1. Report Industry Investment Rating - The report does not explicitly mention the industry investment rating. 2. Core View of the Report - Affected by the sharp rebound in crude oil prices and the cooling in coastal areas, the valuation of the LPG futures market has rebounded this week, with a high monthly spread and strong spot prices. However, the increase in raw material prices has also pressured the deep - processing plants. Although the previously shut - down plants have resumed normal operation and the operating rate has increased, the plant profit losses have intensified. Currently, the fundamental structure of LPG has not changed, traditional demand has not yet spread, and chemical demand shows rigid characteristics. Attention should be paid to the negative feedback effect of continuous losses in downstream plant profits and the impact of the PN spread remaining below $50 on the raw material procurement of cracking plants [5]. 3. Summary by Relevant Catalogs 3.1 Energy and Chemical Product Price Monitoring - The report provides the closing price, daily, weekly, monthly, and annual changes of various energy and chemical products such as exchange rates, precious metals, and energy commodities. For example, the current price of LPG is 4,258 yuan/ton, with a daily increase of 0.52%, a weekly increase of 0.90%, a monthly increase of 0.31%, and an annual decrease of 8.07% [3]. 3.2 LPG Market Analysis 3.2.1 Supply - Last week, the total commercial volume of liquefied gas was about [missing value] tons, including [missing value] tons of civil gas, [missing value] tons of industrial gas, and [missing value] tons of ether - post C4. The arrival volume of liquefied gas last week was [missing value] tons. Although some plants in East China, Northeast China, and Shandong resumed operation, a refinery in South China had partial equipment under maintenance and some enterprises used resources internally, resulting in a decrease in supply. This week, production enterprises have no plans to start or shut down, but some enterprises still use resources internally, so the domestic commercial volume is expected to decline [5]. 3.2.2 Demand - In October, the combustion demand for liquefied gas is in the off - season as the heating season has not yet arrived. In the C4 deep - processing sector, the demand for n - butane is insufficient, the plant profit losses have intensified, and the economic efficiency has weakened. In the C3 deep - processing sector, the demand for alkanes has rebounded month - on - month, but the continuous losses in plant profits have dampened the production enthusiasm of enterprises due to the sharp increase in raw material prices and unchanged terminal demand structure [5]. 3.2.3 Inventory - Last week, the in - plant inventory of LPG was [missing value] tons, and the port inventory was [missing value] tons. This week, the storage capacity utilization rate of the domestic liquefied gas market has decreased. In some areas, the inventory has slightly increased due to the impact of imported resources and adverse weather conditions, while other areas have successfully reduced inventory through low prices and low supply. The port inventory has generally shown a downward trend [5]. 3.2.4 Basis and Position - The weekly average basis is [missing value] yuan/ton in East China, [missing value] yuan/ton in South China, and [missing value] yuan/ton in Shandong. The total number of LPG warehouse receipts has increased by [missing value] to [missing value] hands, and the lowest deliverable location is [missing value] [5]. 3.2.5 Chemical Downstream - The operating rates of PDH, MTBE, and alkylation are [missing value]%, [missing value]%, and [missing value]% respectively. The profits of PDH - to - propylene, MTBE isomerization, and alkylation in Shandong are [missing value] yuan/ton, [missing value] yuan/ton, and [missing value] yuan/ton respectively [5]. 3.2.6 Valuation - The PG - SC ratio is [missing value], and the PG monthly spread is [missing value] yuan/ton. Affected by geopolitical factors, the oil prices have rebounded sharply this week, and the PG - SC cracking spread has narrowed [5]. 3.2.7 Other Factors - The Fourth Plenary Session of the 20th Central Committee has clarified the development goals and key tasks for the 15th Five - Year Plan period. The meeting between the US and Russian presidents at the Budapest Summit in Hungary has been postponed, and there is currently no plan for a meeting between the two presidents. The military confrontation between the US and Venezuela has intensified, and there have been continuous market news disturbances. Europe and the US have imposed sanctions on two Russian refineries, and India has re - planned its energy procurement plan [5]. 3.3 LPG Price and Spread Analysis - The report provides the prices, price changes, and spreads of LPG futures contracts at different times. For example, on October 24, 2025, the price of PG01 is 4,050 yuan/ton, with a weekly increase of 2.92% and a monthly decrease of 5.42%. The monthly spread between PG01 and PG02 is 107 yuan/ton, with a weekly increase of 10.31% and a monthly increase of 67.19% [10]. 