| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪胶主力合约收盘价(日,元/吨) | 15415 | 385 20号胶主力合约收盘价(日,元/吨) | 12465 | 365 | | | 沪胶1-5价差(日,元/吨) | 60 | 60 20号胶11-12价差(日,元/吨) | 10 | 10 | | | 沪胶与20号胶价差(日,元/吨) | 2950 | 20 沪胶主力合约 持仓量(日,手) | 140720 | -378 | | | 20号胶主力合约持仓量(日,手) | 34149 | -52 沪胶前20名净持仓 | -22185 | 3236 | | | 20号胶前20名净持仓 | -11125 | -482 沪胶交易所仓单(日,吨) | 145390 | -4420 | | | 20号胶交易所仓单(日,吨) | 41632 | -402 | | | | 现货市场 | 上海市场国营全乳胶(日,元/吨) | 14650 | 350 上海市场越南3L(日,元/吨) | 15250 ...

多晶硅产业日报 2025-10-09 | 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:多晶硅(日,元/吨) | 50765 | -595 多晶硅11-12价差 | -2800 | -240 | | | 主力持仓量:多晶硅(日,手) | 84987 | -2372 多晶硅-工业硅价差(日,元/吨) | 42125 | -595 | | 现货市场 | 品种现货价:多晶硅(日,元/吨) | 52550 | 0 多晶硅(菜花料)平均价(日,元/千克) | 30 | 0 | | | 基差:多晶硅(日,元/吨) | 1190 | -80 多晶硅(致密料)平均价(日,元/千克) | 36 | 0 | | | 光伏级多晶硅周平均价(周,美元/千克) | 6.54 | 0 多晶硅(复投料)平均价(日,元/千克) | 34.8 | 0 | | 上游情况 | 主力合约收盘价:工业硅(日,元/吨) | 8640 | 0 出口数量工业硅(月,吨) | 76642.01 | 2635.83 | | ...

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 | 项目类别 | 数据指标 环比 数据指标 | 最新 | | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | -16 玉米淀粉期货收盘价(活跃合约):(日,元/ 期货收盘价(活跃合约):(日,元/吨) 玉米月间价差(1-5):(日,元/吨) -5 玉米淀粉月间价差(11-1):(日,元/吨) | 2143 -73 | 吨) | 2468 12 | -15 -13 | | | 期货持仓量(活跃合约):黄玉米(日,手) -44063 期货持仓量(活跃合约):玉米淀粉(日,手) | 596123 | | 150741 | -13614 | | 期货市场 | | | | | | | | 20133 期货前20名持仓:净买单量:玉米淀粉(日, 期货前20名持仓:净买单量:玉米(日,手) | -30523 | 手) | -37380 | 29 | | | 注册仓单量:黄玉米(日,手) 0 注册仓单量:玉米淀粉(日,手) | 21549 | | 8028 | -161 | | | ...

Report Summary 1. Report Industry Investment Rating No information is provided regarding the report industry investment rating. 2. Core View of the Report The manufacturing PMI has rebounded, leading to market expectations of economic improvement. However, further policy support is needed for consolidation. Before policy implementation, the market is expected to remain volatile. It is recommended to wait and see for the time being [2]. 3. Summary by Relevant Catalogs Futures Disk - **Contract Prices**: The prices of IF, IH, IC, and IM main and secondary contracts have increased, with IM main contract (2512) rising by 89.4 to 7406.2, and IM secondary contract (2510) rising by 87.0 to 7556.6 [2]. - **Contract Spreads**: Most of the contract spreads have changed, such as the IM - IF current - month contract spread increasing by 61.6 to 2922.2 [2]. - **Quarter - to - Month Spreads**: The quarter - to - month spreads of IF, IC have increased, while those of IH and IM show a mixed trend [2]. Futures Positions - The net positions of the top 20 in IF, IH, IC, and IM have all decreased, with IF top 20 net positions dropping by 390.0 to - 31,470.00 [2]. Spot Prices - **Index Prices**: The prices of the Shanghai - Shenzhen 300, Shanghai Composite 50, CSI 500, and CSI 1000 have all increased, with the CSI 1000 rising by 77.1 to 7,575.0 [2]. - **Contract Basis**: The basis of IF, IH, IC, and IM main contracts has decreased, with the IM main contract basis dropping by 8.3 to - 168.8 [2]. Market Sentiment - **Trading Volume and Balance**: A - share trading volume, margin trading balance, and north - bound trading volume have all increased, with A - share trading volume reaching 21,972.49 billion yuan, up 191.07 billion yuan [2]. - **Fund Flow**: The main fund flow has changed from + 18.06 billion yuan yesterday to - 379.13 billion yuan today [2]. - **Option Data**: The closing prices and implied volatilities of IO at - the - money call and put options have decreased, while the volume PCR and position PCR have increased [2]. Market Strength and Weakness Analysis - The scores of all A - shares, technical aspects, and capital aspects in the Wind market strength - weakness analysis have decreased [2]. Industry News - **Domestic Market**: A - share major indices generally rose, with the Shanghai Composite Index up 0.52%, and the Shenzhen Component Index up 0.35%. The manufacturing PMI in September approached the 50% critical point, indicating continuous improvement in manufacturing prosperity [2]. - **Overseas Market**: The year - on - year and month - on - month increases in the US core PCE price index in August met expectations, consolidating market expectations of a Fed rate cut [2]. Key Data to Watch - From September 30 to October 3, important US economic data such as JOLTs job openings, ADP employment, ISM manufacturing PMI, non - farm payrolls, and unemployment rate will be released [3].