《实施方案》提出，打造现代金融体系。积极引进境内外各类金融机构、金融资本，丰富河南省金融业 态和金融产业链。支持郑州商品交易所丰富区域特色期货品种，发展"保险+期货"，延伸期货产业链。 9月17日，河南省人民政府办公厅印发《河南省金融服务"两高四着力"实施方案》（下称《实施方 案》）。《实施方案》提出，未来3至5年，实现金融要素配置与"两高四着力"有机融合，金融"五篇大 文章"提质增效，直接融资占比明显提升，更多长期资本、耐心资本集聚发展，金融机构竞争力和影响 力明显增强，金融风险大幅收敛，现代金融体系更加完善、金融服务实体经济更加高效、金融生态环境 更加优良的金融业发展新格局基本形成。 （文章来源：期货日报网） ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Focus on the central bank's attitude. The bond market was less affected by the strong performance of the A-share index. The better-than-expected issuance of 20-year new bonds in the primary market drove the bond futures up in the afternoon. The market has low expectations for interest rate cuts. If the Fed cuts interest rates by more than 25bp tonight, it may drive the domestic bond market. The trading strategy is to buy on dips and not chase the rise. If the market continues to rise tomorrow, take profit on previous long positions [2][4] 3. Summary by Relevant Catalogs 3.1. Market Review - On Wednesday, bond futures opened lower and closed higher across the board, and spot bond yields declined. The open market conducted 418.5 billion yuan of reverse repurchases, with a net injection of 114.5 billion yuan. There was also a 150 billion yuan treasury cash fixed deposit. The funding situation remained tight, and DR001 rose to 1.49% [2] 3.2. Intraday News - The weighted winning bid rate of the 20-year treasury bond issued by the Ministry of Finance was 2.1616%, with an overall multiple of 5.71 and a marginal multiple of 2.16. Former central bank official Sheng Songcheng said that in the current economic situation, reserve requirement ratio cuts are better than interest rate cuts in China, but there is still room for interest rate cuts [3] 3.3. Market Analysis - The A-share index hit a new high today, but the bond market was less affected. The issuance of 20-year new bonds in the primary market was better than expected, and the winning bid rate was lower than the secondary market, driving the bond futures up in the afternoon. The market has low expectations for interest rate cuts. If the Fed cuts interest rates by more than 25bp tonight, it may drive the domestic bond market. The market sentiment is okay. The trading strategy is to buy on dips and not chase the rise. If the market continues to rise tomorrow, take profit on previous long positions [4] 3.4. Daily Data of Treasury Bond Futures | Contract | 2025-09-17 | 2025-09-16 | Today's Change | | --- | --- | --- | --- | | TS2512 | 102.45 | 102.41 | 0.04 | | TF2512 | 105.87 | 105.78 | 0.09 | | T2512 | 108.135 | 108.01 | 0.125 | | TL2512 | 115.82 | 115.52 | 0.3 | | TS Basis (CTD) | -0.0395 | -0.0241 | -0.0154 | | TF Basis (CTD) | -0.0011 | 0.0072 | -0.0083 | | T Basis (CTD) | 0.2948 | 0.3299 | -0.0351 | | TL Basis (CTD) | 0.5555 | 0.3712 | 0.1843 | | TS Contract Position (Lots) | 79034 | 77964 | 1070 | | TF Contract Position (Lots) | 147322 | 144812 | 2510 | | T Contract Position (Lots) | 246189 | 240621 | 5568 | | TL Contract Position (Lots) | 166472 | 168706 | -2234 | | TS Main Contract Trading Volume (Lots) | 38558 | 43740 | -5182 | | TF Main Contract Trading Volume (Lots) | 70704 | 89826 | -19122 | | T Main Contract Trading Volume (Lots) | 101611 | 138741 | -37130 | | TL Main Contract Trading Volume (Lots) | 132135 | 177470 | -45335 | [5]

股指期货日报 2025年9月17日 王映(投资咨询证号：Z0016367) 投资咨询业务资格:证监许可【2011】1290号 关注预期及量能变化，即使乐观不建议急于追仓 市场回顾 今日股指继续小幅放量，规模指数整体偏强，以沪深300指数为例，收盘上涨0.61%。从资金面来看，两市成 交额回升353.36亿元。期指方面，IH放量上涨，其余期指缩量上涨。 重要资讯 核心观点 今日股市走势整体偏强，隔夜美指回落至97下方，关于FOMC议息决议预期交易仍在发力，受此影响，与昨 日类似，今日继续表现为小盘股偏强，行业层面，前期受支撑的电新以及汽车赛道继续领涨。量能延续震荡 之势，显示观望情绪为主，目前市场已经定价美联储九月降息25BP，若会议没有释放更加鸽派的信号，预计 靴子落地后，市场或出现修正后，震荡的行情，整体影响预计持续时间不长。若出现更加鸽派信号，预计也 将在较短时间内反映完成，关注量能是否会再度持续攀升，若交易活跃度没有再升一个台阶，并且维持住， 则不建议追涨。 | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | 主力日内涨跌幅（%） | 0. ...

