Group 1: Report Overview - Report Title: Aluminum Market Weekly Report [2] - Report Date: September 12, 2025 [2] - Researcher: Chen Sijia [2] - Investment Rating: Not provided - Core Viewpoint: The aluminum market is expected to fluctuate strongly due to stable supply and rising demand [2][6] Group 2: Weekly Summary Market Review - Shanghai Aluminum: Oscillated strongly, with a weekly increase of 2.05%, closing at 21,120 yuan/ton [6] - Alumina: Oscillated weakly, with a weekly decrease of 3.06%, closing at 2,914 yuan/ton [6] - Cast Aluminum: Oscillated strongly, with a weekly increase of 1.8%, closing at 20,645 yuan/ton [8] Market Outlook - Alumina: The supply and demand are stable. The supply remains stable despite the decline in bauxite supply, and the demand has improved due to the stable operation of electrolytic aluminum production capacity and the recent price correction [6] - Electrolytic Aluminum: The supply is stable and the demand is gradually improving. The supply is stable due to the stable supply of alumina and the high operating capacity and start - up rate. The demand has improved with the arrival of the consumption peak season [6] - Cast Aluminum Alloy: The supply is slightly convergent and the demand is warming up. The raw material cost is supported by the strong aluminum price and the tight supply of scrap aluminum, and the supply is limited. The demand has improved with the arrival of the consumption peak season, but the spot market trading is still dull due to the high inventory [8] Strategy Recommendation - Shanghai Aluminum: Light - position short - term long trading on dips for the main contract [6] - Alumina: Light - position oscillating trading for the main contract [6] - Cast Aluminum: Light - position oscillating trading for the main contract [8] Group 3: Futures and Spot Market Price Changes - Shanghai Aluminum: As of September 12, 2025, the closing price was 21,285 yuan/ton, up 570 yuan/ton or 2.75% from September 5 [11] - LME Aluminum: As of September 11, 2025, the closing price was 2,679 US dollars/ton, up 89 US dollars/ton or 3.44% from September 5 [11] - Alumina Futures: As of September 12, 2025, the price was 2,875 yuan/ton, down 73 yuan/ton or 2.48% from September 5 [15] - Cast Aluminum Futures: As of September 12, 2025, the closing price was 20,645 yuan/ton, up 365 yuan/ton or 1.8% from September 5 [15] - Alumina Spot: In Henan, the average price was 3,065 yuan/ton on September 12, down 55 yuan/ton or 1.76% from September 5; in Shanxi, it was 3,090 yuan/ton, down 85 yuan/ton or 2.74% from September 5; in Guiyang, it was 3,090 yuan/ton, down 85 yuan/ton or 2.74% from September 5 [26][27] - Cast Aluminum Spot: The national average price of cast aluminum alloy (ADC12) was 21,050 yuan/ton on September 12, up 300 yuan/ton or 1.45% from September 5 [27] - Domestic Shanghai Aluminum Spot: As of September 12, 2025, the A00 aluminum ingot spot price was 21,050 yuan/ton, up 370 yuan/ton or 1.79% from September 5, with a spot discount of 40 yuan/ton, down 40 yuan/ton from last week [30] Other Indicators - Shanghai Aluminum Position: As of September 12, 2025, the position was 611,039 lots, an increase of 76,550 lots or 14.32% from September 5 [18] - Shanghai Aluminum Top 20 Net Position: As of September 12, 2025, it was 4,602 lots, an increase of 4,949 lots from September 5 [18] - Aluminum - Zinc Futures Spread: As of September 12, 2025, it was 1,185 yuan/ton, a decrease of 275 yuan/ton from September 5 [24] - Copper - Aluminum Futures Spread: As of September 12, 2025, it was 59,940 yuan/ton, an increase of 495 yuan/ton from September 5 [24] - LME Aluminum Near - Month and 3 - Month Spread: As of September 11, 2025, it was 11.06 US dollars/ton, an increase of 7.55 US dollars/ton from September 4 [29] Group 4: Industry Situation Inventory - LME Electrolytic Aluminum Inventory: As of September 11, 2025, it was 485,275 tons, an increase of 5,675 tons or 1.18% from September 4 [36] - SHFE Electrolytic Aluminum Inventory: As of September 5, 2025, it was 124,078 tons, a decrease of 1,518 tons or 1.21% from last week [35] - Domestic Electrolytic Aluminum Social Inventory: As of September 11, 2025, it was 570,000 tons, a decrease of 2,000 tons or 0.35% from September 4 [35] - SHFE Electrolytic Aluminum Warehouse Receipt: As of September 12, 2025, it was 72,469 tons, an increase of 12,508 tons or 20.86% from September 5 [36] - LME Electrolytic Aluminum Registered Warehouse Receipt: As of September 11, 2025, it was 375,025 tons, a decrease of 93,725 tons or 19.99% from September 4 [36] Raw Materials - Bauxite: The total import volume increased year - on - year, and the port inventory decreased. In July 2025, the monthly import volume was 20.063 million tons, a month - on - month increase of 10.75% and a year - on - year increase of 34.22%. From January to July, the cumulative import volume was 123.2607 million tons, a year - on - year increase of 33.65%. The