| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑棉主力合约收盘价(日,元/吨) | 13890 | -5 棉纱主力合约收盘价(日,元/吨) | 19910 | -40 | | | 棉花期货前20名净持仓(手) | -34624 | 325 棉纱期货前20名净持仓(手) | -390 | -218 | | | 主力合约持仓量:棉花(日,手) | 491292 | -1339 主力合约持仓量:棉纱(日,手) | 19602 | -680 | | | 仓单数量:棉花(日,张) 中国棉花价格指数:CCIndex:3128B(日,元 | 4615 | -144 仓单数量:棉纱(日,张) | 87 | -2 | | 现货市场 | | 15310 | 10 中国纱线价格指数:纯棉普梳纱32支(日, | 20775 | 0 | | /吨) | 中国进口棉价格指数:FCIndexM:1%关税( | | 元/吨) 到港价:进口棉纱价格指数:纯棉普梳纱32 | | | | | | 13388 | 0 | ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The A - share major indices closed generally higher. The market is in the macro - data verification stage during the performance and policy vacuum period. Although the economic data in August was still under pressure, the previous financial data showed that residents were shifting from excess savings to increased consumption. With the expected reflection of this in subsequent economic data and the Fed's potential interest - rate cut providing room for domestic policy easing, stock indices still have long - term upward potential. It is recommended to buy on dips with a light position [2]. 3. Summary by Relevant Catalogs 3.1 Futures Quotes - **Contract Prices**: IF (2509) closed at 4553.2, up 36.2; IH (2509) at 2956.2, up 5.8; IC (2509) at 7252.4, up 90.4; IM (2509) at 7547.0, up 93.0. The prices of the corresponding next - main contracts also showed increases or decreases [2]. - **Contract Spreads**: The spreads between different contracts such as IF - IH, IC - IF, etc. showed various changes, with some increasing and some decreasing [2]. - **Seasonal - to - Current Spreads**: The spreads between current - season and current - month contracts, and next - season and current - month contracts also had different trends [2]. - **Futures Positions**: The net positions of the top 20 in IF, IH, IC, and IM showed different changes, with some increasing and some decreasing [2]. 3.2 Spot Prices - The spot prices of the Shanghai - Shenzhen 300, Shanghai Composite 50, CSI 500, and CSI 1000 all increased, and the basis of the corresponding futures contracts also changed [2]. 3.3 Market Sentiment - **Trading Volume and Balance**: A - share trading volume was 24,029.24 billion yuan, up 358.55 billion yuan; margin trading balance was 23,926.52 billion yuan, up 226.53 billion yuan; north - bound trading volume was 2876.22 billion yuan, up 3.16 billion yuan [2]. - **Other Indicators**: The proportion of rising stocks decreased, Shibor increased, and the closing prices and implied volatilities of call and put options of the Shanghai - Shenzhen 300 index showed different trends [2]. 3.4 Market Strength - Weakness Analysis - The overall strength - weakness analysis of the A - share market showed that the technical aspect weakened, while the capital aspect strengthened [2]. 3.5 Industry News - The nine - department policy on expanding service consumption proposed 19 measures in five aspects, including promoting service - consumption seasons and expanding opening - up in certain fields [2]. - US retail sales in August increased by 0.6% month - on - month, with real retail sales growing by 2.1% year - on - year after inflation adjustment [2]. 3.6 Key Events - The Fed, Bank of England, and Bank of Japan will announce their interest - rate decisions on September 18 and 19 [3].

| 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） | 73,640.00 | +460.00↑ 前20名净持仓（日，手） | -175,190.00 | -6624.00↓ | | 期货市场 | 主力合约持仓量（日，手） | 294,624.00 | -5813.00↓ 近远月合约价差（日，元/吨） | -300.00 | -20.00↓ | | | 广期所仓单（日，手/吨） | 38,824.00 | -139.00↓ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 73,150.00 | +300.00↑ 工业级碳酸锂平均价（日，万元/吨） | 70,900.00 | +300.00↑ | | | Li₂CO₃主力合约基差（日，元/吨） | -490.00 | -160.00↓ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | 886.00 | 0.00 磷锂铝石平均价（日，元/吨） | 7,205.00 ...

