1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views Copper - Copper prices strengthened due to improved market risk appetite following the Sino - US trade talks. Macro factors like tariff policies, overseas liquidity, and COMEX - LME spread are important. Fundamentally, tight copper ore supply supports prices, but high prices may suppress downstream demand. The main contract is expected to find support between 84,000 - 85,000 yuan/ton [1]. Aluminum - The alumina market remains weak, with supply pressure and weak demand. Spot prices are expected to be under pressure, with the main contract oscillating between 2,750 - 2,950 yuan/ton. Aluminum prices are expected to remain high and fluctuate, with the main contract in the range of 20,700 - 21,300 yuan/ton [3]. Aluminum Alloy - Casting aluminum alloy prices showed a strong - oscillating trend. Cost support is significant, but high inventory and policy uncertainty restrict price increases. The short - term ADC12 price is expected to maintain a strong - oscillating pattern, with the main contract in the range of 20,200 - 20,800 yuan/ton [4]. Zinc - Due to LME zinc market concerns and Sino - US trade talks, zinc prices rebounded. Supply is expected to be loose, and demand has no outstanding performance. Short - term prices may be driven by macro factors, but the upward elasticity is limited, with the main contract in the range of 21,800 - 22,800 yuan/ton [8]. Tin - Tin prices continued to oscillate at a high level. Supply is tight, and demand is weak. Future price trends depend on the recovery of Burmese tin ore supply in the fourth quarter [10]. Nickel - Nickel prices are expected to oscillate in the range of 120,000 - 126,000 yuan/ton. Macro factors are temporarily stable, cost has support, but inventory accumulation exerts pressure [12]. Stainless Steel - Stainless steel prices are expected to weakly oscillate, with the main contract in the range of 12,600 - 13,000 yuan/ton. There is cost support at the ore end, but demand during the peak season is not strongly boosted [14]. Lithium Carbonate - Lithium carbonate prices are expected to run strongly in the short - term, with the main contract in the range of 76,000 - 82,000 yuan/ton. The fundamentals have improved, with strong demand during the peak season and continued destocking [16]. 3. Summaries by Relevant Catalogs Copper Price and Basis - SMM 1 electrolytic copper price rose to 85,490 yuan/ton, up 0.63% from the previous day. The opening discount decreased. The refined - scrap price difference increased by 7.02% to 3,366 yuan/ton [1]. Fundamental Data - In September, electrolytic copper production was 112.10 million tons, down 4.31% month - on - month. The import volume increased by 26.50% to 33.43 million tons. The domestic mainstream port copper concentrate inventory increased by 3.11% to 68.07 million tons [1]. Aluminum Price and Spread - SMM A00 aluminum price rose to 21,040 yuan/ton, up 0.29% from the previous day. Alumina prices in various regions declined slightly [3]. Fundamental Data - In September, alumina production was 760.37 million tons, down 1.74% month - on - month. Electrolytic aluminum production was 361.48 million tons, down 3.16% month - on - month [3]. Aluminum Alloy Price and Spread - SMM aluminum alloy ADC12 price rose to 21,200 yuan/ton, up 0.47% from the previous day. The refined - scrap price differences in various regions increased to varying degrees [4]. Fundamental Data - In September, the production of recycled aluminum alloy ingots was 66.10 million tons, up 7.48% month - on - month. The production of primary aluminum alloy ingots was 28.30 million tons, up 4.43% month - on - month [4]. Zinc Price and Spread - SMM 0 zinc ingot price rose to 22,100 yuan/ton, up 0.91% from the previous day. The import loss increased to 6,393 yuan/ton [8]. Fundamental Data - In September, refined zinc production was 60.01 million tons, down 4.17% month - on - month. The import volume decreased by 11.61% to 2.27 million tons [8]. Tin Price and Spread - SMM 1 tin price fell to 280,000 yuan/ton, down 0.36% from the previous day. The import loss increased to 16,213.05 yuan/ton [10]. Fundamental Data - In September, tin ore imports were 8,714 tons, down 15.13% month - on - month. SMM refined tin production was 10,510 tons, down 31.71% month - on - month [10]. Nickel Price and Basis - SMM 1 electrolytic nickel price rose to 122,150 yuan/ton, up 0.04% from the previous day. The import loss decreased to 670 yuan/ton [12]. Fundamental Data - China's refined nickel production in September was 32,200 tons, up 1.26% month - on - month. The import volume decreased by 3.00% to 17,010 tons [12]. Stainless Steel Price and Spread - The price of 304/2B (Wuxi Hongwang 2.0 coil) remained at 13,000 yuan/ton. The futures - spot price difference decreased to 405 yuan/ton [14]. Fundamental Data - In September, the production of 300 - series stainless steel crude steel in China (43 companies) was 182.17 million tons, up 0.38% month - on - month. The import volume increased by 2.70% to 12.03 million tons [14]. Lithium Carbonate Price and Spread - SMM battery - grade lithium carbonate average price rose to 74,800 yuan/ton, up 0.61% from the previous day. The basis (SMM battery - grade lithium carbonate benchmark) decreased to - 1,980 yuan/ton [16]. Fundamental Data - In September, lithium carbonate production was 87,260 tons, up 2.37% month - on - month. The demand was 116,801 tons, up 12.28% month - on - month [16].