1. Report Industry Investment Rating There is no relevant content provided in the report. 2. Core Viewpoints of the Report The report presents a comprehensive analysis of the performance of major stock indices on September 15, including their intraday trends, the impact of sector movements on index changes, and the basis and cost data of stock index futures [1][3]. 3. Summary by Relevant Catalogs Index Trends - On September 15, the Shanghai Composite Index closed at 3860.5 points with a decline of 0.26% and a trading volume of 986.172 billion yuan; the Shenzhen Component Index closed at 13005.77 points with an increase of 0.63% and a trading volume of 1291.213 billion yuan [1]. - The CSI 1000 Index closed at 7415.57 points with a decline of 0.1% and a trading volume of 475.105 billion yuan; the CSI 500 Index closed at 7137.36 points with a decline of 0.15% and a trading volume of 441.829 billion yuan [1]. - The SSE 50 Index closed at 2962.62 points with a decline of 0.2% and a trading volume of 145.698 billion yuan; the SSE 300 Index closed at 4533.06 points with an increase of 0.24% and a trading volume of 613.315 billion yuan [1]. Impact of Sector Movements on Index Changes - The CSI 1000 Index decreased by 7.31 points. Sectors such as pharmaceutical biology, power equipment, and automobiles had a significant positive impact, while national defense and military industry, non - ferrous metals, and computer sectors had a negative impact [3]. - The CSI 500 Index decreased by 10.39 points. Media, automobile, and power equipment sectors pulled the index up, while non - ferrous metals, pharmaceutical biology, and electronics sectors pulled it down [3]. - The SSE 300 Index increased by 11.06 points. Power equipment, automobile, and agriculture, forestry, animal husbandry, and fishery sectors contributed positively, while non - bank finance, banking, and communication sectors had a negative impact [3]. - The SSE 50 Index decreased by 5.92 points. Electronics, pharmaceutical biology, and automobile sectors had a positive impact, while communication, non - bank finance, and banking sectors pulled the index down [3]. Basis and Annualized Opening Costs of Stock Index Futures - IM00 had an average daily basis of - 35.46, IM01 of - 104.78, IM02 of - 257.48, and IM03 of - 465.25 [12]. - IC00 had an average daily basis of - 20.83, IC01 of - 82.03, IC02 of - 189.44, and IC03 of - 349.6 [12]. - IF00 had an average daily basis of - 4.11, IF01 of - 13.84, IF02 of - 36.38, and IF03 of - 61.42 [12]. - IH00 had an average daily basis of - 0.54, IH01 of - 0.48, IH02 of 0.23, and IH03 of 2.65 [12]. Point Differences in Contract Roll - over and Annualized Costs of Stock Index Futures - The report provides data on the point differences in contract roll - over and their annualized costs for IM, IC, IF, and IH stock index futures at different time intervals, such as 15 - minute average values [20][22][24].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On September 15, the main contract of lithium carbonate futures rose 2.31% to 72,680 yuan/ton. The average price of battery - grade lithium carbonate remained at 72,450 yuan/ton, the average price of industrial - grade lithium carbonate remained at 70,200 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) dropped 100 yuan/ton to 74,150 yuan/ton. The warehouse receipt inventory increased 338 tons to 38,963 tons [3]. - On September 12, Sigma Lithium denied any misconduct in its Grota do Cirilo lithium spodumene project in Brazil after being accused by the Brazilian Federal Prosecutor's Office MPF. On September 14, analysts led by Rebecca Wen raised their profit forecast for CATL by about 10% [3]. - In terms of supply, the weekly output increased 544 tons to 19,963 tons. In terms of demand, the weekly output of ternary materials decreased 22 tons to 16,491 tons, and the weekly output of lithium iron phosphate increased 980 tons to 77,513 tons. In terms of inventory, the weekly inventory decreased 1,580 tons to 138,512 tons [3]. - Although the long - position logic is weakened under the expectation of project复产, currently, inventory destocking is accelerating. Before the actual project复产, with strong demand and pre - holiday stocking for the National Day, downstream procurement demand will support prices. The actual situation of projects in Jiangxi needs further attention [3]. 3. Summary by Directory 2. Daily Data Monitoring - **Futures**: The closing price of the main contract was 72,680 yuan/ton, up 1,520 yuan from September 12; the closing price of the continuous contract was 72,520 yuan/ton, up 1,340 yuan [5]. - **Lithium Ore**: The price of lithium spodumene concentrate (6%, CIF China) was 848 US dollars/ton, up 6 US dollars; the price of lithium mica (Li2O: 1.5% - 2.0%) remained at 1,075 yuan/ton [5]. - **Lithium Carbonate**: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) remained at 72,450 yuan/ton, and the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) remained at 70,200 yuan/ton [5]. - **Lithium Hydroxide**: The price of battery - grade lithium hydroxide (coarse particles/domestic) dropped 100 yuan/ton to 74,150 yuan/ton [5]. - **Other Products**: The price of lithium hexafluorophosphate was 56,500 yuan/ton, up 500 yuan; the prices of some ternary precursors and cathode materials also had certain increases [5]. 3. Chart Analysis 3.1 Ore Prices - Charts show the price trends of lithium spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%), lithium mica (2.0% - 2.5%), and phospho - lithium - aluminum stone (6% - 7%) from 2024 to 2025 [7][8][9][10]. 3.2 Lithium and Lithium Salt Prices - Charts display the price trends of metallic lithium, battery - grade lithium carbonate average price, industrial - grade lithium carbonate average price, battery - grade lithium hydroxide price, and lithium hexafluorophosphate price from 2024 to 2025 [11][12][13][14][15][16]. 3.3 Spreads - Charts present the price difference trends of battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, etc. from 2024 to 2025 [18][20][21][24]. 3.4 Precursor & Cathode Materials - Charts show the price trends of ternary precursors and ternary materials from 2024 to 2025, including different types such as 523 (polycrystalline/power type) and 622 (polycrystalline/consumer type) [25][26]. - Charts also display the price trends of lithium iron phosphate, manganese acid lithium, and cobalt acid lithium from 2024 to 2025 [28][29][30][32]. 3.5 Lithium Battery Prices - Charts show the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2025 [34][35][36][37]. 3.6 Inventory - Charts present the inventory trends of downstream, smelters, and other links of lithium carbonate from January to September 2025 [39][40][41][42]. 3.7 Production Costs - The chart shows the production profit trends of lithium carbonate from different raw materials such as外购三元极片黑粉,外购磷酸铁锂极片黑粉,外购锂云母精矿, and外购锂辉石精矿 from 2024 to 2025 [43][44].