Report Industry Investment Rating - Not provided Core Views - The domestic soybean market is transitioning from a stage of expected supply loosening to a reality, exerting downward pressure on prices [3]. - Mid - and downstream players are waiting for the large - scale listing of new - season grains, with low acquisition enthusiasm and light current spot trading [3]. - The soybean No. 1 futures maintain a bearish trend under the suppression of supply loosening expectations [3]. - The future import rhythm will affect the demand for domestic soybeans due to the high uncertainty of Sino - US trade relations [3]. - Reducing or suspending the one - way auctions of Sinograin this week is beneficial for alleviating pressure on the spot market, and specific auction arrangements should be monitored [3]. - The consumer market is gradually recovering in September, with an expected rebound in edible demand [3]. - The new - season harvest and listing of domestic soybeans are causing significant pressure on prices, and the passive attitude of the procurement end may lead to price declines [3][4]. Summary by Related Catalogs Bean One Risk Strategy - For inventory management of planting subjects with high new - bean sales demand in autumn and large short - term selling pressure, it is recommended to short the A2511 soybean No. 1 futures with a 30% hedging ratio when the price is between 4000 - 4050 to lock in planting profits [2]. - When there is a large - scale listing and weakening bargaining power of sellers, it is recommended to sell the A2511 - C - 4050 call option with a 30% hedging ratio at 40 - 50 (holding) to increase the grain selling price [2]. - For procurement management, when worried about rising raw material prices and aiming to reduce procurement costs, it is recommended to mainly wait to purchase spot goods in the medium term and focus on forward procurement management, with a long position in A2603 and A2605, waiting for price guidance in autumn [2]. Bean One Futures Price - On September 16, 2025, compared with September 15, the closing prices of all listed soybean No. 1 futures contracts declined, with the decline ranging from 0.25% to 0.38% [4].

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Report's Core View - In the short - term, with the weakening US job market, falling consumer confidence index, and relatively controllable inflation pressure, the market trades on the Fed's rate - cut expectations and anticipates an accelerated pace of rate cuts. The market generally expects the Fed to cut rates three times this year. Geopolitical tensions and concerns about US economic stagflation support precious metal prices at high levels, with silver showing more resilience. Before the September rate cut, precious metal prices are likely to remain strong, but volatility may increase. Attention should be paid to the Fed's September meeting and Sino - US economic and trade talks this week [5] - In the long - term, due to the Fed's rate - cut expectations, continuous global geopolitical uncertainties, intensified great - power competition, and the de - dollarization trend, along with continuous gold purchases by global central banks, the long - term center of gold prices is likely to move up [5] Group 3: Summary by Relevant Catalogs 1. Price Tracking of Gold and Silver - On September 15, 2025, compared with September 12, 2025, London gold spot price was at $3636.27/ounce (-0.4%), London silver spot price was at $42.12/ounce (0.2%), COMEX gold was at $3674.10/ounce (-0.4%), COMEX silver was at $42.61/ounce (0.0%), AU2510 was at 831.60 yuan/gram (-0.3%), AG2510 was at 10017.00 yuan/kilogram (-0.2%), AU (T + D) was at 828.56 yuan/gram (-0.3%), and AG (T + D) was at 9997.00 yuan/kilogram (-0.1%) [3] 2. Spread/Ratio of Gold and Silver - From September 12 to September 15, 2025, the spread of gold TD - SHFE active price changed from -3.54 yuan/gram to -3.04 yuan/gram (-14.1%), the spread of silver TD - SHFE active price changed from -25 yuan/kilogram to -20 yuan/kilogram (-20.0%), the spread of gold's internal - external market (TD - London) changed from -2.80 yuan/gram to -2.15 yuan/gram (-23.3%), the spread of silver's internal - external market (TD - London) changed from -741 yuan/kilogram to -776 yuan/kilogram (4.8%), the SHFE gold - silver ratio changed from 83.13 to 83.02 (-0.1%), the COMEX gold - silver ratio changed from 86.58 to 86.23 (-0.4%), AU2512 - 2510 changed from 2.48 yuan/gram to 2.50 yuan/gram (0.8%), and AG2512 - 2510 changed from 26 yuan/kilogram to 28 yuan/kilogram (7.7%) [3] 3. Position Data - As of September 12, 2025, compared with September 11, 2025, the gold ETF - SPDR was at 974.8 tons (-0.32%), the silver ETF - SLV was at 15069.6026 tons (0.00%), the non - commercial long position of COMEX gold was 324875 contracts (2.87%), the non - commercial short position was 63135 contracts (-4.72%), the non - commercial net long position was 261740 contracts (4.89%), the non - commercial long position of COMEX silver was 72450 contracts (-2.71%), the non - commercial short position was 18513 contracts (-0.16%), and the non - commercial net long position was 53937 contracts (-3.55%) [3] 4. Inventory Data - On September 15, 2025, compared with September 12, 2025, SHFE gold inventory was 53226.00 kilograms (0.52%), SHFE silver inventory was 1243481.00 kilograms (-0.25%), COMEX gold inventory was 38914491 troy ounces (0.01% compared with September 12), and COMEX silver inventory was 527423230 troy ounces (0.55% compared with September 12) [3] 5. Interest Rate/Foreign Exchange/Equity Market - On September 15, 2025, compared with September 12, 2025, the 10 - year US Treasury yield was 3.56% (0.09%), the 2 - year US Treasury yield was 4.06% (1.25%), the US dollar index was 97.62 (0.05%), the VIX was 14.76 (0.34%), the S&P 500 was 6584.29 (-0.05%), NYMEX crude oil was 62.60 (0.58%), and the US dollar/Chinese yuan central parity rate was 7.11 (1.14%) [4]

Report Overview - Report Title: Tin Industry Risk Management Daily Report [1] - Date: September 16, 2025 [2] - Research Team: Nanhua Non - ferrous Metals Research Team [2] 1. Investment Rating - No investment rating is provided in the report. 2. Core View - Tin prices have strengthened recently due to the Fed's interest - rate cut expectations, which have boosted the valuation of the entire non - ferrous metals sector. In the short term, as investors' expectations for the Fed's September and October interest - rate decisions are relatively unified, the impact of monetary policy on tin prices may decrease. The short - term pattern of tight supply in the fundamentals is unlikely to change in September, and the weak demand has little impact on prices for now. Tin prices are likely to continue to fluctuate around 274,000 yuan per ton [4]. 3. Summary by Content 3.1 Tin Price Volatility and Risk Management - **Price Volatility**: The latest closing price of tin is 273,960 yuan per ton, with a monthly price range forecast of 245,000 - 263,000 yuan per ton. The current volatility is 13.17%, and the historical percentile of the current volatility is 23.0% [3]. - **Risk Management Suggestions**: - **Inventory Management**: For those with high finished - product inventory worried about price drops, it is recommended to sell 75% of the Shanghai Tin main - contract futures at around 275,000 yuan per ton and sell 25% of the SN2511C275000 call options when the volatility is appropriate [3]. - **Raw Material Management**: For those with low raw - material inventory worried about price increases, it is recommended to buy 50% of the Shanghai Tin main - contract futures at around 230,000 yuan per ton and sell 25% of the SN2511P260000 put options when the volatility is appropriate [3]. 3.2 Factors Affecting Tin Prices - **Likely Positive Factors**: Sino - US tariff policy relaxation, the semiconductor sector still being in an expansion cycle, and Myanmar's复产 falling short of expectations [5]. - **Likely Negative Factors**: Tariff policy reversals, the inflow of Burmese tin ore into China, and the semiconductor sector's expansion slowing down and moving from an expansion to a contraction cycle [6]. 3.3 Tin Futures and Spot Data - **Futures Data**: - The latest prices of Shanghai Tin main, continuous - one, and continuous - three contracts are 273,960 yuan/ton, 273,960 yuan/ton, and 273,950 yuan/ton respectively, with no daily change. The LME Tin 3M price is 34,680 US dollars/ton, down 275 US dollars (- 0.79%). The Shanghai - London ratio is 7.84, up 0.03 (0.38%) [7]. - **Spot Data**: - The latest price of Shanghai Non - ferrous tin ingots is 273,300 yuan/ton, up 3,800 yuan (1.41%) week - on - week. The 1 tin premium is 100 yuan/ton, down 100 yuan (- 50%) week - on - week. Other spot prices such as tin concentrates and solder bars also showed increases [11]. 