Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report presents the data of commodity options on October 15, 2025, including the main contract prices, price changes, historical volatility, implied volatility, and the main at - the - money IV and its percentile of various commodities. [5][9][13] 3. Summary by Related Catalogs Historical Volatility - Multiple commodities' historical volatility data (HV20, HV40, HV60, HV120) are provided, such as for furnace aluminum (20860, 0.00%, 14.58%, 9%, 8%, 8%, 9%), PVC (4692, - 0.59%, 19.21%, 11%, 11%, 19%, 18%), etc. [5] Implied Volatility - Implied volatility data show the main at - the - money IV of different commodities, like for polycrystalline silicon (41%, 73%, 13%, 48%), propylene (14%), urea (18%, 53%), etc. [9] Main At - the - Money IV Percentile - The main at - the - money IV percentile value is presented, but specific details are not clearly shown in the text. [13]

Report Title - Synthetic Rubber Data Daily Report [3] Report Date - October 15, 2025 [4] Industry Investment Rating - Not provided Core Viewpoints - On October 14, the domestic butadiene market fluctuated slightly. The previous low prices attracted better trading, prompting some suppliers to raise prices. However, due to the weak performance of major downstream products, the market buying sentiment remained cautious, and the slightly higher price quotes had poor trading, which limited the upward range of the market [4]. - The capacity utilization rate of China's high - cis butadiene rubber was 78.99%, a 1.41 - percentage - point increase from the previous working day. The theoretical production profit of butadiene rubber was a small loss of 157 yuan/ton [4]. - Although the short - term shutdown of an upstream device in Shandong affected the market in the morning, the impact was considered limited in the afternoon. The butadiene end had a large amount of external resources and good trading performance. The downstream remained on the sidelines due to trade frictions and the slightly weak natural rubber market [4]. - Considering that the trading center of private resources was significantly lower than the current ex - factory prices of Sinopec and PetroChina, some industry players were cautiously waiting for the price policy adjustment of Sinopec and PetroChina [4]. Summary by Related Catalogs Market Conditions - **Futures Market**: The closing price of BR2511.SHF was 10,920 yuan/ton, down 1.28%; the settlement price was 10,825 yuan/ton, down 1.01%. The trading volume was 65,011, down 42.59%; the open interest was 29,075, down 9.18% [4]. - **Spot Market**: The delivered price in the central Shandong region was around 8,550 - 8,650 yuan/ton, and the ex - tank self - pick - up price in East China was around 8,200 - 8,300 yuan/ton. The market prices in Hangzhou, Jiangsu, and Shandong all decreased [4]. - **Crude Oil Market**: WTI was at 57.84 US dollars/barrel, down 5.24%; Brent was at 62.09 US dollars/barrel, down 4.81% [4]. Production and Profit - **Capacity Utilization**: The capacity utilization rate of high - cis butadiene rubber was 78.99% [4]. - **Production Profit**: The theoretical production profit of butadiene rubber was - 157 yuan/ton [4]. Market Sentiment and Strategy - **Market Sentiment**: Trade frictions and the weak natural rubber market made downstream players cautious. Some players were waiting for the price policy adjustment of Sinopec and PetroChina [4]. - **Strategy**: Unilateral: BR was in a consolidation operation; Arbitrage: After the spread widened again, pay attention to going long on BR and short on RU or NR [4].