1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views of the Reports - The overall sentiment in the A - share market is mixed. The stock index shows a pattern of first decline and then rebound in the short - term, with the medium - to - long - term upward trend remaining unchanged. The bond market is affected by the stock market and economic data, showing a pattern of wide - range fluctuations [2][4][7]. - Precious metals are expected to maintain a strong trend due to concerns about the US economic outlook and geopolitical conflicts. The price of silver is also expected to remain strong, but the domestic silver price may lag behind the international market [8][9][10]. - The shipping index (European line) is expected to show a moderately strong and volatile pattern in the short - term [12][13]. - In the non - ferrous metal sector, the price of copper is expected to fluctuate, alumina is expected to be weakly volatile, aluminum is expected to be highly volatile, zinc is expected to fluctuate, tin is expected to be highly volatile, nickel is expected to be range - bound, stainless steel is expected to be weakly volatile, and lithium carbonate is expected to be in a consolidation phase [18][23][26][31][37][40][44]. - In the black metal sector, the steel market needs to observe the recovery of post - holiday demand, iron ore is expected to be weakly volatile, coking coal is recommended for short - term long positions, and coke is recommended for speculative long positions [45][47][52][55]. - In the agricultural product sector, soybean meal prices are expected to be under pressure, and pig prices are expected to face supply pressure in the medium - to - long - term [56][58][60]. 3. Summary by Directory Financial Derivatives Financial Futures - **Stock Index Futures**: On Wednesday, the A - share market rebounded with reduced trading volume. The export - related sectors recovered. The four major stock index futures contracts all rose, and the basis spread of the main contracts showed a narrow - range fluctuation. The Sino - US trade friction is in a stage of mutual exploration. The stock index is expected to decline first and then rebound in the short - term, with the medium - to - long - term upward trend remaining unchanged [2][3][4]. - **Treasury Bond Futures**: The treasury bond futures mostly closed down after wide - range fluctuations. The bond market was affected by the strong performance of the stock market and was less sensitive to economic data. The bond market is expected to continue to fluctuate within a range in the short - term, and it is recommended to wait and see [5][7]. Precious Metals - The US economic activity is affected by tariffs and government shutdowns. The US dollar is weakening, and precious metals continue to be strong. Gold prices reached a new high, and silver prices rose more significantly. In the future, precious metals are expected to maintain a bull market, and it is recommended to hold long positions with stop - loss and take - profit measures [8][9][10]. Shipping Index (European Line) - The spot freight rates of shipping to Europe vary among different shipping companies. The shipping index shows a mixed trend. The supply of global container capacity has increased, and the demand in the eurozone and the US shows different situations. The futures market showed an upward trend on the previous day, and it is expected to be moderately strong and volatile in the short - term [12][13]. Commodity Futures Non - Ferrous Metals - **Copper**: The spot trading is average, and the price fluctuates. The supply of copper mines is tight, and the production of refined copper may decline. The demand has strong resilience, but the high price suppresses demand. The inventory shows a pattern of de - stocking in LME and stocking in domestic and COMEX. The price is expected to fluctuate, and the main contract is recommended to focus on the support level of 84000 - 85000 [14][16][18]. - **Alumina**: The cost support is weakening, and the price is exploring the bottom. The supply is in an oversupply situation, and the demand is weak. The inventory shows a mixed trend. The price is expected to be weakly volatile, and the main contract is expected to fluctuate between 2750 - 2950 [18][20][21]. - **Aluminum**: The price has slightly declined from the high level, and the spot premium has rebounded. The supply shows a structural tightness, and the demand is differentiated. The inventory is at a relatively low level. The price is expected to be highly volatile, and the main contract is recommended to operate between 20700 - 21300 [21][23]. - **Aluminum Alloy**: The price is maintaining a high - level volatility. The cost support is strong, but the inventory pressure is increasing. The supply and demand are in a state of game. The price is expected to be highly volatile, and the main contract is recommended to operate between 20200 - 20800 [24][26]. - **Zinc**: The fundamental factors have limited support for the price, and the price fluctuates. The supply is in a state of loose - to - tight transition, and the demand has no significant improvement. The inventory is increasing. The price is expected to fluctuate, and the main contract is recommended to operate between 21500 - 22500 [27][30][31]. - **Tin**: The strong fundamentals support the high - level volatility of the price. The supply of tin mines is tight, and the demand shows a structural differentiation. The inventory shows a mixed trend. The price is expected to be highly volatile, and it is recommended to pay attention to buying opportunities when the macro - sentiment declines [31][33][34]. - **Nickel**: The price is maintaining a range - bound pattern. The macro - expectations are changing, and the supply of nickel mines has some positive factors. The demand is relatively stable, and the inventory is increasing. The price is expected to be range - bound, and the main contract is recommended to operate between 120000 - 126000 [34][36][37]. - **Stainless Steel**: The spot trading is cautious, and the demand is insufficient. The raw material prices are firm, but the downstream demand has not been effectively realized. The inventory is increasing. The price is expected to be weakly volatile, and the main contract is recommended to operate between 12400 - 12800 [38][40]. - **Lithium Carbonate**: The price is maintaining a consolidation phase. The supply is increasing, and the demand is optimistic. The inventory is decreasing. The price is expected to be in a consolidation phase, and the main contract is recommended to have a price center between 70000 - 75000 [42][43][44]. Black Metals - **Steel**: The spot price is weakly declining. The cost and profit situation is changing, and the supply and demand show different trends. The inventory is increasing. It is necessary to observe the recovery of post - holiday demand, and it is recommended to wait and see for single - side trading [45][46]. - **Iron Ore**: The supply - side disturbances are weakening, and the demand is weakening. The inventory is increasing. The price is expected to be weakly volatile, and it is recommended to wait and see for single - side trading and consider the arbitrage strategy of long coking coal and short iron ore [47][48][49]. - **Coking Coal**: The post - holiday coal price has rebounded, and the downstream replenishment demand has increased. The supply of Mongolian coal may decrease. The price is expected to rise in the short - term, and it is recommended to go long on the 2601 contract in the short - term and consider the arbitrage strategy of long coking coal and short coke [50][52]. - **Coke**: The first - round price increase was implemented before the holiday, and it is difficult to have a second - round increase. The supply is affected by the cost, and the demand is weak. The inventory shows a mixed trend. It is recommended to go long on the 2601 contract speculatively and consider the arbitrage strategy of long coking coal and short coke [53][55]. Agricultural Products - **Meal Products**: The US soybean price is under pressure. The domestic soybean supply is sufficient in the fourth quarter, and the price of soybean meal is expected to be weak. It is recommended to pay attention to the uncertainty of soybean arrivals and consider the 1 - 5 positive arbitrage [56][58]. - **Pigs**: The pig price has rebounded due to the entry of secondary fattening. However, the supply pressure will continue to be released in the medium - to - long - term. It is recommended to go short on the futures and hold the LH1 - 5 and LH3 - 7 reverse arbitrage [59][60].

