| | | 沪镍产业日报 2025-12-09 镍库存延续增长，市场按需采购为主，现货升水上涨；海外LME库存亦呈现增长。技术面，持仓持稳价格 免责声明 调整，多空分歧增加。观点参考：预计短线沪镍震荡调整，关注MA30压力。 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 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪镍(日,元/吨) | 117350 | -680 01-02月合约价差:沪镍(日,元/吨) | -270 | -100 | | | LME3个月镍(日,美元/吨) | 14885 | -85 ...

免责声明 | 数据指标 | 最新 | 环比 | 数据指标 | 最新 | 环比 | 项目类别 | 沪铝主力合约收盘价(日,元/吨) | 21,775.00 | -500.00↓ 氧化铝期货主力合约收盘价(日,元/吨) | 2,546.00 | -39.00↓ | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主力-连二合约价差:沪铝(日,元/吨) | -90.00 | +10.00↑ 主力-连二合约价差:氧化铝(日,元/吨) | -37.00 | +26.00↑ | 主力合约持仓量:沪铝(日,手) | 195,726.00 | -37413.00↓ 主力合约持仓量:氧化铝(日,手) | 282,080.00 | -10165.00↓ | | | | LME铝注销仓单(日,吨) | 40,400.00 | 0.00 库存:氧化铝:合计(周,万吨) | 259,955.00 | -903.00↓ | LME电解铝三个月报价（日，美元/吨） | 2,886.50 | -14.00↓ LME铝库存（日，吨） | 5 ...

维持刚需为主。总的来看，近来菜油市场继续消化加菜籽产量超预期以及澳菜籽抵港带来的利空，期价继续下跌。 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 许方莉 期货从业资格号F3073708 期货投资咨询从业证书号Z0017638 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，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。 菜籽系产业日报 2025-12-09 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):菜籽油(日,元/吨) | 9393 | -109 期货收盘价(活跃合约):菜籽粕(日,元/吨) | 2317 | -25 | | ...

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 备注：RB：螺纹钢；HC：热轧卷板 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 螺纹钢产业链日报 2025/12/9 | 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) 1593747 | 3,079.00 | -44↓ RB主力合约持仓量(手) | | +116170↑ | | | RB合约前20名净持仓(手) | -37831 | +3895↑ RB1-5合约价差(元/吨) | 14 | +20↑ | | | RB上期所仓单日报(日，吨) | 57721 | -10455↓ HC2605-RB2605合约价差(元/吨) | 173 | +5↑ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,280.00 | -30↓ 杭州 HRB400E 20MM(过磅，元/吨) | 3,364 | -31↓ | | | 广州 HRB400 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The market is in a game between weak reality and strong expectations. The spot price remains low, the breeding end is still at a loss, and the market's enthusiasm for replenishment is poor, which is beneficial to the forward price. However, the in - production inventory of laying hens is still at a high level, and there is no excessive culling of old hens. High production capacity still restricts the performance of the near - month market price. In the short term, the near - month contract may be in a wide - range shock state, and it is advisable to try to go long on the far - month contract with a light position [2] 3. Summary According to Relevant Catalogs Futures Market - The closing price of the active egg futures contract is 3124 yuan/500 kilograms, a decrease of 29 yuan; the net long position of the top 20 futures holders is - 31630 hands, a decrease of 7028 hands; the monthly spread between January and May contracts is - 457 yuan/500 kilograms, an increase of 27 yuan; the trading volume of the active futures contract is 132996 hands, a decrease of 13490 hands; the registered warehouse receipt volume is 0 hands [2] Spot Market - The spot price of eggs is 3.06 yuan/jin, an increase of 0.02 yuan; the basis (spot - futures) is - 62 yuan/500 kilograms, an increase of 48 yuan [2] Upstream Situation - The national laying - hen inventory index is 114.24 (2015 = 100), a decrease of 1.02; the national culled laying - hen index is 114.44 (2015 = 100), a decrease of 10.19; the average price of laying - hen chicks in the main production areas is 2.85 yuan/feather, an increase of 0.15 yuan; the national new - chick index is 67.09 (2015 = 100), a decrease of 9.56; the average price of laying - hen compound feed is 2.76 yuan/kg, unchanged; the breeding profit of laying hens is - 0.3 yuan/hen, an increase of 0.11 yuan; the average price of culled hens in the main production areas is 7.72 yuan/kg, an increase of 0.12 yuan; the national culling age of hens is 510 days, an increase of 3 days [2] Industry Situation - The average wholesale price of pork is 17.57 yuan/kg, a decrease of 0.09 yuan; the average wholesale price of 28 key - monitored vegetables is 5.91 yuan/kg, a decrease of 0.01 yuan; the average wholesale price of white - striped chickens is 17.94 yuan/kg, an increase of 0.68 yuan; the weekly inventory in the circulation link is 1.14 days, an increase of 0.07 days; the weekly inventory in the production link is 1.06 days, an increase of 0.04 days; the monthly export volume of fresh eggs is 13394.53 tons, an increase of 178.74 tons [2] Downstream Situation - The weekly consumption of eggs in the sales area is 7115 tons, a decrease of 296 tons [2] Industry News - Today, the average price of eggs in Shandong, the main production area, is 6.18 yuan/kg, an increase of 0.03 yuan compared with yesterday; the average price of eggs in Hebei is 5.69 yuan/kg, unchanged from yesterday; the average price of eggs in Guangdong is 6.53 yuan/kg, unchanged from yesterday; the average price of eggs in Beijing is 6.30 yuan/kg, unchanged from yesterday. The continuous losses at the breeding end have led to a decline in the enthusiasm for replenishment and an increase in the culling volume of old hens. The inventory of laying hens has declined slightly, and the market atmosphere has improved slightly [2]

