国泰中证钢铁ETF（515210）基金经理为吴中昊。 截至发稿，吴中昊累计任职时间3年296天，现任基金资产总规模253.91亿元，任职期间最佳基金回报 79.09%， 任职期间最差基金回报-13.83%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 从金岭矿业十大流通股东角度 数据显示，国泰基金旗下1只基金位居金岭矿业十大流通股东。国泰中证钢铁ETF（515210）三季度新 进十大流通股东，持有股数300.28万股，占流通股的比例为0.5%。根据测算，今日浮亏损失约156.15万 元。 国泰中证钢铁ETF（515210）成立日期2020年1月22日，最新规模36.6亿。今年以来收益33.9%，同类排 名1401/4212；近一年收益32.58%，同类排名1224/3956；成立以来收益77.33%。 11月18日，金岭矿业跌5.01%，截至发稿，报9.86元/股，成交1.04亿元，换手率1.74%，总市值58.70亿 元。 资料显示，山东金岭矿业股份有限公司位于山东 ...

投资咨询系列报告 山金期货黑色板块日报 一、螺纹、热卷 更新时间：2025年11月18日08时15分 报告导读： 供需方面，上周的数据显示螺纹表观需求环比回落 ，螺纹产量下降，库存继续回落。热卷的库存环比回落，但明显高于历年同期。由于钢厂毛利大 幅回落，且消费高峰期过去，钢厂减产幅度可能会超过正常季节性的减产规模 ，从而可能会引发阶段性的负反馈循环 。近期煤焦价格也出现了走弱 迹象，铁矿石价格高位回落，钢材成本支撑减弱。从技术上看，在日 K 线图上，螺纹和热卷短线快速上涨，上方面临 60 日均线和布林带上轨的压 制，布林带开口收窄，期价有可能企稳，但中线下行趋势仍没有改变。 操作建议： 维持观望，不可追涨杀跌，耐心等待回调后做多，中线交易。 表1：螺纹、热卷相关数据 | 数据类别 | 指标 | 单位 | 最新 | | 较上日 | | 较上周 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 螺纹钢主力合约收盘价 | 元/吨 | 3097 | 44 | 1.44% | 53 | 1.74% | | 期现货价格 | 热轧卷板主力合约收盘价 | 元/吨 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The negative feedback of the recent decline in the steel market has ended, and short - term price increases are mainly due to short - sellers taking profits. Steel demand has entered the off - season, with high inventory pressure on hot - rolled coils. In the short term, prices are likely to continue weak and volatile, but there may be a marginal inflection point in demand with policy implementation and macro - environment improvement [2]. - For iron ore, although the supply has recovered and high inventory suppresses prices, the short - term increase in hot metal production supports demand. In the macro - vacuum period, prices will operate within a shock range [5]. - For the black sector, as the time approaches December, the positive impact of macro - expectations on sentiment and prices is expected to increase. It is more cost - effective to look for positions to rebound rather than short. The future price increase depends on the introduction and strength of stimulus policies [10][11]. - Industrial silicon is expected to show a pattern of "weak supply and demand", with short - term prices likely to be weak and volatile. Polysilicon is still fluctuating between reality and expectations, and prices are in a wide - range shock [15][17]. - For glass, due to the imbalance between supply and demand, high inventory, and weak demand, the short - term market will continue to be weak. For soda ash, with high supply and weak demand, prices will continue to oscillate at a low level [20][22]. Summary by Directory Steel Market Information - The closing price of the rebar main contract was 3097 yuan/ton, up 44 yuan/ton (1.441%) from the previous trading day. The registered warehouse receipts decreased by 3655 tons, and the main contract positions decreased by 107385 lots. In the spot market, prices in Tianjin and Shanghai increased by 30 yuan/ton [1]. - The closing price of the hot - rolled coil main contract was 3302 yuan/ton, up 46 yuan/ton (1.412%) from the previous trading day. The registered warehouse receipts increased by 6484 tons, and the main contract positions decreased by 23505 lots. In the spot market, prices in Lecong and Shanghai increased by 50 yuan/ton [1]. Strategy Viewpoints - Rebar shows a pattern of both supply and demand decline and continuous inventory reduction, with a neutral overall performance. Hot - rolled coils have weak terminal demand, and inventory is accumulating against the season. In the short term, prices are likely to be weak and volatile, but there may be an inflection point in demand later [2]. Iron Ore Market Information - The main iron ore contract (I2601) closed at 788.50 yuan/ton, up 2.07% (+16.00). The positions increased by 1019 lots to 48.14 million lots. The weighted positions were 90.75 million lots. The spot price of PB powder at Qingdao Port was 792 yuan/wet ton, with a basis of 53.75 yuan/ton and a basis rate of 6.38% [4]. Strategy Viewpoints - In terms of supply, the overseas iron ore shipment volume has recovered significantly. In terms of demand, the daily average hot metal output has increased, but the steel mill profitability rate is declining. Port inventory is accumulating. In the short term, prices will operate within a shock range [5]. Manganese Silicon and Ferrosilicon Market Information - The manganese silicon main contract (SM601) closed up 0.77% at 5792 yuan/ton. The spot price in Tianjin was 5700 yuan/ton, with a premium of 98 yuan/ton over the futures. The ferrosilicon main contract (SF601) closed up 1.38% at 5566 yuan/ton. The spot price in Tianjin was 5600 yuan/ton, with a premium of 34 yuan/ton over the futures [8]. Strategy Viewpoints - As the time approaches December, the positive impact of macro - expectations on the black sector is expected to increase. For manganese silicon, pay attention to the manganese ore end. For ferrosilicon, the supply - demand fundamentals have no obvious contradictions, and the operability is low [10][11]. Industrial Silicon and Polysilicon Market Information - The main industrial silicon contract (SI2601) closed at 9080 yuan/ton, up 0.67% (+60). The weighted contract positions decreased by 2209 lots to 401179 lots. The spot price of 553 in East China was 9350 yuan/ton, unchanged from the previous day [13]. - The main polysilicon contract (PS2601) closed at 52655 yuan/ton, down 2.57% (-1390). The weighted contract positions decreased by 6818 lots to 234241 lots [16]. Strategy Viewpoints - Industrial silicon is expected to show a pattern of "weak supply and demand", with short - term prices likely to be weak and volatile. Polysilicon is still fluctuating between reality and expectations, and prices are in a wide - range shock [15][17]. Glass and Soda Ash Market Information - The glass main contract closed at 1029 yuan/ton, down 0.29% (-3). The inventory of float glass sample enterprises increased by 11.10 million cases (0.18%) [19]. - The soda ash main contract closed at 1231 yuan/ton, up 0.41% (+5). The weekly inventory of soda ash sample enterprises decreased by 0.69 million tons (0.18%) [21]. Strategy Viewpoints - For glass, due to the imbalance between supply and demand, high inventory, and weak demand, the short - term market will continue to be weak. For soda ash, with high supply and weak demand, prices will continue to oscillate at a low level [20][22].

