Report Industry Investment Rating - PX/PTA/PF/PR are rated as neutral in the short term and bearish in the medium term [4] Core View of the Report - Near the holiday, the polyester industry chain is oscillating. The cost - end oil price has rebounded, and geopolitical factors need to be continuously monitored. The supply - demand situation of PX in the fourth quarter is expected to weaken, and the support at the bottom has weakened. The near - end fundamentals of TA have improved, but there is still a large inventory accumulation pressure in December. The demand for polyester has improved marginally, but the high - level increase in polyester load is limited. The short - term supply - demand situation of PF is better than that of the raw material end, and the processing fee of PR is expected to oscillate in a range [1][2][4] Summary According to the Directory Price and Basis - Relevant charts include TA and PX's main contract trends, basis, and inter - period spreads, as well as PTA's East China spot basis and short - fiber basis [9][10][12] Upstream Profits and Spreads - Relevant charts cover PX processing fees, PTA spot processing fees, South Korean xylene isomerization profits, and South Korean STDP selective disproportionation profits [17][20] International Spreads and Import - Export Profits - Relevant charts involve toluene's US - Asia spread, toluene's South Korean FOB - Japanese naphtha CFR spread, and PTA export profits [25][27] Upstream PX and PTA Startup - Relevant charts show the operating rates of PTA in China, South Korea, and Taiwan, as well as the operating rates of PX in China and Asia [28][31][33] Social Inventory and Warehouse Receipts - Relevant charts present PTA's weekly social inventory, PX's monthly social inventory, and various warehouse receipt inventories of PX, PTA, and PF [36][39][40] Downstream Polyester Load - Relevant charts cover the production and sales of filaments and short - fibers, polyester load, factory inventory days of various filaments, and the operating rates of textile, texturing, and dyeing in Jiangsu and Zhejiang [48][50][61] Detailed PF Data - Relevant charts include the load of polyester staple fiber, inventory days, the load of recycled cotton - type staple fiber, the spread between raw and recycled fibers, and the operating rates and profits of pure polyester yarn and polyester - cotton yarn [73][74][84] Detailed PR Fundamental Data - Relevant charts involve the load of polyester bottle chips, factory inventory days, spot and export processing fees, export profits, and inter - month spreads [94][96][103]

1. Report Industry Investment Rating - The investment rating for both the pig and egg markets is cautiously bearish [3][5] 2. Core Viewpoints - The pig market is in a situation of oversupply, with supply pressure expected to increase after the holiday due to continued high - level group sales and ineffective inventory reduction [2] - The egg market will maintain a pattern of strong supply and weak demand as the double - festival boost is over and all - level inventories are abundant [4] 3. Summary by Related Catalogs Pig Market Market News and Important Data - Futures: The closing price of the live pig 2511 contract yesterday was 12,295 yuan/ton, a change of - 280.00 yuan/ton from the previous trading day, a decline of 2.23% [1] - Spot: In Henan, the price of external ternary live pigs was 12.55 yuan/kg, down 0.10 yuan/kg from the previous day; in Jiangsu, it was 12.77 yuan/kg, down 0.03 yuan/kg; in Sichuan, it was 11.84 yuan/kg, down 0.23 yuan/kg [1] - Agricultural product prices: On September 29, the "Agricultural Product Wholesale Price 200 Index" was 118.80, down 0.05 points from the previous day. The average wholesale price of pork in the national agricultural product wholesale market was 19.32 yuan/kg, up 0.8% [1] Market Analysis - This week, the spot price has been declining. Due to the approaching holiday, group farms are rushing to meet the slaughtering schedule, increasing supply. Consumption has increased slightly, but the market is still in an oversupply situation, and inventory has not been effectively reduced [2] Strategy - Cautiously bearish [3] Egg Market Market News and Important Data - Futures: The closing price of the egg 2511 contract yesterday was 3016 yuan/500 kg, a change of - 20.00 yuan from the previous trading day, a decline of 0.66% [3] - Spot: In Liaoning, the egg spot price was 3.33 yuan/jin, unchanged; in Shandong, it was 3.75 yuan/jin, unchanged; in Hebei, it was 2.96 yuan/jin, down 0.11 yuan/jin [3] - Inventory: On September 29, 2025, the national production - link inventory was 1.03 days, up 0.03 days from the previous day, an increase of 3.00%. The circulation - link inventory remained unchanged [3] Market Analysis - The double - festival stocking is basically over, and the festival boost effect is poor. The arrival volume in sales areas has decreased significantly, the goods movement in all links is slow, and terminal demand is weak. The market will maintain a pattern of strong supply and weak demand [4] Strategy - Cautiously bearish [5]

