Report Overview - Report Title: Pig Daily Report - Date: October 17, 2025 - Industry: Pig 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The supply of live pigs is expected to increase slightly before the Spring Festival, and the 2511 and 2601 contracts will continue to be dragged down by the weak spot market and mainly fluctuate weakly. In the current low - price environment, attention should be paid to whether the rhythm and volume of secondary fattening will continue to increase and drive the market. On the spot side, the supply and demand of live pigs are both increasing, but the supply growth rate is still relatively large, and the supply - demand relationship is loose. The spot price may still be mainly fluctuating weakly, and it has rebounded slightly driven by the secondary fattening demand [7]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market**: On the 15th, the main 2601 contract of live pigs opened slightly lower and then fluctuated downwards, closing with a negative line at the end of the session. The highest was 12,175 yuan/ton, the lowest was 11,880 yuan/ton, and the closing price was 11,905 yuan/ton, a decrease of 3.21% compared with the previous day. The total open interest of the index increased by 15,190 lots to 296,783 lots [6]. - **Spot Market**: On the 16th, the average price of三元 pigs nationwide was 11.16 yuan/kg, an increase of 0.11 yuan/kg compared with the previous day [6]. - **Supply - side**: In September, the actual completion rate of supply - side slaughter was only 96.5%, and part of the slaughter will be postponed to October. The planned slaughter volume of sample enterprises in October increased by 5.14% compared with the actual slaughter volume in September, and the slaughter volume may continue to increase significantly. The slaughter weight increased seasonally. In the long term, the slaughter of live pigs is expected to maintain a slight increase until the first half of next year [7]. - **Demand - side**: Currently, the cost of secondary fattening to produce meat is low, and there is some replenishment demand after the utilization rate of pens declines, which has increased in some areas. Terminal demand lacks obvious positive support and has declined slightly after the festival, but as the weather continues to cool, residents' consumption may continue to rise, and the demand side may gradually improve. The orders of slaughtering enterprises have increased slightly, and the operating rate and slaughter volume of slaughtering enterprises have increased slightly, but the overall increase may be limited. On October 16th, the slaughter volume of sample slaughtering enterprises was 163,300 heads, an increase of 1,000 heads compared with the previous day, a week - on - week increase of 10,600 heads, and a month - on - month increase of 14,000 heads [7]. 3.2 Industry News - No specific industry news content is provided in the report. 3.3 Data Overview - **Breeding Profit**: As of October 9th, the average profit per head of self - breeding and self - raising pigs was - 77 yuan/head, a week - on - week decrease of 23 yuan/head; the average profit per head of purchasing piglets for breeding was - 320 yuan/head, a week - on - week decrease of 13 yuan/head [16]. - **15kg Piglet Price**: In the week of October 9th, the average market sales price of 15kg piglets was 281 yuan/head, a decrease of 53 yuan/head compared with the previous week [16]. - **Price Difference between 150 - kg Fat Pigs and Standard Pigs**: In the week of October 9th, the price difference between 150 - kg fat pigs and standard pigs was 0.26 yuan/jin, a week - on - week increase of 0.1 yuan/jin [16]. - **National Average Slaughter Weight of Live Pigs**: As of the week of October 9th, the national average slaughter weight of live pigs was 128.48 kg, a decrease of 0.07 kg compared with the previous week, a month - on - month decline of 0.05% [16].

行业 豆粕 日期 2025 年 10 月 17 日 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 021-60635727 wanghaifeng@ccb.ccbfutures.c om期货从业资格号：F0230741 021-60635572 hongchenliang@ccb.ccbfutures .com 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：余兰兰 研究员：林贞磊 研究员：王海峰 研究员：洪辰亮 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 每日报告 | 表1：行情回顾 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 ...

021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 021-60635727 wanghaifeng@ccb.ccbfutures.c om期货从业资格号：F0230741 021-60635572 hongchenliang@ccb.ccbfutures .com 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：余兰兰 研究员：林贞磊 研究员：王海峰 研究员：洪辰亮 期货从业资格号：F3076808 研究员：刘悠然 行业 鸡蛋 日期 2025 年 10 月 17 日 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 | 表1：行情回顾 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

行业 沥青日报 日期 2025 年 10 月 17 日 一、行情回顾与操作建议 表1： 行情回顾(元/吨) | | 开盘 | 收盘 | 最高 | 最低 | 涨跌幅% | 成交量（万手） | | --- | --- | --- | --- | --- | --- | --- | | BU2601 | 3179 | 3162 | 3179 | 3146 | 0.41 | 10.96 | | BU2512 | 3195 | 3197 | 3209 | 3173 | 0.38 | 4.39 | 数据来源：wind,建信期货研究发展部 现货市场方面，华北以及山东地区沥青现货价格延续跌势，其余地区沥青现 货价格相对稳定。沥青刚性需求表现欠佳，现货市场情绪仍以谨慎观望为主。 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 028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 0 ...

行业 原油日报 日期 2025 年 10 月 17 日 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 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（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅碳市场） 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、行情回顾与操作建议 | ...

