Report Industry Investment Rating - The investment strategy for both the粕类 and corn markets is "cautiously bearish" [4][8] Core Viewpoints - The current supply in the domestic market is ample, and it is expected to remain in a state of loose supply in the future. The focus of the market will be on policy changes, the harvest and export of new-season US soybeans, and the import situation of new-season US soybeans will affect the market supply and demand around the Spring Festival. For the corn market, the current pattern of supply exceeding demand remains unchanged, and the price of new grain is generally low. Future attention should be paid to national policies [3][7] Summary by Related Catalogs 粕类 Market Futures and Spot Prices - The closing price of the bean粕 2601 contract last weekend was 2,922 yuan/ton, a week-on-week decrease of 54 yuan or 1.54%. The closing price of the rapeseed粕 2601 contract was 2,306 yuan/ton, a week-on-week decrease of 85 yuan or 3.55%. In the spot market, the prices in different regions showed varying degrees of decline or stability, and the spot basis generally increased [1] Supply and Demand Data - **South America**: As of the week ending October 8, Argentine farmers sold 1.2824 million tons of 2024/25 season soybeans, with cumulative sales reaching 37.5432 million tons. Brazil's soybean export volume in October is expected to be 7.31 million tons [1] - **Domestic**: From week 40 - 41 in 2025, the arrival of soybeans at domestic full - sample oil mills totaled about 3.4125 million tons. In week 41, the soybean inventory of national oil mills rose to 7.6576 million tons, an increase of 6.37% compared to before the holiday and 14.29% year - on - year. The bean粕 inventory was 1.0791 million tons, a decrease of 9.26% compared to the week of September 26 and an increase of 6.17% year - on - year. The total bean粕 sales volume was 896,700 tons, an increase of 54.05% compared to before the National Day holiday. The total bean粕 pick - up volume was 1.085 million tons, a week - on - week increase of 211,000 tons [2] - **Rapeseed粕**: As of October 9, the rapeseed crushing volume of coastal oil mills was 14,000 tons, a decrease of 6,000 tons from the previous period. As of October 10, the rapeseed oil production was 5,700 tons, a decrease of 2,500 tons from the previous period, and the rapeseed粕 production was 8,300 tons, a decrease of 3,500 tons from the previous period [3] Market Analysis - Although the US Department of Agriculture has not released the latest data recently, Brazil's export situation is good, significantly higher than the historical average, which puts pressure on the CBOT US soybean price. The increase in Brazil's exports has also led to a relatively sufficient domestic supply, and it is expected that the supply will remain loose in the future [3] Corn Market Futures and Spot Prices - The closing price of the corn 2601 contract last week was 2,117 yuan/ton, a week - on - week decrease of 8 yuan or 0.38%. The closing price of the starch 2601 contract was 2,384 yuan/ton, a week - on - week decrease of 46 yuan or 1.89%. In the spot market, the prices in different regions also showed varying degrees of decline or increase in the basis [5] Supply, Demand and Inventory Data - **Supply**: In August 2025, the corn import volume was 36,000 tons, a 91.56% decrease compared to the same period last year. From January to August, the total imported corn was 885,000 tons, a 92.9% decrease compared to the same period last year. The export volume of corn starch in August was 14,803.173 tons, a 7.13% decrease from the previous month and a 7996.2% increase year - on - year [5][6] - **Demand**: Last week, 126 major corn deep - processing enterprises consumed 1.1052 million tons of corn, an increase of 24,500 tons from the previous week [5] - **Inventory**: Last week, the total corn inventory in the four northern ports was 852,000 tons, a week - on - week increase of 138,000 tons. The total shipment volume from the four northern ports was 581,000 tons, a week - on - week increase of 110,000 tons. The domestic trade corn inventory in Guangdong Port was 193,000 tons, a decrease of 22,000 tons from the previous week. As of October 15, the total starch inventory of national corn starch enterprises was 1.199 million tons, a 0.67% increase from the previous week, a 5.27% increase from the previous month, and a 46.94% increase year - on - year [5][6] Market