Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Cotton is expected to maintain a weak and volatile trend in the short - term, affected by upcoming large - scale new cotton listings and supply pressure. The short - term decline space of ICE cotton is limited, and attention should be paid to ginneries' purchase intentions and opening prices [2]. - Sugar is expected to have a wide - range oscillation in the near future, but the supply pressure is not fully released. The domestic sugar market is in a weak fundamental pattern, and the future influencing factors include Inner Mongolia's sugar pressing progress and Guangxi's pre - sales situation. A weak view on sugar futures prices is maintained, and attention should be paid to the performance of raw sugar [2]. Group 3: Summary by Related Catalogs 1. Research Views Cotton - On Tuesday, ICE US cotton rose 0.59% to 66.61 cents/pound, CF601 decreased 0.7% to 13,540 yuan/ton, and the main contract positions increased by 10,524 lots to 532,800 lots. The spot price index of cotton 3128B was 14,755 yuan/ton, down 40 yuan/ton from the previous day. After the Fed's September FOMC meeting, the overall drive has slowed, with the focus on the macro - level. The US dollar index is weak, and US cotton prices are strong. The number of net short positions of non - commercial positions in the latest week of CFTC has decreased significantly, limiting the short - term sharp decline of US cotton. Domestically, Zhengzhou cotton is in a weak trend due to upcoming new cotton listings and supply pressure, and downstream demand has limited short - term digestion capacity [2]. Sugar - In September, Brazil's sugar and molasses exports in the first three weeks were 2.4079 million tons, a decrease of 301,300 tons (11.12%) compared to the same period last year, with a daily average export volume of 160,500 tons. The spot prices of sugar groups in Guangxi and Yunnan decreased by 10 yuan/ton, and some processing sugar factories' quotes decreased by 10 - 50 yuan/ton. Raw sugar rebounded above 16 cents/pound, but the supply pressure remains, and the sustainability of the rebound needs to be observed. The domestic spot market sentiment is pessimistic, with sufficient short - term supply and fragile market sentiment. The futures market is led by raw sugar [2]. 2. Daily Data Monitoring Cotton - The 1 - 5 contract spread is - 20, down 15; the main basis is 1,593, down 21. The spot price in Xinjiang is 15,070 yuan/ton, down 76, and the national average is 15,133 yuan/ton, down 91 [3]. Sugar - The 1 - 5 contract spread is 26, up 7; the main basis is 411, down 2. The spot price in Nanning is 5,780 yuan/ton, down 20, and in Liuzhou is 5,855 yuan/ton, down 10 [3]. 