数据来源：MYSTEEL 免责 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及 建议内容的客观、公正，研究方法专业审慎，分析结论合理，但我司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信 息和建议不会发生任何变化。我们提供的全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，您应当自主做出期货 交易决策，独立承担期货交易后果，凡据此入市者，我司不承担任何责任。我司在为您提供服务时已最大程度避免与您产生利益冲突。 未经我司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全部或部分材料、内容。对可能因互联网软硬 件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输或储存上的错误、或遭第三人侵入系 统篡改或伪造变造资料等，我司均不承担任何责任。 声明 15 20 25 30 35 40 1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/1 10/1 11/1 12/1 - 2022 2023 2024 2025 / 5 7 9 11 13 15 1 ...

| | | | SDIC FUTURES | 操作评级 | 2025年11月17日 | | --- | --- | --- | | 螺纹 | な女女 | 曹颖 首席分析师 | | 热轧卷板 | 女女女 | F3003925 Z0012043 | | 铁矿 | ☆☆☆ | 何建辉 高级分析师 | | 焦炭 | ★☆★ | F0242190 Z0000586 | | 焦煤 | ★☆★ | | | 證硅 | ★☆☆ | 韩惊 高级分析师 | | 硅铁 | ★☆☆ | F03086835 Z0016553 | | | | 李啸尘 高级分析师 | | | | F3054140 Z0016022 | | | | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【钢材】 今日盘面有所反弹。淡季螺纹表需环比下滑，产量同步回落，库存继续下降。热卷需求趋稳，产量继续回落，累库节奏放缓。 铁水产量有所回升,下游承接能力不足,钢厂亏损比例扩大,后期高炉继续减产可能性较大,供应压力逐步缓解,关注唐山等 地环保限产持续性。从下游行业看，她产投资降幅继续扩大，基建、制造业投资增速持续 ...

Report Summary 1. Report Industry Investment Rating No information is provided in the document regarding the report industry investment rating. 2. Core View No clear core view is presented in the given content. 3. Summary Based on Related Information Futures Prices - DCE01 price is 788.5 today, up 16.0 from yesterday; DCE05 is 756.5, up 13.0; DCE09 is 732.0, up 10.5 [2]. - I01 - I05 spread is 32.0 today, up 3.0 from yesterday; I05 - I09 is 24.5, up 2.5; I09 - I01 is -56.5, down 5.5 [2]. Spot Prices and Related Data - Various iron ore spot prices are provided, such as PB powder (60.8%) at 778 (unchanged from yesterday), Newman powder at 779 (unchanged), etc [2]. - The optimal delivery product is Carajás fines with a price of 840, and its 01 - 09 contract basis is 59, 88, 110 respectively [2]. - Spot variety spreads and import profits are also presented, e.g., Carajás fines - PB powder spread is 100 (unchanged), and the import profit of Carajás fines is 17 (unchanged) [2]. Indexes - The Platts 62% iron ore price is 103.6 (unchanged), 65% is 115.6 (unchanged), and 58% is 92.4 (down 0.2) [2]. - The SGX - DCE spreads are as follows: SGX main - DCE01 is 3.7, down 0.2; SGX main - DCE05 is 7.4, up 0.0; SGX main - DCE09 is 10.2, up 0.0 [2].

