Group 1: Report Overview - The report is the "Precious Metals Data Daily" released by ITG Guomao Futures on September 25, 2025 [4][5] Group 2: Industry Investment Rating - No industry investment rating is provided in the report Group 3: Core Viewpoints - In the short - term, precious metal prices may fluctuate at high levels, but the long - term bullish view remains unchanged. The market continues to trade the expectation of two more interest rate cuts this year, and the possible government shutdown in the US at the end of the year support precious metal prices. However, the rebound of the US dollar index and the improvement of trade relations put some pressure on precious metal prices. As the National Day holiday approaches, investors are advised to hold light positions to avoid risks [5] - In the medium - to - long - term, the Fed still has room to cut interest rates this year, global geopolitical uncertainties persist, the US debt is unsustainable, and great - power competition intensifies, which will increase the credit risk of the US dollar in the long run. The continuous gold purchases by global central banks will likely push up the medium - to - long - term price center of gold [5] Group 4: Price and Spread Data 1. Spot and Futures Price Tracking - On September 24, 2025, compared with September 23, 2025, London gold spot price rose 0.5% to $3772.46 per ounce, London silver spot price rose 0.8% to $44.08 per ounce. COMEX gold price rose 0.5% to $3805.70 per ounce, and COMEX silver price rose 0.5% to $44.35 per ounce. Domestic gold and silver futures and spot prices also showed varying degrees of increase, with a rise of about 0.5% - 0.6% [5] 2. Spread and Ratio Tracking - From September 23 to September 24, 2025, the spread between gold TD and SHFE active price changed from - 2.02 yuan/gram to - 0.9 yuan/gram, a change of - 55.4%; the spread between silver TD and SHFE active price changed from - 27 yuan/kg to - 24 yuan/kg, a change of - 11.1%. The spread between domestic and foreign gold (TD - London) changed from - 7.29 yuan/gram to - 6.93 yuan/gram, a change of - 4.9%; the spread between domestic and foreign silver (TD - London) changed from - 895 yuan/kg to - 931 yuan/kg, a change of 3.9%. The SHFE gold - silver ratio was 82.68, and the COMEX gold - silver ratio was 85.82, with little change [5] Group 5: Position and Inventory Data 1. Position Data - As of September 23, 2025, compared with September 22, 2025, the position of gold ETF - SPDR remained unchanged at 1000.57 tons, and the position of silver ETF - SLV increased 0.65% to 15469.12379 tons. COMEX gold non - commercial long positions increased 0.59% to 326778 contracts, and non - commercial short positions decreased 4.38% to 60368 contracts. COMEX silver non - commercial long positions decreased 1.14% to 71623 contracts, and non - commercial short positions increased 8.49% to 20085 contracts [5] 2. Inventory Data - On September 24, 2025, compared with September 23, 2025, SHFE gold inventory increased 2.59% to 60543 kg, and SHFE silver inventory increased 1.11% to 1161799 kg. COMEX gold inventory increased 0.16% to 39745191 troy ounces on September 23, 2025, compared with September 22, 2025, and COMEX silver inventory increased 0.45% to 526748211 troy ounces [5] Group 6: Interest Rate, Exchange Rate and Stock Market Data - On September 24, 2025, compared with September 23, 2025, the US dollar/yuan central parity rate rose 0.03% to 7.11. The US dollar index fell 0.08% to 97.24, the 2 - year US Treasury yield fell 2.22% to 3.53%, the 10 - year US Treasury yield fell 0.72% to 4.12%. The VIX index rose 3.35% to 16.64, the S&P 500 index fell 0.55% to 6656.92, and NYMEX crude oil rose 2.10% to $63.65 [5] Group 7: Market Review - On September 24, 2025, the main contract of Shanghai gold futures closed up 1.03% to 860 yuan/gram, and the main contract of Shanghai silver futures closed up 0.83% to 10397 yuan/kg [5]

