有色早报 研究中心有色团队 2025/09/29 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2025/09/22 70 1351 105814 29893 -157.47 153.75 58.0 59.0 -72.44 145375 12475 2025/09/23 55 1248 105814 27727 -118.34 228.24 58.0 59.0 -73.11 144975 11875 2025/09/24 40 1273 105814 27419 -693.47 68.15 57.0 59.0 -31.37 144775 11775 2025/09/25 40 2382 105814 27662 -745.90 -123.95 53.0 58.0 -31.55 144425 11400 2025/09/26 -5 2337 98779 26557 -652.74 127.20 53.0 58.0 -38.91 144400 10325 变化 - ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - This week, the high - sulfur cracking of Singapore 380cst fluctuated, the near - month spread fluctuated, the basis strengthened slightly, the EW spread rebounded again and had wide - range fluctuations recently, and the domestic and foreign near - months of FU fluctuated. The low - sulfur cracking rebounded slightly but was at a historical low compared to the same period. The spread was weakly sorted, the domestic and foreign prices of LU rebounded slightly to $8 - 9 per ton, and the MF0.5 basis fluctuated. Fundamentally, the residual oil in Singapore decreased, the floating storage fluctuated, the ARA residual oil inventory decreased slightly, the EIA residual oil decreased slightly, the Fujairah inventory decreased, and the high - sulfur floating storage in the Middle East increased significantly. The high - sulfur peak season in the Middle East has passed. Supported by the reshaped logistics and the demand for high - sulfur marine fuel in Singapore, the EW spread has been repaired. Recently, the 380 cracking level has been supported by the refinery's raw material procurement, and the short - term downward space is limited. It is expected that the 380 cracking will maintain a fluctuating pattern, and the domestic FU will have a short - term internal and external fluctuating and bullish trend. This week, the LU disk was still weak. The issuance of the third batch of export quotas met expectations, and the external MF0.5 basis fluctuated at a low level. In the fourth quarter, the domestic and foreign spreads of LU can be expanded on dips. Pay attention to the quota usage [4][5] Group 3: Summary by Related Catalog Rotterdam Fuel Oil - From September 22 - 26, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased from 386.97 to 412.75, a change of 5.02; the price of Rotterdam 0.5% VLS FO swap M1 increased from 427.29 to 447.68, a change of 4.71; Rotterdam HSFO - Brent M1 decreased from - 4.97 to - 4.79, a change of - 0.69; Rotterdam 10ppm Gasoil swap M1 increased from 664.85 to 705.52, a change of 9.10; Rotterdam VLSFO - Gasoil M1 decreased from - 237.56 to - 257.84, a change of - 4.39; LGO - Brent M1 increased from 24.40 to 26.82, a change of 0.57; Rotterdam VLSFO - HSFO M1 decreased from 40.32 to 34.93, a change of - 0.31 [2] Singapore Fuel Oil Swap - From September 22 - 26, 2025, the price of Singapore 380cst M1 increased from 393.02 to 412.16, a change of 4.84; the price of Singapore 180cst M1 increased from 403.27 to 421.41, a change of 5.15; the price of Singapore VLSFO M1 increased from 465.33 to 479.10, a change of 3.43; the price of Singapore Gasoil M1 increased from 87.43 to 91.66, a change of 1.77; Singapore 380cst - Brent M1 increased from - 4.47 to - 3.78, a change of 0.05; Singapore VLSFO - Gasoil M1 decreased from - 181.65 to - 199.18, a change of - 9.66 [2] Singapore Fuel Oil Spot - From September 22 - 26, 2025, the FOB 380cst price increased from 393.48 to 413.20, a change of 5.67; the FOB VLSFO price increased from 463.33 to 478.80, a change of 4.92; the 380 basis increased from 0.60 to 1.35, a change of 0.10; the high - sulfur internal - external spread decreased from 6.0 to 7.2, a change of - 0.4; the low - sulfur internal - external spread increased from 9.7 to 11.1, a change of 0.9 [3] Domestic FU - From September 22 - 26, 2025, the price of FU 01 increased from 2784 to 2918, a change of 31; the price of FU 05 increased from 2743 to 2855, a change of 25; the price of FU 09 increased from 2697 to 2757, a change of 19; FU 01 - 05 increased from 41 to 63, a change of 6; FU 05 - 09 increased from 46 to 98, a change of 6; FU 09 - 01 decreased from - 87 to - 161, a change of - 12 [3] Domestic LU - From September 22 - 26, 2025, the price of LU 01 increased from 3351 to 3464, a change of 33; the price of LU 05 increased from 3342 to 3440, a change of 51; the price of LU 09 increased from 3306 to 3400, a change of 37; LU 01 - 05 decreased from 9 to 24, a change of - 18; LU 05 - 09 increased from 36 to 40, a change of 14; LU 09 - 01 increased from - 45 to - 64, a change of 4 [4]

废钢早报 研究中心黑色团队 2025/09/29 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2025/09/22 | 2261 | 2333 | 2081 | 2261 | 2293 | 2170 | | 2025/09/23 | 2263 | 2331 | 2083 | 2262 | 2293 | 2171 | | 2025/09/24 | 2263 | 2330 | 2083 | 2262 | 2293 | 2171 | | 2025/09/25 | 2264 | 2329 | 2085 | 2263 | 2293 | 2165 | | 2025/09/26 | 2263 | 2327 | 2085 | 2260 | 2291 | 2165 | | 环比 | -1 | -2 | 0 | -3 | -2 | 0 | 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎， ...

纸浆早报 | | 文化用纸 | | 包装纸 | | 生活用纸 | | --- | --- | --- | --- | --- | --- | | | 双胶指数 | 双铜指数 | 白卡指数 | | 生活指数 | | 2025/09/23 | 5725 | 5670 | 4350 | | 839 | | 2025/09/24 | 5725 | 5670 | 4350 | | 839 | | 2025/09/25 | 5725 | 5670 | 4350 | | 839 | | 2025/09/26 | 5725 | 5670 | 4350 | | 839 | | 变化 | 0 | 0 | 0 | | 0 | | | 双胶利润率估算 双铜利润率估算 | | 白卡利润率估算 | | 生活利润率估算 | | 2025/09/23 | 1.9642% | 15.6172% | -12.6135% | | 6.6876% | | 2025/09/24 | 1.9642% | 15.6172% | -12.6135% | | 6.7258% | | 2025/09/25 | 1.9958% | 15.6563% | -12. ...

库存 成本利润 30000 40000 50000 60000 70000 80000 90000 100000 110000 01/01 01/24 02/16 03/11 04/03 04/26 05/19 06/11 07/04 07/27 08/19 09/11 10/04 10/27 11/19 12/12 硅铁：60家样本企业：库存：中国（周） 2021 2022 2023 2024 2025 5000 10000 15000 20000 25000 01/01 01/26 02/20 03/17 04/11 05/06 05/31 06/25 07/20 08/14 09/08 10/03 10/28 11/22 12/17 硅铁：60家样本企业：库存：宁夏（周） 2021 2022 2023 2024 2025 0 10000 20000 30000 40000 50000 60000 01/01 01/26 02/20 03/17 04/11 05/06 05/31 06/25 07/20 08/14 09/08 10/03 10/28 11/22 12/17 硅铁：60家样本企业：库存：内 ...

【行情分析】： 玉米：短期看，新季玉米即将上市，企业陆续开始降低对于老玉米的采购需求，终端需求减弱的背景下价格偏弱运行。不过，由于当下整体渠 道、产业库存水平处于低位，所以玉米的跌幅预计也不大，继续维持弱震荡格局。中长期视角，重点关注新季玉米上市后产区售粮积极性。在 新季产量增加与成本下滑的大背景下，价格预计仍将承压下行，直至国内消费出现好转或产区显现惜售情绪，行情才可能迎来转折。 淀粉：进入九月后，企业开始降低库存备战新作季，因此开始对原料玉米采取压价操作。短期看，随着收粮成本下探，产业预计顺势调低成品 淀粉报价，以降价换销路的操作降低库存压力。中长期看，成品淀粉库存高企限制企业调价空间，叠加新季原料成本预期下移，因此对淀粉价 格仍维持偏空思路。 白糖 现货价格 基差 进口利润 仓单 日期 柳州 南宁 昆明 柳州基差 泰国 巴西 郑盘 2025/09/22 5900 5800 5820 448 493 674 10315 2025/09/23 5890 5780 5800 446 366 547 10022 2025/09/24 5890 5780 5800 393 358 539 9854 2025/09 ...