| 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） | 92,800.00 | -2040.00↓ 前20名净持仓（日，手） | -182,801.00 | -14994.00↓ | | 期货市场 | 主力合约持仓量（日，手） | 575,421.00 | -17708.00↓ 近远月合约价差（日，元/吨） | 1,340.00 | +1880.00↑ | | | 广期所仓单（日，手/吨） | 12,920.00 | -200.00↓ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 92,750.00 | 0.00 工业级碳酸锂平均价（日，万元/吨） | 90,350.00 | 0.00 | | | Li₂CO₃主力合约基差（日，元/吨） | -50.00 | +2040.00↑ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | 1,200.00 | 0.00 磷锂铝石平均价（日，元/吨） | 9,925.00 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The report expects the Shanghai tin market to undergo oscillatory adjustments and suggests paying attention to the MA10 support. On the macro - front, China will implement a more proactive fiscal policy and a moderately loose monetary policy. On the fundamental side, the supply of domestic tin ore imports remains tight, the production of refined tin is expected to be limited, and the demand from downstream enterprises for high - priced goods is extremely limited. Technically, the position volume has decreased, the price has corrected, the divergence between long and short positions has increased, and it has fallen below the MA5 support [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai tin is 312,320 yuan/ton, a decrease of 6,880 yuan; the closing price of the January - February contract of Shanghai tin has a change of - 590 yuan with an increase of 20 yuan. LME 3 - month tin is at 39,800 US dollars/ton, a decrease of 375 US dollars. The main contract holding volume of Shanghai tin is 43,424 lots, a decrease of 5,047 lots. The net holding of the top 20 futures of Shanghai tin is - 331 lots, an increase of 89 lots. LME tin total inventory is 3,075 tons, a decrease of 10 tons; Shanghai Futures Exchange inventory of tin is 6,865 tons, an increase of 506 tons; Shanghai Futures Exchange warehouse receipts of tin are 7,237 tons, a decrease of 29 tons [3]. 3.2 Spot Market - The SMM 1 tin spot price is 316,000 yuan/ton, an increase of 2,000 yuan; the Yangtze River Non - ferrous Market 1 tin spot price is 315,590 yuan/ton, an increase of 2,300 yuan. The basis of the Shanghai tin main contract is - 5,200 yuan/ton, a decrease of 2,500 yuan; the LME tin premium (0 - 3) is 46 US dollars/ton, a decrease of 24 US dollars [3]. 3.3 Upstream Situation - The import quantity of tin ore and concentrates is 1.16 million tons, an increase of 0.29 million tons. The average price of 40% tin concentrate is 302,000 yuan/ton, a decrease of 800 yuan; the average price of 60% tin concentrate is 306,000 yuan/ton, a decrease of 800 yuan. The processing fee for 40% tin concentrate by Antaike is 10,500 yuan/ton with no change; the processing fee for 60% tin concentrate by Antaike is 6,500 yuan/ton with no change [3]. 3.4 Industry Situation - The monthly output of refined tin is 14,000 tons, a decrease of 1,600 tons; the monthly import quantity of refined tin is 983.25 tons, a decrease of 518.38 tons [3]. 3.5 Downstream Situation - The price of 60A solder bar in Gejiu is 202,870 yuan/ton, an increase of 720 yuan. The cumulative monthly output of tin - plated sheets (strips) is 1.2454 million tons, an increase of 136,100 tons; the monthly export quantity of tin - plated sheets is 222,600 tons, an increase of 25,000 tons [3]. 3.6 Industry News - The Political Bureau of the CPC Central Committee held a meeting to analyze and study the economic work in 2026. It will continue to implement a more proactive fiscal policy and a moderately loose monetary policy. In November, China's passenger car sales declined for the second consecutive month, with a year - on - year decrease of 8.5% to 2.24 million vehicles. New energy vehicle sales accounted for 58.9% but the growth rate was only 4.2%, while exports increased by 52.4% [3].

