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。 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 端在期货 国债期货日报 2025/10/22 | 项目类别 | 数据指标 最新 | 最新 | 环比 项目 | | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | T主力收盘价 | 108.145 | 0.02% T主力成交量 | 66248 | -9973↓ | | | TF主力收盘价 | 105.735 | 0.04% TF主力成交量 | 40005 | -5111↓ | | | TS主力收盘价 | 102.358 | 0% TS主力成交量 | 241 ...

| 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:合成橡胶(日,元/吨) 10 主力合约持仓量:合成橡胶(日,元/吨) | 11050 | | | 71972 | -836 | | | 合成橡胶12-1价差(日,元/吨) 5 仓单数量:丁二烯橡胶:仓库:总计(日,吨) 主流价:顺丁橡胶(BR9000,齐鲁石化):山 主流价:顺丁橡胶(BR9000,大庆石化):山 | 25 | | | 3050 | 0 | | | 东(日,元/吨) | 11050 | 0 | | 11050 | 50 | | | 东(日,元/吨) | | | | | | | 现货市场 | 主流价:顺丁橡胶(BR9000,大庆石化):上 -50 主流价:顺丁橡胶(BR9000,茂名石化):广 | 11100 | | | 11300 | 100 | | | 海(日,元/吨) 基差:合成橡胶(日,元/吨) 东(日,元/吨) 布伦特原油(日,美元/桶) 0.31 石脑油:CFR日本(日,美元/吨 ...

Report Summary 1. Report Industry Investment Rating - The report suggests a temporary wait - and - see approach or a long - position thinking [3] 2. Core View - On the supply side, domestic and foreign zinc ore imports are rising, the growth of zinc ore processing fees is slowing down, the sulfuric acid price has increased significantly, smelters have large profit margins and increased production enthusiasm. New production capacities are being released, and refined zinc production has reached a high level. However, overseas zinc ore is tight, import losses continue to expand, the inflow of imported zinc decreases, and the export window is expected to open. On the demand side, the traditional peak season effect of "Golden September and Silver October" is weak, the real estate sector is a drag, while policies in the automotive and home appliance sectors bring some bright spots. Domestic social inventories have increased, post - holiday market demand remains weak, and the spot premium is at a low level. LME inventories continue to decline, the spot premium has reached a 27 - year high, and the tight situation has intensified [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main Shanghai zinc futures contract is 22,000 yuan/ton, up 30 yuan; the 10 - 11 - month contract spread of Shanghai zinc is 305 yuan/ton, up 20 yuan. The LME three - month zinc quotation is 2,993.5 dollars/ton, up 17.5 dollars. The total open interest of Shanghai zinc is 229,833 lots, up 299 lots. The net open interest of the top 20 in Shanghai zinc is - 2,935 lots, down 540 lots. Shanghai zinc warehouse receipts are 65,209 tons, down 1,059 tons. The SHFE inventory is 109,627 tons, up 2,677 tons, and the LME inventory is 37,275 tons, down 50 tons [3] 3.2现货市场 - The spot price of 0 zinc on the Shanghai Non - ferrous Metals Network is 21,900 yuan/ton, down 40 yuan; the spot price of 1 zinc in the Yangtze River Non - ferrous Metals Market is 21,780 yuan/ton, down 150 yuan. The basis of the main ZN contract is - 100 yuan/ton, down 70 yuan. The LME zinc premium (0 - 3) is 299.34 dollars/ton, up 69.05 dollars. The factory price of 50% zinc concentrate in Kunming is 16,800 yuan/ton, up 50 yuan, and the price of 85% - 86% crushed zinc in Shanghai is 15,750 yuan/ton, unchanged [3] 3.3上游情况 - The WBMS zinc supply - demand balance is - 27,800 tons, down 5,700 tons; the ILZSG zinc supply - demand balance is 30,200 tons, up 57,400 tons. The global zinc ore production is 1.0762 million tons, down 5,200 tons. The domestic refined zinc production is 651,000 tons, up 34,000 tons. Zinc ore imports are 467,300 tons, down 32,500 tons [3] 3.4产业情况 - Refined zinc imports are 25,656.83 tons, up 7,752.92 tons, and refined zinc exports are 310.91 tons, down 95.16 tons. The social zinc inventory is 163,100 tons, up 7,700 tons [3] 3.5下游情况 - The monthly output of galvanized sheets is 2.31 million tons, down 40,000 tons, and the sales volume is 2.37 million tons, up 70,000 tons. The monthly new housing construction area is 453.99 million square meters, and the monthly housing completion area is 276.9354 million square meters, up 26.5954 million square meters. The monthly automobile production is 3.227 million vehicles, up 474,600 vehicles, and the monthly air - conditioner production is 16.8188 million units, down 3.7777 million units [3] 3.6期权市场 - The implied volatility of the at - the - money zinc call option is 12.03%, down 1.25 percentage points; the implied volatility of the at - the - money zinc put option is 12.03%, down 1.25 percentage points. The 20 - day historical volatility of at - the - money zinc options is 8.42%, up 0.09 percentage points, and the 60 - day historical volatility is 9.31%, unchanged [3] 3.7行业消息 - Trump plans to visit China early next year, and the Foreign Ministry has no information to provide. Commerce Minister Wang Wentao had video talks with EU and Dutch officials on trade issues. Reuters survey expects the Fed to cut interest rates twice this year, and the 2026 interest - rate path is highly uncertain [3]