Group 1: Report Industry Investment Ratings - Urea: Bullish [2] - Soda Ash: Bullish [2] - Glass: Bullish [2] Group 2: Core Views of the Report - Urea futures prices oscillated strongly on Monday, with the main 01 contract closing at 1683 yuan/ton, up 0.96% day-on-day. The spot market was mostly stable, with partial areas still slightly down 10 - 20 yuan/ton. Some maintenance enterprises resumed production, and urea supply increased slightly. Demand improved after prices fell to low levels, but the market remained in a state of strong supply and weak demand, and there were still many restrictions on the upside of futures prices. It is not recommended to chase the rise excessively [2]. - Soda ash futures prices oscillated strongly on Monday, with the main 01 contract closing at 1308 yuan/ton, up 1.71%. The spot market quotes were mostly stable, with individual areas slightly rising. The supply level was still volatile, and demand improved. The fundamentals improved slightly, but the overall driving force was still limited. The external macro - sentiment warmed up, which boosted the market sentiment [2]. - Glass futures prices oscillated strongly on Monday, with the main 01 contract closing at 1207 yuan/ton, up 2.72%. The spot market was weak. The daily melting volume of the glass industry remained stable. The demand follow - up was in a good state and may further increase. The futures price trend became stronger, and the phased upward trend was basically confirmed [2]. Group 3: Summary According to Relevant Catalogs Market Information Urea - On September 15, the number of urea futures warehouse receipts on the Zhengzhou Commodity Exchange was 8613, a decrease of 234 from the previous trading day, and the valid forecast was 49 [5]. - On September 15, the daily output of the urea industry was 19.12 tons, an increase of 0.33 tons from the previous working day and an increase of 0.11 tons from the same period last year. The operating rate was 81.73%, a decrease of 3.51 percentage points from 85.24% in the same period last year [5]. - On September 15, the spot prices of small - particle urea in various domestic regions were as follows: Shandong 1640 yuan/ton, down 20 yuan/ton; Henan 1640 yuan/ton, down 10 yuan/ton; Hebei 1670 yuan/ton, unchanged; Anhui 1650 yuan/ton, unchanged; Jiangsu 1640 yuan/ton, down 10 yuan/ton; Shanxi 1540 yuan/ton, unchanged [5]. Soda Ash & Glass - On September 15, the number of soda ash futures warehouse receipts on the Zhengzhou Commodity Exchange was 6250, a decrease of 666 from the previous trading day, and the valid forecast was 3846. The number of glass futures warehouse receipts was 1605, a decrease of 459 from the previous trading day [7]. - On September 15, the spot prices of soda ash were as follows: North China light soda 1200 yuan/ton, heavy soda 1300 yuan/ton; Central China light soda 1150 yuan/ton, up 20 yuan/ton, heavy soda 1250 yuan/ton; East China light soda 1130 yuan/ton, heavy soda 1250 yuan/ton; South China light soda 1350 yuan/ton, heavy soda 1400 yuan/ton; Southwest light soda 1200 yuan/ton, heavy soda 1300 yuan/ton; Northwest light soda 980 yuan/ton, heavy soda 980 yuan/ton [7]. - On September 15, the daily operating rate of the soda ash industry was 85.16%, down from 86.98% the previous working day [8]. - On September 15, the average price of the float glass market was 1160 yuan/ton, down 4 yuan/ton day - on - day. The daily output of the industry was 16.02 tons, unchanged day - on - day [8]. Chart Analysis - The report includes charts of the closing prices, basis, trading volume and open interest, spreads, and spot price trends of urea and soda ash futures, as well as the price differences between urea - methanol and glass - soda ash [10][12][14][18][20]. All chart data sources are iFind and the Everbright Futures Research Institute [22].

