1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The trading on the ground in the western apple - producing areas has basically ended, and some cold - storage facilities have started to ship goods. In the Shandong producing area, the quality of the current apple supply has declined, and it is difficult to find high - quality goods. The purchasing of high - quality goods by merchants is active, while the acquisition of ordinary goods is relatively cautious. The new - season late - maturing Fuji apples are increasing in volume, but the progress of picking and cold - storage warehousing is delayed compared to the same period last year. The trading atmosphere in the sales areas is still dull, and the demand side is under pressure. The market should focus on cold - storage warehousing data, which adds uncertainty to the market. Previous long - position holders have taken profits, and new positions should be observed in the short term [2] 3. Summary by Directory 3.1 Futures Market - The closing price of the main apple futures contract is 8861 yuan/ton, and the main contract's open interest is 125,052 hands, a decrease of 7077 hands. The net long position of the top 20 futures holders is 2542 hands, a decrease of 4820 hands [2] 3.2 Spot Market - The spot price of apples in Gansu Jingning (paper - bagged, above 75) is 5 yuan/jin, unchanged; in Shandong Yiyuan (paper - bagged, above 75) is 2.3 yuan/jin, a decrease of 0.05 yuan/jin; in Shaanxi Luochuan (paper - bagged, above 70 semi - second - grade fruit farmer's goods) is 4.1 yuan/jin, unchanged; in Shandong Yantai Qixia (paper - bagged, above 80 second - grade fruit) is 3.7 yuan/jin, unchanged [2] 3.3 Upstream Situation - The national apple output is 5128.51 million tons, an increase of 168.34 million tons, and the weekly wholesale price of apples is 9.53 yuan/kg [2] 3.4 Industry Situation - The average wholesale price of Fuji apples is 9.15 yuan/kg, a decrease of 0.11 yuan/kg. The total national apple cold - storage inventory is 70,000 tons. The cold - storage capacity utilization ratio in Shandong is 0.01, and in Shaanxi is 0. The monthly export volume of apples is 70,000 tons, and the monthly export value is 18.3798 million US dollars, an increase of 2.486845 million US dollars. The monthly import value of fresh, dried fruits and nuts is 6917.9 million US dollars [2] 3.5 Downstream Situation - The average wholesale price of tangerines is 6.74 yuan/kg, a decrease of 0.56 yuan/kg; the wholesale price of bananas is 5.08 yuan/kg, an increase of 0.26 yuan/kg; the wholesale price of watermelons is 5.46 yuan/kg, an increase of 0.01 yuan/kg. The average daily number of incoming trucks in the morning at the Guangdong Jiangmen wholesale market is 16.2 vehicles, an increase of 0.4 vehicles; at the Guangdong Xiaqiao wholesale market is 20.6 vehicles; at the Guangdong Chalong wholesale market is 27.6 vehicles, an increase of 3 vehicles [2] 3.6 Option Market - The implied volatility of at - the - money call options for apples is 21.67%, a decrease of 0.04%, and the implied volatility of at - the - money put options is 22.58%, an increase of 0.87% [2]

鸡蛋产业日报 2025-11-04 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。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货收盘价(活跃合约):鸡蛋(日,元/500千 | 3144 | -14 期货前20名持仓:净买单量:鸡蛋(日,手) | -6415 | -562 | | | 克) 鸡蛋期货月间价差(1-5):(日,元/500千克) | -155 | -5 期货持仓量(活跃合约):鸡蛋(日,手) | 166976 | ...

