1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - The methanol 2601 contract is expected to show a weak - running trend in the short - term and intraday, and a volatile trend in the medium - term [1][5]. - It is predicted that the domestic methanol futures 2601 contract may maintain a weak trend on Tuesday [5]. 3. Summary by Related Content 3.1 Time - cycle and Viewpoint Summary - For the methanol 2601 contract, the short - term view is weak, the medium - term view is volatile, and the intraday view is weak, with a reference view of weak operation. The core logic is that the weak supply - demand situation dominates, leading to a weak and volatile methanol market [1]. 3.2 Price and Market Logic Summary - The domestic methanol futures 2601 contract maintained a volatile consolidation trend in the overnight session on Monday, with the futures price slightly rising 0.00% to 2098 yuan/ton. The recent agreement in the US Senate to end the federal government "shutdown" has improved market sentiment and risk appetite. However, the domestic methanol operating rate and weekly output remain at relatively high levels, the external import pressure continues to increase, and the methanol inventories at ports in East and South China are high [5].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The crude oil 2601 contract is expected to run strongly, with a short - term weak trend, a medium - term oscillating trend, and a strong intraday trend [1][5] Group 3: Summary by Relevant Information Price and Trend - On the night of Monday this week, the domestic crude oil futures 2601 contract maintained an oscillating and stable trend, with the futures price slightly rising 0.06% to 462.9 yuan/barrel. It is expected that on Tuesday, the contract may maintain a strong trend [5] Driving Logic - The US Senate has reached an agreement to end the federal government shutdown, warming market sentiment and boosting investors' risk appetite. As geopolitical sentiment is digested, the crude oil futures market returns to a supply - demand fundamental - driven market [5]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The iron ore market has a weak supply - demand pattern, and the ore price is under pressure. It is expected to continue the weak and pressured operation, and attention should be paid to the performance of steel products [1][2]. 3) Summary According to the Directory Variety View Reference - For the iron ore 2601 contract, the short - term view is weak and volatile, the medium - term view is volatile, and the intraday view is also weak and volatile. It is recommended to pay attention to the pressure at the MA5 line. The core logic is the weak supply - demand pattern, which puts pressure on the ore price [1]. Market Driving Logic - The supply and demand sides of iron ore have changed. Steel mill production is weakening, and the terminal consumption of ore continues to decline. The weak demand pattern in the steel market remains unchanged, suppressing the ore price. - The arrival of ore at domestic ports has declined from a high level, and the shipments of overseas miners have also decreased, but both are still at high levels. Domestic ore production is weakly stable, and the supply pressure remains. - The market sentiment has warmed up, and the ore price has stabilized in a volatile manner. However, the ore demand is weakening, the supply pressure is not relieved, and the fundamentals are still weak. The ore price is expected to continue the pressured and weak operation, and attention should be paid to the performance of steel products [2].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The domestic thermal coal price strengthened again after a brief stabilization. The supply contraction expectation and downstream restocking expectation support the coal price to run strongly. Attention should be paid to the strength of the peak season for thermal coal from this winter to next spring [4] Group 3: Summary According to the Catalog Price and Market Conditions - As of November 6, the quotation of 5500K thermal coal at Qinhuangdao Port was 799 yuan/ton, with a week-on-week increase of 31 yuan [4] Supply Side - In the first week of November, the production of main - producing area coal mines was generally stable, and the supply was still lower than the same period last year. After the safety production inspection team entered in November, there was still some pressure on the recovery of thermal coal supply. In October, China imported 4173.7 million tons of coal and lignite, a decrease of 426.6 million tons from the previous month [4] Demand Side - As of October 30, the daily coal consumption of power plants in 8 coastal provinces was 1.806 million tons, basically flat week - on - week; the daily coal consumption of power plants in 17 inland provinces was 3.335 million tons, a week - on - week decrease of 192,000 tons per day. The peak season for thermal coal demand has not started [4]