Group 1: Investment Ratings - No investment ratings for the industry are provided in the report. Group 2: Core Views - For cotton, on Monday, ICE US cotton fell 0.01% to 66.82 cents per pound, and CF601 rose 0.4% to 13,885 yuan per ton. The main contract's open interest decreased by 8,077 lots to 498,300 lots. The cotton arrival price in Xinjiang was about 15,167 yuan per ton, down 15 yuan from the previous day, and the national average cotton market price was 15,249 yuan per ton, up 1 yuan. The market is focused on the macro - level with the Fed's September interest - rate meeting approaching and a nearly 100% probability of a 25 - BP rate cut. The USDA report made minor adjustments to US cotton data. New cotton is about to be listed in large quantities in China, with a strong expectation of a bumper harvest this year. The hand - picked cotton price remains relatively firm, and the opening price may be between 6.2 - 6.5 yuan per kilogram, supporting the Zhengzhou cotton futures price. The August social retail data showed a slowdown in the year - on - year growth rate, but the retail sales of clothing, footwear, and textiles increased by 3.1%. Overall, the Zhengzhou cotton futures price has some support below but weak upward momentum, and is expected to be in a short - term oscillatory pattern [2]. - For sugar, the Brazilian Institute of Geography and Statistics (IBGE) expects Brazil's 2025 sugarcane planting area to be 9.358284 million hectares, up 1.5% from last month's forecast and 1.3% from last year, and the sugarcane output to be 695.491113 million tons, up 0.1% from last month's forecast but down 1.6% from last year. The spot quotes of Guangxi and Yunnan sugar - making groups remained stable, and only the Guangdong Jinling processing sugar factory raised its price by 10 yuan per ton. The raw sugar market was suppressed by the expectation of a bumper harvest. In the domestic market, the peak of spot market stocking has passed, and sales are now stable. The sugar - cane crushing in Inner Mongolia is delayed due to weather. The futures market rebounded slightly following the raw sugar, but caution is needed regarding the upside due to the supply from multiple sugar sources. Attention should be paid to the August import data [2]. Group 3: Summary by Sections 1. Daily Data Monitoring - For cotton, the 1 - 5 contract spread was 35 yuan, down 5 yuan; the main contract basis was 1364 yuan, down 24 yuan. The Xinjiang spot price was 15,167 yuan per ton, down 15 yuan, and the national average was 15,249 yuan per ton, up 1 yuan [3]. - For sugar, the 1 - 5 contract spread was 24 yuan, down 1 yuan; the main contract basis was 386 yuan, down 9 yuan. The Nanning spot price was 5,890 yuan per ton, unchanged, and the Liuzhou spot price was 5,935 yuan per ton, unchanged [3]. 2. Market Information - On September 15, the number of cotton futures warehouse receipts was 4,899, down 118 from the previous trading day, with 2 valid forecasts [4]. - On September 15, the cotton arrival prices in different regions were: 15,167 yuan per ton in Xinjiang, 15,217 yuan per ton in Henan, 15,282 yuan per ton in Shandong, and 15,300 yuan per ton in Zhejiang [4]. - On September 15, the yarn comprehensive load was 50, up 0.1 from the previous day; the yarn comprehensive inventory was 26.4, down 0.1; the short - fiber cloth comprehensive load was 52.5, up 0.5; and the short - fiber cloth comprehensive inventory was 29.5, down 0.3 [4]. - On September 15, the Nanning sugar spot price was 5,890 yuan per ton, up 10 yuan from the previous day, and the Liuzhou sugar spot price was 5,935 yuan per ton, unchanged [4]. - On September 15, the number of sugar futures warehouse receipts was 11,325, down 274 from the previous trading day, with 0 valid forecasts [5]. 3. Chart Analysis - The report presents multiple charts related to cotton and sugar, including the closing price, basis, 1 - 5 spread, 1% tariff quota internal - external spread, warehouse receipts and valid forecasts, and price index of cotton, as well as the closing price, basis, 1 - 5 spread, and warehouse receipts and valid forecasts of sugar [7][10][15][18]. 4. Research Team - Zhang Xiaojin is the director of resource product research at Everbright Futures Research Institute, focusing on the sugar industry. She has won many awards [20]. - Zhang Linglu, a master of accounting and finance from the University of Bristol, is a resource product analyst at Everbright Futures, responsible for research on futures varieties such as urea and soda ash glass [21]. - Sun Chengzhen, a financial master from Yunnan University, is a resource product analyst at Everbright Futures, mainly engaged in fundamental research and data analysis of cotton, cotton yarn, and ferroalloys [22].

