Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the price of the Apple Futures 2601 contract rose with a weekly increase of 1.55%. The operation of the Apple 2601 contract is recommended to be mainly based on a short - term long - thinking strategy [4][9]. - For new - season apples, western late - maturing Fuji apples are gradually entering the large - scale bag - removing stage, and the quality of the picked green Fuji is generally good, but the fruit sizes are slightly uneven. For inventory apples, as of September 24, 2025, the cold - storage inventory of apples in the main producing areas across the country was 121,800 tons, a decrease of 41,400 tons from last week. The storage capacity ratio in Shandong was 2.62%, a decrease of 0.89% from last week. The inventory removal speed in Shandong was slightly faster, and the remaining inventory was mostly concentrated in towns such as Qixia. The overall sales volume during the week was average. The mid - maturing apples such as Anglin and Yanfu were actively traded, but the sales of inventory apples were still average. As the Red General apples are gradually entering the later stage, the number of merchants inspecting the in - storage goods has slightly increased. The price of high - quality goods is relatively stable, while the price of farmers' general goods is weak. The driving effect of the Double Festivals is average, and attention should be paid to the bag - removing progress of late Fuji next week [4]. 3. Summary by Related Catalogs 3.1 Week - to - Week Summary - Futures: The price of the Apple Futures 2601 contract rose this week, with a weekly increase of 1.55%. As of this week, the net position of the top 20 in Apple Futures was 6,018 lots, and the number of Apple Futures warehouse receipts was 0 [4][9][15]. - Spot: As of September 26, 2025, the mainstream price of farmers' goods of paper - bagged Red Fuji apples above 80 in Qixia, Yantai, Shandong was 3.7 yuan per catty; the price of paper - bagged Fuji apples above 75 in Yiyuan, Shandong was 2.3 yuan per catty [19]. - Strategy: It is recommended to mainly adopt a short - term long - thinking strategy for the Apple 2601 contract [4]. - Future trading tips: Pay attention to the listing volume of mid - maturing Fuji and consumption [4]. 3.2 Futures and Spot Markets - Futures market: The price of the Apple Futures 2601 contract rose this week, with a weekly increase of 1.55%. As of this week, the net position of the top 20 in Apple Futures was 6,018 lots, and the number of Apple Futures warehouse receipts was 0 [9][15]. - Spot market: As of September 26, 2025, the mainstream price of farmers' goods of paper - bagged Red Fuji apples above 80 in Qixia, Yantai, Shandong was 3.7 yuan per catty; the price of paper - bagged Fuji apples above 75 in Yiyuan, Shandong was 2.3 yuan per catty [19]. 3.3 Industry Situation and Options - Supply: As of September 24, 2025, the cold - storage inventory of apples in the main producing areas across the country was 121,800 tons, a decrease of 41,400 tons from last week. The storage capacity ratio in Shandong was 2.62%, a decrease of 0.89% from last week [26]. - Demand: - As of September 25, the average daily number of early - morning arriving vehicles at major apple wholesale markets in Guangdong increased. The profit of 80 first - and second - grade apple storage merchants was 0.30 yuan per catty [30]. - As of September 19, 2025, the wholesale price of all apple varieties was 9.78 yuan per kilogram, a week - on - week increase of 0.08 yuan per kilogram; the wholesale price of Fuji apples was 9.35 yuan per kilogram, a week - on - week decrease of 0.05 yuan per kilogram [35]. - As of September 19, 2025, the weekly average wholesale price of 5 types of fruits (including Fuji apples, bananas, grapes, pears, and watermelons) was 6.82 yuan per kilogram, a week - on - week decrease of 0.08 yuan per kilogram [39]. - In August 2025, China's fresh apple exports totaled approximately 68,400 tons, with an export value of 69,739,352 US dollars and an average export price of 1,019 US dollars per ton. The export volume increased by 27.61% month - on - month compared to July and decreased by 17.61% year - on - year compared to August 2024. From January to August 2025, China's total fresh apple exports were 530,000 tons, a cumulative year - on - year decrease of 7.60% [42]. - Options: Information about the implied volatility of Apple at - the - money options this week is presented, but no specific data is given [43]. 