1. Report Industry Investment Rating - Stock Index Futures: Bullish [1] - Treasury Bond Futures: Volatile in the short - term, then bullish [1][2] 2. Core Viewpoints - The A - share market opened higher and closed higher, with the technology sector leading the gains. The content of the "Communiqué" of the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China boosted market confidence, and the structured market is expected to continue. However, the valuation of the science - innovation index is at a historical extreme, so be cautious about chasing high prices. The Sino - US economic and trade consultations released positive signals, and this week is the intensive release period of the third - quarter reports, so focus on important data such as the year - on - year revenue of the index [1]. - The recovery of risk appetite pushed up the equity market, and the positive signals from the Sino - US economic and trade talks further boosted the capital market sentiment, suppressing the bond market. But the central bank's restart of treasury bond trading strengthened the expectation of reasonable and abundant future liquidity, boosting the bond market sentiment, and the bond market will run bullishly in the short term [2]. 3. Summary by Directory 3.1 Research Viewpoints - **Stock Index Futures**: On October 27, 2025, the A - share market performed well, with the Wind All - A rising 1.19% and a trading volume of 2.36 trillion yuan. The content of the "Communiqué" focused on three main lines, which met market expectations and boosted confidence. The Sino - US economic and trade consultations were constructive. This week is the intensive release period of the third - quarter reports, so pay attention to relevant data [1]. - **Treasury Bond Futures**: On October 27, 2025, treasury bond futures closed higher. The central bank carried out 3373 billion yuan of 7 - day reverse repurchases and announced 9000 billion yuan of MLF, with a net injection of 3483 billion yuan. The recovery of risk appetite and positive Sino - US economic and trade signals suppressed the bond market, but the central bank's restart of treasury bond trading boosted the bond market [1][2]. 3.2 Daily Price Changes - **Stock Index Futures**: On October 27, 2025, compared with October 24, IH rose 0.60%, IF rose 1.07%, IC rose 1.32%, and IM rose 0.34% [3]. - **Treasury Bond Futures**: On October 27, 2025, compared with October 24, TS rose 0.05%, TF rose 0.12%, T rose 0.16%, and TL rose 0.34% [3]. 3.3 Market News - The State Administration of Foreign Exchange will introduce 9 new policy measures to promote trade facilitation, including expanding the scope of high - level opening - up pilot projects for cross - border trade and optimizing the foreign exchange settlement of new trade formats [4]. - The central bank governor said that the central bank will resume treasury bond trading [4]. 3.4 Chart Analysis - **Stock Index Futures**: There are charts showing the trends of IH, IF, IM, IC main contracts and their respective monthly basis trends [6][7][8][9][10]. - **Treasury Bond Futures**: There are charts showing the trends of treasury bond futures main contracts, treasury bond spot yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [13][15][17]. - **Exchange Rates**: There are charts showing the central parity rates of the US dollar, euro against the RMB, forward exchange rates, the US dollar index, euro - US dollar, pound - US dollar, and US dollar - yen exchange rates [20][21][22][24][25].

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Views of the Report - Urea futures and spot markets are expected to have a phased rebound, but over - bullish sentiment is not recommended. The price increase suppresses the purchasing willingness of the middle and lower reaches, and the fundamental driving force is still limited. Attention should be paid to demand follow - up, India tender results, export policy dynamics, macro - sentiment, and the overall trend of the commodity market [2]. - The supply - demand side of soda ash has insufficient driving force, but the futures price may follow the macro - sentiment to warm up periodically. The upside space is restricted by the fundamental pressure. Attention should be paid to macro - sentiment, the overall trend of the commodity market, and changes in the downstream production capacity of soda ash [2]. - The demand sentiment of glass has slightly improved but with limited strength. The futures market has obvious bottom characteristics and may rise periodically following the macro - sentiment. Attention should be paid to whether the macro - policy and fundamentals can resonate periodically, as well as the spot trading situation of glass and the overall trend of the commodity market [2]. Group 3: Summary by Relevant Catalogs Research Views Urea - On Monday, the urea futures price fluctuated widely, with the main 01 contract closing at 1640 yuan/ton, unchanged from the previous day. The spot market continued to recover, with prices in Shandong and Henan rising to 1610 yuan/ton and 1590 yuan/ton respectively. The daily output of the industry was 18.88 tons, an increase of 0.09 tons from the previous day. The demand sentiment in some areas continued to warm up, but there was still obvious differentiation between regions. The price increase suppressed the purchasing willingness of the middle and lower reaches, and the market was mainly in a phased rebound [2]. Soda Ash - On Monday, the soda ash futures price fluctuated strongly, with the main 01 contract closing at 1246 yuan/ton, a 1.38% increase. The industry's operating rate dropped to 85.53%. The demand side had no obvious trend, and the enterprise inventory increased slightly on Monday. The supply - demand side had insufficient driving force, but the futures price might follow the macro - sentiment to warm up periodically [2]. Glass - On Monday, the glass futures price fluctuated firmly, with the main 01 contract closing at 1095 yuan/ton, a 0.09% decrease. The spot market continued to weaken. The supply level had no obvious change, and the spot trading slightly recovered. The demand sentiment improved slightly, and the futures market might rise periodically following the macro - sentiment [2]. Market Information Urea - On October 27, the number of urea futures warehouse receipts was 5288, a decrease of 119 from the previous day, with 296 valid forecasts. The daily output of the industry was 18.88 tons, an increase of 0.09 tons from the previous day and 0.14 tons from the same period last year. The operating rate was 80.71%, a decrease of 3.32 percentage points from the same period last year. The spot prices in various regions showed an upward trend [5]. Soda Ash and Glass - On October 27, the number of soda ash futures warehouse receipts was 8745, a decrease of 1189 from the previous day, with 819 valid forecasts; the number of glass futures warehouse receipts was 447, a decrease of 8 from the previous day. The spot prices of soda ash in various regions were mostly stable. The industry's operating rate was 85.53%, a decrease from the previous day. The average price of the float glass market was 1167 yuan/ton, a decrease of 17 yuan/ton from the previous day, and the daily output was 16.13 tons, unchanged from the previous day [7][8]. Chart Analysis - The report includes multiple charts such as the closing price, basis, trading volume, and position of the main contracts of urea and soda ash, as well as the price difference between different contracts and the price difference between different varieties. All chart data sources are iFind and the Everbright Futures Research Institute [10][12][14][17][18][19]. Research Team Members - Zhang Xiaojin, the director of the resource product research at Everbright Futures Research Institute, focuses on sugar industry research and has won many awards [23]. - Zhang Linglu, an analyst at Everbright Futures Research Institute, is responsible for the research of futures varieties such as urea, soda ash, and glass and has won many honors [23]. - Sun Chengzhen, an analyst at Everbright Futures Research Institute, is engaged in the fundamental research and data analysis of varieties such as cotton, cotton yarn, and ferro - alloy [23].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The prices of most energy and chemical products are expected to be volatile. Specifically, the price of crude oil is expected to return to a volatile state due to OPEC+'s production increase plan and concerns about weak demand; the prices of fuel oil, asphalt, polyester, rubber, methanol, polyolefin, and polyvinyl chloride are also expected to be volatile due to various factors such as supply and demand and cost [1][2][3][4][5] 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Monday, oil prices fluctuated weakly. The WTI December contract closed down $0.19 to $61.31 per barrel, a decline of 0.31%. The Brent December contract closed down $0.32 to $65.62 per barrel, a decline of 0.49%. The SC2512 closed at 464.9 yuan per barrel, down 3.5 yuan per barrel, a decline of 0.75%. OPEC+ tends to moderately increase production in December. Eight member countries have increased their production targets by a total of 2.7 million barrels per day through a series of monthly production increases, accounting for about 2.5% of global supply. The market's concern about weak demand continues to suppress oil prices, and it is expected that oil prices will return to a volatile state in the short term [1] - **Fuel Oil**: On Monday, the main fuel oil contract FU2601 on the Shanghai Futures Exchange closed up 1.28% at 2,842 yuan per ton; the main low-sulfur fuel oil contract LU2512 closed up 1.8% at 3,275 yuan per ton. Due to weak downstream demand and sufficient recent supply, the Asian low-sulfur market structure has weakened. The Asian high-sulfur market is expected to remain stable. In the short term, the absolute prices of FU and LU will rebound following the cost side, and attention should be paid to the fluctuations of oil prices under the influence of macro factors [2] - **Asphalt**: On Monday, the main asphalt contract BU2601 on the Shanghai Futures Exchange closed down 0.03% at 3,295 yuan per ton. From the perspective of refinery production schedules in early November, the supply pressure will be alleviated. In the short term, the absolute price of BU will rebound following the cost side, and attention should be paid to the fluctuations of oil prices under the influence of macro factors [2] - **Polyester**: TA601 closed at 4,616 yuan per ton yesterday, up 2.17%; EG2601 closed at 4,109 yuan per ton yesterday, up 0.78%. The production and sales of polyester yarn in Zhejiang and Jiangsu are generally good, with an average production and sales estimate of about 70%. The fundamentals of TA and EG have improved. In the short term, the prices of polyester products are expected to be volatile [2][3] - **Rubber**: On Monday, the main Shanghai rubber contract RU2601 rose 45 yuan per ton to 15,380 yuan per ton, and the main NR contract rose 35 yuan per ton to 12,540 yuan per ton. The inventory of natural rubber in Qingdao has decreased. Macroscopically, the Sino-US economic and trade negotiations have reached a preliminary consensus, and it is expected that rubber prices will be strongly volatile [3] - **Methanol**: On Monday, the spot price in Taicang was 2,230 yuan per ton. In the short term, the port supply is still relatively high, and the short-term rebound of crude oil has a positive impact on the valuation of chemicals. Therefore, the performance of methanol may tend to be volatile [4] - **Polyolefin**: On Monday, the mainstream price of East China拉丝 was 6,560 - 6,650 yuan per ton. In the short term, the