数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 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 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 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 焦煤焦炭产业日报 2025/10/30 | 项目类别 | 数据指标 | 最新 | 环比 | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | | JM主力合约收盘价（日，元/吨） | 1288.00 | -14.00↓ | J主力合约收盘价（日，元/吨） | 1786.50 | -14.50↓ | | 期货市场 | JM期货合约持仓量（日，手） | 970861.00 | -15149.00↓ | J期货合约持仓量（日，手） | 50050.00 | -515.00↓ | | ...

增玻璃产能，虽长期影响有限，但短期内市场对产能收缩预期增强。需求端，房地产行业作为玻璃最大的 免责声明 纯碱玻璃产业日报 2025-10-30 | 项目类别 | 数据指标 | 最新 | 环比 | 数据指标 | 最新 | 环比 | 纯碱主力合约收盘价(日,元/吨) | -24 玻璃主力合约收盘价(日,元/吨) | 1235 | 1091 | -36 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 纯碱与玻璃价差(日,元/吨) | 12 纯碱主力合约持仓量(日,手) | 144 | 1332613 | -22468 | 玻璃主力合约持仓量(日,手) | 202209 纯碱前20名净持仓 | 1875547 | -258326 | -26849 | | | | 期货市场 | 玻璃前20名净持仓 | -64260 纯碱交易所仓单(日,吨) | -295728 | 8945 | 200 | 玻璃交易所仓单(日,吨) | -13 纯碱基差(日,元/吨) | 402 | -70 | -22 | | | 玻璃基差 | ...

Group 1: Report Industry Investment Rating - The report suggests a short - biased trading strategy [2] Group 2: Core View of the Report - At the end of the month, supply pressure eases briefly, demand recovers, and second - fattening entry supports a small increase in the spot price, followed by a stable and volatile trend. However, after the price increase, second - fattening entry becomes cautious, terminal demand's carrying capacity is poor, market sentiment weakens, and the 2601 contract closes down 2.3% [2] Group 3: Summary by Relevant Catalogs 1. Futures and Spot Market - Futures: The closing price of the main futures contract for live pigs is 11,880 yuan/ton, down 305 yuan; the main contract's open interest is 135,813 lots, up 16,025 lots; the number of warehouse receipts is 206 lots, unchanged; the net long position of the top 20 futures holders is - 31,311 lots, down 1,076 lots [2] - Spot: The live pig price in Henan Zhumadian is 12,600 yuan/ton, unchanged; in Jilin Siping, it is 12,500 yuan/ton, down 200 yuan; in Guangdong Yunfu, it is 13,100 yuan/ton, up 200 yuan; the main live pig basis is 720 yuan/ton, up 305 yuan [2] 2. Upstream Situation - Pig inventory is 42,4470,000 heads, up 7160,000 heads; the inventory of breeding sows is 4,0380,000 heads, down 40,000 heads; CPI year - on - year is - 0.3%, up 0.1 percentage points; the spot price of soybean meal in Zhangjiagang is 2,970 yuan/ton, unchanged; the spot price of corn is 2,242.16 yuan/ton, down 0.59 yuan; the Dalian Commodity Exchange pig feed cost index is 879.54, up 0.69; the monthly output of feed is 31,287,000 tons, up 2,015,000 tons; the price of binary breeding sows is 1,530 yuan/head, unchanged; the breeding profit of purchased piglets is - 289.07 yuan/head, up 86.22 yuan; the breeding profit of self - bred and self - raised pigs is - 185.68 yuan/head, up 59.02 yuan; the monthly import volume of pork is 80,000 tons, unchanged; the average price of white - striped chicken in the main producing areas is 14.1 yuan/kg, down 0.2 yuan [2] 3. Downstream Situation - The slaughter volume of designated live pig slaughtering enterprises is 33,500,000 heads, up 1,840,000 heads; the monthly retail sales of social consumer goods in the catering industry is 450.86 billion yuan, up 12.9 billion yuan [2] 4. Industry News - On October 30, 2025, the daily national live pig出栏量 of key breeding enterprises was 284,450 heads, a 2.57% decrease from the previous day. At the supply end, the出栏 rhythm of large - scale farms slowed down at the end of the month and the beginning of the month, and the average出栏 weight decreased slightly, reducing supply pressure. In the second - fattening aspect, there was concentrated entry for supplementary stocking in the middle and late ten - day periods, supporting the spot market price to stop falling and rebound, but the enthusiasm for second - fattening entry cooled down as the price rose [2] 5. Key Points of Concern - There is no news today [2]

