1. Report Industry Investment Rating - No information provided 2. Core Views of the Report - Alumina's fundamentals may enter a stage of slightly reduced supply and relatively stable demand, with a suggestion of light - position short - long trading at low prices [2] - The fundamentals of Shanghai Aluminum might be in a stage of slightly increasing supply and boosted demand, and it's recommended to conduct light - position oscillating trading [2] - The fundamentals of cast aluminum alloy could be in a situation of slowed supply and increasing demand, and light - position oscillating trading is advised [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main Shanghai Aluminum contract is 21,600 yuan/ton, up 300 yuan; the closing price of the main alumina futures contract is 2,789 yuan/ton, down 4 yuan [2] - The LME electrolytic aluminum three - month quotation is 2,888 dollars/ton, up 18 dollars; the LME aluminum inventory is 558,050 tons, up 98,525 tons [2] - The closing price of the main cast aluminum alloy contract is 21,065 yuan/ton, up 260 yuan; the registered warehouse receipts of cast aluminum alloy on the SHFE are 51,117 tons, up 273 tons [2] 3.2 Spot Market - The average price of Shanghai Non - ferrous Network A00 aluminum is 21,440 yuan/ton, up 160 yuan; the spot price of alumina in Shanghai Non - ferrous is 2,790 yuan/ton, up 100 yuan [2] - The average price of ADC12 aluminum alloy ingots nationwide is 21,400 yuan/ton, up 100 yuan; the Yangtze River Non - ferrous Market AOO aluminum price is 21,300 yuan/ton, up 170 yuan [2] 3.3 Upstream Situation - The alumina output in October is 799.90 million tons, up 7.42%; the national alumina start - up rate is 85.98%, up 3.05% [2] - The demand for alumina (electrolytic aluminum part) in October is 704.31 million tons, down 21.49%; the supply - demand balance of alumina is 46.85 million tons, up 18.12% [2] 3.4 Industry Situation - The import volume of primary aluminum in October is 246,797.10 tons, up 31,034.96 tons; the export volume of primary aluminum is 28,969.92 tons, up 3,365.58 tons [2] - The total electrolytic aluminum production capacity in October is 4,523.20 million tons, unchanged; the electrolytic aluminum start - up rate is 98.27%, up 0.16% [2] 3.5 Downstream and Application - The output of aluminum products in October is 590 million tons, up 35.18 tons; the export volume of unwrought aluminum and aluminum products is 52 million tons, down 1 million tons [2] - The output of recycled aluminum alloy ingots in October is 65.65 million tons, up 2.06 tons; the export volume of aluminum alloy is 2.35 million tons, down 0.56 tons [2] 3.6 Option Situation - The 20 - day historical volatility of Shanghai Aluminum is 10.65%, up 0.95%; the 40 - day historical volatility of Shanghai Aluminum is 8.84%, up 0.65% [2] - The implied volatility of the at - the - money IV of the Shanghai Aluminum main contract is 12.75%, up 0.0049; the call - put ratio of Shanghai Aluminum options is 1.42, up 0.1219 [2] 3.7 Industry News - The central bank governor, Pan Gongsheng, aims to guide financial institutions to improve the transmission efficiency of monetary policy, especially interest rate policy, and study and reserve policy tools [2] - In October, China's manufacturing PMI is 49%, down 0.8 percentage points; the non - manufacturing PMI is 50.1%, up 0.1 percentage point; the composite PMI output index is 50%, down 0.6 percentage points [2] - Multiple Fed officials oppose interest rate cuts, expressing concerns about economic growth, inflation, and policy restrictions [2] - The CPC Central Committee proposes to expand two - way investment cooperation space, and the Ministry of Commerce will introduce more detailed measures [2]