股指期货持仓日度跟踪 投资咨询业务资格： 广发期货研究所 电 话：020-88818051 E-Mail：yeqianning@gf.com.cn 目录： 股指期货： IF、IH、IC、IM | 品种 | | 主力合 约 | 总持仓点评 | 前二十席位重要变动 | | --- | --- | --- | --- | --- | | 沪深 | 300 | IF2512 | 总持仓明显下降 | 中信建投多空头皆增仓超 1000 手 | | 上证 | 50 | IH2512 | 总持仓明显下降 | 国君多头减仓 2000 手 | | 中证 | 500 | IC2512 | 总持仓大幅下降 | 国君多空头各减仓近 5000 手 | | 中证 | 1000 | IM2512 | 总持仓明显下降 | 国君多空头各减仓近 3000 手 | [股指期货] ◆ IF：总持仓明显下降，中信建投多空头皆增仓超 1000 手 【品种总持仓及主力合约持仓变化】 股指期货持仓日度变动简评 -2,013.0 -1,687.0 -10,422.0 -2,448.0 -7,289.0 -6,349.0 -16,356.0 -5,978.0 - ...

1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views - The market risk preference may be suppressed in the short - term due to Trump's statement on tariff hikes, causing A - shares to decline, but the stock index is expected to fall first and then rebound, with an upward long - term trend [3]. - The bond market warms up due to stock market adjustments and loose liquidity, and short - term treasury bond futures are expected to continue to fluctuate within a range [3]. - Gold has large market fluctuations before the APEC meeting in South Korea at the end of October, and silver maintains a strong trend [3]. - Steel products' hot - rolled coils have accumulated inventory, and attention should be paid to post - holiday demand recovery; the iron ore market has weakened [3]. - The price of crude oil is under pressure due to Sino - US trade tensions and a pessimistic IEA report; most chemical products have weak supply - demand expectations [3]. - Agricultural products such as soybeans, corn, and palm oil are affected by various factors and show different trends, with some under pressure and some in a weak pattern [3]. - Special commodities like soda ash and glass are in a situation of oversupply and weak operation; industrial silicon prices are weakly fluctuating [3]. - New energy products such as polysilicon and lithium carbonate have different trends, with polysilicon having a late - session rebound and lithium carbonate having a tight - balance fundamental situation [3]. 3. Summary by Related Catalogs Financial Index Futures - The stock index rises and then falls, with a style switch on the market. Due to the tariff conflict, the stock index is expected to fall first and then rebound in the short - term, and the long - term upward trend remains unchanged. Conservative investors can wait for the volatility to converge and then enter the market at low prices [3]. Treasury Bonds - The stock market adjustment and loose liquidity promote the bond market to warm up. Short - term treasury bond futures are expected to continue to fluctuate within a range. For example, T2512 may fluctuate between 107.4 - 108.3, and it is recommended to wait and see for over - adjustment opportunities [3]. Precious Metals - Gold has large fluctuations before the APEC meeting in South Korea at the end of October. One can choose to buy lightly above 910 yuan and set stop - loss and take - profit. Silver maintains a strong trend above 50 dollars [3]. Shipping Index (European Line) - From the perspective of macro - uncertainty factors, it is recommended to be cautious and wait and see [3]. Black Steel - Hot - rolled coils have accumulated a lot of inventory, and attention should be paid to post - holiday demand recovery. The profit of the coil - screw spread converges [3]. Iron Ore - Supply - side disturbances weaken, shipments decline, arrivals increase, and the iron ore market weakens. It is recommended to wait and see for the time being, with a reference range of 750 - 830 [3]. Coking Coal - After the holiday, coal prices in coal - producing areas are weak, downstream replenishment demand weakens, and there are concerns about reduced Mongolian coal supply. It is recommended to go long on JM2601 at low prices, with a reference range of 1080 - 1200 [3]. Coke - The first round of price increases was implemented before the holiday, and there is not much room for further increases. It is recommended to go long on J2601 at low prices, with a reference range of 1550 - 1700 [3]. Non - ferrous - Copper prices fluctuate, and it is recommended to take profit on long positions at high prices. Aluminum, zinc, nickel, stainless steel, etc. all have corresponding price reference ranges and operation suggestions [3]. - Tin can be bought when the macro - sentiment drops. Energy and Chemical Crude Oil - Sino - US trade tensions and a pessimistic IEA report suppress oil prices. It is recommended to maintain a short - selling strategy on the single side, with support levels for different benchmarks provided [3]. Chemical Products - Most chemical products such as urea, PX, PTA, etc. have weak supply - demand expectations, and corresponding operation suggestions such as short - selling on rebounds and month - spread reverse arbitrage are given [3]. Agricultural Products - Different agricultural products such as soybeans, corn, palm oil, sugar, cotton, eggs, apples, and dates are affected by various factors and show different trends and price ranges, with corresponding operation suggestions [3]. Special Commodities - Soda ash and glass are in a situation of oversupply and weak operation, and it is recommended to hold short positions. Rubber can be observed during the peak - production period, and industrial silicon prices fluctuate within a range [3]. New Energy - Polysilicon rebounds in the late session, and it is recommended to hold long positions. Lithium carbonate has a tight - balance fundamental situation, with a price - center reference range of 70,000 - 75,000 yuan [3].

