瑞达期货股份有限公司 关于会计政策变更的公告 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： 瑞达期货股份有限公司（以下简称"公司"）于 2025 年 12 月 24 日召开第五届 董事会第十次会议和第五届董事会审计委员会 2025 年第七次会议，审议通过了《关 于会计政策变更的议案》。 证券代码：002961 证券简称：瑞达期货 公告编号：2025-084 债券代码：128116 债券简称：瑞达转债 和各项具体会计准则、企业会计准则应用指南、企业会计准则解释公告以及其他相 关规定。 3、变更后采用的会计政策 本次会计政策变更后，公司将按照财政部发布的标准仓单实施问答的规定执行， 其他未变更部分仍按照财政部前期颁布的《企业会计准则——基本准则》和各项具 体会计准则、企业会计准则应用指南、企业会计准则解释公告以及其他相关规定执 行。 本次会计政策变更是公司根据中华人民共和国财政部(以下简称"财政部") 发布的相关规定而进行的变更，不会对公司财务状况、经营成果和现金流量产生重 大影响，不存在损害公司及全体股东利益的情形。 本次追溯调整对当期及前期各期利 ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The output of urea decreased slightly this week due to new device overhauls, but is expected to increase slightly considering short - term malfunctions of enterprises. Agricultural demand is in a short - term off - season, with some reserve demand for replenishment, especially in the Northeast. The start - up rate of compound fertilizer decreased slightly due to environmental warnings in some areas, and its capacity utilization rate is expected to decline steadily. Affected by market sentiment, urea factories' order intake improved and inventory continued to decline. After the end of environmental warnings, urea output is expected to rise and inventory may increase. The UR2605 contract is expected to fluctuate in the range of 1710 - 1770 yuan/ton [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Zhengzhou urea main contract was 1735 yuan/ton, up 14 yuan/ton; the 5 - 9 spread was 23 yuan/ton, down 2734 yuan/ton. The main contract's open interest was 187,367 lots, up 8318 lots, and the net position of the top 20 was - 24,111 lots. The exchange warehouse receipts were 10,432 sheets, down 100 sheets [2]. 3.2 Spot Market - In the domestic spot market, the price in Hebei was 1730 yuan/ton, unchanged; in Henan, it was 1680 yuan/ton, down 10 yuan/ton; in Jiangsu and Shandong, it was 1710 yuan/ton, with Jiangsu down 10 yuan/ton and Shandong unchanged; in Anhui, it was 1700 yuan/ton, unchanged. The basis of the Zhengzhou urea main contract was - 25 yuan/ton, up 3 yuan/ton. The FOB price in the Baltic Sea was 350 US dollars/ton, unchanged, and the FOB price at the main Chinese port was 390 US dollars/ton, unchanged [2]. 3.3 Industry Situation - Port inventory was 138,000 tons, up 15,000 tons; enterprise inventory was 1.1797 million tons, down 54,500 tons. The urea enterprise start - up rate was 80.69%, down 1.16 percentage points; the daily output was 195,100 tons, down 2800 tons. Urea exports were 600,000 tons, down 600,000 tons; the monthly output was 6,000,330 tons, up 129,060 tons [2]. 3.4 Downstream Situation - The compound fertilizer start - up rate was 39.37%, down 1.25 percentage points; the melamine start - up rate was 58.55%, down 3.31 percentage points. The weekly profit of compound fertilizer in China was 140 yuan/ton, up 3 yuan/ton; the weekly profit of melamine with externally purchased urea was - 36 yuan/ton, down 23 yuan/ton. The monthly output of compound fertilizer was 4.3825 million tons, up 753,800 tons; the weekly output of melamine was 30,500 tons, down 1700 tons [2]. 3.5 Industry News - As of December 24, the total inventory of Chinese urea enterprises was 1.0689 million tons, down 110,800 tons from last week, a 9.39% decrease. As of December 18, the sample inventory at Chinese urea ports was 138,000 tons, up 15,000 tons, a 12.20% increase, with exports being shipped to ports steadily. As of December 18, the output of Chinese urea production enterprises was 1.3659 million tons, down 19,500 tons from the previous period, a 1.41% decrease; the capacity utilization rate was 80.69%, down 1.16 percentage points [2]. 3.6 Suggested Attention - Pay attention to Longzhong's enterprise inventory, port inventory, daily output, and start - up rate on Thursday [2].

