Core Insights - The report indicates that Ruida Futures experienced a revenue decline of 2.87% year-on-year for the first three quarters of 2025, totaling 1.621 billion yuan, while net profit increased by 42.15% to 386 million yuan [1][2]. Financial Performance - Basic earnings per share for the reporting period were 0.87 yuan, with a weighted average return on equity of 12.64% [2]. - The company's gross profit margin was 31.92%, up by 10.55 percentage points year-on-year, and the net profit margin was 23.93%, an increase of 7.68 percentage points compared to the previous year [2]. Market Metrics - As of October 27, 2025, the price-to-earnings ratio (TTM) for Ruida Futures was approximately 21.59 times, the price-to-book ratio (LF) was about 3.38 times, and the price-to-sales ratio (TTM) was around 5.51 times [2]. Shareholder Dynamics - By the end of Q3 2025, the total number of shareholders was 21,400, a decrease of 8,681 shareholders or 28.81% from the end of the previous half [2]. - The average market value of shares held per shareholder increased from 310,200 yuan to 447,200 yuan, reflecting a growth of 44.15% [2]. Business Overview - Ruida Futures, established on March 24, 1993, and listed on September 5, 2019, is based in Xiamen, Fujian Province. Its main business includes futures brokerage, investment consulting, and asset management, with risk management services, overseas financial services, and public fund operations conducted through wholly-owned subsidiaries [2]. - The revenue composition of the main business is as follows: risk management services 63.85%, futures brokerage 23.31%, asset management 11.57%, and others 1.27% [2]. Industry Classification - Ruida Futures is classified under the non-bank financial sector, specifically in diversified finance and futures [3]. The company is associated with concepts such as QFII holdings, futures, financial technology, internet finance, and mid-cap stocks [3].

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core Views - **Corn**: With the approaching harvest season, the supply of new corn is increasing, putting downward pressure on prices. In the US, although the estimated yield per unit is lower than the previous forecast, the overall supply pressure is still increasing. In China, the harvest progress in the Northeast has exceeded 40%, and the yield per unit has increased significantly. However, the trading volume is slow, and the purchase price has declined slightly. In the North China and Huanghuai regions, the purchase price has continued to weaken due to high moisture and low-quality new grain. The corn futures price has fallen again, and the strategy of shorting on rallies is recommended [2][3]. - **Corn Starch**: The increase in the supply of raw corn has weakened the cost support for corn starch. The substitution advantage of tapioca starch has continued to squeeze the market demand for corn starch. However, the industry's operating rate has been lower than the same period in previous years, and the supply pressure is not significant. Recently, the company's orders and shipments have been good, and the inventory has slightly declined. The starch market is still in a bearish trend, and a bearish strategy is maintained [3]. 3. Summary by Relevant Catalogs Futures Market - **Corn**: The closing price of the active contract was 2112 yuan/ton, down 105 yuan; the monthly spread (1 - 5) was -16 yuan/ton, up 24 yuan; the trading volume of the active contract was 13,618 lots, and the net long position of the top 20 traders was -78,853 lots, down 5,574 lots; the registered warehouse receipts were 0 lots [2]. - **Corn Starch**: The closing price of the active contract was 2425 yuan/ton, up 6 yuan; the monthly spread (11 - 1) was 24 yuan/ton; the trading volume of the active contract was 211,606 lots, down 74 lots; the net long position of the top 20 traders was -58,907 lots; the registered warehouse