Report Summary for Polyolefins 1. Industry Investment Rating No investment rating is provided in the report. 2. Core View The post - holiday inventory pressure of polyolefins remains significant. The supply side has long - term supply pressure, and the demand side lacks highlights. The upside space of the 01 contract is limited. PE's supply pressure is prominent due to increased domestic production and overseas destocking. PP's valuation has been repaired, and attention should be paid to the restart rhythm of devices and new device production pressure in October [2]. 3. Key Points from Catalog - **Price and Spread**: On October 14, compared with the 13th, L2601, L2509, PP2601, and PP2509 futures prices all declined, with L2601 down 0.93%, L2509 down 1.05%, PP2601 down 1.36%, and PP2509 down 0.98%. The spread between L2509 - 2601 decreased by 10.23%, while the spread between PP2509 - 2601 increased by 47.17%. Spot prices of some products also changed, such as the 0.31% increase in East China PP fiber spot and the 0.86% decrease in North China LDPE film material spot [2]. - **Inventory**: PE enterprise inventory increased by 27.67% to 48.9 (unit not clearly stated), and social inventory increased by 4.02% to 54.6 million tons. PP enterprise inventory increased by 30.96% to 68.1 million tons, and trader inventory increased by 39.48% to 26.1 (unit not clearly stated) [2]. - **Operating Rate**: PE device operating rate increased by 2.26% to 83.9%, and downstream weighted operating rate increased by 0.52% to 44.4%. PP device operating rate increased by 1.5% to 77.7%, and powder operating rate increased by 5.4% to 39.3% [2]. Report Summary for Benzene - Styrene 1. Industry Investment Rating No investment rating is provided in the report. 2. Core View The supply of pure benzene is expected to be loose in October, and the price driver is weak. The supply of styrene is expected to remain high, and the price is still under pressure. For pure benzene, BZ2603 should follow the fluctuations of styrene and oil prices. For styrene, the rebound of EB11 price should be treated as short - selling [5]. 3. Key Points from Catalog - **Price and Spread**: On October 14, compared with the 13th, the prices of most products in the pure benzene and styrene industry chain declined. For example, Brent crude oil (November) decreased by 1.5%, and CFR China benzene decreased by 2.1%. The EB cash flow (non - integrated) decreased by 30.0% [5]. - **Inventory**: Pure benzene inventory in Jiangsu ports decreased by 1.1% to 9.00 million tons, and styrene inventory in Jiangsu ports decreased by 2.7% to 19.65 million tons [5]. - **Operating Rate**: The Asian pure benzene operating rate increased by 1.4% to 80.1%, and the domestic styrene operating rate decreased by 0.1% to 73.2% [5]. Report Summary for Methanol 1. Industry Investment Rating No investment rating is provided in the report. 2. Core View The methanol market has a mixed situation of long and short factors. The 01 contract fluctuates between real - time pressure and future expectations. Attention should be paid to the supply reduction expectation caused by overseas gas restrictions in mid - October, as well as the operation of overseas devices and the situation of Iranian ship sanctions [6]. 3. Key Points from Catalog - **Price and Spread**: On October 14, compared with the 13th, MA2601 decreased by 2.90%, and MA2605 decreased by 2.29%. The MA15 spread increased by 116.67%, and the Taicang basis decreased by 72.22% [6]. - **Inventory**: Methanol enterprise inventory increased by 6.08% to 33.94 (unit not clearly stated), port inventory increased by 3.42% to 154.3 million tons, and social inventory increased by 3.89% to 188.3 (unit not clearly stated) [6]. - **Operating Rate**: The upstream domestic enterprise operating rate increased by 1.01% to 78%, and the downstream external - procurement MTO device operating rate increased by 4.63% to 86.28% [6]. Report Summary for Polyester Industry Chain 1. Industry Investment Rating No investment rating is provided in the report. 2. Core View In the polyester industry chain, PX is expected to be weak in the fourth quarter, and short - term PX is in weak shock. Ethylene glycol is expected to accumulate inventory, and the price is weak. Short - fiber prices are under pressure, and bottle chips are likely to enter the seasonal inventory accumulation channel [8]. 3. Key Points from Catalog - **Price and Spread**: On October 14, compared with the 13th, the prices of most products in the polyester industry chain declined. For example, Brent crude oil (December) decreased by 1.5%, and POY150/48 price decreased by 0.4% [8]. - **Operating Rate**: The coal - based MEG operating rate increased from 74.4% to 78.8%, and the Asian PX operating rate increased by 2.4% to 79.9% [8]. - **Inventory and Forecast**: MEG port inventory increased by 6.7% to 54.1 million tons, and the expected arrival of MEG increased by 27.5% to 10.2 million tons [8]. Report Summary for PVC and Caustic Soda 1. Industry Investment Rating No investment rating is provided in the report. 2. Core View The price of caustic soda is expected to be weak in the short - term but has long - term demand support. PVC production pressure has slightly eased, but there is still inventory accumulation pressure, and the short - term disk is expected to continue to be under pressure [9]. 3. Key Points from Catalog - **Price and Spread**: On October 14, compared with the 13th, the prices of some PVC and caustic soda products declined. For example, the East China calcium - carbide - based PVC market price decreased by 0.7%, and the 50% liquid caustic soda converted price in Shandong decreased by 0.8% [9]. - **Supply and Demand**: The caustic soda industry operating rate increased by 1.6% to 88.2%, and the PVC total operating rate increased by 6.2% to 80.8%. The operating rates of some downstream industries of caustic soda and PVC decreased, such as the 18.8% decrease in the开工 rate of Longzhong sample profiles [9]. - **Inventory**: The PVC upstream factory inventory increased by 20.5% to 38.4 million tons, and the total PVC social inventory increased by 4.2% to 55.7 million tons [9].

Report Industry Investment Rating No investment rating information is provided in the reports. Core Viewpoints No clear core viewpoints are presented in the reports. The reports mainly provide data on various futures and related market indicators. Summary by Relevant Catalogs 1. Stock Index Futures Spread Daily Report - **IF期现价差**: The latest value is -31.86, a change of -0.49 from the previous day, with a 1-year historical quantile of 23.30% and an all-time quantile of 11.50% [1]. - **IF跨期价差**: For example, the "次月 - 当月" value is -25.20, a change of -12.00 from the previous day, with a 1-year historical quantile of 18.80% and an all-time quantile of 17.40% [1]. - **IH期现价差**: The latest value is -2.70, a change of 2.91 from the previous day, with a 1-year historical quantile of 36.00% and an all-time quantile of 42.80% [1]. - **IH跨期价差**: For example, the "次月 - 当月" value is -3.60, with no change from the previous day, a 1-year historical quantile of 26.20%, and an all-time quantile of 41.90% [1]. - **IC期现价差**: The latest value is -184.85, a change of -39.29 from the previous day, with a 1-year historical quantile of 1.60% and an all-time quantile of 0.10% [1]. - **IC跨期价差**: For example, the "次月 - 当月" value is -87.40, a change of -15.40 from the previous day, with a 1-year historical quantile of 4.50% and an all-time quantile of 2.70% [1]. - **IM期现价差**: The latest value is -227.35, a change of -13.39 from the previous day, with a 1-year historical quantile of 25.00% and an all-time quantile of 1.50% [1]. - **IM跨期价差**: For example, the "次月 - 当月" value is -110.00, a change of -28.20 from the previous day, with a 1-year historical quantile of 5.00% and an all-time quantile of 1.10% [1]. - **跨品种比值**: For example, the "中证500/沪深300" ratio is 1.5851, a change of -0.0206 from the previous day, with a 1-year historical quantile of 93.80% and an all-time quantile of 68.40% [1]. 