Report Industry Investment Rating - Not provided in the document Core Viewpoints - Urea: The domestic urea fundamentals face multiple factors such as rising supply, continuous realization of export demand, transfer of enterprise inventory to the middle - downstream and ports, and insufficient domestic demand support. After the Indian tender results are announced, the short - term market positive factors are exhausted, and the 01 contract will still run weakly. In the medium - term, there will be a game stage among various factors. In the long - term, the pressure of new production capacity in the industry is still high [4]. - Soda Ash: Recently, the changes in indicators such as supply, demand, and inventory of soda ash are relatively limited, and the fundamental driving force is insufficient. Subsequently, the warming of macro - sentiment and anti - involution themes will continue to boost market sentiment. The futures price shows obvious characteristics of a phased bottom, but currently does not have the momentum for a trend - based upward movement. It is recommended to continue to adopt a wide - range shock thinking [5]. - Glass: The supply - demand contradiction of glass has not been significantly reversed, and the industry has different expectations for the future. The glass factory has a certain price - holding mentality, and the short - term glass futures price has obvious characteristics of a phased bottom, but currently there is insufficient new driving force in the market. If external factors such as macro - warming and anti - involution are combined with the realization of peak - season demand, the glass futures price may be significantly boosted [6][7]. Summary by Directory 1. Futures Market and Raw Material Situation in the Industrial Chain - Futures Prices: As of September 12, the weekly change of the urea main contract was - 3.2%, the soda ash main contract was + 0.16%, and the glass main contract was + 1.2% [13]. - Related Futures Varieties: This week, the trends of related varieties were differentiated, with urea being the weakest and glass being the strongest [15]. - Coal Prices: The prices of Qinhuangdao Youhun steam coal (5500), Shaanxi Yulin bituminous coal fines (Q5500), Yangquan anthracite washed small lumps, and Yangquan anthracite washed medium lumps showed little change from September 5 - 11 [19]. - LNG Prices: The LNG prices of some domestic regions such as Inner Mongolia Huineng and Inner Mongolia Xingsheng showed certain fluctuations from September 5 - 11 [23]. - Two - Alkali Raw Material Salt: This week, the raw salt price remained basically stable [24]. - Ammonia Prices: The price of Shandong synthetic ammonia decreased by 1.39% week - on - week from September 4 - 11 [27]. 2. Urea: Market Positive Factors Exhausted, Short - Term Weak Operation of the Futures Market - Spot Prices: This week, the urea spot market price showed a weak trend. The prices in Shandong and Henan decreased by 20 yuan/ton and 40 yuan/ton respectively week - on - week [30]. - Production: This week, the urea production level increased slightly, with the industry's operating rate rising by 1.23 percentage points to 79.34%. The operating rates of small and large - granular urea increased by 1.01 and 2.13 percentage points respectively [34][40]. - Output: This week, the daily urea output fluctuated around 180,000 tons, and the weekly output increased by 1.58% week - on - week [43][45]. - Inventory: This week, the urea enterprise inventory increased by 3.44% to 1.1327 million tons, and the port inventory decreased by 11.52% to 549,400 tons [46]. - Downstream Demand: This week, the operating rate of melamine decreased by 3.6 percentage points to 55.38%, the operating rate of adhesives decreased by 2.27 percentage points to 48.75%, and the price of vehicle - use urea decreased significantly [58][62][65]. - International Market: The Indian tender results were announced, and the procurement quantity did not exceed expectations. The subsequent supply quantity from China needs to be monitored [71]. - Related Products: This week, the prices of some phosphate fertilizer products declined, and the potash fertilizer price remained stable [73]. 3. Soda Ash: Limited Changes in Supply and Demand, Focus on the Impact of External Factors - Spot Prices: This week, most of the soda ash spot quotations were stable, and individual regions still showed a downward trend. The mainstream average prices of light and heavy soda ash in some regions changed slightly week - on - week [82][85]. - Production: This week, the soda ash production level increased slightly, with the industry's operating rate rising by 1.07 percentage points to 87.29%. The weekly output increased by 1.25% to 761,100 tons [91][97]. - Inventory: This week, the soda ash enterprise inventory was 1.7975 million tons, a week - on - week decrease of 1.35%. The enterprise inventory has been decreasing for three consecutive weeks, but the decrease was very limited [102][110]. - Import and Export: In July, China's soda ash export volume was 161,300 tons, a month - on - month increase of 2.66% [111]. - Cost and Profit: This week, the cost center of soda ash continued to decline slightly [114]. 4. Glass: Cautious Industry Mentality, Focus on the Quality of Future Demand - Futures Prices: This week, the glass futures price showed a weak shock trend, and the closing price of the main 01 contract on Friday was 1,180 yuan/ton, a weekly increase of 1.2% [6]. - Spot Prices: This week, the glass spot price rebounded locally, and the average price of the domestic float glass market on Friday was 1,164 yuan/ton, an increase of 8 yuan/ton from last Friday [6]. - Supply: This week, one production line of the glass industry produced finished products, and the supply level increased slightly. The daily melting volume in production as of Friday was 160,200 tons per day, an increase of 600 tons per day from last week [6]. - Inventory: This week, the glass enterprise inventory was 61.583 million tons, a week - on - week decrease of 2.33%. The inventory fluctuation range was limited, and the de - stocking trend was not obvious [6]. - Demand: Currently, the glass demand has not shown the characteristics of the peak season, but the purchasing sentiment of the middle - downstream was acceptable this week, and the glass factory orders increased slightly. However, the demand is still differentiated between regions, and the terminal demand has not been substantially improved [6].