3. Market Information - On September 22, the number of cotton futures warehouse receipts was 3,915, down 181 from the previous trading day, with 12 valid forecasts. - On September 23, the cotton arrival prices in different regions were: 15,070 yuan/ton in Xinjiang, 15,112 yuan/ton in Henan, 15,151 yuan/ton in Shandong, and 15,230 yuan/ton in Zhejiang. - On September 23, the comprehensive load of yarn was 50.1 (unchanged), the comprehensive inventory of yarn was 25.9 (down 0.1), the comprehensive load of staple fiber cloth was 52.8 (unchanged), and the comprehensive inventory of staple fiber cloth was 29 (unchanged). - On September 23, the spot price of sugar in Nanning was 5,780 yuan/ton, down 20 yuan/ton, and in Liuzhou was 5,855 yuan/ton, down 10 yuan/ton. - On September 23, the number of sugar futures warehouse receipts was 10,022, down 293 from the previous trading day, with 0 valid forecasts [4][5] 4. Research Team - Zhang Xiaojin is the research director of resource products at Everbright Futures Research Institute, focusing on the sugar industry. She has won many awards related to sugar analysis [20]. - Zhang Linglu is an analyst of resource products at Everbright Futures Research Institute, responsible for futures varieties such as urea and soda - ash glass. She has won many honors [21]. - Sun Chengzhen is an analyst of resource products at Everbright Futures Research Institute, mainly engaged in fundamental research and data analysis of cotton, cotton yarn, and ferroalloy. He won the honor of senior analyst of textile products at Zhengzhou Commodity Exchange in 2024 [22]

农产品日报（2025 年 9 月 24 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 玉米 | 周二，玉米近月合约继续减仓下行，1 月合约持仓增加，资金由 11 月向 1 月转移。 | 震荡下行 | | | 阿根廷下调农产品出口关税，农产品板块承压下行，油粕领跌、玉米跟跌，玉米 | | | | 价格区间随之下移。近期玉米加权合约增仓下行，新粮上市的丰收压力继续笼罩 | | | | 市场。周末黑龙江深加工玉米厂家玉米收购价格略显下滑，反映出市场对新季玉 | | | | 米价格的担忧情绪，出价厂家较上周有所增多，新粮上市量也将有所增加。受前 | | | | 期持续降雨影响，周末山东深受前期持续降雨影响，山加工企业门前到货量明显 | | | | 减少，玉米收割进度放缓，加上企业库存维持低位，周末部分企业玉米价格出现 | | | | 反弹。销区市场玉米价格稳定运行。港口提货速度一般，新粮持续上市，但往西 | | | | 南运输不畅，主要粮源是新疆及东北地区，部分饲料厂使用小麦较多，玉米现货 | | | | 较少。技术上，玉米 11 月合约下探新低，近月合约贴水现货， ...

工业硅日报 工业硅&多晶硅日报（2025 年 9 月 24 日） 一、研究观点 点评 23 日工业硅震荡偏弱，主力 2511 收于 8925 元/吨，日内跌幅 2.3%，持 仓减仓 11794 手至 27.4 万手。百川工业硅现货参考价 9604 元/吨，较 上一交易日上调 121 元/吨。最低交割品#421 价格回涨至 8900 元/吨， 现货贴水收至 25 元/吨。多晶硅震荡偏弱，主力 2511 收于 50260 元/ 吨，日内跌幅 2.74%，持仓增仓 7826 手至 11.6 万手；多晶硅 N 型复投 硅料价格涨至 52500 元/吨，最低交割品硅料价格涨至 52500 元/吨，现 货升水扩至 2240 元/吨。工业硅短期成本支撑与高库存压制并存，存在 偏强支撑。多晶硅能耗政策意见稿发布，1/2 级标准稍有提升，但相对 强制出清力度相对温和。特朗普计划将硅产品纳入征税清单。在内外 政策联动且均未落地阶段，多晶硅抢生产和抢出口情绪浓厚。政策和 实际供需演绎方向背离，形成短期承压长期偏强的格局。 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 工业硅日报 二、日度数据监测 | ...

有色商品日报 有色商品日报（2025 年 9 月 24 日） 一、研究观点 | 品 种 | 点评 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 隔夜铜价窄幅震荡。宏观方面，在上周美联储宣布降息后的首次公开演讲中，美联储主 | | | | | | | | | 席鲍威尔表示，利率面临通胀上行和就业下行的两面风险，重申关税预期是一次性推 | | | | | | | | | 升价格，要确保关税不会持续影响，但未暗示下月会否支持降息；不过鲍威尔警告美股 | | | | | | | | | 估值太高，警示风险。国内方面，昨日发布会央行行长表示不涉及短期政策的调整，当 | | | | | | | | 铜 | 前中国货币政策立场是支持性的，实施适度宽松的货币政策。库存方面，LME | | | | | | 库存下 | | | | 吨 | 降 400 吨至 144975 吨；Comex 库存增加 91 吨至 288837 吨；SHFE 铜仓单下降 2166 | | | | | | | | | | 至 27727 吨；BC 铜下降 25 吨至 ...

