Report Industry Investment Rating No relevant content provided. Core View of the Report Through macro - fundamental analysis and technical analysis, the report predicts the trend of various futures contracts on October 22, 2025, including the expected performance of stock index futures, bond futures, precious metal futures, and commodity futures [2]. Summary by Related Catalogs 1. Macro News and Trading Tips - Trump plans to visit China early next year, and the Chinese Foreign Ministry has no specific information to provide [7]. - Chinese Commerce Minister Wang Wentao held video talks with EU officials and had a phone call with the Dutch economic minister, discussing issues such as export controls and the global supply chain [7]. - The Ministry of Commerce held a policy - interpretation round - table for foreign - funded enterprises, emphasizing the importance of export controls and the stability of the global supply chain [7]. - In the first three quarters, domestic tourism increased by 18% in terms of the number of travelers and 11.5% in terms of spending [8]. - European leaders support a cease - fire negotiation in the Russia - Ukraine conflict [8]. - Japan's new Prime Minister, Kōichi Kanasugi, is considering a supplementary budget to address rising prices [8]. - The net financial assets of EU member states have declined [8]. - On October 21, precious metals tumbled, oil prices rose, London base metals mostly increased, the yuan strengthened against the dollar, and the dollar index rose [8][9][10]. 2. Futures Market Analysis and Forecast Stock Index Futures - On October 21, IF2512, IH2512, IC2512, and IM2512 all showed an upward trend, but failed to break through key resistance levels [11][12]. - The A - share market rose strongly on October 21, with over 4600 stocks rising, and the trading volume increased [13]. - Hong Kong stocks rose on October 21, while US stocks were mixed, and European stocks rose slightly [14][15]. - From April to September, investor leverage increased by 32.4%, which may be a risky entry point [15]. - It is expected that in October 2025, IF, IH, IC, and IM will have a wide - range and mostly weak oscillation. On October 22, they will oscillate and consolidate [15][17]. Bond Futures - On October 21, the ten - year and thirty - year bond futures had a slight upward trend, with the central bank conducting reverse repurchase operations and a net capital injection [34]. - It is expected that on October 22, the ten - year and thirty - year bond futures will have a wide - range oscillation [36][40]. Precious Metal Futures - On October 21, the gold futures rose during the day but fell sharply at night. It is expected that in October 2025, it will oscillate strongly and break new highs, and on October 22, it will oscillate weakly [40][41][42]. - On October 21, the silver futures rose during the day but fell at night. It is expected that in October 2025, it will oscillate strongly and break new highs, and on October 22, it will oscillate weakly [49][50]. Commodity Futures - On October 21, copper futures rose slightly, and it is expected that in October 2025, it will oscillate strongly, and on October 22, it will oscillate weakly [53]. - On October 21, aluminum futures rose slightly, and it is expected that in October 2025, it will oscillate strongly, and on October 22, it will oscillate and consolidate [59][60]. - On October 21, alumina futures fell slightly, and it is expected that in October 2025, it will oscillate weakly, and on October 22, it will oscillate strongly [63]. - On October 21, rebar futures rose slightly, and it is expected that in October 2025, it will oscillate widely, and on October 22, it will oscillate and consolidate [67]. - On October 21, hot - rolled coil futures rose slightly, and it is expected that on October 22, it will oscillate and consolidate [70]. - On October 21, iron ore futures rose slightly, and it is expected that in October 2025, it will oscillate widely, and on October 22, it will oscillate strongly [74]. - On October 21, coking coal futures fell, and it is expected that in October 2025, it will oscillate strongly, and on October 22, it will oscillate strongly [78][79]. - On October 21, glass futures fell, and it is expected that in October 2025, it will oscillate weakly, and on October 22, it will oscillate widely [82]. - On October 21, soda ash futures fell, and it is expected that in October 2025, it will oscillate weakly, and on October 22, it will oscillate strongly [86]. - On October 21, crude oil futures rose slightly, and it is expected that in October 2025, it will oscillate weakly, and on October 22, it will oscillate strongly [90]. - On October 21, PTA futures rose slightly, and it is expected that on October 22, it will oscillate strongly [95][96]. - On October 21, methanol futures rose slightly, and it is expected that on October 22, it will oscillate weakly [98]. - On October 21, soybean meal futures fell slightly, and it is expected that on October 22, it will oscillate weakly [101].