3.4 Futures - Stock Correlation - Information about the price - earnings ratio of Honghui Fruit and Vegetable is presented, but no specific data is given [46].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Views of the Report - For rapeseed oil, suggest a bullish approach and monitor China - Canada trade relations. The futures price closed higher this week. Although Canada's rapeseed harvest is expected to be good and domestic vegetable oil supply is relatively loose, rapeseed oil production pressure is low due to low oil mill operating rates and limited near - month rapeseed purchases. The extension of anti - dumping investigations on Canadian rapeseed may keep the supply tight in the fourth quarter. Overall, rapeseed oil is still supported before substantial progress in China - Canada trade negotiations [8][9] - For rapeseed meal, suggest short - term trading and pay attention to China - US and China - Canada economic and trade relations. The futures price declined this week. US soybean harvest is approaching with a good harvest expectation, and Argentina's export tax policy has changed the international market competition. Domestically, near - month rapeseed arrivals are low, but the substitution advantage of soybean meal weakens the demand for rapeseed meal. The market is cautious due to frequent trade policy news [11][12] Group 3: Summary by Directory 1. Week - to - Week Key Points Summary - Rapeseed oil: The 01 contract closed at 10,162 yuan/ton, up 94 yuan/ton from last week. Canada's rapeseed production is expected to reach 20 million tons, the highest since 2018. Domestic vegetable oil supply is loose, but rapeseed oil production pressure is low. The anti - dumping investigation on Canadian rapeseed may lead to tight supply in the fourth quarter [9] - Rapeseed meal: The 01 contract closed at 2,404 yuan/ton, down 117 yuan/ton from last week. US soybean harvest is approaching, and Argentina's export tax policy has changed. Domestically, near - month rapeseed arrivals are low, but soybean meal substitution weakens demand [12] 2. Futures and Spot Market - Futures price and position: Rapeseed oil futures closed higher with a total position of 354,265 lots, up 1,836 lots from last week. Rapeseed meal futures declined with a total position of 371,100 lots, down 10,071 lots from last week [16] - Top 20 net positions: Rapeseed oil's top 20 net long position increased from +33,259 to +36,449. Rapeseed meal's top 20 net short position increased from - 13,121 to - 62,563 [20] - Futures warehouse receipts: Rapeseed oil registered warehouse receipts were 8,057 lots, and rapeseed meal were 9,245 lots [26][27] - Spot price and basis: In Jiangsu, rapeseed oil spot price was 10,390 yuan/ton, slightly up from last week, and the basis was +228 yuan/ton. In Jiangsu Nantong, rapeseed meal price was 2,570 yuan/ton, with little change, and the basis was +65 yuan/ton [33][39] - Futures inter - month spread: Rapeseed oil 1 - 5 spread was +520 yuan/ton, and rapeseed meal 1 - 5 spread was +78 yuan/ton, both at medium levels in recent years [46] - Futures - spot ratio: Rapeseed oil - meal 01 contract ratio was 4.22, and the spot average price ratio was 4.21 [49] - Price spread between rapeseed oil and other oils: Rapeseed - soybean oil 01 contract spread was 2,000 yuan/ton, and rapeseed - palm oil 01 contract spread was 926 yuan/ton, both expanding this week [58] - Price spread between soybean meal and rapeseed meal: Soybean meal - rapeseed meal 01 contract spread was 532 yuan/ton, and the spot spread was 450 yuan/ton as of Thursday [64] 3. Industry Chain Situation Rapeseed - Supply - inventory and import: As of September 19, 2025, oil mill rapeseed inventory was 50,000 tons. The estimated arrivals in September, October, and November 2025 