1. Report Industry Investment Ratings - No industry investment ratings were provided in the reports [1][4][6] 2. Core Views Steel Industry - Post - holiday apparent demand for steel has recovered, but there was significant pre - holiday slab inventory accumulation, requiring steel mills to cut production to ease inventory pressure. The price decline has factored in most of the oversupply expectations. The cost of carbon elements on the cost side is supported, while the cost of iron elements may decline due to the expected drop in hot metal. Steel prices have fallen significantly, compressing steel mill profits. Unilateral positions should be on hold. The January contracts for rebar and hot - rolled coils are expected to stabilize around 3000 and 3200 yuan respectively and enter a sideways consolidation phase. Consider a long - carbon and short - iron arbitrage, specifically a long - coking coal and short - hot - rolled coil strategy. The spread between hot - rolled coils and rebar is expected to continue to narrow [1] Iron Ore Industry - Last week, iron ore futures continued to decline in a sideways pattern. On the supply side, the global iron ore shipment volume decreased week - on - week, while the arrival volume at 45 ports increased. Based on recent shipment data, the average future arrival volume is expected to decline. On the demand side, the steel mill profit margin slightly decreased, hot metal production dropped from its peak, and the steel mill restocking demand weakened. The iron ore market is shifting from a state of tight balance to oversupply, and weak finished product prices are dragging down raw materials. Unilateral positions should be on hold, with a reference range of 730 - 800. An arbitrage strategy of long - coking coal and short - iron ore is recommended, and consider buying out - of - the - money put options on Iron Ore 2601 at high prices [4] Coke and Coking Coal Industry - Last week, coke futures rose in a sideways pattern. Recently, the spot and futures markets have not been in sync, with port trade quotes rebounding, and on the 17th, major coking enterprises proposed a second price increase. The coking industry's price adjustment lags behind that of coking coal, leading to losses and a decline in coking plant operations. On the demand side, steel mill hot metal production has dropped from its peak, steel prices are weak, and steel mill profits are shrinking. The overall inventory is slightly lower than the mid - level, and it is a passive destocking by downstream. Speculative investors are advised to go long on Coke 2601 at low prices, with a reference range of 1650 - 1800, and consider a long - coking coal and short - coke arbitrage [6] - Last week, coking coal futures rose in a sideways pattern. The spot auction prices in Shanxi have recovered, and some coal types have significantly rebounded. The coking coal price shows signs of bottoming out. On the supply side, major coal - producing areas have resumed production after the holiday, but recent mine accidents have led to expectations of supply reduction. On the demand side, hot metal production has slightly declined, and coking plant operations have slightly decreased but remain at a relatively high level. The overall inventory is slightly lower than the mid - level, and downstream has started active restocking. Unilateral positions should be long on Coking Coal 2601 at low prices, with a reference range of 1150 - 1300, and consider a long - coking coal and short - coke arbitrage [6] 3. Summary by Relevant Catalogs Steel Industry Steel Prices and Spreads - Rebar spot prices in East China, North China, and South China were 3200, 3110, and 3220 yuan/ton respectively, with changes of + 10, - 10, and - 10 yuan/ton. Hot - rolled coil spot prices in East China, North China, and South China were 3270, 3190, and 3220 yuan/ton respectively, with changes of - 10, 0, and - 10 yuan/ton [1] Cost and Profit - The billet price was 2920 yuan/ton with no change, and the slab price was 3730 yuan/ton with no change. The cost of electric - arc furnace rebar in Jiangsu decreased by 7 yuan/ton to 3300 yuan/ton, while the cost of converter rebar increased by 13 yuan/ton to 3153 yuan/ton. Profits in different regions and for different products showed various changes [1] Production - The daily average hot metal production was 240.9 tons, a decrease of 0.6 tons (- 0.3%). The production of five major steel products was 857.0 tons, a decrease of 6.4 tons (- 0.7%). Rebar production was 201.2 tons, a decrease of 2.2 tons (- 1.1%), with electric - arc furnace production increasing by 3.1 tons (13.5%) and converter production decreasing by 5.4 tons (- 3.0%). Hot - rolled coil production was 321.8 tons, a decrease of 1.5 tons (- 0.4%) [1] Inventory - The inventory of five major steel products was 1582.3 tons, a decrease of 18.5 tons (- 1.2%). Rebar inventory was 641.1 tons, a decrease of 18.6 tons (- 2.8%), and hot - rolled coil inventory was 419.2 tons, an increase of 6.3 tons (1.5%) [1] Transaction and Demand - The building materials trading volume was 9.5 tons, a decrease of 0.7 tons (- 6.7%). The apparent demand for five major steel products was 875.4 tons, an increase of 124.0 tons (16.5%). The apparent demand for rebar was 219.8 tons, an increase of 66.6 tons (43.5%), and the apparent demand for hot - rolled coils was 315.6 tons, an increase of 20.5 tons (7.0%) [1] Iron Ore Industry Price and Spread - The warehouse receipt costs of different iron ore powders showed slight changes. The basis of the 01 contract for different powders also changed, with the 5 - 9 spread increasing by 0.5 yuan/ton (2.4%), the 9 - 1 spread remaining unchanged, and the 1 - 5 spread decreasing by 0.5 yuan/ton (- 2.3%) [4] Supply - The arrival volume at 45 ports (weekly) was 3045.8 tons, an increase of 437.1 tons (16.8%). The global shipment volume (weekly) was 3207.5 tons, a decrease of 71.5 tons (- 2.2%). The national monthly import volume was 10522.5 tons, an increase of 61.5 tons (0.6%) [4] Demand - The average daily hot metal production of 247 steel mills (weekly) was 241.0 tons, a decrease of 0.6 tons (- 0.2%). The average daily port clearance volume at 45 ports (weekly) was 315.7 tons, a decrease of 20.7 tons (- 6.1%). The national monthly pig iron production was 6979.3 tons, a decrease of 100.5 tons (- 1.4%), and the national monthly crude steel production was 7736.9 tons, a decrease of 229.0 tons (- 2.9%) [4] Inventory - The inventory at 45 ports (weekly) was 14278.27 tons, an increase of 192.1 tons (1.4%). The imported iron ore inventory of 247 steel mills (weekly) was 8982.7 tons, a decrease of 63.5 tons (- 0.7%). The inventory available days of 64 steel mills (weekly) remained unchanged at 21 days [4] Coke and Coking Coal Industry Price and Spread - The prices of different types of coke and coking coal showed various changes. For example, the price of Shanxi quasi - first - grade wet - quenched coke (warehouse receipt) remained unchanged at 1561 yuan/ton, while the price of Rizhao Port quasi - first - grade wet - quenched coke (warehouse receipt) decreased by 11 yuan/ton to 1603 yuan/ton. The basis and spreads of different contracts also changed [6] Supply - The daily average production of all - sample coking plants was 65.3 tons, a decrease of 0.8 tons (- 1.3%). The daily average production of 247 steel mills was 241.0 tons, a decrease of 0.6 tons (- 0.2%). The production of Fenwei sample coal mines increased, with raw coal production increasing by 18.2 tons (2.2%) and clean coal production increasing by 11.8 tons (2.8%) [6] Demand - The hot metal production of 247 steel mills was 241.0 tons, a decrease of 0.6 tons (- 0.2%). The demand for coke and coking coal is affected by steel mill production changes [6] Inventory - The total coke inventory was 891.9 tons, a decrease of 17.9 tons (- 2.0%). The coke inventory of all - sample coking plants decreased by 6.6 tons (- 10.3%), and the coke inventory of 247 steel mills decreased by 11.4 tons (- 1.7%). For coking coal, the inventory of Fenwei coal mine clean coal decreased by 11.0 tons (- 9.9%), while the inventory of all - sample coking plants increased by 38.3 tons (4.0%) [6]

