交易咨询业务资格：证监许可【2012】1091号 贵金属早报—— 2025年10月10日 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 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 黄金 1、基本面：海外银刷新历史最高后回落，获利了结推动金价回落；美国三大股指小 幅收跌，欧洲三大股指涨跌不一；美债收益率集体上涨，10年期美债收益率涨1.55 个基点报4.136%；美元指数涨0.55%报99.40，离岸人民币对美元升值报7.1380； COMEX黄金期货跌1.95%报3991.10美元/盎司；中性 6、预期：今日关注美国10月消费者信心、9月政府预算、美联储委员密集讲话、欧 盟财长会议。海外银刷新历史最高后回落，风险偏好回落，金价冲高回落。沪金溢 价迅速扩大至-8元/克。避险情绪和宽松预期仍 ...

Report Summary Investment Rating No investment rating for the industry is provided in the report. Core View - Due to the implementation of the cease - fire agreement between Hamas and Israel, geopolitical concerns have weakened. With no new news on Russian sanctions and lack of geopolitical support, oil prices are expected to decline. Fuel oil is likely to follow, and considering the lack of improvement in shipping demand and weakening power generation demand, there is significant pressure in the future market. The expected operating range for FU2601 is 2770 - 2820, and for LU2511 is 3300 - 3360 [3]. Summary by Directory 1. Daily Prompt - The expected operating range for FU2601 is 2770 - 2820, and for LU2511 is 3300 - 3360. The market is affected by geopolitical factors, shipping and power generation demand [3]. 2. Multi - Short Focus - **Likely Positive Factors**: None mentioned. - **Likely Negative Factors**: Optimism on the demand side remains to be verified; there is a possibility of increased sanctions on Russia and an extension of Russia's fuel oil export restrictions. The market is driven by the resonance of supply affected by geopolitical risks and neutral demand [4]. 3. Fundamental Data - **Supply**: The inflow of component oils for blending low - sulfur fuel oil is increasing, and with the end of the peak power - consumption season in the Middle East, the inflow of high - sulfur fuel oil from this region will increase, keeping the Asian market well - supplied [3]. - **Demand**: High - sulfur fuel oil bunker demand remains stable, but overall shipping demand has not improved, and power generation demand has weakened [3]. - **Basis**: The basis for Singapore high - sulfur fuel oil is 58 yuan/ton, and for low - sulfur fuel oil is 0 yuan/ton, with the spot price at par with the futures price [3]. - **Inventory**: Singapore's fuel oil inventory in the week of September 24 was 2316.9 million barrels, an increase of 1 million barrels [3]. - **Market Trend**: Prices are above the 20 - day line, which is flat [3]. - **Main Positions**: High - sulfur main positions are long, with a reduction in long positions; low - sulfur main positions are short, with an increase in short positions [3]. 4. Spread Data - **Futures Price Changes**: The price of the FU main contract decreased from 2937 to 2870, a decrease of 67, or 2.28%. The price of the LU main contract decreased from 3482 to 3402, a decrease of 80, or 2.30%. The FU basis decreased from 117 to 97, a decrease of 20, or 16.80%. The LU basis decreased from 64 to 45, a decrease of 18, or 28.35% [5]. - **Spot Price Changes**: The price of Zhoushan high - sulfur fuel oil decreased from 482.00 to 481.00, a decrease of 1.00, or 0.21%. The price of Zhoushan low - sulfur fuel oil decreased from 500.00 to 498.00, a decrease of 2.00, or 0.40%. The price of Singapore high - sulfur fuel oil decreased from 395.17 to 393.22, a decrease of 1.95, or 0.49%. The price of Singapore low - sulfur fuel oil decreased from 463.34 to 458.78, a decrease of 4.56, or 0.98%. The price of Middle - East high - sulfur fuel oil decreased from 372.09 to 370.89, a decrease of 1.20, or 0.32%. The price of Singapore diesel increased from 635.97 to 642.13, an increase of 6.16, or 0.97% [6]. 5. Inventory Data - Singapore's fuel oil inventory on July 23 was 1990.9 million barrels, a decrease of 45 million barrels; on July 30, it was 2027.9 million barrels, an increase of 37 million barrels; on August 6, it was 2074.9 million barrels, an increase of 47 million barrels; on August 13, it was 2263.9 million barrels, an increase of 189 million barrels; on August 20, it was 2391.9 million barrels, an increase of 128 million barrels; on August 27, it was 2188.9 million barrels, a decrease of 203 million barrels; on September 3, it was 2330.9 million barrels, an increase of 142 million barrels; on September 10, it was 2303.9 million barrels, a decrease of 27 million barrels; on September 17, it was 2315.9 million barrels, an increase of 12 million barrels; on September 24, it was 2316.9 million barrels, an increase of 1 million barrels; on October 1, it was 2225.9 million barrels, a decrease of 91 million barrels [8].

