交易咨询业务资格：证监许可【2012】1091号 2025-10-21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：近期国内甲醇市场整体弱势下行，除宏观消息面对大宗商品集中压制外，甲醇供需面的持续博弈对行情利 空同步体现；中性 2、基差：江苏甲醇现货价为2285元/吨，01合约基差19，现货升水期货；偏多 3、库存：截至2025年10月16日，华东、华南港口甲醇社会库存总量为125.89万吨，较上周期库存小幅降库1.41万吨；沿 海地区（江苏、浙江和华南地区）甲醇整体可流通货源减少6.34万吨至87.70万吨；偏空 4、盘面：20日线向下，价格在均线下方；偏空 5、主力持仓：主力持仓净空，空增；偏空 6、预期：预计本周甲醇 ...

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core View The report indicates that the overall supply of domestic urea exceeds demand, and the market situation is bearish. The urea main contract is expected to fluctuate weakly today. Although international urea prices are strong, they have limited support for domestic prices, and both industrial and agricultural demands are weak [5]. 3. Summary by Related Catalogs Urea Overview - **Fundamentals**: Current daily production and operating rate have slightly declined but remain at a high level, and comprehensive inventory has significantly accumulated. Both industrial and agricultural demands are weak. The price difference between domestic and foreign exports is large, but it has limited support for domestic prices. The overall supply of domestic urea exceeds demand significantly [5]. - **Likely Factors**: International prices are strong [6]. - **Negative Factors**: High operating daily production, weak domestic demand, and continued inventory accumulation [6]. - **Main Logic**: International prices and marginal changes in domestic demand [6]. Specific Indicators - **Basis**: The basis of the UR2601 contract is -52, and the premium/discount ratio is -3.4%, indicating a bearish trend [5]. - **Inventory**: UR comprehensive inventory is 2.061 million tons (+203,000 tons), showing a bearish signal [5]. - **Disk**: The 20 - day moving average of the UR main contract is downward, and the closing price is below the 20 - day line, suggesting a bearish outlook [5]. - **Main Position**: The net position of the UR main contract is short, and short positions are increasing, which is bearish [5]. Spot, Futures, and Inventory Data - **Spot**: The price of the delivery - grade spot is 1,550 (unchanged) [5]. - **Futures**: The UR01 contract price is 1,602 (unchanged), the UR05 contract price is 1,672 (unchanged), and the UR09 contract price is 1,705 (unchanged) [7]. - **Inventory**: The warehouse receipt is 6,294 (unchanged), UR comprehensive inventory is 2.061 million tons (+203,000 tons), UR manufacturer inventory is 1.615 million tons, and UR port inventory is 446,000 tons [7]. Supply - Demand Balance Sheet The report provides the supply - demand balance sheet of urea from 2018 to 2025E, including data on capacity, capacity growth rate, production, net imports, import dependence, apparent consumption, ending inventory, actual consumption, and consumption growth rate. For example, in 2019, the capacity was 24.455 million tons, with a growth rate of 8.9%, and the production was 22.4 million tons [10].

交易咨询业务资格：证监许可【2012】1091号 利多： 2025-10-21燃料油早报 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 5 价差数据 库存数据 燃料油： 1、基本面：新加坡交易商表示，亚洲地区11月期间可能保持充足供应，因现有库存高企且俄罗斯高硫货品持续 稳定流入亚洲。同时，高硫燃料油炼油利润率的回升抑制了炼厂的原料需求；新加坡低硫燃料油码头交货定期 合同溢价在10月出现下跌，主要因库存充足及需求不足对上游估值构成压力；中性 2、基差：新加坡高硫燃料油369.75美元/吨，基差为26元/吨，新加坡低硫燃料油为430.6美元/吨，基差为-6元/ 吨，现货平水期货；中性 3、库存：新加坡燃料油10月15日当周库存为2235.9万桶，增加174万桶；偏空 4 ...