Analysis - Internationally, Brazil's corn production in the 2025/26 season is expected to be 138.6 million tons, a decrease of 2.4913 million tons year - on - year. Domestically, new - season corn in the Northeast and North China is being concentratedly supplied to the market. The quality and yield of corn in the Northeast are good, and farmers' enthusiasm for selling grain is high, leading to a price drop. In the North China region, most of the corn is wet, with only a small amount of dried corn supplied to the market. The demand from deep - processing enterprises is stable, and feed enterprises have low inventories and increased procurement enthusiasm [6][7]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Based on the Huatai Commodity Multi-Factor Model, this week it is recommended to overweight copper, silver, soybean oil, gold, and fresh apples, and underweight glass, alumina, soda ash, eggs, and styrene [4][51] Summary by Relevant Catalogs 1. Plate Liquidity - This week, the trading volume of the basic metals sector was 1784.354 billion yuan, a change of 104.21% from last week, with a margin of 50.724 billion yuan, a change of -3.33 billion yuan from last week [1] - The energy and chemical sector had a trading volume of 1641.153 billion yuan, a change of 148.50% from last week, and a margin of 36.5 billion yuan, a change of 0.198 billion yuan from last week [1] - The agricultural products sector had a trading volume of 1222.184 billion yuan, a change of 88.30% from last week, and a margin of 41.853 billion yuan, a change of 1.864 billion yuan from last week [1] - The precious metals sector had a trading volume of 5172.317 billion yuan, a change of 271.03% from last week, and a margin of 76.338 billion yuan, a change of 4.96 billion yuan from last week [1] - The black building materials sector had a trading volume of 1013.342 billion yuan, a change of 161.66% from last week, and a margin of 33.353 billion yuan, a change of 1.948 billion yuan from last week [1] - The stock index futures sector had a trading volume of 3921.85 billion yuan, a change of 133.22% from last week, and a margin of 154.917 billion yuan, a change of -10.672 billion yuan from last week [1] - The treasury bond futures sector had a trading volume of 1592.895 billion yuan, a change of 132.22% from last week, and a margin of 16.084 billion yuan, a change of 1.145 billion yuan from last week [1] 2. Market and Plate Style - Since the beginning of this year, the Wande Commodity Index has a change of 33.76%, the Non-ferrous Index has a change of 2.25%, the Energy Index has a change of -22.63%, the Chemical Index has a change of -17.92%, the Oilseeds Index has a change of 4.47%, the Precious Metals Index has a change of 48.17%, and the Coking Coal and Steel Ore Index has a change of 0.64% [2] - The Huatai Commodity Long-term Momentum Index has a change of 18.76%, the Short-term Momentum Index has a change of 0.20%, the Skewness Index has a change of 12.23%, and the Term Structure Index has a change of 3.39% [2] - The latest VIX indicators of stock index options are as follows: SSE 50 Index Option is 19.26%, CSI 300 Index Option is 20.98%, and CSI 1000 Index Option is 26.67% [2] 3. Plate Premium and Discount Structure - The latest basis of stock index futures: IH is 7.47 points, IF is -17.27 points, IC is -143.47 points, and IM is -159.17 points; the annualized basis rate: IH is 1.46%, IF is -2.22%, IC is -11.85%, and IM is -12.83% [3] - The latest basis of treasury bond futures: TS is -0.02 yuan, TF is -0.05 yuan, T is 0.10 yuan, and TL is -0.29 yuan; the latest net basis: TS is -0.01 yuan, TF is -0.04 yuan, T is -0.08 yuan, and TL is -0.51 yuan [3] 4. Strategy - According to the Huatai Commodity Multi-Factor Model, this week it is recommended to overweight copper, silver, soybean oil, gold, and fresh apples, and underweight glass, alumina, soda ash, eggs, and styrene [4][51]

