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。 研究员： 廖宏斌 期货从业资格号F30825507 期货投资咨询从业证书号Z0020723 端在期货 国债期货日报 2025/10/22 | 项目类别 | 数据指标 最新 | 最新 | 环比 项目 | | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | T主力收盘价 | 108.145 | 0.02% T主力成交量 | 66248 | -9973↓ | | | TF主力收盘价 | 105.735 | 0.04% TF主力成交量 | 40005 | -5111↓ | | | TS主力收盘价 | 102.358 | 0% TS主力成交量 | 241 ...

Report Industry Investment Rating - Not mentioned in the report Core View of the Report - The surplus pattern of the nickel market is difficult to change, and the nickel price is expected to fluctuate and adjust. It is recommended to wait and see or conduct range operations, with attention focused on the range of 120,000 - 124,000 yuan/ton [3] Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract of Shanghai nickel is 121,380 yuan/ton, with a week - on - week increase of 200 yuan/ton; the spread between the October - November contracts of Shanghai nickel is 2,470 yuan/ton, with a week - on - week decrease of 260 yuan/ton [3] - The price of LME 3 - month nickel is 15,210 US dollars/ton, with a week - on - week decrease of 20 US dollars/ton; the position volume of the main contract of Shanghai nickel is 121,311 lots, with a week - on - week increase of 70,923 lots [3] - The net long position of the top 20 futures holders of Shanghai nickel is - 36,419 lots, with a week - on - week decrease of 1,123 lots; the LME nickel inventory is 250,878 tons, with a week - on - week increase of 402 tons [3] - The inventory of nickel in the Shanghai Futures Exchange is 34,419 tons, with a week - on - week increase of 1,300 tons; the total LME nickel cancelled warrants is 6,276 tons, with a week - on - week increase of 156 tons [3] - The warehouse receipt quantity of Shanghai nickel is 26,953 tons, with a week - on - week decrease of 73 tons [3] Spot Market - The spot price of SMM 1 nickel is 122,100 yuan/ton, with a week - on - week decrease of 400 yuan/ton; the average spot price of 1 nickel plate in Yangtze River Non - Ferrous Metals is 122,200 yuan/ton, with a week - on - week decrease of 300 yuan/ton [3] - The CIF (bill of lading) price of Shanghai electrolytic nickel is 85 US dollars/ton, with no week - on - week change; the bonded warehouse (warehouse receipt) price of Shanghai electrolytic nickel is 85 US dollars/ton, with no week - on - week change [3] - The average price of battery - grade nickel sulfate is 28,800 yuan/ton, with no week - on - week change; the basis of the NI main contract is 720 yuan/ton, with a week - on - week decrease of 600 yuan/ton [3] - The LME nickel (spot/three - month) premium is - 206.29 US dollars/ton, with a week - on - week decrease of 1.41 US dollars/ton [3] Upstream Situation - The monthly import volume of nickel ore is 6.1145 million tons, with a month - on - month decrease of 232,200 tons; the total port inventory of nickel ore is 15.2884 million tons, with a week - on - week increase of 279,100 tons [3] - The average monthly import unit price of nickel ore is 56.72 US dollars/ton, with a month - on - month decrease of 4.61 US dollars/ton; the tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 US dollars/wet ton, with no week - on - week change [3] Industry Situation - The monthly output of electrolytic nickel is 29,430 tons, with a month - on - month increase of 1,120 tons; the total monthly output of ferronickel is 21,700 metal tons, with a month - on - month decrease of 300 metal tons [3] - The monthly import volume of refined nickel and alloys is 