Report Overview - Report Date: October 30, 2025 - Content: Covers overnight market trends, important news, and financial market updates Overnight Market Trends International Precious Metals - COMEX gold futures fell 1.04% to $3,941.7 per ounce, and COMEX silver futures fell 0.1% to $47.275 per ounce [4][50] Crude Oil - WTI crude oil rose 0.35% to $60.36 per barrel, and Brent crude oil rose 0.74% to $64.30 per barrel [5][50] London Base Metals - LME nickel rose 0.71% to $15,405 per ton, LME copper rose 0.47% to $11,090 per ton, LME zinc rose 0.39% to $3,070 per ton, LME lead fell 0.35% to $2,019 per ton, LME aluminum fell 0.66% to $2,870 per ton, and LME tin fell 0.70% to $36,105 per ton [5][50] Domestic Futures - As of 23:00, domestic futures contracts mostly rose. Coking coal rose over 2%, PVC, coke, BR rubber, and low-sulfur fuel oil rose over 1%, iron ore and styrene rose nearly 1%, and glass fell nearly 1% [5] Important News Macroeconomic News - Five departments including the Ministry of Commerce issued the "Urban Business Quality Improvement Action Plan" to regulate the market order [8] - Chinese President Xi Jinping will meet with US President Trump in Busan, South Korea, on October 30 to discuss Sino-US relations [8] - From October 1 - 26, the retail sales of new energy passenger vehicles in China were 901,000 units, a 0% year-on-year increase, an 8% decrease from the previous month, and a 22% year-to-date increase [8] - The Fed cut interest rates by 25 basis points to 3.75% - 4.00%, ending balance sheet reduction on December 1 [9] Energy and Chemical Futures - As of October 29, the inventory of Chinese polyethylene producers was 416,000 tons, a 19.16% decrease from the previous period [12] - As of October 27, the total refined oil inventory in Fujairah Port, UAE, decreased by 2.258 million barrels [12] - As of October 29, the total methanol port inventory in China was 1.5065 million tons, a decrease of 5,700 tons [12] - As of October 25, Japanese commercial crude oil, gasoline, and kerosene inventories decreased, and the refinery operating rate increased to 91.2% [13] - For the week ending October 24, US commercial crude oil inventories decreased by 6.858 million barrels, and strategic petroleum reserves increased by 533,000 barrels [13] Metal Futures - As of October 29, the FOB alumina price in Western Australia was $319 per ton, and the import window remained open [15][16] - Glencore's copper production in the first nine months decreased by 17%, and it tightened its 2025 production guidance [16] - HSBC expects gold prices to continue rising and peak in the first half of 2026 [17] - Zinc mines in central, northern, and southwestern China will experience production changes in November [17] - The China Smelter Group decided not to set a Q4 copper concentrate TC/RC guidance [18] - China has established a complete lithium product supply system, with lithium carbonate and hydroxide production of about 588,000 and 303,000 tons from January - September [18] - An explosion occurred at a mine in Australia on October 27, causing casualties [18] Black Futures - Shanxi is increasing coal production to meet winter demand, with a 3.7% year-on-year increase in the first three quarters [21] - The third round of coke price increases has begun in Shandong [21] - On October 29, coking coal auction prices in Linfen mostly rose [21] - A large factory in Gansu will reduce silicon iron production by about 340 tons per day [22] - On October 29, coal shipments from Qinhuangdao and Jingtang ports showed different trends [22] Agricultural Futures - China may have purchased US soybeans this harvest season [24] - The government of Uttar Pradesh, India, raised the new sugarcane purchase price by 8.1% [26] - Soybean planting