1. Report Industry Investment Ratings - For the pig industry: Cautiously bearish [3] - For the egg industry: Cautiously bearish [6] 2. Core Views - Pig market: The short - term pig price is supported by the strong demand for secondary fattening, but in the long run, due to the unchanged supply - demand pattern, the pig price will remain weak [1][2][3] - Egg market: During the seasonal consumption off - season, the large supply pressure suppresses the spot price, and the market sentiment is pessimistic. The spot price is expected to fluctuate weakly [5][6] 3. Summary by Relevant Catalogs Pig Market News and Key Data - Futures: On October 17, 2025, the closing price of the live pig 2601 contract was 11,670 yuan/ton, down 470 yuan from last week [1] - Spot: In Henan, the price of ternary live pigs was 11.28 yuan/kg, up 0.09 yuan/kg from last week; in Jiangsu, it was 11.44 yuan/kg, up 0.17 yuan/kg; in Sichuan, it was 10.83 yuan/kg, down 0.13 yuan/kg [1] - Supply: In September, the inventory of reproductive sows was 5.0421 million heads, a month - on - month decrease of 0.28%; the culling volume was 106,603 heads, a month - on - month increase of 2.54%. In August, the inventory of commercial pigs was 36.8499 million heads, a month - on - month increase of 1.44%. In September, the slaughter volume of commercial pigs was 10.2173 million heads, a month - on - month decrease of 4.54%. This week, the average slaughter weight of ternary live pigs nationwide was 123.43 kg, down 0.05 kg from last week [1] - Demand: This week, the slaughter enterprise start - up rate was 32.38%, down 2.15 percentage points from last week [1] - Inventory: This week, the frozen product storage capacity rate of domestic key slaughter enterprises was 17.84%, up 0.09% [1] Market Analysis - Supply side: This week, the supply pressure continued to rise, with group farms and individual farmers actively slaughtering. Future pig slaughter is expected to remain at a high level [2] - Demand side: After the double festivals, consumption was sluggish, but the current strong demand for secondary fattening supported the spot price in the short term. However, secondary fattening will lead to an increase in pig supply in a few months, and the problem of supply shift is prominent [2] Strategy - Cautiously bearish. In the short term, the pig price will fluctuate at the bottom, and in the long run, it may continue to decline [3] Egg Market News and Key Data - Futures: Last week, the closing price of the main egg futures 2511 contract was 2,805 yuan/500 kg, down 1 yuan from the previous week, a decrease of 0.04% [3] - Spot: In Liaoning, the egg spot price was 3.02 yuan/jin, up 0.12 yuan/jin from the previous week; in Hebei, it was 2.94 yuan/jin, up 0.11 yuan/jin; in Shandong, it was 2.92 yuan/jin, up 0.05 yuan/jin [3] - Supply: In September, the inventory of laying hens in the country was about 1.313 billion, a month - on - month decrease of 0.30% and a year - on - year increase of 8.87%. Last week, the slaughter volume of culled hens was 600,100, a month - on - month increase of 2.81%, and the average slaughter age was 497 days, down 1 day from the previous week [3] - Demand: Last week, 92 trucks of eggs arrived in the Beijing market, an increase of 6 trucks from the previous week; 453 trucks arrived in the Guangdong market, a decrease of 20 trucks [3] - Inventory: Last week, the production - link inventory in key national regions was 1.32 days, a month - on - month decrease of 30.53%; the circulation - link inventory was 1.40 days, a month - on - month decrease of 29.29% [3] Market Analysis - Supply side: Last week, the price of culled hens continued to decline, and the slaughter volume increased slightly. It is expected that the slaughter volume will change little this week. The number of newly - opened laying hens in October decreased, but due to the high inventory of laying hens and the recovery of the egg - laying rate, the supply pressure is large [5] - Demand side: Last week, traders replenished their stocks actively, and this week, the consumer demand is weak, mainly focusing on digesting the previous inventory [5] Strategy - In the seasonal consumption off - season, the large supply pressure suppresses the spot price. The market sentiment is pessimistic, and the spot price is expected to fluctuate weakly. Unilateral operation: Cautiously bearish [6]

