Group 1: Report Investment Rating - No investment rating information provided Group 2: Core View - The main contract of Shanghai copper shows a volatile trend, with decreasing positions, spot premium, and strengthening basis. The copper ore supply remains tight with strong quotes, supporting the copper price. The supply of refined copper in China is expected to decrease due to raw - material supply tightness and reduced smelter profits. The demand has increased slightly due to the slight decline in copper prices and pre - holiday stockpiling needs, leading to a small reduction in social inventory. The option market sentiment is bullish with a slightly rising implied volatility. It is recommended to conduct short - term long trades at low prices with light positions, paying attention to the trading rhythm and risks [2] Group 3: Summary by Directory 1. Futures Market - The closing price of the main futures contract of Shanghai copper is 79,920 yuan/ton, down 240 yuan; the LME 3 - month copper price is 9,980.50 dollars/ton, up 8 dollars. The spread between the main contracts in different months is 0 yuan/ton, down 10 yuan; the position of the main contract of Shanghai copper is 173,294 hands, down 3,668 hands. The net position of the top 20 futures holders of Shanghai copper is - 13,444 hands, up 3,842 hands. The LME copper inventory is 145,375 tons, down 2,275 tons; the Shanghai Futures Exchange inventory of cathode copper is 105,814 tons, up 11,760 tons; the LME copper cancelled warrants are 11,875 tons, down 600 tons; the Shanghai Futures Exchange warehouse receipts of cathode copper are 27,727 tons, down 2,856 tons [2] 2. Spot Market - The SMM 1 copper spot price is 80,010 yuan/ton, down 215 yuan; the Yangtze River Non - ferrous Market 1 copper spot price is 80,035 yuan/ton, down 195 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper is 59 dollars/ton, unchanged; the average premium of Yangshan copper is 59.5 dollars/ton, unchanged. The basis of the CU main contract is 90 yuan/ton, up 25 yuan; the LME copper cash - to - 3 - month spread is - 72.44 dollars/ton, down 7.54 dollars [2] 3. Upstream Situation - The import volume of copper ore and concentrates is 275.93 million tons, up 19.92 million tons. The rough smelting fee (TC) of domestic copper smelters is - 40.80 dollars/kiloton, up 0.5 dollars. The price of copper concentrate in Jiangxi is 70,520 yuan/metal ton, up 200 yuan; the price of copper concentrate in Yunnan is 71,220 yuan/metal ton, up 200 yuan. The processing fee for blister copper in the south is 700 yuan/ton, unchanged; the processing fee for blister copper in the north is 700 yuan/ton, unchanged [2] 4. Industry Situation - The output of refined copper is 130.10 million tons, up 3.10 million tons. The import volume of unwrought copper and copper products is 430,000 tons, down 50,000 tons. The social inventory of copper is 41.82 million tons, up 0.43 million tons. The price of 1 bright copper wire in Shanghai is 55,490 yuan/ton, up 100 yuan; the price of 2 copper (94 - 96%) in Shanghai is 68,150 yuan/ton, up 50 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 530 yuan/ton, unchanged [2] 5. Downstream and Application - The output of copper products is 222.19 million tons, up 5.26 million tons. The cumulative completed investment in power grid infrastructure is 331.497 billion yuan, up 40.431 billion yuan. The cumulative completed investment in real estate development is 6,030.919 billion yuan, up 672.942 billion yuan. The monthly output of integrated circuits is 4,250,287,100 pieces, down 438,933,600 pieces [2] 6. Option Situation - The 20 - day historical volatility of Shanghai copper is 8.29%, down 0.26%; the 40 - day historical volatility of Shanghai copper is 8.10%, up 0.02%. The implied volatility of the current - month at - the - money options is 12.94%, up 0.0177. The call - to - put ratio of at - the - money option positions is 1.33, up 0.0002 [2] 7. Industry News - Fed officials have different views on interest - rate cuts. Bostic believes there is not much reason for further cuts and expects only one cut this year; Musalem thinks the room for further cuts is limited; Harker is cautious about lifting policy restrictions; Milan believes the appropriate interest rate is around 2%. Chinese central bank governor Pan Gongsheng said that by the end of June, the number of financing platforms decreased by over 60% and the financial debt scale decreased by over 50% compared with March 2023, and China's current monetary policy is supportive. Vice - Premier He Lifeng met with a US congressional delegation, emphasizing promoting stable and healthy development of bilateral economic and trade relations. China's 1 - year LPR in September is 3% and the over - 5 - year variety is 3.5%, both unchanged for the 4th consecutive month. Analysts expect the central bank to cut interest rates and reserve requirements in Q4 and drive down the LPR [2]