交易咨询业务资格：证监许可【2012】1091号 PVC期货早报 2025年10月10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 1 每日观点 2 基本面/持仓数据 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81.42%，环比增加0.03个百分点；电石法企业产量33.7665万吨，环比增加2.76%,乙烯法企业产 量14.061万吨，环比增加6.27%；本周供给压力有所增加；下周预计检修有所减少，预计排产少量增加 需求端来看，下游整体开工率为47.76%，环比减少1.5个百分点，低于历史平均水平；下游型材开工率 为38.91%，环比减少0.52个百分点，低于历史平均水平；下游管材开工率为40.43%，环比增加.3个百 分点，低于历史平均水平；下游薄膜开 ...

1. Report Industry Investment Rating The document does not provide an industry investment rating. 2. Report's Core View The report analyzes the market conditions of industrial silicon and polysilicon futures. For industrial silicon, the overall market is affected by factors such as supply - demand balance, cost, and inventory. For polysilicon, the supply - demand relationship also shows certain trends, with potential for subsequent market rebounds. The main logic for the overall market is that capacity mismatch leads to a situation of strong supply and weak demand, and the downward trend is difficult to change. The main influencing factors include cost increases, slow post - holiday demand recovery, and the supply - demand imbalance in the downstream polysilicon market [6][8][11]. 3. Summary by Directory 3.1 Daily View - Industrial Silicon - **Fundamentals**: Last week, the supply of industrial silicon was 93,000 tons, a 1.09% increase from the previous week. The demand was 86,000 tons, a 7.50% increase. Polysilicon inventory was 226,000 tons, at a high level; organic silicon inventory was 55,100 tons, at a low level, with a production profit of - 708 yuan/ton, in a loss state, and a comprehensive operating rate of 70.59%, unchanged from the previous week and lower than the historical average. Alloy ingot inventory was 73,100 tons, at a high level. The cost support in Xinjiang's sample oxygen - passing 553 production increased, with a loss of 3,020 yuan/ton. Overall, the fundamentals are bullish [6]. - **Basis**: On October 09, the spot price of non - oxygen - passing 553 silicon in East China was 9,300 yuan/ton, and the basis of the 11 - contract was 660 yuan/ton, with the spot at a premium to the futures, which is bullish [6]. - **Inventory**: The social inventory was 543,000 tons, unchanged from the previous week. The sample enterprise inventory was 162,500 tons, a 7.11% decrease. The main port inventory was 120,000 tons, unchanged. Overall, the inventory situation is bearish [6]. - **Disk**: The MA20 is upward, and the price of the 11 - contract closed below the MA20, showing a neutral situation [6]. - **Main Position**: The main position is net short, and the short position is decreasing, which is bearish [6]. - **Expectation**: The supply scheduling is increasing, and the demand recovery is at a low level. The cost support is rising. The industrial silicon 2511 is expected to fluctuate in the range of 8,505 - 8,775 [6]. 3.2 Daily View - Polysilicon - **Fundamentals**: Last week, the polysilicon production was 31,100 tons, a 0.32% increase from the previous week. The predicted production in October is 134,500 tons, a 3.46% increase from the previous month. The silicon wafer production last week was 12.83 GW, a 6.89% decrease, and the inventory was 167,800 tons, a 3.38% increase. The battery cell production showed short - term decreases but is expected to recover in the medium term. The component production also showed short - term decreases with medium - term recovery prospects. Overall, the fundamentals are bearish [8]. - **Basis**: On October 09, the price of N - type dense material was 51,050 yuan/ton, and the basis of the 11 - contract was 1,785 yuan/ton, with the spot at a premium to the futures, which is bullish [8]. - **Inventory**: The weekly inventory was 226,000 tons, a 10.78% increase, at a high level compared to the same period in history, showing a neutral situation [8]. - **Disk**: The MA20 is downward, and the price of the 11 - contract closed below the MA20, which is bearish [8]. - **Main Position**: The main position is net long, and the long position is decreasing, which is bullish [8]. - **Expectation**: The supply scheduling continues to increase, while the demand shows a decline but may rebound later. The cost support remains stable. The polysilicon 2511 is expected to fluctuate in the range of 49,885 - 51,645 [8]. 