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The Party's 20th Fourth Plenary Session emphasized economic construction and high - quality development, aiming for a balance between qualitative improvement and quantitative growth in the economy [1][2]. - Science and technology are of greater importance in the 15th Five - Year Plan, and the goal of increasing per capita GDP to the level of moderately developed countries by 2035 is maintained [3]. - The government is determined to achieve the annual economic and social development goals, with macro - policies set to continue and increase efforts when necessary [4]. - The manufacturing industry will maintain a reasonable proportion, and the modern industrial system will be centered around advanced manufacturing [5][6]. - There are opportunities in new - quality productivity and technological innovation, and investment opportunities in related capital market themes are promising [7]. - Consumption's contribution to economic growth will increase during the 15th Five - Year Plan, and there is potential for its growth [8]. - In the capital market, the upward cycle is far from over, with the technology and cyclical sectors driving up the main indices. For the bond market, the current influence of the conference is neutral [9]. 3. Summary by Directory Work Tone - The report reiterates "taking economic construction as the center" and "taking high - quality development as the theme", aiming for a balance between the quality and quantity of economic development [2]. Main Goals - The 15th Five - Year Plan emphasizes science and technology and reform. The goal of increasing per capita GDP to the level of moderately developed countries by 2035 implies an average annual nominal GDP growth of about 4.7% in the next decade, and around 5% in the early stage of the 15th Five - Year Plan [3]. Current Situation and Tasks - The government is committed to achieving the annual economic and social development goals, with macro - policies set to continue and increase efforts. Fiscal and quasi - fiscal policies have been introduced to drive investment and improve domestic demand [4]. Industrial Structure Transformation - The modern industrial system will be built with advanced manufacturing as the backbone, and the manufacturing industry will maintain a reasonable proportion [5][6]. Technological Competition Leadership - There are opportunities in new - quality productivity and technological innovation. The 15th Five - Year Plan should focus on domestic substitution technology and related capital market themes [7]. Domestic Demand Consumption - Consumption's contribution to economic growth will increase during the 15th Five - Year Plan. The relationship between supply and demand will be more balanced, and there is potential for consumption growth [8]. Market Outlook - **Stock Index Futures**: The upward cycle of the capital market is far from over. It is recommended to lay out blue - chip indices for the end - of - year and spring market in the medium - to - long term, and expect short - term fluctuations [9]. - **Treasury Bond Futures**: The current influence of the conference on the bond market is neutral, and short - term trading is affected by factors such as Sino - US trade negotiations and fund redemption fee regulations [9].

Report Date - The report is dated October 24, 2025 [3] Commodity Price Information Ferrous Metals - 72-silicon iron qualified blocks (Inner Mongolia - Tianjin warehouse receipt) have a conversion price of 5574, a change of 0.07%, and a historical quantile of 57.70%. The futures price of silicon iron (SF601) is 5578, with a change of 4 and a change rate of 2.27% [1] - The conversion price of 6517-silicon manganese (Inner Mongolia - Hubei warehouse receipt) is up 49.60%. The futures price of silicon manganese (SM601) is 5950, and the spot price is 5818 [1] - HRB400 20mm rebar in Shanghai has a spot price of 3220, a change of 4.85%, and a historical quantile of 63.10%. The futures price of rebar (RB2601) is 3071, with a basis of 149 and a basis rate of 4.85% [1] - Q235B 4.75mm hot-rolled coil in Shanghai has a spot price of 3300, a change of 1.35%, and a historical quantile of 37.30%. The futures price of hot-rolled coil (HC2601) is 3256, with a basis of 44 and a basis rate of 1.35% [1] - The conversion price