Report Summary 1. Report Industry Investment Rating No information regarding the industry investment rating is provided in the report. 2. Core Viewpoints - The Fed's potential rate cuts, geopolitical risks, and the accelerating restructuring of the international trade and monetary system continue to provide safe - haven demand and liquidity premium for precious metals. However, in the short term, precious metals need to consolidate to digest the previous sharp rise. Investors are advised to maintain a bullish trading approach and observe the support level of London gold at $3,800 - $3,850 per ounce [4]. - The upward trend of precious metals since late August may continue until 2026. The six - month and one - year target prices for London gold are $4,500 and $4,800 per ounce respectively, and for London silver are $58 and $63 per ounce respectively. Investors are advised to hold a long - position trading strategy, and short - hedgers can appropriately reduce the hedging ratio. But currently, the price - to - earnings ratio of gold is too high, and long - position investors need to control their positions and be aware of short - term adjustment risks [5]. 3. Summary by Relevant Catalogs 3.1 Precious Metals Market Trends and Outlook - **Intraday Trend**: Optimistic expectations for a trade agreement from the China - US summit and a strong global stock market weakened the safe - haven demand for precious metals. Overnight, London gold dropped to $3,886 per ounce, with a maximum adjustment of 11.3% since October 20th. Subsequently, expectations of a Fed rate cut drove bargain - hunting funds into the market, and London gold rebounded to around $4,000 per ounce during the Asian session on the 29th [4]. - **Domestic Market**: The Shanghai Gold Index closed at 913.02, up 1.07%; the Shanghai Silver Index closed at 11,354, up 2.60%; Gold T + D closed at 910.50, up 1.54%; Silver T + D closed at 11,321, up 2.96% [5]. - **Mid - term Trend**: The US employment and inflation situation supports the Fed to restart the rate - cut process, and under the dual influence of Trump's pressure and management changes, the rate - cut amplitude may be larger. The election of Kōmeitō's candidate as the Japanese Prime Minister raises concerns about the return of Abenomics and the re - flooding of yen liquidity. The accelerating restructuring of the global trade and monetary system and high geopolitical risks continue to generate allocation and safe - haven demand for gold. The support levels for London gold are $4,130 and $3,975 per ounce, and for London silver are $50.31 and $47.76 per ounce [5]. 3.2 Main Macroeconomic Events/Data - US consumer confidence dropped to a six - month low of 94.6 in October due to concerns about short - term job opportunities, providing more reasons for the Fed to cut rates on Wednesday. The government shutdown was a major concern [17]. - NVIDIA CEO Huang Renxun announced that the company will build seven new supercomputers for the US Department of Energy and has received $500 billion in AI chip orders. NVIDIA has been excluded from the Chinese market and did not apply for US export licenses for the latest chips. It also announced a cooperation with Nokia to enter the AI communication market [17]. - US President Trump criticized Fed Chairman Powell and mentioned many candidates to replace him. US Treasury Secretary Bessent said that the final candidates for the Fed Chairman include five people [17]. - The US FCC voted 3 - 0 to strengthen regulations on telecommunications equipment produced by Chinese companies considered a national security risk, banning new equipment containing parts from restricted - list companies from getting authorization and giving the FCC the power to ban the sale of authorized equipment in specific cases [18].

Report Summary 1. Reported Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints of the Report - The future direction depends on the outcome of the current round of negotiations. It is expected that the price volatility may increase next week. It is recommended that investors hold an empty or light - position. Aggressive investors can consider the option double - buying strategy to gain potential returns from the rising volatility [6]. 3. Summary by Related Catalogs a. Market Review and Operation Suggestions - **Market Conditions**: The US soybean futures contracts were relatively strong, with the main contract at 1075 cents. The domestic soybean meal rebounded slightly from its low level last week but was weaker than the external market. The market was affected by the China - US talks, and the bulls were hesitant to enter the market due to the uncertainty of importing US soybeans. Also, potential positive factors could not be realized because of the US government shutdown [6]. - **Operation Suggestions**: Pay attention to the results of the negotiation. It is recommended that investors hold an empty or light - position. Aggressive investors can consider the option double - buying strategy [6]. b. Industry News - As of Sunday, the US soybean harvest is expected to be 84% complete, and corn harvest 72% complete. Analysts' forecasts for the US harvest progress range from 80% - 88% for soybeans and 67% - 80% for corn. Last year, the soybean harvest progress was 89%, and the corn harvest progress was 81% [7]. - Brazil's soybean exports in October are expected to reach 7 million tons, down from the previous week's estimate of 7.34 million tons. Brazil's soybean meal exports in October are expected to reach 2.08 million tons, down from 2.09 million tons the previous week [9].

