免责声明 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：I：铁矿石 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 铁矿石产业链日报 2025/12/8 | 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） | 760.50 | -8.50↓ I 主力合约持仓量(手) | 429,369 | +20646↑ | | | I 1-5合约价差（元/吨） | 18 | +1.50↑ I 合约前20名净持仓(手) | 8867 | -3297↓ | | | I 大商所仓单（手） | 1,800.00 | +500.00↑ | | | | | 新加坡铁矿石主力合约截止15：00报价(美元/吨) | 102.05 | -1.34↓ | | | | 现货市场 | 青岛港61.5%PB粉矿 (元/干吨) | 855 | -3↓ 青岛港60.8%麦克粉矿 (元/干吨) | 845 | -5↓ | | | 京唐港56.5% ...

股指期货全景日报 2025/12/8 | 项目类别 | 数据指标 IF主力合约（2512） | 最新 4613.2 | 环比 数据指标 +35.0↑ IF次主力合约（2603） | 最新 4576.0 | 环比 +36.4↑ | | --- | --- | --- | --- | --- | --- | | | IH主力合约（2512） | 3015.0 | +11.6↑ IH次主力合约（2603） | 3006.0 | +12.2↑ | | | IC主力合约（2512） | 7144.0 | +67.4↑ IC次主力合约（2603） | 6972.8 | +71.0↑ | | | IM主力合约（2512） | 7380.4 | +69.0↑ IM次主力合约（2603） | 7145.8 | +68.6↑ | | | IF-IH当月合约价差 | 1598.2 | +21.2↑ IC-IF当月合约价差 | 2530.8 | +22.0↑ | | 期货盘面 | IM-IC当月合约价差 | 236.4 | -0.2↓ IC-IH当月合约价差 | 4129.0 | +43.2↑ | | | IM-IF当月合约价差 | ...

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， ，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。 铝类产业日报 2025/12/8 | 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) | 22,275.00 | -70.00↓ 氧化铝期货主力合约收盘价(日,元/吨) | 2,585.00 | +30.00↑ | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主力-连二合约价差:沪铝(日,元/吨) | -100.00 | -30.00↓ 主力-连二合约价差:氧化铝(日,元/吨) | -63.00 | -20.00↓ | 主力合约 ...

贵金属期货日报 2025/12/8 研究员： 廖宏斌 期货从业资格号F30825507 期货投资咨询从业证书号Z0020723 | 项目类别 | 数据指标 最新 | 最新 | 环比 数据指标 | | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪金主力合约收盘价（日，元/克） 13706 | 958.700 | -2.3↓ 沪银主力合约收盘价（日，元/千克） | | +19.00↑ | | | 主力合约持仓量:沪金(日,手) | 197,193.00 | +240.00↑ 主力合约持仓量:沪银(日,手) | 20,186.00 | -5376.00↓ | | | 主力合约成交量:沪金 | 298,231.00 | +60534.00↑ 主力合约成交量:沪银 | 2,033,731.00 | +329517.00↑ | | | 仓单数量:沪金(日,千克) | 91299 | 0↑ 仓单数量:沪银(日,千克) | 699,291 | 11335↑ | | 现货市场 | 上金所黄金现货价 | 954.10 | -2.40↓ 华通一号白银现货价 | 13,5 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - On December 8, the manganese - silicon 2603 contract was reported at 5736, down 0.42%. Fundamentally, inventory is rising rapidly, production continues to decline slightly at a high level, and inventory has increased for 10 consecutive weeks. Technically, the daily K - line is between the 20 and 60 - day moving averages, and the short - term trend is expected to be volatile. [2] - On December 8, the ferrosilicon 2603 contract was reported at 5444, down 0.69%. In terms of supply and demand, market transactions are mainly for terminal rigid - demand restocking, and inventory is at a neutral level. Technically, the daily K - line is below the 20 and 60 - day moving averages, and the short - term trend is expected to be weakly volatile. [2] Group 3: Summary According to Related Catalogs Futures Market - The closing price of the SM main contract was 5,736.00 yuan/ton, down 22.00; the closing price of the SF main contract was 5,444.00 yuan/ton, down 30.00. [2] - The SM futures contract holdings were 630,635.00 hands, down 2347.00; the SF futures contract holdings were 470,877.00 hands, up 9618.00. [2] - The net holdings of the top 20 in manganese - silicon were - 26,105.00 hands, up 9574.00; the net holdings of the top 20 in ferrosilicon were - 24,866.00 hands, up 4937.00. [2] - The SM 5 - 1 month contract spread was 48.00 yuan/ton, down 2.00; the SF 5 - 1 month contract spread was 24.00 yuan/ton, down 10.00. [2] - The SM warehouse receipts were 24,528.00, up 3321.00; the SF warehouse receipts were 13,368.00, down 220.00. [2] Spot Market - The price of Inner Mongolia manganese - silicon FeMn68Si18 was 5,500.00 yuan/ton, down 20.00; the price of Guizhou manganese - silicon FeMn68Si18 was 5520.00 yuan/ton, down 20.00. The price of Inner Mongolia ferrosilicon FeSi75 - B was 5,260.00 yuan/ton, down 