Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The Fed cut interest rates by 25 basis points as expected, but Powell's hawkish remarks after the meeting supported the dollar, putting short - term pressure on the RMB and negatively impacting the equity market sentiment. The "supply - strong, demand - weak" pattern may continue according to August economic data, and the bond market is expected to remain in a high - level oscillation pattern [8][15]. - In the commodity market, gold is under short - term pressure but has long - term upward potential, and crude oil's trend is volatile due to geopolitical conflicts. The commodity index is expected to show wide - range oscillations [9]. - In the foreign exchange market, the dollar has short - term rebound space but is under pressure in the medium term, while the euro is supported as the eurozone's inflation eases and the interest - rate cut cycle nears its end [9]. Summary by Relevant Catalogs This Week's Summary and Next Week's Allocation Suggestions Stock Market - A - share major indices generally rose this week, except for the Shanghai Composite Index. The four stock index futures showed different trends, with small and medium - cap stocks performing well, ranked as IM>IC>IF>IH. The release of poor August economic data on Monday pressured the stock market, and Powell's hawkish remarks after the Fed's interest - rate cut on Thursday - Friday negatively affected the equity market sentiment. The market trading activity increased slightly this week. The allocation suggestion is to buy on dips [8][15]. Bond Market - This week, Treasury bond futures showed mixed trends. TS and TL main contracts fell by 0.02% and 0.41% respectively, while TF and T main contracts rose by 0.08% and 0.13% respectively. Emotional factors significantly affect the bond market. The "supply - strong, demand - weak" pattern may continue, and the expectation of restarting Treasury bond trading supports the bond market. The bond market is unlikely to weaken trend - wise, and yields are expected to remain in a high - level oscillation pattern. The allocation suggestion is to watch cautiously [8]. Commodity Market - The Wind Commodity Index fell 0.19%, and the CSI Commodity Futures Price Index rose 0.12%. Gold is under short - term pressure but has long - term upward potential, and crude oil's trend is volatile due to geopolitical conflicts. The commodity index is expected to show wide - range oscillations. The allocation suggestion is to mainly watch [9]. Foreign Exchange Market - The euro against the dollar rose 0.26%, and the euro against the dollar 2509 contract rose 0.22%. The Fed's interest - rate cut and Powell's remarks gave the dollar short - term rebound space but put it under medium - term pressure. The eurozone's inflation eases, and the interest - rate cut cycle nears its end, supporting the euro. The allocation suggestion is to watch cautiously [9]. Important News and Events - **Global Central Bank Policies**: The Fed cut interest rates by 25 basis points to 4.00% - 4.25%, the ECB kept rates unchanged for the second time, the Bank of Canada cut rates by 25 basis points to 2.5%, and the BoJ kept rates unchanged [13][19]. - **Domestic Policies**: China will select about 50 pilot cities for new consumption formats, models, and scenarios, and introduce a series of policies to boost service consumption [15][17]. - **Corporate News**: Since the "14th Five - Year Plan", central SOEs' total assets have increased from less than 7 trillion yuan to over 9 trillion yuan, and their total profit has increased from 1.9 trillion yuan to 2.6 trillion yuan [17]. This Week's Domestic and Foreign Economic Data - **China**: In August, the year - on - year growth rate of industrial added value of large - scale industries was 5.2% (expected 5.7%, previous value 5.7%), fixed - asset investment was 0.5% (expected 1.4%, previous value 1.6%), infrastructure investment was 3.2%, manufacturing investment was 6.2%, real - estate development investment decreased by 12%, and social consumer goods retail sales increased by 3.4% (expected 3.9%, previous value 3.7%) [14]. - **US**: In August, the retail sales monthly rate was 0.6% (expected 0.2%, previous value 0.6%), the industrial output monthly rate was 0.1% (expected - 0.1%, previous value - 0.4%), and the initial jobless claims for the week ending September 13 were 231,000 (expected 240,000, previous value 264,000) [20]. - **EU**: In July, the seasonally - adjusted trade balance was 53 billion euros (previous value 37 billion euros), the industrial output monthly rate was 0.3% (expected 0.4%, previous value - 0.6%), and the CPI annual rate in August was 2% (expected 2.1%, previous value 2.1%) [20]. - **UK**: The unemployment rate in August was 4.39% (previous value 4.4%) [20]. Next Week's Important Economic Indicators and Economic Events - From September 22 - 26, there are important economic data releases in China, the eurozone, the US, France, Germany, and the UK, such as China's one - year loan prime rate, the eurozone's consumer confidence index, and the US's core PCE price index [81].