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货收盘价(活跃合约):鸡蛋(日,元/500千 | 3065 | -10 期货前20名持仓:净买单量:鸡蛋(日,手) | -10098 | 9051 | | | 克) 鸡蛋期货月间价差(1-5):(日,元/500千克) | -33 | 33 期货持仓量(活跃合约):鸡蛋(日,手) | 371084 | -22037 | | | 注册仓单量:鸡蛋(日,手) | 0 | 0 | | | | 现货市场 | 鸡蛋现货价格(日,元/斤) | 3.72 | 0 基差(现货-期货)(日,元/500千克) | 659 | 10 | | 上游情况 | 产蛋鸡存栏指数:全国(月,2015=100) | 114.4 | 1.22 淘汰产蛋鸡指数:全国(月,2015=100) | 93.61 | -5.59 | | | 主产区平均价:蛋鸡苗(周,元/羽) | 2.6 | 0 新增雏鸡指数:全国(月,2015=100) | 73.35 | -5.05 | | | ...

着新玉米上量增多，下游需求相对低迷,深加工企业亏损加剧，收购价格有所下调。盘面来看，随着新季玉 米逐步上市，对盘面仍有所牵制，维持偏空思路。 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 | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):(日,元/吨) 玉米月间价差(1-5):(日,元/吨) | 2158 -70 | 11 玉米淀粉期货收盘价(活跃合约):(日,元/ 4 玉米淀粉月间价差(11-1):(日,元/吨) | 2447 -5 | 16 14 | | | | | 吨) | | | | | 期货持仓量 ...

