研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 升。MA2601合约短线预计在2080-2180区间波动。 免责声明 甲醇产业日报 2025-11-04 | 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) | 2115 | -28 甲醇1-5价差(日,元/吨) | -110 | -14 | | | 主力合约持仓量:甲醇(日,手) | 1410422 | 9856 期货前20名持仓:净买单量:甲醇(日,手) | -232474 | 20185 | | | 仓单数量:甲醇(日,张) | 11447 | -160 | | | | 现货市场 | 江苏太仓(日,元/吨) | 2075 | -15 内蒙古(日,元/吨) | 1980 | -25 | | | 华东-西北价差(日,元/吨) | 110 | -40 郑醇主力合约基差(日,元/吨) | -40 | 13 | | | 甲醇:CFR中国主港(日,美元/吨) | 244 ...

纯苯产业日报 2025-11-04 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力收盘价:纯苯(日,元/吨) | 5438 | -68 主力结算价:纯苯(日,元/吨) | 5466 | -50 | | | 主力成交量:纯苯(日,手) 市场价:纯苯:华东市场:主流价(日,元/吨) | 9882 | 1859 主力持仓量:纯苯(日,手) | 16566 | 37 | | 现货市场 | | | | | | | | 市场价:纯苯:华南市场:主流价(日,元/吨) | 5420 5450 | 70 市场价:纯苯:华北市场:主流价(日,元/吨) 0 市场价:纯苯:东北地区:主流价(日,元/吨) | 5230 5215 | 60 49 | | | 市场价:加氢苯:江苏地区:主流价(日,元/吨 | 5425 | 50 市场价:加氢苯:山西地区:主流价(日,元/吨 | 4900 | 0 | | | ) 现货价:纯苯:韩国:离岸中间价(日,美元/吨 | | ) 现货价:纯苯:中国:到岸价(CFR): ...

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 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 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 花生主力合约 收盘价(日,元/吨) | 7812 | 12 花生主力合约 成交量(日,手) | 44455 | -24730 0 | | | 花生主力合约 持仓量(日,手) | 165434 | -3033 花生交易所仓单(日,手) | 0 | | | | 花生期货前20名净持仓(日,手) | -19225 | 4446 | | | | 现货市场 | 油料花生米主要流通价格(周,元/吨) | 7565.6 | 15.6 全国花生米均价(日,元/吨) | 7840 | 80 | | | 进口苏丹精米价格(日,元/吨) | 8600 | 0 河南通货米(日,元/吨) | 7200 | 200 | | | 山东通货米(日,元/吨) | 8600 | 0 | | | | 上游情况 | 中国花生产量估计 ...

螺纹钢产业链日报 2025/11/4 | 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) | 3,044.00 | -35↓ RB主力合约持仓量(手) | 1966544 | +47527↑ | | | RB合约前20名净持仓(手) | -113052 | -19611↓ RB1-5合约价差(元/吨) | -64 | +2↑ | | | RB上期所仓单日报(日，吨) | 142842 | -1798↓ HC2601-RB2601合约价差(元/吨) | 221 | +5↑ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,250.00 | -20↓ 杭州 HRB400E 20MM(过磅，元/吨) | 3,333 | -21↓ | | | 广州 HRB400E 20MM(理计，元/吨) | 3,310.00 | -20↓ 天津 HRB400E 20MM(理计，元/吨) | 3,190.00 | 0.00 | | | RB 主力合约基差 ...

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 尿素产业日报 2025-11-04 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑州尿素主力合约收盘价(日,元/吨) | 1630 | 7 郑州尿素1-5价差(日,元/吨) | -80 | 6 | | | 郑州尿素主力合约持仓量(日,手) | 272271 | 2518 郑州尿素前20名净持仓 | -27015 | 2461 | | | 郑州尿素交易所仓单(日,张) | 3900 | 2445 | | | | 现货市场 | 河北(日,元/吨) | 1590 | -20 河南(日,元/吨) | 1560 | -20 | | | 江苏(日,元/吨) | 1560 | -20 山东(日,元/吨) | 1570 | 10 | | | 安徽(日,元/吨) | 1570 | ...