of 62.5% Brazilian mixed powder (BRBF) from Vale at Rizhao Port is 777, a change of 7.90%, and a historical quantile of 49.70%. The futures price of iron ore (I2601) is 838, with a change of -122 and a change rate of -6.91% [1] - The conversion price of quasi-primary metallurgical coke (A13, S0.7, CSR60, MT7) at Rizhao Port is up 5.83%. The futures price of coke (J2601) is 1646, and the spot price is 1768, with a basis of -122 and a basis rate of -6.91% [1] - The conversion price of S1.3 G75 main coking coal (Meng 5) at Shaheyi is up 4.73%. The futures price of coking coal (JM2601) is 1318, and the spot price is 1259, with a basis of 59 and a basis rate of 4.73% [1] Non-ferrous Metals - The SMM average price of copper has a change of -0.67%. The futures price of copper (CU2512) is 86070, and the spot price is 85490, with a basis of 580 and a basis rate of 0.68% [1] - The SMM average price of A00 aluminum has a change of -125 (-0.59%). The futures price of aluminum (AL2512) is 21165, and the spot price is 21040, with a basis of -125 and a basis rate of -0.59% [1] - The SMM average price of alumina has a change of -315 (-1.41%). The futures price of alumina (AO2601) is 22345, and the spot price is 22030, with a basis of 315 and a basis rate of 1.43% [1] - The SMM average price of 1 zinc ingot has a change of -55 (-0.44%). The futures price of zinc (ZN2512) is 22345, and the spot price is 22030, with a basis of 315 and a basis rate of 1.41% [1] - The SMM average price of 1 tin has a change of 300. The futures price of tin (SN2512) is 281230, and the spot price is 280000, with a basis of -1230 and a basis rate of -0.44% [1] - The SMM average price of 1 imported nickel has a change of -0.07%. The futures price of nickel (NI2512) is 121380, and the spot price is 121300, with a basis of 80 and a basis rate of 0.07% [1] - The price of 304/2B stainless steel (2*1240*C, including trimming fee) in Wuxi Hongwang has a change of 405. The futures price of stainless steel (SS2512) is 13170, and the spot price is 12765, with a basis of 405 and a basis rate of 3.17% [1] - The price of battery-grade lithium carbonate has a change of -5140 (-6.48%). The futures price of lithium carbonate (LC2601) is 74800, and the spot price is 79940, with a basis of -5140 and a basis rate of -6.48% [1] Precious Metals - The price of gold (AU2512) has a change of -2.1 (-0.28%). The futures price is 942.3, and the spot price of Shanghai Gold Exchange's gold (T+D) is 940.1, with a basis of -2.2 and a basis rate of -0.23% [1] - The price of silver (AG2512) has a change of -4.0. The futures price is 11467.0, and the spot price of Shanghai Gold Exchange's silver (T+D) is 11463.0, with a basis of -4.0 and a basis rate of -0.04% [1] Agricultural Products - The price of soybean meal (M2601) has a change of -1.97%. The futures price is 2880, and the spot price of ordinary protein soybean meal in Jiangsu Zhangjiagang is 2938.0, with a basis of 58.0 and a basis rate of 1.98% [1] - The price of soybean oil (Y2601) has a change of -1.34%. The futures price is 8340, and the spot price of fourth-grade soybean oil in Jiangsu Zhangjiagang is 8188.0, with a basis of -152.0 and a basis rate of -1.82% [1] - The price of palm oil (P2601) has a change of -122.0. The futures price is 9010, and the spot price of palm oil at Huangpu Port is 9132.0, with a basis of -122.0 and a basis rate of -1.34% [1] - The price of rapeseed meal (RM601) has a change of 3.11%. The futures price is 2339.0, and the spot price of ordinary rapeseed meal in Guangdong Zhanjiang is 2470, with a basis of 131.0 and a basis rate of 5.52% [1] - The price of rapeseed oil (OI601) has a change of 303.0. The futures price is 10060, and the spot price of fourth-grade rapeseed oil in Jiangsu Nantong is 9757.0, with a basis of 303.0 and a basis rate of 3.11% [1] - The price of corn (C2601) has a change of 20.0. The futures price is 2140.0, and the spot price of corn at Jinzhou Port is 2160, with a basis of 20.0 and a basis rate of 0.93% [1] - The price of corn starch (CS2601) has a change of 100.0. The futures price is 2450.0, and the spot price of corn starch in Jilin Changchun is 2550, with a basis of 100.0 and a basis rate of 4.08% [1] - The price of live pigs (LH2601) has a change of -350.0. The futures price is 11850, and the spot price of live pigs (outer ternary) in Henan is 12200.0, with a basis of -350.0 and a basis rate of -2.87% [1] - The price of eggs (JD2512) has a change of -157.0. The futures price is 2870, and the spot price of eggs in Hebei Shijiazhuang is 3027.0, with a basis of -157.0 and a basis rate of -5.19% [1] - The price of cotton (CF601) has a change of 1077.0. The futures price is 14652, and the spot price of cotton (3128B) in Xinjiang is 13575.0, with a basis of 1077.0 and a basis rate of 7.93% [1] - The price of white sugar (SR601) has a change of 333.0. The futures price is 5457.0, and the spot price