房地产依旧表现低迷，下游深加工订单小幅抬升，采购以刚需为主，整体库存虽然重新累库，后续市场将 会围绕需求端进行波动，整体去库存趋势依旧不变，联储即将开启议息会议，国内维持汇率升值压力，后 纯碱玻璃产业日报 2025-09-17 | 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) | 1334 | -5 玻璃主力合约收盘价(日,元/吨) | 1234 | -3 | | | 纯碱与玻璃价差(日,元/吨) | 100 | -2 纯碱主力合约持仓量(日,手) | 1339542 | 913 | | | 玻璃主力合约持仓量(日,手) | 1304305 | 24237 纯碱前20名净持仓 | -247815 | -13809 | | 期货市场 | 玻璃前20名净持仓 | -173987 | -13710 纯碱交易所仓单(日,吨) | 5672 | -578 | | | 玻璃交易所仓单(日,吨) | 1040 | -565 纯碱基差(日,元/吨) | -124 | -11 | ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价甲醇(日,元/吨) | 2376 | 1 甲醇1-5价差(日,元/吨) | -21 | 1 -17656 | | | 主力合约持仓量:甲醇(日,手) | 836608 | 31213 期货前20名持仓:净买单量:甲醇(日,手) | -166333 | | | | 仓单数量:甲醇(日,张) | 10781 | -5350 | | | | 现货市场 | 江苏太仓(日,元/吨) | 2275 | -20 内蒙古(日,元/吨) | 2115 | -20 | | | 华东-西北价差(日,元/吨) | 160 | 0 郑醇主力合约基差(日,元/吨) | -101 | -21 | | | 甲醇:CFR中国主港(日,美元/吨) | 265 | 0 CFR东南亚(日,美元/吨) | 326 | 0 | | | FOB鹿特丹(日,欧元/吨) | 292 | -1 中国主港-东南亚价差(日,美元/吨) | -61 | 0 | | 上游情况 | ...

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ | | | 贵金属产业日报 2025-09-17 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪金主力合约收盘价(日,元/克) | 835.08 | -7 沪银主力合约收盘价(日,元/千克) | 9906 | -202 | | | 主力合约持仓量:沪金(日,手) | 96007 | -8053 主力合约持仓量:沪银(日,手) | 171891 | -23613 | | | 沪金主力前20名净持仓(日,手) | 165539 | -7305 沪银主力前20名净持仓(日,手) | 119104 | -10720 | | | 仓单数量:黄金(日,千克) | 54126 | 900 仓单数量:白银(日,千克) | 1221428 | -9833 | | 现货市场 | 上海有色网黄金现货价(日,元/克) | 834.6 | -1.2 上海有色网白银现货价(日,元/千克) | 9926 | -178 | | | 沪金主力合约基差(日,元 ...

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The current egg production capacity is high, with large pressure from newly - opened egg - laying hens and sufficient supply. The temperature drop has increased the egg - laying rate, further exacerbating the supply pressure. However, due to pre - holiday stocking for the Mid - Autumn Festival and National Day, the market demand has shown signs of recovery, driving up egg prices and supporting the futures market. Recently, short - sellers have covered their positions, causing the futures price to rebound from a low level. But the high - capacity pressure still exists, and short - term trading is recommended in the near future [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the active egg futures contract is 3116 yuan/500 kilograms, with a week - on - week increase of 3. The net long position of the top 20 futures holders is - 8678 hands, a decrease of 4703 hands. The monthly spread between the 1 - 5 egg futures contracts is - 52 yuan/500 kilograms, an increase of 12. The futures trading volume of the active contract is 437,712 hands, an increase of 22,610 hands. The registered warehouse receipts are 0 hands, a decrease of 3 hands [2] 3.2 Spot Market - The spot price of eggs is 3.86 yuan/jin, with a week - on - week increase of 0.02 yuan. The basis (spot - futures) is 744 yuan/500 kilograms, an increase of 16 yuan [2] 3.3 Upstream Situation - The national laying hen inventory index is 113.18 (2015 = 100), an increase of 1.27. The national culled laying hen index is 99.2 (2015 = 100), a decrease of 4.89. The average price of egg - laying chicken chicks in the main production areas is 2.6 yuan/chick, a decrease of 0.4 yuan. The national new - born chick index is 78.4 (2015 = 100), an increase of 2.33. The average price of egg - laying chicken compound feed is 2.76 yuan/kg, unchanged. The breeding profit of egg - laying chickens is - 0.02 yuan/hen, an increase of 0.21 yuan. The average price of culled chickens in the main production areas is 9.22 yuan/kg, a decrease of 0.02 yuan. The national culling age of chickens is 512 days, an increase of 11 days [2] 3.4 Industry Situation - The average wholesale price of pork is 19.73 yuan/kg, a decrease of 0.15 yuan. The average wholesale price of 28 key - monitored vegetables is 4.98 yuan/kg, a decrease of 0.04 yuan. The average wholesale price of dressed chickens is 17.38 yuan/kg, a decrease of 0.3 yuan. The weekly inventory in the circulation link is 0.99 days, a decrease of 0.04 days. The weekly inventory in the production link is 0.91 days, a decrease of 0.02 days. The monthly export volume of fresh eggs is 12,792.51 tons, a decrease of 110.81 tons [2] 3.5 Downstream Situation - The weekly consumption of eggs in the sales areas is 7303 tons, a decrease of 149 tons [2] 3.6 Industry News - The average price of eggs in Shandong, Hebei, Guangdong, and Beijing in the main production areas remained unchanged from the previous day. Currently, the laying hen inventory is high, and the supply of eggs is sufficient. The decrease in temperature has increased the egg - laying rate, further increasing the supply pressure [2]