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report - A-share major indices generally rose this week, except for the Shanghai Composite Index. The four stock index futures showed mixed performance, with small and medium-cap stocks performing better, ranked as IM > IC > IF > IH in terms of strength. The market trading activity increased slightly. Overseas, the Fed cut interest rates by 25 basis points as expected, and the RMB first rose and then fell. Domestically, economic data in August was under pressure, but financial data indicated improved consumer willingness. The stock index still has long-term upward potential, and it is recommended to buy on dips with a light position [5][98]. 3. Summary by Relevant Catalogs 3.1 Market Review - Futures: IF2512 had a weekly decline of 0.72%, IH2512 fell 1.89%, IC2512 dropped 0.07%, and IM2512 rose 0.24%. - Spot: The Shanghai and Shenzhen 300 Index fell 0.44%, the Shanghai 50 Index dropped 1.98%, the CSI 500 Index rose 0.32%, and the CSI 1000 Index rose 0.21% [8]. 3.2 News Overview - Economic data in August was weak: industrial added value, social retail sales, fixed - asset investment, real estate development investment all declined, and the unemployment rate rose. - The Ministry of Commerce and other nine departments issued policies to expand service consumption. - The Fed cut interest rates by 25 basis points for the first time this year [11][12]. 3.3 Weekly Market Data - Domestic major indices: The Shanghai Composite Index fell 1.30%, the Shenzhen Component Index rose 1.14%, the STAR 50 Index rose 1.84%, the SME 100 Index rose 1.99%, and the ChiNext Index rose 2.34%. - Overseas major indices: The S&P 500 rose 0.72%, the UK FTSE 100 fell 0.59%, the Hang Seng Index rose 0.59%, and the Nikkei 225 rose 0.62%. - Industry sectors: Bank and non - ferrous metal sectors weakened significantly, while coal and power equipment sectors led the gains. - Industry main funds: Most industries had net outflows, with the electronics sector having a large net outflow. - SHIBOR short - term interest rates increased, but the capital price was still at a low level. - This week, major shareholders had a net reduction of 14.536 billion yuan in the secondary market, the restricted - share lifting market value was 181.127 billion yuan, and northbound funds traded a total of 1.234444 trillion yuan. - The basis of the main contracts of IF, IH, IC, and IM fluctuated [16][17][21][25][29][32]. 3.4 Market Outlook and Strategy - The stock index has long - term upward potential. It is recommended to buy on dips with a light position [98].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The overall demand for industrial silicon from its three major downstream industries remains flat. Although the inventory is high and there is pressure to digest it, the industrial silicon price showed an upward trend after rising and falling today, and it is expected to have upward momentum in the future. It is recommended to build long positions on dips [2]. 3. Summary by Relevant Catalogs 3.1 Market Data - **Futures Market**: The closing price of the main contract was 8,905 yuan/ton, down 60 yuan; the main contract position was 285,052 lots, down 621 lots; the net position of the top 20 was -56,524 lots, up 1,492 lots; the Guangzhou Futures Exchange warehouse receipts were 49,871 lots, down 25 lots; the closing price of the December contract was -385 yuan/ton, unchanged; the spread between the November - December contracts was -385 yuan/ton, unchanged [2]. - **Spot Market**: The average price of oxygen - passing 553 silicon was 9,350 yuan/ton, unchanged; the average price of 421 silicon was 9,600 yuan/ton, unchanged; the