Group 1 - The domestic futures market for black metals showed a positive trend, with silicon iron futures main contract opening at 5786.00 CNY/ton and reaching a high of 6078.00 CNY, marking an increase of 4.48% [1] - The operating rate of 136 independent silicon iron enterprises nationwide was 33.33%, an increase of 0.88% week-on-week, with a daily average output of 14,615 tons, up 2.31% from the previous week [1] - The weekly demand for silicon iron across five major steel types was 20,065.7 tons, a 0.26% increase from the previous week, while the national silicon iron production reached 102,300 tons [1] Group 2 - The number of silicon iron futures warehouse receipts on the Zhengzhou Commodity Exchange was 22,303, a decrease of 26 from the previous trading day [2] - Guosen Futures indicated that overall silicon iron production remains low, with a balanced supply and demand, but rapid price increases may not be sustainable, suggesting a wait-and-see approach [2] - Ruida Futures noted that the macroeconomic outlook is strong, with upcoming growth plans for key industries, but current production profits for ferroalloys are negative, with spot profits in Inner Mongolia at 80 CNY/ton and in Ningxia at 280 CNY/ton [2]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - Macroscopically, the Ministry of Industry and Information Technology will promote key industries to adjust structures, optimize supplies, and eliminate backward production capacity; Trump plans to impose simple tariffs of 15% - 50% on most countries. Fundamentally, although Myanmar's Wa State has restarted the approval of mining licenses, actual ore production will not start until the fourth quarter; the Bisie mine in Congo plans to resume production in phases, and currently, tin ore processing fees remain at historically low levels. Technically, there is an increase in volume and positions, the bullish sentiment is strengthening, and the price has broken through the 270,000 mark. Operationally, a bullish approach is recommended, with a reference range of 272,000 - 278,000 [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract for Shanghai tin is 273,950 yuan/ton, up 5,410 yuan; the price of LME 3 - month tin is 34,750 US dollars/ton, up 830 US dollars. The closing price difference between the August - September contracts for Shanghai tin is - 210 yuan/ton, down 40 yuan. The main contract position for Shanghai tin is 14,958 lots, down 746 lots. The net position of the top 20 futures for Shanghai tin is 84 lots, down 415 lots. LME tin total inventory is 1,690 tons, down 25 tons; Shanghai Futures Exchange tin inventory is 7,148 tons, up 51 tons; LME tin cancelled warrants are 295 tons, up 20 tons; Shanghai Futures Exchange tin warehouse receipts are 6,863 tons, up 56 tons [3] 3.2 Spot Market - The SMM 1 tin spot price is 272,400 yuan/ton, up 3,500 yuan; the Yangtze River Non - Ferrous Market 1 tin spot price is 273,390 yuan/ton, up 3,930 yuan. The basis of the main Shanghai tin contract is 360 yuan/ton, up 2,580 yuan; the LME tin premium (0 - 3) is 175 US dollars/ton, up 90 US dollars [3] 3.3 Upstream Situation - The import volume of tin ore and concentrates is 1.21 million tons, down 0.29 million tons. The average price of 40% tin concentrate processing fees is 10,500 yuan/ton, unchanged; the average price of 40% tin concentrate is 253,500 yuan/ton, down 1,200 yuan; the average price of 60% tin concentrate is 257,500 yuan/ton, down 1,200 yuan; the average price of 60% tin concentrate processing fees 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 bars in Gejiu is 176,870 yuan/ton, up 1,970 yuan. The cumulative