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report. 2. Core View - BZ2603 fluctuated weakly and closed at 6,057 yuan/ton. Supply is expected to increase slightly this week, with the restart of some downstream plants potentially narrowing the supply - demand gap in the short term. However, the demand recovery may be limited due to the styrene maintenance cycle from late - September to October. Pre - holiday stocking demand may support prices. International oil prices are strong, and positive macro - factors are emerging [2]. 3. Summary by Directory 3.1 Futures Market - The main closing price of pure benzene was 6,057 yuan/ton, down 16 yuan; the main settlement price was 6,069 yuan/ton, down 9 yuan. The main trading volume was 2,238 lots, down 2,681 lots; the main open interest was 12,075 lots, down 47 lots [2]. 3.2 Spot Market - The mainstream prices in East China, North China, South China, and Northeast China were 5,990 yuan/ton, 6,050 yuan/ton, 5,900 yuan/ton, and 6,045 yuan/ton respectively. The price in Northeast China increased by 10 yuan/ton. The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi were 6,125 yuan/ton and remained unchanged respectively. The FOB mid - price in South Korea was 721 US dollars/ton, up 3 US dollars/ton; the CFR mid - price in China was 740.5 US dollars/ton, up 2 US dollars/ton [2]. 3.3 Upstream Situation - The spot price of Brent DTD crude oil was 68.65 US dollars/barrel, unchanged. The CFR mid - price of naphtha in Japan was 604.88 US dollars/ton, down 3.62 US dollars/ton [2]. 3.4 Industry Situation - The capacity utilization rate of pure benzene was 78.14%, up 0.13%. The weekly output was 45.55 million tons, up 0.22 million tons. The port inventory was 14.4 million tons, down 0.5 million tons. The production cost was 5,327.8 yuan/ton, down 118.2 yuan/ton, and the production profit was 737 yuan/ton, up 76 yuan/ton [2]. 3.5 Downstream Situation - The开工率 of styrene was 74.98%, down 4.76%. The capacity utilization rates of caprolactam, phenol, aniline, and adipic acid were 95.72% (up 6.41%), 78.54% (down 0.46%), 69.24% (down 0.1%), and 64.3% (up 2%) respectively [2]. 3.6 Industry News - As of September 15, the pure benzene port inventory in Jiangsu was 13.4 million tons, a week - on - week decrease of 6.94%. From September 5 - 11, the profit of petroleum benzene of PetroChina was 443 yuan/ton, a week - on - week decrease of 69 yuan/ton [2]. 3.7 Outlook - This week, the operating loads of domestic petroleum benzene and hydrogenated benzene plants are expected to increase, and the number of imported cargo arrivals is expected to decrease. Some downstream plants such as styrene, caprolactam, and aniline will restart. However, styrene is in the maintenance cycle from late - September to October, which may limit the demand recovery. Pre - holiday stocking demand may support prices. International oil prices are strong due to geopolitical conflicts, and positive macro - factors such as smooth Sino - US - Spanish talks and upcoming domestic policies are emerging [2].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The overall fundamentals of the alumina industry are in a relatively stable supply - demand stage, with stable production and improved spot market transactions. It is recommended to trade with a light position within a range, controlling rhythm and risks [2]. - The fundamentals of the electrolytic aluminum industry may be in a stage of stable supply and increasing demand, with overseas interest - rate cut expectations driving the price up. The option market sentiment is bullish. It is also recommended to trade with a light position within a range, controlling rhythm and risks [2]. - The fundamentals of the cast - aluminum industry may be in a stage of slightly reduced supply and recovering demand, with a dull spot market. It is suggested to trade with a light position within a range, paying attention to rhythm and risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main SHFE aluminum contract was 20,910 yuan/ton, down 20 yuan; the main - second - consecutive contract spread was - 65 yuan, down 25 yuan. The main contract position decreased by 16,514 lots. The LME aluminum three - month quotation was 2,712 dollars/ton, up 7.5 dollars [2]. - The closing price of the main alumina futures contract was 2,937 yuan/ton, down 14 yuan; the main - second - consecutive contract spread was - 42 yuan, up 3 yuan. The main contract position increased by 38,407 lots. The LME aluminum cancelled warehouse receipts decreased by 1,500 tons, and the LME aluminum inventory decreased by 1,500 tons [2]. - The closing price of the main cast - aluminum alloy contract was 20,460 yuan/ton, down 20 yuan; the main - second - consecutive contract spread was - 40 yuan, down 25 yuan. The main contract position increased by 2,154 lots [2]. 