瑞达期货研究院 「2025.10.10」 铝类市场周报 需求提振预期向好，铝类或将有所支撑 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 业务咨询 添加客服 关 注 我 们 获 取 更 多 资 讯 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场分析 「 周度要点小结」 3 行情回顾：沪铝先升后降，周涨跌幅+1.45%，报20980元/吨。氧化铝震荡偏弱，周涨跌-0.42%，报2856元/吨。 行情展望： 氧化铝：基本面原料端，受几内亚气候原因发运减少的影响，国内土矿供给仍将呈现收减态势，土矿报价较为坚挺。 供给方面，氧化铝现货价格虽有走弱，但冶炼厂利润空间尚在，故并未出现大面积减产情况，开工率仍保持较高水平， 国内氧化铝供给量保持稳定。需求方面，电解铝产能由于前期置换、技改项目陆续完成投产，令在运行产能小幅提升， 但由于电解铝产能上限的原因，令其对氧化铝消费提振仅小幅度。整体来看，氧化铝基本面或处于供给稳定、需求小 增的局面。 策略建议：氧化铝主力合约轻仓震荡交易，注意操作节奏及风险控制。 「 周度要点小结」 行情回顾：铸铝主力合约先涨后跌， ...

菜籽类市场周报 温度下降刚需下滑 菜粕继续走低 研究员：许方莉 期货从业资格号F3073708 期货投资咨询从业证书号 Z0017638 联系电话：0595-86778969 关 注 我 们 获 取 更 多 资 讯 业 务 咨 询 添 加 客 服 瑞达期货研究院 「2025.10.10」 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场分析 「 周度要点小结」 总结及策略建议 Ø 菜油： Ø 策略建议：偏多参与为主，关注中加贸易情况。 3 Ø 行情回顾：本周菜油期货冲高回落，01合约收盘价10061元/吨，较前一周+17元/吨。 Ø 行情展望：加拿大统计局报告显示，加菜籽作物产量预估为2000万吨，这将是2018年以来最高水 平。且加菜籽进入收割期，丰产逐步兑现，对加菜籽价格带来一定压力。其它方面，印尼B50生 柴政策取得新的进展，利好棕榈油市场，但MPOB数据显示，截至9月末，马来西亚的棕榈油库存 为较前月增加7.2%，至236万吨，已经连续七个月增长，且库存水平接近约两年来最高水平。国 内方面，对加拿大菜籽反倾销政策的初裁落地，预计四季度进口菜籽供应将结构性收紧，菜油也 将继续维持去库模式 ...

Report Overview - Report Name: Weekly Report on the Pig Market [2] - Date: October 10, 2025 - Researcher: Zhang Xin - Industry: Pig Market 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - The pig price opened significantly lower and declined after the holiday, with the main contract 2511 falling 8.38% weekly. In the short - term, the supply - demand pattern of pigs remains loose, and the pig price will oscillate weakly. It is recommended to conduct short - side trading on the 2601 contract or perform reverse arbitrage operations on pig futures [7]. 3. Summary by Relevant Catalogs 3.1 Week - to - Week Highlights - **Market Review**: The pig price opened low and dropped after the holiday, with the main contract 2511 down 8.38% weekly [7][10]. - **Market Outlook**: Supply pressure persists in the near - term due to the inventory cycle of piglets and breeding sows and postponed slaughter plans. Retail farmers are actively selling due to losses and pessimism. Post - holiday demand declines, and slaughterhouse operations decrease. The short - term supply - demand pattern remains loose, and the pig price will oscillate weakly. Suggest short - side trading on the 2601 contract or reverse arbitrage on pig futures [7]. 3.2 Futures Market - **Price Movement**: The futures price fell, and the main contract 2511 dropped 8.38% weekly [7][10]. - **Net Position and Warehouse Receipts**: As of October 10, the net short position of the top 20 holders increased by 5388 lots to 33089 lots, and the number of futures warehouse receipts remained at 0, unchanged from before the holiday [16]. - **Contract Spreads**: The spread between lh2601 and lh2603 contracts was 180, and the spread between lh2601 and lh2605 contracts was - 385 [22]. 3.3 Spot Market - **Basis**: The basis of the November contract was - 320 yuan/ton, and the basis of the January contract was - 1140 yuan/ton [27]. - **Pig and Piglet Prices**: The national average pig price was 12.5 yuan/kg, down 0.08 yuan/kg from last week and 5.94% from last month. The average price of 15 - kg weaned piglets was 24.86 yuan/kg, down 0.52 yuan/kg from last week and 11.21% from last month [34]. - **Pork and Breeding Sow Prices**: The national average pork price on September 25 was 24.29 yuan/kg, down 0.22 yuan/kg from the previous week. The average price of binary sows last week was 32.50 yuan/kg, unchanged from the previous week [38]. - **Pig - to - Grain Ratio**: As of September 24, the pig - to - grain ratio was 5.68, down 0.13 from the previous week and below 6:1 [42]. 