Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - After the holiday, the sentiment in the chemical market was poor, and soda ash followed the sector with weak fluctuations. During the domestic long - holiday, soda ash production facilities had narrow adjustments, with individual companies having short - term shutdowns, resulting in a narrow decline in supply. Downstream demand was mediocre, and overall purchasing enthusiasm was low, with limited fundamental drivers. Given the fundamental situation of oversupply, it is expected that the short - term soda ash futures market may continue to fluctuate weakly. Attention should be paid to the progress of the second - phase capacity release of Yuanxing and the restocking situation of downstream enterprises [7][8] 3. Summary by Directory 3.1 Futures Market - **Contract行情**: On October 9, 2025, the soda ash futures fluctuated downward. The opening price of soda ash 2601 (SA601) was 1256 yuan/ton, the highest price was 1268 yuan/ton, the lowest price was 1237 yuan/ton, and the closing price was 1250 yuan/ton, a decrease of 22 yuan/ton or 1.73% from the previous trading day's settlement price. The trading volume was 756,000 lots, a decrease of 27,000 lots from the previous day, and the open interest was 1,317,000 lots, an increase of 67,000 lots from the previous day [2] - **Variety Price**: The opening, highest, lowest, and closing prices of different soda ash futures contracts on October 9, 2025, are provided, including soda ash 2609, soda ash 2601 M, and soda ash 2605 [4] 3.2 Spot Market - On October 9, 2025, the domestic soda ash spot market quotes are presented in a price summary table, but the specific prices in the table are not detailed in the text [5] 3.3 Influencing Factors - **Industry Chain - Related**: On October 9, 2025, the spot price of 5.00mm large - size glass in North China was reported at 1230 yuan/ton [6] - **Fundamental - Related**: As of October 9, 2025, the total domestic soda ash inventory was 1.6598 million tons, an increase of 59,900 tons compared to before the holiday. Among them, the inventory of light soda ash was 739,100 tons, a month - on - month increase of 42,400 tons, and the inventory of heavy soda ash was 920,700 tons, a month - on - month increase of 17,500 tons [6] 3.4 Market Outlook - Due to the fundamental situation of oversupply, the short - term soda ash futures market is expected to continue to fluctuate weakly. Attention should be paid to the progress of the second - phase capacity release of Yuanxing and the restocking situation of downstream enterprises [8]

Report Summary 1. Report Information - Research variety: Soybean (Bean 1) [1] - Report date: October 9, 2025 [1] - Report cycle: Daily report [1] - Researcher: Qi Jianhua [1] 2. Investment Rating - No investment rating is provided in the report. 3. Core Viewpoint - Currently, domestic soybean prices are generally stable with a slight decline, while imported soybean prices are stabilizing and rising. Port inventory has decreased, and enterprise crushing profits have stabilized and rebounded. In the futures market, the price of the main contract (A2511) of Bean 1 futures showed a strong trend throughout the day. In the short term, in an atmosphere where the overall spot price of soybeans is rising steadily, the price of the main contract (A2511) of Bean 1 futures may continue to show a strong oscillatory trend [14]. 4. Summary by Directory 4.1 Futures Market - **Contract Quotes**: On October 9, 2025, the main contract (A2511) of DCE Bean 1 futures oscillated strongly throughout the day. The opening price was 3930 yuan/ton, the highest price was 3984 yuan/ton, the lowest price was 3930 yuan/ton, and the closing price was 3975 yuan/ton, up 46 yuan/ton or 1.17% from the previous day. The trading volume was 105,525 lots, the open interest was 137,560 lots, and the daily increase in positions was 951 lots [2]. - **Variety Prices**: The closing prices of contracts A2511, A2601, A2603, and A2605 were 3975 yuan/ton, 3973 yuan/ton, 3970 yuan/ton, and 4000 yuan/ton respectively, with increases of 46 yuan/ton (1.17%), 70 yuan/ton (1.79%), 67 yuan/ton (1.72%), and 65 yuan/ton (1.65%) respectively. The trading volumes were 105,525 lots, 56,116 lots, 5,614 lots, and 1,681 lots respectively, and the open interests were 137,560 lots, 136,282 lots, 34,333 lots, and 8,740 lots respectively. The daily increases in positions were 951 lots, 8816 lots, 168 lots, and 45 lots respectively [3]. 