Report Summary 1. Investment Rating The report does not provide an investment rating for the precious metals industry. 2. Core View The precious metals market was previously boosted by interest rate cut expectations, leading to some long - position profit - taking and causing the main contracts of Shanghai gold and silver to oscillate and correct, with increased intraday volatility. Silver continues its strong trend supported by the tight spot market, and the squeeze trading may not ease quickly in the short term. The macro data shows a mixed picture of the US economy, strengthening the narrative of a weakening labor market. Interest rate futures indicate an 89% probability of a Fed rate cut in December. The macro expectation of rate cuts continues to be positive for the gold and silver markets. In the short term, precious metals may maintain an oscillating and strengthening trend after the Fed confirms the rate - cut tone, but short - term correction risks should be noted. The London gold price has a resistance level of $4300 per ounce and a support level of $4100 per ounce; the London silver price has a resistance level of $59 per ounce and a support level of $54 per ounce [2]. 3. Summary by Directory 3.1 Futures Market - **Prices**: The closing price of the Shanghai gold main contract was 953.42 yuan/gram, down 3.3 yuan; the closing price of the Shanghai silver main contract was 13424 yuan/kg, down 158 yuan [2]. - **Positions**: The position of the Shanghai gold main contract was 197,638 hands, down 161 hands; the position of the Shanghai silver main contract was 27,706 hands, down 3818 hands [2]. - **Volumes**: The trading volume of the Shanghai gold main contract was 310,489 hands, up 10393 hands; the trading volume of the Shanghai silver main contract was 2,280,887 hands, down 383516 hands [2]. - **Warehouse Receipts**: The warehouse receipt quantity of Shanghai gold was 90870 kg, down 3 kg; the warehouse receipt quantity of Shanghai silver was 654,098 kg, up 27465 kg [2]. 3.2 Spot Market - The spot price of gold on the Shanghai Gold Exchange was 949.32 yuan/gram, down 0.74 yuan; the spot price of Huatong No.1 silver was 13,705 yuan/kg, up 13 yuan [2]. - The basis of the Shanghai gold main contract was - 4.10 yuan/gram, up 2.54 yuan; the basis of the Shanghai silver main contract was 281 yuan/kg, up 171 yuan [2]. 3.3 Supply and Demand - **ETF Holdings**: The SPDR gold ETF holdings were 1046.58 tons, down 1.71 tons; the SLV silver ETF holdings were 15,998.55 tons, up 135.40 tons [2]. - **CFTC Non - commercial Net Positions**: The non - commercial net position of gold in CFTC was 176609 contracts, down 27307 contracts; the non - commercial net position of silver in CFTC was 37,259 contracts, down 5922 contracts [2]. - **Supply**: The total quarterly supply of gold was 1313.07 tons, up 86.24 tons; the total annual supply of silver was 32,056 tons, up 482 tons [2]. - **Demand**: The total quarterly demand for gold was 1257.90 tons, up 174.15 tons; the total annual demand for silver was 35,716 tons, down 491 tons [2]. - **Other Indicators**: The US dollar index was 98.87, down 0.45; the 10 - year US Treasury real yield was 1.82%, down 0.03% [2]. 3.4 Macro Data - The VIX volatility index was 16.08, down 0.51; the CBOE gold volatility index was 21.96, down 0.53 [2]. - The ratio of the S&P 500 to the gold price was 1.63, up 0.01; the gold - silver ratio was 72.14, down 1.24 [2]. 3.5 Industry News - The US ISM Services PMI in November rose to 52.6, a nine - month high. New order growth declined from a one - year high, the payment price index dropped to a seven - month low, and the employment index rose to a six - month high. The US ADP employment in November decreased by 32,000, far below expectations [2]. - According to CME's "FedWatch", the probability of a 25 - basis - point rate cut by the Fed in December is 89%, and the probability of keeping the interest rate unchanged is 11%. By January next year, the probability of a cumulative 25 - basis - point rate cut is 64.8%, the probability of keeping the interest rate unchanged is 7.6%, and the probability of a cumulative 50 - basis - point rate cut is 27.6% [2]. - The US has invited the Ukrainian delegation to the US for peace - negotiation consultations. The US believes the Moscow talks between the US and Russia have "positive significance" for the peace process [2]. 3.6 Key Events to Watch - US Challenger job cuts in November on December 4 at 20:30 - US initial jobless claims for the week ending November 29 on December 4 at 21:30 - US September PCE personal consumption expenditure data (time to be determined) [2]

