1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The previous trading day saw the Shanghai zinc futures rebound in a volatile manner, closing with a positive line. The trading volume increased, and both long and short positions reduced, with more short - positions being cut. It was a volume - shrinking rebound. The bulls were active in exiting the market during the price rebound, and the bears were even more active. The market may experience a short - term volatile decline. Technically, the price closed below the long - term moving average with weak support. The short - term KDJ indicator rose and operated in the weak zone. The trend indicator rose, with the bullish power increasing and the bearish power decreasing, and the dominance of the bearish power narrowing. The operation suggestion is that the Shanghai zinc ZN2511 will decline in a volatile manner [20]. 3. Summary by Relevant Catalogs 3.1 Fundamental Analysis - In July 2025, global zinc plate production was 1.1515 million tons, consumption was 1.1629 million tons, resulting in a supply shortage of 0.0113 million tons. From January to July, production was 7.9452 million tons, consumption was 8.1585 million tons, with a supply shortage of 0.2133 million tons. In July, global zinc ore production was 1.0656 million tons, and from January to July, it was 7.3437 million tons, indicating a bullish situation [2]. - The spot price was 21,910, and the basis was + 135, suggesting a bearish situation [2]. - On September 25th, the LME zinc inventory decreased by 600 tons to 43,800 tons compared to the previous day, and the SHFE zinc inventory warrants decreased by 774 tons to 56,583 tons, showing a bullish situation [2]. - The previous day, Shanghai zinc showed a volatile upward trend, closing below the 20 - day moving average which was downward, indicating a bearish situation [2]. - The main force held a net long position, and the long positions decreased, suggesting a bullish situation [2]. 3.2 Futures Exchange Zinc Futures Quotes (September 25) - Various delivery - month contracts of zinc futures showed different price movements, trading volumes, and open - interest changes. For example, the 2511 contract had an opening price of 21,935, a closing price of 22,045, a trading volume of 158,280 lots, and an open - interest of 131,286 lots with a decrease of 10,581 lots. The total trading volume of all contracts was 242,174 lots, and the total open - interest was 238,462 lots with a decrease of 14,894 lots [3]. 3.3 Domestic Main Spot Market Quotes (September 25) - Different zinc - related products in the domestic market had different prices and price changes. For instance, zinc concentrate in a certain area was priced at 16,570 yuan/ton with an increase of 40 yuan/ton, and zinc ingots in a certain area were priced at 21,910 yuan/ton with an increase of 50 yuan/ton [4]. 3.4 National Main Market Zinc Ingot Inventory Statistics (September 15 - 25, 2025) - The total zinc ingot inventory in the main markets decreased from 14.95 million tons on September 15th to 13.54 million tons on September 25th. Compared with September 18th, it decreased by 1.28 million tons, and compared with September 22nd, it decreased by 0.91 million tons [5]. 3.5 Futures Exchange Zinc Warrant Report (September 25) - The total zinc warrants in the futures exchange were 56,583 tons, a decrease of 774 tons compared to the previous day. Different regions and warehouses had different warrant quantities and changes. For example, in Guangdong, the total was 28,915 tons with no change, and in Tianjin, it was 26,947 tons with a decrease of 575 tons [6]. 3.6 LME Zinc Inventory Distribution (September 25) - The LME zinc inventory on September 25th was 43,800 tons, a decrease of 600 tons compared to the previous day. The registered warrants were 30,725 tons, and the cancelled warrants were 13,075 tons, with a cancellation ratio of 29.85% [7]. 3.7 National Main City Zinc Concentrate Price Summary (September 25) - Zinc concentrates with a 50% grade in different domestic cities had prices ranging from 16,470 to 16,670 yuan/ton, all with an increase of 40 yuan/ton [9]. 3.8 National Market Zinc Ingot Smelter Price Quotes (September 25) - Zinc ingots of 0 grade from different smelters had different prices. For example, those from Hunan Zhuzhou Smelting were priced at 22,140 yuan/ton, and those from Liaoning Huludao Zinc Industry were priced at 22,470 yuan/ton, all with an increase of 50 yuan/ton [13]. 3.9 Domestic Refined Zinc Production in June 2025 - The planned production value in June was 0.4597 million tons, the actual production was 0.4718 million tons, a month - on - month increase of 11.67% and a year - on - year decrease of 2.36%. The production was 2.63% higher than the planned value, and the capacity utilization rate was 87.10%. The planned production for July was 0.4703 million tons [16]. 3.10 Zinc Concentrate Processing Fee Quotes (September 25) - Zinc concentrate processing fees varied by region. For 50% grade zinc concentrates, the domestic processing fees ranged from 3,400 to 4,200 yuan/metal ton, and for imported 48% grade zinc concentrates, it was 90 - 110 US dollars/dry ton [18]. 3.11 Shanghai Futures Exchange Member Zinc Trading and Position Ranking (September 25) - In the trading and position ranking of the zn2511 contract, different futures companies had different trading volumes, long - positions, and short - positions and their changes. For example, CITIC Futures had a trading volume of 50,057 lots with an increase of 14,272 lots, a long - position of 8,973 lots with a decrease of 1,433 lots, and a short - position of 17,870 lots with a decrease of 1,122 lots. The total trading volume of all companies was 248,133 lots with an increase of 80,478 lots, the total long - position was 88,263 lots with a decrease of 4,640 lots, and the total short - position was 92,681 lots with a decrease of 8,057 lots [19].

