南华原木产业风险管理日报 2025年9月16日 ——是的，原木行情很独立 宋霁鹏（投资咨询证号：Z0016598 ） 投资咨询业务资格：证监许可【2011】1290号 原木价格区间预测 | | 价格区间预测（月度） | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | --- | | 原木 | 780-830 | 16.28% | 67.4% | source： 南华研究 原木套保策略表 | 行为导 | 情景分析 | 现货敞 | 策略推荐 | 套保工 | 买卖方 | 套保比例 | 建议入场 | | --- | --- | --- | --- | --- | --- | --- | --- | | 向 | | 口 | | 具 | 向 | （%） | 区间 | | 库存管 | 原木进口量偏高库存高位，担心价格 | 多 | 为了防止存货叠加损失，可以根据企业的库存情况，做空原木期货来锁定利润， | lg2511 卖出 | | 25% | 820-830 | | 理 | 下跌 | | 弥补企业的生产成本 | | | | | | 采购管 | 采购常备库存偏低，希望根 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The core contradiction affecting the lithium carbonate futures price stems from the tug - of - war between supply - side expected changes and demand - side support during the peak season. The resumption of production at the Jianxiawo lithium mine under CATL will be a key variable. The supply - side dynamics have led to the market pricing in advance the potential downward pressure on prices due to future supply increases, while the demand side provides solid support. The resumption of production at the lithium mine has significant uncertainties, and before September 30, the lithium carbonate futures price is likely to remain stable, and it is expected to fluctuate between 6,8000 - 76,000 yuan/ton until National Day [3][4]. - There are both positive and negative factors in the market. Positive factors include the time - limit pressure on lithium mines in Jiangxi for report submission and the policy support for new energy vehicles and energy storage. Negative factors include the risk of insufficient restocking during the peak season and the expected resumption of production at the Jianxiawo lithium mine [4][5][6]. Summary by Directory 1. Futures Data - **Price and Volatility Forecast**: The strong resistance level of the lithium carbonate main contract is 80,000 yuan/ton, the current 20 - day rolling volatility is 39.0%, and the historical percentile of volatility in the past 3 years is 65.9% [2]. - **Futures Contract Data**: The closing price of the lithium carbonate main contract is 73,180 yuan/ton, with a daily increase of 500 yuan (0.69%) and a weekly increase of 280 yuan (0.38%); the trading volume is 500,267 lots, with a daily increase of 17,477 lots (3.62%) and a weekly decrease of 91,408 lots (-15.45%); the open interest is 300,437 lots, with a daily decrease of 9,009 lots (-2.91%) and a weekly decrease of 50,903 lots (-14.49%) [9][10]. 2. Spot Data - **Lithium Ore Quotes**: The average daily quotes of various lithium ores, such as lithium mica, lithium spodumene, and phospho - lithium - aluminum stone, show different price changes. For example, the average price of lithium mica (Li2O:2 - 2.5%) is 1,815 yuan/ton, with a daily increase of 40 yuan (2.25%) and a weekly decrease of 50 yuan (-2.68%) [24]. - **Carbon/Hydrogen Lithium Quotes**: The average price of industrial - grade lithium carbonate is 70,600 yuan/ton, with a daily increase of 400 yuan (0.57%) and a weekly decrease of 1,750 yuan (-2.42%); the average price of battery - grade lithium carbonate is 72,850 yuan/ton, with a daily increase of 400 yuan (0.55%) and a weekly decrease of 1,750 yuan (-2.35%) [27]. - **Downstream Product Quotes**: The average price of power - type lithium iron phosphate is 33,470 yuan/ton, with a daily increase of 95 yuan (0.28%); the average price of 523 (consumer - type) ternary materials is 114,375 yuan/ton, with a daily increase of 200 yuan (0%) [32][33]. 3. Basis and Warehouse Receipt Data - **Basis Quotes**: The basis quotes of different lithium carbonate brands, such as Shengxin Lithium Energy, Tianqi Lithium, etc., show different price differences. The four - material comprehensive basis quote for LC2507 is - 237.5 yuan/ton [35]. - **Warehouse Receipt Quantity**: The total number of warehouse receipts is 38,824 lots, a decrease of 139 lots from the previous day [38]. 