were 190,000, 150,000, and 450,000 tons respectively [70] - Supply - import crushing profit: As of September 26, the import rapeseed spot crushing profit was +1,373 yuan/ton [74] - Supply - oil mill crushing volume: As of the 38th week of 2025, the rapeseed crushing volume of major coastal oil mills was 49,000 tons, down 12,000 tons from last week, with an operating rate of 11.99% [78] - Supply - monthly import: In August 2025, China's rapeseed import was 246,600 tons, a year - on - year decrease of 348,000 tons (58.52%) and a month - on - month increase of 70,600 tons [82] Rapeseed Oil - Supply - inventory and import: As of the 38th week of 2025, domestic imported rapeseed oil inventory was 664,000 tons, down 19,000 tons (2.73%) from last week. In August 2025, rapeseed oil import was 140,000 tons, a year - on - year increase of 20,000 tons (16.67%) and a month - on - month increase of 10,000 tons [86] - Demand - consumption and production: As of August 31, 2025, the monthly output of edible vegetable oil was 4.506 million tons, and the monthly catering revenue was 449.57 billion yuan [90] - Demand - contract volume: As of the 38th week of 2025, the domestic imported rapeseed oil contract volume was 76,000 tons, down 5,000 tons (7.13%) from last week [94] Rapeseed Meal - Supply - inventory: As of the 38th week of 2025, domestic imported rapeseed meal inventory was 17,000 tons, down 1,000 tons (2.86%) from last week [98] - Supply - import: In August 2025, rapeseed meal import was 213,400 tons, a year - on - year increase of 9,600 tons (4.72%) and a month - on - month increase of 30,300 tons [102] - Demand - feed production: As of July 31, 2025, the monthly feed output was 2.8273 million tons [106] 4. Option Market Analysis - As of September 26, the implied volatility of rapeseed meal options was 26.61%, up 4.12% from last week, at a slightly high level compared to the 20 - day, 40 - day, and 60 - day historical volatility of the underlying [109]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - This week, the soda ash futures price decreased by 1.9%, while the glass futures price increased by 2.96%. The soda ash futures showed a trend of first falling and then rising, and the glass futures declined in the first half - week and rose significantly in the second half - week [6]. - For soda ash, the supply is expected to be abundant and demand to increase, so the price may rise. After the festival, if there is no price - increase expectation, the price is likely to fall back, but there may be variables with the "anti - involution" hype. For glass, if there is no central bank interest - rate cut expectation after the festival, the price is expected to fall again [6]. - The recommended trading range for the SA2601 contract is 1280 - 1380, with a stop - loss range of 1240 - 1400. For the FG2601 contract, the recommended trading range is 1180 - 1280, with a stop - loss range of 1150 - 1300 [6]. 3. Summary by Directory 3.1 Week - on - Week Summary - **Market Review**: Soda ash futures decreased due to increased production news in the first half - week and rebounded later due to glass price increase and inventory decline before the double festivals. Glass futures fell in the first half - week due to poor fundamentals and rose sharply in the second half - week under the guidance of the over - capacity reduction document in the building materials industry [6]. - **Market Outlook**: For soda ash, the domestic operating rate and production are rising. In the long run, some backward production capacity may be phased out, but the natural - alkali production capacity is increasing. The demand from the glass industry remains at a low level, and the demand from photovoltaic glass is expected to weaken. The inventory of domestic soda ash enterprises has decreased significantly. For glass, the supply and demand remain at a low level. The real - estate situation is not optimistic, and the downstream deep - processing orders have increased slightly [6]. - **Strategy Suggestion**: The SA2601 contract is recommended to be traded in the 1280 - 1380 range with a stop - loss of 1240 - 1400, and the FG2601 contract is recommended to be traded in the 1180 - 1280 range with a stop - loss of 1150 - 1300 [6]. 