数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 技术面，持仓减量价格回升，空头氛围减弱，关注12900阻力。操作上，建议暂时观望，或前期多单持有。 研究员: 陈思嘉 期货从业资格证F03118799 期货投资咨询从业证书号Z0022803 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。 不锈钢产业日报 2025-10-27 | 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:不锈钢(日,元/吨) | 12815 | 5 11-12月合约价差:不锈钢(日,元/吨) | -15 | -15 -2905 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Macroscopically, the China-US economic and trade consultations in Kuala Lumpur reached a basic consensus on arrangements to address each other's concerns. The market has fully priced in the expectation of two 25-basis-point interest rate cuts by the Fed in the remaining time of this year. Fundamentally, the closure of 1000 illegal tin mines in Bangka Belitung by the Indonesian President may exacerbate the tight supply of tin ore. The import of tin ore decreased in September, and the production of tin ore in Myanmar is slowly recovering, while production in Africa and Australia has declined more than expected. In the smelting sector, the shortage of raw materials in Yunnan is still severe, and the waste recycling system in Jiangxi is under pressure with a low operating rate. On the demand side, most downstream and end - user enterprises are still waiting and only making small - quantity purchases for刚需, with low restocking enthusiasm. Technically, with increasing positions and rising prices, the bullish sentiment is heating up, and attention should be paid to the previous high resistance. It is recommended to adopt a bullish strategy and focus on the range of 282,000 - 290,000 yuan/ton [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai Tin was 286,720 yuan/ton, up 2,420 yuan; the closing price of the November - December contract was down 570 yuan. The LME 3 - month tin price was 35,650 US dollars/ton, down 75 US dollars. The main contract position of Shanghai Tin was 45,084 lots, up 7,008 lots; the net position of the top 20 futures was - 2,070 lots, down 474 lots. The total LME tin inventory was 2,750 tons, up 30 tons; the Shanghai Futures Exchange inventory of tin was 5,766 tons (weekly), up 75 tons; the Shanghai Futures Exchange tin warrant was 5,652 tons, up 85 tons [3]. 3.2现货市场 - The SMM 1 tin spot price was 283,500 yuan/ton, up 1,600 yuan; the Yangtze River Non - Ferrous Market 1 tin spot price was 283,810 yuan/ton, up 1,100 yuan. The basis of the Shanghai Tin main contract was - 3,220 yuan/ton, down 820 yuan; the LME tin premium (0 - 3) was 143 US dollars/ton, up 43 US dollars [3]. 3.3 Upstream Situation - The import volume of tin ore and concentrates was 0.87 million tons (monthly), down 0.16 million tons. The average price of 40% tin concentrate was 269,900 yuan/ton, up 600 yuan; the average price of 60% tin concentrate was 273,900 yuan/ton, up 600 yuan. The processing fee of 40% and 60% tin concentrate by Antaike was 6,500 yuan/ton, unchanged [3]. 3.4 Industry Situation - The monthly output of refined tin was 14,000 tons, down 1,600 tons; the monthly import volume of refined tin was 1,501.64 tons, up 63.06 tons [3]. 3.5 Downstream Situation - The price of 60A solder bar in Gejiu was 183,800 yuan/ton, up 1,010 yuan. The cumulative output of tin - plated sheets (strips) was 1.1093 million tons (monthly), up 0.1448 million tons; the monthly export volume of tin - plated sheets was 0.1976 million tons, up 0.031 million tons [3]. 3.6 Industry News - China - US economic and trade consultations were held in Kuala Lumpur, Malaysia. The two sides had in - depth and constructive exchanges on important economic and trade issues and reached a basic consensus on arrangements to address each other's concerns. The US September CPI rose 3% year - on - year, the highest since January this year but lower than the market expectation of 3.1%, and the core CPI slowed to 0.2% month - on - month, also lower than expected [3].

| | | 全产业链现有产能开工率限制等要求，并严禁新增产能，这在一定程度上提振了市场信心 研究员: 黄闻杰 期货从业资格号F03142112 期货投资咨询从业证书号Z0021738 。但政策的具体细则 及落地时间仍未明确，综上，下周投资者需密切关注 10 月底政策的实际进展以及西南 免责声明 多晶硅产业日报 2025-10-27 地区减产的实际执行情况。今日多晶硅出现了上行表现，主力合约切换至01合约，但是现货价格并未有明 显动作，预计多晶硅上行动能进一步减弱，操作建议，逢低布局多单 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 | | --- | --- | --- | - ...

产能利用率小幅波动。br2512合约短线预计在10800-11000区间波动。 免责声明 合成橡胶产业日报 2025-10-27 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 | 主力合约收盘价:合成橡胶(日,元/吨) | -125 主力合约持仓量:合成橡胶(日,元/吨) | 10995 | 49618 | -17076 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货市场 | 合成橡胶12-1价差(日,元/吨) | 0 仓单数量:丁二烯橡胶:仓库:总计(日,吨) ...

