| 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) | 12765 | 55 11-12月合约价差:不锈钢(日,元/吨) | -20 | 0 | | | 期货前20名持仓:净买单量:不锈钢(日,手) | -8406 | 2293 主力合约持仓量:不锈钢(日,手) | 166411 | -13119 | | | 仓单数量:不锈钢(日,吨) | 74376 | 0 | | | | 现货市场 | 304/2B卷:切边:无锡(日,元/吨) | 13550 | 0 市场价:废不锈钢304:无锡(日,元/吨) | 9250 | 0 | | | SS主力合约基差(日,元/吨) | 785 | 0 | | | | 上游情况 | 电解镍产量(月,吨) | 29430 | 1120 镍铁产量合计(月,万金属吨) | 2.17 | -0.03 | | | 进口数量:精炼镍及合金(月,吨) | 28570.87 | 4144.03 进口数量:镍铁(月,万吨) | 108 ...

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The total demand for industrial silicon from the three major downstream industries remains negative, and the industry inventory is still at a high level. Although the number of standard warehouse receipts has decreased, inventory digestion still faces certain pressure. Today, industrial silicon has risen, mainly due to the news of production cuts in the dry season. It is recommended to strategically place long positions on dips [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 8,705 yuan/ton, up 220 yuan; the position of the main contract is 76,195 lots, down 20,359 lots; the net position of the top 20 is -38,491 lots, down 1,652 lots; the warehouse receipts of GZEE are 48,371 lots, down 367 lots; the closing price of the December contract for industrial silicon is -370 yuan/ton, down 5 yuan; the spread between the November - December contracts for industrial silicon is -370 yuan, down 5 yuan [2] 3.2 Spot Market - The average price of oxygen - blown 553 silicon is 9,350 yuan/ton, unchanged; the average price of 421 silicon is 9,650 yuan/ton, unchanged; the basis of the Si main contract is 645 yuan/ton, down 220 yuan; the DMC spot price is 11,275 yuan/ton, unchanged [2] 3.3 Upstream Situation - The average price of silica is 410 yuan/ton, unchanged; the average price of petroleum coke is 1,980 yuan/ton, unchanged; the average price of clean coal is 1,850 yuan/ton, unchanged; the average price of wood chips is 490 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) is 12,250 yuan/ton, unchanged [2] 3.4 Industry Situation - The monthly output of industrial silicon is 402,800 tons, an increase of 36,000 tons; the weekly social inventory of industrial silicon is 552,000 tons, an increase of 10,000 tons; the monthly import volume of industrial silicon is 1,337.59 tons, an increase of 1,220.14 tons; the monthly export volume of industrial silicon is 76,642.01 tons, an increase of 2,635.83 tons [2] 3.5 Downstream Situation - The weekly output of organic silicon DMC is 44,900 tons, an increase of 700 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot market is 21,000 yuan/ton, an increase of 100 yuan; the overseas market price of photovoltaic - grade polysilicon is 15.85 US dollars/kg, an increase of 0.1 US dollars; the weekly average spot price of photovoltaic - grade polysilicon is 6.51 US dollars/kg, a decrease of 0.02 US dollars; the monthly export volume of unforged aluminum alloy is 23,495.34 tons, a decrease of 5,568.37 tons; the weekly operating rate of organic silicon DMC is 69.36%, a decrease of 1.16 percentage points; the monthly output of aluminum alloy is 1.635 million tons, an increase of 99,000 tons; the monthly export volume of aluminum alloy is 29,063.7 tons, an increase of 4,154.82 tons [2] 3.6 Industry News - According to the Silicon Industry Branch, there are 11 polysilicon enterprises in production this week. Based on the production plans of polysilicon enterprises in the fourth quarter, some production capacities in the southwest region are expected to gradually undergo maintenance and production cuts after entering the dry season in November. It is expected that October will be the peak production month of the year, and production will gradually decline from November to December. It is estimated that the annual domestic polysilicon production in 2025 will be about 1.34 million tons, a significant year - on - year decrease of 27.3% [2] 3.7 Viewpoint Summary - On the supply side, the spot price of industrial silicon in the market has mainly declined this week. Sichuan and Yunnan are transitioning from the wet season to the dry season in October, with rising production costs for manufacturers and accelerated implementation of production cut plans. Some enterprises that have exhausted their raw materials have chosen to stop production. Some small factories in Gansu and Ningxia have completed raw material reserves and are observing the market, ready to start production at any time. Currently, some factories in Xinjiang are actively engaged in production, and some are conducting transactions with futures - cash merchants, locking in profits in advance through forward contracts. On the demand side, the downstream of industrial silicon is mainly concentrated in the organic silicon, polysilicon, and aluminum alloy sectors. For organic silicon, the inventory is lower than the historical average. The production profit of organic silicon has slightly rebounded but is still in the loss range. The comprehensive operating rate has decreased month - on - month and is lower than the historical average, having a negative impact on the demand for industrial silicon. In the polysilicon segment, the inventory is as high as 275,000 tons, higher than the historical average. Silicon wafers and solar cells are in a loss state, and only components are profitable. For aluminum alloy, the overall inventory has slightly decreased, the price has remained flat, the operating situation of the aluminum alloy industry is stable, but the demand is average, and the pull on industrial silicon is limited. Overall, the total demand for industrial silicon from the three major downstream industries is still negative. The industry inventory is still at a high level. Although the number of standard warehouse receipts has decreased, inventory digestion still faces certain pressure [2]

