Core Insights - The Chinese futures market has reached a milestone with total funds exceeding 2 trillion yuan, reflecting a 24% increase from the end of 2024 [1] - There has been a significant increase in new account openings, driven by interest in precious metals and stock index futures [1] - The overall performance of the futures industry is recovering, with net profits for the first eight months of 2025 reaching 76.5 billion yuan, a new high in recent years [7] Market Growth - As of September 2025, the number of effective clients in the market has surpassed 2.7 million, a 14% increase year-on-year, with 650,000 new clients added in the first three quarters [2] - Institutional clients have shown steady growth of 3%, while overseas clients have increased by 11%, with traders distributed across 40 countries and regions [2] Client Segmentation - Industrial clients and overseas clients are identified as key growth drivers in the domestic futures market, with industrial clients focusing on risk management and strategic planning [3][5] - A record 1,583 A-share listed companies have issued hedging announcements this year, surpassing the total for 2024, indicating a growing engagement in risk management [3] Service Enhancement - Futures companies are enhancing the service capabilities of frontline staff to meet the increasing demands of industrial and institutional clients [4] - Staff are required to possess in-depth knowledge of industry structures, market dynamics, and risk points, along with strong communication skills to effectively address client needs [4] International Engagement - The acceleration of the Chinese futures market's opening has led to significant interest from overseas clients, with many potential clients ready to participate actively [6] - Feedback from European client interactions indicates a strong familiarity with market entry rules and a readiness to engage in trading [6] Financial Performance - As of August 2025, the total trading volume reached 65.23 trillion yuan, with a net profit of 12.34 billion yuan for the period [7] - There is a notable performance disparity among futures companies, with profits concentrated in a few firms, while traditional brokerage competition remains intense [7] - Specific A-share listed futures companies have shown varied performance, with some experiencing significant profit increases while others have reported losses [7][8]

证券日报网讯瑞达期货10月21日在互动平台回答投资者提问时表示，截至股权登记日2025年10月20日， 公司股东总户数（未合并融资融券信用账户）为19202户。 （文章来源：证券日报） ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Views - For corn: With the progress of US corn harvest, supply pressure will gradually increase, putting downward pressure on US corn prices. In the domestic market, in the Northeast production area, farmers' willingness to sell has slightly decreased, and the arrival volume of processing enterprises has dropped significantly, with some enterprises raising prices slightly. In the North China and Huanghuai regions, the harvest of new corn has been slow due to continuous rainfall, and the market is optimistic about the high - quality grain market, with purchase prices continuing to rise. The corn futures price has rebounded, but it is still recommended to sell on rallies due to the upcoming concentrated listing pressure [2]. - For corn starch: As the supply of raw corn increases, the cost support for corn starch weakens. After the festival, the industry's operating rate has increased significantly, and inventory has slightly increased. The industry inventory remains high, and the substitution advantages of cassava starch and wheat starch still exist, squeezing the market demand for corn starch. Although the starch price has risen in tandem with the rebound of corn, the overall starch market is still in a bearish trend, and a bearish strategy is maintained [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Corn starch futures closing price (active contract): 2144 yuan/ton, down 105 yuan; corn monthly spread (1 - 5): 6 yuan/ton; corn starch