| 项目类别 | 数据指标 环比 数据指标 最新 | 最新 | | | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | 70,720.00 | -2180.00↓ 前20名净持仓（日，手） | -169,004.00 | +16031.00↑ | | 期货市场 | 主力合约持仓量（日，手） | 340,814.00 | -10526.00↓ 近远月合约价差（日，元/吨） | -580.00 | -520.00↓ | | | 广期所仓单（日，手/吨） | 38,101.00 | +650.00↑ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 73,450.00 | -1150.00↓ 工业级碳酸锂平均价（日，万元/吨） | 71,200.00 | -1150.00↓ | | | Li₂CO₃主力合约基差（日，元/吨） | 2,730.00 | +1030.00↑ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | 922.00 | 0.00 磷锂铝石平均价（日，元/吨） | 7 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - Asian session dollar weakness boosts precious metals market, US non - farm employment significant downward revision and August non - farm cooling strengthen Fed's September rate - cut confidence, driving optimistic trading sentiment in precious metals market. Gold price upward momentum continues, but there may be short - term callback risk due to full pricing of rate - cut expectations, and trading strategy suggests range - band trading. Market will focus on US August CPI and tonight's PPI data. [2] Group 3: Summary by Relevant Catalogs Futures Market - Shanghai gold main contract closing price is 833.42 yuan/gram, down 1.06; Shanghai silver main contract closing price is 9796 yuan/kilogram, down 50. Shanghai gold main contract position is 119424 hands, down 5457; Shanghai silver main contract position is 212530 hands, down 10481. Shanghai gold main top 20 net position is 173627 hands, down 3286; Shanghai silver main top 20 net position is 135520 hands, down 3908. Gold warehouse receipt quantity is 45951 kilograms, up 1536; silver warehouse receipt quantity is 1252170 kilograms, up 1831. [2] 现货市场 - Shanghai Nonferrous Metals Network gold spot price is 828.01 yuan/gram, down 3.37; silver spot price is 9757 yuan/kilogram, down 73. Shanghai gold main contract basis is - 5.41 yuan/gram, down 2.31; Shanghai silver main contract basis is - 39 yuan/kilogram, down 23. [2] Supply and Demand Situation - Gold ETF holdings are 979.68 tons, unchanged; silver ETF holdings are 15069.6 tons, down 67.77. Gold CFTC non - commercial net position is 249530 contracts, up 35219; silver CTFC non - commercial net position is 55923 contracts, up 9457. Quarterly total gold supply is 1313.01 tons, up 54.84; annual total silver supply is 987.8 million troy ounces, down 21.4. Quarterly total gold demand is 1313.01 tons, up 54.83; annual global total silver demand is 1195 million ounces, down 47.4. [2] Option Market - 20 - day historical volatility of gold is 9.32%, down 0.04; 40 - day historical volatility of gold is 10.43%, up 0.2. At - the - money call option implied volatility of gold is 21.98%, down 0.05; at - the - money put option implied volatility of gold is 21.98%, down 0.05. [2] Industry News - US government's preliminary benchmark revision shows non - farm employment down 911,000 in the year to March, monthly average less increase of nearly 76,000, which may lead to Fed rate cuts. US and South Korea are in deadlock over a $350 billion investment fund. Fed's September 25 - basis - point rate - cut probability is 93%, 50 - basis - point rate - cut probability is 7%. October cumulative 25 - basis - point rate - cut probability is 21.4%, cumulative 50 - basis - point rate - cut probability is 73.2%, cumulative 75 - basis - point rate - cut probability is 5.4%. Japan expects US to implement special measures on auto tariffs by the 16th. [2] Viewpoint Summary - Suggest trading in range - band. Shanghai gold 2510 contract focus range: 750 - 850 yuan/gram; Shanghai silver 2510 contract focus range: 9600 - 9800 yuan/kilogram. London gold price focus range: 3550 - 3650 US dollars/ounce, London silver price focus range: 40.5 - 41.5 US dollars/ounce. [2]

研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 免责声明 铁矿石产业链日报 2025/9/10 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | I 主力合约收盘价（元/吨） | 805.00 | 0.00 I 主力合约持仓量(手) | 544,566 | +3366↑ | | | I 1-5合约价差（元/吨） | 24 | 0.00 I 合约前20名净持仓(手) | -27105 | +1135↑ | | | I 大商所仓单（手） | 2,000.00 | +100.00↑ | | | | | 新加坡铁矿石主力合约截止15：00报价(美元/吨) | 106.95 | -0.40↓ | | | | 现货市场 | 青岛港61.5%PB粉矿 (元/干吨) | 865 | +11↑ 青岛港60.8%麦克粉矿 (元/干吨) | 850 | +11↑ | | | 京唐港56.5%超特粉矿 (元/干吨) | 752 | +11↑ I 主力合约基差 (麦克粉 ...