of white sugar at Liuzhou Station is 5790, with a basis of 333.0 and a basis rate of 6.10% [1] - The price of apples (AP601) has a change of 10.0. The futures price is 8840, and the spot price of apples (delivery theoretical price) is 8830.0, with a basis of 10.0 and a basis rate of 0.11% [1] - The price of red dates (CJ601) has a change of -1565.0. The futures price is 9600, and the spot price of first-grade grey dates in Hebei is 11165.0, with a basis of -1565.0 and a basis rate of -14.02% [1] Energy and Chemicals - The price of paraxylene (PX601) has a change of 161.0. The futures price is 6657.0, and the spot price of paraxylene at Chinese main ports (CFR, converted to RMB) is 6496.0, with a basis of 161.0 and a basis rate of 2.48% [1] - The price of purified terephthalic acid (PTA) (TA601) has a change of -78.0. The futures price is 4430.0, and the spot price of PTA in East China is 4508.0, with a basis of -78.0 and a basis rate of -1.73% [1] - The price of ethylene glycol (EG2601) has a change of 100.0. The futures price is 4195.0, and the spot price of ethylene glycol in East China is 4095.0, with a basis of 100.0 and a basis rate of 2.44% [1] - The price of polyester staple fiber (PF512) has a change of 155.0. The futures price is 6160.0, and the spot price of polyester staple fiber (1.4D*38mm, direct spinning) in East China is 6315.0, with a basis of 155.0 and a basis rate of 2.45% [1] - The price of styrene (EB2512) has a change of 40.0. The futures price is 6545.0, and the spot price of styrene in East China is 6585.0, with a basis of -40.0 and a basis rate of -0.61% [1] - The price of methanol (MA601) has a change of -42.0. The futures price is 2292.0, and the spot price of methanol in Jiangsu Taicang is 2250.0, with a basis of 42.0 and a basis rate of 1.87% [1] - The price of urea (UR601) has a change of -88.0. The futures price is 1550.0, and the spot price of urea (small granules) in Shandong is 1638.0, with a basis of -88.0 and a basis rate of -5.37% [1] - The price of linear low-density polyethylene (LLDPE) (L2601) has a change of 1.0. The futures price is 6999.0, and the spot price of LLDPE (film grade) in Shandong is 7000.0, with a basis of 1.0 and a basis rate of 0.01% [1] - The price of polypropylene (PP) (PP2601) has a change of -101.0. The futures price is 6691.0, and the spot price of PP (拉丝级, melt index 2 - 4) in Zhejiang is 6590.0, with a basis of 101.0 and a basis rate of 1.53% [1] - The price of polyvinyl chloride (PVC) (V2601) has a change of -120.0. The futures price is 4610.0, and the spot price of PVC (SG - 5) in Changzhou is 4730.0, with a basis of -120.0 and a basis rate of -2.54% [1] - The price of caustic soda (SH601) has a change of 178.0. The futures price is 2385.0, and the spot price of caustic soda (32% ion - membrane caustic soda, converted to 100%) in Shandong is 2563.0, with a basis of 178.0 and a basis rate of 7.47% [1] - The price of liquefied petroleum gas (LPG) (PG2512) has a change of 162.0. The futures price is 4236.0, and the spot price of LPG in Guangzhou is 4398.0, with a basis of -162.0 and a basis rate of -3.68% [1] - The price of asphalt (BU2601) has a change of 63.0. The futures price is 3277.0, and the spot price of asphalt (heavy - traffic asphalt) in Shandong is 3340.0, with a basis of 63.0 and a basis rate of 1.92% [1] - The price of butadiene rubber (BR2512) has a change of 80.0. The futures price is 11200.0, and the spot price of butadiene rubber (Daqing, BR9000) in China is 11120.0, with a basis of 80.0 and a basis rate of 0.72% [1] - The price of float glass (FG601) has a change of -68.0. The futures price is 1040.0, and the spot price of 5mm float glass in Shahe is 1108.0, with a basis of -68.0 and a basis rate of -6.14% [1] - The price of soda ash (SA601) has a change of -50.0. The futures price is 1185.0, and the spot price of heavy - quality soda ash in Shahe is 1235.0, with a basis of -50.0 and a basis rate of -4.05% [1] - The price of natural rubber (RU2601) has a change of -695.0. The futures price is 14550.0, and the spot price of natural rubber (Yunnan state - owned full - latex) in Shanghai is 15245.0, with a basis of -695.0 and a basis rate of -4.56% [1] Stock Index Futures and Bond Futures - The price of IF2512.CFE has a change of -25.5 (-0.55%). The futures price is 4606.3, and the basis is -3.1, with a basis rate of -0.10% [1] - The price of IH2512.CFE has a change

| 钢材产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 [2011] 1292号 2025年10月24日 | | | 問敏波 | Z0010559 | | | 钢材价格及价差 | | | | | | | 品种 | 现值 | 即值 | 张庆 | 某差 | 单位 | | 螺纹钢现货(华东) | 3220 | 3210 | 10 | 149 | | | 螺纹钢现货(华北) | 3120 | 3110 | 10 | دو | | | 螺纹钢现货(华南) | 3270 | 3250 | 20 | 199 | | | 螺纹钢05合约 | 3128 | 3120 | 8 | 92 | | | 螺纹钢10合约 | 3157 | 3159 | -2 | 63 | | | 螺纹钢01合约 | 3071 | 3068 | 3 | 149 | | | 热卷现货(华东) | 3300 | 3280 | 20 | 44 | 元/吨 | | 热卷现货(华北) | 3220 | 3200 | 20 | -36 | | | 热卷现货(华南) | ...