Report Industry Investment Rating - Not provided Core View of the Report - The approaching traditional peak season for new energy vehicles and strong energy storage demand, along with the continuous reduction of lithium carbonate social inventory, support the futures price. However, the overall increase in production is the main factor suppressing the futures price. Attention should be paid to whether the market will take advantage of the supply - side issue again in the context of demand improvement and the reported environmental problems in Qinghai salt lakes [3] Summary by Relevant Catalogs Lithium Compounds - The average price of SMM battery - grade lithium carbonate is 73,850 yuan/ton, up 3,000 yuan/ton; the average price of SMM industrial - grade lithium carbonate is 71,600 yuan/ton, with no change [1] - The closing prices of lithium carbonate futures contracts (2510, 2511, 2512, 2601, 2602) are 72,680 yuan/ton (-0.66%), 72,880 yuan/ton (-0.79%), 72,900 yuan/ton (-0.87%), 72,860 yuan/ton (-0.79%), and 72,600 yuan/ton (-1.04%) respectively [1] Lithium Ore - The average price of lithium spodumene concentrate (CIF China) is 856 yuan/ton, down 4 yuan/ton; the average price of lithium mica (Li20: 1.5% - 2.0%) is 1140 yuan/ton, down 25 yuan/ton; the average price of lithium mica (Li20: 2.0% - 2.5%) is 1875 yuan/ton, down 25 yuan/ton; the average price of phospho - lithium - aluminum stone (Li20: 6% - 7%) is 6080 yuan/ton; the average price of phospho - lithium - aluminum stone (Li20: 7% - 8%) is 7210 yuan/ton, down 55 yuan/ton [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 33,710 yuan/ton; the average prices of ternary materials 811 (polycrystalline/power type), 523 (single - crystal/power type), and 613 (single - crystal/power type) are 147,550 yuan/ton (up 100 yuan/ton), 120,450 yuan/ton (up 100 yuan/ton), and 125,100 yuan/ton (up 100 yuan/ton) respectively [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 2250 yuan/ton; the price spread between battery - grade lithium carbonate and the main contract is 970 yuan/ton, up 780 yuan/ton; the price spreads between the near - month and the first - continuous contract, and the near - month and the second - continuous contract are - 200 yuan/ton (up 40 yuan/ton) and - 220 yuan/ton (up 40 yuan/ton) respectively [2] Inventory - The total inventory (weekly, tons) is 137,531 tons, down 981 tons; the inventory of smelters (weekly, tons) is 34,456 tons, down 1757 tons; the inventory of downstream (weekly, tons) is 59,495 tons, up 1216 tons; the inventory of others (weekly, tons) is 43,580 tons, down 440 tons; the registered warehouse receipts (daily, tons) is 39,749 tons, up 300 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 75,297 yuan/ton, with a profit of - 2,519 yuan/ton; the cash cost of purchasing lithium mica concentrate externally is not clearly given, with a profit of - 7,944 yuan/ton [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The soybean market is affected by multiple factors, with short - term market sentiment being weak. It is recommended to observe cautiously and pay attention to changes in the premium and discount quotes [8]. 3. Summary by Relevant Catalogs Supply - The good - to - excellent rate of US soybeans has dropped to 61%. Due to less rainfall in the production areas recently, the good - to - excellent rate may continue to decline, and there may be room for a subsequent reduction in US soybean yield per unit [8]. - In October, domestic soybean stocks are expected to start decreasing, but the supply of domestic soybean meal is expected to remain abundant in the fourth quarter. Currently, the purchasing progress for November - January is slow, and the supply of soybean meal in the first quarter of next year still needs to be supplemented, with the source of supplementation yet to be determined [8]. Demand - Short - term high inventory of pigs and poultry in breeding is expected to support feed demand, but policy guidance to control pig inventory and weight is expected to affect long - term pig supply [8]. - Soybean meal has a high cost - performance ratio, and its pick - up volume is at a high level. This week, the spot trading volume of soybean meal downstream has increased [8]. Inventory - Domestic soybean stocks have reached a high level, and the soybean meal inventory of oil mills has increased but is lower than the same period last year. It is expected to remain in the inventory accumulation cycle in the short term [8]. - The inventory days of soybean meal in feed enterprises have increased [8]. Market Performance - Affected by Argentina's zero - tariff on soybean exports, domestic purchasing has increased. With the pressure of hedging and speculative positions, the soybean meal futures market has dropped significantly today [8].