| 证券代码:002961 | | --- | | 债券代码:128116 | 证券代码：002961 证券简称：瑞达期货 公告编号：2025-076 债券代码：128116 债券简称：瑞达转债 瑞达期货股份有限公司 关于全资子公司为控股孙公司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 述授信额度的申请期 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The precious metals market may continue to experience wide - range fluctuations. The tariff policy narrative is uncertain, and the ongoing US government shutdown and central bank gold - buying expectations provide bottom support for gold prices. However, the strengthening of the US dollar and long - term yields pose potential pressure on gold prices. The weakening of the interest - rate cut expectation and the strengthening of the US dollar may hinder the upward movement of gold prices. If the narrative of the end of the US government shutdown heats up, it may also suppress the upward expectation of gold prices. It is recommended to adopt an interval - band trading strategy. The recommended trading range for the Shanghai Gold 2512 contract is 890 - 950 yuan/gram, and for the Shanghai Silver 2512 contract is 11000 - 11600 yuan/kilogram [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai Gold main contract is 915.58 yuan/gram, down 7 yuan; the closing price of the Shanghai Silver main contract is 11238 yuan/kilogram, down 217 yuan. The main - contract positions of Shanghai Gold are 144602 hands, down 6771 hands; those of Shanghai Silver are 257090 hands, down 4377 hands. The net positions of the top 20 in the Shanghai Gold main contract are 101888 hands, down 2567 hands; those of Shanghai Silver are 93370 hands, down 192 hands [3] 3.2现货市场 - The warehouse - receipt quantity of gold is 87816 kilograms, unchanged; that of silver is 665610 kilograms, up 6759 kilograms. The spot price of gold on the Shanghai Non - ferrous Metals Network is 916 yuan/gram, down 1.5 yuan; the spot price of silver is 11343 yuan/kilogram, down 7 yuan. The basis of the Shanghai Gold main contract is 0.42 yuan/gram, up 5.5 yuan; the basis of the Shanghai Silver main contract is 105 yuan/kilogram, up 210 yuan [3] 3.3 Supply - Demand Situation - Gold ETF holdings are 1041.78 tons, up 2.58 tons; silver ETF holdings are 15189.82 tons, unchanged. The non - commercial net positions of gold in CFTC are 266749 contracts, up 339 contracts; those of silver are 52276 contracts, up 738 contracts. The total supply of gold in the quarter is 1313.01 tons, up 54.84 tons; the total supply of silver in the year is 987.8 million troy ounces, down 21.4 million troy ounces. The total demand for gold in the quarter is 1313.01 tons, up 54.83 tons; the global total demand for silver in the year is 1195 million ounces, down 47.4 million ounces [3] 3.4 Option Market - The 20 - day historical volatility of gold is 35.96%, up 0.01%; the 40 - day historical volatility is 26.96%, up 0.01%. The implied volatility of at - the - money call options for gold is 25.83%, down 0.59%; the implied volatility of at - the - money put options for gold is 25.83%, down 0.59% [3] 3.5 Industry News - The US Treasury Secretary said that if China continues to block rare - earth exports, the US may impose additional tariffs on China. The Chinese Foreign Ministry responded that dialogue and cooperation are the right ways. A Fed governor called for more aggressive interest - rate cuts, saying that the Fed's policy is too tight. Another Fed governor said that each Fed meeting is real - time for monetary policy, and the Fed's dual - mandate risks have increased. The US October ISM manufacturing index was 48.7, remaining below the boom - bust line, and the tariff policy still suppresses the manufacturing outlook [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 | I 主力合约收盘价（元/吨） | 775.50 | -7.00↓ I 主力合约持仓量(手) | 547,754 | +12824↑ | | | I 1-5合约价差（元/吨） | 19.5 | -2.50↓ I 合约前20名净持仓(手) | -13848 | +7076↑ | | | I 大商所仓单（手） | 1,000.00 | 0.00 | | | | | 新加坡铁矿石主力合约截止15：00报价(美元/吨) | 103.75 | -1.30↓ | | | | 现货市场 | 青岛港61.5%PB粉矿 (元/干吨) | 854 | -2↓ 青岛港60.8%麦克粉矿 (元/干吨) | 852 | -1↓ | | | 京唐港56.5%超特粉矿 (元/干吨) | 757 | -8↓ I 主力合约基差 (麦克粉干吨-主力合约) | 77 | +6↑ | | | 铁矿石62%普氏指数（前一日，美元/吨） | 105.85 | -1.55↓ 江苏废钢 ...