28,570.87 tons, with a month - on - month increase of 4,144.03 tons; the monthly import volume of ferronickel is 1.0853 million tons, with a month - on - month increase of 211,200 tons [3] Downstream Situation - The monthly output of 300 - series stainless steel is 1.7627 million tons, with a month - on - month increase of 24,800 tons; the total weekly inventory of 300 - series stainless steel is 583,600 tons, with a week - on - week increase of 200 tons [3] Industry News - US President Trump said he would visit China early next year, and the Chinese Foreign Ministry spokesperson responded that there was no information to provide for the time being [3] - Chinese Commerce Minister Wang Wentao had video talks with EU officials on export control and the EU's anti - subsidy case against Chinese electric vehicles, and also talked with Dutch officials about issues related to Nexperia [3] - A Reuters survey shows that the Fed is expected to cut interest rates twice this year, and the interest rate path in 2026 is highly uncertain [3] Key Points of View - On the supply side, the PNBP policy of the Indonesian government restricts the supply, raising the cost of nickel resources; the supply of nickel ore from the Philippines is recovering, and the port inventory of nickel ore in China is increasing rapidly [3] - On the smelting side, new electrolytic nickel projects are being put into production slowly, and some smelters are reducing production due to losses at low nickel prices, so the output of refined nickel is expected to remain stable at a high level [3] - On the demand side, it is the traditional consumption peak season for stainless steel plants, and steel mills are increasing production; the production and sales of new energy vehicles continue to rise, but the demand for ternary batteries is limited [3] - Nickel inventories in China continue to grow, the market mainly purchases on demand, and the spot premium is slightly adjusted upwards; overseas LME inventories are also increasing [3]

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 备注：RB：螺纹钢；HC：热轧卷板 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 2025/10/22 | 项目类别 | 数据指标 最新 | 最新 | 环比 数据指标 | | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) 1977511 | 3,068.00 | +21↑ RB主力合约持仓量(手) | | -18322↓ | | | RB合约前20名净持仓(手) | -67821 | +22606↑ RB1-5合约价差(元/吨) | -52 | +5↑ | | | RB上期所仓单日报(日，吨) | 148982 | -2414↓ HC2601-RB2601合约价差(元/吨) | 179 | +7↑ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,260.00 | +20↑ 杭州 HRB400E 20MM(过磅，元/吨) | 3,344 | +21↑ | | | 广州 ...

铁矿石产业链日报 2025/10/22 | 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） | 774.00 | +4.50↑ I 主力合约持仓量(手) | 558,163 | -4570↓ | | | I 1-5合约价差（元/吨） | 21 | +1.00↑ I 合约前20名净持仓(手) | -19954 | +5668↑ | | | I 大商所仓单（手） | 700.00 | -300.00↓ | | | | | 新加坡铁矿石主力合约截止15：00报价(美元/吨) | 104.15 | +0.59↑ | | | | 现货市场 | 青岛港61.5%PB粉矿 (元/干吨) | 848 | 0.00 青岛港60.8%麦克粉矿 (元/干吨) | 847 | 0.00 | | | 京唐港56.5%超特粉矿 (元/干吨) | 775 | 0.00 I 主力合约基差 (麦克粉干吨-主力合约) | 73 | -5↓ | | | 铁矿石62%普氏指数（前一日，美元/吨） ...

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 | JM主力合约收盘价（日，元/吨） | 1209.50 | +32.50↑ J主力合约收盘价（日，元/吨） | 1709.50 | +37.50↑ | | | JM期货合约持仓量（日，手） | 832118.00 | +3293.00↑ J期货合约持仓量（日，手） | 47494.00 | -62.00↓ | | | 焦煤前20名合约净持仓（日，手） | -77600.00 | +15892.00↑ 焦炭前20名合约净持仓（日，手） | -3954.00 | -154.00↓ | | | JM5-1月合约价差（日，元/吨） | 75.00 | +2.00↑ J5-1月合约价差（日，元/吨） | 145.00 | -0.50↓ | | | 焦煤仓单（日，张） 干其毛都蒙5原煤（日，元/吨） | 200.00 1089.00 | 0.00 焦炭仓单（日，张） -26.00↓ 唐山一级冶金焦（日，元/吨） | 2070.00 1720 ...