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 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。 铁矿石产业链日报 2025/11/3 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | I 主力合约收盘价（元/吨） | 782.50 | -17.50↓ I 主力合约持仓量(手) | 534,930 | -5350↓ | | | I 1-5合约价差（元/吨） | 22 | -1.50↓ I 合约前20名净持仓(手) ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The physical inventory of 36 sample points of jujubes this week is 9348 tons, an increase of 245 tons from last week, a month - on - month increase of 2.69% and a year - on - year increase of 120.78%. The price in the Hebei market has slightly decreased, and merchants pick and choose to make small - volume transactions. It is expected that the producing areas will enter the centralized picking stage in early November. Short - term investment should be on the sidelines [2] 3. Summary by Directory Futures Market - The closing price of the main futures contract of jujubes is not clearly given, the main 135 - contract position is 178,859 hands, a decrease of 1,615 hands; the net long position of the top 20 futures holders is 299 hands; the number of warehouse receipts is 0, and the effective warehouse receipt forecast is 0 [2] Spot Market - The prices of jujube products in various regions have different changes. For example, the price of Kashgar jujube bulk goods decreased by 0.15 yuan/kg, the price of first - grade grey jujubes in Hebei decreased by 0.05 yuan/jin, and the price of first - grade grey jujubes in Henan remained unchanged at 4.75 yuan/jin [2] Upstream Market - The annual jujube output is 318.7 million tons, and the planting area is 606,900 hectares, a decrease of 4.1% [2] Industry Situation - The national jujube inventory is 245 tons (weekly), the monthly jujube export volume is 9,348 kg, a decrease of 81,222 kg, and the cumulative monthly jujube export volume is 23,548,402 kg [2] Downstream Situation - The cumulative sales volume of jujubes of Hao Xiang Ni decreased by 2,981.06 tons (quarterly), and the cumulative year - on - year jujube output increased by 1.47% [2] Industry News - In the Hebei Cuierzhuang market, 6 trucks of jujubes arrived, with the reference price of special - grade jujubes at 9.90 - 10.00 yuan/kg and second - grade jujubes at 7.60 yuan/kg. The market is mainly trading old - season jujubes. In the Guangdong Ruyifang market, 7 trucks of jujubes arrived, with the reference price of special - grade jujubes at 11.80 yuan/kg and first - grade jujubes at 10.80 yuan/kg, and the price remained stable. Xinjiang merchants are actively purchasing, and the point - price shipments of futures - cash companies have increased [2]

| | | 贵金属产业日报 2025-11-03 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪金主力合约收盘价(日,元/克) | 922.58 | 0.66 沪银主力合约收盘价(日,元/千克) | 11455 | 14 | | | 主力合约持仓量:沪金(日,手) | 151373 | -5518 主力合约持仓量:沪银(日,手) | 261467 | -17774 | | | 沪金主力前20名净持仓(日,手) | 104455 | -1274 沪银主力前20名净持仓(日,手) | 93562 | 2032 | | | 仓单数量:黄金(日,千克) | 87816 | 0 仓单数量:白银(日,千克) | 658851 | -6693 | | 现货市场 | 上海有色网黄金现货价(日,元/克) | 917.5 | 0.9 上海有色网白银现货价(日,元/千克) | 11350 | -120 | | | 沪金主力合约基差(日,元/克) | -5.08 | 0.24 沪银主力合约基差(日,元/ ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - This week, with the arrival of the dry season, the industrial silicon market further reduced production. The demand for polysilicon was highly uncertain, while the demand for silicone and aluminum alloy was relatively stable. Cost provided support for the price floor, but high inventory restricted the upward price movement. Today, industrial silicon bottomed out and rebounded but still closed lower. Overall, the bottom support strengthened, and it is expected to continue oscillating. The operation suggestion is to buy on dips and pay attention to operational risks [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract was 9,140 yuan/ton, up 40 yuan; the position of the main contract was 228,268 lots, down 297 lots; the net position of the top 20 was -56,668 lots, up 770 lots; the Guangzhou Futures Exchange warehouse receipts were 46,161 lots, down 1,092 lots; the closing price of the December contract for industrial silicon was -430 