1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The HC2601 contract decreased with increasing positions on Wednesday. Overall, iron ore prices are under pressure and the support from steel - making costs is weakening. Meanwhile, tariff disturbances will continue to affect market sentiment in the short term. Technically, the 1 - hour MACD indicator of the HC2601 contract shows that DIFF and DEA are running below the 0 - axis. The operation strategy is to be bearish with oscillations, and attention should be paid to rhythm and risk control [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the HC main contract is 3,212 yuan/ton, down 29 yuan; the position volume is 1469405 lots, up 17676 lots. The net position of the top 20 in the HC contract is - 53,264 lots, down 12323 lots; the HC1 - 5 contract spread is - 11 yuan/ton, down 4 yuan. The HC warehouse receipt at the Shanghai Futures Exchange is 99691 tons, up 39913 tons; the HC2601 - RB2601 contract spread is 178 yuan/ton, down 2 yuan [2] 3.2 Spot Market - The price of 4.75 hot - rolled coils in Hangzhou is 3,310 yuan/ton, down 10 yuan; in Guangzhou it is 3,260 yuan/ton, unchanged; in Wuhan it is 3,370 yuan/ton, unchanged; in Tianjin it is 3,200 yuan/ton, down 20 yuan. The basis of the HC main contract is 98 yuan/ton, up 19 yuan; the price difference between hot - rolled coils and rebar in Hangzhou is 80 yuan/ton, unchanged [2] 3.3 Upstream Situation - The price of 61.5% PB fine ore at Qingdao Port is 781 yuan/wet ton, down 10 yuan; the price of quasi - first - grade metallurgical coke in Hebei is 1,490 yuan/ton, unchanged. The price of 6 - 8mm scrap steel in Tangshan is 2,260 yuan/ton, unchanged; the price of Q235 billet in Hebei is 2,910 yuan/ton, down 20 yuan. The inventory of iron ore at 45 ports is 14,028.67 million tons, up 31.32 million tons; the inventory of coke at sample coking plants is 42.55 million tons, up 3.49 million tons. The inventory of coke at sample steel mills is 650.57 million tons, down 12.54 million tons; the inventory of billets in Hebei is 127.6 million tons, up 7.94 million tons [2] 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills is 84.25%, down 0.02 percentage points; the blast furnace capacity utilization rate is 90.53%, down 0.10 percentage points. The weekly output of hot - rolled coils at sample steel mills is 323.29 million tons, down 1.40 million tons; the capacity utilization rate is 82.58%, down 0.37 percentage points. The weekly inventory of hot - rolled coils at sample steel mills is 83.60 million tons, up 2.40 million tons; the social inventory of hot - rolled coils in 33 cities is 329.30 million tons, up 29.92 million tons. The monthly output of domestic crude steel is 7,737 million tons, down 229 million tons; the net export volume of steel is 991.70 million tons, up 90.70 million tons [2] 3.5 Downstream Situation - The monthly output of automobiles is 327.60 million vehicles, up 46.06 million vehicles; the monthly sales volume is 322.60 million vehicles, up 36.94 million vehicles. The monthly output of air conditioners is 1,681.88 million units, down 377.77 million units; the monthly output of household refrigerators is 945.32 million units, up 72.25 million units. The monthly output of household washing machines is 1,013.18 million units, up 135.75 million units [2] 3.6 Industry News - In September 2025, the national ex - factory price of industrial producers decreased by 2.3% year - on - year, with the decline narrowing by 0.6 percentage points compared with the previous month, and remaining flat month - on - month. The purchase price of industrial producers decreased by 3.1% year - on - year, with the decline narrowing by 0.9 percentage points compared with the previous month, and rising 0.1% month - on - month. From January to September, the average ex - factory price of industrial producers decreased by 2.8% compared with the same period of the previous year, and the purchase price of industrial producers decreased by 3.2% [2] - The Ministry of Industry and Information Technology held a symposium on the industrial economic operation of some provinces, emphasizing the need to intensify the implementation of a new round of ten key industry stable - growth work plans [2] 3.7 Key Points of Attention - The weekly output, in - plant inventory and social inventory of hot - rolled coils on Thursday [2]

碳酸锂产业日报 2025/10/15 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。 研究员: 陈思嘉 期货从业资格号F03118799 期货投资咨询从业证书号Z0022803 | 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（日，元/吨） | | 72,720.00 | +40.00↑ 前20名净持仓（日，手） | -131,119.00 | +8086.00↑ | | 期货市场 | 主力合约持仓量（日，手） | | 186,939.00 | -5992.00↓ 近远月合约价差（日，元/吨） ...