交易咨询业务资格：证监许可【2012】1091号 贵金属早报—— 2025年9月26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：美国GDP增速超预期叠加首申失业金人数下降，10月降息预期降温，金 价回升；美国三大股指小幅收跌，欧洲三大股指收盘全线收跌；美债收益率多数上 涨，10年期美债收益率涨1.93个基点报4.158%；美元指数涨0.60%报98.47，离岸人 民币对美元小幅贬值报7.1452；COMEX黄金期货涨0.33%报3780.5美元/盎司；中性 2、基差：黄金期货854.72，现货850.58，基差-4.14，现货贴水期货；偏空 3、库存：黄金期货仓单60543千克，增加1530千克；偏空 4、盘面：20日均 ...

交易咨询业务资格：证监许可【2012】1091号 沪镍&不锈钢早报—2025年9月26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：外盘大幅回落，价格回到20均线以下运行。产业链上，镍矿价格坚挺，海运费受煤炭价格 上升也稳中有升。镍铁价格继续小幅上涨，成本线进一步上移，但总体镍铁企业仍然亏损。不锈钢库存 继续回落，金九银十去库存良好。新能源汽车产销数据良好，三元电池装车仍然呈现下降，对镍需求提 升有限。中长线过剩格局不变。偏空 2、基差：现货124050，基差1060，偏多 3、库存：LME库存230586，0，上交所仓单25105，+134，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，空增，偏空 6、结论：沪镍2511：20均线上下震荡运行。 不锈钢 每日观点 1、基本面：现 ...

交易咨询业务资格：证监许可【2012】1091号 2025-09-26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：受到稳定的下游船燃活动及炼厂部分原料需求的支撑，亚洲高硫燃料油市场结构微幅走强。此外， 380CST高硫燃料油现货溢价攀升至两个多月来最高水平；一位新加坡燃料油交易商称，当前含硫0.5%船用燃油 市场的主要问题仍在于库存充足，在当前市场结构下，低硫燃料油供应难以释放，因为无人愿意以贴水价格销 售；中性 2、基差：新加坡高硫燃料油406.76美元/吨，基差为102元/吨，新加坡低硫燃料油为470.5美元/吨，基差为-6元/ 吨，现货升水期货；偏多 3、库存：新加坡燃料油9月17日当周库存为2315. ...

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 每日观点 玻璃： 1、基本面：玻璃生产利润回落，行业冷修高位，开工率、产量下降至历史同期低位；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1080元/吨，FG2601收盘价为1270元/吨，基差为-190元，期 货升水现货；偏空 3、库存：全国浮法玻璃企业库存5935.50万重量箱，较前一周减少2.55%，库存在5年均值上方运 行；偏空 4、盘面：价格在20日线上方运行，20日线向上；偏多 5、主力持仓：主力持仓净空，空减；偏空 6、预期：玻璃基本面疲弱，短期预计震荡运行为主。 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 2025-9-26 影响因素总结 利多： 一、玻璃期货行情 | 日盘 | 主力合约收盘价 | 沙河安全大板 ...

交易咨询业务资格：证监许可【2012】1091号 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。 • 尿素概述： • 1. 基本面：近期尿素盘面震荡偏弱。当前日产及开工率略有回落仍处于偏高位置，库存整体 高位。需求端，工业需求中复合肥开工回升，三聚氰胺开工中性，农业需求进入淡季。国内尿素 整体供过于求仍明显，理论出口利润继续创新高，但受政策等原因影响出口数量回落。交割品现 货1730（+30），基本面整体偏空； • 2. 基差： UR2601合约基差56，升贴水比例3.2%，偏多； • 3. 库存：UR综合库存142.1万吨（+5.1），偏空； • 4. 盘面： UR主力合约20日均线向下，收盘价位于20日线下，偏空； • 5. 主力持仓：UR主力持仓净多，增多，偏多； • 6. 预期：尿素主力合约盘面震荡偏弱，国际尿素价格偏强，出口政策未超预期放开，国内整 体供过于求仍明显，预计UR今日走势震荡 • 尿素概述： • 利多 • 1、国际价格偏强 • 利空 • 1、开工日产 ...

