1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The pricing logic is still cost - driven. The market is worried about the lackluster peak demand season. It is expected that PX will be more affected by crude oil and show a stronger oscillation, while PTA and PR will oscillate. (PX view score: 1, PTA view score: 0, PR view score: 0) [2] 3. Summary by Related Catalogs 3.1 Price Information - **Upstream**: On September 9, 2025, WTI crude oil futures settled at $62.63/barrel, up 0.59%; Brent crude oil futures settled at $66.39/barrel, up 0.56%; the spot price of naphtha CFR Japan was $597.25/ton, up 0.50%; the spot price of isomeric xylene FOB Korea was $681.50/ton, down 0.15%; the spot price of PX CFR China's main port was $836.00/ton, up 0.36% [1]. - **PTA**: On September 9, 2025, the closing price of CZCE TA's main contract was 4678 yuan/ton, down 0.26%; the settlement price was 4670 yuan/ton, up 0.17%. The spot price of domestic PTA was 4610 yuan/ton, up 0.35%. The CCFEI price index of domestic PTA was 4608 yuan/ton, up 0.28%, and that of foreign PTA was $620.00/ton, down 0.64% [1]. - **PX**: On September 9, 2025, the closing price of CZCE PX's main contract was 6726 yuan/ton, down 0.53%; the settlement price was 6708 yuan/ton, down 0.09%. The domestic spot price of PX was 6599 yuan/ton, unchanged. The PXN spread was $238.75/ton, unchanged; the PX - MX spread was $154.50/ton, up 2.66% [1]. - **PR**: On September 9, 2025, the closing price of CZCE PR's main contract was 5838 yuan/ton, down 0.44%; the settlement price was 5834 yuan/ton, down 0.17%. The mainstream market price of polyester bottle - chips in East China was 5820 yuan/ton, down 0.34%; that in South China was 5880 yuan/ton, down 0.34% [1]. - **Downstream**: On September 9, 2025, the CCFEI price index of polyester staple fiber was 6465 yuan/ton, unchanged; the CCFEI price index of polyester chips was 5810 yuan/ton, up 0.26%; the CCFEI price index of bottle - grade chips was 5820 yuan/ton, down 0.34% [2]. 3.2 Device Information - A 2.2 - million - ton PTA device of Jiaxing Petrochemical restarted on August 22. Two 5 - million - ton PTA devices of Hengli Huizhou unexpectedly shut down from August 21 to 23, and the restart time is to be determined [2]. 3.3 Important Information - **PX**: After OPEC +'s slight production increase was confirmed, some funds left the market. Trump's claim of preparing the second - stage sanctions against Russia made some investors wait and see. Oil prices slightly ended higher. On September 9, the CFR China price of PX was $836/ton. International oil prices were warming and oscillating, squeezing the cost momentum of PX. Domestic PX supply was expected to increase, but the overall demand of polyester was okay, and the trading enthusiasm increased during the day [2]. - **PTA**: The strong crude oil market pushed up PTA prices. Although the sales rate of downstream polyester chips was 147%, the sales rate of the main downstream polyester filament was only 44%. The signs of the peak - season start were still not obvious. The PTA spot was sufficient, and the spot basis slightly declined. The PTA processing margin has been around 200 yuan/ton recently, and some new - technology PTA devices face losses. Even if there are unplanned device overhauls, it is difficult to change the low processing fee situation. Since September, the industry's operating load has been basically stable, and the market supply is relatively stable. Inventory has been accumulating recently [2]. - **PR**: The mainstream negotiation price of polyester bottle - chips in the Jiangsu - Zhejiang market was 5810 - 5910 yuan/ton, down 15 yuan/ton from the previous trading day. The raw materials PTA and bottle - chip futures oscillated weakly. Most of the supply - side quotes of bottle - chips were stable, and downstream terminals followed up cautiously, with a general trading atmosphere [2]. 