receipts were 61,968 lots [2]. - **CS - C Spread**: The spread of the main contract was 348 yuan/ton, down 4 yuan [2]. Outer Market - **CBOT Corn**: The closing price of the active contract was 424 cents/bushel, down 3.75 cents; the total position was 1,543,065 contracts, up 13,269 contracts; the non - commercial net long position was -51,186 contracts, down 15,017 contracts [2]. Spot Market - **Corn**: The average spot price was 2242.55 yuan/ton, down 6.08 yuan; the FOB price at Jinzhou Port was 2140 yuan/ton, down 20 yuan; the CIF price of imported corn was 1982.02 yuan/ton, up 0.37 yuan; the international freight of imported corn was 0 US dollars/ton [2]. - **Corn Starch**: The ex - factory price in Changchun was 2510 yuan/ton, unchanged; in Weifang was 2750 yuan/ton, unchanged; in Shijiazhuang was 2680 yuan/ton, unchanged. The basis of the main contract was 85 yuan/ton, up 16 yuan [2]. - **Substitute Products**: The average spot price of wheat was 2475 yuan/ton, up 8.83 yuan; the spread between tapioca starch and corn starch was 298 yuan/ton, down 1 yuan; the spread between corn starch and 30 - powder was -193 yuan/ton, down 10 yuan [2]. Upstream Situation - **Sowing Area and Yield Forecast**: The sowing area in the US was 42.711 million hectares, and the yield was 36.44 million tons, up 0.55 million tons; in Brazil, the sowing area was not provided, and the yield was 131 million tons, unchanged; in Argentina, the sowing area was 5.3 million hectares, and the yield was 7.5 million tons, unchanged; in China, the sowing area was 29.5 million hectares, and the yield was 44.3 million tons, unchanged; in Ukraine, the yield was 32 million tons, unchanged [2]. Industry Situation - **Inventory**: The inventory at southern ports was 9.3 million tons; at northern ports was 11 million tons; the deep - processing inventory was 203.6 million tons, down 8.2 million tons; the weekly inventory of starch enterprises was 114 million tons, down 5.9 million tons [2]. - **Import and Export**: The monthly import volume of corn was 2 million tons; the monthly export volume of corn starch was 12,780 tons, down 2,020 tons [2]. - **Production**: The monthly production of feed was 201.5 million tons [2]. Downstream Situation - **Consumption**: The weekly consumption of deep - processed corn was 4.02 million tons [2]. - **Operating Rate**: The operating rate of alcohol enterprises was 61.67%, up 8.48%; the operating rate of starch enterprises was 55.62%, down 1.12% [2]. - **Processing Profit**: The processing profit of corn starch in Shandong was 135 yuan/ton, up 40 yuan; in Hebei was 84 yuan/ton, unchanged; in Jilin was 95 yuan/ton, up 10 yuan [2]. Option Market - **Historical Volatility**: The 20 - day historical volatility of corn was 8.91%, up 0.6%; the 60 - day historical volatility was 7.15%, up 0.23% [2]. - **Implied Volatility**: The implied volatility of at - the - money call options for corn was 13.1%, up 3.34%; the implied volatility of at - the - money put options was 13.1%, up 3.33% [2]. Industry News - The US government shutdown has led to the suspension of the release of the CFTC's position report and the USDA's crop progress report, causing cautious trading in the market [2]. - As of October 22, the sown area of corn in Argentina in the 2025/26 season accounted for 33.8% of the total expected area, 3.9% higher than a week ago [2]. Key Points of Attention - The weekly consumption of corn and the operating rate and inventory of starch enterprises on Thursday and Friday as reported by Mysteel [3]

南财智讯10月27日电，瑞达期货公告，2025年前三季度公司实现营业收入162.13亿元，同比下降 2.87%；归属于上市公司股东的净利润3.86亿元，同比增长42.15%。基本每股收益0.87元，同比增长 42.62%。 ...

瑞达期货股份有限公司 2025 年第三季度报告 证券代码：002961 证券简称：瑞达期货 公告编号：2025-075 债券代码：128116 债券简称：瑞达转债 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 1 瑞达期货股份有限公司 2025 年第三季度报告 瑞达期货股份有限公司 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业总收入（元） | 574,640,217.2 ...

