Report Summary 1. Investment Rating No investment rating is provided in the report. 2. Core View Last week, the soda ash futures fluctuated within a narrow range, with the main contract SA2601 closing 1.65% higher than the previous week at 1,229 yuan/ton. The spot price of heavy soda ash in Hebei Shahe increased by 2.61% to 1,180 yuan/ton. Supply remains at a high level, with expected production of 760,000 tons and an operating rate of 87% next week. The overall supply is abundant as the second - phase project of Yuangxing Energy is expected to be put into operation by the end of the year. Downstream demand is average, mainly on a need - to - buy basis, and the current situation is weak with continuous financial pressure. The daily melting volume of float glass remained stable at 161,300 tons, while that of photovoltaic glass decreased by 100 tons to 88,700 tons. As of October 23, the national in - factory inventory of soda ash was 1.7021 million tons, a 0.09% increase from the previous week, and the inventory is at a historically high level. Overall, the fundamentals of soda ash remain weak, and it is expected to fluctuate weakly in the short term [3]. 3. Summary by Directory 3.1 Weekly Soda Ash Futures and Spot Market - The main contract of soda ash futures closed at 1,229 yuan/ton, up 1.65% from the previous week. The low - end price of heavy soda ash in Shahe was 1,180 yuan/ton, up 2.61%. The main basis was - 49 yuan/ton, down 16.95% [9]. 3.2 Soda Ash Spot Market - The low - end price of heavy soda ash in Hebei Shahe was 1,180 yuan/ton, up 2.61% from the previous week [15]. - The profit of heavy soda ash production is at a historical low, with a profit of - 92.40 yuan/ton for the North China ammonia - soda process and - 199 yuan/ton for the East China co - production process [18]. - The weekly operating rate of the soda ash industry was 84.94%. The weekly production was 740,600 tons, including 410,000 tons of heavy soda ash, at a historical high. The heavy - production rate was 55.36% [21][23][25]. - From 2023 to 2025, there have been significant expansions in soda ash production capacity. The planned new production capacity in 2025 is 7.5 million tons, with an actual production of 1 million tons [26]. 3.3 Fundamental Analysis - Demand - The weekly production - sales rate of soda ash was 99.78% [29]. - The daily melting volume of national float glass was 161,300 tons, with an operating rate of 76.35% remaining stable [32]. 3.4 Fundamental Analysis - Inventory The national in - factory inventory of soda ash was 1.7021 million tons, a 0.09% increase from the previous week, and the inventory is above the five - year average [39]. 3.5 Fundamental Analysis - Supply - Demand Balance Sheet The report provides the annual supply - demand balance sheet of soda ash from 2017 to 2024E, showing changes in effective capacity, production, operating rate, imports, exports, and other indicators [40]. 4. Influencing Factors Positive Factors The peak maintenance season is approaching this year, and production is expected to decline [5]. Negative Factors - Since 2023, the production capacity of soda ash has expanded significantly, and there are still large production plans this year. The industry's production is at a historically high level [6]. - The production of photovoltaic glass, a downstream product of heavy soda ash, has decreased, leading to weaker demand for soda ash [8]. - The positive sentiment of macro - policies has faded [8]. 5. Main Logic The supply of soda ash is at a high level, terminal demand has declined, and the inventory is at a high level in the same period. The mismatch between supply and demand in the industry has not been effectively improved [7].

Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the report. 2) Core View of the Report - Last week, Shanghai copper prices rose significantly, with the main contract of Shanghai copper increasing by 3.95% to close at 87,720 yuan/ton. Geopolitical factors, US tariff issues, force majeure in Indonesian copper mines, and the sharp rise in precious metals stimulated the increase in copper prices. Domestically, it is the consumption peak season, but the downstream consumption willingness is average. In the industrial sector, domestic spot trading is average, mainly for rigid - demand transactions. LME copper inventory decreased slightly last week, and SHFE copper inventory decreased by 5,448 tons to 104,792 tons compared with the previous week. The copper market will be in a tight - balance situation in 2024 and an oversupply situation in 2025 [4]. 3) Summary by Relevant Catalogs 行情回顾 - Last week, the main contract of Shanghai copper rose 3.95% to 87,720 yuan/ton. Geopolitical factors, US tariff issues, force majeure in Indonesian copper mines, and the sharp rise in precious metals stimulated the increase in copper prices. Domestically, downstream consumption willingness is average, and domestic spot trading is mainly for rigid - demand. LME copper inventory decreased slightly, and SHFE copper inventory decreased by 5,448 tons to 104,792 tons compared with the previous week [4]. 基本面（库存结构） - **PMI**: No specific content is provided [9]. - **Supply - Demand Balance**: The copper market will be in a tight - balance situation in 2024 and an oversupply situation in 2025. The Chinese annual supply - demand balance table shows the production, import, export, apparent consumption, actual consumption, and supply - demand balance of copper from 2018 to 2024 [11][14]. - **Inventory**: Exchange inventory is in a de - stocking state, and bonded - area inventory remains at a low level [15][19]. 市场结构 - **Processing Fee**: The processing fee is at a low level [22]. - **CFTC Position**: CFTC non - commercial net long positions are flowing out [24]. - **Futures - Spot Price Difference**: No specific content is provided [27]. - **Import Profit**: No specific content is provided [30]. - **Warehouse Receipt**: No specific content is provided.

上周玻璃期货窄幅震荡下行，主力合约FG2601收盘较前一周下跌0.27%报1092元/吨。 现货方面，河北沙河白玻大板报价1052元/吨，较前一周下跌3.31%。 交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 玻璃周报 2025.10.20-10.24 供给方面，玻璃现货价格下跌，行业冷修高位，上周全国浮法玻璃生产线在产226 条，开工率76.35%，日熔量16.13万吨，环比持平，供给低位企稳回升。需求方面，终 端地产复苏乏力，全国样本企业订单整体环比下滑，加工厂订单及资金双重压力下操作 艰难，拿货以刚需为主；截止10月23日，全国浮法玻璃企业库存6661.30万重量箱，较 前一周增加3.64%，库存处于同期历史偏高位置。综合来看，玻璃基本面供稳需弱，短 期预计震荡偏空运行为主。 每周观点 ...

交易咨询业务资格：证监许可【2012】1091号 沪铝周报（10.20~10.24） 大越期货投资咨询部:祝森林 从业资格证号：F3023048 投资咨询证号：Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目录 一、行情回顾 二、基本面（库存结构） 三、市场结构 基本面 上周回顾 数据来源：博易大师 沪铝周报： 沪铝上周震荡运行，上周主力合约上涨1.51%，周五收盘报21225元/吨。在碳中和下长期控制产能，国 内房地产压制需求不振，取消对铝材出口退税，对于国内铝价构成利空，美国加增钢铝关税，消费有 所影响。国内基本面上，需求进入旺季，等待消费复苏。上周LME库存473125吨，较前周出现小幅减少， SHFE周库存减3860吨至118168吨。 期货主力 1、供需平衡表 2、铝 3、铝土矿 4、氧化铝 5、铝棒 供需平衡 数据来源：Wind 供需平衡 | | | | 中国年度供需平衡表 铝(万吨) | | | | - ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Recently, the coke and manganese ore markets have been stable, keeping the overall cost support steady. The silicon-manganese spot market is in a wait-and-see mode, observing the futures market. Alloy factories' production has little fluctuation, and spot prices are stable. HeSteel Group's final silicon-manganese price in October was 5,820 yuan/ton, a small increase from the second-round inquiry of 5,800 yuan/ton and a significant decrease from September's 6,000 