4. Cost and Profit - **Production and Import Profits**: The report mentions the production profit of lithium carbonate from外购 lithium ore (including lithium spodumene and lithium mica) and the import profit of lithium carbonate, but specific numerical details are not fully presented [42]. Lithium - Ion Enterprise Risk Management Strategy Recommendations - **Procurement Management**: - For enterprises with no correlation between product prices, when worried about rising procurement costs, they can buy 60% of corresponding futures contracts at 67,000 - 71,000 yuan/ton (LC2511) and sell 40% of put options (P - 68,000) [2]. - For enterprises with correlated product prices, they can sell 20% of the futures main contract according to the procurement progress and use 20% of put options + call options [2]. - **Sales Management**: Enterprises worried about falling sales prices can sell 60% of corresponding futures contracts and use 20% of put options + call options according to the production plan [2]. - **Inventory Management**: Enterprises with high lithium carbonate inventory can sell 20% of the futures main contract at 76,000 - 80,000 yuan/ton (LC2511) and sell 40% of call options (C - 77,000) [2].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Today, the container shipping index (European line) futures opened with a significant upward movement and then continued to fluctuate upwards. Except for EC2510, all other contracts saw varying degrees of price increases. The short - term price of the futures is likely to continue a volatile trend, and intraday short - term operations are recommended for unilateral trading. The partial contract price correction today is due to a short - term rebound from last week's low and the emotional bullishness caused by Hamas suspending negotiations with Israel [3]. 3. Summary by Relevant Catalogs 3.1 EC Risk Management Strategy Advice - For position management, if one has existing positions but the shipping capacity is full or the booked cargo volume is poor, and is worried about a decline in freight rates (long spot exposure), to prevent losses, one can short the container shipping index futures (EC2510) to lock in profits at an entry range of 1250 - 1350 [2]. - For cost management, if shipping companies increase blank sailings or the peak season is approaching, and one wants to book cabins according to orders (short spot exposure), to prevent an increase in transportation costs due to rising freight rates, one can buy the container shipping index futures (EC2510) at an entry range of 1000 - 1100 to determine the booking cost in advance [2]. 3.2 Core Contradiction - The container shipping index (European line) futures showed an upward trend today. In the EC2510 contract, long positions decreased by 7 to 26383, short positions increased by 406 to 27849, and trading volume decreased by 8913 to 21070 (bilateral). The price correction of some contracts is due to a short - term rebound from last week's low and the emotional impact of Hamas suspending negotiations with Israel. The SCFIS European line's decline has slightly converged, and the futures price is likely to continue a volatile trend. Unilateral operations are best done intraday [3]. 3.3 Bullish Interpretation - On the 14th local time, Hamas senior official Tahir Nunu stated that Hamas has suspended negotiations with Israel regarding a cease - fire in the Gaza Strip and the exchange of detainees [4]. 3.4 Futures Basis and Price - The futures underlying SCFIS European line continues to decline. The basis of EC2510 on September 16 was 277.14 points, with a daily decrease of 5.50 points and a weekly decrease of 6.32 points. For example, the closing price of EC2510 was 1163.1 points, with a daily increase of 0.48% and a weekly decrease of 9.35% [5]. 3.5 Spot Freight Quotes - According to the "European Line Freight Rate Note" on September 22, the total quote for 20GP of Maersk's ships departing from Shanghai to Rotterdam was $997, and for 40GP was $1669, both remaining the same as the previous period [8]. 3.6 Global Freight Rate Index - The SCFIS European line index was 1440.24 points, a decrease of 126.22 points (- 8.06%) from the previous value; the SCFIS US - West line index was 1349.84 points, an increase of 369.36 points (37.67%) [9]. 3.7 Global Major Port Waiting Times - On September 15, the waiting time at Hong Kong Port was 1.652 days, an increase of 0.173 days from the previous day; the waiting time at Shanghai Port was 1.632 days, an increase of 0.014 days [14]. 3.8 Ship Speed and Waiting Ships in Suez Canal - On September 15, the average speed of 8000 + container ships was 15.666 knots, a decrease of 0.14 knots from the previous day; the number of ships waiting at the Suez Canal port anchor was 10, a decrease of 1 from the previous day [23].