1. Report Industry Investment Rating - No information provided in the report 2. Core Views of the Report - The main contract of lithium carbonate futures rose 1.25% to 71,000 yuan/ton, while the average price of battery - grade lithium carbonate decreased by 600 yuan/ton to 72,850 yuan/ton, and the average price of industrial - grade lithium carbonate also dropped 600 yuan/ton to 70,600 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) fell 250 yuan/ton to 74,450 yuan/ton. The warehouse receipt inventory increased by 290 tons to 38,391 tons [3]. - On the supply side, the weekly output increased slightly. The weekly output increased by 544 tons to 19,963 tons. The output of lithium extraction from spodumene increased by 300 tons to 12,709 tons, from lepidolite by 130 tons to 2,730 tons, from salt lakes by 62 tons to 2,655 tons, and from recycling by 52 tons to 1,869 tons. The expected output of lithium carbonate in September will increase by 1.7% to 86,730 tons. On the demand side, the expected output of ternary materials in September will decrease by 1.5% to 72,330 tons, while the expected output of lithium iron phosphate will increase by 6% to 335,250 tons. On the inventory side, the weekly inventory depletion accelerated, with a week - on - week decrease of 1,580 tons to 138,512 tons [3]. - The news that Ningde's Jianxiawo project may resume production was released again. Under the resumption expectation, the long - position logic was weakened. Before the actual resumption of the project, in the context of strong demand, the downstream procurement demand will support the price. The actual situation of projects in Jiangxi needs to be continuously monitored [3]. 3. Summary According to Related Catalogs 3.1 Daily Data Monitoring - Futures: The closing price of the main contract was 71,000 yuan/ton, up 280 yuan from the previous day; the closing price of the continuous contract was 71,020 yuan/ton, up 720 yuan [5]. - Lithium ores: The price of spodumene concentrate (6%, CIF China) was 844 US dollars/ton, down 5 US dollars; the price of lepidolite (Li2O: 1.5% - 2.0%) was 1,075 yuan/ton, down 40 yuan; the price of lepidolite (Li2O: 2.0% - 2.5%) was 1,775 yuan/ton, down 40 yuan; the price of amblygonite (Li2O: 6% - 7%) was 5,770 yuan/ton, down 230 yuan; the price of amblygonite (Li2O: 7% - 8%) was 6,845 yuan/ton, down 205 yuan [5]. - Lithium carbonates and hydroxides: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) was 72,850 yuan/ton, down 600 yuan; the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) was 70,600 yuan/ton, down 600 yuan; the price of battery - grade lithium hydroxide (coarse particles/domestic) was 74,450 yuan/ton, down 250 yuan; the price of battery - grade lithium hydroxide (micropowder) was 79,420 yuan/ton, down 250 yuan; the price of industrial - grade lithium hydroxide (coarse particles/domestic) was 69,410 yuan/ton, down 250 yuan; the price of battery - grade lithium hydroxide (CIF China, Japan and South Korea) was 9 US dollars/kg, unchanged [5]. - Other products: The price of lithium hexafluorophosphate was 56,000 yuan/ton, unchanged. The price difference between battery - grade lithium carbonate and industrial - grade lithium carbonate was 2,250 yuan/ton, unchanged. The price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate was 1,600 yuan/ton, up 350 yuan. The price difference between CIF China, Japan and South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide was - 8,388 yuan/ton, up 224 yuan [5]. - Precursor and cathode materials: The price of ternary precursor 523 (polycrystalline/power type) was 79,200 yuan/ton, up 575 yuan; the price of ternary precursor 523 (single - crystal/consumer type) was 78,000 yuan/ton, up 200 yuan; the price of ternary precursor 622 (polycrystalline/consumer type) was 73,900 yuan/ton, up 150 yuan; the price of ternary precursor 811 (polycrystalline/power type) was 92,750 yuan/ton, up 250 yuan. The prices of most ternary materials remained unchanged. The price of lithium iron phosphate (power type) was 33,470 yuan/ton, down 150 yuan; the price of lithium iron phosphate (mid - to - high - end energy storage) was 32,075 yuan/ton, down 150 yuan; the price of lithium iron phosphate (low - end energy storage) was 29,290 yuan/ton, down 140 yuan. The prices of lithium manganate and cobaltate remained unchanged [5]. - Batteries: The prices of most lithium batteries remained unchanged, with only a slight increase in the price of 523 cylindrical ternary batteries from 4.34 yuan/piece to 4.40 yuan/piece [5]. 