期 货 研 究 国 泰 君 安 期 货 研 究 请务必阅读正文之后的免责条款部分 1 2025 年 10 月 22 日 铝：区间震荡 氧化铝：小幅反弹 铸造铝合金：跟随电解铝 王蓉 投资咨询从业资格号：Z0002529 wangrong2@gtht.com 王宗源（联系人） 期货从业资格号：F03142619 wangzongyuan@gtht.com 所 铝、氧化铝、铸造铝合金基本面数据更新 | | | | T | T-1 | T-5 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪铝主力合约收盘价 | 20965 | રેર | 105 | 360 | 385 | | | | 沪铝主力合约夜盘收盘价 | 20970 | ー | ー | l | l | | | | LME铝3M收盘价 | | | | | | | | | | 2781 | 15 | 44 | 191 | 184 | | | | 沪铝主力合约成交量 | 108173 | 951 | -18253 | -43043 | -59664 | | | 电解 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Gold: The easing of the Russia-Ukraine crisis affects the market [2][4]. - Silver: The contradiction in the spot market eases, leading to a rise and then a fall [2][5]. - Copper: The rise of the US dollar puts pressure on copper prices [2][9]. - Zinc: Supported by the external market [2][12]. - Lead: The decrease in domestic inventory supports the price [2][15]. - Tin: Attention should be paid to macro - impacts [2][17]. - Aluminum: Ranges in a fluctuating manner; Alumina: Shows a slight rebound; Cast aluminum alloy: Follows the trend of electrolytic aluminum [2][21]. - Nickel: Narrow - range short - term fluctuations with accumulating contradictions; Stainless steel: Difficult to find an upward driving force in supply and demand, while cost limits the downside space [2][23]. Summaries According to Relevant Catalogs Gold - **Fundamental Data**: For example, the closing price of沪金2512 yesterday was 994.06 with a daily increase of 2.45%, and the night - session closing price was 945.44 with a night - session decrease of 4.64% [5]. - **Trend Intensity**: - 1, indicating a relatively bearish view [7]. Silver - **Fundamental Data**: The closing price of沪银2512 yesterday was 11805 with a daily increase of 0.51%, and the night - session closing price was 11285.00 with a night - session decrease of 4.86% [5]. - **Trend Intensity**: - 1, indicating a relatively bearish view [7]. Copper - **Fundamental Data**: The closing price of the Shanghai copper main contract yesterday was 85,400 with a daily increase of 0.02%, and the night - session closing price was 85020 with a night - session decrease of 0.44% [9]. - **Industry News**: China's copper import and production data in September and other related industry news, such as China's 9 - month cumulative import of copper concentrates increasing by 7.7% year - on - year [11]. - **Trend Intensity**: 0, indicating a neutral view [11]. Zinc - **Fundamental Data**: The closing price of the Shanghai zinc main contract was 21970 with a 0.55% increase, and the LME zinc 3M electronic - disk closing price was 2976 with a 1.24% increase [12]. - **News**: The "cornering" situation in the London zinc market, with the available inventory being less than one - day's demand and the spot premium reaching the highest level since 1997 [13]. - **Trend Intensity**: 0, indicating a neutral view [14]. Lead - **Fundamental Data**: The closing price of the Shanghai lead main contract was 17160 with a 0.59% increase, and the LME lead 3M electronic - disk closing price was 1994 with a 1.17% increase [15]. - **News**: Related news about the Russia - Ukraine process and the Anshi Semiconductor issue [15]. - **Trend Intensity**: 0, indicating a neutral view [15]. Tin - **Fundamental Data**: The closing price of the Shanghai tin main contract was 280,870 with a 0.55% increase, and the night - session closing price was 281,070 with a 0.16% increase [17]. - **Macro and Industry News**: A series of macro - economic news such as China's housing price data and LPR quotes [18]. - **Trend Intensity**: 0, indicating a neutral view [20]. Aluminum, Alumina, Cast Aluminum Alloy - **Fundamental Data**: For example, the closing price of the Shanghai aluminum main contract was 20965, and the closing price of the Shanghai alumina main contract was 2810 [21]. - **Comprehensive News**: News about the Anshi Semiconductor issue and the situation of margin debt in the US stock market [22]. - **Trend Intensity**: 0 for all, indicating neutral views [22]. Nickel and Stainless Steel - **Fundamental Data**: The closing price of the Shanghai nickel main contract was 121,180, and the closing price of the stainless - steel main contract was 12,665 [23]. - **Macro and Industry News**: News about the takeover of a nickel mine in Indonesia and China's suspension of a non - official subsidy for Russian - imported copper and nickel [23][24]. - **Trend Intensity**: 0 for both, indicating neutral views [25].