3.4 Refinery Equipment Maintenance Plan - The report lists the maintenance plans of major and local refineries in China, including the refinery name, location, maintenance equipment, maintenance capacity, start time, and end time [11]. 3.5 LPG Plant and PDH Device Maintenance Data - It provides the maintenance data of LPG plants and PDH devices, including the production enterprise, location, maintenance equipment, normal production volume, loss volume, start time, and end time [12]. 3.6 International LPG - Related Price and Spread Analysis - The report includes the price trends and spreads of CP propane, CP butane, FEI propane, FEI butane, MB propane, MB butane, etc., as well as the price ratios of these products to WTI and Brent crude oil [13][20][24]. 3.7 LPG Market Consumption and Inventory Analysis - It analyzes the consumption and inventory of LPG, including the apparent consumption, production, sales rate, and inventory in different regions such as North China, East China, South China, and Shandong [135][137]. 3.8 LPG Deep - Processing Profit Analysis - The report analyzes the profits of alkane and olefin deep - processing, including PDH - to - propylene, PDH - to - PP, MTBE, and alkylation oil [193][206][212].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The core driving factors remain unchanged, and the price direction continues. Industrial silicon may experience weak price trends due to increased supply and decreased demand, while polysilicon is likely to maintain a pattern of "weak reality, strong expectation" and may fluctuate widely in the short - term. The price of lithium carbonate is expected to rise in the short - term due to supply - demand mismatch and cost increases, but the long - term supply surplus situation remains [1][8][9][91]. 3. Summary According to the Directory 3.1 Part One: Non - ferrous and New Energy Price Monitoring - **Price Data**: The current value, daily, weekly, and annual price changes of various varieties such as the US dollar index, CNH exchange rate, industrial silicon, and lithium carbonate are presented. For example, the current price of industrial silicon is 8,920 yuan/ton, with a daily increase of 2.47%, a weekly increase of 2.71%, and an annual decrease of 18.80%. The current price of lithium carbonate is 79,520 yuan/ton, with a daily decrease of 0.53%, a weekly increase of 9.32%, and an annual increase of 3.14% [6]. 3.2 Part Two: Industrial Silicon (SI) and Polysilicon (PS) 3.2.1 Industrial Silicon - **Supply Side**: The national weekly production is 98,500 tons, a 1.05% increase from the previous week. The production in major regions shows different trends, with Xinjiang increasing by 2.28% week - on - week, Inner Mongolia decreasing by 1.91%, and Yunnan remaining unchanged. The production in September was 420,800 tons, a 9.10% increase from August, and the planned production in October is 456,600 tons, an 8.52% increase from September [8]. - **Demand Side**: The demand from polysilicon and organic silicon is weak. The weekly production of polysilicon decreased by 1.46% week - on - week, and the weekly production of DMC in organic silicon decreased by 2.81% [8]. - **Inventory Side**: The visible inventory decreased by 1.34% week - on - week, the industry inventory decreased slightly, and the warehouse receipt inventory decreased by 3.57% [8]. - **Cost and Profit**: The national average cost per ton is 9,093 yuan, a 0.07% increase from the previous week, and the profit per ton is 127 yuan, a 5 - yuan decrease [8]. - **Investment Viewpoint**: The supply - demand pattern of increased supply and decreased demand remains unchanged, and the silicon price may run weakly [8]. 3.2.2 Polysilicon - **Supply Side**: The national weekly production is 31,100 tons, a 1.46% decrease from the previous week. The production in major regions shows different trends, with Inner Mongolia decreasing by 1.83% and Xinjiang increasing by 1.21% [9]. - **Demand Side**: The demand is neutral. The weekly production of silicon wafers remains unchanged, and the factory inventory increased by 3.16% week - on - week [9]. - **Inventory Side**: The factory inventory increased by 3.62% week - on - week, and the registered warehouse receipts increased by 9.41% [9]. - **Cost and Profit**: The national average cost per ton is 41,443 yuan, a 0.12% decrease from the previous week, and the profit per ton is 9,157 yuan, a 50 - yuan increase [9]. - **Macro Factor**: On October 9th, the National Development and Reform Commission and the State Administration for Market Regulation issued a document emphasizing not to bid below cost [9]. - **Investment Viewpoint**: The fundamentals change little, maintaining the pattern of "weak reality, strong expectation". It may fluctuate widely in the short - term and improve in the long - term [9]. 