交易咨询业务资格：证监许可【2012】1091号 PVC期货早报 2025年12月26日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点 供给端来看，据隆众统计，2025年11月PVC产量为207.926万吨，环比减少2.29%；本周样 本企业产能利用率为77.38%，环比减少0.03个百分点；电石法企业产量33.549万吨，环比 减少2.40%,乙烯法企业产量14.096万吨，环比减少2.99%；本周供给压力有所减少；下周预 计检修有所减少，预计排产少量增加。 需求端来看，下游整体开工率为45.39%，环比减少3.5个百分点，高于历史平均水平；下游 型材开工率为31.43%，环比减少3.7个百分点，低于历史平均水平；下游管材开工率为 37.6%，环比持平，高于历史平均水平；下游薄膜开工率 ...

Group 1: Report Industry Investment Ratings - No industry investment ratings provided in the report Group 2: Core Views - For螺纹: The fundamentals show weak demand, rising inventory at a low level, and low procurement willingness among traders. The real - estate industry is in a downward cycle, with a bearish outlook. However, the basis is bullish, the inventory shows mixed signals, the price is above the 20 - day line (bullish), but the net position of the main contract is short and increasing, also bearish. Overall, a bearish and volatile view is recommended [2]. - For热卷: The supply - demand situation has weakened, inventory is decreasing, exports are blocked, and domestic policies may play a role, with a neutral outlook. The basis is neutral, the inventory shows mixed signals, the price is above the 20 - day line (bullish), and the net position of the main contract is long and increasing, bullish. Overall, a bearish and volatile view is recommended [7]. Group 3: Summary by Related Catalogs 1.利多 (Positive Factors) - For螺纹: Low production, spot premium, and promotion of domestic consumption [3]. - For热卷: Decent demand, spot premium, and promotion of domestic consumption [9]. 2.利空 (Negative Factors) - For螺纹: The downstream real - estate industry is in a continuous downward cycle, and terminal demand is weaker than the same period [4]. - For热卷: Downstream demand has entered a seasonal off - season, and the outlook is pessimistic [10]. 3.价格 (Prices) - 螺纹现货价格: 3310 [2]. - 热卷现货价格: 3280 [7]. 4.库存 (Inventory) - 螺纹: The inventory in 35 major cities is 294.19 million tons, decreasing month - on - month and increasing year - on - year [2]. - 热卷: The inventory in 33 major cities is 296.7 million tons, decreasing month - on - month and increasing year - on - year [7]. 5.基差 (Basis) - 螺纹基差: 183 [2]. - 热卷基差: 0 [7].

1. Report Industry Investment Rating - Not provided in the given report 2. Core Views 2.1沪镍 - Short - term strong operation, but price is far from the moving average, need to pay attention to risks [2] 2.2不锈钢 - Strong operation, short - sellers should wait and see [4] 3. Summary by Relevant Catalogs 3.1 Nickel and Stainless Steel Price Overview - On December 24th, the price of SHFE nickel main contract was 128,000, up 4,560 from the previous day; LME nickel was 15,660, up 20; stainless steel main contract was 13,075, up 170. Among spot prices, SMM1 electrolytic nickel was 130,200, up 4,950 [9] 3.2 Nickel Warehouse Receipts and Inventory - As of December 24th, LME nickel inventory was 255,696, an increase of 1,092; SHFE nickel warehouse receipts were 38,428, a decrease of 193; total inventory was 294,124, an increase of 899 [12] 3.3 Stainless Steel Warehouse Receipts and Inventory - On December 19th, Wuxi inventory was 581,200 tons, Foshan inventory was 307,700 tons, and national inventory was 1,042,100 tons, a decrease of 21,400 tons month - on - month. On December 24th, stainless steel warehouse receipts were 47,580, a decrease of 125 [16][17] 3.4 Nickel Ore and Ferronickel Prices - On December 24th, the price of laterite nickel ore CIF was stable, with Ni1.5% at 55 dollars/wet ton and Ni0.9% at 29 dollars/wet ton. High - nickel ferronickel was 894 yuan/nickel point, up 4 [21] 3.5 Stainless Steel Production Cost - Traditional cost was 12,786, scrap steel production cost was 13,157, and low - nickel + pure nickel cost was 17,060 [23] 3.6 Nickel Import Cost Calculation - The converted import price was 124,999 yuan/ton [25]