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 | HC 主力合约收盘价(元/吨) | 3,285 | +4↑ HC 主力合约持仓量(手) | 1229562 | +31165↑ | | | HC 合约前20名净持仓(手) | 19,853 | -4663↓ HC1-5合约价差(元/吨) | 2 | +3↑ | | | HC 上期所仓单日报(日，吨) | 131893 | 0.00 HC2605-RB2605合约价差(元/吨) | 149 | -4↓ | | 现货市场 | 杭州 4.75热轧板卷(元/吨) | 3,340.00 | +20.00↑ 广州 4.75热轧板卷(元/吨) | 3,260.00 | 0.00 | | | 武汉 4.75热轧板卷(元/吨) | 3,330.00 | 0.00 天津 4.75热轧板卷(元/吨) | 3,180.00 | 0.00 | | | HC主力合约基差(元/吨) | 55.00 | +16.00↑ 杭州热卷-螺纹钢价差(元/吨) | 1 ...

面，放量增仓价格上涨，多头氛围较强。观点参考：预计短线沪镍偏强调整，关注MA5支撑，上方13关口 。 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 | | | 沪镍产业日报 2025-12-24 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪镍(日,元/吨) | 128000 | 4560 01-02月合约价差:沪镍(日,元/吨) | -350 | 50 | | | LME3个月镍(日,美元/吨) | 15640 | 380 主力合约持仓量:沪镍(日,手) | 152222 | 17768 | | | 期货前20名持仓:净买单量:沪镍(日,手) | -47070 | -10227 LME镍:库存(日,吨) | 254604 | 216 | | | 上期所库存:镍(周,吨) | 45280 | 603 LME镍:注销仓单:合计(日,吨) | 12306 | 534 | | | 仓单数量:沪镍 ...

Market Performance - The diversified financial sector increased by 1.38% on December 24, with Ruida Futures leading the gains [1] - The Shanghai Composite Index closed at 3940.95, up 0.53%, while the Shenzhen Component Index closed at 13486.42, up 0.88% [1] Individual Stock Performance - Ruida Futures (002961) closed at 29.21, up 10.02% with a trading volume of 304,500 shares and a transaction value of 858 million yuan [1] - Yong'an Futures (600927) closed at 15.44, up 3.42% with a trading volume of 97,400 shares [1] - Jiuding Investment (600053) closed at 20.08, up 3.40% with a trading volume of 122,400 shares [1] - Other notable performers include ST Panda (600599) up 3.00% and Nanhua Futures (603093) up 2.81% [1] Capital Flow Analysis - The diversified financial sector saw a net inflow of 26.6455 million yuan from institutional investors, while retail investors contributed a net inflow of 12.9 million yuan [2] - There was a net outflow of 156 million yuan from speculative funds [2] Detailed Capital Flow for Selected Stocks - Ruida Futures had a net inflow of 18.4 million yuan from institutional investors, but a net outflow of 44.7849 million yuan from speculative funds [3] - Jiuding Investment experienced a net inflow of 16.3632 million yuan from institutional investors, with a net outflow of 27.9435 million yuan from retail investors [3] - Yong'an Futures had a net inflow of 9.1456 million yuan from institutional investors, but a net outflow of 7.9232 million yuan from retail investors [3]

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) | 3,136.00 | +8↑ RB主力合约持仓量(手) | 1597429 | +17388↑ | | | RB合约前20名净持仓(手) | 2539 | +13441↑ RB1-5合约价差(元/吨) | -15 | -3↓ | | | RB上期所仓单日报(日，吨) | 82284 | 0.00 HC2605-RB2605合约价差(元/吨) | 149 | -4↓ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,330.00 | 0.00 杭州 HRB400E 20MM(过磅，元/吨) | 3,415 | 0.00 | | | 广州 HRB400E 20MM(理计，元/吨) | 3,510.00 | 0.00 天津 HRB400E 20MM(理计，元/吨) | 3,170.00 | 0.00 | | | RB 主力合约基差 (元/吨) | 194.00 | -8↓ 杭州热卷 ...

| | 贵金属期货日报 | | | | 2025/12/24 | | --- | --- | --- | --- | --- | --- | | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | 期货市场 | 沪金主力合约收盘价（日，元/克） | 1014.680 | 0.4↑ 沪银主力合约收盘价（日，元/千克） | 17609 | +1168.00↑ | | | 主力合约持仓量:沪金(日,手) | 186,798.00 | -13095.00↓ 主力合约持仓量:沪银(日,手) | 11,811.00 | -4436.00↓ | | | 主力合约成交量:沪金 | 351,301.00 | +74883.00↑ 主力合约成交量:沪银 | 1,367,254.00 | +137097.00↑ | | | 仓单数量:沪金(日,千克) | 93711 | 0↑ 仓单数量:沪银(日,千克) | 881,949 | -17714↓ | | 现货市场 | 上金所黄金现货价 | 1007.69 | 0.82↑ 华通一号白银现货价 | 17,348.00 | 1029.00↑ | | | 沪金主 ...

