Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View - From October 20 - 24, 2025, the main contract of industrial silicon, si2601, closed at 8,920 yuan/ton, up 120 yuan/ton or 1.36% from the previous week. The trading volume was 709,000 lots, and the open interest was 186,000 lots [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - **Contract Price**: The price of industrial silicon futures fluctuated strongly within the range during the week. As of Friday's close, the main contract (si2601) rose 120 yuan/ton to 8,920 yuan/ton, a 1.36% increase, with a high of 9,090 yuan/ton and a low of 8,765 yuan/ton, and an open interest of 186,000 lots [3] - **Variety Market**: Among the weekly quotes of industrial silicon futures, the contract price of industrial silicon (si2610) was the highest, and that of industrial silicon (si2511) was the lowest [3] 3.2 Spot Market - **Spot Market Condition**: From October 20 - 24, 2025, the spot price of industrial silicon remained stagnant, with the center staying at a low level. On October 23, SMM's East - China oxygen - containing 553 silicon was at 9,300 - 9,400 yuan/ton, flat week - on - week; 441 silicon was at 9,500 - 9,700 yuan/ton, down 50 yuan/ton week - on - week; 421 silicon was at 9,500 - 9,800 yuan/ton, down 50 yuan/ton week - on - week; 3303 silicon was at 10,400 - 10,600 yuan/ton, flat week - on - week [5] - **Registered Warehouse Receipts**: According to the data of the Guangzhou Futures Exchange, the registered warehouse receipts of industrial silicon this week were 48,327 lots, a decrease of 1,787 lots from last week. The short - term market was in a wait - and - see equilibrium state [5] 3.3 Influencing Factors - **Latest News**: In terms of market transactions, there were some silicon powder orders in the north during the week, and the transaction price decreased compared with the previous round. Other downstream users had strong price - pressing sentiment, and the market was dominated by low - price transactions [6] - **Supply Side**: The weekly output of industrial silicon increased slightly on a week - on - week basis. Near the end of October, most silicon plants in the southwest planned to gradually reduce production or stop production. Therefore, the output of industrial silicon next week is expected to change little on a week - on - week basis, and it will show a downward trend in November [6] - **Demand Side**: The weekly output of polysilicon decreased slightly on a week - on - week basis, reducing the consumption of industrial silicon. There were some silicon powder orders released in the northern region during the week, and the price of some concluded powder orders dropped by more than 200 yuan/ton compared with the previous round. The weekly operating rate of the silicone industry was basically stable, and a small amount of monomer production capacity under maintenance would resume production next week, with the industry's operating rate increasing slightly to around 70%. The operating rate of the aluminum alloy industry changed little, with the primary aluminum alloy sector operating steadily, while the operating rate of the recycled aluminum alloy sector was restricted by the tight supply of raw material scrap aluminum [6][7] 3.4 Market Outlook - Looking ahead, the industrial silicon market was in a "weak supply and demand" dilemma this week. The core of the market game lies in the confrontation between the rising cost in the dry season in the southwest region and the collective weakness of downstream demand. Currently, the downward space of the market is supported by cost, but the upward space is limited due to the lack of substantial improvement in the supply - demand fundamentals. It is expected that the silicon price will mainly fluctuate in the future [8]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Recent performance at the origin and demand sides is decent, but there is still a lack of obvious bullish factors. Affected by the decline in crude oil prices and the weakening of the oil market, palm oil prices both at home and abroad continued to decline slightly on the day. The p2601 contract of Dalian palm oil still rose and then fell during the day, with four consecutive days of decline in the daily line. In the short term, the price of the p2601 contract is likely to continue the volatile consolidation trend. In the future, attention should be paid to the biodiesel policy, origin data, and the trends of other oils [12]. 3. Summary by Related Catalogs 3.1 Futures Market - **Contract Market**: On October 21, 2025, the price of the main palm oil p2601 contract opened lower and consolidated during the day, rose in the afternoon session and then fell with a reduction in positions at the end of the session, closing at 9,294 yuan/ton, a decrease of 24 yuan/ton or 0.26% from the previous day's closing price. The trading volume was 553,500 lots, an increase of 92,100 lots from the previous day, and the open interest was 333,700 lots, a decrease of 10,600 lots from the previous day [2]. - **Variety Prices**: The total trading volume of all palm oil futures contracts was 628,800 lots, and the total open interest of the variety was 477,500 lots, a decrease of 11,100 lots from the previous day [4]. - **Related Market**: On the same day, the main 01 contract of the Malaysian BMD futures fell again, closing at 4,508 ringgit/ton, a decrease of 0.13% from the previous day's closing price [5]. 