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core Viewpoints - Short - term raw material prices are expected to remain bearish, leading to a significant price difference between private and state - owned resources. Downstream buyers may wait for price drops. Production enterprise inventories are expected to continue to decline, while trade enterprise inventories may slightly increase [2]. - Last week, the capacity utilization rate of domestic tire enterprises decreased slightly. Most enterprises will maintain current production schedules in the short term, and the resumption of production by maintenance enterprises will drive a slight increase in capacity utilization. The br2601 contract is expected to fluctuate in the range of 10,000 - 10,500 yuan/ton [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main synthetic rubber contract was 10,205 yuan/ton, a decrease of 155 yuan/ton. The main contract's open interest was 35,870, a decrease of 1,926. The synthetic rubber 12 - 1 spread was 90 yuan/ton, an increase of 25 yuan/ton. The total warehouse receipts of butadiene rubber were 3,010 tons, unchanged [2]. 3.2 Spot Market - The mainstream price of BR9000 cis - butadiene rubber from different manufacturers in various regions decreased. The basis of synthetic rubber was 340 yuan/ton, an increase of 125 yuan/ton. Brent crude oil was at $64.89 per barrel, a decrease of $0.18; WTI crude oil was at $61.05 per barrel, an increase of $0.07. The price of Northeast Asian ethylene was $740 per ton, unchanged; the price of naphtha CFR Japan was $582.38 per ton, an increase of $1.88; the price of butadiene CFR China was $850 per ton, unchanged; the mainstream price of butadiene in the Shandong market was 7,195 yuan/ton, a decrease of 255 yuan/ton [2]. 3.3 Upstream Situation - The weekly capacity of butadiene was 15.54 million tons/week, an increase of 0.01 million tons/week. The capacity utilization rate of butadiene was 67.06%, an increase of 1.44 percentage points. The port inventory of butadiene was 32,000 tons, an increase of 7,400 tons. The operating rate of Shandong refineries' atmospheric and vacuum distillation units was 52.3%, an increase of 2.26 percentage points [2]. - The monthly output of cis - butadiene rubber was 13.04 million tons, a decrease of 0.53 million tons. The weekly capacity utilization rate of cis - butadiene rubber was 66.95%, a decrease of 6.5 percentage points. The weekly production profit of cis - butadiene rubber was 421 yuan/ton, an increase of 625 yuan/ton. The weekly social inventory of cis - butadiene rubber was 3.09 million tons, a decrease of 0.23 million tons. The weekly manufacturer inventory of cis - butadiene rubber was 27,200 tons, a decrease of 1,450 tons; the weekly trader inventory was 3,680 tons, a decrease of 840 tons [2]. 3.4 Downstream Situation - The operating rate of domestic semi - steel tires was 73.41%, a decrease of 0.26 percentage points; the operating rate of domestic all - steel tires was 65.34%, a decrease of 0.24 percentage points. The monthly output of all - steel tires was 13.14 million pieces, an increase of 110,000 pieces; the monthly output of semi - steel tires was 60.25 million pieces, an increase of 2.19 million pieces. The inventory days of all - steel tires in Shandong were 39.01 days, a decrease of 1.33 days; the inventory days of semi - steel tires in Shandong were 44.82 days, a decrease of 0.44 days [2]. 3.5 Industry News - As of October 30, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 72.12%, a decrease of 0.72 percentage points month - on - month and 7.61 percentage points year - on - year; the capacity utilization rate of Chinese all - steel tire sample enterprises was 65.34%, a decrease of 0.53 percentage points month - on - month and an increase of 6.15 percentage points year - on - year [2]. - In October 2025, the domestic cis - butadiene rubber output was 13.76 million tons, an increase of 0.72 million tons month - on - month (5.52%) and 24.07% year - on - year. The capacity utilization rate was 71.39%, an increase of 1.46 percentage points from the previous period and 10.93 percentage points from the same period last year. Recently, the output and capacity utilization rate have slightly declined [2]. - As of October 30, the domestic cis - butadiene rubber inventory was 3.09 million tons, a decrease of 0.23 million tons from the previous period (6.90%) [2].