Group 1: Report Information - Report Type: Crude Oil Daily Report [1] - Date: October 30, 2025 [2] - Research Team: Energy and Chemical Research Team [4] - Researchers: Li Jie, Ren Junchi, Peng Haozhou, Peng Jinglin, Liu Youran, Feng Zeren [4] Group 2: Investment Rating - Not provided Group 3: Core View - Short - term: Market digests sanctions and positive factors from China - US negotiations. Without further support, oil prices may decline due to oversupply [6] - Medium - term: Maintain a bearish view [6] Group 4: Market Review and Operation Suggestions - WTI: Opened at $61.5, closed at $60.18, high of $61.50, low of $59.76, down 1.84%, volume of 28.73 million hands [6] - Brent: Opened at $64.88, closed at $65.04, high of $65.01, low of $63.43, down 1.60%, volume of 48.72 million hands [6] - SC: Opened at 458.5 yuan/barrel, closed at 462.6 yuan/barrel, high of 463.2 yuan/barrel, low of 455.0 yuan/barrel, down 0.81%, volume of 12.06 million hands [6] - Sanctions: US and EU imposed sanctions on Russian oil companies Rosneft and Lukoil [6] Group 5: Industry News - Indian refiner MRPL: Does not buy Russian oil due to risk of violating sanctions [7] - Japan: Prime Minister Takashi Sanae told Trump that banning Russian LNG imports is difficult [7] - Saudi Aramco: Forecasts oil demand growth of 1.1 - 1.4 million barrels per day next year [7] Group 6: Data Overview - Figures include global high - frequency crude oil inventory, EIA crude oil inventory, US crude oil production growth rate, Dtd Brent price, WTI spot price, Oman spot price, US gasoline consumption, and US diesel consumption [9][10][17][21]

行业 PTA 日报 日期 2025 年 10 月 30 日 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 每日报告 一、 行情回顾与操作 ...

行业 MEG 日报 日期 2025 年 10 月 30 日 料油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 业硅）028-8663 0631 penghaozhou@ccb.ccbfutures.c om期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.c om期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 一、行情回顾与操作建议 | 表1：期货行情 | | | | | | --- | --- | --- | --- | --- | | 合约 | 收盘价（元/吨） | 涨跌 | 持仓量（张） | 增减 | | EG2601 | 4100 | 10 | 312509 | -55 ...