光大期货金融期货日报 光大期货金融期货日报 加权利率下行 1bp 至 1.47%。周一新闻发布会主题是介绍十四五时期金融业 的发展情况，不涉及短期政策的调整，但再次强调货币政策支持性立场。短 期来看，央行重启 14 天期逆回购工具，临近跨季+跨节，央行呵护资金面信 号明显。当前基本面多空交织，8 月社融增速如期回落，经济数据继续边际 走弱，同时 PPI 降幅明显收窄，反内卷效果逐渐显现。多空交织背景下，债 市未见明显拐点信号，震荡走势延续。 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 2 光大期货金融期货日报（2025 年 09 月 24 日） 一、研究观点 | 品种 | 点评 市场全天探底回升，三大指数涨跌互现。个股跌多涨少，沪深京三市超 4200 | 观点 | | --- | --- | --- | | | 股飘绿，今日成交逾 2.51 万亿。截止收盘沪指跌 0.18%，深成指跌 0.29%， 创业板指涨 0.21%。美联储降息 25BP，但表态相对谨慎，其内部对于年内降 | | | | 息路径存在分化，权益市场涨跌不一，目前市场预计年内降息 3 次。国内方 | | | | 面 ...

Group 1: Report Industry Investment Ratings - All varieties in the report are rated as "oscillating" [1][3][5] Group 2: Core Views of the Report - On Tuesday, oil prices moved higher. Geopolitical factors provided support at low levels, but there was a lack of continuous upward drivers, resulting in an overall oscillating price performance. The supply of high - and low - sulfur fuel oil will pressure the market in the future, and short - term prices will oscillate. The increase in asphalt production may limit price increases, and prices will remain stable in the short term. Polyester prices are expected to oscillate weakly. Rubber prices will oscillate due to weather and demand factors. Methanol prices are at a phased bottom, and the basis will gradually strengthen. Polyolefins will show an oscillating and weakening pattern. PVC prices will oscillate weakly due to supply, demand, and inventory factors [1][3][5] Group 3: Summary by Relevant Catalogs 1. Research Views - **Crude Oil**: On Tuesday, WTI 11 - month contract rose $1.13 to $63.41/barrel, a 1.81% increase; Brent 11 - month contract rose $1.06 to $67.63/barrel, a 1.59% increase; SC2511 closed at 482.3 yuan/barrel, up 7 yuan/barrel, a 1.47% increase. The resumption of oil exports from Iraqi Kurdistan is stalled, and Russia may further restrict fuel exports. The 18th typhoon "Hagasa" affects offshore oil and gas platforms. Oil prices oscillate under geopolitical influence [1] - **Fuel Oil**: On Tuesday, the main fuel oil contract FU2601 fell 0.68% to 2759 yuan/ton; the low - sulfur fuel oil contract LU2511 fell 0.68% to 3350 yuan/ton. In August, China's bonded marine fuel oil imports decreased, and exports increased. The low - sulfur fuel oil market structure remains stable, and the high - sulfur fuel oil market has short - term support, but future supply will pressure the market. Prices will oscillate, and attention should be paid to crude oil price fluctuations [3] - **Asphalt**: On Tuesday, the main asphalt contract BU2511 fell 1.2% to 3373 yuan/ton. In October, domestic asphalt refinery production is expected to increase. The traditional consumption season brings stocking demand, but supply remains high, and prices will remain stable in the short term, with attention to actual demand [3] - **Polyester**: TA601 closed at 4556 yuan/ton, down 0.65%; EG2601 closed at 4212 yuan/ton, down 0.66%. PX supply recovers, downstream TA maintenance increases in the fourth quarter, and terminal demand recovers slowly. Polyester prices are expected to oscillate weakly [5] - **Rubber**: On Tuesday, the main rubber contract RU2601 fell 90 yuan/ton to 15525 yuan/ton; NR fell 30 yuan/ton to 12395 yuan/ton; BR fell 75 yuan/ton to 11430 yuan/ton. The 18th typhoon "Hagasa" affects the region. Production recovery is slow, downstream tire demand is stable, and exports weaken. Rubber prices will oscillate, and attention should be paid to the typhoon's impact on Hainan [5][7] - **Methanol**: The supply is at a phased low due to domestic and overseas device maintenance. Xingxing device has resumed production, and the supply - demand gap in East China is narrowing. Methanol prices are at a phased bottom, and the basis will strengthen, but short - term long - only operations are risky. A strategy of long methanol and short polyolefins can be considered [7] - **Polyolefins**: Supply will remain high, and demand is improving with the arrival of the peak season. The supply - demand difference is narrowing, and prices will show an oscillating and weakening pattern [9] - **Polyvinyl Chloride (PVC)**: Domestic PVC market prices are adjusted downward. Real estate construction has stabilized but is still weak year - on - year. Supply remains high, demand recovers slowly, and exports are affected by anti - dumping policies. Total inventory pressure is large, and prices will oscillate weakly [9] 2. Daily Data Monitoring - The report provides the basis data of various energy and chemical varieties on September 24, 2025, including spot market, spot price, futures price, basis, basis rate, and their changes, as well as the quantile of the latest basis rate in historical data [10] 3. Market News - The resumption of oil exports from Iraqi Kurdistan is stalled due to debt repayment issues. Russia may further restrict fuel exports, and gasoline shortages in some areas are caused by attacks on refineries and high borrowing costs [12] 4. Chart Analysis - **4.1 Main Contract Prices**: It shows the closing price charts of main contracts of various energy and chemical products from 2021 to 2025, including crude oil, fuel oil, asphalt, LPG, PTA, etc. [14][15][18] - **4.2 Main Contract Basis**: It presents the basis charts of main contracts of various products, such as crude oil, fuel oil, asphalt, etc., and their historical data from 2021 to 2025 [30][34][38] - **4.3 Inter - period Contract Spreads**: It shows the spread charts between different contracts of various products, such as fuel oil, asphalt, PTA, etc. [44][46][49] - **4.4 Inter - variety Spreads**: It includes the spread charts between different varieties, such as crude oil internal and external markets, fuel oil high - and low - sulfur spreads, etc. [59][65][66] - **4.5 Production Profits**: It shows the cash flow chart of ethylene - based ethylene glycol production and the production profit charts of PP and LLDPE [69][71] 5. Team Member Introduction - The report introduces the members of the research team, including the assistant director and energy - chemical director Zhong Meiyan, analysts Du Bingqin, Di Yilin, and Peng Haibo, and their professional backgrounds, honors, and research areas [75][76][77] 6. Contact Information - The company's address is on the 6th floor, Unit 703, No. 729 Yanggao South Road, China (Shanghai) Pilot Free Trade Zone. The company's phone number is 021 - 80212222, the fax is 021 - 80212200, the customer service hotline is 400 - 700 - 7979, and the postal code is 200127 [80]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The report presents a daily data tracking of stock index futures on September 23, 2025, including index trends, the impact of sector fluctuations on indices, basis and annualized opening costs of stock index futures, and points differences in contract roll - over and their annualized costs [1] 3. Summary by Relevant Catalogs 3.1 Index Trends - On September 23, the Shanghai Composite Index fell 0.18% to 3821.83 