研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 免责声明 螺纹钢产业链日报 2025/10/27 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) | 3,100.00 | +54↑ RB主力合约持仓量(手) | 1953001 | -97544↓ | | | RB合约前20名净持仓(手) | -112104 | +32581↑ RB1-5合约价差(元/吨) | -59 | +4↑ | | | RB上期所仓单日报(日，吨) | 150419 | 0.00 HC2601-RB2601合约价差(元/吨) | 199 | -5↓ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,280.00 | +30↑ 杭州 HRB400E 20MM(过磅，元/吨) | 3,364 | +31↑ | | | 广州 HRB400E 20MM(理计，元/吨) | 3,290.00 | +20↑ 天津 HRB40 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The rapeseed meal market is in a situation of weak supply and demand. Domestically, the supply of Canadian rapeseed imports in the fourth quarter is restricted, but the demand for rapeseed meal decreases as the temperature drops and soybean supply is relatively abundant. The overall trend of rapeseed meal is weak, and attention should be paid to China - Canada and China - US trade policies [2]. - The rapeseed oil market is also affected by multiple factors. The initial ruling on anti - dumping policies for Canadian rapeseed is in place, and the supply of imported rapeseed is expected to tighten structurally in the fourth quarter, supporting rapeseed oil prices. However, the abundant supply of soybean oil weakens the demand for rapeseed oil, and it is necessary to continue to follow the trend of China - Canada trade policies [2]. 3. Summary by Related Catalogs 3.1 Futures Market - Futures prices: The closing price of the active contract of rapeseed oil is 9748 yuan/ton, down 13 yuan; that of rapeseed meal is 2335 yuan/ton, up 10 yuan; the closing price of the active contract of ICE rapeseed is 632.4 Canadian dollars/ton, down 1.1 Canadian dollars; and that of rapeseed is 5344 yuan/ton, up 19 yuan [2]. - Spreads and positions: The 1 - 5 spread of rapeseed oil is 383 yuan/ton, down 1 yuan; that of rapeseed meal is 12 yuan/ton, down 13 yuan. The net long positions of the top 20 futures holders for rapeseed oil are 7501 lots, down 415 lots; for rapeseed meal are - 108969 lots, down 334 lots [2]. - Warehouse receipts: The number of rapeseed oil warehouse receipts is 7540 sheets, unchanged; that of rapeseed meal is 4050 sheets, down 210 sheets [2]. 3.2现货市场 - Spot prices: The spot price of rapeseed oil in Jiangsu is 10000 yuan/ton, down 50 yuan; that of rapeseed in Yancheng, Jiangsu is 5700 yuan/ton; that of rapeseed meal in Nantong is 2410 yuan/ton, down 10 yuan. The average price of rapeseed oil is 10117.5 yuan/ton, down 50 yuan, and the import cost of imported rapeseed is 7529.12 yuan/ton, down 10.16 yuan [2]. - Basis: The basis of the rapeseed oil main contract is 239 yuan/ton, down 54 yuan; that of the rapeseed meal main contract is 75 yuan/ton, down 20 yuan [2]. - Substitute prices: The spot price of fourth - grade soybean oil in Nanjing is 8470 yuan/ton, up 30 yuan; that of 24 - degree palm oil in Guangdong is 9030 yuan/ton, up 30 yuan; that of soybean meal in Zhangjiagang is 2960 yuan/ton, unchanged [2]. 3.3 Upstream Situation - Production and imports: The global rapeseed production forecast is 90.96 million tons, up 1.38 million tons; the annual forecast production of rapeseed is 13446 thousand tons, up 1068 thousand tons. The total rapeseed import volume is 11.53 million tons, down 13.13 million tons; the import volume of rapeseed oil and mustard oil is 16 million tons, up 2 million tons; the import volume of rapeseed meal is 15.77 million tons, down 5.57 million tons [2]. - Inventory and operating rates: The total inventory of rapeseed in oil mills is 3 million tons, down 2 million tons. The weekly operating rate of imported rapeseed is 2.93%, down 0.27 percentage points [2]. 