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The domestic soybean market is transitioning from a stage of expected supply looseness to an actual one, with prices mainly under pressure [2]. - Mid - and downstream players are waiting for a large supply of new - season grains and are bargaining for lower prices, resulting in low acquisition enthusiasm and light current spot trading [2]. - The soybean No.1 futures reflect the expectation of loose supply and maintain a bearish trend [2]. - Sino - US trade negotiations are ongoing, and future import rhythms will affect the demand for domestic soybeans [2]. 3. Summary by Related Catalogs 3.1. Risk Strategies - **Inventory Management for Sellers**: For those with long spot positions, such as planting entities with high demand for selling new soybeans in autumn but facing large short - term selling pressure, it is recommended to short the A2511 soybean No.1 futures at a hedging ratio of 30% when the price is between 4000 - 4050 to lock in planting profits. Also, sellers can sell the A2511 - C - 4050 call options at a hedging ratio of 30% with a holding price range of 40 - 50 to increase the selling price [2]. - **Procurement Management for Buyers**: For those with short spot positions worried about rising raw material prices and increased procurement costs, since the probability of price decline is high, they should mainly wait to purchase spot goods in the medium term and focus on long - term procurement management. They can go long on A2603 and A2605 contracts and wait for the price guidance in autumn [2]. 3.2. Market Analysis - **Likely Positive Factors**: The absence of a single - way auction notice from Sinograin this week may reduce or suspend auctions, which is beneficial for alleviating pressure on the spot market. In addition, the consumer market is gradually recovering in September, and there is an expectation of a rebound in edible demand [3]. - **Likely Negative Factors**: The Northeast production area is about to enter the peak harvest period. The current new - season harvest and listing of domestic soybeans have led to a large supply in the short term, putting significant pressure on prices. Moreover, the procurement side is inactive, and prices may seek a lower balance under the mindset of bargaining for low prices [3]. - **Price Changes**: From September 12 to September 15, 2025, the closing prices of all soybean No.1 contracts declined. For example, the closing price of soybean No.1 11 decreased from 3959 to 3939, a drop of 20 or 0.51%; the closing price of soybean No.1 09 decreased from 4081 to 4001, a drop of 80 or 1.96% [3].

锡产业风险管理日报 2025/09/16 南华有色金属研究团队 肖宇非 投资咨询证号：Z0018441 投资咨询业务资格：证监许可【2011】1290号 锡价格波动率（日度） source： 南华研究 南华观点： 锡价在近期的走强主要得益于美联储降息预期，推升了整个有色金属板块的估值。短期来看，现在投资者对 于美联储9月的利率决议已经基本保持预期一致，对10月也有较为统一的预期，因此货币政策对于锡价的影响 或降低。基本面供给偏紧的短期格局在9月或难以改变，需求的弱势暂时还无法对价格产生太大的影响。锡价 或继续围绕27.4万元每吨震荡。 利多因素： 1. 中美关税政策缓和。 2. 半导体板块仍处于扩张周期。 | 最新收盘价 | 价格区间预测（月度） | 当前波动率 | 当前波动率历史百分位 | | --- | --- | --- | --- | | 273960 | 245000-263000 | 13.17% | 23.0% | source： 同花顺,南华研究 锡风险管理建议（日度） | 行为导向 | 情景分析 | 现货敞口 | 策略推荐 | 套保工具 | 买卖方向 | 套保比例 | 建议入场区间 | | ...

Report Date and Team - Report date: September 16, 2025 [2] - Research team: Nanhua Non - ferrous Metals Research Team [2] Copper Price and Volatility - Latest copper price: 80,940 yuan/ton, with a monthly price range forecast of 73,000 - 80,000 yuan/ton [3] - Current volatility: 8.41%, and the historical percentile of current volatility is 6.3% [3] Copper Risk Management Suggestions Inventory Management - For high finished - product inventory and concerns about price drops: - Sell 75% of Shanghai Copper main futures contracts at around 82,000 yuan/ton [3] - Sell 25% of CU2511C82000 call options when volatility is relatively stable [3] Raw Material Management - For low raw material inventory and concerns about price increases: - Buy 75% of Shanghai Copper main futures contracts at around 78,000 yuan/ton [3] Core Viewpoint - Copper price strength recently comes from lower - than - expected US inflation data boosting rate - cut expectations. Last week's US CPI and PPI data were within expectations, increasing rate - cut expectations. In the short term, copper price may stay around 81,000 yuan/ton. The impact of monetary policy on copper price may decrease. Fundamentally, the situation of weak supply and demand may continue. The supply - side tightness cannot be resolved in the short term, and demand remains weak. Overall, the