Report Industry Investment Rating No relevant content provided. Core Viewpoints - The data of the synthetic rubber industry chain this week was unexpectedly all positive, and the price difference with natural rubber began to strengthen. When the story of "anti - involution" ends, the macro - attribute of natural rubber fades, and it is suitable as a short - position allocation for synthetic rubber. It is recommended to intervene in the BR - RU strategy in small amounts, with a unilateral price range of 11,450 - 11,650 [22][24]. Summary by Directory Fundamentals - **New rubber supply and market sentiment**: The supply of new rubber in domestic and foreign production areas increased slowly this week, and port inventories continued to decline. News of state reserve sales, the launch of Thailand's zero - tariff policy pilot project in September 2025, and the Fed's interest - rate meeting made the commodity market cautious. Light - colored rubber had weak orders and high procurement costs, resulting in poor trading performance. Dark - colored rubber was mainly purchased by tire factories before the Double Festival at low prices [4]. - **Supply and demand situation**: Thailand's cumulative production increased year - on - year. The import of mixed and standard rubber was negative for the mixed basis. The climate conditions in the main production areas were normal, indicating sufficient supply. In terms of consumption, all - steel tires increased production and reduced inventory, while semi - steel tires decreased production and reduced inventory, and both were approaching a tight balance [4]. Synthetic Rubber Supply - **Capacity utilization and inventory**: China's butadiene capacity utilization rate dropped to 66.8% for two consecutive weeks, with a year - on - year production reduction of 1.2 and marginal production reduction for two consecutive weeks. The capacity utilization rate of China's high - cis butadiene rubber dropped to 69.7% for two consecutive weeks, with a year - on - year production increase of 10.5% and marginal production reduction. China's butadiene port inventory dropped to 23,100 tons for two consecutive weeks, with a year - on - year inventory increase of 3,100 tons and marginal inventory reduction. The inventory of domestic butadiene rubber traders and factories decreased to 33,700 tons, with a year - on - year inventory increase of 9,200 tons and marginal inventory accumulation for three consecutive weeks [12]. Downstream Consumption - Tire Consumption - **All - steel tires**: The production line operating rate of all - steel tires increased to 65.7% for two consecutive weeks, with a year - on - year increase of 13.4% and marginal production increase for six consecutive weeks. The finished product inventory of all - steel tires remained at 39 days for three consecutive weeks, with a year - on - year inventory reduction of 14.3% and marginal inventory reduction for two consecutive weeks, showing passive inventory reduction and a tightening balance [21]. - **Semi - steel tires**: The production line operating rate of semi - steel tires increased to 73.7% for two consecutive weeks, with a year - on - year decrease of 4.5% and marginal production reduction for nine consecutive weeks. The product inventory of semi - steel tires remained at 46 days for three consecutive weeks, with a year - on - year inventory increase of 21.8% and marginal inventory reduction for 17 consecutive weeks, showing active inventory reduction [21]. BR - RU Price Difference - **Price situation**: The price of Dushanzi BR9000 in the Shandong market was weakly volatile this week, with the spot price ranging from 11,400 to 11,800 yuan/ton. The overall supply had limited support, and the trading center was under pressure. The mainstream supply price gradually decreased at the end of the cycle [22]. - **Supply and demand indicators**: The capacity utilization rate of high - cis butadiene rubber decreased by 3.8%, with strong positive effects. The capacity utilization rate of butadiene decreased by 1.6%, with strong positive effects. The all - steel tire operating rate increased by 0.1%, with strong positive effects; the all - steel tire inventory remained unchanged, with weak positive effects. The semi - steel tire operating rate increased by 0.2%, with weak positive effects; the semi - steel tire inventory remained unchanged, with weak positive effects. The butadiene rubber inventory decreased by 0.08 tons, with weak positive effects; the butadiene port inventory decreased by 0.25 tons, with