monthly spread (11 - 1): 49 yuan/ton. Futures closing price of CBOT corn: 424 cents/bushel. Futures positions (active contract): 49071 hands for yellow corn, 849415 hands for corn starch. Net long positions of the top 20 futures holders: - 75401 hands for corn, - 59726 hands for corn starch. Registered warehouse receipts: 49324 hands for yellow corn, 12504 hands for corn starch. The CS - C spread of the main contract: 317 yuan/ton, down 2 yuan [2] 3.2 Outer - market - CBOT: Total corn positions (weekly): 1543065 contracts, an increase of 13269 contracts; non - commercial net long positions of corn: - 51186 contracts, a decrease of 15017 contracts [2] 3.3 Spot Market - Average spot price of corn: 2259.41 yuan/ton, down 3.34 yuan; factory quotation of corn starch in Changchun: 2510 yuan/ton; flat - hatch price of corn in Jinzhou Port: 2180 yuan/ton; import cost - insured and duty - paid price of corn: 1981.56 yuan/ton, down 0.79 yuan; international freight of imported corn: 0 US dollars/ton. Corn starch main contract basis: 130 yuan/ton, down 6 yuan; corn main contract basis: - 9.34 yuan; Shandong starch - corn spread (weekly): 490 yuan/ton, an increase of 44 yuan [2] 3.4 Substitute Spot Prices - Average spot price of wheat: 2458.67 yuan/ton, an increase of 2.73 yuan; cassava starch - corn starch spread (weekly): 299 yuan/ton, an increase of 31 yuan; corn starch - 30 - powder spread: - 188 yuan, an increase of 4 yuan [2] 3.5 Upstream Situation - Forecasted sown area of corn in the US: 36.44 million hectares, an increase of 0.55 million hectares; forecasted yield: 425.26 million tons. Forecasted sown area in Brazil: 131 million hectares; forecasted yield: 22.6 million tons. Forecasted sown area in Argentina: 53 million hectares; forecasted yield: 7.5 million tons. Forecasted sown area in China: 295 million hectares; forecasted yield: 44.3 million tons. Forecasted yield in Ukraine: 32 million tons, an increase of 1.5 million tons [2] 3.6 Industry Situation - Corn inventory in southern ports (weekly): 38.7 million tons; deep - processing corn inventory (weekly): 203.6 million tons, a decrease of 8.2 million tons. Corn inventory in northern ports (weekly): 93 million tons; weekly inventory of starch enterprises (weekly): 119.9 million tons, an increase of 0.8 million tons. Monthly import volume of corn: 4 million tons; monthly export volume of corn starch: 14800 tons, a decrease of 1140 tons. Monthly feed production: 2927.2 million tons [2] 3.7 Downstream Situation - Sample feed corn inventory days (weekly): 24.44 days, a decrease of 0.05 days; deep - processing corn consumption (weekly): 122.31 million tons, an increase of 3.04 million tons. Alcohol enterprise operating rate (weekly): 53.19%, a decrease of 1.77 percentage points; starch enterprise operating rate (weekly): 56.74%, an increase of 4.93 percentage points. Corn starch processing profit in Shandong: 54 yuan/ton, an increase of 7 yuan; in Hebei: 83 yuan/ton, a decrease of 2 yuan; in Jilin: 47 yuan/ton, a decrease of 5 yuan [2] 3.8 Option Market - 20 - day historical volatility of corn: 8.14%, a decrease of 0.09 percentage points; 60 - day historical volatility: 6.83%. Implied volatility of at - the - money call options for corn: 10.36%, a decrease of 4.69 percentage points; implied volatility of at - the - money put options: 10.37%, a decrease of 4.68 percentage points [2] 3.9 Industry News - The Australian Bureau of Meteorology (BOM) is cautious about whether a La Nina phenomenon is currently forming. As of October 16, the sowing progress of the first - season corn in the central and southern regions of Brazil in the 2025/26 season was 51%, compared with 45% a week ago and 48% in the same period last year. Due to the US government shutdown, the US Department of Agriculture did not release the crop progress report, and market trading remained cautious [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The domestic fundamental situation remains weak, and the overall loose capital situation may drive