in Paraná, Brazil, is progressing rapidly [26] - On October 29, the import costs of US, Brazilian, and Argentine soybeans increased [26] - Rabobank expects Brazil's 2025/26 soybean production to be 177 million tons, an increase of 3% [26] - The Argentine oilseed workers' union may go on strike next week [27] Financial Markets A-Shares - The Shanghai Composite Index rose 0.7% to 4,016.33, the Shenzhen Component Index rose 1.95%, and the ChiNext Index rose 2.93%. A-share trading volume was 2.29 trillion yuan [29] Regulatory News - The CSRC will regulate AI in the capital market and promote reforms in the Beijing Stock Exchange and the New Third Board [31][31] Fund News - As of September, the net asset value of China's public funds reached 36.74 trillion yuan, a record high [31] - Central Huijin's ETF holdings increased by over 200 billion yuan in Q3 [32] North Exchange - As of October 29, 90 out of 133 North Exchange companies had year-on-year revenue growth, and 72 had profit growth [32] M&A Rules - Beijing issued M&A rules to encourage strategic and emerging industry mergers [34] Private Fund - Ningquan Asset will suspend new investor subscriptions starting October 30 [35] Industry News - A 51 billion yuan central enterprise strategic emerging industry fund was launched [36] - The financial regulator promoted the use of the fourth life table in the life insurance industry [36] - The added value of the electronic information manufacturing industry increased by 10.9% in the first three quarters [36] - Five departments launched a three-year action to promote integrated medical and elderly care services [36] - The total social logistics volume in the first three quarters was 263.2 trillion yuan, a 5.4% increase [37] - In September, the automobile dealer inventory coefficient was 1.35, above the reasonable range [38] Overseas News - South Korea and the US reached a trade agreement, with South Korea investing $350 billion and the US reducing auto tariffs [40] - The US Senate passed a bill to end tariffs on Brazilian goods, but the House may delay the vote [40] - The US imposed new sanctions on Russian oil companies [40] - France plans to raise the digital tax rate on tech giants to 6% [41] - The Bank of Canada cut interest rates by 25 basis points to 2.25% [41] International Stock Markets - US stocks closed mixed, with the Dow down 0.16%, the S&P 500 flat, and the Nasdaq up 0.55% [42] - European stocks closed mixed, with the German DAX down 0.64%, the French CAC40 down 0.19%, and the UK FTSE 100 up 0.61% [44] - The Nikkei 225 rose 2.17% to a new high, and the South Korean Composite Index rose 1.76% [44] - Google, Meta, Microsoft, and other companies released their Q3 earnings [44][45][46] Commodities - International precious metals fell, crude oil rose, and base metals were mixed [50] - Russians are buying more gold, and the Indian central bank is repatriating gold reserves [51] Bonds - The domestic bond market was active, with short-term bond yields falling [53] - Barclays plans to issue up to 4 billion yuan in panda bonds in China [53] - US bond yields rose due to Powell's remarks [53] Foreign Exchange - The onshore RMB rose to a one-year high against the US dollar, and the US dollar index rose [54]

本期 前值 涨跌 河北 1630 1630 0 河南 1580 1590 -10 山东 1600 1610 -10 山西 1470 1480 -10 江苏 1590 1600 -10 安徽 1590 1590 0 黑龙江 1620 1620 0 内蒙古 1610 1610 0 河北东光 1610 1610 0 山东华鲁 1630 1630 0 江苏灵谷 1650 1650 0 安徽昊源 1590 1590 0 山东05基差 -103 -149 46 山东01基差 -135 -178 43 河北05基差 -83 -119 36 河北01基差 -115 -148 33 1-5价差 73 77 -4 5-9价差 -32 -29 -3 仓单数量（张） 仓单数量合计 0 2970 -2970 中东FOB 370.5 370.5 0 美湾FOB 374.5 374.5 0 埃及FOB 428.5 428.5 0 波罗的海FOB 365 365 0 巴西CFR 410 410 0 注:数据来源于Wind，钢联数据，冠通研究整理 冠通期货 研究咨询部 王静 执业资格证书编号：F0235424/Z0000771 联系方式：01 ...