Report Industry Investment Rating - No relevant content found. Core Viewpoints - In the glass market, spot prices in various regions showed different trends, with some increasing and some remaining stable, and the production - sales situation also varied by region. In the soda ash market, factory inventory decreased significantly while delivery warehouses had a small increase, and downstream demand was driven by pre - holiday restocking [2]. Summary by Related Content Glass - **Spot Price Changes**: From September 19th to September 26th, the price of 5mm large - plate glass in Shahe Security increased from 1155.0 to 1224.0, a weekly increase of 69.0 and a daily increase of 17.0; Wuhan Changli's 5mm large - plate glass price rose from 1100.0 to 1180.0, a weekly increase of 80.0 and a daily increase of 40.0. However, the prices of Shandong and South China's 5mm large - plate glass remained unchanged [2]. - **Futures Contract Price Changes**: The FG05 contract price decreased from 1383.0 on September 25th to 1372.0 on September 26th, a daily decrease of 11.0; the FG01 contract price dropped from 1270.0 to 1252.0, a daily decrease of 18.0 [2]. - **Price Difference Changes**: The FG 1 - 5 spread was - 120.0 on September 26th, with a weekly increase of 7.0 and a daily decrease of 7.0; the 01 Hebei basis was - 49.0 on September 26th, with a weekly increase of 24.0 and a daily increase of 23.0 [2]. - **Profit Changes**: North China's coal - fired profit increased from 291.6 on September 25th to 302.2 on September 26th, a daily increase of 10.6; North China's natural gas profit increased from - 159.3 to - 150.1, a daily increase of 9.2 [2]. - **Production - Sales Situation**: The production - sales rates in Shahe, Hubei, East China, and South China were 104, 108, 116, and 157 respectively [2]. Soda Ash - **Spot Price Changes**: From September 19th to September 26th, the price of Shahe heavy soda decreased from 1230.0 to 1200.0, a weekly decrease of 30.0 and a daily decrease of 20.0; North China's light soda price dropped from 1170.0 to 1120.0, a weekly decrease of 50.0 and a daily decrease of 10.0 [2]. - **Futures Contract Price Changes**: The SA05 contract price decreased from 1404.0 on September 25th to 1384.0 on September 26th, a daily decrease of 20.0; the SA01 contract price dropped from 1315.0 to 1293.0, a daily decrease of 22.0 [2]. - **Price Difference Changes**: The SA01 - SA05 spread was - 91.0 on September 26th, a weekly decrease of 2.0 and a daily decrease of 2.0; the SA01 Shahe basis was - 93.0 on September 26th, a weekly decrease of 5.0 and a daily increase of 2.0 [2]. - **Profit Changes**: North China's ammonia - soda process profit decreased from - 152.0 on September 25th to - 168.8 on September 26th, a daily decrease of 16.8; North China's combined - soda process profit dropped from - 175.0 to - 192.4, a daily decrease of 17.4 [2]. - **Inventory Situation**: Factory inventory decreased significantly, while delivery warehouses had a small increase, and overall inventory decreased [2].

芳烃橡胶早报 研究中心能化团队 2025/09/29 POY 1 50D/4 8F 石脑油裂 解价差 PX加工差 PTA加 工差 聚酯毛利 PTA平衡 负荷 PTA负 荷 仓单+有 效预报 TA基差 产销 66.6 596 808 4510 6600 107.67 212.0 137 139 80.6 76.8 31310 -80 0.50 67.6 598 803 4470 6620 101.77 205.0 125 209 80.6 76.8 32714 -80 0.30 69.3 606 812 4525 6600 97.96 206.0 120 140 80.6 76.8 32714 -75 0.75 69.4 609 817 4585 6530 99.65 208.0 151 14 80.6 76.8 32714 -73 1.85 70.1 608 814 4590 6630 93.95 206.0 172 117 80.1 76.8 32714 -70 0.65 变化 0.7 -1 -3 5 100.00 -5.70 -2.0 21 103 -0.5 0.0 0 3 -1.20 PTA装置变化 福 ...

声明 成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我司均不承担任何责任。 最新 日变化 周变化 月变化 年变化 最新 日变化 周变化 月变化 年变化 秦皇岛5500 707.0 0.0 2.0 12.0 -163.0 25省终端可用天数 24.6 -0.5 4.7 3.7 7.0 秦皇岛5000 615.0 -1.0 0.0 0.0 -160.0 25省终端供煤 561.6 -4.3 -46.9 -78.4 -61.2 广州港5500 765.0 0.0 0.0 5.0 -150.0 北方港库存 2063.0 -10.0 33.0 47.0 -193.0 鄂尔多斯5500 500.0 -10.0 0.0 25.0 -160.0 北方锚地船舶 129.0 7.0 34.0 51.0 78.0 大同5500 555.0 -10.0 -5.0 25.0 -175.0 北方港调入量 158.3 -11.4 5.2 -1.9 10.8 榆林6000 642.0 0.0 0.0 40.0 -214.0 北方港吞吐量 171.5 -5.1 -0.6 25.6 ...

波动率数据日报 更新时间: 2025/9/26 历史波动率分位数排名 0.79 永安期货期权总部 、隐含波动率指数、历史波动率及其价差走势图 1、金融期权隐含波动率指数反映截止上一交易日的30日隐波走势,商品期权隐含波动 率指数通过主力月平值期权上下两档隐波加权所得,反映主力合约的隐波变化趋势。2 隐波指数与历史波动率的差值,差值越大反映隐波相对历史波动率越高,差值越小代 表隐波相对历史波动率越低。 70 -300股指 IV -- 300股指 HV IV-HV美 - 50ETF IV - 50ETF HV IV-HV美 20 BO IV-HV差 -- 1000股指 IV -- 1000股指 HV - 500ETF HV - 500ETF IV -HV= 20 10 20 0 10 20 15 白银 IV 日报 HV 沪金 IV IV-HV套 HA HA 10 62 16,67 025/7/17 07566 2075 PM 一豆粕 IV 空期 HV IV-HV差 -王米IV 玉米 HV IV-HV差 30 50 20 20 30 10 10 10 40 0 40 60 at 37 a 22 N 10-5 .50 ...