Group 1: Report Investment Ratings and Strategies - Glass investment strategy: Weak and oscillating [2] - Soda ash investment strategy: Weak and oscillating [2] - Silicomanganese investment strategy: Oscillating [4] - Ferrosilicon investment strategy: Oscillating [4] Group 2: Core Views - Market sentiment is weak, and steel prices are oscillating downward; glass and soda ash markets are weak and oscillating due to cautious downstream procurement; the dual - silicon market is weak due to unmet peak - season demand [1][3] Group 3: Market Analysis Glass - Yesterday, the glass futures market opened lower and oscillated weakly. Downstream procurement is cautious, mainly for rigid demand. Supply is generally stable, consumption is affected by speculative demand and downstream inventory replenishment, inventory has decreased but overall change is limited, and fundamentals suppress prices. Attention should be paid to macro - policy changes and peak - season demand [1] Soda Ash - Yesterday, the soda ash futures market opened lower and oscillated weakly. Downstream procurement is mainly for rigid - demand replenishment. There are still supply - demand contradictions, and attention should be paid to whether speculative demand weakens. The futures premium suppresses prices, and attention should be paid to new - capacity投产 progress and inventory changes [1] Silicomanganese - Yesterday, the coking coal futures tumbled, and the silicomanganese futures followed suit. The main contract closed at 5,820 yuan/ton, down 46 yuan/ton from the previous day.节前 market transactions were sluggish. This week, production continued to decline, hot - metal production increased slightly, downstream demand remained resilient, and alloy - enterprise inventory increased significantly. In the long run, supply - demand is relatively loose. Considering the futures discount to the spot, prices are expected to oscillate and follow the sector's fluctuations. Attention should be paid to regional policies and cost - support changes [3] Ferrosilicon - Yesterday, the main ferrosilicon futures contract closed at 5,610 yuan/ton, down 70 yuan/ton from the previous day. The market sentiment was average, and the trading atmosphere needed to be strengthened. This week, production and operating rates rebounded slightly, demand increased slightly with hot - metal production, factory inventory decreased month - on - month, and inventory was at a medium level compared to the same period. Currently, there are few supply - demand contradictions, and prices are expected to follow the sector's fluctuations. Attention should be paid to changes in coal and electricity prices at the cost end and regional policies [3] Group 4: Figures - The report includes figures such as Shanghai rebar and hot - rolled coil spot price trends, futures contract closing - price trends, basis trends, cost and profit trends of various products, and spot price trends of raw materials like iron ore, coke, and coking coal [5]