Report Summary 1. Market Performance and Outlook - The price of the main contract of polysilicon showed a relatively strong performance within the range. The closing price of the PS2601 contract was 54,990 yuan/ton, with a gain of 0.72%. The trading volume was 307,284 lots, and the open interest was 118,430 lots, with a net increase of 3,498 lots [4]. - The transaction price range of polysilicon n-type re-feeding materials was 49,000 - 55,000 yuan/ton, with an average transaction price of 53,200 yuan/ton, remaining flat compared to the previous period. The transaction price range of n-type granular silicon was 50,000 - 51,000 yuan/ton, with an average transaction price of 50,500 yuan/ton, also remaining flat [4]. - In the fourth quarter, the expected polysilicon output is 382,000 tons, with an average monthly output of 127,300 tons. However, the output in October, as statistics from the Silicon Industry Branch show, reached 137,000 tons, exceeding expectations. The significant profit restoration has curbed the willingness for active production cuts. Currently, the monthly output can meet the terminal demand of 68.5GW. The supply - demand imbalance situation has not been reversed, especially as the terminal demand is still in a weak period after the "rush installation." The market focus is expected to remain on the policy side. Recently, there is a policy vacuum period. Although the photovoltaic sector in the equity market is performing strongly, the fundamental situation of polysilicon itself is still weak, and it will run cautiously and strongly within the range [4]. 2. Market News - On October 28, the number of polysilicon warehouse receipts was 9,150 lots, a net decrease of 90 lots compared to the previous trading day [5]. - In September 2025, the newly - installed photovoltaic capacity was 9.66GW, a month - on - month increase of 31.25%. From January to September, the cumulative newly - installed photovoltaic capacity was 240.27GW [5]. - On October 27, Daquan Energy released an announcement stating that its revenue in the third quarter reached 1.773 billion yuan, a year - on - year increase of 24.75%, and the net profit was 73.479 million yuan. The announcement also showed that the revenue in the first three quarters was 3.243 billion yuan, a year - on - year decrease of 46.00%, and the net profit had a loss of 1.073 billion yuan [5]. - On October 25, Tongwei Co., Ltd. (600438) disclosed its 2025 third - quarter report. In the third quarter, the company's operating income was 24.091 billion yuan, a slight year - on - year decrease of 1.57%. However, the loss of net profit attributable to shareholders of listed companies narrowed. The year - on - year loss reduction was 62.69%, and the quarter - on - quarter loss reduction was 86.68%. The recovery of the industry environment has had a positive impact on the company's profitability [5].

Report Information - Report Name: Pig Daily Report [1] - Date: October 30, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - In the long - term, pig slaughter is expected to increase slightly until the first half of next year. In the short - term, the supply pressure in October is large, but the pressure on large - scale farms has eased to some extent. The demand for second - round fattening has decreased, and the terminal consumption has increased but lacks sustainable growth. The spot price rebounds but has limited upside, while the futures price may face double supply pressure before the Spring Festival [7] Summary by Directory 1. Market Review and Operation Suggestions - **Market Conditions**: On the 29th, the main 2601 futures contract of live pigs opened slightly lower, then rebounded and closed up. The highest was 12,210 yuan/ton, the lowest was 12,100 yuan/ton, and the closing price was 12,185 yuan/ton, down 0.49% from the previous day. The total index positions increased by 9,381 lots to 317,513 lots. The national average price of foreign ternary pigs was 12.60 yuan/kg, up 0.09 yuan/kg from the previous day [6] - **Analysis**: Supply - the long - term supply is expected to increase slightly, and the supply in October is large. However, the pressure on large - scale farms has eased, and farmers are reluctant to sell. Demand - second - round fattening has turned to a wait - and - see attitude, terminal consumption has increased but lacks sustainable growth, and the slaughter volume has decreased. The spot price rebounds but has limited upside, and the futures price may face double supply pressure before the Spring Festival [7] 2. Industry News - Not provided 3. Data Overview - **Profit**: As of October 23, the average profit per self - bred and self - raised pig was - 138 yuan/head, a week - on - week increase of 50.4 yuan/head; the average profit per pig purchased with piglets was - 378.6 yuan/head, a week - on - week increase of 53.6 yuan/head [12] - **Price**: The average market sales price of 15 - kg piglets in the week of October 23 was 255 yuan/head, 10 yuan/head lower than the previous week. The price difference between 175 - kg fat pigs and standard pigs was 0.69 yuan/jin, a week - on - week increase of 0.09 yuan/jin [12] - **Cost**: The cost of fattening a 110 - kg pig to 140 kg was 12.02 yuan/kg, an increase of 0.39 yuan/kg from the previous week; the cost of fattening a 125 - kg pig to 150 kg was 12.38 yuan/kg, an increase of 0.43 yuan/kg from the previous week [12] - **Average Slaughter Weight**: As of the week of October 23, the average slaughter weight of national live pigs was 127.90 kg, a week - on - week decrease of 0.35 kg (a decline of 0.27%), a month - on - month decrease of 0.65 kg (a decline of 0.51%), and a year - on - year increase of 1.83 kg (an increase of 1.45%) [12] - **Utilization Rate of Fattening Pens**: As of mid - October, the utilization rate of fattening pens was 44.8%, a ten - day increase of 12.5 percentage points and a year - on - year decrease of 10 percentage points [12]