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - International oil prices continue to show a weak downward trend due to uncertainties in China-US trade tariffs, which still disrupt global crude oil demand. The crude oil supply-demand situation remains loose. OPEC+ continues its production increase policy and has reached a principled agreement to slightly increase production again in November. From September, crude oil consumption gradually declines, with the end of the US consumption peak season marked by Labor Day in early September. Global crude oil consumption in the off - season drops by 1 - 3 million barrels per day compared to the peak season. Geopolitical tensions have eased, reducing geopolitical risks and allowing more crude oil to enter the market. Short - term oil prices are expected to remain weak. The recommended short - term operation strategy is to wait and see [3]. - The fuel oil market is under pressure from lukewarm demand and sufficient supply. Although Singapore's fuel oil inventory decreased in the week ending October 8, it is expected that the inventory will rise in October due to large supplies received in Asia in September. The spot price difference of fuel oil has increased slightly, but the near - month contract of 0.5% low - sulfur fuel oil still maintains a positive price difference structure, indicating abundant immediate supply. With the expected weak performance of international oil prices, fuel oil lacks strong driving forces. The recommended short - term operation strategy is to wait and see [3]. 3. Summary by Relevant Catalogs 3.1 Futures Disk - **Domestic Market**: SC crude oil closed at 448.6 yuan/barrel, down 5.1 yuan or 1.12% from the previous value; FU high - sulfur fuel oil closed at 2700 yuan/ton, down 37 yuan or 1.35%; LU low - sulfur fuel oil closed at 3203 yuan/ton, down 29 yuan or 0.90% [3]. - **Foreign Market**: WTI crude oil closed at $59.56 per barrel, unchanged; Brent crude oil closed at $63.39 per barrel, unchanged; Nymex gasoline closed at $1.8015 per gallon, unchanged; ICE diesel closed at $659.50 per ton, unchanged; Nymex natural gas closed at $3.101 per mmBtu, unchanged [3]. 3.2 Spread Data - **Crude Oil Spread**: SC - WTI spread was 3.60 yuan/barrel, down 0.73 yuan or 16.86%; SC - Brent spread was - 0.23 yuan/barrel, down 0.73 yuan or 144.66%; Brent - WTI spread was $3.83 per barrel, unchanged; SC monthly spread was - $1.00 per barrel, up $0.30 or - 23.08%; WTI monthly spread was $0.42 per barrel, unchanged; Brent monthly spread was $0.39 per barrel, unchanged [3]. - **Fuel Oil Spread**: FU monthly spread was 17 yuan/ton, down 2 yuan or 10.53%; LU monthly spread was 7 yuan/ton, up 1 yuan or 16.67%; FU - SC spread was - 33 yuan/ton, down 1 yuan or 1.82%; LU - SC spread was 44 yuan/ton, up 1 yuan or 1.47%; LU - FU spread was 503 yuan/ton, up 8 yuan or 1.62% [3][4]. 3.3 Spot Prices - **Crude Oil**: Oman crude oil was at $65.6 per barrel, down $1.35 or 2.02%; Russian ESPO was at $60.43 per barrel, down $0.89 or 1.45%; Brent Dtd was at $67.67 per barrel, down $2.62 or 3.87% [4]. - **Fuel Oil**: Singapore high - sulfur fuel oil was at $377 per ton, down $8 or 2.08%; Singapore low - sulfur fuel oil was at $452.5 per ton, down $10 or 2.21% [4]. 3.4 Fundamental Data - **US EIA Data**: Crude oil commercial inventory was 420,261 thousand barrels, up 3,715 thousand barrels or 0.89%; gasoline inventory was 219,093 thousand barrels, down 1,601 thousand barrels or 0.73%; distillate oil inventory was 121,559 thousand barrels, down 2,018 thousand barrels or 1.63%; US production was 13,629 thousand barrels per day, up 124 thousand barrels per day or 0.92%; refined oil inventory was 44,540 thousand barrels, down 141 thousand barrels or 0.32% [4]. - **Singapore ESG Data**: Fuel oil inventory was 23,699 thousand barrels, up 314 thousand barrels or 1.34% [4]. - **Exchange Warehouse Receipts**: SC crude oil warehouse receipts were 5,401,000, unchanged; FU fuel oil warehouse receipts were 45,800, unchanged; LU fuel oil warehouse receipts were 13,080, unchanged [4]. 3.5 Macro and Shipping Data - **Macro Data**: The US dollar index was 99.2595, up 0.4372 or 0.44%; the US 10 - year Treasury yield was 4.05%; the RMB/US dollar exchange rate was 7.2545, unchanged; the Baltic BDI was 2,144, up 208 or 10.74% [4]. - **Shipping Data**: The crude oil freight rate BDTI was 1,141, up 22 or 1.97%; the refined oil freight rate BCTI was 551, down 9 or 1.61% [4].