Report Industry Investment Rating - The overall rating for commodities and stock index futures is neutral [5] Core Viewpoints - The gap between strong expectations and weak reality in the domestic market has widened. In August, China's economic data showed signs of weakness, and external tariff pressure has increased. The government has proposed policies to stabilize growth, and attention should be paid to policy expectations and the potential correction of the current off - peak season situation [1] - Sino - US tariff frictions have intensified, and before the APEC Summit in South Korea from October 28th to November 1st, the risk impact of tariff escalation on the market should be vigilant [2] - The US government shutdown has affected the release of economic data. The market has under - priced the severity of the shutdown, and the subsequent development of the event should be monitored [3] - For commodity sectors, a wait - and - see approach is recommended in the near term. Different sectors have different characteristics and risks, and attention should be paid to specific factors such as downstream demand, supply constraints, and policy impacts [4] Summary by Related Catalogs Market Analysis - In China, the economic pressure increased marginally in August, with characteristics of "slow industry, weak investment, and sluggish consumption". In September, exports were resilient, and the M2 - M1 gap reached a new low for the year. To cope with external pressure, the government proposed policies to stabilize growth, with a new policy - based financial instrument scale of 500 billion yuan [1] - Sino - US tariff frictions have escalated. The US has taken a series of measures such as including Chinese enterprises in the entity list and imposing additional tariffs, and China has responded with counter - measures. The risk impact of tariff escalation on the market should be vigilant before the APEC Summit [2] - The US government shutdown has affected the release of economic data. The market has under - priced the severity of the shutdown. In September, the US Markit manufacturing and services PMI declined slightly, and in August, new home sales increased unexpectedly [3] Commodity Analysis - For commodities, a wait - and - see approach is recommended in the near term. The black sector is affected by downstream demand expectations, the non - ferrous sector has long - term supply constraints, the energy sector has a relatively loose supply in the medium - term, the chemical sector has "anti - involution" space, agricultural products are driven by tariff and inflation expectations, and precious metals have high short - term price fluctuation risks [4] Strategy - The overall rating for commodities and stock index futures is neutral [5] Important News - In the first three quarters of this year, China's total goods trade imports and exports were 33.61 trillion yuan, a year - on - year increase of 4%. In September, exports and imports increased, and the trade surplus decreased [6] - China has taken counter - measures against South Korea's Hanwha Ocean's five US - related subsidiaries for their support of the US government's investigation against China [6] - China's September monetary supply, social financing scale, and credit data have changed, and the decline in CPI and PPI has narrowed [6] - The Fed Chairman may stop reducing the balance sheet in the next few months. The US Treasury Secretary plans to submit candidates for the next Fed Chairman to Trump after Thanksgiving [6] - The US Senate failed to advance the Republican's temporary appropriation bill, and a judge blocked the government's plan to lay off employees during the shutdown. US API crude oil and refined oil inventory data have changed [3][6] Economic Heat Maps - **US Economic Heat Map**: In September, the US Markit manufacturing PMI was 52.0, and the services PMI was 54.2. Investment, consumption, and other aspects showed different trends, and the contribution rates of various factors to GDP were different [8] - **European Economic Heat Map**: In September, the European manufacturing PMI was 49.8, and the services PMI was 51.3. Inflation, trade, and other aspects also had corresponding changes [9] - **Chinese Economic Heat Map**: In September, China's GDP grew steadily. Investment, consumption, and other fields showed different trends, and the contribution rates of consumption, investment, and net exports to GDP were 44.5%, 25.2% + 30.3%, and the rest respectively [10]

甲醇周报 | 2025-10-19 伊朗制裁带动港口基差周内走高 甲醇观点 市场要闻与重要数据 港口供应方面：海外甲醇开工率73.58%（+2.40%）；中国进口甲醇周频到港量28.38万吨（-17.67），其中华东到港 量20.90万吨（-19.82），华南到港量7.48万吨（+2.15）。 内地供应方面：中国甲醇开工率87.42%（-2.11%），其中煤制甲醇开工率82.15%（-2.01%）、天然气甲醇开工率50.79% （+0.00%）、焦炉气甲醇开工率61.66%（+0.87%）；西北开工率92.05%（-1.85%），华北开工率65.10%（-5.82%）， 华中开工率88.64%（+7.17%），华东开工率79.92%（-4.92%），西南开工率82.49%（-2.12%）。 港口需求方面：太仓周均提货量3843吨/天（+454），华东MTO企业周度采购量127000吨（-187700），外采甲醇MTO 企业开工率86.28%（+0.00%）。 内地需求方面：甲醇企业待发订单量228910吨（+113670）。传统下游样本企业原料采购量23800吨（+5080），甲醛 开工率41.34%（+6. ...