玉米系产业日报 2025-11-04 | 项目类别 | 数据指标 环比 数据指标 | 最新 | 最新 | 环比 | | --- | --- | --- | --- | --- | | | -6 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) 玉米月间价差(1-5):(日,元/吨) 6 玉米淀粉月间价差(1-3):(日,元/吨) 吨) | 2135 -97 | 2444 -11 | -9 -2 | | 期货市场 | 期货持仓量(活跃合约):黄玉米(日,手) 9833 期货持仓量(活跃合约):玉米淀粉(日,手) | 927070 | 213454 | -479 | | | -2229 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) | -87776 | -63035 | -1588 | | | 注册仓单量:黄玉米(日,手) 2385 注册仓单量:玉米淀粉(日,手) 手) | 66351 | 12453 | 0 | | | 主力合约CS-C价差(日,元/吨) 2 | 340 | | | | 外盘市场 | 期货收盘价(活跃合约):CBOT玉米 ...

棉花(纱)产业日报 2025-11-04 数据来源第三方(wind、同花顺、棉花信息网、棉花协会网)，观点仅供参考。市场有风险，投资需谨慎！ 化，支撑棉价，但上方受供应施压，预计棉价震荡偏弱为主。 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。 入淡季，市场对后期需求信心仍不足，棉纺织企业多持观望态度，以刚需补库为主。总体上，新棉成本固 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑棉主力合约收盘价(日,元/吨) | 1353 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The tin market shows a situation of weak supply and demand, and it is expected that tin prices will fluctuate at a high level in the short term. Technically, the decline in positions and price corrections indicate a decrease in the bullish sentiment. It is recommended that previous long positions be held with caution, and attention should be paid to the support levels at 280,000 and 282,000 yuan/ton [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract for Shanghai tin is 283,730 yuan/ton, down 2,030 yuan; the 12 - 1 - month contract closing price is -330 yuan/ton, down 110 yuan. - The LME 3 - month tin price is 35,915 US dollars/ton, down 265 US dollars. - The main contract holding volume of Shanghai tin is 34,378 lots, down 2,184 lots; the net holding of the top 20 futures is -1,790 lots, down 118 lots. - LME tin total inventory is 2,850 tons, down 25 tons; Shanghai Futures Exchange inventory of tin is 5,919 tons, up 153 tons; Shanghai Futures Exchange tin warrants are 5,976 tons, up 246 tons [3]. 3.2 Spot Market - The SMM 1 tin spot price is 285,400 yuan/ton, unchanged; the Yangtze River Non - ferrous Market 1 tin spot price is 285,960 yuan/ton, unchanged. - The basis of the Shanghai tin main contract is -360 yuan/ton, down 850 yuan; the LME tin premium (0 - 3) is 74 US dollars/ton, up 34 US dollars [3]. 3.3 Upstream Situation - The import volume of tin ore and concentrates is 0.87 million tons, down 0.16 million tons. - The average price of 40% tin concentrate is 273,400 yuan/ton, up 1,000 yuan; the average price of 60% tin concentrate is 277,400 yuan/ton, up 1,000 yuan. - The processing fee for 40% tin concentrate by Antaike is 10,500 yuan/ton, unchanged; the processing fee for 60% tin concentrate by Antaike is 6,500 yuan/ton, unchanged [3]. 3.4 Industry Situation - The monthly output of refined tin is 1.4 million tons, down 0.16 million tons; the import volume of refined tin is 1,501.64 tons, up 63.06 tons [3]. 3.5 Downstream Situation - The price of 60A solder bar in Gejiu is 184,850 yuan/ton, unchanged. - The cumulative output of tin - plated sheets (strips) is 110.93 million tons, up 14.48 million tons; the export volume of tin - plated sheets is 19.76 million tons, up 3.1 million tons [3]. 3.6 Industry News - Blue Fuan stated that the government will further implement a package of debt resolution plans, replace local government's existing implicit debts, and establish a long - term supervision system for local government debts. - The US ISM manufacturing PMI in October dropped to 48.7%, contracting for eight consecutive months, with weak demand and employment and cooling inflation. - Fed Governor Milan believes that Fed policy is too tight and should achieve a neutral interest rate through a series of 50 - basis - point interest rate cuts [3].

| 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) | 11685 | -50 主力合约持仓量:生猪(日,手) | 146297 | 1618 | | | 仓单数量:生猪(日,手) | 185 | 0 期货前20名持仓:净买单量:生猪(日,手) | -33782 | -3579 | | 现货价格 | 生猪价 河南 驻马店(日,元/吨) | 12000 | -300 生猪价 吉林 四平(日,元/吨) | 12100 | -200 | | | 生猪价 广东 云浮(日,元/吨) | 12700 | -300 生猪主力基差(日,元/吨) | 315 | -250 | | 上游情况 | 生猪存栏(月,万头) | 43680 | 1233 生猪存栏:能繁母猪(月,万头) | 4035 | -3 | | 产业情况 | CPI:当月同比(月,%) | -0.3 | 0.1 现货价:豆粕:张家港(日,元/吨) | 3050 | 10 | | 玉米现货价 | | 22 ...