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The shipping market is experiencing a weak and volatile trend. The suspension of cargo movement at the Kazakh border, potential opening of the Polish border, cancellation of voyages during the Golden Week, and fluctuations in booking volumes and tariffs are all influencing the market. The key variable remains tariffs, and the situation may deteriorate further if the tariff suspension period ends [8]. - The EC market is in a weak and volatile state. The unchanged MSK10 October second - week freight rate opening price has increased the expectation of a halt in price decline [9]. - In the European shipping market, the cargo volume is expected to bottom out in October and turn around in November. The shipping companies' "rolling pool" strategy during the off - season may intensify the decline in freight rates. The off - season reduction in ships has limited impact on the market [10]. 3. Summary by Related Content 3.1 Shipping Freight Index - **Spot Freight Index**: The Shanghai Export Container Freight Index (SCFI) dropped to 1198, a decrease of 14.31% from the previous value; the China Export Container Freight Index (CCFI) was at 1120, a 0.45% decline. SCFI - West America dropped 30.97% to 1636, SCFIS - West America fell 11.56% to 1193, SCFI - East America decreased 22.68% to 2557, and SCFI - Northwest Europe dropped 8.84% to 1052. SCFIS - Northwest Europe declined 17.15% to 1193, and SCFI - Mediterranean fell 5.75% to 1638 [6]. - **Contract Data**: Most shipping futures contracts showed a downward trend. For example, EC2506 decreased 2.28% to 1421.3, EC2608 dropped 1.03% to 1592.5. Some contract positions changed, with EC2608's position increasing by 14 to 501, while EC2410's position decreased by 4522 to 41508 [6][7]. 3.2 Market News - Cargo movement at the Kazakh border has been temporarily suspended due to a disagreement between the Kazakh and Russian governments on the customs union agreement. The Polish border may open this Tuesday or Wednesday or by the end of this month. MSC has canceled 5 more voyages during the Golden Week off - season, with the capacity of the Pacific route reduced by about 14% and the Asia - Europe route by about 17%. In early September, China - US booking volumes decreased by nearly 26% year - on - year, and US - China booking volumes dropped by 18% [8]. 3.3 EC Market - The EC market is in a weak and volatile state. The unchanged MSK10 October second - week freight rate opening price has increased the expectation of a halt in price decline [9]. 3.4 Spot Price - This week, the Gemini October upper - half price dropped to 1500, QA to 1550, PA to 1400, and MSC to 1600. The FAK freight rate center in the market in late September was 1500 [10]. 3.5 Strategy - A positive spread strategy for the 10 - 12 period is recommended [11].

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints - **Steel**: The spot and futures prices of steel have corrected, with reduced spot trading volume and a still weak market sentiment. Macro - level, US interest rate cuts are beneficial for mid - cycle liquidity and risk appetite, and the follow - up of domestic policies needs to be observed. Industry - level, steel demand in the off - season is not strong, and the improvement in building materials' apparent demand is not significant. There is cost support due to high hot metal production and pre - National Day furnace charge restocking, but high production of building materials poses a potential risk. Futures trading suggests waiting and seeing, and for basis - stage buying hedging positions, consider rolling profit - taking before the National Day according to spot exposure [3]. - **Silicon Iron and Manganese Silicon**: Market sentiment has improved, but there are concerns in the fundamentals. The industry's average profit has been restored, and supply continues to increase. With the arrival of the "Golden September and Silver October", terminal demand needs verification, and the risk of a decline in hot metal and electric furnace start - up accumulates, which may impact demand. Current industry inventories are still high, and there is pressure to reduce inventories [3]. - **Coking Coal and Coke**: Coking coal spot prices are strong. Before the National Day, due to restocking, coking coal auction transactions are good, and prices mostly rise. Futures are oscillating. Although there are positive macro - news, the market shows a "sell - on - news" sign. From an industry