yuan/ton. Most steel mills' tender prices revolve around 5,800 yuan, and the silicon-manganese market shows low enthusiasm for steel tender prices. Overall, the silicon-manganese market has been oscillating recently, with no major changes in the basic supply and demand. The impact of the macro level on the market needs further attention. It is predicted that the market will continue to oscillate in the short term [2] Summary by Directory Manganese Silicon Supply - **Capacity**: Data on the monthly production capacity of Chinese silicon-manganese enterprises is presented [6][7] - **Annual Output**: Annual production data of silicon-manganese in Guangxi, Guizhou, Inner Mongolia, Ningxia, Yunnan, other regions, and the whole of China are shown [8][9] - **Weekly, Monthly Output, and开工率**: Weekly and monthly production data of Chinese silicon-manganese and the weekly开工率 of Chinese silicon-manganese enterprises are provided [10][11] - **Regional Output**: Monthly production data of silicon-manganese in Inner Mongolia, Ningxia, and Guizhou, and daily average production data in Inner Mongolia, Ningxia, Guizhou, and Guangxi are presented [12][13] Manganese Silicon Demand - **Steel Tender Purchase Price**: Monthly purchase price data of silicon-manganese by Baoshan Iron & Steel Co., Ltd., Baowu Egang, Chengde Jianlong, Heilongjiang Jianlong, Yangchun Iron and Steel, Jilin Jianlong, and Nanjing Iron and Steel Co., Ltd. are shown [15][16] - **Daily Average Hot Metal and Profit**: Weekly data on the daily average hot metal output and profitability of 247 Chinese steel enterprises are presented [17][18] Manganese Silicon Import and Export - Monthly import and export volume data of Chinese ferromanganese-silicon are presented [19][20] Manganese Silicon Inventory - Weekly inventory data of 63 sample Chinese silicon-manganese enterprises and monthly data on the average available days of silicon-manganese inventory in China, the northern region, and the eastern region are presented [21][22] Manganese Silicon Cost - **Manganese Ore Import Volume**: Monthly import volume data of manganese ore by trade method, from Gabon to China, from southern Africa to China, and from Australia to China are presented [23][24] - **Manganese Ore Port Inventory and Available Days**: Weekly data on the port inventory of manganese ore in China, Qinzhou Port, and Tianjin Port, and the average available days of manganese ore inventory in China are presented [25][26] - **High-Grade Manganese Ore Port Inventory**: Weekly data on the port inventory of Australian, Gabonese, and Brazilian high-grade manganese ore in Qinzhou Port and Tianjin Port are presented [27][28] - **Tianjin Port Manganese Ore Price**: Daily price data of South African semi-carbonate manganese ore, Australian manganese ore, and Gabonese manganese ore in Tianjin Port are presented [29] - **Regional Cost**: Daily cost data of silicon-manganese in Inner Mongolia, the northern region, Ningxia, the southern region, and Guangxi are presented [30][31] Manganese Silicon Profit - Daily profit data of silicon-manganese in the northern region, the southern region, Inner Mongolia, Ningxia, and Guangxi are presented [32][33]

交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2025年10月27日 大越期货投资咨询部 金泽彬 投资咨询资格证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 PTA 每日观点 PTA： 1、基本面：周五，10月货在01贴水80～90附近商谈，价格商谈区间在4430~4470附近。11月上在01-77～78附近成交，11月中在 01-72～75附近成交，11月下在01-70附近成交。今日主流现货基差在01-83。中性 2、基差：现货4450，01合约基差-68，盘面升水 中性 3、库存：PTA工厂库存4.07天，环比减少0.01天 偏多 4、盘面：20日均线向下，收盘价收于20日均线之上 偏空 5、主力持仓：净空 空减 偏空 6、预期：周内受下游聚酯产销提振，PTA现货基差小幅走强，市场成交重心逐步向11 ...