2025 年 10 月 22 日 锌：外盘支撑 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 王宗源（联系人） 期货从业资格号：F03142619 wangzongyuan@gtht.com 【基本面跟踪】 | | 昨日值 | 较前日变动/涨跌幅 | | 昨日值 | 较前日变动/涨跌幅 | | --- | --- | --- | --- | --- | --- | | 沪锌主力收盘价 | 21970 | 0.55% | 伦锌 3M 电子盘收 | 2976 | 1.24% | | （元/吨） | | | 盘（美元/吨） | | | | 沪锌主力成交量 | 108521 | 10835 | 伦锌成交量（手） | 8609 | -2492 | | （手） | | | | | | | 沪锌主力持仓量 | 130442 | 5270 | 伦锌持仓量（手） | 224013 | -200 | | （手） | | | | | | | 上海 0# 锌升贴水 | -50 | -10 | LME CASH-3M 升 | 230.29 | 100.29 | | （元/吨） | | | 贴水（美 ...

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The reduction of domestic lead inventories supports the price of lead [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Price**: The closing price of the Shanghai lead main contract was 17,160 yuan/ton, up 0.59% from the previous day, and the closing price of the LME lead 3M electronic disk was 1,994 dollars/ton, up 1.17% [1]. - **Volume**: The trading volume of the Shanghai lead main contract was 43,537 lots, an increase of 15,881 lots, and the trading volume of LME lead was 6,002 lots, an increase of 14 lots [1]. - **Open Interest**: The open interest of the Shanghai lead main contract was 33,556 lots, a decrease of 4,639 lots, and the open interest of LME lead was 153,816 lots, a decrease of 324 lots [1]. - **Premium and Discount**: The premium and discount of Shanghai 1 lead was -20 yuan/ton, an increase of 5 yuan/ton, and the LME CASH - 3M premium and discount was -41.78 dollars/ton, an increase of 0.07 dollars/ton [1]. - **Import and Export Profits and Losses**: The spot import profit and loss of lead ingots was -184.43 yuan/ton, an increase of 8.75 yuan/ton, and the import profit and loss of the Shanghai lead continuous third contract was -225.52 yuan/ton, a decrease of 42.14 yuan/ton [1]. - **Inventory**: The Shanghai lead futures inventory was 28,133 tons, a decrease of 1,132 tons, and the LME lead inventory was 247,300 tons, unchanged [1]. - **Recycled Lead**: The price of recycled refined lead was 16,975 yuan/ton, an increase of 100 yuan/ton, and the comprehensive profit and loss of recycled lead was 0 yuan/ton, an increase of 95 yuan/ton [1]. 3.2 News - The Russia - Ukraine process is full of twists and turns: the preparation for the "Trump - Putin meeting" has encountered obstacles, and Europe has clearly responded to Trump for the first time, calling for an "immediate cease - fire" [1]. - Regarding the issue of Nexperia, China firmly opposes the over - generalization of the "national security" concept, hopes that the EU will play an important constructive role, and urges the Netherlands to adhere to the spirit of contract and market principles and propose a proper solution as soon as possible [1]. 3.3 Lead Trend Intensity - The lead trend intensity is 0, indicating a neutral view, with the value range being an integer in the [-2, 2] interval [1].