3.4 Tin Import and Processing - The latest tin import profit and loss is - 17,852.83 yuan/ton, down 49.13 yuan (- 0.27%) daily. The 40% and 60% tin ore processing fees are 12,200 yuan/ton and 10,050 yuan/ton respectively, with no daily change [13]. 3.5 Tin Inventory - **Shanghai Futures Exchange Inventory**: The total tin warehouse receipt quantity is 7,402 tons, up 76 tons (1.04%) daily. The warehouse receipt quantity in Guangdong is 5,135 tons, up 56 tons (1.1%), and in Shanghai is 1,446 tons, up 20 tons (1.4%) [15]. - **LME Tin Inventory**: The total LME tin inventory is 2,620 tons, up 235 tons (9.85%) [15].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The overall supply of asphalt is increasing, but the demand cannot be effectively released due to rainfall and persistent funding shortages, resulting in the short - term peak season not exceeding expectations. The inventory structure has improved with factory and social inventories declining. The asphalt crack spread remains high due to concerns about US military action against Venezuela. In the short - term, southern rainfall will continue to be high, and the cost of crude oil is decreasing as OPEC increases production. In the medium - to - long - term, demand will pick up as construction conditions improve in autumn, and there may be only one last chance for asphalt futures to rise this year. The South China region remains the low - price area for asphalt due to crude oil quotas and consumption tax restrictions. After the short - term stabilization of crude oil, a long - position allocation can be attempted [3]. 3. Other Key Points 3.1 Price and Volatility - The predicted monthly price range for the asphalt main contract is 3400 - 3750, with a current 20 - day rolling volatility of 14.26% and a 3 - year historical percentile of 15.93% [2]. 3.2 Risk Management Strategies - **Inventory Management**: For enterprises with high finished - product inventory worried about price drops, they can short asphalt futures (bu2512) with a 25% hedging ratio at an entry range of 3650 - 3750 to lock in profits and cover production costs; they can also sell call options (bu2512C3500) with a 20% ratio at an entry range of 30 - 40 to reduce capital costs [2]. - **Procurement Management**: For enterprises with low regular inventory hoping to purchase based on orders, they can buy asphalt futures (bu2512) with a 50% hedging ratio at an entry range of 3300 - 3400 to lock in procurement costs; they can also sell put options (bu2512C3500) with a 20% ratio at an entry range of 25 - 35 to collect premiums and reduce procurement costs [2]. 3.3 Price and Basis Data - **Spot Prices**: On September 12, 2025, the spot prices in Shandong, the Yangtze River Delta, North China, and South China were 3530 yuan/ton, 3640 yuan/ton, 3650 yuan/ton, and 3500 yuan/ton respectively. The daily changes were - 10 yuan/ton, 0 yuan/ton, 0 yuan/ton, and 0 yuan/ton respectively [8]. - **Basis**: The basis of Shandong, the Yangtze River Delta, North China, and South China for the 12 - contract on September 12, 2025, had daily changes of 17 yuan/ton, 27 yuan/ton, 27 yuan/ton, and 27 yuan/ton respectively [8]. - **Crack Spread**: The crack spread of Shandong spot to Brent crude oil was 142.4603 yuan/barrel, with a daily change of - 1.7328 yuan/barrel; the crack spread of the futures main contract to Brent was 114.3876 yuan/barrel, with a daily change of - 16.4623 yuan/barrel [8]. 3.4 Factors Affecting the Market - **Positive Factors**: Low pressure on asphalt factory warehouses, seasonal peak demand, low operating rates with catch - up construction expectations in the South, and strong expectations of capacity reduction [7]. - **Negative Factors**: An increase in the arrival of Venezuelan crude oil in the short - term, the drag on demand from the southern rainy season, a slowdown in social inventory destocking and weakening basis, and the potential increase in operating rates due to consumption tax reform in Shandong [7][8].