Group 1: Stock Index Futures Spread Daily Report - The latest values of the price spreads for various stock index futures contracts on October 24, 2025, and their changes compared to the previous day, along with historical 1 - year and all - time percentiles are presented. For example, the IF spot - futures spread is - 25.54, with a change of 3.63, 33.10% in the 1 - year percentile, and 17.50% in the all - time percentile [1]. - Different spread types such as spot - futures spreads, inter - period spreads (e.g., next - month vs. current - month, quarterly - month vs. current - month, far - month vs. current - month) for IF, IH, IC, and IM are provided, including their values, changes, and percentiles [1]. - Cross - variety ratios like CSI 500/Shanghai - Shenzhen 300, IC/IF, etc., are also reported, with their values, changes, and percentiles [1]. Group 2: Treasury Bond Futures Spread Daily Report - The latest values of basis, inter - period spreads, and cross - variety spreads for Treasury bond futures (TS, TF, T, TL) on October 24, 2025, are given, along with their changes compared to the previous day and the percentiles since the futures contract listing. For example, the TS basis is 1.4536, with a change of - 0.0118, and a 19.30% percentile since listing [2]. - The calculation methods for basis, spread percentiles, and how spreads are calculated based on futures main - contract closing prices are noted [2]. Group 3: Precious Metals Spot - Futures Daily Report - Domestic and foreign futures closing prices, spot prices, basis, cross - variety ratios, interest rates, exchange rates, and inventory/holding data for precious metals (gold and silver) on October 24, 2025, are presented. For instance, the AU2512 contract closed at 942.28 on October 23, down 10.28 (- 1.08%) from the previous day [4]. - The calculation of basis and the changes in prices, ratios, rates, and inventories/holdings are provided, including their percentiles and historical data [4]. Group 4: Container Shipping Industry Spot - Futures Daily Report - Spot quotes for Shanghai - Europe shipping rates from major shipping companies (MAERSK, CMA, MSC, etc.) on October 24, 2025, and their changes compared to the previous day are reported. For example, MAERSK's rate is 2274 dollars/FEU, up 1.56% [5]. - Shipping indices (SCFIS, SCFI) and their changes over different time periods, futures prices and basis for container shipping contracts, and fundamental data (capacity supply, port - related indicators, overseas economic data) are also included [5].

1. Report Industry Investment Ratings - Not mentioned in the provided content 2. Report Core Views Copper - Copper prices strengthened due to improved market risk appetite after China and the US agreed to conduct economic and trade consultations. In the short - term, China - US talks boosted market sentiment, the Fed may stop shrinking its balance sheet, and the COMEX - LME spread widened. Fundamentally, tight copper ore supply supports prices, and high copper prices moderately suppress downstream demand. The terminal demand has strong resilience. The main contract is expected to be supported at 84000 - 85000 [1]. Aluminum - The alumina market remains weak, with supply pressure and weak demand. The futures price is expected to continue to be under pressure, with the main contract oscillating between 2750 - 2950 yuan/ton. Aluminum prices showed a strong - oscillating trend. With stable supply, resilient demand, and declining inventory, the short - term Shanghai aluminum is expected to maintain a high - level oscillation, with the main contract in the range of 20700 - 21300 yuan/ton [3]. Aluminum Alloy - Casting aluminum alloy followed the aluminum price and showed a strong - oscillating trend. Cost support is prominent, but high inventory and policy uncertainty restrict price increases. The short - term ADC12 price is expected to maintain a strong - oscillating pattern, with the main contract in the range of 20200 - 20800 yuan/ton [4]. Zinc - Due to concerns about the LME zinc market squeeze and China - US economic and trade consultations, the Shanghai zinc price rebounded. The supply is loose, and the demand is not outstanding. The short - term price may rise due to macro - drivers but will likely oscillate without a clear inflection point in the supply - loose logic, with the main contract in the range of 21800 - 22800 [8]. Tin - Tin supply is tight, and demand is weak. The tin price continues to oscillate at a high level. If the supply in Myanmar recovers smoothly in the fourth quarter, the tin price may weaken; otherwise, it is expected to continue to run strongly [10]. Nickel - The nickel market is in a state of high - level oscillation. Macro - factors are temporarily stable, and the cost has support, but inventory accumulation restricts the upside space. The main contract is expected to oscillate in the range of 120000 - 126000 [12]. Stainless Steel - The stainless - steel market showed a low - level upward repair. Macro - factors may bring policy expectations. The supply pressure is increasing, and demand improvement is not obvious. The short - term market is expected to oscillate weakly, with the main contract in the range of 12600 - 13000 [14]. Lithium Carbonate - The lithium carbonate market showed a significant upward trend. The supply - demand gap exists in the peak season, and demand is optimistic. The short - term market is expected to run strongly, with the main contract in the range of 76000 - 82000 yuan/ton [16]. 