4.2 Spot Market - Today's Bean 1 basis was -15 yuan/ton, and the basis weakened. The total number of registered Bean 1 warehouse receipts was 7,290 lots, which was the same as the previous trading day [5]. 4.3 Influencing Factors - **Important Events**: According to Wind data, today's average quotation of domestic soybeans was 3971 yuan/ton, a slight increase of 0.05% from the previous observation day. Recently, the spot price of domestic soybeans has been generally stable with a slight decline. The port soybean inventory was 6.6094 million tons, an increase of 1.01% from the previous observation day. Recently, with the decrease in imported arrivals, the current port soybean inventory has generally decreased [8][9]. - **Industry News**: According to Wind data, today's near - month landed duty - paid prices of imported soybeans showed a stable and rising trend. The near - month landed duty - paid price of US Gulf soybeans was reported at 4568.05 yuan/ton, that of Brazilian soybeans was reported at 3975.71 yuan/ton, and that of Argentine soybeans was reported at 3792.05 yuan/ton. Recently, the decline in enterprise crushing profits has slowed down, and the crushing profits have rebounded [10]. 4.4 Market Outlook - In the short term, in an atmosphere where the overall spot price of soybeans is rising steadily, the price of the main contract (A2511) of Bean 1 futures may continue to show a strong oscillatory trend [14].

1. Report Overview - Research Variety: Caustic Soda [1] - Report Cycle: Daily [1] - Written Date: October 9, 2025 [1] 2. Investment Rating - Not provided in the report 3. Core Viewpoint - On the first trading day after the National Day holiday, caustic soda futures declined significantly due to the overall weakness of the chemical sector. During the holiday, the price of the Shandong liquid caustic soda market decreased, and the trading volume fluctuated slightly. The market in other regions was also weak. Future market trends depend on the delivery volume of major downstream industries and the inventory of chlor-alkali plants [12] 4. Summary by Directory 4.1 Futures Market 4.1.1 Contract Market - On October 9, 2025, the main caustic soda contract, Caustic Soda 2601, opened lower and continued to decline. The closing price was 2,450 yuan/ton, a decrease of 65 yuan/ton or 2.58% from the previous trading day's settlement price. The trading volume increased by 117,000 lots to 291,000 lots, and the open interest increased by 18,857 lots to 103,000 lots [2] 4.1.2 Variety Price - Affected by the sluggish sentiment in the chemical market, all 12 caustic soda futures contracts declined. The near-month contract SH510 fell by more than 2.5%. The total open interest of the variety was 188,300 lots, an increase of 23,538 lots from the previous trading day. The open interest of the active contract, Caustic Soda 2601, increased by 18,857 lots, and the capital inflow was 236 million yuan [4] 4.1.3 Related Market - The put options of the main caustic soda contract SH601 performed better than the call options, with a significant increase in put option prices [6] - The spot price of 32% caustic soda in Shandong had minor adjustments of 10 - 20 yuan/ton in some areas, while most areas remained stable. The mainstream transaction prices of 32% ion-exchange membrane caustic soda in southwestern Shandong, central-eastern Shandong, and northern Shandong were 800 - 850 yuan/ton, 760 - 800 yuan/ton, and 780 - 850 yuan/ton respectively. The mainstream transaction price of 50% ion-exchange membrane caustic soda in central-eastern Shandong was 1,270 - 1,330 yuan/ton [7][8] 4.2 Influencing Factors 4.2.1 Industry News - On the first working day around the National Day, the price of liquid chlorine from Xinfa in Shandong decreased by 100 yuan/ton [9] - In October, the purchase price of liquid caustic soda by alumina enterprises in Xiaoyi, Shanxi decreased by 200 yuan/ton [10] 4.2.2 Technical Analysis - The caustic soda futures closed with a long negative line today, and the price is approaching the previous low. The MACD indicator has further weakened [10]