纯苯-苯乙烯风险管理日报 2025/9/12 戴一帆（投资咨询证号：Z0015428） 黄思婕（期货从业证号：F03130744） 投资咨询业务资格：证监许可【2011】1290号 苯乙烯价格区间预测 | | 价格区间预测（月度） | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | --- | | 纯苯 | 5600-6200 | / | / | | 苯乙烯 | 6800-7400 | 29.40% | 85.8% | source： 南华研究 苯乙烯套保策略表 | 行为导 | 情景分析 | 现货敞 | 策略推荐 | 套保工具 买卖方 | | 套保比例 | 建议入场 | | --- | --- | --- | --- | --- | --- | --- | --- | | 向 | | 口 | | | 向 | (%) | 区间 | | 库存管 | 产成品库存偏高，担心苯乙烯价格下 | | 为了防止存货跌价损失，可以根据企业的库存情况，做空苯乙烯期货来锁定利 润，弥补企业的生产成本 | EB2510 | 卖出 | 25% | 7300-740 0 | | 理 ...

Group 1: Report Information - Report Name: Nanhua Coal and Coking Industry Risk Management Daily Report [1] - Date: September 11, 2025 [1] - Research Team: Nanhua Research Institute, Black Research Team [2] - Analyst: Zhang Xuan [2] - Investment Consulting Business Qualification: CSRC License [2011] No. 1290 [2] Group 2: Price Forecast and Risk Management Strategies Price Forecast - Coking Coal: The monthly price range is predicted to be between 1060 - 1260, with a current 20 - day rolling volatility of 40.86% and a historical percentile of 80.58% [3] - Coke: The monthly price range is predicted to be between 1510 - 1750, with a current 20 - day rolling volatility of 28.97% and a historical percentile of 61.85% [3] Risk Management Strategies - Inventory Hedging: For coke, when steel mills start a round of price cuts (2 - 3 rounds are generally expected), coke producers worried about future price drops can short the J2601 contract. The recommended hedging ratios are 25% at the entry range of (1750, 1800) and 50% at (1800 - 1850) [3] - Procurement Management: For coking coal, due to factors like repeated macro - sentiment, low seasonal coking coal mine开工率, and production - over - limit inspections in the fourth quarter, coking plants worried about future price increases can long the JM2605 contract. The recommended hedging ratios are 25% at the entry range of (1050, 1100) and 50% at (1000, 1050) [3] Group 3: Black Warehouse Receipt and Market Analysis Black Warehouse Receipt Data - On September 11, 2025, compared with the previous day, the inventory of rebar increased by 8525 tons, hot - rolled coil increased by 33782 tons, iron ore remained unchanged, coking coal decreased by 800 hands, coke increased by 90 hands, ferrosilicon decreased by 585 sheets, and ferromanganese decreased by 118 sheets [4] Market Analysis - Coking Coal: After the end of production - restriction disturbances, mines resumed production, a round of price cuts was fully implemented, and coke producers were pessimistic about the future, reducing coking coal inventory. The supply - demand balance sheet of coking coal deteriorated marginally, and mines lowered spot prices. In the short term, the rebound space of coking coal is limited; in the long term, enterprises with raw - material procurement plans can consider long - position hedging in the far - month contracts [4] - Coke: Coke producers' immediate profits are good, and after the lifting of production restrictions, production is expected to quickly recover. The supply - demand gap of coke is expected to narrow. Coke is restricted by price - cut expectations, and the market performance may be slightly weaker than coking coal [4] Group 4: Price and Spread Data Futures Price and Basis - Coking Coal: The basis of different varieties (e.g., Tangshan Mongolian No. 5, Port Mongolian No. 5) showed different changes on September 11, 2025, compared with the previous day and the previous week [7] - Coke: The basis of different varieties (e.g., Rizhao Port Wet - Quenched, Jinzhong Wet - Quenched) also showed different changes [7] Futures Spread - Coking Coal: The spreads between different contracts (e.g., 09 - 01, 05 - 09, 01 - 05) changed on September 11, 2025, compared with the previous day and the previous week [7] - Coke: The spreads between different contracts also changed [7] Other Ratios - The current盘面coking profit is - 87, the main mine - coke ratio is 0.488, the main screw - coke ratio is 1.897, and the main carbon - coal ratio is 1.429, all showing certain changes compared with the previous day and the previous week [7] Group 5: Spot Price and Profit Data Spot Price - Coking Coal: The spot prices of various coking coal varieties (e.g., Anze Low - Sulfur Main Coking Coal, Mongolian No. 5 Raw Coal at 288 Port) showed different changes on September 11, 2025, compared with the previous day and the previous week [8] - Coke: The spot prices of various coke varieties (e.g., Jinzhong Quasi - First - Grade Wet - Quenched Coke, Lvliang Quasi - First - Grade Dry - Quenched Coke) also showed different changes [10] Profit Data - Coking Profit: The immediate coking profit is 127 yuan/ton, showing a slight increase