10月31日，三大股指盘中震荡下探，创业板指跌超1%，北证50指数逆市走高，大涨超3%；场内超3800 股飘红。 东莞证券表示，近期，四中全会与2025金融街论坛年会接连释放积极政策信号，叠加贸易局势阶段性缓 和，共同推动市场风险偏好维持在较高水平。短期来看，10月美联储降息预计将引导部分国际资金流向 新兴市场，增强包括中国在内的新兴资产吸引力。从中期视角分析，政策层面持续推动资本市场生态优 化，经济建设目标更加明确，国内外宏观政策协同扩张，以及全球资本再配置需求的逐步显现，均为市 场注入稳健向上的动力。多因素共振下，当前权益资产配置环境整体趋向有利。 （文章来源：证券时报网） 盘面上看，保险、半导体、煤炭、电力等板块走低；传媒板块拉升，医药、汽车、纺织服装、酿酒等板 块上扬，短剧游戏、创新药、AI应用概念等活跃。 截至午间收盘，沪指跌0.63%报3961.62点，深证成指跌0.62%，创业板指跌1.49%，科创50指数跌 2.51%，北证50指数涨3.43%，沪深北三市合计成交15794亿元。 ...

螺纹菌面利润 = 焦化猫用利 国贸期货根据Mysteel、wind及博易大师数据整理 或者中的信息均源于公开可获得的贷科，国贸规货力求准确可靠。但不对上述信息的准确性及完整整做任何保证。本报告不构成个人投资建议。也未针对个别投资者带 数投百际、财务状况或需要。投资者需自行判断本报告中的任何意见或建议是否符合其特定状况，据此投资、责任自负。本报告未经国贸期货报权产可，任何引用、 及向第三方传播的行为均构成对国贸期货的侵权,我司将视情况追究法律责任。期市有风险,入市需谨慎。 CT FE IN EF 贸易货车服 客服 热 线 官 方 网 站 需 有 谨 风 400-8888-598 www.itf.com.cn 慎 险 【焦煤焦炭】宏观利好兑现,资产集体回调 现货端,港口内贸市场现货交投氛围一般,炼焦媒价格仍以上涨为主,但流拍增加,港口贸易准一焦炭报价1660(+10) 练焦煤价格指数1343.6(+7.0),蒙煤方面,口岸贸易企业报价保持高位,下游企业按需采购,对高价蒙媒接受能力有 限,近日蒙煤通关高位运行,然蒙媒市场供应偏紧无有效缓解,蒙媒价格有一定支撑,现甘其毛都口岸:蒙5原煤1170(+ 30),蒙5精煤1 ...

投资咨询业务资格：证监许可【2012】669号 2. 碳元素方面：环保限产下焦炭需求短暂收紧，但总体供需矛盾不 大；原料煤价格不断抬升下，焦炭开启三轮提涨，但成材价格近期虽 略有回暖，但钢厂利润仍旧承压，钢焦继续博弈，预计焦炭价格震荡 运行。焦煤供应难有起色，中下游持续采购之下，煤矿库存降至近年 低位，短期基本面保持健康，预计短期焦煤价格震荡运行，等待宏 观、政策进一步提振。 3. 合金方面：短期成本持稳运行以及钢材产量高位支撑价格，但市 场供需预期悲观、锰硅价格上涨驱动不足。短期成材产量高位以及成 本表现坚挺对硅铁价格形成支撑，但市场供需关系较为宽松、预计价 格上方空间有限。 4. 玻璃纯碱：日内部分厂家喊涨现货试图挺价，关注涨价是否落地 以及落地后产销如何。若产销持续偏弱，则价格重回震荡偏弱。中长 期仍需市场化去产能，若市场重新聚焦基本面，价格或延续震荡下 中信期货研究|⿊⾊建材策略⽇报 2025-10-31 宏观继续提振市场情绪，基本⾯分化主 导价格表现各异 昨⽇美联储如期降息25基点，以及中美领导⼈会晤后如期释放贸易 摩擦缓和信号，继续提振市场情绪，但基本⾯的分化使得板块品种价 格表现各异：⼀⽅⾯煤焦 ...