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 作者声明 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 钢材&铁矿石 | 日报 2025 年 11 月 17 日 钢材&铁矿石日报 专业研究·创造价值 市场情绪回暖，钢矿偏强运行 核心观点 螺纹钢：主力期价有所走强，录得 1.64%日涨幅，量增仓缩。现阶段， 螺纹钢供应收缩至低位，但需求同样走弱，供需双弱局面下基本面并未 好转，钢价仍易承压，相对利好则是估值偏低以及成本尚有支撑，预计 走势延续震荡运行态势，关注需求表现情况。 热轧卷板：主力期价震荡走高，录得 1.57%日涨幅，量增仓缩。目前来 看，热卷供需两端均有走弱，产业矛盾缓解有限，卷价继续承压运行， 相对利好则是成本 ...

黑色：原料交替下行 钢材相对抗跌 长江期货股份有限公司交易咨询业务资格：鄂证监期货字[2014]1号 2025-11-17 长江期货股份有限公司产业服务总部 姜玉龙 执业编号：F3022468 投资咨询号：Z0013681 核心观点：原料交替下行 钢材相对抗跌 | 品种 行情观点 策略 | | | --- | --- | | 板块综述：上周黑色板块走势分化，钢材、铁矿价格持稳，焦煤、焦炭价格大幅下跌，品种间强弱关系为铁矿>螺纹>热卷>焦炭> | | | 焦煤。宏观方面：10月底，一系列重磅事件已经相继落地，宏观利好兑现，短期处于宏观真空期。产业方面：上周钢材表需数据继续回 | | | 落，随着天气转冷，后期需求仍有下降空间，不过随着钢厂利润走低，钢厂减产有望增多，原料需求依旧承压，最近两周铁矿、双焦期 | | | 货价格交替大跌，然而钢材价格跌幅并不大，低估值背景下显示出一定抗跌性，另外值得注意的是，原料期货价格虽然下跌，但是现货 | | | 依旧坚挺，基差逐步扩大，期货提前兑现了部分钢厂减产预期。 | | | 估值方面，螺纹钢期货价格跌至电炉谷电与长流程成本以下，静态估值偏低；驱动方面，短 螺纹01合约关注 ...

投资咨询系列报告 山金期货黑色板块日报 一、螺纹、热卷 更新时间：2025年11月17日08时11分 报告导读： 供需方面，上周的数据显示螺纹表观需求环比回落 ，螺纹产量下降，库存继续回落。热卷的库存环比回落，但明显高于历年同期。由于钢厂毛利大 幅回落，且消费高峰期过去，钢厂减产幅度可能会超过正常季节性的减产规模 ，从而可能会引发阶段性的负反馈循环 。近期煤焦价格也出现了走弱 迹象，铁矿石价格高位回落，钢材成本支撑减弱。从技术上看，在日 K 线图上，螺纹和热卷的期价均已经跌破了下方 10 日均线的支撑，目前下方 有布林带下轨的支撑，短线窄幅震荡之后，面临方向选择。 操作建议： 维持观望，不可追涨杀跌，耐心等待企稳后逢低做多，中线交易。价格处于低位，不建议做空 表1：螺纹、热卷相关数据 数据类别 指标 单位 最新 较上日 较上周 期现货价格 螺纹钢主力合约收盘价 元/吨 3053 7 0.23% 19 0.63% 热轧卷板主力合约收盘价 元/吨 3256 2 0.06% 11 0.34% 螺纹钢现货价格（HRB400E 20mm，上海） 元/吨 3190 -10 -0.31% 0 0 热轧板卷现货价格（Q235 ...

研究报告 铁矿周报 | 华龙期货投资咨询部 | | | | | | --- | --- | --- | --- | --- | | 投资咨询业务资格： | | | | | | 证监许可【2012】1087 号 | | | | | | 黑色板块研究员：魏云 | | | | | | 期货从业资格证号：F3024460 | | | | | | 投资咨询资格证号：Z0013724 | | | | | | 电话：17752110915 | | | | | | 邮箱：497976013@qq.com | | | | | | 年 报告日期：2025 | 11 | 月 | 17 | 日星期一 | 本报告中所有观点仅供参 考，请投资者务必阅读正文之后 的免责声明。 摘要： 行情回顾：上周铁矿 2601 合约上涨 0.91%。 报告日期：2025 年 11 月 17 日星期一 基本面：国家统计局数据显示，2025 年 10 月，中国粗钢产量 7200 万 吨，同比下降 12.1%。1-10 月，中国粗钢产量 81787 万吨，同比下降 3.9%。 据 Mysteel，上周 247 家钢厂高炉开工率 82.81%，环比减少 0.3 ...