免责声明 锰硅硅铁产业日报 2025/10/23 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 研 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、删节和修改。 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 徐玉花 期货从业资格号F03132080 期货投资咨询从业证书号 Z0021386 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | SM主力合约收盘价（日，元/吨） | 5,818.00 | +8.00↑ SF主力合约收盘价（日，元/吨） | 5,574.00 | +36.00↑ | | | SM期货合约持仓量（日，手） | 549,668.00 | -8 ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 沪铝主力合约收盘价(日,元/吨) 主力-连二合约价差:沪铝(日,元/吨) | 21,165.00 -35.00 | +120.00↑ 氧化铝期货主力合约收盘价(日,元/吨) 0.00 主力-连二合约价差:氧化铝(日,元/吨) | 2,838.00 -34.00 | +9.00↑ -4.00↓ | | | 主力合约持仓量:沪铝(日,手) | 286,749.00 | +29550.00↑ 主力合约持仓量:氧化铝(日,手) | 360,127.00 | +4192.00↑ | | | LME铝注销仓单(日,吨) | 76,875.00 | 0.00 库存:氧化铝:合计(周,万吨) | 239,607.00 | | | | | | | | +33021.00↑ | | 期货市场 | LME电解铝三个月报价（日，美元/吨） 沪铝前20名净持仓（日，手） | 2,805.50 15,625.00 | +24.50↑ LME铝库存（日，吨） +476.00↑ ...