Report Industry Investment Rating No relevant information provided. Core Views Copper - Macro factors include tariff policies, overseas liquidity, and COMEX - LME spreads. Fundamentals show tight copper ore supply, potential smelter production cuts, and high prices suppressing downstream demand. Mid - long term, supply - demand contradictions support price increases, but short - term price spikes may limit demand. The main contract's support is at 84,000 - 85,000 yuan/ton [1]. Aluminum - The alumina market is weak with supply pressure and low demand. Its price is expected to be under pressure, with the main contract in the 2,750 - 2,950 yuan/ton range. Aluminum prices are expected to be strong in the short term, with the main contract in the 20,700 - 21,300 yuan/ton range, supported by a warm macro - environment and healthy fundamentals [4]. Aluminum Alloy - The casting aluminum alloy market is range - bound. Cost support is strong, but supply is restricted by raw materials and policies. Demand is moderately recovering. Prices are expected to be strong in the short term, with the main contract in the 20,200 - 20,800 yuan/ton range [5]. Zinc - Supply is becoming more abundant from the zinc ore to zinc ingot end. Demand is lackluster. Macro factors support prices, but the upside is limited. The main contract is expected to oscillate in the 21,500 - 22,500 yuan/ton range [8]. Tin - Tin ore supply is tight, while demand is weak. Short - term price fluctuations are affected by macro factors. If Myanmar's supply recovers well, prices may weaken; otherwise, they may remain high [10]. Nickel - The nickel market is weak. Macro uncertainties exist, and the industry has high production and inventory. Prices are expected to oscillate in the 120,000 - 126,000 yuan/ton range [11]. Stainless Steel - The stainless - steel market is weak. Overseas risks are high, domestic policies are favorable, and demand is sluggish. Prices are expected to oscillate in the 12,400 - 13,000 yuan/ton range [14]. Lithium Carbonate - The lithium carbonate market is strong. Supply - demand gaps are expected to widen in the peak season. Prices are expected to be strong in the short term, with the main contract in the 75,000 - 80,000 yuan/ton range [15]. Summary by Directory Copper - **Price and Basis**: SMM 1 electrolytic copper price is 84,775 yuan/ton, down 0.47%. The import profit and loss is - 686 yuan/ton, up 435.77 yuan/ton [1]. - **Fundamentals**: September electrolytic copper production is 112.10 million tons, down 4.31% month - on - month. The domestic mainstream port copper concentrate inventory is 68.07 million tons, up 3.11% week - on - week [1]. Aluminum - **Price and Spreads**: SMM A00 aluminum price is 20,950 yuan/ton, unchanged. The import profit and loss is - 2,531 yuan/ton, down 278.6 yuan/ton [4]. - **Fundamentals**: September alumina production is 760.37 million tons, down 1.74% month - on - month. The Chinese electrolytic aluminum social inventory is 62.70 million tons, down 3.39% week - on - week [4]. Aluminum Alloy - **Price and Spreads**: SMM aluminum alloy ADC12 price is 21,050 yuan/ton, unchanged. The social inventory of recycled aluminum alloy ingots is 5.48 million tons, down 2.84% week - on - week [5]. - **Fundamentals**: September recycled aluminum alloy ingot production is 66.10 million tons, up 7.48% month - on - month [5]. Zinc - **Price and Spreads**: SMM 0 zinc ingot price is 21,850 yuan/ton, down 0.32%. The import profit and loss is - 4,530 yuan/ton, down 70.80 yuan/ton [8]. - **Fundamentals**: September refined zinc production is 60.01 million tons, down 4.17% month - on - month. The galvanizing开工率 is 58.05%, up 11.22% week - on - week [8]. Tin - **Price and Basis**: SMM 1 tin price is 281,000 yuan/ton, down 0.07%. The import profit and loss is - 14,530.35 yuan/ton, down 3.89% [10]. - **Fundamentals**: September SMM refined tin production is 10,510 tons, down 31.71% month - on - month. The SHEF inventory is 5,691.0 tons, down 3.20% [10]. Nickel - **Price and Basis**: SMM 1 electrolytic nickel price is 122,350 yuan/ton, up 0.16%. The futures import profit and loss is - 874 yuan/ton, up 451 yuan/ton [11]. - **Fundamentals**: Chinese refined nickel production is 32,200 tons, up 1.26% month - on - month. The SHFE inventory is 34,418 tons, up 3.93% week - on - week [11]. Stainless Steel - **Price and Spreads**: 304/2B (Wuxi Hongwang 2.0 roll) price is 13,000 yuan/ton, unchanged. The Chinese 300 - series stainless - steel social inventory is 50.18 million tons, down 0.56% week - on - week [14]. - **Fundamentals**: Chinese 300 - series stainless - steel crude steel production is 182.17 million tons, up 0.38% month - on - month [14]. Lithium Carbonate - **Price and Spreads**: SMM battery - grade lithium carbonate average price is 73,350 yuan/ton, up 0.48%. The 2510 - 2511 month - to - month spread is - 400 yuan/ton, up 720 yuan/ton [15]. - **Fundamentals**: September lithium carbonate production is 87,260 tons, up 2.37% month - on - month. The lithium carbonate demand is 116,801 tons, up 12.28% month - on - month [15].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report provides a daily tracking and analysis of the positions of stock index futures, including IF, IH, IC, and IM. It shows the changes in total positions, positions of the main contracts, and the significant changes in the top 20 seats for each type of futures [1]. 3. Summary by Relevant Catalog IF (CSI 300) - **Total Position and Main Contract Position Changes**: On October 17, the total position of the IF variety decreased by 9,025 hands, and the position of the main contract 2512 decreased by 1,460 hands [4]. - **Top 20 Long - Position Seats**: Among the top 20 long - position seats, Guotai Junan Futures ranked first with a total position of 41,184 hands. Haitong Futures had the most long - position increase, adding 2,542 hands, while CITIC Futures had the most long - position decrease, reducing 2,492 hands [5]. - **Top 20 Short - Position Seats**: Among the top 20 short - position seats, CITIC Futures ranked first with a total position of 44,735 hands. CITIC Construction Investment Futures had the most short - position increase, adding 1,268 hands, while CITIC Futures had the most short - position decrease, reducing 3,794 hands [7]. IH (SSE 50) - **Total Position and Main Contract Position Changes**: On October 17, the total position of the IH variety decreased by 5,962 hands, and the position of the main contract 2512 decreased by 2,091 hands [10]. - **Top 20 Long - Position Seats**: Among the top 20 long - position seats, Guotai Junan Futures ranked first with a total position of 12,766 hands. Guoxin Futures had the