Group 1: Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core View - The report indicates that the fundamentals of zinc show a supply shortage in the global zinc market from January to August 2025, but factors such as the basis, inventory, and the main position suggest a mixed outlook. The overall expectation for SHFE zinc contract ZN2512 is a sideways and bearish trend [2][22]. Group 3: Summary by Directory 1. Zinc Fundamentals - In August 2025, global zinc sheet production was 1.1507 million tons, consumption was 1.1717 million tons, resulting in a supply shortage of 21,000 tons. From January to August 2025, global zinc sheet production was 9.0885 million tons, consumption was 9.3698 million tons, with a supply shortage of 281,300 tons. In August 2025, global zinc ore production was 1.0696 million tons, and from January to August 2025, it was 8.4457 million tons [2]. 2. Zinc Futures Market on October 24 - The trading volume of zinc futures contracts totaled 204,908 lots, with a total turnover of 2.28443242 billion yuan. The open interest was 213,396 lots, a decrease of 3,282 lots [3]. 3. Domestic Spot Market on October 24 - The domestic spot price of 0 zinc in Shanghai was 22,160 - 22,260 yuan/ton, in Guangdong was 22,090 - 22,190 yuan/ton, in Tianjin was 22,185 - 22,285 yuan/ton, and in Zhejiang was 22,235 - 22,335 yuan/ton [4]. 4. Zinc Ingot Inventory Statistics from October 13 - 23, 2025 - The total inventory of zinc ingots in major domestic markets on October 23 was 1.635 million tons, showing an increasing trend compared to October 13 [5]. 5. Zinc Warehouse Receipt Report on October 24 - The total zinc warehouse receipts on the futures exchange on October 24 were 65,849 tons, an increase of 320 tons from the previous day [7]. 6. LME Zinc Inventory on October 24 - The LME zinc inventory on October 24 was 37,600 tons, an increase of 2,900 tons from the previous day [9]. 7. Zinc Concentrate Prices on October 24 - The prices of 50% grade zinc concentrate in major domestic cities increased by 70 yuan/ton [11]. 8. Zinc Ingot Smelter Prices on October 24 - The prices of 0 zinc ingots from major domestic smelters increased by 90 yuan/ton [14]. 9. Domestic Refined Zinc Production in September 2025 - The production of refined zinc in September 2025 was 499,900 tons, a month - on - month decrease of 3.53% and a year - on - year increase of 16.13%. The capacity utilization rate was 74.80%, and the planned production for October was 509,600 tons [17]. 10. Zinc Concentrate Processing Fees on October 24 - The domestic zinc concentrate spot TC was 3,400 yuan/metal ton, and the imported comprehensive TC was 105 US dollars/dry ton [4]. 11. Shanghai Futures Exchange Member Zinc Trading and Position Ranking on October 24 - For the zn2512 contract, the total trading volume of member futures companies was 203,463 lots, a decrease of 41,622 lots from the previous day. The total long position was 84,356 lots, a decrease of 648 lots, and the total short position was 81,659 lots, a decrease of 3,620 lots [20]. 12. Short - term View - The previous trading day saw SHFE zinc fluctuate and rise, with shrinking trading volume. Both long and short positions reduced, with the short side reducing more. The short - term trend may be volatile. Technically, the price closed above the moving average system, and the short - term indicator KDJ rose into the strong zone, while the trend indicator declined, indicating a stalemate between long and short forces. The recommendation for SHFE zinc ZN2512 is a sideways and bearish trend [22].