Report Industry Investment Rating - Not provided Core View of the Report - The domestic sugar market has digested previous negative factors, and the pessimistic sentiment has eased. It is expected that the sugar price will fluctuate in the future. The delayed start of sugar cane pressing in Guangxi and the faster pressing progress in Yunnan compared to the same period last year, along with the entry of low - priced new sugar from Guangxi into the market, have affected the price of Yunnan sugar. However, the relatively stable prices of processed sugar and beet sugar provide some support for the sugar price in Guangxi [2] Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract for sugar decreased by 38 yuan/ton, and the main contract position decreased by 941 hands to 329,240 hands. The net long position of the top 20 futures holders increased by 6,915 hands to - 45,977 hands. The number of warehouse receipts was 0, and the effective warehouse receipt forecast was 183 [2] Spot Market - The estimated import - processing price of Brazilian sugar within the quota decreased by 15 yuan/ton to 4,106 yuan/ton, and that of Thai sugar decreased by 15 yuan/ton to 4,152 yuan/ton. The estimated import price of Brazilian sugar outside the quota (50% tariff) decreased by 20 yuan/ton to 5,203 yuan/ton, and that of Thai sugar decreased by 19 yuan/ton to 5,264 yuan/ton. The spot prices of sugar in Yunnan Kunming, Guangxi Nanning, and Guangxi Liuzhou all decreased, with decreases of 30 yuan/ton, 30 yuan/ton, and 20 yuan/ton respectively [2] Upstream Situation - The national sugar - crop planting area increased by 60 thousand hectares, and the sugar - cane planting area in Guangxi increased by 5.24 thousand hectares to 840.33 thousand hectares [2] Industry Situation - The cumulative national sugar production reached 1,116.21 million tons, with a monthly increase of 5.49 million tons. The cumulative sales of cane sugar in Guangxi reached 602.29 million tons, with a monthly increase of 26.66 million tons. The cumulative production of cane sugar in Yunnan was 241.88 million tons. The total sugar exports from Brazil reached 420.5 million tons, with a monthly increase of 95.92 million tons. The monthly sugar import volume was 75 million tons, and the cumulative import volume was 390 million tons [2] Downstream Situation - The monthly production of refined sugar was 34.39 million tons, and the monthly production of soft drinks was 1,096.2 million tons, a decrease of 495.5 million tons [2] Option Market - The implied volatility of at - the - money call and put options for sugar decreased by 0.9%. The 20 - day historical volatility decreased by 0.38%, and the 60 - day historical volatility increased by 0.01% [2] Industry News - As of October 21, 2025, the non - commercial net short position in raw sugar futures was 140,401 hands, an increase of 350 hands from the previous week. The long position was 165,348 hands, a decrease of 8,626 hands from the previous week, and the short position was 305,749 hands, a decrease of 8,976 hands from the previous week. The most actively traded March raw sugar futures on the ICE fell 0.05 cents or 0.30% to settle at 14.93 cents per pound [2]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - On December 4, the JM2605 contract of coking coal closed at 1184.0, up 1.94%. The spot price of Tangshan Meng 5 coking coal was 1390, equivalent to 1170 on the futures market. Coking coal is in a bottom - oscillating state with short - term multi - and short - side fluctuations. Technically, the daily K - line is below the 20 - and 60 - day moving averages, and the short - term trend is oscillating [2]. - On December 4, the J2601 contract of coke closed at 1651.5, up 1.69%. The first - round price cut of coke in the spot market has been implemented. The demand for coke has decreased with the iron - making output down by 1.60 million tons this period, and the total coke inventory is higher than the same period. The average profit per ton of coke for 30 independent coking plants is 46 yuan/ton. Technically, the daily K - line is below the 20 - and 60 - day moving averages, and the short - term trend is oscillating [2]. 