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。 • LLDPE概述： 交易咨询业务资格：证监许可【2012】1091号 聚烯烃早报 2025-10-28 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 • 1. 基本面：宏观方面，9月份，官方PMI为49.8，比上月上升0.4个百分点，制造业景气度有所 改善，但仍位于收缩区间。原油中长期 "供增需减" 格局未改，对聚烯烃成本端支撑有限。10 月25日至26日，中美双方在吉隆坡举行经贸磋商并形成初步共识，美欧对俄油进行新一轮制裁， 油价反弹。供需端，农膜旺季需求延续，开工稳，其余膜类备货结束开工下滑。当前LL交割品现 货价7020（+20），基本面整体中性； • 2. 基差： LLDPE 2601合约基差-4，升贴水比例-0.1%，中性； • 3. 库存：PE综合库存56.5万吨（-1.5），中性； • 4. 盘面： LLDPE主力合约20日 ...

交易咨询业务资格：证监许可【2012】1091号 工业硅期货早报 2025年10月27日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 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 1 每日观点 2 基本面/持仓数据 每日观点——工业硅 | | | | | 供给端来看 ， | 上周工业硅供应量为10 | | . | 1万吨 ， | 环比有所增加2 | . | 02% 。 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 需求端来看 ， | 上周工业硅需求为9 . | | 4万吨 | ， | 环比增长27 | 03% . . | 需求有所抬 | | | | | | | | | 多晶硅库存为25 升 | 处于高位 ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The overall supply pressure of PVC is strong, and the domestic demand recovery is sluggish. The current demand may remain weak, and the overall inventory is at a neutral level. The cost of both calcium carbide and ethylene methods is weakening. This week, the supply pressure has decreased, but it is expected to increase next week. The PVC2601 is expected to fluctuate in the range of 4679 - 4737. The report also lists the positive factors such as supply resumption, cost support from calcium carbide and ethylene, and export benefits, as well as the negative factors such as the rebound of overall supply pressure, high - level and slow - consuming inventory, and weak domestic and foreign demand [6] 3. Summaries According to the Directory 3.1 Daily Viewpoints - **Supply**: In September 2025, PVC production was 2.030766 million tons, a 2.05% month - on - month decrease. This week, the sample enterprise capacity utilization rate was 76.57%, unchanged from last week. Calcium carbide method enterprise production was 316,280 tons, a 0.45% month - on - month decrease, and ethylene method enterprise production was 150,360 tons, a 0.47% month - on - month increase. Supply pressure decreased this week, and it is expected that maintenance will decrease next week, with a slight increase in production scheduling [6] - **Demand**: The overall downstream开工rate was 49.86%, a 0.27 - percentage - point increase, higher than the historical average. Downstream profiles开工rate was 35.87%, a 0.61 - percentage - point increase, lower than the historical average. Downstream pipes开工rate was 41.2%, a 0.2 - percentage - point increase, lower than the historical average. Downstream film开工rate was 72.5%, unchanged, higher than the historical average. Downstream paste resin开工rate was 58.76%, a 2.47 - percentage - point increase, lower than the historical average. Shipping costs are expected to rise, and the domestic PVC export price is advantageous, but the current demand may remain weak [6] - **Cost**: The profit of the calcium carbide method was - 722.72 yuan/ton, a 1.30% increase in losses, lower than the historical average. The profit of the ethylene method was - 560.46 yuan/ton, a 1.30% increase in losses, lower than the historical average. The double - ton price difference was 2350.05 yuan/ton, unchanged, lower than the historical average, and production scheduling may be under pressure [6] - **Basis**: On October 24, the price of East China SG - 5 was 4670 yuan/ton, and the 01 contract basis was - 38 yuan/ton, with the spot at a discount to the futures, showing a neutral situation [6] - **Inventory**: Factory inventory was 333,800 tons, a 7.35% month - on - month decrease. Calcium carbide method factory inventory was 252,100 tons, a 9.02% month - on - month decrease. Ethylene method factory inventory was 81,700 tons, a 1.80% month - on - month decrease. Social inventory was 554,700 tons, a 0.26% month - on - month decrease. The inventory days of production enterprises were 5.6 days, a 6.66% month - on - month decrease, showing a neutral situation [6] - **Disk**: MA20 is downward, and the 01 contract futures price closed below MA20, showing a bearish trend [6] - **Main Position**: The main position has a net short position, and short positions are increasing, showing a bearish trend [6] 3.2 PVC Market Overview - Presents the previous day's PVC market data, including the values, previous values, and price changes of various indicators such as enterprises, partial monthly spreads, East China SG - 5, national calcium carbide method, national ethylene method, downstream开工rates, futures