Group 1: Report Summary - Report Type: Coke and Coking Coal Daily Review [1] - Date: October 15, 2025 [2] - Research Team: Black Metal Research Team, including researchers Zhai Hepan, Nie Jiayi, and Feng Zeren [3] Group 2: Market Performance - On October 14, the main contracts 2601 of coke and coking coal futures oscillated lower, hit new lows since September 15 and September 11 respectively, then rebounded significantly, recovering the day's losses and rising. The closing prices of J2601 and JM2601 were 1654.5 yuan/ton and 1153.5 yuan/ton, with increases of 0.36% and 0.74% respectively. The trading volumes were 22,849 lots and 968,042 lots, and the open interests were 42,439 lots and 607,030 lots, with increases of 485 lots and 17,621 lots respectively. The capital inflows were 0.26 billion yuan and 2.97 billion yuan [5]. - The daily KDJ indicators of the coke and coking coal 2601 contracts showed divergent trends, with the J and K values turning up and the D value continuing to decline. The daily MACD green bars of both contracts narrowed slightly [8]. Group 3: Spot Market - On October 14, the flat - price indices of quasi - first - grade metallurgical coke at Rizhao Port, Qingdao Port, and Tianjin Port were 1520 yuan/ton, with no change. The summary price of low - sulfur main coking coal in Tangshan was 1495 yuan/ton, up 50 yuan/ton, while there was no change in other regions [8]. Group 4: Market Outlook - News: After China's counter - measures, the US authorities threatened to impose 100% tariffs on China but later lowered the expectation and tone of the Sino - US trade conflict. There were unconfirmed reports about the procurement of imported iron ore by Sinomine Resource Group [10]. - Fundamentals - Coke: Since late May, the coke output of independent coking plants has decreased slightly for 4 consecutive weeks. The coke output of steel mills has increased significantly from the low since August 2023 in early September, but the growth rate has narrowed. Port coke inventory has oscillated lower to a new low since mid - July and then rebounded slightly. Steel mill inventory has increased for 6 consecutive weeks, reached a new high since late May, and then started to destock. Coking plant inventory has rebounded from a new low since late October last year. Tonnage coke profit has turned profitable after 3 consecutive weeks of losses, and the first round of spot price increase for coke was implemented on October 1 [10]. - Fundamentals - Coking Coal: From January to August, the year - on - year decline in China's coal and lignite imports narrowed by 0.8 percentage points to - 12.2%, and the year - on - year decline in coking coal imports narrowed slightly to - 7.6%. In the past 16 weeks, the inventories of refined coal and raw coal in mines have dropped significantly, with overall declines of 60.8% and 36.4% respectively. The inventory of independent coking plants has dropped significantly from a new high since the end of January, steel mill inventory has dropped for 2 consecutive weeks to a new low since late June, and port inventory has rebounded to the level of late July. After coking plants completed restocking and then significantly destocked, the prices of major coking coal spot markets continued to be strong [11]. - Overall: Geopolitical factors have increased market volatility. The boost from the first - round increase in coke spot prices is weakening, and the strong coking coal spot market cannot currently drive the coking coal futures to strengthen again. Attention should be paid to the Sino - US relationship, the supply change in the iron ore spot market, the path of steel profit recovery, and the re - inflation rhythm differences among precious metals, non - ferrous metals, black metals, and energy and chemical commodities caused by macro - asset allocation [11]. Group 5: Industry News - The relevant departments will investigate the impact of the US 301 investigation on China's shipping and shipbuilding industries and related supply chains and may introduce corresponding measures [12]. - In early October 2025, key steel enterprises produced 2032 million tons of crude steel, with an average daily output of 203.2 million tons, a 7.5% increase from the previous period; 1875 million tons of pig iron, with an average daily output of 187.5 million tons, a 3.2% increase; and 1961 million tons of steel, with an average daily output of 196.1 million tons, an 8.5% decrease. The steel inventory of key steel enterprises was 1588 million tons, a 8.2% increase from the previous ten - day period [12][13]. - From January to September, the production and sales of automobiles were 24.333 million and 24.363 million respectively, with year - on - year increases of 13.3% and 12.9%. The production and sales of new energy vehicles both exceeded 11 million, with year - on - year increases of over 30%, and the new - energy vehicle sales accounted for 46.1% of the total new - vehicle sales [13]. - Baotailong's stock price had abnormal fluctuations. The company's coke oven maintenance was completed, and its affiliated coal mine was approved as