20.00; the price of Qinghai ferrosilicon FeSi75 - B was 5,160.00 yuan/ton, down 20.00. The price of Yunnan manganese - silicon FeMn68Si18 was 5550.00 yuan/ton, unchanged. The price of Ningxia ferrosilicon FeSi75 - B was 5,200.00 yuan/ton, down 30.00. [2] - The weekly average of the manganese - silicon index was 5531.00 yuan/ton, up 32.00; the SF main contract basis was - 244.00 yuan/ton, unchanged. The SM main contract basis was - 236.00 yuan/ton, up 2.00. [2] Upstream Situation - The price of South African Mn38 lump ore at Tianjin Port was 32.00 yuan/ton degree, unchanged; the price of silica (98% in the northwest) was 210.00 yuan/ton, unchanged. [2] - The price of Inner Mongolia Wuhai secondary metallurgical coke was 1250.00 yuan/ton, unchanged; the price of semi - coke (medium grade in Shenmu) was 870.00 yuan/ton, unchanged. [2] - The manganese ore port inventory was 451.30 million tons, up 13.00 million tons. [2] Industry Situation - The weekly start - up rate of manganese - silicon enterprises was 36.71%, down 1.38; the weekly start - up rate of ferrosilicon enterprises was 33.80%, up 0.39. [2] - The weekly supply of manganese - silicon was 187,950.00 tons, down 6825.00 tons; the weekly supply of ferrosilicon was 108,800.00 tons, up 1600.00 tons. [2] - The semi - monthly inventory of manganese - silicon manufacturers was 375,500.00 tons, up 7500.00 tons; the semi - monthly inventory of ferrosilicon manufacturers was 72,640.00 tons, up 810.00 tons. [2] - The monthly inventory days of manganese - silicon in national steel mills was 15.84, up 0.14; the monthly inventory days of ferrosilicon in national steel mills was 15.80, up 0.13. [2] - The weekly demand for manganese - silicon in the five major steel types was 116,591.00 tons, down 5136.00 tons; the weekly demand for ferrosilicon in the five major steel types was 18,766.10 tons, down 893.90 tons. [2] Downstream Situation - The weekly start - up rate of blast furnaces in 247 steel mills was 80.14%, down 0.93; the weekly capacity utilization rate of blast furnaces in 247 steel mills was 87.06%, down 0.90. [2] - The monthly crude steel output was 7199.70 million tons, down 149.31 million tons. [2] Industry News - The real - estate market is in the transition from building houses to filling houses with people, industries, and business forms. The "price anchor" of real estate is returning from the financial yield under the investment attribute to the use value of property space under the residential attribute. [2] - In November, the railway department transported 184 million tons of coal, a year - on - year increase of 0.3%, including 128 million tons of thermal coal. [2] - In November, China imported 4405.3 million tons of coal and lignite, a month - on - month increase of 5.5%. From January to November, the cumulative import was 43167.6 million tons, a year - on - year decrease of 12.0%. [2] - In November 2025, China exported 998.0 million tons of steel, a month - on - month increase of 2.0%. From January to November, the cumulative export was 10771.7 million tons, a year - on - year increase of 6.7%. [2] Viewpoint Summary - Manganese - silicon: The Inner Mongolia spot profit was - 285 yuan/ton; the Ningxia spot profit was 370 yuan/ton. The final price of silicon - manganese in Hebei Iron and Steel Group in November was 5820 yuan/ton, unchanged from the previous month. [2] - Ferrosilicon: The Inner Mongolia spot profit was - 270 yuan/ton; the Ningxia spot profit was 565 yuan/ton. The tender price of 75B ferrosilicon in Hebei Iron and Steel in November was 5680 yuan/ton, up 20 yuan/ton from the previous round. [2]