Report Overview - Report Date: September 23, 2025 [1] - Report Type: Synthetic Rubber Industry Daily Report - Researcher: Lin Jingyi - Futures Practice Qualification Number: F03139610 - Futures Investment Consulting Practice Certificate Number: Z0021558 Industry Investment Rating - Not provided in the report Core Viewpoints - The overall supply of domestic cis - butadiene rubber is sufficient, and the negotiation focus on the spot side is under continuous pressure. However, due to the pre - holiday stocking demand of downstream enterprises, the inventory level is expected to continue to decline [2]. - The capacity utilization rate of domestic tire enterprises fluctuated slightly last week. The semi - steel tire market has some support for overall production, while the all - steel tire market has no obvious improvement in demand and some enterprises face export pressure. The short - term capacity utilization rate of enterprises may be slightly reduced [2]. - The short - term forecast for the br2511 contract is to fluctuate in the range of 11,250 - 11,700 [2]. Summary by Directory 1. Market Data Futures Market - The closing price of the main synthetic rubber contract was 11,430 yuan/ton, a decrease of 75 yuan/ton; the position volume was 65,588, a decrease of 4,718 [2]. - The synthetic rubber 10 - 11 spread was 50 yuan/ton, a decrease of 15 yuan/ton; the total warehouse receipt quantity of butadiene rubber was 2,610 tons, unchanged [2]. Spot Market - The mainstream price of cis - butadiene rubber (BR9000) from different manufacturers had some fluctuations. For example, the price from Qilu Petrochemical in Shandong was 11,600 yuan/ton, unchanged; the price from Daqing Petrochemical in Shandong was 11,550 yuan/ton, a decrease of 50 yuan/ton [2]. - The basis of synthetic rubber was 95 yuan/ton, a decrease of 110 yuan/ton [2]. - The price of Brent crude oil was 66.57 dollars/barrel, a decrease of 0.11 dollars/barrel; the price of WTI crude oil was 62.28 dollars/barrel, a decrease of 0.4 dollars/barrel [2]. - The price of Northeast Asian ethylene was 845 dollars/ton, unchanged; the price of CFR China butadiene was 1,060 dollars/ton, unchanged; the price of CFR Japan naphtha was 595.63 dollars/ton, a decrease of 1.12 dollars/ton; the market price of butadiene in Shandong was 9,400 yuan/ton, a decrease of 100 yuan/ton [2]. 2. Upstream Situation - The weekly capacity of butadiene was 15.11 million tons/week, a decrease of 0.01 million tons/week; the capacity utilization rate was 66.78%, a decrease of 1.55 percentage points [2]. - The port inventory of butadiene was 23,100 tons, a decrease of 2,500 tons; the operating rate of Shandong local refinery atmospheric and vacuum distillation was 51.85%, an increase of 1.21 percentage points [2]. - The monthly output of cis - butadiene rubber was 13.57 million tons, an increase of 0.65 million tons; the weekly capacity utilization rate was 69.72%, a decrease of 3.76 percentage points [2]. - The weekly production profit of cis - butadiene rubber was - 658 yuan/ton, a decrease of 149 yuan/ton; the social inventory was 3.37 million tons, a decrease of 0.08 million tons [2]. - The manufacturer's inventory of cis - butadiene rubber was 25,900 tons, a decrease of 400 tons; the trader's inventory was 7,820 tons, a decrease of 390 tons [2]. 3. Downstream Situation - The operating rate of domestic semi - steel tires was 73.66%, an increase of 0.2 percentage points; the operating rate of all - steel tires was 65.66%, an increase of 0.07 percentage points [2]. - The monthly output of all - steel tires was 13.03 million pieces, an increase of 280,000 pieces; the monthly output of semi - steel tires was 58.06 million pieces, an increase of 1.09 million pieces [2]. - The inventory days of all - steel tires in Shandong were 39.13 days, an increase of 0.3 days; the inventory days of semi - steel tires in Shandong were 46.02 days, an increase of 0.08 days [2]. 4. Industry News - As of September 18, the inventory of domestic cis - butadiene rubber sample enterprises was 3.37 million tons, a decrease of 0.08 million tons from the previous period, a month - on - month decrease of 2.29% [2]. - As of September 18, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 72.74%, a month - on - month increase of 0.13 percentage points and a year - on - year decrease of 6.92 percentage points; the capacity utilization rate of all - steel tire sample enterprises was 66.36%, a month - on - month increase of 0.05 percentage points and a year - on - year increase of 6.18 percentage points [2]. - In August 2025, the output of Chinese cis - butadiene rubber was 13.57 million tons, a month - on - month increase of 0.65 million tons, a month - on - month increase of 5.02% and a year - on - year increase of 30.73% [2]. 5. Key Points of Attention - No news today [2]

