力求推确可靠。但不对上述信息的准确性及完整性做任何保证。本报告不构 | | से | 成个人投资建议,也未针对个别投资者特殊的投资目标、财务状况或需要。投资者需自行判断本报告中的任何意 ...

Group 1: Market Overview - The Shanghai Composite Index rose 0.83% to 3853.64 points, the Shenzhen Component Index rose 1.8%, the ChiNext Index rose 2.28%, the BeiZheng 50 rose 2.03%, the KeChuang 50 rose 3.49%, the Wind All A rose 1.4%, the Wind A500 rose 1.17%, and the CSI A500 rose 1.39%. A-share trading volume for the day was 2.35 trillion yuan, compared with 2.52 trillion yuan the previous day [5] Group 2: Index Quotes - The closing price of the Shanghai 50 was 1571.95, with a trading volume of 51.46 billion yuan, a turnover of 4566.0708 billion, and a daily increase of 0.68%. The closing price of the CSI 300 was 6291.61, with a trading volume of 220.48 billion yuan, a turnover of 7534.2223 billion, and a daily increase of 1.02%. The closing price of the CSI 1000 was 4943.98, with a daily increase of 1.70% [3] Group 3: CFFEX Stock Index Option Trading - For the Shanghai 50 index options, the trading volume of call options was 2.47 million contracts, and put options was 3.64 million contracts. The trading volume PCR was 1.19. The open interest of call options was 4.10 million contracts, and put options was 4.47 million contracts. The open interest PCR was 0.60. For the CSI 300 index options, the trading volume of call options was 6.51 million contracts, and put options was 7.60 million contracts. The trading volume PCR was 0.84. The open interest of call options was 9.06 million contracts, and put options was 10.98 million contracts. For the CSI 1000 index options, the trading volume of call options was 31.04 million contracts, and put options was 17.34 million contracts. The trading volume PCR was 0.79. The open interest of call options was 12.85 million contracts, and put options was 12.85 million contracts. The open interest PCR was 1.00 [3] Group 4: Volatility Analysis - Volatility analysis was conducted on the Shanghai 50, CSI 300, and CSI 1000, including historical volatility, historical volatility cones, and volatility smile curves [3][4]

ITG 国贸期 ITG 国留財 ITG 国贸 ITG 国贸期货 ITG 国贸朝货 TTG 国贸期货 ITG 国贸期货 ITG 国贸期货 TTG 国贸期货 rig 国贸期货 G 国贸期货 TTG 国贸期货 TTG 国贸期货 TTG 国贸期货 TTG 国贸期货 TTG 国贸期货 ITGE r ( ITG 国贸期货 ITG 国贸期货 rt G 國留期货 TTG 国贸期货 ITG 国贸期货 TTG 国贸期货 TTG 国贸期货 TTG 国贸期货 一四期货 -2015期货 | 1 C E H Hos | | | | | --- | --- | --- | --- | | | | | 日度策略参考 发布日期:2025/09 | | 从业给后:F025127 行业板块 | 品种 | 趋势研判 | 逻辑观点精粹及策略参考 | | | | | 股指长线继续看多,但国庆长假节前市场出现单边上涨格局的概 | | | | 震荡 | 率较低,建议控制仓位。 | | 宏观金融 | 国债 | 震荡 | 资产荒和弱经济利好债期,但短期央行提示利率风险,压制上涨 空间。 | | | 黄金 | 震荡 | 金价短期或高位偏强震荡,但仍需警惕国庆长假 ...

投资咨询业务资格：证监许可【2012】31号 II GERIK 航运衍生品数据日报 | | | | 国贸期货研究院 能源化工研究中心 | | 投资咨询号：Z0021177 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 卢钊毅 | | 从业资格号:F03101843 | | 2025/9/25 | | | | | 数据来源：Clarksons、Wind | | | | | | | 运价指数 | 上海出口集装箱运价 综合指数SCFI | 中国出口集装箱运价 指数CCFI | SCFI-美西 | SCFIS-美西 | SCFI-美东 | SCFI-西北欧 | | (三三 | 现值 | 1198 | 1120 | 1636 | 1193 | 2557 | 1052 | | Alla | 前值 | 1398 | 1125 | 2370 | 1349 | 3307 | 1154 | | 运 | 涨跌幅 | -14.31% | -0.45% | -30.97% | -11.56% | -22.68% | -8.84% | | 情 | | SC ...