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 铁矿石产业链日报 2025/12/24 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | I 主力合约收盘价（元/吨） | 779.50 | +1.00↑ I 主力合约持仓量(手) | 553,717 | -317↓ | | | I 1-5合约价差（元/吨） | 18.5 | +0.50↑ I 合约前20名净持仓(手) | 4593 | -394↓ | | | I 大商所仓单（手） | 1,300.00 | 0.00 | | | | | 新加坡铁矿石主力合约截止15：00报价(美元/吨) | 104.1 | -0.27↓ | | | | 现货市场 | 青岛港61.5%PB粉矿 (元/干吨) | 846 | -1↓ 青岛港60.5%麦克粉矿 (元/干吨) | 840 | -1↓ | | | 京唐港56.5%超特粉矿 (元/干吨) | 762 | -4↓ I 主力合约基差 (麦克粉干吨-主力 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - A-share main indices closed generally higher, with small and medium-cap stocks outperforming large-cap blue chips. The Shanghai Composite Index rose 0.53%, the Shenzhen Component Index rose 0.88%, and the ChiNext Index rose 0.77%. The trading volume in the Shanghai and Shenzhen stock markets declined slightly, with over 4,100 stocks rising. Industry sectors generally rose, with national defense and military industry and electronics sectors strengthening significantly, while the agriculture, forestry, animal husbandry, and fishery sectors led the decline [2]. - Trump's statement strengthened market expectations that the new Fed chair will cut interest rates. Domestically, the economic fundamentals in November were weak, with the PPI - CPI gap widening for two consecutive months, and deflation pressure still existing. The December LPR quote remained unchanged, which was in line with market expectations [2]. - The weakening of the economic indicators in November put pressure on the upside of A-shares. However, the positive tone of the Politburo meeting and the Central Economic Work Conference injected confidence into the market, providing strong support for the bottom of A-shares. This week, the market is in a macro - data vacuum period, and the impact of the external environment on A-shares has increased. The recent expectation of the dovish stance of the new Fed chair has driven the US dollar weaker, and the strengthening of the RMB exchange rate supports the expectation of loose monetary policy in January 2026 [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Contract Prices**: The prices of IF, IH, IC, and IM main and sub - main contracts all increased. For example, the IF main contract (2603) rose 25.2 to 4595.0, and the IC main contract (2603) rose 111.0 to 7240.4 [2]. - **Futures Spreads**: Various spreads such as IF - IH, IC - IF, etc. also showed an upward trend. For example, the IF - IH current - month contract spread increased by 17.8 [2]. - **Futures Seasonal Spreads**: The spreads between current - season and current - month, and next - season and current - month contracts of IF, IH, IC, and IM all increased [2]. - **Futures Net Positions**: The net positions of the top 20 in IF, IH, IC, and IM all increased. For example, the IF top 20 net positions increased by 1739.0 to - 27,736.00 [2]. 3.2 Spot Market - **Spot Index Prices**: The Shanghai and Shenzhen 300 Index rose 13.3 to 4634.06, the Shanghai 50 Index fell 2.3 to 3025.2, the CSI 500 Index rose 95.3 to 7352.0, and the CSI 1000 Index rose 114.0 to 7506.4 [2]. - **Futures - Spot Basis**: The basis of IF, IH, IC, and IM main contracts all increased. For example, the IF main contract basis increased by 10.3 to - 39.1 [2]. 3.3 Market Sentiment - **Trading Volume and Balance**: The A - share trading volume decreased by 241.31 billion yuan to 18,972.42 billion yuan, while the margin trading balance increased by 149.23 billion yuan to 25,315.63 billion yuan. The northbound trading volume decreased by 17.23 billion yuan to 1804.38 billion yuan [2]. - **Other Indicators**: The proportion of rising stocks increased by 47.95% to 75.59%, the Shibor decreased by 0.005% to 1.267%, the closing price of the IO at - the - money call option increased by 12.00 to 56.60, and the implied volatility increased. The closing price of the IO at - the - money put option decreased by 10.40 to 83.20, and the implied volatility increased [2]. 3.4 Industry News - **LPR Announcement**: On December 22, the 1 - year LPR was 3.0% (the same as last time), and the 5 - year - plus LPR was 3.5% (the same as last time) [2]. - **Trump's Statement**: Trump hopes that the next Fed chair will cut interest rates when the economy and the market are performing well, rather than "strangling the market" due to inflation concerns [2]. 3.5 Key Data to Watch - December 27, 9:30: China's industrial enterprise profits above designated size for November [3]