2. Treasury Bond Futures Spread Daily Report - **基差**: For example, the T base spread is 1.7854, a change of 0.1247 from the previous day, with a quantile of 61.90% since the contract's listing [3]. - **跨期价差**: For example, the TS "当季 - 下季" spread is 0.0920, a change of -0.0040 from the previous day, with a quantile of 44.80% [3]. - **跨品种价差**: For example, the "TS - TF" spread is -3.3910, a change of -0.0760 from the previous day, with a quantile of 9.90% [3]. 3. Precious Metals Futures and Spot Daily Report - **国内期货收盘价**: The AU2512 contract closed at 938.98 yuan/gram on October 14, up 1.23% from the previous day; the AG2512 contract closed at 11533 yuan/kilogram, up 0.02% [5]. - **外盘期货收盘价**: The COMEX gold主力 contract closed at 4159.60 dollars/ounce on October 14, up 0.72% from the previous day; the COMEX silver主力 contract closed at 50.35 dollars/ounce, down 0.85% [5]. - **现货价格**: The London gold price was 4141.54 dollars/ounce on October 14, up 0.77% from the previous day; the London silver price was 51.41 dollars/ounce, down 1.76% [5]. - **基差**: For example, the "黄金TD - 沪金主力" base spread is 0.97, a change of 2.05 from the previous day, with a 1-year historical quantile of 98.30% [5]. - **比价**: For example, the "COMEX金/银" ratio is 82.62, up 1.58% from the previous day [5]. - **利率与汇率**: The 10-year US Treasury bond yield was 4.03% on October 14, down 5.8% from the previous day; the US dollar index was 99.05, down 0.22% [5]. - **库存与持仓**: The Shanghai Futures Exchange's gold inventory was 72183 kilograms on October 14, up 2.06% from the previous day; the COMEX gold inventory was 39660680 ounces, down 0.16% [5]. 4. Container Shipping Industry Futures and Spot Daily Report - **现货报价**: For example, the MAERSK's Shanghai - Europe future 6 - week freight rate was 1884 dollars/FEU on October 15, down 1.10% from the previous day [6]. - **集运指数**: The SCFIS (European route) settlement price index was 1031.80 points on October 13, down 1.40% from October 6; the SCFIS (US West route) was 862.48 points, down 1.64% [6]. - **期货价格及基差**: The EC2602 contract closed at 1464.4 on October 14, up 7.68% from the previous day; the base spread of the main contract was -418.2, down 14.89% from the previous day [6]. - **基本面数据**: The global container shipping capacity supply was 3319.99 FTEU on October 15, with no change from the previous day; the Shanghai port's punctuality rate was 42.77 on October 15, up 133.59% from the previous day [6].

1. Report Industry Investment Ratings - No industry investment ratings were provided in the reports. 2. Core Views of the Reports Industrial Silicon - Industrial silicon supply increased in October, putting pressure on prices, but there is cost support below, and it is expected to fluctuate at a low level. The main price fluctuation range may be between 8,000 - 9,500 yuan/ton. If the price of the 11 - contract drops to around 8,000 yuan/ton, consider going long on a trial basis [1]. Polysilicon - The polysilicon market is relatively stable, with high - level fluctuations. The increasing supply pressure may cause prices to decline, but if the spot is strong, there is still strong support below. The quality of futures delivery products is good, which may bring trading opportunities on the futures market. Pay attention to policy implementation, production control, and whether there is an increase in demand orders [2]. Natural Rubber - In the short term, the driving force for rubber prices is limited. It is expected that rubber prices will run around 15,500 yuan/ton. Subsequently, pay attention to the raw material output in the peak production season of the main producing areas. If the raw material supply is smooth, there may be further downward space [3]. Logs - There is no obvious driving force in the current log supply and demand. The near - month 11 - contract has insufficient willingness of long - positions to take delivery, and the far - month 01 - contract is relatively strong. The market may fluctuate widely in the short term, and there is certain support below the price during the seasonal peak season [4]. Glass and Soda Ash - Soda ash continues to weaken, with inventory piling up. The overall supply - demand pattern is bearish, and it is recommended to continue the short - selling strategy on rebounds. Glass sales are sluggish, the market price is weak, and the trading is bearish during the peak season. The market is expected to remain weak in the short term [5]. 3. Summary by Relevant Catalogs Industrial Silicon Spot Prices and Basis - The average market price of oxygen - passing Si5530 industrial silicon in the East China region was 9,400 yuan/ton, down 50 yuan/ton [1]. Monthly Spreads - The spread of 2510 - 2511 was - 30 yuan/ton, down 55 yuan/ton compared to the previous day, a decrease of 220% [1]. Fundamental Data (Monthly) - The national industrial silicon output was 42.08 million tons, an increase of 3.51 million tons compared to the previous year, a growth of 9.1% [1]. Inventory Changes - The weekly inventory of factories in Xinjiang was 10.86 million tons, an increase of 0.22 million tons compared to the previous week, a growth of 2.07% [1]. Polysilicon Spot Prices and Basis - The average price of N - type re -投料 was stable at 52,750 yuan/ton [2]. Futures Prices and Monthly Spreads - The price of the main contract was 49,990 yuan/ton, an increase of 1,250 yuan/ton compared to the previous day, a growth of 2.56% [2]. Fundamental Data (Weekly and Monthly) - The weekly polysilicon output was 3.10 million tons, a decrease of 0.01 million tons compared to the previous week, a decline of 0.32% [2]. Inventory Changes - The polysilicon inventory was 24.00 million tons, an increase of 1.40 million tons compared to the previous period, a growth of 6.19% [2]. Natural Rubber Spot Prices and Basis - The price of 2CRML rubber from South China was 14,250 yuan/ton, unchanged from the previous day [3]. Monthly Spreads - The 9 - 1 spread was 0 yuan/ton, unchanged from the previous day [3]. Fundamental Data - In August, Thailand's rubber production was 458.80 million tons, a decrease of 2.00 million tons compared to the previous year, a decline of 0.43% [3]. Inventory Changes - The bonded area inventory was 456,525 tons, a decrease of 4,663 tons compared to the previous day, a decline of 1.01% [3]. Logs Futures and Spot Prices - The price of the 2511 log contract was 787.5 yuan/cubic meter, a decrease of 15.5 yuan/cubic meter compared to the previous day, a decline of 1.93% [4]. Supply - In September, the port shipping volume was 1.766 million cubic meters, an increase of 100,000 cubic meters compared to August, a growth of 6% [4]. Inventory - As of October 10, the national log inventory was 2.99 million cubic meters, an increase of 130,000 cubic meters compared to the previous week, a growth of 4.55% [4]. Demand - As of October 10, the average daily log delivery volume in China was 57,300 cubic meters, a decrease of 8,300 cubic meters compared to the previous week, a decline of 13% [4]. Glass and Soda Ash Glass - Related Prices and Spreads - The North China glass quotation was 1,220 yuan/ton, a decrease of 10 yuan/ton compared to the previous day, a decline of 0.81% [5]. Soda Ash - Related Prices and Spreads - The North China soda ash quotation was 1,300 yuan/ton, unchanged from the previous day [5]. Supply - The soda ash weekly output was 770,800 tons, an increase of 25,000 tons compared to the previous week, a growth of 3.37% [5]. Inventory - The glass factory warehouse inventory was 62.824 million heavy boxes, an increase of 3.469 million heavy boxes compared to the previous period, a growth of 5.84% [5]. Real Estate Data - The year - on - year growth rate of new construction area was - 0.09%, an increase of 0.09% compared to the previous period [5].

1. Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views Oils and Fats - Malaysian BMD crude palm oil futures are consolidating, testing the 4450 ringgit support. If it holds, there's a chance of recovery. Domestic Dalian palm oil futures are expected to weaken in the short - term and then potentially rebound after reaching around 9200 yuan. US soybean supply and export issues are dragging down CBOT soybean and soybean oil. Domestic soybean oil supply is ample, with high inventory and expected large imports in the coming months [1]. Meal - Sino - US trade relations are uncertain. US soybean fundamentals are weak, while Brazilian new - crop soybean planting is progressing well, suppressing US soybean prices. In Q4 2025, domestic soybean supply is sufficient, but there may be a shortage in Q1 2026, supporting the M2601 contract. Spot prices are expected to remain weak, and attention should be paid to the 1 - 5 positive spread opportunity [4]. Corn - In the northeast, supply is abundant, and farmers are eager to sell due to a good harvest, leading to price drops. In the north, poor grain quality and high vehicle arrivals are pressuring prices. Demand from deep - processing and feed enterprises is lackluster, but there may be seasonal restocking needs. Currently, corn is in a weak position due to strong supply and weak demand [6]. Sugar - Brazilian sugar production in the central - southern region in the first half of September met expectations. Supply pressure is keeping the raw sugar price bearish. In China, typhoons affected sugarcane growth, and downstream demand has slightly recovered. Domestic sugar prices are expected to oscillate at the bottom [11]. Cotton - New cotton has a relatively low cost, and cotton enterprises may gradually hedge on the futures market. The cost provides some support to the futures price. Downstream demand is weak, but spinning mills' cotton inventory is low, and their profit and cash - flow have improved. Medium - term cotton prices are likely to face downward pressure when prices are high [12]. Eggs - Egg prices are falling, and farmers are in the loss stage, increasing the slaughter of laying hens. There are signs of molting in some areas. Supply of large - and small - sized eggs may decrease slightly, but overall supply is still abundant due to high inventory. Demand from food enterprises and households is weak after the festival. Egg prices are expected to decline this week with no obvious positive factors [16]. 3. Summary by Related Catalogs Oils and Fats - **Soybean Oil**: On October 14, the spot price in Jiangsu remained unchanged at 8550 yuan, the futures price (Y2601) dropped to 8268 yuan (- 0.34%), the basis (Y2601) increased by 9.93%, and the warehouse receipt remained at 25444 [1]. - **Palm Oil**: The spot price in Guangdong decreased to 9260 yuan (- 0.22%), the futures price (P2601) dropped to 9330 yuan (- 0.36%), the basis (P2601) increased by 51.92%, and the import profit in Guangzhou Port for January decreased by 16.48% [1]. - **Rapeseed Oil**: The spot price in Jiangsu decreased to 10150 yuan (- 0.30%), the futures price (OI601) dropped to 9959 yuan (- 0.63%), and the basis (OI601) increased by 72.66% [1]. Meal - **Soybean Meal**: The spot price in Jiangsu remained at 2930 yuan, the futures price (M2601) dropped to 2902 yuan (- 1.02%), the basis (M2601) increased by 1500%, and the import crushing profit for Argentina's December shipment improved by 6.3% [4]. - **Rapeseed Meal**: The spot price in Jiangsu decreased to 2430 yuan (- 1.22%), the futures price (RM2601) dropped to 2348 yuan (- 1.84%), and the basis (RM2601) increased by 20.59% [4]. Corn - **Corn**: The futures price of corn 2511 increased slightly to 2093 yuan (0.05%), the Jinzhou Port FOB price decreased to 2130 yuan (- 0.93%), the basis decreased by 36.21%, and the 11 - 3 spread decreased by 42.42% [6]. - **Corn Starch**: The futures price of corn starch 2511 decreased to 2385 yuan (- 0.67%), the basis increased by 14.68%, and the 11 - 3 spread decreased by 146.67% [6]. Sugar - **Futures Market**: The futures price of sugar 2601 dropped to 5397 yuan (- 1.33%), the ICE raw sugar main contract increased to 15.87 cents/pound (1.93%), the 1 - 5 spread decreased to 27 yuan (- 15.63%), and the main contract's open interest decreased by 8.24% [11]. - **Spot Market**: The spot price in Nanning increased to 5810 yuan (0.17%), in Kunming decreased to 5780 yuan (- 0.52%), the basis in Nanning County increased by 21.55%, and the basis in Kunming increased by 10.22% [11]. Cotton - **Futures Market**: The futures price of cotton 2605 decreased to 13320 yuan (- 0.30%), cotton 2601 decreased to 13265 yuan (- 0.26%), the ICE US cotton main contract decreased to 63.43 cents/pound (- 0.17%), and the 5 - 1 spread decreased to 55 yuan (- 8.33%) [12]. - **Spot Market**: The Xinjiang arrival price of 3128B decreased to 14598 yuan (- 0.30%), the CC Index of 3128B decreased to 14755 yuan (- 0.23%), and the FC Index of M: 1% decreased to 12816 yuan (- 0.13%) [12]. Eggs - **Futures Market**: The price of the egg 11 - contract increased to 2852 yuan/500KG (1.57%), the 01 - contract increased to 3237 yuan/500KG (0.81%), and the 11 - 01 spread increased to - 385 yuan (- 4.47%) [15]. - **Spot Market**: The egg - producing area price increased slightly to 2.82 yuan/jin (0.12%), the egg - chick price remained at 2.60 yuan/feather, the culled - hen price decreased to 4.46 yuan/jin (- 3.88%), and the egg - feed ratio decreased to 2.51 (- 11.31%) [15].