3.2 Spot Market - The price of Shanghai Non - ferrous A00 aluminum was 20,950 yuan/ton, unchanged; the average price of ADC12 aluminum alloy ingots nationwide was 21,050 yuan/ton, unchanged; the price of Yangtze River Non - ferrous AOO aluminum was 20,920 yuan/ton, down 70 yuan [2]. - The alumina spot price in Shanghai Non - ferrous was 2,965 yuan/ton, down 5 yuan. The basis of cast - aluminum alloy was 590 yuan/ton, down 120 yuan; the basis of electrolytic aluminum was 40 yuan/ton, up 65 yuan [2]. - The SHFE aluminum premium/discount in Shanghai Wumaomao was - 50 yuan/ton, unchanged; the LME aluminum premium/discount was 15.98 dollars/ton, unchanged; the basis of alumina was 28 yuan/ton, up 37 yuan [2]. 3.3 Upstream Situation - The national alumina production in the current month was 792.47 million tons, up 35.98 million tons; the capacity utilization rate was 84.75%, up 0.45 percentage points. The demand for alumina (electrolytic aluminum part) was 722.07 million tons, up 25.88 million tons [2]. - The average price of crushed raw aluminum in Foshan metal scrap was 16,500 yuan/ton, unchanged; the average price in Shandong metal scrap was 16,150 yuan/ton, unchanged. China's import volume of aluminum scrap and fragments increased by 4,900.05 tons, and the export volume increased by 15.06 tons [2]. - China's alumina export volume was 23 million tons, up 6 million tons; the import volume was 12.59 million tons, up 2.47 million tons. The WBMS aluminum supply - demand balance decreased by 9.41 million tons [2]. 3.4 Industry Situation - The electrolytic aluminum social inventory increased by 1.6 million tons to 58.6 million tons. The import volume of primary aluminum increased by 55,884.22 tons to 248,198.71 tons; the export volume increased by 21,416.99 tons to 40,987.71 tons [2]. - The total electrolytic aluminum production capacity was 4,523.2 million tons, unchanged; the operating rate was 98.11%, up 0.33 percentage points. The aluminum product output was 554.82 million tons, up 6.45 million tons; the output of recycled aluminum alloy ingots was 63.59 million tons, up 1.27 million tons [2]. - The export volume of unwrought aluminum and aluminum products was 53.4 million tons, down 0.6 million tons; the export volume of aluminum alloy was 2.49 million tons, down 0.09 million tons [2]. 3.5 Downstream and Application - The built - up production capacity of recycled aluminum alloy ingots was 126 million tons, unchanged. The national real - estate climate index was 93.05, down 0.28 [2]. - The aluminum alloy output was 153.6 million tons, down 13.3 million tons. The automobile output was 275.24 million vehicles, up 24.21 million vehicles [2]. 3.6 Option Situation - The 20 - day historical volatility of SHFE aluminum was 6.63%, up 0.15 percentage points; the 40 - day historical volatility was 6.18%, down 0.10 percentage points [2]. - The implied volatility of the at - the - money option of the SHFE aluminum main contract was 11.12%, up 0.0002 percentage points; the call - put ratio was 1.15, down 0.033 [2]. 3.7 Industry News - Nine departments including the Ministry of Commerce issued policies to expand service consumption, covering cross - border cooperation, sports events, and market access in multiple fields [2]. - US retail sales in August increased by 0.6% month - on - month, with real retail sales growing by 2.1% year - on - year, which may influence the Fed's interest - rate cut decision [2]. - Pan Gongsheng pointed out that the international monetary system may evolve towards a pattern of co - existence and competition among a few sovereign currencies, and new technologies will drive the evolution of cross - border payment systems [2]. - As of the end of August, the national passenger - vehicle inventory decreased by 130,000 vehicles month - on - month, with rational production control by car companies from May to August [2]. 3.8 Alumina Viewpoint Summary - The main alumina contract weakened in a volatile manner, with increased positions, spot premium, and a strengthening basis. The supply of bauxite was affected by the rainy season in Guinea, but domestic alumina production was stable. The demand from electrolytic aluminum plants was good, and the overall supply - demand was stable. It is recommended to trade with a light position within a range [2]. 3.9 Electrolytic Aluminum Viewpoint Summary - The main SHFE aluminum contract declined in a volatile manner, with decreased positions, spot premium, and a strengthening basis. The supply of alumina was stable, and the profit of smelters was good, resulting in high - level production. The demand from downstream processing plants improved, and the social inventory of aluminum ingots decreased. The option market was bullish. It is recommended to trade with a light position within a range [2]. 3.10 Casting Aluminum Alloy Viewpoint Summary - The main cast - aluminum alloy contract declined in a volatile manner, with increased positions, spot premium, and a weakening basis. The supply of scrap aluminum was tight, restricting production. The demand from downstream die - casting plants improved, but the spot market was dull. It is recommended to trade with a light position within a range [2].