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。 | 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） | 83,400.00 | +500.00↑ 前20名净持仓（日，手） | -195,625.00 | +8348.00↑ | | 期货市场 | 主力合约持仓量（日，手） | 532,871.00 | +25989.00↑ 近远月合约价差（日，元/吨） | -1,160.00 | -500.00↓ | | | 广期所仓单（日，手/吨） | 27,641.00 | +116.00↑ | | | | 现 ...

Report Industry Investment Rating - Not provided Core Viewpoints - BZ2603 showed a slight fluctuation, closing at 5,526 yuan/ton. Last week, the operating load of petroleum benzene decreased while the operating rate of hydrobenzene increased, resulting in an overall decline in domestic pure benzene production. The operating rates of downstream industries mostly decreased, with the weighted operating rate of pure benzene downstream industries declining on a week-on-week basis. Inventory was reduced to a neutral level. The profit of petroleum benzene changed little and was at a low valuation level due to weak supply and demand. This week, petroleum benzene plants are expected to operate with a slight reduction in load, but with the increase in the load of hydrobenzene and the arrival of imported resources, the domestic supply of pure benzene is still expected to be at a relatively high level. Terminal demand is weak, and downstream plants are expected to mainly reduce their operating rates. The recent new capacity launch in the downstream is difficult to offset the negative impact of the reduction in the load of existing plants. In terms of cost, the market expects a slight increase in production by OPEC+ in December, and combined with the weak demand side of crude oil, international oil prices are under pressure. In the short term, BZ2603 is expected to show a fluctuating trend, and technically, attention should be paid to the previous low support around 5,440 and the previous high pressure around 5,640 [2]. Summary by Relevant Catalogs Futures Market - The closing price of the main contract of pure benzene was 5,526 yuan/ton, up 31 yuan; the settlement price was 5,501 yuan/ton, down 28 yuan. The trading volume was 6,746 lots, up 1,863 lots; the open interest was down 65 lots. The mainstream price in the East China market was 5,450 yuan/ton, unchanged; in the North China market, it was 5,495 yuan/ton, up 495 yuan [2]. Spot Market - The mainstream price of pure benzene in the South China market was 5,435 - 5,450 yuan/ton, unchanged; in the Northeast region, it was 5,130 - 5,170 yuan/ton, down 21 - 100 yuan. The mainstream price of hydrobenzene in Jiangsu was 5,325 yuan/ton, down 25 yuan; in Shanxi, it was 5,105 yuan/ton. The FOB mid - price of pure benzene in South Korea was 660 US dollars/ton, down 11 US dollars; the CFR mid - price of pure benzene in China was 675.84 US dollars/ton, down 11.13 US dollars [2]. Upstream Situation - The spot price of Brent DTD crude oil was 64.5 US dollars/barrel, down 1.96 US dollars. The CFR mid - price of naphtha in Japan was 568.63 US dollars/ton, down 9 US dollars. The capacity utilization rate of pure benzene was 78.14%, up 0.13 percentage points; the weekly output was 42.61 tons, down 1.19 tons [2]. Industry Situation - The port inventory of pure benzene was 9.9 tons, up 0.9 tons. The production cost of pure benzene was 5,327.8 yuan/ton, down 118.2 yuan; the production profit was 737 yuan/ton, up 76 yuan [2]. Downstream Situation - The total operating rate of styrene was 69.25%, down 2.63 percentage points; the capacity utilization rate of caprolactam was 95.72%, up 6.41 percentage points; the capacity utilization rate of phenol was 78.54%, down 0.46 percentage points; the capacity utilization rate of aniline was 69.24%, down 0.1 percentage point; the capacity utilization rate of adipic acid was 64.3%, up 2 percentage points [2]. Industry News - From October 18th to 24th, the capacity utilization rate of petroleum benzene decreased by 2.75% to 72.73% week - on - week, while the capacity utilization rate of hydrobenzene increased by 1.07% to 63.46%. The operating rates of styrene, caprolactam, and adipic acid decreased, the operating rate of phenol remained stable, and the operating rate of aniline increased. The weighted operating rate of pure benzene downstream industries decreased by 1.97% to 73.40% week - on - week. As of October 27th, the port inventory of pure benzene in Jiangsu decreased by 14.14% to 8.5 tons week - on - week. From October 17th to 23rd, the profit of petroleum benzene in China was 385 yuan/ton [2].