Report Summary Industry Investment Rating No industry investment rating is provided in the report. Core Views - **沪镍**: The nickel price fluctuated last week with average trading volume. Russian nickel supply was tight, while some imported supplies such as Sumitomo arrived. In the long - term, the oversupply situation remains unchanged. The 2512 contract of Shanghai nickel is expected to fluctuate widely around the 20 - day moving average [2]. - **不锈钢**: The spot stainless steel price increased. The short - term nickel ore price was firm, and the freight rate was stable. The nickel iron price decreased slightly, and the cost line moved down. The stainless steel inventory decreased slightly. The 2512 contract of stainless steel is expected to fluctuate widely around the 20 - day moving average [4]. Summary by Related Catalogs Price Overview - **Nickel and Stainless Steel Price**: On October 24, the Shanghai nickel main contract closed at 122,150 yuan, up 770 yuan from the previous day; the stainless steel main contract closed at 12,810 yuan, up 45 yuan. The spot price of SMM1 electrolytic nickel was 122,900 yuan, up 750 yuan [11]. Inventory - **Nickel Inventory**: As of October 24, the LME nickel inventory was 250,854 tons, unchanged; the Shanghai Futures Exchange nickel warehouse receipt was 26,810 tons, down 71 tons. The total inventory was 277,664 tons, down 71 tons [14]. - **Stainless Steel Inventory**: On October 24, the inventory in Wuxi was 601,100 tons, and in Foshan was 302,600 tons. The national inventory was 1,027,400 tons, a decrease of 13,800 tons from the previous period. The stainless steel futures warehouse receipt was 74,195 tons, down 181 tons [17][18]. Raw Material Price - **Nickel Ore and Nickel Iron Price**: On October 24, the price of red - soil nickel ore CIF (Ni1.5%) was 58 US dollars per wet ton, unchanged; the price of high - nickel iron (8 - 12) was 930.5 yuan per nickel point, down 3.5 yuan; the price of low - nickel iron (below 2) was 3,300 yuan per ton, down 50 yuan [21]. Production Cost - **Stainless Steel Production Cost**: The traditional production cost of stainless steel was 12,957 yuan, the scrap steel production cost was 13,235 yuan, and the low - nickel + pure nickel production cost was 16,747 yuan [23]. Nickel Import Cost - The converted import price of nickel was 123,096 yuan per ton [26].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - For coking coal, due to stricter safety and over - production inspections in major producing areas, coal mine production restrictions and maintenance have increased, leading to a supply contraction. Although downstream enterprises resist high coal prices, they are still making normal purchases, and coal mines have little inventory pressure. However, coking enterprises' raw material costs are high, downstream coking enterprise starts have slightly decreased, and pig iron production has continued to decline, pressuring the rigid demand for coking coal. Considering the recent positive performance of the futures market and the implementation of the second round of coke price increases, some coking enterprises' procurement enthusiasm remains high. It is expected that the coking coal price will remain stable in the short term [3]. - For coke, the continuous rise in coking coal prices has significantly increased the coking enterprises' coal - input costs, narrowing their profit margins. After the second - round coke price increase, there is an expectation of profit repair. Currently, coking enterprises' production cuts and maintenance have not expanded further, and they are maintaining previous production levels. With supply contraction and downstream steel mills' rigid demand for restocking, coking enterprises are shipping smoothly and have no inventory pressure. Although steel mills' profits are low, the blast furnace operating rate remains high, and some steel mills are still urging deliveries. It is expected that coke prices will remain stable in the short term [7]. Group 3: Summary by Related Catalogs Daily Views Coking Coal - Fundamental: Tightening supply due to inspections, good procurement by coking enterprises, and low coal mine inventory support coal prices; considered bullish [3]. - Basis: Spot price is 1300, basis is 51.5, spot premium to futures; considered bullish [3]. - Inventory: Total sample inventory is 1895.4 tons, a decrease of 76.2 tons from last week; considered bullish [3]. - Disk: The 20 - day line is upward, and the price is above the 20 - day line; considered bullish [3]. - Main positions: Net long in the main coking coal contract, with a decrease in long positions; considered bullish [3]. - Expectation: Price may remain stable in the short term [3]. Coke - Fundamental: Rising coking coal prices have squeezed profit margins, but there is an expectation of profit repair after the second - round price increase. Supply contraction and downstream restocking lead to smooth shipments; considered