points with a trading volume of 1071.698 billion yuan; the Shenzhen Component Index fell 0.29% to 13119.82 points with a trading volume of 1422.684 billion yuan [1] - The CSI 1000 Index fell 1.09% with a trading volume of 503.96 billion yuan, opening at 7500.62, closing at 7408.07, with a high of 7504.23 and a low of 7261.67 [1] - The CSI 500 Index fell 0.61% with a trading volume of 495.069 billion yuan, opening at 7240.85, closing at 7180.71, with a high of 7250.82 and a low of 7045.56 [1] - The SSE 50 Index fell 0.09% with a trading volume of 168.987 billion yuan, opening at 2917.99, closing at 2919.51, with a high of 2938.12 and a low of 2891.78 [1] - The CSI 300 Index fell 0.06% with a trading volume of 680.514 billion yuan, opening at 4536.76, closing at 4519.78, with a high of 4560.73 and a low of 4459.73 [1] 3.2 Impact of Sector Fluctuations on Indices - The CSI 1000 Index dropped 81.41 points compared to the previous close, with sectors such as Computer and Medicine & Biology significantly pulling the index down [2] - The CSI 500 Index dropped 44.42 points compared to the previous close. The Power Equipment sector significantly pulled the index up, while sectors like Medicine & Biology, Non - Banking Finance, and Computer pulled it down [2] - The CSI 300 Index dropped 2.83 points compared to the previous close. Sectors such as Bank, Communication, and Electronics pulled the index up, while Computer, Medicine & Biology, and Non - Banking Finance pulled it down [2] - The SSE 50 Index dropped 2.67 points compared to the previous close. Sectors such as Bank, Non - Ferrous Metals, and Public Utilities pulled the index up, while Non - Banking Finance, Electronics, and Medicine & Biology pulled it down [2] 3.3 Basis and Annualized Opening Costs of Stock Index Futures - IM00 had an average daily basis of - 107.49, IM01 of - 195.71, IM02 of - 281.02, and IM03 of - 488.76 [12] - IC00 had an average daily basis of - 112.22, IC01 of - 186.93, IC02 of - 254.9, and IC03 of - 426.14 [12] - IF00 had an average daily basis of - 23.49, IF01 of - 36.88, IF02 of - 51.72, and IF03 of - 78.0 [12] - IH00 had an average daily basis of - 0.65, IH01 of - 1.94, IH02 of - 0.77, and IH03 of 0.52 [12] 3.4 Points Differences in Contract Roll - over and Their Annualized Costs - For IF, from 09:45 to 15:00, the points differences in contract roll - over and their annualized costs fluctuated. For example, at 09:45, IF00 - 01 was - 12.31678 [24][26] - For IH, from 09:45 to 15:00, the points differences in contract roll - over and their annualized costs also fluctuated. For example, at 09:45, IH00 - 01 was 0.707 [29] - For IM, from 09:45 to 15:00, the points differences in contract roll - over and their annualized costs changed. For example, at 09:45, IM00 - 01 was - 73.02267 [31] - For IC, from 09:45 to 15:00, the points differences in contract roll - over and their annualized costs varied. For example, at 09:45, IC00 - 01 was - 68.64222 [32]

农产品日报（2025 年 9 月 23 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周一，玉米近月合约减仓下行，1 月合约持仓增加，资金由 11 月向 1 月转移。受 | | | | 近月合约下跌拖累，远期合约报价下行，当日玉米加权合约增仓下行，新粮上市 | | | | 的丰收压力继续笼罩市场。周末黑龙江深加工玉米厂家玉米收购价格略显下滑， | | | | 反映出市场对新季玉米价格的担忧情绪，出价厂家较上周有所增多，新粮上市量 | | | 玉米 | 也将有所增加。受前期持续降雨影响，周末山东深受前期持续降雨影响，山加工 | 震荡下行 | | | 企业门前到货量明显减少，玉米收割进度放缓，加上企业库存维持低位，周末部 | | | | 分企业玉米价格出现反弹。销区市场玉米价格稳定运行。港口提货速度一般，新 | | | | 粮持续上市，但往西南运输不畅，主要粮源是新疆及东北地区，部分饲料厂使用 | | | | 小麦较多，玉米现货较少。技术上，玉米 11 月合约下探新低，近月合约贴水现 | | | | 货，期货下跌后情绪转空，中期弱势预期不变。 周一，CBOT ...