a formal mine, with normal production and operation activities [13]. - The freight volume of ST Guangwu's Hongnao Railway in September was 2.6349 million tons, a 45.61% year - on - year increase [13]. - The Chinese Ministry of Commerce responded to the US tariff increase, stating that China is ready to fight and also open to talks, and urged the US to correct its wrong actions [13]. - Huaneng Hydropower's power generation in the first three quarters of 2025 was 96.266 billion kWh, a 11.90% year - on - year increase, and the on - grid electricity was 95.49 billion kWh, a 12.02% year - on - year increase [13]. - The world's first China - Europe Arctic container express line was successfully opened on October 13, which will bring significant time and cost advantages to China - Europe trade [13][14]. - The World Steel Association predicted that the global steel demand in 2025 will be flat at about 1.75 billion tons compared with 2024, and will rebound moderately by 1.3% to 1.772 billion tons in 2026 [14]. - In September 2025, 12 large state - owned ports in India imported 15.587 million tons of coal, a 14.08% year - on - year and 12.07% month - on - month increase, reaching a three - month high [14]. - Rio Tinto's equity iron ore production in the third quarter of 2025 was 74.168 million tons, a 1% year - on - year and 1% quarter - on - quarter increase; the shipment volume was 73.804 million tons, a 1% year - on - year decrease and 4% quarter - on - quarter increase [14]. - On October 14, the German electricity price soared to the highest level since February, reaching 156.14 euros per MWh [14]. - OPEC maintained its global economic growth forecast at 3% for 2025 and 3.1% for 2026. The average OPEC+ crude oil production in September 2025 was 43.05 million barrels per day, an increase of 630,000 barrels per day from August. It is expected that the global oil demand will increase by 1.3 million barrels per day in 2025 and 1.38 million barrels per day in 2026 [14]. Group 6: Data Overview - The report provides multiple data charts, including the production and capacity utilization rates of coking plants and steel mills, national daily average hot metal production, coke and coking coal inventories in ports, steel mills, and coking plants, tonnage coke profit of independent coking plants, production and inventory of sample mines, and the basis differences between Rizhao Port's quasi - first - grade coke and the January contract, and Linfen's low - sulfur main coking coal and the January contract [17][19][22][28][29]

021-60635727 期货从业资格号：F03134307 021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 请阅读正文后的声明 报告类型 铁矿石日评 日期 2025 年 10 月 15 日 黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 fengzeren@ccb.ccbfutures.com 数据来源：上期所、大商所网站，建信期货研究发展部 ＃summary＃ 每日报告 | | | | | | 表1：10月14日钢材、铁矿期货主力合约价格、成交及持仓情况（单位：元/吨、%、手、亿元） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变 ...

Group 1: Report Information - Report Title: Zinc Futures Daily Report [1] - Date: October 15, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Group 2: Market Review - Zinc prices are in a repeated game between overseas macro - sentiment, low - inventory support, and weak domestic reality. There is still some risk - aversion sentiment in the market. LME zinc inventory is below 40,000 tons, and the LME0 - 3 Back structure has risen to $200/ton, increasing structural risks. The domestic import - export profit and loss has expanded to 5,100 yuan/ton, and the export window is almost open [7]. - SHFE zinc fluctuated narrowly during the day and weakened in the afternoon. The main contract closed at 22,220 yuan/ton, down 65 yuan or 0.29%. The trading volume was 124,307 lots, and the open interest decreased by 6,505 lots to 95,194 lots [7]. - After the holiday, the downstream提货 speed was slower than the arrival speed. The seven - region zinc ingot inventory has continuously increased to 163,100 tons. Some holders plan to export and are not eager to sell. The spot premium remained stable. The Shanghai market had a premium of 10 yuan/ton over the November contract, the Tianjin market had a premium of 10 yuan/ton over the Shanghai market, and the Guangdong market had a discount of 50 yuan/ton to the November contract [7]. - The zinc market shows an external - strong and internal - weak pattern, with greater volatility driven by overseas factors. The upside is limited by the domestic fundamentals. Consider short - selling at high prices and pay attention to the reverse - arbitrage opportunity if there is a large - scale delivery of overseas inventory and the actual realization of domestic export volume [7]. Group 3: Industry News - On October 14, 2025, the mainstream transaction price of 0 zinc was concentrated at 22,310 - 22,405 yuan/ton, Shuangyan at 22,400 - 22,495 yuan/ton, and 1 zinc at 22,240 - 22,335 yuan/ton. The morning market quoted a premium of 40 - 60 yuan/ton over the SMM average price [8]. - In the Ningbo market, the mainstream brand 0 zinc was traded at 22,280 - 22,355 yuan/ton, with a discount of 35 yuan/ton to the November contract and a premium of 30 yuan/ton