perspective, the cost support is verified, but due to the lack of obvious improvement in terminal demand, the upward driving force is limited. It is recommended to gradually liquidate long positions before the National Day and use selling hedging when prices rise [3]. - **Iron Ore**: There are many rumors in the market during the iron ore conference week. Steel mills' hot metal production has slightly increased, and the profit rate has declined. Steel mills' restocking for the National Day is almost over. Before the National Day, factors such as restricted circulation of mineral resources and restocking support iron ore prices, but the upside depends on steel demand. The long - term view is to buy on dips [3]. 3. Summary by Relevant Content Futures Market - **Contract Closing Prices**: On September 23, for far - month contracts, RB2605 closed at 3212 yuan/ton (- 33 yuan, - 1.02%), HC2605 at 3351 yuan/ton (- 42 yuan, - 1.24%), etc.; for near - month contracts, RB2601 closed at 3155 yuan/ton (- 32 yuan, - 1.00%), HC2601 at 3340 yuan/ton (- 45 yuan, - 1.33%) [1]. - **Spreads and Ratios**: On September 23, the spread between RB2601 and RB2605 was - 57 yuan/ton (+ 2 yuan), the spread between HC2601 and HC2605 was - 11 yuan/ton (- 3 yuan), etc. The coil - to - rebar spread was 185 yuan/ton (- 10 yuan), the rebar - to - ore ratio was 3.93 (- 0.01), etc. [1]. Spot Market - **Prices**: On September 23, Shanghai rebar was 3250 yuan/ton (- 40 yuan), Shanghai hot - rolled coil was 3370 yuan/ton (- 70 yuan), etc. [1]. - **Basis**: On September 23, the basis of HC main contract was 30 yuan/ton (- 30 yuan), the basis of RB main contract was 95 yuan/ton (- 10 yuan), etc. [1]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - Domestic PTA plants are gradually resuming operations, leading to an increase in domestic PTA production and a rapid decline in PTA basis. Hengli's concentrated sales have significantly pressured the market. OPEC+ has increased oil production again, causing a sharp drop in crude oil prices. The spread between PX and naphtha has narrowed. Recently, sales and production have weakened, and inventories have risen. Especially with the approaching off - season, the polyester operating load has rebounded to 91%. However, due to the decline in crude oil prices and the weakening of the basis, PTA has shown weakness [2] Group 3: Summary of Specific Indicators 1. Price Changes - PTA spot price decreased from 4510 to 4470, a change of - 40 [2] - MEG inner - market price decreased from 4344 to 4297, a change of - 47 [2] - PTA closing price decreased from 4586 to 4556, a change of - 30 [2] - MEG closing price decreased from 4240 to 4212, a change of - 28 [2] - 1.4D direct - spinning polyester staple fiber price decreased from 6470 to 6440, a change of - 30 [2] - Polyester staple fiber basis increased from 122 to 149, a change of 27 [2] - 10 - 11 spread increased from 2 to 4, a change of 2 [2] - Polyester staple fiber cash flow increased from 240 to 246, a change of 6 [2] - 1.4D imitation large - chemical fiber price remained unchanged at 5625 [2] - The spread between 1.4D direct - spinning and imitation large - chemical fiber decreased from 845 to 815, a change of - 30 [2] - East China water bottle chip price decreased from 5785 to 5757, a change of - 28 [2] - Hot - filling polyester bottle chip price decreased from 5785 to 5757, a change of - 28 [2] - Carbonated - grade polyester bottle chip price decreased from 5885 to 5857, a change of - 28 [2] - Outer - market water bottle chip price decreased from 760 to 755, a change of - 5 [2] - Bottle chip spot processing fee increased from 474 to 496, a change of 21.94 [2] - T32S pure polyester yarn price remained unchanged at 10270 [2] - T32S pure polyester yarn processing fee increased from 3800 to 3830, a change of 30 [2] - Polyester - cotton yarn 65/35 45S price remained unchanged at 16250 [2] - Cotton 328 price decreased from 14795 to 14755, a change of - 40 [2] - Polyester - cotton yarn profit increased from 1368 to 1403, a change of 35.01 [2] - Primary three - dimensional hollow (with silicon) price remained unchanged at 7050 [2] - Hollow staple fiber 6 - 15D cash flow increased from 539 to 589, a change of 49.94 [2] - Primary low - melting - point staple fiber price remained unchanged at 7430 [2] 2. Market Conditions - Polyester staple fiber: The price of polyester staple fiber production plants was