closing prices, and inventory data [12] 3.3 PVC Futures Market - **Basis Trend**: Displays the historical data of PVC basis, East China market price, and main contract closing price from 2022 to 2025 [15] - **Price and Volume Trend**: Displays the price, trading volume, and open interest changes of PVC futures from September to October 2025, as well as the changes in the net positions of the top 5 and top 20 seats [18] - **Spread Analysis - Main Contract Spread**: Displays the historical data of the 1 - 9 and 5 - 9 spreads of PVC futures from 2024 to 2025 [21] 3.4 PVC Fundamental - Calcium Carbide Method - **Lancoke**: Displays the price, cost - profit,开工rate, inventory, and daily output of lancoke from 2020 to 2025 [24] - **Calcium Carbide**: Displays the price, cost - profit,开工rate, maintenance loss, and production of calcium carbide from 2019 to 2025 [27] - **Liquid Chlorine and Raw Salt**: Displays the price, production of liquid chlorine, and the price and monthly production of raw salt from 2019 to 2025 [29] - **Caustic Soda**: Displays the price, cost - profit,开工rate, weekly production, maintenance volume, apparent consumption, double - ton price difference, and inventory of caustic soda from 2019 to 2025 [31][33][34] 3.5 PVC Fundamental - Supply Trend - Displays the capacity utilization rate, profit, daily output, weekly maintenance volume, and weekly production of PVC from 2018 to 2025 [35][36][39] 3.6 PVC Fundamental - Demand Trend - Displays the daily trading volume of PVC traders, weekly pre - sales volume, sales - production ratio, apparent consumption, downstream average开工rate, and开工rates of various downstream products (profiles, pipes, films, paste resin) from 2019 to 2025. It also shows the profit, cost, monthly production, and apparent consumption of paste resin, as well as the real - estate investment, construction area, new construction area, sales area, completion area, social financing scale increment, M2 increment, local government new special bonds, and infrastructure investment year - on - year from 2019 to 2025 [41][42][49] 3.7 PVC Fundamental - Inventory - Displays the exchange warehouse receipts, calcium carbide method factory inventory, ethylene method factory inventory, social inventory, and production enterprise inventory days from 2019 to 2025 [53] 3.8 PVC Fundamental - Ethylene Method - Displays the import volume of vinyl chloride and dichloroethane, PVC export volume, FOB spread (Tianjin - Taiwan), and vinyl chloride import spread (Jiangsu - Far East CIF) from 2018 to 2025 [55] 3.9 PVC Fundamental - Supply - Demand Balance Sheet - Displays the monthly export, demand, social inventory, factory inventory, production, and import data of PVC from August 2024 to September 2025 [58]

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - The supply - side pressure remains high, and the demand - side recovery is weak. The current demand is lower than the historical average level. The cost support will strengthen in the short - term, and the market is expected to fluctuate narrowly. The asphalt 2601 is predicted to fluctuate in the range of 3277 - 3321 [8][12]. - There are both positive and negative factors. The positive factor is that the relatively high - level crude oil cost provides some support, while the negative factors include insufficient demand for high - priced goods, overall downward demand, and strengthening expectations of economic recession in Europe and the United States [10][11]. 3. Summary by Relevant Catalogs 3.1 Daily Viewpoints 3.1.1 Fundamental Analysis - Supply: In August 2025, the total planned production of domestic asphalt was 2.413 million tons, with a month - on - month decrease of 5.1% and a year - on - year increase of 17.1%. The weekly capacity utilization rate of domestic petroleum asphalt samples was 33.0777%, a month - on - month decrease of 4.31 percentage points. The output of sample enterprises was 552,000 tons, a month - on - month decrease of 11.53%, and the estimated maintenance volume of sample enterprise devices was 676,000 tons, a month - on - month increase of 9.74%. Refineries have reduced production recently to ease supply pressure, but supply pressure may increase next week [8]. - Demand: The开工 rate of heavy - traffic asphalt was 31.1%, a month - on - month decrease of 0.13 percentage points; the开工 rate of building asphalt was 9.9%, a month - on - month decrease of 0.46 percentage points; the开工 rate of modified asphalt was 12.0898%, a month - on - month decrease of 0.51 percentage