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The price of coking coal is expected to weaken in the short - term due to limited supply release, cautious downstream purchasing, and weak downstream profits. The overall procurement mentality is weak, but low - level inventory may limit the decline [2]. - The price of coke is also expected to be weak in the short - term. With stable or increasing supply, slow sales, and the influence of falling raw material costs and weak steel prices, the supply - demand situation is further relaxed [6]. 3. Summary by Related Catalogs Daily Views - Coking Coal - **Fundamentals**: Some mines have limited production or stopped production after completing annual tasks, resulting in limited supply. Downstream and traders are cautious, affecting coal sales. The online auction market shows a slowdown, and the overall price is weakening; bearish [2]. - **Basis**: The spot market price is 1140, and the basis is 8, indicating that the spot is at a premium to the futures; bullish [2]. - **Inventory**: The total sample inventory of coking coal is 1957 tons, a decrease of 21 tons from last week; bullish [2]. - **Market Chart**: The 20 - day line is upward, and the price is above the 20 - day line; bullish [3]. - **Main Position**: The main net position of coking coal is short, and the short position is decreasing; bearish [3]. - **Expectation**: Downstream profits are poor, and the enthusiasm for production increase is low. There will be no large - scale replenishment in the short - term, and the price is expected to be weak [2]. Daily Views - Coke - **Fundamentals**: Some coking coal prices are falling, giving coking enterprises certain profits. Coking enterprises maintain their previous production levels, and supply is stable or increasing. However, downstream steel mills' purchasing willingness is low, and traders are on the sidelines. Coke inventory is accumulating; bearish [6]. - **Basis**: The spot market price is 1610, and the basis is - 136, indicating that the spot is at a discount to the futures; bearish [6]. - **Inventory**: The total sample inventory of coke is 858 tons, a decrease of 1 ton from last week; bullish [6]. - **Market Chart**: The 20 - day line is upward, and the price is above the 20 - day line; bullish [6]. - **Main Position**: The main net position of coke is long, and the long position is increasing; bullish [6]. - **Expectation**: Coking enterprises' production enthusiasm is still high, and inventory continues to accumulate. With falling raw material costs and weak steel prices, the supply - demand situation is further relaxed, and the price is expected to be weak [6]. Price - On December 24, 2025, the prices of most port metallurgical coke varieties showed a downward trend. For example, the price of quasi - first - class metallurgical coke from Shanxi in some ports decreased by 20, while a few varieties such as the dry - quenched quasi - first - class metallurgical coke in Langhui increased by 50 [9]. Inventory - **Port Inventory**: Coking coal port inventory is 295 tons, a decrease of 0.1 tons from last week; coke port inventory is 195.1 tons, an increase of 1 ton from last week [18]. - **Independent Coking Enterprise Inventory**: Independent coking enterprises' coking coal inventory is 819.3 tons, a decrease of 69.2 tons from last week; coke inventory is 42.5 tons, an increase of 3.5 tons from last week [22]. - **Steel Mill Inventory**: Steel mills' coking coal inventory is 803.8 tons, an increase of 4.3 tons from last week; coke inventory is 626.7 tons, a decrease of 13.3 tons from last week [27]. Other Data - **Coking Oven Capacity Utilization**: The capacity utilization rate of 230 independent coking enterprises nationwide is 74.48% [40]. - **Average Profit per Ton of Coke**: The average profit per ton of coke of 30 independent coking plants nationwide is 25 yuan [44].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The glass fundamentals are weak, with production profit repair being sluggish and supply contraction falling short of expectations. Downstream deep - processing orders are weak due to the real estate drag, and inventory is at a historical high for the same period. The short - term outlook is for glass to mainly oscillate weakly [2]. 