strong positive effects [22]. RU Contract Inventory - The total inventory of the SHFE RU contract increased to 196,800 tons, reaching the lowest level in the same period in history. The total inventory of the RU contract was 42,600 tons higher than the inventory futures (warehouse receipts), and it had been significantly higher than the same period last year since May [30]. Mixed Basis and Inventory - **Inventory situation**: As of September 2025, the NR warehouse receipts had increased for three consecutive months to 49,900 tons. The inventory in the Qingdao Free Trade Zone had decreased for four consecutive months to 69,300 tons, and the inventory outside the zone had decreased for two consecutive months to 520,200 tons. The total inventory in the Qingdao Free Trade Zone was 639,400 tons, with a year - on - year increase of 11.3% and marginal inventory increase for 11 consecutive months [32]. - **Supply and related data**: In September, the sum of the inventory outside the zone and the mixed rubber import volume was 8.109 million tons, and the standard rubber import volume was 54,900 tons, with a ratio of 14.76, a year - on - year increase of 61.9% and marginal increase for three consecutive months, which was negative for the mixed basis. In July, the global automobile sales volume decreased to 7.73 million, with marginal increase for six consecutive months. In August, the domestic manufacturing PMI rose to 49.4 points, a year - on - year increase of 0.6%. In July, the preferential quota in the domestic passenger car market decreased to 27,600 yuan/vehicle, a year - on - year increase of 4.8% and marginal decline for three consecutive months [40]. Downstream Consumption - European Automobile Industry - The domestic automobile inventory index increased to 54.7 points, a year - on - year increase of 6.1% and marginal inventory increase, which was negative for the RU unilateral price. As of September 2025, the European automobile industry index rebounded to - 26.5 points, which was positive for the RU unilateral price [55]. RU Month - Spread - The current fundamentals still support the positive spread logic of the near - month contract strengthening. In August, the domestic capital annualized interest rate was 1.49%, with interest rate cuts for four consecutive months, which led to the narrowing of the September - January spread. In September, the RU warehouse receipts had decreased for five consecutive months to 166,900 tons, a year - on - year decrease of 36.5%, with the largest decline since August 2023 and marginal decrease for eight consecutive months, which was positive for the near - end contract [56][61]. Real Estate and RU Price - **Policy situation**: On September 6, 2025, Shenzhen issued real estate regulation and optimization policies; on September 12, Minister Ni Hong of the Ministry of Housing and Urban - Rural Development called on state - owned and central enterprises to promote a new real estate development model; on September 12, Henan introduced policies to support housing consumption [66]. - **Sales data**: In July 2025, the cumulative domestic commercial housing sales area was 516 million square meters, a year - on - year decrease of 4.9% and marginal increase for 13 consecutive months, which was significantly positive for the RU unilateral price. In August 2025, the weekly average domestic commercial housing transaction area was 6.85 million square meters, a year - on - year decrease of 12.9% and marginal increase, which was significantly positive for the RU unilateral price [66].

多晶硅：回调企稳后买入 工业硅：短期多单参与，顺势而为 228/210/172 181/181/181 研究员：陈寒松 期货从业证号：F03129697 投资咨询证号：Z0020351 目录 | 第一章 | 综合分析与交易策略 | 3 | | --- | --- | --- | | 第二章 | 工业硅基本面数据跟踪 | 6 | | 第三章 | 多晶硅基本面数据跟踪 | 17 | 2 GALAXY FUTURES 227/82/4 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 多晶硅综合分析与交易策略 【综合分析】 从供需来看，9月硅片排产环比8月增加6GW至58GW，折算多晶硅需求约11.6万吨。9月多晶硅总体开工率变化不 大，预计多晶硅产量维持13万吨附近。当前多晶硅实物库存45万吨左右，上游库存20万吨左右，下游原料库存约30万吨 （含预购）。 多晶硅产能整合是节奏问题而非结果问题，多晶硅长期价格向上较为确定。长线来看，多晶硅现货价格易涨难跌， 且后市不断有利好传 ...

大宗商品研究所 有色研发报告 有色金属日报 2025 年 9 月 23 日星期二 【市场回顾】 万手。 【重要资讯】 【逻辑分析】 金属板块负责人：车红云 期货从业证号：F03088215 投资咨询从业证号：Z0017510 研究员：王伟 期货从业证号：F03143400 投资咨询从业证号：Z0022141 研究员：陈婧 FRM 期货从业证号：F03107034 投资咨询从业证号：Z0018401 研究员：陈寒松 期货从业证号：F03129697 投资咨询从业证号：Z0020351 联系方式： 上海：021-65789219 北京：010-68569781 1.期货：今日沪铜 2511 合约收于 79920 元/吨，跌幅 0.25%，沪铜指数减仓 10887 手至 46.67 2.现货：临近假期下游备货节奏较缓，上海现货报升水 55 元/吨，较上一交易日下跌 5 元/ 吨。广东库存 4 连降，台风来临下游适量增加采购量，整体交投尚可，报升水 70 元/吨， 持平上一交易日。华北消费疲软，当前采购谨慎，报贴水 90 元/吨，下跌 10 元/吨。 1. 据海关总署在线查询平台数据显示，中国 8 月铜矿砂及其精矿进 ...