most long - position increase, adding 1,626 hands, while CITIC Futures had the most long - position decrease, reducing 2,386 hands [10]. - **Top 20 Short - Position Seats**: Among the top 20 short - position seats, CITIC Futures ranked first with a total position of 15,639 hands. Guoxin Futures had the most short - position increase, adding 1,397 hands, while CITIC Futures had the most short - position decrease, reducing 2,214 hands [12]. IC (CSI 500) - **Total Position and Main Contract Position Changes**: On October 17, the total position of the IC variety decreased by 6,464 hands, and the position of the main contract 2512 increased by 2,402 hands [15]. - **Top 20 Long - Position Seats**: Among the top 20 long - position seats, Guotai Junan Futures ranked first with a total position of 38,414 hands. Haitong Futures had the most long - position increase, adding 2,694 hands, while Guotai Junan Futures had the most long - position decrease, reducing 1,714 hands [16]. - **Top 20 Short - Position Seats**: Among the top 20 short - position seats, CITIC Futures ranked first with a total position of 42,906 hands. Haitong Futures had the most short - position increase, adding 2,079 hands, while Guotai Junan Futures had the most short - position decrease, reducing 3,049 hands [18]. IM (CSI 1000) - **Total Position and Main Contract Position Changes**: On October 17, the total position of the IM variety decreased by 25,195 hands, and the position of the main contract 2509 increased by 14,163 hands [21]. - **Top 20 Long - Position Seats**: Among the top 20 long - position seats, Guotai Junan Futures ranked first with a total position of 53,463 hands. Haitong Futures had the most long - position increase, adding 2,228 hands, while Yide Futures had the most long - position decrease, reducing 1,028 hands [21]. - **Top 20 Short - Position Seats**: Among the top 20 short - position seats, CITIC Futures ranked first with a total position of 75,017 hands. Haitong Futures had the most short - position increase, adding 3,746 hands, while GF Futures had the most short - position decrease, reducing 160 hands [23].

Report 1: Polyolefin Industry Spot and Futures Daily Report Core Viewpoints - The supply and demand structure of polyolefins is loose, and the upside space of the 01 contract is limited. The prices of PP and PE are under pressure due to the weak macro - atmosphere, cost, and supply - demand performance [2]. Summary by Catalog - **Prices and Price Differences** - On October 17, the closing prices of L2601, L2509, PP2601, and PP2509 decreased compared to the previous day, with declines ranging from - 0.79% to - 1.04%. The differences between L2509 - 2601 and PP2509 - 2601 also changed, with L2509 - 2601 down 24.00% and PP2509 - 2601 up 12.33% [2]. - Spot prices of East China PP fiber and North China LDPE film decreased, with declines of - 0.62% and - 0.73% respectively. The basis of North China LL and East China PP also changed [2]. - Non - standard prices of PE and PP mostly decreased, such as the East China LDPE price down - 0.54% [2]. - **Inventory and Production** - PE enterprise inventory and social inventory increased by 27.67% and 4.02% respectively. PP enterprise inventory and trader inventory increased by 30.96% and 39.48% respectively [2]. - PE device operating rate decreased by 2.61%, while the downstream weighted operating rate increased by 1.26%. PP device operating rate increased by 0.6%, and the powder operating rate increased by 5.4% [2]. Report 2: Methanol Industry Spot and Futures Daily Report Core Viewpoints - In the methanol market, under the game of supply and demand, prices may continue to fluctuate. Attention should be paid to the stability of overseas device operation, the customs clearance efficiency of sanctioned vessels, and the actual arrival performance, as well as the port destocking rhythm and the implementation effect of overseas gas restriction expectations [4]. Summary by Catalog - **Prices and Price Differences** - On October 17, the closing prices of MA2601 and MA2605 decreased, with declines of - 2.03% and - 1.51% respectively. The MA15 spread increased by 200.00%, and the Taicang basis decreased by - 18.18% [4]. - Spot prices in Inner Mongolia's northern line, Henan Luoyang, and Taicang Port decreased, with declines ranging from - 0.35% to - 1.31% [4]. - **Inventory and Production** - Methanol enterprise inventory increased by 6.33%, while port inventory decreased by - 3.36%, and social inventory decreased by - 1.61% [4]. - The upstream domestic enterprise operating rate decreased by - 1.86%, and the overseas exchange and northwest enterprise sales - to - production ratio changed. Downstream, the operating rates of some devices such as acetic acid and MTBE decreased [4]. Report 3: Pure Benzene - Styrene Daily Report Core Viewpoints - The weekly supply - demand of pure benzene is weak, and the price drive is weak in October. The price of styrene is also under pressure in the short term due to the weak supply - demand and oil price expectations [6]. Summary by Catalog - **Upstream Prices and Price Differences** - On October 17, the prices of Brent crude oil, WTI crude oil, CFR Japan naphtha, etc. changed. The price differences between pure benzene - naphtha and ethylene - naphtha also changed [6]. - The spot price of pure benzene in East China decreased by - 0.7%, and the BZ futures 2603 decreased by - 1.4% [6]. - **Styrene - Related Prices and Price Differences** - The spot price of styrene in East China decreased by - 1.8%, and EB futures 2511 and 2512 also decreased [6]. - The EB basis (03) increased by 950.0%, and the styrene import profit increased by 114.6% [6]. - **Inventory and Production** - The port inventories of pure benzene and styrene in Jiangsu decreased by - 1.1% and - 2.7% respectively. The operating rates of some devices in the pure benzene and styrene industry chains changed [6]. Report 4: Polyester Industry Chain Daily Report Core Viewpoints - For PX, the supply - demand is repaired to some extent in the fourth quarter but remains weak overall, with limited short - term drive and mainly low - level fluctuations. PTA also has limited short - term drive and low - level fluctuations. Ethylene glycol is expected to accumulate inventory, and its price is under pressure. Short - fiber and bottle - chip prices also face different supply - demand situations [7]. Summary by Catalog - **Upstream Prices** - On October 17, the prices of Brent crude oil, WTI crude oil, CFR Japan naphtha, etc. changed. The exchange rate remained basically unchanged [7]. - **PX - Related Prices and Price Differences** - CFR China PX price decreased by - 0.4%. PX spot price in RMB decreased by - 1.6%, and PX futures 2511 and 2601 also decreased [7]. - **PTA - Related Prices and Price Differences** - PTA East China spot price decreased by - 0.3%, and TA futures 2601 and 2605 decreased [7]. - PTA basis (01) and TA01 - TA05 spread changed [7]. - **MEG - Related Prices and Price Differences** - MEG East China spot price decreased by - 0.1%, and EG futures 2601 and 2605 decreased [7]. - MEG basis (01) increased by 261.3%, and MEG import profit increased by - 48.5% [7]. - **Inventory and Production** - MEG port inventory increased by 6.7%, and the arrival expectation increased by 27.5%. The operating rates of various devices in the polyester industry chain changed, such as the PTA operating rate increasing by 2.3% [7].

