Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - For steel, sentiment and the market are temporarily stable. Near - term industrial directional drivers are unclear, and the focus is on the release intensity of demand and marginal changes in supply - demand [3]. - For iron ore, the fundamentals have no contradictions for now. The short - term supply is not significantly affected, and over - supply may occur in the 4th quarter if there is no production cut [3]. - For coking coal and coke, the market risk preference is good, and the short - term adjustment needs to be verified by post - holiday industrial data. In the medium - to - long term, the policy impact on the supply side is expected to be positive [3]. - For ferrosilicon and silicomanganese, they mainly fluctuate following the sector in the short term, and there are still concerns in the medium term [3]. 3. Section - by - Section Summaries 3.1 Futures Market - **Prices and Changes**: - On October 9, for far - month contracts, RB2605 closed at 3159 yuan/ton with a 0.48% increase, HC2605 at 3293 yuan/ton with a 0.52% increase, etc. For near - month contracts, RB2601 closed at 3096 yuan/ton with a 0.19% increase, HC2601 at 3286 yuan/ton with a 0.37% increase [1]. - The cross - month spreads, such as RB2601 - 2605 at - 63 yuan/ton on October 9, also had corresponding changes [1]. - Spreads, ratios, and profits like the coil - to - rebar spread was 190 yuan/ton on October 9, and the rebar's on - paper profit was - 93.08 yuan/ton [1]. 3.2 Spot Market - **Prices and Changes**: - On October 9, Shanghai rebar was 3250 yuan/ton with a 40 - yuan increase, Shanghai hot - rolled coil was 3360 yuan/ton with a 50 - yuan increase, etc. [1]. - The basis, such as the HC主力 basis was 74 yuan/ton on October 9, also had corresponding changes [1]. 3.3 Industry Analysis - **Steel**: Seasonally, post - holiday first - phase industrial data is usually poor but will recover. Near - term industrial drivers are unclear, and future focus is on demand release and supply - demand changes [3]. - **Iron Ore**: The holiday increase was due to a rumor. Supply data is stable in the short term, and over - supply may occur in the 4th quarter if there is no production cut [3]. - **Coking Coal and Coke**: The spot market has mixed performance, and the futures market rebounded. The short - term adjustment needs verification, and the medium - to - long - term policy impact on supply is positive [3]. - **Ferrosilicon and Silicomanganese**: They mainly follow the sector in the short term. There are supply - demand and inventory issues, and there are concerns in the medium term [3]. 3.4 Investment Suggestions - For steel, suggest to wait and see on the single - side, and can participate in the reverse spread or wait in the basis dimension [3]. - For iron ore, suggest to wait and see [3]. - For coking coal and coke, suggest to wait and see on the single - side [3]. - For ferrosilicon and silicomanganese, suggest to short on rallies [3].

1. Report Industry Investment Rating - No investment rating information provided in the report 2. Core View of the Report - In the short - term, while demand increases, supply also increases simultaneously, and the futures price may mainly fluctuate within a range. In the medium - to - long - term, production increases overall, which is the main factor suppressing the futures price. The fourth quarter is the traditional peak season for new energy vehicles, and after the increase in capacity electricity prices and the expansion of the spot price difference, the economic viability of independent energy storage has emerged, with the increase in tender volume indicating strong installation demand [3] 3. Summary by Relevant Catalog Lithium Compounds - The average price of SMM battery - grade lithium carbonate is 73,550 with no change, and the average price of SMM industrial - grade lithium carbonate is 71,300 with no change. The price difference between battery - grade and industrial - grade lithium carbonate is 2,250 [1][2] - Among futures contracts, the closing price of lithium carbonate 2510 is 73,580 with a 0.33% increase; lithium carbonate 2511 is 73,340 with a 0.27% increase; lithium carbonate 2512 is 73,500 with a 0.38% increase; lithium carbonate 2601 is 73,440 with a 0.38% increase; lithium carbonate 2602 is 73,240 with a 0.6% increase [1] Lithium Ore - The price of lithium spodumene