1. Report Industry Investment Rating - No information provided about the industry investment rating 2. Report's Core View - BZ2603 oscillated with a slight upward trend, closing at 5,461 yuan/ton. Last week, the operating rate of petroleum benzene decreased month-on-month, while that of hydrogenated benzene increased. The domestic pure benzene output rose slightly. Most downstream operating rates declined, with significant drops in caprolactam, phenol, and aniline. The weighted operating rate of pure benzene downstream decreased month-on-month. The inventory at East China ports accumulated month-on-month, with high inventory pressure. The profit of petroleum benzene continued to recover, but the valuation remained low due to weak supply and demand. This week, most petroleum benzene plants will operate stably, and the load of some hydrogenated benzene plants will increase. Domestic pure benzene output is expected to increase slightly. The restart of a large styrene plant has been postponed, limiting the growth of its operating rate. The caprolactam industry will continue to cut production to maintain prices, and the plant load is expected to further decrease. The load of aniline and adipic acid plants is expected to increase slightly, but the impact is relatively limited. The supply-demand gap in the spot market will narrow slowly, and the oversupply situation is expected to continue. In terms of cost, due to the deterioration of the geopolitical situation between the US and Venezuela, international oil prices have risen significantly recently. In the short term, BZ2603 is expected to oscillate. Pay attention to the support around 5,360 and the resistance around 5,520 on the daily K-line [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the pure benzene futures main contract was 5,461 yuan/ton, up 36 yuan; the settlement price was 5,435 yuan/ton, down 17 yuan. The trading volume was 11,658 lots, down 1,607 lots; the open interest was 23,458 lots, up 0 lots [2] 3.2 Spot Market - The mainstream prices of pure benzene in the East China, North China, South China, and Northeast markets were 5,325 yuan/ton, 5,150 yuan/ton, 5,300 yuan/ton, and 5,155 yuan/ton respectively, with changes of 0, -201, 0, and -1 yuan. The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi were 5,325 yuan/ton and 5,050 yuan/ton respectively, both unchanged. The spot price of pure benzene in South Korea (FOB) was 659 US dollars/ton, unchanged; the spot price of pure benzene in China (CFR) was 666 US dollars/ton, unchanged [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil was 63.21 US dollars/barrel, up 0.42 US dollars; the CFR price of naphtha in Japan was 542.25 US dollars/ton, up 2.37 US dollars [2] 3.4 Industry Situation - The capacity utilization rate of pure benzene was 74.94%, down 0.17 percentage points; the weekly output was 43.66 tons, down 0.1 tons. The port inventory of pure benzene was 26 tons, unchanged. The production cost was 5,161.2 yuan/ton, down 32.2 yuan; the production profit was 163 yuan/ton, up 55 yuan [2] 3.5 Downstream Situation - The operating rate of styrene was 69.13%, up 0.84 percentage points; the capacity utilization rates of caprolactam, phenol, aniline, and adipic acid were 69.2%, 74.93%, 61.35%, and 59.6% respectively, with changes of -5.37, -4.54, -14.59, and 0.4 percentage points [2] 3.6 Industry News - From December 13th to 19th, the operating rate of petroleum benzene decreased by 0.17% to 74.94%, and that of hydrogenated benzene increased by 3.05% to 55.99%. Domestic pure benzene output increased slightly [2] - From December 13th to 19th, the weighted operating rate of pure benzene downstream decreased by 2.82% to 68.49% [2] - As of December 22nd, the inventory of pure benzene at East China ports was 27.3 tons, up 5% from last week [2] - From December 13th to 19th, the profit of petroleum benzene increased by 55 yuan/ton to 163 yuan/ton [2]