Report Summary 1. Overall Information - Report Title: Galaxies Non - ferrous Metals R & D Report - Non - ferrous and Precious Metals Daily Morning Observation - Date: September 23, 2025 2. Industry Investment Rating No industry investment rating is provided in the report. 3. Core Views - The precious metals market shows strong upward momentum, with gold hitting a new high and silver reaching its highest level since May 2011. The market is influenced by factors such as Fed interest rate expectations, geopolitical conflicts, and inflation concerns [2]. - The copper market is affected by macro - factors and supply - demand fundamentals. Although there is potential for further interest rate cuts, there are differences among policymakers. Supply is tight, and consumption shows a "peak season is not prosperous" situation [6][8]. - The alumina market has a weak fundamental trend, with domestic and foreign spot prices falling in resonance, and the import window opening slightly [11][13]. - The casting aluminum alloy market has a positive market expectation, with alloy ingot spot prices remaining stable and slightly strong [16][18]. - The electrolytic aluminum market is affected by Fed interest rate policies and domestic downstream demand. After the price correction, attention should be paid to the downstream stocking sentiment before the holidays [21][23]. - The zinc market has support at the bottom in the short term, and the price is expected to fluctuate within a range, mainly due to the potential reduction in domestic supply and the downstream pre - holiday stocking demand [25][26]. - The lead market has a situation where long and short factors are intertwined, and the price is expected to remain volatile at a high level [29][31]. - The nickel market maintains a wide - range oscillatory trend, with supply increasing faster than demand, and the price is affected by factors such as news from Indonesia and the Philippines [33][36]. - The stainless steel market is expected to remain oscillatory, with supply pressure above and support below due to factors such as production scheduling, inventory, and cost [39][42]. - The industrial silicon market may continue to correct in the short term, and the impact of polysilicon production scheduling and market sentiment on the price is greater [44][46]. - The polysilicon market has a long - term upward trend in spot prices, and the best strategy is to wait for the price to correct sufficiently before going long [48][50]. - The lithium carbonate market is expected to be oscillatory and slightly strong in the short term, with supply and demand both being strong [52][55]. - The tin market is expected to remain oscillatory at a high level, with tight supply at the mine end and weak demand [57][60]. 4. Summary by Metal Precious Metals - **Market Review** - Gold: London gold rose by over $60 during the day, hitting a new high of over $3740, and finally closed up 1.67% at $3746.63 per ounce. Shanghai gold futures rose 1.46% to 850.98 yuan per gram [2]. - Silver: London silver reached its highest level since May 2011, closing up 2.38% at $44.02 per ounce. Shanghai silver futures rose 1.77% to 10348 yuan per kilogram [2]. - Dollar Index: It first rose and then fell, ending a three - day winning streak, closing down 0.38% at 97.30 [2]. - US Treasury Yield: The 10 - year US Treasury yield continued to rebound, closing at 4.151% [2]. - RMB Exchange Rate: It fluctuated within a narrow range, closing down 0.07% at 7.1138 [2]. - **Important Information** - Fed officials' views are divided on further interest rate cuts. The probability of the Fed maintaining the interest rate unchanged in October is 10.2%, and the probability of a 25 - basis - point cut is 89.8%. In December, the probability of maintaining the interest rate unchanged is 1.7%, the probability of a cumulative 25 - basis - point cut is 23.1%, and the probability of a cumulative 50 - basis - point cut is 75.3% [2]. - **Logic Analysis** - After the Fed cut interest rates by 25 bps last week, the expectation of two more cuts this year remains high. The risk of stagflation in the US still exists, and geopolitical conflicts occasionally emerge, driving gold prices higher. Silver shows greater upward elasticity [2]. - **Trading Strategy** - Unilateral: Continue the low - buying idea. - Arbitrage: Wait and see. - Options: Collar call options [4]. Copper - **Market Review** - Futures: The night - session Shanghai copper 2511 contract closed at 80100 yuan per