Industry Investment Rating - No information provided on the industry investment rating. Core Viewpoint - The supply side of industrial silicon is seeing continuous production increases as large northwest manufacturers resume production, while on the demand side, polysilicon production in October has increased more than expected due to capacity resumption in Qinghai and new capacity ramping up in other regions, and the production schedule for organic silicon in October is basically stable. Overall, the fundamentals of industrial silicon show a dual increase in supply and demand, and silicon prices may fluctuate. [1] Summary by Relevant Catalog Futures Market - For different contracts (SI2510 - SI2602), the closing prices range from 8490 - 8905, with price declines of -1.87% - -2.36%. The持仓量 varies from 21310 - 162674. [1] Spot Market - In the spot market, different grades of industrial silicon have different prices in various regions. For example, in the East China region, the price of 553 (non - oxygenated) is 9300, 553 (hydrogen - passed) is 9400, 421 is 9700, etc. [1] Price Difference - The price difference between different contracts and different grades of silicon shows various changes. For example, si2510 - si2511 is -30 with a change of -55, and the price difference between 421 spot and 553 oxygen - passed spot is 300 with a change of 50. [1] Warehouse and Warehouse Receipt - There are multiple warehouses and sub - warehouses, with different storage capacities (ranging from 0.15 - 2 million tons), different premium and discount standards (from -800 - 0), and different changes in warehouse receipts. For example, the warehouse receipt of Jianfa Tianjin Binhai decreased by 41, while that of Jianfeng Supply Chain increased by 96. [1] Industry News - The environmental impact assessment public participation first - time information announcement of the 90,000 - ton organic silicon product project of Jiangxi Fuxin Organic Silicon Technology Co., Ltd. was released on the Jiujiang government website. [1]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - Supply side: Affected by the resumption of production capacity in Qinghai and the ramp - up of new capacity in other regions, the production schedule of polysilicon in October increased more than expected [1] - Demand side: Due to the quota limit in the fourth quarter, the production schedule of silicon wafers in October may be reduced [1] - Inventory side: Factory inventory and warehouse receipt inventory are accumulating [1] - Policy: The two ministries emphasized not to bid below cost, strengthening the effectiveness of cost support. The "anti - involution" of polysilicon has basically formed a policy framework of "capacity reduction + sales at no less than cost price", and the medium - and long - term fundamentals of polysilicon may improve. The market sentiment has subsided, and the futures price may fluctuate in the short term [1] Group 3: Summary by Relevant Data Futures Price and Spread - The closing prices of different polysilicon futures contracts on October 15, 2025, such as PS2510 at 49980, PS2512 at 52390, and PS2601 at 52265, with their respective price changes and spreads like PS2510 - PS2511 at - 10 and PS2511 - PS2512 at - 2400 [1] Inventory - Polysilicon inventory (weekly, in 10,000 tons) is 24, with an increase of 1.4; N - type dense material inventory is 51.25; silicon wafer inventory (weekly, in GW) is 16.78; registered warehouse receipts (daily, in tons) is 7950 [1] Spot Price and Basis - The basis between N - type dense material and PS2511 is 1260, and between N - type mixed material and PS2511 is 260 [1] Market News - On October 14, market news said that relevant authorities may issue a document on strengthening photovoltaic capacity regulation, and an industry insider close to the authorities said the document may be released soon, involving requirements for limiting the operating rate of existing capacity across the entire industry chain [1]

Report Summary 1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core View of the Report - The current spot price of offset paper has not stopped falling and stabilizing, most double - rotary papers are still slightly declining, and the benefits of the "Golden September and Silver October" have not been reflected. The pulp price increased during the week, compressing the production profit of offset paper. The output increased due to the resumption of production by Chenming Paper, and the inventory increased slightly. The futures market currently has poor capital participation and is generally in a volatile state. The offset paper market is basically in a reasonable operating range, and short - term observation is recommended [7]. 