1. Report Industry Investment Ratings No industry investment ratings were provided in the reports. 2. Core Views Copper - The US dollar index rebounded near 100, and copper prices fluctuated weakly. Near the Sino - US tariff extension deadline, tariff rhythm may drive short - term trading. The weak US employment data led to expectations of Fed monetary easing. The widening COMEX - LME spread attracted non - US copper to the US. - The shortage of copper mine supply is a key concern. Mines like Grasberg, Kamoa - Kakula, and El Teniente have had disruptions, which will support copper prices in the medium - to - long term. Focus on demand changes and Sino - US tariff negotiations, with support at 84000 - 85000 [1]. Aluminum - Alumina futures prices continued to decline, and the spot market was weak. With sufficient supply, high operating capacity, and increasing overseas supply, while demand was weak, the alumina market is expected to remain in surplus, with the main contract oscillating between 2800 - 3000 yuan/ton. - The center of gravity of Shanghai aluminum futures prices moved up, with a tight - balance fundamental situation. Macro - level factors are positive, but high prices suppress downstream procurement. It is expected to maintain high - level oscillations, with the main contract in the 20700 - 21300 yuan/ton range [3]. Aluminum Alloy - Casting aluminum alloy futures prices oscillated with aluminum prices. Cost support was strong due to rising scrap aluminum prices. Supply was affected by raw material shortages and unclear tax policies, while demand showed a mild recovery. Inventory was increasing, and imports were limited. It is expected that the ADC12 price will maintain high - level oscillations, with the main contract in the 20200 - 20800 yuan/ton range [4]. Zinc - Zinc prices oscillated, with pressure above. The supply - side logic of looseness has been transmitted from zinc mines to zinc ingots. The increase in zinc ingot production is limited by factors such as TC and sulfuric acid prices. Demand was not outstanding. It is expected to maintain oscillations, with the main contract in the 21500 - 22500 yuan/ton range [7]. Tin - Tin prices were affected by supply and demand. Supply of tin ore was tight, and smelting processing fees were low. Demand in traditional sectors was weak, although some consumption was driven by AI and photovoltaics. Considering the strong supply - side and macro - level uncertainties, focus on the buying point when the macro - sentiment drops. The future trend depends on the supply recovery in Myanmar [9]. Nickel - Shanghai nickel futures oscillated weakly. Macro - level factors were uncertain, including Sino - US tariffs and Fed policies. Spot nickel prices declined slightly, and downstream procurement increased. Nickel ore prices were firm, and nickel - iron prices were under pressure. It is expected to oscillate strongly, with the main contract in the 120000 - 126000 yuan/ton range [11]. Stainless Steel - Stainless steel futures prices oscillated downward. Macro - level risks were amplified, and raw material prices provided cost support. Demand in the peak season did not materialize, and inventory pressure increased. It is expected to oscillate weakly, with the main contract in the 12400 - 12800 yuan/ton range [13]. Lithium Carbonate - Lithium carbonate futures prices oscillated strongly. The fundamental situation was in a tight - balance during the peak season. Production increased, demand was optimistic, and the entire industry chain continued to reduce inventory. It is expected to oscillate, with the price center in the 70000 - 75000 yuan/ton range [15]. 3. Summary by Directory Copper Price and Basis - SMM 1 electrolytic copper rose 1.11% to 85990 yuan/ton, and its premium dropped to 50 yuan/ton. SMM Guangdong 1 electrolytic copper rose 1.48% to 86160 yuan/ton, and its premium increased to 20 yuan/ton. SMM wet - process copper rose 1.15% to 85895 yuan/ton, with a stable premium of - 45 yuan/ton. The refined - scrap spread increased 10.06% to 3567 yuan/ton [1]. Monthly Spread - The 2510 - 2511 spread increased to - 10 yuan/ton, the 2511 - 2512 spread increased to 30 yuan/ton, and the 2512 - 2601 spread increased to 90 yuan/ton [1]. Fundamental Data - In September, electrolytic copper production decreased 4.31% to 112.10 million tons, and in August, imports decreased 10.99% to 26.43 million tons. The import copper concentrate index increased 0.44 to - 40.36 dollars/ton, and domestic mainstream port copper concentrate inventory increased 3.50% to 66.02 million tons. The operating rate of electrolytic copper rod production decreased to 43.44%, and that of recycled copper rod production decreased to 18.56%. Social inventory in China increased 15.98% to 17.20 million tons, and SHFE inventory increased 15.42% to 10.97 million tons [1]. Aluminum Price and Spread - SMM A00 aluminum rose 0.48% to 20900 yuan/ton, and its premium increased to 0 yuan/ton. Alumina prices in Shandong, Henan, Shanxi, Guangxi, and Guizhou all decreased [3]. Monthly Spread - The 2509 - 2510 spread remained at - 20 yuan/ton, the 2510 - 2511 spread decreased to - 15 yuan/ton, the 2511 - 2512 spread decreased to - 5 yuan/ton, and the 2512 - 2601 spread increased to 10 yuan/ton [3]. Fundamental Data - In September, alumina production decreased 1.74% to 760.37 million tons, and electrolytic aluminum production decreased 3.16% to 361.48 million tons. In August, electrolytic aluminum imports decreased to 21.73 million tons, and exports decreased to 2.56 million tons. The operating rates of aluminum profiles, cables, sheets, foils, and primary aluminum alloys all decreased. Social inventory of electrolytic aluminum in China increased 9.80% to 65.00 million tons, and LME inventory decreased 0.41% to 50.4 million tons [3]. Aluminum Alloy Price and Spread - SMM aluminum alloy ADC12 prices remained stable. The refined - scrap spreads in Foshan, Shanghai, etc. showed different changes. The 2511 - 2512 spread increased to - 55 yuan/ton, and the 2512 - 2601 spread increased to - 20 yuan/ton [4]. Fundamental Data - In September, recycled aluminum alloy ingot production increased 7.48% to 66.10 million tons. In August, primary aluminum alloy ingot production increased 1.88% to 27.10 million tons, and scrap aluminum production increased 8.16% to 79.76 million tons. The operating rates of recycled and primary aluminum alloys increased. Social inventory of recycled aluminum alloy ingots increased 1.26% to 5.64 million tons [4]. Zinc Price and Spread - SMM 0 zinc ingot rose 0.05% to 22210 yuan/ton, and its premium increased to - 55 yuan/ton. The import loss increased to - 4931 yuan/ton, and the Shanghai - London ratio increased to 7.47 [7]. Monthly Spread - The 2510 - 2511 spread increased to - 20 yuan/ton, and other monthly spreads remained stable [7]. Fundamental Data - In September, refined zinc production decreased 4.17% to 60.01 million tons. In