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 持续性有待观察，加上生猪供应压力不减，限制反弹空间。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 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。 生猪产业日报 2025-10-22 | 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) | 12220 | -15 主力合约持仓量:生猪(日,手) | 103570 | 408 | | | 仓单数量:生猪(日,手) ...

纯苯产业日报 2025-10-22 | 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:纯苯(日,元/吨) | 5563 | 87 主力结算价:纯苯(日,元/吨) | 5521 | 39 | | | 主力成交量:纯苯(日,手) | 7744 | -2081 主力持仓量:纯苯(日,手) | 13581 | -829 | | 现货市场 | 市场价:加氢苯:江苏地区:主流价(日,元/吨 | | | | 0 | | | 市场价:纯苯:华东市场:主流价(日,元/吨) 市场价:纯苯:华南市场:主流价(日,元/吨) | 5435 5450 | -100 市场价:纯苯:华北市场:主流价(日,元/吨) -200 市场价:纯苯:东北地区:主流价(日,元/吨) | 5300 5288 | -40 -53 | | | | 5575 | 市场价:加氢苯:山西地区:主流价(日,元/吨 0 | 5290 | | | | ) 现货价:纯苯:韩国:离岸中间价(日,美元/吨 | | ) 现货价:纯苯:中国:到岸 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The weekly output of hot - rolled coils remains high with a capacity utilization rate of 82.21%. Terminal demand is picking up, apparent demand is increasing, but inventory continues to rise. Overall, the rebound of furnace materials strengthens cost support, and the reduction of short - positions supports the rebound of hot - rolled coils. Technically, the 1 - hour MACD indicator of the HC2601 contract shows that DIFF and DEA are moving upwards. The operation strategy is to be bullish with oscillations, and pay attention to rhythm and risk control [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the HC main contract is 3,247 yuan/ton, up 28 yuan; the trading volume is 1,501,176 lots, down 8,822 lots. The net position of the top 20 in the HC contract is - 30,357 lots, up 13,307 lots. The HC1 - 5 contract spread is - 12 yuan/ton, up 5 yuan. The HC warehouse receipt at the Shanghai Futures Exchange is 142,761 tons, down 896 tons. The HC2601 - RB2601 contract spread is 179 yuan/ton, up 7 yuan [2] 3.2 Spot Market - The price of 4.75 hot - rolled coils in Hangzhou is 3,320 yuan/ton, up 10 yuan; in Guangzhou is 3,250 yuan/ton, up 20 yuan; in Wuhan is 3,350 yuan/ton, up 10 yuan; in Tianjin is 3,200 yuan/ton, up 10 yuan. The basis of the HC main contract is 73 yuan/ton, down 18 yuan. The price difference between hot - rolled coils and rebar in Hangzhou is 60 yuan/ton, down 10 yuan [2] 3.3 Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port is 781 yuan/wet ton, up 1 yuan. The price of Hebei quasi - first - grade metallurgical coke is 1,540 yuan/ton, unchanged. The price of 6 - 8mm scrap steel in Tangshan is 2,230 yuan/ton, unchanged. The price of Hebei Q235 billet is 2,930 yuan/ton, up 10 yuan. The inventory of iron ore at 45 ports is 142.817 million tons, up 2.5303 million tons. The inventory of coke at sample coking plants is 374,900 tons, down 50,600 tons. The inventory of coke at sample steel mills is 6.3927 million tons, down 113,000 tons. The inventory of Hebei billets is 1.2996 million tons, up 23,600 tons [2] 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills is 84.25%, unchanged. The blast furnace capacity utilization rate is 90.31%, down 0.22%. The weekly output of hot - rolled coils at sample steel mills is 3.2184 million tons, down 14,500 tons. The capacity utilization rate of hot - rolled coils at sample steel mills is 82.21%, down 0.37%. The factory inventory of hot - rolled coils at sample steel mills is 778,500 tons, down 57,500 tons. The social inventory of hot - rolled coils in 33 cities is 3.4134 million tons, up 120,400 tons. The monthly output of domestic crude steel is 73.49 million tons, down 3.88 million tons. The monthly net export volume of steel is 9.92 million tons, up 910,000 tons [2] 3.5 Downstream Situation - The monthly output of automobiles is 3.2758 million vehicles, up 460,400 vehicles. The monthly sales volume of automobiles is 3.2264 million vehicles, up 369,800 