copper price will be in a volatile state [4] Influencing Factors Bullish Factors - The US reaches a tariff policy agreement with other countries [5] - Increased rate - cut expectations lead to a decline in the US dollar index, boosting non - ferrous metal valuations [5] - The lower support level rises [5] Bearish Factors - Tariff policy is unstable [6] - Global demand decreases due to tariff policies [8] - US copper tariff policy adjustments cause extremely high COMEX inventories [8] Copper Futures Market Data | Futures Type | Unit | Latest Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | --- | | Shanghai Copper Main | yuan/ton | 80,940 | 0 | 0% | | Shanghai Copper Continuous 1 | yuan/ton | 80,940 | - 120 | - 0.15% | | Shanghai Copper Continuous 3 | yuan/ton | 80,900 | 0 | 0% | | LME Copper 3M | US dollars/ton | 10,189 | 124.5 | 1.24% | | Shanghai - London Ratio | Ratio | 8.04 | - 0.03 | - 0.37% | [7] Copper Spot Market Data | Spot Type | Unit | Latest Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | --- | | Shanghai Non - ferrous 1 Copper | yuan/ton | 80,940 | 185 | 0.23% | | Shanghai Wumaohui | yuan/ton | 80,960 | - 30 | - 0.04% | | Guangdong Nanchu | yuan/ton | 80,920 | - 10 | - 0.01% | | Yangtze Non - ferrous | yuan/ton | 81,070 | - 10 | - 0.01% | | Shanghai Non - ferrous Premium | yuan/ton | 80 | - 5 | - 5.88% | | Shanghai Wumaohui Premium | yuan/ton | 70 | 30 | 75% | | Guangdong Nanchu Premium | yuan/ton | 95 | 25 | 35.71% | | Yangtze Non - ferrous Premium | yuan/ton | 125 | 35 | 38.89% | [12] Copper Scrap Premium Data | Premium Type | Unit | Latest Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | --- | | Current scrap premium (tax - included) | yuan/ton | 2,063.83 | 118.62 | 6.1% | | Reasonable scrap premium (tax - included) | yuan/ton | 1,510 | 2.25 | 0.15% | | Price advantage (tax - included) | yuan/ton | 553.83 | 116.37 | 26.6% | | Current scrap premium (tax - excluded) | yuan/ton | 6,800 | 125 | 1.87% | | Reasonable scrap premium (tax - excluded) | yuan/ton | 6,321.4 | 15.61 | 0.25% | | Price advantage (tax - excluded) | yuan/ton | 478.6 | 109.39 | 29.63% | [17] Copper Warehouse Receipt and Inventory Data Shanghai Futures Exchange (SHFE) | Warehouse Receipt Type | Unit | Latest Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | --- | | Total SHFE copper warehouse receipts | tons | 30,643 | 5,083 | 19.89% | | Total international copper warehouse receipts | tons | 11,473 | 4,000 | 53.53% | | SHFE copper warehouse receipts in Shanghai | tons | 1,658 | 77 | 4.87% | | Total bonded SHFE copper warehouse receipts | tons | 0 | 0 | - 100% | | Total tax - paid SHFE copper warehouse receipts | tons | 30,643 | 5,083 | 19.89% | [21] London Metal Exchange (LME) | Inventory Type | Unit | Latest Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | --- | | Total LME copper inventory | tons | 152,625 | - 1,325 | - 0.86% | | LME copper inventory in Europe | tons | 22,575 | - 50 | - 0.22% | | LME copper inventory in Asia | tons | 130,050 | - 1,275 | - 0.97% | | LME copper inventory in North America | tons | 0 | 0 | - 100% | | Total LME copper registered warehouse receipts | tons | 135,450 | 2,225 | 1.67% | | Total LME copper cancelled warehouse receipts | tons | 17,175 | - 3,550 | - 17.13% | [23] COMEX | Inventory Type | Unit | Latest Price | Weekly Change | Weekly Change Rate | | --- | --- | --- | --- | --- | | Total COMEX copper inventory | tons | 311,847 | 6,068 | 1.98% | | Total COMEX copper registered warehouse receipts | tons | 149,213 | 779 | 0.83% | | Total COMEX copper cancelled warehouse receipts | tons | 162,634 | 136 | 0.08% | [24] Copper Import Profit and Processing Data | Data Type | Unit | Latest Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | --- | | Copper import profit and loss | yuan/ton | - 138.53 | - 121.84 | 730.02% | | Copper concentrate TC | US dollars/ton | - 41.4 | 0 | 0% | [25]

南华金属日报：黄金再创新高 聚焦美联储FOMC 夏莹莹（投资咨询证号：Z0016569） 投资咨询业务资格:证监许可【2011】1290号 2025年9月16日 【行情回顾】 周一贵金属价格继续拉涨，因美联储9月FOMC会议前的乐观情绪继续发酵，包括降息与暂停缩表预期，以 及美国对部分贵金属关税政策的不确定性。周边大类资产呈现普涨，美元则下跌。目前市场焦点在美联储宽 松预期、美联储人事调整和独立性问题以及贵金属关税政策上。最终COMEX黄金2512合约收报3719.5美元/ 盎司，+0.9%；美白银2512合约收报于42.19美元/盎司，+0.84%。SHFE黄金2510主力合约收831.6元/克， +0.1%；SHFE白银2510合约收10017元/千克，+0.88%。美联储官员方面，美国上诉法院驳回特朗普罢免美 联储理事库克的请求，该裁决暂时为库克出席9月16-17日美联储会议扫清道路。特朗普提名的美联储理事人 选米兰已在参议院获得足够多的票数，其任命获得确认，可以赶上本周的FOMC会议。其他消息面，中美就 妥善解决TikTok问题达成基本框架共识。 【降息预期与基金持仓】 年内降息预期平稳，交易员当前逾 ...