monthly 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 140,700 tons, down 33,900 tons [3] 3.6 Industry News - Trump plans to impose simple tariffs of 15% - 50% on most countries and is willing to abandon the tariff clause if major countries open their markets to the US. The National Development and Reform Commission will take measures to improve the coordinated development mechanism of state - owned and private enterprises. The EU and the US are moving towards an agreement with a 15% tariff rate, and the EU is preparing a retaliatory tariff plan of up to 93 billion euros with a maximum rate of 30% [3] 3.7 Viewpoint Summary - In the smelting sector, Yunnan is facing a shortage of raw materials and high costs, while Jiangxi's scrap recycling system is under pressure, and the operating rate is low. On the demand side, after the rush to install photovoltaic equipment, the operating rate of some producers has declined; the electronics industry is in a off - season with a strong wait - and - see attitude. Recently, the spot market has been sluggish, with few transactions, and downstream enterprises have low purchasing willingness. Domestic inventory has decreased slightly, while LME inventory has decreased significantly, and cancelled warrants have increased slightly [3]

| 7/24 20:15 欧洲央行利率决议 | | | --- | --- | | 7/24 20:30 美国截至7月19日当周初请失业金人数；21:45 美国7月SPGI制造业PMI初值 | | | 7/27 9:30 中国6月规模以上工业企业利润 | | | 重点关注 | | | 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：IF:沪深300 IH:上证50 IC:中证500 IM：中证1000 IO:沪深300期权 | 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 微信号：yanjiufuwu 电话：0595-86778969 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。 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - Cotton is in a destocking state, and supply is tight before the new cotton hits the market. The textile industry is in a consumption off - season, with poor new orders and a continuous decline in the overall operating rate. Enterprises are more cautious in purchasing raw materials due to rising prices. China's cotton planting area increased in 2025, but some areas in Xinjiang face high - temperature heat damage risks. The previous continuous rise in cotton futures prices has digested the supply - tightness bullish factor, and as prices rise, downstream purchasing becomes cautious, leading to weakening upward momentum. The short - term main contract will continue the adjustment trend. It is recommended to wait and see for now, while continuously monitoring weather and macro factors [2] 3. Summary by Directory Futures Market - Zhengzhou cotton main contract closed at 14,160 yuan/ton, down 20 yuan; cotton yarn main contract closed at 20,360 yuan/ton, up 10 yuan. The net position of the top 20 in cotton futures was - 35,734 lots, down 29 lots; for cotton yarn futures, it was - 360 lots, up 87 lots. The main contract positions for cotton were 518,897 lots, down 19,303 lots; for cotton yarn, 12,081 lots, down 1,767 lots. Cotton warehouse receipts were 9,337 sheets, down 45 sheets; cotton yarn warehouse receipts were 96 sheets, unchanged [2] 现货市场 - The China Cotton Price Index (CCIndex:3128B) was 15,563 yuan/ton, up 20 yuan; the China Yarn Price Index for pure - combed 32 - count cotton yarn was 20,740 yuan/ton, unchanged. The China Imported Cotton Price Index (FCIndexM:1% tariff) was 13,728 yuan/ton, unchanged; the landed price of the imported cotton yarn price index for pure - combed 32 - count cotton yarn was 22,042 yuan/ton, down 38 yuan. The China Imported Cotton Price Index (FCIndexM:sliding - scale duty) was 14,438 yuan/ton, unchanged; the landed price of the imported cotton yarn price