1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The Indonesian government's PNBP policy restricts issuance, increasing the cost of nickel resource supply, and the premium of domestic trade ore remains stable. The supply of nickel ore from the Philippines has rebounded, but the domestic nickel ore port inventory has decreased, and the raw materials are in a tight situation [3]. - In July, the production rhythm of leading enterprises remained stable, the output of a few smelters increased, and new production capacity is still planned to be put into operation, driving a slight increase in the overall refined nickel output [3]. - The profit of stainless - steel plants has improved, and the plants have increased production. The production and sales of new energy vehicles continue to rise, but the demand for ternary batteries is limited. Recently, the nickel price has declined, and downstream buyers purchase on dips, with the spot premium remaining stable [3]. - Domestic inventory has increased, and the LME inventory overseas has accumulated. Technically, the position has increased while the price has adjusted, with differences in long - short trading, and the price maintains a wide - range shock within the range [3]. - It is recommended to wait and see for the time being or conduct range operations, and pay attention to the support at the 12 - level [4]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai nickel is 120,620 yuan/ton, down 230 yuan; the price difference between the October - November contracts of Shanghai nickel is - 170 yuan/ton, down 30 yuan [3]. - The price of LME 3 - month nickel is 15,170 US dollars/ton, up 65 US dollars; the position of the main contract of Shanghai nickel is 81,691 lots, up 79 lots [3]. - The net long position of the top 20 futures holders of Shanghai nickel is - 33,857 lots, down 2,264 lots; the LME nickel inventory is 223,152 tons, up 2,058 tons [3]. - The inventory of nickel in the Shanghai Futures Exchange is 26,986 tons, up 547 tons; the total cancelled warrants of LME nickel is 8,550 tons, down 42 tons [3]. - The warrant quantity of Shanghai nickel is 22,111 tons, down 193 tons [3]. 3.2 Spot Market - The spot price of SMM 1 nickel is 121,450 yuan/ton, down 100 yuan; the average spot price of 1 nickel plate in Yangtze River Non - ferrous Metals is 121,550 yuan/ton, up 100 yuan [3]. - The CIF (bill of lading) price of Shanghai electrolytic nickel is 85 US dollars/ton, unchanged; the bonded warehouse (warrant) price of Shanghai electrolytic nickel is 85 US dollars/ton, unchanged [3]. - The average price of battery - grade nickel sulfate is 28,100 yuan/ton, unchanged; the basis of the main NI contract is 830 yuan/ton, up 130 yuan [3]. - The LME nickel (spot/3 - month) premium is - 182.88 US dollars/ton, up 5.59 US dollars [3]. 3.3 Upstream Situation - The monthly import volume of nickel ore is 500.58 million tons, up 65.92 million tons; the total port inventory of nickel ore is 1,308.23 million tons, up 48.41 million tons [3]. - The average monthly import unit price of nickel ore is 63.77 US dollars/ton, down 2.08 US dollars; the tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 US dollars/wet ton, unchanged [3]. 3.4 Industry Situation - The monthly import volume of refined nickel and alloys is 29,430 tons, up 1,120 tons; the total monthly output of ferronickel is 21,018.74 million metal tons, and the monthly import volume of ferronickel is 2.2 million tons, down 0.02 million tons [3]. 3.5 Downstream Situation - The monthly output of 300 - series stainless steel is 173.79 million tons, up 3.98 million tons; the total weekly inventory of 300 - series stainless steel is 57.74 million tons, down 0.94 million tons [3]. 3.6 Industry News - The report by National Development and Reform Commission Director Zheng Shanjie pointed out that efforts should be made to stabilize employment, enterprises, the market, and expectations, implement more proactive fiscal policies and moderately loose monetary policies, release domestic demand potential, promote the in - depth integration of technological innovation and industrial innovation, deepen reforms and expand opening - up, prevent and resolve risks in key areas, promote regional coordinated development and urban - rural integration, promote green and low - carbon development through dual - control of carbon emissions, and improve people's livelihood [3]. - Chinese Finance Minister Lan Fo'an emphasized putting the strengthening of the domestic cycle in a more prominent position and implementing more proactive and effective macro - policies [3]. - In August, China's CPI decreased by 0.4% year - on - year, the core CPI increased by 0.9%, and the year - on - year decline of PPI narrowed to 2.9%. The year - on - year increase of the core CPI in August has expanded for the fourth consecutive month [3]. - US inflation unexpectedly declined in August, with the PPI down 0.1% month - on - month, turning negative for the first time in four months, and the year - on - year growth rate of 2.6% was lower than expected [3].