basis of the Si main contract was 445 yuan/ton, up 60 yuan; the DMC spot price was 11,020 yuan/ton, unchanged [2]. - **Upstream Situation**: The average price of silica was 410 yuan/ton, unchanged; the average price of petroleum coke was 1,860 yuan/ton, unchanged; the average price of clean coal was 1,850 yuan/ton, unchanged; the average price of wood chips was 490 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) was 12,250 yuan/ton, unchanged [2]. - **Industry Situation**: The monthly output of industrial silicon was 366,800 tons, an increase of 33,600 tons; the weekly social inventory of industrial silicon was 552,000 tons, an increase of 10,000 tons; the monthly import volume of industrial silicon was 2,211.36 tons, an increase of 71.51 tons; the monthly export volume of industrial silicon was 52,919.65 tons, a decrease of 12,197.89 tons [2]. - **Downstream Situation**: The weekly output of organic silicon DMC was 44,900 tons, an increase of 700 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot market was 20,800 yuan/ton, down 100 yuan; the overseas market price of photovoltaic - grade polysilicon was 15.75 US dollars/kg; the weekly average spot price of photovoltaic - grade polysilicon was 6.54 US dollars/kg, an increase of 0.09 US dollars/kg; the monthly export volume of unforged aluminum alloy was 24,908.89 tons, a decrease of 861.29 tons; the weekly operating rate of organic silicon DMC was 72.71%, an increase of 2.12 percentage points; the monthly output of aluminum alloy was 1.536 million tons, a decrease of 133,000 tons; the monthly export volume of aluminum alloy was 20,187.85 tons, a decrease of 337.93 tons [2]. 3.2 Industry News - Italy's "No.220/2025" decree came into effect at the end of August, and the 1.6 - gigawatt photovoltaic project auction under the "Fer X Transitorio Transition Plan" set new supply - chain standards, excluding Chinese photovoltaic modules, cells, and inverters, which sparked discussions about the upgrade of the European market access threshold [2]. - The important article "Deeply Promote the Construction of a Unified National Market" pointed out the need to rectify the chaos of low - price and disorderly competition among enterprises [2]. 3.3 Fundamental Analysis - **Supply Side**: As the wet season progresses, the electricity price advantage in the southwest region becomes more obvious, accelerating the resumption of production in silicon plants. The number of newly opened furnaces in Sichuan, Yunnan and other places continues to rise, while some large factories in Xinjiang maintain a stable production rhythm. However, some small and medium - sized silicon plants in Xinjiang have low enthusiasm for resuming production due to compressed profit margins, so the overall output in Xinjiang remains relatively stable. The supply side shows a regional differentiation trend of "steady production increase in the northwest and capacity shrinkage in the southwest" [2]. - **Demand Side**: In the organic silicon market, the downward trend and reduced profits lead to a decline in the expected production increase, having a negative impact on the demand for industrial silicon. In the polysilicon segment, the inventory and operating rate are rising, increasing the demand for industrial silicon. However, the limited price increase in the downstream and the expected contraction of photovoltaic industry demand in the long run may limit the continuous growth of polysilicon's demand for industrial silicon. In the aluminum alloy segment, the inventory is rising, the price is increasing, the operating situation is stable, but the demand is average, with limited pulling effect on industrial silicon [2].

