股指期货全景日报 2025/12/10 | 项目类别 | 数据指标 IF主力合约（2512） | 最新 4574.2 | 环比 数据指标 -6.8↓ IF次主力合约（2603） | 最新 4534.2 | 环比 -8.8↓ | | --- | --- | --- | --- | --- | --- | | | IC主力合约（2512） | 7122.2 | +28.0↑ IC次主力合约（2603） | 6944.0 | +24.6↑ | | | IH主力合约（2512） | 2980.8 | -10.4↓ IH次主力合约（2603） | 2970.6 | -11.0↓ | | | IM主力合约（2512） | 7371.4 | +19.4↑ IM次主力合约（2603） | 7123.0 | +8.2↑ | | | IF-IH当月合约价差 | 1593.4 | +1.8↑ IC-IF当月合约价差 | 2548.0 | +36.8↑ | | 期货盘面 | IM-IC当月合约价差 | 249.2 | -4.2↓ IC-IH当月合约价差 | 4141.4 | +38.6↑ | | | IM-IF当月合约价差 | 27 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report - The production of primary lead remains stable overall, but the shortage of raw material supply restricts further significant production growth. The supply of lead concentrate remains tight. The production of recycled lead shows signs of recovery, but the growth is less than expected. The supply of waste batteries is tight, which restricts the release of recycled lead production capacity. If environmental control remains stable and waste battery supply stays at the current level, recycled lead production is expected to maintain a stable growth trend. On the demand side, orders in the leading energy storage battery sector are relatively stable, supporting the demand for lead. However, due to the "trade - in" policy, the traditional replacement market is dull. Downstream battery enterprises face inventory pressure and are cautious in purchasing high - priced lead sources. Overall, the price of Shanghai lead is expected to fluctuate, and it is expected to maintain a weak oscillation today [3]. Summary by Related Catalogs Futures Market - The closing price of the Shanghai lead main contract is 17,115 yuan/ton, down 55 yuan; the 3 - month lead quotation on LME is 1,976.5 US dollars/ton, down 22 US dollars. The spread between the 01 - 02 month contracts of Shanghai lead is - 15 yuan/ton, down 20 yuan. The trading volume of Shanghai lead is 79,017 lots, down 1,395 lots. The net position of the top 20 in Shanghai lead is - 238 lots, an increase of 1,158 lots. The warehouse receipts of Shanghai lead are 0 tons, unchanged. The inventory of the Shanghai Futures Exchange is 34,735 tons, down 3,064 tons; the LME lead inventory is 236,925 tons, down 2,900 tons [3]. Spot Market - The spot price of 1 lead on the Shanghai Non - ferrous Metals Network is 16,975 yuan/ton, down 125 yuan; the spot price of 1 lead in the Yangtze River Non - ferrous Metals Market is 17,150 yuan/ton, down 130 yuan. The basis of the lead main contract is - 140 yuan/ton, down 70 yuan; the LME lead premium (0 - 3) is - 49.76 US dollars/ton, an increase of 1.81 US dollars. The price of lead concentrate (50% - 60%) in Jiyuan is 16,771 yuan, an increase of 166 yuan; the price of domestic recycled lead (≥98.5%) is 16,930 yuan/ton, down 140 yuan [3]. Upstream Situation - The monthly supply - demand balance of lead by WBMS is 22,000 tons, an increase of 45,500 tons. The monthly capacity utilization rate of recycled lead is 43.14%, an increase of 7.58%. The number of recycled lead production enterprises is 68, unchanged. The monthly output of recycled lead is 224,200 tons, a decrease of 67,500 tons. The average weekly operating rate of primary lead is 68.49%, a decrease of 13.32%. The weekly output of primary lead is 38,600 tons, a decrease of 1,700 tons. The processing fee of lead concentrate (60%) at major ports is - 100 US dollars/kiloton, unchanged. The monthly supply - demand balance of lead by ILZSG is - 2,500 tons, an increase of 3,100 tons. The monthly global lead ore production by ILZSG is 383,300 tons, an increase of 3,400 tons. The monthly lead ore import volume is 98,300 tons, a decrease of 52,300 tons [3]. Industry Situation - The monthly refined lead import volume is 3,812.24 tons, an increase of 2,304.32 tons. The average weekly domestic processing fee of lead concentrate to the factory is 340 yuan/ton, unchanged. The monthly refined lead export volume is 2,098.42 tons, an increase of 612.28 tons. The average daily price of waste batteries is 9,851.79 yuan/ton, a decrease of 46.42 yuan [3]. Downstream Situation - The monthly export volume of batteries is 45,661,000, a decrease of 350,000. The average daily price of lead - antimony alloy (for batteries, containing 2% antimony) is 19,400 yuan/ton, down 125 yuan. The daily Shenwan industry index of batteries and other power sources is 1,934.16 points, down 13.49 points. The monthly automobile production is 3.279 million vehicles, an increase of 52,000. The monthly new energy vehicle production is 1.71 million vehicles, an increase of 130,000 [3]. Industry News - Trump may reduce tariffs on some over - priced goods and considers an immediate interest - rate cut as the "touchstone" for choosing the new Fed chairman. Trump starts the final round of interviews for the Fed chairman this week, with Hassett leading. Hassett believes the Fed has enough room for a significant interest - rate cut. The US job openings in October reached the highest level in five months, but recruitment remains sluggish. The Thailand - Cambodia conflict continues. Zelensky refuses to "cede territory" and will submit an updated peace proposal to the US on the 10th. Ukraine is consulting with the US and Europe on three key documents, and the US is pressuring Zelensky to make a quick decision. The Reserve Bank of Australia keeps the interest rate at 3.6% as expected, emphasizing the upward risk of inflation, and the market expects the interest - rate cut cycle may end [3].

