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 热轧卷板产业链日报 2025/7/21 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | HC 主力合约收盘价(元/吨) | 3,394 | +84↑ HC 主力合约持仓量(手) | 1600476 | +4222↑ | | | HC 合约前20名净持仓(手) | -61,951 | -27581↓ HC10-1合约价差(元/吨) | -16 | -6↓ | | | HC 上期所仓单日报(日，吨) | 60454 | -293↓ HC2510-RB2510合约价差(元/吨) | 170 | +7↑ | | | 杭州 4.75热轧板卷(元/吨) | 3,440.00 | +80.00↑ 广州 4.75热轧板卷(元/吨) | 3,430.00 | +80.00↑ | | 现货市场 | 武汉 4.75热轧板卷(元/吨) | 3,450.00 | +80.00↑ 天津 4.75热轧板卷(元/吨) | 3, ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The alumina market is expected to be in a stage of slightly increasing supply and stable demand. It is recommended to conduct light - position, shock - biased long trading, paying attention to rhythm and risks [2]. - The Shanghai aluminum market shows a shock - biased strong trend, with supply stable and demand temporarily weak during the off - season. It is advisable to conduct light - position, shock - biased long trading, controlling rhythm and risks [2]. - The cast aluminum market may face a situation of weak supply and demand, with cost support and weak demand in a game. Light - position, shock - biased long trading is recommended, while controlling rhythm and risks [2]. 3. Summary by Relevant Catalogs Futures Market - **Prices and Positions**: The closing prices of Shanghai aluminum, alumina, and cast aluminum alloy futures main contracts all increased, and their positions also rose. The LME aluminum three - month quotation increased, while the LME aluminum inventory decreased. The Shanghai - London ratio decreased slightly [2]. - **Contract Spreads**: The spreads between this month and next month's contracts of Shanghai aluminum and cast aluminum alloy decreased, while that of alumina increased [2]. Spot Market - **Prices**: The prices of Shanghai aluminum, alumina, and cast aluminum alloy in the spot market generally increased, while the prices of some products such as LME aluminum and Shanghai - Wumao aluminum had different changes in premiums and discounts [2]. - **Basis**: The basis of cast aluminum alloy, electrolytic aluminum, and alumina all decreased [2]. Upstream Situation - **Production and Demand**: Alumina production increased, while capacity utilization decreased slightly. The demand for alumina from the electrolytic aluminum part increased, and the supply - demand balance was in a deficit state. The import and export volumes of aluminum waste and alumina had different changes [2]. Industrial Situation - **Supply - side**: The total production capacity of electrolytic aluminum increased slightly, and the production of aluminum products and aluminum alloy increased. The import and export volumes of primary aluminum and aluminum products had different changes [2]. - **Demand - side**: The production of regenerative aluminum alloy ingots increased, and the production of automobiles also increased [2]. Option Situation - The historical volatility of Shanghai aluminum increased, while the implied volatility of the main - contract at - the - money option of Shanghai aluminum decreased slightly, and the option purchase - put ratio decreased [2]. Industry News - The consumer confidence index in the US increased, and the inflation expectation decreased. The Fed official expressed concerns about tariff - driven inflation and expected a significant interest - rate cut in the next year [2]. - China's consumer market scale ranks second globally, and the Ministry of Industry and Information Technology will promote the high - quality development of the copper, aluminum, and gold industries and regulate the new - energy vehicle industry [2]. Alumina Viewpoint - **Fundamentals**: The supply of domestic bauxite is sufficient, and the production willingness of smelters has increased. The demand for alumina is supported by the high aluminum price and the progress of an electrolytic aluminum capacity replacement project in Yunnan [2]. - **Technical Analysis**: The 60 - minute MACD shows that the double lines are above the 0 - axis, and the red bars expand and then slightly converge [2]. Electrolytic Aluminum Viewpoint - **Fundamentals**: The electrolytic aluminum capacity replacement project is progressing steadily, but the off - season has affected downstream consumption, and the industrial inventory has accumulated [2]. - **Technical Analysis**: Similar to alumina, the 60 - minute MACD shows that the double lines are above the 0 - axis, and the red bars expand and then slightly converge [2]. Casting Aluminum Alloy Viewpoint - **Fundamentals**: The supply of scrap aluminum is tight, and the production of casting aluminum enterprises is affected. The off - season has led to weak demand [2]. - **Technical Analysis**: The 60 - minute MACD shows that the double lines are above the 0 - axis, and the red bars expand and then slightly converge [2].