Report Industry Investment Rating - The document does not provide the report industry investment rating Core Viewpoints of the Report - The main contract price of rebar oscillated, with a daily increase of 0.26%, volume increased and positions decreased. Currently, the fundamentals of rebar have not improved under the situation of weak supply and demand, inventory reduction is limited, and steel prices continue to be under pressure. The relative positive factor is that the cost still provides support. In the short - term, the trend will continue to oscillate and seek the bottom. Pay attention to the production situation of steel mills [5]. - The main contract price of hot - rolled coils oscillated, with a daily increase of 0.06%, volume and positions decreased. At present, the industrial contradictions of hot - rolled coils remain unresolved, inventory has accumulated again, and prices continue to be under pressure. The cost side still provides support. In the short - term, the trend will continue to oscillate. Pay attention to the implementation of steel mill production restrictions [5]. - The main contract price of iron ore oscillated, with a daily decrease of 0.07%, volume and positions decreased. Currently, market sentiment has warmed up, and ore prices have stabilized in oscillation. However, the demand for ore is declining, and the supply pressure has not been alleviated. The fundamentals are still weak. It is expected that ore prices will continue to be under pressure and run weakly. Pay attention to the performance of steel products [5]. Summary by Relevant Catalogs Industry Dynamics - In October 2025, 822 projects started across the country, with a total investment of about 494.812 billion yuan. The top three provinces in terms of investment were Fujian, Guangxi, and Guangdong, with total investments of 136.944 billion yuan, 82.1 billion yuan, and 71.7 billion yuan respectively [7]. - As of November 10, 18 car companies announced their production and sales data for October. SAIC Group ranked first in production with 466,300 vehicles, and BYD ranked second with 429,800 vehicles. In terms of month - on - month growth, 11 car companies' sales increased, with BAIC BluePark having the largest increase of 48.70%. In terms of year - on - year growth, 14 car companies' sales increased. Qianli Technology had the highest increase of 97.97%, followed by BAIC BluePark with 72.69%, and Ankai Bus with 65.99% [8]. - Vice - Premier Liu Guozhong will visit Guinea and Sierra Leone from November 10 to 16 and attend the commissioning ceremony of the Simandou Iron Ore Project as a special representative of President Xi Jinping on November 11 [9]. Spot Market - The spot prices of rebar in Shanghai, Tianjin, and the national average were 3,160, 3,200, and 3,223 respectively, with changes of 0, 0, and - 2. The spot prices of hot - rolled coils in Shanghai, Tianjin, and the national average were 3,270, 3,190, and 3,307 respectively, with changes of 10, 0, and - 3. The price of Tangshan billet was 2,930 with a change of - 10, and the price of Zhangjiagang heavy scrap was 2,140 with a change of - 20. The spread between hot - rolled coils and rebar was 110 with a change of 10, and the spread between rebar and scrap was 1,020 with a change of 20 [10]. - The price of 61.5% PB powder at Shandong ports was 775 with a change of 4, the price of Tangshan iron concentrate was 798 with a change of - 5. The sea freight from Australia was 10.45 with a change of 0.24, and from Brazil was 23.53 with a change of 0.16. The SGX swap price (current month) was 102.59 with a change of - 2.22, and the Platts Index (CFR, 62%) was 102.05 with a change of - 2.65 [10]. Futures Market - The closing price of the rebar futures active contract was 3,044, with a change of 0.26%, the highest price was 3,050, the lowest price was 3,022, the trading volume was 1,049,513 with a volume difference of 248,567, and the open interest was 1,923,733 with a position difference of - 37,153 [12]. - The closing price of the hot - rolled coil futures active contract was 3,252, with a change of 0.06%, the highest price was 3,256, the lowest price was 3,231, the trading volume was 375,365 with a volume difference of - 19,759, and the open interest was 1,346,071 with a position difference of - 19,517 [12]. - The closing price of the iron ore futures active contract was 765.0, with a change of - 0.07%, the highest price was 767.0, the lowest price was 756.0, the trading volume was 327,443 with a volume difference of - 103,913, and the open interest was 541,602 with a position difference of - 17,806 [12]. Relevant Charts - The report provides charts on steel inventory (including rebar and hot - rolled coil inventory), iron ore inventory (including 45 - port iron ore inventory, 247 - steel mill iron ore inventory, etc.), and steel mill production situations (including blast furnace operating rate, capacity utilization rate, etc.) [14][19][27] Market Outlook - For rebar, both supply and demand are weakening. The weekly output of rebar decreased by 40,500 tons, and the weekly apparent demand decreased by 136,600 tons. The fundamentals have not improved, inventory reduction is limited, and steel prices continue to be under pressure. The cost still provides support. In the short - term, the trend will continue to oscillate and seek the bottom. Pay attention to the production situation of steel mills [36]. - For hot - rolled coils, both supply and demand are weakening. The weekly output decreased by 54,000 tons, and the weekly apparent demand decreased by 175,900 tons. The industrial contradictions remain unresolved, inventory has accumulated again, and prices continue to be under pressure. The cost side still provides support. In the short - term, the trend will continue to oscillate. Pay attention to the implementation of steel mill production restrictions [36]. - For iron ore, the weak supply - demand pattern remains unchanged, and inventory has increased significantly. Ore demand continues to decline, and the supply pressure has not been alleviated. Market sentiment has warmed up, and ore prices have stabilized in oscillation, but the fundamentals are still weak. It is expected that ore prices will continue to be under pressure and run weakly. Pay attention to the performance of steel products [37].