3.3 Market Overview - **Industrial Silicon**: The prices of some futures contracts showed small fluctuations. The inventory of some regions and ports remained stable, while the sample enterprise inventory decreased. The production and operating rates of some regions remained unchanged [14]. - **Polysilicon**: The prices of some futures contracts also showed fluctuations. The silicon wafer production and inventory, battery cell production and profit, and component production and inventory all had corresponding changes [16]. 3.4 Price - Basis and Delivery Product Spread Trends The report presents the historical trends of the basis of industrial silicon's main contract and the price spread between 421 and 553 silicon in East China, which helps to understand the price relationship between the spot and futures markets and different product specifications [18][19]. 3.5 Inventory - **Industrial Silicon**: The social inventory remained unchanged, the sample enterprise inventory decreased, and the main port inventory remained stable [6][14]. - **Polysilicon**: The weekly inventory increased, reaching a high level compared to the same period in history [8]. 3.6 Production and Capacity Utilization - **Industrial Silicon**: The weekly production of sample enterprises in some regions remained unchanged, and the operating rate also showed little change [14]. - **Polysilicon**: The production showed an increasing trend, and the operating rate was affected by market demand [8]. 3.7 Cost - **Industrial Silicon**: The production cost in Xinjiang's sample oxygen - passing 553 production increased, and the production in some regions was in a loss state [6]. - **Polysilicon**: The average cost of the polysilicon industry remained stable, and the production profit was at a certain level [8]. 3.8 Supply - Demand Balance - **Industrial Silicon**: The weekly and monthly supply - demand balance tables show the production, import, export, and consumption of industrial silicon, and the overall balance situation varies [35][38]. - **Polysilicon**: The monthly supply - demand balance table shows the supply, import, export, and consumption of polysilicon, and the balance situation also changes over time [62]. 3.9 Downstream Market - **Organic Silicon**: The price, production, and inventory of DMC and other products showed corresponding changes. The operating rate of DMC remained stable, and the profit was in a loss state [41]. - **Aluminum Alloy**: The price, production, inventory, and demand of aluminum alloy products showed different trends. The import cost and profit of ADC12 also had corresponding changes [51]. - **Polysilicon**: The cost, price, production, and inventory of polysilicon and its downstream silicon wafers and battery cells all showed certain trends [59][65][67].

交易咨询业务资格：证监许可【2012】1091号 豆粕早报 2025-10-10 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：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 每日提示 2 近期要闻 ✸大豆观点和策略 豆一A2511：3900至4000区间震荡 1.基本面：美豆震荡收跌，油脂回落带动和技术性震荡整理，美豆千点关口上方震荡等待中 美关税谈判后续和美国大豆产区收割天气进一步指引。国内大豆震荡回升，对比进口大 豆性价比优势支撑价格，但进口大豆到港仍旧偏高和新季国产大豆增产预期压制盘面， 短期受中美关税谈判后续和进口大豆到港旺季交互影响。中性。 2.基差：现货4140，基差165，升水期货。偏多 3.库存:油厂大豆库存73.2万吨，上周731.7万吨，环比增加0.21%，去年同期689.39万吨， 同比增加6.35%。偏空 4.盘面：价格在20日均线 ...

