尿素2511合约交割简析 1 海证期货研究所 2025年11月19日 UR2511交割要点简述 UR11合约历次交割回顾——基差及交割量简析 合约 最后交易日 交割结算价 河南现价 河北现价 河南基差 河北基差 UR2011 20201117 1736 1840 1790 104 54 UR2111 20211116 2451 2520 2490 69 39 UR2211 20221116 2551 2590 2640 39 89 UR2311 20231116 2502 2530 2500 28 -2 UR2411 20241114 1792 1800 1820 8 28 UR2511 20251114 1619 1610 1630 -9 11 尿素11合约的历史基差情况汇总 尿素历史合约交割及基差情况汇总 -200 -150 -100 -50 0 50 100 150 200 250 300 0 500 1000 1500 2000 2500 3000 3500 4000 4500 交割量 河南基差 河北基差 ➢ 自上市至今，尿素11合约已经历了6次交割。作为交割主流的河南、河北地区，尿素11合约历次交割 ...

与会人士表示，本次观摩与研讨活动的成功举办，不仅印证了国产原木期货交割体系的实际可行性，也汇聚了行业协会、 金融机构与产业链核心企业的多方智慧，为构建更加成熟、稳健的原木期货市场奠定了扎实基础。各方一致认为，将以此次成 功交割为开端，携手推动中国木材产业迈向更高质量的发展新阶段。 （编辑 李家琪 张昕） 本报讯 （记者王宁）近日，我国首单国产原木期货在重庆成功完成交割。为系统总结此次交割经验，共谋产业未来路径， 银河期货有限公司同中国木材与木制品流通协会、广西广林林产供应链集团、浙江凯德嘉瑞国际贸易有限公司、浙江济海贸易 发展有限公司等机构组成联合考察团，赴重庆市江津区珞璜工业园，实地见证了国产原木期货首次交割的全过程。 上述机构相关人士深入交割现场，全程观摩并详细了解了国产原木从仓储管理、质量检验、装卸作业到出库放行的全流程 操作。此次交割的顺利实施，充分展现了国产原木标准化、本土化与市场化的运营能力，得到与会嘉宾对流程规范性与操作高 效性的广泛认可。 现场观摩结束后，部分企业与参会嘉宾就木材产业链协同、原木期货交割机制优化，以及实体企业如何有效利用期货、期 权等金融工具进行风险管理等议题开展了深入的专题研 ...

1、仓单计重：用于交割的氧化铝期货需按净含量进行计重，氧化铝的每张标准仓单实物溢短不超过 ±1%，磅差不超过±0.3%； 氧化铝期货生产日期超60天不能入库。 2、包装规格：用于交割的氧化铝期货的包装规格应当为每袋净含量1.5±0.15吨，外包装需使用符合集 装袋国标GBT10454-2000的包装袋。 根据上海期货交易所的规定，氧化铝仓库标准仓单的有效期为最早生产日期起180天以内，但必须在生 产日期起60天内进入指定交割仓库并完成检验合格，才能制成标准仓单。 氧化铝期货在交割时需注意什么？ 氧化铝期货在交割时，需要注意仓单计重与包装规格，具体如下： 国产氧化铝以包装袋喷码的"包装日期"为生产日期起算点，进口氧化铝以报关单上的"进口日期"为准， 两者均须倒推60天计算截止入库时限。 例如，若一批氧化铝的生产日期为2025年9月1日，则其必须在2025年10月30日前完成入库并检验合格， 才能注册为仓库标准仓单。如果该批货物在11月1日才尝试入库，即使未超过180天，也将被系统拒绝注 册仓单。 ...

氧化铝期货的交割品分为国产和进口。两者均需符合GB/T 24487-2022的化学成分和物理性能要求。具 体如下： 2、进口氧化铝：必须是交易所认可的外国生产企业生产的商品，目前仅有澳大利亚的2家企业获得认 可。进口商品需提供质检证书、产地证明、报关单等文件。 1、国产氧化铝：必须是上海期货交易所注册的国内品牌，由国内获批生产企业出具质量证明书。每标 准仓单的生产日期不超过连续15日，以最早日期作为仓单生产日期。凭质保书免检入库。 1、国产品牌：目前有8个注册品牌，涉及17家生产企业，覆盖山东、山西、河南、广西、贵州等主产 区，产能占全国46.9%。 2、进口企业：仅认可澳大利亚两家企业，其产能占澳大利亚总产能的65.4%，主要针对中国进口市 场。 注册品牌与认可企业： ...

