Report Industry Investment Rating - Not provided in the content Core Viewpoints - The lead market shows a situation of increasing supply and demand. The uncertainty of the start - up of secondary lead due to raw material issues provides some support for lead prices, and short - term lead prices are expected to remain range - bound. For zinc, the fundamental situation of SHFE zinc continues to be weak with strong supply and weak demand, and the price is under pressure. Additionally, attention should be paid to the increasing LME 0 - 3 back structure as LME zinc inventories are continuously depleted [1] Summary by Relevant Catalogs Lead Market - **Price and Market Indicators**: The average price of SMM1 lead ingots remained unchanged from the previous day at 17,000 yuan/ton, and the closing price of the SHFE lead main contract also remained unchanged at 17,160 yuan/ton. The trading volume of the active futures contract decreased by 33.36% to 29,011 lots, and the open interest decreased by 20.89% to 26,547 lots. The LME inventory remained unchanged at 244,125 tons, and the SHFE lead warrant inventory decreased by 11.22% to 24,977 tons [1] - **Fundamentals**: There is no expected increase in lead concentrate imports, and processing fees are likely to rise but difficult to fall, which has not had a substantial impact on smelter operations. Some primary lead smelters have maintenance plans, with a slight fluctuation in the start - up rate. For secondary lead, previously shut - down smelters are gradually resuming production, increasing supply. On the demand side, the terminal market has improved, and lead - acid battery enterprises are operating well, with an increase in demand [1] - **Company News**: Boliden reduced its annual planned grinding volume from 1.8 million tons to 1.6 million tons. SMM expects the annual zinc concentrate production to be reduced by about 0.5 - 10,000 metric tons and lead concentrate production to be reduced by about 2,000 metric tons. MMG's zinc mine production in Q3 2025 was 58,700 tons, a year - on - year increase of 26% [1] - **Investment Strategy**: Temporarily hold off on trading and continue to monitor the start - up of upstream and downstream enterprises and changes in macro - sentiment [1] Zinc Market - **Price and Market Indicators**: The average price of SMM1 zinc ingots decreased by 0.18% to 21,830 yuan/ton, while the closing price of the SHFE zinc main contract increased by 0.14% to 22,000 yuan/ton. The trading volume of the active futures contract decreased by 5.76% to 102,274 lots, and the open interest increased by 1.72% to 132,692 lots. The LME inventory remained unchanged at 35,300 tons, and the SHFE zinc warrant inventory decreased by 1.60% to 65,209 tons [1] - **Fundamentals**: Smelters have sufficient raw material inventories, and zinc concentrate processing fees are continuously rising. The domestic zinc concentrate processing fee decreased to 3,400 yuan/metal ton last week, and the import zinc concentrate processing fee index increased to 118.75 dollars/dry ton. The profit and production enthusiasm of smelters have improved, and the monthly production is expected to remain at around 600,000 tons. There is no significant improvement in demand, and the zinc ingot export window is expected to open as the SHFE - LME ratio continues to deteriorate [1] - **Company News**: MMG's zinc mine production in Q3 2025 was 58,700 tons, a year - on - year increase of 26%. Boliden's Odda smelter's refined zinc production decreased compared to the previous quarter, affected by a shortage of intermediate materials, and SMM expects its 2025 actual output to be about 170,000 - 180,000 tons [1] - **Investment Strategy**: Temporarily hold off on trading and be vigilant about overseas structural risks [1]

Group 1: Report Industry Investment Rating - No information provided about the report industry investment rating Group 2: Core Viewpoint - The recent rise in oil prices may drive a rebound in methanol prices, but the amplitude is likely to be limited, and it is still necessary to wait before going long on methanol. The methanol price is relatively high in terms of valuation, and the short - term upward driving force is limited due to high port inventory pressure and insufficient downstream restocking drive. The inventory turning point may be around mid - November, and subsequent driving forces may come from possible supply reductions such as Iran's gas - restriction expectations. Overall, it is recommended to wait before going long on methanol, and the current trading strategy is to wait and see [1] Group 3: Summary by Relevant Catalogs 1. Price Changes - Methanol futures prices: MA01 decreased by 7 yuan/ton (-0.31%) to 2261 yuan/ton; MA05 increased by 12 yuan/ton (0.52%) to 2300 yuan/ton; MA09 increased