yuan/ton, down 35 yuan; the spread between the November - December contracts for industrial silicon was -430 yuan/ton, down 35 yuan [2] 3.2 Spot Market - The average price of oxygen - blown 553 silicon was 9,450 yuan/ton, unchanged; the average price of 421 silicon was 9,700 yuan/ton, unchanged; the basis of the Si main contract was 310 yuan/ton, down 40 yuan; the DMC spot price was 11,800 yuan/ton, up 525 yuan [2] 3.3 Upstream Situation - The average price of silica was 410 yuan/ton, unchanged; the average price of petroleum coke was 2,110 yuan/ton, unchanged; the average price of clean coal was 1,850 yuan/ton, unchanged; the average price of wood chips was 490 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) was 12,250 yuan/ton, unchanged [2] 3.4 Industry Situation - The monthly output of industrial silicon was 402,800 tons, up 36,000 tons; the weekly social inventory of industrial silicon was 552,000 tons, up 10,000 tons; the monthly import volume of industrial silicon was 1,939.85 tons, up 602.27 tons; the monthly export volume of industrial silicon was 70,232.72 tons, down 6,409.29 tons; the weekly output of silicone DMC was 44,900 tons, up 700 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot market was 21,400 yuan/ton, up 100 yuan [2] 3.5 Downstream Situation - The overseas market price of photovoltaic - grade polysilicon was 15.85 US dollars/kg; the weekly average spot price of photovoltaic - grade polysilicon was 6.5 US dollars/kg, down 0.01 US dollars/kg; the monthly export volume of unforged aluminum alloy was 23,495.34 tons, down 5,568.37 tons; the weekly operating rate of silicone DMC was 68.56%, down 1.49 percentage points; the monthly output of aluminum alloy was 1.776 million tons, up 141,000 tons; the monthly export volume of aluminum alloy was 23,495.34 tons, down 5,568.37 tons [2] 3.6 Industry News - Hesheng Silicon Industry (603260.SH) released its Q3 2025 report, with operating income of 5.43 billion yuan, a year - on - year decrease of 23.51%, and net profit attributable to shareholders of the listed company of 75.6675 million yuan, a year - on - year decrease of 84.12%. Although still showing negative year - on - year growth, the single - quarter profit index turned positive compared to the loss in the first half of the year. The US will cancel the 10% so - called "fentanyl tariff" on Chinese goods, and the 24% reciprocal tariff on Chinese goods will continue to be suspended for one year. China will adjust its counter - measures accordingly, and both sides agreed to extend some tariff exclusion measures [2] 3.7 Supply and Demand Analysis - On the supply side, as Sichuan and Yunnan transition from the wet season to the dry season in October, production costs for manufacturers increased, and some enterprises with exhausted raw materials stopped production. As November approached, the scale of production cuts in the dry season expanded further. In Xinjiang, with stable and low - cost power supply, some manufacturers actively increased production, with an increase in the number of open furnaces and continuous release of production capacity. On the demand side, the downstream of industrial silicon is mainly concentrated in silicone, polysilicon, and aluminum alloy. For silicone, inventory was lower than the historical average, production profit was flat, and it provided certain rigid - demand procurement support for industrial silicon. For polysilicon, inventory reached 282,600 tons, higher than the historical average. Rising silicon wafer prices were beneficial for polysilicon demand, but production cuts in the dry season were expected to have a negative impact on industrial silicon demand. For aluminum alloy, the operating rate of enterprises remained stable, the demand for industrial silicon remained high, and the demand performance was relatively stable, but its marginal impact on the price of industrial silicon was limited [2]