Group 1 - The core point of the article is that alumina futures can be delivered throughout the year, with contracts available for every month from January to December [1] - Each month's contract has a specified last trading day, typically the 15th of the month, with adjustments for holidays [1] - Delivery methods include warehouse delivery and factory delivery, with designated locations by the exchange to ensure feasibility of year-round delivery [1] Group 2 - Individual clients are not allowed to participate in delivery and must close positions by the third trading day before the last trading day [2] - Only qualified corporate clients, such as exchange members or those with VAT invoicing capabilities, can enter the delivery month and apply for delivery [2] - Special months, such as during the Spring Festival, may have adjusted last trading days, as notified by the Shanghai Futures Exchange [2]

Financial Performance - The company's revenue for the first three quarters of 2025 reached ¥1,303.19 million, representing a year-on-year growth of 82.46% [3] - The net profit attributable to shareholders was ¥59.24 million, showing a year-on-year decline of 12.42% [3] Accounts Receivable - The increase in accounts receivable by the end of Q3 2025 is attributed to the growth in operating revenue [3] Competitive Advantages - The company is recognized as a national 4A-level logistics enterprise, with competitive advantages including comprehensive logistics and warehousing service capabilities, multi-category futures delivery warehouse qualifications, and a well-established logistics network [3] Convertible Bonds and M&A Plans - The company is actively advancing its convertible bond project and will disclose any progress in accordance with regulatory requirements [3] - Currently, there are no plans for mergers and acquisitions, but the company aims to leverage its influence in the bulk commodity logistics and warehousing sector to expand its international freight and futures delivery operations [4]

Group 1: Market Participants - The market participants in the alumina futures market can be categorized into five main types: upstream production enterprises, downstream consumption enterprises, domestic and foreign traders, financial institutions and arbitrage funds, and individual and speculative funds [1][2]. Group 2: Upstream and Downstream Enterprises - Upstream production enterprises, such as alumina plants, use futures to hedge against price fluctuations of bauxite and their own products, thereby locking in sales profits [1]. - Downstream consumption enterprises, like electrolytic aluminum plants, utilize a combination of "alumina futures + electrolytic aluminum futures" to stabilize processing fees and profits [1]. Group 3: Trading and Financial Institutions - Domestic and foreign traders, along with spot traders and specialized futures companies, engage in both hedging and basis trading, providing liquidity to the market [1]. - Financial institutions and arbitrage funds, including futures company asset management, private equity funds, and chemical product arbitrage teams, primarily conduct cross-commodity, cross-month, or spot-futures arbitrage [1]. Group 4: Individual and Speculative Funds - The high volatility of alumina futures attracts a significant amount of intraday short-term and high-frequency speculative funds, which play an important role in price discovery [2]. Group 5: Delivery Details - The delivery unit for alumina futures is set at 300 tons (15 lots) in integer multiples, with dual-track delivery involving registered brands and warehouses/factories; individuals are not allowed to enter the delivery month [3]. - The quality standards are defined by the national standard GB/T 24487-2022 for AO-1 or AO-2 grades, with strict upper limits on impurities such as SiO, FeO, and NaO [3]. - The delivery settlement price is calculated as the arithmetic average of the settlement prices from the last five trading days with transactions [4].

Core Insights - The article discusses the pricing, margin calculations, delivery methods, and transaction fees for monthly average futures of three chemical products: Linear Low-Density Polyethylene (LLDPE), Polyvinyl Chloride (PVC), and Polypropylene (PP) Pricing and Settlement - The daily settlement price for monthly average futures is aligned with the corresponding physical futures price during ordinary months, while in the expiration month, it is calculated as a weighted arithmetic average of the prices from the traded days and remaining days [1] - For example, the settlement price for L2504F on March 6, 2025, is calculated using the prices from March 1-3 and the remaining 20 days [1] Margin Calculations - The margin ratio for the three chemical products' monthly average futures generally matches that of the corresponding physical futures contracts, and adjustments to the physical contracts' margin will also affect the monthly average futures [1] Delivery and Settlement Price Calculation - The delivery method for the three chemical products' monthly average futures is cash settlement, with the settlement price being the arithmetic average of the daily settlement prices of the corresponding physical futures in the month prior to the contract month [2] Transaction Fees - Initial transaction fees are set at 1 yuan per contract, with a reduced fee of 0.5 yuan for hedging transactions, subject to adjustments based on market conditions [2] - Delivery fees are also initially set at 1 yuan per contract, with a waiver of delivery fees until December 31, 2025, for the three chemical products' monthly average futures, except for designated high-frequency traders [2] Margin Discounts - The three chemical products' monthly average futures contracts are eligible for combined margin discounts, with specific details available on the Dalian Commodity Exchange's website after the contracts are listed [2]