Investment Rating - No investment rating information provided in the report. Core View - The overall demand for industrial silicon from its three major downstream industries is still showing a slowdown trend. After the news of Yajiang today, it has a significant impact on the three major downstream demands of industrial silicon. It is recommended to temporarily wait and see in the short - term and maintain a short - selling strategy in the medium - to long - term [2]. Summary by Directory Futures Market - The closing price of the main contract is 9,260 yuan/ton, a week - on - week increase of 565 yuan/ton; the position of the main contract is 383,296 lots, a week - on - week decrease of 3,956 lots; the net position of the top 20 is - 70,457 lots, a week - on - week decrease of 2,674 lots; the warehouse receipt of the Guangzhou Futures Exchange is 50,393 lots; the price difference between industrial silicon in August - September is 5 yuan/ton, a week - on - week increase of 15 yuan/ton [2]. Spot Market - The average price of oxygen - passed 553 silicon is 9,500 yuan/ton, a week - on - week increase of 150 yuan/ton; the average price of 421 silicon is 9,750 yuan/ton, a week - on - week increase of 100 yuan/ton; the basis of the Si main contract is 240 yuan/ton, a week - on - week decrease of 415 yuan/ton; the spot price of DMC is 10,860 yuan/ton, with no change [2]. Upstream Situation - The average price of silica is 410 yuan/ton, the average price of petroleum coke is 1,720 yuan/ton, the average price of clean coal is 1,850 yuan/ton, the average price of wood chips is 490 yuan/ton, and the ex - factory price of graphite electrodes (400mm) is 12,250 yuan/ton, all with no change [2]. Industry Situation - The monthly output of industrial silicon is 305,200 tons, a month - on - month increase of 5,500 tons; the weekly social inventory of industrial silicon is 552,000 tons, a week - on - week increase of 10,000 tons; the monthly import volume of industrial silicon is 2,211.36 tons, a month - on - month increase of 71.51 tons; the monthly export volume of industrial silicon is 52,919.65 tons, a month - on - month decrease of 12,197.89 tons [2]. Downstream Situation - The weekly output of organic silicon DMC is 44,900 tons, a week - on - week increase of 700 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot is 20,300 yuan/ton, a week - on - week increase of 100 yuan/ton; the overseas market price of photovoltaic - grade polysilicon is 15.75 US dollars/kg; the weekly average spot price of photovoltaic - grade polysilicon is 4.94 US dollars/kg, with no change; the monthly export volume of unforged aluminum alloy is 24,179.3 tons; the weekly operating rate of organic silicon DMC is 71.38%, a week - on - week increase of 1.97 percentage points; the monthly output of aluminum alloy is 1.645 million tons, a month - on - month increase of 117,000 tons; the monthly export volume of aluminum alloy is 20,187.85 tons, a month - on - month decrease of 337.93 tons [2]. Industry News - A major monomer factory in Shandong had a sudden fire yesterday, and the damage to the device is unknown. It is expected that the quotation in the organic silicon market will rise today. The State - owned Assets Supervision and Administration Commission of the State Council approved the establishment of China Yajiang Group Co., Ltd. Zimbabwe's state - owned mining enterprise Kuvimba Mining House plans to break ground on a concentrator with an annual processing capacity of 600,000 tons of lithium concentrate at its Sandawana mine in the third quarter of this year, with a total investment of 270 million US dollars, and it is expected to be put into operation in early 2027 [2]. Supply - side Analysis - The current fertilizer subsidy policy in the Ili region of the Northwest remains stable. Large - scale production enterprises have not reported any news of production cuts or shutdowns. The production cost in the Southwest region has decreased. The resumption of production in Baoshan is relatively active, but the resumption scale in Nujiang and Dehong has not met expectations. Sichuan manufacturers mainly focus on ensuring supply and relying on self - owned power plants to maintain production, and the overall operating rate has not increased significantly [2]. Demand - side Analysis - In the organic silicon field, the spot price has risen, production profits have declined, costs have increased, the operating rate has increased, and it supports industrial silicon. In the polysilicon field, mainstream enterprises are reducing production, the industry is operating at a reduced load, downstream photovoltaic demand has declined significantly, and the demand for industrial silicon has decreased. In the aluminum alloy field, enterprises replenish inventory as needed, inventory has increased, prices have declined, and it is difficult to drive the demand for industrial silicon [2].