态，新疆恒有预期本周开车，烯烃行业开工继续存在上涨空间。MA2509合约短线预计在2350-2400区间波 甲醇产业日报 2025-08-04 动。 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 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价甲醇(日,元/吨) | 2390 | -3 甲醇9-1价差(日,元/吨) | -97 | -5 | | | 主力合约持仓量:甲醇(日,手) | 498785 | -34291 期货前20名持仓:净买单量:甲醇(日,手) | -96632 | 1816 | | | 仓 ...

盘面价格，同时进口利润窗口持续打开，进口预期加强，短期偏弱震荡为主。 | 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:白糖(日,元/吨) | 5718 | -15 主力合约持仓量:白糖(日,手) | 205423 | -25642 -7410 | | | 仓单数量:白糖(日,张) | 19373 | -70 期货前20名持仓:净买单量:白糖(日,手) | -3938 | | | | 有效仓单预报:白糖:小计(日,张) 进口加工估算价(配额内):巴西糖(日,元/ | 0 | 0 | | | | | | 4466 | -14 进口加工估算价(配额内):泰国糖(日,元/ | 4542 | -14 | | 吨) | 进口巴糖估算价(配额外,50%关税)(日,元 | | 吨) -18 进口泰糖估算价(配额外,50%关税)(日,元 | | | | 现货市场 | | 5673 | | 5772 | -18 | | | /吨) 现货价:白砂糖:昆明(日,元/吨) | 5865 | ...

免责声明 多晶硅产业日报 2025-08-04 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力收盘价:多晶硅(日,元/吨) | 48720 | -480 9-10多晶硅合约价差 | -155 | 25 | | | 主力持仓量:多晶硅(日,手) | 98033 | -12729 多晶硅-工业硅价差(日,元/吨) | 40360 | -340 | | 现货市场 | 品种现货价:多晶硅(日,元/吨) | 46500 | 0 多晶硅(菜花料)平均价(日,元/千克) | 30 | 0 | | | 基差:多晶硅(日,元/吨) | -2630 | 5575 多晶硅(致密料)平均价(日,元/千克) | 36 | 0 | | | 光伏级多晶硅周平均价(周,美元/千克) | 4.94 | 0 多晶硅(复投料)平均价(日,元/千克) | 34.8 | 0 | | 上游情况 | 主力合约收盘价:工业硅(日,元/吨) | 8360 | -140 出口数量工业硅(月,吨) | 52919.65 | -12 ...

行业研究 多元金融 2025 年 08 月 03 日 证 券 研 究 报 告 非银金融行业重大事项点评 推荐（维持） 期货：金融业"反内卷"第一枪？ | 华创证券研究所 | | --- | | 证券分析师：徐康 | | 电话：021-20572556 | | 邮箱：xukang@hcyjs.com | | 执业编号：S0360518060005 | 事项： 行业手续费率持续下滑，竞争加剧与同质化经营是主要拖累。一方面，期货公司业务模 式单一，主要依赖经纪业务，行业竞争高度同质化，为争夺客户资源普遍采取降费策略， "价格战"加剧；另一方面，国内期货公司数量众多（共 150 家），但行业集中度低，全 国性期货公司较少，中小公司缺乏差异化服务能力，只能通过低价策略争夺客户，加剧 行业恶性竞争。行业佣金率已从 2017 年的万分之 0.389 降至 2023 年的万分之 0.207（注： 详见图表 2），长期来看，期货公司需通过业务创新或服务升级突破低费率困局。 《规则》旨在推动期货公司从低水平价格战转向以服务质量、专业能力和风险管理为核 心的差异化竞争。《规则》首次明确划定了期货经纪业务不正当竞争行为的边界，包括禁 ...

瑞达期货研究院 「2025.08.01」 棉花（纱）市场周报 目录 下游淡季特征明显，棉花偏弱波动 1、周度要点小结 2、期现市场 3、产业情况 4、期权及股市关联市场 「 周度要点小结」 行情分析： 研究员：张昕 期货从业资格号F03109641 期货投资咨询从业证Z0018457 取 更 多 资 讯 业务咨询 添加客服 关 注 我 们 获 本周郑棉主力2509合约回落，周度跌幅约4.13%。棉纱期货2509合约下跌 3.09%。 行情展望：国际方面，受美棉出口数据欠佳、美元走强，美棉期价连续走低。美国 农业部出口销售报告显示，7月24日止当周，美国2024/25市场年度陆地棉出口销售 净增3.91万包，较之前一周锐减，但较前四周均值大幅增加。当周，美国2025/26 市场年度陆地棉出口销售净增7.17万包。国内方面，棉花处于去库存状态，配额暂 无消息，新棉上市前供应偏紧。需求端，纺织行业消费淡季特征显现，内地纺企已 无利润，整体开机率持续下降，且近期原料价格上涨，企业对原材料的采购更加谨 慎。新作方面，2025年中国棉花总体种植面积增长，下周新疆最高气温有所下降， 天气题材降温。总体来说，虽然新棉上市前供 ...