3.4产业情况 - Inventory: The coastal rapeseed oil inventory is 5.2 million tons, down 0.8 million tons; the coastal rapeseed meal inventory is 0.78 million tons, down 0.37 million tons. The rapeseed oil inventory in East China is 49.9 million tons, down 1 million tons; the rapeseed meal inventory in East China is 27.2 million tons, down 0.7 million tons. The rapeseed oil inventory in Guangxi is 2.9 million tons, up 0.1 million tons; the rapeseed meal inventory in South China is 22.1 million tons, down 0.4 million tons [2]. -提货量: The weekly rapeseed oil提货量 is 1.63 million tons, up 1.41 million tons; the weekly rapeseed meal提货量 is 0.97 million tons, down 0.12 million tons [2]. 3.5下游情况 - Production: The monthly production of feed is 3128.7 million tons, up 201.5 million tons; the monthly production of edible vegetable oil is 495 million tons, up 44.4 million tons [2]. - Consumption: The monthly social retail sales of catering revenue is 4508.6 billion yuan, up 12.9 billion yuan [2]. 3.6期权市场 - Implied volatility: The implied volatility of at - the - money call options for rapeseed meal is 19.43%, down 0.48 percentage points; that of at - the - money put options is 19.43%, down 0.49 percentage points. The implied volatility of at - the - money call options for rapeseed oil is 13.12%, up 0.41 percentage points; that of at - the - money put options is 13.1%, up 0.42 percentage points [2]. - Historical volatility: The 20 - day historical volatility of rapeseed meal is 23.23%, down 1.47 percentage points; the 60 - day historical volatility is 25.01%, up 0.02 percentage points. The 20 - day historical volatility of rapeseed oil is 15.58%, down 0.4 percentage points; the 60 - day historical volatility is 14.72%, down 0.03 percentage points [2]. 3.7行业消息 - ICE rapeseed futures closed lower on October 24 due to the decline in other vegetable oil prices but still recorded a weekly gain. The most actively traded January rapeseed futures contract fell 1.30 Canadian dollars to settle at 632.50 Canadian dollars per ton [2]. - The harvest in the US Midwest is progressing actively due to favorable weather conditions, and the expected high yield of US soybeans restricts its market price. China has not ordered US soybeans for the current year, and the export pressure of US soybeans remains. However, the China - US economic and trade consultations in Malaysia from the 25th to the 26th supported the US soybean market price [2]. 3.8重点关注 - The rapeseed operating rate and the rapeseed oil and meal inventory in each region announced by myagricultural.com on Monday, as well as the trends of China - Canada and China - US trade relations [2].

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | I 主力合约收盘价（元/吨） | 786.50 | +15.50↑ I 主力合约持仓量(手) | 558,846 | -6796↓ | | | I 1-5合约价差（元/吨） | 23 | +2.50↑ I 合约前20名净持仓(手) | -29956 | -12504↓ | | | I 大商所仓单（手） | 700.00 | 0.00 | | | | | 新加坡铁矿石主力合约截止15：00报价(美元/吨) | 105.7 | +1.50↑ | | | | 现货市场 | 青岛港61.5%PB粉矿 (元/干吨) | 850 | +7↑ 青岛港60.8%麦克粉矿 (元/干吨) | 850 | +5↑ | | | 京唐港56.5%超特粉矿 (元/干吨) | 778 | +3↑ I 主力合约基差 (麦克粉干吨-主力合约) | 64 | -10↓ | | | 铁矿石62%普氏指数（前一日，美元/吨） | 105.15 | -0.50↓ 江苏废钢/青岛 ...