3.3 Part Three: Lithium Carbonate (LC) - **Supply Side**: The national weekly production is 21,300 tons, with an overall increase of 1.15% week - on - week. The production from different sources shows different growth rates, with lithium mica extraction increasing by 3.58% and salt lake extraction increasing by 3.63%. The production in September was 87,300 tons, a 2.37% increase from August, and the planned production in October is about 90,000 tons, a 3.09% increase [91]. - **Import Side**: In August, the import volume of lithium carbonate was 19,600 tons, a 10.30% decrease from July. In September, Chile's exports of lithium carbonate to China decreased by 14.49% month - on - month. In September, the import volume of lithium concentrate was 520,500 tons, a 10.61% increase from August [91]. - **Material Demand**: The demand from iron - lithium and ternary materials is strong. The weekly production of iron - lithium materials increased by 6.83% week - on - week, and the factory inventory increased by 1.49% [91]. - **Terminal Demand**: The demand from new energy vehicles and energy storage is strong. In September, the production of new energy vehicles was 1.617 million, a 16.29% increase from August, and the sales volume was 1.604 million, a 14.96% increase. The domestic energy storage winning bid power/volume in September was 6.45GW/16.34GWh [91]. - **Inventory Side**: The social inventory (including warehouse receipts) decreased by 1.73% week - on - week, the lithium salt factory inventory decreased by 1.76%, and the downstream inventory decreased overall. The warehouse receipt inventory decreased by 5.77% [91]. - **Cost and Profit**: The cost of external ore - based lithium extraction increased, and the profit decreased. The cost of integrated lithium extraction also increased [91]. - **Investment Viewpoint**: The price is expected to rise in the short - term due to supply - demand mismatch and cost increases, but the long - term supply surplus situation remains [91].

1. Report Industry Investment Rating - No specific industry investment rating is provided in the reports. 2. Report's Core View - The steel industry is currently in a state where contradictions are not prominent, with prices weakly stable over the weekend. The market is waiting for the evolution of contradictions, and the focus is on the outcome of major - power leader meetings. The carbon element may outperform the iron element in the mid - fourth quarter [2]. - The rebound space of silicon - iron and manganese - silicon is limited, and prices tend to fluctuate. The overall bearish pressure on the black sector remains due to weak downstream demand [3][5]. - The coking coal and coke futures have challenged the "anti - involution" trading high again. However, there is great uncertainty about whether the coking coal futures can break through, and it is not recommended to chase the rise unilaterally [6]. - The iron ore industry is gradually accumulating contradictions. Short - term observation is recommended, considering the potential over - supply in the fourth quarter and the expected supply increase from Ximangdu [7]. 3. Summary by Related Catalogs 3.1 Steel - On October 24, the closing prices of far - month contracts RB2605, HC2605, etc. and their changes were presented, with specific price and percentage changes. The same information was also shown for near - month contracts such as RB2601 and HC2601 [1]. - Over the weekend, steel spot prices weakly rebounded by about 10 yuan, and trading volume was average. The market is waiting for the evolution of contradictions, and currently there is no consistent contradiction. The market is observing whether inventory will accumulate and whether steel mill profits will deteriorate further [2]. - For steel trading, a wait - and - see or oscillation approach is recommended for unilateral trading. For arbitrage, consider long positions when the 01 - contract coil - to - rebar spread is below 150. For futures - cash reverse arbitrage, take rolling profit - taking [8]. 3.2 Silicon - iron and Manganese - silicon - The prices of silicon - iron and manganese - silicon rebounded under certain circumstances such as acceptable supply - demand, cost support, low valuation, and a favorable macro environment. However, due to weak downstream demand, the rebound space is limited, and prices may fluctuate in the short - term [3][5]. - For silicon - iron and manganese - silicon, it is recommended to gradually take profit on previous long positions [8]. 3.3 Coking Coal and Coke - On October 24, coking coal and coke contract closing prices, changes, and basis data were provided [1]. - The second round of price increases for coking coal and coke on the spot market has been implemented. The coking coal futures have challenged the previous high, but there is uncertainty about a breakthrough. It is not recommended to chase the rise unilaterally, and industrial customers can consider selling hedging on part of their spot inventory when the futures price rises [6][8]. 3.4 Iron Ore - On October 24, iron ore contract closing prices, changes, and basis data were presented [1]. - The supply of iron ore is generally stable, but there may be an over - supply situation in the fourth quarter. It is recommended to wait and see in the short - term [7][8].