concentrate (CIF China) is 843, down 15; lithium mica (Li20: 1.5% - 2.0%) is 1110, down 15; lithium mica (Li20: 2.0% - 2.5%) is 1835, down 20; phospho - lithium - aluminum stone (Li20: 6% - 7%) is 6080; phospho - lithium - aluminum stone (Li20: 7% - 8%) is 7190 [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 33,640; the average price of ternary material 811 (polycrystalline/power type) is 152,350, up 2000; the average price of ternary material 523 (single - crystal/power type) is 123,850, up 1500; the average price of ternary material 613 (single - crystal/power type) is 129,850, up 2500 [2] Price Differences - The difference between battery - grade lithium carbonate and the main contract is 210, down 540; the difference between the near - month and the first - continuous contract is - 160, down 100; the difference between the near - month and the second - continuous contract is - 100, up 60 [2] Inventory - The total inventory (weekly, tons) is 134,801, down 2024; the inventory of smelters (weekly, tons) is 34,747, up 1255; the inventory of downstream (weekly, tons) is 59,765, down 1128; the inventory of others (weekly, tons) is 40,290, down 2150; the registered warehouse receipts (daily, tons) is 42,379, up 670 [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 74,486, and the profit is - 2006; the cash cost of purchasing lithium mica concentrate externally is 77,806, and the profit is - 7315 [3] Technological Breakthrough - A research team led by researcher Huang Xuejie from the Chinese Academy of Sciences' Institute of Physics, in collaboration with Huazhong University of Science and Technology and the Chinese Academy of Sciences' Ningbo Institute of Materials Technology and Engineering, developed an anion regulation technology, solving the problem of poor contact between the electrolyte and lithium electrode in all - solid - state metal lithium batteries. The research results were published in the international academic journal "Nature - Sustainable Development" on the 7th [3] Market Demand and Supply - In the fourth quarter, it is the traditional peak season for new energy vehicles. After the increase in capacity electricity prices and the expansion of the spot price difference, the economic viability of independent energy storage has emerged, and the increase in tender volume indicates strong installation demand. The overall increase in production is the main factor suppressing the futures price [3]

Report Summary 1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - In the short term, the increase in demand leads to a mismatch between supply and demand, supporting the futures price. However, in the long - term, the pattern of oversupply remains unchanged [2] 3. Summary by Relevant Catalogs Lithium Compounds - SMM battery - grade lithium carbonate average price is 73,550 yuan/ton with a change of 3,000 yuan/ton; SMM industrial - grade lithium carbonate average price is 71,300 yuan/ton with a change of 2,500 yuan/ton [1] Lithium Ore - Lithium spodumene concentrate (CIF China) average price is 858 yuan with no change; lithium mica (Li20:1.5% - 2.0%) price is 1,125 yuan with a change of - 15 yuan; lithium mica (Li20:2.0% - 2.5%) price is 1,855 yuan with a change of - 20 yuan; phospho - lithium - aluminum stone (Li20:6% - 7%) price is 6,080 yuan with a change of - 70 yuan; phospho - lithium - aluminum stone (Li20:7% - 8%) price is 7,190 yuan with a change of - 95 yuan [1][2] Positive Electrode Materials - The average price of lithium iron phosphate (power type) is 33,640 yuan; the average price of ternary material 811 (polycrystalline/power type) is 150,350 yuan with a change of 1,000 yuan; the average price of ternary material 523 (single - crystal/power type) is 122,350 yuan with a change of 600 yuan; the average price of ternary material 613 (single - crystal/power type) is 127,350 yuan with a change of 700 yuan [2] Price Spreads - The difference between battery - grade and industrial - grade lithium carbonate is 2,250 yuan/ton; the difference between battery - grade lithium carbonate and the main contract is 750 yuan with a change of 1,120 yuan; the difference between the near - month and the first - continuous contract is - 60 yuan with a change of 100 yuan; the difference between the near - month and the second - continuous contract is - 160 yuan with a change of 40 yuan [2] Inventory - The total weekly inventory is 136,825 