nine - port inventory was 26.84 million tons, a month - on - month decrease of 790,000 tons [39] - Scrap Aluminum: The quotation increased, and the import and export increased. In July 2025, the import volume of aluminum scrap and fragments was 160,494.61 tons, a year - on - year increase of 18.68%; the export volume was 79.39 tons, a year - on - year increase of 50.91%. The quotation of crushed scrap aluminum in Shandong increased by 300 yuan/ton week - on - week [46] Production and Trade - Alumina: The production increased year - on - year, and the import and export increased year - on - year. In July 2025, the production was 7.5649 million tons, a year - on - year increase of 4.6%; from January to July, the cumulative production was 52.6721 million tons, a year - on - year increase of 8.5%. In July 2025, the import volume was 125,900 tons, a month - on - month increase of 24.35% and a year - on - year increase of 78.23%; the export volume was 230,000 tons, a month - on - month increase of 35.29% and a year - on - year increase of 53.33% [49] - Electrolytic Aluminum: The production and import increased year - on - year. In July 2025, the production was 3.78 million tons, a year - on - year increase of 0.6%; from January to July, the cumulative production was 26.38 million tons, a year - on - year increase of 2.8%. In July 2025, the import volume was 248,200 tons, a year - on - year increase of 91.19%; from January to July, the cumulative import volume was 1.4975 million tons, a year - on - year increase of 11%. In July 2025, the export volume was 41,000 tons; from January to July, the cumulative export volume was 126,900 tons [52][56] - Aluminum Products: The total production decreased year - on - year, the import increased year - on - year, and the export decreased year - on - year. In July 2025, the production was 5.4837 million tons, a year - on - year decrease of 1.6%; from January to July, the cumulative production was 38.4699 million tons, a year - on - year increase of 0.8%. In July 2025, the import volume was 360,000 tons, a year - on - year increase of 38.2%; the export volume was 540,000 tons, a year - on - year decrease of 7.6% [60] - Cast Aluminum Alloy: The production increased year - on - year. In July 2025, the production was 623,200 tons, a month - on - month increase of 0.69 and a year - on - year increase of 12.41%. The monthly built - in production capacity was 1.26 million tons, a year - on - year increase of 19.25% [63] - Aluminum Alloy: The total production increased, the import decreased, and the export increased. In July 2025, the production was 1.536 million tons, a year - on - year increase of 10.7%; from January to July, the cumulative production was 10.628 million tons. In July 2025, the import volume was 69,200 tons, a year - on - year decrease of 28.39%; the export volume was 24,900 tons, a year - on - year increase of 38.3%. From January to July, the import volume was 611,400 tons, a year - on - year decrease of 13.83%; the export volume was 145,200 tons, a year - on - year increase of 7.77% [66] Downstream Markets - Real Estate: The market declined slightly. In July 2025, the real estate development climate index was 93.34, a decrease of 0.25 from last month and an increase of 1.23 from the same period last year. From January to July 2024, the new housing start - up area was 352.06 million square meters, a year - on - year decrease of 19.5%; the housing completion area was 250.34 million square meters, a year - on - year decrease of 21.19% [69] - Infrastructure: The investment was favorable. From January to July 2024, the infrastructure investment increased by 7.29% year - on - year [72] - Automobile: The production and sales increased year - on - year. In July 2025, the automobile sales volume was 2,593,410 units, a year - on - year increase of 14.66%; the production volume was 2,591,084 units, a year - on - year increase of 13.33% [72] Group 5: Option Market Analysis - Strategy Recommendation: Considering the support for the future aluminum price, a double - buy strategy can be considered to bet on the increase in volatility [77]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The freight rates of the container shipping index (European line) futures are expected to be under pressure in the short - term. With the demand not significantly improving, over - capacity remains a major challenge for the supply side, limiting the recovery of the shipping industry's prosperity. The price increase announced by leading shipping companies in December depends on the fourth - quarter cargo volume. The eurozone's economic data shows some improvement but is generally not optimistic. The high uncertainty of tariffs and the market's wait - and - see attitude may lead to a "weak peak season" this year, and the freight rates are likely to fluctuate weakly [7][41] 3. Summary According to the Directory 3.1. Market Review - The futures prices of the container