Report Industry Investment Rating - Not provided Core View of the Report - A-share major indices closed generally higher, with small and mid-cap stocks outperforming large-cap blue-chip stocks. The market is in a performance and policy vacuum period, entering the macro data verification stage. The drag from trade data may be limited, and the Fed's rate cut will provide room for domestic policy easing. Therefore, stock indices still have long-term upward potential but are expected to remain volatile before policy implementation. It is recommended to wait and see in the short term [2] Summary by Relevant Catalogs Futures Disk - IF main contract (2509) was at 4432.4, up 11.6; IF next main contract (2512) was at 4400.6, up 7.4. IH main contract (2509) was at 2937.8, up 15.8; IH next main contract (2512) was at 2936.8, up 15.0. IC main contract (2509) was at 6863.4, down 3.4; IC next main contract (2512) was at 6682.8, down 9.2. IM main contract (2509) was at 7151.0, down 2.4; IM next main contract (2512) was at 6938.2, down 10.6 [2] - IF-IH current month contract spread was 1494.6, down 6.2; IC-IF current month contract spread was 2431.0, down 15.6. IM-IC current month contract spread was 287.6, down 5.4; IC-IH current month contract spread was 3925.6, down 21.8. IM-IF current month contract spread was 2718.6, down 21.0; IM-IH current month contract spread was 4213.2, down 27.2 [2] - IF current quarter - current month was -31.8, down 5.2; IF next quarter - current month was -54.2, down 7.2. IH current quarter - current month was -1.0, down 0.4; IH next quarter - current month was 2, up 0.8. IC current quarter - current month was -180.6, down 4.2; IC next quarter - current month was -332.2, down 9.4. IM current quarter - current month was -212.8, down 3.4; IM next quarter - current month was -401, down 12.0 [2] Futures Position - IF top 20 net position was -29,172.00, down 1344.0; IC top 20 net position was -18,960.00, up 716.0. IH top 20 net position was -13,395.00, down 497.0; IM top 20 net position was -47,080.00, down 2382.0 [2] Spot Price - The Shanghai and Shenzhen 300 was at 4445.36, up 9.1; IF main contract basis was -13.0, down 2.9. The Shanghai Stock Exchange 50 was at 2939.59, up 11.0; IH main contract basis was -1.8, up 1.4. The China Securities 500 was at 6932.11, up 3.1; IC main contract basis was -68.7, down 12.5. The China Securities 1000 was at 7230.17, up 4.1; IM main contract basis was -79.2, down 18.9 [2] Market Sentiment - A-share trading volume (daily, billion yuan) was 20,039.52, down 1481.28; margin trading balance (previous trading day, billion yuan) was 23,197.18, up 61.56. Northbound trading volume (previous trading day, billion yuan) was 2817.52, down 472.92; reverse repurchase (maturity volume, operation volume, billion yuan) was -2291.0, up 3040.0 [2] - Main funds (yesterday, today, billion yuan) was -808.17, down 105.08. The proportion of rising stocks (daily, %) was 44.98, up 21.05; Shibor (daily, %) was 1.425, up 0.006 [2] - IO at-the-money call option closing price (2509) was 33.40, down 7.60; IO at-the-money call option implied volatility (%) was 13.40, down 2.67. IO at-the-money put option closing price (2509) was 48.00, down 15.80; IO at-the-money put option implied