Report Industry Investment Rating - Not mentioned in the report Core View of the Report - The surplus pattern of the nickel market is difficult to change, and the nickel price is expected to fluctuate and adjust. It is recommended to wait and see or conduct range operations, with attention focused on the range of 120,000 - 124,000 yuan/ton [3] Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract of Shanghai nickel is 121,380 yuan/ton, with a week - on - week increase of 200 yuan/ton; the spread between the October - November contracts of Shanghai nickel is 2,470 yuan/ton, with a week - on - week decrease of 260 yuan/ton [3] - The price of LME 3 - month nickel is 15,210 US dollars/ton, with a week - on - week decrease of 20 US dollars/ton; the position volume of the main contract of Shanghai nickel is 121,311 lots, with a week - on - week increase of 70,923 lots [3] - The net long position of the top 20 futures holders of Shanghai nickel is - 36,419 lots, with a week - on - week decrease of 1,123 lots; the LME nickel inventory is 250,878 tons, with a week - on - week increase of 402 tons [3] - The inventory of nickel in the Shanghai Futures Exchange is 34,419 tons, with a week - on - week increase of 1,300 tons; the total LME nickel cancelled warrants is 6,276 tons, with a week - on - week increase of 156 tons [3] - The warehouse receipt quantity of Shanghai nickel is 26,953 tons, with a week - on - week decrease of 73 tons [3] Spot Market - The spot price of SMM 1 nickel is 122,100 yuan/ton, with a week - on - week decrease of 400 yuan/ton; the average spot price of 1 nickel plate in Yangtze River Non - Ferrous Metals is 122,200 yuan/ton, with a week - on - week decrease of 300 yuan/ton [3] - The CIF (bill of lading) price of Shanghai electrolytic nickel is 85 US dollars/ton, with no week - on - week change; the bonded warehouse (warehouse receipt) price of Shanghai electrolytic nickel is 85 US dollars/ton, with no week - on - week change [3] - The average price of battery - grade nickel sulfate is 28,800 yuan/ton, with no week - on - week change; the basis of the NI main contract is 720 yuan/ton, with a week - on - week decrease of 600 yuan/ton [3] - The LME nickel (spot/three - month) premium is - 206.29 US dollars/ton, with a week - on - week decrease of 1.41 US dollars/ton [3] Upstream Situation - The monthly import volume of nickel ore is 6.1145 million tons, with a month - on - month decrease of 232,200 tons; the total port inventory of nickel ore is 15.2884 million tons, with a week - on - week increase of 279,100 tons [3] - The average monthly import unit price of nickel ore is 56.72 US dollars/ton, with a month - on - month decrease of 4.61 US dollars/ton; the tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 US dollars/wet ton, with no week - on - week change [3] Industry Situation - The monthly output of electrolytic nickel is 29,430 tons, with a month - on - month increase of 1,120 tons; the total monthly output of ferronickel is 21,700 metal tons, with a month - on - month decrease of 300 metal tons [3] - The monthly import volume of refined nickel and alloys is 28,570.87 tons, with a month - on - month increase of 4,144.03 tons; the monthly import volume of ferronickel is 1.0853 million tons, with a month - on - month increase of 211,200 tons [3] Downstream Situation - The monthly output of 300 - series stainless steel is 1.7627 million tons, with a month - on - month increase of 24,800 tons; the total weekly inventory of 300 - series stainless steel is 583,600 tons, with a week - on - week increase of 200 tons [3] Industry News - US President Trump said he would visit China early next year, and the Chinese Foreign Ministry spokesperson responded that there was no information to provide for the time being [3] - Chinese Commerce Minister Wang Wentao had video talks with EU officials on export control and the EU's anti - subsidy case against Chinese electric vehicles, and also talked with Dutch officials about issues related to Nexperia [3] - A Reuters survey shows that the Fed is expected to cut interest rates twice this year, and the interest rate path in 2026 is highly uncertain [3] Key Points of View - On the supply side, the PNBP policy of the Indonesian government restricts the supply, raising the cost of nickel resources; the supply of nickel ore from the Philippines is recovering, and the port inventory of nickel ore in China is increasing rapidly [3] - On the smelting side, new electrolytic nickel projects are being put into production slowly, and some smelters are reducing production due to losses at low nickel prices, so the output of refined nickel is expected to remain stable at a high level [3] - On the demand side, it is the traditional consumption peak season for stainless steel plants, and steel mills are increasing production; the production and sales of new energy vehicles continue to rise, but the demand for ternary batteries is limited [3] - Nickel inventories in China continue to grow, the market mainly purchases on demand, and the spot premium is slightly adjusted upwards; overseas LME inventories are also increasing [3]