Report Industry Investment Rating - Not provided Core View of the Report - The supply of polysilicon is increasing while the demand is weakening. The inventory of polysilicon is rising, but the subsequent increase is expected to be limited due to the industry's anti - involution. The price of silicon wafers has increased slightly, but downstream customers are hesitant. The weak terminal demand is affecting the market, and the supply - strong and demand - weak pattern of the photovoltaic industry chain remains unchanged with high pressure on terminal transactions. The price is expected to decline, which will suppress the demand for polysilicon. Polysilicon prices are fluctuating narrowly, and the short - term fundamentals are under pressure. It is recommended to wait and see or arrange put options [3] Summary by Relevant Catalogs Futures Market - The closing price of the polysilicon main contract is 53,205 yuan/ton, down 285 yuan; the main contract position is 122,834 lots, down 3,400 lots. The 11 - 12 spread of polysilicon is - 2,540 yuan, up 120 yuan; the spread between polysilicon and industrial silicon is 44,300 yuan/ton, down 225 yuan [3] 现货市场 - The spot price of polysilicon is 52,600 yuan/ton, up 50 yuan; the basis is - 605 yuan/ton, up 335 yuan. The weekly average price of photovoltaic - grade polysilicon is 6.54 US dollars/kg, up 0.09 US dollars. The average prices of cauliflower - type, dense - type, and re - feeding type polysilicon are 30 yuan/kg, 36 yuan/kg, and 34.8 yuan/kg respectively, with no change [3] Upstream Situation - The closing price of the industrial silicon main contract is 8,905 yuan/ton, down 60 yuan; the spot price is 9,350 yuan/ton, unchanged. The monthly export volume of industrial silicon is 52,919.65 tons, down 12,197.89 tons; the monthly import volume is 2,211.36 tons, up 71.51 tons. The monthly output of industrial silicon is 366,800 tons, up 33,600 tons; the total social inventory is 552,000 tons, up 10,000 tons [3] 产业情况 - The monthly output of polysilicon is 125,000 tons, up 20,000 tons; the monthly import volume is 1,170 tons, up 57 tons. The weekly spot price of imported polysilicon materials in China is 6.9 US dollars/kg, up 0.14 US dollars; the monthly average import price is 2,190 US dollars/ton, down 140 US dollars [3] 下游情况 - The monthly output of solar cells is 66,382,000 kilowatts, down 1,004,000 kilowatts. The average price of solar cells is 0.82 RMB/W, up 0.01 RMB. The monthly export volume of photovoltaic modules is 110,432,680 units, up 21,456,820 units; the monthly import volume is 3,429,750 units, and the monthly average import price is 14,525.65 US dollars/unit, down 0.02 US dollars. The polysilicon sub - index of the photovoltaic industry comprehensive price index (SPI) is 30.34, up 0.62 [3] 行业消息 - Italy's "No.220/2025" decree came into effect at the end of August, and a 1.6 - gigawatt photovoltaic project auction under the "Fer X Transitorio" framework has started, excluding Chinese photovoltaic components, cells, and inverters, which has sparked discussions about the upgrade of the European market access threshold. The important article of Xi Jinping pointed out that efforts should be made to rectify the chaos of low - price and disorderly competition among enterprises [3]

| | | 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：T为10年期国债期货，TF为5年期国债期货，TS为2年期国债期货 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 国债期货日报 2025/9/18 | 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 | 108.080 | -0.05% T主力成交量 | 93558 | -8053↓ | | | TF主力收盘价 | 105.820 | -0.05% TF主力成交量 | 64176 | -6528↓ | | | TS主力收盘价 | 102.410 | -0.04% TS主力成交量 | 34264 | -4294↓ | | | TL主力收盘价 | 115.620 | -0.17% TL主力成交量 | 129045 | -3090↓ | | 期货价差 | TL2512-2603价差 | 0.31 | -0.03↓ T12-TL12价差 | -7.54 | 0.18↑ ...