1. Report Industry Investment Rating - No information provided in the content. 2. Core Views of the Report - **Overall Outlook**: The supply pressure of asphalt is currently high, while the demand recovery is weak. The market is expected to experience narrow - range fluctuations in the short term, with the asphalt 2511 contract oscillating between 3354 - 3396 [8]. - **Supply - side**: In August 2025, the total planned asphalt production in China was 2.413 million tons, a month - on - month decrease of 5.1% but a year - on - year increase of 17.1%. The sample capacity utilization rate was 42.0062%, up 5.632 percentage points month - on - month. Sample enterprise production increased by 15.49% month - on - month, but the estimated device maintenance volume decreased by 14.02% month - on - month. Refineries increased production recently, raising supply pressure, but it may decrease next week [8]. - **Demand - side**: The current demand for asphalt is lower than the historical average. The开工率 of heavy - traffic asphalt, building asphalt, modified asphalt, road - modified asphalt, and waterproofing membranes is either flat or down compared to the previous period and lower than the historical average [8]. - **Cost - side**: The daily asphalt processing profit was - 596.95 yuan/ton, a month - on - month decrease of 14.00%. The weekly delayed coking profit of Shandong local refineries was 779.8729 yuan/ton, a month - on - month increase of 10.36%. The loss of asphalt processing decreased, and the profit difference between asphalt and delayed coking increased. With the weakening of crude oil, the short - term cost support is expected to weaken [8]. - **Market Factors**: Bullish factors include relatively high crude oil costs providing some support. Bearish factors are insufficient demand for high - priced sources, overall downward demand, and stronger expectations of an economic recession in Europe and the United States [10][11]. 3. Summaries Based on Related Catalogs 3.1 Daily View - **Supply**: Supply pressure remains high, with refineries increasing production recently but a possible decrease in supply pressure next week [8]. - **Demand**: Demand recovery is weak, with current demand lower than the historical average [8]. - **Cost**: Short - term cost support is expected to weaken due to the weakening of crude oil [8]. - **Other Aspects**: The basis shows a bullish sign with the spot price at a premium to the futures price. Inventories are showing a neutral trend with continuous destocking in social, factory, and port inventories. The futures price of the 11 - contract is below the MA20, showing a bearish sign. The net long position of the main contract has changed from short to long, showing a bullish sign [8]. 3.2 Fundamental/Position Data - **Yesterday's Market Overview**: Various indicators such as futures contracts, inventories, and production showed different trends of increase or decrease. For example, the 01 contract price decreased by 1.52% compared to the previous value [15]. - **Asphalt Futures Market - Basis Trend**: Provided the historical trend charts of the Shandong and East China basis of asphalt [17]. - **Asphalt Futures Market - Spread Analysis**: Included the spread trends of main contracts (such as 1 - 6, 6 - 12), the price trends of asphalt, Brent oil, and West Texas oil, the crude oil cracking spread, and the price - ratio trends of asphalt, crude oil, and fuel oil [20][23][26][30]. - **Asphalt Spot Market - Market Price Trends in Different Regions**: Showed the historical price trends of Shandong heavy - traffic asphalt [33]. - **Asphalt Fundamental Analysis - Profit Analysis**: Included the profit trends of asphalt and the profit - spread trends between coking and asphalt [35][38]. - **Asphalt Fundamental Analysis - Supply - side**: Covered aspects such as shipment volume, diluted asphalt port inventory, production (weekly and monthly), Ma Rui crude oil price and Venezuelan crude oil monthly production, local refinery asphalt production, capacity utilization rate, and estimated maintenance loss volume [42][44][47]. - **Asphalt Fundamental Analysis - Inventory**: Included exchange warehouse receipts, social inventory, factory inventory, and the inventory - to - stock ratio in factories [62][66][69]. - **Asphalt Fundamental Analysis - Import and Export Situation**: Showed the export and import trends of asphalt and the import - price spread trend of South Korean asphalt [72][75]. - **Asphalt Fundamental Analysis - Demand - side**: Included petroleum coke production, apparent consumption, downstream demand (such as highway construction, new local special bonds, infrastructure investment), downstream machinery demand, asphalt 开工率 (by different types), and downstream 开工率 (such as shoe - material SBS - modified asphalt, road - modified asphalt, waterproofing membrane) [78][81][84]. - **Asphalt Fundamental Analysis - Supply - Demand Balance Sheet**: Presented the monthly supply - demand balance sheet of asphalt from January 2024 to September 2025, including production, import, export, inventory, and downstream demand [104].

交易咨询业务资格：证监许可【2012】1091号 菜粕早报 2025-10-10 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：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 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 1.国内水产养殖进入长假后淡季，现货市场供应短期进入偏紧预期，需 求端逐渐减少压制盘面预期，加拿大油菜籽进入收割阶段，但中加贸易问题 影响短期出口减少国内供应预期。 2.中国对加拿大油菜籽进口反倾销调查初步裁定成立，并开始征收进口 保证金75.8%，一旦最终裁定成立，保证金将作为加征关税不予退还，但是 未来裁定结果尚有变数，等待中加贸易关系进一步发展情况明朗再行决定。 3.全球油菜籽今年产量保持增产，主要加拿大油菜籽产量高于预期。 4.俄乌冲突尚在进行，乌克兰油菜籽减产和俄罗斯油菜籽产量增加相对 抵消影响，全球地缘冲突 ...