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: After the end of maintenance, pay attention to the short - spread of PL01 - 02 when it rises; Inter - variety: None [3] Core View - Upstream plant restart expectations and insufficient downstream demand have led to the recent weak operation of propylene spot and low - level fluctuations in the futures market. On the supply side, the restart and capacity increase of Shandong Zhenhua and Qingdao Jinneng's PDH plants, along with the release of new capacity from Yulong, have increased the supply pressure in the short term. On the demand side, the pre - holiday stocking demand from downstream factories is weakening, and they are still restricted by cost pressures, mainly making low - price and just - in - time purchases. In terms of cost, the plan of OPEC+ to increase oil production in November has put pressure on international oil prices, and the relatively strong price of propane overseas has limited the cost support for propylene [2] Summary by Directory 1. Propylene Basis Structure - The report shows data on the closing price of the propylene main contract, the basis in East China and North China, the 01 - 05 contract of propylene, and the market prices in East China and Shandong [1][6][9][11] 2. Propylene Production Profit and Operating Rate - It includes data on the difference between China's CFR propylene and Japan's CFR naphtha, propylene capacity utilization rate, PDH production gross profit and capacity utilization rate, MTO production gross profit and methanol - to - olefins capacity utilization rate, and propylene naphtha cracking production gross profit and crude oil refinery capacity utilization rate [15][23][25][28] 3. Propylene Import and Export Profit - The report presents data on the differences between South Korea's FOB and China's CFR, Japan's CFR and China's CFR, Southeast Asia's CFR and China's CFR, and propylene import profit [32][34] 4. Propylene Downstream Profit and Operating Rate - It contains data on the production profit and operating rate of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [40][42][45][53][56][58][60] 5. Propylene Inventory - The report shows data on propylene in - plant inventory and PP powder in - plant inventory [65]

Report Summary 1. Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Views - For the nickel market, due to high inventory and a persistent supply surplus, nickel prices are expected to remain in a low - level oscillation. For the stainless - steel market, with the end of eleven consecutive inventory declines and the start of inventory accumulation, along with a gradual weakening of cost support, stainless - steel prices are also expected to stay in a bottom - level oscillation [1][3][5]. 3. Summary by Relevant Catalogs Nickel Variety - **Market Analysis** - **Futures**: On September 29, 2025, the Shanghai nickel main contract 2511 opened at 121,560 yuan/ton and closed at 121,100 yuan/ton, a - 0.61% change from the previous trading day. The trading volume was 97,757 (- 65,749) lots, and the open interest was 83,149 (- 735) lots. The contract showed a weak oscillation with a trading range of less than 1,000 yuan. The trading volume decreased by 40% compared to the previous day due to the approaching National Day holiday [1]. - **Nickel Ore**: The domestic market was calm with stable prices. Near the holiday, the market was in a wait - and - see mode with no transactions. In the Philippines, Surigao mines are about to enter the rainy season, with firm quotes and good loading efficiency. Downstream iron plants are still in the red, maintaining a cautious and price - pressing attitude towards nickel ore procurement, and there is no obvious pre - holiday stockpiling. In Indonesia, the nickel ore market supply remains in a loose pattern. The domestic trade benchmark price in October (Phase I) is expected to rise by 0.16 - 0.28 US dollars, and the domestic trade premium is likely to rise [1]. - **Spot**: Jinchuan Group's Shanghai market sales price was 123,200 yuan/ton, a 600 - yuan decrease from the previous day. Spot trading was average, and the premium and discount of some brands decreased due to the monthly spread adjustment. The premium of Jinchuan nickel changed by - 50 yuan/ton to 2,300 yuan/ton, the premium of imported nickel remained unchanged at 325 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipts were 25,057 (- 96) tons, and the LME nickel inventory was 231,312 (1,188) tons [2]. - **Strategy** - The recommended strategy for nickel is mainly range - bound operation, with no suggestions for inter - period, cross - variety, spot - futures, or options trading [3]. Stainless - Steel Variety - **Market Analysis** - **Futures**: On September 29, 2025, the stainless - steel main contract 2511 opened at 12,850 yuan/ton and closed at 12,760 yuan/ton. The trading volume was 163,271 (- 12,046) lots, and the open interest was 87,251 (- 4,171) lots. The price showed an oscillating decline. After opening, it once reached the daily high of 12,855 yuan/ton but was suppressed by long - liquidation and short - increasing, finally closing 90 yuan lower than the previous day. The decrease in trading volume and open interest reflects the strong pre - holiday risk - aversion sentiment of market participants and the obvious short - term capital withdrawal [3]. - **Spot**: Affected by the decline in the futures market and the loosening of nickel - based raw material prices, the confidence in the stainless - steel spot market is insufficient. Moreover, as most pre - holiday stockpiling is completed near the National Day holiday, the market is in a wait - and - see mode with light trading. Some traders are mainly busy with the delivery of previous orders. The stainless - steel prices in Wuxi and Foshan markets are 13,100 (- 50) yuan/ton, and the premium and discount of 304/2B are 330 - 630 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron decreased by 0.50 yuan/nickel point to 954.0 yuan/nickel point [4]. - **Strategy** - The recommended strategy for stainless - steel is neutral, with no suggestions for inter - period, cross - variety, spot - futures, or options trading [5].