Report Industry Investment Rating No relevant content provided. Core View of the Report - The freight index (European line) futures prices dropped significantly on Thursday, with the main contract EC2510 down 5.28% and the far - month contracts down 1 - 4%. The spot indicators continued to decline with a widening decline, further weakening the support for futures prices. The "price war" in the shipping market has put continuous pressure on the fundamentals. The U.S. labor market is weakening, increasing the market's expectation of an interest rate cut this month. The eurozone's internal demand is still weak. Overall, due to the uncertainty of the trade war, the demand expectation for the freight index (European line) is weak, and the futures price fluctuates greatly. Investors are advised to be cautious, pay attention to the operation rhythm and risk control, and track geopolitical, shipping capacity and cargo volume data in a timely manner [1] Summary by Relevant Catalogs Futures Market Data - EC main contract closing price: 1203.800, down 67.1; EC second - main contract closing price: 1609.1, down 68.2 - EC2510 - EC2512 spread: - 405.30, up 1.30; EC2510 - EC2602 spread: - 293.60, down 37.00 - EC contract basis: 362.66, up 63.60 - EC main contract open interest: 49507, up 2187 [1] Spot Market Data - SCFIS (European line) (weekly): 1566.46, down 207.14; SCFIS (U.S. West Coast line) (weekly): 980.48, down 33.42 - SCFI (composite index) (weekly): 1444.44, down 0.62; Container ship capacity (10,000 TEUs): 1227.97, up 1.75 - CCFI (composite index) (weekly): 1149.14, down 7.18; CCFI (European line) (weekly): 1638.77, down 47.03 - Baltic Dry Index (daily): 2112.00, down 33.00; Panama freight index (daily): 1975.00, down 52.00 - Average charter price (Panamax ship): 14227.00, up 486.00; Average charter price (Capesize ship): 28045.00, up 265.00 [1] Industry News - China's National Development and Reform Commission Director reported on the implementation of the national economic and social development plan, emphasizing the need to balance various aspects of economic work to achieve the annual economic and social development goals - U.S. President Trump criticized the Fed Chairman and urged a significant interest rate cut. The U.S. Treasury Secretary also called on the Fed to re - evaluate its policy stance - The U.S. August PPI inflation unexpectedly declined, with a month - on - month decrease of 0.1% (first negative in four months, expected to rise 0.3%) and a year - on - year increase of 2.6% (expected to be flat at 3.3%) [1] Key Events to Watch - September 12, 14:00: Germany's August CPI monthly rate final value - September 12, 14:00: UK's July three - month GDP monthly rate - September 12, 14:00: UK's July manufacturing output monthly rate - September 12, 14:00: UK's July industrial output monthly rate - September 12, 14:45: France's August CPI monthly rate final value - September 12, 22:00: U.S. September one - year inflation rate expectation initial value - September 12, 22:00: U.S. September University of Michigan consumer confidence index initial value [1]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - Due to the stabilization of spot prices and positive news, the decline of live hog futures prices has slowed down, showing an adjustment trend. However, the pressure of live hog supply remains, and the demand growth is limited. Under the weak supply - demand pattern, it is expected that live hog prices will fluctuate weakly at a low level. It is recommended to wait and see for now [2] 3. Summary by Relevant Catalogs 3.1 Futures Disk - The