production will remain high, and the marginal increase in demand will gradually decline. The short-term rebound of crude oil supports the valuation, but the fundamental driving force is weakening. It is expected that polyolefin prices will enter a volatile stage [4] - **Polyvinyl Chloride**: On Monday, the price of the PVC market in East China fluctuated slightly. The supply remains at a high level, the domestic demand has slowed down, and the export is expected to be weak. The price has a demand for phased repair, but the rebound height is limited under the suppression of high inventory [5] 3.2 Daily Data Monitoring - The report provides the basis data of various energy and chemical products on October 28, 2025, including spot prices, futures prices, basis, basis rates, and their changes and historical quantiles [6] 3.3 Market News - Market participants said that OPEC+ tends to moderately increase production in December to regain market share. Eight member countries have increased their production targets by a total of 2.7 million barrels per day through a series of monthly production increases, accounting for about 2.5% of global supply [10] - Morgan Stanley said that the fundamentals of the oil market are expected to return to balance from an oversupply state in the second half of next year [10] 3.4 Chart Analysis - **Main Contract Prices**: The report provides the closing price charts of the main contracts of various energy and chemical products from 2021 to 2025, including crude oil, fuel oil, low-sulfur fuel oil, asphalt, LPG, PTA, ethylene glycol, short fiber, LLDPE, polypropylene, PVC, methanol, rubber, synthetic rubber, European line container shipping, paraxylene, and bottle chips [12][13][14][15][16][18][19][20][22][23] - **Main Contract Basis**: The report provides the basis charts of the main contracts of various energy and chemical products from 2021 to 2025, including crude oil, fuel oil, low-sulfur fuel oil, asphalt, ethylene glycol, PP, LLDPE, natural rubber, 20 - number rubber, paraxylene, synthetic rubber, and bottle chips [24][26][30][32][33][36] - **Inter - period Contract Spreads**: The report provides the spread charts of inter - period contracts of various energy and chemical products, including fuel oil, asphalt, European line container shipping index, PTA, ethylene glycol, PP, LLDPE, and natural rubber [38][40][43][46][49][50][53] - **Inter - variety Spreads**: The report provides the spread charts of inter - variety contracts of various energy and chemical products, including crude oil internal and external markets, crude oil B - W spread, fuel oil high - low sulfur spread, fuel oil/asphalt ratio, BU/SC ratio, ethylene glycol - PTA spread, PP - LLDPE spread, and natural rubber - 20 - number rubber spread [55][59][61][62] - **Production Profits**: The report provides the production profit charts of various energy and chemical products, including ethylene - based ethylene glycol cash flow, PP production profit, and LLDPE production profit [64][66] 3.5 Team Member Introduction - The report introduces the members of the energy and chemical research team of Everbright Futures, including Zhong Meiyan, Du Bingqin, Di Yilin, and Peng Haibo, and their positions, educational backgrounds, honors, and work experiences [69][70][71][72]

Report Industry Investment Rating - The investment ratings for different agricultural product varieties are as follows: corn - oscillatory; soybean meal - oscillatory; oils - rising (with an oscillatory strategy); eggs - oscillatory; and pigs - oscillatory [1][2] Core Viewpoints - Corn prices showed mixed trends this week. The North Port prices were under pressure recently, while the prices in North China were stable to slightly stronger. Given the expected corn harvest this year, there is a possibility that corn futures prices may reach new lows [1] - CBOT soybeans rose to a one - month high on Thursday. Domestic protein meal increased with reduced positions, and the soybean meal rose by over 2%. The supply of soybean and rapeseed meal in the spot market remains ample, and the demand side is cautious in purchasing [1] - BMD palm oil closed higher on Thursday. Domestic palm oil futures prices declined following the foreign market, while soybean oil and rapeseed oil fluctuated slightly. It is necessary to closely monitor the Sino - US talks and the Fed meeting [1] - Egg futures rebounded from a low level on Thursday. Spot egg prices showed a pattern of mostly stable with a few increases in the production areas, and the purchasing costs in the sales areas were mostly stable with a few increases. The future egg price trend depends on the changes in farmers' willingness to replenish and cull the flock [1] - On Thursday, the main hog futures contract oscillated and formed a doji star. After the National Day, hog prices declined rapidly, and the expectation of a technical rebound increased. Although the expansion of the price difference between standard and fat hogs and the entry of second - fattening operations have alleviated the short - term supply pressure to some extent, the oversupply situation remains the main factor influencing prices [2] Summary by Relevant Catalogs Research Views - **Corn**: This week, corn prices showed mixed trends. The main 2601 contract on Thursday opened slightly lower and then rebounded. Affected by the adjustment of futures prices near the weekend, the North Port quotes were under pressure. In North China, the corn prices continued to be stable to slightly stronger. Considering the expected corn harvest this year, the market generally expects the corn futures prices to reach new lows [1] - **Soybean Meal**: CBOT soybeans rose to a one - month high on Thursday. Domestic protein meal increased with reduced positions, and the soybean meal rose by over 2%. The supply of soybean and rapeseed meal in the spot market