1. Report Industry Investment Rating - The investment strategy for both the soybean and peanut markets is neutral [2][3] 2. Core Views - The soybean market is currently stable with the futures and spot prices showing minor fluctuations. The domestic soybean supply is ample, which has put downward pressure on prices. Farmers are reluctant to sell, and traders' purchasing enthusiasm is low, resulting in average market trading volume [1] - The peanut market is also experiencing a period of price volatility. Some production areas are affected by bad weather, leading to a limited supply. As the two major festivals approach, food companies have mostly completed their stockpiling, and some large oil mills have stopped production, resulting in a decline in demand [2] 3. Summary by Market Soybean Market - **Futures**: The closing price of the soybean 2511 contract was 3938.00 yuan/ton, up 3.00 yuan/ton or 0.08% from the previous day [1] - **Spot**: The spot basis of edible soybeans was A11 + 282, down 3 or 32.14% from the previous day. The prices of national standard first - class soybeans in various regions of Heilongjiang remained stable [1] - **Market Situation**: Domestic soybeans are gradually coming onto the market, with a loose supply in the Northeast production area. Prices are under pressure, farmers are reluctant to sell, and traders' purchasing enthusiasm is low [1] Peanut Market - **Futures**: The closing price of the peanut 2511 contract was 7822.00 yuan/ton, up 24.00 yuan/ton or 0.31% from the previous day [2] - **Spot**: The average spot price of peanuts was 8450.00 yuan/ton, down 10.00 yuan/ton or 0.12% from the previous day. The spot basis was PK11 + 478.00, down 24.00 or 4.78% from the previous day. The national average price of peanut kernels decreased by 0.01 yuan/jin [2] - **Market Situation**: Some production areas in Henan are affected by rainy weather, resulting in a low supply. The supply in Hebei, Liaoning, and Jilin is gradually increasing. As the two festivals approach, food companies' procurement enthusiasm has declined, and some large oil mills have stopped production [2]

Report Industry Investment Rating - Not provided Core Views - The date of the Fourth Plenary Session of the 20th Central Committee has been set, which is from October 20th to 23rd, and it will review the "Proposal of the Central Committee of the Communist Party of China on Formulating the 15th Five - Year Plan for National Economic and Social Development". Market expectations continue to improve, and the impact of macro - policies is gradually shifting from "removal" on the supply - side to "stability", with the incremental demand on the demand - side being the focus for the future [3]. - The National Development and Reform Commission announced 500 billion yuan of new policy - based financial instruments. Based on the project capital ratio of 20% and the new policy - based financial instrument ratio of 50%, it can drive investment projects worth 5 trillion yuan. Attention should be paid to the stabilization and recovery of the economic cycle in the fourth quarter. There are differences between internal and external expectations, with external negative impacts on global total demand rising and internal positive impacts on the economy rising [4]. Summary by Related Content Event Information - The Political Bureau of the CPC Central Committee decided on September 29th that the Fourth Plenary Session of the 20th Central Committee will be held from October 20th to 23rd in Beijing. The National Development and Reform Commission announced on September 29th that the scale of new policy - based financial instruments is 500 billion yuan, all used to supplement project capital [2]. Policy Background and Impact - The new policy - based financial instruments were first proposed at the Political Bureau meeting on April 25th, 2025, aiming to solve the problem of insufficient project capital and supporting funds, with the direction of "supporting scientific and technological innovation, expanding consumption, stabilizing foreign trade, etc." [4].

