| 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:白糖(日,元/吨) -26 主力合约持仓量:白糖(日,手) | 5470 | | | 390023 | 4187 | | | 仓单数量:白糖(日,张) -186 期货前20名持仓:净买单量:白糖(日,手) | 8681 | | | -75264 | 209 | | | 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 吨) -49 进口泰糖估算价(配额外,50%关税)(日,元 | | | | | | | | | 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) /吨) ...

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。 股指期货全景日报 2025/10/13 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 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 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | IF主力合约（2512） IH主力合约（2512） | 4562.6 2961.6 | ...

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。 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 | | 集运指数（欧线）期货日报 | | | | 2025/10/13 | | | --- | --- | --- | --- | --- | --- | --- | | 项目类别 数据指标 | 最新 环比 最新 | | 数据指标 | | | 环比 | | EC主力收盘价 | 1562.500 1359.9 | | -42.6↓ EC次主力收盘价 | | | -5.50↓ | | 期货盘面 EC2512-EC2602价差 | 202.60 -30.40↓ EC2512-EC2604价差 | | | 464.00 | | -38.00↓ | | EC合约基差 | -6.20↓ | -530.70 | | | | | | 期货持仓头寸（手） EC主力持仓量 | 28771 715↑ | | | | | | | ...

| | | PVC产业日报 2025-10-13 免责声明 弱震荡，日度K线关注4690附近低点支撑。 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 持续放量，中长期看PVC供应压力仍处于偏高水平。节后下游企业陆续复产，但需求增长空间受国内地产市 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 场弱势抑制。受印度反倾销税影响，出口市场或保持观望为主。库存预计维持高位累库趋势。当前电石法 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 助理研究员: 徐天泽 期货从业资格号F03133092 工艺深度亏损，氯碱企业"以碱补氯"；但电石供应宽松、价格偏弱，成本端支撑有限。短期V2601预计偏 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 | ...

改善预期。只是高仓单对盘面价格压制作用仍存。短期SH2601预计震荡走势，区间预计在2460-2520附近 。 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 | 主力收盘价:烧碱(日,元/吨) | 2464 | -6 烧碱主力合约持仓量(日,手) | 109226 | 721 | | | 期货前20名净持仓:烧碱(日,手) | -1357 | 466 烧碱主力合约成交量(日,手) | 289693 | 8272 | | | 合约收盘价:烧碱:1月(日,元/吨) | 2464 | -6 合约收盘价:烧碱:5月(日,元/吨) | 2563 | -6 | | | 期货前20名净持仓:烧碱(日,手) | -1357 | 466 | | | | 现货市场 | 烧碱(32%离子膜碱):山东地区(日,元/吨) | 820 | 5 烧碱(32%离子膜碱):江苏地区(日,元/吨) | 940 | 0 | | | 山东地区32%烧碱折百价(日,元/吨) | 2562.5 | 15.62 基差:烧 ...

Report Industry Investment Rating - Not provided Core Viewpoints - The domestic pure benzene supply and demand remain weak, and the profit of petroleum benzene continues to be at a low level. This week, some domestic petroleum benzene and hydrobenzene plants are restarting, and the output of pure benzene is expected to increase further. In October, new plants of downstream styrene, caprolactam, and phenol are planned to be put into operation, with a converted production capacity higher than that of pure benzene. However, large styrene plants are still in the maintenance period, and the loads of caprolactam, phenol, and adipic acid plants are expected to decline this week, so the demand side will remain weak in the short term. Affected by the US's claim of imposing additional tariffs on China, international oil prices dropped significantly on Friday. After the early negative factors are digested, BZ2603 is expected to fluctuate in the short term, with the range expected to be around 5650 - 5750 [2] Summary by Relevant Catalogs Futures Market - The closing price of the main pure benzene contract was 5682 yuan/ton, a decrease of 52 yuan; the settlement price was 5707 yuan/ton, a decrease of 26 yuan. The trading volume was 6668 lots, an increase of 2255 lots; the open interest was 13554 lots, an increase of 23 lots [2] Spot Market - The mainstream prices of pure benzene in the East China, North China, South China, and Northeast regions were 5720 yuan/ton, 5570 yuan/ton, 5750 yuan/ton, and 5521 yuan/ton respectively. The prices in the Northeast region decreased by 62 yuan/ton, while the others remained unchanged. The mainstream prices of hydrobenzene in Jiangsu and Shanxi regions were 5675 yuan/ton and 5450 yuan/ton respectively, with decreases of 50 yuan/ton and 250 yuan/ton. The FOB intermediate price of pure benzene in South Korea was 693 dollars/ton, a decrease of 5 dollars; the CFR intermediate price of pure benzene in China was 706.11 dollars/ton, a decrease of 3.39 dollars [2] Upstream Situation - The spot price of Brent DTD crude oil was 65.08 dollars/barrel, a decrease of 2.57 dollars; the CFR intermediate price of naphtha in the Japanese region was 576.75 