ton, down 0.02%. The Shanghai copper index decreased by 6971 lots to 470,600 lots. LME copper closed at $10002 per ton, up 0.06% [6]. - Spot: LME inventory decreased by 2275 tons to 145,300 tons, and COMEX inventory increased by 1511 tons to 318,200 tons [6]. - **Important Information** - Sino - US leaders' phone call improved market sentiment. Fed officials have different views on further interest rate cuts. Argentina plans to develop copper resources [6][8]. - **Logic Analysis** - Macro - factors are positive, but there are differences among policymakers on interest rate cuts. Supply is tight due to production accidents and other reasons, and consumption is weak [8]. - **Trading Strategy** - Unilateral: The copper price may consolidate at a high level in the short term. - Arbitrage: Continue to hold cross - market positive arbitrage positions. - Options: Wait and see [9]. Alumina - **Market Review** - Futures: The night - session alumina 2601 contract decreased by 28 yuan to 2906 yuan per ton [11]. - Spot: The spot prices in various regions decreased, with the national weighted index down 1.2 yuan to 3009 yuan [11]. - **Important Information** - Xinjiang's alumina spot tender price decreased. The operating capacity increased slightly. Australian alumina prices decreased, and China's alumina import and export data changed [11][13]. - **Logic Analysis** - Domestic and foreign spot prices are falling, the import window is slightly open, and the fundamentals are weak [13]. - **Trading Strategy** - Unilateral: The alumina price is expected to be weak. - Arbitrage: Wait and see. - Options: Wait and see [14]. Casting Aluminum Alloy - **Market Review** - Futures: The night - session casting aluminum alloy 2511 contract decreased by 50 yuan to 20265 yuan per ton [16]. - Spot: The spot prices in various regions decreased by 100 yuan per ton [16]. - **Important Information** - Policies affect the recycled aluminum industry. The social inventory of recycled aluminum alloy ingots in some regions changed, and the Shanghai Futures Exchange launched the standard warehouse receipt generation business for casting aluminum alloy [18]. - **Logic Analysis** - Some enterprises are stocking up for the National Day holiday. The downstream production rate is rising, and the market expectation is positive [18]. - **Trading Strategy** - Unilateral: After the aluminum alloy futures price pulls back from a high level, pay attention to the rebound opportunity supported by fundamentals. - Arbitrage: Wait and see. - Options: Wait and see [19]. Electrolytic Aluminum - **Market Review** - Futures: The night - session Shanghai aluminum 2511 contract decreased by 55 yuan to 20715 yuan per ton [21]. - Spot: The spot prices in various regions decreased [21]. - **Important Information** - Sino - US leaders' phone call. The inventory of aluminum ingots increased slightly. An Indonesian electrolytic aluminum project is progressing as planned, and China's aluminum export data changed [21][23]. - **Logic Analysis** - The Fed is cautious about further interest rate cuts. Attention should be paid to downstream stocking sentiment before the holidays [23]. - **Trading Strategy** - Unilateral: After the aluminum price pulls back, pay attention to the opportunity of stabilizing and rebounding. - Arbitrage: Wait and see. - Options: Wait and see [23]. Zinc - **Market Review** - Futures: LME zinc rose 0.05% to $2900 per ton, and Shanghai zinc 2511 rose 0.18% to 22035 yuan per ton. The Shanghai zinc index decreased by 1558 lots to 238,500 lots [25]. - Spot: The spot price in Shanghai increased slightly, and the downstream buying sentiment was strong [25]. - **Important Information** - The domestic zinc ingot inventory decreased, and the import data of zinc concentrate and refined zinc changed [25][26]. - **Logic Analysis** - Domestic supply may decrease slightly, and downstream pre - holiday stocking demand exists. The LME zinc price is supported by inventory reduction [26]. - **Trading Strategy** - Unilateral: The zinc price may fluctuate within a range in the short term. - Arbitrage: Wait and see. - Options: Wait and see [27]. Lead - **Market Review** - Futures: LME lead fell 0.17% to $1999.5 per ton, and Shanghai lead 2511 rose 0.03% to 17165 yuan per ton. The Shanghai lead index increased by 862 lots to 101,800 lots [29]. - Spot: The average price of SMM1 lead was flat. The trading volume was limited due to limited supply and high prices of recycled refined lead [29]. - **Important