Report Summary 1. Investment Rating The provided content does not contain information about the industry investment rating. 2. Core View The report presents a daily overview of the stock index options market, including option trading volume, PCR (Put-Call Ratio), and VIX (Volatility Index) data for various index options on September 26, 2025. 3. Section Summaries Option Trading Volume - On September 26, 2025, the trading volumes were as follows: 883,800 contracts for SSE 50 ETF options, 1,061,000 for CSI 300 ETF options (Shanghai market), 1,492,600 for CSI 500 ETF options (Shanghai market), 69,200 for Shenzhen 100 ETF options, 1,769,800 for ChiNext ETF options, 43,800 for SSE 50 index options, 134,200 for CSI 300 index options, and 282,500 for CSI 1000 options [1]. - The table also shows the call, put, and total trading volumes for each option type [20]. Option PCR - The report provides the turnover PCR and position PCR, along with their环比 changes, for different index options. For example, the turnover PCR of SSE 50 ETF options was 0.67 with a +0.07环比 change, and the position PCR was 0.79 with a -0.01环比 change [2][30]. Option VIX - The VIX values and their环比 changes are reported for each option type. For instance, the VIX of SSE 50 ETF options was 16.81% with a +0.29%环比 change [3][42].

能源化工板块成交4067.22亿元，较上一交易日变动+17.38%；持仓金额4231.00亿元，较上一交易日变动-2.54%； 成交持仓比为76.73%。 农产品板块成交3009.14亿元，较上一交易日变动-9.54%；持仓金额5454.76亿元，较上一交易日变动+0.48%；成交 持仓比为50.33%。 流动性日报 | 2025-09-29 市场流动性概况 2025-09-26，股指板块成交7548.04亿元，较上一交易日变动+3.93%；持仓金额13208.76亿元，较上一交易日变动 -0.08%；成交持仓比为56.36%。 国债板块成交3693.40亿元，较上一交易日变动-30.38%；持仓金额7757.24亿元，较上一交易日变动-0.28%；成交持 仓比为47.61%。 基本金属板块成交3831.23亿元，较上一交易日变动-22.41%；持仓金额5062.24亿元，较上一交易日变动-1.57%；成 交持仓比为81.60%。 贵金属板块成交5916.62亿元，较上一交易日变动+12.74%；持仓金额5324.90亿元，较上一交易日变动-1.01%；成 交持仓比为148.14%。 黑色建材板块成交2967 ...

农产品周报 | 2025-09-28 供应端来看，本周集团出栏继续保持较高水平，但整体成交一般，导致现货价格下跌较快。由于价格下降，散户 的压栏意愿减弱，开始同步出栏，导致市场供给进一步增加。从出栏进度来看集团出栏未来仍将保持高位，考虑 到节日需求提振，集团出栏有继续增加的可能。需求端来看，随着双节备货的开始，屠宰企业的开工率有所上升。 但相较于供应的增加仍然显得较为疲软，考虑到节日的消费透支，节后消费预计会有所下降。 综合来看，本周现货价格持续下滑，由于长假临近集团需要赶出栏进度，导致供应端持续增加。消费虽然有所增 长但整体幅度不大，从基本面的角度来看生猪目前仍处于供过于求的格局之中，虽然集团近期一直保持较高出栏 水平但从均重来看库存并未得到有效去化，随着节后的消费下降供应压力预计会继续增加。 策略 供求格局难改，生猪延续弱势 生猪市场要闻与重要数据 期货方面2025年9月26日收盘生猪2511合约收盘12575元/吨，较上周下跌250元/吨。现货方面，河南地区外三元生 猪价格12.66元/公斤，较上周下跌0.27元/公斤，现货基差LH011+85，环比下跌20；江苏地区外三元生猪价格12.76 元/公斤， ...