Market Overview - The market experienced a morning adjustment on October 31, with all three major indices declining collectively [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.56 trillion, an increase of 27.4 billion compared to the previous trading day [1] - Over 3,800 stocks in the market saw an increase, indicating a broad participation in the upward movement [1] Sector Performance - The pharmaceutical sector showed resilience, with notable stocks such as Sanofi and Lianhuan Pharmaceutical hitting the daily limit [1] - The lithium battery sector was active, with Tianji Co. achieving two consecutive limit-ups and several other stocks also reaching the daily limit [1] - The Fujian sector strengthened again, with Pingtan Development achieving eight limit-ups in eleven days [1] - AI application concept stocks continued to rise, with Rongxin Culture and Fushi Holdings both hitting the daily limit [1] Declining Sectors - The computing hardware concept stocks collectively declined, with significant adjustments seen in the three major optical module companies [1] - The controlled nuclear fusion concept stocks fell, with China Nuclear Engineering hitting the daily limit down [1] - Sectors such as film and television, pharmaceuticals, and batteries saw the largest gains, while insurance, coal, and CPO sectors experienced the largest declines [1] Index Performance - By the end of the trading session, the Shanghai Composite Index fell by 0.63%, the Shenzhen Component Index decreased by 0.62%, and the ChiNext Index dropped by 1.49% [1] - The North Star 50 Index, however, increased by over 3% [1]

从财务结构看，公司总资产规模较年初增长4.17%，达到347.54亿元，资产负债结构基本稳定。尽管受 煤炭销量与价格波动影响，前三季度净利润有所承压，但公司在建工程同比增长明显，反映出其在产能 扩张与绿色转型方面的持续投入。随着后续项目陆续投产，公司盈利能力有望得到结构性改善。 甘肃能化表示，面对能源行业转型的关键阶段，公司将继续围绕"煤炭清洁高效利用+新能源布局"双轮 驱动战略，加快推进兰州新区、庆阳等地重大煤电及热电项目建设，不断提升绿色开采与低碳运营水 平，增强企业综合能源供应能力和抗风险能力。 在电力板块，兰州新区2×1000MW火电项目稳步推进，已完成初步设计编制和多项前期招标工作，强夯 工程已于9月底开标，项目建设步入实质性阶段。与此同时，新区热电联产项目也取得重要节点进展， 一号机组已于10月完成首次点火并进入整套启动准备阶段，为后续并网发电打下基础。 化工板块方面，靖远煤电清洁高效气化气综合利用(搬迁改造)项目一期已投入试生产，各单元竣工验收 有序推进；二期工程气化单元土建完工，尿素造粒塔主体建设完成，项目整体建设节奏紧凑高效。此 外，天宝公司红沙梁矿井及选煤厂项目也已启动地面储煤棚建设，进一 ...

Core Insights - The report focuses on the low-carbon transition pathways for the "Coal Triangle Region" in China, which includes Shanxi, Inner Mongolia, Shaanxi, and Ningxia, highlighting its significance in national energy security and global coal production [1][2] Group 1: Current State and Challenges - The "Coal Triangle Region" is a major coal production area, expected to produce 3.45 billion tons of coal in 2024, accounting for 73% of China's total and 37% of global production, with carbon emissions representing 19.6% of China's and 6.4% of global emissions [1] - The region faces significant risks of "lock-in" due to its reliance on coal-based industries, which constitute about 20.3% of the industrial GDP, limiting diversification and transition capabilities [1][2] - The transition process is challenged by insufficient funding and structural employment imbalances, with an estimated need for approximately 1.8 trillion RMB (around 250 billion USD) for transition funding from 2025 to 2030 [3] Group 2: Future Projections and Employment Impact - By 2060, the region is projected to have a remaining carbon emission of 0.15 to 2.75 billion tons, necessitating reliance on ecological carbon sinks and negative carbon technologies for offsetting [2] - The transition is expected to result in a net loss of about 3.4 million jobs in coal-based industries, while green energy-related jobs may increase from 330,000 to 1.4 million, indicating a persistent structural pressure in the labor market [3] Group 3: Policy Recommendations - The report suggests establishing a national strategy for energy transition and regional coordinated development, setting specific low-carbon transition goals for the "Coal Triangle Region" [4] - It recommends creating collaborative mechanisms within and between regions to facilitate the green low-carbon transition [4] - The report emphasizes the need for diversified funding solutions to support the green low-carbon transition and the establishment of an international exchange platform for resource-based regions [4]