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views of the Reports Oils and Fats - Palm oil: Malaysian BMD crude palm oil futures showed a rebound after a decline. Dalian palm oil futures are expected to break through upwards following the Malaysian palm oil trend and have room to strengthen further [1]. - Soybean oil: Sino - US trade relations may improve, but domestic soybean oil has a pattern of narrow - range shock adjustment due to factors such as sufficient supply and potential release of reserve soybeans [1]. Corn and Corn Starch - Corn: Currently in the concentrated listing period, the futures market will maintain a weak pattern under the pressure of short - term supply [2]. Sugar - The raw sugar price has limited rebound momentum due to supply expectations. The sugar market is expected to maintain a weak and volatile pattern [6][7]. Meal and Soybeans - The supply of domestic soybeans and soybean meal is sufficient. The spot price is expected to remain weak this year, but the downward space is limited. There may be an opportunity for the 1 - 5 positive spread [9]. Cotton - The short - term cotton price will fluctuate within a range, with cost support at low levels and pressure from hedging at higher levels [12]. Live Pigs - In the short - term, the pig price has stabilized and rebounded, but in the medium - to long - term, the supply pressure will continue to be released, and the pig price is not optimistic. The spot price is expected to face pressure until the first half of next year [15]. Eggs - The egg price is expected to rise slightly this week and then stabilize, but it still faces overall pressure due to sufficient supply [18]. 3. Summaries According to Relevant Catalogs Oils and Fats - **Price Changes**: On October 17, the price of first - grade soybean oil in Jiangsu increased by 0.47% to 8,590 yuan/ton; the price of 24 - degree palm oil in Guangdong remained unchanged at 9,250 yuan/ton; the price of rapeseed oil decreased by 0.49% [1]. - **Market Trends**: Malaysian palm oil futures showed a rebound, while domestic soybean oil was in a narrow - range adjustment [1]. Corn and Corn Starch - **Price Changes**: The price of corn 2601 decreased by 0.89% to 2,117 yuan/ton; the price of corn starch 2511 decreased by 0.08% to 2,374 yuan/ton [2]. - **Market Conditions**: New - season corn is in the concentrated listing period, with weak prices due to supply pressure. Demand is cautious currently, but there may be an increase in the future [2]. Sugar - **Price Changes**: The price of sugar 2601 increased by 0.07% to 5,412 yuan/ton; the ICE raw sugar主力 decreased by 2.02% to 15.53 cents/pound [6]. - **Market Conditions**: The supply in Brazil is increasing, and the raw sugar price has limited rebound momentum. The domestic sugar market has a neutral - weak sales situation [6][7]. Meal and Soybeans - **Price Changes**: The price of soybean meal M2601 decreased by 1.34% to 2,868 yuan/ton; the price of Canadian canola meal RM2601 decreased by 2.45% to 2,306 yuan/ton [9]. - **Market Conditions**: The supply of domestic soybeans is sufficient, and the price of soybean meal is expected to remain weak [9]. Cotton - **Price Changes**: The price of cotton 2605 increased by 0.11% to 13,390 yuan/ton; the price of ICE US cotton主力 increased by 0.80% to 64.29 cents/pound [12]. - **Market Conditions**: The acquisition price of Xinjiang machine - picked seed cotton is firm. The short - term cotton price will fluctuate within a range [12]. Live Pigs - **Price Changes**: The price of live pig 2511 decreased by 1.03% to 11,050 yuan/ton; the price of live pig 2601 decreased by 1.97% to 11,670 yuan/ton [15]. - **Market Conditions**: Short - term price rebound, but long - term supply pressure persists, and the price is not optimistic [15]. Eggs - **Price Changes**: The price of the egg 11 - contract decreased by 0.46% to 2,805 yuan/500KG; the price of the egg 01 - contract increased by 0.13% to 3,179 yuan/500KG [18]. - **Market Conditions**: Sufficient egg supply, but improved demand may drive the price up slightly, with overall pressure [18].