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report - PTA prices rebounded slightly as crude oil prices recovered. The PTA supply side contracted due to low processing fees, and the polyester industry's profit was affected by over - capacity. However, the upward trend of crude oil prices supported PTA. The downstream polyester load remained above 87%, and the demand was slightly better than expected. The market is concerned about the impact of Sino - US negotiations on textile and clothing demand, and sanctions on some domestic refineries may affect PX supply [2]. - The inventory of ethylene glycol in East China ports remained low, and the arrival volume was limited. Overseas imports were expected to decline, but domestic plant production pressured the price. With the end of the polyester peak season and the downward trend of the crude oil fundamentals, polyester is expected to operate weakly [2]. 3) Summary Based on Related Catalogs a. Market Data - **Crude Oil**: INE crude oil price rose from 459.7 yuan/barrel on October 23, 2025, to 464.9 yuan/barrel on October 24, 2025, an increase of 5.2 yuan/barrel [2]. - **PTA**: The PTA - SC spread decreased by 27.79 yuan/ton, the PTA/SC ratio decreased by 0.0121. The PTA主力期价 rose by 10 yuan/ton, the spot price rose by 25 yuan/ton. The spot processing fee decreased by 7 yuan/ton, and the disk processing fee decreased by 12 yuan/ton. The PTA仓单数量 remained unchanged [2]. - **PX**: CFR China PX price increased by 4, and the PX - naphtha spread decreased by 26 [2]. - **MEG**: The MEG主力期价 decreased by 18 yuan/ton, the MEG - naphtha spread decreased by 1.2 yuan/ton, and the MEG inner - market price increased by 14 yuan/ton [2]. - **Polyester Products**: POY150D/48F price increased by 40 yuan/ton, FDY150D/96F price increased by 35 yuan/ton, DTY150D/48F price decreased by 15 yuan/ton. 1.4D straight - spun polyester staple fiber price increased by 10 yuan/ton, and the semi - gloss chip price remained unchanged [2]. b. Industry Chain Operating Conditions - **PX**: The PX operating rate remained at 84.62% [2]. - **PTA**: The PTA operating rate increased from 76.95% to 79.46%, an increase of 2.51% [2]. - **MEG**: The MEG operating rate remained at 61.89% [2]. - **Polyester**: The polyester load remained at 89.38% [2]. c. Product Cash Flow and Sales - **Polyester Filament**: POY cash flow increased by 14, FDY cash flow increased by 9, DTY cash flow decreased by 41, and the filament sales rate remained at 101% [2]. - **Polyester Staple Fiber**: The polyester staple fiber cash flow decreased by 16, and the short - fiber sales rate remained at 68% [2]. - **Polyester Chip**: The chip cash flow decreased by 26, and the chip sales rate remained at 54% [2]. d. Device Maintenance An East China 2.2 - million - ton PTA device slightly reduced its load, and the recovery time is to be tracked [2].

1. Report Industry Investment Rating - The investment view on the synthetic rubber industry is "oscillating" [4]. 2. Core View of the Report - Trade frictions have driven up the rubber sector, and the price of BR has been oscillating upwards. Macro - news is causing frequent disturbances. Although the transaction of cis - butadiene rubber has improved slightly due to the price increase, the industry's recent valuation has been repaired and increased. However, attention should still be paid to the impact of changes in production start - up and inventory clearance progress on the spot transaction rhythm [4]. 3. Summary by Relevant Catalogs 3.1 Market Review - As of October 23, 2025, Sinopec's ex - factory price of BR9000 was stable at 11,200 yuan/ton, while PetroChina's main sales companies raised the ex - factory price of BR9000 to 11,200 - 11,300 yuan/ton, an increase of 200 yuan/ton. The market price of cis - butadiene rubber declined slightly this week and then remained stagnant. The decline in raw material prices weakened cost support, but market focus shifted to supply. With the expectation of eased international trade frictions and the strengthening of the natural rubber market, the short - term bearish sentiment in the market subsided. Traders actively tried to raise prices, and PetroChina's sales companies raised supply prices. Downstream buyers continued to purchase at low prices and were firm in bargaining. Although the supply prices of Sinopec and PetroChina were high and some brands had firm offers due to tight spot resources, private resources still had price advantages, leading to good large - order transactions in the first and middle of the week, but the inquiry atmosphere weakened in the second half of the week [7]. 