tons with a change of - 706 tons; the smelter weekly inventory is 33,492 tons; the downstream weekly inventory is 60,893 tons with a change of 1,398 tons; the other weekly inventory is 42,440 tons with a change of - 1,140 tons; the daily registered warehouse receipt is 41,709 tons with a change of 590 tons [2] Production Profit - The cash cost of purchasing lithium spodumene concentrate externally is 75,407 yuan, and the profit is - 2,927 yuan; the cash cost of purchasing lithium mica concentrate externally is 78,268 yuan, and the profit is - 7,776 yuan [2] Company News - Longpan Times stopped production on September 25th, most employees are on vacation, and it may resume production in November. The reason is that Ningde Times' Guanchun lithium mine stopped supplying raw materials [2] Market Situation - The traditional peak season for new energy vehicles is approaching, and downstream enterprises have inventory - building needs. After the increase in capacity electricity price and the expansion of the spot price difference, the economy of independent energy storage is emerging, and the installation demand is strong [2]

| 玻璃纯敏数据 板 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | TC 国贸期货 国贸期货研究院出品 投资咨询业务资格:证监许可[ 2012 ]31号 | | | | | | | | | ● 制表人:黑色金属研究中心 | | 黄志鸿 2 投资咨询证:Z0015761 | | | | | | | 2025/10/09 | | 从业资格证:F3051824 | | | | 细碱 | | | 合约 | | 1月 | 5月 | 9月 | 1月 | 5月 | 9月 | | 收盘 | | 1210 | 1326 | 1399 | 1255 | 1349 | 1410 | | -20 | 涨跌 | -18 | | -20 120 | -23 | -17 | -17 | | 期货 | 幅度 | -1.47% | -1.49% | -1. 41% | -1.8% | -1.24% | -1. 19% | | 1月-5月 | 价声 | | 5月-9月 | 9月-1月 | 1月-5月 | 5月-9月 | 9月-1月 | | 收营 | | - ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The report indicates that during the National Day holiday, the crude oil price was weak, the PX market had few transactions, and the downstream polyester procurement was stagnant. A new cracking ethylene plant in Shandong refinery was put into operation in mid - September, with related new capacities. The Asian naphtha cracking was stable during the holiday. Due to the weak crude oil, PTA showed a weak performance. The ethylene glycol price was under pressure due to new domestic device production, while the polyester inventory was in good condition and the downstream weaving load recovered. After the holiday, as the polyester peak season was about to end and the gasoline peak season passed, the polyester was expected to operate weakly [2]. 3) Summary According to Relevant Catalogs Market Quotes - **Crude Oil**: INE crude oil price dropped from 492.6 yuan/barrel on September 29, 2025, to 479.7 yuan/barrel on September 30, 2025, a decrease of 12.9 yuan/barrel [2]. - **PTA**: PTA - SC increased from 1072.2 yuan/ton to 1108.0 yuan/ton; PTA/SC ratio rose from 1.2995 to 1.3178; PTA主力期价 decreased from 4652 yuan/ton to 4594 yuan/ton; PTA现货价格 dropped from 4590 yuan/ton to 4535 yuan/ton; 现货加工费 increased from 200.3 yuan/ton to 227.1 yuan/ton; 盘面加工费 rose from 267.3 yuan/ton to 281.1 yuan/ton; 主力基差 decreased from (55) to (63); PTA仓单数量 increased from 28114 to 29316 [2]. - **MEG**: MEG主力期价 decreased from 4224 yuan/ton to 4207 yuan/ton; MEG - naphtha decreased from (135.68) yuan/ton to (138.25) yuan/ton; MEG内盘 dropped from 4295 yuan/ton to 4275 yuan/ton; 主力基差 remained unchanged at 70 [2]. - **PX**: CFR中国PX decreased from 817 to 804; PX - naphtha spread increased from 209 to 219 [2]. Industry Chain Start - up Situation - **PX**: The start - up rate remained unchanged at 85.57% [2]. - **PTA**: The start - up rate remained unchanged at 78.67% [2]. - **MEG**: The start - up rate decreased from 62.62% to 62.22%, a decrease of 0.40% [2]. - **Polyester**: The load increased from 88.74% to 88.80%, an increase of 0.06% [2]. Polyester Product Situation - **Polyester Filament**: POY150D/48F and FDY150D/96F prices remained unchanged; POY现金流 increased from 37 to 90; FDY现金流 increased from (288) to (235); DTY150D/48F price remained unchanged; DTY现金流 increased from 57 to 110; 长丝产销 decreased from 70% to 34% [2]. - **Polyester Staple Fiber**: 1.4D直纺涤短 price decreased from 6480 to 6465; 涤短现金流 increased from 217 to 255; 短纤产销 increased from 52% to 62% [2]. - **Polyester Chip**: 半光切片 price decreased from 5750 to 5705; 切片现金流 increased from 37 to 45; 切片产销 decreased from 62% to 55% [2]. Device Maintenance A 1.25 - million - ton PTA device in South China was restarting, and a 1.1 - million - ton PTA device increased its load [3].