Report Industry Investment Rating - No information provided Core Viewpoints - Egg prices are at a low level, and the breeding side has a certain sentiment of supporting prices. Coupled with the drop in temperature, which is conducive to the storage and transportation of eggs, the shipping speed in low - price areas has accelerated, supporting the rebound of spot prices. Driven by the rise in spot prices, the near - month contracts have also strengthened significantly. However, the inventory of laying hens in production is still high, and old hens have not been over - culled. High production capacity is still the main concern of the market, which may limit the upside space. The recent futures prices have also risen, but the high - production capacity pressure still exists, and it is necessary to be cautious about chasing up [2] Summary by Directory Futures Market - The futures closing price of the active egg contract is 3134 yuan/500 kilograms, with a week - on - week increase of 48; the net long position of the top 20 futures holders is - 23326 lots, with a week - on - week decrease of 1261; the monthly spread between contracts 1 - 5 is - 118 yuan/500 kilograms, with a week - on - week increase of 24; the futures open interest of the active contract is 240449 lots, with a week - on - week increase of 6219; the registered warehouse receipt volume is 20 lots, with no week - on - week change [2] 现货市场 - The spot price of eggs is 2.98 yuan/jin, with a week - on - week increase of 0.03; the basis (spot - futures) is - 159 yuan/500 kilograms, with a week - on - week decrease of 17 [2] Upstream Situation - The national laying hen inventory index is 115.26 (with 2015 = 100), with a month - on - month increase of 0.86; the national culled laying hen index is 124.63 (with 2015 = 100), with a month - on - month increase of 31.02; the average price of laying hen chicks in the main production areas is 2.65 yuan/chick, with a week - on - week increase of 0.05; the national new - born chick index is 76.65 (with 2015 = 100), with a month - on - month increase of 3.3; the average price of laying hen compound feed is 2.76 yuan/kg, with a week - on - week increase of 0.01; the breeding profit of laying hens is - 0.45 yuan/hen, with a week - on - week increase of 0.01; the average price of culled hens in the main production areas is 8.58 yuan/kg, with a week - on - week decrease of 0.06; the national culling age of hens is 507 days, with a month - on - month decrease of 3 [2] Industry Situation - The average wholesale price of pork is 17.96 yuan/kg, with a week - on - week increase of 0.23; the average wholesale price of 28 key - monitored vegetables is 5.49 yuan/kg, with a week - on - week increase of 0.12; the average wholesale price of white - striped chickens is 17.58 yuan/kg, with a week - on - week decrease of 0.11; the weekly inventory in the circulation link is 1.1 days, with no week - on - week change; the weekly inventory in the production link is 1.04 days, with a week - on - week decrease of 0.01; the monthly export volume of fresh eggs is 13215.79 tons, with a month - on - month increase of 94.76 [2] Downstream Situation - The weekly consumption of eggs in the sales areas is 7498 tons, with a week - on - week increase of 118 [2] Industry News - The average price of eggs in Shandong's main production area is 5.82 yuan/kg, unchanged from yesterday; the average price of eggs in Hebei is 5.79 yuan/kg, up 0.17 from yesterday; the average price of eggs in Guangdong is 6.73 yuan/kg, up 0.33 from yesterday; the average price of eggs in Beijing is 6.30 yuan/kg, unchanged from yesterday. Egg prices are at a low level, the breeding side has a certain sentiment of supporting prices, and the shipping speed in low - price areas has accelerated, supporting the rebound of spot prices [2]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report - On the supply side, the production of primary lead is expected to increase slightly due to smelter overhauls, and the