3.4 Trading Strategy - The cost recovery provides some support. The TA2601 contract closed at 4678 yuan/ton (up 0.34%), with a daily trading volume of 431,200 lots; the PX2511 contract opened high and closed low, closing at 6726 yuan/ton (up 0.18%), with a daily trading volume of 148,000 lots; the 2511 contract of PR closed at 5838 yuan/ton (down 0.10%), with a daily trading volume of 32,400 lots [2]. - Israel's attack on Hamas' senior leaders in Qatar in the overnight crude oil market reignited concerns about a wider military conflict in the Middle East, causing international oil prices to rise. It is expected that PX will be more affected by crude oil and show a stronger oscillation, while PTA and PR will oscillate [2].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The price of lithium carbonate is expected to fluctuate downward in the short - term. The active promotion of the resumption of production at the Zhuxiwo lithium mine weakens the supply contraction expectation. It is recommended to go short at high prices [2]. 3. Summary by Relevant Content Market Data - **Futures Prices**: On September 9, 2025, the closing prices of the near - month, consecutive - one, consecutive - two, consecutive - three, and other contracts of lithium carbonate futures all decreased compared to the previous day. For example, the near - month contract closed at 72,820 yuan/ton, a decrease of 2,440 yuan compared to September 8 [2]. - **Trading Volume and Open Interest**: The trading volume of lithium carbonate futures on September 9 was 591,675 lots, a decrease of 190,712 lots; the open interest was 351,340 lots, a decrease of 12,797 lots [2]. - **Inventory**: The registered warehouse receipts were 38,101 tons, an increase of 650 tons. The social inventory decreased, with smelters reducing inventory and downstream and others increasing inventory [2]. - **Spot Prices**: The average prices of some lithium - related products remained stable, while the average price of lithium spodumene concentrate increased slightly, and the prices of lithium mica remained unchanged. For example, the average price of lithium spodumene concentrate (6%, CIF China) was 879 US dollars/ton, an increase of 3 US dollars [2]. Industry News - **Zhuxiwo Lithium Mine**: On the morning of September 9, Ningde Times' subsidiary held a meeting to promote the resumption of production at the Zhuxiwo lithium mine. The progress of the mining license approval is smooth, and it is expected to resume production soon [2]. - **Chilean Cooperation**: Chilean state - owned copper miner Codelco and SQM are expected to reach a partnership to mine lithium from the Atacama salt flats. The agreement still needs anti - monopoly approval, including from Chinese regulators [2]. Supply and Demand - **Supply**: Last week, the production of lithium carbonate increased, with the production of lithium carbonate from different raw materials rising slightly [2]. - **Downstream Demand**: Last week, the production of lithium iron phosphate increased, while the production of ternary materials decreased. In September, the production of lithium manganate increased, and the production of power batteries increased last week. In terms of terminal demand, the year - on - year growth rate of new energy vehicle production slowed down in August, 3C shipments were average, and the production schedule of energy - storage batteries increased in September [2].

