1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The steel market is expected to experience narrow - range consolidation. The output of building materials has slightly declined, inventory accumulation has slowed down, and apparent demand has slightly increased. However, the significant year - on - year increase in rebar output in August has a certain negative impact on market sentiment [1]. - The iron ore market is expected to show a narrow - range oscillation. Supply is increasing, demand is rising after production resumption, and inventories at ports and steel mills are increasing. The market is in a state of long - short interweaving [1]. - The coking coal and coke markets are expected to have wide - range oscillations. For coking coal, supply is gradually recovering but still slightly tight, and downstream procurement has increased. For coke, production at coke enterprises is stable, and demand from steel mills is maintained, but steel mill inventories are at a medium - high level [1]. - The manganese silicon and silicon iron markets are expected to be oscillating with a slightly upward trend. Their supply is at a high level, demand is limited, and inventories are accumulating. They mainly follow the fluctuations of the black sector [1][3]. 3. Summary by Relevant Catalogs 3.1 Research Views | Variety | Price Change | Supply and Demand Situation | Market Outlook | | --- | --- | --- | --- | | Steel | The closing price of rebar 2601 contract was 3168 yuan/ton, up 2 yuan/ton (0.06%) from the previous trading day, with an increase of 0.71 million lots in positions. Spot prices were basically stable, and trading volume declined. National building material output decreased by 3.18 million tons to 405.92 million tons, social inventory increased by 10.06 million tons to 662.27 million tons, factory inventory decreased by 2.89 million tons to 314.15 million tons, and apparent demand increased by 5.7 million tons to 243.78 million tons [1]. | Building material output slightly declined, inventory accumulation slowed down, and apparent demand slightly increased. In August, China's rebar output was 15.412 billion tons, a year - on - year increase of 23.6%; the cumulative output from January to August was 128.678 billion tons, a year - on - year increase of 0.3% [1]. | Narrow - range consolidation [1]. | | Iron Ore | The closing price of the main iron ore futures contract i2601 was 804.5 yuan/ton, up 1 yuan/ton (0.12%) from the previous trading day, with a trading volume of 250,000 lots and an increase of 2,000 lots in positions. Port spot prices of mainstream varieties declined [1]. | Australian shipments increased, Brazilian shipments rebounded from the bottom, and shipments from other countries increased. After production resumption following restrictions, pig iron output increased to 2.4055 million tons. The profitability rate of steel mills continued to decline. The inventory of imported iron ore at 47 ports increased by 304,000 tons, and steel mill inventories increased by 530,000 tons [1]. | Narrow - range oscillation [1]. | | Coking Coal | The closing price of the coking coal 2601 contract was 1233 yuan/ton, down 7.5 yuan/ton (0.6%), with a decrease of 3070 lots in positions. Spot prices in some areas increased [1]. | Supply at production areas was gradually recovering but still slightly tight. Recently, the prices of finished products slightly increased, and market sentiment improved slightly. Some downstream coke enterprises replenished inventory due to low inventory levels [1]. | Wide - range oscillation [1]. | | Coke | The closing price of the coke 2601 contract was 1734.5 yuan/ton, down 0.5 yuan/ton (0.03%), with a decrease of 365 lots in positions. Port spot prices were stable [1]. | Coke enterprises' production was stable, and shipments were smooth. Some coke enterprises' in - factory inventories continued to increase, but overall coke inventory was still at a low level. Downstream steel mills continued to resume production, and pig iron output continued to rise, maintaining rigid demand for coke. Currently, most steel mill coke inventories were at medium - high levels, and the procurement strategy was mainly on - demand [1]. | Wide - range oscillation [1]. | | Manganese Silicon | The manganese silicon futures price oscillated strongly. The main contract was reported at 5990 yuan/ton, a month - on - month increase of 0.47%, and the positions of the main contract decreased by 8872 lots to 326,800 lots. Market prices in various regions were 5700 - 5850 yuan/ton [1]. | In the short term, supply remained at a high level and was difficult to significantly decrease. The final price of the mainstream steel tender had not been determined, indicating some differences between upstream and downstream. The demand of sample steel mills for manganese silicon decreased for two consecutive weeks on a week - on - week basis, and demand - side support was limited. The inventory level of sample enterprises was gradually accumulating, increasing for two consecutive weeks on a week - on - week basis [1]. | Oscillation with a slightly upward trend [1]. | | Silicon Iron | The silicon iron futures price oscillated strongly. The main contract was reported at 5766 yuan/ton, a month - on - month increase of 0.24%, and the positions of the main contract decreased by 4542 lots to 207,900 lots. Aggregate prices in various regions were about 5350 - 5400 yuan/ton, and prices in Inner Mongolia and Ningxia decreased by 50 yuan/ton compared with the previous day [3]. | Silicon iron weekly output remained at a relatively high level and was difficult to significantly decrease in the short term. The quantity of the mainstream steel tender increased while the price decreased, and other steel tenders were ongoing. In terms of data, the actual consumption of downstream steel mills was limited, and demand - side driving force was not strong. The inventory of 60 silicon iron sample enterprises reached a new high in the same period in recent years [3]. | Oscillation with a slightly upward trend [3]. | 3.2 Daily Data Monitoring The report provides data on contract spreads, basis, and spot prices of various varieties, as well as profit data such as the profit of the rebar futures market, long - process profit, and short - process profit, along with data on cross - variety spreads [4]. 