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | HC 主力合约收盘价(元/吨) | 3,252 | -39↓ HC 主力合约持仓量(手) | 1108414 | +29738↑ | | | HC 合约前20名净持仓(手) | 1,124 | +31023↑ HC1-5合约价差(元/吨) | 6 | +7↑ | | | HC 上期所仓单日报(日，吨) | 141632 | 0.00 HC2605-RB2605合约价差(元/吨) | 173 | +5↑ | | 现货市场 | 杭州 4.75热轧板卷(元/吨) | 3,300.00 | -10.00↓ 广州 4.75热轧板卷(元/吨) | 3,270.00 | -40.00↓ | | | 武汉 4.75热轧板卷(元/吨) | 3,310.00 | 0.00 天津 4.75热轧板卷(元/吨) | 3,200.00 | -20.00↓ | | | HC主力合约基差(元/吨) | 48.00 | +29.00↑ 杭州热卷-螺纹钢价差(元/吨) | ...

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，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 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | 期货主力合约收盘价:生猪(日,元/吨) | 11450 | 65 主力合约持仓量:生猪(日,手) | 148826 | -2686 | | | 仓单数量:生猪(日,手) | 108 | 0 期货前20名持仓:净买单量:生猪(日,手) | -44153 | -2674 | | 现货价格 | 生猪价 河南 驻马店(日,元/吨) | 11300 | 0 生猪价 吉林 四平(日,元/吨) | 10900 | -300 | | | 生猪 ...

国债期货日报 2025/12/9 | 项目类别 | 数据指标 | 最新 | 环比 项目 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | T主力收盘价 | 107.980 | 0.12% T主力成交量 | 75883 | -22485↓ | | | TF主力收盘价 | 105.785 | 0.07% TF主力成交量 | 57038 | -15253↓ | | | TS主力收盘价 | 102.430 | 0.02% TS主力成交量 | 30157 | -7733↓ | | | TL主力收盘价 | 112.590 | 0.45% TL主力成交量 | 110374 | -64954↓ | | 期货价差 | TL2603-2512价差 | -0.16 | -0.10↓ T03-TL03价差 | -4.61 | -0.28↓ | | | T2603-2512价差 | -0.18 | +0.02↑ TF03-T03价差 | -2.20 | -0.03↓ | | | TF2603-2512价差 | 0.00 | -0.02↓ TS03-T03价差 | -5 ...