Information** - The domestic lead ingot inventory decreased, and the import data of lead concentrate and lead - acid batteries changed [29][31]. - **Logic Analysis** - Supply may increase as some smelters plan to resume production, and downstream enterprises may stock up before the holiday. The price is expected to remain volatile at a high level [31]. - **Trading Strategy** - Unilateral: The lead price may remain volatile at a high level in the short term. - Arbitrage: Wait and see. - Options: Wait and see [34][32]. Nickel - **Market Review** - Futures: LME nickel fell $70 to $15200 per ton, and Shanghai nickel NI2511 fell 220 yuan to 121410 yuan per ton. The index position increased by 1326 lots [33]. - Spot: The premiums of different nickel products were flat [33]. - **Important Information** - Rumors about an Indonesian mining company were refuted. The Democratic Republic of the Congo may extend the cobalt export ban [33][36]. - **Logic Analysis** - The nickel price pulled back with the weak commodity market. Supply is increasing faster than demand, and the price is affected by news from Indonesia and the Philippines [36]. - **Trading Strategy** - Unilateral: Wide - range oscillation. - Arbitrage: Wait and see. - Options: Wait and see [37]. Stainless Steel - **Market Review** - Futures: The main SS2511 contract rose 25 yuan to 12935 yuan per ton, and the index position decreased by 1804 lots [39]. - Spot: The spot prices of cold - rolled and hot - rolled stainless steel were in a certain range [41]. - **Important Information** - US import tariffs affect the stainless steel market. Taiwan's imports from Vietnam decreased. China's stainless steel consumption increased [41]. - **Logic Analysis** - Production scheduling has increased, but demand has not shown seasonal strength. The price is expected to remain oscillatory [42]. - **Trading Strategy** - Unilateral: Wide - range oscillation. - Arbitrage: Wait and see [42]. Industrial Silicon - **Market Review** - Futures: The main industrial silicon futures contract decreased by 0.83% to 8950 yuan per ton, with significant position reduction [44]. - Spot: The spot price increased by 100 - 150 yuan per ton [44]. - **Important Information** - Yunnan silicon plants plan to reduce production due to electricity price increases. The inventory structure is "low at both ends and high in the middle" [46]. - **Logic Analysis** - The inventory structure is prone to positive feedback between futures and spot. The impact of polysilicon production scheduling and market sentiment on the price is greater [46]. - **Trading Strategy** - Unilateral: Participate after the price stabilizes from the correction. - Options: Look for opportunities to sell out - of - the - money put options. - Arbitrage: None [46]. Polysilicon - **Market Review** - Futures: The main polysilicon futures contract decreased by 3.63% to 50990 yuan per ton, with position increase [48]. - Spot: The spot price was stable [48]. - **Important Information** - Spain's self - use photovoltaic installation capacity has declined for three consecutive years [48]. - **Logic Analysis** - The spot price is likely to rise in the long term. There are short - term negative factors for futures, and the best strategy is to go long after the price correction [50]. - **Trading Strategy** - Unilateral: Go long after the price corrects sufficiently. - Arbitrage: Reverse arbitrage between 2511 and 2512 contracts. - Options: None [50]. Lithium Carbonate - **Market Review** - Futures: The main 2511 contract decreased by 140 yuan to 73480 yuan per ton. The position and warehouse receipts decreased [52]. - Spot: The spot prices of electric and industrial lithium carbonate increased [52]. - **Important Information** - Canada's renewable energy market has great potential, and China's lithium - ion battery export data increased [52][55]. - **Logic Analysis** - The price pulled back due to the weak commodity market. Supply growth is limited, and demand is strong. The price is expected to be oscillatory and slightly strong [55]. - **Trading Strategy** - Unilateral: Oscillatory and slightly strong. - Arbitrage: Wait and see. - Options: Sell out - of - the - money put options [55]. Tin - **Market Review** - Futures: The main Shanghai tin 2510 contract decreased by 0.28% to 270610 yuan per ton, and the position increased by 263 lots [57]. - Spot: The spot price rose, and the inventory decreased [57]. - **Important Information** - Sino - US relations and Fed officials' views. An Indonesian tin company expects to achieve its production target [57][59]. - **Logic Analysis** - Supply at the mine end is tight, and demand is weak. Attention should be paid to Myanmar's复产 and electronic consumption recovery [60]. - **Trading Strategy** - Unilateral: Remain oscillatory at a high level. - Options: Wait and see [61].