碳酸锂产业日报 2025/12/8 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。 | 项目类别 | 数据指标 最新 环比 数据指标 最新 | | | | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价（日，元/吨） | 94,840.00 | +2680.00↑ 前20名净持仓（日，手） | -167,807.00 | -7199.00↓ | | | 主力合约持仓量（日，手） | 593,129.00 | +32453.00↑ 近远月合约价差（日，元/吨） | -540.00 | -200.00↓ | | | 广期所仓单（日，手/吨） | 13,120.00 | + ...

1. Report's Investment Rating for the Industry - No investment rating for the industry is provided in the report [1][2] 2. Core View of the Report - The market has diverse sugar sources, and the spot price is weak. The market is expected to remain weak in the future, and attention should be paid to demand changes [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the futures main contract of sugar is 5337 yuan/ton, with a month - on - month increase of 34; the main contract position is 289,716 lots, with a month - on - month decrease of 27,587 [2] - The number of sugar warehouse receipts is 181, with a month - on - month increase of 181; the net long position of the top 20 futures positions is - 52,900 lots, with a month - on - month decrease of 3,536 [2] - The total forecast of effective sugar warehouse receipts is 1,490, with a month - on - month increase of 1,309 [2] 3.2 Spot Market - The estimated import processing price of Brazilian sugar (within quota) is 4,079 yuan/ton, with a month - on - month decrease of 15; that of Thai sugar (within quota) is 4,127 yuan/ton, with a month - on - month decrease of 16 [2] - The estimated import price of Brazilian sugar (out - of - quota, 50% tariff) is 5,168 yuan/ton; that of Thai sugar (out - of - quota, 50% tariff) is 5,231 yuan/ton [2] - The spot price of sugar in Kunming, Yunnan is 5,345 yuan/ton, with a month - on - month decrease of 25; in Nanning, Guangxi is 5,410 yuan/ton, with no change; in Liuzhou, Guangxi is 5,485 yuan/ton, with no change [2] 3.3 Upstream Situation - The national sugar crop sown area is 1,480 thousand hectares, with a year - on - year increase of 60; the sown area of sugar cane in Guangxi is 840.33 thousand hectares, with a year - on - year increase of 5.24 [2] - The cumulative national sugar production is 1,116.21 million tons, with a month - on - month increase of 5.49; the cumulative sales of Guangxi cane sugar is 8.94 million tons, with a month - on - month decrease of 593.35 [2] - The cumulative production of Yunnan cane sugar is 4.48 million tons, with a month - on - month decrease of 237.4; the total Brazilian sugar exports are 330.2 million tons, with a month - on - month decrease of 90.3 [2] 3.4 Industry Situation - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar (within quota) is 1,240 yuan/ton, with a month - on - month decrease of 16; that of Thai sugar (within quota) is 1,192 yuan/ton [2] - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar (out - of - quota, 50% tariff) is 151 yuan/ton, with a month - on - month decrease of 11; that of Thai sugar (out - of - quota, 50% tariff) is 88 yuan/ton, with a month - on - month decrease of 11 [2] - The monthly import volume of sugar is 75 million tons, with a month - on - month increase of 20; the cumulative import volume is 390 million tons, with a month - on - month increase of 74 [2] 3.5 Downstream Situation - The monthly production of refined sugar is 88.3 million tons, with a month - on - month increase of 34.39; the monthly production of soft drinks is 1,096.2 million tons, with a month - on - month decrease of 495.5 [2] 3.6 Option Market - The implied volatility of at - the - money call options for sugar is 8.81%, with a month - on - month decrease of 2.07; that of at - the - money put options is 8.81%, with a month - on - month decrease of 2.06 [2] - The 20 - day historical volatility of sugar is 6.72%, with a month - on - month increase of 0.03; the 60 - day historical volatility is 6.87%, with a month - on - month decrease of 0.01 [2] 3.7 Industry News - As of October 28, 2025, the non - commercial net short position of raw sugar futures was 167,419 lots, an increase of 27,018 lots from the previous week. The long position was 164,391 lots, a decrease of 957 lots from the previous week, and the short position was 331,810 lots, an increase of 26,061 lots from the previous week [2] - Brazil's sugar exports in November were 330.2 million tons, a year - on - year decrease of 2.59%. The focus of the market is on the pressure on prices caused by the increase in production in the Northern Hemisphere, and the reduction of the sugar cane purchase price in Thailand also brings pressure to the international raw sugar market [2] 3.8 Industry Situation in China - This year's import quota is basically used up, but the import cost continues to decrease. Domestic sugar producers are worried that low - priced processed sugar next year will seize the market. The sugar - pressing speed in Guangxi is accelerating, leading to market competition [2] - As of now, 44 sugar mills in Guangxi have started production in the 25/26 crushing season, 21 less than the same period last year, with a daily sugar - cane crushing capacity of 346,000 tons, 175,500 tons less than the same period last year. 12 sugar mills in Yunnan have started production, 6 more than the same period last year [2]

Report Industry Investment Rating - Not provided in the content Core View of the Report - The apple futures price will continue to operate at a high level in the short term due to the approaching Christmas and New Year holidays, which support the holiday demand, despite the light trading atmosphere in the apple market and the impact of citrus fruits [2] Summary by Related Catalogs Futures Market - The closing price of the apple futures main contract is 9,506 yuan/ton, and the main contract position is 126,173 lots, with an increase of 1,466 lots compared to the previous period; the net buying volume of the top 20 futures positions is 5,007 lots, a decrease of 1,983 lots [2] Spot Market - The spot prices of apples in Gansu Jingning, Shandong Yiyuan, Shaanxi Luochuan, and Shandong Yantai Qixia remain unchanged [2] Upstream Situation - The annual apple output in China is 5,128.51 million tons, an increase of 168.34 million tons; the weekly fruit wholesale price of apples is 9.38 yuan/kg, a decrease of 0.02 yuan/kg; the average weekly wholesale price of Fuji apples is 9.07 yuan/kg, an increase of 0.01 yuan/kg; the total weekly inventory of apple cold storage in China is 763.51 million tons, a decrease of 3.24 million tons; the weekly apple storage capacity ratio in Shandong is 0.58, and that in Shaanxi is 0.54; the monthly export volume of apples is 80,000 tons, an increase of 10,000 tons [2] Industry Situation - The monthly import value of fresh, dried fruits and nuts decreases by 5.8%; the monthly year-on-year export value of apples decreases by 14.3%; the weekly profit of first- and second-grade paper-bagged apple 80 storage merchants is 0 yuan/jin [2] Downstream Situation - The weekly fruit wholesale prices of duck pears, bananas, and watermelons change, and the morning average daily arrival vehicle volumes at fruit wholesale markets in Guangdong also change [2] Option Market - The implied volatility of at-the-money call and put options for apples is 22.94%, with a decrease of 0.3% [2] Industry News - The inventory trading in apple production areas is still light, with few inquiries and viewings in cold storage, and most of the small-volume transactions are low-priced goods; the overall transaction of late Fuji apples remains light, and the order volume from merchants in the production areas is limited; the inventory in the main apple production areas decreases, and the inventory ratio in Shandong and Shaanxi decreases; the shipment in the Shandong production