dollars/ton, a decrease of 7.5 dollars [2] Industry Situation - The capacity utilization rate of pure benzene was 78.14%, an increase of 0.13 percentage points; the weekly output was 46.02 tons, an increase of 0.32 tons. The terminal inventory of pure benzene at ports was 9.1 tons, a decrease of 1.5 tons. The production cost was 5327.8 yuan/ton, a decrease of 118.2 yuan; the production profit was 737 yuan/ton, an increase of 76 yuan [2] Downstream Situation - The开工率 of styrene was 73.61%, an increase of 2.37 percentage points; the capacity utilization rates of caprolactam, phenol, aniline, and adipic acid were 95.72%, 78.54%, 69.24%, and 64.3% respectively. The capacity utilization rate of caprolactam increased by 6.41 percentage points, adipic acid increased by 2 percentage points, while phenol decreased by 0.46 percentage points and aniline decreased by 0.1 percentage point [2] Industry News - From October 4th to 10th, the capacity utilization rate of petroleum benzene increased by 0.55% to 79.29% week-on-week, and that of hydrobenzene decreased by 0.75% to 63.24% week-on-week. The weighted operating rate of pure benzene downstream increased by 1.56% to 77.72% week-on-week. As of October 13th, the inventory of pure benzene in East China ports was 9.0 tons, a decrease of 1.10% compared with last week. From October 9th to 11th, the profit of petroleum benzene in China was 314 yuan/ton, a decrease of 105 yuan/ton compared with last week [2]

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 塑料产业日报 2025-10-13 | 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) | 6983 | -54 1月合约收盘价:聚乙烯(日,元/吨) | 6983 | -54 | | | 5月合约收盘价:聚乙烯(日,元/吨) | 7029 | -37 9月合约收盘价:聚乙烯(日,元/吨) | 7071 | -53 | | | 成交量(日,手) | 280022 | 54889 持仓量(日,手) | 564785 | 6917 | | | 1-5价差 | -46 | -17 期货前20名持仓:买单量:聚乙烯(日,手) | 414526 | 4905 | | | 期货前20名持仓:卖单量:聚乙烯(日,手) | 483217 | 83 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Domestic agricultural demand is scattered, with a slight increase in local demand but no obvious improvement overall; industrial demand is stable, and the autumn fertilizer production of compound fertilizers is in the later stage, with demand in most parts of North China weakening, and it is expected that the capacity utilization rate of compound fertilizers will continue to decline slightly [2] - India's RCF has issued a new round of international urea import tenders, but due to the approaching end of China's export window period and the unclear export policy, the impact of this round of Indian tenders on the domestic urea market needs continuous tracking [2] - The rigid demand progress is still tepid, and domestic enterprises still face high inventory pressure. The short - term fluctuation range of the UR2601 contract is expected to be between 1,580 and 1,630 [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Zhengzhou urea main contract is 1,610 yuan/ton, with a week - on - week increase of 13; the 1 - 5 spread is - 68 yuan/ton, with a week - on - week increase of 1,5954 [2] - The position of the Zhengzhou urea main contract is 326,154 lots, with a week - on - week decrease of 12,710; the net position of the top 20 is - 45,149 [2] - The number of Zhengzhou urea exchange warehouse receipts is 6,917, with a week - on - week decrease of 100 [2] 3.2 Spot Market - The spot prices in Hebei, Henan, Jiangsu, Shandong, and Anhui are 1,600 yuan/ton, 1,530 yuan/ton, 1,550 yuan/ton, 1,530 yuan/ton, and 1,560 yuan/ton respectively, with week - on - week changes of 0, - 10, - 10, - 20, and - 10 [2] - The basis of the Zhengzhou urea main contract is - 80 yuan/ton, with a week - on - week decrease of 33 [2] - FOB Baltic is 370 US dollars/ton, with a week - on - week decrease of 10; FOB China's main port is 385 US dollars/ton, with no change [2] 3.3 Industry Situation - Port inventory is 41.5 tons, with a week - on - week decrease of 3.8 tons; enterprise inventory is 144.39 tons, with a week - on - week increase of 21.22 tons [2] - The urea enterprise operating rate is 85.66%, with a week - on - week increase of 0.08%; the daily urea output is 200,400 tons, with a week - on - week increase of 200 tons [2] - Urea export volume is 80 tons, with a week - on - week increase of 23; the monthly urea output