August, imports increased 43.30% to 2.57 million tons, and exports decreased 23.40% to 0.03 million tons. The operating rates of galvanizing, die - casting zinc alloys, and zinc oxide decreased. Social inventory of zinc ingots in China increased 15.35% to 16.31 million tons, and LME inventory increased 3.00% to 3.9 million tons [7]. Tin Spot Price and Basis - SMM 1 tin decreased 0.14% to 282000 yuan/ton, and its premium remained stable. LME 0 - 3 premium decreased 70.98% to - 105.99 dollars/ton [9]. Internal - External Ratio and Import Profit/Loss - The import loss decreased 16.14% to - 14872.09 yuan/ton, and the Shanghai - London ratio increased to 7.94 [9]. Monthly Spread - The 2510 - 2511 spread decreased to - 430 yuan/ton, the 2511 - 2512 spread decreased to - 250 yuan/ton, the 2512 - 2601 spread increased to - 200 yuan/ton, and the 2601 - 2602 spread decreased to 20 yuan/ton [9]. Fundamental Data - In August, tin ore imports decreased 0.11% to 10267 tons. In September, SMM refined tin production decreased 31.71% to 10510 tons, and the average operating rate decreased 31.77% to 43.60%. In September, Indonesian refined tin exports increased 50.00% to 4800 tons [9]. Nickel Price and Basis - SMM 1 electrolytic nickel decreased 0.29% to 122100 yuan/ton, and 1 Jinchuan nickel decreased 0.30% to 123300 yuan/ton. The LME 0 - 3 decreased 4.55% to - 203 dollars/ton, and the import profit/loss decreased 28.08% to - 1086 yuan/ton [11]. Monthly Spread - The 2511 - 2512 spread increased to - 160 yuan/ton, the 2512 - 2601 spread increased to - 220 yuan/ton, and the 2601 - 2602 spread decreased to - 220 yuan/ton [11]. Supply - Demand and Inventory - In China, refined nickel products increased 1.26% to 32200 tons, and imports decreased 3.00% to 17010 tons. SHFE inventory increased 1.75% to 29008 tons, social inventory increased 7.02% to 43694 tons, and LME inventory increased 0.48% to 243258 tons [11]. Stainless Steel Price and Basis - The price of 304/2B (Wuxi Hongwang 2.0 coil) decreased 0.38% to 12950 yuan/ton, and the spot - futures spread increased 7.77% to 515 yuan/ton [13]. Raw Material Price - The prices of Philippine laterite nickel ore, South African chrome concentrate, 8 - 12% high - nickel pig iron, and other raw materials showed different changes [13]. Monthly Spread - The 2511 - 2512 spread decreased to - 25 yuan/ton, the 2512 - 2601 spread remained at - 90 yuan/ton, and the 2601 - 2602 spread decreased to - 60 yuan/ton [13]. Fundamental Data - In China, 300 - series stainless steel crude steel production increased 0.38% to 182.17 million tons, and in Indonesia, it increased 0.36% to 42.35 million tons. In August, stainless steel imports increased 60.48% to 11.72 million tons, exports increased 7.60% to 44.79 million tons, and net exports decreased 3.65% to 33.07 million tons. The 300 - series social inventory in Wuxi and Foshan increased 6.93% to 50.46 million tons, and SHFE warehouse receipts decreased 0.79% to 8.45 million tons [13]. Lithium Carbonate Price and Basis - SMM battery - grade lithium carbonate decreased 0.14% to 73000 yuan/ton, and SMM industrial - grade lithium carbonate decreased 0.14% to 70750 yuan/ton. The lithium spodumene concentrate CIF average price decreased 0.12% to 828 dollars/ton [15]. Monthly Spread - The 2510 - 2511 spread increased to 20 yuan/ton, the 2511 - 2512 spread increased to - 120 yuan/ton, and the 2511 - 2601 spread increased to - 80 yuan/ton [15]. Fundamental Data - In September, lithium carbonate production increased 2.37% to 87260 tons, and battery - grade lithium carbonate production increased 4.77% to 67240 tons. In August, exports increased 0.70% to 383 tons. In October, production capacity increased 3.67% to 149820 tons, and the operating rate remained at 55%. Total inventory increased 0.38% to 94539 tons, downstream inventory increased 15.29% to 609999 tons, and smelter inventory decreased 19.16% to 32930 tons [15].

Report Summary 1. Industry Investment Rating - No investment rating information is provided in the report. 2. Core Views - **Steel**: Although steel demand is weak, the cost side provides support. For the January contracts, pay attention to the price supports of 3000 for rebar and 3200 for hot-rolled coils. If the hot-rolled coil apparent demand can recover to the 3.25 million tons level at the end of September, the steel inventory pressure will be low. Rebar production is lower than apparent demand, and with losses in tonnage steel profit, it is expected to maintain a de-stocking trend [2]. - **Iron Ore**: Due to the weak operation of steel prices and the continuous decline in the profitability of steel mills, concerns on the supply side and weakness on the demand side will limit iron ore to fluctuate within a range. Pay attention to whether the steel industry implements the ban on new production capacity and production reduction control in the fourth quarter, as well as the progress of China-Australia iron ore negotiations. Macroscopically, focus on the impact of the China-US tariff war and subsequent negotiations. For strategies, iron ore is still in a balanced and slightly tight pattern, and the weakness of finished products drags down raw materials. Temporarily observe on a single side, with the range referring to 750 - 830, and recommend the arbitrage strategy of going long on iron ore and short on hot-rolled coils [5]. - **Coke**: Speculative investors are advised to go long on Coke 2601 at low prices, with the range referring to 1550 - 1700. The arbitrage strategy is to go long on coking coal and short on coke. Pay attention to the signs of bottom stabilization as the market fluctuates greatly [7]. - **Coking Coal**: It is recommended to go long on Coking Coal 2601 at low prices in the short term, with the range referring to 1080 - 1200. The arbitrage strategy is to go long on coking coal and short on coke. Be cautious as the market fluctuates greatly [7]. 