3.4 Upstream Situation - **Breeding Sow Inventory**: In August 2025, the national breeding sow inventory was 40380000 heads, down 40000 heads month - on - month, up 0.05% year - on - year, and 103.5% of the normal level. Among the 208 sample enterprises, the inventory of 123 large - scale farms was 5056500 heads, down 0.83% month - on - month and up 1.86% year - on - year; the inventory of 85 small and medium - sized farms was 173900 heads, down 0.09% month - on - month and up 5.92% year - on - year [47]. - **Pig Inventory**: In Q2 2023, the national pig inventory was 424470000 heads, up 7160000 heads from the previous quarter and 9140000 heads year - on - year. In August, the inventory of 123 large - scale farms was 3614500000 heads, up 1.11% month - on - month and 5.28% year - on - year; the inventory of 85 small and medium - sized farms in July was 148820000 heads, up 2.49% month - on - month and 7.23% year - on - year [52]. - **Pig Slaughter Volume and Average Weight**: In August, the slaughter volume of 123 large - scale farms was 1070350000 heads, up 2.56% month - on - month and 23.49% year - on - year; the slaughter volume of 85 small and medium - sized farms in July was 47370000 heads, down 1.44% month - on - month and up 54.30% year - on - year. The average slaughter weight of national outer - ternary pigs was 123.48 kg, up 0.01 kg from last week [57]. 3.5 Industry Situation - **Breeding Profits**: As of September 26, the loss of purchasing piglets for breeding was 236.57 yuan/head, an increase of 37.25 yuan/head; the loss of self - breeding and self - raising was 74.11 yuan/head, a decrease of 49.66 yuan/head. The profit of laying hens was 0.11 yuan/head, down 0.06 yuan/head week - on - week, and the profit of 817 meat - hybrid chickens was 1.40 yuan/head [62]. - **Pork Imports**: From January to August 2025, the cumulative pork imports were 710000 tons, with a monthly average of 88750 tons. In August, the imports were 80000 tons, down 11.11% year - on - year [63][67]. - **Substitute Products**: As of September 26, the price of white - striped chickens was 14.4 yuan/kg, up 0.1 yuan/kg from last week. As of October 9, the average price difference between standard and fat pigs was - 0.59 yuan/kg, with the price difference of fat pigs expanding by 0.2 yuan/kg [70]. - **Feed Situation**: As of October 10, the spot price of soybean meal was 3013.71 yuan/ton, down 4.86 yuan/ton from the previous week; the price of corn was 2311.57 yuan/ton, down 57.06 yuan/ton from the previous week. The closing price of the Dalian Commodity Exchange pig feed cost index was 877.43, down 0.99% from last week. The price of finishing pig compound feed was 3.34 yuan/kg, down 0.01 yuan/kg from last week. In August 2025, the monthly feed output was 2927200 tons, up 99900 tons month - on - month; the sales of piglet feed decreased by 0.04% month - on - month and 0.74% year - on - year [76][82][85]. - **CPI**: As of August 2025, China's CPI decreased by 0.4% year - on - year [89]. 3.6 Downstream Situation - **Slaughterhouse Operations**: In the 41st week, the slaughterhouse operation rate was 34.53%, down 1.24 percentage points from last week but higher than the same period last year. The domestic frozen - product storage rate was 17.75%, up 0.1 percentage points from last week [92]. - **Slaughter Volume and Catering Consumption**: As of August 2025, the slaughter volume of designated pig slaughterhouses was 33500000 heads, up 5.81% month - on - month. In August 2025, the national catering revenue was 44957000000 yuan, up 2.1% year - on - year [97]. 3.7 Pig Stocks - The report presents the trend charts of Muyuan Co., Ltd. and Wens Co., Ltd., but no specific analysis is provided [98][101]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - Overall, the nickel market's surplus pattern is hard to change, with nickel prices expected to adjust at a low level, and stainless - steel is expected to see price changes affected by factors such as cost, supply, and demand. For both, it is recommended to hold a wait - and - see attitude for now [7]. 