3.2 Spot Market - **Spot Price and Basis Data**: The average spot price of 24 - degree palm oil in China on the day was 9,390 yuan/ton, unchanged from the previous day's average price, and the basis continued to strengthen [5]. - **Registered Warehouse Receipts**: The number of registered warehouse receipts on the day was 600 lots, with no increase or decrease from the previous day [8]. - **Import Profit**: The cost of importing Malaysian palm oil increased slightly on the day, and the import profit loss deepened [10]. 3.3 Influencing Factors - **Export and Production Data**: According to the data of high - frequency institutions ITS and AmSpec Agri, the exports of Malaysian palm oil in the first 20 days of October were 1.0448 million tons and 0.9651 million tons respectively, an increase of 3.4% and 2.5% respectively compared with the same period last month. According to the data of SPPOMA, the yield per unit of Malaysian palm oil in the first 20 days of October increased by 1.45%, and the output increased by 2.71% month - on - month [9]. - **Policy**: Indonesian government officials held a meeting to discuss the preparations for B50 (mixing 50% of palm oil biodiesel with diesel) and E10 (mixing 10% of ethanol with gasoline), and considered restricting the export volume of crude palm oil to increase the production of biodiesel [9][11]. - **Domestic Inventory**: As of October 17, the total domestic palm oil inventory was 549,000 tons, a weekly increase of 26,000 tons; the contract volume was 40,000 tons, a weekly decrease of 17,000 tons. Recently, the arrival volume of purchased palm oil in China has gradually increased, the market trading has remained light, and the inventory has slowly accumulated [11].

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report The price of the apple AP2601 contract in the futures market may continue to show a volatile and upward - trending pattern in the short term. This is supported by the scarcity of high - quality apple supply in the fundamental aspect and the strong bullish sentiment in the technical aspect [10][12]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Contract Market**: On October 20, 2025, the apple AP2601 futures contract rose significantly, closing at 8,865 points, a 2.26% increase from the previous day. The trading volume was 159,727 lots, and the open interest was 142,886 lots, an increase of 14,247 lots from the previous trading day [2]. - **Variety Price**: The report presents the price data of multiple apple futures contracts (AP510 - AP605), including yesterday's settlement price, today's opening price, highest price, lowest price, today's closing price, today's settlement price, price changes, trading volume, open interest, and trading amount [6]. - **Related Market**: Apple options traded 31,546 lots in total on the day, with a total open interest of 32,404 lots, an increase of 3,392 lots. There were 26 lots exercised on the day [7]. 3.2 Spot Market - **Basis Data**: The spot price of apples on the day was 7,500 yuan/ton, and the futures settlement price was 8,798 yuan/ton, resulting in a basis of - 1,298 yuan/ton [8]. - **Registered Warehouse Receipts**: The warehouse receipt daily report of the Zhengzhou Commodity Exchange showed that there were 0 registered warehouse receipts on the day [9]. 3.3 Influencing Factors - **Industry News**: Currently, late - maturing Fuji apples are gradually entering the market for trading, with high - quality fruits commanding premium prices. Good - quality apples are seeing stable to slightly higher prices. Traders in western regions such as Gansu and northern Shaanxi are actively ordering high - quality fruits, and the warehousing work in some production areas has begun [9]. - **Technical Analysis**: From the daily K - line chart, the apple futures formed a medium - sized positive line on the day, with a relatively long real body and closing higher than the previous trading day's closing price, indicating that the bullish force was dominant and driving the price up [10]. 3.4 Market Outlook Fundamentally, the coloring of apples in the western production areas is 10 days behind schedule, the bag - removing in Shandong is postponed by half a month, and the red apples are on the market 15 days later than last year. Fruit farmers in the production areas report that the amount of high - quality fruits has decreased by half, and the proportion of high - quality fruits has declined. The warehousing volume in Gansu is lower than last year, the effective inventory in Shandong is lower than last year, and although the warehousing volume in Shaanxi is large, the proportion of high - quality fruits is not high. The scarcity of high - quality supply provides strong support for prices. Technically, the market is bullish, and the moving averages are in a bullish arrangement. In the short term, the price of the AP2601 contract is likely to continue to be volatile and upward - trending [10][12].