Report Overview - The report is a daily report on natural rubber futures, dated October 9, 2025, and the researcher is He Ning [1]. Market Overview and Quotes Review 1.1 Overall Market Performance - On October 9, 2025, the natural rubber futures market showed an upward trend. The price of the main natural rubber contract RU2601 closed at 15,415 yuan/ton, up 385 yuan/ton (1.55%) from the previous trading day, with a trading volume of 169,800 lots and an open interest of 140,700 lots, a decrease of 378 lots from the previous day. The price of the main 20 - number rubber contract NR2511 closed at 12,465 yuan/ton, up 365 yuan/ton (1.84%) from the previous trading day, with a trading volume of 69,600 lots and an open interest of 34,100 lots, a decrease of 52 lots from the previous day [2]. 1.2 Futures Quotes Data - The table provides detailed futures quotes data for natural rubber on October 9, 2025, including information on different delivery months such as 2510, 2511, 2601, etc., covering pre - settlement, opening price, high price, low price, closing price, settlement price, price changes, trading volume, trading value, and open interest changes [7]. 1.3 Spot Market Data - As of October 9, the domestic rubber spot prices showed increases. The RMB spot price of Thai mixed rubber was 14,820 yuan/ton, up 290 yuan/ton from the previous trading day; the near - port US dollar transaction price of Thai mixed rubber was 1,830 USD/ton, up 30 USD/ton. The RMB spot transaction price of Vietnamese 3L (SVR 3L) was 15,250 yuan/ton, up 200 yuan/ton. The transaction price of Thai standard rubber in the bonded area was 1,840 USD/ton, up 20 USD/ton. The post - market trading atmosphere was good, mainly for market exchanges [8][9]. Daily News and Industry Dynamics Analysis - According to Longzhong Information, the total inventory of natural rubber in the bonded area and general trade in Shandong Qingdao was about 461,200 tons, a decrease of 3,600 tons (0.76%) from last week, showing a slight destocking. The rubber tapping in the Vietnamese production area was hindered by typhoons this week. Coupled with the active procurement of raw materials by processing plants for production and delivery, the raw material prices were driven up. The capacity utilization rate of sample all - steel tire factories last week was 66.36%, and that of semi - steel tire factories was about 72.74%, with an overall slight increase in capacity utilization. However, the order situation was not as good as the same period last year, with the finished product inventory of all - steel tires about 25 days and that of semi - steel tires about 40 days [10]. Conclusion and Outlook - The price of Thai cup lump raw materials increased compared with the previous day, while the glue price remained flat. After the holiday, both the commodity market and capital market indices were good, and the natural rubber futures price rose accordingly. Although the impact of rainfall in the production area eased slightly, the output was still lower than the same period of previous years, and the demand was relatively neutral. It is expected that the short - term natural rubber futures price may continue to fluctuate. Attention should be paid to the impact of macro events on the overall sentiment of the commodity market and the impact of upstream production and mid - stream inventory on market sentiment and price trends [11].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Affected by supply disturbances and macro - positive factors, the price of Shanghai nickel futures is expected to maintain a volatile and slightly stronger pattern, but the weak demand side may limit the upward space [7]. 3. Summary by Directory 1. Market Overview and Market Review - **1.1 Daily Market Overall Performance** - On October 9, 2025, the first trading day after the National Day and Mid - Autumn Festival holidays, the domestic base metals market witnessed an overall upward trend. The main contract 2511 of Shanghai nickel showed strong performance, rising steadily after the opening and closing at 124,480 yuan/ton with a large positive line on the daily chart [2]. - **1.2 Futures Market Data** - For the Shanghai nickel 2511 contract, the closing price was 12,448 points, with a rise of 2,900 points (2.39% increase), a trading volume of 13,086 lots, an amplitude of 1.31%, an open interest of 86,038 lots, and a daily increase in positions of 9,898 lots. - For the Shanghai nickel 2512 contract, the closing price was 12,466 points, with a rise of 2,940 points (2.75% increase), a trading volume of 56,031 lots, an amplitude of 2.42%, an open interest of 72,658 lots, and a daily increase in positions of 10,333 lots [5]. - **1.3 Spot Market Data** - On October 9, the average spot price of electrolytic nickel was 123,600 yuan/ton, the average spot price of Jinchuan nickel was 124,825 yuan/ton, and the average spot price of imported nickel was 122,800 yuan/ton. The average transaction prices all increased by 1,150 yuan/ton compared to the previous day [6]. 