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - On Monday, the I2509 contract increased in price with decreasing positions. The Ministry of Industry and Information Technology stated that a work plan for stabilizing growth in ten key industries, including steel, non - ferrous metals, and petrochemicals, is about to be introduced, aiming to adjust the structure, optimize supply, and eliminate backward production capacity. With the rebound of steel prices, the blast furnace operating rate and molten iron output of steel mills stopped falling and rebounded, and the molten iron output exceeded 2.4 million tons, with the support of molten iron demand remaining. Overall, there are positive macro - level expectations, and both finished products and furnace materials are rising in resonance. Technically, the 1 - hour MACD indicator of the I2509 contract shows that DIFF and DEA are operating at high levels. Operationally, it is recommended to conduct bullish trading while paying attention to rhythm and risk control [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the I main contract was 809.00 yuan/ton, up 24.00 yuan; the position volume was 663,446 lots, down 29,220 lots. The I 9 - 1 contract spread was 32.5 yuan/ton, up 0.50 yuan; the net position of the top 20 in the I contract was - 9,688 lots, down 6,143 lots. The Dalian Commodity Exchange warehouse receipts were 3,000.00 lots, unchanged. The quote of the Singapore iron ore main contract at 15:00 was 103.55 US dollars/ton, up 2.78 US dollars [2] 3.2 Spot Market - The price of 61.5% PB powder ore at Qingdao Port was 855 yuan/dry ton, up 24 yuan; the price of 60.8% Mac fine ore at Qingdao Port was 837 yuan/dry ton, up 20 yuan. The price of 56.5% Super Special fine ore at Jingtang Port was 739 yuan/dry ton, up 9 yuan. The basis of the I main contract (Mac fine dry ton - main contract) was 28 yuan, down 4 yuan. The 62% Platts iron ore index (previous day) was 100.20 US dollars/ton, down 0.05 US dollars. The ratio of Jiangsu scrap steel to 60.8% Mac fine ore at Qingdao Port was 3.24, down 0.08. The estimated import cost was 825 yuan/ton, unchanged [2] 3.3 Industry Situation - The weekly shipment volume of iron ore from Australia and Brazil was 3,109.10 million tons, up 122.00 million tons; the weekly arrival volume at 47 ports in China was 2,511.80 million tons, down 371.40 million tons. The weekly inventory of iron ore at 47 ports was 14,381.51 million tons, up 34.62 million tons; the weekly inventory of iron ore at sample steel mills was 8,822.16 million tons, down 157.48 million tons. The monthly import volume of iron ore was 10,595.00 million tons, up 782.00 million tons. The available days of iron ore were 21 days, unchanged. The daily output of 266 mines was 40.64 million tons, up 0.96 million tons; the operating rate of 266 mines was 64.00%, up 1.17 percentage points. The inventory of iron concentrate at 266 mines was 45.25 million tons, down 5.47 million tons. The BDI index was 2,052.00, up 22.00. The freight rate of iron ore from Tubarao, Brazil to Qingdao was 22.79 US dollars/ton, up 0.84 US dollars; the freight rate from Western Australia to Qingdao was 9.68 US dollars/ton, up 0.61 US dollars [2] 3.4 Downstream Situation - The weekly blast furnace operating rate of 247 steel mills was 83.48%, up 0.35 percentage points; the weekly blast furnace capacity utilization rate of 247 steel mills was 90.92%, up 1.05 percentage points. The monthly domestic crude steel output was 8,318 million tons, down 336 million tons [2] 3.5 Option Market - The 20 - day historical volatility of the underlying was 18.26%, up 2.12 percentage points; the 40 - day historical volatility of the underlying was 16.83%, up 1.03 percentage points. The implied volatility of at - the - money call options was 21.87%, up 1.91 percentage points; the implied volatility of at - the - money put options was 22.79%, up 2.29 percentage points [2] 3.6 Industry News - From July 14th to July 20th, 2025, the global iron ore shipment volume was 3,109.1 million tons, up 122.0 million tons. The shipment volume from Australia and Brazil was 2,552.0 million tons, down 6.8 million tons. The shipment volume from Australia was 1,629.4 million tons, down 108.9 million tons, and the volume shipped from Australia to China was 1,443.6 million tons, up 13.5 million tons. The shipment volume from Brazil was 922.6 million tons, up 102.1 million tons. From July 14th to July 20th, 2025, the arrival volume at 47 ports in China was 2,511.8 million tons, down 371.4 million tons; the arrival volume at 45 ports in China was 2,371.2 million tons, down 290.9 million tons; the arrival volume at six northern ports was 1,389.2 million tons, up 241.3 million tons [2]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - For soda ash, the supply is expected to remain abundant while demand hovers at the bottom. It reached the upper limit of the daily increase today, and tomorrow's ability to break through the 60 - day average is to be observed, with expected suppression. It is recommended to temporarily hold off on trading the soda ash main contract. - For glass, the industry's overall profit has improved, and the subsequent resumption of production is expected to increase. Currently, it is in a period of structural improvement. It is recommended to buy on dips [2]. 3. Summary by Relevant Catalogs Futures Market - Soda ash main - contract closing price: 1,295 yuan/ton, up 79 yuan; glass main - contract closing price: 1,173 yuan/ton, up 92 yuan. - Soda ash and glass price difference: 122 yuan/ton, down 13 yuan; soda ash main - contract open interest: 1,252,582 lots, down 297,884 lots; glass main - contract open interest: 1,226,964 lots, down 275,587 lots. - Soda ash top 20 net positions: - 302,967, up 157,101; glass top 20 net positions: - 293,898, up 125,572. - Soda ash exchange warehouse receipts: 0 tons, down 290 tons; glass exchange warehouse receipts: 0 tons, down 661 tons. - Soda ash September - January contract spread: - 59 yuan/ton, down 10 yuan; glass September - January contract spread: - 81 yuan/ton, up 3 yuan. - Soda ash basis: - 6 yuan/ton, up 24 yuan; glass basis: 7 yuan/ton, up 11 yuan [2]. Spot Market - North China heavy soda ash: 1,210 yuan/ton, up 15 yuan; Central China heavy soda ash: 1,250 yuan/ton, unchanged. - East China light soda ash: 1,140 yuan/ton, unchanged; Central China light soda ash: 1,175 yuan/ton, unchanged. - Shahe glass sheets: 1,088 yuan/ton, unchanged; Central China glass sheets: 1,130 yuan/ton, up 30 yuan [2]. Industry Situation - Soda ash plant operating rate: 84.1%, up 2.78 percentage points; float glass enterprise operating rate: 75.34%, down 0.34 percentage points. - Glass in - production capacity: 15.78 million tons/year, down 0.06 million tons; glass in - production production lines: 223, down 1. - Soda ash enterprise inventory: 1.8842 million tons, down 21,400 tons; glass enterprise inventory: 64.939 million weight boxes, down 2.163 million weight boxes [2]. Downstream Situation - Cumulative real - estate new construction area: 231.8361 million square meters, up 53.4777 million square meters; cumulative real - estate completion area: 183.8514 million square meters, up 27.3729 million square meters [2]. Industry News - The Ministry of Industry and Information Technology is about to introduce a stable - growth work plan for ten key industries such as steel, non - ferrous metals, and petrochemicals. - The supply of soda ash has increased, and the profit has rebounded slightly but remains negative. The subsequent soda ash output is expected to decline, and the natural - soda - ash method will gradually become the mainstream [2]. Viewpoint Summary - Soda ash: The supply is abundant, and the demand is weak. The inventory is expected to continue to accumulate. - Glass: The supply remains at a low level, with obvious signs of production for rigid demand. The profit has improved, and the resumption of production is expected to increase. The demand from the real - estate sector is weak, and the demand for photovoltaic glass is under inventory pressure [2].