瑞达期货研究院 「2025.8.1」 股指期货周报 作者：廖宏斌 期货从业资格号F30825507 期货投资咨询证号：Z0020723 联系电话：4008-8787-66 关 注 我 们 获 取 更 多 资 讯 1、行情回顾 2、消息面概览 3、周度市场数据 4、行情展望与策略 「摘要」 • 周度观点：A股主要指数本周集体下跌。四期指亦集体走弱，大盘蓝筹股弱于中小盘股。本 周国内海外市场均有重要消息，海外方面，中美斯德哥尔摩关税谈判，如期将关税休战延期 90天。国内方面，7月政治局会议召开，由于市场此前已充分计价会议预期且并无新增量政 策出台，会议结束后，市场持续回落。本周，市场成交活跃度较上周小幅回落，北向资金合 计成交金额已连续4周高于9000亿元。 3 来源：瑞达期货研究院 业务咨询 添加客服 目录 1、行情回顾 2020.06.30 厦门 「行情回顾」 | 期货 | 合约名称 | 周涨跌幅% | 周五涨跌幅% | 收盘价 | | --- | --- | --- | --- | --- | | | IF2509 | -2.10 | -0.52 | 4029.6 | | | IH2509 | -1.52 ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The domestic nickel ore supply is tight, the smelting end has profit losses, some non - integrated smelters choose to cut production, the demand end has mixed performance, and the recent supply and demand are both weak. The domestic social inventory increases, the overseas LME inventory decreases, and the cancelled warrants rise. Technically, the price drops while the positions rise, with a strong short - selling atmosphere, breaking below the MA60 support. It is expected to fluctuate weakly in the short term. It is recommended to wait and see or try short positions with a light position [2][3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai nickel is 119,830 yuan/ton, down 1,890 yuan; the 08 - 09 contract spread is - 200 yuan/ton, down 20 yuan. The LME 3 - month nickel price is 15,085 US dollars/ton, down 240 US dollars. The main contract position of Shanghai nickel is 97,451 lots, an increase of 4,816 lots. The net long position of the top 20 futures positions of Shanghai nickel is - 17,819 lots, an increase of 853 lots. The LME nickel inventory is 208,692 tons, an increase of 600 tons. The Shanghai Futures Exchange nickel inventory is 25,451 tons, an increase of 174 tons. The LME nickel cancelled warrants total 10,278 tons, an increase of 960 tons. The warehouse receipt quantity of Shanghai nickel is 21,705 tons, down 54 tons [2] 3.2 Spot Market - The SMM1 nickel spot price is 121,250 yuan/ton, down 1,800 yuan; the spot average price of 1 nickel plate in Yangtze River Non - ferrous is 121,150 yuan/ton, down 2,000 yuan. The Shanghai electrolytic nickel CIF (bill of lading) price is 85 US dollars/ton, unchanged; the Shanghai electrolytic nickel bonded warehouse (warehouse receipt) price is 85 US dollars/ton, unchanged. The average price of battery - grade nickel sulfate is 27,900 yuan/ton, unchanged. The basis of the NI main contract is 1,420 yuan/ton, an increase of 90 yuan. The LME nickel (spot/three - month) premium is - 208.37 US dollars/ton, down 2.75 US dollars [2] 3.3 Upstream Situation - The monthly import volume of nickel ore is 434.66 million tons, an increase of 41.94 million tons. The total port inventory of nickel ore is 987.87 million tons, an increase of 39.51 million tons. The average monthly import unit price of nickel ore is 65.84 US dollars/ton, down 7.57 US dollars. The tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 US dollars/wet ton, unchanged [2] 3.4 Industry Situation - The monthly electrolytic nickel output is 29,430 tons, an increase of 1,120 tons. The total monthly nickel - iron output is 22,600 metal tons, down 1,300 metal tons. The monthly import volume of refined nickel and alloys is 17,215.27 tons, down 472.3 tons. The monthly import volume of nickel - iron is 1.0414 billion tons, an increase of 193,200 tons [2] 3.5 Downstream Situation - The monthly output of 300 - series stainless steel is 1.744 billion tons, down 40,700 tons. The total weekly inventory of 300 - series stainless steel is 605,700 tons, down 15,200 tons [2] 3.6 Industry News - The Political Bureau of the CPC Central Committee held a meeting on July 30, deciding to hold the Fourth Plenary Session of the 20th CPC Central Committee in Beijing in October, with the main agenda of reporting work to the Central Committee and studying suggestions for formulating the 15th Five - Year Plan for National Economic and Social Development. The meeting analyzed the current economic situation and deployed economic work for the second half of the year. The Federal Reserve has kept interest rates unchanged for five consecutive meetings, but two voting members support interest rate cuts, pointing out that economic growth has slowed down. Powell did not give guidance on a September interest rate cut, emphasizing uncertainties in tariffs and inflation. The US private sector added 104,000 jobs in July, exceeding economists' expectations but still far below last year's average level [2]