| | 加菜籽收割工作结束，丰产基本兑现，供应端压力较大而出口减弱，对加菜籽价格带来一定压力。不过，加拿大总理马克·卡尼在 | | --- | --- | | | 马来西亚表示，他预计将在韩国举行的亚太经合组织（APEC）峰会期间，与中国国家主席举行会晤，重点讨论两国间的贸易关系 | | 菜油观点总 | 以及全球经济形势下的新合作方向。其它方面，GAPKI预计印尼2025年棕榈油产量将增长10%,较此前预估产量要高，供应预期增 | | 结 | 加对棕榈油价格形成压制。此外，印尼B50生柴计划因矿业协会反对而存在变数，引发市场对远期生柴需求的担忧。国内方面，对 | | | 加拿大菜籽反倾销政策的初裁落地，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，对其价格形成支撑。不过， | | | 豆油供应充裕，且替代优势良好，使得菜油需求维持刚需为主。后期继续关注中加贸易政策走向。总的来看，国际贸易关系有望得 | | | 到改善，使得菜油价格再度下跌，短期观望。 | 重点关注 周一我的农产品网油菜籽开机率及各地区菜油粕库存量，中加及中美贸易关系走向 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究 ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The precious metals market regained upward momentum during intraday trading as the meeting between the top leaders of China and the US and the FOMC meeting approached. The London gold price rebounded after a sharp correction, and the London silver price regained the $48 mark. The tariff news was optimistic, causing market risk aversion to recede and increasing market volatility. Trump's tariff negotiations with Southeast Asian countries and the initial optimistic Sino - US tariff consultations were short - term negative for the gold price. The US September CPI was lower than expected, and the market fully priced in two interest rate cuts this year. Affected by the previous sharp correction, the trading sentiment was cautious, with strong profit - taking sentiment among bulls, but there was also strong buying demand at key support levels. Most Fed voting members supported restarting the easing path, and two 25 - basis - point interest rate cuts this year were the market's general expectation. Before the meeting between the top leaders of China and the US, the long - short game in the market intensified. The Fed's interest rate cut expectation and the continued US government shutdown provided bottom support. However, if the Sino - US talks achieved substantial results, the gold price might continue to correct. It is recommended to focus on range - bound trading. The recommended trading range for the Shanghai Gold 2512 contract is 880 - 920 yuan/gram, and for the Shanghai Silver 2512 contract is 11000 - 11600 yuan/kilogram [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - Shanghai Gold main contract closing price: 910.88 yuan/gram, up 9.5 yuan; Shanghai Silver main contract closing price: 11338 yuan/kilogram, up 289 yuan - Shanghai Gold main contract open interest: 168691 lots, down 7225 lots; Shanghai Silver main contract open interest: 304414 lots, down 17462 lots - Shanghai Gold main contract top 20 net open interest: 110656 lots, up 2063 lots; Shanghai Silver main contract top 20 net open interest: 85919 lots, up 3368 lots - Gold warehouse receipts: 87816 kilograms, up 801 kilograms; Silver warehouse receipts: 653828 kilograms, down 3599 kilograms [2] 3.2现货市场 - Shanghai Non - ferrous Metals Network gold spot price: 904.7 yuan/gram, down 6.71 yuan; Shanghai Non - ferrous Metals Network silver spot price: 11272 yuan/kilogram, up 109 yuan - Shanghai Gold main contract basis: - 6.18 yuan/gram, up 0.53 yuan; Shanghai Silver main contract basis: - 66 yuan/kilogram, down 175 yuan [2] 3.3 Supply and Demand Situation - Gold ETF holdings: 1038.92 tons, unchanged; Silver ETF holdings: 15209.57 tons, down 131.22 tons - Gold CFTC non - commercial net open interest (weekly): 266749 contracts, up 339 contracts; Silver CTFC non - commercial net open interest (weekly): 52276 contracts, up 738 contracts - Gold total supply (quarterly): 1313.01 tons, up 54.84 tons; Silver total supply (yearly): 987.8 million troy ounces, down 21.4 million troy ounces - Gold total demand (quarterly): 1313.01 tons, up 54.83 tons; Silver global total demand (yearly): 1195 million ounces, down 47.4 million ounces [2] 3.4 Option Market - 20 - day historical volatility of gold: 36.03%, up 2.69 percentage points; 40 - day historical volatility of gold: 26.86%, up 1.96 percentage points - At - the - money call option implied volatility of gold: 26.17%, down 1.51 percentage points; At - the - money put option implied volatility of gold: 26.18%, down 1.51 percentage points [2] 3.5 Industry News - The US Senate, with a 54 - to - 45 vote, failed again in a procedural vote to advance the "2025 Fiscal Year Continuing Appropriations and Extension Act" aimed at ending the government shutdown. The bill, passed by the House of Representatives, proposed to temporarily resume government operations at the current funding level and needed 60 votes in the Senate to proceed. This was the 13th vote on the bill, and it still failed to reach the required threshold, meaning the government shutdown would continue - On October 28, Japanese Prime Minister Hayasuna Kōichi and US President Trump signed an agreement to promote Japan's $550 billion investment plan in the US - ADP, the "small non - farm" data publisher, announced that it would launch weekly employment data from this week to track the US labor market dynamics more frequently. The first report showed that in the four weeks ending October 11, the average number of private - sector jobs in the US increased by 14,250 - The Conference Board data showed that the US consumer confidence index in October declined for the third consecutive month, falling from 95.6 in September to 94.6, the lowest level since April this year. The expectation index dropped to 71.5, the lowest since June [2]