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The supply - demand pattern of lithium carbonate is characterized by over - supply and weak demand due to capacity mismatch, and the downward trend is difficult to change [8][11]. - There are both positive and negative factors in the lithium carbonate market. Positive factors include manufacturers' production cut plans, a decline in the import volume of lithium carbonate from Chile, and a decrease in the import volume of spodumene. Negative factors include the continuous high supply at the ore/salt lake end with limited decline, and the insufficient willingness of the power battery end to take delivery [9][10]. - It is expected that the demand will strengthen next month, inventory may be reduced, and the cost - side 6% concentrate CIF price has decreased daily and is lower than the historical average. The supply - demand pattern will shift to demand - led. The lithium carbonate 2511 contract will fluctuate in the range of 72,280 - 74,400 [8]. 3. Summary by Relevant Catalogs 3.1 Daily Views - **Supply**: Last week, the lithium carbonate production was 20,516 tons, a week - on - week increase of 0.75%, higher than the historical average. It is predicted that the production in August 2025 was 85,240 physical tons, and next month's production is expected to be 86,730 physical tons, a month - on - month increase of 1.75% [8]. - **Demand**: Last week, the inventory of lithium iron phosphate sample enterprises was 101,848 tons, a week - on - week increase of 3.62%. The inventory of ternary material sample enterprises was 17,896 tons, a week - on - week increase of 2.00%. It is expected that the demand will strengthen next month [8]. - **Cost**: The cost of purchased spodumene concentrate is 74,486 yuan/ton, a daily decrease of 1.22%, with a production income of 2,006 yuan/ton, resulting in a loss. The cost of purchased lepidolite is 77,806 yuan/ton, a daily decrease of 0.59%, with a production income of - 7,315 yuan/ton, also resulting in a loss. The production cost at the recycling end is close to that at the ore end, and the production scheduling enthusiasm is average [8]. - **Basis**: On October 9th, the spot price of battery - grade lithium carbonate was 73,550 yuan/ton, and the basis of the 11 - contract was 210 yuan/ton, with the spot at a premium [8]. - **Inventory**: The smelter inventory was 33,492 tons, a week - on - week decrease of 2.79%, lower than the historical average. The downstream inventory was 60,893 tons, a week - on - week increase of 2.35%, higher than the historical average. Other inventories were 42,440 tons, a week - on - week decrease of 2.61%. The total inventory was 136,825 tons, a week - on - week decrease of 0.51%, higher than the historical average [8]. - **Expected**: It is expected that the import volume of lithium carbonate next month will be 19,500 physical tons, a month - on - month decrease of 10.74%. The lithium carbonate 2511 contract will fluctuate in the range of 72,280 - 74,400 [8]. 3.2 Market Overview - **Lithium Carbonate Price and Basis**: Most of the futures closing prices showed an increase, with an increase range of 0.74% - 1.15%. The basis of most contracts decreased, with a decrease range of 72.00% - 119.30%. The registered warehouse receipts were 42,379 lots, a week - on - week increase of 1.61% [14]. - **Upstream Price**: The price of spodumene (6%) decreased by 1.75% to 843 US dollars/ton, and the price of lepidolite concentrate (2% - 2.5%) decreased by 1.08% to 1,835 yuan/ton. The price of battery - grade lithium carbonate remained unchanged at 73,550 yuan/ton [14]. - **Positive Material and Lithium Battery Price**: The prices of most positive materials and lithium batteries increased. For example, the price of 523 polycrystalline consumer - type positive materials increased by 2.81% to 87,725 yuan/ton, and the price of 523 single - crystal power - type ternary precursors increased by 2.14% to 81,100 yuan/ton [14]. 3.3 Supply - Demand Data Overview - **Supply**: The monthly production and import volume of lithium carbonate have increased to varying degrees. For example, the monthly production increased by 17.74% to 311,670 tons, and the monthly import volume increased by 57.79% to 21,846.92 tons. However, the monthly import volume of lithium concentrate decreased by 18.32% to 470,599 tons [17]. - **Demand**: The monthly power battery loading volume increased by 11.81% to 62,500 GWh, and the production and sales volume of new energy vehicles also increased. The production volume increased by 11.91% to 1,391,000 vehicles, and the sales volume increased by 10.54% to 1.395 million vehicles [17]. - **Supply - Demand Balance**: The supply - demand balance of lithium carbonate has changed. In August 2025, the balance was 2,695 tons, showing a surplus [17]. 