the bond market to fluctuate strongly. However, uncertainties such as Sino-US trade policies and the new regulations on public fund fees will continue to affect market sentiment. It is expected that Treasury bond futures will experience wide - range fluctuations in the short term. The strategy suggests a band - trading approach [2] 3. Summary According to Relevant Catalogs 3.1 Futures Disk - T, TF, TS, and TL main contract closing prices increased by 0.05%, 0.05%, 0.04%, and 0.16% respectively. T, TF, and TS main contract trading volumes decreased by 392, 9672, and 4833 respectively, while TL main contract trading volume increased by 11147 [2] 3.2 Futures Spreads - Most futures spreads showed an upward trend, such as TL2512 - 2603 spread increased by 0.01, T2512 - 2603 spread increased by 0.02, TF2512 - 2603 spread increased by 0.03, etc. Some spreads decreased, like T12 - TL12 spread decreased by 0.26 [2] 3.3 Futures Positions - The main contract positions of T, TF, TS, and TL all increased. The net short positions of the top 20 in T, TF, TS, and TL also increased to varying degrees [2] 3.4 Top Two CTD (Clean Prices) - Some bonds' clean prices increased, such as 250018.IB increased by 0.0290, 250003.IB increased by 0.0473, etc. Some remained unchanged [2] 3.5 Active Treasury Bonds - The yields of active Treasury bonds with different maturities all increased. For example, the 1 - year yield increased by 7.50bp, the 3 - year yield increased by 1.50bp, etc. [2] 3.6 Short - term Interest Rates - Most short - term interest rates increased. For example, the overnight silver - pledged repo rate increased by 2.82bp, the 7 - day silver - pledged repo rate increased by 4.33bp, etc. [2] 3.7 LPR Rates - The 1 - year and 5 - year LPR rates remained unchanged at 3.0% and 3.5% respectively [2] 3.8 Open Market Operations - The issuance scale was 1595 billion yuan, the maturity scale was 910 billion yuan, and the interest rate was 1.4% for 7 - day operations [2] 3.9 Industry News - In October, the LPR quotation remained stable. The central government arranged 5000 billion yuan from the local government debt balance limit to be issued to local areas, and will advance the issuance of the 2026 new local government debt limit. In the first three quarters of 2025, China's GDP increased by 5.2% year - on - year. In September, social consumption growth slowed down, and fixed - asset investment decreased by 0.5% year - on - year [2] 3.10 Key Events to Watch - The Fourth Plenary Session of the 20th Central Committee was held from October 20th to 23rd. The US September unadjusted CPI annual rate will be released at 20:30 on October 24th [3]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The shipping index (European Line) futures prices rose collectively on Tuesday, with the main contract EC2512 up 5.1% and the far - month contracts up 1 - 3%. The latest SCFIS European Line settlement freight rate index rebounded by 108.58 points from last week, up 10.5% month - on - month, and the spot index turned from decline to increase. Recently, there are a mix of long and short factors. The trade war situation is unclear, the "peace plan" in the Middle East promotes the improvement of the Red Sea shipping resumption expectation, and the oversupply pattern is stable. The futures price is expected to fluctuate widely. The freight rate market is greatly affected by news, and the futures price is expected to fluctuate more sharply. It is recommended that investors be cautious, pay attention to the operation rhythm and risk control, and track geopolitical, shipping capacity and cargo volume data in a timely manner [1] Summary by Relevant Catalogs Futures Market - EC main contract closing price: 1769.300, up 85.9; EC sub - main contract closing price: 1568, up 43.8. EC2512 - EC2602 spread: 201.30, up 41.30; EC2512 - EC2604 spread: 605.50, up 78.60. EC contract basis: - 628.92, down 87.30. EC main contract open interest: 28434, up 2333 [1] Spot Market - SCFIS (European Line) (weekly): 