3. Summary by Relevant Catalogs Glass Futures Market - The closing price of the main glass futures contract rose from 1028 yuan/ton to 1048 yuan/ton, a 1.95% increase. The spot price of Shahe Safety large boards dropped from 944 yuan/ton to 932 yuan/ton, a 1.27% decrease. The main basis increased from - 84 yuan/ton to - 116 yuan/ton, a 38.10% increase [7]. Glass Spot Market - The market price of 5mm white glass large boards in the spot benchmark area of Hebei Shahe is 932 yuan/ton, a decrease of 12 yuan/ton from the previous day [12]. Fundamentals - Cost Side - Not elaborated on in detail, only mentioned glass production profit but without specific content [13][17]. Fundamentals - Supply - The number of operating national float glass production lines is 219, with an operating rate of 73.90%, at a historical low for the same period. The daily melting volume of national float glass is 155,000 tons, and the production capacity is at a historical low for the same period [23][25]. Fundamentals - Demand - In September 2025, the apparent consumption of float glass was 4.7082 million tons [28]. Fundamentals - Inventory - The inventory of national float glass enterprises is 58.558 million weight boxes, an increase of 0.57% from the previous week, and the inventory is running above the five - year average [2][44]. Fundamentals - Supply - Demand Balance Sheet - The report provides a float glass annual supply - demand balance sheet from 2017 - 2024E, showing data on production, consumption, production growth rate, consumption growth rate, and net import proportion for each year [45]. Influencing Factors - **Positive Factors**: "Coal - to - Gas" in the Shahe area and cold repairs in the industry have led to production losses [4]. - **Negative Factors**: The terminal demand in the real estate sector remains weak, and the number of orders from glass deep - processing enterprises is at a historical low for the same period. The capital collection situation in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly focusing on digesting raw glass inventories [5]. Main Logic - The glass supply has stabilized at a low level, the orders of downstream deep - processing plants are dismal, and the glass factory inventory has increased. It is expected that the glass price will mainly oscillate weakly at a low level [6].

交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2025年12月25日 大越期货投资咨询部 金泽彬 投资咨询资格证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 PTA 每日观点 PTA： 1、基本面：昨日PTA期货震荡收涨，现货市场商谈氛围一般，现货基差略走弱。12月货在01贴水19附近商谈成交，价格商谈区 间在4975~5060。1月货在05贴水73~77成交。今日主流现货基差在01-19。中性 2、基差：现货5018，05合约基差-76，盘面升水 中性 3、库存：PTA工厂库存3.76天，环比减少0.1天 偏多 4、盘面：20日均线向上，收盘价收于20日均线之上 偏多 5、主力持仓：净多 多增 偏多 6、预期：近期PTA装置变动较少，供需格局预期尚可，期货盘面则跟随成本端大幅上行，预计短期内PTA现货 ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The supply side shows that the planned asphalt production in December 2025 is 2.158 million tons, a month - on - month decrease of 3.24%. The refineries have reduced production this week, and the supply pressure may decrease next week [7]. - The demand side indicates that the current demand is lower than the historical average level, with the heavy - traffic asphalt, building asphalt, modified asphalt, and waterproofing membrane开工率 all being low or decreasing [7]. - The cost side shows that the daily asphalt processing profit is - 290 yuan/ton, a month - on - month decrease of 14.00%. The weekly Shandong refinery delayed coking profit is 880.1214 yuan/ton, a month - on - month decrease of 10.36%. Crude oil is strengthening, and it is expected to provide short - term support [8]. - The basis on December 23 shows that the Shandong spot price is 2920 yuan/ton, and the 02 - contract basis is - 57 yuan/ton, with the spot at a discount to the futures [8]. - In terms of inventory, social inventory is decreasing, factory inventory is increasing, and port diluted asphalt inventory is decreasing significantly [8]. - The disk shows that MA20 is downward, and the 02 - contract futures price closes above MA20 [8]. - The main positions are net short, and the short positions are increasing [8]. - It is expected that the asphalt market will fluctuate narrowly in the short term, with the asphalt 2602 fluctuating in the range of 2948 - 3006 [8]. 