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Viewpoints - The current weak demand situation for soda ash has not improved. The "anti - involution" production cut plan of photovoltaic glass may lead to a decrease in the demand for heavy soda ash in November. Short - term improvement in shipments is mainly due to downstream passive replenishment at low prices rather than demand recovery [7]. - Future price trends depend on multiple factors. A drop in industry operating rate below 80% or a delay in the commissioning of Yuanxing Energy may trigger a periodic rebound. The effectiveness of domestic real - estate policies in promoting inventory reduction of float glass will improve the demand outlook for heavy soda ash. The implementation of macro - level stimulus policies such as reserve requirement ratio cuts and interest rate cuts may also change market sentiment [7][8]. 3. Summary by Directory 1. Futures Market - **Contract行情**: On October 17, 2025, the soda ash futures fluctuated and closed lower. For the soda ash 2601 (SA601) contract, the opening price was 1240 yuan/ton, the highest was 1240 yuan/ton, the lowest was 1196 yuan/ton, and the closing price was 1209 yuan/ton, a decrease of 18 yuan/ton or 1.47% from the previous trading day's settlement price. The trading volume was 1.045 million lots, a decrease of 104,000 lots from the previous day, and the open interest was 1.406 million lots, an increase of 18,000 lots from the previous day [2]. - **Variety Prices**: The prices of different soda ash futures contracts all declined on October 17, 2025. For example, the soda ash 2609 contract decreased by 22 yuan/ton or 1.59%, the soda ash 2601 M contract decreased by 18 yuan/ton or 1.47%, and the soda ash 2605 contract decreased by 23 yuan/ton or 1.75%. The domestic soda ash spot market prices remained unchanged on this day [4][5]. 3. Influencing Factors - **Industry Chain - related**: The overall demand for glass in the peak season is weak. Despite the improvement in profits, the industry's operating rate has increased, and enterprise inventories have continuously increased, leading to a pessimistic market sentiment and consecutive drops in the glass futures market [6]. - **Fundamentals - related**: Coal prices are stable at 850 yuan/ton, but the price of raw salt has decreased to 280 yuan/ton. The theoretical profit of the combined - soda process has dropped to - 35 yuan/ton, and the profit of the ammonia - soda process is - 82 yuan/ton. The industry's loss - making ratio has expanded to 65% [6]. 4. Market Outlook - The weak demand for soda ash persists. The production cut plan of photovoltaic glass may reduce the demand for heavy soda ash in November. Short - term shipment improvement is due to downstream passive replenishment. Attention should be paid to factors such as industry operating rate, the commissioning progress of Yuanxing Energy, real - estate policies, and macro - level stimulus policies [7][8].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report On October 16, 2025, the stainless - steel futures market showed an oscillating trend. The market is in a weak - balance state with insufficient demand in the peak season, supply - side profit constraints, and inventory reduction providing support. Short - term stainless - steel futures may continue to oscillate within a range, and policy expectations and the "Silver October" performance of the demand side will be the key variables to break the range [9]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Contract Market**: On October 16, 2025, the stainless - steel ss2512 contract oscillated. The opening price dropped to the lowest point of 12,500 and then rebounded to the highest point of 12,615. The trading volume was large at the opening and when the price reached the highest point. The position increased continuously, with a trading volume of 125,870 lots [2]. - **Variety Price**: The 12 stainless - steel futures contracts showed a normal market pattern with near - term prices lower than far - term prices. Most contract prices declined slightly, with far - term contracts having a relatively larger decline. The total position of the variety was 289,810 lots, an increase of 5,297 lots from the previous trading day. The position of the active contract ss2512 increased by 7,755 lots, while that of the sub - main contract ss2511 decreased by 2,869 lots [2][4]. 3.2 Spot Market - **Basis Data**: In the past 10 trading days, the basis of the active contract ss2512 changed significantly, with a maximum of 950 yuan/ton and a minimum of 163 yuan/ton, and 423 yuan/ton on the day. Spot prices of 304 stainless - steel cold - rolled coil plate varied in different regions, such as 12,700 yuan/ton in Foshan Yongjin, 12,900 yuan/ton in Wuxi Yongjin, etc. [5]. - **Registered Warehouse Receipts**: In the past 10 trading days, registered warehouse receipts decreased overall, from a maximum of 87,803 tons to a minimum of 83,231 tons. On the day, it was 83,231 tons, a decrease of 776 tons from the previous day [6]. 