by 7 yuan/ton (0.31%) to 2259 yuan/ton [1] - Methanol spot prices: Prices in different regions had various changes, with the largest decrease in Shandong (-17.50 yuan/ton, -0.77%) and the largest increase in Inner Mongolia (15 yuan/ton, 0.75%) [1] - Coal and natural gas prices: Coal prices in some regions increased slightly, while industrial natural gas prices in Hohhot and Chongqing remained unchanged [1] 2. Profit Situation - Coal - to - methanol profit decreased by 6.30 yuan/ton (-2.51%) to 244.40 yuan/ton; natural - gas - to - methanol profit remained unchanged at -472.00 yuan/ton [1] - MTO profit: Northwest MTO profit increased by 69 yuan/ton (65.09%) to -37 yuan/ton; East China MTO profit increased by 133 yuan/ton (14.22%) to -802.07 yuan/ton [1] - Other product profits: Acetic acid profit increased by 197.69 yuan/ton (38.15%) to 715.85 yuan/ton, while MTBE, formaldehyde, and dimethyl ether profits remained unchanged [1] 3. Market Information - Domestic market: The main methanol contract MA2601 showed weak upward momentum, opening at 2276 yuan/ton, closing at 2261 yuan/ton, up 4 yuan/ton, with trading volume of 579,308 lots and open interest of 1,097,780, showing reduced volume and increased open interest [1] - Foreign market: Two methanol plants with a total capacity of 3.3 million tons in a Middle - Eastern country are currently shut down, and attention should be paid to the later natural gas supply and recent tendering situations in the Middle East [1]

Report Industry Investment Rating - Not mentioned in the report Core Viewpoint - Urea is currently undervalued, but the upward driving force is temporarily limited. The current strategy is to sell out - of - the - money put options to earn time value. The current urea valuation is at a relatively low level, reflecting the situation of strong supply and weak demand. The spot price in Shanxi has stabilized after falling to a near - five - year low, and upstream enterprises are experiencing losses. Short - term upward driving force is insufficient due to large supply and inventory pressure, and downstream purchases are cautious. Future possible driving forces include the renovation of old chemical plants on the supply side and new export quotas [1] Summary by Relevant Catalogs Urea Futures and Spot Prices - On October 22, UR01 closed at 1621 yuan/ton, up 12 yuan or 0.75% from the previous day; UR05 closed at 1691 yuan/ton, up 9 yuan or 0.54%; UR09 closed at 1725 yuan/ton, up 6 yuan or 0.35%. Domestic spot prices in most regions remained unchanged, except for Jiangsu, where it decreased by 10 yuan or 0.65% [1] Basis and Spread - The basis of Shandong spot - UR decreased by 9 yuan to - 151 yuan/ton, and the 01 - 05 spread increased by 3 yuan to - 70 yuan/ton [1] Upstream and Downstream Prices - Upstream anthracite prices in Henan and Shanxi remained unchanged at 1030 yuan/ton and 880 yuan/ton respectively. Downstream prices such as compound fertilizers (45%S), melamine in Shandong and Jiangsu also remained unchanged [1] Important Information - The opening price of the main urea futures contract 2601 was 1621 yuan/ton, with a high of 1625 yuan/ton, a low of 1610 yuan/ton, a close of 1621 yuan/ton, a settlement price of 1617 yuan/ton, and a position of 312,046 lots [1] Trading Strategy - Sell out - of - the - money put options [1]

1. Report Industry Investment Rating - No relevant information provided in the report 2. Core Viewpoints - For industrial silicon, the supply side still shows a certain increase while the demand improvement is limited. The industrial silicon market remains in an oversupply situation, which may suppress the upside of the futures market. Attention should be paid to the support level of 8,300 - 8,500 yuan/ton. [1] - For polysilicon, recent news on the supply side has led to an upward movement in the polysilicon futures market. Considering the high raw material inventory of downstream enterprises, there is little possibility of concentrated restocking in the short term, and there is significant pressure for the spot price to continue rising, which may limit the upside of the futures market. [1] 3. Summary by Relevant Catalogs Industrial Silicon - **Price Changes**: The average price of non - oxygenated 553 (East China) industrial silicon remained stable at 9,300 yuan/ton compared to the previous day, while the average price of 421 (East China) industrial silicon decreased by 0.52% to 9,650 yuan/ton. The closing price of the futures main contract dropped by 0.24% to 8,485 yuan/ton. [1] - **Supply and Demand**: In October, the southwest production area is entering the high - cost dry season, with some silicon enterprises planning to reduce or halt production by the end of this month or next month, while the operation rate of northern silicon