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - During the National Day holiday, crude oil prices were weak, PX market trading was sluggish, and polyester downstream procurement stagnated. Asian naphtha cracking was stable, the spread between MX and naphtha narrowed, and the spread between PX and MX decreased, supporting PX short - process profit. The US - Asia MX arbitrage window widened but there was no news of shipments from South Korea to the US. Domestic large - scale PTA plants were under rotation inspection, PTA production declined, and PTA basis fell quickly with no significant demand surge. Polyester operating load rebounded to 91%. Due to the weak crude oil, PTA was weak, and bottle chips and short fibers continued to fluctuate with costs [2] Group 3: Summary of Related Indexes Spot and Futures Prices - PTA spot price dropped from 4590 to 4535, a decrease of 55; MEG inner - market price dropped from 4295 to 4275, a decrease of 20; PTA closing price dropped from 4652 to 4594, a decrease of 58; MEG closing price dropped from 4224 to 4207, a decrease of 17; 1.4D direct - spun polyester staple fiber price dropped from 6480 to 6465, a decrease of 15; short - fiber basis increased from 110 to 129, an increase of 19; 10 - 11 spread remained unchanged at 22; polyester staple fiber cash flow increased from 240 to 246, an increase of 6; 1.4D imitation large - chemical fiber price remained unchanged at 5525; the spread between 1.4D direct - spun and imitation large - chemical fiber decreased from 955 to 940, a decrease of 15; East China water bottle chip price dropped from 5838 to 5812, a decrease of 26; hot - filling polyester bottle chip price dropped from 5838 to 5812, a decrease of 26; carbonated - grade polyester bottle chip price dropped from 5938 to 5912, a decrease of 26; outer - market water bottle chip price remained unchanged at 760; bottle chip spot processing fee increased from 475 to 502, an increase of 27.73; T32S pure polyester yarn price remained unchanged at 10300; T32S pure polyester yarn processing fee increased from 3820 to 3835, an increase of 15; polyester - cotton yarn 65/35 45S price remained unchanged at 16350; cotton 328 price dropped from 14630 to 14545, a decrease of 85; polyester - cotton yarn profit increased from 1524 to 1566, an increase of 42.08; primary three - dimensional hollow (with silicon) price remained unchanged at 7020; hollow short - fiber 6 - 15D cash flow increased from 457 to 510, an increase of 53.73; primary low - melting - point short - fiber price remained unchanged at 7350 [2] Market Conditions - Short - fiber: The main futures price of polyester staple fiber dropped 50 to 6276. In the spot market, the prices of polyester staple fiber production plants were stable, while those of traders declined weakly. Downstream buyers purchased as needed, and on - site transactions were differentiated. 1.56dtex*38mm semi - bright natural white (1.4D) polyester staple fiber prices were 6250 - 6550 in the East China market, 6370 - 6670 in the North China market, and 6280 - 6450 in the Fujian market. Bottle chips: The polyester bottle chip market price declined. PTA and bottle chip futures were weak, and the supply - side quotations of bottle chips were lowered. Downstream end - users replenished stocks due to rigid demand, and the market negotiation atmosphere was relatively active [2] Operating Rates and Sales Ratios - Direct - spun short - fiber load (weekly) increased from 93.90% to 94.40%, an increase of 0.01; polyester staple fiber sales ratio increased from 52.00% to 57.00%, an increase of 5.00%; polyester yarn startup rate (weekly) remained unchanged at 63.50%; recycled cotton - type load index (weekly) increased from 51.00% to 51.50%, an increase of 0.01 [3]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The price of precious metals is expected to continue rising in the long - term, and long - term long positions can be held. However, in the short - term, due to large price increases and over - optimistic market sentiment, there may be sharp fluctuations and adjustments, so short - term investors are advised to wait and see [6] - In the medium - to - long - term, factors such as the Fed's potential interest rate cuts, global geopolitical uncertainties, unsustainable US debt, and continued gold purchases by global central banks will likely drive up the price of gold [6] Group 3: Summary