in September 2025 is 5,928,680 tons, with a month - on - month decrease of 123,400 tons [2] 3.4 Downstream Situation - The compound fertilizer operating rate is 25.5%, with a week - on - week decrease of 6.96%; the melamine operating rate is 65.47%, with a week - on - week increase of 3.95% [2] - The weekly profit of compound fertilizers in China is 177 yuan/ton, with a week - on - week decrease of 9; the weekly profit of melamine with externally purchased urea is 31 yuan/ton, with a week - on - week increase of 12 [2] - The monthly output of compound fertilizers is 531.33 tons, with a month - on - month increase of 109.21 tons; the weekly output of melamine is 30,000 tons, with a week - on - week increase of 1,800 tons [2] 3.5 Industry News - As of October 9, the total inventory of Chinese urea enterprises is 144.39 tons, with a week - on - week increase of 21.22 tons and a week - on - week growth rate of 17.23%. The inventory of urea enterprises has risen to a high level this cycle [2] - As of October 9, the sample inventory of Chinese urea ports is 41.5 tons, with a week - on - week decrease of 3.8 tons and a week - on - week decline rate of 8.39%. The departure speed of port goods has accelerated this cycle [2] - In September 2025, China's urea output is 5.7477 million tons, 181,200 tons less than last month and 110,900 tons more than the same period. There are many enterprises planning to overhaul this month, and the output will continue to decline [2] 3.6 Suggestions for Attention - Pay attention to Longzhong enterprise inventory, port inventory, daily output, and operating rate on Thursday [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The short - term forecast for the br2511 contract is a price fluctuation between 10,800 - 11,400 yuan/ton. With the restart of previously overhauled cis - butadiene rubber plants and increased production, and sufficient supply of butadiene, as well as the expected increase in tire enterprise capacity utilization, the market situation is expected to change accordingly [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract for synthetic rubber is 10,920 yuan/ton, a decrease of 300 yuan/ton compared to the previous period. The main contract position is 32,013 lots, an increase of 3,155 lots. The 10 - 11 spread of synthetic rubber is - 90 yuan/ton, a decrease of 245 yuan/ton. The total warehouse receipt quantity of butadiene rubber is 2,870 tons, unchanged [2]. 3.2 Spot Market - The mainstream price of cis - butadiene rubber (BR9000) from different manufacturers shows a downward trend. The basis of synthetic rubber is 280 yuan/ton, an increase of 150 yuan/ton. The price of Brent crude oil is 62.73 dollars/barrel, a decrease of 2.49 dollars/barrel. The price of naphtha CFR Japan is 576.75 dollars/ton, a decrease of 7.5 dollars/ton. The price of Northeast Asian ethylene is 785 dollars/ton, a decrease of 20 dollars/ton. The intermediate price of butadiene CFR China is 1,020 dollars/ton, a decrease of 25 dollars/ton. The price of WTI crude oil is 58.9 dollars/barrel, a decrease of 2.61 dollars/barrel. The market price of butadiene in Shandong is 8,550 yuan/ton, a decrease of 50 yuan/ton [2]. 3.3 Upstream Situation - The weekly capacity of butadiene is 15.54 million tons/week, an increase of 0.01 million tons/week. The weekly capacity utilization rate of butadiene is 67.37%, an increase of 0.72 percentage points. The port inventory of butadiene is 27,750 tons, unchanged. The daily operating rate of Shandong local refineries' atmospheric and vacuum distillation units is 50.43%, a decrease of 3.06 percentage points. The monthly output of cis - butadiene rubber is 13.57 million tons, an increase of 0.65 million tons. The weekly capacity utilization rate of cis - butadiene rubber is 66.41%, a decrease of 3.31 percentage points. The weekly production profit of cis - butadiene rubber is - 544 yuan/ton, an increase of 114 yuan/ton. The weekly social inventory of cis - butadiene rubber is 3.23 million tons, a decrease of 0.14 million tons. The manufacturer's inventory and trader's inventory of cis - butadiene rubber are unchanged [2]. 