is ample, and the demand side is cautious in purchasing. The slow procurement of soybeans by oil mills from December to January provides strong cost support for soybean meal [1] - **Oils**: BMD palm oil closed higher on Thursday. Domestic palm oil futures prices declined following the foreign market, while soybean oil and rapeseed oil fluctuated slightly. The improvement in the spot trading volume of soybean oil and the rigid demand for palm oil and rapeseed oil were observed. It is necessary to closely monitor the Sino - US talks and the Fed meeting [1] - **Eggs**: Egg futures rebounded from a low level on Thursday. Spot egg prices showed a pattern of mostly stable with a few increases in the production areas, and the purchasing costs in the sales areas were mostly stable with a few increases. The future egg price trend depends on the changes in farmers' willingness to replenish and cull the flock [1] - **Pigs**: On Thursday, the main hog futures contract oscillated and formed a doji star. After the National Day, hog prices declined rapidly, and the expectation of a technical rebound increased. Although the expansion of the price difference between standard and fat hogs and the entry of second - fattening operations have alleviated the short - term supply pressure to some extent, the oversupply situation remains the main factor influencing prices [2] Market Information - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China was held in Beijing from October 20 to 23, 2025. The session proposed to build a strong domestic market and accelerate the construction of a new development pattern [2][3] - The main economic and social development goals for the "15th Five - Year Plan" period were put forward, aiming to achieve a significant leap in China's economic, technological, national defense, and comprehensive national strength and international influence by 2035 [3] - Chinese Vice - Premier He Lifeng will lead a delegation to Malaysia from October 24 to 27 for economic and trade consultations with the US [3] - The EU agreed to impose new sanctions on Russia due to the Russia - Ukraine conflict and expanded the scope of sanctions to include 12 Chinese companies and 3 Indian companies. China strongly opposes these sanctions and has lodged solemn representations with the EU [3] Variety Spreads - **Contract Spreads**: The report presents the 1 - 5 spreads of various agricultural product contracts, including corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs [4][5][6] - **Contract Basis**: The report shows the basis of various agricultural product contracts, such as corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs [12][13][16] Research Team Members - Wang Na is the director of the agricultural product research department at Everbright Futures Research Institute. She has won the "Best Agricultural Product Analyst" title in multiple analyst selection competitions and has led her team to achieve excellent results [26] - Hou Xueling is an analyst of soybeans at Everbright Futures. She has rich experience and has won many industry awards [26] - Kong Hailan is a researcher of eggs and pigs at Everbright Futures Research Institute. She has participated in many research projects and has been interviewed by mainstream media [26]

Group 1: Investment Ratings - The investment ratings for cotton and sugar are both "Oscillation" [2] Group 2: Core Views - For cotton, on Thursday, ICE U.S. cotton rose 0.44% to 64.02 cents per pound, and CF601 rose 0.26% to 13,575 yuan per ton. The position of the main contract increased by 6,744 lots to 599,600 lots. The spot price index of cotton 3128B was 14,575 yuan per ton, up 15 yuan from the previous day. There are still macro - level disturbances in the international market, and the U.S. dollar index has large fluctuations. In the domestic market, the recent rise in the price of Zhengzhou cotton futures is due to macro - level good news and different views on the increase in domestic new cotton production in the 2025/26 season. The purchase price of machine - picked cotton in southern Xinjiang has also increased slightly. In the short term, the kinetic energy for Zhengzhou cotton to break through the range oscillation is still relatively weak, with supply increments and hedging pressure above and cost and expectations as support below. It is expected to oscillate slightly stronger in the short term, but the upward space may be limited [2] - For sugar, the spot quotes of Guangxi and some processing sugar groups have decreased. Raw sugar is testing the support at 15 cents per pound. Domestic terminals are in a wait - and - see state and purchase as needed. Spot prices are reducing inventory through price cuts. Weather in the next month is crucial for sugar accumulation, and the market will focus on the game of the deviation of the production increase expectation. In the short term, cost support is emerging, and it should be treated with an oscillation mindset [2] Group 3: Summary by Directory Daily Data Monitoring - For cotton, the 1 - 5 contract spread is - 25, up 15; the main basis is 1,209, down 28. The spot price in Xinjiang is 14,652 yuan per ton, up 9, and the national spot price is 14,784 yuan per ton, up 12 [3] - For sugar, the 1 - 5 contract spread is 38, down 8; the main basis is 303, down 41. The spot price in Nanning is 5,750 yuan per ton, unchanged, and in Liuzhou is 5,760 yuan per ton, down 10 [3] Market Information - On October 23, the number of cotton futures warehouse receipts was 2,526, down 39 from the previous trading day, and the effective forecast was 482 [4] - On October 23, the arrival prices of cotton in different domestic regions were: 14,652 yuan per ton in Xinjiang, 14,794 yuan per ton in Henan, 14,806 yuan per ton in Shandong, and 14,935 yuan per ton in Zhejiang [4] - On October 23, the comprehensive load of yarn was 51.4, unchanged from the previous day; the comprehensive inventory of yarn was 26, down 0.2. The comprehensive load of short - fiber cloth was 51.9, down 0.1, and the comprehensive inventory of short - fiber cloth was 29.6, unchanged [4] - On October 23, the spot price of sugar in Nanning was 5,770 yuan per ton, unchanged, and in Liuzhou was 5,760 yuan per ton, down 10 [4] - On October 23, the number of sugar futures warehouse receipts was 8,196, down 117 from the previous trading day, and the effective forecast was 0 [5]