stalemate, while the price of traders slightly decreased. Downstream buyers purchased according to demand, and the on - site transactions were differentiated. The price of 1.56dtex*38mm semi - glossy natural white (1.4D) polyester staple fiber in the East China market was 6230 - 6550 yuan/ton in cash on the spot, 6350 - 6670 yuan/ton in cash delivered in the North China market, and 6230 - 6450 yuan/ton in cash delivered in the Fujian market [2] - Polyester bottle chip: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 5700 - 5820 yuan/ton, with the average price dropping 35 yuan/ton compared to the previous working day. Polyester raw materials and bottle chip futures were weakly operating. The supply - side quotations were adjusted downward, and downstream end - users replenished stocks on a rigid basis. The market negotiation atmosphere was acceptable, and the price center of bottle chips declined today [2] 3. Operating Load and Sales - to - Production Ratio - Direct - spinning staple fiber load (weekly) changed from 93.90% to 94.40%, a change of 0.01 [3] - Polyester staple fiber sales - to - production ratio increased from - 22.00% to 30.00%, a change of 52.00% [3] - Polyester yarn startup rate (weekly) remained unchanged at 63.50% [3] - Regenerated cotton - type load index (weekly) changed from 51.00% to 51.50%, a change of 0.01 [3]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - The pulp fundamentals show no signs of repair, the pulp port inventory and the number of warehouse receipts are not significantly reduced, and the pulp futures fluctuate [5]. Group 3: Summary by Relevant Catalogs Pulp Price Data - **Futures Prices**: On September 23, 2025, SP2601 was 5272, down 0.30% day-on-day and 1.46% week-on-week; SP2511 was 5008, unchanged day-on-day and down 1.18% week-on-week; SP2505 was 5288, down 0.53% day-on-day and 1.31% week-on-week [5]. - **Spot Prices**: On September 23, 2025, the price of coniferous pulp Silver Star was 5650, unchanged day-on-day and week-on-week; Russian Needle was 5200, unchanged day-on-day and down 0.95% week-on-week; broadleaf pulp Goldfish was 4220, unchanged day-on-day and up 0.96% week-on-week [5]. - **Foreign Quotes**: The quote for Chilean Silver Star was 700 dollars, down 2.78% month-on-month; Japanese X was 530 dollars, up 3.92% month-on-month; Chilean Venus was 590 dollars, unchanged month-on-month [5]. - **Import Costs**: The import cost of Chilean Silver Star was 5721, down 2.75% month-on-month; Brazilian Goldfish was 4344, up 3.87% month-on-month; Chilean Venus was 4830, unchanged month-on-month [5]. Pulp Fundamental Data - **Supply**: In August 2025, the import volume of coniferous pulp was 61.4 tons, down 4.95% month-on-month; broadleaf pulp was 125.8 tons, down 6.88% month-on-month. The pulp shipment volume to China in July 2025 was 158 tons, up 23.00% year-on-year [5]. - **Inventory**: As of September 18, 2025, the pulp port inventory was 211.2 tons, and the futures delivery warehouse inventory was 24.4 tons [5]. - **Demand**: The production volume of finished paper such as offset paper, coated paper, household paper, and white cardboard showed certain fluctuations in different periods [5]. Pulp Valuation Data - **Basis**: On September 23, 2025, the Russian Needle basis was 192, and the quantile level was 0.899; the Silver Star basis was 642, and the quantile level was 0.881 [5]. - **Import Profit**: On September 23, 2025, the import profit of coniferous pulp Silver Star was -71, and the quantile level was 0.497; broadleaf pulp Goldfish was -124, and the quantile level was 0.523 [5]. Market Analysis and Strategy - **Supply**: The foreign quotes of coniferous pulp decreased, and the quotes of broadleaf pulp increased. Chilean Arauco's September quotes showed a decrease in coniferous pulp and an increase in broadleaf pulp [5]. - **Demand**: The current demand for paper products is basically stable, the paper product prices have not rebounded significantly, and the benefits of the "Golden September and Silver October" to the pulp demand side have not been reflected [5]. - **Inventory**: As of September 18, 2025, the inventory of China's mainstream pulp ports showed a narrow - range accumulation trend [5]. - **Strategy**: The pulp fundamentals have no signs of repair, the pulp port inventory and the number of warehouse receipts are not significantly reduced, and the pulp futures fluctuate [5].