shipping index (European line) declined across the board this week. The main contract EC2510 dropped 12.22%, and the far - month contracts fell between 1% and 5%. The latest SCFIS European line settlement freight rate index was 1566.46, down 207.14 points from last week, a 11.7% week - on - week decrease. The volume and open interest of the EC2510 contract both increased this week [6][10][15] 3.2. News Review and Analysis - The market has fully factored in the scenario of the Federal Reserve cutting interest rates three times by the end of the year after the release of US economic data. The European Central Bank kept interest rates unchanged for the second consecutive time, suggesting that the interest - rate cut cycle is near its end. Mexico's plan to raise import tariffs, Trump's criticism of the Fed, and the call from the US Treasury Secretary for a policy re - evaluation are all events with different impacts on the market [19] 3.3. Weekly Market Data - The basis and spread of the container shipping index (European line) futures contracts converged this week. The export container freight rate index declined. Container ship capacity decreased in the short - term. The BDI and BPI rebounded due to geopolitical factors. The charter price of Panamax ships recovered rapidly, and the spread between the offshore and on - shore RMB against the US dollar mainly fluctuated [25][27][31] 3.4. Market Outlook and Strategy - The freight rates are still suppressed by the fundamentals in the short - term. The over - capacity problem restricts the industry's recovery. The implementation of the price increase announced by shipping companies in December depends on the fourth - quarter cargo volume. The market is in a wait - and - see mode due to high tariff uncertainty. It is necessary to continuously monitor factors such as the actual price increase of shipping companies in December, the frequency of Houthi attacks, and trade - war - related information [7][41]

瑞达期货研究院 「2025.09.12」 鸡蛋市场周报 现货季节性回升 期货仍受制于高产能 研究员：许方莉 期货从业资格号F3073708 期货投资咨询从业证书号 Z0017638 目录 1、周度要点小结 2、期现市场 3、产业情况 「 周度要点小结」 总结及策略建议 3 来源：瑞达期货研究院 Ø 鸡蛋： Ø 行情回顾：本周鸡蛋窄幅震荡，2511合约收盘价为3040元/500千克，较前一周+36元/500千克。 Ø 行情展望：目前蛋鸡存栏量处于高位，前期补栏的蛋鸡新开产压力较大，鸡蛋供应比较充足。且 温度降低，蛋鸡产蛋率回升，进一步加重了供应压力。同时，尽管中秋备货及学校陆续开学，鸡 蛋消费需求略有回升，但同比仍显疲软，现货价格持续运行于近年同期最低位。不过，蛋价表现 持续不及预期，养殖端持续亏损或推动老鸡淘汰进程加快以及降低补栏积极性，关注近期老鸡淘 汰情况。盘面来看，在现货价格季节性回升提振下，近日空头有获利平仓迹象，推动期价也低位 反弹。但高产能压力仍存，持续对盘面有所牵制。 Ø 策略建议：短期以快进快出为主，关注老鸡淘汰量。 联系电话：0595-86778969 关 注 我 们 获 取 更 多 资 讯 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The precious metals market continued its oscillating and strengthening trend this week, with soft US economic data supporting the expectation of a Fed rate cut in September. The market trading sentiment remained optimistic, and speculative buying demand continued to flow in. The view on the market is cautiously bullish, and trading strategies suggest focusing on range - band trading. Attention should be paid to the callback pressure after the market fully digests the rate - cut expectation [7]. 3. Summary by Relevant Catalogs 3.1 Weekly Key Points Summary - **Market Review**: The precious metals market showed an oscillating and strengthening trend. Soft US economic data supported the Fed's September rate - cut expectation. US inflation data was moderately rising, and Trump's criticism of the Fed chair provided safe - haven support for gold prices. Silver outperformed gold, with the Shanghai silver main contract hitting a record high [7]. - **Market Outlook**: The upward momentum of the precious metals market remains resilient, with silver's upward trend stronger than gold's. The market's optimistic trading sentiment may continue until the next Fed meeting. The view is cautiously bullish, and trading strategies suggest range - band trading. Specific price ranges are provided for different contracts [7]. 3.2 Futures and Spot Markets - **Futures Prices**: As of September 12, 2025, COMEX silver was at $42.70 per ounce, up 2.94% month - on - month; Shanghai silver main contract was at 10,035 yuan per kilogram, up 2.27%. COMEX gold was at $3,682.30 per ounce, up 1.16%; Shanghai gold main contract was at 834.22 yuan per gram, up 2.28% [10]. - **ETF Holdings**: Due to partial profit - taking by long - position holders at high levels, the net positions of foreign - market gold and silver ETFs decreased slightly this week [11]. - **Speculative Net Positions**: As of September 2, 2025, COMEX gold's total positions increased by 11.08% month - on - month, and net positions increased by 16.43%. COMEX silver's total positions decreased by 0.17%, and net positions increased by 20.35% [21]. - **Basis**: This week, the basis of Shanghai gold weakened, while that of silver strengthened [22]. - **Inventory**: The inventory trends of gold and silver in the Shanghai Futures Exchange and COMEX were divergent [27]. 