Report Industry Investment Rating - Not provided Core Viewpoints - High egg production capacity remains the main concern in the market, with high in - production laying hen inventory and no over - culling of old hens. Post - holiday consumption seasonally weakens, leading to poor terminal digestion, cautious purchasing by traders, which drags down the egg market and suppresses near - month contracts. However, continuous losses reduce market replenishment enthusiasm, which is beneficial to forward prices. There is a tendency for previous short positions to take profits and exit the market, causing the futures price to rebound at a low level. But high production capacity pressure may limit the rebound space. The far - month contract may perform stronger than the near - month contract due to the logic of production capacity reduction [2] Summary by Relevant Catalogs Futures Market - The futures closing price of the active egg contract is 3027 yuan/500 kilograms, with a week - on - week increase of 102; the net long position of the top 20 futures holders is - 24073 lots, with a week - on - week increase of 9306; the egg futures spread between January and May contracts is - 126 yuan/500 kilograms, with a week - on - week increase of 55; the futures open interest of the active contract is 247685 lots, with a week - on - week decrease of 11145; the registered warehouse receipt volume is 0 lots, with no week - on - week change [2] 现货市场 - The spot price of eggs is 2.87 yuan/jin, with a week - on - week increase of 0.03; the basis (spot - futures) is - 161 yuan/500 kilograms, with a week - on - week decrease of 71 [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 2.6 yuan/chick, with no week - on - week change; the national new 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 2.75 yuan/kg, with a week - on - week decrease of 0.01; the laying hen breeding profit is - 0.46 yuan/hen, with a week - on - week decrease of 0.06; the average price of culled hens in the main production areas is 8.64 yuan/kg, with a week - on - week decrease of 0.28; the national average age of culled hens is 507 days, with a month - on - month decrease of 3 [2] Industry Situation - The average wholesale price of pork is 17.62 yuan/kg, with a day - on - day decrease of 0.1; the average wholesale price of 28 key - monitored vegetables is 5.3 yuan/kg, with a day - on - day increase of 0.13; the average wholesale price of dressed chickens is 17.72 yuan/kg, with a day - on - day decrease of 0.05; the weekly inventory in the circulation link is 1.1 days, with a week - on - week decrease of 0.24; the weekly inventory in the production link is 1.05 days, with a week - on - week decrease of 0.45; the monthly export volume of fresh eggs is 13121.03 tons, with a month - on - month increase of 264.92 [2] Downstream Situation - The weekly consumption volume of eggs in the sales areas is 7179 tons, with a week - on - week decrease of 442 [2] Industry News - The average price of eggs in Shandong's main production area is 5.64 yuan/kg, up 0.06 from yesterday; in Hebei, it is 5.51 yuan/kg, up 0.20 from yesterday; in Guangdong, it is 6.20 yuan/kg, unchanged from yesterday; in Beijing, it is 6.14 yuan/kg, up 0.20 from yesterday. The in - production laying hen inventory remains high, old hens have not been over - culled, high production capacity is the main market concern, post - holiday consumption seasonally weakens, terminal digestion is poor, and traders are cautious in purchasing [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The supply of lead is expected to increase, with some regenerative enterprises in Anhui planning to resume production and an expected increase in imported lead arrivals. The production of primary lead is expected to have limited growth in the short - term. The demand from downstream enterprises is still weak, with strong wait - and - see sentiment and cautious procurement. The overall demand is in a slow recovery stage. It is recommended to short - sell lead at high prices [2] 3. Summary by Related Catalogs Futures Market - The closing price of the main Shanghai lead futures contract is 17,615 yuan/ton, up 455 yuan; the 3 - month LME lead quote is 1,995 dollars/ton, up 2 dollars. The spread between the November - December contracts of Shanghai lead is 50 yuan/ton, down 65 yuan. The Shanghai lead open interest is 115,683 lots, up 27,111 lots; the net position of the top 20 in Shanghai lead is - 3,686 lots, down 958 lots. The Shanghai lead warehouse receipts are 23,734 tons, down 1,243 tons. The SHFE inventory is 41,701 tons, up 1,785 tons; the LME lead inventory is 244,125 tons, down 3,175 tons. The spot price of 1 lead on SMM is 17,125 yuan/ton, up 125 yuan; the spot price of 1 lead in the Yangtze River Non - ferrous Market is 17,270 yuan/ton, up 60 yuan [2] 现货市场 - The basis of the lead main contract is - 490 yuan/ton, down 330 yuan; the LME lead (0 - 3) spread is - 39.73 dollars/ton, down 0.04 dollars. The price of 50% - 60% lead concentrate in Jiyuan is 16,396 yuan, down 75 yuan. The WBMS supply - demand balance of lead is 22,000 tons. The price of domestic recycled lead (≥98.5%) is 17,070 yuan/ton, up 60 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 224,200 tons, down 67,500 tons. The average weekly operating rate of primary lead is 81.64%, down 1.92 percentage points; the weekly output of primary lead is 39,100 tons, up 1,800 tons [2] Upstream Situation - The processing fee of 60% lead concentrate at major ports is down 90 dollars/kiloton. The ILZSG lead supply - demand balance is - 5,600 tons, down 5,100 tons. The global lead ore output is 379,900 tons, down 16,000 tons. The monthly lead ore import volume is 134,800 tons, up 12,700 tons [2] Industry Situation - The monthly refined lead import volume is 1,820.55 tons, down 1,596.29 tons; the monthly refined lead export volume is 2,752.22 tons, up 957.7 tons. The average price of waste batteries in the market is 9,991.07 yuan/ton, unchanged. The domestic average processing fee of lead concentrate to the factory is 380 yuan/ton, unchanged [2] Downstream Situation - The monthly export volume of batteries is 49.68 million units, up 1.925 million units. The average price of lead - antimony alloy (for batteries, 2% antimony content) is 19,550 yuan/ton, down 200 yuan. The Shenwan industry index of the tertiary industry of batteries and other electrical cells is 1,978.98 points, down 23.88 points. The monthly automobile production is 3.227 million vehicles, up 474,600 vehicles; the monthly new - energy vehicle production is 1.333 million vehicles, up 157,000 vehicles [2] Industry News - Some regenerative enterprises in Anhui plan to resume production, and the supply is expected to pick up. The lead concentrate processing fee is currently stable, but the production rhythm of some smelters has changed greatly. Some smelters have maintenance plans, and the primary lead operating rate fluctuates slightly. The supply of waste batteries is still tight, and the recycling merchants are reluctant to sell. The profit of recycled lead has recovered, and the enterprises that stopped production in Anhui in October will resume production one after another [2] Viewpoint Summary - The supply of lead is expected to increase, while the downstream demand is weak, with strong wait - and - see sentiment. The overall demand is in a slow recovery stage, and it is recommended to short - sell lead at high prices [2]