3.2 Supply Analysis 3.2.1 Butadiene - Last week, domestic butadiene production was [missing data], with a capacity utilization rate of [missing data]. Several major plants such as Nanjing Chengzhi, Sierbang, Yanshan Petrochemical, and others maintained a shutdown state. Although the plants of Fushun Petrochemical and Beifang Huajin restarted, the output within the week was limited, resulting in a slight decline in production [4]. 3.2.2 Cis - Butadiene Rubber - Yangzi Petrochemical's cis - butadiene rubber plant was under maintenance, and Qilu Petrochemical's plant restarted after maintenance. Additionally, Sichuan Petrochemical, Zhenhua New Materials, Zhejiang Petrochemical, and Maoming Petrochemical all had regular maintenance plans [4]. 3.3 Demand Analysis 3.3.1 Semi - Steel Tires - During the period, market demand increased. With the cooling and snowfall in Northeast and Inner Mongolia, the sales of snow tires increased, and the market replenishment demand rose. The trading between channels and terminal stores was good. The all - season tire market performed steadily, with regular channel sales and weakly stable prices [4]. 3.3.2 All - Steel Tires - The replacement market showed average performance. Some manufacturers withdrew promotional policies, and the market acceptance was limited. Channel prices were mainly stable, with some product agents raising quotes, but actual transactions continued at previous prices considering channel stability. Terminal demand was weak, and some transactions still had flexible promotional policies [4]. 3.4 Inventory Analysis 3.4.1 Butadiene - Last week, the butadiene port inventory was 2.46 million tons, a month - on - month decrease of 20.13%. The enterprise inventory increased month - on - month. Some downstream plants in East China stopped for maintenance, causing a slight fluctuation in butadiene inventory. The port inventory decreased significantly month - on - month due to limited ship arrivals and low tradable volume, leading to a phased reduction in inventory [4]. 3.4.2 Cis - Butadiene Rubber - The combined inventory of high - cis cis - butadiene rubber enterprises and traders was 3.317 million tons, a month - on - month increase of 1.25%. The strengthening of natural rubber drove up the mainstream supply price of synthetic rubber. Some manufacturers stocked up, resulting in an overall increase in enterprise inventory and a decrease in trader inventory [4]. 3.5 Basis and Spread Analysis - The basis of cis - butadiene rubber in North China was - 270 yuan/ton, in East China was - 120 yuan/ton, and in South China was - 70 yuan/ton. The RU - BR spread was 4,215 yuan/ton (an increase of 11.80%), the NR - BR spread was 1,385 yuan/ton (an increase of 6.54%), and the BR - SC ratio was - 0.70% [4]. 3.6 Profit Analysis - The production gross profit of butadiene through oxidative dehydrogenation was - 154 yuan/ton, and the production gross profit through C4 extraction was 1,594.88 yuan/ton. The production gross profit of cis - butadiene rubber was 48 yuan/ton, with a gross profit margin of 0.43% [4]. 3.7 Geopolitical and Macroeconomic Factors - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China clarified the development goals and key tasks for the 15th Five - Year Plan period. The meeting between the US and Russian presidents at the Budapest Summit in Hungary was postponed, and no meeting plan has been arranged yet. The military confrontation between the US and Venezuela has intensified, causing continuous market news disturbances. Europe and the US have imposed sanctions on two Russian refineries, and India has re - planned its energy procurement plan [4]. 3.8 Trading Strategy - Unilateral trading: The market is expected to oscillate upwards. Arbitrage: Pay attention to going long on BR and short on NR/RU. Key risks to monitor include downstream demand, cost changes, plant maintenance conditions, and geopolitical factors [4].

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - In the short - term, due to the mixed influence of factors such as inflation data, economic indicators, and geopolitical events, precious metals are expected to show a volatile trend. It is recommended to pay attention to events like the Fed's October interest - rate decision, China - US economic and trade negotiations, and whether there will be a meeting between the Chinese and US presidents at the APEC Summit. For silver, the progress of physical silver in London should be continuously monitored [6]. - In the long - term, factors such as potential Fed rate cuts, global geopolitical uncertainties, unsustainable US debt, and intensified great - power competition will increase the credit risk of the US dollar. With the continuation of central bank gold purchases, the long - term center of gold prices is likely to move upward. Long - term investors are advised to buy on dips [6]. 