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 黑色金属 | 日报 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。 投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 黑色金属 | 日报 2025 年 11 月 10 日 煤焦日报 专业研究·创造价值 多空僵持，煤焦高位震荡 核心观点 焦炭：截至 11 月 7 日当周，全样本独立焦化厂和钢厂焦化厂焦炭日均产 量合计 109.68 万吨，周环比下降 1.12 万吨；需求端 247 家钢厂铁水日均 产量 234.22 万吨，周环比下降 2.14 万吨，钢厂盈利率继续下滑 5.19 个 百分点，至 39.83%，超 6 成钢厂处于亏损状态，显示焦炭需求压力仍 存。库存方面，本周产业链各环节焦炭库存均有所去化，截至 11 ...

Report Industry Investment Rating No relevant content provided. Core Views - The overall performance of non-ferrous metals was strong. The recent decline of the US dollar index was beneficial for non-ferrous metals [6][7][8]. - For Shanghai copper, the price strengthened in the morning and then fluctuated around 86,500 yuan. The downstream purchasing willingness recovered as the copper price dropped, and the social inventory of electrolytic copper decreased on Monday. Technically, attention should be paid to the pressure at the 87,000 yuan mark [7]. - For Shanghai aluminum, the price increased with rising positions, approaching the high of last week. The domestic pricing power for aluminum was relatively strong, so the increase was less than that of copper. The social inventory of electrolytic aluminum increased slightly on Monday. Technically, attention should be paid to the pressure at last week's high [8]. - For Shanghai nickel, the price fluctuated strongly with a slight increase in positions. Although the non-ferrous metal sector rose as a whole, nickel showed weakness, reflecting the weakness of its fundamentals. The weekly decline of nickel ore port inventory slowed down, and the weekly inventory of nickel futures continued to rise. Technically, attention should be paid to the pressure at the 120,000 yuan mark [9]. Summaries by Relevant Catalogs 1. Industry Dynamics - **Copper**: On November 10, the social inventory of Mysteel electrolytic copper was 198,300 tons, a decrease of 4,300 tons from last Thursday [11]. - **Aluminum**: On November 10, the social inventory of Mysteel electrolytic aluminum was 616,000 tons, an increase of 9,000 tons from last Thursday [12]. - **Nickel**: On November 10, the price of SMM1 electrolytic nickel was 119,200 - 123,200 yuan/ton, with an average price of 121,200 yuan/ton, a rise of 300 yuan/ton from the previous trading day. The average premium of Jinchuan 1 electrolytic nickel was 3,600 yuan/ton, a rise of 600 yuan/ton from the previous trading day. The spot premium of domestic mainstream brands of electrowon nickel was in the range of -100 - 400 yuan/ton, and the spot premium increased significantly on Monday [13]. 2. Relevant Charts - **Copper**: The report presented charts on domestic visible inventory of electrolytic copper, LME copper注销仓单比例, overseas copper exchange inventory, SHFE warehouse receipt inventory, and other aspects [14][15][16]. - **Aluminum**: The report included charts on aluminum basis, aluminum price difference, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum, alumina inventory, and aluminum rod inventory [38][28][29]. - **Nickel**: The report showed charts on nickel basis, LME nickel inventory and注销仓单比例, LME nickel trend, SHFE inventory, nickel ore port inventory, and nickel price difference [40][42][43].

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 邮箱：longaoming@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。 有色金属 | 日报 2025 年 11 月 10 日 碳酸锂日报 专业研究·创造价值 碳酸锂 姓名：龙奥明 宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 电话：0571-87006873 碳酸锂上涨 摘要 【期货市场】主力合约仍为 LC2601.GFE。主力合约结算价 85360.00 元/吨，较前日上涨 4100.00 元/吨（+5.05%），近 10 个交 易日整体呈现上升走势。 【现货市场】碳酸锂现货价格为 80770.00 元/吨，较前日上涨 0.54%，近 10 个交易日整体呈现上升走势。 【基差分析】当前基差为-4590.00 点，负基差（现货贴水），较前 日走弱 3670.00 点，近 10 ...