3. Summary According to Relevant Catalogs 3.1 Week - to - Week Summary Nickel - This week, the main contract of Shanghai nickel first rose and then fell, with a weekly increase of 1.06% and an amplitude of 3.03%. As of this week, the closing price of the main contract was 122,180 yuan/ton. In terms of the outlook, the Fed has different views on interest rate cuts. The Indonesian government's PNBP policy restricts issuance, increasing the cost of nickel resource supply. The supply of nickel ore from the Philippines has recovered, and domestic nickel ore port inventories have increased rapidly. Newly invested electrolytic nickel projects are being put into production slowly, and some smelters have cut production due to losses. The demand from stainless - steel plants and new - energy vehicles is increasing, but the surplus pattern in the nickel market remains unchanged. Technically, it will maintain a range - bound shock. It is recommended to wait and see [7]. Stainless Steel - This week, stainless steel fluctuated widely, with a weekly increase of 0.39% and an amplitude of 1.41%. As of this week, the closing price of the main contract was 12,780 yuan/ton. In terms of the outlook, the cost of raw materials has increased, and the support from raw material costs has strengthened. Although the production profit of steel mills has shrunk, the production schedule has increased due to the arrival of the traditional consumption season. The downstream demand is expected to increase, and the domestic inventory is in a de - stocking trend. Technically, the short - selling atmosphere is relatively strong, and it is facing pressure at the MA60 line. It is recommended to wait and see [7]. 3.2 Futures and Spot Market Price Changes - As of October 10, the closing price of Shanghai nickel was 122,180 yuan/ton, a decrease of 810 yuan/ton from last week; the closing price of stainless steel was 12,805 yuan/ton, a decrease of 125 yuan/ton from last week. The average price of nickel pig iron (1.5 - 1.7%) was 3,400 yuan/ton, a decrease of 50 yuan/ton from last week; the average price of nickel iron (7 - 10%) in the whole country was 955 yuan/nickel, the same as last week [13]. Basis Changes - As of October 10, the spot price of electrolytic nickel was 123,850 yuan/ton, with a basis of 1,670 yuan/ton; the closing price of stainless steel was 13,700 yuan/ton, with a basis of 895 yuan/ton [18]. Ratio Changes - As of October 10, the price ratio of Shanghai nickel to stainless steel on the SHFE was 9.54, an increase of 0.03 from last week; the price ratio of Shanghai tin to Shanghai nickel was 2.34 yuan/ton, an increase of 0.12 from last week [25]. Net Long Position Changes - As of October 10, 2025, the net long position of the top 20 in Shanghai nickel was - 37,172 lots, a decrease of 5,542 lots compared to September 26, 2025. The net long position of the top 20 in stainless steel was - 3,446 lots, a decrease of 3,279 lots compared to September 26, 2025 [31]. 