enterprises has increased. Overall, the total operation rate has increased. On the demand side, polysilicon enterprises are still reducing production, but there may still be an increase in output in October. Organic silicon enterprises maintain their pre - holiday operation level, and silicon - aluminum alloy enterprises purchase as needed. The downstream has limited willingness to stock up at low prices. [1] - **Investment Strategy**: The industrial silicon market remains in an oversupply situation, which may suppress the upside of the futures market. Attention should be paid to the support level of 8,300 - 8,500 yuan/ton. The trading strategy is to conduct range trading. [1] Polysilicon - **Price Changes**: The price of N - type dense material remained stable at 51.50 yuan/kg, N - type re - feeding material remained at 53.00 yuan/kg, N - type mixed material remained at 50.50 yuan/kg, and N - type granular silicon remained at 50.5 yuan/kg. The closing price of the futures main contract dropped by 0.80% to 50,310 yuan/ton. [1] - **Supply and Demand**: Silicon material enterprises are maintaining a production - reduction trend, and some silicon material plants may have new production capacity coming online. After offsetting the increase and decrease, the output in October is expected to increase slightly. During the National Day holiday, the market trading was light, with few new transactions. Downstream enterprises are resistant to high - priced resources, and the market is waiting for the industry meeting in October. [1] - **Investment Strategy**: Considering the high raw material inventory of downstream enterprises, there is little possibility of concentrated restocking in the short term, and there is significant pressure for the spot price to continue rising, which may limit the upside of the futures market. Before the implementation of supply - side reform policies, investors can try to go long on dips with a light position. [1] Industry News - On October 15, 2025, a 100MW photovoltaic project in the oil and gas industry in Luntai County, Tarim Oilfield, Xinjiang officially started construction. The project is expected to be completed by December 30, 2025, and is planned to be connected to the grid on January 30, 2026, with full - capacity grid connection on April 30, 2026. After operation, it will generate 160 million kWh of electricity annually, replace 49,700 tons of standard coal, and reduce 129,000 tons of carbon dioxide emissions. [1] - In October 2025, China Energy Engineering Group Co., Ltd. signed three new - energy general contracting contracts with Saudi partners to jointly build a 5GW clean - energy project worth approximately $2.745 billion (about 19.554 billion yuan). The project includes 3GW of wind power and 2GW of photovoltaic power. [1]

Report Industry Investment Rating - No relevant information provided Core Viewpoint of the Report - On October 21, the main contract of lithium carbonate futures fluctuated within a range. The spot market was mostly in a wait - and - see mode, and the discount widened. With both supply and demand strong currently, the upstream inventory pressure is not significant, the expectation of lithium ore supply contraction is weakening, the downstream destocking is slowing down, and the demand inflection point may be approaching. It is expected that the upside space for lithium carbonate is limited [1]. Summary by Related Catalog 1. Futures and Spot Price Data - **Lithium Carbonate Futures**: On October 21, the closing prices of near - month, continuous - one, continuous - two, and continuous - three contracts were 75800 yuan/ton, 75580 yuan/ton, 75980 yuan/ton, and 75980 yuan/ton respectively. The trading volume was 197,979 lots (+28,871), and the open interest of the active contract was 310,199 lots (+171,765). The inventory was 29,892 tons (-813) [1]. - **Lithium Ore and Related Products**: The average price of lithium spodumene concentrate (6%, CIF China) was 854 US dollars/ton (+3), lithium mica (Li2O: 1.5% - 2.0%) was 1115 yuan/ton (+15), and lithium mica (Li2O: 2.0% - 2.5%) was 1845 yuan/ton (+20). The average price of phospho - lithium - aluminum stone (Li2O: 6% - 7%) decreased by 80 yuan/ton to 6360 yuan/ton, and (Li2O: 7% - 8%) decreased by 90 yuan/ton to 7520 yuan/ton [1]. - **Lithium Chemical Products**: The average price of battery - grade lithium carbonate (99.5%/domestic) was 74,100 yuan/ton (+100), and industrial - grade lithium carbonate (99.2%/domestic) was 71,850 yuan/ton (+100). The average price of battery - grade lithium hydroxide (56.5%/CIF China, Japan, and South Korea) was 9.45 US dollars/kg (unchanged) [1]. - **Other Products**: The average price of hexafluorophosphate lithium (99.95%/domestic) was 82,000 yuan/ton (+3,000), and the average price of ternary precursor 523 (polycrystalline/consumer - type) was 102,650 yuan/ton (+100) [1]. 