3.2 Chart Analysis - Ore prices: Charts show the price trends of spodumene concentrate (6%, CIF), lepidolite (Li2O: 1.5% - 2.0%), lepidolite (Li2O: 2.0% - 2.5%), and amblygonite (Li2O: 6% - 7%) from 2024 to 2025 [7][8][9]. - Lithium and lithium salt prices: Charts present the price trends of metallic lithium, battery - grade lithium carbonate average price, industrial - grade lithium carbonate average price, battery - grade lithium hydroxide price, industrial - grade lithium hydroxide price, and lithium hexafluorophosphate price from 2024 to 2025 [10][11][12][13][14][15]. - Price differences: Charts display the price differences between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, CIF China, Japan and South Korea battery - grade lithium hydroxide and battery - grade lithium hydroxide, battery - grade lithium carbonate (CIF Asia) and domestic battery - grade lithium carbonate, and the basis from 2024 to 2025 [17][18][20][21][22]. - Precursor and cathode materials: Charts illustrate the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and cobaltate from 2024 to 2025 [23][24][26][27][28][29][30]. - Lithium battery prices: Charts show the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobaltate cells, and square lithium iron phosphate batteries from 2024 to 2025 [31][32][33][34]. - Inventory: Charts present the inventory trends of downstream, smelters, and other sectors from January to September 2025 [36][37][38][39]. - Production cost: A chart shows the production profit trends of lithium carbonate from different raw materials such as外购三元极片黑粉 (Li: 5.5% - 6.5%),外购磷酸铁锂极片黑粉 (Li: 3.2% - 4.2%),外购锂云母精矿 (Li₂O: 2.5%), and外购锂辉石精矿 (Li₂O: 6%) from 2024 to 2025 [40][41]. 3.3 Research Team Introduction - Zhan Dapeng, a science master, is the director of non - ferrous research at Everbright Futures Research Institute, a senior precious metals researcher, a junior gold investment analyst, an excellent metals analyst of the Shanghai Futures Exchange, and the best industrial futures analyst of Futures Daily and Securities Times. He has over a decade of commodity research experience, serves many leading spot enterprises, and has published dozens of professional articles in public newspapers and magazines. His team has won awards such as the 15th and 16th Best Metal Industry Futures Research Team Awards of Futures Daily and Securities Times and the 2016 Excellent Non - ferrous Metal Industry Team title of the Shanghai Futures Exchange [44]. - Wang Heng, a master of finance from the University of Adelaide, Australia, is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on aluminum and silicon research [45]. - Zhu Xi, a master of science from the University of Warwick, UK, is a non - ferrous researcher at Everbright Futures Research Institute, mainly researching lithium and nickel [45].

Group 1: Report Information - Report Title: "Light Period Black: Iron Ore Basis and Spread Monitoring Daily Report" [1] - Date: September 12, 2025 [1] Group 2: Contract Spreads - I05 closed at 773.5 yuan/ton, down 7.5 yuan from the previous day; I09 closed at 840.5 yuan/ton, down 7.0 yuan; I01 closed at 795.5 yuan/ton, down 9.5 yuan [3] - The spread of I05 - I09 was -67.0 yuan/ton, down 0.5 yuan; I09 - I01 was 45.0 yuan/ton, up 2.5 yuan; I01 - I05 was 22.0 yuan/ton, down 2.0 yuan [3] Group 3: Basis Data - For various iron ore varieties, prices and basis changed. For example, the price of Carajás Fines was 900 yuan/ton, down 8.0 yuan, and the basis was 64 yuan, up 1 yuan [6] - The price of BRBF was 812 yuan/ton, down 8.0 yuan, and the basis was 43 yuan, up 1 yuan [6] Group 4: Exchange Rule Adjustments - Four new deliverable varieties (Benxi Concentrate, IOC6, KUMBA, Ukrainian Concentrate) were added with a brand premium of 0, effective from the I2202 contract [11] - Brand premiums of existing varieties were adjusted. Only PB Fines, BRBF, and Carajás Fines had a brand premium of 15 yuan/ton, and others were 0 [11] - Quality difference and premium rules for substitutes were modified, including adjusting the allowable range of iron grade and other elements and introducing a dynamic adjustment mechanism for iron element premium [11] - Four new deliverable brands (Taigang Concentrate, Magang Concentrate, Minmetals Standard Fines, SP10 Fines) were added with a brand premium of 0 yuan/ton, applicable to the I2312 and subsequent contracts [11] Group 5: Variety Spreads - The spread of PB Lump - PB Fines was 138.0 yuan/ton, up 2.0 yuan; PB Fines - FMG Mixed Fines was 51.0 yuan/ton, down 3.0 yuan [13] - The spread of Newman Lump - Newman Fines was 139.0 yuan/ton, up 1.0 yuan; PB Fines - Super Special Fines was 90.0 yuan/ton, down 4.0 yuan [13] Group 6: Research Team Introduction - Qiu Yuecheng is the Assistant Director of the Research Institute and the Director of Black Research at Everbright Futures, with nearly 20 years of experience in the steel industry [23] - Zhang Xiaojin is the Director of Resource Product Research at Everbright Futures, with rich experience in the field of power coal [23] - Liu Xi is a black researcher at Everbright Futures, good at fundamental supply - demand analysis based on industrial chain data [23] - Zhang Chunjie is a black researcher at Everbright Futures, with experience in investment trading strategies and spot - futures operations [23]