to the Shanghai spot [8]. - In the Tianjin market, 0 zinc was traded at 22,250 - 22,410 yuan/ton, and Zijin at 22,320 - 22,470 yuan/ton. The 0 zinc ordinary had a discount of 50 to a premium of 20 yuan/ton to the November contract, and Zijin had a premium of 20 - 80 yuan/ton to the November contract. The Tianjin market had a premium of about 10 yuan/ton over the Shanghai market [8][9]. - In the Guangdong market, 0 zinc was traded at 22,250 - 22,380 yuan/ton, with a discount of 45 yuan/ton to the November contract and a discount of 20 yuan/ton to the Shanghai spot. The price difference between Shanghai and Guangdong narrowed [9]. Group 4: Data Overview - The report includes figures such as the price trends of zinc in two markets, SHFE monthly spreads, SMM seven - region zinc ingot weekly inventory, and LME zinc inventory, with data sources from Wind and SMM, as well as the research and development department of Jianxin Futures [11][12]

行业 集运指数日报 日期 2025 年 10 月 15 日 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 | | | 表1：集运欧线期货10月14日交易数据汇总 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | EC2510 | 1,133.1 | 1,135.0 | 1,136.2 | 1,134.4 | 3.1 | 0.27 | 4897 | 13155 | -2993 | | EC2512 | 1,559.4 | 1,558.0 | 1,674.1 | 1,639.0 | 114.7 | 7.36 | 46708 | 27191 | -1580 | | EC2602 | 1,358.0 | 1,360.0 | 1,464.4 | 1,416.6 | 106.4 | 7.84 | 10299 | 9710 | 334 | | EC2604 | 1,09 ...

Industry Investment Rating - No information provided Core Viewpoints - For soda ash, on October 14, the price of the main futures SA601 contract continued to decline. The supply is high with inventory decreasing, but the overall weak pattern remains unchanged. With stable supply and downstream purchasing at low prices, the fundamental driving force is still insufficient. The market's oversupply situation has not improved effectively. Without substantial positive factors, the futures price is expected to fluctuate weakly [8]. - For glass, after the festival, the overall situation is a loose supply and weak demand, with increased inventory pressure suppressing the rebound of the futures price. The current futures price is mainly driven by fundamentals and remains at a low level. One should not short too aggressively and needs to continuously monitor macro - policies and production line changes [9]. Summary by Directory I. Soda Ash and Glass Market Review and Operation Suggestions - **Soda Ash Futures Data**: On October 14, the closing price of the SA601 contract was 1,234 yuan/ton, down 9 yuan/ton with a decline of 0.72% and a daily increase in positions of 5,914 lots. The SA605 contract closed at 1,321 yuan/ton, down 12 yuan/ton with a decline of 0.90% and an increase in positions of 4,208 lots [7][8]. - **Soda Ash Fundamentals**: Weekly production slightly decreased by 0.66 million tons to 77.08 million tons, a 0.85% month - on - month decrease but still at a high level. The total shipment volume in late September was 88.10 million tons, a 11.86% month - on - month increase. The factory inventory dropped to 165.15 million tons [8]. - **Glass Futures Data**: The FG601 contract closed at 1,138 yuan/ton, down 40 yuan/ton with a decline of 3.39% and an increase in positions of 122,933 lots. The FG603 contract closed at 1,212 yuan/ton, down 32 yuan/ton with a decline of 2.57% and an increase in positions of 4,968 lots [7]. - **Glass Fundamentals**: The production of float glass is stable with the arrival of the peak season, and the photovoltaic glass is in a weak - balanced state. After the festival, the supply is loose, demand is weak, and inventory pressure has increased [9]. II. Data Overview - The report provides charts of soda ash and glass, including the price trends of active contracts, weekly production, enterprise inventory, market prices of heavy soda ash in Central China, and flat glass production, with data sources from Wind, iFind, and the research and development department of Jianxin Futures [11][13][15]

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints - A-share market's intraday adjustment boosts risk aversion, leading to a full - scale rise in Treasury bond futures. Bank - to - bank major - term spot - rate Treasury bond yields mostly decline slightly, and the money market remains stable and loose at the beginning of the month. The bond market sentiment is still weak due to various negative factors, but it may stabilize in October after risk clearance. The counter - offensive phase may require a resurgence of easing expectations, and it is advisable to wait patiently for better bond - market allocation opportunities, which may appear in the middle to late fourth quarter [8][9][10][11][12]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Conditions**: A - share's intraday adjustment boosts risk aversion, and Treasury bond futures rise across the board. Bank - to - bank major - term spot - rate Treasury bond yields mostly decline slightly, with the 10 - year Treasury bond active bond 250011 yield dropping 0.7bp to 1.754% by 16:30. The money market is stable and loose at the beginning of the month. The central bank conducts a net injection of 91 billion yuan, short - term money rates mostly fall, and the 1 - year AAA certificate of deposit rate rises slightly [8][9][10]. - **Conclusion**: In October, the bond market may face more negatives than positives. However, it may enter a window period for risk clearance after negative factors are realized and is expected to stabilize. The counter - offensive may require a resurgence of easing expectations, and it is recommended to wait for better bond - market allocation opportunities, which may occur in the middle to late fourth quarter [11][12]. 