3.2 Futures and Spot Markets - **Futures Prices**: This week, the soda ash futures price closed lower, and the glass futures price closed higher [8]. - **Spot Prices and Basis**: The soda ash spot price increased, and the basis remained flat. The glass spot price strengthened, and the basis increased and is expected to strengthen further. The soda ash - glass price difference weakened this week and is expected to strengthen next week [12][17][22]. - **Specific Data**: As of September 25, 2025, the mainstream price of heavy - soda ash in the Shahe market was 1225 yuan/ton, a week - on - week increase of 10 yuan/ton, and the soda ash basis was - 90 yuan/ton. The price of 5.0mm large - plate glass in the Shahe market was 1132 yuan/ton, an increase of 48 yuan/ton, and the glass basis was - 138 yuan/ton. The glass - soda ash price difference was 45 yuan/ton [15][20][24]. 3.3 Industry Chain Analysis - **Production and Capacity**: The domestic soda ash operating rate and production increased this week, and the production is expected to decline next week. The glass production line cold - repair number remained unchanged, and the production is expected to increase slightly next week. The domestic photovoltaic glass capacity utilization rate and daily melting volume remained flat [26][38][44]. - **Profit and Cost**: This week, the profit of domestic soda ash enterprises decreased, and the cost increased. The profit of glass enterprises increased. It is expected that the soda ash production capacity will decline next week, and the glass production capacity will remain at a low level [33]. - **Inventory**: The inventory of domestic soda ash enterprises decreased slightly, and the inventory of glass enterprises declined. It is expected that the inventory reduction of glass will slow down next week [48]. - **Downstream Demand**: The deep - processing orders of domestic glass increased slightly, but the demand is still low [54]. - **Specific Data**: As of September 25, 2025, the national soda ash operating rate was 88.53%, a week - on - week increase of 3.59%, and the national weekly soda ash production was 776,900 tons, a week - on - week increase of 4.19%. The theoretical profit of China's dual - ton soda ash by the combined - soda process was - 124 yuan/ton, a week - on - week decrease of 51 yuan/ton, and the theoretical cost was 1767 yuan/ton, a week - on - week increase of 28 yuan/ton. The theoretical profit of ammonia - soda process soda ash was - 98 yuan/ton, a week - on - week decrease of 18 yuan/ton, and the theoretical cost was 1323 yuan/ton, a week - on - week increase of 3 yuan/ton. The average weekly profit of natural - gas - fueled float glass was - 151.27 yuan/ton, a week - on - week increase of 8.23%; the average weekly profit of coal - gas - fueled float glass was 95.07 yuan/ton, a week - on - week increase of 1.1%; the average weekly profit of petroleum - coke - fueled float glass was 61.37 yuan/ton, a week - on - week increase of 48.34%. The total number of domestic glass production lines after excluding zombie lines was 296, with 225 in production and 71 cold - repaired. The national float - glass production was 1.1242 million tons, a week - on - week increase of 0.27%. The soda ash enterprise inventory was 1.6515 million tons, a week - on - week decrease of 5.93%, and the total glass enterprise inventory was 59.355 million weight boxes, a week - on - week decrease of 2.54%. As of September 15, 2025, the average order days of national deep - processing sample enterprises were 10.5 days [31][36][52][56].