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - Tuesday saw short - term weakness and long - term strength in the Treasury bond market. The central bank's restart of Treasury bond trading is expected to inject stable liquidity, boosting bond market sentiment. The positive progress in Sino - US trade talks has reduced market disturbances. The market anticipates that the central bank will mainly purchase medium - and short - term bonds, which may lead to a decline in short - term interest rates and potentially long - term rates as well. However, the potential suppression of long - term rates due to the recovery of risk appetite should be watched out for. It is recommended to buy on dips with a light position [2]. 3. Summary by Related Catalogs 3.1 Futures Disk - T主力收盘价108.660，环比0%；成交量66835，环比增加933。TF主力收盘价106.030，环比 - 0.01%；成交量50509，环比减少2173。TS主力收盘价102.498，环比 - 0.01%；成交量19329，环比减少5311。TL主力收盘价116.520，环比0.03%；成交量86971，环比减少11856 [2]. 3.2 Futures Spread - TL2512 - 2603价差0.25，环比增加0.01；T12 - TL12价差 - 7.86，环比减少0.03。T2512 - 2603价差0.26，环比减少0.01；TF12 - T12价差 - 2.63，环比不变。TF2512 - 2603价差0.05，环比减少0.01；TS12 - T12价差 - 6.16，环比不变。TS2512 - 2603价差0.04，环比增加0.00；TS12 - TF12价差 - 3.53，环比不变 [2]. 3.3 Futures Position - T主力持仓量240832，环比减少3036；T前20名多头234667，环比增加2353；T前20名空头253814，环比增加2422；T前20名净空仓19147，环比减少1488。TF主力持仓量149798；TF前20名多头139385，环比减少45；TF前20名空头160251，环比增加10；TF前20名净空仓20866，环比增加55。TS主力持仓量70457，环比减少709；TS前20名多头64962，环比减少540；TS前20名空头74541，环比减少8；TS前20名净空仓9579，环比增加532。TL主力持仓量134287，环比减少3487；TL前20名多头133484，环比减少884；TL前20名空头151049，环比减少1420；TL前20名净空仓17565，环比减少536 [2]. 3.4 Top Two CTD (Clean Price) - 220017.IB(4y）净价106.7266，环比减少0.0192；220019.IB(4y）净价99.0955，环比减少0.0190。250003.IB(4y）净价99.6713，环比减少0.0117；240020.IB(4y)净价100.8844，环比减少0.0202。250017.IB(1.7y)净价100.0353，环比减少0.0110；250012.IB(2y)净价100.0453，环比减少0.0160。210005.IB(17y)净价131.5531，环比增加0.0439；210014.IB(18y)净价127.8009，环比减少0.0022 [2]. 3.5 Active Treasury Bonds - 1y收益率1.3850%，环比增加0.50bp；3y收益率1.4175%，环比增加0.75bp；5y收益率1.5350%，环比增加0.50bp；7y收益率1.6395%，环比增加0.95bp；10y收益率1.7900%，环比减少0.25bp [2]. 3.6 Short - term Interest Rates - 银质押隔夜利率1.3066%，环比增加0.66bp；Shibor隔夜利率1.3150%，环比减少0.10bp。银质押7天利率1.4058%，环比减少2.42bp；Shibor7天利率1.4150%，环比增加0.30bp。银质押14天利率1.4400%，环比减少1.00bp；Shibor14天利率1.4780%，环比增加0.90bp [2]. 3.7 LPR Rates - 1y LPR为3.00%，环比不变；5y LPR为3.5%，环比不变 [2]. 3.8 Open Market Operations - 发行规模1175亿，环比减少3578亿；到期规模4753亿；利率1.4%，期限7天 [2]. 3.9 Industry News - In October, China's manufacturing PMI was 49%, down 0.8 percentage points from the previous month. The non - manufacturing PMI was 50.1%, up 0.1 percentage points from the previous month. The composite PMI output index was 50%, down 0.6 percentage points from the previous month. - The US Treasury Secretary said that if China continues to block rare - earth exports, the US may impose additional tariffs on China. The Chinese Foreign Ministry responded that dialogue and cooperation are the right ways, while threats and pressure do not help solve problems. - The Ministry of Finance updated its official website, listing the Debt Management Department under the "Ministry Agencies". The department is responsible for formulating and implementing government domestic debt management systems and policies, etc. [2]. 3.10 Key Points to Watch - On November 5th at 21:15, the US ADP employment figures for October will be released. - On November 6th at 22:00, the Bank of England will announce its interest - rate decision, meeting minutes, and monetary policy report [3].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The short - term PVC futures market is expected to fluctuate in the low - valuation range, with technical support around 4640 and resistance around 4820 [3]. - With the arrival of winter, terminal demand for infrastructure and real estate weakens, and there is a seasonal decline expectation for the downstream PVC operating rate. The anti - dumping tax in India has no specific implementation time, and overseas demand remains uncertain. Domestic supply - demand contradictions are significant, making PVC de - stocking difficult, and high inventory pressure may persist [3]. - The high - operating state of PVC may continue as winter is the off - season for chlor - alkali plant maintenance. The restart of some plants is expected to keep the capacity utilization rate rising [3]. 