by Related Catalogs 1. Price Tracking - As of October 8, 2025, compared with September 30, 2025, London spot gold rose 4.5% to $4031.06 per ounce, London spot silver rose 3.9% to $48.63 per ounce, COMEX gold rose 4.4% to $4053.40 per ounce, and COMEX silver rose 3.1% to $48.47 per ounce. The prices of domestic gold and silver futures remained unchanged [5] - The price differences and ratios of gold and silver in the domestic and foreign markets also changed. For example, the COMEX gold - to - silver ratio rose 1.2% [5] 2. Position Data - As of October 7, 2025, compared with October 6, 2025, the holdings of gold ETF - SPDR remained unchanged, while the holdings of silver ETF - SLV rose 0.55%. The non - commercial long positions of COMEX gold rose 1.85%, and the non - commercial short positions rose 9.43% [5] 3. Inventory Data - As of October 7, 2025, compared with October 6, 2025, the COMEX gold inventory decreased 0.03% to 40144494 troy ounces, and the COMEX silver inventory decreased 0.11% to 530331634 troy ounces [5] 4. Interest Rate/Exchange Rate/Stock Market - As of October 7, 2025, compared with October 6, 2025, the US dollar index rose 0.49% to 98.59, the 2 - year US Treasury yield fell 0.83% to 3.57%, and the 10 - year US Treasury yield fell 0.96% to 4.14% [5] 5. Market Review and Outlook - On September 30, 2025, the main contract of Shanghai gold futures rose 1.485% to 874.4 yuan per gram, and the main contract of Shanghai silver futures rose 0.77% to 10918 yuan per kilogram. During the National Day holiday, the prices of precious metals in the overseas market continued to rise. It is expected that the prices of Shanghai gold and silver will open significantly higher [5] - The reasons for the sharp rise in precious metal prices during the holiday include increased market risk - aversion sentiment due to political events, expectations of the Fed's interest rate cuts, and China's central bank's gold purchases [6]

Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the report. 2) Core View of the Report - In the short - term, methanol prices will fluctuate within a range. In the medium - to - long - term, the methanol spot market may shift from a strong to a weak - oscillating state [1]. 3) Summary by Relevant Catalog Market Conditions Review - On September 30, 2025, the prices of some energy and chemical products remained unchanged, such as the price of Jincheng anthracite at 900.00, Inner Mongolia steam coal at 630.00, and Sichuan - Chongqing liquefied gas at 3760.00. The price of international natural gas decreased from 10.96 to 11.09, a decrease of 0.13. The prices of methanol in many places increased slightly. The inventory of enterprises in the main production areas in the northwest was at a low level, and the willingness of downstream and traders to replenish at low prices increased, driving up the auction transaction prices. The futures market sentiment was positive, which promoted the smooth transaction of new domestic orders in the afternoon, and some enterprises stopped selling to support prices, pushing up the spot prices [1]. Formaldehyde Market - The formaldehyde market showed mixed trends. The raw material methanol adjusted slightly, strengthening the cost - side support. Under the condition that the downstream was gradually entering the off - season of demand, formaldehyde production enterprises faced great pressure in shipment and adjusted their shipment mechanisms according to their own inventory. The demand side made flexible purchases based on rigid needs [1]. Supply and Demand - **Supply**: Domestic production was 275,675.00, an increase of 2,350.00 compared with the previous day. The domestic start - up rate was 84.32, a decrease of 0.72. The international start - up rate was 65.44, unchanged from the previous day [1]. - **Demand**: The order backlog was 273,022.00, unchanged from the previous day. The MTO start - up rate was 88.18, unchanged; the dimethyl ether start - up rate was 7.20, unchanged; the formaldehyde start - up rate was 44.71, unchanged; the wax dewaxing start - up rate was 78.97, unchanged; the chloride start - up rate was 87.54, unchanged; the MTBE start - up rate was 64.23, unchanged [1]. Associated Product Prices - The prices of associated products such as formaldehyde (Shandong) at 970.00, dimethyl ether at 3400.00, hydrochloric acid at 2450.00, methane chloride at 1680.00, and MTBE at 5050.00 remained unchanged [1].