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - A-share major indices generally rose this week, with the Science and Technology Innovation 50 Index surging over 6%. Most of the four stock index futures increased, and large-cap blue-chip stocks performed well. Market trading activity declined slightly. - Overseas, the final value of the US Q2 GDP unexpectedly rose, and the number of initial jobless claims last week fell more than expected, supporting the US dollar and pressuring the RMB. - Domestically, economic fundamentals weakened in August, with slower growth in retail sales, fixed - asset investment, imports and exports, and industrial added - value, and the real estate market continued to deteriorate. The unchanged LPR was in line with market expectations. - Overall, the domestic market was in a macro - data vacuum this week, with few domestic and overseas news disturbances. The market showed a random walk pattern, and trading was relatively quiet due to approaching holidays. The market is expected to remain volatile before new policies are implemented. It is recommended to wait and see [5][94]. 3. Summary by Directory 3.1 Market Review - Futures: IF2512 rose 1.36% this week, IH2512 rose 1.06%, IC2512 rose 1.37%, and IM2512 fell 0.02%. - Spot: The Shanghai and Shenzhen 300 Index rose 1.07%, the Shanghai 50 Index rose 1.07%, the CSI 500 Index rose 0.98%, and the CSI 1000 Index fell 0.55% [8]. 3.2 News Overview - On September 22, the 1 - year LPR was 3.0%, and the 5 - year LPR was 3.5%. - The market capitalization of the A - share technology sector accounts for over 1/4, and as of the end of August, long - term funds held about 21.4 trillion yuan of A - share floating market capitalization, a 32% increase from the end of the 13th Five - Year Plan. Foreign investors held 3.4 trillion yuan of A - share market capitalization. - The final annualized quarterly growth rate of the US Q2 GDP was 3.8%, up from the revised 3.3%, and the core PCE price index was revised up from 2.5% to 2.6% [11]. 3.3 Weekly Market Data - **Domestic Main Indices**: The Shanghai Composite Index rose 0.21%, the Shenzhen Component Index rose 1.06%, the Science and Technology Innovation 50 Index rose 6.47%, the SME 100 Index rose 1.75%, and the ChiNext Index rose 1.96% [14]. - **Overseas Main Indices (as of Thursday)**: The S&P 500 fell 0.89%, the UK FTSE 100 fell 0.03%, the Hang Seng Index fell 1.57%, and the Nikkei 225 rose 0.69% [15]. - **Industry Sector Performance**: Most industry sectors declined. Social services, comprehensive, and commercial retail sectors weakened significantly, while power equipment and non - ferrous metals sectors led the gains. - **Industry Sector Main - Force Fund Flows**: All industry main - force funds had net outflows, with a large net outflow from the electronics sector. - **SHIBOR Short - Term Interest Rates**: SHIBOR short - term interest rates showed a mixed performance, and capital prices remained at a low level. - **Restricted Share Unlock and Northbound Capital Transactions**: This week, major shareholders had a net reduction of 1.1265 billion yuan in the secondary market, the market value of restricted share unlocks was 6.7358 billion yuan, and northbound capital transactions totaled 1180.04 billion yuan. - **Futures Basis and Net Positions**: The basis of the main contracts of IF, IH, IC, and IM strengthened [39][44][48][52]. 3.4 Market Outlook and Strategy - The market is expected to remain volatile before new policies are implemented. It is recommended to wait and see [94].

「2025.09.26」 螺纹钢市场周报 市场情绪低迷 螺纹期价承压回落 研究员：蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 取 更 多 资 讯 业务咨询 添加客服 瑞达期货研究院 关 注 我 们 获 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场 「周度要点小结1」 行情回顾 3 来源：瑞达期货研究院 1. 价格及价差：截至9月26日收盘，螺纹主力合约期价3114（-58），杭州螺纹中天现货价格3320（+20）。（单 位：元/吨/周） 2. 产量：螺纹产量维持低位。206.46（+0.01），同比（+1）。（单位：万吨） 3. 需求：表观需求继续增加。本期表需220.44（+10.41），（同比-35.02）。（单位：万吨） 4. 库存：厂库和社库双降。螺纹钢总库存636.3（-13.98），（同比+220.84）。（单位：万吨） 5. 盈利率：钢厂盈利率58.01%，环比上周减少0.86个百分点，同比去年增加39.40个百分点。 「 周度要点小结2」 4 来源：瑞达期货研究院 1. 宏观方面：海外，（1）墨西哥政府拟对中国等非自贸伙伴的产品提高进口关 ...

瑞达期货研究院 「2025.09.26」 铝类市场周报 供给小涨需求提振，铝类或将有所支撑 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」 电解铝：基本面原料端氧化铝供应仍显偏多，氧化铝现货价格临近成本线，报价处低位，电解铝厂利润情况较好，生 产情绪较积极。供给端，国内前期置换产能项目逐渐完成并起槽投产，随着新增产能的释放，预计电解铝运行产能再 度小幅提升，开工处于高位令国内电解铝供给量或将保持小幅增长态势。需求端，政策方面的积极扩大消费，令铝材 消费预期走好，下游开工的提振亦将主力于铝需求的上升。应用消费方面，电网投资、新能源汽车、光伏、基建等领 域的政策支持，持续对铝消费形成支撑。总的来看，沪铝基本面或处于供给小增、需求提振的阶段。 策略建议：沪铝主力合约轻仓逢低短多交易，注意操作节奏及风险控制。 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 关 注 我 们 获 取 更 多 资 讯 业务咨询 添加客服 策略建议：铸铝主力合约轻仓逢低短多交易，注意操作节奏及风险控制。 4 「 期现市场」 3 行情回顾：沪铝震荡走势， ...