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The precious metals market remains strong. London gold has reached a new high of around $3,765, and London silver is close to its 14 - year high. Due to external market influence, Shanghai gold closed up 2% at 855.44 yuan/gram, and Shanghai silver rose 1.78% to 10,349 yuan/kilogram. With the US in a rate - cut cycle, potential fiscal issues in major overseas economies, and possible geopolitical conflicts, precious metals show long - term investment value. Short - term fluctuations can be treated with a low - buying strategy [3][8][10]. 3. Summary by Related Catalogs Market Review - Precious metals: London gold reached around $3,765, and London silver stood at around $44. Shanghai gold closed up 2% at 855.44 yuan/gram, and Shanghai silver rose 1.78% to 10,349 yuan/kilogram [3]. - Dollar index: It fluctuated narrowly around 97.35 [4]. - US Treasury yields: The 10 - year yield dropped slightly to around 4.13% [5]. - RMB exchange rate: It also fluctuated narrowly around 7.113 [6]. Important Information - Fed views: Bostic believes there's little reason for further rate cuts this year; Musalem thinks the space for rate cuts is limited; Harker advocates caution in policy loosening; Milan believes the appropriate interest rate is around 2% and opposes adjusting the 2% inflation target [7]. - Fed watch: The probability of the Fed keeping rates unchanged in October is 10.2%, and the probability of a 25 - basis - point cut is 89.8%. In December, the probability of unchanged rates is 1.7%, a 25 - basis - point cut is 23.1%, and a 50 - basis - point cut is 75.3% [7]. Logic Analysis - After the Fed cut rates by 25 bps last week as expected, with high expectations of two more cuts this year, the risk of stagflation in the US persists, and geopolitical conflicts may arise. Gold continued to rise after a short adjustment. Silver showed greater upward elasticity due to a more optimistic market sentiment, and the gold - silver ratio slightly recovered. The upcoming US PMI data may cause market fluctuations [8][10]. Trading Strategies - Unilateral: Adopt a low - buying strategy [11]. - Arbitrage: Stay on the sidelines [12]. - Options: Consider a collar call option [13]. Data Reference - Dollar index and precious metals: There are charts showing the relationship between the dollar index and London gold and silver [15][16]. - Real yields and precious metals: Charts display the relationship between real yields and London gold and silver [18][22]. - Domestic and foreign futures: There are charts presenting the trends of domestic and foreign gold and silver futures [20][23]. - Futures and spot: Charts show the relationship between futures and spot prices of gold and silver [25][26]. - Domestic - foreign price differences: Charts illustrate the price differences between domestic and foreign gold and silver [29][31]. - Gold - silver ratio: There are charts showing the gold - silver ratio on the Shanghai Futures Exchange and Comex [35][37]. - ETF holdings: Charts display the holdings of SPDR gold ETF and SLV silver ETF [39][41]. - Futures open interest: Charts show the open interest of gold and silver futures [42][43]. - Futures inventory: Charts present the inventory of gold and silver futures [48][44]. - Trading volume: Charts show the trading volume of Shanghai gold and silver [45][47]. - TD data: Charts display the deferred fees, delivery volumes of gold and silver TD [50][53][56]. - Treasury yields and inflation: Charts show the relationship between nominal interest rates, inflation expectations, real interest rates, and US Treasury yields [54].

大宗商品研究所 农产品研发报告 白糖日报 2025 年 9 月 23 日 白糖日报 第一部分 数据分析 研究员：刘倩楠 期货从业证号： 【重要资讯】 1、2025 年 8 月份我国进口糖浆、预混粉合计 11.55 万吨，同比减少 15.57 万吨，在近五 年同期当中继续保持中等水平，其中进口糖浆三项合计 5.81 万吨，同比大幅减少 14.45 万吨; 进口预混粉两项合计 5.74 万吨，同比减少 1.12 万吨。2025 年 1-8 月我国进口糖浆、预混粉 合计 73.78 万吨，同比减少 71.33 万吨，数量几乎减半。其中糖浆 32.67 万吨，折糖大概 21.89 万吨;预混粉 41.11 万吨，折糖大概 36.18 万吨。24/25 榨季截至 8 月底我国进口糖浆、预混粉 合计 137.69 万吨，同比减少 49.05 万吨。 2、巴西对外贸易秘书处(Secex)公布的出口数据显示，巴西 9 月前三周出口糖 2,407,884.75 吨，日均出口量为 160,525.65 吨，较上年 9 月的日均出口量 184,738.71 吨减少 13.11%。上年 9 月全月出口量为 3,879,512.83 ...