免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | 期货主力合约收盘价:生猪(日,元/吨) | 11310 | -140 主力合约持仓量:生猪(日,手) | 149428 | 602 | | | 仓单数量:生猪(日,手) | 373 | 265 期货前20名持仓:净买单量:生猪(日,手) | -44051 | 102 | | 现货价格 | 生猪价 河南 驻马店(日,元/吨) | 11300 | 0 生猪价 吉林 四平(日,元/吨) | 11000 | 100 | | | 生猪价 ...

| | 集运指数（欧线）期货日报 | | 2025/12/9 | | | --- | --- | --- | --- | --- | | 项目类别 | 数据指标 环比 数据指标 最新 | 最新 | 环比 | | | EC主力收盘价 | 18.8↑ EC次主力收盘价 1073.6 | 1619.800 | | -4.20↓ | | 期货盘面 | EC2602-EC2604价差 +8.60↑ EC2602-EC2606价差 400.70 | 546.20 | | +2.70↑ | | EC合约基差 | -4.50↓ | -110.70 | | | | 期货持仓头寸（手） EC主力持仓量 | -753↓ | 30713 | | | | SCFIS（欧线）（周） | 25.45↑ SCFIS（美西线）（周） 960.51 | 1509.10 | | 11.74↑ | | SCFI（综合指数）（周） | -5.50↓ 集装箱船运力（万标准箱） 1,227.97 | 1397.63 | | 0.21↑ | | 现货价格 | CCFI（综合指数）（周） -6.91↓ CCFI（欧线）（周） 1,447.56 | 1114. ...

贵金属期货日报 2025/12/9 | 项目类别 | 数据指标 最新 | 最新 | 环比 数据指标 | | 环比 | | --- | --- | --- | --- | --- | --- | | | 沪金主力合约收盘价（日，元/克） 13607 | 951.540 | -7.2↓ 沪银主力合约收盘价（日，元/千克） | | -99.00↓ | | 期货市场 | 主力合约持仓量:沪金(日,手) 18,604.00 | 194,493.00 | -2700.00↓ 主力合约持仓量:沪银(日,手) | | -1582.00↓ | | | 主力合约成交量:沪金 1,309,030.00 | 229,564.00 | -68667.00↓ 主力合约成交量:沪银 | | -724701.00↓ | | | 仓单数量:沪金(日,千克) | 91299 | 0↑ 仓单数量:沪银(日,千克) | 717,788 | 18497↑ | | 现货市场 | 上金所黄金现货价 | 947.13 | -6.97↓ 华通一号白银现货价 | 13,630.00 | 49.00↑ | | | 沪金主力合约基差(日,元/克) | -4.41 ...