2. Market Information - Sigma Lithium canceled its plan to start producing lithium carbonate in Brazil and instead focused on tripling its lithium ore production by 2030. As prices decline, market participants are shifting to mid - stream processing to ensure stable production of raw materials and precursors, which are the main cost - driving factors for electric vehicle batteries [1]. 3. Supply and Demand Analysis - **Supply**: Last week, lithium carbonate production increased, and lithium ore prices such as spodumene concentrate and lithium mica rose [1]. - **Demand**: Last week, the production of lithium iron phosphate and ternary materials increased. In October, the scheduled production of lithium cobaltate and lithium manganate increased, and the production of power batteries increased last week. In September, the year - on - year growth rate of new energy vehicle production and sales slowed down, 3C shipments were average, and the production of energy - storage batteries will increase in October [1]. 4. Inventory Situation - The total SMM lithium carbonate inventory was 136,825 tons (-2,143), with smelters and downstream sectors destocking [1]. 5. Investment Strategy - It is recommended to sell short at the upper edge of the short - term trading range [1].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - Nickel: On October 21, the nickel market had a weak fundamental situation with pressure, but the valuation was at a low level. It was expected that the nickel price would fluctuate at a low level. The trading strategy was to wait and see [1]. - Stainless steel: On October 21, the stainless - steel market had a loose fundamental situation and weak cost support. It was expected that the price would fluctuate weakly. The trading strategy was to sell short on rallies [1]. 3. Summary by Related Catalogs Nickel Market - **Futures Data**: - On October 21, the closing prices of Shanghai nickel futures contracts (near - month, continuous - one, continuous - two, continuous - three) increased compared to the previous day, with increases ranging from 430 to 520 yuan/ton. The trading volume of Shanghai nickel futures was 60,391 hands (- 8,453), and the open interest was 50,388 hands (- 8,270). The LME nickel price fell 0.08%. The ratio of Shanghai - LME nickel futures prices was 7.97 (+ 0.04) [2]. - The inventory of Shanghai nickel futures increased by 158 tons to 27,026 tons. The LME nickel inventory remained unchanged at 250,476 tons, with registered warrants decreasing by 244,356 tons and cancelled warrants decreasing by 6,120 tons [2]. - **Spot Market**: The spot market trading was average, and the premium of the basis decreased. The prices of nickel ore remained flat, the arrival volume of nickel ore at ports increased last week, and port inventories accumulated. The loss of nickel - iron plants deepened. In October, domestic nickel - iron production increased, and Indonesian production also increased, leading to a reduction in nickel - iron inventory. Domestic electrolytic nickel production increased in October, and export profits expanded [1]. - **Demand Side**: Ternary cathode production increased, stainless - steel plant production increased, and alloy and electroplating demand was stable [1]. Stainless Steel Market - **Futures Data**: - On October 21, the stainless - steel futures contracts (near - month, continuous - one, continuous - two, continuous - three) showed an upward - oscillating trend. The trading volume of the active stainless - steel futures contract was 126,078 hands (+ 1,298), and the open interest was 188,332 hands (- 9,862) [2]. - The inventory of Shanghai stainless - steel futures decreased. The social inventory of 300 - series stainless steel last week was 621,700 tons (+ 2,300) [2]. - **Spot Market**: The spot market trading was acceptable, and the premium of the basis decreased. In October, stainless - steel production schedules increased, but 300 - series production schedules decreased. Terminal demand was weak. The price of high - nickel pig iron decreased, and the price of high - carbon ferrochrome remained flat [1]. Inventory Data - **Nickel**: SMM China port nickel ore total inventory was 10.53 million wet tons (+ 0.03 million), SMM Shanghai bonded - area nickel inventory remained at 3,100 tons, and SMM pure - nickel social inventory was 47,708 tons (+ 4,014) [2]. - **Stainless Steel**: The total stainless - steel spot inventory was 915,700 tons (- 10,100), with 200 - series at 172,200 tons (- 8,700), 300 - series at 621,700 tons (+ 2,300), and 400 - series at 121,800 tons (- 3,700) [2]. Industry News Vale's nickel sales in the third quarter were 42,900 tons, and its nickel production was 46,800 tons [1].