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The HC2601 contract widened its decline on Tuesday. The new policy - based financial instruments with a total scale of 50 billion yuan are being actively promoted. The weekly output of hot - rolled coils decreased slightly but remained at a high level with a capacity utilization rate of 82.81%. Demand was relatively stable, and changes in inventory and apparent demand were small. Near the holiday, the spot market lacked momentum, the cost support weakened due to weak furnace materials, and tariff disturbances affected market sentiment. Technically, the 1 - hour MACD indicator of the HC2601 contract showed that DIFF and DEA were weakening downward. The operation suggestion is to maintain a bearish stance [2]. 3. Summary According to Relevant Catalogs Futures Market - The closing price of the HC main contract was 3,253 yuan/ton, a decrease of 36 yuan; the position volume was 1,349,868 lots, a decrease of 34,602 lots; the net position of the top 20 in the HC contract was - 44,607 lots, an increase of 16,036 lots; the HC1 - 5 contract spread was - 6 yuan/ton, an increase of 3 yuan; the HC warehouse receipt in the previous trading day was 46,314 tons, unchanged; the HC2601 - RB2601 contract spread was 181 yuan/ton, a decrease of 11 yuan [2]. 现货市场 - The price of 4.75 hot - rolled coils in Hangzhou was 3,350 yuan/ton, a decrease of 30 yuan; in Guangzhou, it was 3,310 yuan/ton, a decrease of 10 yuan; in Wuhan, it was 3,400 yuan/ton, unchanged; in Tianjin, it was 3,280 yuan/ton, a decrease of 10 yuan. The basis of the HC main contract was 97 yuan/ton, an increase of 6 yuan; the spread between hot - rolled coils and rebar in Hangzhou was 70 yuan/ton, a decrease of 20 yuan [2]. Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port was 778 yuan/wet ton, a decrease of 1 yuan; the price of Hebei quasi - first - class metallurgical coke was 1,490 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan was 2,250 yuan/ton, unchanged; the price of Hebei Q235 billet was 2,950 yuan/ton, a decrease of 40 yuan. The inventory of iron ore at 45 ports was 139.9735 million tons, an increase of 1.9313 million tons; the inventory of coke in sample coking plants was 392,900 tons, a decrease of 29,200 tons; the inventory of coke in sample steel mills was 6.6138 million tons, an increase of 164,800 tons; the inventory of billets in Hebei was 1.225 million tons, an increase of 7,700 tons [2]. Industry Situation - The blast furnace operating rate of 247 steel mills was 84.47%, an increase of 0.47 percentage points; the blast furnace capacity utilization rate was 90.88%, an increase of 0.50 percentage points. The weekly output of hot - rolled coils of sample steel mills was 3.2419 million tons, a decrease of 23,000 tons; the capacity utilization rate was 82.81%, a decrease of 0.59 percentage points. The factory inventory of hot - rolled coils of sample steel mills was 817,000 tons, an increase of 4,000 tons; the social inventory of hot - rolled coils in 33 cities was 2.988 million tons, an increase of 21,100 tons. The monthly output of domestic crude steel was 7.737 million tons, a decrease of 229,000 tons; the monthly net export volume of steel was 901,000 tons, a decrease of 38,000 tons [2]. Downstream Situation - The monthly output of automobiles was 2.8154 million vehicles, an increase of 224,300 vehicles; the monthly sales volume was 2.8566 million vehicles, an increase of 263,200 vehicles. The monthly output of air conditioners was 16.8188 million units, a decrease of 3.7777 million units; the monthly output of household refrigerators was 9.4532 million units, an increase of 722,500 units; the monthly output of household washing machines was 10.1318 million units, an increase of 1.3575 million units [2]. Industry News - The China Household Electrical Appliances Association issued an initiative to strengthen self - discipline and fair competition in the household appliance industry, aiming to avoid disorderly low - price competition and dumping below cost. On September 28, three steel enterprises announced the progress of ultra - low emission transformation and evaluation and monitoring. So far, 209 steel enterprises have been announced on the website of the China Iron and Steel Association [2].