3) Summary by Related Catalogs Futures Market - JM主力合约收盘价（日，元/吨） was 1091.50, up 21.00; J主力合约收盘价（日，元/吨） was 1651.50, up 27.00. JM期货合约持仓量（日，手） was 833449.00, down 14909.00; J期货合约持仓量（日，手） was 45213.00, down 1315.00. The net position of the top 20 contracts of coking coal was - 79594.00, up 17706.00; that of coke was - 387.00, down 670.00 [2]. - JM5 - 1月合约价差（日，元/吨） was 92.50, down 1.50; J5 - 1月合约价差（日，元/吨） was 131.00, up 4.00. The coking coal warehouse receipt was 0.00, down 600.00; the coke warehouse receipt was 2070.00, unchanged [2]. Spot Market - The price of Ganqimao Du Meng 5 raw coal was 1015.00, up 15.00; the price of Tangshan Grade 1 metallurgical coke was 1830.00, unchanged. The price of Russian main coking coal forward spot (CFR, USD/wet ton) was 162.00, unchanged; the price of Rizhao Port quasi - Grade 1 metallurgical coke was 1620.00, unchanged [2]. - The price of Australian imported main coking coal at Jingtang Port was 1510.00, unchanged; the price of Tianjin Port Grade 1 metallurgical coke was 1720.00, unchanged. The price of Shanxi - produced main coking coal at Jingtang Port was 1630.00, down 40.00; the price of Tianjin Port quasi - Grade 1 metallurgical coke was 1620.00, unchanged [2]. - The price of medium - sulfur main coking coal in Lingshi, Jinzhong, Shanxi was 1610.00, unchanged. The J主力合约基差 （日，元/吨） was 178.50, down 27.00; the JM主力合约基差（日，元/吨） was 518.50, down 21.00 [2]. Upstream Situation - The daily output of clean coal from 314 independent coal washing plants was 27.10 million tons, up 0.50; the weekly inventory of clean coal from 314 independent coal washing plants was 321.40 million tons, up 16.10. The weekly capacity utilization rate of 314 independent coal washing plants was 0.37%, unchanged; the monthly output of raw coal was 40675.00 million tons, down 475.50 [2]. - The monthly import volume of coal and lignite was 4174.00 million tons, down 426.00; the daily average output of raw coal from 523 coking coal mines was 190.40 million tons, down 0.90. The weekly inventory of imported coking coal at 16 ports was 465.00 million tons, up 8.10; the weekly inventory of coke at 18 ports was 247.20 million tons, down 6.20 [2]. - The weekly total inventory of coking coal of all - sample independent coking enterprises was 1010.30 million tons, down 27.89; the weekly inventory of coke of all - sample independent coking enterprises was 71.76 million tons, up 6.47. The weekly inventory of coking coal of 247 steel mills nationwide was 801.30 million tons, up 4.22; the weekly inventory of coke of 247 sample steel mills was 625.52 million tons, up 3.18 [2]. - The weekly available days of coking coal of all - sample independent coking enterprises was 13.01 days, up 0.04; the weekly available days of coke of 247 sample steel mills was 11.29 days, up 0.24 [2]. Industry Situation - The monthly import volume of coking coal was 1059.32 million tons, down 33.04; the monthly export volume of coke and semi - coke was 73.00 million tons, up 19.00. The monthly output of coking coal was 4231.51 million tons, up 255.59; the weekly capacity utilization rate of independent coking enterprises was 72.95%, up 1.24 [2]. - The weekly profit per ton of coke in independent coking plants was 46.00 yuan/ton, up 27.00. The monthly output of coke was 4189.60 million tons, down 66.00 [2]. Downstream Situation - The weekly blast furnace operating rate of 247 steel mills nationwide was 81.07%, down 1.10; the weekly blast furnace iron - making capacity utilization rate of 247 steel mills was 87.96%, down 0.60. The monthly output of crude steel was 7199.70 million tons, down 149.31 [2]. Industry News - Premier Li Qiang pointed out that new - type urbanization is an important carrier for expanding domestic demand, promoting industrial upgrading, and strengthening the domestic cycle. The OECD predicts that the inflation rate of G20 economies will gradually fall from 3.4% in 2025 to 2.5% in 2027, and the public debt ratio of OECD economies is expected to reach 113% in 2027 [2]. - The EU will completely ban the import of Russian natural gas from the autumn of 2027. From January to November, the trade - in of consumer goods drove the sales of related goods to exceed 2.5 trillion yuan, benefiting over 360 million people. Among them, over 11.2 million cars and over 128.44 million household appliances were traded in [2].