points; the开工 rate of road - modified asphalt was 32%, a month - on - month increase of 3.00 percentage points; the开工 rate of waterproofing membranes was 30%, a month - on - month decrease of 3.50 percentage points. Overall, the current demand is lower than the historical average [8]. - Cost: The daily processing profit of asphalt was - 567.04 yuan/ton, a month - on - month increase of 30.70%. The weekly delayed coking profit of Shandong local refineries was 687.0586 yuan/ton, a month - on - month decrease of 4.36%. The processing loss of asphalt increased, and the profit difference between asphalt and delayed coking decreased. With the strengthening of crude oil, it is expected that the support will strengthen in the short - term [8]. 3.1.2 Basis - On October 24, the spot price in Shandong was 3350 yuan/ton, and the basis of the 01 contract was 51 yuan/ton, with the spot price higher than the futures price, showing a positive basis [8]. 3.1.3 Inventory - Social inventory was 1.005 million tons, a month - on - month decrease of 4.37%; factory inventory was 710,000 tons, a month - on - month decrease of 2.33%; port diluted asphalt inventory was 300,000 tons, a month - on - month increase. Social inventory and factory inventory continued to decline, while port inventory continued to accumulate [8]. 3.1.4 Disk - The MA20 line was downward, and the futures price of the 01 contract closed below the MA20 line, showing a bearish signal [8]. 3.1.5 Main Position - The net long position of the main players increased, showing a bullish signal [8]. 3.1.6 Expectation - Refineries have reduced production recently to ease supply pressure. Although the peak season stimulates demand recovery, the overall demand fails to meet expectations and remains sluggish. Inventory remains stable, and crude oil prices are strengthening. Cost support will strengthen in the short - term, and the market is expected to fluctuate narrowly. The asphalt 2601 is predicted to fluctuate in the range of 3277 - 3321 [8]. 3.2 Asphalt Market Overview - The report provides the previous day's market overview, including the values, previous values, changes, and change rates of various indicators such as the 01 - 10 contracts, social inventory, weekly inventory, weekly output, etc. For example, the 01 contract value was 3299, with a previous value of 3277, an increase of 2, and an increase rate of 0.67% [15]. 3.3 Asphalt Futures Market - Spread Analysis - **Basis Trend**: The report presents the basis trends of asphalt in Shandong and East China from 2020 to 2025 [17][18]. - **Main Contract Spread**: It shows the spread trends of asphalt 1 - 6 and 6 - 12 contracts from 2020 to 2025 [20][21]. - **Asphalt - Crude Oil Price Trend**: The price trends of asphalt, Brent oil, and West Texas oil from 2020 to 2025 are presented [23][24]. - **Crude Oil Crack Spread**: The crack spreads of asphalt - SC, asphalt - WTI, and asphalt - Brent from 2020 to 2025 are shown [26][27][28]. - **Asphalt, Crude Oil, and Fuel Oil Price Ratio Trend**: The price ratio trends of asphalt, crude oil, and fuel oil from 2020 to 2025 are presented [30][32]. 3.4 Asphalt Spot Market - Market Price Trends in Various Regions - The report shows the price trend of Shandong heavy - traffic asphalt from 2020 to 2025 [33][34]. 3.5 Asphalt Fundamental Analysis 3.5.1 Profit Analysis - **Asphalt Profit**: The profit trend of asphalt from 2019 to 2025 is presented [36][37]. - **Coking - Asphalt Profit Spread Trend**: The spread trend of coking - asphalt profit from 2020 to 2025 is shown [39][40][41]. 3.5.2 Supply - Side Analysis - **Shipment Volume**: The weekly shipment volume of asphalt small - sample enterprises from 2020 to 2025 is presented [42][43]. - **Diluted Asphalt Port Inventory**: The domestic diluted asphalt port inventory from 2021 to 2025 is shown [44][45]. - **Output**: The weekly and monthly output of asphalt from 2019 to 2025 is presented [47][48]. - **Marey Crude Oil Price and Venezuelan Crude Oil Monthly Output Trend**: The price trend of Marey crude oil and the monthly output trend of Venezuelan crude oil from 2018 to 2025 are shown [51][53]. - **Local Refinery Asphalt Output**: The output of local refinery asphalt from 2019 to 2025 is presented [54][55]. - **Capacity Utilization Rate**: The weekly capacity utilization rate of asphalt from 2021 to 2025 is shown [57][58]. - **Maintenance Loss Estimation**: The estimated maintenance loss volume of asphalt from 2018 to 2025 is presented [59][60]. 