index for pure - refined 32 - count cotton yarn was 23,914 yuan/ton, down 41 yuan [2] Upstream Situation - The national cotton sowing area was 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; the national cotton output was 6.16 million tons, an increase of 0.54 million tons [2] Industry Situation - The cotton - yarn price difference was 5,177 yuan/ton, down 20 yuan. The national industrial inventory of cotton was 850,000 tons, an increase of 24,000 tons. The monthly import volume of cotton was 30,000 tons, down 10,000 tons; the monthly import volume of cotton yarn was 110,000 tons, up 10,000 tons. The daily profit from importing cotton was 1,105 yuan/ton, down 30 yuan. The national commercial inventory of cotton was 2.8298 million tons, down 0.6289 million tons [2] Downstream Situation - The yarn inventory days were 23.86 days, up 1.52 days; the inventory days of grey cloth were 35.46 days, up 2.57 days. The monthly cloth output was 2.779 billion meters, up 0.109 billion meters; the monthly yarn output was 2.065 million tons, up 0.114 million tons. The monthly export value of clothing and clothing accessories was 1.5266714 billion US dollars, up 0.1688977 billion US dollars; the monthly export value of textile yarns, fabrics and products was 1.2048207 billion US dollars, down 0.0583566 billion US dollars [2] Option Market - The implied volatility of at - the - money call options for cotton was 13.13%, down 0.11%; the implied volatility of at - the - money put options for cotton was 13.13%, down 0.11%. The 20 - day historical volatility of cotton was 8.24%, up 0.22%; the 60 - day historical volatility of cotton was 8.64%, up 0.05% [2] Industry News - In June 2025, China's cotton import volume was 27,400 tons, a month - on - month decrease of 20.85% and a year - on - year decrease of 82.4%, with imports below 100,000 tons for four consecutive months. From January to June 2025, China's cumulative cotton import volume was 461,900 tons, a year - on - year decrease of 74.47%. From September 2024 to September 2024, China's cumulative cotton import volume was 941,900 tons, a year - on - year decrease of 67.63%. The upward revision of US cotton crop ratings and rainfall forecasts in production areas pressured US cotton futures prices. The third round of China - US trade negotiations will be held in Stockholm, Sweden, on the next Monday and Tuesday [2]

盘面来看，受现货企稳回弹提振，盘面跌势也有所放缓，可轻仓试多远月。 数据来源于第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 许方莉 期货从业资格号F3073708 期货投资咨询从业证书号Z0017638 鸡蛋产业日报 2025-07-24 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货收盘价(活跃合约):鸡蛋(日,元/500千 | 3636 | -1 期货前20名持仓:净买单量:鸡蛋(日,手) | -32578 | 82 | | 克) | 鸡蛋期货月间价差(9-1):(日,元/500千克) | -31 | -28 期货持仓量(活跃合约):鸡蛋(日,手) | 239016 | -8812 | | | 注册仓单量:鸡蛋(日,手) | 0 | 0 | | | | 现货市场 | 鸡蛋现货价格(日,元/斤) | 3.39 | 0.02 基差(现货-期货)(日,元/500千克) | -249 | 19 | | 上游情况 | 产蛋鸡存栏指数:全国(月,2015=100) | 11 ...

生猪产业日报 2025-07-24 | 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) | 14365 | -225 主力合约持仓量:生猪(日,手) | 62464 | -4839 | | | 仓单数量:生猪(日,手) | 284 | 0 期货前20名持仓:净买单量:生猪(日,手) | -20784 | 20 | | 现货价格 | 生猪价 河南 驻马店(日,元/吨) | 14300 | -100 生猪价 吉林 四平(日,元/吨) | 13900 | -200 | | | 生猪价 广东 云浮(日,元/吨) | 15700 | -200 生猪主力基差(日,元/吨) | -290 | -310 | | 上游情况 | 生猪存栏(月,万头) | 41731 | -1012 生猪存栏:能繁母猪(月,万头) | 4042 | 4 | | 产业情况 | CPI:当月同比(月,%) | -0.1 | 0 现货价:豆粕:张家港(日,元/吨) | 2860 | -60 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On July 24, Treasury bond spot yields weakened collectively, with 1 - 7Y maturity yields rising by about 2.75 - 3.60bp, and 10Y and 30Y yields rising by about 3.15bp to 1.74% and 1.95% respectively. Treasury bond futures closed down