3.3 Industrial Chain Situation Supply Side - **Nickel Ore and Electrolytic Nickel Production**: As of September 26, the nickel ore inventory in major domestic ports was 14.0937 million tons, an increase of 92,600 tons from last week. As of October 10, the production profit of electrowon nickel was 950 yuan/ton, a decrease of 975 yuan/ton from last week. In August 2025, the electrolytic nickel production was 36,695 tons, a year - on - year increase of 0.3%. The import volume of refined nickel and alloys in August 2025 was 24,426.841 tons, a year - on - year decrease of 36.11%; from January to August, the cumulative import volume of refined nickel and alloys was 158,615.111 tons, a year - on - year increase of 180.61% [37][38][43]. - **Inventory Changes**: As of October 10, the SHFE nickel inventory was 33,119 tons, an increase of 5,619 tons from last week. The LME nickel inventory was 237,378 tons, an increase of 5,700 tons from last week [49][50]. Demand Side - **Stainless Steel Production and Trade**: In August 2025, the total output of stainless crude steel was 3.3156 million tons, a month - on - month increase of 3.26%. Among them, the output of 400 - series was 570,400 tons, a month - on - month decrease of 0.23%; the output of 300 - series was 1.7379 million tons, a month - on - month increase of 2.34%; the output of 200 - series was 1.0073 million tons, a month - on - month increase of 7.05%. In August 2025, the stainless steel import volume was 113,500 tons, a month - on - month increase of 44,500 tons; the export volume was 370,400 tons, a month - on - month increase of 24,800 tons. From January to August, the cumulative net import volume was - 1.8351 million tons, a year - on - year decrease of 256,800 tons [54]. - **Regional Inventory**: As of October 3, the inventory of 300 - series stainless steel in Foshan decreased by 32,000 tons from last week, and the inventory in Wuxi decreased by 43,400 tons from last week [59]. - **Production Profit**: As of October 10, the production profit of stainless steel was - 238 yuan/ton, a decrease of 97 yuan/ton from last week [63]. - **Downstream Industries**: From January to August 2025, the new housing construction area was 398.0101 million square meters, a year - on - year decrease of 19.5%; the housing completion area was 276.9354 million square meters, a year - on - year decrease of 17%; the real estate development investment was 603.0919 million square meters, a year - on - year decrease of 12.9%. In August 2025, the air - conditioner output was 16.8188 million units, a year - on - year increase of 12.27%; the household refrigerator output was 9.4532 million units, a year - on - year increase of 5.31%; the household washing - machine output was 10.1318 million units, a year - on - year increase of 0.2%; the freezer output was 2.2423 million units, a year - on - year increase of 3.76%. In August 2025, the new - energy vehicle production was 2.815 million units, a year - on - year increase of 32.3%; the sales volume was 2.857 million units, a year - on - year increase of 40.4%. The excavator output was 27,590 units, a year - on - year increase of 13.2%; the large - and medium - sized tractor output was 26,682 units, a year - on - year increase of 11.7%; the small - sized tractor output was 9,000 units, the same as last year [67][70].

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - This week, the main contract of Shanghai Zinc rebounded from a low level, with a weekly increase of 2.04% and an amplitude of 2.59%. It is expected that zinc prices will stabilize and adjust. Macroscopically, there are differences in the Fed's attitude towards interest rate cuts. Fundamentally, the import volume of zinc ore at home and abroad has increased, the growth of zinc ore processing fees has slowed down, the profit space of smelters is large, and the production enthusiasm has increased. The output of refined zinc has reached a high level. However, the overseas zinc ore is tight, resulting in an expansion of import losses and a decrease in the inflow of imported zinc. The demand side is affected by the real - estate sector, but there are some bright spots in the automobile and home - appliance sectors. Technically, the short - selling atmosphere has weakened. It is recommended to wait and see or go long on dips [5]. 