3. Summary by Relevant Catalogs Copper Price and Basis - SMM 1 electrolytic copper price rose to 85490 yuan/ton, up 0.63% [1]. - The refined - scrap price difference increased by 7.02% to 3366 yuan/ton [1]. Fundamental Data - In September, electrolytic copper production decreased by 4.31% to 112.10 million tons, and imports increased by 26.50% to 33.43 million tons [1]. Aluminum Price and Spread - SMM A00 aluminum price rose to 21040 yuan/ton, up 0.29% [3]. - Alumina prices in various regions showed a downward trend [3]. Fundamental Data - In September, alumina production decreased by 1.74% to 760.37 million tons, and electrolytic aluminum production decreased by 3.16% to 361.48 million tons [3]. Aluminum Alloy Price and Spread - SMM aluminum alloy ADC12 price rose to 21200 yuan/ton, up 0.47% [4]. Fundamental Data - In September, the production of recycled aluminum alloy ingots increased by 7.48% to 66.10 million tons, and the production of primary aluminum alloy ingots increased by 4.43% to 28.30 million tons [4]. Zinc Price and Spread - SMM 0 zinc ingot price rose to 22100 yuan/ton, up 0.91% [8]. Fundamental Data - In September, refined zinc production decreased by 4.17% to 60.01 million tons, and imports decreased by 11.61% to 2.27 million tons [8]. Tin Spot Price and Basis - SMM 1 tin price decreased to 280000 yuan/ton, down 0.36% [10]. Fundamental Data - In September, tin ore imports decreased by 15.13% to 8714, and SMM refined tin production decreased by 31.71% to 10510 [10]. Nickel Price and Basis - SMM 1 electrolytic nickel price rose to 122150 yuan/ton, up 0.04% [12]. Fundamental Data - China's refined nickel production increased by 1.26% to 32200 in September, and imports decreased by 3.00% to 17010 [12]. Stainless Steel Price and Basis - The price of 304/2B (Wuxi Hongwang 2.0 coil) remained at 13000 yuan/ton [14]. Fundamental Data - In September, China's 300 - series stainless - steel crude - steel production (43 companies) increased by 0.38% to 182.17 million tons, and Indonesia's production increased by 0.36% to 42.35 million tons [14]. Lithium Carbonate Price and Basis - SMM battery - grade lithium carbonate average price rose to 74800 yuan/ton, up 0.61% [16]. Fundamental Data - In September, lithium carbonate production increased by 2.37% to 87260, and demand increased by 12.28% to 116801 [16].

Report Overview - The reports cover multiple industries including粕类, pork, sugar, corn, cotton, oils, and eggs, providing daily updates on futures and spot market data along with industry outlooks and investment insights [2][5][8] 1. 粕类 Industry Core View - The improvement in the export outlook for US soybeans led to a rebound. Strong压榨 data provided support. Brazil's new soybean crop is being sown smoothly, with sufficient domestic soybean supply expected in Q4. However, current poor榨利 has slowed down procurement, and domestic soybean and粕 inventories remain high, limiting the upside potential of spot prices [2] Key Data - 豆粕:现价2940, up 1.38%;期价M2601 2938, up 1.84%;盘面进口榨利 for Argentina 12 - ship期 - 49, down 11.4% [2] - 菜粕:现价2410, up 0.84%;期价RM2601 2339, up 1.39%;盘面进口榨利 for Canada month - ship期 737, down 0.41% [2] - 大豆:哈尔滨大豆现价3900, up 0.26%;豆一主力合约期价4113, up 1.38% [2] 2. Pork Industry Core View - The recent rebound in pig prices is mainly driven by secondary fattening. However, the breeding end has high slaughter enthusiasm, and the market is not optimistic about future pig prices. The supply pressure in Q4 will continue to be released, and pig prices are not expected to improve. Policy - led industry capacity reduction will take time to show results, and spot prices are expected to face pressure until H1 next year [5] Key Data - 生猪2511:现价11515, up 0.48%;生猪2601:现价12200, down 0.16% [5] - 样本点屠宰宣 - 日:164551, up 0.11%;白条价格 - 周:18.50, down 2.68% [5] 3. Sugar Industry Core View - Due to supply pressure, the upward momentum of raw sugar prices is limited. The market is focusing on the production prospects of India and Thailand. The September production and sales data are moderately weak, with increased inventory year - on - year. New sugar pre - sale prices are much lower than the current market price, and the spot market is mainly driven by rigid demand. It is expected that the raw sugar price will fluctuate between 15 - 16 cents/pound, and the market will maintain a weak and volatile pattern [8] Key Data - 白糖2601:现价5457, up 0.57%;白糖2605:现价5408, up 0.46%;ICE原糖主力:15.24, up 0.73% [8] - 食糖:产量(全国)累计值1116.21, up 12.03%;销量(全国)累计值1048.00, up 9.17% [8] 4. Corn Industry Core View - In the northeast, the price