3.3 Influencing Factors - **Demand**: The demand in the downstream consumption peak season is not optimistic. The total inventory in the Wuxi and Foshan stainless - steel markets increased to 909,000 tons in October, a week - on - week increase of 1.32%, indicating that demand is lower than expected [7]. - **Supply**: Overseas goods are arriving at ports, and domestic stainless - steel production in October has increased, intensifying the cautious wait - and - see sentiment of enterprises. - **Cost**: The supply disturbance of nickel ore from Indonesia has weakened. The procurement of nickel ore for new HPAL projects in 2026 has started, and the domestic pure - nickel social inventory has accumulated to about 43,600 tons in October, indicating sufficient supply for smelters [8]. - **Overseas Macroeconomy**: There is still an expectation of interest - rate cuts overseas, and the improvement of downstream consumption needs to be continuously tracked [8]. 3.4 Market Outlook The stainless - steel futures market may continue to oscillate in the short term. Policy expectations and the performance of the "Silver October" demand side are the key factors to break the range. The risk of a callback due to intensified industrial negative feedback should be watched out for [9].

Report Overview - Report Date: October 15, 2025 - Report Cycle: Daily - Research Variety: Stock Index Futures - Research Analyst: Wu Yinqiu [1] 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - In the short term, stock index futures are likely to show a wide - range oscillation pattern. Although there are issues such as insufficient domestic effective demand and external tariff disturbances, strong policy - stability expectations and the inflow of funds into the stock market will support the medium - and long - term upward trend of the stock index [15]. 3. Summary by Directory 3.1 Futures Market - **Contract Price**: On October 15, 2025, the most active contract of CSI 300 stock index futures, IF2512, opened higher and closed higher, rising 1.54% throughout the day [2]. - **Variety Price**: The CSI 300 stock index futures opened 14.8 points higher today. The main contract IF2512 had the largest trading volume of 86,223 lots, with a trading amount of 117.387 billion yuan, and the position volume was 160,428 lots, a decrease of 2,013 lots from the previous trading day [4][5]. - **Associated Market**: The three major A - share indexes regained their upward momentum today. The Shanghai Composite Index recovered the 3,900 - point mark, rising 1.22%. The Shenzhen Component Index rose 1.73%, and the ChiNext Index rose 2.36%. The trading volume of the Shanghai and Shenzhen stock markets was 2,072.9 billion yuan, a significant reduction of 503.4 billion yuan from the previous day. The U.S. dollar index closed down 0.21% at 99.056. The three major U.S. stock indexes showed mixed trends [7]. 3.2 Spot Market - The latest quote of the CSI 300 index spot was 4,606.29 points, up 67.23 points or 1.48% from the previous day. The daily basis difference with the futures main contract IF2512 was 29.89 points, with little change from the previous trading day. The spot index and the futures price showed a high degree of synchronization [8]. 3.3 Influencing Factors - **Macro Information**: Domestically, in September 2025, the national consumer price index CPI decreased by 0.3% year - on - year. On October 15, the central parity rate of the RMB against the U.S. dollar was reported at 7.0995, up 26 basis points from the previous trading day. Overseas, on the early morning of October 15, Federal Reserve Chairman Powell hinted at the possibility of an interest - rate cut this month and a potential halt to the balance - sheet reduction. Regarding tariffs, Sino - U.S. game intensified as China took counter - measures against 5 U.S. subsidiaries of Hanwha Ocean Co., Ltd., and Trump threatened to terminate trade in vegetable oils and other commodities [10][11]. - **Technical Analysis**: The CSI 300 stock index futures opened higher and then fluctuated upward. On the daily - line level, it was still in a high - level wide - range oscillation phase, with the daily K - line under pressure near the upper track of the BOLL. The daily line was above the 20 - day moving average but was restricted by the 5 - day moving average. The upward channel converged, and short - term high - level oscillation risks should be noted [12]. 3.4 Market Outlook - Overnight U.S. stocks oscillated due to the increasing expectation of a Fed interest - rate cut and Sino - U.S. game news. With the approaching of the APEC meeting and the Fourth Plenary Session in October, the short - term operation difficulty increased. In the short term, the stock index is likely to oscillate widely, but in the medium and long term, it is expected to rise due to policy support and capital inflow [15].