据农业推进情况，后期需求持续时间有限，库存或仍呈现增加趋势。UR2601合约短线预计在1600-1660区 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑州尿素主力合约收盘价(日,元/吨) | 1640 | -2 郑州尿素1-5价差(日,元/吨) | -73 | 4 914 | | | 郑州尿素主力合约持仓量(日,手) | 281954 | -4384 郑州尿素前20名净持仓 | -33395 | | | | 郑州尿素交易所仓单(日,张) | 5288 | -119 | | | | 现货市场 | 河北(日,元/吨) | 1600 | 10 河南(日,元/吨) | 1570 | 20 | | | 江苏(日,元/吨) | 1570 | 20 山东(日,元/吨) | 1610 | 40 | | | 安徽(日,元/吨) | 1570 | 10 郑州尿素主力合约基差(日,元/吨) | -30 | 42 | | | FOB波罗的海(日,美元/吨) | 348.5 | -11.5 FOB中国主 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The macro - face shows that the China - US economic and trade consultations in Kuala Lumpur reached a basic consensus on arrangements to address each other's concerns. The zinc ore import volume has increased, but the domestic zinc ore processing fee has decreased, and the sulfuric acid price has dropped, leading to a significant contraction in smelter profits and limited growth in refined zinc production. Overseas zinc supply is tight, the Shanghai - London ratio has dropped significantly, and the export window has opened, with a shift to net exports expected. On the demand side, the traditional peak season effect is weak, the real - estate sector is a drag, while policies in the automotive and home - appliance sectors bring some bright spots. The domestic social inventory has decreased slightly, and the LME inventory has continued to decline with a high spot premium. Technically, the short - selling atmosphere has weakened, and it is recommended to buy on dips [3] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the Shanghai zinc main contract is 22,365 yuan/ton, up 10; the 11 - 12 - month contract spread of Shanghai zinc is - 55 yuan/ton, down 15; the LME three - month zinc quote is 3,019.5 dollars/ton, down 3; the total position of Shanghai zinc is 213,490 lots, up 94; the net position of the top 20 in Shanghai zinc is 7,317 lots, up 1,141; the Shanghai zinc warehouse receipts are 65,724 tons, down 125; the SHFE inventory is 109,168 tons, down 459; the LME inventory is 37,600 tons, up 2,900; the SMM 0 zinc spot price is 22,210 yuan/ton, up 20; the Yangtze River Non - ferrous Market 1 zinc spot price is 22,330 yuan/ton, up 20 [3] 现货市场 - The basis of the ZN main contract is - 155 yuan/ton, up 10; the LME zinc cash - to - three - month spread is 187.37 dollars/ton, down 38.52; the arrival price of 50% zinc concentrate in Kunming is 17,000 yuan/ton, up 80; the price of 85% - 86% crushed zinc in Shanghai is 15,850 yuan/ton, unchanged [3] Upstream Situation - The WBMS zinc supply - demand balance is - 27,800 tons, down 5,700 tons; the ILZSG zinc supply - demand balance is 47,900 tons, up 17,700 tons; the ILZSG global zinc mine production is 1.0976 million tons, up 21,400 tons; the domestic refined zinc production is 651,000 tons, up 34,000 tons; the zinc ore import volume is 505,400 tons, up 38,100 tons [3] Industry Situation - The refined zinc import volume is 22,677.51 tons, down 2,979.32 tons; the refined zinc export volume is 2,477.83 tons, up 2,166.92 tons; the zinc social inventory is 163,100 tons, up 7,700 tons [3] Downstream Situation - The monthly output of galvanized sheets is 2.32 million tons, up 10,000 tons; the monthly sales of galvanized sheets is 2.28 million tons, down 90,000 tons; the monthly new housing construction area is 453.99 million square meters, up 55.9799 million square meters; the monthly housing completion area is 311.2888 million square meters, up 34.3534 million square meters; the monthly automobile production is 3.227 million vehicles, up 474,600 vehicles; the monthly air - conditioner production is 18.0948 million units, up 1.276 million units [3] Option Market - The implied volatility of the at - the - money zinc call option is 14.47%, up 1.14%; the implied volatility of the at - the - money zinc put option is 14.48%, up 1.15%; the 20 - day historical volatility of the at - the - money zinc option is 8.36%, up 0.21%; the 60 - day historical volatility of the at - the - money zinc option is 9.82%, down 0.06% [3] Industry News - China - US economic and trade consultations in Kuala Lumpur reached a basic consensus on important economic and trade issues; the US September CPI rose 3% year - on - year, and the market fully priced in two 25 - basis - point Fed rate cuts in the remaining time of the year [3] 提示关注 - There is no news today [3]