贺晓勤 投资咨询从业资格号：Z0017709 hexiaoqin024367@gtjas.com 钱嘉寅（联系人） 从业资格号：F03124480 Qianjiayin028310@gtjas.com 【基本面跟踪】 2025 年 10 月 22 日 短纤：低位震荡 瓶片：低位震荡 短纤趋势强度：0；瓶片趋势强度：0(仅指报告日的日盘主力合约期价波动情况） 注：趋势强度取值范围为【-2,2】区间整数。强弱程度分类如下：弱、偏弱、中性、偏强、强，-2 表示 最看空，2 表示最看多。 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 | | | 昨日 | 前日 | 变化 | | 昨日 | 前日 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 短纤2511 | 6078 | 6052 | 26 | PF11-12 | 8 | 24 | -16 | | PF | 短纤2512 | 6070 | 6028 | 42 | PF12-01 | -8 | -20 | 12 | | | 短纤2601 | 6078 | ...

白糖：关注印度食糖和乙醇份额变化 周小球 投资咨询从业资格号：Z0001891 zhouxiaoqiu@gtjas.com 【基本面跟踪】 白糖基本面数据 | | 价格 | 同比 | | 价差 | 同比 | | --- | --- | --- | --- | --- | --- | | 原糖价格（美分/磅） | 15.24 | -0.53 | 15 价差（元/吨） | 42 | 3 | | 主流现货价格（元/吨） | 5750 | 0 | 59 价差（元/吨） | -14 | 0 | | 期货主力价格（元/吨） | 5438 | 10 | 主流现货基差（元/吨） | 312 | -10 | 资料来源：同花顺，国泰君安期货研究 【宏观及行业新闻】 2025 年 10 月 22 日 【趋势强度】 白糖趋势强度：-1 ■ 注：趋势强度取值范围为【-2,2】区间整数。强弱程度分类如下：弱、偏弱、中性、偏强、强，-2 表示 最看空，2 表示最看多。 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期 货 研 究 期货研究 高频信息：巴西 9 月下半月食糖产量同比大幅增加 11%。巴西出口下降， ...

Report Summary 1. Report Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core View of the Report - The de - stocking of lithium carbonate warehouse receipts continues, and the short - term price is relatively firm [1]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Market Data**: For the 2511 contract, the closing price was 75,580 (down 120 compared to T - 1), the trading volume was 102,894 (down 66,214 compared to T - 1), and the open interest was 113,411 (down 25,023 compared to T - 1). For the 2601 contract, the closing price was 75,980 (up 40 compared to T - 1), the trading volume was 197,979 (up 9,188 compared to T - 1), and the open interest was 310,199 (up 16,916 compared to T - 1). The warehouse receipt volume was 29,892 (down 813 compared to T - 1) [2]. - **Raw Material Data**: The price of spodumene concentrate (6%, CIF China) was 854 (up 3 compared to T - 1), the price of lithium mica (2.0% - 2.5%) was 1,845 (up 20 compared to T - 1), the price of battery - grade lithium carbonate was 74,100 (up 100 compared to T - 1), and the price of battery - grade lithium carbonate (CIF) was 9,400 (unchanged compared to T - 1) [2]. - **Lithium Salt and Related Product Data**: The price of industrial - grade lithium carbonate was 71,850 (up 100 compared to T - 1), the price of battery - grade lithium hydroxide (micropowder) was 78,100 (unchanged compared to T - 1), and the price of battery - grade lithium hydroxide (CIF) was 9,450 (unchanged compared to T - 1). The prices of various types of lithium iron phosphate, ternary materials, and other products also showed different changes [2]. 3.2 Macro and Industry News - SMM's battery - grade lithium carbonate index price was 74,110 yuan/ton, up 119 yuan/ton compared to the previous working day. The average price of battery - grade lithium carbonate was 74,100 yuan/ton, up 100 yuan/ton compared to the previous working day, and the average price of industrial - grade lithium carbonate was 71,850 yuan/ton, up 100 yuan/ton compared to the previous working day [3]. - Kodal announced on October 20 that the first batch of 30,000 tons of spodumene concentrate from the Bougouni project will be shipped from the Port of San Pedro in Côte d'Ivoire to Yangpu Port in Hainan, marking the official start of the mine's export business. The transportation is expected to take 4 to 6 weeks, and 45,000 tons of inventory will be shipped later [4]. 3.3 Trend Intensity - The trend intensity of lithium carbonate is 1, indicating a relatively strong trend. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [4].