Report Overview - Report Date: October 17, 2025 - Report Cycle: Daily Report - Research Variety: Manganese Silicon - Research Analyst: An Zhiyuan 1. Investment Rating - Not provided in the report. 2. Core View - On October 16, the manganese silicon futures market showed an overall volatile pattern. In the short term, the manganese silicon futures will maintain a weak volatile pattern, mainly restricted by supply - demand contradictions and market sentiment. Weak steel mill demand and rising inventory pressure have led to a lack of upward momentum in the market. The decline in trading volume indicates insufficient market participation, and it is difficult to form a trending market in the short term. Attention can be paid to the results of steel tenders and the actual procurement situation of steel mills to judge whether the short - term price will rebound [13]. 3. Summary by Directory 3.1 Futures Market 3.1.1 Contract Market - On October 16, the manganese silicon SM2601 contract showed a volatile upward trend. The daily session opened at 5,734 yuan/ton, with a maximum price of 5,786 yuan/ton, a minimum price of 5,720 yuan/ton, a closing price of 5,754 yuan/ton, and a settlement price of 5,758 yuan/ton. The closing price decreased by 12 yuan/ton compared with the previous trading day. The full - day trading volume was 129,115 lots, and the open interest was 374,285 lots [2]. 3.1.2 Variety Price - The prices of the 12 futures contracts showed a contango market pattern with near - term prices lower than far - term prices. The prices of each contract fluctuated differently throughout the day. The total open interest of the variety was 574,082 lots, a decrease of 978 lots compared with the previous trading day. Among them, the open interest of the active contract manganese silicon SM2601 increased by 1,983 lots [2]. 3.1.3 Related Market - On October 16, the overall volatility of the manganese silicon options market was relatively large. The open interest of the call options of the manganese silicon main contract was 34,191 contracts, the open interest of the put options was 30,235 contracts, and the open interest PCR was 0.884 [5]. 3.2 Spot Market 3.2.1 Basis Data - On October 16, the basis of the active contract manganese silicon 2601 was - 54 yuan/ton, which was wider than that of the previous day [7]. 3.2.2 Registered Warehouse Receipts - On October 16, the total number of registered warehouse receipts for manganese silicon was 48,976, a decrease of 780 compared with the previous trading day [8]. 3.3 Influencing Factors 3.3.1 Industry News - Mysteel surveyed 83 independent silicomanganese enterprises (accounting for 71.6% of the national surveyed production capacity): The average inventory of manganese ore in factories nationwide was 14.1 days, a month - on - month increase of 0.1 days. Among them, the average in Guangxi was 7.3 days (an increase of 0.3), in Guizhou was 11.3 days (an increase of 0.6), in Inner Mongolia was 19 days (a decrease of 0.3), in Ningxia was 15.3 days (a decrease of 0.3), in Shanxi was 9.7 days (an increase of 0.4), in Shaanxi was 8.7 days (unchanged), in Sichuan and Chongqing was 24.3 days (an increase of 0.5), and in Yunnan was 21.7 days (an increase of 1) [9][10]. 3.3.2 Technical Analysis - On October 16, the main contract 2601 of manganese silicon showed a volatile upward trend and finally closed with a small positive line. Technically, the manganese silicon price formed a short - term support around 5,700 yuan/ton, but the upward pressure was obvious. In particular, the level of 5,800 yuan/ton was not effectively broken through, limiting the upward momentum [11].