Report Information - Report Name: Polysilicon Industry Daily Report 2025-09-23 [1] - Researcher: Huang Wenjie - Futures Practitioner Qualification Number: F03142112 - Futures Investment Consulting Practitioner Certificate Number: Z0021738 Report Industry Investment Rating - Not provided Core Viewpoints - Short - term supply of polysilicon is unlikely to increase significantly due to high - level standards in new regulations, which make it difficult for new production capacity to come online. Demand is weakening as terminal demand is soft, and the supply - strong and demand - weak pattern in the market remains unchanged. The price of polysilicon is expected to decline, and it is under fundamental sentiment pressure. It is predicted to show a high - level oscillation trend. The operation suggestion is to wait and see or layout put options [2] Summary by Directory 1. Market Data (1) Futures Market - The closing price of the main contract of polysilicon is 50,260 yuan/ton, down 730 yuan; the main contract's open interest is 116,091 lots, down 7,826 lots; the 11 - 12 spread of polysilicon is - 2,505 yuan, up 85 yuan; the spread between polysilicon and industrial silicon is 41,335 yuan/ton, down 705 yuan [2] (2) Spot Market - The spot price of polysilicon is 52,650 yuan/ton, unchanged; the basis of polysilicon is 1,660 yuan/ton, up 1,710 yuan; the weekly average price of photovoltaic - grade polysilicon is 6.54 US dollars/kg, up 0.09 US dollars; the average price of cauliflower - type polysilicon is 30 yuan/kg, unchanged; the average price of dense - type polysilicon is 36 yuan/kg, unchanged; the average price of re - feeding polysilicon is 34.8 yuan/kg, unchanged [2] (3) Upstream Situation - The closing price of the main contract of industrial silicon is 8,925 yuan/ton, down 25 yuan; the spot price of industrial silicon is 9,500 yuan/ton, up 150 yuan; the monthly export volume of industrial silicon is 76,642.01 tons, up 2,635.83 tons; the monthly import volume is 1,337.59 tons, up 1,220.14 tons; the monthly output of industrial silicon is 366,800 tons, up 33,600 tons; the total social inventory of industrial silicon is 552,000 tons, up 10,000 tons [2] (4) Industry Situation - The monthly output of polysilicon is 125,000 tons, up 20,000 tons; the monthly import volume of polysilicon is 1,006 tons, down 164 tons; the weekly spot price of imported polysilicon in China is 6.9 US dollars/kg, up 0.14 US dollars; the monthly average import price of polysilicon in China is 2,620 US dollars/ton, down 250 US dollars [2] (5) Downstream Situation - The monthly output of solar cells is 6,985.7 million kilowatts, up 347.5 million kilowatts; the average price of solar cells is 0.82 RMB/W, up 0.01 RMB/W; the monthly export volume of photovoltaic modules is 149,022,600 pieces, up 38,589,900 pieces; the monthly import volume of photovoltaic modules is 21,440,200 pieces, up 6,914,600 pieces; the monthly average import price of photovoltaic modules is 0.25 US dollars/piece, down 0.05 US dollars; the weekly polysilicon price index (SPI) of the photovoltaic industry is 30.34, up 0.62 [2] 2. Industry News - On September 15, the Ningxia Development and Reform Commission and the Northwest Regulatory Bureau of the National Energy Administration issued the Implementation Plan for Deepening the Market - Oriented Reform of New - Energy Internet - Access Electricity Prices in the Autonomous Region, promoting new - energy Internet - access electricity to participate in market trading [2] - Multiple polysilicon - related events were held. The Silicon Industry Branch's annual conference discussed energy - consumption standards and reviewed the past polysilicon market; the Photovoltaic Industry Association's monthly regular meeting further discussed the purchase - storage policy and production and sales restrictions [2] - The National Standards Committee issued a notice soliciting opinions on three mandatory national standards, including the Energy - Consumption Quotas per Unit Product of Polysilicon and Germanium. The first - level standards are relatively high, making it difficult for many enterprises to meet them, which will further promote the implementation of the purchase - storage policy and raise the entry threshold [2] 3. Key Points of View - Short - term supply is difficult to increase significantly, and the demand side shows weak terminal demand. The overall photovoltaic industry chain has a pattern of strong supply and weak demand, with high transaction pressure at the terminal. The price of polysilicon is expected to decline, and the demand for polysilicon will be suppressed. The supply remains flat while the demand weakens, and the polysilicon market is under fundamental sentiment pressure. It is expected to show a high - level oscillation trend. The operation suggestion is to wait and see or layout put options [2]

于需预期给到油价一定压力，只是短期地缘局势仍有不确定性。LLDPE供需博弈，盘面持续下探至估值偏 免责声明 低水平，后市跌幅预计放缓并逐步止跌。 | | | 塑料产业日报 2025-09-23 | 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) | 7105 | -25 1月合约收盘价:聚乙烯(日,元/吨) | 7105 | -25 | | | 5月合约收盘价:聚乙烯(日,元/吨) | 7145 | -42 9月合约收盘价:聚乙烯(日,元/吨) | 7193 | -36 | | | 成交量(日,手) | 180643 | -30320 持仓量(日,手) | 589676 | 8837 | | | 9-1价差 | 81 | -11 期货前20名持仓:买单量:聚乙烯(日,手) | 429337 | 6635 | | | 期货前20名持仓:卖单量:聚乙烯(日,手) | 488033 | 9642 期货前20名持仓:净买单量:聚乙烯(日,手) | -58 ...