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。 股指期货全景日报 2025/11/4 | 项目类别 | 数据指标 IF主力合约（2512） | 最新 4589.0 | 环比 数据指标 -41.2↓ IF次主力合约（2511） | 最新 4604.6 | 环比 -37.8↓ | | --- | --- | --- | --- | --- | --- | | | IH主力合约（2512） IC主力合约（2512） | 3008.2 7094.6 | -5.4↓ IH次主力合约（2511） -138.8↓ IC次主力合约（2511） | 3009.8 7158.2 | -5.0↓ -129.4↓ | | | IM主力合约（2512） | 7284.4 ...

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The total inventory at Qingdao Port shows a significant accumulation trend, with a slight reduction in bonded warehouses and a large accumulation in general trade warehouses. Overseas arrivals are increasing, but tire factories have sufficient inventory after previous replenishment, so they are more cautious about high - priced raw materials, resulting in a weak purchasing sentiment. The general trade warehouse's出库 is less than expected, leading to an inflection point in the total inventory accumulation in Qingdao. In terms of demand, the domestic tire enterprise capacity utilization rate decreased slightly last week, and most enterprises will maintain the current production schedule in the short term. The ru2601 contract is expected to fluctuate in the range of 14,700 - 15,200 in the short term, and the nr2601 contract is expected to fluctuate in the range of 11,800 - 12,250 in the short term [2] Group 3: Summary by Related Catalogs Futures Market - The closing price of the main Shanghai rubber contract is 14,875 yuan/ton, down 220 yuan; the closing price of the main 20 - rubber contract is 11,960 yuan/ton, down 250 yuan. The 1 - 5 spread of Shanghai rubber is - 85 yuan/ton, up 5 yuan; the 12 - 1 spread of 20 - rubber is - 20 yuan/ton, down 10 yuan. The spread between Shanghai rubber and 20 - rubber is 2,915 yuan/ton, up 20 yuan. The positions of the main Shanghai rubber contract are 140,178 lots, up 1,385 lots; the positions of the main 20 - rubber contract are 62,961 lots, up 35,217 lots. The net positions of the top 20 in Shanghai rubber are - 29,182 lots, up 992 lots; the net positions of the top 20 in 20 - rubber are - 11,000 lots, down 778 lots. The exchange warehouse receipts of Shanghai rubber are 120,080 tons, down 550 tons; the exchange warehouse receipts of 20 - rubber are 46,571 tons [2] Spot Market - The price of state - owned full - latex in the Shanghai market is 14,550 yuan/ton, down 100 yuan; the price of Vietnamese 3L in the Shanghai market is 15,100 yuan/ton, up 50 yuan. The price of Thai standard STR20 is 1,830 US dollars/ton, down 10 US dollars; the price of Malaysian standard SMR20 is 1,830 US dollars/ton, down 10 US dollars. The price of Thai RMB mixed rubber is 14,600 yuan/ton, down 50 yuan; the price of Malaysian RMB mixed rubber is 14,550 yuan/ton, down 50 yuan. The price of Qilu Petrochemical's styrene - butadiene 1502 is 11,200 yuan/ton, unchanged; the price of Qilu Petrochemical's cis - butadiene BR9000 is 10,500 yuan/ton, down 500 yuan. The basis of Shanghai rubber is - 325 yuan/ton, up 120 yuan; the basis of non - standard products of the main Shanghai rubber contract is - 495 yuan/ton, down 60 yuan. The price of 20 - rubber in the Qingdao market is 13,004 yuan/ton, down 2 yuan; the basis of the main 20 - rubber contract is 1,044 yuan/ton, up 238 yuan [2] Upstream Situation - The market reference price of smoked sheets of Thai raw rubber is 60 Thai baht/kg, down 0.1 Thai baht; the market reference price of rubber sheets of Thai raw rubber is 55.35 Thai baht/kg, down 0.25 Thai baht. The market reference price of glue of Thai raw rubber is 56 Thai baht/kg, unchanged; the market reference price of cup - lump of Thai raw rubber is 51.9 Thai baht/kg, down 1.4 Thai baht. The theoretical production profit of RSS3 is 174.4 US dollars/ton, down 8 US dollars; the theoretical production profit of STR20 is 6.6 US dollars/ton, down 44.4 US dollars. The monthly import volume of technically specified natural rubber is 122,600 tons, up 9,500 tons; the monthly import volume of mixed rubber is 317,500 tons, up 49,100 tons [2] Downstream Situation - The weekly opening rate of all - steel tires is 65.34%, down 0.24 percentage points; the weekly opening rate of semi - steel tires is 73.41%, down 0.26 percentage points. The inventory days of all - steel tires in Shandong at the end of the week are 39.01 days, down 1.33 days; the inventory days of semi - steel tires in Shandong at the end of the week are 44.82 days, down 0.44 days. The monthly output of all - steel tires is 13.14 million pieces, up 110,000 pieces; the monthly output of semi - steel tires is 60.25 million pieces, up 2.19 million pieces [2] Option Market - The 20 - day historical volatility of the underlying is 22.01%, down 0.06 percentage points; the 40 - day historical volatility of the underlying is 