3. Summary by Relevant Catalogs Futures Market - The closing price of PVC futures was 4670 yuan/ton, a decrease of 10 yuan/ton; trading volume was 649,206 lots, a decrease of 117,205 lots; open interest was 1,243,783 lots, an increase of 7,046 lots. The net long position of the top 20 futures holders was - 155,901 lots, a decrease of 1,460 lots [3]. Spot Market - In the East China region, the price of ethylene - based PVC was 4790 yuan/ton, a decrease of 25 yuan/ton; the price of calcium carbide - based PVC was 4606.54 yuan/ton, a decrease of 33.46 yuan/ton. In the South China region, the price of ethylene - based PVC was 4810 yuan/ton, unchanged; the price of calcium carbide - based PVC was 4691.25 yuan/ton, a decrease of 14.38 yuan/ton [3]. - The CIF price of PVC in China was 690 US dollars/ton, unchanged; the CIF price in Southeast Asia was 650 US dollars/ton, unchanged; the FOB price in Northwest Europe was 700 US dollars/ton, unchanged. The basis of PVC was 70 yuan/ton, an increase of 151 yuan/ton [3]. Upstream Situation - The mainstream average price of calcium carbide in Central China was 2800 yuan/ton, unchanged; in North China, it was 2690 yuan/ton, unchanged; in Northwest China, it was 2530 yuan/ton, a decrease of 5 yuan/ton. The mainstream price of liquid chlorine in Inner Mongolia was - 24.5 yuan/ton, unchanged [3]. - The mid - price of VCM CFR in the Far East was 488 US dollars/ton, unchanged; in Southeast Asia, it was 518 US dollars/ton, unchanged. The mid - price of EDC CFR in the Far East was 179 US dollars/ton, unchanged; in Southeast Asia, it was 184 US dollars/ton, unchanged [3]. Industry Situation - The weekly operating rate of PVC was 78.26%, an increase of 1.69 percentage points; the operating rate of calcium carbide - based PVC was 77.43%, an increase of 3.05 percentage points; the operating rate of ethylene - based PVC was 80.2%, a decrease of 1.44 percentage points [3]. - The total social inventory of PVC was 544,600 tons, a decrease of 10,100 tons; the inventory in the East China region was 495,300 tons, a decrease of 9,900 tons; the inventory in the South China region was 49,300 tons, a decrease of 200 tons [3]. Downstream Situation - The National Real Estate Climate Index was 92.78, a decrease of 0.27. The cumulative value of new housing construction area was 45.399 million square meters, an increase of 5.59799 million square meters; the cumulative value of real estate construction area was 6.4858 billion square meters, an increase of 5.47106 million square meters; the cumulative value of real estate development investment was 358.6387 billion yuan, an increase of 41.6993 billion yuan [3]. Option Market - The 20 - day historical volatility of PVC was 10.9%, a decrease of 0.15 percentage points; the 40 - day historical volatility was 10.26%, a decrease of 0.11 percentage points. The implied volatility of at - the - money put options and call options of PVC was 14.57%, an increase of 0.54 and 0.53 percentage points respectively [3]. Industry News - From October 25th to 31st, China's PVC capacity utilization rate was 78.26%, a 1.69% increase from the previous period. The downstream operating rate of PVC increased by 0.68% to 50.54%, with the pipe operating rate increasing by 0.8% to 42% and the profile operating rate increasing by 1.96% to 37.83% [3]. - As of October 30th, the PVC social inventory decreased by 0.5% to 1.03 million tons compared with the previous period, and increased by 25.09% year - on - year. From October 25th to 31st, the average cost of calcium carbide - based PVC increased to 5201 yuan/ton, and the national average cost of ethylene - based PVC decreased to 5288 yuan/ton [3]. Profit Situation - The profit of calcium carbide - based PVC decreased to - 763 yuan/ton, and the profit of ethylene - based PVC increased to - 445 yuan/ton [3].

塑料产业日报 2025-11-04 ，昨日国际油价小幅收涨。短期L2601预计震荡走势，技术上关注6830附近支撑与7040附近压力。 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 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:聚乙烯(日,元/吨) | 6879 | -9 1月合约收盘价:聚乙烯(日,元/吨) | 6879 | -9 | | | 5月合约收盘价:聚乙烯(日,元/吨) | 6959 | -8 9月合约收盘价:聚乙烯(日,元/吨) | 7005 | -15 | | | 成交量(日,手) ...