1. Report Industry Investment Rating - No information provided regarding the industry investment rating 2. Core View of the Report - The report anticipates that PX, PTA, and PR will operate in a volatile manner. The prices of these products are influenced by factors such as international oil prices, supply - demand relationships, and market sentiment. Crude oil shows signs of stabilizing, and short - term prices may be repaired. Although the fundamentals of PTA have improved slightly due to warm - keeping demand, its price will still follow the cost. The PR market has sufficient supply and stable demand, and its price also follows the cost [2]. 3. Summary by Related Catalogs Price Information - **Upstream Prices**: On October 22, 2025, the futures settlement prices of WTI crude oil and Brent crude oil were $58.50/barrel and $62.59/barrel, up 2.20% and 2.07% respectively. The spot price of naphtha (CFR Japan) was $551.50/ton, up 2.13%. The prices of various PX - related products also showed different degrees of increase, with the PX CFR China main port price at $798.00/ton, up 1.83% [1]. - **PTA Prices**: The CZCE TA main - contract closing price was 4482 yuan/ton, up 1.54%. The spot price of domestic PTA was 545 yuan/ton, up 1.30%. The CCFEI price index of PTA inner - market was 4370 yuan/ton, up 1.04%, while the outer - market index was $589.00/ton, down 0.17% [1]. - **PX Prices**: The CZCE PX main - contract closing price was 6450 yuan/ton, up 1.86%. The domestic spot price of PX was 6224 yuan/ton, up 0.18%. The PXN spread was $246.50/ton, up 1.16%, and the PX - MX spread was $125.50/ton, up 7.11% [1]. - **PR Prices**: The CZCE PR main - contract closing price was 5600 yuan/ton, up 1.19%. The mainstream market prices of polyester bottle - chips in East China and South China were 5670 yuan/ton and 5720 yuan/ton, up 0.71% and 1.06% respectively [1]. - **Downstream Prices**: The CCFEI price indices of most downstream products such as polyester fibers were stable, except for the price index of polyester short - fibers, which was 6310 yuan/ton, up 0.48% [2]. Operating Conditions - The operating rates of the polyester industry chain, including PX, PTA factories, polyester factories, bottle - chip factories, and Jiangsu - Zhejiang looms, remained unchanged on October 22, 2025. The production - sales ratios of polyester products varied, with the production - sales ratio of polyester filaments at 53.33%, down 32.88 percentage points, while those of polyester short - fibers and polyester chips were 107.77% and 141.10%, up 41.19 and 47.57 percentage points respectively [1]. Device Information - A 700,000 - ton PX device in Northeast China has been under maintenance since September 18, with an expected maintenance period of about 45 days [2]. Important News and Logic - **PX**: International oil prices continued to rise on October 22, 2025, supported by the tense relationship between the US and Venezuela and the US plan to purchase oil to replenish the strategic reserve. Although the cost - driving effect was average, domestic refinery maintenance plans led to expectations of supply reduction. The demand side of PTA was okay, but market trading was cautious. The PX2601 contract closed at 6450 yuan/ton [2]. - **PTA**: The cost support of PTA slightly recovered. The TA2601 contract closed at 4482 yuan/ton. Although the PTA factory had low profits, it did not further reduce production. The polyester filament production - sales were booming on Tuesday, and the potential reduction of a PX device in East China boosted the market. However, new PTA devices were about to start trials or restart, and the weaving orders were unstable with high坯布 inventory [2]. - **PR**: The mainstream negotiation price of polyester bottle - chips in the Jiangsu - Zhejiang market was 5620 - 5720 yuan/ton, up 30 yuan/ton. The rebound of PTA and bottle - chip futures pushed up the supply - side quotes, but downstream procurement was mainly for rigid demand, and the market trading atmosphere was average. The PR2601 contract closed at 5600 yuan/ton [2].