1140.38, up 108.58; SCFIS (US West Line) (weekly): 863.46, down 14.34. SCFI (composite index) (weekly): 1310.32, up 149.90; container ship capacity (10,000 TEUs): 1227.97, up 0.25. CCFI (composite index) (weekly): 973.11, down 41.67; CCFI (European Line) (weekly): 1267.91, down 19.24. Baltic Dry Index (daily): 2069.00, up 2.00; Panama Freight Index (daily): 1827.00, up 2.00. Average charter price (Panamax): 16692.00, up 1078.00; average charter price (Capesize): 28559.00, down 286.00 [1] Industry News - The US and China are about to return to the negotiation table. Trump listed rare earths, fentanyl and soybeans as the three issues to be raised to China. China's stance on Sino - US economic and trade issues is consistent and clear. Trump and Australian Prime Minister Albanese signed an agreement on rare earths and critical minerals. The US and Australian governments plan to jointly invest more than $3 billion in critical mineral projects in the next 6 months, with an estimated recoverable resource value of $53 billion [1] Key Factors Affecting the Market - The strike crisis at Rotterdam Port has escalated, with the original 48 - hour strike extended indefinitely, causing a full - scale halt to port container handling operations. More than 60 ships are waiting at sea, increasing regional supply chain uncertainty. CMA CGM announced a price increase letter for November, boosting the futures price. Trump continued to send out easing signals, alleviating trade war tensions and driving a slight rebound in freight rates. Israel and Hamas agreed to the first phase of the US - proposed "peace plan" for the Gaza Strip, improving the Red Sea shipping resumption expectation and weakening the support for futures prices. The eurozone's recent economic data has fluctuated, with business sentiment indices weaker than expected. The ECB stated that it will slow down the pace of interest rate cuts. China's improved export data in September supports the shipping industry [1] Key Data to Watch - UK September CPI monthly rate at 14:00 on October 22; UK September retail price index monthly rate at 14:00 on October 22 [1]

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：I：铁矿石 铁矿石产业链日报 2025/10/21 | 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） | 769.50 | +2.50↑ I 主力合约持仓量(手) | 562,733 | +7149↑ | | | I 1-5合约价差（元/吨） | 20 | +0.50↑ I 合约前20名净持仓(手) | -25622 | +438↑ | | | I 大商所仓单（手） | 1,000.00 | -200.00↓ | | | | | 新加坡铁矿石主力合约截止15：00报价(美元/吨) | 103.45 | -0.05↓ | | | | 现货市场 | 青岛港61.5%PB粉矿 (元/干吨) | 846 | -2↓ 青岛港60.8%麦克粉矿 (元/干吨) | 845 | -2↓ | | | 京唐港56.5%超特粉矿 (元/干吨) | 770 | 0.00 I 主力合约基差 (麦克粉干吨-主力合约) | ...

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Newly harvested cotton in Xinjiang has faster picking and selling progress than last year, but recent cold and snowy weather in the production area will slow down the picking progress. The current mainstream price of new cotton is around 6.2 yuan/kg, and the cost still has overall support. The spinning mills' operating rate remains low, and the peak season continues to be weak. It is expected that the enthusiasm for restocking by spinning mills will be low in the later period. Overall, the centralized acquisition and processing of cotton in the new season bring a large number of hedging needs, with significant upward pressure and cost support below. It is expected that cotton prices will fluctuate in the short term [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - Zhengzhou cotton main - contract closing price is 13,540 yuan/ton, up 75 yuan; cotton yarn main - contract closing price is 19,775 yuan/ton, up 170 yuan. The net position of the top 20 in cotton futures is - 107,544 lots, down 10,544 lots; the net position of the top 20 in cotton yarn futures is - 262 lots, down 60 lots. The main - contract position of cotton is 593,229 lots, up 231 lots; the main - contract position of cotton yarn is 23,282 lots, up 1,127 lots. The number of cotton warehouse receipts is 2,579, down 19; the number of cotton yarn warehouse receipts