粮源入市减少，经过前期补库饲料及深加工企业库存有所回升，临近年底企业仍有补库的需求，价格窄幅 震荡。盘面来看，前期超预期上涨后，近日玉米期价高位回落，短期观望。 | 观点总结（ | 随着新季玉米上市量逐步增加，原料玉米供应较为充裕，行业开机率持续回升，供应端压力增加。不过，下游行业需求较好，木薯 | | --- | --- | | | 淀粉涨幅过大后，部分下游客户重新采购玉米淀粉，需求进一步增量，企业走货顺畅。截至12月3日，全国玉米淀粉企业淀粉库存 | | 淀粉） | | | 重点关注 | 总量105.4万吨，较上周下降1.50万吨，周降幅1.40%，月降幅1.40%；年同比增幅12.61%。盘面来看，受玉米回落影响，淀粉同 周四、周五mysteel玉米周度消耗以及淀粉企业开机、库存情况 | | | 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ | | | 步回落，短期观望。 | 玉米系产业日报 2025-12-09 | 项目类别 | 数据指标 环比 | 最新 | | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | | ...

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 般，因此全国不锈钢社会库存呈现窄幅增加态势。技术面，持仓持稳价格上涨，空头氛围下降。观点参考 ：预计不锈钢期价偏强调整，关注12600阻力。 研究员: 陈思嘉 期货从业资格证F03118799 期货投资咨询从业证书号Z0022803 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 不锈钢产业日报 2025-12-09 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:不锈钢(日,元/吨) | 12500 | -10 01-02月合约价差:不锈钢(日,元/吨) | -115 | 0 -7521 | | | 期货前20名持仓:净买单量:不锈钢(日,手) | -12872 | 978 主力合约持仓量:不锈钢(日,手) | 78164 | ...

棉花(纱)产业日报 2025-12-09 提振棉市。整体上，需求边际存在好转，但供应仍宽松，棉价反弹受限。关注后期新的驱动因素。 免责声明 | 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) | 13740 | -10 棉纱主力合约收盘价(日,元/吨) | 19945 | -35 | | | 棉花期货前20名净持仓(手) | -130375 | 100 棉纱期货前20名净持仓(手) | -422 | -104 | | | 主力合约持仓量:棉花(日,手) | 478567 | -10495 主力合约持仓量:棉纱(日,手) | 17370 | 1307 | | | 仓单数量:棉花(日,张) 中国棉花价格指数:CCIndex:3128B(日,元 | 2749 | -4 仓单数量:棉纱(日,张) | 12 | -1 | | 现货市场 | | 14999 | -10 中国纱线价格指数:纯棉普梳纱32支(日, | 20800 | 0 | | /吨) | 中国进口棉价 ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑州尿素主力合约收盘价(日,元/吨) | 1643 | -3 郑州尿素1-5价差(日,元/吨) | -68 | -4 3804 | | | 郑州尿素主力合约持仓量(日,手) | 150646 | -16428 郑州尿素前20名净持仓 | -5968 | | | | 郑州尿素交易所仓单(日,张) | 11477 | -49 | | | | 现货市场 | 河北(日,元/吨) | 1730 | 0 河南(日,元/吨) | 1690 | -20 | | | 江苏(日,元/吨) | 1690 | -20 山东(日,元/吨) | 1690 | -30 | | | 安徽(日,元/吨) | 1690 | -10 郑州尿素主力合约基差(日,元/吨) | 44 | -3 | | | FOB波罗的海(日,美元/吨) | 352.5 | 0 FOB中国主港(日,美元/吨) | 391.5 | 0 | | 产业情况 | 港口库存(周,万吨) | 10.5 | 0 ...

成交氛围有所回暖，现货升水持稳，国内库存小幅下降；LME锌库存回升，现货升水有所下调。技术面， 免责声明 沪锌产业日报 2025-12-09 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪锌主力合约收盘价(日,元/吨) | 23070 | -215 01-02月合约价差:沪锌(日,元/吨) | -10 | 15 | | | LME三个月锌报价(日,美元/吨) | 3130.5 | 32 沪锌总持仓量(日,手) | 208468 | -6432 | | | 沪锌前20名净持仓(日,手) | 13905 | -15 沪锌仓单(日,吨) | 0 | 0 | | | 上期所库存(周,吨) | 91916 | -4000 LME库存(日,吨) | 57750 | 2375 | | 现货市场 | 上海有色网0#锌现货价(日,元/吨) | 23190 | 60 长江有色市场1#锌现货价(日,元/吨) | 23260 | 60 | | | ZN主力合约基差(日,元/吨) | 120 | 275 ...