3. Section - by - Section Summaries 3.1 Price Tracking - **Precious Metal Prices**: On October 24, 2025, compared with October 23, London gold spot price dropped 0.5% to $4091.85 per ounce, London silver spot price fell 1.7% to $48.30 per ounce. COMEX gold price decreased 0.5% to $4107.30 per ounce, and COMEX silver price declined 1.1% to $47.99 per ounce. The prices of domestic gold and silver futures and spot also showed varying degrees of decline [5]. - **Price Spreads and Ratios**: The gold TD - SHFE active price spread increased 32.2% to - 1.97 yuan/gram, and the silver TD - SHFE active price spread rose 5.0% to - 21 yuan/kg. The gold and silver price ratios of SHFE and COMEX also showed slight increases [5]. 3.2 Position Data - **ETF Holdings**: On October 24, 2025, compared with October 23, the gold ETF - SPDR holdings decreased 0.52% to 1046.93 tons, and the silver ETF - SLV holdings dropped 0.32% to 15419.8141 tons [5]. - **COMEX Non - commercial Positions**: The non - commercial long positions of COMEX gold increased 1.85% to 332808 contracts, and the non - commercial short positions increased 9.43% to 66059 contracts. For COMEX silver, the non - commercial long positions rose 0.97% to 72318 contracts, and the non - commercial short positions decreased 0.21% to 20042 contracts [5]. 3.3 Inventory Data - **SHFE Inventories**: On October 24, 2025, compared with October 23, the SHFE gold inventory remained unchanged at 87015 kg, and the SHFE silver inventory increased 0.24% to 664971 kg [5]. - **COMEX Inventories**: The COMEX gold inventory decreased 0.21% to 38877087 troy ounces, and the COMEX silver inventory declined 0.21% to 496946989 troy ounces [5]. 3.4 Interest Rates, Exchange Rates, and Stock Market Data - **Interest Rates and Exchange Rates**: On October 24, 2025, compared with October 23, the US dollar/Chinese yuan central parity rate increased 0.01% to 7.09, the US dollar index rose 0.01% to 98.94, the 2 - year US Treasury yield remained unchanged at 3.48%, and the 10 - year US Treasury yield increased 0.25% to 4.02% [5]. - **Stock Market and Commodity Market**: The VIX index decreased 5.38% to 16.37, the S&P 500 index rose 0.79% to 6791.69, and the NYMEX crude oil price decreased 0.50% to $61.44 per barrel [5]. 3.5 Market Review - On October 24, the main contract of Shanghai gold futures rose 0.43% to 938.1 yuan/gram, and the main contract of Shanghai silver futures fell 0.15% to 11332 yuan/kg [5].

1. Report Industry Investment Rating - No information provided on the report industry investment rating 2. Core Views - The current demand for paper products remains at a stable level, with no obvious rebound in paper prices, and the positive impact of the "Golden September and Silver October" period on the pulp demand side has not been reflected [5][10] - The fundamentals of pulp have not improved significantly, but there is a potential shortage of delivery resources for Ural pulp in 2026, and the futures market may be priced based on Ural pulp and high - quality softwood pulp. The 12 - 1 reverse spread strategy is maintained [10] 3. Summary by Relevant Catalogs 3.1 Pulp Price Data - **Futures Prices**: On October 24, 2025, SP2601 was 5240, down 0.19% day - on - day and up 2.30% week - on - week; SP2511 was 4852, down 0.21% day - on - day and down 0.08% week - on - week; SP2605 was 5278, down 0.23% day - on - day and up 1.81% week - on - week [5] - **Spot Prices**: On October 24, 2025, the spot price of softwood pulp Silver Star was 5500, unchanged day - on - day and week - on - week; Russian Needle was 5100, unchanged day - on - day and up 2.00% week - on - week; hardwood pulp Goldfish was 4250, unchanged day - on - day and week - on - week [5] - **Foreign Quotes**: The foreign quote for Chilean Silver Star was 680 dollars/ton, down 20 dollars/ton from the previous period, a decrease of 2.86%; Brazilian Goldfish was 530 dollars/ton, up 20 dollars/ton from the previous period, an increase of 3.92%; Chilean Venus was 590 dollars/ton, unchanged [5] - **Import Costs**: The import cost of Chilean Silver Star was 5559, down 2.83% month - on - month; Brazilian Goldfish was 4344, up 3.87% month - on - month; Chilean Venus was 4830, unchanged [5] 3.2 Pulp Fundamental Data - **Import Volume**: In September 2025, the import volume of softwood pulp was 69.1 tons, up 12.54% month - on - month; hardwood pulp was 135.6 tons, up 7.79% month - on - month [5] - **Domestic Production**: On October 23, 2025, the domestic production of hardwood pulp was 23.5 tons; chemimechanical pulp was 23.6 tons [5] - **Inventory**: As of October 23, 2025, the pulp port inventory was 205.5 tons, a decrease of 1.9 tons from the previous period, a 0.9% decrease; the futures delivery warehouse inventory was 22.6 tons [5][10] - **Demand**: On October 23, 2025, the production of offset paper was 20.70 tons; coated paper was 8.50 tons; tissue paper was 28.46 tons; white cardboard was 36.00 tons [5] 3.3 Pulp Valuation Data - **Basis**: On October 24, 2025, the Russian Needle basis was 248, with a quantile level of 0.912; Silver Star basis was 648, with a quantile level of 0.879 [5] - **Import Profit**: On October 24, 2025, the import profit of softwood pulp Silver Star was - 59, with a quantile level of 0.511; hardwood pulp Goldfish was - 94, with a quantile level of 0.556 [5]