生猪产业日报 2025-10-27 | 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) | 12330 | 155 主力合约持仓量:生猪(日,手) | 109501 | -2896 | | | 仓单数量:生猪(日,手) | 206 | 206 期货前20名持仓:净买单量:生猪(日,手) | -31600 | -1757 | | 现货价格 | 生猪价 河南 驻马店(日,元/吨) | 12300 | 400 生猪价 吉林 四平(日,元/吨) | 12400 | 400 | | | 生猪价 广东 云浮(日,元/吨) | 12100 | 400 生猪主力基差(日,元/吨) | -30 | 245 | | 上游情况 | 生猪存栏(月,万头) | 42447 | 716 生猪存栏:能繁母猪(月,万头) | 4038 | -4 | | 产业情况 | CPI:当月同比(月,%) | -0.3 | 0.1 现货价:豆粕:张家港(日,元/吨) | 2960 | 0 | ...

碳酸锂产业日报 2025/10/27 | 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） | 81,900.00 | +2380.00↑ 前20名净持仓（日，手） | -188,469.00 | -4674.00↓ | | | 主力合约持仓量（日，手） | 483,478.00 | +52304.00↑ 近远月合约价差（日，元/吨） | -380.00 | -200.00↓ | | | 广期所仓单（日，手/吨） | 27,739.00 | -960.00↓ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 76,550.00 | +1150.00↑ 工业级碳酸锂平均价（日，万元/吨） | 74,300.00 | +1150.00↑ | | | Li₂CO₃主力合约基差（日，元/吨） | -5,350.00 | -1230.00↓ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | 941.00 | +44. ...

观点总结 重点关注 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：IF:沪深300 IH:上证50 IC:中证500 IM：中证1000 IO:沪深300期权 A股主要指数收盘普遍上涨。三大指数高开后震荡上行，上证指数逼近4000点整数关口。截止收盘，上证指数指涨 1.18%，深证成指涨1.51%，创业板指涨1.98%。沪深两市成交额重回两万亿。全市场超3300只个股上涨。行业板块 普遍上涨，通信、电子等板块大幅走强。海外方面，中美双方于10月25日至26日在马来西亚举行经贸磋商。双方就解 决多项共同关心的重要经贸问题的安排达成基本共识。美财长贝森特周日在接受CBS采访时表示，在进行了"两天非常 好的会谈"后，对中国征收额外 100% 关税"实际上已不予考虑"。贸易关系缓和提振风险资产价格。国内方面，经 济基本面，1-9月份，国内规上工业企业利润增速明显加快，其中高技术制造业及装备制造业带动明显，此前公布的数 据同样显示，高技术制造业带动9月份国内规上工业增加值超预期上行，新质生产力对经济起到支撑。政策端，二十届 四中全会公报指出将加快高水平科技自立自强，引领发展新质生产力，"十五五"期间推动 ...