利用率或以小幅波动为主。ru2601合约短线预计在15300-15750区间波动，nr2511合约短线预计在12150-1 2600区间波动。 免责声明 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 | | --- | --- | --- | --- | --- | --- | | | 沪胶主力合约收盘价(日,元/吨) | 15570 | -310 20号胶主力合约收盘价(日,元/吨) | 12300 | -290 | | | 沪胶1-5价差(日,元/吨) | 15 | 0 20号胶10-11价差(日,元/吨) | 0 | 60 | | 期货市场 | 沪胶与20号胶价差(日,元/吨) | 3270 | -20 沪胶主力合约 持仓量(日,手) | 159271 | 12463 | | | 20号胶主力合约持仓量(日,手) | 69153 | 3914 沪胶前20名净持仓 | -30609 | -1558 | | | 20号胶前20名净持仓 | -13580 | -893 沪胶交易所仓单(日,吨) | 15 ...

Report Summary 1) Report Industry Investment Rating - Not provided in the report. 2) Core View of the Report - The report suggests short - long positions as the main strategy and recommends paying attention to the stocking situation for the Double Festival. The old - crop market in Shandong has relatively stable prices, and the profit of merchants in the sales area is relatively limited due to the high price of early - maturing Fuji [2]. 3) Summary by Related Catalogs a) Market Data - **Futures Market**: The closing price of the apple futures main contract is 8,281 yuan/ton, down 1,008 yuan; the main contract position is 13,700 hands, up 2,317 hands; the net long position of the top 20 futures holders is 83,396 hands, up 2,317 hands [2]. - **Spot Market**: The spot prices of apples in Gansu Jingning, Shandong Yiyuan, Shaanxi Luochuan, and Shandong Yantai Qixia remain unchanged. The prices are 4 yuan/jin, 2.3 yuan/jin, 4 yuan/jin, and 3.7 yuan/jin respectively [2]. - **Upstream Situation**: The national apple output is 5,128.51 million tons, an increase of 168.34 million tons [2]. - **Industry Situation**: The weekly apple wholesale price is 9.7 yuan/kg, down 0.06 yuan; the average wholesale price of Fuji apples is 9.38 yuan/kg, unchanged; the total national apple cold - storage inventory is 16.32 million tons, a decrease of 4.59 million tons; the capacity utilization ratio of Shandong apples is 0.04, down 0.01; the capacity utilization ratio of Shaanxi apples is 0, unchanged; the monthly apple export volume is 50,000 tons, an increase of 10,000 tons; the monthly apple export value is 63.284 million US dollars, and the monthly import value of fresh and dried fruits and nuts is 15.892955 billion US dollars, a decrease of 1.533065 billion US dollars; the weekly profit of first - and second - grade paper - bag apple 80 storage merchants is 0.3 yuan/jin, unchanged [2]. - **Downstream Situation**: The weekly average wholesale price of tangerines is 8.74 yuan/kg, up 0.44 yuan; the weekly banana wholesale price is 5.56 yuan/kg, down 0.02 yuan; the weekly watermelon wholesale price is 3.72 yuan/kg, up 0.1 yuan; the average daily morning arrival of trucks at the Jiangmen Wholesale Market in Guangdong is 12 vehicles, up 0.4 vehicles; the average daily morning arrival of trucks at the Xiaqiao Wholesale Market in Guangdong is 16 vehicles, up 1 vehicle; the average daily morning arrival of trucks at the Chalong Wholesale Market in Guangdong is 25.56 vehicles, up 1.96 vehicles [2]. - **Option Market**: The implied volatility of at - the - money call options for apples is 21.09%, down 0.19%; the implied volatility of at - the - money put options for apples is 21.1%, down 0.19% [2]. b) Industry News - In the western production areas, the trading of early - maturing Fuji is coming to an end, and some late - maturing Fuji has started to remove bags sporadically, but large - scale bag removal still needs to wait. In the Shandong production area, the inventory trading is weak. Merchants are actively purchasing early - maturing apples for the Mid - Autumn Festival stocking, with smooth sales and prices determined by quality. For the new - season apples, the supply of medium - maturing Fuji is gradually increasing. In some western areas, the color and redness of Fuji are average due to long rainfall and short sunlight hours, but the price of high - quality goods remains firm. The trading of Hongjiangjun apples in Shandong has begun, but the quality is relatively poor [2]. c) Viewpoint Summary - In the old - crop market, the remaining supply in the Shandong production area is concentrated in some townships. Some merchants continue to transfer inventory Fuji due to the high price of early - maturing Fuji and the poor coloring of Hongjiangjun, with relatively stable prices. The digestion speed in the sales area is relatively stable, and the profit of merchants is relatively limited due to the high price of early - maturing Fuji [2].