is 0, unchanged. The China Cotton Price Index (CCIndex:3128B) is 14,728 yuan/ton, up 49 yuan; the China Yarn Price Index for pure - combed 32 - count cotton yarn is 20,470 yuan/ton, up 30 yuan [2] 3.2 Spot Market - The China Imported Cotton Price Index (FCIndexM:1% tariff) is 13,052 yuan/ton; the China Imported Cotton Price Index (FCIndexM: sliding - scale tariff) is 14,007 yuan/ton. The arrival price of the imported cotton yarn price index for pure - combed 32 - count cotton yarn is 21,200 yuan/ton, down 18 yuan; the arrival price of the imported cotton yarn price index for pure - combed 32 - count cotton yarn is 22,466 yuan/ton, down 19 yuan [2] 3.3 Upstream Situation - The national cotton sowing area is 2,838.3 thousand hectares, up 48.3 thousand hectares; the national cotton output is 6.16 million tons, up 540,000 tons. The cotton - yarn price difference is 5,742 yuan/ton, down 19 yuan; the industrial inventory of cotton nationwide is 861,000 tons, down 9,000 tons [2] 3.4 Industry Situation - The monthly import volume of cotton is 100,000 tons, up 30,000 tons; the monthly import volume of cotton yarn is 130,000 tons, unchanged. The daily profit of imported cotton is 672 yuan/ton, down 129 yuan; the commercial inventory of cotton nationwide is 1.0217 million tons, down 460,000 tons [2] 3.5 Downstream Situation - The yarn inventory days are 26.58 days, down 0.65 days; the inventory days of grey cloth are 33.87 days, down 1.31 days. The monthly cloth output is 2.701 billion meters, up 10 million meters; the monthly yarn output is 2.0279 million tons, up 36,400 tons. The monthly export value of clothing and clothing accessories is 1.4145904 billion US dollars, down 101.5855 million US dollars; the monthly export value of textile yarns, fabrics and products is 1.2393202 billion US dollars, up 78.9193 million US dollars [2] 3.6 Option Market - The implied volatility of at - the - money call options for cotton is 8.28%, up 0.02%; the implied volatility of at - the - money put options for cotton is 8.33%, up 0.11%. The 20 - day historical volatility of cotton is 8.29%, up 0.99%; the 60 - day historical volatility of cotton is 7.93%, up 0.29% [2] 3.7 Industry News - Brazil exported 177,200 tons of cotton in the first three weeks of October, with a daily average export volume of 13,600 tons, a 7% increase compared to the daily average export volume of 12,770 tons in October last year. The total export volume in October last year was 280,900 tons. The ICE cotton futures fell slightly on Monday. The December cotton futures contract on ICE closed down 0.12 cents, or 0.19%, at 64.16 cents per pound [2]

Report Industry Investment Rating - Not provided in the content Core View of the Report - A-share major indexes closed collectively higher, with the Shanghai Composite Index standing above 3900 points again. The overall A-share market shows a positive trend, and short-term disturbances in news will provide entry opportunities. It is recommended to buy on dips with a light position [2] Summary by Relevant Catalogs Futures Market Data - **Futures Contract Prices**: IF, IH, IC, and IM main and secondary main contracts all rose. For example, the IF main contract (2512) rose to 4577.6, up 73.4; the IC main contract (2512) rose to 7052.8, up 144.0 [2] - **Futures Contract Spreads**: Most spreads increased, such as the IF - IH monthly contract spread rising to 1584.4, up 36.6; while the IM - IC monthly contract spread decreased to 152.2, down 13.4 [2] - **Futures Seasonal - Monthly Spreads**: The spreads of different contracts showed different trends, like the IF seasonal - monthly spread being -38.4, down 0.6; the IH seasonal - monthly spread being 1.4, up 1.4 [2] - **Futures Position Data**: The net positions of the top 20 in IF decreased by 1944.0 to -28,736.00; while those of IH, IC, and IM increased [2] Spot Market Data - **Spot Index Prices**: The Shanghai and Shenzhen 300, Shanghai 50, CSI 500, and CSI 1000 all rose. For instance, the Shanghai and Shenzhen 300 rose