FICC周报 | 2025-10-19 高位板块调整，权重托底大盘 市场分析 中美高层通话。宏观方面，北京时间10月18日上午，中美经贸中方牵头人、国务院副总理何立峰与美方牵头人、 美国财政部长贝森特和贸易代表格里尔举行视频通话，双方围绕落实今年以来两国元首历次通话重要共识，就双 边经贸关系中的重要问题进行了坦诚、深入、建设性的交流，同意尽快举行新一轮中美经贸磋商。海外方面，特 朗普访谈中承认以高关税威胁中国的策略不可持续，并可能会冲击美国经济。此前，特朗普也曾在社交媒体平台 上发帖表示，美国"无意伤害中国"，暗示愿在一定条件下缓和紧张局势。目前特朗普已签署行政令，自11月1日起 对进口中型和重型卡车及零部件征收25%的新关税。还称还将对进口客车征收10%的关税。 股指调整。现货市场，A股三大指数本周调整，上证指数收盘跌1.47%收于3839.76点，创业板指跌5.71%。行业方 面，板块指数跌多涨少，银行、煤炭行业涨幅超4%，电子、传媒、汽车、通信行业跌幅居前。日均成交额约为2.3 万亿元。央行行长潘功胜在出席G20财长和央行行长会议时表示，将继续实施适度宽松的货币政策，综合运用多种 货币政策工具，保证流动 ...

Report Industry Investment Rating - High-sulfur fuel oil: Cautiously bearish, short-term focus on the progress of China-US tariff negotiations [7] - Low-sulfur fuel oil: Cautiously bearish, short-term focus on the progress of China-US tariff negotiations [7] - Cross-variety: None [7] - Cross-period: None [7] - Spot-futures: None [7] - Options: None [7] Core Viewpoints - The fuel oil futures market is under pressure as the peak season ends, the crude oil fundamentals weaken, and macro risks increase. Both high-sulfur and low-sulfur fuel oil face challenges in supply, demand, and market structure [1]. - The supply of high-sulfur fuel oil may increase due to the easing of the Middle East situation and the release of OPEC's production capacity, while the supply of low-sulfur fuel oil has seen a recent increase but is expected to ease [2][3]. - The demand for fuel oil is affected by factors such as China-US trade frictions, the replacement of low-sulfur fuel oil in the marine fuel market, and the decline in power generation demand after summer [4]. - The inventory of fuel oil has increased in some regions, and the market structure of high-sulfur fuel oil has strengthened marginally, while that of low-sulfur fuel oil has weakened [5][6]. Summary by Relevant Catalogs Market Performance - This week, the fuel oil futures market declined. The FU main contract fell 5.54%, and the LU main contract dropped 7.13% [1]. Supply High-sulfur Fuel Oil - The Middle East situation has eased, and OPEC's relaxation of production cuts may increase the supply of high-sulfur fuel oil. Middle East's September high-sulfur fuel oil shipments are expected to be 4.41 million tons, and October's are estimated at 3.72 million tons [2]. - Iran's September shipments are expected to be 1.45 million tons, and October's are estimated at 0.57 million tons. The US sanctions on Iran continue to increase the difficulty of its oil trade [2]. - Russia's high-sulfur fuel oil supply decreased in August due to refinery maintenance but rebounded in September. September's shipments are expected to be 2.97 million tons, and October's are estimated at 1.97 million tons [2]. Low-sulfur Fuel Oil - There has been a recent increase in local supply, mainly from Nigeria's temporary increase. Nigeria's September low-sulfur fuel oil shipments are expected to be 0.53 million tons, and October's are estimated at 0.34 million tons [3]. - Kuwait's exports are relatively limited. September's shipments are 0.37 million tons, and October's are expected to be 0.4 million tons [3]. - China's domestic production of low-sulfur fuel oil has been low this year due to poor profitability and refinery maintenance. September's production was 1.075 million tons, a 0.94% increase from the previous month [3]. Demand - China-US trade frictions and potential tariff increases may damage trade and shipping demand, affecting the consumption of marine fuel oil. There may be a short-term increase in exports due to the anticipation of tariffs [4]. - The demand for low-sulfur fuel oil