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View of the Report - In the domestic market, the expected import volume in October is set to decrease, and there is support from news related to syrup and premixed powder. However, the loose supply - demand situation still exerts pressure on the sugar market, leading to short - term low - level operation of sugar prices [2]. 3. Summary Based on Relevant Catalogs 3.1 Futures Market - The closing price of the futures main contract for sugar is 5499 yuan/ton, with a 16 - unit increase; the main contract position is 372791 lots, up 21 lots. The number of warehouse receipts is 7462, down 68; the net long position of the top 20 futures holders is - 52742 lots, up 5106 lots. The total valid warehouse receipt forecast is 586, unchanged [2]. 3.2 Spot Market - The estimated import processing price of Brazilian sugar within the quota is 3990 yuan/ton, down 25 yuan; within the quota for Thai sugar, it is 4049 yuan/ton, down 25 yuan. The estimated price of imported Brazilian sugar outside the quota (50% tariff) is 5052 yuan/ton, down 33 yuan; for Thai sugar, it is 5129 yuan/ton, down 33 yuan. The spot prices of white sugar in Kunming, Nanning, and Liuzhou are 5695 yuan/ton (down 15 yuan), 5720 yuan/ton (down 20 yuan), and 5740 yuan/ton (down 20 yuan) respectively [2]. 3.3 Upstream Situation - The national sugar - crop sown area is 1480 thousand hectares, an increase of 60 thousand hectares; the sown area of sugar - cane in Guangxi is 835.09 thousand hectares, a decrease of 12.86 thousand hectares. The national cumulative sugar production is 999.98 million tons, an increase of 44098 tons; the cumulative sugar sales volume is 324.58 million tons, a decrease of 49.82 million tons. The monthly import volume of sugar is 550000 tons, an increase of 5.49%; the Brazilian monthly sugar export volume is 324.58 million tons, a decrease of 49.82 million tons [2]. 3.4 Industry Situation - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota is 1571 yuan/ton, an increase of 23 yuan; for Thai sugar, it is 1512 yuan/ton, an increase of 23 yuan. Outside the quota (50% tariff), the price difference for Brazilian sugar is 509 yuan/ton, an increase of 31 yuan; for Thai sugar, it is 432 yuan/ton, an increase of 31 yuan [2]. 3.5 Downstream Situation - The monthly output of refined sugar is 53.91 million tons, an increase of 8.5 million tons; the monthly output of soft drinks is 1591.7 million tons, a decrease of 184.1 million tons [2]. 3.6 Option Market - The implied volatility of at - the - money call options for sugar is 7.24%, an increase of 0.45%; for put options, it is 7.24%, an increase of 0.44%. The 20 - day historical volatility is 7.41%, unchanged; the 60 - day historical volatility is 6.9%, an increase of 0.01% [2]. 3.7 Industry News - During the Chengdu Sugar Conference on November 1 - 2, the estimated sugar production for the 25/26 crushing season was announced. The national production is expected to increase to 1170 million tons, with 680 million tons in Guangxi, 260 million tons in Yunnan, 60 million tons in Guangdong, 70 million tons in Inner Mongolia, and 75 million tons in Xinjiang. In the first half of October 2025, the central - southern region of Brazil crushed 3403.7 million tons of sugar - cane, a year - on - year increase of 0.3%, and produced 248.4 million tons of sugar, a year - on - year increase of 1.25%. The sugar - making ratio was 48.24%, higher than 47.33% in the same period last year. As of October 16 in the 25/26 crushing season, the cumulative sugar - cane crushing in the central - southern region of Brazil was 5.249 billion tons, a year - on - year decrease of 2.78%, and the cumulative sugar production was 3601.6 million tons, a year - on - year increase of 0.89% [2].

