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。 甲醇产业日报 2025-12-30 | 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) | 2219 | 58 甲醇5-9价差(日,元/吨) | 27 | 18 | | | 主力合约持仓量:甲醇(日,手) | 814284 | 40426 期货前20名持仓:净买单量:甲醇(日,手) | -85919 | 44156 | | | 仓单数量:甲醇(日,张) | 6648 | 0 | | | | 现货市场 | 江苏太仓(日,元/吨) | 2170 | 30 内蒙古(日,元/吨) | 1825 | -20 | | | 华东-西北价差(日,元/吨) | 315 | 30 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The mid - term bullish logic for precious metals remains intact, but recent market volatility has increased, and there is a need to be cautious about correction risks. This week, opportunities for gold - silver ratio repair can be monitored. In the short term, the oscillatory correction trend may continue, but strong dip - buying demand provides some bottom support. The upper resistance for London gold is at $4500 per ounce, and the lower support is at $4300 per ounce. For London silver, the upper resistance is at $80 per ounce, and the lower support is at $70 per ounce. [1] 3. Summary by Relevant Catalogs 3.1 Futures Market - **Prices**: The closing price of the Shanghai Gold main contract was 984.840 yuan/gram, down 22.3 yuan; the closing price of the Shanghai Silver main contract was 18107 yuan/kg, down 94.00 yuan. - **Positions**: The position of the Shanghai Gold main contract was 144,462.00 lots, down 21,562.00 lots; the position of the Shanghai Silver main contract was 4,164.00 lots, down 1,506.00 lots. - **Volumes**: The trading volume of the Shanghai Gold main contract was 391,541.00 lots, up 46,319.00 lots; the trading volume of the Shanghai Silver main contract was 2,059,507.00 lots, up 616,702.00 lots. - **Warehouse Receipts**: The warehouse receipt quantity of Shanghai Gold was 97,704 kg, unchanged; the warehouse receipt quantity of Shanghai Silver was 755,754 kg, down 40,985 kg. [1] 3.2 Spot Market - The spot price of gold on the Shanghai Gold Exchange was 981.91 yuan/gram, down 22.09 yuan; the spot price of Huatong No.1 silver was 17,668.00 yuan, down 1,432.00 yuan. The basis of the Shanghai Gold main contract was - 2.93 yuan/gram, up 0.25 yuan; the basis of the Shanghai Silver main contract was - 439.00 yuan/gram, down 1,338.00 yuan. [1] 3.3 Supply and Demand Situation - **ETF Holdings**: The SPDR Gold ETF holdings were 1,071.99 tons, up 0.86 tons; the SLV Silver ETF holdings were 16,305.96 tons, down 84.60 tons. - **CFTC Non - commercial Net Positions**: The non - commercial net position of gold in CFTC was 233,978.00 contracts, up 10,092.00 contracts; the non - commercial net position of silver in CFTC was 36,352.00 contracts, down 8,357.00 contracts. - **Supply and Demand Quantities**: The total quarterly supply of gold was 1,313.07 tons, up 86.24 tons; the total annual supply of silver was 32,056.00 tons, up 482.00 tons. The total quarterly demand for gold was 1,257.90 tons, up 174.15 tons; the total annual demand for silver was 35,716.00 tons, down 491.00 tons. [1] 3.4 Macroeconomic Data - The US dollar index was 98.01, down 0.03; the 10 - year US Treasury real yield was 1.90, down 0.01. The VIX volatility index was 14.20, up 0.60; the CBOE gold volatility index was 0.04, up 0.04. The ratio of S&P 500 to gold price was 1.59; the gold - silver ratio was 58.11, down 5.69. [1] 3.5 Industry News - US President Trump met with Ukrainian President Zelensky. Both sides said the talks were fruitful but no major announcements were made. Trump said they discussed many topics and were close to an agreement, while Zelensky emphasized that the territorial issue was difficult and should be decided by the Ukrainian people. - The minutes of the Bank of Japan's December policy meeting showed that many members thought Japan's real interest rate was still very low, hinting at continued interest rate hikes in the future. One member suggested adjusting policies at intervals of "several months". - According to CME's "FedWatch", the probability of the Fed cutting interest rates by 25 basis points in January next year is 16.1%, and the probability of keeping interest rates unchanged is 83.9%. By March next year, the probability of a cumulative 25 - basis - point rate cut is 45.4%, the probability of keeping interest rates unchanged is 47.7%, and the probability of a cumulative 50 - basis - point rate cut is 6.9%. [1] 3.6 Key Points of Attention - On December 30, 2025, at 22:00, the year - on - year US FHFA house price index; on January 1, 2026, at 21:45, the US Markit manufacturing PMI. [1]