| | | 甲醇日评20250910: 低位震荡,关注低多机会 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 单位 | 2025/9/9 | 2025/9/8 | 变化值 | 変化值 | | | | | | | | (绝对目) | (相对值) | | | | MA01 | 元/吨 | 2398.00 | 2408.00 | -10.00 | -0.42% | | | 甲醇期货价格 | MA05 | 元/吨 | 2391.00 | 2402.00 | -11.00 | -0.46% | | | (收盘价) | MA09 | 元/吨 | 2247.00 | 2248.00 | -1.00 | -0.04% | | | | 太仓 | 元/吨 | 2275.00 | 2275.00 | 0.00 | 0.00% | | | | 山东 | 元/吨 | 2360.00 | 2345.00 | 15.00 | 0.64% | | 期现价格 | | 广东 | 元/吨 | 2275.00 | 2265.00 | 10.00 | ...

Report Title - Nickel and Stainless Steel Daily Review 20250910: Uncertainty Weakens, Range-bound Fluctuations [1] Report's Core View - On September 9, the main nickel contract fluctuated downward, while the stainless steel main contract fluctuated upward. The pure nickel fundamentals are relatively loose, and stainless steel's fundamentals are also loose but supported by the cost side. Both are expected to fluctuate within a range, and the operation suggestion is to wait and see [2] Summary by Related Content Nickel Market Price and Trading Volume - On September 9, the Shanghai nickel futures near - month contract closed at 120,520 yuan/ton, down 1,300 yuan; the trading volume of Shanghai nickel was 128,782 lots, an increase of 7,501 lots. The LME 3 - month nickel spot official price was 15,155 US dollars/ton, down 105 US dollars [2] Supply - Nickel ore prices remained flat. Last week, the arrival volume of nickel ore increased, and port inventories increased. Nickel iron mills' losses narrowed. In September, domestic and Indonesian nickel iron production increased, and nickel iron inventories decreased. Domestic electrolytic nickel production increased, and export profits decreased [2] Demand - Ternary battery production decreased. Stainless steel mills' production increased. Alloy and electroplating demand was stable [2] Inventory - SHFE nickel inventories decreased, LME nickel inventories increased, social inventories increased, and bonded area inventories decreased [2] Stainless Steel Market Price and Trading Volume - On September 9, the stainless steel futures near - month contract closed at 12,895 yuan/ton, up 10 yuan. The trading volume of the main stainless steel contract was 109,512 lots, an increase of 40,466 lots [2] Supply - In September, stainless steel production increased [2] Demand - Terminal demand was weak [2] Cost - High - nickel pig iron prices rose, and high - carbon ferrochrome prices rose [2] Inventory - After destocking, SHFE stainless steel inventories decreased. Last week, the 300 - series social inventory was 611,700 tons, a decrease of 11,000 tons [2] Industry News - On September 3, PT Gag Nikel officially resumed operations. The Indonesian government will change the three - year Work Plan and Budget (RKAB) regulation to a one - year regulation, which will take effect in October 2025 [2]

投资策略：美联储9月降息预期几无悬念，但是国内进口铜到货和下游需求偏弱，使沪铜价格或有调整， 建议投资者等待价格回落后布局多单，关注77000-78000附近支撑位及81000-83000附近压力位，伦铜在 9300-9500附近支撑位及10000-10200附近压力位，美铜在4.0-4.2附近支撑位及4.6-5.0附近压力位。 风险提示：关注9月10日中国8月消费与生产端通胀CPI及PPI，美国8月生产端通胀PPI；11日欧洲央行9 月利率决议，美国当周初请失业金人数和8月消费端通胀CPI；12日美国9月消费者信心指数及通胀预期；本 周多位美联储、欧洲和英国及日本央行官员发表公开讲话。 电解铜 供给端：Freeport旗下印度尼西亚Grasberg铜矿9月8日发生大规模湿性矿料涌出事故致七名员工被困而 暂停采矿，国内外多个铜矿生产存在扰动，使中国铜精矿进口指数为负但较上周升高，引导国内铜精矿供需 预期偏紧；国内粗铜或阳极板加工费趋降，铜冶炼厂9月检修产能环比增加； 需求端：高位铜价和高温天气抑制下游消费意愿，使多数下游铜加工行业运行产能环降。 库存端：中国电解铜社会库存量较上周增加，伦金所电解铜库存量较上周 ...

碳酸锂日评20250910: 祝下窝推进复产,震荡下行 | 交易日期(日) 近月合约 收盘价 72820.00 | 2025-09-09 | 2025-09-08 75260.00 | 2025-09-02 73280.00 | 较昨日变化 -2,440.00 | 近两周走势 | | --- | --- | --- | --- | --- | --- | | 连一合约 收盘价 72720.00 | | 74640.00 | 72660.00 | -1,920.00 | 5 5 | | 连二合约 收盘价 72880.00 | | 74780.00 | 72620.00 | -1,900.00 | 3 | | 收盘价 72880.00 连三合约 | | 74780.00 | 72640.00 | -1,900.00 | > | | 收盘价 72900.00 | | 74800.00 | 72620.00 | -1,900.00 | > | | 砖酸包期货 成交堂(手) 591675.00 | | 782387.00 | 620441.00 | -190,712.00 | n | | 活跃合约 (元/吨) 持仓堂( ...