2. Analysis of Influencing Factors - **Supply Side** - After the holiday, the market was significantly affected by supply - side uncertainties, such as the fluctuating export quota policy of Indonesian nickel mines and the tight supply of recycled nickel raw materials, which pushed up prices. However, the new refined nickel production capacities at home and abroad were steadily released, resulting in relatively large supply pressure. As of October 9, 2025, the LME nickel inventory was 236,892 tons, an increase of 4,260 tons from the previous trading day, and the Shanghai nickel futures inventory (warehouse receipts) was 24,817 tons, a decrease of 240 tons from the previous trading day, but the high - inventory state remained unchanged [6]. - **Demand Side** - Despite the price increase, the demand from downstream industries such as stainless steel and new energy had not significantly increased, and the overall market trading enthusiasm was relatively mild [6].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - In September 2025, the treasury bond futures market showed a differentiated and volatile pattern. Short - term (2 - year) and medium - term (5 - year, 10 - year) contracts had slight increases, while long - term (30 - year) contracts were significantly under pressure. - The market's expectation of long - term monetary policy easing increased due to insufficient domestic demand, but the probability of a short - term comprehensive interest rate cut decreased, resulting in insufficient upward momentum in the bond market. - The rise of A - share major indices in September increased risk appetite and suppressed the demand for treasury bonds. The traditional "stock - bond seesaw" effect weakened, and the bond market oscillated independently. - The Fed's interest rate cut in September alleviated the pressure on the RMB exchange rate, providing support for short - and medium - term contracts, but long - term contracts were significantly affected by interest rate sensitivity and institutional portfolio adjustments. - In October, it is expected that the market will maintain a low - level oscillation, with more significant fluctuations in long - term contracts. Attention should be paid to the synergistic effect of economic data and policies. [13] 3. Summary by Directory 3.1 Futures Market - **Contract Price**: The ten - year treasury bond futures 2512 (T2512) main contract had 8阴线 and 14阳线 in 22 trading days in September. The highest price of 108.320 yuan was reached on September 4, and the lowest price of 107.345 yuan was on September 25. The overall trend in September was an oscillation around the 5 - month moving average, and it closed with a positive K - line with upper and lower shadows. [2] - **Variety Price**: Among the 16 treasury bond futures contracts, different contracts had different price changes. For example, the two - year treasury bond (TS2509) contract rose by 0.004 yuan, while the two - year treasury bond (TS2512) contract fell by 0.046 yuan. The thirty - year treasury bond futures contracts generally showed a leading decline. [4][5] 3.2 Spot Market - In September 2025, the People's Bank of China carried out a series of 7 - day and 14 - day reverse repurchase operations at a fixed interest rate of 1.4%. For example, on September 1, it carried out 1827 billion yuan of 7 - day reverse repurchase operations, and on September 26, it carried out 1658 billion yuan of 7 - day reverse repurchase operations and 6000 billion yuan of 14 - day reverse repurchase operations. [6][7] 3.3 Influencing Factors - **Important Events**: In September 2025, there were several important events. On September 3, a grand ceremony commemorating the 80th anniversary of the victory of the Chinese People's War of Resistance against Japanese Aggression and the World Anti - Fascist War was held in Beijing. On September 12, the Ministry of Finance announced the second re - issuance of the 2025 ultra - long - term special treasury bonds with a scale of 82 billion yuan and a term of 30 years. On September 19, the Ministry of Finance issued the 2025 ultra - long - term special treasury bonds (sixth issue) with a 30 - year fixed - rate coupon - bearing bond and a coupon rate of 2.15%. On September 22, the State Council Information Office held a press conference on the development of the financial industry during the "14th Five - Year Plan" period. [8][9] - **Technical Analysis**: From the trend of the ten - year treasury bond (T2512) contract in September, it rose rapidly at the beginning of the month, reaching the monthly high of 108.320 yuan on September 