closing price of the main live hog futures contract was 13,320 yuan/ton, up 5 yuan; the position of the main contract was 75,953 lots, up 234 lots; the number of warehouse receipts was 428 lots, unchanged; the net long position of the top 20 futures holders was - 14,916 lots, up 48 lots [2] 3.2 Spot Price - The live hog prices in Henan Zhumadian, Jilin Siping, and Guangdong Yunfu were 13,400 yuan/ton, 13,000 yuan/ton, and 14,100 yuan/ton respectively, all unchanged. The main live hog basis was 80 yuan/ton, down 5 yuan [2] 3.3 Upstream Situation - The live hog inventory was 42,4470,000 heads, up 7160,000 heads; the inventory of breeding sows was 4,0420,000 heads, down 10,000 heads; CPI year - on - year was - 0.4%, unchanged; the spot price of soybean meal in Zhangjiagang was 3,030 yuan/ton; the spot price of corn was 2,365.49 yuan/ton, down 1.96 yuan; the DCE hog feed cost index was 914.43, up 3.38; the monthly output of feed was 28,273,000 tons, down 1,104,000 tons; the price of binary breeding sows was 1,625 yuan/head, unchanged; the breeding profit of purchasing piglets was - 126.24 yuan/head, up 22.17 yuan; the breeding profit of self - breeding and self - raising hogs was 52.65 yuan/head, up 20.41 yuan; the monthly import volume of pork was 90,000 tons, unchanged; the average price of white - striped chickens in the main producing areas was 14.3 yuan/kg, unchanged [2] 3.4 Downstream Situation - The slaughter volume of designated live hog slaughtering enterprises was 3,1660,000 heads, up 1600,000 heads; the monthly retail sales of social consumer goods in the catering industry was 450.41 billion yuan, down 2.035 billion yuan. On September 11, 2025, the daily live hog出栏量 of key breeding enterprises nationwide was 275,459 heads, down 0.79% from the previous day [2] 3.5 Industry News - On Thursday, the live hog 2511 contract closed up 0.04%. After continuous price declines, the breeding side has a sentiment of supporting prices, and the spot price has stopped falling and stabilized. However, the inventory of breeding sows corresponding to September is at the peak of the previous increasing cycle, and the number of newborn piglets six months ago has increased, so there is supply pressure. According to Mysteel data, the planned出栏量 in September for the sample increased month - on - month. It is reported by Cailian Press that a live hog symposium may be held in mid - September [2] 3.6 Demand - The temperature in the north has dropped, demand has slightly recovered, and the slaughterhouse's operating rate has continued to rise [2] 3.7 Technical Analysis - The live hog 2511 contract is undergoing a technical adjustment [2]

出现明显的爆发式增长，仍处于缓慢恢复阶段。库存方面，国外铅库存下跌，国内库存上涨，仓单数量下 免责声明 跌，整体库存不变。从目前库存数据来看，需求尚未有效拉动库存去化。但整体来说有望逐步强化，对铅 价形成一定支撑。综上所述，沪铅整体供应有望减少，需求逐步走高，叠加市场对美联储降息预期，铅价 建议逢低布局多单。 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 | | | 沪铅产业日报 2025-09-11 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪铅主力合约收盘价(日,元/吨) | 16900 | 105 LME3个月铅报价(日,美元/吨) | 1987 | 10 | | | 09-10月合约价差:沪铅(日,元/吨) | -35 | 25 沪铅持仓量(日,手) | 89257 | -742 | | | 沪铅前20名净持仓(日,手) | -2024 | -265 沪铅仓单(日,吨) | 59737 | 6048 | | ...

| | | 沪锡产业日报 2025-09-11 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪锡(日,元/吨) | 271260 | 830 10月-11月合约收盘价:沪锡(日,元/吨) | -220 | 110 | | | LME3个月锡(日,美元/吨) | 34635 | 600 主力合约持仓量:沪锡(日,手) | 26606 | -744 | | | 期货前20名净持仓:沪锡(日,手) | -937 | -260 LME锡:总库存(日,吨) | 2410 | 55 | | | 上期所库存:锡(周,吨) | 7773 | 207 LME锡:注销仓单(日,吨) | 225 | 100 | | | 上期所仓单:锡(日,吨) | 7504 | 22 | | | | 现货市场 | SMM1#锡现货价格(日,元/吨) | 271100 | 1000 长江有色市场1#锡现货价(日,元/吨) | 271390 | 1350 | | | 沪锡主力合约基差(日,元/吨) | ...