Report Overview - The report is an industrial daily for the aluminum industry dated October 27, 2025, covering various aspects of the aluminum market including futures, spot, upstream, downstream, and industry news [1] 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - The aluminum market shows different trends in different segments. Alumina may see supply reduction and slight demand increase, supporting its price; electrolytic aluminum may experience a small increase in supply and strong consumption with inventory reduction; cast aluminum may be in a tight supply - demand balance with inventory reduction [2] 3. Summary by Relevant Catalogs Futures Market - **Aluminum Futures**: The closing price of the Shanghai Aluminum main contract was 21,360 yuan/ton, up 135 yuan; the main - second - contract spread was - 75 yuan/ton, down 35 yuan; the main contract holding volume was 311,269 lots, up 9,063 lots; the LME electrolytic aluminum three - month quote was 2,856.5 dollars/ton, down 8.5 dollars; the LME aluminum inventory was 473,125 tons, down 4,550 tons [2] - **Alumina Futures**: The closing price of the alumina futures main contract was 2,829 yuan/ton, up 19 yuan; the main - second - contract spread was - 40 yuan/ton, down 7 yuan; the main contract holding volume was 372,484 lots, down 5,950 lots [2] - **Cast Aluminum Alloy Futures**: The closing price of the cast aluminum alloy main contract was 20,715 yuan/ton, up 10 yuan; the main - second - contract spread was - 140 yuan/ton, down 140 yuan; the main contract holding volume was 6,366 lots [2] Spot Market - **Aluminum Spot**: The Shanghai Non - ferrous Network A00 aluminum price was 21,160 yuan/ton, up 50 yuan; the Yangtze River Non - ferrous Market AOO aluminum price was 21,130 yuan/ton, up 70 yuan; the Shanghai Wumao aluminum premium/discount was - 60 yuan/ton, down 20 yuan; the LME aluminum premium/discount was 3.19 dollars/ton, down 5.02 dollars [2] - **Alumina Spot**: The alumina spot price in Shanghai Non - ferrous was 2,795 yuan/ton, down 20 yuan; the alumina basis was - 34 yuan/ton, down 39 yuan [2] Upstream Situation - **Alumina**: The national alumina开工率 was 85.98%, up 3.05 percentage points; the production was 799.9 million tons, up 7.42 million tons; the demand from the electrolytic aluminum part was 704.31 million tons, down 21.49 million tons; the supply - demand balance was 46.85 million tons, up 18.12 million tons [2] - **Aluminum Scrap**: The average price of crushed raw aluminum in Foshan was 16,800 yuan/ton, unchanged; in Shandong it was 16,300 yuan/ton, up 50 yuan; China's import of aluminum scrap was 155,414.4 tons, down 17,195.97 tons; exports were 68.54 tons, up 15.31 tons [2] Industry Situation - **Aluminum Production**: The electrolytic aluminum social inventory was 56.8 million tons, up 31,034.96 million tons; the total production capacity was 4,523.2 million tons, unchanged; the production of aluminum products was 590 million tons, up 35.18 million tons; the production of recycled aluminum alloy ingots was 65.65 million tons, up 2.06 million tons [2] - **Aluminum Trade**: The import of primary aluminum was 246,797.1 tons, up 31,034.96 tons; exports were 28,969.92 tons, up 3,365.58 tons; exports of unwrought aluminum and aluminum products were 52 million tons, down 1 million tons; exports of aluminum alloy were 2.35 million tons, down 0.56 million tons [2] Downstream and Application - **Automobile Production**: The monthly automobile production was 322.65 million vehicles, up 47.42 million vehicles [2] - **Real Estate**: The national real estate climate index was 92.78, down 0.27 [2] Option Situation - **Aluminum Options**: The 20 - day historical volatility of Shanghai Aluminum was 8.59%, up 0.20 percentage points; the 40 - day historical volatility was 7.77%, up 0.12 percentage points; the implied volatility of the Shanghai Aluminum main contract at - the - money was 11.97%, up 0.0053 percentage points; the call - put ratio was 1.21, down 0.0391 [2] Industry News - **Sino - US Economic and Trade Consultation**: Chinese and US economic and trade leaders held consultations in Kuala Lumpur, reaching a basic consensus on issues such as maritime logistics, tariffs, and trade [2] - **Financial Report**: The central bank governor reported on financial work, including implementing a moderately loose monetary policy and strengthening financial supervision [2] - **US CPI Data**: The US September CPI rose 3% year - on - year, lower than expected, and the market fully priced in two 25 - basis - point Fed rate cuts [2] - **15th Five - Year Plan**: The "15th Five - Year Plan" emphasizes "agriculture, rural areas, and farmers" issues, and is expected to bring new market space and investment demand [2] Alumina View Summary - **Market Trend**: The alumina main contract showed a volatile trend, with a decrease in holding volume, spot discount, and weakening basis [2] - **Fundamentals**: Supply may decrease due to squeezed smelter profits; demand may be slightly boosted by high - level electrolytic aluminum production and positive macro expectations; prices may be supported [2] - **Technical Analysis**: The 60 - minute MACD showed double lines above the 0 axis with slightly expanding red bars [2] - **Operation Suggestion**: Light - position short - term long trading at low prices, paying attention to rhythm and risk control [2] Electrolytic Aluminum View Summary - **Market Trend**: The Shanghai Aluminum main contract opened low and strengthened, with an increase in holding volume, spot discount, and weakening basis [2] - **Fundamentals**: Supply may increase slightly due to increased smelting profits; demand may be strong due to the "15th Five - Year Plan" and traditional peak season; inventory is decreasing; the option market is bullish [2] - **Technical Analysis**: The 60 - minute MACD showed double lines above the 0 axis with slightly expanding red bars [2] - **Operation Suggestion**: Light - position short - term long trading at low prices, paying attention to rhythm and risk control [2] Cast Aluminum Alloy View Summary - **Market Trend**: The cast aluminum main contract was slightly stronger in a volatile market, with a decrease in holding volume, spot premium, and weakening basis [2] - **Fundamentals**: Supply may be limited by tight raw material supply; demand is resilient due to positive macro expectations and the peak season; inventory is decreasing slightly [2] - **Technical Analysis**: The 60 - minute MACD showed double lines above the 0 axis with slightly converging green bars [2] - **Operation Suggestion**: Light - position oscillatory trading, paying attention to rhythm and risk control [2]