4, then fell and rebounded after breaking the early - September price, but did not break through the September 4 high and then fell again to a new low. On the last trading day of September, it closed with a long positive line and a long upper shadow, indicating active trading and some profit - taking. After the National Day holiday, attention should be paid to investment opportunities on the first trading day. [10] 3.4 Market Outlook - In September, treasury bond futures showed a differentiated and volatile pattern. Short - and medium - term contracts had slight increases, while long - term contracts were under significant pressure. In October, it is expected to maintain a low - level oscillation, with more significant fluctuations in long - term contracts. Attention should be paid to the synergistic effect of economic data and policies. [13]

成文日期：20251010 报告周期: 日报 研究品种:' 研究分析师：安致远（期货从业资格证号：F03143832；投资咨询证书号：Z0022799） 新贸日报 1 期货市场 1.1 合约行情 10 月 9 日期货品种锰硅 SM2601 合约呈现震荡态势。日盘开于 5766 元/ 吨,最高价 5778 元 / 吨,最低价 5730 元 / 吨,收盘价为 5768 元/吨，结算价为 5756 元/ 吨，收盘价较前一交易日下跌 12 元 /吨。全日成交量为 153351 手，持仓量为 363849 手。 图 1：锰硅 SM2601 分时图 1.2 品种价格 期货 12 个合约,价格呈现近低远高的正向市场格局。品种持仓 5/10/09 星期四 PageUp/PageDown日期切换 均价5756 11:30 数据来源：同花顺期货通 量 528306 手,较上一交易日增加 45649 手, 其中活跃合约锰硅 SM2601，持仓量增加 15558 手。 图 2：锰硅期货日行情表 | 合约代 | 昨结算 | 今开盘 | 最高价 | 島低价 | 令收當 | 令结算 | 涨跌 | 张跌2 | 成交早 | 持仓量 | 増減量 ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The short - term demand for stocking during the Double Festival can digest the current supply, and the price of the main apple futures ap2601 contract may remain strong in the short term [15][16] 3. Summary by Directory 3.1 Futures Market 3.1.1 Contract Quotes - On September 30, 2025, the apple AP2601 futures contract rose significantly, closing at 8617 points, up 1.22% from the previous day. The full - day trading volume was 97,524 lots, and the open interest was 102,381 lots, a decrease of 5,415 lots from the previous trading day [2] 3.1.2 Variety Prices - All apple futures contracts rose, with a trading volume of 108,457 lots and an open interest of 111,461 lots, a decrease of 9,133 lots from the previous trading day [5] 3.1.3 Related Quotes - Apple options had a full - day trading volume of 12,045 lots, a total open interest of 18,639 lots, an increase of 606 lots, and 0 lots exercised on the day [8] 3.2 Spot Market 3.2.1 Basis Data - The spot price of apples was 7,600 yuan/ton, and the futures settlement price was 8,577 yuan/ton, with a basis of - 977 yuan/ton [9][10] 3.2.2 Registered Warehouse Receipts - The warehouse receipt daily report of the Zhengzhou Commodity Exchange showed that there were 0 registered warehouse receipts on the day [11] 3.3 Influencing Factors 3.3.1 Industry News - In the western region, the bag - removing work of late - maturing Fuji apples has been carried out one after another, the early - maturing Fuji apples have basically ended, and other mid - maturing varieties are being traded normally. In the Shandong production area, some Red Generals have entered the late stage, and small - vehicle merchants prefer the Red General apples with lower prices. The inventory of old Fuji apples is affected by other apple varieties, and the trading is slow [12] 3.3.2 Technical Analysis - On September 30, the K - line of apple futures was a solid positive line, indicating that the bulls had the upper hand on that day [13] 3.4 Market Outlook - From the demand side, the stocking for the Double Festival has brought short - term incremental demand. The terminal gift - box procurement and the stocking in the wholesale market have gradually started, and the daily arrival volume of the three major wholesale markets in Guangdong has increased month - on - month. The willingness to purchase high - quality fruits is relatively strong. From a technical perspective, the moving averages are in a long - position combination, and the price of the main apple futures ap2601 contract may remain strong in the short term [15][16]