to 4607.87, up 69.7 [2] - **Futures Contract Basis**: The basis of the IF, IH, IC, and IM main contracts all increased. For example, the IF main contract basis rose to -30.3, up 1.2 [2] Market Sentiment Data - **Market Transaction Data**: A-share trading volume reached 18,926.93 billion yuan, up 1413.98 billion yuan; margin trading balance was 24,299.98 billion yuan, up 6.13 billion yuan [2] - **Other Sentiment Indicators**: The proportion of rising stocks was 85.11%, up 10.31%; the 20 - day volatility of the Shanghai and Shenzhen 300 Index was 17.72%, up 0.79% [2] Wind Market Strength - Weakness Analysis - The overall A-share market strength score was 8.00, up 0.80; the technical aspect score was 8.50, up 1.10; the capital aspect score was 7.60, up 0.60 [2] Industry News - **Domestic Economic Data**: In the first three quarters, GDP was 1015036 billion yuan, with a year - on - year growth of 5.2%. In September, the added value of industrial enterprises above designated size increased by 6.5% year - on - year. From January to September, national fixed - asset investment decreased by 0.5% year - on - year, and real estate development investment decreased by 13.9% year - on - year [2] - **International News**: US President Trump mentioned three issues to China, and the Chinese Foreign Ministry responded that China's stance on Sino - US economic and trade issues is consistent and clear, and both sides should resolve issues through negotiation [2] Key Data to Focus On - On October 24, at 15:15 - 16:30, pay attention to the SPGI manufacturing PMI of France, Germany, the Eurozone, and the UK in October; at 20:30, focus on the US CPI and core CPI in September; at 21:45, focus on the US SPGI manufacturing PMI in October [3]

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 白糖产业日报 2025-10-21 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 环比 | 最新 | 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) | 5438 | 10 主力合约持仓量:白糖(日,手) | 421702 | -4713 1001 | | | 仓单数量:白糖(日,张) | 8376 | -31 期货前20名持仓:净买单量:白糖(日,手) | -74784 | | | | 有效仓单预报:白糖:小计(日,张) 0 进口加工估算价(配额内):巴西糖(日,元/ | 0 | -66 进口加工估算价(配额内):泰国糖(日,元/ | | | | 现货市场 | | 4254 539 ...

Core Insights - The Momentum Factor R (480057) index closed at 2744.45 points, up 1.72%, with a trading volume of 40.255 billion yuan and a turnover rate of 1.79% [1] - Among the index constituents, 46 stocks rose, with Ruida Futures leading at a 9.98% increase, while 3 stocks fell, with Xinhecheng leading the decline at 0.3% [1] Index Constituents Summary - The top ten constituents of the Momentum Factor R index include: - Heertai (5.80% weight, latest price 51.43, market cap 47.563 billion yuan) in the electronics sector - Zhongjun Group (4.18% weight, latest price 8.28, market cap 44.650 billion yuan) in machinery - Ping An Bank (3.89% weight, latest price 11.43, market cap 221.810 billion yuan) in banking - Shunluo Electronics (3.73% weight, latest price 36.10, market cap 29.108 billion yuan) in electronics - Linggongquan (3.43% weight, latest price 17.07, market cap 6.106 billion yuan) in machinery - Mengmai Technology (3.24% weight, latest price 56.50, market cap 45.200 billion yuan) in machinery - Huafeng Youxue (3.11% weight, latest price 8.71, market cap 43.224 billion yuan) in basic chemicals - Weichai Power (3.03% weight, latest price 14.58, market cap 127.044 billion yuan) in automotive - Jianghai Co. (3.00% weight, latest price 30.00, market cap 25.516 billion yuan) in electronics - Nongyu Technology (2.95% weight, latest price 169.65, market cap 29.431 billion yuan) in power equipment [1] Capital Flow Analysis - The net inflow of main funds into the index constituents totaled 1.292 billion yuan, while retail funds saw a net outflow of 0.592 billion yuan [1] - Specific stock capital flows include: - Dongshan Precision with a net inflow of 94.5 million yuan from main funds - Ding Tai High-Tech with a net inflow of 13.2 million yuan from main funds - Ruida Futures with a net inflow of 11.3 million yuan from main funds [2]