3.3 Chart Analysis - **Main Contract Prices**: It shows the historical closing prices of the main contracts of rebar, hot - rolled coils, iron ore, coke, coking coal, manganese silicon, and silicon iron from 2020 to 2025 [6][7][8][9][11][15]. - **Main Contract Basis**: It presents the historical basis data of rebar, hot - rolled coils, iron ore, coke, coking coal, manganese silicon, and silicon iron [17][20][23][25]. - **Inter - period Contract Spreads**: It shows the historical spreads of rebar, hot - rolled coils, iron ore, coke, coking coal, manganese silicon, and silicon iron contracts [28][32][33][35][37][39][41]. - **Cross - variety Contract Spreads**: It presents the historical spreads of the main contract hot - rolled coil - rebar spread, rebar - iron ore ratio, rebar - coke ratio, coke - iron ore ratio, coking coal - coke ratio, and double - silicon spread [43][45][47]. - **Rebar Profit**: It shows the historical profit data of the rebar futures market, long - process calculation profit, and short - process calculation profit [48][52]. 3.4 Black Research Team Member Introduction The black research team of Everbright Futures includes members such as Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with rich industry experience and professional qualifications [54][55].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Copper**: Overnight copper prices fluctuated within a narrow range. The Fed cut interest rates by 25 basis points as expected, with mixed signals causing increased market volatility. LME, Comex, SHFE, and BC copper inventories all decreased. Downstream demand was weak due to high prices and macro uncertainties. Overall, copper prices can still be viewed as relatively strong, as a decline may lead to downstream restocking opportunities [1]. - **Aluminum**: Alumina trended strongly with a 0.88% increase in AO2601, while沪铝 and aluminum alloy trended weakly. Alumina's short - term decline space is limited as it approaches the cost line, and aluminum ingots showed narrow de - stocking. After the cancellation of tax rebates, scrap aluminum prices are further supported, and aluminum alloy is expected to continue to run strongly [1][2]. - **Nickel**: LME nickel was flat, and沪镍 fell 0.14%. LME inventory increased, and domestic SHFE warehouse receipts decreased. Nickel prices rose rapidly before and now face correction pressure, but overseas macro situations need to be monitored [2]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Copper**: The Fed's interest - rate cut, inventory changes, and weak downstream demand were the main factors affecting copper prices. Despite short - term caution, long - term prospects are relatively positive [1]. - **Aluminum**: Alumina's cost support, aluminum ingot de - stocking, and scrap aluminum price support are the key factors for the aluminum market [1][2]. - **Nickel**: Supply disruptions, price increases, and changes in inventory and demand in different sectors are the main factors influencing nickel prices [2]. 3.2 Daily Data Monitoring - **Copper**: Market prices generally declined, with some inventory changes. For example, the price of flat - water copper decreased by 525 yuan/ton, and the social inventory decreased by 0.3 million tons [3]. - **Lead**: Most prices remained stable, with some minor declines in lead ore prices and inventory [3]. - **Aluminum**: Aluminum prices declined slightly, and alumina inventory decreased by 1.0 million tons [4]. - **Nickel**: Nickel prices decreased, and nickel inventory increased in some areas [4]. - **Zinc**: The主力结算价 decreased slightly, and social inventory increased by 0.55 million tons [6]. - **Tin**: The主力结算价 increased slightly, and LmeS3 decreased by 2.1% [6]. 3.3 Chart Analysis - **Spot Premium**: Charts show the historical trends of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [8][9][10][11][12]. - **SHFE Near - Far Month Spread**: Charts display the historical trends of SHFE near - far month spreads for copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [14][15][16][17][18][19][20]. - **LME Inventory**: Charts present the historical trends of LME inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [21][22][23][24][25][26]. - **SHFE Inventory**: Charts show the historical trends of SHFE inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [28][29][30][31][32][33]. - **Social Inventory**: Charts display the historical trends of social inventories for copper, aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2025 [34][35][36][37][38][39]. - **Smelting Profit**: Charts show the historical trends of copper concentrate index, rough copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless steel 304 smelting profit rate from 2019 - 2025 [40][41][42][43][44][45]. 3.4 Team Introduction - The research team consists of Zhan Dapeng, Wang Heng, and Zhu Xi, who have rich experience in non - ferrous metal research and have won many industry awards [47][48][49].