| 分瑞达期货 | | --- | | RUIDA FUTURES CO.,LTD. | PVC产业日报 2025-09-23 | 项目类别 | 数据指标 | 最新 | 环比 | 数据指标 | 最新 | 环比 | 收盘价:聚氯乙烯(PVC)(日,元/吨) | -47 成交量:聚氯乙烯(PVC)(日,手) | 4891 | 848608 | 23698 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货市场 | 持仓量:聚氯乙烯(PVC)(日,手) | -2075 期货前20名持仓:买单量:聚氯乙烯(日,手) | 1124135 | 845031 | 1045 | 前20名持仓:卖单量:聚氯乙烯(日,手) | -950 前20名持仓:净买单量:聚氯乙烯(日,手) | 947399 | -102368 | 1995 | | | 华东:PVC:乙烯法(日,元/吨) | 0 华东:PVC:电石法(日,元/吨) | 5010 | 4785.77 | -0.77 | 华南:PVC:乙烯法(日,元/吨) | 0 华 ...

尿素产业日报 2025-09-23 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑州尿素主力合约收盘价(日,元/吨) | 1658 | -2 郑州尿素1-5价差(日,元/吨) | -55 | -2 | | | 郑州尿素主力合约持仓量(日,手) | 304888 | -2508 郑州尿素前20名净持仓 | -46613 | -590 | | | 郑州尿素交易所仓单(日,张) | 7535 | 0 | | | | 现货市场 | 河北(日,元/吨) | 1660 | -20 河南(日,元/吨) | 1620 | -20 | | | 江苏(日,元/吨) | 1630 | -20 山东(日,元/吨) | 1620 | -20 | | | 安徽(日,元/吨) | 1630 | -20 郑州尿素主力合约基差(日,元/吨) | -40 | -19 | | | FOB波罗的海(日,美元/吨) | 387.5 | 0 FOB中国主港(日,美元/吨) | 417.5 | 0 | | 产业情况 | 港口 ...

升空间。临近国庆，下游企业节前备货需求提升，或给到纯苯价格一定支撑。成本方面，OPEC+增产影响 助理研究员: 徐天泽 期货从业资格号F03133092 纯苯产业日报 2025-09-23 | 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:纯苯(日,元/吨) | 5870 | -51 主力结算价:纯苯(日,元/吨) | 5865 | -57 | | | 主力成交量:纯苯(日,手) 市场价:纯苯:华东市场:主流价(日,元/吨) | 6061 | 147 主力持仓量:纯苯(日,手) 0 市场价:纯苯:华北市场:主流价(日,元/吨) | 13466 | 264 | | 现货市场 | | | | | 0 | | | 市场价:纯苯:华南市场:主流价(日,元/吨) | 5885 5900 | 0 市场价:纯苯:东北地区:主流价(日,元/吨) | 6010 5931 | -40 -25 | | | 市场价:加氢苯:江苏地区:主流价(日,元/吨 | 6025 | -25 市场价:加氢苯:山 ...

国债期货日报 2025/9/23 | 项目类别 | 数据指标 最新 | 最新 | 环比 项目 | | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | T主力收盘价 | 107.715 | -0.21% T主力成交量 | 110179 | 31082↑ | | | TF主力收盘价 | 105.625 | -0.13% TF主力成交量 | 81508 | 31191↑ | | | TS主力收盘价 | 102.346 | -0.05% TS主力成交量 | 38495 | 9637↑ | | | TL主力收盘价 | 114.320 | -0.67% TL主力成交量 | 154093 | 40402↑ | | 期货价差 | TL2512-2603价差 | 0.32 | -0.02↓ T12-TL12价差 | -6.60 | 0.55↑ | | | T2512-2603价差 | 0.33 | -0.02↓ TF12-T12价差 | -2.09 | 0.11↑ | | | TF2512-2603价差 | 0.12 | -0.01↓ TS12-T12价差 | -5.37 ...