整体去库存趋势依旧不变，联储宣布降息25个基点，预计10月份仍有下行懂理，国内维持汇率升值压力， 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 后续有望跟随降息，市场有望重新出现增长，那么市场短期可能将会有情绪驱动机会。今日玻璃呈现下跌 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 态势，主要情绪回落所致，短期向上依旧有所承压，待情绪企稳后继续逢低布局多头，操作上建议逢低布 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。 局多单，注意操作风险。 纯碱玻璃产业日报 2025-09-18 | 项目类别 | 数据指标 纯碱主力合约收盘价(日,元/吨) | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 纯碱与玻璃价差(日,元/吨) | 1306 98 | -28 玻璃 ...

白糖产业日报 2025-09-18 国累计销售食糖999.98万吨，同比增加113.88万吨，累计销糖率89.59%，同比加快0.65个百分点。工业库 数据来源第三方(同花顺、wind)，观点仅供参考，市场有风险，投资需谨慎！ 存116.23万吨，同比增加6.01万吨。目前中秋备货基本结束，北方糖厂即将开榨，短期无明显利好驱动， 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 预计低位震荡。操作上，建议观望为主。 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 | | --- | --- | --- | --- | --- | ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - On September 18, the JM2601 contract of coking coal closed at 1203.5, down 2.11%. The spot price of Tangshan Mongolian No. 5 coking coal was 1366, equivalent to 1146 on the futures market. With the Fed's interest - rate cut, the market sentiment declined and commodities corrected. Coking coal mines' capacity utilization has rebounded for two consecutive weeks, some coal prices have rebounded, and the capacity utilization of independent coal washing plants has increased. The cumulative import growth rate has been declining for 3 consecutive months, and the inventory is at a neutral level. Technically, the daily K - line is above the 20 - day and 60 - day moving averages. It should be treated as a volatile market [2]. - On September 18, the J2601 contract of coke closed at 1709.0, down 1.10%. The second - round price cut of coke in the spot market has been implemented. In August, China's rebar production was 1541.2 million tons, a year - on - year increase of 23.6%; the cumulative production from January to August was 12867.8 million tons, a year - on - year increase of 0.3%. In terms of fundamentals, the hot metal output this period was 240.55 million tons, an increase of 11.71 million tons. After the impact of steel mill production control for the parade faded, the hot metal output returned to the previous level, and the coke inventory was higher than the same period. The average profit per ton of coke for 30 independent coking plants nationwide this period was 35 yuan/ton. Technically, the daily K - line is above the 20 - day and 60 - day moving averages. It should be treated as a volatile market [2]. 3. Summary by Directory Futures Market - JM主力合约收盘价为1203.50元/吨，环比下降29.50元；J主力合约收盘价为1709.00元/吨，环比下降25.50元。JM期货合约持仓量为943381.00手，环比下降33552.00手；J期货合约持仓量为52987.00手，环比下降131.00手。