2025 年 10 月 22 日 热轧卷板：市场观望情绪浓厚，宽幅震荡 李亚飞 投资咨询从业资格号：Z0021184 liyafei2@gtht.com 螺纹钢：市场观望情绪浓厚，宽幅震荡 金园园（联系人） 期货从业资格号：F03134630 jinyuanyuan2@gtht.com 【基本面跟踪】 螺纹钢、热轧卷板基本面数据 | | | 昨日收盘价 （元/吨） | 涨跌 （元/吨） | 涨跌幅 （%） | | --- | --- | --- | --- | --- | | | RB2601 HC2601 | 3,047 | -11 -10 | -0.36 | | 期 货 | | 3,219 | | -0.31 | | | | 昨日成交 （手） | 昨日持仓 （手） | 持仓变动 （手） | | | RB2601 | 894,573 | 1,995,833 | -10,093 | | | HC2601 | 441,068 昨日价格 （元/吨） | 1,509,998 前日价格 （元/吨） | 6,767 涨跌 （元/吨） | | | 上海 杭州 | 3200 | 3200 | 0 | | | 螺纹钢 | 3 ...

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View - The report provides a comprehensive analysis of the pig market, including price, trading volume, open interest, and spread data, as well as market information and trend strength [1][2][3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Price Data**: The Henan spot price is 11,730 yuan/ton with a year - on - year increase of 250 yuan/ton; the Sichuan spot price is 11,250 yuan/ton with a year - on - year increase of 200 yuan/ton; the Guangdong spot price is 11,460 yuan/ton with no year - on - year change. For futures, the prices of contracts 2511, 2601, and 2603 are 11,525 yuan/ton, 12,235 yuan/ton, and 11,615 yuan/ton respectively, with year - on - year increases of 115 yuan/ton, 80 yuan/ton, and 45 yuan/ton [1]. - **Trading Volume and Open Interest**: The trading volume of contract 2511 is 21,548 lots, a decrease of 14,382 lots from the previous day; the open interest is 21,941 lots, a decrease of 6,208 lots from the previous day. For contract 2601, the trading volume is 132,739 lots, a decrease of 16,289 lots from the previous day, and the open interest is 103,162 lots, an increase of 607 lots from the previous day. For contract 2603, the trading volume is 28,717 lots, a decrease of 2,267 lots from the previous day, and the open interest is 83,188 lots, an increase of 1,905 lots from the previous day [1]. - **Spread Data**: The basis of contract 2511 is 205 yuan/ton with a year - on - year increase of 135 yuan/ton; the basis of contract 2601 is - 505 yuan/ton with a year - on - year increase of 170 yuan/ton; the basis of contract 2603 is 115 yuan/ton with a year - on - year increase of 205 yuan/ton. The spread between contracts 11 - 1 is - 710 yuan/ton with a year - on - year increase of 35 yuan/ton, and the spread between contracts 1 - 3 is 620 yuan/ton with a year - on - year increase of 35 yuan/ton [1]. 3.2 Market Information - Yuexiu and Yangxiang have added delivery warehouses [2]. 3.3 Trend Strength - The trend strength is 0, indicating a neutral view. The trend strength ranges from - 2 (most bearish) to 2 (most bullish) [3].