中国期货每日简报-20250912

Report Industry Investment Rating No relevant content provided. Core Viewpoints - On September 11, most equity indices and CGB futures rose. Among commodity futures, slightly more products gained, while SCFIS(Europe) led the declines [11][14]. - The State Council has approved the launch of 10 comprehensive reform pilots for the market - oriented allocation of factors within 2 years from the approval date. MOFCOM will encourage foreign investors to increase investment in the digital sector. Minister of Finance Lan Fo'an will implement a more proactive and effective macro - economic policy. Chairman of the NDRC Zheng Shanjie will focus on stabilizing employment, enterprises, the market, and expectations [42][43]. Summary by Directory 1. China Futures 1.1 Overview - On September 11, most equity indices and CGB futures rose. Among commodity futures, slightly more products gained, with SCFIS(Europe) leading the declines. In China's commodity futures, the top three gainers were silicon metal, coking coal, and Chinese jujube, while the top three decliners were SCFIS(Europe), rapeseed, and iron ore. In China's financial futures, all equity indices rose and most CGB Futures increased, but TL fell by 0.1% [11][12][13]. 1.2 Daily Raise - Coking Coal: On September 11, coking coal rose 2.3% to 1141.5 yuan/ton. The peak season has arrived with strong overall support, and the market is fluctuating. Supply - side coal mines have mostly resumed production, and Mongolian coal customs - clearance remains high. However, downstream procurement is cautious, and the spot market is under pressure [18][21]. - Woodpulp: On September 11, woodpulp rose 1.8% to 5016 yuan/ton. Bullish and bearish factors coexist, and price fluctuations are expected. The spot market has weakened, and the patterns of softwood and hardwood pulp are divided. Overall, the weak performance of woodpulp remains unchanged, and the main strategy is to wait and see [27][29]. 1.3 Daily Drop - Iron Ore: On September 11, iron ore fell 0.8% to 795.5 yuan/ton. The fundamentals are sound, but the peak - season demand in the finished steel segment has not yet been verified, and short - term prices are expected to fluctuate. Supply has decreased month - on - month, demand has short - term support, and inventory is at a neutral level [35][37]. 2. China News 2.1 Macro News - The State Council has approved the launch of 10 comprehensive reform pilots for the market - oriented allocation of factors within 2 years, covering multiple regions. MOFCOM will promote the orderly expansion of opening - up in digital - related sectors and encourage foreign investment in the digital sector. Minister of Finance Lan Fo'an will implement a more proactive and effective macro - economic policy. Chairman of the NDRC Zheng Shanjie will focus on stabilizing employment, enterprises, the market, and expectations [42][43].