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， 出处为瑞 达研究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。 铝类产业日报 2025/12/4 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 沪铝主力合约收盘价(日,元/吨) | 22,060.00 | +120.00↑ 氧化铝期货主力合约收盘价(日,元/吨) | 2,615.00 | -21.00↓ | | | 主力-连二合约价差:沪铝(日,元/吨) | -60.00 | +30.00↑ 主力-连二合约价差:氧化铝(日,元/吨) | -68.00 | +12.00↑ | | | 主力合约持仓量:沪铝(日,手) | 244,457.00 | -4791.00↓ 主力合约持仓量:氧化铝(日,手) | 329,329.00 | -15058.00↓ | | | LME铝注销仓单(日,吨) | 48 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The current situation of loose supply and demand in the cotton market continues. New cotton sales progress is significantly slow, market digestion rhythm is below expectations, and port inventories remain high. Downstream demand shows no obvious improvement, with fewer new orders for textile enterprises and a slowdown in cotton yarn shipment rhythm. The short - term rebound space of cotton prices is limited, and attention should be paid to the improvement of actual restocking willingness and macro - dynamics [2][3] 3. Summary by Relevant Catalogs 3.1 Futures Market - Zhengzhou cotton main contract closing price is 13,790 yuan/ton, up 10 yuan; cotton yarn main contract closing price is 20,095 yuan/ton, up 170 yuan - Cotton futures top 20 net positions are - 132,985 lots, down 4,146 lots; cotton yarn futures top 20 net positions are - 413 lots, up 34 lots - Cotton main contract positions are 513,147 lots, down 9,021 lots; cotton yarn main contract positions are 13,558 lots, up 8,642 lots - Cotton warehouse receipt quantity is 2,639 sheets, up 50 sheets; cotton yarn warehouse receipt quantity is 12 sheets, down 1 sheet [2] 3.2 Spot Market - China Cotton Price Index (CCIndex:3128B) is 14,998 yuan/ton, down 7 yuan; China Yarn Price Index (pure cotton carded yarn 32 - count) is 20,770 yuan/ton, unchanged - China Imported Cotton Price Index (FCIndexM:1% tariff) is 12,936 yuan/ton, down 5 yuan; arrival price of imported cotton yarn price index (pure cotton carded yarn 32 - count) is 20,978 yuan/ton, up 19 yuan - China Imported Cotton Price Index (FCIndexM:sliding duty) is 13,932 yuan/ton, down 5 yuan; arrival price of imported cotton yarn price index (pure cotton combed yarn 32 - count) is 22,234 yuan/ton, up 20 yuan [2] 3.3 Upstream Situation - National cotton sowing area is 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; national cotton output is 6.16 million tons, an increase of 0.54 million tons - Cotton - yarn price difference is 5,772 yuan/ton, up 7 yuan; national industrial inventory of cotton is 785,000 tons, down 76,000 tons [2] 3.4 Industry Situation - Cotton import volume is 90,000 tons, down 10,000 tons; cotton yarn import volume is 140,000 tons, up 10,000 tons - Imported cotton profit is 1,073 yuan/ton, up 30 yuan; national commercial inventory of cotton is 2.9306 million tons, up 1.9089 million tons [2] 3.5 Downstream Situation - Yarn inventory days are 26.12 days, up 1.27 days; grey cloth inventory days are 31.97 days, up 0.85 days - Cloth output is 2.62 billion meters, down 0.18 billion meters; yarn output is 2.001 million tons, down 73,000 tons - Export value of clothing and clothing accessories is 110,034,804,300 US dollars, down 14,497,665,700 US dollars; export value of textile yarns, fabrics and products is 112,584,189,200 US dollars, down 7,080,970,800 US dollars [2] 3.6 Option Market - Implied volatility of cotton at - the - money call option is 10.99%, up 1.46%; implied volatility of cotton at - the - money put option is 11%, up 1.47% - 20 - day historical volatility of cotton is 5.73%, down 0.24%; 60 - day historical