3.3 Industrial Supply and Demand Situation - **Silver Industry**: As of July 2025, China's silver imports decreased slightly, while silver ore imports rebounded significantly. Due to the increasing demand for silver in semiconductors, the growth rate of integrated circuit production continued to rise [33][38]. - **Silver Supply and Demand**: The silver supply - demand situation was in a tight - balance pattern, and the supply - demand gap was narrowing year by year [42][48]. - **Gold Industry**: This week, the gold recycling price and gold jewelry price increased with the rise of gold prices [52]. - **Gold Supply and Demand**: In Q2 2025, the investment demand for gold ETFs declined slightly. Central bank gold purchases slowed down, and high gold prices led to a marginal decline in gold jewelry manufacturing demand [56]. 3.4 Macroeconomic and Options - **Macroeconomic Data**: The US dollar oscillated downward this week, and the 10 - year US Treasury yield was under pressure. The 10Y - 2Y US Treasury yield spread narrowed slightly, the CBOE gold volatility increased, and the SP500/COMEX gold price ratio declined. The 10 - year US break - even inflation rate decreased. In August 2025, the People's Bank of China increased its gold reserves by about 2.18 tons [60][64][68][72].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The Fed's expectation of a rate cut is rising, and tariff disturbances affect the black sector. In the industrial aspect, the decline in iron ore shipments and the increase in molten iron production boost the spot demand. The expectation of stockpiling before the National Day holiday may support the iron ore futures and spot prices to run strongly. It is recommended to pay attention to the support around 785 for the I2601 contract and control the operation rhythm and risks. Also, it is suggested to buy slightly out - of - the - money call options [8][55] 3. Summary According to Relevant Catalogs 3.1 Weekly Highlights 3.1.1 Market Review - As of September 12, the closing price of the iron ore main contract was 799.5 (+10) yuan/ton, and the price of Macfayden ore at Qingdao Port was 848 (+11) yuan/dry ton [6] - From September 1 - 7, 2025, the global iron ore shipment volume was 2756.2 million tons, a week - on - week decrease of 800.6 million tons. The shipment volume from Australia and Brazil was 2329.6 million tons, a week - on - week decrease of 572.5 million tons [6] - From September 1 - 7, 2025, the arrival volume at 47 Chinese ports was 2572.9 million tons, a week - on - week decrease of 72.1 million tons; the arrival volume at 45 Chinese ports was 2448.0 million tons, a week - on - week decrease of 78.0 million tons; the arrival volume at six northern ports was 1320.0 million tons, a week - on - week increase of 19.2 million tons [6] - The average daily molten iron production was 240.55 million tons, a week - on - week increase of 11.71 million tons and a year - on - year increase of 17.17 million tons [6] - As of September 12, 2025, the inventory of imported iron ore at 47 ports was 14456.12 million tons, a week - on - week increase of 30.4 million tons and a year - on - year decrease of 1632.42 million tons. The inventory of imported ore at 247 steel mills was 8993.05 million tons, a week - on - week decrease of 53.18 million tons [6] - The profitability rate of steel mills was 60.17%, a week - on - week decrease of 0.87 percentage points and a year - on - year increase of 54.11 percentage points [6] 3.1.2 Market Outlook - Macro aspect: Overseas, the US non - farm payrolls in August only increased by 22,000, far below the market expectation of 75,000, and the unemployment rate rose to 4.3%, the highest since 2021, increasing the expectation of a Fed rate cut in September. Mexico plans to raise the import tariff rates of about 1400 tariff items such as automobiles, toys, steel, textiles and plastics to 10% - 50% for countries including China that have not signed free - trade agreements with Mexico. Domestically, multiple ministries and commissions revealed the next - stage work focus, promoting capacity management in key industries and implementing policies to resolve structural contradictions in key industries [8] - Supply - demand aspect: The shipments and arrivals of Australian and Brazilian iron ore decreased, while the domestic port inventory continued to increase slightly. The blast furnace operating rate and capacity utilization rate of steel mills increased, and the molten iron production returned above 2.4 million tons [8] - Technical aspect: The center of gravity of the iron ore I2601 contract moved up, the daily K - line moving average combination was in a long arrangement; the MACD indicator showed that DIFF and DEA were running above the 0 axis, and the red column was stable [8] 3.2 Futures and Spot Market - This week, the futures price fluctuated strongly. The I2601 contract was weaker than the I2605 contract, and the spread on the 12th was 22 yuan/ton, a week - on - week decrease of 2.5 yuan/ton [14] - On September 