瑞达期货研究院 「2025.09.26」 铁矿石市场周报 到港和港口库存增加 铁矿期价承压回调 研究员：蔡跃辉 添加客服 「周度要点小结1」 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 关 注 我 们 获 取 更 多 资 讯 业务咨询 目录 目录 1、周度要点小结 2、期现市场 3、产业情况 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场 行情回顾 248.3万吨。澳洲巴西铁矿发运总量2772.8万吨，环比减少205.0万吨。 3 来源：瑞达期货研究院 1. 价格：截至9月26日收盘，铁矿主力合约期价为790（-17.5）元/吨，青岛港麦克粉851（+1）元/干吨。 2. 发运：全球铁矿石发运总量环比-248.3万吨。2025年09月15日-09月21日Mysteel全球铁矿石发运总量3324.8万吨，环比减少 3. 到港：本期47港到港量+358.1万吨。2025年09月15日-09月21日中国47港到港总量2750.4万吨，环比增加358.1万吨；中国45港 到港总量2675.0万吨，环比增加312.7万吨；北方六港到港总量1290.0万吨，环比增加45.0万吨。 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The MA2601 contract is expected to fluctuate in the range of 2300 - 2385 in the short - term [7]. - The domestic methanol market was slightly weaker this week. The price in the port and inland areas declined compared to last week due to factors such as increased supply and low - price impact from port sources [8]. - In the future, the domestic methanol production is likely to increase as the planned recovery capacity is more than the planned maintenance and reduction capacity. The inventory in both inland and port areas decreased this week, and the demand from the olefin industry increased slightly [8]. 3. Summary by Directory 3.1 Week - to - Week Summary - **Market Review**: The domestic port methanol market was slightly weaker, and the inland market declined. The price in Jiangsu ranged from 2230 - 2280 yuan/ton, and in Guangdong from 2240 - 2270 yuan/ton. The price in Ordos North Line was between 2065 - 2085 yuan/ton, and the receiving price in Dongying was from 2325 - 2380 yuan/ton [8]. - **Market Outlook**: Domestic methanol production is expected to increase as the recovery capacity is greater than the maintenance and reduction capacity. The inventory in inland and port areas decreased. The olefin industry's demand increased, and attention should be paid to the restart of the Qinghai Salt Lake olefin plant [8]. 3.2 Futures Market - **Price Movement**: The price of the Zhengzhou methanol main contract fluctuated and closed down this week, with a decline of 0.25% [11]. - **Inter - delivery Spread**: As of September 26, the MA 1 - 5 spread was - 29 [16]. - **Open Interest Analysis**: No specific analysis result is provided in the text. - **Warehouse Receipt Movement**: As of September 25, the number of Zhengzhou methanol warehouse receipts was 11332, an increase of 1440 compared to last week [23]. 3.3 Spot Market - **Domestic Spot Price**: As of September 26, the mainstream price in Taicang, East China was 2255 yuan/ton, a decrease of 5 yuan/ton compared to last week; the mainstream price in Inner Mongolia, Northwest China was 2085 yuan/ton, unchanged from last week. The price difference between East and Northwest China was 170 yuan/ton, a decrease of 5.5 yuan/ton [29]. - **Foreign Spot Price**: As of September 25, the CFR price of methanol at the Chinese main port was 262 US dollars/ton, an increase of 1 US dollar/ton compared to last week. The price difference between Southeast Asia and the Chinese main port was 64 US dollars/ton, a decrease of 1 US dollar/ton [35]. - **Basis**: As of September 26, the basis of Zhengzhou methanol was - 100 yuan/ton, an increase of 1 yuan/ton compared to last week [37]. 