Report Title - Nonferrous Metals Weekly - Alumina, Electrolytic Aluminum, and Aluminum Alloys [1] Report Date and Authors - Date: October 22, 2025 - Authors: Wang Wenhu, Dong Xiaoni, Zhang Lei from Hongyuan Futures' Metal Research Team [2] Industry Investment Rating - Not provided in the report Core Viewpoints - Tariff uncertainties and a slow decline in domestic social inventories may cause aluminum prices to fluctuate. For alumina, the supply - demand is expected to be loose, but production losses may limit price drops. For electrolytic aluminum and aluminum alloys, uncertainties in Sino - US trade tariffs exist, but expectations of Fed rate cuts and reduced tapering, along with other factors, may lead to prices first weakening and then strengthening [2][4][5][6] Summary by Section 1. Alumina - **Supply - side factors**: New projects like the bauxite recycling in Qingzhen, the spherical alumina project of Yishitong, and the alumina projects in Guangxi and Indonesia are expected to increase production in October. Domestic bauxite production may increase while imports decrease due to new bauxite mines' production [3] - **Cost and price**: The average full - cost of alumina production is around 2850 yuan/ton, with regional differences. The near - far month contract prices show a Contango structure [22] - **Inventory**: The total inventory of alumina in China increased last week, with an increase in the warehouse and factory inventories of the Shanghai Futures Exchange and a decrease in port inventories [15] - **Investment strategy**: Due to the expected loose supply - demand but limited price decline space, investors are advised to short at high prices and pay attention to support and resistance levels [4] 2. Electrolytic Aluminum - **Supply - side factors**: The theoretical weighted average full - cost is about 16150 yuan/ton. Domestic production may increase in October due to new projects, and imports may also rise with the commissioning of overseas projects [5][57] - **Inventory**: Social inventories, bonded area inventories, and inventories in major exchanges all decreased last week [46] - **Investment strategy**: Considering tariff uncertainties, Fed policies, and production trends, investors are advised to go long on dips and pay attention to support and resistance levels for both SHFE and LME aluminum [5] 3. Aluminum Alloys - **Supply - side factors**: Overseas waste aluminum exports to China may decline, but domestic waste aluminum production may increase. The production of primary and secondary aluminum alloys may decrease in October [6][83] - **Cost and profit**: The full - cost of primary and secondary aluminum alloys is 20800 yuan/ton and 20500 yuan/ton respectively, with different profit and capacity utilization trends [6] - **Inventory**: Social inventories and raw material and finished - product inventories of recycled aluminum decreased last week [84][86] - **Investment strategy**: Given tariff uncertainties and supply - demand trends, investors are advised to go long on the spread between electrolytic aluminum and aluminum alloys at low prices and pay attention to support and resistance levels [6] 4. Basis and Spread Analysis - **Alumina**: The basis is positive and within a reasonable range, and the spread is negative. Investors are advised to wait and see for arbitrage opportunities [12] - **Electrolytic Aluminum**: The SHFE aluminum basis is positive and the spread is negative. The LME aluminum (0 - 3) spread is positive and (3 - 15) is negative. Investors are advised to wait and see for arbitrage opportunities [40][43] - **Aluminum Alloys**: The casting aluminum alloy basis is positive and at a relatively high level, and the spread is negative. Investors are recommended to short the basis at high prices on a short - term and light - position basis. The spread between electrolytic aluminum and casting aluminum alloy futures is positive, and investors are advised to go long on the spread at low prices [67][70]