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View On Tuesday, the HC2601 contract's decline widened. With the fading of macro - level positives, tariff disruptions resurfaced, and the decline in furnace materials dragged down finished products. Technically, the 1 - hour MACD indicator of the HC2601 contract shows DIFF and DEA moving downward. The operation suggestion is to take a short - biased view on the market's oscillation, and pay attention to rhythm and risk control [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - HC main contract closing price: 3,265 yuan/ton, a decrease of 30 yuan; main contract positions: 1,396,130 hands, a decrease of 26,705 hands; the net positions of the top 20 in the HC contract: - 85,292 hands, a decrease of 7,099 hands; HC1 - 5 contract spread: - 7 yuan/ton, an increase of 2 yuan; HC last - trading - day warehouse receipts: 130,301 tons, an increase of 1,764 tons; HC2601 - RB2601 contract spread: 221 yuan/ton, an increase of 5 yuan [2]. 3.2 Spot Market - In terms of 4.75 - mm hot - rolled coil prices, Hangzhou is 3,350 yuan/ton (down 20 yuan), Guangzhou is 3,280 yuan/ton (down 40 yuan), Wuhan is 3,370 yuan/ton (down 20 yuan), and Tianjin is 3,210 yuan/ton (down 30 yuan). The HC main contract basis is 85 yuan/ton, an increase of 10 yuan; the Hangzhou hot - rolled coil - rebar spread is 100 yuan/ton, unchanged [2]. 3.3 Upstream Situation - Qingdao Port 61.5% PB iron ore powder: 785 yuan/wet ton, a decrease of 15 yuan; Hebei quasi - first - grade metallurgical coke: 1,590 yuan/ton, unchanged; Tangshan 6 - 8mm scrap steel: 2,220 yuan/ton, unchanged; Hebei Q235 billet: 2,940 yuan/ton, a decrease of 20 yuan. The 45 - port iron ore inventory is 145.3924 million tons, an increase of 1.1859 million tons; sample coking plant coke inventory is 374,400 tons, an increase of 700 tons; sample steel mill coke inventory is 6.2888 million tons, a decrease of 43,900 tons; Hebei billet inventory is 1.1957 million tons, a decrease of 103,900 tons [2]. 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills is 81.73%, a decrease of 3 percentage points; the blast furnace capacity utilization rate is 88.59%, a decrease of 1.33 percentage points. The sample steel mill hot - rolled coil output is 3.2356 million tons, an increase of 11,000 tons; the sample steel mill hot - rolled coil capacity utilization rate is 82.65%, an increase of 0.28 percentage points; the sample steel mill hot - rolled coil factory inventory is 776,600 tons, an increase of 3,100 tons; the 33 - city hot - rolled coil social inventory is 3.2893 million tons, a decrease of 86,400 tons. The domestic crude steel output is 73.49 million tons, a decrease of 3.88 million tons; the steel net export volume is 9.92 million tons, an increase of 910,000 tons [2]. 3.5 Downstream Situation - Automobile production is 3.2758 million vehicles, an increase of 460,400 vehicles; automobile sales are 3.2264 million vehicles, an increase of 369,800 vehicles. Air - conditioner production is 18.0948 million units, an increase of 1.276 million units; household refrigerator production is 10.1276 million units, an increase of 674,400 units; household washing - machine production is 11.7849 million units, an increase of 1.653 million units [2]. 3.6 Industry News - In October 2025, China's heavy - truck market sold about 93,000 vehicles (wholesale, including exports and new - energy vehicles), a month - on - month decrease of about 12% and a year - on - year increase of about 40%. - China - EU export control dialogue consultations were held in Brussels, and both sides agreed to maintain communication to promote the stability and smoothness of the China - EU industrial and supply chains [2].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The supply increase is obvious and the downstream demand is average, leading to a significant accumulation of liquid caustic soda factory inventory and high pressure last week. This week, there are both new maintenance and restart devices in North and Central China, and the overall capacity utilization rate is expected to increase month - on - month. The alumina downstream has a loose supply and low - profit situation, which may continue to suppress the industry's stocking demand; non - aluminum downstream has rigid procurement with little change. The liquid caustic soda inventory in factories is at a high level, increasing the pressure on enterprises to sell at low prices. Recently, the price of liquid chlorine in Shandong has turned negative, the chlor - alkali profit has narrowed, some enterprises have reduced production, and the market expectation has improved. In the short term, SH2601 is expected to fluctuate in the range of 2250 - 2400 