【冠通期货研究报告】 库存去化，难改宽松逻辑 发布日期：2025 年 10 月 29 日 【行情分析】 今日尿素盘面低开低走，震荡偏强。现货市场成交不畅，内需不足，下游对 高价抵触心理强，价格目前维稳。山东、河南及河北尿素工厂小颗粒尿素出厂价 格范围仍在 1530-1590 元/吨，低端价格在河南地区。基本面来看，日产近期小 幅回升，但依然有临检及停车工厂，产量波动不大。气头装置亏损严重，令煤炭 价格走强，成本端支撑强劲。需求端，农需进行中，工厂成品库存逐渐去化，但 依然小幅高于去年前期，目前东北复合肥预计至十一月下旬逐渐投产，秋季肥收 尾中，后续开工预计逐渐提升，春季复合肥生产逐渐将开启。期货反弹后，随着 天气转好，农需拿货有增加，尿素厂内库存有所去化，环比前期宽松状态有所改 善，但暂未扭转累库周期。整体来说，供需宽松的格局难改，下游需求暂无明显 改善迹象，尿素价格反弹受阻，短期低位震荡为主，上方压力位明显。 【期现行情】 期货方面：尿素主力 2601 合约 1638 元/吨开盘, 高开低走，震荡偏强，最 终收于 1644 元/吨，收成一根阳线，涨跌幅+0.55%，持仓量 270349 手（-2652 手） ...

Report Overview - Report date: October 29, 2025 [3] - Data sources: Wind, Guantong Research and Consulting Department [5] Market Summary - As of the close on October 29, most domestic futures main contracts rose. Container shipping to Europe (FEU) rose over 5%, coking coal rose over 3%, eggs rose over 2%, and coke, iron ore, and silver rose nearly 2%. In terms of declines, rapeseed oil fell over 2%, palm oil and fuel oil fell over 1%. The main contract of CSI 300 Index Futures (IF) rose 1.23%, the main contract of SSE 50 Index Futures (IH) rose 0.39%, the main contract of CSI 500 Index Futures (IC) rose 2.12%, and the main contract of CSI 1000 Index Futures (IM) rose 1.42%. The main contract of 2-year Treasury Bond Futures (TS) rose 0.10%, the main contract of 5-year Treasury Bond Futures (TF) rose 0.16%, the main contract of 10-year Treasury Bond Futures (T) rose 0.13%, and the main contract of 30-year Treasury Bond Futures (TL) fell 0.27% [6][7] - As of 15:22 on October 29, in terms of capital inflows to domestic futures main contracts, CSI 500 2512 had an inflow of 3.241 billion, coking coal 2601 had an inflow of 1.618 billion, and Shanghai copper 2512 had an inflow of 1.149 billion. In terms of outflows, Shanghai gold 2512 had an outflow of 1.571 billion, CSI 1000 2512 had an outflow of 976 million, and Shanghai silver 2512 had an outflow of 504 million [7] Commodity Analysis Copper - Shanghai copper opened low and moved high, rising during the day. The market is optimistic about the Fed's potential 25-basis-point rate cut and the US-China trade agreement, which boosts copper prices. Supply shortages due to mine accidents and potential production cuts in November support copper prices. However, downstream demand is weak due to high prices, and social copper inventories are increasing [9] Lithium Carbonate - Lithium carbonate opened flat, had a V-shaped intraday trend, and closed in the green. The average price of battery-grade lithium carbonate was 79,150 yuan/ton, up 650 yuan/ton from the previous trading day; the average price of industrial-grade lithium carbonate was 76,950 yuan/ton, also up 650 yuan/ton. Rising ore costs support prices. Supply is growing moderately, and demand is strong, especially from the energy storage battery sector. However, potential new energy vehicle purchase taxes and unclear resumption time of CATL may limit price increases [11] Coking Coal - Coking coal opened low and moved high, with a strong intraday oscillation. The third round of price increases by coke enterprises is expected to be implemented on the 31st. Supply is short due to political factors in Mongolia and domestic production controls. Demand is weak as coke enterprises are in the red and steel mills are reducing production. Although prices are rising, the market will fluctuate widely as the supply-demand tightness eases [12][13] Urea - Urea opened low and moved low, with a strong oscillation. Spot market transactions are sluggish, and domestic demand is weak. Production is slightly increasing, and cost support is strong. Agricultural demand is ongoing, and factory inventories are gradually decreasing. However, the supply-demand pattern remains loose, and prices will oscillate at a low level in the short term [14]

早盘速递 2025/10/29 热点资讯 1. 中国共产党第二十届中央委员会第四次全体会议深入分析国际国内形势，就制定国民经济和社会发展"十五五"规划提出 以下建议。大力提振消费。深入实施提振消费专项行动。强化逆周期和跨周期调节，实施更加积极的宏观政策，持续稳增长、 稳就业、稳预期。 5. 印尼矿业部表示，政府已同意向铜矿企业阿曼矿业（Amman Mineral）授予铜精矿出口许可。出口许可正在等待行政程序完 成。 板块表现 重点关注 铁矿石、螺纹钢、棕榈油、沪铜、沪金 假期外盘表现 -4.00 -3.00 -2.00 -1.00 0.00 1.00 2.00 板块涨跌幅（%） -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% -3.00% -2.50% -2.00% -1.50% -1.00% -0.50% 0.00% 0.50% 1.00% 1.50% 2.00% 商品期货主力合约夜盘涨跌幅 涨跌幅 增仓比率（右轴） 非金属建材, 3.03% 贵金属, 29.49% 油脂油料, 9.59% 有色, 23.09% 软商品, 2.67% 煤焦钢矿, 13.22% 能源, 2.9 ...