Report Summary - This is a futures research report by Baocheng Futures, presenting arbitrage data for various commodities on October 31, 2025. The report includes data on power coal, energy chemicals, black metals, non-ferrous metals, agricultural products, and stock index futures. 1. Report Industry Investment Rating - Not provided in the report. 2. Report's Core View - Not provided in the report. 3. Summary by Relevant Catalogs 3.1 Power Coal - The report provides the basis and spread data for power coal from October 24 to October 30, 2025. The basis remained at -31.40 yuan/ton during this period, and the spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) were all 0.00 yuan/ton [1][2]. 3.2 Energy Chemicals - **Energy Commodities**: The report shows the basis and price ratio data for fuel oil, crude oil, and asphalt from October 24 to October 30, 2025. For example, on October 30, the basis for fuel oil was -75.56 yuan/ton, and the price ratio of crude oil to asphalt was 0.1406 [7]. - **Chemical Commodities**: - **Basis**: The basis data for rubber, methanol, PTA, LLDPE, PVC, and PP from October 24 to October 30, 2025 are presented. For instance, on October 30, the basis for rubber was -600 yuan/ton, and for methanol was 4.5 yuan/ton [9]. - **Inter - period Spreads**: The inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are provided. For example, the 5 - 1 month spread for rubber was 90 yuan/ton [10]. - **Inter - commodity Spreads**: The inter - commodity spreads for LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from October 24 to October 30, 2025 are given. On October 30, the LLDPE - PVC spread was 2211 yuan/ton [10]. 3.3 Black Metals - **Basis**: The basis data for rebar, iron ore, coke, and coking coal from October 24 to October 30, 2025 are shown. On October 30, the basis for rebar was 104.0 yuan/ton, and for iron ore was 4.5 yuan/ton [20]. - **Inter - period Spreads**: The inter - period spreads (5 - 1 month, 9(10) - 1 month, 9(10) - 5 month) for rebar, iron ore, coke, and coking coal are provided. For example, the 5 - 1 month spread for rebar was 63 yuan/ton [19]. - **Inter - commodity Spreads**: The inter - commodity spreads for rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from October 24 to October 30, 2025 are presented. On October 30, the rebar/iron ore ratio was 3.88 [19]. 3.4 Non - Ferrous Metals - **Domestic Market**: The domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from October 24 to October 30, 2025 are given. On October 30, the basis for copper was -30 yuan/ton, and for aluminum was 15 yuan/ton [29]. - **London Market**: The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit/loss data for copper, aluminum, zinc, lead, nickel, and tin on October 30, 2025 are provided. For example, the LME spread for copper was (21.39) [32]. 3.5 Agricultural Products - **Basis**: The basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from October 24 to October 30, 2025 are shown. On October 30, the basis for soybeans No.1 was -123 yuan/ton, and for soybeans No.2 was 338.16 yuan/ton [37]. - **Inter - period Spreads**: The inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) for various agricultural products are provided. For example, the 5 - 1 month spread for soybeans No.1 was 41 yuan/ton [37]. - **Inter - commodity Spreads**: The inter - commodity spreads for soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc. on October 30, 2025 are presented. The soybeans No.1/corn ratio was 1.94 [37]. 3.6 Stock Index Futures - **Basis**: The basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from October 24 to October 30, 2025 are given. On October 30, the basis for CSI 300 was 19.91 [49]. - **Inter - period Spreads**: The inter - period spreads (next month - current month, next quarter - current quarter) for CSI 300, SSE 50, CSI 500, and CSI 1000 are provided. For example, the next month - current month spread for CSI 300 was -40.4 [51].

期货研究报告 宝城期货煤焦早报（2025 年 10 月 31 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 焦煤 | 2601 | 震荡 偏强 | 震荡 | 上涨 | 震荡思路 | 贸易利好支撑，焦煤高位运行 | | 焦炭 | 2601 | 震荡 偏强 | 震荡 | 震荡 偏强 | 震荡思路 | 市场氛围偏多，焦炭震荡上行 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 投资咨询业务资格：证监许可【2011】1778 号 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货黑色板块 品种：焦煤（JM） 日内观点：上涨 中期观点：震荡 参考观点：震荡思路 核心逻辑：现货市场方面，甘其毛都口岸蒙 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 资讯早班车-2025-10-31 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 20251020 | 2025/09 | GDP:不变价:当季同比 | % | 4.80 | 5.20 | 4.60 | | 20250930 | 2025/09 | 制造业 PMI | % | 49.80 | 49.40 | 49.80 | | 20250930 | 2025/09 | 非制造业 PMI:商务活 动 | % | 50.00 | 50.30 | 50.00 | | 20251016 | 2025/09 | 社会融资规模增量:当 | 亿元 | | 35296.00 25660.00 | 37635.00 | | | | 月值 | | | | | | 20251015 | 2025/09 | M0(流通中的现金):同 比 | % | 11.50 | 11.70 | 11.50 | | 20251 ...

021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 报告类型 焦炭焦煤日评 日期 2025 年 10 月 31 日 黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 请阅读正文后的声明 021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 ＃summary＃ 每日报告 | | | | | | 表1：10月30日焦炭焦煤期货主力合约价格、成交及持仓情况（单位：元/吨、手、亿元） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流出 | | J2601 | 180 ...