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Report's Core View - Demand side: The traditional peak season for new energy vehicles is approaching, and the demand for energy storage is strong. The continuous reduction of lithium carbonate social inventory supports the futures price [3]. - Supply side: The overall increase in production is the main factor suppressing the futures price [3]. - Market speculation: Attention should be paid to whether the market will hype supply - side issues again due to demand improvement and environmental problems in Qinghai salt lakes [3]. 3. Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate average price is 73,850 yuan/ton, SMM industrial - grade lithium carbonate average price is 71,600 yuan/ton, and the difference between them is 2,250 yuan/ton [1][2]. - Futures contract closing prices and their changes: Lithium carbonate 2605 at 73,780 yuan/ton with a - 0.67% change; 2606 at 73,540 yuan/ton with a - 0.86% change; 2607 at 73,440 yuan/ton with a - 0.73% change; 2608 at 73,620 yuan/ton with a - 0.65% change; 2609 at 73,500 yuan/ton with a - 0.7% change [1]. Lithium Ore - Lithium spodumene concentrate (CIF China) (Li20: 5.5% - 6%) is 860 yuan/ton [1]. - Lithium mica prices vary by grade: 1165 yuan/ton for (Li20: 1.5% - 2.0%), 1900 yuan/ton for (Li20: 2.0% - 2.5%) [2]. - Phosphorus - lithium - aluminum stone prices also vary by grade: 6130 yuan/ton for (Li20: 6% - 7%), 7265 yuan/ton for (Li20: 7% - 8%) [2]. Cathode Materials - The average price of lithium iron phosphate (power type) is 33,710 yuan/ton [2]. - The average price of ternary material 811 (polycrystalline/power type) is 147,450 yuan/ton with a 200 - yuan change; 523 (single - crystal/power type) is 120,350 yuan/ton with a 150 - yuan change; 613 (single - crystal/power type) is 125,000 yuan/ton with a 150 - yuan change [2]. Inventory - Total inventory (weekly, tons) is 137,531 tons with a - 981 - ton change; smelter inventory (weekly, tons) is 34,456 tons with a - 1757 - ton change; downstream inventory (weekly, tons) is 59,495 tons with a 1216 - ton change; other inventory (weekly, tons) is 43,580 tons with a - 440 - ton change; registered warehouse receipts (daily, tons) is 39,449 tons with a 540 - ton change [2]. Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 75,536 yuan/ton, and the profit is - 2759 yuan/ton [3]. - The cash cost of purchasing lithium mica concentrate externally is 79,306 yuan/ton, and the profit is - 8521 yuan/ton [3]. Environmental Issue - Qinghai Chaidamu Xinghua Lithium Salt Co., Ltd. was reported for illegally burying a large amount of industrial hazardous waste, and a national special rectification action on illegal dumping and disposal of solid waste has been launched [3].

Report Investment Rating - No investment rating information is provided in the report. Core Viewpoints - On September 23, the prices of precious metals continued to rise strongly. The price of London gold broke through the $3,700 per ounce mark, and the main contract of Shanghai gold futures broke through the 85 yuan per gram mark, both hitting new all - time highs. Silver prices also rose, but the short - term upward momentum slowed down [4][5]. - In the short term, precious metal prices will remain high and strong. It is recommended to hold long positions, but investors should be cautious about chasing high prices due to potential increased volatility during the National Day holiday [5]. - In the long term, factors such as the Fed's potential interest rate cuts, global geopolitical uncertainties, the unsustainable US debt, and the intensification of great - power competition will increase the risk of the US dollar's credit, and the central banks' gold purchases will continue. Therefore, the long - term price center of gold is likely to move upward [5]. Summary by Relevant Catalogs Price Tracking - **Precious Metal Prices**: On September 23, compared with September 22, London gold spot rose 1.0% to $3,752.14 per ounce, London silver spot rose 0.1% to $43.74 per ounce, COMEX gold rose 1.0% to $3,786.20 per ounce, COMEX silver rose 0.3% to $44.11 per ounce, AU2510 rose 1.1% to 851.92 yuan per gram, AG2510 rose 0.2% to 10,306 yuan per kilogram, AU (T + D) rose 1.1% to 849.90 yuan per gram, and AG (T + D) rose 0.3% to 10,279 yuan per kilogram [3]. - **Price Spreads/Ratios**: From September 22 to September 23, the spread of gold TD - SHFE active price changed from - 2.5 yuan per gram to - 2.02 yuan per gram, a change of - 19.2%; the spread of silver TD - SHFE active price changed from - 31 yuan per kilogram to - 27 yuan per kilogram, a change of - 12.9%; the gold's internal - external spread (TD - London) changed from - 8.56 yuan per gram to - 7.29 yuan per gram, a change of - 14.9%; the silver's internal - external spread (TD - London) changed from - 914 yuan per kilogram to - 895 yuan per kilogram, a change of - 2.0%; the SHFE gold - silver ratio rose 0.8% to 82.66; the