Report Industry Investment Rating - No specific investment rating provided in the report [2] Core Viewpoints - As of July 16, 2025, the apple cold storage inventory in the main producing areas of China was 806,000 tons, a decrease of 108,900 tons from the previous week. The sales speed improved slightly compared to the previous week and was similar to the same period last year [2]. - The preliminary estimate of the national apple output in the new season is 37.3664 million tons, an increase of 859,300 tons or 2.35% compared to the 2024 - 2025 production season [2]. - The current inventory is at a low level in the same period of the past five years, and the purchase price of early - maturing varieties has increased year - on - year, which strongly supports the price. However, the large - scale listing of summer cooling fruits impacts the apple demand, and the price momentum is insufficient. The short - term trend is expected to be oscillating and slightly stronger. It is recommended to focus on the production situation and mainly go short - term long at low prices [2] Summary by Relevant Catalogs Futures Market - The closing price of the October apple futures contract was 7,923 yuan/ton, with a week - on - week increase of 40 yuan/ton. The position of the main contract was 94,770 lots, a decrease of 3,517 lots [2]. - The number of apple warehouse receipts was 0, unchanged from the previous day. The net long position of the top 20 futures holders was 4,977 lots, a decrease of 1,873 lots [2] Spot Market - The spot price of bagged apples above 80 in Qixia, Yantai, Shandong was 4 yuan/jin [2] Upstream Situation - The annual national apple output was 5.12851 million tons, an increase of 168,340 tons. The weekly apple wholesale price was 9.75 yuan/kg, a decrease of 0.01 yuan/kg. The average weekly wholesale price of Fuji apples was 9.89 yuan/kg, an increase of 0.23 yuan/kg [2] - The total national apple cold storage inventory was 806,000 tons, a decrease of 108,900 tons. The warehouse utilization ratio in Shandong was 12%, a decrease of 1%. The warehouse utilization ratio in Shaanxi decreased by 1%. The monthly apple export volume was 50 tons, a decrease of 20,000 tons [2] Industry Situation - The monthly apple export value was 51.525 million US dollars. The monthly import value of fresh and dried fruits and nuts was not clearly presented in the report [2] - The weekly profit of first - and second - grade bagged apple 80 storage merchants was 0.7 yuan/jin, a decrease of 0.2 yuan/jin [2] Downstream Situation - The weekly average wholesale price of tangerines was 9.12 yuan/kg, an increase of 0.28 yuan/kg. The weekly wholesale price of bananas was 6.15 yuan/kg, a decrease of 0.18 yuan/kg. The weekly wholesale price of watermelons was 3.94 yuan/kg [2] - The daily average number of trucks arriving in the morning at the Jiangmen wholesale market in Guangdong was 5.8 vehicles, a decrease of 2 vehicles. The daily average number of trucks arriving in the morning at the Xiaqiao wholesale market in Guangdong was 9.2 vehicles, a decrease of 1.8 vehicles. The daily average number of trucks arriving in the morning at the Chalong wholesale market in Guangdong was 16.6 vehicles, a decrease of 2.8 vehicles [2] Option Market - The implied volatility of at - the - money call options for apples was 17%, a decrease of 0.07%. The implied volatility of at - the - money put options for apples was 17%, a decrease of 0.11% [2]