Group 1: Report Industry Investment Ratings - The report does not provide an overall industry investment rating. However, for each black commodity, the short - term price trends are predicted as follows: steel (narrow - range consolidation), iron ore (fluctuation), coking coal (fluctuation), coke (fluctuation), manganese silicon (fluctuation), and ferrosilicon (fluctuation) [1] Group 2: Core Views of the Report - For steel, the price of rebar futures fluctuated and declined. Spot prices were stable with some declines, and trading volume decreased. Rebar production increased, inventory accumulated for the seventh consecutive week, and apparent demand declined slightly. It is expected that the rebar futures market will mainly move in a narrow - range consolidation in the short term [1] - For iron ore, the price of the main futures contract first fell and then rose. Supply decreased, while demand increased due to the resumption of blast furnaces. Under the influence of multiple factors, it is expected that ore prices will fluctuate [1] - For coking coal, the futures price rose. Supply saw stable resumption, but downstream demand was mainly based on on - demand procurement. It is expected that the coking coal futures market will fluctuate in the short term [1] - For coke, the futures price rose. Supply increased as coke production increased, while demand was weak due to poor steel consumption. It is expected that the coke futures market will fluctuate in the short term [1] - For manganese silicon, the futures price fluctuated weakly. Supply was at a relatively high level, and demand was expected to increase. With cost support, it is expected that the manganese silicon market will mainly fluctuate in the short term [1][3] - For ferrosilicon, the futures price fluctuated weakly. Supply was at a relatively high level, and demand was expected to increase. With cost support, it is expected that the ferrosilicon market will mainly fluctuate in the short term [3] Group 3: Summary According to Relevant Catalogs 1. Research Views - **Steel**: The closing price of the rebar 2601 contract was 3092 yuan/ton, a decrease of 17 yuan/ton or 0.55% from the previous trading day, with an increase of 133,000 in open interest. The national rebar production this week decreased by 67,500 tons to 2.1193 million tons compared with the previous week, and the apparent demand decreased by 40,000 tons to 1.9807 million tons [1] - **Iron Ore**: The closing price of the main futures contract i2601 was 795.5 yuan/ton, a decrease of 9.5 yuan/ton or 1.18% from the previous trading day. The global iron ore shipments decreased from the high level. The molten iron output increased by 117,100 tons to 2.4055 million tons compared with the previous week [1] - **Coking Coal**: The closing price of the coking coal 2601 contract was 1141.5 yuan/ton, an increase of 24.5 yuan/ton or 2.19%, with an increase of 13,673 in open interest. Some coal types in coal mines accumulated inventory, and downstream demand was mainly based on on - demand procurement [1] - **Coke**: The closing price of the coke 2601 contract was 1630 yuan/ton, an increase of 27 yuan/ton or 1.68%, with an increase of 472 in open interest. Coke production increased steadily, and some steel mills began to control the procurement rhythm [1] - **Manganese Silicon**: The main contract price was 5838 yuan/ton, a decrease of 0.24% compared with the previous day, with an increase of 2085 in open interest. The 9 - month silicon - manganese tender was 17,000 tons, an increase of 900 tons compared with August [1][3] - **Ferrosilicon**: The main contract price was 5626 yuan/ton, a decrease of 0.18% compared with the previous day, with a decrease of 5691 in open interest. A large steel group in Hebei tendered 3151 tons of 75B ferrosilicon in September, an increase of 316 tons compared with August [3] 2. Daily Data Monitoring - **Contract Spreads and Basis**: Data on contract spreads (such as 1 - 5 months, 5 - 10 months) and basis for various commodities (rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, ferrosilicon) are provided, along with their latest values and month - on - month changes [4] - **Profits and Cross - Commodity Spreads**: Data on profits (such as rebar futures profit, long - process profit, short - process profit) and cross - commodity spreads (such as hot - rolled coil to rebar spread, rebar to iron ore ratio) are provided, along with their latest values and month - on - month changes [4] 3. Chart Analysis - **3.1 Main Contract Prices**: Charts show the closing prices of main contracts for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2020 to 2025 [6][7][15] - **3.2 Main Contract Basis**: Charts show the basis of main contracts for various commodities from 2022 - 2026 [17][19][22][24] - **3.3 Inter - Period Contract Spreads**: Charts show the inter - period contract spreads (such as 10 - 01, 01 - 05) for various commodities from 2019 - 2026 [26][29][31][32][34][36][38][40] - **3.4 Cross - Commodity Contract Spreads**: Charts show the cross - commodity contract spreads (such as hot - rolled coil to rebar spread, rebar to iron ore ratio) from 2020 - 2025 [42][43][44][46] - **3.5 Rebar Profits**: Charts show the profits of rebar main contracts (such as coal - coke ratio, double - silicon spread) from 2020 - 2025 [46][47][51] 4. Black Research Team Members Introduction - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with their own professional backgrounds and qualifications [53][54]