Report Industry Investment Rating - Not provided Core View of the Report - The terminal demand for hot-rolled coils has strong resilience, apparent demand has increased and is higher than the same period last year. However, the support from macro positives has weakened, and at the same time, furnace materials have weakened, causing hot-rolled coils to operate weakly. Technically, the 1-hour MACD indicator of the HC2601 contract shows that DIFF and DEA are moving downward. Operationally, it's recommended to be bearish with oscillations, paying attention to rhythm and risk control [2] Summary by Related Catalogs Futures Market - The closing price of the HC main contract is 3,295 yuan/ton, down 13 yuan; the position volume is 1,422,835 lots, down 47,384 lots. The net position of the top 20 in the HC contract is -78,193 lots, down 10,918 lots. The HC1 - 5 contract spread is -9 yuan/ton, up 1 yuan. The HC warehouse receipt at the Shanghai Futures Exchange is 128,537 tons, unchanged. The HC2601 - RB2601 contract spread is 216 yuan/ton, up 14 yuan [2] Spot Market - The price of 4.75 hot-rolled coils in Hangzhou is 3,370 yuan/ton, down 10 yuan; in Guangzhou is 3,320 yuan/ton, down 20 yuan; in Wuhan is 3,390 yuan/ton, down 10 yuan; in Tianjin is 3,240 yuan/ton, down 20 yuan. The basis of the HC main contract is 75 yuan/ton, up 3 yuan. The price difference between hot-rolled coils and rebar in Hangzhou is 100 yuan/ton, unchanged [2] Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port is 800 yuan/wet ton, unchanged; the price of Hebei quasi-primary metallurgical coke is 1,590 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan is 2,230 yuan/ton, unchanged; the price of Hebei Q235 billet is 2,960 yuan/ton, down 20 yuan. The inventory of iron ore at 45 ports is 145.3924 million tons, up 1.1859 million tons; the inventory of coke at sample coking plants is 374,400 tons, up 700 tons; the inventory of coke at sample steel mills is 6.2888 million tons, down 43,900 tons; the inventory of Hebei billets is 1.1957 million tons, down 103,900 tons [2] Industry Situation - The blast furnace operating rate of 247 steel mills is 81.73%, down 3 percentage points; the blast furnace capacity utilization rate is 88.59%, down 1.33 percentage points. The hot-rolled coil output of sample steel mills is 3.2356 million tons, up 11,000 tons; the capacity utilization rate is 82.65%, up 0.28 percentage points. The hot-rolled coil inventory at sample steel mills is 776,600 tons, up 3,100 tons; the social inventory of hot-rolled coils in 33 cities is 3.2893 million tons, down 86,400 tons. The domestic crude steel output is 73.49 million tons, down 3.88 million tons; the net export volume of steel is 9.92 million tons, up 910,000 tons [2] Downstream Situation - The monthly production of automobiles is 3.2758 million vehicles, up 460,400 vehicles; the monthly sales are 3.2264 million vehicles, up 369,800 vehicles. The monthly production of air conditioners is 18.0948 million units, up 1.276 million units; the monthly production of household refrigerators is 10.1276 million units, up 674,400 units; the monthly production of household washing machines is 11.7849 million units, up 1.653 million units [2] Industry News - Fed Governor Waller said that despite the risk of a government shutdown, the Fed will still obtain a large amount of data and should advance monetary policy based on data guidance. He further pointed out that all data indicate that the correct policy path currently is to continue to advance interest rate cuts. The Passenger Car Association disclosed that the preliminary estimate of new energy vehicle retail sales in October is about 1.32 million vehicles, and the penetration rate is expected to reach about 60%, possibly setting a new historical high [2]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report anticipates that Shanghai lead will experience oscillations, but the upward potential is limited. It is recommended to adopt a strategy of short - selling on rallies [3]. 