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 备注：RB：螺纹钢；HC：热轧卷板 研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 免责声明 螺纹钢产业链日报 2025/10/22 | 项目类别 | 数据指标 最新 | 最新 | 环比 数据指标 | | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) 1977511 | 3,068.00 | +21↑ RB主力合约持仓量(手) | | -18322↓ | | | RB合约前20名净持仓(手) | -67821 | +22606↑ RB1-5合约价差(元/吨) | -52 | +5↑ | | | RB上期所仓单日报(日，吨) | 148982 | -2414↓ HC2601-RB2601合约价差(元/吨) | 179 | +7↑ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,260.00 | +20↑ 杭州 HRB400E 20MM(过磅，元/吨) | 3,344 | +21↑ | | | 广州 ...

铁矿石产业链日报 2025/10/22 | 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） | 774.00 | +4.50↑ I 主力合约持仓量(手) | 558,163 | -4570↓ | | | I 1-5合约价差（元/吨） | 21 | +1.00↑ I 合约前20名净持仓(手) | -19954 | +5668↑ | | | I 大商所仓单（手） | 700.00 | -300.00↓ | | | | | 新加坡铁矿石主力合约截止15：00报价(美元/吨) | 104.15 | +0.59↑ | | | | 现货市场 | 青岛港61.5%PB粉矿 (元/干吨) | 848 | 0.00 青岛港60.8%麦克粉矿 (元/干吨) | 847 | 0.00 | | | 京唐港56.5%超特粉矿 (元/干吨) | 775 | 0.00 I 主力合约基差 (麦克粉干吨-主力合约) | 73 | -5↓ | | | 铁矿石62%普氏指数（前一日，美元/吨） ...

工业硅产业日报 2025-10-22 | 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) | 8485 | -20 主力合约持仓量(日,手) | 96554 | -10964 | | | 前20名净持仓(日,手) | -36839 | -273 广期所仓单(日,手) | 48738 | -113 | | | 12月合约收盘价:工业硅(日,元/吨) | -365 | 0 11-12月合约工业硅 | -365 | 0 | | 现货市场 | 通氧553#硅平均价(日,元/吨) | 9350 | 0 421#硅平均价(日,元/吨) | 9650 | -50 | | | Si主力合约基差(日,元/吨) | 865 | 20 DMC现货价(日,元/吨) | 11275 | 0 | | 上游情况 | 硅石平均价(日,元/吨) | 410 | 0 石油焦平均价(日,元/吨) | 1980 | 30 | | | 精煤平均价(日,元/吨) | 1850 | 0 木片平均价(日, ...

