Report Industry Investment Rating No relevant content provided. Core Views of the Report - The soybean meal M2601 is expected to oscillate in the range of 2920 - 2980. The domestic soybean meal may maintain an oscillatory pattern in the short - term, influenced by the US soybean trend, high imports of soybeans in October, and the spot price discount [8][9]. - The soybean A2601 is expected to oscillate in the range of 4040 - 4140. The domestic soybean is affected by the high imports of soybeans and the expected increase in domestic soybean production, but the cost of imported soybeans and the expected increase in domestic soybean demand support the price [10][11]. - The market focuses on the impact of US soybean harvesting weather and the Sino - US trade tariff game for both soybean meal and soybeans [14][15]. Summary by Directory 1. Daily Tips - The soybean meal M2601 may maintain an oscillatory pattern. The fundamentals include the US soybean's oscillatory decline, high imports of soybeans in October, and the spot price discount. The inventory decreased compared to last week and last year, but the main position's short - selling increased and funds flowed out [9]. - The soybean A2601 may also oscillate. The fundamentals are affected by the US soybean situation, high imports of soybeans, and the expected increase in domestic soybean production. The cost of imported soybeans and the expected increase in domestic soybean demand support the price [11]. 2. Recent News - The Sino - US tariff negotiation is in a stalemate, which is short - term negative for US soybeans. The US soybean is oscillating above the thousand - point mark, waiting for further guidance on the growth and harvesting of US soybeans, imports of soybeans, and Sino - US tariff negotiations [13]. - The imports of soybeans in China remained high in October. The inventory of soybean meal in oil mills decreased from the high level in October. The soybean meal is expected to oscillate in the short - term [13]. - The profit of pig farming in China decreased, leading to a low expectation of pig replenishment, which suppresses the price expectation of soybean meal. However, the uncertainty of Sino - US trade negotiations keeps the soybean meal oscillating [13]. 3. Bullish and Bearish Factors Soybean Meal - Bullish factors: slow customs clearance of imported soybeans, low inventory pressure of domestic oil mills, and uncertain weather in the US soybean - producing areas [14]. - Bearish factors: high total imports of soybeans in October and the expected high yield of US soybeans [14]. Soybeans - Bullish factors: cost support of imported soybeans and the expected increase in domestic soybean demand [15]. - Bearish factors: high yield of Brazilian soybeans and the expected increase in domestic soybean production [15]. 4. Fundamental Data - **Global Soybean Supply - Demand Balance Sheet**: It shows the data of harvest area, initial inventory, production, total supply, total consumption, end - inventory, and inventory - to - consumption ratio from 2015 to 2024 [32]. - **Domestic Soybean Supply - Demand Balance Sheet**: It presents the data of harvest area, initial inventory, production, imports, total supply, total consumption, end - inventory, and inventory - to - consumption ratio from 2015 to 2024 [33]. - **Soybean Planting and Harvesting Progress**: It includes the planting and harvesting progress of soybeans in Argentina, the US, and Brazil from 2023/24 to 2025 [34][35][38][39][40][41][42]. - **USDA Monthly Supply - Demand Report**: It shows the planting area, yield per unit, production, end - inventory, new - bean exports, and other data of the US in the past six months [43]. - **Imported Soybean Arrival**: The arrival of imported soybeans decreased from the high level in October, with an overall year - on - year increase [46]. 5. Position Data - No specific position data summary is provided other than the increase of short positions in the main contracts of soybean meal and soybeans and the corresponding capital flow information [9][11].

纯碱周报 2025.10.20-10.24 交易咨询业务资格：证监许可【2012】1091号 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。 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 每周观点 上周纯碱期货窄幅震荡，主力合约SA2601收盘较前一周上涨1.65%报1229元/吨。现货方 面，河北沙河重碱低端价1180元/吨，较节前上涨2.61%。 供给方面，近期纯碱检修企业少，下周暂无检修，个别企业负荷提升，下周产量预计76 万吨，开工率87%，供应依旧处于较高水平，远兴能源二期预计在年底前投产，整体供给充 裕。需求端，下游需求一般，按需为主，目前整体现状偏弱，资金压力持续；周内浮法日熔 量16.13万吨，环比稳定，光伏日熔量8.87万吨，环比下降100吨；截止10月23日，全国纯碱 厂内库存170.21万吨，较前一周增加0.09%，库存处于历史同期高位。综合来看，纯碱基本 面延续疲 ...

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) | | | | - ...

交易咨询业务资格：证监许可【2012】1091号 锰硅周报10.20-10.24 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。 每周观点 本周观点： 从成本端来看，近期焦炭市场、锰矿市场偏稳运行，整体成本支撑暂稳。 从供应端来看，硅锰现货市场持有观望情 绪，观望期货市场走势。合金工厂生产波动不大，现货价格稳定。从需求端来看，河钢集团10月硅锰最终定价5820元 / 吨，对比二轮询价5800元/吨涨幅不大，对比9月硅锰定价:6000元/ 吨降幅比较大。多数钢厂招标定价围绕5800元展 开，硅锰市场对钢招定价热情不高。 总体来讲，近期硅锰市场震荡运行，基本供需面无较大变动，近期还需关注宏 观层面对市场的影响。 下周行情预测： 预计短期内市场将延续震荡运行态势。 2 -2000元/吨 0元/吨 2000元/吨 4000元/吨 6000元/吨 80 ...

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].

交易咨询业务资格：证监许可【2012】1091号 沪镍&不锈钢早报—2025年10月27日 大越期货投资咨询部 祝森林 从业资：F3023048 投资咨询证：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。 沪镍 每日观点 1、基本面：上周镍价震荡运行，成交一般，俄镍货源偏紧，住友等进口货源有一定到货。产业链上， 镍矿价格坚挺，菲律宾雨季慢慢来临，矿山挺价，海运费本周维稳。镍铁价格稳中有降，成本线继续向 下有所松动。不锈钢库存小幅回落，再次去库存，关注可持续性。新能源汽车产销数据良好，三元电池 装车有所回升，但总体提振有限。中长线过剩格局不变。偏空 2、基差：现货122900，基差750，偏多 3、库存：LME库存250854，0，上交所仓单26810，-71，偏空 4、盘面：收盘价收于20均线以上，20均线向上，偏多 5、主力持仓：主力持仓净空，空减，偏空 6、结论：沪镍2512：20均线上下宽幅震荡思路。 不锈钢 每 ...

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].