3. Summary by Directory 3.1 Futures Market - The closing price of the Shanghai lead main contract is 17,420 yuan/ton, up 30 yuan; the 3 - month LME lead quotation is 2,025 dollars/ton, up 3 dollars [3]. - The price difference between the 12 - 01 contracts of Shanghai lead is - 10 yuan/ton, down 5 yuan; the trading volume of Shanghai lead is 119,718 lots, up 663 lots [3]. - The net position of the top 20 in Shanghai lead is - 85 lots, down 581 lots; the warehouse receipts of Shanghai lead are 21,645 tons, unchanged [3]. - The inventory of the Shanghai Futures Exchange is 35,999 tons, down 334 tons; the LME lead inventory is 220,300 tons, down 3,875 tons [3]. 3.2 Spot Market - The spot price of 1 lead from Shanghai Nonferrous Metals Network is 17,225 yuan/ton, unchanged; the spot price of 1 lead in the Yangtze River Nonferrous Metals Market is 17,440 yuan/ton, up 60 yuan [3]. - The basis of the lead main contract is - 195 yuan/ton, down 30 yuan; the LME lead premium (0 - 3) is - 26.48 dollars/ton, up 7.51 dollars [3]. 3.3 Upstream Situation - The price of 50% - 60% lead concentrate in Jiyuan is 16,796 yuan, up 125 yuan; the price of domestic recycled lead (≥98.5%) is 17,100 yuan/ton, unchanged [3]. - The capacity utilization rate of recycled lead is 35.56%, down 2.32 percentage points; the average operating rate of primary lead is 82.65%, up 1.01 percentage points [3]. - The production of recycled lead in the current month is 22.42 tons, down 6.75 tons; the production of primary lead in the current week is 3.96 tons, up 0.05 tons [3]. - The processing fee of 60% lead concentrate at major ports is - 90 dollars/kiloton, unchanged; the ILZSG lead supply - demand balance is - 2.5 kilotons, up 3.1 kilotons [3]. - The global lead ore production of ILZSG is 383.3 kilotons, up 3.4 kilotons; the lead ore import volume is 15.06 tons, up 1.58 tons [3]. 3.4 Industry Situation - The refined lead import volume is 1,507.92 tons, down 312.63 tons; the average domestic processing fee of lead concentrate at the factory is 340 yuan/ton, down 40 yuan [3]. - The refined lead export volume is 1,486.13 tons, down 1,266.09 tons; the average price of the waste battery market is 9,969.64 yuan/ton, unchanged [3]. 3.5 Downstream Situation - The export volume of batteries is 45,696 units, down 3,984 units; the average price of lead - antimony alloy (for batteries, containing 2% antimony) is 19,450 yuan/ton, unchanged [3]. - The Shenwan industry index of batteries and other power sources is 2,124.23 points, up 26.19 points; the automobile production is 3.227 million vehicles, up 474,600 vehicles [3]. - The new - energy vehicle production is 1.58 million vehicles, up 247,000 vehicles [3]. 3.6 Industry News - There were reports about a possible US military attack on Venezuela, which was later denied by Trump [3]. - Multiple Fed officials oppose interest - rate cuts, while Fed理事米兰 predicts a December rate cut [3]. - The US will cancel the 10% "fentanyl tariff" on Chinese goods, and relevant Chinese counter - measures will be adjusted [3]. - The US Department of Defense approves the provision of long - range Tomahawk missiles to Ukraine, with the final decision to be made by Trump [3]. 3.7 View Summary - Supply side: Primary lead production is expected to rise slightly due to smelter overhauls. Recycled lead supply may increase but is restricted by factors such as environmental protection transportation controls and scarce waste battery sources [3]. - Demand side: After the holiday impact, the weekly operating rate of lead - acid battery enterprises has rebounded. The traditional consumption season and the expansion of some battery enterprises' businesses support lead demand, but the export of Chinese lead - acid batteries is under pressure [3]. - Inventory: Inventory has been decreasing, but with the expected increase in imported lead arrivals and potential growth in recycled lead production, inventory may change this week, and a slowdown in inventory depletion may hinder price increases [3].