volatility of cotton is 6.67%, down 0.01% [2] 3.7 Industry News - As of December 3, 2025, 20,147,916 bales of cotton have been inspected, totaling 4,548,335 tons, a year - on - year increase of 16.88%. Xinjiang cotton cumulative inspection volume is 4,474,521 tons, a year - on - year increase of 18.34% - Intercontinental Exchange (ICE) cotton futures fell slightly on Wednesday. The ICE March cotton futures contract closed down 0.11 cents, or 0.17%, at 64.46 cents per pound [2] 3.8 Viewpoint Summary - On the supply side, new cotton sales progress is slow, and port inventory remains high. As of November 27, the inventory of imported cotton in major ports increased by 1.28% week - on - week, with a total inventory of 380,300 tons - On the demand side, downstream demand has not improved significantly, with fewer new orders for textile enterprises and a slowdown in cotton yarn shipment rhythm. The current situation of loose supply and demand continues, and the short - term rebound space of cotton prices is limited [2][3]

Report Industry Investment Rating - No investment rating provided in the report. Core Viewpoints - The trading of late Fuji apples has slowed down. The shipments in the production areas are mainly for packaging and delivering previously ordered goods. The inventory work in the Shandong production area is basically finished, with some ground transactions by direct - shipping merchants to the market. The in - warehouse transactions have gradually started, and the foreign trade channels are still seeking goods, with small fruits having better sales and the出库 speed slightly faster than the same period last year. In the Shaanxi production area, the products are gradually leaving the warehouse. In Luochuan, merchants mainly package their own goods and distribute them through their own channels, with a small amount of fruit sourced from fruit farmers, and the cold - storage trading atmosphere is light. The arrival volume in the sales area market has increased, but the trading atmosphere remains light. The increasing listing volume of citrus fruits squeezes the sales space of apples. There are signs of adjustment in the futures price, and it is advisable to wait and see in the short term. Attention should be paid to the impact of other substitute fruits. [2] Summary by Directory Futures Market - The closing price of the main apple futures contract is 9,605 yuan/ton, and the main contract's open interest is 128,838 lots, with an increase of 8,515 lots. The net long position of the top 20 futures holders is 4,433 lots, a decrease of 3,711 lots. [2] Spot Market - The spot price of bagged apples above 75 in Gansu Jingning is 5.25 yuan/jin, and in Shandong Yiyuan is 2.6 yuan/jin, both unchanged. The spot price of bagged apples above 70 in Shaanxi Luochuan is 4.2 yuan/jin, and the spot price of bagged first - grade apples above 80 in Shandong Yantai Qixia is 4 yuan/jin, both unchanged. [2] Upstream Situation - The annual national apple production is 5,128.51 million tons, an increase of 168.34 million tons. The weekly apple wholesale price is 9.38 yuan/kg, a decrease of 0.02 yuan/kg; the average wholesale price of Fuji apples is 9.06 yuan/kg, a decrease of 0.01 yuan/kg. The national total apple cold - storage inventory is 763.51 million tons, a decrease of 3.24 million tons. The capacity utilization ratio of Shandong apple cold - storage is 54%, unchanged, and that of Shaanxi is 58%, unchanged. The monthly apple export volume is 80,000 tons, an increase of 10,000 tons. [2] Industry Situation - The monthly import value of fresh and dried fruits and nuts has a year - on - year change of - 5.8%, and the monthly year - on - year change of apple export value is - 14.3%. The monthly import value is 1.334364 billion US dollars, a decrease of 503.616 million US dollars. The profit of storage merchants for first - and second - grade bagged 80 apples is 0 yuan/jin, unchanged. [2] Downstream Situation - The weekly wholesale price of pears is 6.76 yuan/kg, an increase of 0.05 yuan/kg; the weekly wholesale price of bananas is 5.41 yuan/kg, an increase of 0.22 yuan/kg; the weekly wholesale price of watermelons is 3.8 yuan/kg, an increase of 0.04 yuan/kg. The average daily morning arrival volume at the Guangdong Jiangmen wholesale market is 6 vehicles, and at the Guangdong Xiaqiao wholesale market is 19.2 vehicles, and at the Guangdong Chalong wholesale market is 25.2 vehicles, an increase of 1.4 vehicles. [2] Option Market - The implied volatility of at - the - money call options for apples is 1.85%, a decrease of 15.66%, and the implied volatility of at - the - money put options is 17.51%, a decrease of 9.27%. [2] Industry News - As of December 3, 2025, the total inventory of apples in cold - storage in the main national production areas is 763.51 million tons, a decrease of 3.24 million tons from last week. The capacity utilization ratio in the Shandong production area is 53.97%, a decrease of 0.23% from last week, and in the Shaanxi production area is 58.21%, a decrease of 0.23% from last week. [2]

Core Viewpoint - As of December 4, 2025, Ruida Futures (002961) closed at 24.28 yuan, marking a 5.89% increase with a turnover rate of 6.89% and a trading volume of 306,500 lots, amounting to a total transaction value of 739 million yuan [1] Financial Performance - For the first three quarters of 2025, Ruida Futures reported a main operating revenue of 1.621 billion yuan, a year-on-year decrease of 2.87%, while the net profit attributable to shareholders was 386 million yuan, an increase of 42.15% [2] - The third quarter of 2025 saw a single-quarter main operating revenue of 575 million yuan, down 13.91% year-on-year, with a net profit attributable to shareholders of 158 million yuan, up 17.41% [2] - The company’s debt ratio stands at 84.6%, with investment income reported at 599 million yuan [2] Market Position and Valuation - Ruida Futures has a total market capitalization of 10.805 billion yuan, ranking 14th in the diversified financial industry, with a net asset value of 3.148 billion yuan, ranking 15th [2] - The company’s price-to-earnings ratio (P/E) is 21.01, significantly lower than the industry average of 209.24, ranking 8th [2] - The price-to-book ratio (P/B) is 3.61, higher than the industry average of 2.56, ranking 17th [2] - The gross profit margin is reported at 0%, while the net profit margin is 23.93%, ranking 14th in the industry [2] - Return on equity (ROE) is at 12.64%, placing the company first in the industry [2] Investment Sentiment - In the last 90 days, four institutions have rated the stock, with three giving a buy rating and one an increase rating, while the average target price set by institutions is 29.88 yuan [3]

12月4日，国内期市有色金属板块涨跌互现。其中，氧化铝期货盘面表现偏弱，截至发稿主力合约报 2603.0元/吨，震荡下跌1.63%。 供应方面，广州期货指出，目前市场长单协议未定厂家仍保持高产暂无实质性主动减产动作，国内氧化 铝进口盈亏重回水上，预计后续仍有进口货源流入国内市场，年后仍有部分海内外新增产能等待投放， 将进一步加剧市场过剩供应。 需求方面，瑞达期货（002961）分析称，国内电解铝产能受淡季影响小幅回落，但其消费端表现韧性， 令铝厂生产稳中小幅回落。 库存方面，据融达期货介绍，截至11月27日全国氧化铝库存量441.5万吨，环比增7.1万吨。 后市来看，三立期货表示，随着近期发运恢复，铝土矿价格开始震荡下行，拖累氧化铝价格逐步跌破前 期震荡区间，短期内随着基本面恶化及铝土矿成本回落，氧化铝或保持震荡偏弱走势。 ...

（文章来源：每日经济新闻） 每经AI快讯，12月4日，金融股盘中走强，瑞达期货直线拉升封板，威士顿、长城证券、湘财股份、华 泰证券、中信建投等走高。 ...

南方财经12月4日电，多元金融板块异动拉升，瑞达期货触及涨停，南华期货、越秀资本等跟涨。 ...