螺纹钢产业链日报 2025/9/30 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 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) | 3,072.00 | -25↓ RB主力合约持仓量(手) | 1873832 | -52807↓ | | | RB合约前20名净持仓(手) | -132445 | +38386↑ RB1-5合约价差(元/吨) | -56 | +2↑ | | | RB上期所仓单日报(日，吨) | 291546 | +15608↑ HC2601-RB2601合约价差(元/吨) ...

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：I：铁矿石 铁矿石产业链日报 2025/9/30 | 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） | 780.50 | -3.50↓ I 主力合约持仓量(手) | 447,365 | -26627↓ | | | I 1-5合约价差（元/吨） | 21 | -0.50↓ I 合约前20名净持仓(手) | -15349 | -2809↓ | | | I 大商所仓单（手） | 0.00 | -700.00↓ | | | | | 新加坡铁矿石主力合约截止15：00报价(美元/吨) | 103.7 | +0.68↑ | | | | 现货市场 | 青岛港61.5%PB粉矿 (元/干吨) | 845 | -1↓ 青岛港60.8%麦克粉矿 (元/干吨) | 832 | -2↓ | | | 京唐港56.5%超特粉矿 (元/干吨) | 766 | -5↓ I 主力合约基差 (麦克粉干吨-主力合约) | 51 | ...

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - Holiday - eve saw a divergence in the Shanghai precious metals market, with the Shanghai gold futures main - contract price hitting a new record high and the upward momentum of silver slowing [2]. - Geopolitical factors: If the peace agreement between the US and Israel makes substantial progress, the safe - haven premium of precious metals may decline, and a short - term correction is possible. The potential US government shutdown due to the lack of short - term funding has heightened market risk aversion [2]. - Fed officials emphasized the risk of inflation rebound, with a cautious approach to interest rate cuts and a data - dependent path. The recent strong US economic data has slightly reduced the expectation of interest rate cuts, which may hinder the upward movement of gold prices [2]. - The US 8 - month core PCE data met market expectations. Although the interest rate cut expectation declined marginally due to Powell's hawkish remarks, the PCE data's mildness secured a 25bps interest rate cut in the next FOMC meeting [2]. - The gold and silver ETFs in the external market had significant net inflows, and market bullish sentiment remained high. The market focus is on US economic data and Fed policies. Weak non - farm payrolls this week would increase the probability of further interest rate cuts and boost precious metals, while high inflation and economic resilience could lead to a rebound in the US dollar and bond yields and put downward pressure on precious metals [2]. - In the long - term, the US fiscal deficit, debt issues, tariff uncertainties, and geopolitical risks support gold prices. Silver generally follows gold, and the structural demand in the photovoltaic and new - energy sectors may bring additional elasticity when the global manufacturing industry stabilizes. It is recommended to conduct range - bound trading and beware of short - term correction risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Prices**: The closing price of the Shanghai gold futures main contract was 874.4 yuan/gram, up 7.88 yuan; the closing price of the Shanghai silver futures main contract was 10918 yuan/kg, down 21 yuan [2]. - **Positions**: The main - contract positions of Shanghai gold were 256,876 lots, down 6,344 lots; those of Shanghai silver were 476,244 lots, down 32,723 lots. The net positions of the top 20 traders in the Shanghai gold main contract were 166,413 lots, down 1,306 lots; those of Shanghai silver were 105,881 lots, up 6,986 lots [2]. - **Warehouse Receipts**: The gold warehouse receipts were 70,728 kg, up 2,100 kg; the silver warehouse receipts were 1,192,282 kg, up 2,634 kg [2]. 