1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - This week, nickel prices fluctuated with average trading volume. Russian nickel supplies were tight, while some imported supplies such as Sumitomo arrived. In the industry chain, nickel ore prices remained firm, and as the rainy season in the Philippines approached, mines held prices firm, and shipping freight rates remained stable this week. Nickel iron prices were stable with a slight decline, and the cost line continued to loosen downward. Stainless steel inventories decreased slightly, and the destocking process resumed. The production and sales data of new energy vehicles were good, and the installation of ternary batteries increased, but the overall boost was limited. The long - term oversupply pattern remained unchanged [8]. - From a technical perspective, on the daily K - line, prices fluctuated around the 20 - day moving average, and the 20 - day moving average moved horizontally. After the price stood above the 20 - day moving average on Friday, the open interest decreased significantly. The MACD green bar was small, showing signs of a golden cross. The KDJ was upward, gradually entering the overbought zone. Overall, price fluctuations were not large [81]. 3. Summary by Directory 3.1 Viewpoints and Strategies - **Nickel Viewpoint**: Nickel prices oscillated this week, with average trading volume. The supply of Russian nickel was tight, and some imported supplies arrived. In the long - term, the supply - demand situation would continue to increase on both sides, but the oversupply pattern would not change. In the new energy industry chain, the substitution of ternary materials was becoming more obvious, and the growth of nickel demand slowed down [8][26]. - **Trading Strategies**: - The main contract of Shanghai nickel would oscillate between 120,000 and 123,800 [9][86]. - The main contract of stainless steel would oscillate widely around the 20 - day moving average [10][87]. 3.2 Fundamental Analysis - **Industry Chain Weekly Price Changes**: - Nickel ore prices remained stable, with no change in the prices of red soil nickel ore (CIF) NI1.5%, Fe30 - 35% and NI1.4%, Fe30 - 35% compared to last week [13][19]. - The price of battery - grade nickel sulfate increased by 0.35%, while the price of electroplating - grade nickel sulfate remained unchanged. The price of high - nickel iron decreased by 0.53%, and the price of low - nickel iron remained unchanged [13]. - The prices of Shanghai electrolytic nickel, Shanghai Russian nickel, and Jinchuan's ex - factory price all increased slightly, while the price of 304 stainless steel decreased by 0.27% [14]. - **Nickel Ore Market**: - Nickel ore prices and shipping freight rates remained stable. As of October 23, 2025, the total nickel ore inventory at 14 ports in China was 14.9791 million wet tons, a decrease of 309,300 wet tons from the previous period, a decline of 2.02%. In September 2025, the nickel ore import volume was 6.1145 million tons, a month - on - month decrease of 232,200 tons, a decline of 3.66%, and a year - on - year increase of 1.5483 million tons, an increase of 33.91%. The nickel ore market had fair trading this week, and as the Philippines entered the rainy season, future supplies might decline [17]. - **Electrolytic Nickel Market**: - Nickel prices oscillated with average trading volume. Russian nickel supplies were tight, and some imported supplies arrived. In the long - term, the supply - demand situation would continue to increase on both sides, but the oversupply pattern would not change. In September 2025, China's refined nickel production was 36,795 tons, a month - on - month increase of 0.27% and a year - on - year increase of 25.03%. The estimated production in October 2025 was 37,150 tons, a month - on - month increase of 0.96% and a year - on - year increase of 20.42%. In September 2025, China's refined nickel import volume was 28,367.371 tons, a month - on - month increase of 4,181 tons, an increase of 17.29%, and a year - on - year increase of 22,779 tons, an increase of 407.65%. The export volume was 14,112.095 tons, a month - on - month decrease of 936 tons, a decline of 6.22%, and a year - on - year increase of 3,807 tons, an increase of 36.94% [25][26][29]. - **Nickel Iron Market**: - Nickel iron prices were stable with a slight decline. In September 2025, China's nickel pig iron actual production in metal terms was 21,700 tons, a month - on - month decline of 5.06% and a year - on - year decline of 13.64%. In September 2025, China's nickel iron import volume was 1.085 million tons, a month - on - month increase of 211,000 tons, an increase of 24.2%, and a year - on - year increase of 348,000 tons, an increase of 47.2%. The nickel iron inventory in September was 202,900 physical tons, equivalent to 19,900 nickel tons [44][48][51]. - **Stainless Steel Market**: - The price of 304 stainless steel decreased slightly this week. In September, the stainless steel crude steel production was 3.4267 million tons, of which the 300 - series production was 1.7627 million tons, a month - on - month increase of 1.43%. The latest stainless steel import volume was 120,300 tons, and the export volume was 418,500 tons. As of October 24, the stainless steel inventory in Wuxi was 601,100 tons, in Foshan was 302,600 tons, and the national inventory was 1.0274 million tons, a month - on - month decrease of 13,800 tons [59][64][70]. - **New Energy Vehicle Production and Sales**: - In September, the production and sales of new energy vehicles were 1.617 million and 1.604 million respectively, a year - on - year increase of 23.7% and 24.6% respectively. From January to September, the production and sales of new energy vehicles were 11.243 million and 11.228 million respectively, a year - on - year increase of 35.2% and 34.9% respectively [75]. 3.3 Technical Analysis On the daily K - line, prices fluctuated around the 20 - day moving average, and the 20 - day moving average moved horizontally. After the price stood above the 20 - day moving average on Friday, the open interest decreased significantly. The MACD green bar was small, showing signs of a golden cross. The KDJ was upward, gradually entering the overbought zone. Overall, price fluctuations were not large [81]. 3.4 Industry Chain Summary - **Nickel Ore**: Neutral. Quotations were stable, shipping freight rates were flat, and the rainy season was approaching [84]. - **Nickel Iron**: Neutral. Nickel iron prices were stable with a slight decline, and the cost line decreased to some extent [84]. - **Refined Nickel**: Slightly bearish. The long - term oversupply pattern remained unchanged, and inventories continued to accumulate at home and abroad [84]. - **Stainless Steel**: Neutral. Inventories declined [84]. - **New Energy**: Neutral. Production data were good, and the installation of ternary batteries increased year - on - year [84].