金融期货早评 宏观：经济仍需政府部门发力托底 【市场资讯】1）中美就妥善解决 TikTok 问题达成基本框架共识。李成钢：中国绝不会以 牺牲原则立场、企业利益和国际公平正义为代价，寻求达成任何协议。2）中国公布 8 月经 济数据，显现"工业缓、投资弱、消费淡"特征，新一轮政策宽松预期升温。8 月 70 城房价： 一线二手房价环比降幅 1%持平上月，各线新房房价同比降幅有所收窄。3）从美东时间 16 日 0 时 1 分起，美国对日本汽车的进口关税下调至 15%。4）美国密歇根税务官员：没有证 据表明美联储理事库克的主要住宅违反税收政策。 【核心逻辑】国内方面，从今年的政策导向来看，我国对消费领域的重视程度正与日俱增。 政策转向的背后是由于收入分配层面的失衡，使得国内有效需求难以充分释放，导致资本 回报率呈现递减趋势。当前年内逐步落地的一系列需求端政策并非终点，后续仍将有更多 民生领域的相关政策逐步出台、落地。其次，8 月经济数据显示，经济增速延续放缓态势， 投资端走弱特征显著，消费增速虽边际放缓，但放缓幅度有所收窄。当前经济边际下滑的 背后，更多反映的是经济运行中的核心矛盾；与此同时，我国生产端表现依然偏强，高 ...

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core View As of the reporting date, the commodity shipment volume remained high, and the demand for mainstream vessel types increased. The demand for Panamax and (large) Handysize vessels increased significantly, and the BPI and BSI&BHSI freight rate indices continued to strengthen significantly on a week-on-week basis, supporting the BDI composite freight rate index to maintain a relatively high increase. With the high demand for both agricultural and industrial product shipments, dry bulk carriers continued to benefit, and the spot freight rate index maintained an upward trend [1]. 3. Summary by Relevant Catalogs 3.1 Spot Index Review - **BDI Freight Rate Index Analysis**: Compared with the data on September 5th, the week-on-week increase of the mainstream vessel type freight rate indices continued to be significant. The BPI freight rate index increased by more than 10%, and the BSI&BHSI freight rate indices increased by more than 2%. Specifically, the BDI composite freight rate index closed at 2,126 points, up 7.43% week-on-week; the BCI freight rate index closed at 3,070 points, up 8.29% week-on-week; the BPI freight rate index closed at 2,006 points, up 11.32% week-on-week; the BSI freight rate index closed at 1,492 points, up 2.47% week-on-week; the BHSI freight rate index closed at 804 points, up 2.16% week-on-week [5]. - **FDI Far East Dry Bulk Freight Rate Index**: On September 12th, the FDI composite index, FDI rent and freight index, and FDI spot freight index all declined, with a decline of about 1%. However, the rent and freight of most Panamax vessels in the FDI rent and freight index increased on a week-on-week basis. Specifically, the FDI composite freight rate index closed at 1,346.02 points, down 1.13% on a week-on-week basis; the FDI rent index closed at 1,654.83 points, down 1.37% on a week-on-week basis; among them, the Capesize vessel rent index closed at 1,742.12 points, down 3.19% on a week-on-week basis; the Panamax vessel rent index closed at 1,547.57 points, down 0.11% on a week-on-week basis; the Handymax vessel rent index closed at 1,645.72 points, up 0.09% on a week-on-week basis; the FDI freight rate index closed at 1,140.14 points, down 0.89% on a week-on-week basis [9]. 