Group 1: Investment Ratings - No investment ratings are provided in the report. Group 2: Core Views - For cotton, the ICE U.S. cotton dropped 0.06% to 66.25 cents per pound, and CF601 decreased 0.98% to 13,610 yuan per ton. The main - contract positions increased by 13,028 lots to 522,300 lots. The 3128B cotton spot price index was 14,795 yuan per ton, down 75 yuan. Internationally, after the Fed's September meeting, the overall drive slowed and there are still differences in the future interest - rate cut path. The U.S. cotton is mainly in low - level oscillation. Domestically, with new cotton flooding the market, the supply pressure is high and the cotton price is moving down. In the short term, the supply pressure is hard to relieve, and the opening price is expected to adjust with the Zhengzhou cotton futures price. It is expected that Zhengzhou cotton will be in a weak oscillation, with limited downward space [2]. - For sugar, from January to August 2025, China imported 734,300 tons of syrup and white - sugar premixed powder, a year - on - year decrease of 716,700 tons. The spot prices of sugar groups in various regions have been lowered. The raw - sugar futures price continued to be weak, hitting a new low. With beet sugar about to be on the market, the domestic spot price has further declined. The market sentiment is cautious. The view on the futures market is still weak, and short positions can be held, with the downward depth adjusted dynamically. Attention should be paid to the pre - sale of new domestic sugar [2]. Group 3: Summary by Sections 1. Research Views - **Cotton**: The price of ICE U.S. cotton and CF601 decreased. The main - contract positions increased. The spot price index declined. Internationally, the post - meeting situation and differences in the interest - rate cut path affect the market. Domestically, new - cotton supply pressure is high. In the short term, the supply pressure persists and the price is expected to be weak [2]. - **Sugar**: The import volume of syrup and white - sugar premixed powder decreased year - on - year. Spot prices in various regions were lowered. The raw - sugar futures price was weak, and domestic prices declined with the upcoming beet - sugar supply. The market sentiment is cautious, and a weak view is held on the futures market [2]. 2. Daily Data Monitoring - **Cotton**: The 1 - 5 contract spread was - 5, down 20. The main - contract basis was 1,614, up 51. The Xinjiang spot price was 15,146 yuan per ton, down 52, and the national spot price was 15,224 yuan per ton, down 59 [3]. - **Sugar**: The 1 - 5 contract spread was 19, up 2. The main - contract basis was 413, down 31. The Nanning spot price was 5,800 yuan per ton, down 30, and the Liuzhou spot price was 5,865 yuan per ton, down 40 [3]. 3. Market Information - **Cotton**: On September 22, the cotton futures warehouse - receipt quantity was 4,096, down 136, with 12 valid forecasts. The cotton arrival prices in different regions were reported. The yarn comprehensive load remained unchanged, the yarn inventory decreased slightly, the short - fiber cloth comprehensive load remained unchanged, and the short - fiber cloth inventory remained unchanged [4]. - **Sugar**: On September 22, the sugar spot prices in Nanning and Liuzhou decreased. The sugar futures warehouse - receipt quantity was 10,315, down 49, with 0 valid forecasts [4][5]. 4. Chart Analysis - **Cotton**: Charts show the cotton main - contract closing price, main - contract basis, 1 - 5 spread, 1% tariff - quota internal - external spread, warehouse receipts and valid forecasts, and the China cotton price index [7][10][12]. - **Sugar**: Charts show the sugar main - contract closing price, main - contract basis, 1 - 5 spread, and warehouse receipts and valid forecasts [15][18]. 5. Research Team - The research team includes Zhang Xiaojin, a resource - product research director focusing on the sugar industry; Zhang Linglu, responsible for research on urea, soda - ash glass, etc.; and Sun Chengzhen, mainly engaged in the fundamental research of cotton, cotton yarn, etc. [20][21][22]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The steel market shows marginal improvement in supply - demand, with the steel industry's growth plan boosting sentiment. The short - term trend of the rebar futures market is expected to be narrow - range consolidation. The iron ore market has a complex situation of supply - demand, and the ore price is expected to fluctuate in a narrow range. The coking coal and coke markets are expected to have wide - range fluctuations in the short term due to factors such as supply - demand and cost. The manganese silicon and