3. Summary by Relevant Catalogs 3.1 Futures Data - On October 14, 2025, the price of OP2601 was 4216, with a daily increase of 0.14% compared to the previous day. The position of the main contract was 1140, a decrease of 2.48% compared to the previous day [5]. 3.2 Spot Price Data - **Offset Paper**: The prices of various brands of offset paper in different regions showed little daily change. For example, the price of Shandong High - white Swan was 4675 yuan/ton, with a daily and weekly change of 0.00%. However, some products had negative weekly changes, such as Yidong High - white Blue Leaf with a weekly decrease of 1.08% [5]. - **Coated Paper**: Similar to offset paper, the daily price changes of coated paper were mostly 0.00%. For instance, the price of Guangdong Chenming Snow Rabbit was 4650 yuan/ton, with a daily and weekly change of 0.00%. Some products also had negative weekly changes, like Shandong Chenming Snow Rabbit with a weekly decrease of 2.11% [5]. 3.3 Papermaking Raw Material Data - The prices of different types of pulp in Shandong and Guangdong regions had different daily and weekly changes. For example, the price of Shandong Coniferous Silver Star was 5600 yuan/ton, with a daily decrease of 0.88% and a weekly increase of 0.71% [6]. 3.4 Supply - Demand Data - **Production and Capacity Utilization**: From August 22, 2025, to September 26, 2025, the output of offset paper increased from 19.48 tons to 21 tons, and the capacity utilization rate fluctuated between 52.93% and 56.9% [6]. - **Inventory**: Both the factory - level inventory and social inventory showed little change during the period from August 22, 2025, to September 26, 2025. The factory - level inventory was around 117.81 - 122.7 tons, and the social inventory was around 53 - 53.8 tons [6]. - **Profit**: The production profit of offset paper using chemimechanical pulp as the main raw material was between 541.25 - 629 yuan/ton, and that using hardwood pulp as the main raw material was between 264 - 392 yuan/ton during the period from August 22, 2025, to September 26, 2025 [6].

Report Summary 1) Report Industry Investment Rating - No industry investment rating is provided in the report. 2) Core View of the Report - Due to high macro - policy uncertainty, it is recommended to stay on the sidelines [1]. 3) Summary According to Relevant Catalogs Spot Market - On October 14, 2025, the domestic PVC powder market prices declined, with most mainstream market drops ranging from 10 - 30 yuan/ton. The night - time futures prices decreased, followed by a slight rebound after intraday range - bound trading. Traders' fixed - price quotes in the morning were lowered, high - price transactions were difficult, some basis quotes strengthened, and point - price transactions had price advantages. Downstream procurement enthusiasm was average, and spot transactions were mediocre. For Type 5 calcium carbide materials, the mainstream spot cash self - pick - up prices were 4560 - 4650 yuan/ton in East China, 4620 - 4680 yuan/ton in South China, 4460 - 4550 yuan/ton delivered in Hebei, and 4540 - 4610 yuan/ton delivered in Shandong [1]. Raw Materials and Futures - Coal ash (Q5500) rose from 715 to 720 yuan, an increase of 5 yuan; Shaanxi medium - sized lanthanum charcoal remained unchanged at 730 yuan; Inner Mongolia calcium carbide dropped from 2550 to 2500 yuan, a decrease of 50 yuan; Shandong calcium carbide remained unchanged at 2830 yuan. Futures prices also declined, with Fengli (unspecified) dropping from 4721 to 4692 yuan, a decrease of 29 yuan; East China SG - 5 dropping from 4610 to 4580 yuan, a decrease of 30 yuan; South China SG - 5 dropping by 30 yuan to 4660 yuan [1]. Basis, Profit, and External Market - The basis in East China decreased from - 1118 to - 112, a decrease of 1; in South China, it decreased from - 31 to - 32; another area (marked as R) decreased from - 131 to - 132, a decrease of 1. The profit of Shandong calcium carbide method decreased from - 1210 to - 1240, a decrease of 30; the profit of Inner Mongolia calcium carbide method increased from - 979 to - 889, an increase of 91. In the external market, CFR China remained unchanged at 706; CFR Southeast Asia remained unchanged at 649; FAS Houston dropped from 571 to 551, a decrease of 20 [1]. Operating Rate and Inventory - The overall operating rate decreased from 81.42% to 82.63%, a decrease of 1.21%. The calcium carbide method operating rate decreased from 82.13% to 82.94%, a decrease of 0.81%; the ethylene method operating rate decreased from 79.75% to 81.9%, a decrease of 2.15%. Inventory in East China increased from 48.84 to 50.27, an increase of 1.43; in South China, it increased from 4.93 to 5.43, an increase of 0.5; the social inventory increased from 53.77 to 55.7, an increase of 1.93 [1].