CONTENTS 目 录 1 周度观点 2 期现价格 3 基本面数据 4 5 价差数据 库存数据 交易咨询业务资格：证监许可【2012】1091号 燃料油周报 （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。 周度观点 燃料油周评：上周，燃油跟随原油走高，地缘影响同步，高硫报收2844元/吨，周涨8.26%，低硫报收 3267元/吨，周涨6.73%。 由于下游需求疲软且近期供应持续充足，亚洲低硫燃料油市场结构走弱，含硫0.5%船用燃料的现货贴水 维持在五年多来的最阔水平。由于部分市场参与者可能通过套利推动欧洲货物流入，加上来自中东和西非的 低硫燃料油调油组分稳定到货，10月新加坡低硫燃料油套利到货量将增加。贸易消息人士称，新加坡10月预 计从西方接收约270-290万吨低硫燃料油，高于9月的230-240万吨。低硫燃 ...

证券代码：839979 工业硅期货周报 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 回顾与展望——工业硅 本周01合约为上涨态势,周一开盘价为8500元/吨,周五收盘价为8920元/吨，周涨幅为4.94%。 供给端来看,本周工业硅供应量为10.1万吨，环比增加2.02%。本周样本企业产量为49905万吨,环比增加 3.36%;其中云南样本企业开工率为65.28%,环比持平,四川样本企业开工率为30.68%,环比减少2.41%,新疆样 本企业开工率为83.23%,环比增加4.32%,西北样本企业开工率为77%,环比持平。预计本月开工率为69.23%,较 上月开工率61.94%增加7.29个百分点。 需求端来看,本周工业硅需求为9. ...