铝类产业日报 2025/9/11 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建议， 出处为瑞 达研究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 研究员: 陈思嘉 期货从业资格号F03118799 期货投资咨询从业证书号Z0022803 | 项目类别 数据指标 | | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 沪铝主力合约收盘价(日,元/吨) | | 20,915.00 | +125.00↑ 氧化铝期货主力合约收盘价(日,元/吨) | 2,945.00 | +12.00↑ | | | 主力-连二合约价差:沪铝(日,元/吨) | 5.00 | -5.00↓ 主力-连二合约价差:氧化铝(日,元/吨) | -17.00 | +28.00↑ | | | 主力合约持仓量:沪铝(日,手) | 204,582.00 | +8142.00↑ 主力合约持仓量:氧化铝(日,手) | 273,3 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The stock index still has long - term upward potential, but is expected to remain volatile before policies are implemented. It is recommended to wait and see in the short - term [2] 3. Summary by Relevant Catalogs 3.1 Futures Disk - IF main contract (2509) latest price is 4562.0, up 117.4; IF sub - main contract (2512) latest price is 4530.2, up 115.0. Similar data are provided for IH, IC, and IM contracts. There are also details about contract spreads and differences between different quarters and the current month [2] 3.2 Futures Position - IF top 20 net position is - 29,045.00, up 409.0; IH top 20 net position is - 16,241.00, up 208.0. Similar data are provided for IC and IM [2] 3.3 Spot Price - The Shanghai and Shenzhen 300 index is 4548.03, up 102.7; the Shanghai Stock Exchange 50 index is 2983.08, up 43.5. Similar data are provided for the CSI 500 and CSI 1000. There are also details about the basis of each main contract [2] 3.4 Market Sentiment - A - share trading volume is 24,645.93 billion yuan, up 4606.40 billion yuan; margin trading balance is 23,255.93 billion yuan, up 58.75 billion yuan. Other indicators such as north - bound trading volume, reverse repurchase, etc. are also provided [2] 3.5 Wind Market Strength and Weakness Analysis - All A - shares score 7.80, up 2.50; technical aspect scores 7.80, up 3.30; capital aspect scores 7.90, up 1.70 [2] 3.6 Industry News - In August, China's CPI was flat month - on - month and slightly down year - on - year, while core CPI continued to rise; PPI changed from decline to flat month - on - month and the year - on - year decline continued to narrow. In the US, private non - farm employment decreased in multiple sectors from March 2025 to March 2026. A - share major indexes closed generally higher, with small and medium - cap stocks stronger than large - cap blue - chip stocks [2] 3.7 Key Data to Focus On - Include China's August financial data, European Central Bank interest rate decision, US August CPI and core CPI, and China's August social consumer goods retail sales, etc. [3]

碳酸锂产业日报 2025/9/11 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | 71,000.00 | +280.00↑ 前20名净持仓（日，手） | -159,932.00 | +9072.00↑ | | 期货市场 | 主力合约持仓量（日，手） | 323,456.00 | -17358.00↓ 近远月合约价差（日，元/吨） | -280.00 | +300.00↑ | | | 广期所仓单（日，手/吨） | 38,101.00 | 0.00 | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 72,850.00 | -600.00↓ 工业级碳酸锂平均价（日，万元/吨） | 70,600.00 | -600.00↓ | | | Li₂CO₃主力合约基差（日，元/吨） | 1,850.00 | -880.00↓ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | 895.00 | -27.00↓ 磷锂铝石平均 ...