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The pulp fundamentals still show no signs of repair. Pulp port inventories and the number of warehouse receipts have not significantly decreased, and pulp futures are running weakly. It is recommended to consider a 11 - 1 reverse spread strategy [6]. 3. Summary by Relevant Catalogs 3.1 Pulp Price Data - **Futures Prices**: On September 30, 2025, SP2601 was 5142 with a daily decrease of 0.62% and a weekly decrease of 2.47%; SP2511 was 4834 with a daily decrease of 0.90% and a weekly decrease of 3.47%; SP2505 was 5184 with a daily decrease of 0.58% and a weekly decrease of 1.97% [5]. - **Spot Prices**: On September 30, 2025, the price of coniferous pulp Silver Star was 5550 with a daily decrease of 0.89% and a weekly decrease of 1.77%; Russian Needle was 5100 with a daily decrease of 0.97% and a weekly decrease of 1.92%; Broadleaf pulp Goldfish was 4250 with no daily change and a weekly increase of 0.71% [5]. - **Outer - Disk Quotes**: The outer - disk quote for Chilean Silver Star was 700 dollars, a monthly decrease of 2.78%; Japanese - origin was 530 dollars, a monthly increase of 3.92%; Chilean Venus was 590 dollars with no monthly change [5]. - **Import Costs**: The import cost of Brazilian Goldfish was 4344, a monthly increase of 3.87%; Chilean Venus was 4830 with no monthly change [5]. 3.2 Pulp Fundamental Data - **Supply**: In August 2025, the import volume of coniferous pulp was 61.4 tons, a monthly decrease of 4.95%; the import volume of broadleaf pulp was 125.8 tons, a monthly decrease of 6.88%. The pulp shipment volume to China was 162 tons, a 4.50% increase. The domestic production of broadleaf pulp and chemimechanical pulp showed certain fluctuations [5]. - **Demand**: The production of finished paper such as offset paper, coated paper, tissue paper, and white cardboard showed certain fluctuations, but the overall demand for paper products was basically stable, and the price of paper products had no obvious rebound [5]. - **Inventory**: As of September 25, 2025, the inventory of mainstream Chinese pulp ports was 203.3 tons, a decrease of 7.9 tons from the previous period, a 3.7% decrease, showing a destocking trend [5]. 3.3 Pulp Valuation Data - **Basis**: On September 30, 2025, the Russian Needle basis was 266 with a quantile level of 0.915; the Silver Star basis was 716 with a quantile level of 0.92 [5]. - **Import Profit**: On September 30, 2025, the import profit of coniferous pulp Silver Star was - 171 with a quantile level of 0.359; the import profit of broadleaf pulp Goldfish was - 94 with a quantile level of 0.554 [5].

Report Summary 1. Core View - A-shares fluctuated lower, with the ChiNext Index falling more than 2% and breaking below 3,200 points. Technology stocks corrected across the board. The Shanghai Composite Index closed down 0.65% at 3,828.11 points, the Shenzhen Component Index fell 1.76%, the ChiNext Index dropped 2.6%, the Beijing Stock Exchange 50 declined 1.81%, the Science and Technology Innovation 50 decreased 1.6%, the Wind All-A fell 1.2%, the Wind A500 dropped 1%, and the CSI A500 decreased 1.14%. A-share trading volume was 2.17 trillion yuan for the day, compared with 2.39 trillion yuan the previous day [5]. 2. Market Data Index Quotes | Index | Closing Price | Change (%) | Trading Volume (billion yuan) | Trading Volume (billion shares) | | ---- | ---- | ---- | ---- | ---- | | SSE 50 | 1,899.69 | 70.63 | 2973.0417 | 1.09 | | CSI 300 | 6,933.95 | 274.36 | 1.54 | 7497.8308 | | CSI 1000 | 1.36 | 258.68 | - | - | [3] CFFEX Stock Index Option Trading | Index | Call Option Volume (million contracts) | Put Option Volume (million contracts) | Total Volume (million contracts) | Call Option Open Interest (million contracts) | Put Option Open Interest (million contracts) | Total Open Interest (million contracts) | Volume PCR | Open Interest PCR | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | SSE 50 | 7.41 | 5.10 | 2.31 | 7.14 | 0.70 | 0.45 | 4.20 | 2.94 | | CSI 300 | 17.60 | 11.38 | 6.22 | 0.55 | 17.86 | 9.31 | 8.55 | 0.92 | | CSI 1000 | 30.66 | 17.05 | 0.80 | 27.35 | 13.61 | 13.63 | 0.99 | - | [3] Volatility Analysis - The report presents historical volatility and volatility cones for the SSE 50, CSI 300, and CSI 1000, as well as their respective volatility smile curves and next-month at-the-money implied volatility [3][4].