Report Summary 1. Report Industry Investment Rating No information is provided in the report regarding the industry investment rating. 2. Core Viewpoints - This week, cotton continued to fluctuate and rebound. The previous price was oversold, and with the new cotton coming onto the market and China - US negotiations in progress, the bearish sentiment has eased [4]. - Currently, new cotton is about to be listed in large quantities. The previous bearish news has been gradually digested, and the purchase price of seed cotton has slightly increased. The futures main contract 01 continued to fluctuate and rebound [5]. - Bullish factors include a slight increase in the purchase price of seed cotton and a year - on - year decrease in commercial inventory [6]. - Bearish factors include ongoing trade negotiations, high export tariffs to the US, a decline in overall foreign trade orders, increased inventory, the upcoming large - scale listing of new cotton, and weak consumption during the "Golden September and Silver October" period [7]. 3. Summary by Directory 3.1 Previous Day Review - This week, cotton continued to fluctuate and rebound. The national cotton output is expected to be 728000 tons, with Xinjiang hitting a new high. According to the ICAC September report, the output and consumption in the 2025/2026 season are both 25.5 million tons. The USDA September report shows that the output in the 2025/2026 season is 25.622 million tons, consumption is 25.872 million tons, and the ending inventory is 15.925 million tons. In September, textile and clothing exports were $24.42 billion, a year - on - year decrease of 1.4%. China's cotton imports in September were 100000 tons, a year - on - year decrease of 18.7%; cotton yarn imports were 130000 tons, a year - on - year increase of 18.18%. According to the Ministry of Agriculture's October forecast for the 2025/2026 season, the output is 6.36 million tons, imports are 1.4 million tons, consumption is 7.4 million tons, and the ending inventory is 8.22 million tons [4]. 3.2 Daily Tips - New cotton is about to be listed in large quantities, and the previous bearish news has been gradually digested. The purchase price of seed cotton has slightly increased, and the futures main contract 01 continued to fluctuate and rebound [5]. 3.3 Today's Focus - Bullish factors: a slight increase in the purchase price of seed cotton and a year - on - year decrease in commercial inventory [6]. - Bearish factors: ongoing trade negotiations, high export tariffs to the US, a decline in overall foreign trade orders, increased inventory, the upcoming large - scale listing of new cotton, and weak consumption during the "Golden September and Silver October" period [7]. 3.4 Fundamental Data - **USDA Global Production and Sales Forecast (September)**: In the 2025/2026 season, the total global cotton output is expected to be 25.622 million tons, consumption is 25.872 million tons, and the ending inventory is 15.925 million tons. Different countries have different production, consumption, import, and inventory trends [13][14]. - **ICAC Global Cotton Supply - Demand Balance Sheet**: In the 2025/2026 season, the global output is 2.59 million tons, an increase of 40000 tons (+1.6%); consumption is 2.56 million tons, basically flat; the ending inventory is 1.71 million tons, an increase of 26000 tons (+1.6%); the global trade volume is 970000 tons, an increase of 36000 tons (+3.9%) [15]. - **Ministry of Agriculture's Forecast for the 2025/2026 Season**: The output is 6.36 million tons, imports are 1.4 million tons, consumption is 7.4 million tons, and the ending inventory is 8.22 million tons [4]. 3.5 Position Data No information is provided in the report regarding position data.

交易咨询业务资格：证监许可【2012】1091号 白糖周报（10.20-10.24） 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。 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 本周回顾： 本周白糖主要围绕5400-5500区间小幅震荡。国内甘蔗开始压榨，主产区广西前期受台风影响，甘 蔗产量有所下降。 Czarnikow:上调25/26年度全球食糖过剩预期至740万吨，比8月份预估高出120万吨。StoneX:预计 25/26年度全球糖市供应过剩277万吨。ISO:预计25/26年度全球食糖供应缺口为23.1万吨，比之前 预计缺口大幅减少。2025年8月底，24/25年度本期制糖全国累计产糖1116.21万吨；全国累计销糖 1000万吨；销糖率89.6%。2025年9月中国进口食糖55万吨， ...

交易咨询业务资格：证监许可【2012】1091号 贵金属周报（10.20-10.24） 大越期货投资咨询部 项唯一 从业资格证号： F3051846 投资咨询证号： Z0015764 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 上周回顾 2 每周周评 3 4 5 基本面数据 持仓数据 总结 | 指 标 | 前 | 收 | 最 | 高 | 最 | 低 | 涨 | 跌 | | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | （%） | | 沪金2512 | 938 | 1 . | 1001 . | 96 | 923 | 62 . | - 48 | 28 . | - 4 . | 89 | | 沪银2512 | 11332 | | 12070 | | 11205 | | ...

沪铜早报- 交易咨询业务资格：证监许可【2012】1091号 每日观点 铜: 1、基本面：供应端有所扰动，冶炼企业有减产动作，废铜政策有所放开，9月份，制造业生产活动加 快，PMI升至49.8%，景气水平继续改善；中性。 2、基差：现货85370，基差-700，升水期货；偏空。 3、库存：10月23日铜库存增75至136925吨，上期所铜库存较上周增14656吨至109690吨；中性。 4、盘面：收盘价收于20均线上，20均线向上运行；偏多。 5、主力持仓：主力净持仓多，多减；偏多。 6、预期：库存回升，地缘扰动仍存印尼的Grasberg Block Cave矿事件发酵，铜价维持强势 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。 近期利多利空分析 利多： 利空： 逻辑： 全球政策宽松 和 贸易战升级 风险： 自然灾害 1、俄乌,伊以地缘政 ...