Report Industry Investment Rating No relevant information provided. Core Viewpoints No clear core viewpoints are presented in the reports. The documents mainly offer various data on different futures and related market indicators. Summary by Related Catalogs 1. Stock Index Futures Spread Daily Report - **Price Spread Data**: Includes F, H, IC, and IM period - spot spreads and cross - period spreads, with details on the latest values, changes from the previous day, 1 - year historical quantiles, and full - historical quantiles. For example, the F period - spot spread is - 29.03, down 0.61 from the previous day, with a 1 - year historical quantile of 26.60% and a full - historical quantile of 13.90% [1]. - **Cross - Variety Ratios**: Presents ratios such as CSI 500/CSI 300, CSI 500/SSE 50, and IC/IF, along with their latest values, changes, and quantiles. For instance, the CSI 500/CSI 300 ratio is - 0.0116, up 1.5542 from the previous day, with an 84.80% 1 - year historical quantile and a 62.90% full - historical quantile [1]. 2. Bond Futures Spread Daily Report - **Basis and Spread Data**: Provides basis data for TS, TF, T, and TL, as well as cross - period spreads and cross - variety spreads. For example, the TS basis on October 17, 2025, is 1.5643, down 0.0313 from the previous day, with a 24.50% historical quantile [2]. - **IRR and Percentiles**: Mentions the IRR and historical quantiles for different bond futures, with basis parts referring to the IRR's historical quantiles since the futures contract listing, and others being the latest spread quantiles [2]. 3. Precious Metals Spot - Futures Daily Report - **Price Data**: Covers domestic and foreign futures closing prices, spot prices, basis, ratios, interest rates, exchange rates, inventory, and positions of gold and silver. For example, the AU2512 domestic futures contract closed at 999.80 yuan/gram on October 17, up 3.45% from the previous day [3]. - **Inventory and Position Changes**: Shows changes in inventory and positions of precious metals, such as the Shanghai Futures Exchange's gold inventory increasing by 4.50% to 84,606 kilograms [3]. 4. Container Shipping Industry Spot - Futures Daily Report - **Spot and Index Data**: Includes spot quotes for Shanghai - Europe shipping, shipping indices, and Shanghai export container freight rates. For example, the SCFIS (European route) settlement price index was 1031.80 on October 13, down 1.40% from October 6 [5]. - **Futures Prices and Basis**: Presents futures prices and basis of container shipping futures. For instance, the EC2602 futures price was 1472.0 on October 17, up 2.99% from the previous day [5]. - **Fundamental Data**: Covers supply of container shipping capacity, port - related indicators, export amounts, and overseas economic indicators. For example, the global container shipping capacity supply was 3321.84 million TEU on October 20, unchanged from the previous day [5].

Report Summary Core Information - The report presents the basis, basis rate, spot price, futures price, historical quantile, and other data of various commodities and financial futures on October 17, 2025 [1]. Commodity Details Ferrous Metals - Silicon iron (SF601): Basis is 102, basis rate is 1.87%, spot price is 5558, futures price is 5456, historical quantile is 69.40% [1]. - Silicon manganese (SM601): Basis is 196, basis rate is 60.20%, spot price is 5950, futures price is 5754 [1]. - Rebar (RB2601): Basis is 61, basis rate is 1.89%, spot price is 3280, futures price is 3219, historical quantile is 44.10% [1]. - Hot - rolled coil (HC2601): Basis is 141, basis rate is 4.62%, spot price is 3190, futures price is 3049, historical quantile is 61.30% [1]. - Iron ore (I2601): Basis is 832, basis rate is 7.56%, spot price is 1613, futures price is 1673, historical quantile is 48.20% [1]. - Coke (J2601): Basis is - 60, basis rate is - 3.53%, spot price is 1613, futures price is 1673, historical quantile is 31.86% [1]. - Coking coal (JM2601): Basis is 62, basis rate is 5.19%, spot price is 1247, futures price is 1186, historical quantile is 39.90% [1]. Non - ferrous Metals - Copper (CU2512): Basis is 125, basis rate is 0.15%, spot price is 85175, futures price is 85050, historical quantile is 60.00% [1]. - Aluminum (AL2512): Basis is - 25, basis rate is - 0.12%, spot price is 20975, futures price is 20950, historical quantile is 49.37% [1]. - Alumina (AO2601): Basis is 141, basis rate is 5.04%, spot price is 2931, futures price is 2790, historical quantile is 66.51% [1]. - Zinc (ZN2511): Basis is - 90, basis rate is - 0.41%, spot price is 21940, futures price is 21850, historical quantile is 36.04% [1]. - Tin (SN2511): Basis is - 150, basis rate is - 0.05%, spot price is 281350, futures price is 281200, historical quantile is 43.33% [1]. - Nickel (NI2511): Basis is 80, basis rate is 0.07%, spot price is 121350, futures price is 121270, historical quantile is 58.75% [1]. - Stainless steel (SS2512): Basis is 555, basis rate is 4.40%, spot price is 13170, futures price is 12615, historical quantile is 93.56% [1]. - Lithium carbonate (LC2511): Basis is - 1940, basis rate is - 2.99%, spot price is 74940, futures price is 73000, historical quantile is 26.21% [1]. Agricultural Products - Soybean meal (M2601): Basis is - 17, basis rate is - 0.58%, spot price is 2890, futures price is 2907, historical quantile is 32.50% [1]. - Soybean oil (V2601): Basis is 134, basis rate is 1.62%, spot price is 8390, futures price is 8256, historical quantile is 25.60% [1]. - Palm oil (P2601): Basis is - 72, basis rate is - 0.71%, spot price is 9312, futures price is 9240, historical quantile is 7.20% [1]. - Rapeseed meal (RM601): Basis is 136, basis rate is 5.75%, spot price is 2500, futures price is 2364, historical quantile is 70.40% [1]. - Rapeseed oil (OI601): Basis is 295, basis rate is 2.97%, spot price is 10230, futures price is 9935, historical quantile is 80.00% [1]. - Corn (C2601): Basis is - 6, basis rate is - 0.28%, spot price is 2136, futures price is 2130, historical quantile is 52.70% [1]. - Corn starch (CS2511): Basis is 174, basis rate is 7.32%, spot price is 2550, futures price is 2376, historical quantile is 82.40% [1]. - Live pigs (LH2601): Basis is - 655, basis rate is - 5.50%, spot price is 11905, futures price is 11250, historical quantile is 25.10% [1]. - Eggs (JD2511): Basis is 72, basis rate is 2.56%, spot price is 2890, futures price is 2818, historical quantile is 39.40% [1]. - Cotton (CF601): Basis is 1190, basis rate is 8.93%, spot price is 14510, futures price is 13320, historical quantile is 80.60% [1]. - Sugar (SR601): Basis is 402, basis rate is 7.43%, spot price is 5810, futures price is 5408, historical quantile is 71.70% [1]. - Apples (AP601): Basis is 90, basis rate is 1.06%, spot price is 8600, futures price is 8510, historical quantile is 25.20% [1]. - Red dates (CJ601): Basis is - 1860, basis rate is - 16.37%, spot price is 11360, futures price is 9500, historical quantile is 17.40% [1]. Energy and Chemicals - Paraxylene (PX601): Basis is 79, basis rate is - 1.68%, spot price is 6455, futures price is 6376, historical quantile is 12.40% [1]. - PTA (TA601): Basis is - 86, basis rate is - 2.02%, spot price is 4456, futures price is 4370, historical quantile is 20.00% [1]. - Ethylene glycol (EG2601): Basis is 31, basis rate is 1.03%, spot price is 4120, futures price is 4089, historical quantile is 75.20% [1]. - Polyester staple fiber (PF512): Basis is 213, basis rate is 2.18%, spot price is 6305, futures price is 6092, historical quantile is 74.10% [1]. - Styrene (EB2511): Basis is - 115, basis rate is 4.53%, spot price is 6600, futures price is 6485, historical quantile is 75.10% [1]. - Methanol (MA601): Basis is - 22, basis rate is - 0.95%, spot price is 2319, futures price is 2297, historical quantile is 53.90% [1]. - Urea (UR601): Basis is - 44, basis rate is - 2.24%, spot price is 1604, futures price is 1560, historical quantile is 5.40% [1]. - LLDPE (L2601): Basis is 61, basis rate is 1.85%, spot price is 6990, futures price is 6929, historical quantile is 56.70% [1]. - PP (PP2601): Basis is - 38, basis rate is - 1.36%, spot price is 6618, futures price is 6580, historical quantile is 48.10% [1]. - PVC (V2601): Basis is - 114, basis rate is - 3.7%, spot price is 4694, futures price is 4580, historical quantile is 32.40% [1]. - Caustic soda (SH601): Basis is 140.8, basis rate is 5.17%, spot price is 2593.8, futures price is 2453, historical quantile is 70.90% [1]. - LPG (PG2511): Basis is 230, basis rate is 6.14%, spot price is 4498, futures price is 4268, historical quantile is 47.70% [1]. - Asphalt (BU2601): Basis is 141, basis rate is 4.30%, spot price is 3420, futures price is 3279, historical quantile is 93.40% [1]. - Butadiene rubber (BR2511): Basis is - 135, basis rate is - 2.69%, spot price is 11135, futures price is 11000, historical quantile is 61.40% [1]. - Glass (FG601): Basis is - 67, basis rate is - 6.20%, spot price is 1080, futures price is 1147, historical quantile is 49.57% [1]. - Soda ash (SA601): Basis is - 70, basis rate is - 6.01%, spot price is 1235, futures price is 1165, historical quantile is 15.75% [1]. - Natural rubber (RU2601): Basis is - 600, basis rate is - 4.20%, spot price is 14900, futures price is 14300, historical quantile is 65.51% [1]. Financial Futures - IF2512.CFE: Basis is - 28.4, basis rate is - 0.62%, spot price is 4618.4, futures price is 4590, historical quantile is 14.70% [1]. - IH2512.CFE: Basis is - 0.2, basis rate is - 0.01%, spot price is 3019.2, futures price is 3019, historical quantile is 55.20% [1]. - IC2512.CFE: Basis is - 169.5, basis rate is - 2.40%, spot price is 7231.5, futures price is 7062, historical quantile is 0.20% [1]. - IM2512.CFE: Basis is - 196.8, basis rate is - 2.73%, spot price is 7401.8, futures price is 7205, historical quantile is 4.30% [1]. - TS2512: Basis is - 0.02, basis rate is - 0.02%, spot price is 102.37, futures price is 99.94, historical quantile is 20.00% [1]. - TF2512: Basis is 0.05, basis rate is 0.05%, spot price is 108.10, futures price is 99.39, historical quantile is 21.80% [1]. - T2512: Basis is 0.05, basis rate is 0.05%, spot price is 108.10, futures price is 99.39, historical quantile is 21.10% [1]. - TL2512: Basis is 0.28, basis rate is 0.25%, spot price is 129.31, futures price is 114.48, historical quantile is 37.50% [1].

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views Natural Rubber - Short - term drivers are limited, and rubber prices are expected to oscillate. If raw material supply is smooth during the peak production season in the main producing areas, there is further downward space; if not, the rubber price is expected to trade between 15,000 - 15,500 [2]. Logs - There is no obvious driver in the current log supply - demand situation. The near - month 11 - contract is under pressure, while the far - month 01 - contract is relatively strong. The market may experience wide - range oscillations in the short term, with some support at the bottom due to the seasonal peak season [4]. Glass and Soda Ash - Soda ash is expected to continue to weaken. The overall supply - demand pattern is bearish, and the strategy of short - selling on rebounds is recommended. For glass, it is suggested to close short positions for the time being. Mid - term attention should be paid to the spot purchasing rhythm, high - frequency data changes, and macro - level drivers [5]. Industrial Silicon - Overall, the increase in industrial silicon supply puts pressure on prices, but there is also cost support below. It is expected to trade in a low - level oscillation, mainly in the range of 8,000 - 9,500 yuan/ton. If the price of the 11 - contract drops to around 8,000 yuan/ton, buying on dips can be considered [6]. Polysilicon - The polysilicon market is relatively stable. It is mainly in high - level oscillation. Supply pressure may lead to price decline, but strong spot prices provide support. Attention should be paid to policy implementation, production control, and demand - side order increases [7]. 3. Summary by Relevant Catalogs Natural Rubber - **Spot Prices and Basis**: On October 16, the price of Yunnan state - owned whole latex in Shanghai increased by 50 yuan/ton with a 0.35% increase. The overall basis of whole latex increased by 6.98%. Other varieties also showed price changes [2]. - **Monthly Spreads**: The 9 - 1 spread decreased by 25 yuan/ton with a - 166.67% change, the 1 - 5 spread increased by 10 yuan/ton, and the 5 - 9 spread increased by 15 yuan/ton with a 100% change [2]. - **Fundamental Data**: In August, Thai production decreased by 0.43%, Indonesian production decreased by 4.30%, Indian production increased by 11.11%, and Chinese production increased by 12.20. The weekly开工率 of semi - steel and full - steel tires increased, and domestic tire production in August increased by 9.10%, while tire exports decreased by 5.46%. The total import of natural rubber in August increased by 9.68% [2]. - **Inventory Changes**: Bonded area inventory decreased by 1.01%, and the factory - warehouse futures inventory of natural rubber on the SHFE decreased by 1.68%. The出库率 of dry rubber in bonded warehouses in Qingdao decreased, while the入库 and出库 rates of general - trade dry rubber increased [2]. Logs - **Futures and Spot Prices**: On October 16, the prices of log futures contracts such as 2511, 2601, 2603, and 2605 all increased slightly. The prices of spot logs in ports such as Rizhao and Taicang remained unchanged [4]. - **Supply**: In September, port shipments increased by 6.00%, and the number of ships from New Zealand to China, Japan, and South Korea increased by 4.55%. This week, the expected number of New Zealand log ships to arrive increased by 6, and the arrival volume increased by 20.05 million cubic meters [4]. - **Inventory**: As of October 10, the total inventory of coniferous logs in China reached 2.99 million cubic meters, an increase of 130,000 cubic meters from the previous week [4]. - **Demand**: As of October 10, the daily