软商品日报 光大期货软商品日报（2025 年 9 月 18 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周三，ICE 美棉下跌 0.74%，报收 67.18 美分/磅，CF601 环比下降 0.07%，报收 13890 | 震荡 | | | 元/吨，主力合约持仓环比下降 1339 手至 49.13 万手，新疆地区棉花到厂价为 15226 | | | | 元/吨，较前一日上涨 12 元/吨，全国棉花市场均价 15310 元/吨，较前一日上涨 | | | | 10 元/吨。国际市场方面，美联储 9 月议息会议如期降息 25BP，年内或仍有两次 | | | | 降息，基本符合市场预期。美元指数振幅剧烈，先跌后涨。黄金及美棉价格震荡 | | | 棉花 | 走弱。国内市场方面，新棉即将大量上市，本年度新棉丰产预期较强，当前机采 | | | | 棉开秤价格预计在 6.2-6.3 元/公斤左右，粗略计算新棉加工成本 14000 元/吨上下， | | | | 成本端有一定支撑。需求端，8 月社零数据同比增速放缓，服装鞋帽、针、纺织品 | | | | 类 8 月零售额同 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoint - The long - term logic has been weakened due to the expected resumption of projects. However, from the current fundamental perspective, inventory depletion is accelerating. Before the actual resumption of projects, with strong demand and pre - holiday stockpiling for the National Day, downstream procurement demand will support prices. The price of lithium carbonate may fluctuate in the short term, and the actual situation of projects in Jiangxi needs further attention [3]. 3. Summary by Directory 3.1 Research Viewpoint - **Price Changes**: On September 17, 2025, the main contract of lithium carbonate futures rose 0.03% to 73,640 yuan/ton. The average price of battery - grade lithium carbonate increased by 300 yuan/ton to 73,150 yuan/ton, and the average price of industrial - grade lithium carbonate also rose by 300 yuan/ton to 70,900 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) dropped 50 yuan/ton to 74,000 yuan/ton. The warehouse receipt inventory increased by 410 tons to 39,234 tons [3]. - **Supply and Demand**: Weekly production increased by 544 tons to 19,963 tons. Among them, 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. Weekly production of ternary materials decreased by 22 tons to 16,491 tons, and the inventory decreased by 115 tons to 17,529 tons. Weekly production of lithium iron phosphate increased by 980 tons to 77,513 tons, and the inventory increased by 686 tons to 95,442 tons [3]. - **Inventory**: Weekly inventory decreased by 1,580 tons to 138,512 tons. Downstream inventory increased by 3,072 tons to 58,279 tons, intermediate - link inventory decreased by 1,390 tons to 44,020 tons, and upstream inventory decreased by 3,262 tons to 36,213 tons [3]. 3.2 Daily Data Monitoring - **Futures and Spot Prices**: The closing price of the main contract of lithium carbonate futures was 73,640 yuan/ton, up 460 yuan from the previous day. The closing price of the continuous contract was 73,500 yuan/ton, up 440 yuan. The price of spodumene concentrate (6%, CIF China) was 857 US dollars/ton, up 4 US dollars. The prices of some lithium ores and lithium salts also had corresponding changes [5]. - **Price Spreads**: The price spread between battery - grade lithium carbonate and industrial - grade lithium carbonate remained at 2,250 yuan/ton. The price spread between battery - grade lithium hydroxide and battery - grade lithium carbonate decreased by 350 yuan to 850 yuan [5]. 3.3 Chart Analysis - **Ore Prices**: Charts show the price trends of spodumene concentrate, lepidolite, and other ores from 2024 to 2025 [7][8][9]. - **Lithium and Lithium Salt Prices**: The price trends of metal lithium, battery - grade lithium carbonate, industrial - grade lithium carbonate, lithium hydroxide, and lithium hexafluorophosphate are presented from 2024 to 2025 [11][13][15]. - **Price Spreads**: The price spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, and other relevant spreads are shown from 2024 to 2025 [18][19]. - **Precursor and Cathode Materials**: The price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese - acid lithium, and cobalt - acid lithium are presented from 2024 to 2025 [25][28][31]. - **Lithium Battery Prices**: The price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt - acid lithium cells, and square lithium iron phosphate batteries are shown from 2024 to 2025 [34][36]. - **Inventory**: The inventory trends of downstream, smelters, and other links from January to September 2025 are presented [39][41]. - **Production Costs**: The production profit trends of lithium carbonate from different raw materials such as ternary pole piece black powder, lithium iron phosphate pole piece black powder, lithium mica concentrate, and spodumene concentrate are shown from 2024 to 2025 [44]. 3.4 Research Team Introduction - Zhan Dapeng, a science master, is the director of the non - ferrous research department at Everbright Futures Research Institute, a senior precious metals researcher, a gold intermediate 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 [47]. - Wang Heng, a finance master from the University of Adelaide, Australia, is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on aluminum and silicon [48]. - Zhu Xi, a science master from the University of Warwick, UK, is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on lithium and nickel [48]. 3.5 Contact Information - Company address: 6th Floor, Building 1, Lujiazui Century Financial Plaza, No. 729 Yanggao South Road, China (Shanghai) Pilot Free Trade Zone - Company phone: 021 - 80212222 - Fax: 021 - 80212200 - Customer service hotline: 400 - 700 - 7979 - Zip code: 200127 [51][52]

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 18 日） 一、研究观点 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 光大期货煤化工商品日报 二、市场信息 尿素 1、郑商所数据：9 月 17 日尿素期货仓单 8268 张，较上一交易日-11 张，有效预报 49 张。 2、隆众数据：9 月 17 日尿素行业日产 19.56 万吨，较上一工作日增加 0.35 万吨(修正：上一 工作日日产为 19.21 万吨）；较去年同期增加 0.10 万吨；行业开工率 83.59%，较去年同期 87.26% 下降 3.67 个百分点。 3、9 月 17 日国内各地区小颗粒尿素现货价格（隆众；元/吨）：山东 1650，持平；河南 1660， 持平；河北 1680，持平；安徽 1660，持平；江苏 1650，持平；山西 1530，-10。 4、隆众数据：截至 9 月 17 日尿素企业库存 116.53 万吨，较上周+3.26 万吨，+2.88%。 纯碱 & 玻璃 | 品种 | 点评 | 观点 | | --- | --- | --- | | 尿素 | 周三尿素期货价格偏弱震荡，主力 ...

1. Index Trends - On September 17th, the Shanghai Composite Index rose 0.37% to close at 3876.34 points, with a trading volume of 1006.679 billion yuan; the Shenzhen Component Index rose 1.16% to close at 13215.46 points, with a trading volume of 1370.059 billion yuan [1] - The CSI 1000 Index rose 0.95% with a trading volume of 493.296 billion yuan, opening at 7478.41, closing at 7554.81, with a daily high of 7564.82 and a low of 7461.41 [1] - The CSI 500 Index rose 0.96% with a trading volume of 445.549 billion yuan, opening at 7184.26, closing at 7260.04, with a daily high of 7265.39 and a low of 7159.67 [1] - The SSE 50 Index rose 0.17% with a trading volume of 155.034 billion yuan, opening at 2942.88, closing at 2952.78, with a daily high of 2960.31 and a low of 2935.78 [1] 2. Impact of Sector Movements on Indexes - The CSI 1000 rose 71.18 points from the previous close, with sectors such as electronics, power equipment, and machinery significantly pulling the index up [2] - The CSI 500 rose 69.05 points from the previous close, with power equipment, automotive, and non - banking finance sectors significantly pulling the index up [2] - The SSE 50 rose 4.96 points from the previous close, with electronics, pharmaceutical biology, and coal sectors pulling the index up, while national defense and military industry, food and beverage, and non - banking finance sectors pulling it down [2] 3. Stock Index Futures Basis and Annualized Opening Costs - For IM contracts, IM00 had an average daily basis of - 13.2, IM01 of - 80.36, IM02 of - 235.47, and IM03 of - 440.87 [12] - For IC contracts, IC00 had an average daily basis of - 14.27, IC01 of - 72.76, IC02 