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Report's Core View - Terminal demand is strong, social inventory is continuously being depleted, creating a short - term supply - demand mismatch that drives up prices. As prices rise, supply - side hedging positions are gradually released, with lithium mica lithium extraction as the main incremental supply. Due to rising ore prices, the cost support has shifted upward. In the short term, prices are likely to move upward under the supply - demand mismatch, but there is pressure. In the long - term, the pattern of supply surplus remains unchanged, and capacity clearance is still awaited [3]. 3. Summary by Relevant Catalog Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 75,400 yuan with a daily increase of 600 yuan; SMM industrial - grade lithium carbonate has an average price of 73,150 yuan with a daily increase of 600 yuan [1]. - For lithium carbonate futures contracts, the closing price of Li2511 is 78,920 yuan with a 1.26% increase; Li2512 is 79,420 yuan with a 1.4% increase; Li2601 is 79,520 yuan with a 1.33% increase; Li2602 is 79,100 yuan with a 1.28% increase; Li2603 is 79,100 yuan with a 1.18% increase [1]. Lithium Ore - The price of lithium spodumene concentrate (CIF China) is 881 yuan with a daily increase of 11 yuan; lithium mica (Li2O: 1.5% - 2.0%) is 1,175 yuan with a daily increase of 35 yuan; lithium mica (Li2O: 2.0% - 2.5%) is 1,940 yuan with a daily increase of 50 yuan; phospho - lithium - aluminum stone (Li2O: 6% - 7%) is 6,975 yuan with a daily increase of 225 yuan; phospho - lithium - aluminum stone (Li2O: 7% - 8%) is 8,250 yuan with a daily increase of 275 yuan [1][2]. Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 2,250 yuan/ton. The price spread between battery - grade lithium carbonate and the main futures contract is - 4,120 yuan with a change of 1,020 yuan; the spread between the near - month and the first - continuous contract is - 500 yuan with a change of - 80 yuan; the spread between the near - month and the second - continuous contract is - 600 yuan with a change of - 40 yuan [2]. Inventory - The total weekly inventory is 130,366 tons, a decrease of 2,292 tons. The weekly inventory of smelters is 33,681 tons, a decrease of 602 tons; the weekly inventory of downstream is 55,275 tons, a decrease of 2,460 tons; the weekly inventory of others is 41,410 tons, an increase of 770 tons. The daily registered warehouse receipts are 28,699 tons, a decrease of 60 tons [2]. Profit Estimation - The cash cost of externally purchased lithium spodumene concentrate is 76,653 yuan, with a profit of - 2,342 yuan; the cash cost of externally purchased lithium mica concentrate is 80,139 yuan, with a profit of - 7,835 yuan [3]. Industry News - Apian Capital Advisory, a UK private equity firm, is collaborating with the International Finance Corporation of the World Bank to launch a $1 - billion critical minerals, metals, and mining fund focused on emerging markets [3].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - PTA supply has contracted as domestic plants have adjusted due to low processing fees. The polyester industry's profit is still constrained by over - capacity from new plant commissions, but the rising crude oil price supports PTA, leading to a slight upward movement in PTA prices after hovering at low levels. [2] - The polyester downstream load remains above 87%, and high polyester load has not led to large inventory accumulation. The demand from the polyester downstream is slightly better than expected, with recent good sales in the polyester market. The market is concerned about the impact of China - US negotiations on textile and clothing demand. [2] - Later, overseas sanctions on some domestic refineries may affect PX supply, which requires continuous attention. [2] 3. Summary by Related Data Price Changes - PTA spot price increased from 4425 to 4450, with a change of 25; MEG inner - market price rose from 4173 to 4187, a change of 14; PTA closing price went up from 4508 to 4518, a change of 10; MEG closing price decreased from 4095 to 4077, a change of - 18. [2] - 1.4D direct - spun polyester staple fiber price increased from 6390 to 6400, a change of 10; short - fiber basis remained unchanged at 178; 11 - 12 spread decreased from 18 to 32, a change of - 14. [2] - Polyester bottle - chip prices in the Jiangsu and Zhejiang markets