1. Index Trends - On October 23, the Shanghai Composite Index rose 0.22% to close at 3,922.41 points with a trading volume of 718.931 billion yuan; the Shenzhen Component Index rose 0.22% to close at 13,025.45 points with a trading volume of 924.978 billion yuan [1] - The CSI 1000 Index fell 0.06% with a trading volume of 328.575 billion yuan, opening at 7,292.39, closing at 7,308.1, with a daily high of 7,319.55 and a low of 7,192.42 [1] - The CSI 500 Index rose 0.2% with a trading volume of 286.304 billion yuan, opening at 7,108.85, closing at 7,142.95, with a daily high of 7,153.66 and a low of 7,022.29 [1] - The SSE 50 Index rose 0.56% with a trading volume of 121.208 billion yuan, opening at 3,002.0, closing at 3,026.9, with a daily high of 3,030.8 and a low of 2,985.43 [1] - The SSE 300 Index rose 0.3% with a trading volume of 420.8 billion yuan, opening at 4,578.7, closing at 4,606.34, with a daily high of 4,611.34 and a low of 4,541.69 [1] 2. Impact of Sector Movements on Indexes - The CSI 1000 rose -4.11 points compared to the previous close. Computer, coal, and power equipment sectors had a significant upward pull, while machinery, electronics, and pharmaceutical sectors had a downward pull [3] - The CSI 500 rose 14.47 points compared to the previous close. Computer, non - bank finance, and non - ferrous metals sectors had a significant upward pull, while automobile, electronics, and pharmaceutical sectors had a downward pull [3] - The SSE 300 rose 13.77 points compared to the previous close. Non - bank finance, bank, and power equipment sectors had a significant upward pull, while communication and electronics sectors had a downward pull [3] - The SSE 50 rose 16.8 points compared to the previous close. Bank, non - bank finance, and non - ferrous metals sectors had a significant upward pull, while the electronics sector had a downward pull [3] 3. Futures Basis and Annualized Opening Costs - IM00 average daily basis was -89.61, IM01 was -165.46, IM02 was -377.02, IM03 was -590.15 [13] - IC00 average daily basis was -73.27, IC01 was -129.89, IC02 was -291.47, IC03 was -470.15 [13] - IF00 average daily basis was -19.56, IF01 was -32.81, IF02 was -59.4, IF03 was -98.58 [13] - IH00 average daily basis was -5.81, IH01 was -5.96, IH02 was -5.77, IH03 was -7.96 [13] 4. Futures Roll - over Point Differences and Annualized Costs - For IM, data on roll - over point differences and their annualized costs at different time points from 09:45 to 15:00 are provided, such as at 09:45, IM00 - 01 was -73.02267, IM00 - 02 was -259.4522, etc [26] - For IC, data on roll - over point differences and their annualized costs at different time points from 09:45 to 15:00 are provided, such as at 09:45, IC00 - 01 was -68.64222, IC00 - 02 was -225.568, etc [23] - For IF, data on roll - over point differences and their annualized costs at different time points from 09:45 to 15:00 are provided, such as at 09:45, IF00 - 01 was -12.31678, IF00 - 02 was -41.14122, etc [27] - For IH, data on roll - over point differences and their annualized costs at different time points from 09:45 to 15:00 are provided, such as at 09:45, IH00 - 01 was 1.4593333, IH00 - 02 was 1.3637778, etc [25]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Overnight LME copper prices rose 1.49% to $10,817 per ton, with domestic prices slightly following. The "15th Five-Year Plan" proposal, Sino-US consultations, and improved market risk appetite boosted copper prices, and attention is on whether LME copper can break through previous highs [1]. - Overnight alumina trended weakly, while aluminum and aluminum alloy trended strongly. Alumina inventory reached a 3 - year high, with supply surplus pressure increasing, but it may be bottoming out. Aluminum ingot supply declined, and the de - stocking process was optimistic [1][2]. - Overnight LME nickel rose 1.29% and Shanghai nickel rose 0.8%. First - grade nickel inventory pressure was evident, and nickel prices were expected to fluctuate widely, with caution for macro - level disturbances [2]. Group 3: Summary According to the Directory Research Views - **Copper**: Overnight LME copper prices increased. US housing data was stable, and Sino - US consultations were scheduled. The "15th Five - Year Plan" proposal enhanced market confidence. LME, Comex, and domestic inventories showed different trends. Market risk appetite improved, and copper prices were expected to strengthen [1]. - **Aluminum**: Alumina trended weakly, while aluminum and aluminum alloy trended strongly. Alumina inventory hit a 3 - year high, with some high - cost producers near the break - even point. Overseas supply decreased, and domestic aluminum water supply increased, leading to a decline in aluminum ingot supply and optimistic de - stocking [1][2]. - **Nickel**: Overnight LME and Shanghai nickel prices rose. LME and domestic SHFE nickel inventories decreased. The nickel - stainless steel and new energy industries had different situations. First - grade nickel inventory pressure was significant, and nickel prices were expected to fluctuate widely [2]. Daily Data Monitoring - **Copper**: Prices of various copper products increased, and inventory changes were mixed. The LME0 - 3 premium decreased, and the active contract import loss decreased [3]. - **Lead**: Prices of lead products generally