生猪产业日报 2025-12-30 | 项目类别 | 数据指标 环比 数据指标 | 最新 | | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | 期货主力合约收盘价:生猪(日,元/吨) | 11790 | 75 主力合约持仓量:生猪(日,手) | 172346 | 1230 | | | 仓单数量:生猪(日,手) | 1013 | 0 期货前20名持仓:净买单量:生猪(日,手) | -49140 | 1977 | | 现货价格 | 生猪价 河南 驻马店(日,元/吨) | 12500 | 0 生猪价 吉林 四平(日,元/吨) | 12000 | 0 | | | 生猪价 广东 云浮(日,元/吨) | 13000 | 400 生猪主力基差(日,元/吨) | 710 | -75 | | 上游情况 | 生猪存栏(月,万头) | 43680 | 1233 生猪存栏:能繁母猪(月,万头) | 3990 | -45 | | 产业情况 | CPI:当月同比(月,%) | 0.7 | 0.5 现货价:豆粕:张家港(日,元/吨) | 3120 | -10 | | | ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - For alumina, the fundamentals may be in a stage of slightly converging supply and stable demand. Suggest light - position oscillatory trading, controlling rhythm and trading risks [2] - For electrolytic aluminum, the fundamentals may be in a stage of slightly increasing supply and off - season demand. The aluminum price maintains high - level oscillation. Suggest light - position short - term long trading when the price is low, controlling rhythm and trading risks [2] - For cast aluminum alloy, the fundamentals may be in a stage of converging supply and weakening demand. Suggest light - position oscillatory trading, controlling rhythm and trading risks [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai aluminum main contract is 22,565.00 yuan/ton, down 5.00 yuan; the closing price of the alumina futures main contract is 2,751.00 yuan/ton, unchanged; the LME electrolytic aluminum three - month quotation is 2,950.50 US dollars/ton, down 6.00 US dollars [2] - The main - second - consecutive contract spread of Shanghai aluminum is - 105.00 yuan/ton, up 5.00 yuan; that of alumina is - 125.00 yuan/ton, down 3.00 yuan [2] - The main contract positions of Shanghai aluminum are 267,707.00 hands, down 21,548.00 hands; those of alumina are 404,205.00 hands, up 7,530.00 hands [2] 3.2 Spot Market - The Shanghai Non - ferrous Metals Network A00 aluminum price is 22,180.00 yuan/ton, down 310.00 yuan; the alumina spot price in Shanghai Non - ferrous Metals is 2,610.00 yuan/ton, unchanged [2] - The average price (tax - included) of ADC12 aluminum alloy ingots nationwide is 22,400.00 yuan/ton, up 400.00 yuan; the Yangtze River Non - ferrous Metals Market AOO aluminum price is 22,550.00 yuan/ton, down 380.00 yuan [2] 3.3 Upstream Situation - The alumina output is 813.80 million tons, up 27.30 million tons; the demand for alumina (electrolytic aluminum part) is 705.96 million tons, down 24.27 million tons [2] - The import quantity of aluminum scrap and waste in China is 162,756.17 tons, up 4,396.16 tons; the export quantity is 71.53 tons, up 39.07 tons [2] 3.4 Industry Situation - The total production capacity of electrolytic aluminum is 4,524.20 million tons, up 1.00 million tons; the production capacity utilization rate of alumina is 86.51%, down 0.45% [2] - The import quantity of primary aluminum is 146,109.72 tons, down 101,652.54 tons; the export quantity is 53,047.69 tons, up 28,474.13 tons [2] 3.5 Downstream and Application - The output of aluminum products is 593.10 million tons, up 23.70 million tons; the export quantity of unforged aluminum and aluminum products is 57.00 million tons, up 7.00 million tons [2] - The production of recycled aluminum alloy ingots is 70.00 million tons, up 9.17 million tons; the export quantity of aluminum alloy is 3.06 million tons, down 0.03 million tons [2] 3.6 Option Situation - The historical volatility of 20 - day Shanghai aluminum is 12.69%, up 0.01%; the historical volatility of 40 - day Shanghai aluminum is 11.57%, down 0.15% [2] - The implied volatility of the Shanghai aluminum main contract at - the - money is 22.36%, up 0.0391%; the call - put ratio of Shanghai aluminum options is 1.77, down 0.1616 [2] 3.7 Industry News - The State Administration for Market Regulation deploys key tasks for 2026, emphasizing continuous deepening of fair competition governance and strengthening of anti - monopoly and anti - unfair competition law enforcement [2] - The National Energy Administration holds a symposium on promoting the construction of a high - quality charging infrastructure system, aiming to achieve the "three - year doubling" action plan for electric vehicle charging facilities [2] - The secretary - general of the Passenger Car Association, Cui Dongshu, says that the growth of the 2026 car market is complex, with a positive growth in January expected and greater pressure in February [2] - US President Trump says he will announce the candidate for the Fed Chairman at an appropriate time, criticizes the Fed Chairman Powell, and is considering suing him [2]

| 证券代码：002961 | 证券简称：瑞达期货 | 公告编号：2025-091 | | --- | --- | --- | | 债券代码：128116 | 债券简称：瑞达转债 | | 证券代码：002961 证券简称：瑞达期货 公告编号：2025-091 瑞达期货股份有限公司 关于提前赎回"瑞达转债"的第四次提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、赎回价格：101.118 元/张（含当期应计利息，当期年利率为 2.00%，且 当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公 司（以下简称"中登公司"）核准的价格为准。 11、根据安排，截至 2026 年 1 月 16 日收市后仍未转股的"瑞达转债"将被 强制赎回，特提醒"瑞达转债"持有人注意在限期内转股。本次赎回完成后，"瑞 达转债"将在深圳证券交易所（以下简称"深交所"）摘牌。"瑞达转债"持有 人持有的"瑞达转债"存在被质押或被冻结的，建议在停止交易日前解除质押或 冻结，以免出现因无法转股而被强制赎回的情形。 12、本次"瑞达转债"赎回价格可能与其 ...