3.4 Supply - Related - **Lithium Ore**: The price of lithium ore has fluctuated, and the production and import volume of lithium ore in China have also changed. The production of spodumene mines in Chinese samples and the total domestic lepidolite production have shown different trends in different years [23]. - **Lithium Carbonate**: The weekly and monthly production, import volume, and inventory of lithium carbonate have changed. The weekly production of lithium carbonate has increased, and the monthly import volume from Chile has increased significantly. The inventory of lithium carbonate in different links has also changed [29][31]. - **Lithium Hydroxide**: The weekly capacity utilization rate, monthly production, and export volume of lithium hydroxide have changed. The weekly capacity utilization rate of domestic lithium hydroxide has fluctuated, and the monthly export volume has increased in some months [37]. 3.5 Cost - Profit of Lithium Compounds - The production of lithium carbonate from purchased spodumene concentrate and lepidolite is in a loss state. The daily production profit of purchased spodumene concentrate is - 2,006 yuan/ton, and the daily production profit of purchased lepidolite is - 7,315 yuan/ton [8]. - The cost and profit of recycling and producing lithium carbonate from different types of black powder also vary. For example, the profit of recycling and producing lithium carbonate from purchased ternary battery black powder (Li: 3.0% - 3.5%) has fluctuated [44]. 3.6 Inventory - The inventory of lithium carbonate in different links has changed. The weekly inventory of lithium iron phosphate sample enterprises increased by 3.62% to 101,848 tons, and the weekly inventory of ternary material sample enterprises increased by 2.00% to 17,896 tons [8]. 3.7 Demand - Related - **Lithium Battery**: The price, production, loading volume, and export volume of lithium batteries have changed. The monthly production of power battery cells has increased, and the monthly loading volume of power batteries has also increased [53]. - **Ternary Precursor**: The price, cost, and production of ternary precursors have changed. The price of ternary precursors has fluctuated, and the production has increased in some months [58]. - **Ternary Material**: The price, cost, and production of ternary materials have changed. The price of ternary materials has fluctuated, and the weekly start - up rate has also changed [64]. - **Phosphorus Iron/Phosphorus Iron Lithium**: The price, cost, and production of phosphorus iron/phosphorus iron lithium have changed. The price of phosphorus iron/phosphorus iron lithium has fluctuated, and the monthly production of phosphorus iron and phosphorus iron lithium has also changed [69]. - **New Energy Vehicle**: The production, sales, and penetration rate of new energy vehicles have increased. The production of new energy vehicles increased by 11.91% to 1,391,000 vehicles, and the sales volume increased by 10.54% to 1.395 million vehicles [17][77].

交易咨询业务资格：证监许可【2012】1091号 棉花： 1、基本面：全国棉花产量预计722万吨，新疆再创新高。ICAC9月报：25/26年度产量2550万 吨，消费2550万吨。USDA9月报：25/26年度产量2562.2万吨，消费2587.2万吨，期末库存 1592.5万吨。海关：8月纺织品服装出口265.4亿美元，同比下降5%。8月份我国棉花进口7万 吨，同比减少51.6%；棉纱进口13万吨，同比增加18.18%。农村部9月25/26年度：产量636万 吨，进口140万吨，消费740万吨，期末库存822万吨。偏空。 2、基差：现货3128b全国均价14739，基差1444（01合约），升水期货；偏多。 3、库存：中国农业部25/26年度9月预计期末库存822万吨；偏空。 4、盘面：20日均线向下，k线在20日均线下方，偏空。 5、主力持仓：持仓偏空，净持仓空减，主力趋势偏空；偏空。 6：预期：金九银十旺季过半，市场表现冷清。目前新棉即将大量上市，市场预期供应增加。 主力01节后震荡反弹，节前价格超跌，短期技术性反弹为主。 棉花早报——2025年10月10日 大越期货投资咨询部 王明伟 从业资格证号：F ...

交易咨询业务资格：证监许可【2012】1091号 焦煤焦炭早报（2025-10-10） 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 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 焦煤： 1、基本面：煤矿多执行前期订单，库存维持在中低位水平，产地各煤种价格多以稳为主，部分高价煤 种小幅调整，矿企多持看稳心态，湖南地区一煤矿发生事故，短期煤矿安监或将趋严；中性 2、基差：现货市场价1285，基差121；现货升水期货；偏多 3、库存：钢厂库存805.8万吨，港口库存255.5万吨，独立焦企库存829.4万吨，总样本库存1890.7万吨， 较上周减少28.1万吨；偏多 4、盘面：20日线向上，价格在20日线下方；中性 5、主力持仓：焦煤主力净空，空减；偏空 6、预期：节日期间随着焦炭首轮涨价全面落地，焦企利润稍有修复，但经过节前补库之后，焦企对原 料煤采购放缓，叠加下游企业利润有限，对 ...