12, the iron ore warehouse receipt volume at the Dalian Commodity Exchange was 1900 lots, a week - on - week increase of 0 lots. The net short position of the top 20 holders of the ore futures contract was 34074 lots, an increase of 9065 lots compared with the previous week [22] - On September 12, the 61% Australian Macfayden ore at Qingdao Port was reported at 848 yuan/dry ton, a week - on - week increase of 11 yuan/dry ton. This week, the spot price of iron ore was stronger than the futures price, and the basis on the 12th was 48 yuan/ton, a week - on - week increase of 1 yuan/ton [28] 3.3 Industry Situation - From September 1 - 7, 2025, the global iron ore shipment volume decreased by 800.6 million tons week - on - week. The shipment volume from Australia and Brazil decreased by 572.5 million tons week - on - week. The arrival volume at 47 Chinese ports decreased by 72.1 million tons week - on - week [31] - This week, the total inventory of imported iron ore at 47 ports increased by 30.40 million tons week - on - week; the average daily port clearance volume increased by 14.06 million tons. The inventory of Australian ore decreased by 65.51 million tons, the inventory of Brazilian ore increased by 101.26 million tons, and the inventory of traded ore increased by 27.85 million tons. The total inventory of imported iron ore in steel mills increased by 53.18 million tons week - on - week; the daily consumption of imported ore by sample steel mills increased by 15.98 million tons, and the inventory - to - consumption ratio decreased by 1.53 days [34] - As of September 11, the average inventory availability days of imported iron ore in domestic large and medium - sized steel mills was 20 days, a week - on - week decrease of 1 day. On September 11, the Baltic Dry Index (BDI) was 2111, a week - on - week increase of 132 [39] - In August 2025, China imported 105.225 million tons of iron ore and its concentrates, an increase of 602,000 tons from the previous month, a month - on - month increase of 0.6%. From January to August, the cumulative import was 801.618 million tons, a year - on - year decrease of 1.6%. As of September 5, the capacity utilization rate of 266 domestic mines was 60.55%, a week - on - week decrease of 2.1%; the average daily fine powder production was 382,000 tons, a week - on - week decrease of 133,000 tons; the inventory was 341,000 tons, a week - on - week increase of 129,000 tons [42] - In July 2025, China's iron ore raw ore output was 86.325 million tons, a year - on - year increase of 21.8%. From January to July, the cumulative output was 595.914 million tons, a year - on - year decrease of 5.4%. The fine iron powder output of 433 domestic iron mines in July was 23.119 million tons, a month - on - month decrease of 185,000 tons, a decrease of 0.8% [46] 3.4 Downstream Situation - In July 2025, the national crude steel output was 79.66 million tons, a year - on - year decrease of 4.0%. From January to July, the cumulative crude steel output was 594.47 million tons, a year - on - year decrease of 3.1%. In August, China exported 9.51 million tons of steel, a month - on - month decrease of 326,000 tons, a month - on - month decrease of 3.3%; from January to August, the cumulative steel export was 77.49 million tons, a year - on - year increase of 10.0%. In August, China imported 500,000 tons of steel, a month - on - month increase of 48,000 tons, a month - on - month increase of 10.6%; from January to August, the cumulative steel import was 3.977 million tons, a year - on - year decrease of 14.1% [49] - On September 12, the blast furnace operating rate of 247 steel mills was 83.83%, a week - on - week increase of 3.43 percentage points and a year - on - year increase of 6.20 percentage points. The blast furnace iron - making capacity utilization rate was 90.18%, a week - on - week increase of 4.39 percentage points and a year - on - year increase of 6.29 percentage points. The average daily molten iron production of 247 steel mills was 2.4055 million tons, a week - on - week increase of 117,100 tons and a year - on - year increase of 171,700 tons [52] 3.5 Options Market - With the significant recovery of molten iron production, the spot demand for iron ore increases. The expectation of steel mills to stockpile before the National Day holiday may support the strong operation of ore prices. It is recommended to buy slightly out - of - the - money call options [55]

瑞达期货研究院 「2025.09.12」 硅铁市场周报 电费上调成本增加，短期价格有所支撑 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 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，深圳市罗湖等多区放开限购，非深户可买两套；限购区域大幅放宽，限购人群历史性放宽；中国8月按美元计价出 口同比增长4.4%，进口同比增长1.3%，集成电路和汽车出口增长明显；中国7月外汇储备规模环比上涨0.91%，央行连续第10 个月增持黄金。 2. 海外方面，俄罗斯总统弗拉基米尔·普京启动了太平洋铁路，该条铁路连接雅库特和哈巴罗夫斯克边疆区。新线路全长531公里， 耗时两年建成，年煤炭运输能力可达5000万吨，将促进该地区的发展。；美国政府公布初步基准修订数据，截至今年3月的一 年间，美国非农就业人数被下修91.1万，相当于每月平均少增近7.6万人。 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，库存中性偏弱， ...