3. Summary by Relevant Catalogs 3.1 Week - on - Week Summary - **Market Review**: This week, the main contract of Shanghai Zinc rebounded from a low level, with a weekly increase of 2.04% and an amplitude of 2.59%. As of the end of this week, the closing price of the main contract was 22,270 yuan/ton [5]. - **Market Outlook**: Macroscopically, there are differences in the Fed's attitude towards interest rate cuts. Fundamentally, the import volume of zinc ore at home and abroad has increased, the growth of zinc ore processing fees has slowed down, the profit space of smelters is large, and the production enthusiasm has increased. The output of refined zinc has reached a high level. However, the overseas zinc ore is tight, resulting in an expansion of import losses and a decrease in the inflow of imported zinc, and the export window is expected to open. The traditional peak season effect is dull, and the real - estate sector is a drag, while the automobile and home - appliance sectors have some bright spots. The domestic social inventory has increased, and the LME inventory has continued to decline. Technically, the short - selling atmosphere has weakened, and attention should be paid to the competition around MA60 [5]. - **Strategy Suggestion**: It is recommended to wait and see or go long on dips [5]. 3.2 Futures and Spot Market - **Price and Ratio**: This week, the price of Shanghai Zinc futures rose, and the Shanghai - London ratio decreased. As of October 10, 2025, the closing price of Shanghai Zinc was 22,270 yuan/ton, up 225 yuan/ton or 1.02% from September 25, 2025. As of October 9, 2025, the closing price of London Zinc was 3,014 US dollars/ton, up 2.5 US dollars/ton or 0.08% from October 3, 2025 [8]. - **Net Position and Total Position**: As of October 10, 2025, the net position of the top 20 in Shanghai Zinc was 65 lots, an increase of 8,155 lots from September 25, 2025. The total position of Shanghai Zinc was 215,372 lots, a decrease of 23,090 lots or 9.68% from September 25, 2025 [12]. - **Price Spreads**: As of October 10, 2025, the aluminum - zinc futures price spread was 1,290 yuan/ton, an increase of 10 yuan/ton from September 25, 2025. The lead - zinc futures price spread was 5,130 yuan/ton, an increase of 175 yuan/ton from September 25, 2025 [16]. - **Premium and Discount**: As of October 10, 2025, the spot price of 0 zinc ingot was 22,340 yuan/ton, up 380 yuan/ton or 1.73% from September 25, 2025. The spot discount was 55 yuan/ton, an increase of 50 yuan/ton from last week. As of October 9, 2025, the LME zinc near - month and 3 - month spread was 66.8 US dollars/ton, a decrease of 8.62 US dollars/ton from October 2, 2025 [22]. - **Inventory**: As of October 10, 2025, the LME refined zinc inventory was 37,950 tons, a decrease of 1,850 tons or 4.65% from October 3, 2025. The Shanghai Futures Exchange refined zinc inventory was 106,950 tons, an increase of 8,940 tons or 9.12% from last week. As of October 9, 2025, the domestic refined zinc social inventory was 136,100 tons, an increase of 800 tons or 0.59% from September 25, 2025 [25]. 