Report Summary Industry Investment Rating No industry investment rating is provided in the report. Core View The report indicates that although recent cost increases and macro - economic warming have pushed PP to rebound, PP lacks its own upward momentum. Considering factors such as supply, demand, and macro - policies, it is expected that PP will experience a weak and volatile trend [1]. Details from Different Sections Market Analysis - PP downstream开工率 increased by 0.52 percentage points to 52.37%, remaining at a relatively low level compared to the same period in previous years. The plastic weaving开工率 rose by 0.14 percentage points to 44.4%, with slightly more orders but still slightly lower than last year [1]. - On October 27, some overhauled devices like the second line of Yulong Petrochemical restarted, causing the PP企业开工率 to rise to around 81%, a moderately low level, and the production ratio of standard drawstring products increased to about 30% [1][4]. - Petrochemical inventories are currently at a neutral level compared to the same period in recent years. The cost of raw materials, with factors such as US sanctions on Russian oil companies and military confrontations, led to a significant rebound in crude oil prices from a low level [1]. - A new production capacity of 400,000 tons/year from PetroChina Guangxi Petrochemical was put into operation in mid - October, and the number of overhauled devices has recently decreased. The peak season demand is lower than expected, and there is a lack of large - scale centralized procurement in the market [1]. - The mutual collection of special port fees for ships by China and the US has increased concerns about economic growth. There are no practical anti - involution policies in the PP industry yet, but such policies and the elimination of old devices to address over - capacity will affect future market trends [1]. Futures and Spot Market - In the futures market, the PP2601 contract decreased by 0.37% with increased positions, closing at 6657 yuan/ton, below the 20 - day moving average, and the position increased by 2998 lots to 611,345 lots [2]. - In the spot market, most PP spot prices in various regions declined, with drawstring products priced at 6390 - 6630 yuan/ton [3]. Fundamental Tracking - On the supply side, on October 27, the restart of overhauled devices like the second line of Yulong Petrochemical led to the PP企业开工率 rising to around 81%, a moderately low level [4]. - On the demand side, as of the week ending October 24, the PP downstream开工率 increased by 0.52 percentage points to 52.37%, remaining at a relatively low level compared to the same period in previous years [4]. - Petrochemical inventories decreased by 30,000 tons to 720,000 tons on Tuesday, 35,000 tons lower than the same period last year, currently at a neutral level compared to the same period in recent years [4]. Raw Material End The Brent crude oil 01 contract dropped to $64 per barrel, and the CFR propylene price in China remained unchanged at $760 per ton [6].