3.5.3 Inventory Analysis - **Exchange Warehouse Receipts**: The trends of exchange warehouse receipts (total, social inventory, and factory inventory) from 2019 to 2025 are presented [62][63][64]. - **Social Inventory and Factory Inventory**: The social inventory (70 samples) and factory inventory (54 samples) of asphalt from 2022 to 2025 are shown [66][67]. - **Factory Inventory - to - Stock Ratio**: The factory inventory - to - stock ratio of asphalt from 2018 to 2025 is presented [69][70]. 3.5.4 Import and Export Situation - The export and import trends of asphalt from 2019 to 2025 are presented, as well as the import price difference trend of South Korean asphalt from 2020 to 2025 [72][73][77]. 3.5.5 Demand - Side Analysis - **Petroleum Coke Output**: The output of petroleum coke from 2019 to 2025 is presented [78][79]. - **Apparent Consumption**: The apparent consumption of asphalt from 2019 to 2025 is presented [81][82]. - **Downstream Demand**: It includes the trends of highway construction traffic fixed - asset investment, new local special bonds, infrastructure investment completion year - on - year, and the sales trends of asphalt concrete pavers, domestic excavators, and road rollers from 2019 to 2025 [84][85][86][88][89]. - **Asphalt Capacity Utilization Rate**: The capacity utilization rates of heavy - traffic asphalt, asphalt by use, and downstream asphalt products (such as shoe - material SBS - modified asphalt, road - modified asphalt, and waterproofing membrane - modified asphalt) from 2019 to 2025 are presented [93][94][96][97][98][99][100][101]. 3.5.6 Supply - Demand Balance Sheet - The report provides the monthly asphalt supply - demand balance sheet from January 2024 to October 2025, including downstream demand, diluted asphalt port inventory, factory inventory, social inventory, export volume, import volume, and output [103][104].

Report Information - Report Title: Stock Index Futures Morning Report - October 27, 2025 [1] - Report Author: Dushufang from Dayue Futures Investment Consulting Department [1] - Report Date: October 27, 2025 [1] Report Industry Investment Rating - Not provided in the given content Core Viewpoints - IC2512 has a discount of 98.73 points, and IM2512 has a discount of 121.24 points, indicating a bearish signal [3] - The Fourth Plenary Session emphasized technological self - reliance, which drove the technology and communication sectors to strengthen. The Sino - US economic and trade consultations reached a preliminary consensus, and the market is expected to open higher. It is recommended to reduce positions appropriately on rallies [3] - The margin trading balance is 24,339 billion yuan, a decrease of 16 billion yuan, showing a neutral signal [3] - IH2512 has a premium of 2.78 points, and IF2512 has a discount of 25.88 points, presenting a neutral situation [3] - In terms of the market performance, IH > IC > IF > IM, and IH, IF, IC, and IM are above the 20 - day moving average, indicating a bullish signal [3] - The main positions of IF and IC have reduced long positions, while the main positions of IH have increased long positions, showing a bullish signal [3] - The Fourth Plenary Session set the tone of supply security priority, manufacturing, technological self - reliance, and expanding domestic demand. The technology sector will rebound. With the preliminary consensus reached in the Sino - US economic and trade consultations, it is recommended to reduce positions on significant intraday rallies. The short - term index will maintain high - level fluctuations. Attention should be paid to the meeting between Chinese and US leaders at the end of this month [3] Summary by Directory Futures Market - **Futures Contract Data**: Data such as contract prices, price changes, trading volumes, index prices, price - to - earnings ratios, price - to - book ratios, dividend yields, spreads, premium/discount ratios, annualized premium/discounts, contract values, delivery dates, and remaining terms are provided for IH, IF, IC, and IM contracts of different expiration dates [4] - **Base and Spread Charts**: Charts of the base and spread of the Shanghai 50 Index and the CSI 500 Index are presented, showing their historical trends [6][9] Spot Market - **Important Index Daily Price Changes**: The daily price change rates of important indexes such as the Shanghai Composite Index, Shanghai 50, CSI 300, Wande All - A, CSI 500, Shenzhen Component Index, ChiNext 50, and ChiNext Index are shown [12] - **Style Index Daily Price Changes**: The daily price change rates of style