3.3 Industry Situation - **Upstream**: In July 2025, the global zinc ore output was 1.0762 million tons, a month - on - month increase of 0.73% and a year - on - year increase of 10.28%. In August 2025, the import volume of zinc ore concentrates was 467,301.43 tons, a month - on - month decrease of 6.51% and a year - on - year increase of 30.83% [31][32]. - **Supply - side - Global**: According to ILZSG data, in July 2025, the global refined zinc output was 1.1993 million tons, a year - on - year increase of 75,300 tons or 6.7%. The global refined zinc consumption was 1.1691 million tons, a year - on - year increase of 10,100 tons or 0.87%. The global refined zinc surplus was 30,200 tons, compared with a deficit of 35,000 tons in the same period last year. According to WBMS, in June 2024, the global zinc market supply - demand balance was - 27,800 tons [37][38]. - **Supply - side - Domestic**: In August 2025, the zinc output was 651,000 tons, a year - on - year increase of 22.8%. From January to August, the cumulative zinc output was 4.836 million tons, a year - on - year increase of 5.4%. In August 2025, the refined zinc import volume was 25,656.83 tons, a year - on - year decrease of 3.59%, and the export volume was 310.91 tons, a year - on - year decrease of 84.57% [41][44]. - **Downstream - Galvanized Sheets**: From January to August 2025, the inventory of galvanized sheets (strips) of domestic major enterprises was 853,700 tons, a year - on - year increase of 18.36%. In August 2025, the import volume of galvanized sheets (strips) was 42,900 tons, a year - on - year decrease of 7.27%, and the export volume was 335,200 tons, a year - on - year increase of 9.19% [47]. - **Downstream - Real Estate**: From January to August 2025, the new housing construction area was 398.0101 million square meters, a year - on - year decrease of 19.54%. The housing completion area was 276.9354 million square meters, a year - on - year decrease of 18.94%. The funds in place for real - estate development enterprises were 6.431803 trillion yuan, a year - on - year decrease of 8%. Among them, personal mortgage loans were 885.679 billion yuan, a year - on - year decrease of 10.5% [52][53]. - **Downstream - Infrastructure**: In August 2025, the real - estate development climate index was 93.05, a decrease of 0.28 from last month and an increase of 0.81 from the same period last year. From January to August 2025, the infrastructure investment increased by 5.42% year - on - year [58]. - **Downstream - Home Appliances**: In August 2025, the refrigerator output was 9.4532 million units, a year - on - year increase of 2.5%. From January to August, the cumulative refrigerator output was 70.1891 million units, a year - on - year increase of 1.9%. The air - conditioner output was 16.8188 million units, a year - on - year increase of 12.3%. From January to August, the cumulative air - conditioner output was 199.6462 million units, a year - on - year increase of 5.8% [61]. - **Downstream - Automobiles**: In August 2025, the sales volume of Chinese automobiles was 2,856,590 units, a year - on - year increase of 16.44%. The production volume was 2,815,413 units, a year - on - year increase of 12.96% [65].

瑞达期货研究院 「2025.10.10」 玉米类市场周报 收割推进现货走弱 期价维持偏弱调整 研究员：许方莉 期货从业资格号F3073708 期货投资咨询从业证书号 Z0017638 取 更 多 资 讯 联系电话：0595-86778969 关 注 我 们 获 业 务 咨 询 添 加 客 服 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场分析 「 周度要点小结」 总结及策略建议 Ø 策略建议：中长期维持偏空思路。 3 Ø 玉米： Ø 行情回顾：本周玉米期货偏弱调整。主力2511合约收盘价为2125元/吨，较节前-18元/吨。 Ø 行情展望：美国农业部发布的季度报告显示，截至9月1日，美国玉米库存为15.32亿蒲，高于分析 师平均预期的13.37亿蒲。受美国政府停摆影响，周一美国农业部未发布作物进展报告。不过，分 析师们平均预期，截至上周日，美国玉米收割完成约29%。随着美玉米收割推进，供应压力将逐 步增加，也令美玉米价格继续承压。国内方面，东北产区新玉米收割进度加快，玉米存在丰产预 期及潮粮不耐储存，基层种植户出售积极性高，贸易商多以随采随走为主，市场粮源流通量持续 增大，用粮企业承载有限导 ...

瑞达期货研究院 「2025.10.10」 沪锡市场周报 供应受限库存下降 预计锡价震荡偏强 王福辉 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 研究员： 添加客服 业务咨询 关 注 我 们 获 取 更 多 资 讯 目录 1、周度要点小结 2、期现市场 3、产业情况 「 周度要点小结」 来源：瑞达期货研究院 3 行情回顾：本周沪锡主力高开高走，周线涨跌幅为+4.10%，振幅3.80%。截止本周主力合约收盘报 价286350元/吨。 行情展望：宏观面，美联储理事巴尔强调通胀风险、称降息需谨慎。美联储"三把手"威廉姆斯： 支持今年进一步降息，并不认为经济处于衰退边缘。基本面，印尼普拉博沃总统下令关闭邦加勿里 洞1000座非法锡矿，或加剧锡矿供应紧张；自缅甸进口锡矿量有所回升，随着采矿证审批通过，短 期供应有改善迹象，目前锡矿加工费维持历史低位。冶炼端，云南产区原料短缺依旧严峻；江西产 区废料回收体系承压，开工率保持在较低水平。需求端，因国庆后沪锡价格补涨，整体价格大幅拉 升，现货成交受到抑制，绝大多数下游企业采取观望态势，暂停采买活动。市场反馈暂无成交或仅 少量刚需成交，现货升水略下调 ...