Group 1: Report Overview - Report Title: Log Data Daily Report [3] - Research Institute: ITC Futures Research Institute [4] - Author: Yang Lulin [4] - Date: October 15, 2025 [4] Group 2: Price Information Spot Prices - In Shandong, for Radiata Pine, 3.9m Medium A is priced at 760 yuan, 5.9m Medium A at 800 yuan, 3.9m Small A at 720 yuan, and 5.9m Small A at 760 yuan [5] - In Jiangsu, for Radiata Pine, 4m Medium A is priced at 770 yuan, 6m Medium A at 800 yuan, 4m Small A at 720 yuan, and 6m Small A at 750 yuan [5] Outer - market Quotes - The outer - market quote for 4m Medium A Radiata Pine is in the range of 115 - 117 dollars per JAS cubic meter, with a 2 - dollar increase from September's 113 - 115 dollars [5] Futures Prices - LG2511 contract price is 787.5 yuan per cubic meter, down 15.5 yuan from the previous period; LG2601 contract price is 820 yuan per cubic meter, down 3 yuan from the previous period [5] Downstream Wood Product Prices - The price of 4000*50*100 wood squares in both Shandong and Jiangsu is 1270 yuan, with no change from the previous period [5] Group 3: Supply and Demand Information Import Volume - In August 2025, New Zealand's log import volume was 130.6 million cubic meters, North American timber was 10.1 million cubic meters, and European timber was 14.8 million cubic meters; in July 2025, the corresponding figures were 145.8 million, 10.6 million, and 16.6 million cubic meters respectively [5] Shipment Volume - From September 22 - 28 to October 6 - 12, the shipment volume from New Zealand to China decreased from 35 million JAS cubic meters to 34 million JAS cubic meters [5] Inventory - On October 10, the total inventory was 299 million cubic meters; Shandong's inventory was 189 million cubic meters, and Jiangsu's was 88 million cubic meters [5] Demand - On October 10, the daily average outbound volume was 5.73 million cubic meters; Shandong's outbound volume was 3.44 million cubic meters, and Jiangsu's was 1.79 million cubic meters [5] Group 4: Core View - After the holiday, the log fundamentals weakened slightly, with a slight increase in port inventory and a decrease in outbound volume, but the sustainability of this phenomenon needs further observation [5] - Log spot prices increased steadily, mainly driven by knot - free timber and laminated timber [5] - After a sharp decline, the log futures price is below the delivery cost line, and further short - selling is not recommended [5]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The report views the urea market as oscillating, with macro and cost factors being positive, while weak domestic demand is negative. The current supply - demand situation in the domestic market remains loose, and the recent market trend is still downward [1] 3. Summary by Relevant Catalogs Cost - The prices of coking coal, anthracite small pieces, and natural gas on October 14, 2025, remained unchanged from the previous day at $465.00, $920.00, and $3680.00 respectively [1] Price - On October 14, 2025, prices in regions like Henan, Hebei, Anhui, Shandong, and Shanxi increased by $30.00, $10.00, $10.00, $30.00, and $10.00 respectively compared to the previous day. The FOB prices in China and the Middle East, as well as CFR prices in Southeast Asia and Brazil, remained unchanged [1] Inventory - On October 14, 2025, factory inventory, port inventory, and downstream sample inventory remained unchanged at 144.39, 41.50, and 4050.00 respectively [1] Supply - On October 14, 2025, the 5 - day output, overall开工率, coal - based开工率, and gas - based开工率 remained unchanged. The 5 - day output was 199400.00, the overall开工率 was 85.24, the coal - based开工率 was 89.41, and the gas - based开工率 was 73.39 [1] Demand - On October 14, 2025, the开工 rates of compound fertilizer, melamine, and formaldehyde remained unchanged at 25.50, 65.47, and 34.49 respectively [1] Profit - On October 14, 2025, the profits of fixed - bed, water - coal slurry, and natural gas remained unchanged at - 327.00, 142.00, and - 225.00 respectively. The price of compound fertilizer decreased by $50.00 to $2050.00 [1] Related Products - On October 14, 2025, the prices of melamine and compound fertilizer remained unchanged at $5050.00 and $2450.00 respectively. The price of methanol increased by $10.00 to $2170.00 [1] Futures - On October 14, 2025, the settlement price decreased by $3.00 to $1602.00, the basis increased by $33.00 to - 57.00, the price change rate decreased by 0.44 to - 0.19, the trading volume decreased by 49382.00 to 614111.00, the open interest decreased by 4162.00 to 321992.00, and the number of warehouse receipts decreased by 347.00 to 6570.00 [1]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - On Tuesday, most domestic commodities declined, with industrial products and agricultural products mostly weakening [1]. 