免责声明 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | JM主力合约收盘价（日，元/吨） | 1209.50 | +32.50↑ J主力合约收盘价（日，元/吨） | 1709.50 | +37.50↑ | | | JM期货合约持仓量（日，手） | 832118.00 | +3293.00↑ J期货合约持仓量（日，手） | 47494.00 | -62.00↓ | | | 焦煤前20名合约净持仓（日，手） | -77600.00 | +15892.00↑ 焦炭前20名合约净持仓（日，手） | -3954.00 | -154.00↓ | | | JM5-1月合约价差（日，元/吨） | 75.00 | +2.00↑ J5-1月合约价差（日，元/吨） | 145.00 | -0.50↓ | | | 焦煤仓单（日，张） 干其毛都蒙5原煤（日，元/吨） | 200.00 1089.00 | 0.00 焦炭仓单（日，张） -26.00↓ 唐山一级冶金焦（日，元/吨） | 2070.00 1720 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The Shanghai copper fundamentals may be in a situation of weak supply and demand, with industrial inventory accumulation. The option market sentiment is bullish, and the implied volatility has slightly decreased. It is recommended to conduct short - term long trades on dips with a light position, while paying attention to controlling the rhythm and trading risks [2] 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai copper is 85,420 yuan/ton, up 20 yuan; the price of LME 3 - month copper is 10,657 dollars/ton, up 33.5 dollars. The main contract's open interest of Shanghai copper is 233,361 lots, up 2,135 lots. The LME copper inventory is 137,150 tons, down 25 tons; the SHFE cathode copper inventory is 110,240 tons, up 550 tons [2] 3.2 Spot Market - The price of SMM 1 copper spot is 84,955 yuan/ton, down 775 yuan; the price of Yangtze River Non - Ferrous Market 1 copper spot is 85,055 yuan/ton, down 770 yuan. The CU main contract basis is - 465 yuan/ton, down 795 yuan [2] 3.3 Upstream Situation - The import volume of copper ore and concentrates is 258.69 million tons, down 17.2 million tons. The copper concentrate price in Jiangxi is 75,320 yuan/metal ton, down 770 yuan; in Yunnan, it is 76,020 yuan/metal ton, down 770 yuan [2] 3.4 Industry Situation - The output of refined copper is 126.6 million tons, down 3.5 million tons. The import volume of unwrought copper and copper products is 490,000 tons, up 60,000 tons. The social inventory of copper is 41.82 million tons, up 0.43 million tons [2] 3.5 Downstream and Application - The output of copper products is 223.2 million tons, up 1 million tons. The cumulative completed investment in power grid infrastructure is 379.576 billion yuan, up 48.079 billion yuan; the cumulative completed investment in real estate development is 6770.571 billion yuan, up 739.652 billion yuan [2] 3.6 Option Situation - The 20 - day historical volatility of Shanghai copper is 22.74%, down 0.02%; the 40 - day historical volatility is 16.94%, down 0.01%. The current - month at - the - money IV implied volatility is 17.58%, down 0.0187%; the at - the - money option call - put ratio is 1.28, up 0.0062 [2] 3.7 Industry News - Reuters survey: The Fed is expected to cut interest rates twice this year, and the 2026 interest - rate path is highly uncertain. Trump plans to visit China early next year. The Chinese Ministry of Commerce has in - depth exchanges on issues such as export controls and the EU's anti - subsidy case against Chinese electric vehicles [2]

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 持续性有待观察，加上生猪供应压力不减，限制反弹空间。操作上建议等待反弹抛空机会。 研究员: 张昕 期货从业资格号F03109641 期货投资咨询从业证书号Z0018457 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。 生猪产业日报 2025-10-22 | 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) | 12220 | -15 主力合约持仓量:生猪(日,手) | 103570 | 408 | | | 仓单数量:生猪(日,手) ...