Group 1 - The core point of the article is that Ruida Futures announced the early redemption of its convertible bonds due to the triggering of conditional redemption clauses [2] - The redemption price is set at 101.118 yuan per bond, which includes interest and tax [2] - The redemption condition satisfaction date is December 24, 2025, with the registration date for redemption on January 16, 2026, and the actual redemption date on January 19, 2026 [2] Group 2 - Any portion of the bonds that has not been converted into shares by the registration date will be forcibly redeemed and delisted [2] - Investors are advised to be aware of the risks associated with the limited time for conversion [2]

债券代码：128116 债券简称：瑞达转债 证券代码：002961 证券简称：瑞达期货 公告编号：2025-089 瑞达期货股份有限公司 关于控股股东持股比例被动稀释触及1%整数倍的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 一、本次权益变动的基本情况 经中国证券监督管理委员会《关于核准瑞达期货股份有限公司公开发行可转 换公司债券的批复》（证监许可〔2020〕1039 号）核准，公司于 2020 年 6 月 29 日公开发行了 650 万张可转债，每张面值 100 元，发行总额 65,000 万元，期限 为 6 年。 经深圳证券交易所（以下简称"深交所"）"深证上[2020]635 号"文同意， 公司 65,000 万元可转债于 2020 年 7 月 24 日起在深交所挂牌交易，债券简称"瑞 达转债"，债券代码"128116"。 本次发行的可转债转股期自可转债发行结束之日（2020 年 7 月 3 日）满六 个月后的第一个交易日（2021 年 1 月 4 日）起至可转债到期日（2026 年 6 月 28 日）止。 公司发行"瑞达转债"之前 ...

| 证券代码：002961 | 证券简称：瑞达期货 | 公告编号：2025-088 | | --- | --- | --- | | 债券代码：128116 | 债券简称：瑞达转债 | | 证券代码：002961 证券简称：瑞达期货 公告编号：2025-088 瑞达期货股份有限公司 关于提前赎回"瑞达转债"的第三次提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、赎回价格：101.118 元/张（含当期应计利息，当期年利率为 2.00%，且 当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公 司（以下简称"中登公司"）核准的价格为准。 11、根据安排，截至 2026 年 1 月 16 日收市后仍未转股的"瑞达转债"将被 强制赎回，特提醒"瑞达转债"持有人注意在限期内转股。本次赎回完成后，"瑞 达转债"将在深圳证券交易所（以下简称"深交所"）摘牌。"瑞达转债"持有 人持有的"瑞达转债"存在被质押或被冻结的，建议在停止交易日前解除质押或 冻结，以免出现因无法转股而被强制赎回的情形。 12、本次"瑞达转债"赎回价格可能与其 ...

| 证券代码：002961 | 证券简称：瑞达期货 | 公告编号：2025-090 | | --- | --- | --- | | 债券代码：128116 | 债券简称：瑞达转债 | | 证券代码：002961 证券简称：瑞达期货 公告编号：2025-090 向银行申请综合授信额度提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 瑞达期货股份有限公司（以下简称"公司"）于 2025 年 2 月 25 日召开了第 四届董事会第三十二次会议和第四届监事会第二十六次会议，审议通过了《关于 2025 年度向银行申请综合授信额度并提供担保暨关联交易的议案》。根据子公 司（包括下属全资、控股子公司、孙公司）发展计划及日常经营资金需求，公司 董事会同意 2025 年度子公司向银行申请不超过人民币 8 亿元的综合授信额度。 融资担保方式包括但不限于：公司控股股东福建省瑞达控股有限责任公司、实际 控制人之一林鸿斌先生及其配偶林幼雅女士提供连带责任保证担保、子公司以自 有资产提供抵押或质押担保、公司合并报表范围内其他子公司提供的担保等。上 述授 ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:沪铜(日,元/吨) | 98,860.00 | +140.00↑ LME3个月铜(日,美元/吨) | 12,534.00 | +371.50↑ | | 期货市场 | 主力合约隔月价差(日,元/吨) | -80.00 | +60.00↑ 主力合约持仓量:沪铜(日,手) | 235,503.00 | -16594.00↓ | | | 期货前20名持仓:沪铜(日,手) | -41,742.00 | -13656.00↓ LME铜:库存(日,吨) | 157,025.00 | -1550.00↓ | | | 上期所库存:阴极铜(周,吨) | 111,703.00 | +15898.00↑ LME铜:注销仓单(日,吨) | 48,875.00 | -2875.00↓ | | | 上期所仓单:阴极铜(日,吨) | 65,878.00 | -2856.00↓ | | | | | SMM1#铜现货(日,元/吨) | 100,740.00 | ...