is temporarily stable due to storage conditions and收储 support, but traders' stocking willingness is low. In the north - central region, the price increase has slowed down due to increased sales. Overall, the price is stable with limited upside potential. On the demand side, deep - processing and feed enterprises are cautious, but their inventories are relatively low, and future procurement willingness may increase. In the short term, the corn market will remain in a low - level volatile pattern [10] Key Data - 玉米2601:现价2140, up 0.33%;锦州港平舱价2160, down 0.92% [10] - 玉米淀粉2601:现价2450, up 0.99%;长春现货2510, unchanged [10] 5. Cotton Industry Core View - The purchase price of machine - picked cottonseed in Xinjiang is firm, providing cost support for Zhengzhou cotton futures. However, downstream demand is weak. Spinning enterprises' cotton inventories are not high, and their profit and cash - flow have improved at current cotton prices, creating some demand. In the short term, cotton prices will fluctuate within a range [13] Key Data - 棉花2605:现价13600, up 0.18%;棉花2601:现价13575, up 0.30%;ICE美棉主力64.02, up 0.58% [13] - 商业库存:172.02, up 68.4%;工业库存:80.93, down 4.3% [13] 6. Oils Industry Core View - For palm oil, the Malaysian BMD futures may test the support at 4400 ringgit and face downward pressure. Domestic Dalian palm oil futures are in an oscillating adjustment. For soybean oil, traders are optimistic about Sino - US negotiations, which support CBOT soybean and soybean oil prices. Domestically, the spot market is following the decline, and the basis is stable with some local adjustments. The market is quiet, and the basis is expected to fluctuate slightly [14] Key Data - 江苏一级豆油:现价8450, down 0.71%;期价Y2601 8188, down 0.61% [14] - 广东24 - degree棕榈油:现价9000, down 1.10%;期价P2601 9132, down 0.35% [14] 7. Egg Industry Core View - The inventory of laying hens is high, and egg supply is sufficient. The downstream trade has increased replenishment enthusiasm, and demand has improved, which will drive egg prices up. However, the abundant supply may limit the price increase. Egg prices are expected to rise slightly this week and then stabilize, but overall, there is still pressure [17] Key Data - 鸡蛋11合约:现价2848, up 1.86%;鸡蛋01合约:现价3238, up 2.89% [16] - 鸡蛋产区价格:2.91, up 2.07%;养殖利润: - 28.71, down 69.88% [16]

| 玻璃纯碱期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 [2011] 1292号 2025年10月24日 | | | | 蒋诗语 | Z0017002 | | 玻璃相关价格及价差 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 旅鉄幅 | 单位 | | 华北报价 | 1140 | 1140 | 0 | 0.00% | | | 华东报价 | 1270 | 1280 | -10 | -0.78% | | | 华中报价 | 1150 | 1150 | 0 | 0.00% | | | 华南报价 | 1240 | 1250 | -10 | -0.80% | アレ/ロモ | | 玻璃2505 | 1256 | 1241 | રે | 1.21% | | | 玻璃2509 | 1343 | 1330 | 13 | 0.98% | | | 05基差 | -116 | -101 | -15 | -14.85% | | | 纯碱相关价格及价差 | | | | | | | 品种 | 现值 | 前值 | 张跃 | 张 ...

Report Industry Investment Ratings - No industry investment ratings are provided in the reports. Core Views Pure Benzene and Styrene - The overall supply - demand of pure benzene is expected to be loose, with weak price drivers. It may follow the fluctuations of styrene and oil prices. Strategy: BZ2603 should follow the oscillations of styrene and oil prices [1]. - The supply - demand of styrene is also expected to be loose, and its price drivers are weak. EB12 price rebounds should be treated with a short - selling approach [1]. LLDPE and PP - The supply - demand structure of polyolefins is loose, and the upside space of the 01 contract is limited. Attention should be paid to the impact of Sino - US frictions and US sanctions on refineries [3]. Polyester Industry Chain - PX may be strong in the short - term but has limited rebound space. PTA is boosted in the short - term but also has limited rebound space. Ethylene glycol has a weak long - term supply - demand structure. Short - fiber and bottle - chip also have limited rebound space [5]. Methanol - The price of methanol may continue to oscillate. Attention should be paid to the overseas plant operation stability, sanctions on ship clearance efficiency, and the port de - stocking rhythm [6]. Chlor - Alkali Industry - In the short - term, the price of caustic soda is weak, and it can be short - sold. PVC has large supply - demand pressure, and short - term short positions can stop profit [8]. Summaries by Catalogs Pure Benzene and Styrene Upstream Prices and Spreads - On October 23, Brent crude oil (December) was $66.99/barrel, up 5.4% from the previous day. WTI crude oil (December) was $61.79/barrel, up 5.6% [1]. - CFR China Naphtha was $682/ton, up 1.5%. Pure benzene - naphtha was -$119/ton, down 8.8% [1]. Related Prices and Spreads of Styrene - On October 23, styrene in East China spot was 6550 yuan/ton, unchanged from the previous day. EB futures 2512 was 6566 yuan/ton, up 0.1% [1]. Downstream Cash Flows - On October 23, phenol cash flow was - 390 yuan/ton, down 15.7% from the previous day. Aniline cash flow was 1021 yuan/ton, down 6.4% [1]. Inventory - As of October 20, pure benzene inventory in Jiangsu ports was 9.00 million