average log出库 volume was 573,000 cubic meters, a decrease of 83,000 cubic meters from the previous week [4]. Glass and Soda Ash - **Glass - related Prices and Spreads**: On October 17, the prices of glass futures contracts 2505 and 2509 increased. The basis of the 05 - contract decreased by 57.45% [5]. - **Soda Ash - related Prices and Spreads**: The prices of soda ash futures contracts 2505 increased slightly, and the 05 - contract basis decreased by 31.58% [5]. - **Supply**: The soda ash well - working rate increased by 3.37%, the weekly soda ash production increased by 3.37%, the float - glass daily melting volume increased by 1.16%, and the photovoltaic daily melting volume remained unchanged [5]. - **Inventory**: The glass end - user inventory increased by 5.84%, the soda ash factory - warehouse inventory increased by 3.74%, and the soda ash delivery - warehouse inventory increased by 4.05% [5]. - **Real Estate Data**: The new well - working area increased by 0.09%, the construction area decreased by 2.43%, and the completion area decreased by 0.03% [5]. Industrial Silicon - **Spot Prices and Basis**: On October 15, the spot prices of various industrial silicon products remained unchanged, while the basis decreased [6]. - **Monthly Spreads**: The 2510 - 2511 spread increased by 120 yuan/ton with a 400% increase, and other spreads also changed [6]. - **Fundamental Data**: In October, the national industrial silicon production increased by 9.10%, the national开工率 increased by 10.86%. Organic silicon DMC production decreased by 5.78%, and polycrystalline silicon production decreased by 1.29% [6]. - **Inventory Changes**: The factory - warehouse inventories in Xinjiang, Yunnan, and Sichuan all increased, the social inventory increased by 0.37%, the warehouse - receipt inventory decreased by 1.64%, and the non - warehouse - receipt inventory increased by 2.16% [6]. Polysilicon - **Spot Prices and Basis**: On October 15, the average prices of N - type polysilicon products were mostly unchanged, while the N - type material basis decreased by 31.70% [7]. - **Futures Prices and Monthly Spreads**: The main - contract price increased by 1.75%. The spreads between different contracts also changed [7]. - **Fundamental Data**: Weekly silicon wafer production decreased by 6.89%, and polycrystalline silicon production decreased by 0.32%. Monthly polycrystalline silicon production decreased by 1.29%, imports decreased by 14.02%, and exports increased by 40.12% [7]. - **Inventory Changes**: Polysilicon inventory increased by 6.19%, silicon wafer inventory increased by 3.39%, and polysilicon warehouse - receipts increased by 1.26% [7].

Group 1: Report Industry Investment Ratings - No industry investment ratings provided in the report Group 2: Core Views of the Report - The Sino-US trade friction is in the stage of mutual exploration. Market risk appetite may be suppressed in the short term, but the friction is more about posturing before negotiations. The stock index is expected to fall first and then rebound, with an upward long - term trend and potentially larger short - term fluctuations [2] - The 10 - year Treasury bond has different performances. When the 10 - year Treasury bond interest rate rises above 1.8%, the allocation value recovers, and it may face resistance at 1.75% and 1.7%. Short - term Treasury bond futures are expected to continue to fluctuate within a range [2] - Safe - haven demand supports the strong performance of precious metals. Gold remains strong, and silver rises in tandem with gold [2] - The shipping index (European line) EC main contract shows downward movement, with short - term fluctuations [2] - The steel market shows signs of recovery in apparent demand, and inventory starts seasonal destocking, while profit margins are converging [2] - The supply - side disturbances in the iron ore market are weakening, and the market is weakening from a shock [2] - The coking coal market has a rebound in coal prices and increasing downstream replenishment demand, while the coke market has the first round of price increases before the festival and is temporarily stable [2] - The copper price is oscillating at a high level, and the alumina price is oscillating downward due to loose cost support [2] - The aluminum market has a narrow - range oscillation, and the inventory is destocking [2] - The crude oil price is under pressure due to Sino - US trade tensions and inventory accumulation [2] - The urea market has limited improvement in supply - demand balance due to falling daily production, and the market lacks strong drivers [2] - The PX and PTA markets have weak supply - demand expectations and limited oil price support, with low - level oscillations [2] - The short - fiber market has low inventory pressure and short - term support [2] - The bottle - chip market has a loose supply - demand pattern, but the processing margin has improved in the short term [2] - The ethanol market has port inventory accumulation and a weak far - month supply - demand structure, so it is weak in the short term [2] - The caustic soda and PVC markets have stable or rising prices and stronger basis quotes [2] - The benzene and styrene markets have weak supply - demand expectations and price pressure [2] - The synthetic rubber market has stable cost support but a loose supply - demand situation, with a short - term expected rebound [2] - The LLDPE and PP markets have weak supply - demand and price oscillations [2] - The agricultural product markets such as soybeans, corn, and cotton have different supply - demand situations and price trends [2] - The special commodity markets such as glass and rubber have different price trends and operational suggestions [2] - The new energy markets such as polysilicon and lithium carbonate have upward price trends and different operational suggestions [2] Group 3: Summaries by Related Catalogs Stock Index - The stock index is expected to fall first and then rebound, with an upward long - term trend. Short - term fluctuations may increase. Conservative investors can wait for the fluctuations to converge and then enter the market at low levels, mainly by selling put options at the support level [2] Treasury Bond - The short - term Treasury bond futures are expected to continue to fluctuate within a range. The T2512 contract may fluctuate between 107.4 - 108.3. It is recommended to wait for over - adjustment opportunities [2] Precious Metals - Gold remains strong due to safe - haven demand. Long positions can be held with stop - loss and take - profit measures, or out - of - the - money call options can be used instead. Silver follows gold's upward trend, and long positions above $53 should be held [2] Shipping Index (European Line) - The EC main contract has short - term fluctuating movements. It is recommended to buy below 1600, stay on the sidelines for single - side trading, and conduct reverse arbitrage at high prices for the month - spread [2] Steel - The steel market has recovered apparent demand