瑞达期货研究院 「2025.10.10」 国债期货周报 债市底部震荡，多头动能偏弱 研究员 廖宏斌 期货从业资格号 F30825507 期货投资咨询从业证号 Z0020723 目录 1、行情回顾 2、消息回顾与分析 3、图表分析 4、行情展望与策略 周度要点总结 政策及监管：1、10月9日，商务部公布对境外相关稀土物项实施出口管制的决定指出，境外特定出口经营者在向中国以外的其他国家和 地区出口前，必须获得中国商务部颁发的两用物项出口许可证件；对向境外军事用户的出口申请以及向出口管制管控名单和关注名单所 列的进口商和最终用户的出口申请，原则上不予许可；2、国家发改委、市场监管总局发布《关于治理价格无序竞争 维护良好市场价格 秩序的公告》。针对部分产业出现的无序竞争现象，《公告》提出调研评估行业平均成本、加强价格监管、规范招标投标行为等多项措 施，释放维护公平竞争的明确信号。 基本面：1、国内:1）今年国庆中秋假期消费市场增势良好。国内出游总花费8090.06亿元，较2024年国庆节假日7天增加1081.89亿元。 全国消费相关行业日均销售收入同比增长4.5%。其中，商品消费和服务消费同比分别增长3.9%和7.6 ...

供给收敛需求提振，沪铜或将有所支撑 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 取 更 多 资 讯 「2025.10.10」 沪铜市场周报 瑞达期货研究院 业务咨询 添加客服 关 注 我 们 获 目录 1、周度要点小结 2、期现市场 3、产业情况 「 周度要点小结」 行情回顾：沪铜主力合约周线冲高回调，周线涨跌幅为+3.37%，振幅4.19%。截止本周主力合约收盘报价85910元/吨。 后市展望：国际方面，矿业巨头自由港披露，其旗下印尼Grasberg矿区遭遇泥石流事故，造成人员伤亡，并且对该矿区 的开采设施造成不同程度损坏，受此影响该矿区暂停营运。国内方面，国家统计局公布，9月中国制造业PMI为49.8%，环 比上升0.4个百分点；综合PMI产出指数为50.6%，上升0.1个百分点，我国经济总体产出扩张略有加快。基本面矿端，TC 费用持续运行于负值区间，铜矿供给受海外矿区停工影响，令原本紧缺的供给再度收紧。供给端，在原料趋紧的背景下， 冶炼厂产能预计将有所受限，加之原料成本的上涨、冶炼副产品硫酸价格的回落，侵蚀冶炼厂利润，生产意愿亦将有所回 落，国内精铜供 ...

瑞达期货研究院 「2025.10.10」 焦煤市场周报 供应下降库存回升，盘面延续宽幅震荡 研究员：徐玉花 期货从业资格号F03132080 期货投资咨询从业证书号 Z0021386 关 注 我 们 获 取 更 多 资 讯 业 务 咨 询 添 加 客 服 目录 1、周度要点小结 2、期现市场 3、产业链情况 「 周度要点小结1」 行情回顾 3 来源：瑞达期货研究院 1. 523家炼焦煤矿山产量：原煤日均产量183.9万吨，环比减10.3万吨。 2. 314家独立洗煤厂：精煤日产26.8万吨，环比减0.7万吨。 3. 炼焦煤总库存（独立焦化厂+6大港口+钢厂）：为1969.71万吨，环比增加53.60万吨，同比增加1.28%。 4. 仓单：唐山蒙5#精煤报1422，折盘面1202 5. 吨焦盈利情况：全国30家独立焦化厂平均吨焦盈利9元/吨。 6. 钢厂盈利率：钢厂盈利率56.28%，环比上周减少0.43个百分点，同比去年减少15.15个百分点。 7. 需求端铁水产量：日均铁水产量241.54万吨，环比上周减少0.27万吨，同比去年增加8.46万吨。 「 周度要点小结2」 行情展望 4 来源：瑞达期货研究院 1 ...