大宗商品研究所 农产品研发报告 农产品日报 2025 年 09 月 23 日 研究员：刘倩楠 期货从业证号： :liuqiannan_qh@chinastock. com.cn 鸡蛋日报 第一部分鸡蛋日报 | 期货市场 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 今收 | | 昨收 | 涨跌 | JD跨月价差 | 今收 | 昨收 | 涨跌 | | JD01 | 3362 | 3366 | -4 | 01-05 | -33 | -66 | 33 | | JD05 | 3395 | 3432 | -37 | 05-09 | 275 | 239 | 36 | | JD09 | 3120 | 3193 | -73 | 09-01 | -242 | -173 | -69 | | 今收 | | 昨收 | 涨跌 | | 今收 | 昨收 | 涨跌 | | 01鸡蛋/玉米 | 1.58 | 1.58 | 0.00 | 01鸡蛋/豆粕 | 1.15 | 1.11 | 0.04 | | 05鸡蛋/玉米 | 1.54 | 1.55 | -0. ...

大宗商品研究所 农产品研发报告 第一部分 市场信息 农产品日报 2024 年 09 月 23 日 研究员：刘倩楠 期货从业证号： F3013727 投资咨询证号： Z0014425 联系方式： :liuqiannan_qh@chinas tock.com.cn 棉花、棉纱日报 | 期货盘面 | 收盘 | 涨跌幅 | 成交量(手) | 增减幅 | 空盘量 | 增减量 | | --- | --- | --- | --- | --- | --- | --- | | CF01合约 | 13540 | -70 | 241,105 | -94261 | 532,801 | 10524 | | CF05合约 | 13560 | -55 | 33,542 | -10592 | 100,783 | 6007 | | CF09合约 | 13725 | -80 | 49 | -59 | 226 | 37 | | CY01合约 | 19635 | -45 | 228 | 108 | 480 | 18 | | CY05合约 | 19730 | -415 | 3 | 3 | 5 | 0 | | CY09合约 | 19990 | 0 | ...

大宗商品研究所 农产品研发报告 农产品日报 2024 年 09 月 23 日 研究员：刘倩楠 期货从业证号： 苹果日报 1/7 第一部分 市场信息 | 现货价格 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 指标 | 今日价格 | 下一工作日价 | 涨跌 | 指标 | 今日价格 | 上一工作日价 | 涨跌 | | 吗 | | | | | | 成 | | | 富士苹果价格指数 | 109.50 | 109.43 | 0.07 | 洛川半商品纸袋70 | 4.50 | 4.50 | 0.00 | | 栖霞 一、二级纸袋 80 | 3.80 | 3.80 | 0.00 | 沂源纸袋70 | 2.30 | 2.30 | 0.00 | | 蓬莱 一、二级纸袋 80 | 3.95 | 3.95 | 0.00 | 6种水果平均批发价 | ર જેટ | 6.85 | 0.10 | | 期货价格 | | | | | | | | | 指标 | रुप्ति | 昨收 | 涨跌 | 指标 | रोख | 昨收 | 涨跌 | | AP01 | ...

大宗商品研究所 航运研发报告 航运日报 2025 年 09 月 23 日 | 研究员：贾瑞林 | 第一部分 | 集装箱航运——集运指数（欧线） | | --- | --- | --- | | 期货从业证号： | | | | F3084078 | | | | 投资咨询证号： | | | | Z0018656 | | | | 联系方式： | | | | :jiaruilin_qh@chinastock.com.cn | | | 期货从业证号： F3084078 投资咨询证号： Z0018656 联系方式： :jiaruilin_qh@chinastock.com.cn 1 / 11 航运日报 现货运价方面，部分船司开始调涨 10 月运价，后续现货下跌速率有望放缓。具体 来看，MSK 近期放出 WK40 和 WK41 周上海-鹿特丹开舱价 1400 美金/FEU，环比上周 下调 150 美金。HPL10 月上半月线上报价 1435，下半月报价 2035;CMA9 月下旬至 10 月上半月线上 1620 附近，10 月下半月放出部分价格 2500 部分调回 1620；OOCL9 月下 旬至 10 月上半月线下降至 ...