Report Overview - Report Date: September 30, 2025 [1] - Report Cycle: Daily Report - Research Variety: Synthetic Rubber 1. Investment Rating - No investment rating is provided in the report. 2. Core View - The synthetic rubber market is expected to enter an oversupply cycle as supply growth far exceeds demand growth. The short - term synthetic rubber futures may continue to fluctuate, and attention should be paid to factors such as butadiene unit maintenance progress, crude oil price fluctuations, EU anti - dumping investigation results, and tire export data [7] 3. Summary by Directory 3.1 Futures Market - **Contract Market**: On September 30, 2025, synthetic rubber futures fluctuated and declined. For the BR2511 contract, the opening price was 11,325 yuan/ton, the highest was 11,335 yuan/ton, the lowest was 11,100 yuan/ton, and the closing price was 11,100 yuan/ton, down 185 yuan/ton or 1.64% from the previous trading day's settlement price. The trading volume was 110,000 lots, a decrease of 47,800 lots from the previous day, and the open interest was 33,200 lots, a decrease of 5,336 lots from the previous day [2] - **Variety Price**: The report provides the opening, highest, lowest, latest prices, price changes, price change percentages, trading volumes, and open interests of some synthetic rubber contracts on September 30, 2025 [4] 3.2 Spot Market - In the Shanghai market, the quotes of high - cis butadiene rubber from different petrochemical companies such as Hushan Petrochemical, Yangzi Petrochemical, etc. were provided on September 30, with no price changes [5] 3.3 Influencing Factors - **Industry Information**: The price of butadiene may continue to be weak, and the upward space of crude oil prices is limited under the medium - and long - term supply - demand loosening expectation. The cost support for synthetic rubber will be further weakened [5] - **Policy and Market Dynamics**: On September 30, most quotes in Thailand's three major central rubber markets were flat or down [6] 3.4 Market Outlook - Projects of Jilin Petrochemical (200,000 tons) and Fushun Petrochemical (160,000 tons) will be put into production in the fourth quarter. The total production capacity is expected to reach 7.627 million tons by the end of the year, a year - on - year increase of 13.9%. The market will enter an oversupply cycle, and the medium - and long - term supply pressure is difficult to be substantially alleviated [7]

Report Summary 1. Report Information - Report Date: October 9, 2025 [1] - Report Cycle: Daily [1] - Research Variety: Live Hogs [1] - Researcher: Qi Jianhua [1] 2. Investment Rating - No investment rating is provided in the report. 3. Core View - After the National Day holiday, the prices of live hog futures and spot have weakened synchronously. The short - term bearish sentiment remains dominant, and the price of the lh2511 contract of live hog futures is likely to continue a low - level, volatile, and weak trend [15] 4. Section Summaries 4.1 Futures Market - **Contract Quotes**: On October 9, 2025, the lh2511 contract of live hog futures opened and closed lower, closing at 11,595 points, a 5.88% drop from the previous trading day. The daily trading volume was 50,900 lots, and the open interest was 58,300 lots [2] - **Variety Prices**: All contracts of live hog futures declined. The total open interest of the variety was 258,813 lots, an increase of 15,400 lots from the previous trading day [4] - **Related Quotes**: The daily trading volume of live hog options was 48,658 lots, the total open interest was 67,393 lots (an increase of 5,694 lots), and the total number of exercised options on the day was 503 lots [7] 4.2 Spot Market - **Basis Data**: The basis of live hogs on the previous trading day was - 130 yuan/ton, and today it is 95 yuan/ton, an increase of 225 yuan/ton from the previous trading day, indicating a strengthening basis [8][9] - **Registered Warehouse Receipts**: According to the warehouse receipt daily report of the Dalian Commodity Exchange, the number of registered warehouse receipts today is 0 lots, with no change from the previous trading day [10] 4.3 Influencing Factors - **Industry News**: In September, large - scale enterprises faced significant pressure to sell their hogs, and the market supply exceeded demand. Many enterprises failed to meet their targets, and some postponed sales to October. Based on production cycles and previous piglet stocking, the planned hog sales volume of large - scale enterprises in October increased compared to the actual sales volume in September. The average daily planned sales volume increased month - on - month. The planned hog sales volume of key provincial breeding enterprises in October was 13.3933 million heads, a 5.48% month - on - month increase. The increase in Shanxi was the most significant, exceeding 16% [11] - **Technical Analysis**: All short - term, medium - term, and long - term moving averages of the lh2511 contract of live hog futures are in a bearish arrangement. The closing price today is far below all moving averages, indicating that the bears are currently in control [12]