Report Investment Rating - No investment rating provided in the report [1][2] Core View - Internationally, the expiration delivery volume of the October white sugar contract on the ICE was 260,750 tons, with 200,000 tons from the UAE, 36,950 tons from India, and 5,000 tons from China. Domestically, the sugar sales data in August was lower than the same period in previous years, but the inventory remained relatively low. As of the end of August 2025, the cumulative sugar sales nationwide were 9.9998 million tons, a year - on - year increase of 1.1388 million tons, and the cumulative sugar sales rate was 89.59%, 0.65 percentage points faster year - on - year. The industrial inventory was 1.1623 million tons, a year - on - year increase of 60,100 tons. Currently, the Mid - Autumn Festival stockpiling is basically over, and northern sugar mills are about to start production. With no obvious short - term positive drivers, it is expected to fluctuate at a low level. It is recommended to wait and see [2] Summary by Directory Futures Market - The closing price of the main sugar futures contract was 5,529 yuan/ton, a decrease of 18 yuan; the main contract position was 388,194 lots, an increase of 2,571 lots; the number of sugar warehouse receipts was 10,988, a decrease of 280; the net long position of the top 20 futures positions was - 56,232 lots; the effective warehouse receipt forecast was 0 [2] 现货市场 - The estimated import processing price of Brazilian sugar within the quota was 4,418 yuan/ton, an increase of 20 yuan; that of Thai sugar was 4,376 yuan/ton, a decrease of 27 yuan. The estimated import price of Brazilian sugar outside the quota (50% tariff) was 5,611 yuan/ton, and that of Thai sugar was 5,556 yuan/ton. The spot price of white sugar in Kunming was 5,860 yuan/ton, a decrease of 5 yuan; in Nanning, it was 5,870 yuan/ton, a decrease of 20 yuan; in Liuzhou, it was 5,970 yuan/ton, unchanged [2] Upstream Situation - The national sugar crop sown area was 1,480 thousand hectares, an increase of 60 thousand hectares; the sown area of sugar cane in Guangxi was 835.09 thousand hectares, a decrease of 12.86 thousand hectares [2] Industry Situation - The cumulative national sugar production was 11.1621 million tons, an increase of 54,900 tons; the cumulative national sugar sales volume was 9.9998 million tons, an increase of 449,800 tons; the national industrial sugar inventory was 3.0483 million tons, a decrease of 814,300 tons; the national sugar sales rate was 89.59%, an increase of 1.5 percentage points; the monthly sugar import volume was 740,000 tons, an increase of 320,000 tons; the total monthly sugar exports from Brazil were 3.744 million tons, an increase of 150,300 tons [2] Downstream Situation - The monthly output of refined sugar was 410,000 tons, an increase of 73,000 tons; the monthly output of soft drinks was 1.7966 million tons, a decrease of 46,200 tons [2] Option Market - The implied volatility of at - the - money call options for sugar was 9.78%, an increase of 1.39 percentage points; that of at - the - money put options was 9.81%, an increase of 1.38 percentage points. The 20 - day historical volatility of sugar was 5.73%, an increase of 0.19 percentage points; the 60 - day historical volatility was 6.3%, an increase of 0.01 percentage points [2] Industry News - In the central - southern region of Brazil, the average sugar cane yield per unit area decreased by 8% year - on - year as of August this crushing season. The ICE raw sugar futures fell on Tuesday due to concerns that India's sugar exports might exceed expectations. The most actively traded October raw sugar futures on the ICE closed down 0.10 cents, or 0.8%, at 15.90 cents per pound [2]