光大期货煤化工商品日报 光大期货煤化工商品日报（2025 年 9 月 12 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周四尿素期货价格弱势窄幅波动，主力 01 合约收盘价 1671 元/吨，跌幅 0.48%。现 | | | | 货市场继续走弱，主流地区市场价格回落 10～40 元/吨不等，山东、河南地区市场价 | | | | 格均为 1660 元/吨，日环比继续下降 10 元/吨。基本面来看，尿素供应水平继续窄幅 | | | 尿素 | 波动，昨日行业日产量 18.54 万吨，日环比增 0.03 万吨，后续随着企业复产日产或逐 | 震荡 | | | 步提升。需求端情绪局部有所好转，个别地区产销恢复至 100%附近，其余地区产销 | | | | 率依旧维持低位。印标结果逐步明朗，中国后续跟进数量仍值得关注。短期市场利好 | | | | 因素出尽，尿素期货价格偏弱震荡为主，关注我国出口动态、商品市场整体情绪。 | | | | 周四纯碱期货价格坚挺运行，主力 01 合约收盘价 1287 元/吨，涨幅 1.26%。纯碱现 货市场报价稳定，贸易商报价继续跟随盘面 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - For cotton, the ICE U.S. cotton rose 0.1% to 66.74 cents per pound on Thursday, and CF601 remained flat at 13,835 yuan per ton. The position of the main contract decreased by 2,390 lots to 502,500 lots. The cotton arrival price in Xinjiang was about 15,186 yuan per ton, down 24 yuan from the previous day, and the national average cotton market price was 15,249 yuan per ton, down 37 yuan. The upcoming large - scale listing of new cotton and the pressure on the demand side and clothing exports are the main factors affecting the recent cotton price. However, the downside space is limited due to the improvement in downstream开机 conditions during the traditional peak season, the cost - end constraint with the expected purchase price between 6.2 - 6.5 yuan per kilogram, and the expected tight - balance state of China's cotton supply - demand balance sheet in the new year. It is expected that the short - term Zhengzhou cotton will have limited downside space and will fluctuate at a low level [2]. - For sugar, the spot quotes of Guangxi sugar - making groups were 5,830 - 5,940 yuan per ton, with some up 10 yuan per ton; Yunnan sugar - making groups' quotes were 5,740 - 5,790 yuan per ton, up 10 yuan per ton; and the mainstream quotes of processing sugar mills were in the range of 5,950 - 6,080 yuan per ton, remaining stable. The recent rebound of Brazilian ethanol prices has curbed the continuous rise of the sugar - making ratio, providing some support for sugar prices. Although domestic sugar futures prices have stopped falling and closed with two consecutive positive lines, caution is still needed regarding the rebound height, which mainly depends on the lead of raw sugar. It is currently regarded as a weak - side fluctuation, and future attention should be paid to the pre - sale situation of new sugar [2]. Group 3: Summary by Relevant Catalogs 1. Daily Data Monitoring - **Cotton**: The 1 - 5 contract spread was 40, up 5; the main contract basis was 1,414, down 17. The arrival price in Xinjiang was 15,186 yuan per ton, down 24 yuan, and the national average was 15,249 yuan per ton, down 37 yuan [3]. - **Sugar**: The 1 - 5 contract spread was 26, unchanged; the main contract basis was 379, down 21. The spot price in Nanning was 5,890 yuan per ton, up 10 yuan, and in Liuzhou was 5,935 yuan per ton, unchanged [3]. 2. Market Information - **Cotton**: On September 11, the number of cotton futures warehouse receipts was 5,159, down 163 from the previous trading day, and the effective forecast was 0. The cotton arrival prices in different regions were 15,186 yuan per ton in Xinjiang, 15,214 yuan per ton in Henan, 15,274 yuan per ton in Shandong, and 15,316 yuan per ton in Zhejiang. The yarn comprehensive load was 49.9, unchanged from the previous day; the yarn comprehensive inventory was 26.6, down 0.1; the short - fiber cloth comprehensive load was 50.4, up 0.3; and the short - fiber cloth comprehensive inventory was 30.2, down 0.1 [4]. - **Sugar**: On September 11, the sugar spot price in Nanning was 5,890 yuan per ton, up 10 yuan from the previous day, and in Liuzhou was 5,935 yuan per ton, unchanged. The number of sugar futures warehouse receipts was 11,739, down 33 from the previous trading day, and the effective forecast was 6 [4][5]. 3. Chart Analysis - Multiple charts are presented, including those related to cotton (such as the closing price, basis, 1 - 5 spread, 1% tariff quota internal - external spread, warehouse receipts and effective forecasts, and China Cotton Price Index) and sugar (such as the closing price, basis, 1 - 5 spread, and warehouse receipts and effective forecasts) [7][10][12][14][17]. 4. Research Team Personnel Introduction - Zhang Xiaojin, the director of the resource product research at Everbright Futures Research Institute, focuses on the sugar industry. She has won many awards related to sugar analysis [19]. - Zhang Linglu, an analyst at Everbright Futures Research Institute, is responsible for research on futures varieties such as urea and soda - ash glass. She has won many honors [20]. - Sun Chengzhen, an analyst at Everbright Futures Research Institute, is engaged in fundamental research and data analysis of varieties such as cotton, cotton yarn, and ferroalloy. He won the Zhengzhou Commodity Exchange's textile - category senior analyst title in 2024 [21]. 5. Contact Information - The company is located at Unit 703, 6th Floor, No. 729 Yanggao South Road, China (Shanghai) Pilot Free Trade Zone. The company phone is 021 - 80212222, the fax is 021 - 80212200, the customer service hotline is 400 - 700 - 7979, and the postal code is 200127 [24].