3.4 Downstream Situation - The weekly operating rate of domestic semi - steel tires is 55.26%, a decrease of 18.32 percentage points. The weekly operating rate of domestic all - steel tires is 50.87%, a decrease of 14.85 percentage points. The monthly output of all - steel tires is 13.03 million pieces, an increase of 280,000 pieces. The monthly output of semi - steel tires is 58.06 million pieces, an increase of 1.09 million pieces. The inventory days of all - steel tires in Shandong are 39.87 days, an increase of 0.36 days. The inventory days of semi - steel tires in Shandong are 45.7 days, a decrease of 0.23 days [2]. 3.5 Industry News - As of October 9, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 42.15%, a decrease of 17.50 percentage points compared to the previous period and 36.62 percentage points compared to the same period last year. The capacity utilization rate of Chinese all - steel tire sample enterprises was 41.53%, a decrease of 13.83 percentage points compared to the previous period and 0.78 percentage points compared to the same period last year. Some enterprises carried out shutdown and maintenance during the holiday, which affected the overall capacity utilization rate. In September 2025, the domestic heavy - truck market sold about 105,000 vehicles, a 15% increase from August and an 82% increase from the same period last year. From January to September, the cumulative sales of the domestic heavy - truck market exceeded 800,000 vehicles, reaching 821,000 vehicles, a 20% increase compared to the same period last year. In September 2025, the output and capacity utilization rate of cis - butadiene rubber slightly declined. The capacity utilization rate of cis - butadiene rubber was 69.91%, a decrease of 0.49 percentage points compared to the previous period and an increase of 12.16 percentage points compared to the same period last year [2]. 3.6 Viewpoint Summary - The previously overhauled cis - butadiene rubber plants have restarted, and the domestic output has increased. Some plants have also increased their production loads, and the overall output is expected to increase month - on - month. In October, although there are maintenance plans for butadiene plants of Zhenhai Refining & Chemical and Guangzhou Petrochemical, the supply of butadiene is still abundant due to the recovery of previously under - loaded plants and imports. During the holiday, some domestic tire enterprises carried out maintenance, which significantly reduced the enterprise capacity utilization rate. As the maintenance enterprises resume production, the device capacity will be gradually released, and the capacity utilization rate of domestic tire enterprises is expected to increase significantly this week [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - On October 13, the JM2601 contract of coking coal closed at 1,146.0, down 1.63%. The spot price of Tangshan Meng 5 clean coal was reported at 1,422, equivalent to 1,202 on the futures market. With the 20th Fourth Plenary Session of the CPC Central Committee scheduled from October 20 - 23 in Beijing, during the National Day, some regional coal mines had maintenance shutdowns, leading to a slight decline in production, an increase in mine - end inventory, a continuous decline in the cumulative import growth rate for three months, and a continuous three - week increase in inventory with a seasonal upward trend. Technically, the daily K - line is between the 20 - day and 60 - day moving averages. It should be treated as a volatile operation [2]. - On October 13, the J2601 contract of coke closed at 1,642.5, down 1.14%. The coke price increase was implemented on October 1. On the macro - front, on the evening of October 12, US Vice - President Vance signaled some easing regarding Trump's latest tariff threats, saying that Trump was willing to have rational negotiations with China. Fundamentally, in terms of demand, the current hot metal output is 2.4181 million tons, a decrease of 0.0055 million tons, with hot metal output in a high - level oscillation. The total coke inventory is higher than the same period. In terms of profit, the average profit per ton of coke for 30 independent coking plants nationwide is 9 yuan/ton. Technically, the daily K - line is below the 20 - day and 60 - day moving averages. It should be treated as a volatile operation [2]. 