股指期货全景日报 2025/10/15 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 微信号：yanjiufuwu 电话：0595-86778969 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 IF主力合约（2512） | 最新 4576.4 | 环比 数据指标 +77.2↑ IF次主力合约（2510） | 最新 4601.6 | 环比 +70.6↑ | | --- | --- | --- | --- | --- | --- | | | IH主力合约（2512） | 2997.4 | +44.4↑ IH次主力合约（2510） | 2999.4 | | | | IC主力合 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For soda ash, supply is expected to be abundant and demand to weaken. Without production cut expectations, prices are likely to continue falling, but there may be variables with the "anti - involution" hype. It shows some signs of bottom - building, and investors are advised to short - term go long on the main soda ash contract at low levels [2]. - For glass, in October, the supply is relatively stable, and there are expectations of production line cold - repairs due to factors like rising natural gas prices and environmental policies. The demand showed a short - term rebound during the National Day but may not be sustainable. Prices are likely to rise with a pattern of post - holiday supply contraction, reduced inventory pressure, and policy expectations. Investors are advised to short - term go long on the main glass contract at low levels [2]. Summary by Directory Futures Market - Soda ash main contract closing price is 1,232 yuan/ton, down 2 yuan; glass main contract closing price is 1,129 yuan/ton, down 9 yuan [2]. - The price difference between soda ash and glass is 103 yuan/ton, up 7 yuan; soda ash main contract open interest is 1,377,333 lots, down 7,021 lots; glass main contract open interest is 1,464,845 lots, up 55,157 lots [2]. - Soda ash top 20 net open interest is - 267,465 lots, up 766 lots; glass top 20 net open interest is - 179,438 lots, down 40,952 lots [2]. - Soda ash exchange warehouse receipts are 7,856 tons, down 26 tons; glass exchange warehouse receipts are 0 tons, unchanged [2]. - Soda ash basis is - 64 yuan/ton, up 33 yuan; glass basis is - 13 yuan, up 1 yuan [2]. - The spread between January and May glass contracts is - 142 yuan, down 8 yuan; the spread between January and May soda ash contracts is - 87 yuan, up 2 yuan [2]. Spot Market - North China heavy soda ash is 1,170 yuan/ton, up 20 yuan; Central China heavy soda ash is 1,300 yuan/ton, unchanged [2]. - East China light soda ash is 1,250 yuan/ton, unchanged; Central China light soda ash is 1,145 yuan/ton, down 70 yuan [2]. - Shahe glass sheets are 1,124 yuan/ton, down 8 yuan; Central China glass sheets are 1,200 yuan/ton, down 20 yuan [2]. Industry Situation - Soda ash plant operating rate is 88.41%, down 0.76 percentage points; float glass enterprise operating rate is 76.01%, unchanged [2]. - Glass in - production capacity is 16.07 million tons/year, up 0.05 million tons; the number of in - production glass production lines is 225, unchanged [2]. - Soda ash enterprise inventory is 168.46 million tons, up 2.48 million tons; glass enterprise inventory is 62.824 million weight boxes, up 3.469 million weight boxes [2]. Downstream Situation - Cumulative real estate new construction area is 398.0101 million square meters, up 45.9501 million square meters; cumulative real estate completion area is 276.9354 million square meters, up 26.5954 million square meters [2]. Industry News - Many soda ash plants have production adjustments, including production cuts, startups, and load changes. For example, Henan Zhongyuan Chemical's soda ash plant reduced production, Hubei Shuanghuan's plant started up, and Shandong Hualu - Hengsheng's plant restored production [2]. - Overall, the domestic soda ash operating rate is rising, and production is increasing. In the long - term, some backward production capacity may be phased out, while natural - soda ash production capacity is rising [2]. - The Sichuan - Chongqing soda ash market is stable, and supply is expected to increase with plant restarts [2]. Glass Market - In October, glass production lines are relatively stable. Rising natural gas prices may lead to more cold - repairs, and environmental policies may limit capacity release [2]. - During the National Day, the real estate sales situation improved, but the overall price recovery is limited, and demand may not be sustainable [2].

| | | 象，但是预计反弹高度有限，操作上建议，从铅价建议逢低布局多单。 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 | | --- | --- | --- | --- | --- | --- | | | 沪铅主力合约收盘价(日,元/吨) 11-12月合约价差:沪铅(日,元/吨) | 17110 -10 | 60 LME3个月铅报价(日,美元/吨) 5 沪铅持仓量(日,手) | 1977.5 84493 | -16 886 | | 期货市场 | | | | | | | | 沪铅前20名净持仓(日,手) | -3855 | 528 沪铅仓单(日,吨) | 30705 | 11 ...