Report Industry Investment Rating - Not provided in the report Core Viewpoints - In early October, the progress of sugarcane crushing and sugar production in Brazil slowed down significantly, indicating a weakening production rhythm in the later stage of crushing [2]. - In the domestic market, the forecasted arrival of out - of - quota raw sugar in October is 174,500 tons, and the import volume is expected to decrease month - on - month. Affected by news such as syrup and premixed powder, there is support at the lower level. However, the loose supply - demand situation still exerts pressure on the sugar market, and sugar prices will mainly operate at a low level in the short term [2]. Summary by Directory Futures Market - The closing price of the main futures contract for sugar is 5,481 yuan/ton, a decrease of 18 yuan; the main contract position is 368,822 lots, a decrease of 3,969 lots [2]. - The number of sugar warehouse receipts is 7,432, a decrease of 30; the net long position of the top 20 futures holders is - 49,848 lots, an increase of 2,894 lots [2]. - The total forecast of valid warehouse receipts for sugar is 1,586, an increase of 1,000 [2]. Spot Market - The estimated import processing price of Brazilian sugar within the quota is 4,057 yuan/ton, an increase of 51 yuan; the estimated import processing price of Thai sugar within the quota is 4,122 yuan/ton, an increase of 51 yuan [2]. - The estimated import price of Brazilian sugar outside the quota (50% tariff) is 5,139 yuan/ton, an increase of 66 yuan; the estimated import price of Thai sugar outside the quota (50% tariff) is 5,225 yuan/ton, an increase of 67 yuan [2]. - The spot price of white sugar in Kunming is 5,680 yuan/ton, a decrease of 15 yuan; in Nanning, it is 5,750 yuan/ton, unchanged; in Liuzhou, it is 5,730 yuan/ton, a decrease of 10 yuan [2]. Upstream Situation - The national sugar - crop planting area is 1,480 thousand hectares, an increase of 60 thousand hectares; the planting area of sugarcane in Guangxi is 835.09 thousand hectares, a decrease of 12.86 thousand hectares [2]. - The cumulative national sugar production is 11.1621 million tons, an increase of 54,900 tons; the cumulative national sugar sales volume is 9.9998 million tons, an increase of 449,800 tons [2]. - The monthly import volume of sugar is 550,000 tons, a decrease of 280,000 tons; the total monthly sugar exports from Brazil are 3.2458 million tons, a decrease of 498,200 tons [2]. Industry Situation - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota is 1,502 yuan/ton, a decrease of 40 yuan; the price difference between imported Thai sugar and Liuzhou sugar within the quota is 1,437 yuan/ton, a decrease of 40 yuan [2]. - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar outside the quota (50% tariff) is 420 yuan/ton, a decrease of 55 yuan; the price difference between imported Thai sugar and Liuzhou sugar outside the quota (50% tariff) is 334 yuan/ton, a decrease of 56 yuan [2]. Downstream Situation - The monthly output of refined sugar is 539,100 tons, an increase of 85,000 tons; the monthly output of soft drinks is 1.5917 million tons, a decrease of 184,100 tons [2]. Option Market - The implied volatility of at - the - money call options for sugar is 7.52%, an increase of 0.28%; the implied volatility of at - the - money put options for sugar is 7.32%, an increase of 0.08% [2]. - The 20 - day historical volatility of sugar is 7.46%, an increase of 0.05%; the 60 - day historical volatility is 6.83%, a decrease of 0.07% [2]. Industry News - In the 2025/26 sugar - crushing season, a total of 26 sugar mills in Mongolia and Xinjiang have started crushing, with an expected total output of about 1.4 million tons [2]. - The most actively traded March raw sugar futures on the Intercontinental Exchange (ICE) rose 0.22 cents, or 1.50%, to settle at 14.65 cents per pound. The sugarcane harvest in northern Brazil is progressing slowly, while sugar mills in the central - southern region are still gradually shutting down [2]. - In the first half of October 2025, sugar mills in the central - southern region of Brazil crushed 34.037 million tons of sugarcane, a year - on - year increase of 0.3%; produced 2.484 million tons of sugar, a year - on - year increase of 1.25%; the sugar - making ratio was 48.24%, higher than 47.33% in the same period last year [2]. - As of October 16 in the 2025/26 sugar - crushing season (April 2025 - March 2026), the cumulative sugarcane crushing in the central - southern region of Brazil was 524.9 million tons, a year - on - year decrease of 2.78%, and the cumulative sugar production was 36.016 million tons, a year - on - year increase of 0.89% [2].