in the marine fuel market is being replaced by new desulfurization towers and cleaner energy sources such as LNG and green methanol [4]. - After the summer, the power generation demand in the Middle East, South Asia, and Egypt will decline, reducing the consumption of high-sulfur fuel oil. However, Egypt's demand may increase due to the decline in domestic natural gas production [4]. - The demand from refineries has shown a marginal increase. China's high-sulfur fuel oil imports in September are expected to be 0.5 million tons, and October's arrivals are estimated at 0.84 million tons [4]. Inventory - This week, Singapore's fuel oil inventory was 25.063 million barrels, a 5.89% increase from the previous week, and Zhoushan Port's inventory was 1.35 million tons, a 21.62% increase [5]. Market Structure High-sulfur Fuel Oil - The market structure has strengthened marginally due to reduced supply pressure, improved refinery demand, and a decrease in domestic futures registered warehouse receipts [5]. - However, the upward momentum may be limited due to the decline in power generation demand after summer, potential increases in Middle East exports, and potential risks in shipping demand [5]. Low-sulfur Fuel Oil - The market structure has weakened recently due to increased local supply and average marine fuel demand [6]. - If the Dangote refinery resumes operation, the supply may decrease. However, if China-US tariff conflicts intensify, the shipping demand will be affected, and the low-sulfur fuel oil market may be more sensitive [6]. - The demand for low-sulfur fuel oil is under continuous downward pressure due to the trend of carbon neutrality in the shipping industry. If the trade risks ease, the downside space may be limited based on its relatively low valuation compared to gasoline and diesel [6].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - For pure benzene, the port destocking rate has slowed down, domestic production capacity utilization has declined, and downstream capacity utilization has decreased. There is still inventory pressure in PA6, nylon filament, and MDI [4]. - For styrene, short - term maintenance continues, new device production impacts, downstream capacity utilization has increased but port inventory pressure persists, overseas demand is weak, and inventory pressure continues [4]. Summary by Directory 1. Pure Benzene and Styrene Futures and Spot Prices, Basis, and Inter - period - Not elaborated in the content, only figure names are mentioned such as pure benzene and styrene futures contracts, spot prices, basis, and inter - period spreads [9][10][17] 2. Styrene Supply - The arrival volume of styrene in East China is 11,900 tons (-27,300 tons). The overall styrene factory capacity utilization is 71.88% (-1.73%), with different rates in different regions: East China 71.42% (+3.35%), Shandong 62.46% (-13.08%), and South China 80.53% (-2.17%) [1]. - In the short term, maintenance continues, satellite petrochemical is under maintenance, and new device production from Jihua, Guangxi Petrochemical, etc. impacts [4]. 3. Styrene Downstream Demand - EPS capacity utilization is 62.52% (+21.78%), PS capacity utilization is 53.80% (-0.80%), ABS capacity utilization is 73.10% (+0.60%), UPR capacity utilization is 34.00% (+14.00%), and butadiene - styrene rubber capacity utilization is 70.20% (-0.20%) [1]. - EPS has a seasonal post - festival increase, PS capacity utilization continues to decline, ABS capacity utilization rebounds from a low level, and the finished product inventory pressure of the three hard plastics is still large [4]. 