Report Overview - Report Name: Polyolefin Morning Report - Date: October 21, 2025 - Author: Jin Zebin from Dayue Futures Investment Consulting Department [2][3] Industry Investment Rating - Not provided in the report Core Views - The overall fundamentals of LLDPE and PP are bearish, with the expected trend for both being weakly volatile today. The decline in crude oil prices and increased Sino-US macro risks contribute to this outlook, while the operating conditions of agricultural film are stable, and industrial inventories are moderately high [4][6] LLDPE Analysis Fundamentals - In September, the official PMI was 49.8, up 0.4 percentage points from the previous month, indicating some improvement in manufacturing sentiment but still in the contraction range. The long - term pattern of "increasing supply and decreasing demand" in crude oil remains unchanged, providing limited support to the polyolefin cost side. Sino - US trade negotiations are uncertain, and oil prices have continued to decline. On the supply - demand side, the operation of agricultural film is stable with a slight increase in the operating rate, and the demand for other films is good as Double 11 approaches. The current spot price of LLDPE delivery products is 6920 (+10) [4] Key Factors - The basis of the LLDPE 2601 contract is 46, with a premium - discount ratio of 0.7%, which is bullish. The PE comprehensive inventory is 58.0 million tons (+3.7), which is neutral. The 20 - day moving average of the LLDPE main contract is downward, and the closing price is below the 20 - day line, which is bearish. The net long position of the LLDPE main contract is decreasing, which is bullish [4] Pros and Cons - Bullish factor: Seasonal demand has increased month - on - month. Bearish factors: Demand is weaker year - on - year, there are many new production launches in the fourth quarter, and there are Sino - US trade risks [5] PP Analysis Fundamentals - Similar to LLDPE, the macro situation shows some improvement in manufacturing sentiment but still in the contraction range. The long - term "increasing supply and decreasing demand" pattern in crude oil persists, and Sino - US trade negotiations are uncertain. On the supply - demand side, plastic weaving is supported by the peak season, and the demand for pipes has increased but is still weak year - on - year. The current spot price of PP delivery products is 6550 (-0) [6] Key Factors - The basis of the PP 2601 contract is - 1, with a premium - discount ratio of - 0.0%, which is neutral. The PP comprehensive inventory is 67.9 million tons (-0.3), which is neutral. The 20 - day moving average of the PP main contract is downward, and the closing price is below the 20 - day line, which is bearish. The net short position of the PP main contract is increasing, which is bearish [6] Pros and Cons - Bullish factor: Seasonal demand has increased month - on - month. Bearish factors: Demand is weaker year - on - year, there are many new production launches in the fourth quarter, and there are Sino - US trade risks [7] Market Data LLDPE - Spot delivery product price: 6920, 0 change. 01 contract price: 6874, 0 change. Warehouse receipts: 12685, 0 change. PE comprehensive factory inventory: 58.0, 0 change. PE social inventory: 546, 0 change [8] PP - Spot delivery product price: 6550, 0 change. 01 contract price: 6551, 0 change. Warehouse receipts: 14313, 0 change. PP comprehensive factory inventory: 67.9, 0 change. PP social inventory: 349, 0 change [8] Supply - Demand Balance Sheets Polyethylene - From 2018 to 2025E, the production capacity has been increasing, with a significant increase in 2020 and 2025E. The import dependence has generally shown a downward trend, and the consumption growth rate has fluctuated, with a decline in 2021 [13] Polypropylene - From 2018 to 2025E, the production capacity has been steadily increasing, with relatively large growth rates in 2020, 2023, and 2024. The import dependence has also shown a downward trend, and the consumption growth rate has generally been positive [15]

交易咨询业务资格：证监许可【2012】1091号 纯碱早报 2025-10-21 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。 每日观点 纯碱： 1、基本面：碱厂检修量不及预期，远兴二期年前预期投产，整体供给处于高位；下游浮法玻璃供 给扰动较多，光伏日熔量延续下滑趋势，纯碱厂库处于历史同期高位；偏空 2、基差：河北沙河重质纯碱现货价1155元/吨，SA2601收盘价为1219元/吨，基差为-64元，期货升 水现货；偏空 3、库存：全国纯碱厂内库存170.05万吨，较前一周增加2.45%，库存在5年均值上方运行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空减；偏空 6、预期：纯碱基本面疲弱，短期预计震荡偏弱运行为主。 影响因素总结 利多： 1、浮法玻璃日熔量企稳。 利空： 主要逻辑和风险点 1、主 ...