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 生猪产业日报 2025-10-15 | 项目类别 | 数据指标 环比 数据指标 | 最新 | | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | 期货主力合约收盘价:生猪(日,元/吨) | 11400 | -50 主力合约持仓量:生猪(日,手) | 44805 | -3846 | | | 仓单数量:生猪(日,手) | 111 | 21 期货前20名持仓:净买单量:生猪(日,手) | -30361 | 1006 | | 现货价格 | 生猪价 河南 驻马店(日,元/吨) | 11200 | 100 生猪价 吉林 四平(日,元/吨) | 11400 | 400 | | | 生猪价 广东 云浮(日,元/吨) | 11300 | 200 生猪主力基差(日,元/吨) | -200 | 150 | | 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: ...

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。 国债期货日报 2025/10/15 端在期货 | 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 | 108.130 | -0.06% T主力成交量 | 89364 | -36447↓ | | | TF主力收盘价 | 105.730 | -0.03% TF主力成交量 | 47109 | -26353↓ | | | TS主力收盘价 | 102.382 | 0% TS主力成交量 | 24518 | -7649↓ | | | TL主力收盘价 | 114.580 | -0.1 ...

整体来看工业硅继续低位震荡，但枯水期减产影响，工业硅有望继续上行，但不宜过分追多，操作上建议, 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 逢低布局多单。 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 工业硅产业日报 2025-10-15 业开工情况稳定，但需求表现较为一般，对工业硅拉动有限。整体而言，三大下游行业对工业硅总需求依 免责声明 旧呈现负向。当前行业库存仍处于高位，尽管标准仓单数量有所减少，但库存消化仍面临一定压力。目前 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 | 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) | 8570 | 50 主力合约持仓量(日,手) | 144190 | -18484 | | | 前20名净持仓(日,手) | -4475 ...

免责声明 红枣产业日报 2025-10-15 | 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:红枣(日,元/吨) | 11105 | -5 主力合约持仓量:红枣(日,手) | 161098 | 342 0 | | | 期货前20名持仓:净买单量:红枣(日,手) | -3986 | -585 仓单数量:红枣(日,张) | 0 | | | | 有效仓单预报:红枣:小计(日,张) | 0 | 0 | | | | 现货市场 | 喀什红枣统货价格(日,元/公斤) | 6 | 0 河北一级灰枣批发价格(日,元/斤) | 4.75 | 0 | | | 阿拉尔红枣统货价格(日,元/公斤) | 5.2 | 0 河南一级灰枣批发价格(日,元/斤) | 4.75 | 0 | | | 阿克苏红枣统货价格(日,单位:元/公斤) | 4.8 | 0 河南红枣特级价格(元/公斤) | 10.5 | 0 | | | 河北红枣特级价格(元/公斤) | 10.58 | -0.03 广东红枣特级价格( ...

白糖产业日报 2025-10-15 | 项目类别 | 数据指标 数据指标 | 最新 | 环比 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:白糖(日,元/吨) 6 主力合约持仓量:白糖(日,手) | 5403 | | 433188 | 11032 | | | 仓单数量:白糖(日,张) -50 期货前20名持仓:净买单量:白糖(日,手) | 8438 | | -75631 | -7196 | | | 有效仓单预报:白糖:小计(日,张) 进口加工估算价(配额内):巴西糖(日,元/ | 0 | 0 | | | | 吨) 现货市场 | -37 进口加工估算价(配额内):泰国糖(日,元/ | 4426 | | 4446 | -38 -50 | | | 进口巴糖估算价(配额外,50%关税)(日,元 -49 进口泰糖估算价(配额外,50%关税)(日,元 | | 吨) | | | | | | 5621 | | 5647 | | | /吨) | 现货价:白砂糖:昆明(日,元/吨) -10 现货价:白砂糖:南宁(日,元/吨) | 5770 ...