4. Styrene Inventory - The East China port inventory of styrene is 196,500 tons (-5,400 tons), and the factory inventory is 193,420 tons (-443 tons). The inventory of EPS sample enterprises is 34,600 tons (+4,100 tons), PS sample enterprises is 112,050 tons (+3,350 tons), ABS sample enterprises is 257,000 tons (+6,000 tons), and butadiene - styrene rubber sample enterprises is 19,000 tons (-1,500 tons) [1]. - The port inventory pressure persists, and overseas demand is weak, increasing the import pressure on China [4]. 5. Pure Benzene Supply and Inventory - The East China port inventory of pure benzene is 90,000 tons (-1,000 tons). The pure benzene capacity utilization is 75.48% (-3.81%), and the hydro - benzene capacity utilization is 64.53% (+1.29%) [2]. 6. Pure Benzene Downstream Demand - In the CPL industry chain, the CPL capacity utilization is 92.41% (-3.59%), the PA6 capacity utilization is 79.58% (+1.37%), and the nylon filament capacity utilization is 77.50% (-0.50%) [2]. - In the phenol - acetone industry chain, the phenol - acetone capacity utilization is 78.00% (+0.00%), the bisphenol A capacity utilization is 68.90% (-5.77%), the PC capacity utilization is 77.69% (-3.23%), and the epoxy resin capacity utilization is 50.64% (-0.25%) [2]. - In the aniline industry chain, the aniline capacity utilization is 75.73% (-1.43%), the polymer MDI capacity utilization is 96.00% (+0.00%), and the pure MDI capacity utilization is 96.00% (+0.00%) [3]. - In the adipic acid industry chain, the adipic acid capacity utilization is 59.10% (-7.80%), the spandex capacity utilization is 77.50% (+0.00%), the PA66 capacity utilization is 60.45% (-0.82%), and the polyurethane elastomer capacity utilization is 53.50% (+1.21%) [3].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View The report presents a daily overview of the stock index options market, including option trading volume, PCR, and VIX data for various stock index options on October 16, 2025. 3. Summary by Directory I. Option Trading Volume - On October 16, 2025, the trading volumes of various stock index options were as follows: Shanghai - Shenzhen 300 ETF options (Shanghai) had 206.93 million contracts; CSI 500 ETF options (Shanghai) had 239.22 million contracts; ChiNext ETF options had 218.91 million contracts; Shanghai - Shenzhen 300 stock index options had 18.88 million contracts; CSI 1000 options had 36.24 million contracts; SSE 50 ETF options had 156.74 million contracts; SSE 50 stock index options had 10.48 million contracts; and Shenzhen 100 ETF options had 19.24 million contracts [1]. - The table also shows the call, put, and total trading volumes for each option type, such as 81.65 million call and 77.50 million put contracts for SSE 50 ETF options, with a total of 159.15 million contracts [19]. II. Option PCR - The PCR data for different options on October 16, 2025, showed that the turnover PCR of SSE 50 ETF options was 0.48, with a - 0.27 change compared to the previous period, and the position PCR was 0.87, with a + 0.14 change [2]. - For example, the turnover PCR of Shanghai - Shenzhen 300 ETF options (Shanghai) was 0.60, with a - 0.51 change, and the position PCR was 1.04, with a + 0.12 change [2]. III. Option VIX - The VIX data of different options on October 16, 2025, indicated that the VIX of SSE 50 ETF options was 18.13%, with a - 1.70% change compared to the previous period [3]. - For instance, the VIX of Shanghai - Shenzhen 300 ETF options (Shanghai) was 19.28%, with a - 1.65% change [3].