18.68%, down 0.02 percentage points. The implied volatility of at - the - money call options is 21.32%, up 0.27 percentage points; the implied volatility of at - the - money put options is 21.32%, up 0.24 percentage points [2] Industry News - In October 2025, China's heavy - truck market sold about 93,000 vehicles (wholesale caliber, including exports and new energy), a month - on - month decrease of about 12% compared with September and a year - on - year increase of about 40% compared with 66,400 vehicles in the same period last year. From January to October this year, the cumulative sales of China's heavy - truck market exceeded 900,000 vehicles, reaching 916,000 vehicles, a year - on - year increase of about 22%. As of November 2, 2025, the total inventory of natural rubber in bonded and general trade in Qingdao is 447,700 tons, a month - on - month increase of 15,400 tons, an increase of 3.57%. The bonded area inventory is 68,300 tons, a decrease of 0.58%; the general trade inventory is 379,400 tons, an increase of 4.36%. As of October 30, the capacity utilization rate of China's semi - steel tire sample enterprises is 72.12%, a month - on - month increase of 0.72 percentage points and a year - on - year decrease of 7.61 percentage points; the capacity utilization rate of China's all - steel tire sample enterprises is 65.34%, a month - on - month decrease of 0.53 percentage points and a year - on - year increase of 6.15 percentage points [2]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - Tuesday saw short - term weakness and long - term strength in the Treasury bond market. The central bank's restart of Treasury bond trading is expected to inject stable liquidity, boosting bond market sentiment. The positive progress in Sino - US trade talks has reduced market disturbances. The market anticipates that the central bank will mainly purchase medium - and short - term bonds, which may lead to a decline in short - term interest rates and potentially long - term rates as well. However, the potential suppression of long - term rates due to the recovery of risk appetite should be watched out for. It is recommended to buy on dips with a light position [2]. 3. Summary by Related Catalogs 3.1 Futures Disk - T主力收盘价108.660，环比0%；成交量66835，环比增加933。TF主力收盘价106.030，环比 - 0.01%；成交量50509，环比减少2173。TS主力收盘价102.498，环比 - 0.01%；成交量19329，环比减少5311。TL主力收盘价116.520，环比0.03%；成交量86971，环比减少11856 [2]. 3.2 Futures Spread - TL2512 - 2603价差0.25，环比增加0.01；T12 - TL12价差 - 7.86，环比减少0.03。T2512 - 2603价差0.26，环比减少0.01；TF12 - T12价差 - 2.63，环比不变。TF2512 - 2603价差0.05，环比减少0.01；TS12 - T12价差 - 6.16，环比不变。TS2512 - 2603价差0.04，环比增加0.00；TS12 - TF12价差 - 3.53，环比不变 [2]. 3.3 Futures Position - T主力持仓量240832，环比减少3036；T前20名多头234667，环比增加2353；T前20名空头253814，环比增加2422；T前20名净空仓19147，环比减少1488。TF主力持仓量149798；TF前20名多头139385，环比减少45；TF前20名空头160251，环比增加10；TF前20名净空仓20866，环比增加55。TS主力持仓量70457，环比减少709；TS前20名多头64962，环比减少540；TS前20名空头74541，环比减少8；TS前20名净空仓9579，环比增加532。TL主力持仓量134287，环比减少3487；TL前20名多头133484，环比减少884；TL前20名空头151049，环比减少1420；TL前20名净空仓17565，环比减少536 [2]. 3.4 Top Two CTD (Clean Price) - 220017.IB(4y）净价106.7266，环比减少0.0192；220019.IB(4y）净价99.0955，环比减少0.0190。250003.IB(4y）净价99.6713，环比减少0.0117；240020.IB(4y)净价100.8844，环比减少0.0202。250017.IB(1.7y)净价100.0353，环比减少0.0110；250012.IB(2y)净价100.0453，环比减少0.0160。210005.IB(17y)净价131.5531，环比增加0.0439；210014.IB(18y)净价127.8009，环比减少0.0022 [2]. 3.5 Active Treasury Bonds - 1y收益率1.3850%，环比增加0.50bp；3y收益率1.4175%，环比增加0.75bp；5y收益率1.5350%，环比增加0.50bp；7y收益率1.6395%，环比增加0.95bp；10y收益率1.7900%，环比减少0.25bp [2]. 3.6 Short - term Interest Rates - 银质押隔夜利率1.3066%，环比增加0.66bp；Shibor隔夜利率1.3150%，环比减少0.10bp。银质押7天利率1.4058%，环比减少2.42bp；Shibor7天利率1.4150%，环比增加0.30bp。银质押14天利率1.4400%，环比减少1.00bp；Shibor14天利率1.4780%，环比增加0.90bp [2]. 3.7 LPR Rates - 1y LPR为3.00%，环比不变；5y LPR为3.5%，环比不变 [2]. 3.8 Open Market Operations - 发行规模1175亿，环比减少3578亿；到期规模4753亿；利率1.4%，期限7天 [2]. 3.9 Industry News - In October, China's manufacturing PMI was 49%, down 0.8 percentage points from the previous month. The non - manufacturing PMI was 50.1%, up 0.1 percentage points from the previous month. The composite PMI output index was 50%, down 0.6 percentage points from the previous month. - 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, while threats and pressure do not help solve problems. - The Ministry of Finance updated its official website, listing the Debt Management Department under the "Ministry Agencies". The department is responsible for formulating and implementing government domestic debt management systems and policies, etc. [2]. 3.10 Key Points to Watch - On November 5th at 21:15, the US ADP employment figures for October will be released. - On November 6th at 22:00, the Bank of England will announce its interest - rate decision, meeting minutes, and monetary policy report [3].