indexes including cyclical, non - cyclical, low - P/E ratio, large - cap, small - cap, value, high - P/E ratio, medium - P/E ratio, and growth indexes are presented [15][18] Market Structure - **AH Share Premium/Discount**: The historical trend chart of the Hang Seng AH Premium Index is provided, reflecting the premium/discount situation of AH shares [21] - **Price - to - Earnings Ratio (PE)**: The historical trend chart of the P/E ratios (TTM) of the Shanghai 50, CSI 300, CSI 500, and ChiNext Index is shown [24] - **Price - to - Book Ratio (PB)**: The historical trend chart of the P/B ratios of the Shanghai 50, CSI 300, CSI 500, and ChiNext Index is presented [26] Market Capital - **Stock Market Capital Inflow**: The historical trend chart of A - share capital net inflow and the CSI 300 Index is provided, showing the capital flow situation in the stock market [28] - **Margin Trading Balance**: The historical trend chart of the margin trading balance and the CSI 300 Index is presented, reflecting the margin trading situation [30] - **Northbound Capital Inflow**: The historical trend chart of the net inflow of northbound capital is shown [32] - **Fund Cost**: The historical trend chart of SHIBOR overnight, SHIBOR one - week, and SHIBOR two - week rates is presented, reflecting the short - term fund cost [38] Market Sentiment - **Trading Activity**: The historical trend charts of the turnover rates (based on free - floating market value) of the Shanghai 50, CSI 300, CSI 500, and ChiNext Index are provided, reflecting the trading activity in the market [41][44] - **Public Mixed - Fund Positions**: Although the title is given, the specific content seems incomplete [46] Other Indicators - **Dividend Yield and Treasury Yield**: The historical trend chart of the dividend yields of the CSI 300, Shanghai 50, CSI 500, and CSI 1000 Indexes and the ten - year Treasury yield is presented [50] - **Exchange Rate**: The historical trend chart of the US dollar against the Chinese yuan exchange rate is provided [52] - **New Account Openings and Index Tracking**: Although the title is given, the specific content seems incomplete [53] - **Newly Established Fund Scale Changes**: The titles of the newly established scale changes of stock - type, mixed - type, and bond - type funds are given, but the specific content seems incomplete [55][57][59]

1. Report Industry Investment Rating No information provided in the report. 2. Core Views of the Report - Supply side: Last week, lithium carbonate production was 21,308 tons, a 1.14% week - on - week increase, higher than the historical average. In September 2025, production was 87,260 tons, and next - month production is forecasted to be 89,890 tons, a 3.01% increase. Lithium carbonate imports in September 2025 were 19,597 tons, and next - month imports are forecasted to be 22,000 tons, a 12.26% increase [8][9]. - Demand side: Last week, the inventory of lithium iron phosphate sample enterprises was 104,347 tons, a 1.49% week - on - week increase, and the inventory of ternary material sample enterprises was 18,592 tons, a 3.50% week - on - week increase. Next - month demand is expected to strengthen, and inventory may decrease [8]. - Cost side: The cost of purchased lithium spodumene concentrate is 76,653 yuan/ton, a 0.93% daily increase, with a production loss of 2,342 yuan/ton. The cost of purchased lithium mica is 80,139 yuan/ton, a 1.46% daily increase, with a production loss of 7,835 yuan/ton. The recycling - end production cost is close to the ore - end cost, with average production enthusiasm. The quarterly cash production cost of the salt - lake end is 31,477 yuan/ton, significantly lower than the ore - end, with sufficient profit margins and strong production motivation [9]. - Overall situation: The imbalance between supply and demand persists, with strong supply and weak demand. The downward trend is difficult to change. The 2601 lithium carbonate contract is expected to fluctuate in the range of 78,660 - 80,380 yuan/ton [9][13]. 3. Summary by Directory 3.1 Daily Views - Supply: Last week's production increase and future production and import forecasts show a growing supply [8][9]. - Demand: Inventory increases in downstream enterprises and expected future demand changes [8][9]. - Cost: Different raw - material production costs and profit situations [9]. - Other factors: Bullish factors include manufacturers' production cut plans and a decline in lithium carbonate imports from Chile. Bearish factors include high supply at the ore/salt - lake end and weak acceptance from the power - battery end [11][12]. 