tons, up 10.0% from October 13. Styrene inventory in Jiangsu ports was 20.25 million tons, up 3.1% [1]. Industry Chain Operating Rates - From October 9 to October 16, the Asian pure benzene operating rate was 79.2%, down 0.9%. The domestic pure benzene operating rate was 75.5%, down 3.8% [1]. LLDPE and PP Futures and Spot Prices - On October 23, L2601 closed at 6666 yuan/ton, up 0.91%. PP2601 closed at 6691 yuan/ton, up 1.09% [3]. Upstream and Downstream Operating Rates - As of the latest data, the PE device operating rate was 81.5%, down 0.37%. The PP device operating rate was 75.9%, down 2.9% [3]. Inventory - As of the latest data, PE enterprise inventory was 51.5 million tons, down 2.81%. PP enterprise inventory was 63.9 million tons, down 5.92% [3]. Polyester Industry Chain Upstream Prices - On October 23, Brent crude oil (December) was $66.99/barrel, up 5.4%. CFR China PX was $812/ton, up 1.8% [5]. Downstream Product Prices and Cash Flows - On October 23, POY150/48 price was 6360 yuan/ton, down 0.3%. POY150/48 cash flow was - 2 yuan/ton, down 89 [5]. Operating Rates - From the previous week to the current week, the Asian PX operating rate was 78.0%, down 1.9%. The PTA operating rate was 76.7%, up 3.1% [5]. Methanol Prices and Spreads - On October 23, MA2601 closed at 2292 yuan/ton, up 1.37%. The Taicang basis was - 89 yuan/ton, up 61.82% [6]. Inventory - As of the latest data, methanol enterprise inventory was 36.036%, up 0.13%. Methanol port inventory was 151.2 million tons, up 1.40% [6]. Upstream and Downstream Operating Rates - As of the latest data, the domestic upstream enterprise operating rate was 75.85%, down 0.91%. The downstream external - procurement MTO device operating rate was 78.1%, down 9.48% [6]. Chlor - Alkali Industry Spot and Futures Prices - On October 22, Shandong 32% liquid caustic soda equivalent price was 2562.5 yuan/ton, unchanged. V2601 was 4719 yuan/ton, up 0.4% [8]. Overseas Quotes and Export Profits - As of October 16, FOB East China port caustic soda was $380/ton, down 5.0%. The PVC export profit was 19 yuan/ton, down 81.5% [8]. Supply (Operating Rates and Profits) - From October 10 to October 17, the caustic soda industry operating rate was 85.5%, down 3.9%. The PVC total operating rate was 75.1%, down 7.0% [8]. Demand (Downstream Operating Rates) - From October 10 to October 17, the alumina industry operating rate was not available, and the viscose staple fiber industry operating rate was 88.6%, down 1.1% [8]. Inventory - As of October 16, the liquid caustic soda East China factory inventory was 19.5 million tons, down 1.1%. The PVC total social inventory was 55.6 million tons, down 0.1% [8].

Report Industry Investment Ratings No information provided on industry investment ratings. Core Viewpoints of the Report - The upcoming Sino-US business talks in Malaysia and Trump's softened signals are expected to boost market risk appetite, but market trading volume has not increased, and short - term market will remain volatile at high levels [2]. - Various commodity futures have different trends and investment suggestions based on their respective supply - demand situations, policy expectations, and external factors. Summary by Related Catalogs Equity Index Futures - Market is expected to be volatile at high levels in the short term, not advisable to chase high. One can try to sell out - of - the - money put options at support levels or construct bull call spreads [2]. Treasury Bond Futures - The trend is volatile, waiting for new policy guidance. Unilateral strategies should be on the sidelines, and positive arbitrage strategies can be considered due to the rebound of IRR [2]. Precious Metals - Gold has stabilized above $4000 and may enter a consolidation phase. A strategy of selling out - of - the - money option straddles is recommended. Silver has stabilized near the support level of $47 [2]. Container Shipping Index Futures - The main contract is oscillating upwards, and it is recommended to buy on dips for the December contract [2]. Steel and Iron Ore - Steel prices are following coal prices. Unilateral strategies should be on the sidelines, and operations such as long coking coal and short hot - rolled coils can be considered [2]. Non - ferrous Metals - Copper prices are rising due to the improvement of risk appetite. Other non - ferrous metals have different trends and price ranges, with corresponding investment suggestions [2]. Energy and Chemicals - Crude oil prices are rebounding, but there is long - term supply pressure. Different chemical products have various supply - demand situations and investment strategies [2]. Agricultural Products - Different agricultural products have different trends, such as soybeans, hogs, and corn, with corresponding support or pressure levels and investment suggestions [2]. Special and New Energy Commodities - Glass and rubber have their own price trends and investment strategies. New energy commodities like polysilicon and lithium carbonate also have specific trends and reference price ranges [2].