行业 聚烯烃日报 日期 2025 年 10 月 17 日 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 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 028-86630631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 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：彭婧霖（聚烯烃） 研究员：李捷,CFA（原油燃料油） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业硅） 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 每日报告 | 表1：期货市 ...

Industry Investment Rating - Not provided Core Viewpoint - The polysilicon market continues to fluctuate widely within the current range. Although the supply-demand relationship has not improved significantly, policy-driven factors take precedence over fundamentals, and potential policy benefits boost market sentiment. The far-month contracts are already at a premium, and attention should be paid to the upper resistance levels while being cautious about market rumors [4] Summary by Directory 1. Market Review and Outlook - Market Performance: The price of the polysilicon main contract continued to fluctuate strongly. The closing price of the PS2511 contract was 52,575 yuan/ton, with a gain of 3.8%. The trading volume was 266,129 lots, and the open interest was 78,885 lots, a net decrease of 1,229 lots [4] - Future Outlook: The average spot price remained stable at 53,200 yuan/ton. The recent continuous rebound of the futures price is still at a discount to the average spot price. The basis convergence is mainly due to the recent meetings driving funds to continue to bet on policy improvements to support the stability of the spot price. The supply-demand relationship has not improved significantly, with insufficient production cuts on the supply side and weaker-than-expected end-user demand. The overall inventory in the spot market is still increasing, but policy-driven factors take precedence over fundamentals [4] 2. Market News - On October 16, the number of polysilicon warehouse receipts was 8,130 lots, an increase of 80 lots from the previous trading day [5] - On October 16, there was a rumor that a polysilicon storage platform had been established, but a reporter from Securities Times learned from an authoritative industry source that the rumor was false [5]

行业 沥青日报 日期 2025 年 10 月 16 日 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 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 期货从业资格号：F3015157 021-60635727 期货从业资格号：F03134307 一、行情回顾与操作建议 表1： 行情回顾(元/吨) | | 开盘 | 收盘 | 最高 | 最低 | 涨跌幅% | 成交量（万手） | | --- | --- | --- | --- | --- | --- | --- | | BU2511 | 3274 | 3250 | 327 ...