Report Summary 1. Industry Investment Rating No investment rating is provided in the report. 2. Core View The aluminum market is influenced by multiple factors, resulting in an expected oscillatory movement of aluminum prices. The long - term outlook is positive due to the impact of carbon neutrality on the industry, but in the short - term, there are both bullish and bearish factors at play. The fundamentals are neutral, with carbon neutrality controlling capacity expansion and downstream demand being weak, and the real estate sector remaining sluggish. The market is also affected by the game between interest rate cuts and weak demand [2][3]. 3. Summary by Relevant Sections Daily View - The fundamentals of aluminum are neutral, with carbon neutrality controlling capacity expansion, weak downstream demand, and a sluggish real estate market. The basis shows a slight premium of the spot over the futures, also considered neutral. The inventory on the Shanghai Futures Exchange decreased by 2749 tons to 122028 tons last week, which is neutral. The closing price is above the 20 - day moving average with the average trending upwards, indicating a bullish signal. The net position of the main players is long and increasing, also bullish. Overall, aluminum prices are expected to oscillate [2]. Recent Bullish and Bearish Analysis - **Bullish factors**: Carbon neutrality controls capacity expansion; the Russia - Ukraine geopolitical situation affects Russian aluminum supply; interest rate cuts [3]. - **Bearish factors**: The global economy is not optimistic, and high aluminum prices will suppress downstream consumption; the export tax rebate for aluminum products has been cancelled [3]. Daily Summary - Spot prices in Shanghai decreased by 375, and the middle price was 70770. The total volume of warehouse receipts was 70798 tons, with an increase of 699 tons. The South China storage price decreased by 450 to 70690, and the Yangtze River price decreased by 400 to 70870. The LME inventory decreased by 425 tons to 74750 tons, and the SHFE inventory increased by 29728 tons to 136300 tons [4]. Supply - Demand Balance - The supply - demand balance of aluminum in China shows different situations from 2018 to 2024. There were supply shortages from 2018 - 2023, with shortages ranging from 4.31 to 68.61 million tons. In 2024, there is an expected supply surplus of 15 million tons [22].

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。 玻璃早报 2025-10-21 每日观点 玻璃： 1、基本面：近期沙河地区"煤改气"等反内卷、环保政策利好情绪有所升温，供应端扰动因素较 多；下游深加工订单整体偏弱，不及往年同期，地产终端需求疲弱；偏空 2、基差：浮法玻璃河北沙河大板现货1088元/吨，FG2601收盘价为1091元/吨，基差为-3元，期货 升水现货；中性 3、库存：全国浮法玻璃企业库存6427.6万重量箱，较前一周增加2.31%，库存在5年均值上方运行； 偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空减；偏空 6、预期：玻璃基本面偏弱，短期预计震荡偏弱运行为主。 影响因素总结 利多： 1、"反内卷"政策影响下，浮法玻璃行业存产能出清预 ...

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 交易咨询业务资格：证监许可【2012】1091号 沥青期货早报 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 供给端来看，根据隆众，2025年8月份国内沥青总计划排产量为241.3万吨，环比降幅5.1%,同比 增幅17.1%。本周国内石油沥青样本产能利用率为37.3921%，环比增加0.359个百分点，全国样 本企业出货25.335万吨，环比增加14.48%,样本企业产量为62.4万吨，环比增加0.97%,样本企 业装置检修量预估为61.6万吨，环比减少1.44%,本周炼厂有所增产，提升供应压力。下周或将 增加供给压力。 2025年10月21日 需求端来看，重交沥青开工率为35.8%，环比增加0.04个百分点，低于历史平均水平；建筑沥青 开工率为18.2%，环比持平，低于历史平均水平；改 ...