Report Investment Rating - No investment rating provided in the report. Core Views - Macro: The six - department joint special rectification action on automotive industry network chaos, the expected Fed rate cuts, potential G7 tariff pressure on China and India, and the Trump tariff appeal case all bring information disturbances. The anti - involution policy causes the market to fluctuate between long and short positions. The rise in coal prices supports the rebound of alloys. China's August PPI decline narrowed by 0.7 percentage points compared to the previous month [6]. - Supply and Demand: Production has been on an upward trend since mid - May. After the previous price increase, inventory has decreased for 5 consecutive weeks to a neutral level. The port inventory of imported manganese ore decreased by 3200 tons, and the downstream hot metal production dropped significantly due to parade - related production control. The spot profit in Inner Mongolia is - 110 yuan/ton, and in Ningxia is - 410 yuan/ton. The steel mill procurement tender price in August increased by 150 yuan/ton month - on - month [6]. - Technical: The weekly K - line of the manganese - silicon main contract is below the 60 - day moving average, indicating a bearish weekly trend. - Strategy: The silicon - manganese market is expected to fluctuate in the range of 5800 - 6000 [6]. Summary by Directory 1. Week - on - Week Summary - Macro: The six - department joint action focuses on rectifying illegal profit - making, exaggerated and false publicity, and malicious slander in the automotive industry. China's August PPI declined by 2.9% year - on - year, with the decline narrowing by 0.7 percentage points. Traders expect the Fed to cut interest rates three times by the end of 2025. The US may pressure the G7 to impose tariffs on China and India for purchasing Russian oil, and the US Supreme Court will hear the Trump tariff appeal case in early November [6]. - Overseas: The Fed will announce interest rate decisions on September 17th, October 29th, and December 10th. The UK's Financial Times reported that the US will pressure the G7 to impose tariffs on China and India for buying Russian oil, and the US Supreme Court will hear the Trump tariff appeal case in early November [6]. - Supply and Demand: Production has been rising since mid - May. Inventory has decreased for 5 consecutive weeks to a neutral level. The port inventory of imported manganese ore decreased by 3200 tons, and hot metal production dropped significantly due to parade - related production control. The spot profit in Inner Mongolia is - 110 yuan/ton, and in Ningxia is - 410 yuan/ton. The steel mill procurement tender price in August increased by 150 yuan/ton month - on - month [6]. - Technical: The weekly K - line of the manganese - silicon main contract is below the 60 - day moving average, indicating a bearish weekly trend [6]. - Strategy: The silicon - manganese market is expected to fluctuate in the range of 5800 - 6000 [6]. 2. Futures and Spot Market - Futures Market: As of September 12th, the silicon - manganese futures contract open interest was 567,000 lots, a decrease of 3730 lots week - on - week. The 5 - 1 contract monthly spread was 40, an increase of 2 points week - on - week. The manganese - silicon warehouse receipt quantity was 61,440, a decrease of 1420 week - on - week. The price difference between the manganese - silicon and silicon - iron January contracts was 258, a decrease of 32 points week - on - week [12][16]. - Spot Market: As of September 12th, the Inner Mongolia silicon - manganese spot price was 5680 yuan/ton, an increase of 10 yuan/ton week - on - week. The basis was - 152 yuan/ton, an increase of 92 points week - on - week [24]. 