【冠通期货研究报告】 原油日报：原油震荡下行 发布日期：2025年10月28日 【行情分析】 10月5日，OPEC+八国决定将在11月进一步增产13.7万桶/日。下次会议将于11月2日举行，预计继 续维持13.7万桶/日增产节奏。这将加剧四季度的原油供应压力。原油需求旺季结束，不过EIA数据 显示美国炼厂开工低位反弹，美国原油超预期去库，成品油去库幅度超预期，整体油品库存转而有 所减少。俄罗斯原油贴水扩大后，印度继续进口俄罗斯原油。不过印度有与美国达成新的关税协议 而同意逐步减少对俄罗斯石油进口的可能。在欧美制裁俄罗斯石油公司后，印度最大的私营炼油商 信实工业表示将调整炼油厂的运营以满足合规要求。由于乌克兰加大对俄罗斯石油基础设施的打击 力度，俄罗斯副总理诺瓦克表示，俄罗斯将柴油和汽油出口禁令延长至年底。目前俄罗斯原油出口 量仍处高位。EIA月报预计2025年四季度全球石油库存增幅约260万桶/日，IEA月报预测全球石油过剩 幅度加剧。消费旺季结束、美国非农就业数据疲软、中美贸易不确定性令市场担忧原油需求，OPEC+ 加速增产，伊拉克库尔德地区的原油出口重启，中东地区出口增加。原油仍是供应过剩格局，不过 10 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report - The recent increase in costs and the improvement in the macro - environment have driven the rebound of plastics, but plastics lack the internal impetus to rise. It is expected that plastics will mainly show a weak and volatile trend [1]. Summary by Related Catalogs Market Analysis - On October 28, new maintenance devices such as Zhongyuan Petrochemical's full - density were added, and the plastic operating rate dropped to around 86.5%, which is at a neutral level. The downstream operating rate of PE increased by 0.83 percentage points to 45.75% month - on - month. The agricultural film has entered the peak season, but the overall downstream operating rate of PE is still at a relatively low level in the same period in recent years. The petrochemical inventory is at a neutral level in the same period in recent years. The cost of crude oil has rebounded significantly from a low level. New production capacities have been put into operation, and the plastic operating rate has slightly decreased. Although the demand for agricultural film is expected to increase, the peak - season effect is not as expected, and there is no actual anti - involution policy in the plastic industry. [1] Futures and Spot Market Conditions - **Futures**: The plastic 2601 contract decreased in position, fluctuated and declined. The lowest price was 6,975 yuan/ton, the highest was 7,035 yuan/ton, and it finally closed at 6,985 yuan/ton, below the 60 - day moving average, with a decline of 0.20%. The position decreased by 4,375 lots to 519,487 lots [2]. - **Spot**: The PE spot market showed a mixed trend, with the price change ranging from - 50 to + 50 yuan/ton. LLDPE was reported at 6,910 - 7,470 yuan/ton, LDPE at 9,070 - 9,930 yuan/ton, and HDPE at 7,260 - 8,090 yuan/ton [3]. Fundamental Tracking - **Supply**: On October 28, new maintenance devices such as Zhongyuan Petrochemical's full - density were added, and the plastic operating rate dropped to around 86.5%, which is at a neutral level [4]. - **Demand**: As of the week of October 24, the downstream operating rate of PE increased by 0.83 percentage points to 45.75% month - on - month. The agricultural film has entered the peak season, but the overall downstream operating rate of PE is still at a relatively low level in the same period in recent years [4]. - **Inventory**: On Tuesday, the early petrochemical inventory decreased by 30,000 tons to 720,000 tons week - on - week, 35,000 tons lower than the same period last year, and is currently at a neutral level in the same period in recent years [4]. - **Raw Materials**: The Brent crude oil 01 contract dropped to 64 US dollars/barrel, the Northeast Asian ethylene price remained flat at 755 US dollars/ton month - on - month, and the Southeast Asian ethylene price remained flat at 765 US dollars/ton month - on - month [4].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The copper price is still strong due to the positive attitude from the Sino - US talks, the upcoming US interest - rate cut meeting this week, and the continuous tight situation in the copper mine on the fundamental side, which may widen the copper supply gap [1] 3. Summary by Relevant Catalogs 3.1. Market Analysis - China's industrial enterprise profits in September 2025 increased by 21.6% year - on - year, the fastest growth rate in nearly two years. The US "no longer considers" imposing 100% tariffs on China, and the macro - optimistic sentiment and positive expectations for Chinese demand have pushed up the copper price to a new high [1] - Incidents or shutdowns at mines in Indonesia, Chile, and Congo have led to a global shortage of copper concentrate supply. Domestic copper mine inventories have been continuously decreasing, and high TC/RC fees are the main driving force for the rise in copper prices [1] - There is a probability that copper production will continue to decline in November 2025. There are currently 5 smelters with maintenance plans, and the supply of anode plates will remain tight, lacking raw materials for copper smelting [1] - High copper prices have suppressed downstream purchasing enthusiasm, and social