yuan/ton [2] Summary by Directory Futures Market - The closing price of the main contract of caustic soda is 2336 yuan/ton, the position of the main contract of caustic soda is 128064 hands (a decrease of 7183 hands), the net position of the top 20 futures is - 9167 hands, the trading volume of the main contract of caustic soda is 254103 hands (a decrease of 218494 hands). The closing price of the January contract of caustic soda is 2336 yuan/ton, and the closing price of the May contract is 2503 yuan/ton (a decrease of 14 yuan/ton) [2] Spot Market - The price of 32% ion - membrane caustic soda in Shandong is 800 yuan/ton, and in Jiangsu is 950 yuan/ton. The converted - to - 100% price of 32% caustic soda in Shandong is 2500 yuan/ton, and the basis of caustic soda is 150 yuan/ton (a decrease of 40 yuan/ton) [2] Upstream Situation - The mainstream price of raw salt in Shandong is 210 yuan/ton, and in the Northwest is 220 yuan/ton (an increase of 10 yuan/ton). The price of steam coal is 649 yuan/ton [2] Industry Situation - The mainstream price of liquid chlorine in Shandong is - 375 yuan/ton, and in Jiangsu is 75.5 yuan/ton (a decrease of 124.5 yuan/ton) [2] Downstream Situation - The spot price of viscose staple fiber is 13120 yuan/ton, and the spot price of alumina is 2790 yuan/ton. From October 24th to 30th, the national average capacity utilization rate of caustic soda increased by 3.5% month - on - month to 84.3%. From October 25th to 31st, the national alumina start - up rate decreased by 0.41% month - on - month to 85.86%; the viscose staple fiber start - up rate increased by 1.03% to 89.64%, and the printing and dyeing start - up rate increased by 1.01% to 68.32%. As of October 30th, the inventory of liquid caustic soda factories increased by 6.84% month - on - month to 44.26 tons. From October 24th to 30th, the chlor - alkali profit rose to 626 yuan/ton [2]

免责声明 焦煤焦炭产业日报 2025/11/4 | 项目类别 | 数据指标 | 最新 | 环比 | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | | JM主力合约收盘价（日，元/吨） | 1253.00 | -31.50↓ | J主力合约收盘价（日，元/吨） | 1729.00 | -42.50↓ | | 期货市场 | JM期货合约持仓量（日，手） | 934368.00 | -20528.00↓ | J期货合约持仓量（日，手） | 49440.00 | -815.00↓ | | | 焦煤前20名合约净持仓（日，手） | -71960.00 | -9746.00↓ | 焦炭前20名合约净持仓（日，手） | -5614.00 | -81.00↓ | | | JM5-1月合约价差（日，元/吨） | 58.50 | -4.50↓ | J5-1月合约价差（日，元/吨） | 141.00 | +4.00↑ | | | 焦煤仓单（日，张） | 900.00 | +400.00↑ | 焦炭仓单（日，张） | 2070.00 | 0.00 | | ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - A-share Q3 reports showed good overall performance, providing bottom support for the market, but the decline in domestic manufacturing prosperity in October may suppress subsequent market trends [2]. - After the meeting between the leaders of China and the United States, there is no more positive news in the short term, showing a situation of "good news exhausted". - The pressure on the RMB exchange rate restricts the loose monetary policy. It is recommended to wait and see for now. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Contract Prices**: IF (2512) latest price is 4634.8, down 1.8; IH (2512) is 3016.6, unchanged; IC (2512) is 7239.6, down 24.8; IM (2512) is 7398.0, up 0.8 [2]. - **Futures Spreads**: IF - IH spread is 1628.6, up 4.4; IC - IF spread is 2646.6, down 3.6; etc. - **Futures - Spot Basis**: IF basis is -18.6, down 9.3; IH basis is 0.3, down 3.4; IC basis is -94.0, down 5.4; IM basis is -140.1, down 1.6. 3.2 Market Sentiment - **Trading Volume and Balance**: A - share trading volume is 21,329.04 billion yuan, down 2169.10 billion yuan; margin trading balance is 24,864.02 billion yuan, down 126.85 billion yuan [2]. - **Other Indicators**: North - bound trading volume is 2842.58 billion yuan, down 78.16 billion yuan; reverse repurchase operation volume is +783.0 billion yuan, etc. 3.3 Industry News - **PMI Data**: In October, manufacturing PMI was 49.0%, down 0.8 ppts from last month; non - manufacturing business activity index was 50.1%, up 0.1 ppts; composite PMI output index was 50.0%, down 0.6 ppts [2]. - **Corporate Earnings**: As of October 31, the total revenue of A - share listed companies in the first three quarters was 53.41 trillion yuan, up 1.20% year - on - year; net profit attributable to shareholders was 4.70 trillion yuan, up 5.34% year - on - year. - **Stock Market Performance**: A - share main indices generally rose. Shanghai Composite Index rose 0.55%, Shenzhen Component Index rose 0.19%, and ChiNext Index rose 0.29%. 3.4 Key Data to Watch - November 3, 23:00: US October ISM manufacturing PMI - November 4, 11:30: Australian central bank interest rate decision - November 5, 21:15: US October ADP employment data - November 7, 9:30: China October trade data - November 9, 9:30: China October CPI and PPI [3]