| | | 镍与不锈钢日评20250910:不确定性减弱,区间震荡 | 交易日期(日) | 近两周走势 | 2025-09-09 | 2025-09-08 | 2025-09-02 | 较昨日变化 | 期货近月合约 | 收盘价 | 120520.00 | 122220.00 | 121820.00 | -1,300.00 | 5 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货连一合约 | 5 | 120700.00 | -1,440.00 | 收盘价 | 122140.00 | 122530.00 | 3 | 期货连二合约 | 收盘价 | 120880.00 | 122250.00 | 122730.00 | -1,370.00 | | | | >>> | 期货连三合约 | 121110.00 | 收盘价 | 122480.00 | 122880.00 | -1,370.00 | 5 | 120700.00 | -1,440.00 | 收 ...

| | | 尿素早评20250910:现货走低,关注后市逢低做多机会 | | | | | --- | --- | --- | --- | --- | --- | | 单位 9月9日 | 日慶 | | 9月8日 | 变化值 | 変化值 | | | | | | (绝对值) | (相对值) | | UR01 元/吨 山东 元/吨 山西 元/吨 | 民素期货价格 (收盘价) 期现价格 | 1683.00 1670.00 1560.00 | 1706.00 1680.00 1580.00 | -23.00 -10.00 -20.00 | -1.35% -0.60% -1.27% | | UR05 元/吨 | | 1733.00 | 1746.00 | -13.00 | -0.74% | | UR09 元/吨 | | 1624.00 | 1652.00 | -28.00 | -1.69% | | 元/吨 河南 | 国内现货价格 (小額粒) | 1680.00 | 1690.00 | -10.00 | -0.59% | | 河北 元/吨 | | 1710.00 | 1710.00 | 0.00 | 0.00% | | 元/ ...

祁玉蓉（F03100031, Z0021060），联系电话：010-8229 5006 | 铅锌日评20250910：区间整理 | 今值 | 变动 | 2025/9/10 | 指标 | 近期趋势 | 单位 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 元/吨 | 16,775.00 | 0.15% | SMM1#铅锭平均价格 | 沪铅期现价格 | 期货主力合约收盘价 | 元/吨 | 16,930.00 | 0.21% | | 元/吨 | -155.00 | -10.00 | 沪铅基差 | 元/吨 | -35.00 | - | 升贴水-上海 | | | 美元/吨 | -48.13 | -4.77 | 升贴水-LME 0-3 | 美元/吨 | -67.80 | -0.40 | 升贴水-LME 3-15 | 价差 | | 元/吨 | -60.00 | 10.00 | 沪铅近月-沪铅连一 | 元/吨 | -5.00 | -5.00 | 沪铅连一-沪铅连二 | 铅 | | 元/吨 | - | 5.00 | 沪铅连二-沪铅连三 | 手 | ...

| 工业硅&多晶硅日评20250910：高位整理 | | | | | | | --- | --- | --- | --- | --- | --- | | 2025/9/10 指标 | | | 单位 今值 变动 近期趋势 | | | | 不通氧553#（华东）平均价格 | | | 元/吨 8,950.00 0.00% | | | | 工业硅期现价格 期货主力合约收盘价 | | | 元/吨 8,410.00 -1.41% | | | | 基差（华东553#-期货主力） | | | 元/吨 540.00 120.00 | | | | N型多晶硅料 | | | 元/千克 50.10 -0.10% | | | | 多晶硅期现价格 期货主力合约收盘价 | | | 元/吨 53,520.00 -3.93% | | | | 基差 | | | 元/吨 -3,420.00 2,140.00 | | | | 不通氧553#（华东）平均价格 | | | 元/吨 8,950.00 0.00% | | | | 不通氧553#（黄埔港）平均价格 | | | 元/吨 9,000.00 0.00% | | | | 不通氧553#（天津港）平均 ...