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core View The report believes that current urea is undervalued, but the upward driving force is temporarily limited. It is recommended to sell out - of - the - money put options to earn time value. The current urea valuation is relatively low, reflecting the situation of strong supply and weak demand. The spot price in Shanxi has reached a near - five - year low and stabilized. Upstream enterprises are already suffering losses, and further price drops may reduce upstream production willingness. In the short term, the upward driving force is insufficient due to large supply and inventory pressure, and downstream buyers mainly replenish stocks cautiously at low prices. The potential driving forces to watch are the renovation of old chemical equipment on the supply side and the issuance of new export quotas [1]. 3. Summary by Related Catalogs Urea Futures and Spot Prices - **Futures Prices**: On October 21, UR01 closed at 1609 yuan/ton (up 9 yuan or 0.56% from the previous day), UR05 at 1682 yuan/ton (up 7 yuan or 0.42%), and UR09 at 1719 yuan/ton (up 11 yuan or 0.64%) [1]. - **Spot Prices**: In domestic markets, prices in Shandong, Henan and Jiangsu decreased by 10 yuan/ton (-0.65%, -0.65% and -0.64% respectively), and in the Northeast by 20 yuan/ton (-1.23%), while the price in Hebei remained unchanged [1]. Basis and Spread - The basis of Shandong spot - UR was -142 yuan/ton on October 21, down 17 yuan from the previous day. The 01 - 05 spread was -73 yuan/ton, up 2 yuan [1]. Upstream and Downstream Prices - **Upstream**: The prices of anthracite coal in Henan and Shanxi remained unchanged at 1030 yuan/ton and 880 yuan/ton respectively [1]. - **Downstream**: The prices of compound fertilizer (45%S) in Shandong and Henan, and melamine in Shandong and Jiangsu all remained unchanged [1]. Important Information The opening price of the main urea futures contract 2601 was 1597 yuan/ton, the highest was 1622 yuan/ton, the lowest was 1596 yuan/ton, the closing price was 1609 yuan/ton, and the settlement price was 1611 yuan/ton. The position volume was 312,167 lots [1]. Trading Strategy Sell out - of - the - money put options [1].

1. Report Industry Investment Rating - No information provided. 2. Core Viewpoints - No information provided. 3. Summary by Relevant Catalog Commodity Prices - The current price of crude oil on October 22, 2025, is $537.00 per ton, the same as the previous value [1]. - The price of the Northeast Asia ethylene on October 17, 2025, is $781.00 per ton, with a 0.00% change [1]. - The ex - factory price of ethylene oxide in the East China region on October 21, 2025, is $610.00 per ton, with a 0.00% change [1]. - The price of methanol on October 21, 2025, is $2265.00 per ton, with a 0.00% change [1]. - The含税 price of brown coal in Inner Mongolia on October 21, 2025, is $290.00 per ton, with a 0.00% change [1]. Futures Prices - The settlement price of the main contract of a certain commodity on October 21, 2025, is $4003.00 per ton, with a 0.60% change [1]. - The settlement price of the near - month contract on October 21, 2025, is $4000.00 per ton, with a 0.00% change [1]. Price Indexes - The price index of polyester on October 21, 2025, is $8350.00 per ton, a 0.60% increase compared to the previous value [1]. - The price index of polyester staple fiber on October 21, 2025, is $6280.00 per ton, with a 0.00% change [1]. Industry Load Rates - The load rate of the polyester industry factory on October 21, 2025, is 89.38%, a 0.00% change [1]. - The load rate of the weaving machine industry in the Jiangsu and Zhejiang regions on October 21, 2025, is 69.13%, with a 0.00% change [1]. Profit Situations - The post - tax gross profit of coal - based synthetic gas method equipment on October 21, 2025, is $1680.20 per ton, compared to $1683.40 previously, a decrease of $3.20 [1].