1. Report Industry Investment Rating - No information provided on the industry investment rating 2. Core View of the Report - The report suggests a long - position strategy. The zinc ore import volume has increased, but domestic zinc ore processing fees have been lowered, and sulfuric acid prices have dropped, leading to a significant contraction in smelter profits and restricted growth in refined zinc output. Overseas zinc supply is tight, and the export window has opened. On the demand side, the traditional peak season effect of "Golden September and Silver October" is weak, with the real estate sector being a drag, and there are some bright spots in the automotive and home appliance sectors due to policy support. Downstream demand recovery is insufficient, domestic inventory accumulation has slowed, LME inventory has decreased, and the spot premium has risen. Technically, the increase in positions and price rise signals a strong long - position sentiment, and attention should be paid to the MA5 support [3] 3. Summary by Relevant Catalog 3.1 Futures Market - The closing price of the main SHFE zinc contract is 22,670 yuan/ton, up 105 yuan; the 12 - 01 contract price spread of SHFE zinc is - 30 yuan/ton, unchanged. The LME three - month zinc quotation is 3,108 dollars/ton, up 58 dollars. The total open interest of SHFE zinc is 225,814 lots, up 4,126 lots; the net open interest of the top 20 in SHFE zinc is 12,756 lots, up 1,900 lots. The SHFE zinc warehouse receipts are 68,197 tons, up 548 tons. The SHFE inventory is 103,416 tons, down 5,752 tons; the LME inventory is 33,825 tons, down 1,475 tons [3] 3.2现货市场 - The spot price of 0 zinc on Shanghai Non - ferrous Metals Network is 22,580 yuan/ton, up 230 yuan; the spot price of 1 zinc in the Yangtze River Non - ferrous Metals Market is 22,720 yuan/ton, up 400 yuan. The basis of the main ZN contract is - 90 yuan/ton, up 125 yuan; the LME zinc premium (0 - 3) is 130.71 dollars/ton, up 45.14 dollars. The arrival price of 50% zinc concentrate in Kunming is 18,080 yuan/ton, up 690 yuan; the price of 85% - 86% crushed zinc in Shanghai is 15,950 yuan/ton, up 100 yuan [3] 3.3 Upstream Situation - The WBMS zinc supply - demand balance is - 27,800 tons, down 5,700 tons; the ILZSG zinc supply - demand balance is 47,900 tons, up 17,700 tons. The global zinc ore production is 1.0976 million tons, up 21,400 tons; domestic refined zinc production is 651,000 tons, up 34,000 tons. Zinc ore imports are 505,400 tons, up 38,100 tons [3] 3.4 Industry Situation - Refined zinc imports are 22,677.51 tons, down 2,979.32 tons; refined zinc exports are 2,477.83 tons, up 2,166.92 tons. The social zinc inventory is 162,200 tons, down 1,200 tons [3] 3.5 Downstream Situation - The production of galvanized sheets is 2.32 million tons, up 10,000 tons; the sales of galvanized sheets are 2.28 million tons, down 90,000 tons. The newly started housing area is 453.99 million square meters, up 55.9799 million square meters; the completed housing area is 311.2888 million square meters, up 34.3534 million square meters. Automobile production is 3.227 million vehicles, up 474,600 vehicles; air - conditioner production is 18.0948 million units, up 1.276 million units [3] 3.6 Option Market - The implied volatility of at - the - money call options for zinc is 13.54%, up 1%; the implied volatility of at - the - money put options for zinc is 13.54%, up 1%. The 20 - day historical volatility of at - the - money zinc options is 10.49%, up 0.98%; the 60 - day historical volatility of at - the - money zinc options is 9.42%, up 0.19% [3] 3.7 Industry News - China will further implement a package of debt resolution plans, replace local government's existing implicit debts, and establish a long - term supervision system for local government debts. The US ISM manufacturing PMI in October dropped to 48.7%, contracting for eight consecutive months, with weak demand and employment and cooling inflation. A Fed governor believes that the Fed's policy is too tight and should achieve a neutral interest rate through a series of 50 - basis - point interest rate cuts [3]

不锈钢产业日报 2025-11-04 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 仓减量价格下跌，多空交投分歧，下行通道趋势，下方关注12400位置支撑。操作上，建议暂时观望，或逢 研究员: 陈思嘉 期货从业资格证F03118799 期货投资咨询从业证书号Z0022803 高轻仓做空。 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 | 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:不锈钢(日,元/吨) | 12545 | -85 12-01月合约价差:不锈钢(日,元/吨) | -65 | -10 | | | 期货前20名持仓:净买单量:不锈钢(日,手) | -58 ...