焦煤前20名合约净持仓为 - 121141.00手，环比下降445.00手；焦炭前20名合约净持仓为 - 4538.00手，环比增加69.00手。JM5 - 1月合约价差为92.00元/吨，环比增加12.00元；J5 - 1月合约价差为139.00元/吨，环比增加10.00元。焦煤仓单为200.00张，环比下降400.00张；焦炭仓单为1550.00张，环比无变化 [2]. Spot Market - 干其毛都蒙5原煤价格为1000.00元/吨，环比上涨9.00元；唐山一级冶金焦价格为1720.00元/吨，环比无变化。俄罗斯主焦煤远期现货（CFR）价格为149.00美元/湿吨，环比无变化；日照港准一级冶金焦价格为1520.00元/吨，环比无变化。京唐港澳大利亚进口主焦煤价格为1630.00元/吨，环比无变化；天津港一级冶金焦价格为1620.00元/吨，环比无变化。京唐港山西产主焦煤价格为1670.00元/吨，环比上涨130.00元；天津港准一级冶金焦价格为1520.00元/吨，环比无变化。山西晋中灵石中硫主焦价格为1270.00元/吨，环比无变化；内蒙古乌海产焦煤出厂价为1080.00元/吨，环比无变化。JM主力合约基差为66.50元/吨，环比增加29.50元；J主力合约基差为11.00元/吨，环比增加25.50元 [2]. Upstream Situation - 314家独立洗煤厂精煤日产量为26.80万吨，环比增加1.20万吨；314家独立洗煤厂精煤周库存为304.40万吨，环比增加23.80万吨。314家独立洗煤厂产能利用率为0.37%，环比增加0.02个百分点；原煤月产量为39049.70万吨，环比增加951.00万吨。煤及褐煤月进口量为4274.00万吨，环比增加713.00万吨；523家炼焦煤矿山原煤日均产量为190.00万吨，环比增加4.40万吨。16个港口进口焦煤周库存为466.35万吨，环比增加1.58万吨；18个港口焦炭周库存为258.31万吨，环比下降2.45万吨。独立焦企全样本炼焦煤周库存为883.54万吨，环比下降36.51万吨；独立焦企全样本焦炭周库存为67.84万吨，环比增加1.33万吨。全国247家钢厂炼焦煤周库存为793.73万吨，环比下降2.03万吨；全国247家样本钢厂焦炭周库存为633.29万吨，环比增加9.58万吨。独立焦企全样本炼焦煤可用天数为12.81天，环比下降0.28天；247家样本钢厂焦炭可用天数为11.29天，环比下降0.42天 [2]. Industry Situation - 炼焦煤月进口量为962.30万吨，环比增加53.11万吨；焦炭及半焦炭月出口量为55.00万吨，环比下降34.00万吨。炼焦煤月产量为4089.38万吨，环比增加25.00万吨；独立焦企产能利用率为75.92%，环比增加2.78个百分点。独立焦化厂吨焦盈利为35.00元/吨，环比下降29.00元；焦炭月产量为4259.70万吨，环比增加74.20万吨 [2]. Downstream Situation - 全国247家钢厂高炉开工率为83.85%，环比增加3.47个百分点；247家钢厂高炉炼铁产能利用率为90.20%，环比增加4.43个百分点。粗钢月产量为7736.86万吨，环比下降228.96万吨 [2]. Industry News - The Federal Reserve cut the federal funds rate target range to 4.00% - 4.25% by 25 basis points at its Wednesday meeting, the first rate cut this year and after a 9 - month hiatus. The latest dot - plot predicts two more 25 - basis - point rate cuts this year, one more than the June forecast [2]. - On September 16, the First Plenary Meeting of the Third - Session Council of the Jiangsu Iron and Steel Industry Association was held in Tangshan, Hebei. The meeting reviewed and passed several proposals, including the Initiative on Maintaining Fair Competition Order and Jointly Resisting "Involution - style" Competition, the Proposal on Establishing a Coordination Working Group for Comprehensive Rectification of "Involution - style" Competition in the Jiangsu Iron and Steel Industry, and the Proposal on Establishing a Green - Low - Carbon Specialized Committee and an Artificial - Intelligence Specialized Committee of the Jiangsu Iron and Steel Industry Association [2]. - The National Bureau of Statistics reported that China's rebar production in August was 1541.2 million tons, a year - on - year increase of 23.6%; the cumulative production from January to August was 12867.8 million tons, a year - on - year increase of 0.3% [2].