3. Summary by Directory Steel - **Prices and Spreads**: Rebar and hot-rolled coil spot and futures prices mostly declined. For example, rebar 05 contract dropped from 3139 to 3114, and hot-rolled coil 05 contract decreased from 3274 to 3248. Steel billet price decreased by 10 to 2930, and plate billet price remained unchanged at 3730. Profits varied, with East China hot-rolled coil profit dropping by 7 to 62 [2]. - **Production**: Daily average pig iron output decreased by 0.3 to 241.5, a 0.1% decline. The output of five major steel products decreased by 3.8 to 863.3, a 0.4% decline. Rebar production decreased by 3.6 to 203.4, a 1.7% decline, with electric furnace output dropping by 2.5 to 23.3, a 9.8% decline [2]. - **Inventory**: The inventory of five major steel products increased by 127.9 to 1600.7, an 8.7% increase. Rebar inventory increased by 57.4 to 659.6, a 9.5% increase, and hot-rolled coil inventory increased by 32.3 to 412.9, an 8.5% increase [2]. - **Demand**: Apparent demand for five major steel products decreased by 153.4 to 751.4, a 17.0% decline. Rebar apparent demand decreased by 87.9 to 153.2, a 36.5% decline, and hot-rolled coil apparent demand decreased by 29.6 to 295.0, a 9.1% decline [2]. Iron Ore - **Prices and Spreads**: The warehouse receipt costs of various iron ore powders decreased, such as the warehouse receipt cost of Carajás fines dropping by 19.8 to 830.8, a 2.3% decline. Spot prices at Rizhao Port also declined, for example, the price of Carajás fines decreased by 18.0 to 908.0, a 1.9% decline [5]. - **Supply**: The weekly global shipment volume of iron ore decreased by 71.5 to 3207.5, a 2.2% decline, while the 45-port arrival volume increased by 437.1 to 3045.8, a 16.8% increase. The national monthly import volume increased by 61.5 to 10522.5, a 0.6% increase [5]. - **Demand**: The weekly average daily pig iron output of 247 steel mills decreased by 0.3 to 241.5, a 0.1% decline. The weekly average daily port clearance volume of 45 ports decreased by 9.4 to 327.0, a 2.8% decline. The national monthly pig iron output decreased by 100.5 to 6979.3, a 1.4% decline, and the national monthly crude steel output decreased by 229.0 to 7736.9, a 2.9% decline [5]. - **Inventory**: The 45-port inventory increased by 61.6 to 14086.14, a 0.4% increase. The imported ore inventory of 247 steel mills decreased by 990.6 to 9046.2, a 9.9% decline, and the inventory available days of 64 steel mills decreased by 4.0 to 21.0, a 16.0% decline [5]. Coke and Coking Coal - **Prices and Spreads**: The price of Shanxi quasi-primary wet quenched coke (warehouse receipt) remained unchanged at 1561, and the price of Shanxi medium-sulfur primary coking coal (warehouse receipt) also remained unchanged at 1270. Coke 01 contract increased by 12 to 1655, and coking coal 01 contract increased by 8 to 1154 [7]. - **Supply**: The weekly average daily output of all-sample coking plants remained unchanged at 66.1. The weekly output of coke decreased by 0.3 to 241.5, a 0.1% decline. For coking coal, the output of sample coal mines decreased, with raw coal output decreasing by 31.3 to 836.7, a 3.6% decline, and clean coal output decreasing by 19.8 to 426.3, a 4.4% decline [7]. - **Demand**: The weekly pig iron output of 247 steel mills decreased by 0.3 to 241.5, a 0.1% decline. The weekly demand for coke decreased, and the demand for coking coal also weakened as the coking plant's operation rate decreased slightly [7]. - **Inventory**: Coke total inventory decreased by 10.1 to 909.8, a 1.1% decline. The inventory of all-sample coking plants increased by 1.5 to 63.8, a 2.5% increase, while the inventory of 247 steel mills decreased by 12.6 to 650.8, a 1.9% decline. For coking coal, the inventory of all-sample coking plants decreased by 78.7 to 959.1, a 7.6% decline, and the inventory of 247 steel mills decreased by 6.9 to 781.1, a 0.9% decline [7].

1. Report Industry Investment Rating - No information provided in the report. 2. Core View of the Report - The report presents a daily tracking and analysis of the positions of stock index futures, including IF, IH, IC, and IM, on October 14, 2025, covering total positions, main contract positions, and changes in the positions of the top 20 long and short seats [1][4][10][15][20]. 3. Summary According to Relevant Catalogs IF - **Total Position and Main Contract Position Changes**: On October 14, the total position of the IF variety increased by 1092 lots, while the position of the main contract 2512 decreased by 1415 lots [4]. - **Changes in the Positions of the Top 20 Long Seats**: Among the top 20 long seats of the IF variety on that day, Guotai Junan Futures ranked first with a total position of 46345 lots. Haitong Futures had the largest increase in long positions, adding 1475 lots during the day, while CITIC Futures had the largest decrease, reducing 1151 lots [5]. - **Changes in the Positions of the Top 20 Short Seats**: Among the top 20 short seats of the IF variety on that day, CITIC Futures ranked first with a total position of 50372 lots. Dongzheng Futures had the largest increase in short positions, adding 962 lots during the day, while CITIC Construction Investment Futures had the largest decrease, reducing 982 lots [7]. IH - **Total Position and Main Contract Position Changes**: On October 14, the total position of the IH variety increased by 337 lots, and the position of the main contract 2512 decreased by 684 lots [10]. - **Changes in the Positions of the Top 20 Long Seats**: Among the top 20 long seats of the IH variety on that day, Guotai Junan Futures ranked first with a total position of 13829 lots. Guotai Junan Futures had the largest increase in long positions, adding 2270 lots during the day, while Everbright Futures had the largest decrease, reducing 582 lots [10]. - **Changes in the Positions of the Top 20 Short Seats**: Among the top 20 short seats of the IH variety on that day, CITIC Futures ranked first with a total position of 16602 lots. Huawen Futures had the largest increase in short positions, adding 441 lots during the day, while Haitong Futures had the largest decrease, reducing 619 lots [11]. IC - **Total Position and Main Contract Position Changes**: On October 14, the total position of the IC variety increased by 10287 lots, and the position of the main contract 2512 increased by 8902 lots [15]. - **Changes in the Positions of the Top 20 Long Seats**: Among the top 20 long seats of the IC variety on that day, Guotai Junan Futures ranked first with a total position of 46198 lots. Guotai Junan Futures had the largest increase in long positions, adding 2359 lots during the day, while Shenyin Wanguo Futures had the largest decrease, reducing 753 lots [15]. - **Changes in the Positions of the Top 20 Short Seats**: Among the top 20 short seats of the IC variety on that day, CITIC Futures ranked first with a total position of 47739 lots. Guotai Junan Futures had the largest increase in short positions, adding 2657 lots during the day, while GF Futures had the largest decrease, reducing 323 lots [17]. IM - **Total Position and Main Contract Position Changes**: On October 14, the total position of the IM variety increased by 4924 lots, and the position of the main contract 2509 increased by 3253 lots [20]. - **Changes in the Positions of the Top 20 Long Seats**: Among the top 20 long seats of the IM variety on that day, Guotai Junan Futures ranked first with a total position of 55876 lots. CITIC Futures had the largest increase in long positions, adding 1402 lots during the day, while Huawen Futures had the largest decrease, reducing 382 lots [20]. - **Changes in the Positions of the Top 20 Short Seats**: Among the top 20 short seats of the IM variety on that day, CITIC Futures ranked first with a total position of 75575 lots. Haitong Futures had the largest increase in short positions, adding 2101 lots during the day, while Zhongtai Futures had the largest decrease, reducing 778 lots [22].