3.2 Industry News - China officially imposes special port fees on US ships starting today. - Trump hints at canceling new tariffs on China. - China's total goods trade imports and exports in the first three quarters reach 33.61 trillion yuan, a 4% year - on - year increase, with accelerating quarterly growth. - The 2025 Financial Street Forum Annual Conference will be held from October 27th to 30th. - The issuance of the 1.3 - trillion - yuan ultra - long - term special Treasury bonds in 2025 is successfully completed [13][14]. 3.3 Data Overview - **Treasury Bond Futures**: It includes data on Treasury bond futures trading, such as contract prices, trading volumes, and open interests. It also involves data on the spreads between different Treasury bond futures contracts (inter - term and inter - variety spreads) and the trends of major Treasury bond futures contracts [6]. - **Money Market**: It presents data on the money market, including the changes in the weighted average rates of inter - bank pledged repurchase and the trends of SHIBOR [24][32]. - **Derivatives Market**: It shows the average curves of Shibor3M and FR007 interest - rate swaps [36].

Report Information - Report Name: Sugar Daily Report - Date: October 15, 2025 - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The supply pressure from major sugar - producing countries in both the Northern and Southern Hemispheres, along with the recent sharp decline in crude oil prices and the rapid depreciation of the Brazilian real, have exerted significant pressure on sugar prices [7]. - The Zhengzhou sugar futures were dragged down by the raw sugar, resulting in a significant decline, and the spot price also dropped significantly, indicating weak market demand and sugar mills' eagerness to clear inventory [8]. 3. Summary by Directory 3.1行情回顾与操作建议 (Market Review and Operation Suggestions) - **Futures Market Conditions**: On Monday, the New York raw sugar futures tumbled. The主力 March contract closed 3.29% lower at 15.57 cents per pound. The London ICE white sugar futures' December contract closed 1.4% lower at $444.00 per ton. SR601 closed at 5397 yuan per ton, down 77 yuan or 1.41%, with an increase of 32133 contracts in open interest. SR605 closed at 5370 yuan per ton, down 74 yuan or 1.36%, with an increase of 8310 contracts in open interest. The US sugar 03 contract closed at 15.57 cents per pound, down 0.53 cents or 3.29%, with a decrease of 26 contracts in open interest. The US sugar 05 contract closed at 15.13 cents per pound, down 0.49 cents or 3.14%, with an increase of 722 contracts in open interest [7]. - **Spot Market Conditions**: The spot prices in domestic production areas were lowered. The price of Nanning sugar was 5820 yuan, and that of Kunming sugar was 5710 yuan [8]. 3.2行业要闻 (Industry News) - **Sugar Mill Start - up**: As of now, 11 sugar mills in Inner Mongolia have started operation in the 2025/2026 sugar - making season, and the last one is expected to start tomorrow. The price of white sugar of Inner Mongolia Lingyunhai in the 2025/2026 sugar - making season is 5850 yuan per ton, and the price of granulated sugar is 5950 yuan per ton [9]. - **Indian Sugar Exports**: India exported 775,000 tons of sugar in the 2024 - 25 market year (October 2024 to September 2025). The largest destination for Indian sugar exports was Djibouti with 146,000 tons, followed by Somalia with 135,000 tons, and Sri Lanka with 134,000 tons. The Indian government allowed a total export of 1 million tons of sugar in the 2024 - 25 market year on January 20, 2025 [9]. - **Brazilian Sugar Production**: A survey of 10 analysts showed that the sugar - cane crushing volume in the central - southern region of Brazil in the second half of September was expected to increase by 3.3% year - on - year to 40.12 million tons, and the sugar production was estimated to increase by 7.7% year - on - year to 3.05 million tons [9]. - **Weather Phenomenon**: The Australian Bureau of Meteorology and the Climate Prediction Center under the US National Oceanic and Atmospheric Administration indicated that La Niña might occur briefly before early December this year and last until February 2026, which often causes rainfall and floods in Asia, especially in India [10]. 3.3数据概览 (Data Overview) - The report presents multiple data charts, including spot price trends, 2601 contract basis, SR1 - 5 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading and position data of the top 20 seats of the Zhengzhou sugar futures' main contract [12][14][19][22].