3.4 Industry Chain Analysis - **Upstream**: As of September 24, the market price of Qinhuangdao thermal coal with 5500 kcal was 680 yuan/ton, an increase of 5 yuan/ton compared to last week. As of September 25, the closing price of NYMEX natural gas was 2.95 US dollars/million British thermal units, an increase of 0.01 US dollars/million British thermal units compared to last week [41]. - **Industry**: As of September 25, China's methanol production was 1,872,675 tons, an increase of 59,510 tons compared to last week, and the capacity utilization rate was 82.53%, a month - on - month increase of 3.28%. As of September 24, the total port inventory was 1.4922 million tons, a decrease of 65,600 tons; the inventory of sample production enterprises was 319,900 tons, a decrease of 20,500 tons; the order backlog of sample enterprises was 273,000 tons, an increase of 39,200 tons. In August 2025, China's methanol import volume was 1.7598 million tons, a month - on - month increase of 59.59%; from January to August 2025, the cumulative import volume was 8.2398 million tons, a year - on - year decrease of 6.52%. As of September 25, the methanol import profit was - 18.82 yuan/ton, a decrease of 24.3 yuan/ton compared to last week [44][49][54]. - **Downstream**: As of September 25, the capacity utilization rate of domestic methanol - to - olefin plants was 89.25%, a month - on - month increase of 4.36%. As of September 26, the domestic methanol - to - olefin disk profit was - 972 yuan/ton, a decrease of 3 yuan/ton compared to last week [57][60]. 3.5 Options Market Analysis No information provided.

瑞达期货研究院 添加客服 业务咨询 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权及股市关联市场 「 周度要点小结」 「2025.09.26」 白糖市场周报 研究员：王翠冰 期货从业资格号F03139616 期货投资咨询从业证Z0021556 关 注 微信客 服 号 行情回顾：本周郑糖2601合约价格小涨，周度涨幅约0.31%。 行情展望：巴西航运机构Williams发布的数据显示，截至9月24日当周巴西港口等 待装运食糖的船只数量为76艘，此前一周为85艘。港口等待装运的食糖数量为 310.39万吨，此前一周328.27万吨。当周等待装运出口的食糖船只数量减少，出口 运力稍放缓。隔夜白糖2601合约收跌0.05%。国内方面，北方糖厂少量开榨，且新 年度糖预计微幅增产，现货价格稳中走弱。当前泰国进口糖浆管控有所放松，预计 后期糖浆数量出现小幅回升。加之广西糖产地销糖进度缓慢，受加工糖挤压。不过 台风天气导致广西等地甘蔗出现倒伏，短期市场情绪影响，下方存支撑，但向上有 供应充足压制。 交易策略：操作上，建议郑糖2601合约短期观望为主。 未来关注因素： 1、国内产销情况 2、新季产量 3 「 期现 ...

瑞达期货研究院 「2025.09.26」 硅铁市场周报 假日提保资金减仓，库存中性电费或降 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 「 期现市场情况」 1、周度要点小结 2、期现市场 3、产业链情况 「 周度要点小结2」 行情回顾及展望 3 来源：瑞达期货研究院 1. 宏观方面，本月LPR维持不变，工信部印发钢铁行业稳增长工作方案，该方案以"稳增长、防内卷"为核心，严禁新增钢铁产 能，加大铁矿石、炼焦煤等原燃料保供稳价力度，市场供需更趋平衡；根据中蒙两国双边协定，甘其毛都、策克、满都拉三大 主要进口口岸将于2025年10月1日至7日闭关，10月8日恢复正常通关。 2. 海外方面，美国总统特朗普表示，美国将从10月1日起对所有厨柜、浴室柜及相关产品的进口征收 50%的关税，对所有品牌或 专利药品征收100%的关税；9月23日，韩国决定对原产于中国和日本的碳钢及合金钢热轧板卷征收临时反倾销税。 3. 供需方面，前期利润改善后产量快速回升，厂家前期套保居多，库存中性水平，短期成本有所支撑 ...