交易咨询业务资格：证监许可【2012】1091号 纯碱早报 2025-9-26 每日观点 纯碱： 1、基本面：碱厂检修较少，供给仍处高位；下游浮法玻璃日熔量平稳，光伏日熔量延续下滑趋 势，终端需求一般，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1220元/吨，SA2601收盘价为1315元/吨，基差为-95元，期货 升水现货；偏空 3、库存：全国纯碱厂内库存165.15万吨，较前一周减少5.93%，库存在5年均值上方运行；偏空 4、盘面：价格在20日线上方运行，20日线向下；中性 5、主力持仓：主力持仓净空，空增；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、年内检修高峰期来临，产量预计将有所下滑。 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。 利空： 1、23年以来，纯碱产能大 ...

交易咨询业务资格：证监许可【2012】1091号 焦煤焦炭早报（2025-9-26） 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：除部分煤矿有停限产情况外，其余煤矿目前生产正常。当前下游原料煤需求尚可，采购仍 较为积极，煤矿库存多处低位水平，支撑部分煤价继续上涨，但近几日涨势有所放缓，昨日线上竞拍部 分成交小幅下跌，多数继续上行，整体看节前刚需补库支撑下短期炼焦煤价或延续高位运行；中性 2、基差：现货市场价1285，基差50.5；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日线上方；偏多 5、主力持仓：焦煤主力净空，空减；偏空 6、预期：主流焦企开启焦炭提涨， ...

Report Industry Investment Rating - Not provided in the content Core Views - PTA futures followed the cost side to open low and move low. PTA's own device restarts and reduces production simultaneously, currently having limited impact on the market. The spot basis is running weakly. It is expected that PTA spot prices will fluctuate in the short term, mainly affected by the cost side. Attention should be paid to the changes in upstream and downstream devices and polyester production and sales [5] - The price center of ethylene glycol (MEG) rebounded slightly on Thursday, with general market discussions. The MEG futures oscillated within a range, and the basis of near - term spot weakened significantly. It is expected that the price center of MEG will be adjusted at a low level in the short term, and attention should be paid to device and production - sales changes. There is an expectation of inventory accumulation in the fourth quarter, and the futures performance is under pressure [7] - The short - term commodity market is greatly affected by the macro - level. Attention should be paid to the cost side, and the upper resistance level should be watched for the futures rebound [12] Summary by Relevant Catalogs 1.前日回顾 - Not provided in the content 2.每日提示 - PTA: The previous day, PTA futures fluctuated and rose. The spot market negotiation atmosphere was general, and the spot basis changed little. The September goods were negotiated at a discount of 70 - 75 to the 01 contract, with the price negotiation range around 4550 - 4615. The mainstream of mid - October was traded at 01 - 50, and the end - October was traded at a discount of 45 - 50 to the 01 contract. The current mainstream spot basis is 01 - 73. The spot price is 4585, the basis of the 01 contract is - 93, and the futures is at a premium. The PTA factory inventory is 3.75 days, a decrease of 0.05 days compared to the previous period. The 20 - day moving average is downward, and the closing price is below the 20 - day moving average. The net short position of the main contract decreased [5][6] - MEG: On Thursday, the price center of ethylene glycol rebounded slightly, with general market discussions. The intraday MEG futures oscillated within a range, and the basis of near - term spot weakened significantly. In the morning, the low - level basis of spot was traded at a premium of about 56 yuan/ton to the 01 contract. The basis of far - month futures weakened limitedly due to less market trading. In the afternoon, the futures oscillated narrowly, and the basis changed little. In US dollars, the external price center of ethylene glycol was narrowly sorted, and the recent shipments were negotiated around 508 - 510 US dollars/ton, with the intraday recent shipments traded around 505 - 509 US dollars/ton. The spot price is 4311, the basis of the 01 contract is 65, and the futures is at a discount. The total inventory in East China is 40.43 tons, an increase of 2.26 tons compared to the previous period. The 20 - day moving average is downward, and the closing price is below the 20 - day moving average. The main contract has a net short position, and the short position decreased [7][8] 3.今日关注 - Not provided in the content 4.基本面数据 - **PTA Supply - Demand Balance Sheet**: It shows the PTA production capacity, production, import, total supply, polyester production, consumption, export, total demand, and inventory from January 2024 to December 2025, as well as the year - on - year changes and supply - demand gaps [13] - **Ethylene Glycol Supply - Demand Balance Sheet**: It shows the ethylene glycol production, import, total supply, polyester production, consumption, export, total demand, port inventory, and inventory changes from January 2024 to December 2025, as well as the year - on - year changes and supply - demand gaps [14] 5.价格相关 - Multiple price - related charts are provided, including the spot price, production profit, capacity utilization rate, inventory, futures spreads, basis, and spot spreads of PET bottle chips, PTA, and MEG from 2020 to 2025 [16][19][23][24][26][30][33][37][40] 6.库存分析 - Multiple inventory - related charts are provided, including the factory inventory of PTA, MEG, PET slices, and polyester fiber, as well as the inventory days of various polyester products in Jiangsu and Zhejiang looms from 2020 to 2025 [42][44][47][51] 7.聚酯上下游开工 - Multiple charts are provided to show the开工 rates of polyester upstream (PTA, paraxylene, ethylene glycol) and downstream (polyester factories, Jiangsu and Zhejiang looms) from 2020 to 2025 [53][57] 8.利润相关 - Multiple charts are provided to show the production profits of PTA, MEG (produced by different methods), polyester fiber (short - fiber, long - fiber DTY, POY, FDY) from 2022 to 2025 [62][63][66]