Group 1: General Information - Report Name: Asphalt Daily Report [1] - Date: October 30, 2025 [2] Group 2: Market Review and Operation Suggestions - Futures Market: BU2601 opened at 3265 yuan/ton, closed at 3274 yuan/ton, with a high of 3283 yuan/ton, a low of 3252 yuan/ton, a decline of 0.21%, and a trading volume of 173,800 lots; BU2512 opened at 3274 yuan/ton, closed at 3291 yuan/ton, with a high of 3300 yuan/ton, a low of 3270 yuan/ton, a flat change, and a trading volume of 26,400 lots [6] - Spot Market: Asphalt spot prices in North China and Shandong declined, while those in other regions remained stable. The decline in crude oil and asphalt futures prices dampened market sentiment, and ample local refinery resources in Shandong pressured prices [6] - Supply and Demand: Overall refinery operating rate is expected to remain flat. Demand is seasonally weakening, with rigid demand shrinking in the Northeast and Northwest, limited demand growth in North China and Shandong, and slow resource consumption in the South. Insufficient funds are restricting project progress [7] - Operation Suggestion: Consider going long on BU and short on SC due to the relatively stronger supply - demand situation of asphalt compared to crude oil [7] Group 3: Industry News - Shandong Market: The mainstream transaction price of 70A grade asphalt was 3200 - 3620 yuan/ton, down 5 yuan/ton from the previous trading day. The market sentiment was bearish, and ample resources led to price declines [8] - South China Market: The mainstream transaction price of 70A grade asphalt was 3360 - 3580 yuan/ton, remaining stable. Sinopec's planned production cut in November and other refineries' price hikes boosted the market, but unsold resources limited price increases [8] Group 4: Data Overview - The report provides multiple data charts including asphalt cracking spread, social inventory, daily operating rate, Shandong comprehensive profit, etc., with data sources from wind and the research and development department of Jianxin Futures [11][13][15]

Report Information - Report Title: Soda Ash and Glass Daily Report [1] - Date: October 30, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Industry Investment Rating - Not provided in the report Core Viewpoints - The soda ash market has a supply - demand pattern that has improved, with supply stable due to equipment maintenance, continuous inventory build - up, and downstream low - price restocking. The market has support, but over - optimism is not advisable [8]. - The glass market is in a game between "strong expectations" and "weak reality". It is at a high supply level this year, with high post - holiday inventories. The demand for float glass may not continue to rise. The market may bottom out and be short - term oscillating and slightly stronger, and potential positive factors from macro - policies and production line changes need to be monitored [9]. Summary by Section 1. Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - On October 29, the main soda ash futures SA601 contract fluctuated and rebounded, closing at 1259 yuan/ton, up 14 yuan/ton (1.12%), with a daily reduction of 31,991 lots [7]. - Supply: Weekly production increased by 0.01 million tons to 74.06 million tons, remaining stable. Soda ash plant maintenance is at a high level for the same period [8]. - Demand: In mid - October, the total soda ash shipments increased by 5.60% month - on - month to 73.90 million tons. Demand from float glass and photovoltaic glass remained stable [8]. - Inventory: Alkali plant inventory continued to build up to 170.21 million tons, at a relatively low level in the past six months [8]. Glass - Fundamentally, float glass production is stable, and the photovoltaic glass market is in a weak balance. Glass supply is at a high level this year, and the possibility of cold repair is low [9]. - Inventory: After the holiday, factory inventories remained high, and inventory days continued to rise [9]. - Demand: The real estate market has not shown a stabilization trend, and the completion data is weak. The rebound in float glass demand may not be sustainable [9]. 2. Data Overview - The report provides figures on soda ash and glass, including active contract price trends, weekly production, enterprise inventory, market prices, and flat glass production, with data sources from Wind and iFind [13][17][18]

工业硅日报 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：冯泽仁（玻璃纯碱） 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 行业 日期 2025 年 10 月 30 日 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA/MEG） 研究员：彭浩洲（工业硅/多晶 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 请阅读正文后的声明 每日报告 请阅读正文后的声明 ...