Report Industry Investment Rating No relevant content provided. Core View of the Report The bond market is influenced by the rebound in the stock market due to tariff black swan events, the continuous expectation of a Fed rate cut, and rising global trade uncertainties. It is oscillating between stable growth and easing expectations, and short - term attention should be paid to policy signals at the end of the month [3]. Summary According to the Table of Contents I. Interest Rate Pricing Tracking Indicators - China's CPI (monthly) has a 0.10% month - on - month increase and a - 0.30% year - on - year decrease; PPI (monthly) has a 0.00% month - on - month change and a - 2.30% year - on - year decrease [9]. - Social financing scale is 437.08 trillion yuan, with a month - on - month increase of 3.42 trillion yuan (+0.79%); M2 year - on - year is 8.40%, down 0.40% (-4.55%); Manufacturing PMI is 49.80%, up 0.40% (+0.81%) [9]. - The US dollar index is 98.35, down 0.33 (-0.33%); USD/CNH (offshore) is 7.1302, up 0.003 (+0.04%); SHIBOR 7 - day is 1.42, up 0.01 (+0.35%); DR007 is 1.42, up 0.01 (+0.39%); R007 is 1.53, up 0.02 (+1.49%); Inter - bank certificates of deposit (AAA) 3M is 1.58, down 0.01 (-0.67%); AA - AAA credit spread (1Y) is 0.09, up 0.00 (-0.67%) [9]. II. Overview of the Treasury Bond and Treasury Bond Futures Market - Relevant figures include the closing price trend of the main continuous contracts of treasury bond futures, the price change rate of each treasury bond futures variety, the precipitation fund trend of each treasury bond futures variety, the position ratio of each treasury bond futures variety, the net position ratio of the top 20 in each treasury bond futures variety, the long - short position ratio of the top 20 in each treasury bond futures variety, the spread between China Development Bank bonds and treasury bonds, and the issuance of treasury bonds [11][12][14]. III. Overview of the Money Market Funding Situation - Relevant figures include the Shibor interest rate trend, the maturity yield trend of inter - bank certificates of deposit (AAA), the transaction statistics of inter - bank pledged repurchase, and the issuance of local government bonds [22]. IV. Spread Overview - Relevant figures include the inter - term spread trend of each treasury bond futures variety, the term spread of spot bonds and the cross - variety spread of futures (4*TS - T), (2*TS - TF), (2*TF - T), (3*T - TL), (2*TS - 3*TF + T) [22][23][24]. V. Two - Year Treasury Bond Futures - Relevant figures include the implied interest rate of the main contract of two - year treasury bond futures and the maturity yield of treasury bonds, the IRR of the TS main contract and the funding rate, the three - year basis trend of the TS main contract, and the three - year net basis trend of the TS main contract [26][29][36]. VI. Five - Year Treasury Bond Futures - Relevant figures include the implied interest rate of the main contract of five - year treasury bond futures and the maturity yield of treasury bonds, the IRR of the TF main contract and the funding rate, the three - year basis trend of the TF main contract, and the three - year net basis trend of the TF main contract [38][43]. VII. Ten - Year Treasury Bond Futures - Relevant figures include the implied yield of the main contract of ten - year treasury bond futures and the maturity yield of treasury bonds, the IRR of the T main contract and the funding rate, the three - year basis trend of the T main contract, and the three - year net basis trend of the T main contract [45][47]. VIII. Thirty - Year Treasury Bond Futures - Relevant figures include the implied yield of the main contract of thirty - year treasury bond futures and the maturity yield of treasury bonds, the IRR of the TL main contract and the funding rate, the three - year basis trend of the TL main contract, and the three - year net basis trend of the TL main contract [52][54][58]. Strategy - Unilateral: The repurchase rate has declined, the price of treasury bond futures is oscillating, and the 2512 contract is neutral [4]. - Arbitrage: Pay attention to the decline of the 2512 basis [4]. - Hedging: There is an adjustment pressure in the medium term, and short - sellers can use far - month contracts for appropriate hedging [4].