volatility (%) was 13.40, down 2.67 [2] - Shanghai and Shenzhen 300 index 20-day volatility (%) was 18.46, down 0.07; trading volume PCR (%) was 60.67, up 1.86. Position PCR (%) was 81.25, up 1.38 [2] Wind Market Strength and Weakness Analysis - All A-shares were at 5.30, up 2.10; technical aspect was at 4.50, up 2.10. Capital aspect was at 6.20, up 2.10 [2] Industry News - In August, China's CPI was flat month-on-month and slightly down year-on-year, with core CPI continuing to rebound; PPI turned from decline to flat month-on-month, and the year-on-year decline continued to narrow. The overall price level is steadily recovering, reflecting the effectiveness of policies such as "anti-involution" and expanding domestic demand [2] - As of March 2025, the US non-farm payrolls were revised down by 911,000, the largest downward revision since 2000. Coupled with the significantly lower-than-expected non-farm data in August, the market has fully priced in the Fed's rate cut in September, and the external environment constraints faced by A-shares are loosening [2] Key Points to Focus On - To be determined: China's August financial data; 9/10 20:30: US August PPI and core PPI; 9/11 20:15: ECB interest rate decision; 9/11 20:30: US August CPI and core CPI [3]

免责声明 锰硅硅铁产业日报 2025/9/10 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 本报告不构成个人投资建议 客户应考虑本报告中的任何意见或建议是否符合其特定状况 本报告版权仅为我公司所有 任何机构和个人不得以任何形式翻版 究瑞达期货股份有限公司研究院 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 | | --- | --- | --- | --- | --- | --- | --- | | | SM主力合约收盘价（日，元/吨） | 5,854.00 | +16.00↑ | SF主力合约收盘价（日，元/吨） | 5,628.00 | +8.00↑ | | | SM期货合约持仓量（日，手） | 575,233.00 | +2202.00↑ | SF期货合约持仓量（日，手） | 421,689.00 | -10924.00↓ | | 期货市场 | 锰硅前20名净持仓（日，手） | -75,843.00 | -7703.00↓ | 硅铁前20名净 ...

沪铜产业日报 2025/9/10 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， 客户应考虑本报告中的任何意见或建议是否符合其特定状况。本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 免责声明 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:沪铜(日,元/吨) | 79,790.00 | +140.00↑ LME3个月铜(日,美元/吨) | 9,950.00 | +36.00↑ | | 期货市场 | 主力合约隔月价差(日,元/吨) | 30.00 | +20.00↑ 主力合约持仓量:沪铜(日,手) | 171,912.00 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The alumina market may be in a stage of slightly increasing supply and stable demand, with a suggestion of lightly - position short - term long trades at low prices [2]. - The Shanghai aluminum market may be in a stage of slightly increasing supply and gradually recovering demand, with a suggestion of lightly - position oscillating trades [2]. - The cast aluminum alloy market may be in a stage of slightly converging supply and slowly recovering demand, with a suggestion of lightly - position short - selling trades at high prices [2]. Summary by Relevant Catalogs Futures Market - The closing price of the Shanghai aluminum main contract is 20,790 yuan/ton, up 40 yuan; the main - second - continuous contract spread is 10 yuan, unchanged; the main contract position is 196,440 lots, up 2,246 lots; the net position of the top 20 in Shanghai aluminum is 7,105 lots, up 7,452 lots; the Shanghai - London ratio is 7.91, down 0.01 [2]. - The closing price of the alumina futures main contract is 2,933 yuan/ton, up 4 yuan; the main - second - continuous contract spread is - 45 