of - 190.19, and IC03 of - 353.51 [12] - For IF contracts, IF00 had an average daily basis of - 1.4, IF01 of - 11.54, IF02 of - 33.52, and IF03 of - 59.3 [12] - For IH contracts, IH00 had an average daily basis of 1.48, IH01 of 0.35, IH02 of 0.86, and IH03 of 3.82 [12] 4. Stock Index Futures Roll - over Point Differences and Annualized Costs - For IM contracts, data on roll - over point differences and their annualized costs at different times (e.g., at 09:45, IM00 - 01 was - 73.02267, etc.) are provided [20] - For IC contracts, roll - over point differences and annualized costs are presented, such as at 09:45, IC00 - 01 was - 68.64222 [21][22] - For IF contracts, roll - over point differences and annualized costs are shown, like at 09:45, IF00 - 01 was - 12.31678 [22] - For IH contracts, roll - over point differences and annualized costs are given, for example, at 09:45, IH00 - 01 was 0.707 [26]

农产品日报（2025 年 9 月 18 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 玉米 | 周三，玉米 11 月合约偏弱运行，期价继续以小阴线收盘。现货市场方面，9 月 | | | | 中旬之后，产区新玉米上市进度预期提升，丰产压力也随之增加。辽宁产区因北 | | | | 港玉米价格的下调，产区价格也有所松动。黑龙江东部目前农场粮少量上市，东 | | | | 部及绥化深加工收购价格较高，支撑产地行情。 昨日华北地区玉米价格继续偏 | | | | 弱走势。山东深加工企业早间剩余车辆维持高位，多数深加工企业今日玉米价格 | | | | 继续下调 10-20 元/吨，目前主流价格参考 2260-2400 元/吨。河北、河南深加工 | 震荡下行 | | | 玉米价格也继续下跌 20-30 元/吨。 昨日销区市场玉米价格暂时稳定，整体购销 | | | | 活动较为活跃，饲料企业头寸时间缩短，订单提货较难，现货库存稍显紧张，部 | | | | 分地区市场价格上涨。技术上，玉米 11 月合约自 9 月初遇阻下行，期价已连续 | | | | 近一周的时间处于下行过程中， ...

1. Report Industry Investment Rating - All the energy and chemical products in the report are rated as "volatile", including crude oil, fuel oil, asphalt, polyester, rubber, methanol, polyolefin, and polyvinyl chloride [1][2][4][5][7] 2. Report's Core View - The prices of various energy and chemical products are expected to be volatile. The prices are affected by factors such as supply and demand, cost - side oil price fluctuations, and seasonal demand changes [1][2][4][5][7] 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Wednesday, oil prices fell slightly. The Fed cut interest rates by 25 basis points, and most policymakers expect three rate cuts this year. U.S. crude and gasoline inventories decreased last week, while distillate inventories increased. Oil prices are expected to continue to fluctuate [1] - **Fuel Oil**: The main fuel oil contracts rose on Wednesday. Although the autumn refinery maintenance season may tighten supply, the market will remain relatively well - supplied before October. High - sulfur fuel oil has support from downstream demand, and both FU and LU are expected to fluctuate, with attention to crude oil price fluctuations [2] - **Asphalt**: The main asphalt contract rose on Wednesday. Supply may decline slightly in September, and demand is supported by the "Golden Nine and Silver Ten" season. The price may rise further, with attention to oil price and demand [2] - **Polyester**: TA601 and EG2601 rose on Wednesday. PX supply is recovering, and downstream TA maintenance is ending. The price is expected to fluctuate, with support from increased polyester start - up and potential improvement in TA fundamentals [4] - **Rubber**: Rubber prices fell on Wednesday. Although production is increasing, there are weather disturbances in some areas, and downstream tire start - up has rebounded. Social inventories are decreasing, and the price is expected to fluctuate [5] - **Methanol**: Methanol prices are affected by domestic and overseas supply. Domestic supply is at a low level due to maintenance, and overseas supply is relatively stable. The price is expected to enter a phase - bottom [5] - **Polyolefin**: Polyolefin prices are expected to fluctuate slightly upward. Supply will remain high, and demand is improving with the arrival