Group 1: Report Overview - The report is a monthly report on apples, dated October 3, 2025, with the research period being September 2025 [1] Group 2: Core View - In September 2025, the apple futures market showed a volatile and slightly stronger trend, and the new - season late Fuji's opening price is expected to rise, but there are also supply and demand factors affecting the market [1][2][3] Group 3: Futures Market 3.1 Contract Price Analysis - The main apple futures contract ap2601 showed a volatile and slightly stronger trend in September, with a slightly upward - moving monthly operation center. The influencing factors of the apple market in September were relatively stable, including spot price fluctuations, weather changes in production areas, and the relative impact of other fruits [3] 3.2 Variety Market Analysis - The total open interest of apple futures was 111,461 lots, the trading volume was 1,883,035 lots, and the turnover was 156.5155 billion yuan. The report also provided detailed monthly market data for each apple futures contract [4][5] Group 4: Spot Market 4.1 Basis Data - The apple futures basis in September was generally negative, meaning the spot price was lower than the futures price [7] 4.2 Registered Warehouse Receipts - The number of registered warehouse receipts was 0 [8] Group 5: Influencing Factors 5.1 Influencing Factor Analysis - Substitute fruits such as grapes and pomegranates had a partial impact on the apple market. The old - stock Fuji apples were not fully cleared, and the remaining inventory moved slowly. Market demand varied, with some merchants stocking up as needed before the National Day and Mid - Autumn Festival. The cost of high - quality new apples remained high, and the export volume of new - season apples increased in August [8][9][10] 5.2 Technical Analysis - In September, the technical side of apple futures showed a volatile and slightly stronger trend. Short - term moving averages supported the price, and the price fluctuated within a relatively stable range. The moving averages formed a long - position arrangement, with the long - position power on the disk slightly dominant [11] Group 6: Market Outlook - On the supply side, the western apple - producing areas were affected by adverse weather during the flowering period, resulting in smaller single - fruit sizes and potentially lower high - quality fruit rates. The remaining cold - storage apples in the country were at a five - year low. New - season apples in the west had uneven fruit sizes, and the impact of post - bag - removal weather on coloring and appearance needed attention. On the demand side, the market was boosted to a limited extent by the Mid - Autumn and National Day festivals. After the festivals, the apple market was still affected by the sales of seasonal fruits, and the market arrival volume was low. Technically, although the apple futures showed a volatile and slightly stronger trend in September, with the approaching large - scale listing of new - season apples, the ap2601 contract price may face upward pressure and is expected to show a high - level volatile trend [13]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints - In September 2025, the apple futures market showed a volatile and slightly stronger trend, with the monthly operating center of the main contract ap2601 shifting slightly upward. The factors influencing the apple market in September, including spot price fluctuations, weather changes in production areas, and the relative impact of other fruits, changed smoothly without unexpected changes, resulting in a relatively stable impact on prices. The market is optimistic about the high opening price of new - season late Fuji apples [3]. Group 3: Summary by Directory 1. Futures Market 1.1 Contract Price Analysis - The main apple futures contract ap2601 showed a volatile and slightly stronger trend in September, with its monthly operating center moving slightly upward. The three factors affecting the apple market in September changed smoothly and had a relatively gentle impact on prices [3]. 1.2 Variety Market Analysis - The total open interest of apple futures was 111,461 lots, the trading volume was 1,883,035 lots, and the turnover was 156.5155 billion yuan. The specific contract data is shown in the apple futures monthly market table [4][5]. 2. Spot Market 2.1 Basis Data - In September, the apple futures basis was negative overall, meaning the spot price was lower than the futures price [7]. 2.2 Registered Warehouse Receipts - The number of registered warehouse receipts was 0 [8]. 