increased, and inventory changes were different. The 3 - cash CIF bill of lading price and active contract import profit increased [3]. - **Aluminum**: Aluminum prices increased slightly, and inventory decreased. Alumina inventory increased. The 3 - cash CIF bill of lading price and active contract import loss decreased [4]. - **Nickel**: Nickel prices increased slightly, and inventory changes were mixed. The 3 - cash CIF bill of lading price and active contract import loss decreased [4]. - **Zinc**: The main settlement price increased by 0.9%. Inventory changes were different, and the active contract import loss turned to zero [6]. - **Tin**: The main settlement price decreased slightly. Inventory decreased, and the active contract import loss decreased [6]. Chart Analysis - **Spot Premium**: Charts show the historical trends of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [8][10][11]. - **SHFE Near - Far Month Spread**: Charts present the historical trends of SHFE near - far month spreads for copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [15][20][21]. - **LME Inventory**: Charts display the historical trends of LME inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [23][25][27]. - **SHFE Inventory**: Charts show the historical trends of SHFE inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [29][31][33]. - **Social Inventory**: Charts present the historical trends of social inventories for copper, aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2025 [35][37][39]. - **Smelting Profit**: Charts display 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 [41][43][47]. Non - Core Content (Team Introduction) - The research team includes Zhan Dapeng, Wang Heng, and Zhu Xi, with rich experience and professional qualifications in the non - ferrous metals field [50][51]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - On the 23rd, industrial silicon fluctuated strongly. The main contract 2511 closed at 8,705 yuan/ton, with an intraday increase of 2.41%. The position decreased by 20,359 lots to 76,000 lots. The reference price of Baichuan industrial silicon spot was 9,523 yuan/ton, remaining stable compared to the previous trading day. The price of the lowest deliverable 421 remained stable at 8,900 yuan/ton, and the spot premium narrowed to 145 yuan/ton. Polysilicon also fluctuated strongly. The main contract 2511 closed at 50,760 yuan/ton, with an intraday increase of 1.05%. The position decreased by 3,609 lots to 45,407 lots. The price of N-type recycled polysilicon material rose to 52,500 yuan/ton, and the price of the lowest deliverable silicon material rose to 52,500 yuan/ton. The spot premium widened to 1,740 yuan/ton. The supply of industrial silicon is increasing, while the demand side faces the expectation of production control in the crystalline silicon industry. The maintenance of the organic silicon industry and the limited supply of aluminum alloys have comprehensively suppressed the market. Attention should be paid to the resumption time and supplementary volume scale in the north. Considering the resumption rhythm in Xinjiang, short-selling operations should be carried out at high levels for the far-month contracts. The state will regulate the photovoltaic production capacity, and the news of the storage platform has boosted market sentiment. The policy expectation for the far-month contracts still provides support. The concentrated cancellation of warehouse receipts in November means that there is still room for the near-month contracts to trade at a discount. Continuous attention should be paid to the latest developments and the inventory-consumption trend [2] 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - **Industrial Silicon**: The futures settlement price of the main contract increased from 8,485 yuan/ton on the 22nd to 8,705 yuan/ton on the 23rd, an increase of 220 yuan/ton. The spot prices of most grades remained stable, and the spot premium narrowed from 235 yuan/ton to 145 yuan/ton. The industrial silicon warehouse receipts decreased by 367 to 48,371, and the Guangzhou Futures Exchange inventory decreased by 8,715 to 241,855 tons. The total social inventory remained unchanged at 445,500 tons [3] - **Polysilicon**: The futures settlement price of the main contract increased from 50,310 yuan/ton on the 22nd to 50,760 yuan/ton on the 23rd, an increase of 450 yuan/ton. The spot prices of most grades remained stable, and the spot premium widened from 1,640 yuan/ton to 1,740 yuan/ton. The polysilicon warehouse receipts decreased by 80 to 9,220, and the Guangzhou Futures Exchange inventory increased by 18,000 tons to 276,600 tons. The total social inventory remained unchanged at 264,000 tons [3] - **Organic Silicon**: The price of DMC in the East China market decreased from 11,300 yuan/ton to 11,200 yuan/ton, a decrease of 100 yuan/ton. The prices of raw rubber and 107 glue remained stable, while the price of dimethyl silicone oil increased from 11,800 yuan/ton to 13,500 yuan/ton, an increase of 1,700 yuan/ton [3] 3.2 Chart Analysis - **Industrial Silicon and Cost Side Prices**: The charts show the prices of different grades of industrial silicon, grade spreads, regional spreads, electricity prices, silica prices, and refined coal prices [4][6][9] - **Downstream Product Prices**: The charts show the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [12][14][18] - **Inventory**: The charts show the futures inventory, factory inventory, weekly industry inventory, and weekly inventory changes of industrial silicon, as well as the weekly inventory of DMC and polysilicon [20][22] - **Cost and Profit**: The charts show the average cost and profit levels of main production areas, the weekly cost and profit of industrial silicon, the profit of the aluminum alloy processing industry, the cost and profit of DMC, and the cost