ferrosilicon markets are expected to follow the overall trend of the black commodities due to limited fundamental drivers [1][3]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Steel**: The rebar futures price on September 23, 2025, showed a strong and volatile trend. The closing price of the rebar 2601 contract was 3185 yuan/ton, up 13 yuan/ton (0.41%) from the previous trading day, with a decrease of 109,000 lots in positions. The spot price was stable with an increase, and the trading volume recovered. The national building materials inventory decreased by 1.63% to 518.39 million tons, and the hot - rolled coil inventory increased by 1.74% to 224.59 million tons. The steel industry's growth plan boosted market sentiment, and it is expected that the short - term rebar futures will be in narrow - range consolidation [1]. - **Iron Ore**: The main contract i2601 of iron ore futures showed a volatile trend on September 23, 2025, closing at 808.5 yuan/ton, up 1 yuan/ton (0.12%) from the previous trading day, with a trading volume of 410,000 lots and a decrease of 12,000 lots in positions. The supply side showed a decline in shipments from Australia and Brazil, while the demand side saw an increase in molten iron production and a decline in steel mill profitability. With multiple factors at play, the ore price is expected to fluctuate in a narrow range [1]. - **Coking Coal**: On September 23, 2025, the coking coal futures price declined. The closing price of the coking coal 2601 contract was 1217.5 yuan/ton, down 14.5 yuan/ton (1.18%), with a decrease of 7023 lots in positions. The supply side saw an increase in production at coal mines, and the demand side showed an increase in demand from coking enterprises. However, due to the general profit situation of coking and steel enterprises, it is expected that the short - term coking coal futures will have wide - range fluctuations [1]. - **Coke**: On September 23, 2025, the coke futures price declined. The closing price of the coke 2601 contract was 1718 yuan/ton, down 20.5 yuan/ton (1.18%), with a decrease of 489 lots in positions. The supply side faced rising costs of coking coal, and the demand side saw an increase in demand from some steel mills. But due to the poor profitability of steel mills, the short - term coke futures are expected to have wide - range fluctuations [1]. - **Manganese Silicon**: On September 23, 2025, the manganese silicon futures price showed a weakening trend. The main contract was reported at 5870 yuan/ton, down 1.84% from the previous day, with an increase of 5304 lots in positions to 339,800 lots. The current weekly output of manganese silicon is still high, and the demand side has limited drivers. The cost and inventory sides have little change, so it is expected to follow the overall trend of black commodities [1]. - **Ferrosilicon**: On September 23, 2025, the ferrosilicon futures price showed a weakening trend. The main contract was reported at 5648 yuan/ton, down 2.01% from the previous day, with a decrease of 11,755 lots in positions to 200,000 lots. The production of ferrosilicon is at a relatively high level, and the demand side has weak drivers. Although the cost of raw materials has increased, the inventory is still high. Therefore, it is expected to follow the overall trend of black commodities [3]. 3.2 Daily Data Monitoring - The report provides data on contract spreads, basis, and spot prices of various black commodities such as rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon, as well as data on profits and spreads between different varieties [4]. 3.3 Chart Analysis - **Main Contract Prices**: The report presents the closing price trends of main contracts of rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2020 to 2025 [6][7][10][15]. - **Main Contract Basis**: The report shows the basis trends of rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [17][18][21][23]. - **Inter - period Contract Spreads**: The report displays the spread trends between different contracts of rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [26][31][32][33][36][37]. - **Inter - variety Contract Spreads**: The report presents the spread trends between different varieties such as main contract hot - rolled coil and rebar, rebar and iron ore, rebar and coke, etc [41][43][45]. - **Rebar Profits**: The report shows the profit trends of rebar main contracts such as disk profit, long - process profit, and short - process profit [46][50]. 3.4 Black Research Team Member Introduction - The report introduces the members of the black research team, including their positions, work experience, and relevant qualifications [52][53].