recovery of recycled lead production is limited by factors such as low raw - material inventory and transportation controls. Short - term lead ingot spot will remain tight. It is recommended to short at high prices. - On the demand side, after the holidays, the operating rate of lead - acid battery enterprises has rebounded, and the traditional consumption season has boosted demand. However, since September, the increasing Shanghai - London ratio and tariff - affected exports of lead - acid batteries have curbed demand growth. - Inventory has been decreasing, but with the expected increase in imported lead arrivals and potential increase in recycled lead production, inventory may change. If the inventory depletion rate slows down, it will resist price increases. Overall, it is recommended to short at high prices [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main Shanghai lead contract is 17,520 yuan/ton, down 75 yuan; the LME 3 - month lead quote is 2,016.5 dollars/ton, up 4.5 dollars. - The 12 - 01 contract spread of Shanghai lead is - 5 yuan/ton, down 50 yuan; the Shanghai lead open interest is 129,190 lots, up 6,702 lots. - The net position of the top 20 in Shanghai lead is - 641 lots, up 2,153 lots; the Shanghai lead warehouse receipts are 23,048 tons, unchanged. - The SHFE inventory is 36,333 tons, down 5,368 tons; the LME lead inventory is 235,375 tons, down 4,375 tons [2]. 现货市场 - The spot price of 1 lead in Shanghai Non - ferrous Metals Network is 17,250 yuan/ton, down 50 yuan; the spot price of 1 lead in Yangtze River Non - ferrous Metals Market is 17,440 yuan/ton, up 60 yuan. - The basis of the lead main contract is - 270 yuan/ton, up 25 yuan; the LME lead spread (0 - 3) is - 36.64 dollars/ton, up 0.19 dollars. - The price of 50% - 60% lead concentrate in Jiyuan is 16,671 yuan, up 275 yuan; the price of domestic recycled lead (≥98.5%) is 17,170 yuan/ton, down 90 yuan. - The number of recycled lead production enterprises is 68, unchanged; the capacity utilization rate of recycled lead is 35.56%, down 2.32 percentage points; the monthly output of recycled lead is 22.42 tons, down 6.75 tons [2]. 上游情况 - The average operating rate of primary lead is 81.64%, down 1.92 percentage points; the weekly output of primary lead is 3.91 tons, up 0.18 tons. - The processing fee of 60% lead concentrate at major ports is - 90 dollars/kiloton, unchanged; the ILZSG lead supply - demand balance is - 2.5 kilotons, up 3.1 kilotons. - The global lead ore output is 383.3 kilotons, up 3.4 kilotons; the monthly lead ore import volume is 15.06 tons, up 1.58 tons [2]. 产业情况 - The monthly refined lead import volume is 1,507.92 tons, down 312.63 tons; the domestic average processing fee of lead concentrate is 380 yuan/ton, unchanged. - The monthly refined lead export volume is 1,486.13 tons, down 1,266.09 tons; the average price of waste batteries is 10,016.07 yuan/ton, unchanged [2]. 下游情况 - The monthly export volume of lead - acid batteries is 45,696 units, down 3,984 units; the average price of lead - antimony alloy for batteries is 19,475 yuan/ton, down 75 yuan. - The Shenwan industry index of batteries is 2,042.83 points, up 30.01 points; the monthly automobile output is 322.7 tons, up 47.46 tons; the monthly new - energy vehicle output is 158 tons, up 24.7 tons [2]. 行业消息 - Multiple political events are reported, including the US dispatching a carrier strike group, Trump - related events, and California governor's election plans. Also, the US may not release inflation data next month [2].

工业硅产业日报 2025-10-27 | 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(日,元/吨) | 8965 | 45 主力合约持仓量(日,手) | 201518 | 15179 | | | 前20名净持仓(日,手) | -48291 | -4603 广期所仓单(日,手) | 48185 | -142 | | | 12月合约收盘价:工业硅(日,元/吨) | -375 | 5 11-12月合约工业硅 | -375 | 5 | | 现货市场 | 通氧553#硅平均价(日,元/吨) | 9350 | 0 421#硅平均价(日,元/吨) | 9650 | 0 | | | Si主力合约基差(日,元/吨) | 385 | -45 DMC现货价(日,元/吨) | 11275 | 0 | | 上游情况 | 硅石平均价(日,元/吨) | 410 | 0 石油焦平均价(日,元/吨) | 2030 | 0 0 | | | 精煤平均价(日,元/吨) | 1850 | 0 木片平均价(日, ...