3. Influencing Factors 3.1 Influencing Factor Analysis - Substitutes such as grapes and pomegranates had a partial impact. The old - stock Fuji apples in inventory were not fully cleared, and the remaining goods did not move quickly. The market sales were uneven. Some merchants stocked up as needed approaching the National Day and Mid - Autumn Festival. The cost of high - quality new fruits remained high. The export volume increased in August with the new - season fruits hitting the market. The prices of mid - and late - maturing varieties in the production areas were relatively stable, and the market was optimistic about the high opening price of new - season late Fuji [8][9][10]. 3.2 Technical Analysis - In September, the technical aspect of apple futures showed a volatile and slightly stronger trend. The short - term moving averages provided some support for the price, and the price fluctuated within a relatively stable range. The moving averages formed a long - position combination, and the long - position power on the disk was slightly dominant [11]. 4. Market Outlook - On the supply side, the flowering period in the western production areas was affected by adverse weather, resulting in small single fruits, and the high - temperature and drought conditions hindered fruit coloring, with a预计 low excellent - fruit rate. The remaining amount of apples in cold storage nationwide is at the lowest level in the past five years. The new - season apples in the western region are generally uneven in size, and the subsequent weather after bag removal needs attention. On the demand side, the market was slightly boosted by the stocking for the Mid - Autumn Festival and National Day, but the overall effect was limited. The market is still affected by the sales of seasonal fruits, and the arrival volume of vehicles remains low. In the short term, as the new - season apples are about to be launched in large quantities, the price of the ap2601 contract on the disk may face upward pressure and will likely show a high - level volatile trend [13].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - This week, the fuel oil futures showed a downward trend after breaking through support levels, with overall trading sentiment being bearish. Affected by the significant decline in the international crude oil market and the weakening of the fundamental supply - demand structure, the price center of fuel oil futures has clearly shifted downward. The main trading logic this week revolved around increased global supply, slowing demand growth, and weakened cost support. Meanwhile, macro - risk events such as the "shutdown" of the US federal government further intensified market concerns [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - **Contract Market:** The main fuel oil contract FU2601 closed at 2,781 yuan/ton this week, down 86 yuan/ton or 3% from the settlement price of the previous trading week. The highest price this week was 2,835 yuan/ton, the lowest was 2,776 yuan/ton, the trading volume was 775,015 lots, and the open interest was 230,600 lots, a decrease of 4,649 lots [3] - **Variety Price:** The fuel oil futures contract prices presented a backwardation market pattern with near - term prices higher than long - term prices [7] 3.2 Spot Market - **Basis Data:** The fuel oil spot market performed poorly this week. The current basis level is in the lower range of recent months, indicating that the spot market faces greater price pressure compared to the futures market. The low basis level reflects that the spot market is more resistant to declines than the futures market and also shows the futures market's pessimistic expectation of the long - term fundamentals [9] - **Registered Warehouse Receipts:** This week, the changes in the fuel oil warehouse receipt data on the Shanghai Futures Exchange were limited, remaining generally stable. The low level of warehouse receipts helps reduce the physical delivery pressure on the futures market and provides some support for the prices of near - month contracts [11][12] 3.3 Influencing Factors - **Industry Information:** The benchmark price of fuel oil is 5,363 yuan/ton, down nearly 2.1% compared to the beginning of this month. The benchmark price of fuel oil 380CST is 433 US dollars/ton, down 3.8% compared to the beginning of this month [13] 3.4 Market Outlook - In the short term, the fuel oil market is expected to be mainly driven by geopolitical factors and crude oil costs. In terms of international supply, OPEC+ plans to expand the production increase scale in November, and the resumption of crude oil exports in the Kurdish region of Iraq, combined with the increased inflow of goods after the end of the summer electricity peak in the Middle East, clearly indicate an abundant supply pattern in the Asian fuel oil market. In the future, close attention should be paid to factors such as US tariff policies, the Fed's monetary policy (interest rate cut expectations), geopolitical situations, and crude oil price fluctuations that may affect the fuel oil market [14]