increased slightly, with the average price rising by 10 yuan/ton. The prices of various types of bottle - chips (e.g., East China water bottle - chips, hot - filling polyester bottle - chips, carbonated - grade polyester bottle - chips) increased by 7. [2] - T32S pure - polyester yarn price remained unchanged at 10300; T32S pure - polyester yarn processing fee decreased from 3910 to 3900, a change of - 10; polyester - cotton yarn 65/35 45S price remained unchanged at 16350. [2] Load and Production - Sales - The direct - spun short - fiber load (weekly) increased from 93.90% to 94.40%; the polyester short - fiber production - sales rate decreased from 77.00% to 51.00%, a change of - 26.00%. [3] - The polyester yarn startup rate (weekly) remained unchanged at 63.50%; the recycled cotton - type load index (weekly) increased slightly from 51.00% to 51.50%. [3]

Report Industry Investment Rating - No information provided Core View of the Report - The short - term shock adjustment of stock indices is mainly affected by intensified overseas disturbances and adjustments in some high - position sectors. As unfavorable factors such as trade frictions gradually ease, stock indices are expected to return to the upward channel. With policy support and abundant macro - liquidity, even if short - term macro uncertainties increase, the adjustment space of stock indices is expected to be limited. It is recommended to take a long - term long position [8] Summary by Relevant Catalogs Interest Rate and Bond Market - Interest rate products' closing prices and changes: DRO01 closed at 1.32 with a 0.52bp increase; DR007 at 1.41 with a 1.57bp decrease; GC001 at 1.40 with a 5.50bp decrease; GC007 at 1.57 with a 6.50bp increase; SHBOR 3M at 1.59 with no change; LPR 5 - year at 3.50 with no change; 1 - year treasury bond at 1.48 with a 0.25bp decrease; 5 - year treasury bond at 1.62 with a 0.82bp increase; 10 - year treasury bond at 1.85 with a 0.50bp increase; 10 - year US treasury bond at 4.02 with a 1.00bp increase [4] - Last week, the central bank conducted 8672 billion yuan of reverse repurchase and 1200 billion yuan of treasury cash fixed - deposit operations in the open market, with 7891 billion yuan of reverse repurchase maturing, resulting in a net investment (including treasury cash) of 1981 billion yuan [4] - This week, 8672 billion yuan of reverse repurchase will mature in the central bank's open market, with 1890 billion, 1595 billion, 1382 billion, 2125 billion, and 1680 billion yuan maturing from Monday to Friday respectively. Also, 7000 billion yuan of MLF will mature on Monday and 5000 billion yuan of 182 - day outright reverse repurchase will mature on Wednesday [5] Stock Market - Stock index closing prices and changes: CSI 300 closed at 4661 with a 1.18% increase; SSE 50 at 3046 with a 0.62% increase; CSI 500 at 7259 with a 1.62% increase; CSI 1000 at 7419 with a 1.52% increase. Futures closing prices and changes: IF current - month contract at 4648 with a 1.2% increase; IH current - month contract at 3048 with a 0.8% increase; IC current - month contract at 7212 with a 1.7% increase; IM current - month contract at 7369 with a 1.7% increase [7] - Futures trading volume and position changes: IF trading volume was 116181 with a 9.4% decrease, and position was 255413 with a 3.5% decrease; IH trading volume was 58979 with a 2.2% decrease, and position was 95329 with a 1.4% increase; IC trading volume was 137728 with a 5.1% decrease, and position was 243604 with a 4.2% decrease; IM trading volume was 224453 with a 13.8% decrease, and position was 349089 with a 7.0% decrease [7] - Last week, CSI 300 rose 3.24% to 4660.7; SSE 50 rose 2.63% to 3045.8; CSI 500 rose 3.46% to 7258.5; CSI 1000 rose 3.25% to 7419.2. Shenwan primary industry indices generally rose, with communication (11.5%), electronics (8.5%), power equipment (4.9%), machinery and equipment (4.7%), and media (4.3%) leading the gains, while only agriculture, forestry, animal husbandry and fishery (- 1.4%) and food and beverage (- 0.9%) declined. The daily trading volume of A - shares last week was 15749 billion, 17043 billion, 15180 billion, 15106 billion, and 17592 billion yuan respectively, and the average daily trading volume decreased by 3494.9 billion yuan compared with the previous week [7] Futures Premium and Discount Situation - IF premium rates for current - month, next - month, current - quarter, and next - quarter contracts are 3.70%, 3.75%, 3.06%, and 3.10% respectively; IH premium rates are - 1.19%, - 0.62%, - 0.35%, and - 0.30% respectively; IC premium rates are 9.04%, 9.19%, 9.20% respectively; IM premium rates are 9.47%, 11.05%, 11.58%, and 11.66% respectively. The values in parentheses are annualized premium and discount rates (green for premium, red for discount) [9]