合约震荡微跌，呈现调整走势，承压前期缺口。操作上建议等待反弹抛空机会。 研究员: 张昕 期货从业资格号F03109641 期货投资咨询从业证书号Z0018457 免责声明 生猪产业日报 2025-10-23 | 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) | 12200 | -20 主力合约持仓量:生猪(日,手) | 107371 | 3801 | | | 仓单数量:生猪(日,手) | 111 | 0 期货前20名持仓:净买单量:生猪(日,手) | -30896 | 713 | | 现货价格 | 生猪价 河南 驻马店(日,元/吨) | 11900 | 0 生猪价 吉林 四平(日,元/吨) | 12200 | -200 | | | 生猪价 广东 云浮(日,元/吨) | 11700 | 200 生猪主力基差(日,元/吨) | -300 | 20 | | 上游情况 | 生猪存栏(月,万头) | 42447 | 716 生猪存栏:能繁母猪(月,万头) ...

Core Viewpoint - The diversified financial sector experienced a slight increase of 0.37% on October 23, with Ruida Futures leading the gains. The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index also rose by 0.22% to 13025.45 [1]. Group 1: Market Performance - The diversified financial sector's stocks showed varied performance, with Ruida Futures closing at 23.13, up 6.34%, and Zhejiang Dongfang at 6.31, up 4.30% [1]. - The trading volume for Ruida Futures was 294,400 hands, with a transaction value of 674 million yuan [1]. - Other notable performers included Hongye Futures, which rose by 3.14% to 11.50, and Nanhua Futures, which increased by 2.79% to 21.73 [1]. Group 2: Capital Flow - The diversified financial sector saw a net outflow of 137 million yuan from major funds, while retail investors contributed a net inflow of 152 million yuan [2]. - Major funds showed a significant net inflow in Ruida Futures, amounting to 99.64 million yuan, representing 14.79% of its total trading [3]. - In contrast, Zhejiang Dongfang experienced a net outflow of 18.60 million yuan from major funds, indicating a negative sentiment among institutional investors [3].

Core Viewpoint - The A-share market's futures sector experienced a significant rally, with notable increases in various futures companies [1] Group 1: Market Performance - The futures sector in the A-share market saw a surge, with Ruida Futures hitting the upper limit of its trading range [1] - Nanhua Futures rose over 6%, indicating strong investor interest and market momentum [1] - Other companies such as Hongye Futures and Yong'an Futures also experienced upward movement, reflecting a broader trend in the sector [1]

多元金融板块短线拉升，瑞达期货涨停，弘业期货、南华期货、鲁信创投、永安期货、越秀资本跟涨。 ...