collectively, with the TS, TF, T, and TL main contracts falling by 0.07%, 0.21%, 0.29%, and 0.91% respectively. The central bank continued net withdrawals, and affected by the capital gap, the weighted average rate of DR007 climbed to around 1.57% [2]. - Domestically, in June, industrial added - value increased slightly, fixed - asset investment and social retail sales decreased slightly, and the unemployment rate remained low. In terms of financial data, social financing increased more than expected, credit demand improved marginally, and the degree of deposit activation increased. Overseas, the US and Japan reached a trade agreement, easing global trade tensions. Recently, Fed officials' statements showed increased internal divergence on the impact of tariffs on the inflation path, but the policy tone remained cautiously watchful, and there was no consensus on interest - rate cuts, reducing the possibility of a short - term rate cut [2]. - Catalyzed by policy themes such as "anti - involution" and Yajiang water conservancy construction, the equity market continued to strengthen, and the bond market continued to adjust. The long - end performance was significantly weaker than the short - end. If more detailed rules related to "anti - involution" are introduced, it will continue to pressure the bond market in the short term. Affected by the weak economic recovery and loose liquidity, the adjustment space of long - term bonds may be limited, and interest - rate bonds are likely to continue the pattern of oscillating weakness. Attention should be paid to the sustainability of the strong performance of risk assets. Operationally, it is recommended to observe the adjustment of Treasury bond futures in the short term and choose the opportunity to allocate after stabilization [2]. 3. Summary by Related Catalogs 3.1 Futures Market 3.1.1 Futures Prices and Volumes - T main contract closed at 108.220, down 0.29%, with a trading volume of 90,744 contracts, a decrease of 675 contracts [2]. - TF main contract closed at 105.585, down 0.21%, with a trading volume of 88,969 contracts, a decrease of 666 contracts [2]. - TS main contract closed at 102.304, down 0.07%, with a trading volume of 55,229 contracts, a decrease of 417 contracts [2]. - TL main contract closed at 118.250, down 0.92%, with a trading volume of 152,329 contracts, a decrease of 275 contracts [2]. 3.1.2 Futures Spreads - TL2512 - 2509 spread was - 0.20, down 0.03; T09 - TL09 spread was - 10.03, up 0.72 [2]. - T2512 - 2509 spread was 0.03, down 0.05; TF09 - T09 spread was - 2.64, up 0.09 [2]. - TF2512 - 2509 spread was 0.08, unchanged; TS09 - T09 spread was - 5.92, up 0.22 [2]. - TS2512 - 2509 spread was 0.09, up 0.01; TS09 - TF09 spread was - 3.28, up 0.13 [2]. 3.1.3 Futures Positions - T main contract open interest was 196,329 contracts, an increase of 2,431 contracts. The top 20 long positions were 201,483 contracts, an increase of 3,049 contracts; the top 20 short positions were 194,743 contracts, an increase of 1,102 contracts; the net short position of the top 20 was - 6,740 contracts, a decrease of 1,947 contracts [2]. - TF main contract open interest was 159,796 contracts, an increase of 1,940 contracts. The top 20 long positions were 165,141 contracts, an increase of 4,183 contracts; the top 20 short positions were 176,706 contracts, an increase of 1,546 contracts; the net short position of the top 20 was 11,565 contracts, a decrease of 2,637 contracts [2]. - TS main contract open interest was 106,090 contracts, a decrease of 974 contracts. The top 20 long positions were 80,831 contracts, an increase of 926 contracts; the top 20 short positions were 90,943 contracts, a decrease of 2,360 contracts; the net short position of the top 20 was 10,112 contracts, a decrease of 3,286 contracts [2]. - TL main contract open interest was 122,606 contracts, an increase of 2,694 contracts. The top 20 long positions were 126,655 contracts, an increase of 3,656 contracts; the top 20 short positions were 126,589 contracts, an increase of 2,682 contracts; the net short position of the top 20 was - 66 contracts, an increase of 974 contracts [2]. 