3. Summary by Category Black Series - Most black series commodities fell. The market sentiment was weak, with the Shanghai Composite Index dropping from a high. The actual situation of the black series remained weak, and the rebar futures reached a more than three - month low. Last week, the inventory of the five major steel products increased by 8.68% week - on - week to 1.60072 billion tons, with the increase far higher than 3.65% of the same period last year and a year - on - year increase of 19.5%. In the future, the property transactions during the National Day holiday were halved year - on - year, the national replenishment in many places was suspended, the sales of automobiles and home appliances declined, and the accumulated inventory needed time to digest. Exports also faced new challenges, so the fundamental contradictions were prominent, and the upward pressure on prices continued [1]. Basic Metals - Most basic metals declined. In the copper market, there was concern about the Sino - US tariff game. The market had different views on copper, mainly focusing on capital pull and demand pressure in traditional fields. The domestic copper market might continue the feature of "both supply and demand being weak". For aluminum, non - ferrous metals rose and then fell. The spot in East China was at par, and the social inventory of aluminum ingots and aluminum rods had a neutral accumulation. There were signs of inventory reduction in major regions on Tuesday. The apparent consumption of aluminum in the off - season was basically the same year - on - year, and the demand was resilient but lacked a high point. In the short term, Shanghai aluminum would fluctuate, and the upside space should be carefully viewed [1]. Energy and Chemicals - Most energy and chemical products weakened. As the macro - sentiment eased and investors' risk appetite gradually recovered, international crude oil prices rebounded. However, the willingness of domestic funds to chase the rise was relatively cautious, and the main contract of SC crude oil continued to decline. In the future, the market entered the TACO trading mode, and oil prices might fluctuate and repair in the short term. But the unpredictable style of Trump made the macro - level highly uncertain, and the trading rhythm was difficult to grasp. In the medium and long term, as geopolitical risks eased, the price center might move down [1]. Oilseeds and Oils - Most oilseeds and oils declined. The weakening of external - market oils and the decline of crude oil led to a weak overall sentiment in the oil market. According to the National Grain and Oil Information Center, the commercial inventory of the three major domestic oils was 2.41 million tons, up 340,000 tons year - on - year, at a high level in recent years. The fundamentals of oils lacked positive support for the time being, and they were expected to maintain a weak and fluctuating pattern in the short term. Attention should be paid to the trend of crude oil prices. In the long term, palm oil was about to enter the seasonal production - reduction period, and the B50 biodiesel plan in Indonesia would have an impact, so oils still had room to rise. The decline of double - meal (rapeseed meal and soybean meal) widened, and rapeseed meal reached a three - month low. The inventory of imported soybeans and soybean meal in China was at a high level, and the weak fundamentals restricted the upward space of prices. In the short term, double - meal might continue to fluctuate, and attention should be paid to the arrival of imported soybeans and rapeseeds [1]. Others - Shipping futures had a large increase, with the Container Freight Index (European Line) rising 7.36%. All precious metals rose, with Shanghai gold rising 2.70%. Most new - energy materials rose, with polysilicon rising 2.55% [1].