3. Summary According to the Directory 3.1 Daily Views - **Supply - side**: The total planned asphalt production in December 2025 is 2.158 million tons, a month - on - month decrease of 3.24%. The weekly production and shipment of sample enterprises have decreased, and the estimated maintenance volume of sample enterprise devices has increased, reducing the supply pressure [7]. - **Demand - side**: The current demand is lower than the historical average level, with various types of asphalt开工率 mostly decreasing or remaining low [7]. - **Cost - side**: The asphalt processing loss has decreased, and the profit difference between asphalt and delayed coking has decreased. Crude oil is strengthening, providing short - term support [8]. - **Basis**: The spot is at a discount to the futures, which is bearish [8]. - **Inventory**: Social inventory is decreasing, factory inventory is increasing, and port inventory is decreasing significantly, showing a neutral situation [8]. - **Disk**: MA20 is downward, and the 02 - contract futures price closes above MA20, showing a neutral situation [8]. - **Main Positions**: The main positions are net short, and the short positions are increasing, which is bearish [8]. - **Expectation**: The refineries have reduced production, the demand is affected by the off - season, the inventory is stable, and the cost support is strengthening. It is expected that the disk will fluctuate narrowly in the short term, with the asphalt 2602 fluctuating in the range of 2948 - 3006 [8] 3.2 Asphalt Futures Market - Basis Trend - The report provides the historical basis trends of Shandong and East China asphalt from 2020 to 2025, which can be used to analyze the relationship between spot and futures prices [17][19] 3.3 Asphalt Futures Market - Spread Analysis - **Main - contract Spread**: The report shows the spread trends of asphalt 1 - 6 and 6 - 12 contracts from 2020 to 2025, which helps to analyze the price differences between different contracts [22] - **Asphalt - Crude Oil Price Trend**: The price trends of asphalt, Brent oil, and West Texas oil from 2020 to 2025 are presented, which can be used to analyze the relationship between asphalt and crude oil prices [25] - **Crude Oil Crack Spread**: The crack spreads of asphalt and different types of crude oil (SC, WTI, Brent) from 2020 to 2025 are provided, which helps to analyze the profitability of asphalt production [28] - **Asphalt, Crude Oil, and Fuel Oil Price Ratio Trend**: The price ratio trends of asphalt, crude oil, and fuel oil from 2020 to 2025 are shown, which can be used to analyze the relative price relationships among them [32] 3.4 Asphalt Spot Market - Market Price Trends in Different Regions - The report shows the historical price trends of Shandong heavy - traffic asphalt from 2020 to 2025, which helps to understand the price changes in the spot market [35] 3.5 Asphalt Fundamental Analysis - **Profit Analysis**: - **Asphalt Profit**: The historical asphalt profit trends from 2019 to 2025 are presented, which helps to analyze the profitability of asphalt production [37] - **Coking - Asphalt Profit Spread Trend**: The profit spread trends between coking and asphalt from 2020 to 2025 are shown, which can be used to analyze the profit differences between different production processes [40] - **Supply - side Analysis**: - **Shipment Volume**: The weekly shipment volume trends of asphalt small - sample enterprises from 2020 to 2025 are provided, which helps to understand the supply situation [44] - **Diluted Asphalt Port Inventory**: The historical trends of domestic diluted asphalt port inventory from 2021 to 2025 are shown, which can be used to analyze the supply of raw materials [46] - **Production Volume**: The weekly and monthly production volume trends of asphalt from 2019 to 2025 are presented, which helps to understand the overall supply situation [49] - **Ma Rui Crude Oil Price and Venezuelan Crude Oil Monthly Production Trend**: The price trends of Ma Rui crude oil and the monthly production trends of Venezuelan crude oil from 2018 to 2025 are shown, which can be used to analyze the impact of raw material supply on asphalt production [53] - **Refinery Asphalt Production**: The historical refinery asphalt production trends from 2019 to 2025 are provided, which helps to understand the supply from refineries [57] - **开工率**: The weekly开工率 trends of asphalt from 2021 to 2025 are presented, which helps to understand the production