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints - The current supply - demand imbalance in the polyolefin market continues to suppress prices. Although some upstream enterprises increase maintenance due to lower - than - expected peak - season demand, the expected maintenance loss from September to November will narrow, and new production capacity is planned to be launched in the fourth quarter, making it difficult to relieve the overall supply pressure. - After the holiday, social inventories have increased. In October, there is still some demand resilience, but new orders are limited. Most downstream enterprises mainly replenish stocks at low prices, facing great de - stocking pressure. - Crude oil has revised its supply forecast upwards, and inventories may accumulate faster in the fourth quarter, providing little cost support for polyolefins, which are under pressure to operate [4]. 3. Summary by Relevant Catalogs 3.1 Market Review and Outlook - **Futures Market**: The L2601 contract of linear low - density polyethylene (LLDPE) opened lower, fluctuated downward during the session, and closed down at 6918 yuan/ton, a decrease of 87 yuan/ton (- 1.24%), with a trading volume of 266,000 lots and an increase in open interest of 12,312 lots to 577,097 lots. The PP2601 contract of polypropylene closed at 6602 yuan/ton, down 106 yuan (- 1.58%), with an increase in open interest of 22,000 lots to 665,500 lots. - **Market Situation**: The low - opening and fluctuating futures market dampened trading sentiment. As some ex - factory prices were lowered, traders adjusted their quotes accordingly. Downstream enterprises mainly made small - order purchases. The supply - demand imbalance in the polyolefin market continued to suppress prices, and the cost support was weak [3][4]. 3.2 Industry News - **Inventory**: On October 14, 2025, the inventory level of major producers was 825,000 tons, a decrease of 15,000 tons (- 1.79%) from the previous working day, compared with 860,000 tons in the same period last year. - **PE Market**: The PE market price fell weakly. The linear futures opened lower and fluctuated, dampening trading sentiment. The LLDPE prices in North China were 6950 - 7230 yuan/ton, in East China 7000 - 7550 yuan/ton, and in South China 7150 - 7650 yuan/ton. - **Propylene Market**: The mainstream price of propylene in the Shandong market was 6200 - 6220 yuan/ton, a decrease of 180 yuan/ton from the previous working day. Downstream products faced cost pressure, and the overall demand for propylene was weak. - **PP Market**: The PP market continued to decline, with some prices falling by 20 - 30 yuan/ton. The futures market fluctuated narrowly with high upward resistance, increasing market concerns. The mainstream prices of North China, East China, and South China were 6550 - 6620 yuan/ton, 6550 - 6680 yuan/ton, and 6530 - 6680 yuan/ton respectively [5][6]. 3.3 Data Overview The report provides multiple data charts, including L - PP spread, crude oil futures settlement price, L and PP basis, two - oil inventories and their year - on - year changes, but specific data is not described in detail in the text. The data sources are mainly Wind and Zhuochuang Information [7][14][15].