1. Report Industry Investment Rating - No information provided on the report industry investment rating 2. Core Viewpoints of the Report - On October 15, the iron ore futures main 2601 contract oscillated downward, closing at 776.5 yuan/ton, down 1.46%. Considering the regular decline after the end of the quarterly volume rush, it is expected that the shipments in October will decline, and the arrival volume will gradually fall back. The daily average pig iron output is still at a relatively high level of over 2.4 million tons but has been slightly declining for 3 consecutive weeks. The growth space of production is limited, and it may oscillate and decline at around 2.4 million tons in the short term. The steel mill's iron ore inventory is expected to gradually fall back after the festival and return to the state of restocking on demand. Overall, the price may oscillate weakly, but it is still expected to fluctuate within the oscillation range since August. The subsequent repair of downstream demand needs to be closely monitored [7][11] 3. Summary by Relevant Catalogs 3.1 Market Review and Future Outlook - **Market Review**: On October 15, the iron ore futures main 2601 contract oscillated downward, opening with an oscillating run and then falling back, and oscillating in the afternoon, closing at 776.5 yuan/ton, down 1.46%. The main iron ore outer - market quotes were flat compared with the previous trading day, and the prices of major - grade iron ore at Qingdao Port dropped by 5 yuan/ton compared with the previous trading day. The daily KDJ indicator of the iron ore 2601 contract showed a dead cross, and the green column of the daily MACD indicator has been expanding for two consecutive trading days [7][9] - **Future Outlook**: BHP will change 30% of the amount in iron ore spot transactions with China to be settled in RMB from the fourth quarter of 2025. It has set an observation period for long - term contracts in 2026 and will start negotiations on long - term contracts denominated in RMB if the market acceptance of the RMB iron ore index reaches the standard. In terms of fundamentals, the shipments and arrivals from Australia and Brazil increased in September. It is expected that the shipments in October will decline, and the arrival volume will gradually fall back. The daily average pig iron output is still high but has been declining slightly for 3 consecutive weeks. The growth space of production is limited. After the festival, the steel mill's iron ore inventory is expected to gradually fall back. Overall, the price may oscillate weakly but is still expected to fluctuate within the range since August [10][11] 3.2 Industry News - China's CPI in September decreased by 0.3% year - on - year, and PPI decreased by 2.3% year - on - year. The decline of PPI narrowed by 0.6 percentage points compared with the previous month. The Chinese Ministry of Foreign Affairs responded to the US threat of imposing 100% tariffs on Chinese goods, urging the US to correct its wrong practices and resolve issues through dialogue and consultation [12] 3.3 Data Overview - The report provides various data charts, including the prices of main iron ore varieties at Qingdao Port, the price differences between high - grade, low - grade ores and PB powder, the basis between iron ore spot and the January contract at Qingdao Port, the shipments from Brazil and Australia, the arrival volume at 45 ports, the utilization rate of domestic mine production capacity, the trading volume at main ports, the available days of steel mill's iron ore inventory, the inventory of imported sintered powder ore, the port iron ore inventory and the port clearance volume, the tax - free pig iron cost of sample steel mills, the blast furnace and electric furnace start - up rates and production capacity utilization rates, the national daily average pig iron output, the apparent consumption of five major steel products, the weekly output of five major steel products, and the steel mill inventory of five major steel products. All data sources are from Mysteel and the Research and Development Department of CCB Futures [14][18][22]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The price fluctuations of steel futures will increase due to the seasonal improvement in steel demand and the strong spot prices of raw materials like iron ore and coke, but the uncertainty of trade conflicts has sharply increased. The secondary rebound of steel prices in the future market will be more volatile. It is expected to trade with a relatively controllable shock logic on October 13th, and the decline caused by the realization of risks is unclear. There will be a restorative rebound near the end of the month. Attention should be paid to whether the Sino - US trade war will escalate again, the internal profit trend of the industrial chain after steel profits reach the break - even point again, and whether the iron ore supply gap worried by the market will appear in the spot market [11]. 3. Summary by Directory 3.1 Market Review and Future Outlook - **Market Review** - On October 15th, the main contracts 2601 of rebar and hot - rolled coil futures fluctuated and declined, hitting new lows since July 3rd and July 11th respectively in the afternoon. The prices of some rebar and hot - rolled coil in the spot market also fell. The daily KDJ indicators of rebar and hot - rolled coil 2601 contracts continued to decline, and the daily MACD green columns continued to expand [5][6][8]. - The table shows the price, trading volume, and position of steel futures main contracts on October 15th, as well as the position of black - series futures. For example, the closing price of RB2601 was 3034 yuan/ton, with a decline of 0.85%, and the trading volume was 1,018,136 lots [5][7]. - **Future Outlook** - In terms of news, after China's counter - measures, the US authorities first threatened to impose 100% tariffs on China and then lowered the expectation and tone of the Sino - US trade conflict. There are also unconfirmed news about the procurement of imported iron ore from BHP. The follow - up rebound of iron ore futures depends on the result of the game between the two sides and the real recovery of steel terminal demand [9][10]. - Fundamentally, the weekly output of the five major steel products in the past six weeks has declined compared with late August but remains at a relatively high level. After the demand reached a new high since early June in the week of October 3rd, it significantly shrank last week due to the long holiday, and the social inventory of the five major steel products reached a new high since mid - April. In the raw material market, the iron ore inventory of 247 steel mills and the imported ore sinter powder inventory of 64 sample steel mills have significantly declined. The shipment volume of Australian and Brazilian iron ore has increased, and the arrival volume has also increased significantly. The profit per ton of coke has turned positive after three consecutive weeks of losses, and the first round of spot price increase of coke was implemented on October 1st [10][11]. 3.2 Industry News - Premier Li Qiang chaired an economic situation symposium, emphasizing the implementation of more proactive and effective macro - policies to promote economic recovery, and proposed measures such as expanding domestic demand and building a first - class industrial ecosystem [12]. - In September 2025, the national industrial producer price index (PPI) showed that the year - on - year decline narrowed, and some industries' prices showed positive changes. For example, the price decline of coal processing, ferrous metal smelting and rolling processing industries narrowed [13]. - According to statistics, in September 2025, the sales volume of various excavators increased by 25.4% year - on - year. From January to September, the total sales volume increased by 18.1% year - on - year [13]. - Hebei Province issued measures to support key industries' environmental performance to reach level A, and steel industry leading enterprises may not reduce crude steel production or reduce the reduction ratio [13]. - Shanxi Coking Coal Group and Hunan Iron and Steel Group held a symposium to strengthen cooperation in the "coal - steel - coke" industry chain [13]. - Some companies released production and sales data. For example, Lu'an Huaneng's coal production in September 2025 increased by 6.06% year - on - year, and Zhonglv Electric's power generation in the third quarter increased by 86.46% year - on - year [14]. - The first coal - to - natural - gas project in Northeast China achieved a breakthrough, and the first - phase project was fully connected [14]. - The freight volume of Tongjiang Railway Port exceeded 5 million tons 46 days earlier than last year, with significant increases in coal and iron ore imports [14]. - China's Ministry of Commerce responded to the US 301 investigation on China's shipbuilding industry, and relevant Chinese departments will launch investigations and include some enterprises in the counter - measure list [14]. - BHP will settle 30% of the amount in RMB in iron ore spot transactions with China starting from the fourth quarter of 2025, and will initiate long - term contract negotiations in RMB if the market acceptance of the Chinese RMB iron ore index reaches the standard [15]. - The International Monetary Fund (IMF) raised the forecast of global economic growth rate for this year to 3.2%, and maintained the forecast of China's economic growth rate at 4.8% this year [15]. 3.3 Data Overview - There are multiple data charts, including the spot prices of rebar and hot - rolled coil in major markets, the weekly output and inventory of the five major steel products, the social inventory of rebar and hot - rolled coil in major cities, the blast furnace and electric furnace start - up rates and capacity utilization rates, the national daily average pig iron output, the apparent consumption of the five major steel products, and the basis between Shanghai rebar and hot - rolled coil spot and January contracts. The data sources are mainly Mysteel and the research and development department of Jianxin Futures [17][18][21][28][32][36].