3.2 Fundamental/Position Data - **Market Data**: - Futures closing prices of different contracts show price fluctuations, and most contracts have price changes. For example, the 01 contract price decreased by 420 yuan to 79,520 yuan, a 0.53% decrease [16]. - Base - difference data shows that the spot price of battery - grade lithium carbonate on October 24 was 75,400 yuan/ton, and the 01 contract base difference was - 4,120 yuan/ton, indicating spot discount to futures [9][16]. - Registered warehouse receipts decreased by 60 to 28,699, a 0.21% decrease [16]. - **Upstream Price Data**: - Lithium ore prices increased, with lithium spodumene (6%) rising by 11 dollars to 881 dollars/ton, a 1.26% increase, and lithium mica concentrate (2% - 2.5%) rising by 50 yuan to 1,940 yuan/ton, a 2.65% increase [16]. - Other raw - material prices also had different degrees of changes, such as a 4.01% increase in the price of lithium hexafluorophosphate [16]. - **Supply - side Data**: - Production and cost data of different raw - material lithium carbonate, such as daily lithium spodumene production cost increasing by 708 yuan to 76,653 yuan/ton, a 0.93% increase [19]. - Import and export data of lithium carbonate and lithium ore, such as a 10.61% increase in monthly lithium - concentrate imports [19][20]. - **Demand - side Data**: - Inventory data of downstream enterprises, such as a 1.49% increase in the weekly inventory of lithium iron phosphate to 104,347 tons [19]. - Battery - loading volume data, such as a 21.60% increase in the monthly total power - battery loading volume to 76,000 GWh [20]. 3.3 Supply - Related Content - **Lithium Ore Supply**: - Price trends of lithium ore over the years and production trends of domestic lithium spodumene and lithium mica mines [26][27]. - Import volume and self - sufficiency rate of lithium ore, such as the import volume and proportion of Australian lithium ore [27]. - Supply - demand balance of domestic lithium ore, showing the relationship between production, import, export, and demand in different months [30]. - **Lithium Carbonate Supply**: - Weekly and monthly production, production capacity, and import volume of lithium carbonate from different sources (lithium spodumene, lithium mica, salt - lake, recycling) [31][32]. - Supply - demand balance of lithium carbonate, with different monthly supply - demand balance situations [38]. - **Lithium Hydroxide Supply**: - Capacity utilization, production, and export volume of lithium hydroxide from different sources (smelting, causticizing) [40][41]. - Supply - demand balance of lithium hydroxide, showing the relationship between production, import, export, and demand in different months [43]. 3.4 Lithium Compound Cost - Profit - Different raw - material production costs and profit situations of lithium carbonate, such as the cost and profit of purchased lithium spodumene and lithium mica [46]. - Recycling production cost and profit of lithium carbonate from different waste materials, such as waste lithium - iron - phosphate batteries and ternary materials [48]. - Cost - profit situations in the production and processing of lithium hydroxide, such as the profit and cost of smelting and causticizing methods [51]. 3.5 Inventory - Weekly and monthly inventory data of lithium carbonate, including smelter inventory, downstream inventory, and total inventory [19][53]. - Monthly inventory data of lithium hydroxide, including smelter inventory and downstream inventory [53]. 3.6 Demand - Related Content - **Lithium Battery Demand**: - Battery price trends, production volume, loading volume, and export volume of lithium batteries [55][56]. - Cost data of different types of lithium - battery cells [56]. - **Ternary Precursor Demand**: - Price trends, cost - profit situations, production volume, and supply - demand balance of ternary precursors [61][62][65]. - **Ternary Material Demand**: - Price trends, cost - profit situations, production volume, and import - export volume of ternary materials [67][68][70]. - **Phosphorus Iron/Phosphorus Iron Lithium Demand**: - Price trends, cost - profit situations, production volume, and export volume of phosphorus iron and phosphorus iron lithium [73][76]. - **New - Energy Vehicle Demand**: - Production volume, sales volume, export volume, and sales penetration rate of new - energy vehicles [80][81]. - Retail - wholesale ratio and inventory data of new - energy vehicles [85].