and profit of polysilicon [26][28][34] 3.3 Team Introduction - The non-ferrous metals team includes Zhan Dapeng, Wang Heng, and Zhu Xi. Zhan Dapeng is the director of non-ferrous research at Everbright Futures Research Institute, with more than a decade of commodity research experience. Wang Heng is a non-ferrous researcher focusing on aluminum and silicon, and Zhu Xi is a non-ferrous researcher focusing on lithium and nickel [36][37]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - On October 23, 2025, the lithium carbonate futures 2601 contract rose 4.17% to 79,940 yuan/ton. The average price of battery - grade lithium carbonate increased by 450 yuan/ton to 74,800 yuan/ton, and the average price of industrial - grade lithium carbonate increased by 450 yuan/ton to 72,550 yuan/ton. The inventory of warehouse receipts decreased by 260 tons to 28,759 tons [3]. - In terms of supply, the weekly production increased by 242 tons to 21,308 tons. In September, China imported 710,000 physical tons of spodumene, a month - on - month increase of 14.8%, equivalent to about 67,000 tons of LCE; the import volume of lithium carbonate was 19,600 tons, a month - on - month decrease of 10.3%. In terms of demand, the weekly production of ternary materials increased by 519 tons to 17,766 tons, and the inventory increased by 629 tons to 18,592 tons; the weekly production of lithium iron phosphate increased by 1,264 tons to 86,303 tons, and the inventory increased by 1,529 tons to 104,347 tons. The weekly inventory decreased by 2,292 tons to 130,366 tons [3]. - Recently, there have been disturbances in the supply - side news. Demand is still in the peak season. The social inventory and warehouse receipts of lithium carbonate have continued to decline. Coupled with the firm price of lithium ore, the price support has been gradually consolidated, and the bottom price has been raised. With the warming of macro - sentiment, the price may still fluctuate strongly in the short term, but there is still an expectation of project resumption [3]. 3. Summary According to Relevant Catalogs 3.1 Daily Data Monitoring - The prices of most products in the lithium - battery industry chain increased on October 23, 2025. For example, the main contract closing price of futures rose by 2,820 yuan/ton to 79,940 yuan/ton, and the price of lithium ore, lithium carbonate, and other products also showed varying degrees of increase [5]. - There were also changes in price differences. For example, the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate decreased by 300 yuan/ton to - 1,420 yuan/ton [5]. 3.2 Chart Analysis 3.2.1 Ore Prices - The report provides charts of the prices of lithium ore products such as spodumene concentrate, lithium mica, and amblygonite from January 2024 to October 2025, including lithium mica (1.5% - 2.0%), lithium mica (2.0% - 2.5%), and amblygonite (6% - 7%) [8][9]. 3.2.2 Lithium and Lithium Salt Prices - Charts show the prices of lithium products such as metallic lithium, battery - grade lithium carbonate, industrial - grade lithium carbonate, battery - grade lithium hydroxide, industrial - grade lithium hydroxide, and lithium hexafluorophosphate from January 2024 to October 2025 [10][11][12]. 3.2.3 Price Differences - The report presents charts of price differences including the difference between battery - grade lithium hydroxide and battery - grade lithium carbonate, and the difference between battery - grade lithium carbonate and industrial - grade lithium carbonate from January 2024 to October 2025 [17][18]. 3.2.4 Precursors & Cathode Materials - Charts show the prices of precursors and cathode materials such as ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobalt oxide from January 2024 to October 2025 [24][25][27]. 3.2.5 Lithium Battery Prices - The report includes charts of lithium battery prices such as 523 square ternary battery cells, square lithium iron phosphate battery cells, lithium cobalt oxide battery cells, and square lithium iron phosphate batteries from January 2024 to October 2025 [33][34][35]. 3.2.6 Inventory - The report provides charts of lithium carbonate inventory in downstream, smelter, and other links from March to October 2025 [38][39][40]. 3.2.7 Production Costs - A chart shows the production profit of lithium carbonate from different raw materials such as recycled ternary pole piece black powder, recycled lithium iron phosphate pole piece black powder, lithium mica concentrate, and spodumene concentrate from January 2024 to October 2025 [42][43]. 3.3 Research Team Introduction - The research team of Everbright Futures Institute consists of Zhan Dapeng, Wang Heng, and Zhu Xi, who have rich experience in the field of non - ferrous metals research [46][47].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Steel: The steel market is expected to experience narrow - range consolidation. Although the supply - demand data has improved with a slight increase in production, a decline in inventory, and an increase in apparent demand, the market has a generally pessimistic outlook on future demand, and there is still significant pressure on the supply - demand side. However, the current price valuation is not high, and the strong performance of coking coal and coke prices strengthens the cost support for steel [1]. - Iron Ore: The iron ore price is expected to show a range - bound oscillation. With a slight increase in shipments from Australia and Brazil and other countries on the supply side, and a decrease in molten iron production on the demand side, along with a continuous decline in steel mill profitability and pressure on steel inventories, the steel demand remains weak, and the coking coal and coke prices are strong [1]. - Coking Coal: The coking coal futures market is expected to have a wide - range oscillation. Due to stricter safety inspections at