股指期货全景日报 2025/10/29 | 10/27-10/31 4347家A股上市公司披露三季报 | 10/30 2:00 美联储利率决议；10:47 日本央行利率决议；21:15 欧洲央行利率决议 | | --- | --- | | 10/31 9:30 中国10月制造业、非制造业、综合PMI | 10/31 20:30 美国9月PCE、核心PCE、个人支出、个人收入 | | 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 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 ...

| | 集运指数（欧线）期货日报 | | | | 2025/10/29 | | | --- | --- | --- | --- | --- | --- | --- | | 项目类别 | 数据指标 最新 环比 数据指标 最新 | | | | 环比 | | | EC主力收盘价 | 1871.000 90.5↑ EC次主力收盘价 1606 | | | | | +56.70↑ | | 期货盘面 | EC2512-EC2602价差 265.00 +25.40↑ EC2512-EC2604价差 676.60 | | | | | +51.00↑ | | EC合约基差 | -558.29 | | -82.70↓ | | | | | 期货持仓头寸（手） EC主力持仓量 | 31906 3006↑ | | | | | | | SCFIS（欧线）（周） | 1312.71 172.33↑ SCFIS（美西线）（周） 863.46 | | | | | -14.34↓ | | | SCFI（综合指数）（周） 1403.46 93.14↑ 集装箱船运力（万标准箱） 1,227.97 | | | | | 1.66↑ | | 现货价格 | ...

| | 周三国债现券收益率短强超长弱，到期收益率1-7Y下行0.40-4.0p左右，10Y、30Y到期收益率 | | --- | --- | | | 分别变动-0.4、0.5bp左右至1.81%、2.17%。国债期货短强超长弱，TS、TF、T主力合约分别 | | | 上涨0.10%、0.16%、0.13%，TL主力合约下跌0.27%。DR007加权利率小幅回落至1.54%附 | | | 近震荡。国内基本面端，9月规模以上工企业利润在低基数效应下延续回升，同比增长3.2%。 | | | 第三季度我国GDP同比增长4.8%，增速整体平稳，但较前值有所放缓。9月工增同比显著回 | | | 升，社零增长放缓，固投持续收敛进入收缩区间。政策面上，二十届四中全会公报指出当前经 | | 观点总结 | 济发展面临复杂环境，强调稳增长政策将持续发力，通过扩内需、促消费、稳投资增强经济内 | | | 生动力，并要求坚决完成全年经济社会发展目标。消息面上，央行行长潘功胜在金融街论坛讲 | | | 话表示目前债市整体运行良好，央行将恢复公开市场国债买卖操作。海外方面，美国9月CPI同 | | | 比低于预期；ADP数据显示10月就业 ...