yuan, down 13 yuan; the main contract position is 276,136 lots, down 4,976 lots [2]. - The LME aluminum three - month quotation is 2,627.50 US dollars/ton, up 10 US dollars; the LME aluminum inventory is 485,275 tons, unchanged; the LME aluminum canceled warrants are 110,250 tons, up 67,400 tons [2]. - The closing price of the cast aluminum alloy main contract is 20,350 yuan/ton, up 45 yuan; the main - second - continuous contract spread is - 45 yuan, down 50 yuan; the main contract position is 7,979 lots, up 154 lots [2]. Spot Market - The Shanghai Non - ferrous Network A00 aluminum price is 20,750 yuan/ton, down 20 yuan; the average price (tax - included) of ADC12 aluminum alloy ingots nationwide is 20,850 yuan/ton, unchanged; the Yangtze River Non - ferrous Market AOO aluminum price is 20,790 yuan/ton, down 50 yuan [2]. - The alumina spot price in Shanghai Non - ferrous is 3,010 yuan/ton, down 20 yuan; the basis of cast aluminum alloy is 500 yuan/ton, down 210 yuan; the basis of electrolytic aluminum is - 40 yuan/ton, down 60 yuan [2]. - The Shanghai Wuma aluminum premium/discount is - 50 yuan/ton, down 30 yuan; the LME aluminum premium/discount is 3.24 US dollars/ton, down 0.53 US dollars; the basis of alumina is 77 yuan/ton, down 24 yuan [2]. Upstream Situation - The alumina output is 756.49 million tons per month, down 18.44 million tons; the national alumina start - up rate is 82.93%, down 1.09%; the total alumina capacity utilization rate is 84.75%, up 0.45% [2]. - The demand for alumina (electrolytic aluminum part) is 722.07 million tons per month, up 25.88 million tons; the alumina supply - demand balance is 16.32 million tons, down 10.82 million tons [2]. - The average price of crushed raw aluminum in Foshan metal scrap is 16,400 yuan/ton, unchanged; the average price of crushed raw aluminum in Shandong metal scrap is 15,900 yuan/ton, unchanged [2]. - China's import volume of aluminum scrap and fragments is 160,494.61 tons per month, up 4,900.05 tons; the export volume is 79.39 tons per month, up 15.06 tons [2]. - The export volume of alumina is 23 million tons per month, up 6 million tons; the import volume is 12.59 million tons per month, up 2.47 million tons [2]. - The WBMS aluminum supply - demand balance is 18.31 million tons, down 9.41 million tons; the electrolytic aluminum social inventory is 57.60 million tons per week, up 0.40 million tons [2]. Industry Situation - The import volume of primary aluminum is 248,198.71 tons per month, up 55,884.22 tons; the total electrolytic aluminum production capacity is 4,523.20 million tons per month, unchanged [2]. - The export volume of primary aluminum is 40,987.71 tons per month, up 21,416.99 tons; the electrolytic aluminum start - up rate is 98.11%, up 0.33% [2]. - The aluminum product output is 548.37 million tons per month, down 39 million tons; the export volume of unforged aluminum and aluminum products is 53.40 million tons per month, down 0.60 million tons [2]. - The output of recycled aluminum alloy ingots is 62.32 million tons per month, up 0.43 million tons; the export volume of aluminum alloy is 2.49 million tons per month, down 0.09 million tons [2]. Downstream and Application - The total built - up production capacity of recycled