compared with the previous day but a decrease compared with the previous week [10] - Import Profit: The import profits of different coal - importing sources (e.g., Mongolian coal, Australian coal, Russian coal) showed different changes [10] - Export Profit: The coke export profit is 364 yuan/ton, showing a slight decrease compared with the previous week [10] Group 6: Market Outlook and Influencing Factors Market Outlook - In the short term, downstream steel inventories continue to accumulate, the blast - furnace link still has profits, and the supply of hot metal is resilient. The contradiction in the steel market is difficult to resolve in the short term, limiting the rebound space of coking coal. Coke may be slightly weaker than coking coal [4] - In the long term, "anti - involution" is the focus in the second half of the year. Investors need to be vigilant about the impact of repeated macro - sentiment on the coal and coking market [4] Influencing Factors - Bullish Factors: The details of the "anti - involution" policy have not been announced, and there may be repeated macro - sentiment. Downstream coke producers have seasonal inventory - replenishment demand for coking coal before the National Day holiday [4][6] - Bearish Factors: The daily consumption of thermal coal has reached an inflection point, and the demand for thermal coal has weakened, dragging down the price of coking blending coal [6]

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - In the short - term, although the precious metals market experiences high - level fluctuations due to "buy the rumor, sell the fact", factors such as the unexpected decline in the US August PPI and the cooling of the US employment market increase the probability of a Fed rate cut in September and raise the expectation of a 50bp cut, so precious metal prices are still supported. Before the rate cut is implemented, precious metal prices are expected to remain at high levels, but investors should beware of increased volatility. Gold long positions can be held [5]. - In the long - term, with Fed rate cut expectations, continuous global geopolitical uncertainties, intensified great - power competition, and the wave of de - dollarization, the long - term center of gold prices is likely to continue to move up [5]. 3. Summary by Relevant Catalogs Price Tracking - On September 10, 2025, compared with September 9, London gold spot decreased by 0.1% to $3641.89/ounce, London silver spot decreased by 0.6% to $41.02/ounce, COMEX gold decreased by 0.2% to $3680.00/ounce, and COMEX silver decreased by 0.9% to $41.47/ounce. AU2510 was at 833.42 yuan/gram with a 0.1% decrease, and AG2510 was at 9796 yuan/kg with a 0.5% decrease. AU (T + D) decreased by 0.2% to 829.50 yuan/gram, and AG (T + D) decreased by 0.6% to 9771 yuan/kg [5]. - Regarding price spreads, from September 9 to 10, the gold TD - SHFE active price spread increased by 12.6%, the silver TD - SHFE active price spread increased by 47.1%, the gold internal - external price spread (TD - London) increased by 53.3%, and the silver internal - external price spread (TD - London) decreased by 0.2%. The SHFE gold - silver ratio increased by 0.4%, and the COMEX gold - silver ratio increased by 0.7% [5]. Position Data - As of September 9, 2025, compared with September 8, the gold ETF - SPDR remained unchanged at 979.68 tons, the silver ETF - SLV decreased by 0.45% to 15069.6026 tons. COMEX gold non - commercial long positions increased by 14.52% to 315796 contracts, and non - commercial short positions increased. COMEX silver non - commercial long positions increased by 16.43% to 249530 contracts, and non - commercial short positions decreased by 14.79% to 18543 contracts [5]. Inventory Data - On September 10, 2025, compared with September 9, SHFE gold inventory increased by 3.46% to 45951 kg, and SHFE silver inventory increased by 0.15% to 1252170 kg. COMEX gold inventory decreased by 0.21% to 38912305 troy ounces, and COMEX silver inventory increased by 0.35% to 520707139 troy ounces [5]. Interest Rates/Exchange Rates/Stock Market - On September 10, 2025, compared with September 9, the US dollar/Chinese yuan central parity rate increased by 0.08% to 7.11. The US dollar index increased by 0.33% to 97.77, the 2 - year US Treasury yield increased by 1.43% to 3.54%, the 10 - year US Treasury yield increased by 0.74% to 4.08%, the VIX decreased by 0.46% to 15.04, the S&P 500 increased by 0.27% to 6512.61, and NYMEX crude oil increased by 0.50% to 62.77 [5]. Market Review - On September 10, the main contract of Shanghai gold futures closed up 0.21% at 833.42 yuan/gram, and the main contract of Shanghai silver futures closed down 0.72% at 9796 yuan/kg [5].