交易咨询业务资格：证监许可【2012】1091号 2025-10-27甲醇早报 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 每日提示 2 多空关注 3 基本面数据 4 检修状况 甲醇2601： 1、基本面：内地方面，上游工厂库存不高，以及煤炭价格坚挺，成本端支撑加强，且当前产区甲醇价格已处于偏低水 平，对内地行情均有一定支撑。但同时当前内地整体开工仍处于偏高水平，局部地区如关中有一定供应压力。而烯烃利 润大幅挤压，当前成本压力明显据悉港口部分烯烃装置降负，对甲醇的负反馈逐步显现。另外港口库存居高不下，新一 轮合约周期即将开启，场内货源供应并不紧缺。业者对后市信心一般，预计内地涨跌空间有限。港口方面，受制裁事件 影响，伊朗进口船货卸货被无限期推延，在炒作支撑下，港口市场下行动力减弱，但基本面偏弱事实下，预计本周港 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The domestic pig market is expected to see a double - reduction in supply and demand this week. Pig prices are likely to be weak in the short - term, with a mid - term trend of bottoming out and then oscillating. The LH2601 contract is expected to oscillate in the range of 12,000 - 12,400 [10]. Summary by Directory 1. Daily Prompt - The supply of pigs and pork is expected to decrease this week. The market may experience a double - reduction in supply and demand, with short - term weak pig prices and a mid - term oscillating pattern. Attention should be paid to the monthly group - farm slaughter rhythm and the dynamics of the secondary fattening market [10]. 2. Recent News - China's additional tariffs on pork imports from the US and Canada boost market confidence. After the Mid - Autumn Festival and National Day, the pig market shows a double - reduction in supply and demand, with short - term weak spot prices and a mid - term oscillating pattern [12]. - Pig demand has weakened in the short - term after the festivals, but spot prices are supported by reduced supply and may bottom out and rebound. The short - term profit of pig farming has worsened, and the enthusiasm for slaughtering large pigs has decreased, supporting the short - term price expectations of pig futures and spot [12]. 3. Bullish and Bearish Factors - **Bullish**: Domestic pig supply enters the off - season after the long holiday, and the room for further decline in domestic pig spot prices may be limited [13]. - **Bearish**: There is a pessimistic expectation in the domestic macro - environment due to the Sino - US tariff war, and the year - on - year increase in domestic pig inventory [13]. - **Main Logic**: The market focuses on pig slaughter and fresh meat demand [13]. 4. Fundamental Data - **Supply - side**: As of June 30, the pig inventory was 424.47 million, a 0.4% month - on - month increase and a 2.2% year - on - year increase. As of the end of June, the inventory of breeding sows was 40.42 million, a 0.02% month - on - month increase and a 4.2% year - on - year increase [10]. - **Demand - side**: After the long holiday, the overall consumer willingness of residents has weakened, suppressing short - term fresh pork consumption [10]. - **Price - related**: The national average spot price is 11,770 yuan/ton, and the basis of the 2601 contract is 405 yuan/ton, with the spot at a discount to the futures [10]. 5. Position Data - The net position of the main players is short, and short positions are increasing [10].

交易咨询业务资格：证监许可【2012】1091号 CONTENTS 目 录 1 每周评论 2 基本面数据 3 检修状况 甲醇周报 （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。 4 观点与策略 甲醇周评：多空多种因素交织下，预计下周甲醇市场维持震荡整理。内地方面，上游工厂库存不高，以 及煤炭价格坚挺，成本端支撑加强，且当前产区甲醇价格已处于偏低水平，对内地行情均有一定支撑。但同 时当前内地整体开工仍处于偏高水平，局部地区如关中有一定供应压力。而烯烃利润大幅挤压，当前成本压 力明显据悉港口部分烯烃装置降负，对甲醇的负反馈逐步显现。另外港口库存居高不下，新一轮合约周期即 将开启，场内货源供应并不紧缺。业者对后市信心一般，预计内地涨跌空间有限。港口方面，受制裁事件影 响，伊朗进口船货卸货被无限期推延，在炒作支撑下，港口 ...