and seasonal destocking. The profit margin is converging. Single - side trading should be on the sidelines, and the month - spread can be reverse - arbitraged at high prices [2] Iron Ore - The iron ore market is weakening from a shock. Single - side trading should be on the sidelines, with a reference range of 750 - 800. Arbitrage can be done by going long on coking coal and short on iron ore [2] Coking Coal and Coke - For coking coal, go long at low levels in the range of 1120 - 1250 and conduct arbitrage by going long on coking coal and short on coke. For coke, go long at low levels in the range of 1620 - 1770 and conduct the same arbitrage [2] Non - ferrous Metals - Copper is oscillating at a high level, with the main contract focusing on the 84000 - 85000 support. Alumina is oscillating downward, with a main operating range of 2750 - 2950. Aluminum is oscillating in a narrow range, with the main contract referring to 20700 - 21300 [2] Energy and Chemicals - Crude oil is under pressure due to trade tensions and inventory accumulation. It is recommended to go short on the single - side. Urea lacks strong drivers, and it is recommended to stay on the sidelines. PX and PTA have weak supply - demand expectations, and it is recommended to stay on the sidelines and look for short - selling opportunities on rebounds [2] Agricultural Products - Different agricultural products have different supply - demand situations and price trends. For example, soybeans are under pressure, and cotton has increasing supply pressure [2] Special Commodities - Glass has a strengthening market sentiment and a rebound. It is recommended to stop losses on short positions. Rubber should be monitored for raw material price increases during the peak - production period [2] New Energy - Polysilicon is rising in an oscillating manner, and long positions should be held. Lithium carbonate is strongly operating, with the main contract price referring to the 74000 - 76000 range [2]

1. Report Industry Investment Ratings No investment ratings were provided in the reports. 2. Core Views Tin - Supply is tight with low processing fees and uncertain Myanmar supply; demand is weak, and short - term macro - perturbations are expected. Consider buying on macro - sentiment drops. The future price depends on Myanmar's supply recovery [2]. Aluminum Alloy - Cost support is strong, supply has potential pressure, demand is moderately recovering, and inventory is showing a downward trend. ADC12 prices are expected to remain high and fluctuate in the short term [3]. Alumina - The market is in an oversupply situation, with cost support weakening and demand remaining sluggish. Spot prices are expected to remain under pressure, and the main contract may fluctuate in the range of 2750 - 2950 yuan/ton [4]. Aluminum - The macro environment is favorable, and the fundamentals are in a tight - balance state. High prices are suppressing downstream procurement. Aluminum prices are expected to remain high and fluctuate in the short term [4]. Nickel - Macro risks are increasing, there is some positive news in the ore sector, and inventory is accumulating. The price is expected to fluctuate within a range [5]. Stainless Steel - Macro risks are magnified, raw material prices are firm, but downstream demand fails to meet expectations, and inventory is under pressure. The short - term price is expected to be weak and fluctuate [7]. Lithium Carbonate - The supply path is becoming clear, demand in the peak season is strong, and inventory is decreasing. The short - term price is expected to be strong [10]. Copper - High copper prices are suppressing demand. Macro factors and supply shortages will influence the price. The long - term supply shortage will support the price, and the main contract should pay attention to the 84000 - 85000 support level [12][14]. 3. Summary by Related Catalogs Tin Price and Spread - SMM 1 tin decreased by 0.18% to 281200 yuan/ton; LME 0 - 3 spread decreased by 15.05% to - 130.01 dollars/ton [2]. Fundamental Data - August tin ore imports decreased by 0.11%; September SMM refined tin production decreased by 31.71% [2]. Inventory - SHEF inventory decreased by 8.55% to 5879 tons; social inventory decreased by 1.32% to 7786 tons [2]. Aluminum Alloy Price and Spread - SMM ADC12 prices remained unchanged; some scrap - to - refined aluminum price spreads increased [3]. Fundamental Data - September recycled aluminum alloy ingot production increased by 7.48% to 66.10 million tons; August primary aluminum alloy ingot production increased by 1.88% to 27.10 million tons [3]. Inventory - Recycled aluminum alloy ingot social inventory decreased by 2.84% to 5.48 million tons [3]. Alumina Price and Spread - SMM A00 aluminum increased by 0.14% to 20950 yuan/ton; alumina prices in various regions decreased [4]. Fundamental Data - September alumina production decreased by 1.74% to 760.37 million tons; September electrolytic aluminum production decreased by 3.16% to 361.48 million tons [4]. Inventory - Chinese electrolytic aluminum social inventory decreased by 3.39% to 62.70 million tons; LME inventory decreased by 0.73% [4]. Aluminum - Similar to the alumina section in price, spread, fundamental data, and inventory aspects [4]. Nickel Price and Spread - SMM 1 electrolytic nickel decreased by 0.12% to 122150 yuan/ton; some nickel ore and new - energy material prices changed [5]. Fundamental Data - Chinese refined nickel production increased by 1.26% to 32200 tons; refined nickel imports decreased by 3.00% [5]. Inventory - SHFE inventory increased by 1.75% to 29575 tons; social inventory increased by 7.02% to 43694 tons [5]. Stainless Steel Price and Spread - 304/2B (Wuxi Hongwang 2.0 roll) increased by 0.78% to 13000 yuan/ton; some raw material prices changed [7]. Fundamental Data - September 300 - series stainless - steel crude - steel production increased slightly; stainless - steel imports increased by 60.48% in August [7]. Inventory - 300 - series social inventory (Wuxi + Foshan) decreased by 0.56% to 50.18 million tons; SHFE warehouse receipts decreased by 0.92% to 8.32 million tons [7]. Lithium Carbonate Price and Spread - SMM battery - grade lithium carbonate remained unchanged at 73000 yuan/ton; some lithium raw material prices increased [10]. Fundamental Data - September lithium carbonate production increased by 2.37% to 87260 tons; demand increased by 12.28% [10]. Inventory - September lithium carbonate total inventory decreased slightly; downstream inventory increased by 15.29%, and smelter inventory decreased by 19.16% [10]. Copper Price and Spread - SMM 1 electrolytic copper decreased by 0.07% to 85175 yuan/ton; some spreads and premiums changed [12][14]. Fundamental Data - September electrolytic copper production decreased by 4.31% to 112.10 million tons; August electrolytic copper imports decreased by 10.99% [12][14]. Inventory - Domestic social inventory increased by 6.73% to 17.75 million tons; SHFE inventory increased by 15.42% to 10.97 million tons [12][14].