vehicles. The monthly output of air conditioners is 18.0948 million units, up 1.276 million units. The monthly output of household refrigerators is 10.1276 million units, up 674,400 units. The monthly output of household washing machines is 11.7849 million units, up 1.653 million units [2] 3.6 Industry News - From January to September 2025, the national fixed - asset investment (excluding rural households) was 3.71535 trillion yuan, a year - on - year decrease of 0.5%. In the tertiary industry, infrastructure investment (excluding electricity, heat, gas and water production and supply) increased by 1.1% year - on - year. The European Commission announced an anti - dumping final affirmative ruling on steel crawler tracks originating from China, with an anti - dumping duty of 62.5% on steel crawler tracks under EU CN codes 8426, 8429 or 8430 and conveyor belts under code 8428 [2] 3.7 Key Focus - The weekly output, in - plant inventory and social inventory of hot - rolled coils on Thursday [2]

Report Information - Report Name: Stock Index Futures Panoramic Daily Report 2025/10/22 [1] - Researcher: Liao Hongbin [3] - Futures Practitioner Qualification Number: F30825507 [3] - Futures Investment Consulting Practitioner Certificate Number: Z0020723 [3] Investment Rating - No investment rating information is provided in the report. Core View - A-shares' upward trend remains unchanged, and short-term corrections will provide entry opportunities. It is recommended to buy on dips with a light position [2]. Summary by Directory Futures Market - **Futures Contract Prices**: IF, IH, IC, and IM main and secondary contracts all declined. For example, the IF main contract (2512) dropped to 4563.4, down 21.2 [2]. - **Futures Spreads**: Most of the spreads between different contracts decreased, such as the IF - IH monthly contract spread, which dropped 14.0 to 1570.4 [2]. - **Futures Seasonal Spreads**: Some seasonal spreads increased, like the IF current - monthly spread, which rose 1.4 to -37.0 [2]. - **Futures Net Positions**: The net positions of the top 20 in IF, IH, IC, and IM all decreased. For instance, the IF top 20 net position dropped 434.0 to -26,953.00 [2]. Spot Market - **Spot Index Prices**: The Shanghai and Shenzhen 300 Index dropped 15.3 to 4592.57, the Shanghai 50 Index rose 2.8 to 3010.1, the CSI 500 Index dropped 57.2 to 7128.5, and the CSI 1000 Index dropped 31.8 to 7312.2 [2]. - **Futures Basis**: The basis of the IF, IC, and IM main contracts increased, while the IH main contract basis decreased [2]. Market Sentiment - **Trading Volume and Margin Trading Balance**: A-share trading volume decreased by 2024.36 billion yuan to 16,902.57 billion yuan, and the margin trading balance increased by 142.73 billion yuan to 24,442.71 billion yuan [2]. - **Northbound Trading and Repurchase Operations**: Northbound trading volume increased by 121.35 billion yuan to 2468.66 billion yuan, and the repurchase operation volume increased by 1382.0 billion yuan to -435.0 billion yuan [2]. - **Other Indicators**: The proportion of rising stocks decreased by 43.20% to 41.91%, and the Shibor rate increased by 0.001% to 1.318% [2]. Market Strength and Weakness Analysis - **Wind Market Strength and Weakness Indicators**: All A-shares, technical, and capital indicators all declined [2]. Industry News - **Economic Data**: In the first three quarters, GDP was 1015036 billion yuan, with a year - on - year growth of 5.2%. From January to September, industrial added value increased by 6.2% year - on - year, and fixed - asset investment decreased by 0.5% year - on - year [2]. - **International News**: US President Trump plans to visit China early next year, and the Chinese Foreign Ministry has no specific information to provide [2]. - **Stock Market Performance**: A-share major indices closed mostly lower, with most industry sectors falling. Overseas, Trump's relaxation of tariff policies has a certain repair effect on market risk appetite [2]. Key Data to Watch - October 24, 15:15 - 16:30: France, Germany, Eurozone, UK October SPGI Manufacturing PMI [3] - October 24, 20:30: US September CPI, Core CPI; 21:45: US October SPGI Manufacturing PMI [3]

Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints - The cost of non - integrated styrene decreased and the loss deepened as the prices of pure benzene and ethylene remained weak. The supply of styrene is expected to decline slightly due to the expanding impact of previously shut - down plants. The mismatch between upstream and downstream production capacity launches may intensify the supply - demand contradiction. Terminal demand is weak, and the demand growth space of styrene may be limited. However, due to the low profit of integrated plants, the cost support is gradually strengthening. In the short term, styrene is expected to strengthen with the rise of oil prices [2] Group 3: Summary by Related Catalogs Futures Market - The closing price of the active styrene futures contract was 6538 yuan/ton, up 100 yuan; the trading volume was 205,417 lots, down 88,489 lots; the long position of the top 20 was 434,796 lots, down 15,741 lots; the short position was 442,328 lots, down 16,687 lots; the net long position was - 7,532 lots, up 946 lots; the open interest was 160,726 lots, down 45,267 lots; the warehouse receipt quantity was 1,107 lots, unchanged; the closing price of the November contract was 6538 yuan/ton, up 100 yuan [2] 现货市场 - The spot price of styrene was 6834 yuan/ton, unchanged; FOB South Korea was 791.5 dollars/ton, down 1.5 dollars; CFR China was 801.5 dollars/ton, down 1.5 dollars; the mainstream price in the Northeast was 6450 yuan/ton, down 50 yuan; in the South China was 6550 yuan/ton, down 20 yuan; in the North China was 6395 yuan/ton; in the East China was 6465 yuan/ton, up 35 yuan [2] Upstream Situation - The CFR Northeast Asia price of ethylene was 781 dollars/ton, unchanged; CFR Southeast Asia was 771 dollars/ton, unchanged; CIF Northwest Europe was 683.5 dollars/ton, down 5 dollars; FD US Gulf was 457 dollars/ton, down 6 dollars. The spot price of pure benzene in Taiwan's CIF was 671.33 dollars/ton; in the US Gulf's FOB was 251 cents/gallon; in Rotterdam's FOB was 649 dollars/ton, down 1 dollar; the market price in the South China market was 5450 yuan/ton, down 200 yuan; in the East China market was 5435 yuan/ton, down 100 yuan; in the North China market was 5300 yuan/ton, down 40 yuan [2] Industry Situation - The total styrene operating rate was 71.88%, down 1.73 percentage points; the national inventory was 193,420 tons, down 443 tons; the total inventory in the East China main port was 202,500 tons, up 6,000 tons; the trade inventory in the East China main port was 122,500 tons, up 1,000 tons [2] Downstream Situation - The operating rate of EPS was 62.53%, up 21.79 percentage points; ABS was 73.1%, up 0.6 percentage points; PS was 53.8%, down 0.8 percentage points; UPR was 34%, up 14 percentage points; styrene - butadiene rubber was 70.28%, up 0.23 percentage points [2] Industry News - From October 10th to 16th, styrene production decreased by 2.33% to 339,400 tons, and capacity utilization decreased by 1.73% to 71.88%. The downstream operating rate of styrene mainly increased, and the consumption of EPS, PS, and ABS increased by 13.93% to 273,200 tons. As of October 16th, the factory inventory decreased by 0.23% to 193,400 tons, the East China port inventory increased by 3.05% to 202,500 tons, and the South China port inventory increased by 8.2% to 33,000 tons. The non - integrated cost decreased to 7128 yuan/ton, and the profit decreased to - 588 yuan/ton [2]