证券代码：839979 沥青期货周报 2025年10月20日-10月24日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 1 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。 1 回顾与展望 2 基本面分析 3 技术面分析 2 1 回顾与展望 3 回顾与展望 本周01合约为上涨态势,周一开盘价为3143元/吨,周五收盘价为3299元/吨，周涨幅为4.96%。 供给端来看，根据隆众对96家企业跟踪，2025年6月份国内沥青总计划排产量为239.8万吨，环比增幅 3.5%,同比增幅12.7%。本周国内石油沥青样本产能利用率为33.0777%，环比减少4.31个百分点，全国样本 企业出货29.066万吨，环比增加14.73%,样本企业产量为55.2万吨，环比减少11.53%,样本企业装置检修量 预估为67.6万吨，环比增加9.74%。本周炼厂有所减产，降低供应压力。下周或将增加供给压力。 需求端来看 ...

白糖早报——2025年10月27日 大越期货投资咨询部 王明伟 从业资格证号：F0283029 投资咨询证号： Z0010442 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。 交易咨询业务资格：证监许可【2012】1091号 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 | | | | | 日捷古报 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 品种 | 期价 | 现价 | 现价变动 地区 进口原糖加工后价(50%关税) | | 其美 进口价差 | | 库存情况 | | SR2601 | 5446 | | | | 334 | | -164 国储库存约700万吨 | | SR2605 | 5398 | | | | 382 | -116 进口配额194.5万吨 | | | | -10 柳州 | 5780 | 528 ...

交易咨询业务资格：证监许可【2012】1091号 原油周报 (10.20-10.24) 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： 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 回顾 2 相关资讯 3 展望 4 基本面数据 5 持仓数据 回顾与要闻 上周，原油受地缘因素影响自低位大幅上行，纽约商品交易所主力轻质原油期货价格收于每桶61.44美元，周涨7.32%；伦敦布伦特原油主力期货 价格收于每桶64.72美元，周涨6.05%；中国原油期货SC主力合约收至467.6元/桶，周涨8.09%。周初市场仍受美俄和谈影响低位运行，供应端未 受显著影响压制油价，而周中特朗普意外表示暂不考虑与俄罗斯总统普京会面，同时美国财政部加大对俄罗斯石油公司制裁，前所未有直接提 振市场地缘担忧情绪，令有消息称印度与美国进行关税谈判或减少俄油进口，更进一步拉升油价，原油回升至前期 ...

证券代码：839979 碳酸锂期货周报 2025年10月20日-10月24日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 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。 1 回顾与展望 2 基本面分析 3 技术面分析 2 1 回顾与展望 3 供给端来看，本周碳酸锂产量为21308吨，高于历史同期平均水平，其中锂辉石产13174吨，环比增加0.08%,高于历史同期平均水 平，锂云母产2891吨，环比增加3.58%,高于历史同期平均水平，盐湖产3227吨，环比增加3.63%,高于历史同期平均水平，回收产2016 吨，环比增加0.95%,高于历史同期水平。 一．回顾与展望 本周01合约为上涨态势，周一开盘价为76260元/吨，周五收盘价为79520元/吨，周涨幅为4.27%。 需求端来看，2025年9月碳酸锂需求量为116801实物吨，环比增加12.28%,预测下月需求量为123198实物 ...