3. Industrial Chain - Production: The national average daily output of silicon - manganese was 30,590 tons, an increase of 185 tons. The demand for silicon - manganese in the five major steel types was 122,314 tons, a decrease of 1.09% week - on - week. The national silicon - manganese output was 214,130 tons, an increase of 0.61% week - on - week. Production has generally been on the rise since mid - May [27]. - Inventory: As of September 11th, the national silicon - manganese inventory was 166,800 tons, an increase of 6300 tons week - on - week [32]. - Upstream: As of September 12th, the price of South32 South African semi - carbonate lump at Tianjin Port was 34.2 yuan/ton - degree, an increase of 0.4 yuan/ton - degree. As of September 8th, the electricity price for silicon - manganese and silicon - iron in Ningxia was 0.40 yuan/kWh, an increase of 0.02 yuan/kWh; in Inner Mongolia, it was 0.42 yuan/kWh, unchanged. The port inventory of imported manganese ore was 443.20 million tons, an increase of 1.80 million tons week - on - week. The global shipment volume of South African manganese ore decreased by 1.52% week - on - week, that of Australian manganese ore increased by 24.53% week - on - week, and that of Gabonese manganese ore decreased by 5.06% week - on - week. The global shipment volume of Ghanaian manganese ore was 0 tons [38][42]. - Profit: On September 12th, the spot production cost in the northern region was 5840 yuan/ton, an increase of 10 yuan/ton; in the southern region, it was 6220 yuan/ton, a decrease of 20 yuan/ton. The spot production profit in the northern region was - 185 yuan/ton, an increase of 20 yuan/ton; in the southern region, it was - 550 yuan/ton, an increase of 20 yuan/ton [45]. - Downstream: The average daily hot metal output of 247 steel mills was 240.55 million tons, an increase of 11.71 million tons week - on - week and 17.17 million tons year - on - year. The southern steel tender price decreased month - on - month, and manufacturers face greater production pressure. The northern market price is 5600 - 5650 yuan/ton, and the southern market price is 5630 - 5680 yuan/ton [49].

瑞达期货研究院 「2025.09.12」 碳酸锂市场周报 供给稳定需求增长，锂价或将有所支撑 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 业务咨询 添加客服 关 注 我 们 获 取 更 多 资 讯 目录 行情回顾：碳酸锂主力周线震荡偏弱，涨跌幅为-4.17%，振幅10.75%。截止本周主力合约收盘报价71160元/吨。 后市展望：宏观方面，国家统计局公布数据显示，受基数走高影响和食品价格拖累，中国8月CPI环比持平，同比下降 0.4%，核心CPI同比上涨0.9%，涨幅连续第4个月扩大。碳酸锂基本面原料端，近期碳酸锂现货价格走弱，拉拽锂矿 报价。海外矿山挺价惜售情绪较浓，国内冶炼厂询价较积极但整体成交较淡。供给方面，国内冶炼厂保持稳定小增的 生产节奏，随着锂价回调，冶炼厂库存持续下降，生产仍较为积极，国内供给量或将稳中小增。需求方面，传统消费 旺季，下游材料厂排产及新增订单情况较好，有一定刚需采买需求，下游库存不断增加，市场成交情绪有所回暖。总 体来看，碳酸锂基本面或处于供给稳定小增，需求逐步走好的阶段，产业总库存小幅下降，消费预期向好。 策略建议：轻仓逢低短 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - This week, the price of the main contract of Zhengzhou jujube rebounded, with a weekly increase of about 1.41%. The temperature in the main production areas of Xinjiang grey jujube is between 15°C - 31°C, and the jujube trees have entered the sugar - increasing period. There may be light rain in mid - to late September, and attention should be paid to the actual rainfall and jujube fruit quality changes [10]. - As of September 11, 2025, the physical inventory of 36 sample points of jujubes this week was 9321 tons, a decrease of 89 tons from last week, a month - on - month decrease of 0.95% and a year - on - year increase of 78.32%. The inventory of sample points decreased slightly. The arrival volume in the sales area market is low, the downstream purchasing enthusiasm is average, and the overall trading atmosphere is light. The mentality of holders has clearly diverged, and some are reluctant to sell and are waiting to see the future market. The supply - demand contradiction has not been effectively alleviated, and the market is still in a state of seeking direction in dynamic balance [10]. - It is recommended to wait and see for the short - term operation of the Zhengzhou jujube 2601 contract [10]. 