焦煤焦炭产业日报 2025/7/31 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 究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 。 | 项目类别 | 数据指标 | 最新 | 环比 | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | | JM主力合约收盘价（日，元/吨） | 1045.50 | -71.50↓ | J主力合约收盘价（日，元/吨） | 1601.00 | -75.50↓ | | 期货市场 | JM期货合约持仓量（日，手） | 783278.00 | -10291.00↓ | J期货合约持仓量（日，手） | 50815.00 | -241.00↓ | | | 焦煤前20名合约净持仓（日，手） | -108407.00 | -14621.00↓ | 焦炭前20名合约净持仓（日，手） | -6493.00 ...

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating [1][2][3][4] 2. Core View of the Report - The tin market is currently in a situation where both bulls and bears are weak. The spot procurement atmosphere remains cold, but holders have a strong willingness to hold prices, resulting in a relatively high spot premium of 700 yuan/ton. Domestic inventories have increased significantly, while LME inventories are stable, the cancelled warrants have rebounded slightly, and the spot premium has decreased. Technically, the position has declined, and the bullish sentiment has faded. It is recommended to wait and see for now [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract for Shanghai tin is 265,290 yuan/ton, down 2,580 yuan; the closing price of the LME 3 - month tin is 33,410 US dollars/ton, down 210 US dollars. The closing price of the August - September contract for Shanghai tin is - 300 yuan/ton, down 20 yuan. The main contract position of Shanghai tin is 27,818 lots, down 765 lots. The net position of the top 20 futures is - 1,199 lots, down 438 lots. LME tin total inventory is 1,945 tons, up 90 tons; SHFE tin inventory is 7,417 tons, up 269 tons; LME tin cancelled warrants are 580 tons, up 75 tons [3] 3.2 Spot Market - The SHFE tin warehouse receipt is 7,429 tons, down 4 tons. The SMM 1 tin spot price is 265,500 yuan/ton, down 2,600 yuan; the Yangtze River Non - Ferrous Market 1 tin spot price is 265,110 yuan/ton, down 2,960 yuan. The basis of the Shanghai tin main contract is - 560 yuan/ton, down 1,480 yuan; the LME tin premium (0 - 3) is - 7.01 US dollars/ton, down 17.51 US dollars. The import volume of tin ore and concentrates is 1.21 million tons, down 0.29 million tons [3] 3.3 Upstream Situation - The average price of 40% tin concentrate is 259,100 yuan/ton, up 5,600 yuan; the processing fee of 40% tin concentrate by Antaike is 10,500 yuan/ton, unchanged. The average price of 60% tin concentrate is 263,100 yuan/ton, up 5,600 yuan; the processing fee of 60% tin concentrate by Antaike is 6,500 yuan/ton, unchanged [3] 3.4 Industry Situation - The monthly output of refined tin is 14,000 tons, down 1,600 tons; the monthly import volume of refined tin is 3,762.32 tons, up 143.24 tons [3] 3.5 Downstream Situation - The price of 60A solder bar in Gejiu is 172,210 yuan/ton, down 2,140 yuan. The cumulative output of tin - plated sheets (strips) is 1.6014 million tons, up 0.1445 million tons; the monthly export volume of tin - plated sheets is 0.1407 million tons, down 0.0339 million tons [3] 3.6 Industry News - The Political Bureau of the CPC Central Committee decided to hold the Fourth Plenary Session of the 20th Central Committee in October, analyzing and studying the current economic situation and deploying the economic work for the second half of the year. The Fed has kept interest rates unchanged for five consecutive meetings, but two voting members support a rate cut, pointing out that economic growth has slowed. The actual tin ore output from Myanmar's Wa State will not occur until the fourth quarter; the Congo's Bisie mine plans to resume production in stages, and the tin ore processing fee remains at a historical low [3] 3.7 Key Points to Focus On - There is no news today [3]

生猪产业日报 2025-07-31 际支撑作用更加明显。 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) | 14075 | 0 主力合约持仓量:生猪(日,手) | 45199 | -7850 | | | 仓单数量:生猪(日,手) | 0 | 0 期货前20名持仓:净买单量:生猪(日,手) | -21650 | 4258 | | 现货价格 | 生猪价 河南 驻马店(日,元/吨) | 14000 | 200 生猪价 吉林 四平(日,元/ ...