coal mines, limited production release, and smooth shipments, the coal mine inventory has decreased significantly. Although coking enterprises have limited production, they still have a strong rigid demand for high - quality coking coal [1]. - Coke: The coke futures market is expected to have a wide - range oscillation. The sharp rise in coking coal prices has increased the production cost of coke and deteriorated the profit margin of coking enterprises, leading to an expected increase in production restrictions. Meanwhile, steel mills' demand for coke has increased due to high - level blast furnace operation and a decline in inventory [1]. - Manganese Silicon: The manganese silicon price is expected to be firm and oscillate slightly stronger. After the end of an important meeting, market sentiment has been boosted, and the price center of manganese silicon has moved up slightly. Although the fundamentals have limited driving forces, with an increase in production and a decline in demand and an increase in inventory, the market sentiment has a positive impact [1][3]. - Silicon Iron: The silicon iron price is expected to maintain a slightly stronger oscillating trend. Market sentiment has been boosted, and although the production has slightly decreased and the demand is still to be stimulated, and the inventory is at a high level in recent years, the fundamentals provide some support [3]. 3. Summary by Relevant Catalogs 3.1 Research Views | Variety | Closing Price | Price Change | Price Change Rate | Position Change | Supply - Demand Situation | Market Outlook | | --- | --- | --- | --- | --- | --- | --- | | Steel (Rebar) | 3071 yuan/ton | +3 yuan/ton | +0.1% | - 0.82 million hands | Production increased by 5.91 million tons week - on - week, social inventory decreased by 18.93 million tons, factory inventory decreased by 0.01 million tons, and apparent demand increased by 6.26 million tons | Narrow - range consolidation [1] | | Iron Ore | 777 yuan/ton | +3 yuan/ton | +0.4% | +0.3 million hands | Shipments from Australia and Brazil increased slightly, molten iron production decreased by 1.05 million tons, and port inventory increased by 147.62 million tons | Range - bound oscillation [1] | | Coking Coal | 1258.5 yuan/ton | +49 yuan/ton | +4.05% | +86290 hands | Stricter safety inspections, limited production release, and a significant decrease in coal mine inventory | Wide - range oscillation [1] | | Coke | 1768 yuan/ton | +58.5 yuan/ton | +3.42% | +1289 hands | Rising coking coal prices, increased production cost, and expected increase in production restrictions for coking enterprises; increased demand from steel mills | Wide - range oscillation [1] | | Manganese Silicon | 5818 yuan/ton | +0.41% | - | - 4420 hands | Production stopped falling and rebounded, demand decreased, and inventory increased | Oscillate slightly stronger [1][3] | | Silicon Iron | 5574 yuan/ton | +0.94% | - | - 5440 hands | Production decreased by 2.6% week - on - week, demand was limited, and inventory increased | Oscillate slightly stronger [3] | 3.2 Daily Data Monitoring - **Contract Spread and Basis**: The data shows the latest values and week - on - week changes of contract spreads (such as 1 - 5 months, 5 - 9 months) and basis for various varieties, including rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and silicon iron [4]. - **Profit and Spread**: The data presents the latest values and week - on - week changes of profits (such as rebar's disk profit, long - process profit, short - process profit) and spreads (such as coil - rebar spread, rebar - iron ore ratio, rebar - coke ratio) for various varieties [4]. 3.3 Chart Analysis - **Main Contract Price**: There are charts showing the closing prices of main contracts for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and silicon iron from 2020 to 2025 [6][7][8][9][11][15]. - **Main Contract Basis**: There are charts showing the basis of main contracts for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and silicon iron [17][18][19][21][22][24]. - **Inter - period Contract Spread**: There are charts showing the contract spreads of different periods (such as 10 - 01, 01 - 05, 05 - 09) for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and silicon iron [26][28][29][30][31][33][34][35][37][38][39]. - **Inter - variety Contract Spread**: There are charts showing the spreads between different varieties, such as the coil - rebar spread, rebar - iron ore ratio, rebar - coke ratio, coking coal - iron ore ratio, coking coal - coke ratio, and manganese silicon - silicon iron difference [41][42][43][45]. - **Rebar Profit**: There are charts showing the disk profit, long - process calculation profit, and short - process calculation profit of rebar from 2020 to 2025 [46][47][48][49][50]. 3.4 Black Research Team Member Introduction - Qiu Yuecheng: Assistant Director of the Research Institute and Director of Black Research at Everbright Futures. He has nearly 20 years of experience in the steel industry, with multiple industry honors. His futures trading qualification numbers are F3046854 and Z0016941 [52]. - Zhang Xiaojin: Director of Resource Product Research at Everbright Futures. She has rich experience in the field of black commodities and has won many industry awards. Her futures trading qualification numbers are F0306200 and Z0000082 [52]. - Liu Xi: Black Researcher at Everbright Futures. She is good at fundamental supply - demand analysis based on industrial chain data. Her futures trading qualification numbers are F03087689 and Z0019538 [52]. - Zhang Chunjie: Black Researcher at Everbright Futures. He has experience in investment companies and spot - futures trading companies, passed the CFA Level II exam, and is good at investment trading strategies and spot - futures analysis. His futures trading qualification number is F03132960 [53].