of the peak season [7] - **Polyvinyl Chloride (PVC)**: PVC prices are expected to rebound slightly. Supply is high, domestic demand recovers slowly, and exports are affected by anti - dumping policies. However, the market is re - trading "anti - involution", and previous short positions are taking profits [7] 3.2 Daily Data Monitoring - The report provides data on the basis, basis rate, price changes of spot and futures, and the position of the latest basis rate in historical data for various energy and chemical products on September 18, 2025 [9] 3.3 Market News - U.S. commercial crude oil inventories decreased by 9.3 million barrels to 415.36 million barrels in the week ending September 12, due to record - low net imports and a jump in exports. Gasoline inventories decreased unexpectedly, and distillate inventories increased more than expected [11] - The Fed cut the federal funds rate by 25 basis points from 4.25% - 4.5% to 4.00% - 4.25%, and most policymakers expect three rate cuts this year [11] 3.4 Chart Analysis - **4.1 Main Contract Prices**: The report presents the historical closing prices of main contracts for various energy and chemical products, including crude oil, fuel oil, asphalt, etc., from 2021 to 2025 [13][14][15] - **4.2 Main Contract Basis**: It shows the basis and basis rate trends of main contracts for different products, such as crude oil, fuel oil, and asphalt [28][32][33] - **4.3 Inter - period Contract Spreads**: The report displays the spreads between different contracts of fuel oil, asphalt, PTA, etc., which helps to analyze the price differences between different delivery months [43][45][48] - **4.4 Inter - variety Spreads**: It presents the spreads between different varieties, such as crude oil's internal - external spreads, and the ratio between fuel oil and asphalt, providing insights into the relative price relationships between different products [58][63][64] - **4.5 Production Profits**: The report shows the production profits of ethylene - based ethylene glycol, PP, and LLDPE, which are important factors affecting the supply of these products [67][68][70] 3.5 Team Member Introduction - **钟美燕**: The assistant director and energy - chemical director of the research institute, with over a decade of research experience in the futures derivatives market [72] - **杜冰沁**: An analyst for crude oil, natural gas, fuel oil, asphalt, and shipping, with in - depth industry research and media exposure [73] - **邸艺琳**: A rubber and polyester analyst, with awards and media contributions [74] - **彭海波**: A methanol/PE/PP/PVC analyst, with relevant academic background and industry experience [75]

光大期货金融期货日报 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 光大期货金融期货日报 | | | 加权利率上行 | 4bp | 至 | 1.54%。近期债市遭遇了债基大量赎回带来的利空压制， | | --- | --- | --- | --- | --- | --- | | 8 | 月 | CPI | 同比转负、但 | | PPI 筑底回升，社融增幅如期回落，实体融资需求偏 | | | | | | | 弱，居民存款搬家现象持续。短期来看，基本面多空交织背景下，债市尚未 | | | | | | 出现明确拐点信号，仍以宽幅震荡看待。 | | 光大期货金融期货日报（2025 年 09 月 18 日） 一、研究观点 | 品种 | 点评 市场全天低开高走，创业板指午后涨超 2%，再创三年多以来新高。个股跌 | 观点 | | --- | --- | --- | | | 多涨少，沪深京三市约 2800 股飘绿，今日成交 2.4 万亿。截止收盘沪指涨 | | | | 0.37%，深成指涨 1.16%，创业板指涨 1.95%。8 月经济数据发布，消费、投 | | | | 资等需求端指标环比均有 ...

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 17 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 尿素 | 周二尿素期货价格震荡偏强运行，主力01合约收盘价1686元/吨，日环比涨0.42%。 | 偏强 | | | 现货市场多数探涨，昨日主流地区市场价格上调10～20元/吨不等，山东、河南地区 | | | | 市场价格分别为1650元/吨、1660元/吨，日环比分别涨10元/吨、20元/吨。基本面来 | | | | 看，尿素供应继续回升，昨日行业日产量19.20万吨，日环比增0.08万吨。价格上涨 | | | | 后对需求形成压制，现货市场成交氛围有所下降。昨日主流地区产销率降至5%~40% | | | | 区间，个别地区仍维持100%以上，区域间分化明显扩大。宏观情绪及商品市场情绪 | | | | 积极给尿素期货市场提供支撑，且煤炭期价走强、国际市场及印度招标方面后续或 | | | | 仍有题材发酵可能。预计短期尿素期货价格仍能保持坚挺运行状态，但由于供需暂 | | | | 无明显扭转，尿素期价上方压制也较多，不建议过分看涨。关注尿 ...