area is slow, and the inventory trading is limited; the willingness of fruit farmers in the Shaanxi production area to sell is still not high; the arrival volume in the sales area market increases slightly, the trading atmosphere is still light, and citrus fruits impact the apple market [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The acquisition of grey jujubes in Xinjiang's main production areas is nearing completion, with an overall progress of about 90%. As of December 4, 2025, the physical inventory of 36 sample points of jujubes this week was 13,910 tons, an increase of 3,062 tons from last week, a month-on-month increase of 28.23% and a year-on-year increase of 135.16%. The inventory at sample points has increased. This week, the acquisition progress of jujubes in the Third Agricultural Division of Xinjiang and Maigaiti area has accelerated, with high procurement enthusiasm from enterprises and merchants, and a significant increase in the number of signed orders. The product prices in the sales areas have also stabilized. With the increase in downstream procurement, some holders have tentatively adjusted their quotes slightly. In the short term, prices will mainly operate at a low level. Attention should be paid to the actual sales situation. If the actual demand improves, the probability of price rebound will increase [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract for jujubes was 9,180 yuan/ton, and the position of the main contract was 70,812 lots, a decrease of 8,380 lots compared to the previous period. The net long position of the top 20 futures holders was -3,675 lots, and the number of warehouse receipts was 701, an increase of 42. The total effective warehouse receipt forecast for jujubes was 781 [2] 现货市场 - The prices of jujube products in different regions remained stable. For example, the wholesale price of first-class grey jujubes in Hebei was 4.25 yuan/jin, and in Henan it was 4.3 yuan/jin. The prices of special-grade jujubes in different regions were also stable, such as 9.8 yuan/kg in Henan, 9.74 yuan/kg in Hebei, and 10.8 yuan/kg in Guangdong [2] Upstream Market - The annual jujube output was 318.7 million tons, and the planting area was 1.993 million hectares, a decrease of 41,000 hectares [2] Industry Situation - The national jujube inventory this week was 13,910 tons, an increase of 3,062 tons. The monthly jujube export volume was 2,205,220 kilograms, a decrease of 78,451 kilograms. The cumulative monthly jujube export volume was 25,753,622 kilograms [2] Downstream Situation - The cumulative quarterly sales volume of jujubes by Hao Xiang Ni was 36,480.43 tons, and the cumulative quarterly year-on-year production increase was 1.47%, a decrease of 34.59 percentage points [2] Industry News - The acquisition of grey jujubes in Xinjiang's production areas is in the final stage. Only some sellers with average quality and those holding out for higher prices remain. The mainstream prices for general jujubes in different regions are as follows: Aksu 4.80 - 5.20 yuan/kg, Alar 5.00 - 6.00 yuan/kg, Kashgar 6.00 - 6.50 yuan/kg, and Maigaiti 6.00 - 6.30 yuan/kg. The acquisition in Ruoqiang, Hotan, and Qiemo has ended, and raw material acquisition in the production areas follows the principle of high quality at a high price [2]

| 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 | 107.910 | 0.02% T主力成交量 | 98368 | -2961↓ | | | TF主力收盘价 | 105.745 | -0.01% TF主力成交量 | 72291 | -7272↓ | | | TS主力收盘价 | 102.412 | 0% TS主力成交量 | 37890 | 6997↑ | | | TL主力收盘价 | 112.240 | -0.29% TL主力成交量 | 175328 | 11652↑ | | 期货价差 | TL2603-2512价差 | -0.06 | +0.16↑ T03-TL03价差 | -4.33 | 0.31↑ | | | T2603-2512价差 | -0.20 | -0.01↓ TF03-T03价差 | -2.16 | -0.05↓ | | | TF2603-2512价差 | 0.02 | -0.02↓ TS03-T03价差 | -5.50 | -0.05↓ | | | TS26 ...