copper inventories have increased moderately recently. Attention should be paid to whether the inventory accumulation trend will continue [1] 3.2. Futures and Spot Market Conditions - Futures: Shanghai copper opened high and moved higher but declined during the day [1][4] - Spot: The spot premium in East China was - 60 yuan/ton, and in South China was 0 yuan/ton. On October 27, 2025, the LME official price was 11011 US dollars/ton, and the spot premium was - 24 US dollars/ton [4] 3.3. Supply Side - As of October 27, the spot rough smelting fee (TC) was - 42.6 US dollars/dry ton, and the spot refining fee (RC) was - 4.45 cents/pound [8] 3.4. Fundamental Tracking - SHFE copper inventory was 35,800 tons, a decrease of 1832 tons from the previous period. As of October 27, Shanghai bonded - area copper inventory was 110,900 tons, an increase of 600 tons from the previous period. LME copper inventory was 136,000 tons, a decrease of 575 tons from the previous period. COMEX copper inventory was 347,700 short tons, an increase of 463 short tons from the previous period [11]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the reports. 2. Core View of the Report The PVC market is expected to oscillate in the near term due to high social inventory, upcoming end of maintenance for some producers, high futures warehouse receipts, and strengthening cost - side, despite current relatively high PVC operating rates and some positive signs in exports and downstream demand [1]. 3. Summary According to Relevant Catalogs 3.1 Market Analysis - The calcium carbide price in the northwest region, the upstream of PVC, remains stable. The PVC operating rate decreased by 0.12 percentage points to 76.57% week - on - week, still at a relatively high level in recent years. The downstream operating rate of PVC continued to rise, exceeding the levels of the past two years but still at a low level [1]. - India postponed the BIS policy for another six months until December 24, 2025. Formosa Plastics in Taiwan, China, lowered its November quotation by $30 - 40 per ton. India announced an increase in anti - dumping duties on imported PVC from the Chinese mainland by about $50 per ton on August 14, weakening the export outlook for Chinese PVC in Q4. However, exports in September were still good, and export orders have not weakened significantly [1]. - From January to September 2025, the real estate market was still in the adjustment phase, with significant year - on - year declines in investment, new construction, and completion areas, and further drops in year - on - year growth rates of investment, sales, and construction. The weekly sales area of commercial housing in 30 large - and medium - sized cities decreased week - on - week and remained near the lowest level in recent years [1]. - The comprehensive profit of chlor - alkali is still positive, and the PVC operating rate is higher than in previous years. New production capacities, such as Wanhua Chemical's 500,000 - ton/year, Tianjin Bohua's 400,000 - ton/year, Qingdao Gulf's 200,000 - ton/year, Gansu Yaowang's 300,000 - ton/year, and Jiaxing Jiahua's 300,000 - ton/year, have come into operation at different stages [1]. 3.2 Futures and Spot Market - The PVC2601 contract oscillated with increasing positions, closing at 4,716 yuan/ton, down 0.21%, with an increase of 37,096 lots in open interest to 1,248,205 lots [2]. - On October 28, the mainstream price of calcium carbide - based PVC in East China dropped to 4,630 yuan/ton. The basis of the V2601 contract was - 86 yuan/ton, weakening by 13 yuan/ton and at a relatively low - neutral level [3]. 3.3 Fundamental Tracking - **Supply**: Companies such as Hangjin Technology and Shandong Xinfafa are under maintenance. The PVC operating rate decreased by 0.12 percentage points to 76.57% week - on - week, still at a relatively high level in recent years. New production capacities have been gradually put into operation [4]. - **Demand**: The real estate market is still in the adjustment phase. From January to September 2025, national real estate development investment was 677.06 billion yuan, a year - on - year decrease of 13.9%. The sales area of commercial housing was 658.35 million square meters, down 5.5% year - on - year. As of the week ending October 26, the sales area of commercial housing in 30 large - and medium - sized cities decreased by 2.09% week - on - week after the National Day, reaching the lowest level in recent years [5]. - **Inventory**: As of the week ending October 23, PVC social inventory increased by 0.13% week - on - week to 1.0352 million tons, 24.87% higher than the same period last year. The social inventory is still relatively high [6].