| 项目类别 | 数据指标 | 最新 | 环比 | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | | 玉米淀粉期货收盘价(活跃合约):(日,元/ 期货收盘价(活跃合约):(日,元/吨) | 2320 70 | 6 | | 2664 42 | 6 -8 | | | 吨) 玉米月间价差(9-1):(日,元/吨) 0 玉米淀粉月间价差(9-11):(日,元/吨) | | | | | | | 期货市场 | 期货持仓量(活跃合约):黄玉米(日,手) -31422 期货持仓量(活跃合约):玉米淀粉(日,手) | 1036253 | | | 236649 | -25165 | | | 3523 期货前20名持仓:净买单量:玉米淀粉(日, 期货前20名持仓:净买单量:玉米(日,手) | -28996 | | | -16750 | -3032 | | | 手) 注册仓单量:黄玉米(日,手) -940 注册仓单量:玉米淀粉(日,手) | 177343 | | | 12184 | -150 | | | 主力合约CS-C价差(日,元/吨) | 344 | ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The short - term overall methanol industry's overall开工率 is expected to increase slightly, and the MA2509 contract is expected to fluctuate in the range of 2380 - 2450 yuan/ton [2][3] 3. Summary by Directory 3.1 Futures Market - The closing price of the main methanol contract is 2411 yuan/ton, up 46 yuan; the 9 - 1 spread is - 71 yuan/ton, down 2 yuan; the main contract's open interest is 650455 lots, down 19282 lots; the net long position of the top 20 futures holders is - 115233 lots, up 28083 lots; the number of warehouse receipts is 10344, up 1800 [2] 3.2 Spot Market - The price in Jiangsu Taicang is 2390 yuan/ton, up 15 yuan; in Inner Mongolia, it is 1985 yuan/ton, up 2.5 yuan; the East - Northwest price difference is 405 yuan/ton, up 12.5 yuan; the basis of the main Zhengzhou methanol contract is - 21 yuan/ton, down 31 yuan; CFR China Main Port is 273 dollars/ton, down 2 dollars; CFR Southeast Asia is 330 dollars/ton, down 3 dollars; FOB Rotterdam is 222 euros/ton, down 14 euros; the China Main Port - Southeast Asia price difference is - 57 dollars/ton, up 1 dollar [2] 3.3 Upstream Situation - The price of NYMEX natural gas is 3.51 dollars/million British thermal units, down 0.05 dollars [2] 3.4 Industry Situation - The inventory in East China ports is 63.4 tons, up 6.35 tons; in South China ports, it is 15.62 tons, up 0.78 tons; the methanol import profit is 10.48 yuan/ton, up 14.54 yuan; the monthly import volume is 129.23 tons, up 50.46 tons; the inventory of inland enterprises is 352300 tons, down 4600 tons; the methanol enterprise's operating rate is 82.69%, down 2.06% [2] 3.5 Downstream Situation - The formaldehyde operating rate is 43.65%, down 1.59%; the dimethyl ether operating rate is 5.19%, unchanged; the acetic acid operating rate is 90.59%, down 3.32%; the MTBE operating rate is 67.63%, up 0.77%; the olefin operating rate is 85.1%, down 0.05%; the methanol - to - olefin disk profit is - 942 yuan/ton, down 60 yuan [2] 3.6 Option Market - The 20 - day historical volatility of methanol is 22.64%, up 1.28%; the 40 - day historical volatility is 22.78%, up 0.29%; the implied volatility of at - the - money call options is 15.56%, up 0.72%; the implied volatility of at - the - money put options is 15.56%, up 0.72% [2] 3.7 Industry News - As of July 16, the inventory of Chinese methanol sample production enterprises was 35.23 tons, down 0.46 tons, a 1.28% decrease; the orders to be delivered were 24.31 tons, up 2.19 tons, a 9.89% increase; the total port inventory was 79.02 tons, up 7.13 tons; as of July 17, the inventory of Chinese high - cis butadiene rubber sample enterprises was 3.23 tons, down 0.05 tons, a 1.59% decrease [2] 3.8 Viewpoint Summary - Recently, the overall methanol production has decreased slightly. The inventory of inland enterprises has shown differences, with the overall inventory showing a downward trend. The port inventory has continued to accumulate, and the downstream demand has been weak [2] 3.9 Suggested Attention - Pay attention to the enterprise inventory and port inventory data from Longzhong on Wednesday [2]

生猪产业日报 2025-07-21 整体以宽幅震荡走势看待。短期价格受出栏和二育出入场节奏影响较大，或有所反复。 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。 | 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 | 230 主力合约持仓量:生猪(日,手) | 64259 | 600 | | | 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 ...

交一般，下游仍处于观望状态。铅酸蓄电池虽涨价，但经销商去库缓慢，抑制了电池厂开工积极性，导致 今年季节性旺季效果暂未显现。需求端对沪铅价格的拉动作用依旧有限。库存方面，海外库存上行；国内 库存小幅上行，仓单上行，整体需求放缓。从铅精矿加工角度来看，整体影响有限。综上所述，沪铅整体 | | | 沪铅产业日报 2025-07-21 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪铅主力合约收盘价(日,元/吨) | 16960 | 140 LME3个月铅报价(日,美元/吨) | 1977.5 | -0.5 | | | 08-09月合约价差:沪铅(日,元/吨) | -35 | -10 沪铅持仓量(日,手) | 103586 | 3492 | | | 沪铅前20名净持仓(日,手) | -1236 | -1100 沪铅仓单(日,吨) | 60059 | -25 | | | 上期所库存(周,吨) | 62335 | 7186 LME铅库存(日,吨) | 270950 | 1725 | | | 上 ...