3.2 Spot Market - **Prices**: The Shanghai Non - ferrous Metals Network's gold spot price was 872.95 yuan/gram, up 15.92 yuan; the silver spot price was 10,913 yuan/kg, up 143 yuan [2]. - **Basis**: The basis of the Shanghai gold futures main contract was - 1.45 yuan/gram, up 8.04 yuan; the basis of the Shanghai silver futures main contract was - 5 yuan/kg, up 164 yuan [2]. 3.3 Supply and Demand - **ETF Holdings**: Gold ETF holdings were 1,011.73 tons, up 6.01 tons; silver ETF holdings were 15,521.35 tons, up 159.51 tons [2]. - **CFTC Non - commercial Net Positions**: The weekly non - commercial net positions of gold in CFTC were 266,749 contracts, up 339 contracts; those of silver were 52,276 contracts, up 738 contracts [2]. - **Supply and Demand Quantities**: The quarterly total supply of gold was 1,313.01 tons, up 54.84 tons; the annual total supply of silver was 987.8 million troy ounces, down 21.4 million troy ounces. The quarterly total demand for gold was 1,313.01 tons, up 54.83 tons; the annual global total demand for silver was 1,195 million ounces, down 47.4 million ounces [2]. 3.4 Option Market - **Historical Volatility**: The 20 - day historical volatility of gold was 13.38%, down 0.71 percentage points; the 40 - day historical volatility was 11.45%, down 0.1 percentage points [2]. - **Implied Volatility**: The implied volatility of at - the - money call options for gold was 21.12%, up 1.53 percentage points; the implied volatility of at - the - money put options was 21.11%, up 1.53 percentage points [2]. 3.5 Industry News - Trump and Netanyahu held a bilateral meeting, and a peace plan was proposed. If implemented, the war would end immediately, and Israeli troops would withdraw to the agreed - upon border [2]. - Trump threatened to impose a 100% tariff on overseas - made movies and large tariffs on countries where furniture is not made in the US [2]. - The value of the US Treasury's 261.5 million ounces of gold reserves exceeded $1 trillion. A market - value revaluation would release about $990 billion in funds for the US Treasury [2]. - Fed officials had different views on interest rate cuts. Hamack opposed rate cuts due to inflation concerns, Musalem was open to future rate cuts but cautious, and Williams said monetary policy remained tight [2].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The bond market is currently influenced by both bullish and bearish factors. The economic data shows that the pattern of "strong supply and weak demand" may continue, and the foundation for the recovery of effective demand is not yet solid. The economic growth in the third quarter is under pressure, which provides some support for the current bond market. However, in an environment lacking incremental positive news, the market is sensitive to negative news. The uncertainty of the new regulations on public bond funds continues to disrupt the market, and funds face significant redemption pressure. Bearish sentiment still dominates. It is expected that Treasury bond futures will continue to be in a volatile and weak pattern in the short term. In terms of strategy, it is recommended to wait and see on a single - side basis, and at the same time, pay attention to the long - end term spread trading opportunities brought by the steepening of the yield curve [2] 3. Summary by Relevant Catalogs 3.1 Futures Disk - T主力收盘价为107.845，涨幅0.17%，成交量91682，增加6223；TF主力收盘价为105.630，涨幅0.11%，成交量62260，减少6371；TS主力收盘价为102.372，涨幅0.04%，成交量29604，增加2631；TL主力收盘价为113.900，涨幅0.1%，成交量135369，增加7966 [2] 3.2 Futures Spreads - TL2512 - 2603价差为0.33，减少0.02；T2512 - 2603价差为0.31，减少0.02；TF2512 - 2603价差为0.11，减少0.02；TS2512 - 2603价差为0.09，增加0.00；T12 - TL12价差为 - 6.06，无变化；TF12 - T12价差为 - 2.22，减少0.04；TS12 - T12价差为 - 5.47，减少0.14；TS12 - TF12价差为 - 3.26，减少0.10 [2] 3.3 Futures Positions - T主力持仓量为221887，增加911；T前20名多头持仓量为211293，增加702；T前20名空头持仓量为210998，增加4693；T前20名净空仓为 - 295，减少3991；TF主力持仓量为131782，增加1521；TF前20名多头持仓量为122701，增加1684；TF前20名空头持仓量为132877，增加3549；TF前20名净空仓为10176，增加1865；TS主力持仓量为66797，减少1281；TS前20名多头持仓量为54560，减少1166；TS前20名空头持仓量为58212，减少305；TS前20名净空仓为3652，增加861；TL主力持仓量为145443，减少687；TL前20名多头持仓量为128270，减少377；TL前20名空头持仓量为141620，增加650；TL前20名净空仓为13350，增加1027 [2] 3.4 Top Two CTD (Clean Prices) - 220019.IB(6y）净价为105.3158，增加0.0147；250018.IB(6y)净价为99.0955，增加0.2108；2500801.IB(4y）净价为99.2763，增加0.0919；240020.IB(4y)净价为100.8844，增加0.1346；250012.IB(1.7y)净价为99.9309，增加0.0168；250017.IB(2y)净价为99.9036，增加0.0286；210014.IB(17y)净价为125.1262，减少0.5025；220008.IB(18y)净价为121.2945，增加0.6719 [2] 3.5 Active Treasury Bonds - 1y收益率为1.3825%，无变化；3y收益率为1.5300%，减少0.75bp；5y收益率为1.6250%，增加1.00bp；7y收益率为1.7525%，增加1.00bp；10y收益率为1.8075%，增加0.85bp [2] 3.6 Short - term Interest Rates - 银质押隔夜利率为1.3699%，增加6.99bp；Shibor隔夜利率为1.3790%，增加6.40bp；银质押7天利率为1.4667%，减少43.33bp；Shibor7天利率为1.4050%，减少11.80bp；银质押14天利率为1.6576%，减少29.24bp；Shibor14天利率为1.7020%，增加17.50bp [2] 3.7 LPR Rates - 1y LPR利率为3.00%，无变化；5y LPR利率为3.5%，无变化 [2] 3.8 Open Market Operations - 发行规模2422亿元，到期规模2761亿元，利率1.4%，期限7天，净投放 - 339亿元 [2] 3.9 Industry News - In September, the manufacturing PMI was 49.8%, a 0.4 - percentage - point increase month - on - month, indicating a continued improvement in the manufacturing's prosperity level; the non - manufacturing business activity index was 50.0%, a 0.3 - percentage - point decrease, remaining at the critical point, showing overall stability in the non - manufacturing business volume; the composite PMI output index was 50.6%, a 0.1 - percentage - point increase, remaining above the critical point, indicating an accelerating overall expansion of Chinese enterprises' production and business activities [2] - In August, local government bonds worth 980.1 billion yuan were issued nationwide, including 305.6 billion yuan in general bonds and 674.5 billion yuan in special bonds. From January to August, the total issuance of local government bonds nationwide was 7,683.8 billion yuan, including 1,829.7 billion yuan in general bonds and 5,854.1 billion yuan in special bonds [2] - The scale of new policy - based financial instruments is 500 billion yuan, all of which are used to supplement project capital. The National Development and Reform Commission is working with relevant parties to allocate the funds to specific projects. According to Wang Qing, the chief macro - analyst at Orient Jincheng, these 500 billion yuan in new policy - based financial instruments can leverage about 6 trillion yuan in investment [2] 3.10 Key Data to Watch - On October 1st at 20:15, the US ADP employment figure for September (in ten thousand people) - On October 3rd at 20:30, the US seasonally - adjusted non - farm payrolls for September (in ten thousand people) [3]

下游刚需采购为主；在下游库存去化、利润修复之前，需求端需谨慎对待。库存预计延续高位小幅去化趋 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 苯乙烯产业日报 2025-09-30 | 项目类别 | 数据指标 环比 数据指标 | 最新 | 最新 | 环比 | | --- | --- | --- | --- | --- | | 期货市场 | -97 期货成交量(活跃:成交量):苯乙烯(EB)(日, 期货收盘价(活跃合约):苯乙烯(日,元/吨) | 6835 | 213060 | 36426 -97 | | | 前20名持仓:买单量:苯乙烯(日,手) -3349 11月合约收盘价:苯乙烯(日,元/吨) 手) | 350361 | 6835 | | | | 期货持仓量(活跃:成交量):苯乙烯(EB)(日, -6971 前20名持仓:净买单量:苯乙烯(日,手) | 332781 | -19617 | -740 | | | 手) 前20名持仓:卖单量:苯乙烯(日,手) -2609 仓单数量:苯乙烯:总计(日,手) | 369978 | 0 | -185 | | | 现货价:苯乙 ...