COMEX gold - silver ratio rose 0.7% to 85.85; the spread between AU2512 - 2510 rose 0.6% to 3.52 yuan per gram; the spread between AG2512 - 2510 rose 26.5% to 43 yuan per kilogram [3]. Position Data - **Non - commercial Positions in COMEX**: As of September 16 (weekly data), compared with September 19, the non - commercial long positions in COMEX gold increased 0.59% to 326,778 contracts, the non - commercial short positions decreased 4.38% to 60,368 contracts, and the net long positions increased 1.78% to 266,410 contracts; the non - commercial long positions in COMEX silver decreased 1.14% to 71,623 contracts, the non - commercial short positions increased 8.49% to 20,085 contracts, and the net long positions decreased 4.45% to 51,538 contracts [3]. - **ETF Positions**: From September 19 to September 22, the gold ETF - SPDR position increased 0.60% to 1,000.57 tons, and the silver ETF - SLV position increased 1.08% to 15,368.89554 tons [3]. Inventory Data - **SHFE Inventory**: From September 22 to September 23, the SHFE gold inventory increased 2.76% to 59,013 kilograms, and the SHFE silver inventory increased 0.04% to 1,149,043 kilograms [3]. - **COMEX Inventory**: From September 19 to September 22, the COMEX gold inventory increased 0.56% to 39,682,786 troy ounces, and the COMEX silver inventory increased 0.06% to 524,378,224 troy ounces [3]. Market Review and Analysis - **Market Review**: On September 23, the main contract of Shanghai gold futures rose 1.99% to 85.44 yuan per gram, and the main contract of Shanghai silver futures rose 1.78% to 10,349 yuan per kilogram [4]. - **Logic Analysis**: After the Fed's interest rate cut in September, the market continued to bet on two more rate cuts this year. The potential government "shutdown" and the cryptocurrency market turmoil increased market risk - aversion sentiment, leading to a strong rise in precious metal prices. Silver's short - term upward momentum slowed down. In the short term, precious metal prices will remain high, but investors should be cautious about increased volatility. In the long term, gold's price center is likely to move upward [5].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - PTA: Domestic PTA device returns gradually, increasing PTA output and causing the PTA basis to decline rapidly. OPEC+ raises oil production, leading to a significant drop in crude oil prices and a contraction in the spread between PX and naphtha. With weakening sales and rising inventory, especially as the off - season approaches, PTA shows weak performance due to falling crude oil prices and a weakening basis [2] - Ethylene glycol: The inventory of ethylene glycol ports in East China continues to decline, and it is expected to continue to deplete. Although the import of ethylene glycol in the overseas market is expected to decline, domestic device production puts continuous pressure on the ethylene glycol price. Coal - based ethylene glycol devices are also returning. Polyester inventory is in good condition, and the downstream weaving load is rising [2] Group 3: Summary by Related Catalogs 1. Market Data Changes - **Crude oil and PTA - related**: INE crude oil price dropped from 483.0 yuan/barrel on September 22, 2025, to 473.1 yuan/barrel on September 23, 2025, a decrease of 9.90 yuan/barrel. PTA - SC decreased by 9.90 yuan/ton, PTA/SC ratio increased by 41.94, and the PTA - SC ratio coefficient increased by 0.0186. CFR China PX decreased by 5, PX - naphtha spread decreased by 4. PTA main contract futures price decreased by 30.0 yuan/ton, PTA spot price decreased by 40.0 yuan/ton, spot processing fee decreased by 0.2 yuan/ton, and disk processing fee decreased by 0.2 yuan/ton [2] - **Ethylene glycol - related**: MEG main contract futures price decreased by 28.0 yuan/ton, MEG - naphtha decreased by 4.2 yuan/ton, MEG domestic price decreased by 47.0 yuan/ton, and the main contract basis decreased by 17.0 [2] - **Polyester product - related**: POY150D/48F increased by 20.0 yuan/ton, POY cash flow increased by 70.0. FDY150D/96F remained unchanged, FDY cash flow increased by 50.0. DTY150D/48F remained unchanged, DTY cash flow increased by 50.0. Long - filament sales decreased by 19%. 1.4D direct - spinning polyester staple fiber decreased by 6549 yuan/ton, polyester staple fiber cash flow decreased by 6499.0, and staple - fiber sales remained at 48%. Semi - bright chips decreased by 50.0 yuan/ton, chip cash flow remained unchanged, and chip sales decreased by 6% [2] 2. Industrial Chain Start - up Situation - PX start - up rate remained at 85.57%, PTA start - up rate increased from 76.82% to 79.38%, an increase of 2.56%. MEG start - up rate increased from 62.20% to 62.62%, an increase of 0.42%. Polyester load remained at 89.00% [2] 3. Device Maintenance - Two sets of PTA devices in South China with a total capacity of 5 million tons have reduced their loads recently due to weather, and the recovery time is to be tracked [2]