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The upward momentum in the precious metals market remains strong, and speculative buying demand in the market may continue until the FOMC meeting in mid - September. However, since the interest - rate cut expectations are already fully priced into the current gold and silver futures prices, there may be a short - term phased correction risk. The trading strategy is recommended to focus on range - band trading. The market will focus on the US August CPI data released on Thursday for more guidance on interest - rate cuts. An unexpectedly high CPI growth rate may increase the correction risk in the precious metals market. The report also provides price - watching intervals for different contracts [2]. 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the Shanghai gold main contract is 830.78 yuan/gram, down 2.64; the closing price of the Shanghai silver main contract is 9798 yuan/kilogram, up 2 yuan. The main contract positions of Shanghai gold are 114,423 hands, down 5001 hands; the main contract positions of Shanghai silver are 203,343 hands, down 9187 hands. The net positions of the top 20 in the Shanghai gold main contract are 173,627 hands, down 3286 hands; the net positions of the top 20 in the Shanghai silver main contract are 135,520 hands, down 3908 hands. The warehouse receipt quantity of gold is 45,951 kilograms, up 1536 kilograms; the warehouse receipt quantity of silver is 1,252,170 kilograms, up 1831 kilograms [2]. 3.2 Spot Market - The spot price of gold on the Shanghai Non - ferrous Metals Network is 828.55 yuan/gram, up 0.54 yuan; the spot price of silver on the Shanghai Non - ferrous Metals Network is 9788 yuan/kilogram, up 31 yuan. The basis of the Shanghai gold main contract is - 2.23 yuan/gram, up 3.18 yuan; the basis of the Shanghai silver main contract is - 10 yuan/kilogram, up 29 yuan [2]. 3.3 Supply - Demand Situation - The gold ETF holdings are 979.95 tons, up 0.27 tons; the silver ETF holdings are 15,069.6 tons, down 67.77 tons. The non - commercial net positions of gold in CFTC are 249,530 contracts, up 35,219 contracts; the non - commercial net positions of silver in CTFC are 55,923 contracts, up 9457 contracts. The total supply of gold in the quarter is 1313.01 tons, up 54.84 tons; the total supply of silver in the year is 987.8 million troy ounces, down 21.4 million troy ounces. The total demand for gold in the quarter is 1313.01 tons, up 54.83 tons; the global total demand for silver in the year is 1195 million ounces, down 47.4 million ounces [2]. 3.4 Option Market - The 20 - day historical volatility of gold is 10.13%, up 0.8%; the 40 - day historical volatility of gold is 10.78%, up 0.35%. The implied volatility of at - the - money call options for gold is 23.59%, up 1.61%; the implied volatility of at - the - money put options for gold is 23.59%, up 1.61% [2]. 3.5 Industry News - US President Trump criticized Fed Chairman Powell again and urged an immediate and significant interest - rate cut. US Treasury Secretary also called on the Fed to re - evaluate its policy stance. Trump appealed against a federal judge's order. The US August PPI inflation unexpectedly declined, adding support for the Fed's interest - rate cut decision next week. The US Department of Labor's Inspector General's Office is launching a review of the Bureau of Labor Statistics' data collection and release [2]. 3.6 Price - Watching Intervals - The Shanghai gold 2510 contract focuses on the range of 750 - 850 yuan/gram; the Shanghai silver 2510 contract focuses on the range of 9600 - 9800 yuan/kilogram. For the outer market, the London gold price focuses on the range of 3550 - 3650 US dollars/ounce, and the London silver price focuses on the range of 40.5 - 41.5 US dollars/ounce [2][3]

工业硅产业日报 2025-09-11 意操作节奏，操作上建议,若后期跌破8200元，可以考虑中长线逢低布局多单。 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价(日,元/吨) | 8740 | 75 主力合约持仓量(日,手) | 287771 | 9706 | | 期货市场 | 前20名净持仓(日,手) | -39667 | 33479 广期所仓单(日,手) | 50045 | 90 | | | 9-10月工业硅价差 | -170 | -330 | | | | 现货市场 | 通氧553#硅平均价(日,元/吨) | 9200 | 100 421#硅平均价(日,元/吨) | 9500 | 100 | | | Si主力合约基差(日,元/吨) | 460 | 25 DMC现货价(日,元/吨) | 11 ...