neutral [7]. - Basis: Spot price is 1640, basis is - 117.5, spot discount to futures; considered bearish [7]. - Inventory: Total sample inventory is 888.4 tons, a decrease of 8.1 tons from last week; considered bullish [7]. - Disk: The 20 - day line is upward, and the price is above the 20 - day line; considered bullish [7]. - Main positions: Net short in the main coke contract, with a decrease in short positions; considered bearish [7]. - Expectation: Price may remain stable in the short term [7]. Factors Affecting Prices Coking Coal - Bullish factors: Rising pig iron production, difficult supply increase [5]. - Bearish factors: Slower procurement of raw coal by coking and steel enterprises, weak steel prices [5]. Coke - Bullish factors: Rising pig iron production and synchronous increase in blast furnace operating rate [9]. - Bearish factors: Squeezed profit margins of steel mills, partial over - consumption of restocking demand [9]. Prices - On October 24, 2017:30, the price of quasi - first - grade metallurgical coke from Shanxi at Rizhao Port was 1490, and the price of quasi - first - grade dry - quenched metallurgical coke increased by 20 to 1710 [10]. - Imported coking coal prices varied by origin, brand, and port, with some prices rising [11]. Inventory Port Inventory - Coking coal port inventory is 295 tons, a decrease of 0.1 tons from last week; coke port inventory is 195.1 tons, an increase of 1 ton from last week [19]. Independent Coking Enterprises' Inventory - Coking coal inventory is 819.3 tons, a decrease of 69.2 tons from last week; coke inventory is 42.5 tons, an increase of 3.5 tons from last week [23]. Steel Mills' Inventory - Coking coal inventory is 803.8 tons, an increase of 4.3 tons from last week; coke inventory is 626.7 tons, a decrease of 13.3 tons from last week [28]. Other Data - The capacity utilization rate of 230 independent coking enterprises nationwide is 74.48% [41]. - The average profit per ton of coke for 30 independent coking plants nationwide is 25 yuan [45].

Report Industry Investment Rating - The report does not explicitly provide an overall industry investment rating, but gives a neutral assessment of the fuel oil market based on multiple factors [3] Core Viewpoints - The Asian low - sulfur fuel oil market structure has slightly recovered, and the spot premium of Singapore 380CST high - sulfur fuel oil has narrowed. The fuel oil market is affected by multiple factors and is expected to be bullish due to positive signals from Sino - US trade negotiations and ongoing sanctions against Russia. The report suggests continuing to monitor the progress of Sino - US trade negotiations and waiting for the recovery of the shipping market. FU2601 is expected to operate in the range of 2820 - 2860, and LU2601 in the range of 3240 - 3280 [3] Summary by Directory 1. Daily Prompt - The Asian low - sulfur fuel oil market has a slight upward trend as the spot discount of 0.5% sulfur marine fuel has narrowed from its widest level in over five years, driven by stronger bids from Chinese ship fuel during the market closing assessment. The spot discount of Singapore 380CST high - sulfur fuel oil has narrowed for the first time in five trading days, pushed by stronger bids from Trafigura during the physical trading window. The weekend Sino - US trade negotiations released positive signals, and the impact of sanctions against Russia continues. Fuel oil is expected to be bullish. FU2601 is expected to operate between 2820 - 2860, and LU2601 between 3240 - 3280 [3] 2. Multi - Short Concerns - Bullish factors include the extension of Russia's fuel oil export restrictions and the cancellation of US - Russia talks along with sanctions on Russian oil - related enterprises. Bearish factors are that the optimism on the demand side remains to be verified. The market is driven by the resonance of geopolitical risks on the supply side and neutral demand [4] 3. Fundamental Data - **Supply and Demand**: The market structure of Asian low - sulfur and Singapore high - sulfur fuel oil has recovered slightly [3] - **Basis**: Singapore high - sulfur fuel oil has a basis of 69 yuan/ton, and low - sulfur fuel oil has a basis of 31 yuan/ton, with the spot price higher than the futures price [3] - **Inventory**: Singapore's fuel oil inventory in the week of October 22 was 2744.9 million barrels, an increase of 509 million barrels [3] - **Market**: The price is above the 20 - day line, and the 20 - day line is flat. The high - sulfur main position has short positions with a decrease in shorts, and the low - sulfur main position has long positions with an increase in longs [3] 4. Spread Data - The report does not provide specific spread data analysis content 5. Inventory Data - Singapore fuel oil inventory data from August 13 to October 22 shows fluctuations. The inventory on October 22 was 2744.9 million barrels, an increase of 509 million barrels compared to the previous period [8]