activity level [60] - **Maintenance Loss Estimation**: The historical trends of maintenance loss estimation from 2018 to 2025 are shown, which can be used to analyze the impact of maintenance on supply [62] - **Inventory Analysis**: - **Exchange Warehouse Receipts**: The historical trends of exchange warehouse receipts from 2019 to 2025 are provided, which helps to understand the inventory situation in the futures market [65] - **Social Inventory and Factory Inventory**: The historical trends of social inventory (70 samples) and factory inventory (54 samples) from 2022 to 2025 are shown, which helps to understand the overall inventory situation [69] - **Factory Inventory Inventory Ratio**: The historical trends of the factory inventory inventory ratio from 2018 to 2025 are presented, which can be used to analyze the inventory management efficiency of factories [72] - **Import and Export Situation**: The historical trends of asphalt export and import from 2019 to 2025 are provided, which helps to understand the international trade situation of asphalt [75] - **Demand - side Analysis**: - **Petroleum Coke Production**: The historical trends of petroleum coke production from 2019 to 2025 are presented, which helps to understand the demand for petroleum coke in the asphalt production process [81] - **Apparent Consumption**: The historical trends of asphalt apparent consumption from 2019 to 2025 are shown, which helps to understand the overall market demand [84] - **Downstream Demand**: The report shows the trends of highway construction traffic fixed - asset investment, new local special bonds, and infrastructure investment completion from 2019 to 2025, which helps to understand the downstream demand for asphalt [87] - **Downstream Machinery Demand**: The historical trends of asphalt concrete paver sales, excavator monthly operating hours, domestic excavator sales, and roller sales from 2019 to 2025 are provided, which helps to understand the demand for asphalt in construction machinery [91] - **Asphalt开工率**: The historical trends of heavy - traffic asphalt开工率, construction asphalt开工率, modified asphalt开工率, and other types of asphalt开工率 from 2019 to 2025 are presented, which helps to understand the production activity level of different types of asphalt [96] - **Downstream开工情况**: The historical trends of shoe - material SBS modified asphalt开工率, road modified asphalt开工率, waterproofing membrane modified asphalt开工率, etc. from 2019 to 2025 are shown, which helps to understand the开工情况 of downstream industries [101] - **Supply - Demand Balance Sheet**: The monthly supply - demand balance sheet of asphalt from September 2024 to December 2025 is provided, including production, import, export, downstream demand, and inventory data, which helps to comprehensively analyze the market supply - demand situation [106]

Group 1: Investment Ratings - No investment ratings provided in the report Group 2: Core Views - The report analyzes the market conditions of coking coal and coke. For coking coal, it is expected that the supply will be difficult to recover before the Spring Festival, and the demand is hard to increase due to limited profits of coking and steel enterprises, so the short - term price may be weak. For coke, after the third round of price cuts, the inventory has slightly accumulated, and there is still a risk of further price cuts in the later period, with the short - term price also expected to be weak [2][7] Group 3: Summary by Relevant Catalogs Coking Coal - **Fundamentals**: Near the end of the year, safety accidents occur frequently, and coal mine production enthusiasm is low. Downstream coking enterprises mainly purchase raw coal as needed, coal mine shipments are not smooth, and the overall transaction is average [2] - **Basis**: The spot market price is 1140, and the basis is 14.5, with the spot at a premium to the futures [2] - **Inventory**: Steel mill inventory is 801 tons, port inventory is 295 tons, independent coking enterprise inventory is 861 tons, and the total sample inventory is 1957 tons, a decrease of 21 tons compared to last week [2] - **Market**: The 20 - day line is upward, and the price is above the 20 - day line [3] - **Main Position**: The main net position of coking coal is short, and short positions are increasing [3] - **Expectation**: After three rounds of coke price cuts, the profit recovery of coking and steel enterprises is slow. The current purchase of high - priced coal is still cautious, and the demand for coking coal is difficult to increase, with the short - term price expected to be weak [2] - **Positive Factors**: Rising hot metal production and difficult - to - increase supply [5] - **Negative Factors**: Slowed procurement of raw coal by coking and steel enterprises and weak steel prices [5] Coke - **Fundamentals**: After the third round of price cuts, the profit margin of some coking enterprises has narrowed. The overall production capacity utilization rate of coking enterprises is at a high level, and production is stable. Affected by market sentiment, the shipment rhythm has slowed down, and the inventory has slightly accumulated [7] - **Basis**: The spot market price is 1630, and the basis is - 111, with the spot at a discount to the futures [7] - **Inventory**: Steel mill inventory is 626 tons, port inventory is 187 tons, independent coking enterprise inventory is 45 tons, and the total sample inventory is 858 tons, a decrease of 1 ton compared to last week [7] - **Market**: The 20 - day line is upward, and the price is above the 20 - day line [7] - **Main Position**: The main net position of coke is long, and long positions are decreasing [7] - **Expectation**: Some steel mills are controlling arrivals. Considering the profit gap between coking and steel enterprises, the speculative demand of traders has not started yet. There is still a pessimistic attitude in the market, and there is still a risk of further price cuts for metallurgical coke [7] - **Positive Factors**: Rising hot metal production and synchronous increase in blast furnace operating rate [9] - **Negative Factors**: Squeezed profit space of steel mills and partially overdrawn replenishment demand [9] Price Index and Inventory - **Port Metallurgical Coke Price Index**: On December 23 (17:30), the prices of different grades and origins of metallurgical coke in various ports are provided, with some prices showing changes [10] - **Imported Coking Coal Spot Price**: On December 23 (17:30), the prices of different types and brands of imported coking coal in various ports are given, and some prices have increased [11] - **Port Inventory**: Coking coal port inventory is 295 tons, a decrease of 0.1 tons compared to last week; coke port inventory is 195.1 tons, an increase of 1 ton compared to last week [19] - **Independent Coking Enterprise Inventory**: Coking coal inventory of independent coking enterprises is 819.3 tons, a decrease of 69.2 tons compared to last week; coke inventory is 42.5 tons, an increase of 3.5 tons compared to last week [23] - **Steel Mill Inventory**: Steel mill coking coal inventory is 803.8 tons, an increase of 4.3 tons compared to last week; coke inventory is 626.7 tons, a decrease of 13.3 tons compared to last week [28] Other Data - **Coking Plant Capacity Utilization**: The capacity utilization rate of 230 independent coking enterprises in the country is 74.48% [41] - **Average Profit per Ton of Coke**: The average profit per ton of coke for 30 independent coking plants in the country is 25 yuan [45]

交易咨询业务资格：证监许可【2012】1091号 纯碱早报 2025-12-24 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 纯碱： 1、基本面：碱厂产量高位，远兴二期年前预期投产，整体供给预期充裕；下游浮法玻璃、光伏日 熔量整体延续下滑趋势，纯碱厂库处于历史同期高位；偏空 2、基差：河北沙河重质纯碱现货价1115元/吨，SA2605收盘价为1175元/吨，基差为-60元，期货升 水现货；偏空 3、库存：全国纯碱厂内库存149.93万吨，较前一周增加0.33%，库存在5年均值上方运行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空减；偏空 6、预期：纯碱基本面疲弱，短期预计震荡偏空运行为主。 影响因素总结 利多： 1、设备问题导致企业减量检修，纯碱供应恢复较慢。 利空： 1、23年以来 ...

交易咨询业务资格：证监许可【2012】1091号 沪锌期货早报-2025年12月24日 大越期货投资咨询部 祝森林 从业资格证号：F3023048 投资咨询证号： Z0013626 联系方式：0575-85225791 4、盘面：昨日沪锌震荡上涨走势，收20日均线之上,20日均线向上；偏多。 5、主力持仓：主力净空头，空减；偏空。 6、预期：LME库存仓单开始减少；上期所仓单继续减少；沪锌ZN2602：震荡 回落。 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 指标体系 沪锌: 1、基本面：外媒10月19日消息：世界金属统计局（WBMS）公布最新数据显 示，2025年9月，全球精炼锌产量为119.35万吨,消费量为122.92万吨,供应 短缺3.57万吨.1-9月,全球锌板产量为1036.32万吨,消费量为1073.69万吨, 供应短缺37.37万吨.9月份,全球锌矿产量为116.33万吨.1-9月,全球锌矿产 量为996.47万吨；偏多。 2、基差：现货23200，基 ...