Group 1: General Information - The report is a MEG daily report dated October 15, 2025 [1][2] Group 2:行情回顾与操作建议 - Futures contract EG2601 closed at 4061 yuan/ton, down 51 yuan, with a position of 337402 contracts, a decrease of 4571 contracts; EG2605 closed at 4149 yuan/ton, down 48 yuan, with a position of 10255 contracts, an increase of 2301 contracts [7] - On the 14th, the main contract of ethylene glycol futures opened at 4111, with a high of 4111, a low of 4042, a settlement price of 4072, and a close of 4061, down 51 yuan from the previous trading day's settlement price. The total volume was 155748 lots, and the position was 337402 lots [7] - Currently, the overall fundamentals of ethylene glycol have few drivers. After the macro - level pressure decreases, it is expected that ethylene glycol may rebound slightly at a low level in the short term [7] Group 3: Industry News - Trade tensions may ease, and there is hope for a cease - fire in the Gaza region, leading to a rebound in international oil prices. However, the prospect of oversupply limits the upward trend. On Monday (October 13), the settlement price of WTI crude oil futures for November 2025 on the New York Mercantile Exchange was $59.49 per barrel, up $0.59 or 1.00% from the previous trading day, with a trading range of $59 - $60.17; the settlement price of Brent crude oil futures for December 2025 on the London Intercontinental Exchange was $63.32 per barrel, up $0.59 or 0.94% from the previous trading day, with a trading range of $62.90 - $63.95 [8] - In the Zhangjiagang ethylene glycol market, the spot negotiation price this week was 4127 - 4129 yuan/ton, down 52 yuan/ton from the previous working day. The negotiation price for late October was 4129 - 4131 yuan/ton, and for late November was 4129 - 4131 yuan/ton. The current spot basis was at a premium of 66 - 68 yuan/ton over EG2601, the basis for late October was at a premium of 68 - 70 yuan/ton over EG2601, and the basis for late November was at a premium of 68 - 70 yuan/ton over EG2601 [8] - The mainstream transaction price in the Zhangjiagang ethylene glycol market was 4120 - 4160 yuan/ton, down 40 yuan/ton from the previous trading day. The trading atmosphere in the Zhangjiagang spot market was relatively cold, and the spot price continued to decline slightly [8] - The negotiation range in the Dongguan ethylene glycol market was 4150 - 4180 yuan/ton, down 45 yuan/ton from the previous trading day. The Dongguan market followed the price trend of the Zhangjiagang market, and the negotiation range decreased slightly [8] Group 4: Data Overview - The report provides multiple data charts, including PTA - MEG spread, MEG price, MEG futures price, spot - futures price difference, international crude oil futures main contract closing price, raw material price index (ethylene), MEG downstream product price, and MEG downstream product inventory, with data sources from Wind and the Research and Development Department of CCB Futures [10][15][16]

Report Information - Report Title: Pig Daily Report [1] - Date: October 15, 2025 [2] Industry Investment Rating - Not provided in the report Core Viewpoints - The supply of live pigs is expected to increase slightly before the Spring Festival. The 2511 and 2601 contracts will continue to be dragged down by the weak spot market and are likely to fluctuate weakly. Attention should be paid to whether the rhythm and volume of second - round fattening will continue to increase to drive the market under the low - price background. Spot prices are likely to fluctuate weakly due to the relatively large supply growth rate despite the increase in both supply and demand [9]. Summary by Section 1. Market Review and Operation Suggestions - **Futures Market**: On the 14th, the main 2601 contract of live pigs opened slightly higher, fluctuated upward, and closed positive. The highest was 12,435 yuan/ton, the lowest was 12,155 yuan/ton, and the closing price was 12,405 yuan/ton, up 2.1% from the previous day. The total open interest of the index decreased by 6,806 lots to 275,436 lots [8]. - **Spot Market**: On the 14th, the national average price of external ternary pigs was 10.89 yuan/kg, up 0.05 yuan/kg from the previous day [8]. - **Supply Side**: In September, the actual completion rate of supply - side slaughter was only 96.5%, and some 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. 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 [9]. - **Demand Side**: Currently, the cost of meat production in second - round fattening is low, and there is some demand for restocking after the decline in barn utilization in some areas. Terminal demand lacks obvious positive support and has slightly declined after the festival. However, as the weather continues to cool, consumer demand may continue to rise. The orders of slaughtering enterprises have slightly increased, and the operating rate and slaughter volume have slightly increased, but the overall increase is limited. On October 14th, the slaughter volume of sample slaughtering enterprises was 159,800 heads, an increase of 500 heads from the previous day, 6,000 heads week - on - week, and 11,100 heads month - on - month [9]. 2. Industry News - Not provided in the report 3. Data Overview - **Breeding Profit**: As of October 9th, the average profit per head of self - breeding and self - raising 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 [17]. - **Piglet Price**: In the week of October 9th, the average market sales price of 15 - kg piglets was 281 yuan/head, a decrease of 53 yuan/head from the previous week [17]. - **Price Difference between 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 [17]. - **Average Slaughter Weight**: As of the week of October 9th, the average slaughter weight of national live pigs was 128.48 kg, a decrease of 0.07 kg from the previous week, with a month - on - month decline of 0.05% [17].