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 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） | 5,794.00 | +22.00↑ | SF主力合约收盘价（日，元/吨） | 5,526.00 | +26.00↑ | | | SM期货合约持仓量（日，手） | 537,761.00 | +13302.00↑ | SF期货合约持仓量（日，手） | 328,357.00 | +9714.00↑ | | 期货市场 | 锰硅前20名净持仓（日，手） | -56,230.00 | -2696.00↓ | 硅铁前20名净持仓（日，手） | -40,177. ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - On November 3, the JM2601 contract of coking coal closed at 1,284.5, down 0.85%. The market should be treated as a wide - range oscillation. The mine's start - up rate has declined slightly for two consecutive weeks due to safety inspections, and the inventory is at a neutral level. The start - up rate of coal washing plants has decreased, while the middle and downstream are replenishing stocks, and the total inventory shows a seasonal upward trend [2]. - On November 3, the J2601 contract of coke closed at 1,771.5, down 1.17%. The market should be treated as a wide - range oscillation driven by cost. The demand side shows a seasonal decline in hot metal production, and the total coke inventory is higher than the same period. The average profit per ton of coke for 30 independent coking plants nationwide is - 32 yuan/ton [2]. 3. Summary by Relevant Catalogs Futures Market - JM主力合约收盘价为1,284.50元/吨，环比下跌1.50元；J主力合约收盘价为1,771.50元/吨，环比下跌5.50元 [2]. - JM期货合约持仓量为954,896.00手，环比减少3,107.00手；J期货合约持仓量为50,255.00手，环比增加377.00手 [2]. - 焦煤前20名合约净持仓为 - 62,214.00手，环比减少5,683.00手；焦炭前20名合约净持仓为 - 5,533.00手，环比增加127.00手 [2]. - JM5 - 1月合约价差为63.00元/吨，环比下跌5.00元；J5 - 1月合约价差为137.00元/吨，环比下跌2.50元 [2]. - 焦煤仓单为500.00张，环比增加500.00张；焦炭仓单为2,070.00张，环比无变化 [2]. Spot Market - 干其毛都蒙5原煤价格为1,170.00元/吨，环比无变化；唐山一级冶金焦价格为1,775.00元/吨，环比上涨55.00元 [2]. - 俄罗斯主焦煤远期现货（CFR）价格为157.50美元/湿吨，环比无变化；日照港准一级冶金焦价格为1,570.00元/吨，环比上涨50.00元 [2]. - 京唐港澳大利亚进口主焦煤价格为1,700.00元/吨，环比无变化；天津港一级冶金焦价格为1,670.00元/吨，环比上涨50.00元 [2]. - 京唐港山西产主焦煤价格为1,760.00元/吨，环比无变化；天津港准一级冶金焦价格为1,570.00元/吨，环比上涨50.00元 [2]. - 山西晋中灵石中硫主焦价格为1,520.00元/吨，环比无变化；内蒙古乌海产焦煤出厂价为1,280.00元/吨，环比无变化 [2]. - JM主力合约基差为235.50元/吨，环比上涨1.50元；J主力合约基差为3.50元/吨，环比上涨60.50元 [2]. Upstream Situation - 314家独立洗煤厂精煤产量为26.50万吨，环比减少0.20万吨；314家独立洗煤厂精煤库存为284.40万吨，环比减少5.20万吨 [2]. - 314家独立洗煤厂产能利用率为0.37%，环比无变化；原煤产量为41,150.50万吨，环比增加2,100.80万吨 [2]. - 煤及褐煤进口量为4,600.00万吨，环比增加326.00万吨；523家炼焦煤矿山原煤日均产量为190.30万吨，环比减少0.60万吨 [2]. - 16个港口进口焦煤库存为513.89万吨，环比增加6.71万吨；焦炭18个港口库存为269.90万吨，环比增加9.11万吨 [2]. - 独立焦企全样本炼焦煤总库存为1,052.70万吨，环比增加23.00万吨；独立焦企全样本焦炭库存为59.87万吨，环比增加1.23万吨 [2]. - 全国247家钢厂炼焦煤库存为796.32万吨，环比增加13.36万吨；全国247家样本钢厂焦炭库存为629.05万吨，环比减少4.11万吨 [2]. - 独立焦企全样本炼焦煤可用天数为12.96天，环比增加0.19天；247家样本钢厂焦炭可用天数为11.57天，环比增加0.50天 [2]. - 炼焦煤进口量为1,092.36万吨，环比增加76.14万吨；焦炭及半焦炭出口量为54.00万吨，环比减少1.00万吨 [2]. - 炼焦煤产量为3,696.86万吨，环比减少392.52万吨；独立焦企产能利用率为73.44%，环比减少0.03% [2]. - 独立焦化厂吨焦盈利情况为 - 32.00元/吨，环比增加9.00元；焦炭产量为4,255.60万吨，环比减少4.10万吨 [2]. National Downstream Situation - 247家钢厂高炉开工率为81.73%，环比减少3.00%；247家钢厂高炉炼铁产能利用率为88.59%，环比减少1.33% [2]. - 粗钢产量为7,349.01万吨，环比减少387.84万吨 [2]. Industry News - On October 31, the Yunnan Iron and Steel Industry Anti - Involution Seminar was held in Kunming. Representatives from major steel enterprises in the province attended, emphasizing that anti - involution is the common responsibility of the entire industry and a long - term strategic choice [2]. - The president of the China Animal Husbandry Association stated that high - quality development in the pig breeding industry does not exclude competition. Enterprises must innovate, reduce grain consumption, and control pig production capacity. Government departments need to intervene in the disorderly involution - style competition in the industry [2]. - Since October 1, the US government shutdown has set the second - longest record. Over one million US military soldiers face salary payment problems, and about 42 million people in the US may face food shortages in November. The shutdown may last until late November [2].