aluminum alloy ingots is 126 million tons per month, unchanged; the national real estate climate index is 93.34, down 0.25 [2]. - The aluminum alloy output is 153.60 million tons per month, down 13.30 million tons; the automobile output is 251.02 million vehicles per month, down 29.84 million vehicles [2]. Option Situation - The 20 - day historical volatility of Shanghai aluminum is 6.04%, down 0.04%; the 40 - day historical volatility is 6.91%, unchanged [2]. - The implied volatility of the Shanghai aluminum main contract at - the - money is 8.59%, up 0.0027; the call - put ratio of Shanghai aluminum options is 1.08, up 0.0203 [2]. Industry News - From 2020 - 2024, the added values of China's equipment manufacturing and high - tech manufacturing industries increased by an average of 7.9% and 8.7% annually, accounting for 34.6% and 16.3% of above - scale industries respectively. In 2024, the production of new energy vehicles exceeded 13 million, ranking first globally for 10 consecutive years [2]. - Since August, the central government has been promoting urban renewal. The real estate industry is shifting from "scale expansion" to "quality + service" [2]. - China is upgrading from the "world factory" to the "global supply - chain hub". 80 national - level advanced manufacturing clusters cover high - end equipment and new energy fields, with a 37% penetration rate of AI in the logistics supply - chain [2]. - In August, the CPI was flat month - on - month and down 0.4% year - on - year. The core CPI rose 0.9% year - on - year. The PPI was flat month - on - month and down 2.9% year - on - year, with a narrowing decline [2]. - The US non - farm employment was revised down by 911,000, which may lead to Fed rate cuts [2].

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) | 3,109.00 | -14↓ RB主力合约持仓量(手) | 1867674 | +88845↑ | | | RB合约前20名净持仓(手) | -201324 | +14583↑ RB10-1合约价差(元/吨) | -47 | 0.00 | | | RB上期所仓单日报(日，吨) | 242840 | +8223↑ HC2601-RB2601合约价差(元/吨) | 233 | +7↑ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,250.00 | -10↓ 杭州 HRB400E 20MM(过磅，元/吨) | 3,333 | -10↓ | | | 广州 HRB400E 20MM(理计，元/吨) | 3,280.00 | 0.00 天津 HRB400E 20MM(理计，元/吨) | 3,210.00 | -10↓ | | | RB 主力合约基差 (元/吨) | 141.00 | ...

玉米系产业日报 2025-09-09 | 项目类别 | 数据指标 | 最新 | 环比 | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | | -17 玉米淀粉期货收盘价(活跃合约):(日,元/ 期货收盘价(活跃合约):(日,元/吨) 玉米月间价差(1-5):(日,元/吨) -3 玉米淀粉月间价差(11-1):(日,元/吨) 吨) | 2214 -66 | | | 2510 -17 | -17 -2 | | 期货市场 | 期货持仓量(活跃合约):黄玉米(日,手) -28146 期货持仓量(活跃合约):玉米淀粉(日,手) | 881630 | | | 192890 | -3632 | | | -14923 期货前20名持仓:净买单量:玉米淀粉(日, 期货前20名持仓:净买单量:玉米(日,手) | -69327 | | | -47330 | 2736 | | | 注册仓单量:黄玉米(日,手) -538 注册仓单量:玉米淀粉(日,手) 手) | 56264 | | | 9406 | 1956 | | | 主力合约CS-C价差(日,元/吨) ...

国债期货日报 2025/9/9 | 项目类别 | 数据指标 最新 | 最新 | 环比 项目 | | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | T主力收盘价 | 107.775 | -0.06% T主力成交量 | 69688 | -10008↓ | | | TF主力收盘价 | 105.570 | -0.01% TF主力成交量 | 53634 | -15225↓ | | | TS主力收盘价 | 102.378 | -0.02% TS主力成交量 | 27581 | -11122↓ | | | TL主力收盘价 | 115.720 | -0.22% TL主力成交量 | 133188 | -10426↓ | | 期货价差 | TL2512-2509价差 | -0.56 | -0.07↓ T12-TL12价差 | -7.94 | 0.25↑ | | | T2512-2509价差 | -0.28 | -0.09↓ TF12-T12价差 | -2.21 | 0.07↑ | | | TF2512-2509价差 | -0.09 | -0.00↓ TS12-T12价差 | ...