| 纷瑞达期货 | | --- | 格转负、氯碱利润收窄，部分企业降负减产，市场预期有所好转。短期SH2601预计在2250-2400区间震荡 助理研究员: 徐天泽 期货从业资格号F03133092 烧碱产业日报 2025-11-04 。 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 数据指标 | 最新 | 环比 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力收盘价:烧碱(日,元/吨) -14 烧碱主力合约持仓量(日,手) | 2336 | | 128064 | -7183 | | | 期货前20名净持仓:烧碱(日,手) -9167 烧碱主力 ...

Core Insights - The diversified financial sector experienced a slight increase of 0.39% on November 3, with *ST Xiongmao leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Stock Performance Summary - *ST Nengmao saw a closing price of 9.93, with a rise of 4.97% and a trading volume of 64,400 shares, totaling a transaction value of 62.95 million yuan [1] - Haide Co. closed at 7.86, up 4.80%, with a trading volume of 946,100 shares and a transaction value of 730 million yuan [1] - Jiuding Investment closed at 19.64, increasing by 4.36%, with a trading volume of 182,400 shares and a transaction value of 356 million yuan [1] - Sichuan Shuangma closed at 21.18, up 4.13%, with a trading volume of 167,000 shares and a transaction value of 350 million yuan [1] - Zhejiang Dongfang closed at 7.36, increasing by 2.79%, with a trading volume of 3,129,800 shares and a transaction value of 2.277 billion yuan [1] Capital Flow Analysis - The diversified financial sector saw a net outflow of 13.69 million yuan from institutional investors and 17.34 million yuan from retail investors, while retail investors had a net inflow of 31.03 million yuan [2] - Haide Co. had a net inflow of 81.16 million yuan from institutional investors, while experiencing a net outflow of 82.36 million yuan from retail investors [3] - Sichuan Shuangma recorded a net inflow of 44.44 million yuan from institutional investors, with net outflows from both retail and speculative investors [3]