3. Summary by Relevant Catalogs Futures Market - JM main contract closing price was 1,146.00 yuan/ton, down 15.00; J main contract closing price was 1,642.50 yuan/ton, down 24.00 [2]. - JM futures contract open interest was 800,960.00 lots, down 8,116.00; J futures contract open interest was 49,973.00 lots, up 626.00 [2]. - Net position of the top 20 JM contracts was - 88,875.00 lots, up 16,441.00; net position of the top 20 J contracts was - 4,185.00 lots, up 103.00 [2]. - JM 5 - 1 month contract spread was 96.50 yuan/ton, down 1.50; J 5 - 1 month contract spread was 152.00 yuan/ton, down 0.50 [2]. - Coking coal warehouse receipts were 200.00, unchanged; coke warehouse receipts were 2,190.00, up 40.00 [2]. - JM main contract basis was 324.00 yuan/ton, up 15.00; J main contract basis was 77.50 yuan/ton, up 24.00 [2]. Spot Market - Dry Qimantage Meng 5 raw coal price was 1,028.00 yuan/ton, unchanged; Tangshan first - grade metallurgical coke price was 1,720.00 yuan/ton, unchanged [2]. - Russian prime coking coal forward spot price (CFR) was 151.50 US dollars/wet ton, unchanged; Rizhao Port quasi - first - grade metallurgical coke price was 1,520.00 yuan/ton, unchanged [2]. - Jingtang Port Australian imported prime coking coal price was 1,490.00 yuan/ton, unchanged; Tianjin Port first - grade metallurgical coke price was 1,620.00 yuan/ton, unchanged [2]. - Jingtang Port Shanxi - produced prime coking coal price was 1,630.00 yuan/ton, unchanged; Tianjin Port quasi - first - grade metallurgical coke price was 1,520.00 yuan/ton, unchanged [2]. - Shanxi Jinzhong Lingshi medium - sulfur prime coking coal price was 1,470.00 yuan/ton, unchanged; Inner Mongolia Wuhai - produced coking coal ex - factory price was 1,180.00 yuan/ton, unchanged [2]. Upstream Situation - 314 independent coal washing plants' clean coal output was 25.70 million tons, down 1.10; their clean coal inventory was 280.20 million tons, down 22.60 [2]. - 314 independent coal washing plants' capacity utilization rate was 0.35%, down 0.02; raw coal output was 39,049.70 million tons, up 951.00 [2]. - Coal and lignite imports were 4,600.30 million tons, up 326.30; 523 coking coal mines' daily average raw coal output was 183.90, down 10.30 [2]. - 16 ports' imported coking coal inventory was 507.47 million tons, up 5.00; 18 ports' coke inventory was 252.59 million tons, down 4.00 [2]. - Independent coking enterprises' total coking coal inventory was 959.06 million tons, down 78.65; their coke inventory was 63.84 million tons, up 1.53 [2]. - 247 steel mills' coking coal inventory was 781.13 million tons, down 6.93; their coke inventory was 650.82 million tons, down 12.58 [2]. - Independent coking enterprises' available coking coal days were 12.66 days, down 0.07; 247 steel mills' available coke days were 11.42 days, down 0.18 [2]. Industry Situation - Coking coal imports were 1,016.22 million tons, up 55.50; coke and semi - coke exports were 55.00 million tons, down 34.00 [2]. - Coking coal output was 3,696.86 million tons, down 392.52; independent coking enterprises' capacity utilization rate was 75.18%, up 0.05 [2]. - Independent coking plants' average profit per ton of coke was 9.00 yuan/ton, up 43.00; coke output was 4,259.70 million tons, up 74.20 [2]. Downstream Situation - 247 steel mills' blast furnace operating rate was 84.25%, down 0.02; their blast furnace iron - making capacity utilization rate was 90.53%, down 0.10 [2]. - Crude steel output was 7,736.86 million tons, down 228.96 [2]. Industry News - The Chinese Ministry of Commerce stated that export controls are not a ban, and applications that meet regulations will be approved, and the impact on the supply chain is limited [2]. - The Chinese Ministry of Commerce responded to counter - measures against the US 301 investigation on China's shipbuilding industry, and the Ministry of Transport will charge a special port fee for US ships [2]. - The State Administration for Market Regulation launched an anti - monopoly investigation into Qualcomm [2]. - The annual power consumption of global data centers accounts for over 3% of the world's total, and it is expected to reach 11% - 17% by 2030, which may impact the power supply [2].