交易咨询业务资格：证监许可【2012】1091号 PVC期货早报 2025年10月21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。 目 录 6、预期: 电石法成本走弱，乙烯法成本走弱，总体成本走弱；本周供给压力有所减少；下周预计检修 有所减少，预计排产将会增加。总体库存处于高位；当前需求与历史平均水平接近；持续关 注宏观政策及出口动态，PVC2601:在4673-4731区间震荡。 3 1 每日观点 2 基本面/持仓数据 每日观点 供给端来看，据隆众统计，2025年9月PVC产量为203.0766万吨，环比减少2.05%；本周样本 企业产能利用率为76.69%，环比减少0.07个百分点；电石法企业产量31.772万吨，环比减少 9.92%,乙烯法企业产量14.966万吨，环比减少0.78%；本周供给压力有所减少；下周预计检 修有所减少， ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The supply of lithium carbonate is increasing, with last week's production at 21,066 tons, a 2.08% week - on - week increase and higher than the historical average. In September 2025, the production was 87,260 tons, and the predicted production for next month is 89,890 tons, a 3.01% increase. The import volume in September was 20,000 tons, and it is predicted to be 22,000 tons next month, a 10% increase. [8][9] - The demand is expected to strengthen next month, and inventory may be reduced. The cost of 6% concentrate CIF has a daily increase but is lower than the historical average. The lithium carbonate 2601 contract is expected to fluctuate in the range of 74,820 - 76,580. [9] - The overall situation shows a pattern of strong supply and weak demand due to capacity mismatch, and the downward trend is difficult to change. [14] 3. Summary by Relevant Catalogs 3.1 Daily Viewpoints - **Supply - side**: Last week's lithium carbonate production was 21,066 tons, a 2.08% week - on - week increase. In September 2025, the production was 87,260 tons, and the predicted production for next month is 89,890 tons, a 3.01% increase. The import volume in September was 20,000 tons, and it is predicted to be 22,000 tons next month, a 10% increase. [8][9] - **Demand - side**: Last week, the inventory of sample enterprises of lithium iron phosphate was 102,818 tons, a 0.95% week - on - week increase, and the inventory of sample enterprises of ternary materials was 17,963 tons, a 0.64% week - on - week increase. Next month's demand is expected to strengthen, and inventory may be reduced. [8][9] - **Cost - side**: The daily price of 6% concentrate CIF has increased, but it is lower than the historical average. The cost of purchasing spodumene concentrate is 74,778 yuan/ton, a 0.45% daily increase, resulting in a loss of 1,852 yuan/ton. The cost of purchasing lepidolite is 77,485 yuan/ton, unchanged daily, resulting in a loss of 6,553 yuan/ton. The production cost of the recycling end is close to that of the ore end, 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][11] - **Market Indicators**: On October 20, the spot price of battery - grade lithium carbonate was 74,000 yuan/ton, and the basis of the 01 contract was - 1,940 yuan/ton, indicating that the spot price was at a discount to the futures price. The MA20 of the market was upward, and the futures price of the 01 contract closed above the MA20. The net position of the main players was short, and the short position increased. [11] - **Leveraging Factors**: Positive factors include manufacturers' plans to stop or reduce production, a decrease in the import volume of lithium carbonate from Chile, and a decline in the import volume of spodumene. Negative factors include the continuous high supply at the ore/salt - lake end with limited decline, and the lack of willingness of the power battery end to take delivery. [12][13] 3.2 Fundamental/Position Data - **Market Overview**: The prices of various lithium - related products showed different degrees of change. For example, the price of spodumene (6%) increased from 846 to 851 dollars/ton, a 0.59% increase; the price of battery - grade lithium carbonate increased from 73,350 to 74,000 yuan/ton, a 0.89% increase. [16] - **Supply - side Data**: The weekly operating rate of lithium carbonate was 74.39%, a 4.32% increase. The monthly production of lithium carbonate in September was 87,260 tons, a 2.37% increase. The production of lithium concentrate, lepidolite, salt - lake lithium, and recycled lithium all showed different trends. The monthly import volume of lithium concentrate decreased by 18.32%, and the monthly import volume of lithium carbonate decreased by 10.30%. [18][19] - **Demand - side Data**: The monthly operating rates and production of lithium iron phosphate, lithium iron phosphate lithium, ternary precursors, ternary materials, and other products all increased to varying degrees. The monthly total loading volume of power batteries increased by 21.60%, with the loading volume of lithium iron phosphate batteries increasing by 26.61% and the loading volume of ternary batteries increasing by 20.54%. The production and sales volume of new energy vehicles also increased, with production increasing by 16.25% and sales increasing by 14.98%. [18][19] - **Inventory Data**: The total weekly inventory of lithium carbonate was 132,658 tons, a 1.59% decrease. The inventory of smelters decreased by 1.34%, the inventory of downstream enterprises decreased by 3.40%, and the inventory of other sources increased by 0.87%. [18][19]