3. Summary by Directory 3.1 Week - on - Week Key Points Summary - Future trading tips include spot price and consumer end [10]. - The price of the main contract of Zhengzhou jujube rebounded this week, with a weekly increase of about 1.41% [10]. - The temperature in the main production areas of Xinjiang grey jujube is between 15°C - 31°C, and the jujube trees have entered the sugar - increasing period. There may be light rain in mid - to late September, and attention should be paid to the actual rainfall and jujube fruit quality changes [10]. - As of September 11, 2025, the physical inventory of 36 sample points of jujubes this week was 9321 tons, a decrease of 89 tons from last week, a month - on - month decrease of 0.95% and a year - on - year increase of 78.32%. The inventory of sample points decreased slightly [10][38]. - The arrival volume in the sales area market is low, the downstream purchasing enthusiasm is average, and the overall trading atmosphere is light. The mentality of holders has clearly diverged, and some are reluctant to sell and are waiting to see the future market. The supply - demand contradiction has not been effectively alleviated, and the market is still in a state of seeking direction in dynamic balance [10]. - It is recommended to wait and see for the short - term operation of the Zhengzhou jujube 2601 contract [10]. 3.2 Futures and Spot Market Conditions - This week, the price of the main contract of Zhengzhou jujube: the selling price is 11155, the buying price is 11150, the latest price is 11155 with a decline of 30 or 0.27%, the current volume is 2, the trading volume is 94651, the open interest is 133338, the daily increase is - 4322, the highest price is 11270, the lowest price is 11110, the outside market volume is 46470, the settlement price is 11190, the ratio of Inner Mongolia is 50.9%, the limit - up price is 12080, and the limit - down price is 10290 [11]. - As of this week, the net position of the top 20 in jujube futures is - 4977 lots [12]. - As of this week, the number of Zhengzhou jujube warehouse receipts is 9986 [17]. - As of this week, the price difference between the 2601 contract and the 2605 contract of Zhengzhou Commodity Exchange jujube futures is - 135 yuan/ton [20]. - As of this week, the basis between the spot price of Hebei grey jujube and the main contract of jujube futures is - 665 yuan/ton [23]. - As of September 12, 2025, the purchase price of jujube bulk goods in Aksu is 4.80 yuan/kg, in Alar is 5.2 yuan/kg, and in Kashgar is 6.0 yuan/kg [26]. - As of September 12, 2025, the wholesale price of first - grade grey jujubes in Cangzhou, Hebei and Henan is 4.75 yuan/jin [30]. - As of September 12, 2025, the spot price of special - grade grey jujubes in Cangzhou, Hebei is 10.49 yuan/kg, and the wholesale price in Henan is 10.5 yuan/kg [34]. 3.3 Industrial Chain Situation - Supply side: As of September 11, 2025, the physical inventory of 36 sample points of jujubes this week was 9321 tons, a decrease of 89 tons from last week, a month - on - month decrease of 0.95% and a year - on - year increase of 78.32%. The inventory of sample points decreased slightly [10][38]. - Supply side: The jujube production has recovered significantly. In the 2024/25 production season, the jujube production increased to 606.9 million tons [41]. - Demand side: As of July 31, 2025, the monthly export volume of jujubes was 1784164 kg, a month - on - month increase of 1.08%; from January to July 2025, the cumulative export volume was 18899838 kg, a month - on - month increase of 10.42% [43]. - Demand side: The trading of BOCE Xinjiang Jujube Good Brand is cold, and there were only a small number of transactions in the order volume this week [48]. 3.4 Option Market and Futures - Stock Correlation - Option market: The implied volatility of at - the - money options of jujubes this week is presented in the figure, but no specific data is given [49]. - Stock market: The price - earnings ratio of Hao Xiang Ni is presented in the figure, but no specific data is given [51][52].

瑞达期货研究院 「2025.09.12」 苹果市场周报 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 微信服 务 号 业务咨询 添加客服 「 周度要点小结」 行情回顾：本周苹果期货2601合约价格微涨，周度涨幅0.40%。 行情展望：新季苹果方面，中熟富士上量逐渐增加，西部部分富士色度及红度因 降雨时长及日照时间短表现一般，好货价格持续坚挺。山东红将军陆续交易，质 量相对欠佳。旧作市场：据Mysteel统计，截至2025年9月11日，全国主产区苹果 冷库库存量为20.91万吨，较上周减少6.44万吨，走货较上周环比略加快。山东产 区库容比为4.33%，较上周减少1.13%；陕西产区库容比为0.21%，较上周减少 0.32%。山东产区剩余货源集中在部分乡镇，部分客商因早熟富士价格较高，红将 军上色不佳，继续调库存富士，价格相对稳定。销区市场消化速度相对稳定，因 早熟富士价格高，客商利润相对有限。关注双节备货情况。 策略建议：操作上，建议苹果2601合约短期多思路为主。 2 未来交易提示： 1、早熟富士上市量 2、消费 1、周度要点小结 2、期现市场 3、产业情况及 ...