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - Market makers play a crucial role in the options market by providing continuous two - sided quotes, ensuring market liquidity and stability. However, they often face risk exposure due to unequal market buying and selling forces, and effective risk management is the core issue for them [2][4]. - Market makers use volatility strategies to manage risks and achieve profits. They can take long or short volatility strategies according to their expectations of future market volatility, and also construct volatility - neutral strategies [4][5][8]. - Market makers need to manage risks from Greek letters (Delta, Gamma, Vega) through dynamic hedging strategies, and also pay attention to skew risk [8][9][12]. - Market makers face challenges such as insufficient market liquidity, regulatory policy uncertainty, and technological progress, but they can also seize opportunities brought by technology to enhance their competitiveness [13][14][16]. Group 3: Summary by Relevant Catalogs A. Application of Options Volatility Strategies - Market makers' main responsibility is to provide continuous two - sided quotes, which helps improve market liquidity, stability, and efficiency. But they often have net long or short positions, leading to risk exposure [2]. - Market makers manage risks by monitoring and adjusting Greek letters (Delta, Gamma, Vega). They use underlying assets or other options to hedge risk exposures, and need to consider factors such as liquidity and operational risk [3]. - Market makers use volatility strategies. When expecting rising volatility, they can use long volatility strategies like Long Straddle and Long Strangle; when expecting falling volatility, they can use short volatility strategies like Short Straddle and Short Strangle. They can also construct volatility - neutral strategies [5][7][8]. B. Risk Management Mechanisms and Practices - Market makers face risks from Greek letters (Delta, Gamma, Vega). They use dynamic hedging strategies to keep the portfolio neutral under different market conditions [8]. - To hedge Delta risk, market makers buy or sell underlying assets; to hedge Gamma risk, they introduce other options; to hedge Vega risk, they buy or sell other options. In practice, they need to comprehensively consider multiple risk factors and construct complex option portfolios [9][10][11]. - Market makers also need to pay attention to skew risk, which is the deviation of option relative volatility pricing, and adjust option portfolios to hedge this risk [12]. C. Future Challenges - Market makers face challenges such as insufficient market liquidity, which may lead to price risks and affect profitability. They need to take measures to improve market liquidity [13]. - Regulatory policy uncertainty exists due to differences among countries and regions, and frequent policy changes may affect long - term planning and investment decisions [14]. - Technological progress brings both opportunities and challenges. Market makers can use advanced technologies to improve risk management and trading efficiency, but they also need higher technical levels and innovation capabilities [14].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - In the context of the fluctuating market of the CSI 1000 Index, it is advisable to construct a bull spread strategy using CSI 1000 index options. The market sentiment is generally positive, the implied volatility is at a low level, and the index is likely to fluctuate in the short - term while having an upward trend in the medium - to - long - term [1][11] - The policies during the 15th Five - Year Plan period will continue to boost consumption, stabilize macro - economic aggregate demand, and promote a positive economic cycle [8][9] - The trend of incremental funds flowing into the stock market remains unchanged, which strongly supports the stock index [10] Summary by Related Catalogs Market Conditions of CSI 1000 Index - Since September, the CSI 1000 Index has entered a range - bound market. Due to the intertwined bullish and bearish factors, it is difficult for investors to time the market, and using linear profit - loss tools for asset allocation bears high volatility risks [1] - The CSI 1000 Index is likely to fluctuate in the short term because although there are positive policy expectations and continuous capital inflows, there is still a need for short - term technical consolidation due to the significant increase in stock valuations [5] Option Indicators - As of November 6, the position PCR of CSI 1000 index options was 108.90%, at the 96.0% quantile level since 2023, indicating that the proportion of non - bearish investors in the market is at a relatively high historical quantile, and the market sentiment is generally positive [3] - Since late October, the at - the - money implied volatility of CSI 1000 index options has continued to decline. As of November 6, it was 18.15%, at the 37.5% quantile level since 2023. It is advisable to hold a positive vega risk exposure when constructing option portfolio strategies [4][5] Policy Factors - In October, the manufacturing PMI showed a seasonal decline, indicating that the problem of insufficient domestic demand still exists, and subsequent policies may continue to work on stabilizing demand and restoring corporate profit expectations [6] - The consumption - boosting policies during the 15th Five - Year Plan period will create new markets, reduce the living burden of residents, and promote a positive economic cycle [8][9] Capital Factors - As of November 6, the margin trading balance was 2.47 trillion yuan, significantly higher than that in September last year and June this year. The active margin trading funds can attract more investors to enter the market [10] - Resident wealth management funds, institutional medium - and long - term funds, and foreign capital are continuously flowing into the stock market. The long - term funds entering the market have enhanced the internal stability of the A - share market, and the trend of foreign capital inflows remains unchanged [10] Strategy Suggestions - A bull spread strategy can be constructed using CSI 1000 index options. Taking the call bull spread as an example, this strategy is suitable for a moderately bullish market, with limited maximum losses and the potential to accumulate floating profits when the index rises [11][13]