3.2 Dry Bulk Shipment Situation Tracking - **Number of Vessels Used for Shipment in Sending Countries on the Day**: On September 15th, among the major agricultural product sending countries, Brazil used 50 vessels for shipment, Russia used 11 vessels, Argentina used 25 vessels, Ukraine used 1 vessel, Uruguay used 0 vessels, and Australia used 0 vessels. Among the major industrial product sending countries, Australia used 52 vessels, Guinea used 33 vessels, Indonesia used 41 vessels, Russia used 17 vessels, South Africa used 17 vessels, Brazil used 15 vessels, and the United States used 11 vessels [19]. - **Analysis of Shipment Volume and Vessel Usage on the Day**: In terms of agricultural product shipments, 23 vessels were used for corn shipment, 17 vessels for wheat shipment, 19 vessels for soybean shipment, 15 vessels for soybean meal shipment, and 13 vessels for sugar shipment. In terms of industrial product shipments, 100 vessels were used for coal shipment, 66 vessels for iron ore shipment, and 17 vessels for other dry cargo shipments. By vessel type, the shipment of agricultural products required the most Post-Panamax vessels, reaching 39; followed by 17 Handymax vessels; and finally 21 Handysize vessels. The shipment of industrial products required the most Capesize vessels, reaching 92; followed by 67 Post-Panamax vessels; and finally 45 Handymax vessels [20]. 3.3 Tracking of the Number of Vessels at Major Ports In mid-to-late September, the number of vessels docked at major global ports increased significantly. Except for the number of vessels at Australian ports remaining unchanged on a week-on-week basis, the number of vessels at other ports increased on a week-on-week basis, especially at major Chinese ports. Specifically, the number of dry bulk vessels docked at Chinese ports was expected to increase by 13 on a week-on-week basis, the number of vessels docked at six Australian ports increased by 12 on a week-on-week basis, the number of vessels docked at South African ports increased by 1 on a week-on-week basis, and the number of vessels docked at Brazilian ports increased by 3 on a week-on-week basis [20][21]. 3.4 Relationship between Freight and Commodity Prices - **Brazilian Soybeans**: On September 12th, Brazilian soybeans were priced at $39 per ton. On September 15th, the near-term shipping quote for Brazilian soybeans was 4,080.61 yuan per ton. - **Iron Ore**: On September 11th, the latest quote for the BCI C10_14 route freight was $26,620 per day. On September 12th, the latest quote for the iron ore CIF price was $123.1 per thousand tons. - **Steam Coal**: On September 11th, the latest quote for the BPI P3A_03 route freight was $14,456 per day. On September 12th, the latest quote for the steam coal CIF price was 544.6 yuan per ton. - **Logs**: On September 12th, the Handysize vessel freight rate index was quoted at 796.8 points. On September 12th, the CFR price of 4-meter medium ACFR radiata pine was quoted at $114 per cubic meter [25].

王映(投资咨询证号：Z0016367) 投资咨询业务资格:证监许可【2011】1290号 经济数据偏弱带来压力，中美会谈前动作带来行业异动 股指期货日报 2025年9月15日 市场回顾 今日股指缩量，整体走势震荡，大盘指数偏强，以沪深300指数为例，收盘上涨0.24%。从资金面来看，两市 成交额回落2435.41亿元。期指方面，IF缩量上涨，其余期指缩量下跌。 重要资讯 1、中国8月规模以上工业增加值同比 5.2%，装备制造业和高技术制造业增势较好。中国1-8月房地产开发投 资同比下降12.9%，新建商品房销售面积同比下降4.7%。中国8月社零同比增速放缓至3.4%，家电和音像器 材类零售增速放缓至14.3%。8月70城房价：一线二手房价环比降幅1%持平上月，各线新房房价同比降幅有 所收窄。 核心观点 策略推荐 买入跨式期权策略 股指日报期指市场观察 | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | 主力日内涨跌幅（%） | 0.04 | -0.25 | -0.53 | -0.44 | | 成交量（万手） | 13.7764 | 5.5348 ...