Group 1: Report Summary - The report is a delivery report for the 2510 contracts of rebar and hot-rolled coil in October 2025 [2][3] - The delivery settlement price of the rebar 2510 contract is 2954 yuan/ton, at a discount to the spot price, mainly due to the continuous contraction of building material demand and weak market expectations [3][5] - The delivery settlement price of the hot-rolled coil 2510 contract is 3534 yuan/ton, at a premium to the spot price, and it's the first significant premium delivery in recent years due to the weakening of the basis on the last trading day [3][24] Group 2: Rebar 2510 Contract Delivery Summary Delivery Price and Basis Repair Path - The rebar 2510 contract is at a discount delivery, with discounts of 226 and 236 yuan/ton to Shanghai and Tianjin spot prices respectively [5] - In Q3 2025, domestic steel prices rose first and then fell. The supply-demand contradiction accumulated during the continuous release of production, putting pressure on prices [3][5] - The peak-season consumption was still lower than previous years. The basis was strong from August to September, and the large discount structure suppressed the delivery enthusiasm [5] Delivery Volume and Position Change - The total delivery volume of the Rb2510 contract is 76,200 tons, mainly concentrated in Jiangsu and Guangdong. The warehouse registered warehouse receipts on the last trading day were 277,000 tons, not all completed for delivery [8] - The delivery parties were relatively scattered, mainly participating in hedging and basis trading [8] Inter - period Strategy Summary - The demand of the 2510 contract was weak, and the delivery settlement price was at the lowest level in recent years [17] - The far - month contracts were at a premium to the near - month contracts. As of October 15, the 10 - 1 spread of rebar steel closed at - 84 yuan/ton [17] - The main driver of the 10 - 1 reverse spread was the weak reality, with insufficient near - month demand and relatively stronger far - month performance supported by policies [17] Group 3: Hot - rolled Coil 2510 Delivery Summary Delivery Price and Basis Repair Path - The hot - rolled coil 2510 contract is at a premium delivery, with premiums of 254 and 274 yuan/ton to Shanghai and Tianjin spot prices respectively [24] - The basis weakened significantly on the last trading day, and the scattered seller seats and poor delivery concentration led to a sharp rise in the settlement price due to virtual position closing [24] Delivery Volume and Position Change - The delivery volume of the HC2510 contract is 66,000 tons, significantly lower than the HC2410 contract and at a medium - low level in recent years [32] - The delivery warehouse receipts were mainly concentrated in Jiangsu. The factory warehouse receipts increased significantly after the change of delivery rules, which facilitated hedging for traders and increased their participation enthusiasm [32] Inter - period Strategy Summary - The average level of the 10 - 1 positive spread of hot - rolled coil was higher than the same period in previous years [38] - As of October 15, the 10 - 1 spread of hot - rolled coil expanded to 398 yuan/ton, a new high in recent years, mainly due to the insufficient delivery ability of the seller and the sharp rise of the 2510 contract price caused by the departure of virtual positions [38]

Core Viewpoint - Zhengzhou Commodity Exchange has drafted the "Delivery Guidelines for Red Date Futures (Draft for Public Consultation)" to adapt to new market changes and facilitate industry clients' participation, publicly soliciting opinions on October 20 [1] Group 1: Market Development - The red date spot market has rapidly developed in recent years, presenting new situations and changes that necessitate the revision of futures business rules [1] - The exchange aims to align futures standards more closely with the actual conditions of the spot industry to enhance the functionality of the product [1] Group 2: Guidelines Structure - The "Delivery Guidelines" consist of six chapters: General Principles, Delivery Service Institutions, Delivery Process, Re-inspection Process, Supervision and Management, and Supplementary Provisions, totaling twenty-nine articles [1] - The guidelines are designed to clarify the rights and obligations of delivery participants, strengthen the responsibilities of delivery service institutions and members, and detail the delivery process for better understanding and execution by all parties involved [1]