3.2 Bond Market 3.2.1 CTD Bonds - The net prices of CTD bonds such as 220010.IB (6y), 250007.IB (6y), 240020.IB (4y) all declined [2]. 3.2.2 Active Treasury Bonds - Yields of 1 - year, 3 - year, 5 - year, 7 - year, and 10 - year active Treasury bonds all increased, with increases of 1.50bp, 1.85bp, 2.25bp, 1.15bp, and 1.40bp respectively [2]. 3.3 Interest Rates 3.3.1 Short - term Interest Rates - Overnight silver - pledged repo rate was 1.5412%, up 15.12bp; Shibor overnight was 1.6350%, up 26.80bp [2]. - 7 - day silver - pledged repo rate was 1.5800%, down 2.00bp; Shibor 7 - day was 1.5450%, up 8.20bp [2]. - 14 - day silver - pledged repo rate was 1.6500%, up 5.00bp; Shibor 14 - day was 1.6150%, up 8.80bp [2]. 3.3.2 LPR Rates - The 1 - year LPR was 3.00%, unchanged; the 5 - year LPR was 3.5%, unchanged [2]. 3.4 Open Market Operations - The issuance scale of reverse repurchase was 331 billion yuan, and the maturity scale was 450.5 billion yuan, with a net withdrawal of 119.5 billion yuan at an interest rate of 1.4% for 7 days [2]. 3.5 Industry News - Chinese Vice - Premier He Lifeng will go to Switzerland from July 27th to 30th for economic and trade talks with the US [2]. - The National Development and Reform Commission and the State Administration for Market Regulation solicited public opinions on the draft amendment to the Price Law, further clarifying the criteria for identifying improper price behavior [2]. - Hainan Free Trade Port will start the full - island customs closure operation on December 18th this year, and the proportion of "zero - tariff" commodity tariff items for "first - line" imports will increase from 21% to 74% [2]. 3.6 Key Data to Watch - At 20:15 on July 24th, the European Central Bank will announce its interest - rate decision [3]. - At 20:30 on July 24th, the number of initial jobless claims in the US for the week ending July 19th will be released [3].

烃行业开工将有所提高。MA2509合约短线预计在2450-2500区间波动。 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 | 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) | 2480 | 69 甲醇9-1价差(日,元/吨) | -70 | 16 51952 | | | 主力合约持仓量:甲醇(日,手) | 632187 | -34449 期货前20名持仓:净买单量:甲醇(日,手) | -89760 | | | | 仓单数量:甲醇(日,张) | 10134 | -50 | | | | 现货市场 | 江苏太仓(日,元/吨) | 2400 | 10 内蒙古(日,元/吨) | 2037.5 | 0 | | | 华东-西北价差(日,元/吨) | 362.5 | -37.5 郑醇主力合约基差(日,元/吨) | -11 | 56 | | | 甲醇:CFR中国主港(日,美元/吨) | 276 | -3 CFR东南亚(日, ...

玉米系产业日报 2025-07-24 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 | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):(日,元/吨) 玉米月间价差(9-1):(日,元/吨) | 2318 80 | -3 玉米淀粉期货收盘价(活跃合约):(日,元/ 6 玉米淀粉月间价差(9-11):(日,元/吨) | 2669 72 | -6 10 | | | | | 吨) | | | | | 期货持仓量(活跃合约):黄玉米(日,手) | | -27978 期货持仓量(活跃合约):玉米淀粉(日,手) | | | | 期 ...

纯碱玻璃产业日报 2025-07-24 续下滑，下游深加工订单下滑，采购以刚需为主，汽车玻璃厂备货量增加难以抵消地产相关需求疲软，光 伏玻璃需求也面临库存压力。本周依旧交易预期为主，纯碱玻璃基差维持正常范围，后续市场交易更多是 免责声明 政策预期,今日玻璃也出现涨停，但是整体冲高回落，今日顺利突破60日线，但是受到短期消息影响为主， 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 继续观察突破有效性，建议暂时观望 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 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 纯碱主力合约收盘价(日,元/吨) | 1408 | 70 玻璃主力合约收盘价(日,元/吨) | 1307 | 96 | | | 纯碱与玻璃价差(日 ...