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The report analyzes the market conditions of soybeans and soybean meal. For soybean meal, it is expected to return to a volatile pattern in the short - term, with the M2601 contract oscillating between 2920 and 2980. For soybeans, the A2511 contract is expected to oscillate between 3880 and 3980. The market is mainly influenced by factors such as US soybean weather, Sino - US tariff negotiations, soybean supply and demand, and livestock farming conditions [8][10]. Summary by Directory 1. Daily Tips No relevant content provided. 2. Recent News - Sino - US tariff negotiations are at a stalemate, and the US soybean market is oscillating above the 1000 - point mark. The US soybean weather and Sino - US trade negotiations are in a critical period. The September USDA report has a relatively neutral impact. The domestic import of soybeans remains high in September, and the soybean meal inventory of oil mills is at a relatively high level. The demand for soybean meal has rebounded in August and September, but the uncertainty of Sino - US trade negotiations persists, and soybean meal has returned to an interval - oscillating pattern [12]. 3. Bullish and Bearish Factors Soybean Meal - Bullish factors: slow customs clearance of imported soybeans, relatively low soybean meal inventory in domestic oil mills, and variable weather in US soybean - producing areas [13]. - Bearish factors: high volume of imported soybeans in September, and the end of the Brazilian soybean harvest with a continuous expectation of a bumper South American soybean harvest [13]. Soybeans - Bullish factors: cost of imported soybeans supports the bottom of the domestic soybean market, and the expected increase in domestic soybean demand supports price expectations [14]. - Bearish factors: a bumper Brazilian soybean harvest and China's increased procurement of Brazilian soybeans, and the expected increase in the output of new domestic soybeans suppresses price expectations [14]. 4. Fundamental Data - **Global Soybean Supply - Demand Balance Sheet**: From 2015 to 2024, the global soybean harvest area, output, and total supply have generally shown an upward trend, while the inventory - to - consumption ratio has also fluctuated and increased [31]. - **Domestic Soybean Supply - Demand Balance Sheet**: From 2015 to 2024, the domestic soybean harvest area, output, and import volume have changed, and the inventory - to - consumption ratio has also fluctuated [32]. - **Soybean and Meal Price Data**: The report provides price data for soybean and meal futures and spot markets from September 16 to 24, 2025, showing the price trends and price differences between futures and spot markets [15][17]. - **Soybean and Meal Warehouse Receipt Statistics**: The report provides warehouse receipt data for soybeans and soybean meal from September 12 to 24, 2025, showing the changes in warehouse receipts [19]. 5. Position Data No relevant content provided. Other Market Conditions - The export inspection of US soybeans has increased week - on - week and year - on - year. The arrival volume of imported soybeans has decreased from its high in September but has generally increased year - on - year. The soybean inventory of oil mills has reached a new high, and the soybean meal inventory has continued to increase. The unexecuted contracts of oil mills have decreased from a high level. The import cost of Brazilian soybeans has followed the decline of US soybeans, and the profit on the futures market has fluctuated slightly. The pig inventory has continued to rise, while the sow inventory has remained flat year - on - year and slightly decreased month - on - month. Pig prices have recently declined again, and piglet prices have remained weak. The proportion of large pigs in the country has increased, and the cost of secondary fattening of pigs has slightly increased. The domestic pig - farming profit has recently deteriorated [42][44][45].