行业 生猪日报 日期 2025 年 10 月 14 日 每日报告 021-60635740 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.co m 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农业产品研究团队 研究员：林贞磊 linzhenlei@ccb.ccbfutures.com 研究员：余兰兰 研究员：王海峰 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 一、行情回顾与操作建议 图1：全国生猪出栏价 元/公斤 图2：样本屠宰场屠宰量 头 数据来源：涌益，建信期货研究中心 数据来源：涌益，建信期货研究中心 生猪行情： 期货方面，13 日生猪主力 2601 合约小幅高开 ...

行业 日期 2025 年 10 月 14 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） 期货从业资格号：F03134307 请阅读正文后的声明 每日报告 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 一、行情回顾与展望 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - In the context of geopolitical factors and iron ore industry policy factors, coal and coke futures show resistance during the oscillatory rebound but generally tend to rebound. Attention should be paid to the development of Sino - US relations, changes in the iron ore spot market supply, the path of steel profit recovery, and the differences in the re - inflation rhythm of precious metals, non - ferrous metals, ferrous metals, and energy and chemical commodities caused by macro - large - scale asset allocation [11]. 3. Summary by Related Catalogs 3.1 Market Review - On October 10, 2025, the main contract 2601 of coke futures continued to oscillate and recover, while the main contract 2601 of coking coal futures briefly rose and then gave back the day's gains. The closing price of J2601 was 1666.5 yuan/ton, up 1.86%, with a trading volume of 16,954 lots and a position of 41,385 lots, a decrease of 499 lots. The closing price of JM2601 was 1161 yuan/ton, up 1.22%, with a trading volume of 700,936 lots and a position of 596,453 lots, an increase of 27,482 lots [5]. - The long - short comparison and deviation of the top 20 positions in the black - series futures on October 10, 2025, showed different trends. For example, RB2601 had a long - short difference of 11,708 lots with a deviation of 0.99%, and HC2601 had a long - short difference of - 12,648 lots with a deviation of - 1.30% [6]. 3.2 Spot Market and Technical Analysis - On October 10, 2025, the flat - price index of quasi - first - grade metallurgical coke at Rizhao Port, Qingdao Port, and Tianjin Port was 1520 yuan/ton, with no change. The prices of low - sulfur main coking coal in different regions showed different trends, such as a 70 - yuan increase in Pingdingshan and a 60 - yuan decrease in Linfen [8]. - The daily KDJ indicators of the coke 2601 contract continued to diverge, with the J - value continuing to rise, the K - value turning up, and the D - value continuing to decline. The daily KDJ indicators of the coking coal 2601 contract also continued to diverge, with the J - value and K - value continuing to rise and the D - value continuing to decline. The daily MACD green bar of the coke 2601 contract turned slightly narrower, while that of the coking coal 2601 contract continued to expand slightly [8]. 3.3 Future Outlook - In terms of news, on October 9, the Ministry of Commerce and the General Administration of Customs issued 4 announcements on export controls. On October 10, the Ministry of Transport announced the collection of special port fees for US ships. There were also unconfirmed news about the procurement of imported iron ore by Sinomine Resource Group. The iron ore futures rebounded after the long holiday, and whether the rebound can continue depends on the result of the game between the two sides and the recovery of steel terminal demand [9]. - Fundamentally, for coke, the output of independent coking plants has been slightly declining for 4 consecutive weeks since reaching a new high in late May, and the output of steel mills has increased but the growth rate has narrowed. Port coke inventory has rebounded slightly after falling to a new low since mid - July, steel mill inventory has started to reduce after reaching a new high since late May, and coking plant inventory has rebounded from a new low since late October last year. The profit per ton of coke turned profitable after 3 consecutive weeks of losses, and the first round of spot price increase for coke was implemented on October 1. For 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%. The inventory of mine clean coal and raw coal has dropped significantly in the past 16 weeks, 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. With coking plants reducing inventory after replenishment, the prices of major coking coal spot markets continued to be strong [10]. 3.4 Industry News - The National Development and Reform Commission issued an announcement on governing price disorderly competition and maintaining a good market price order, guiding operators to price reasonably and promoting industry self - regulation [12]. - On October 10, 2025, the Ministry of Transport announced the collection of special port fees for US ships starting from October 14, 2025 [13]. - Reuters reported that on October 9, the Trump administration proposed to ban Chinese airlines from flying over Russian airspace on flights to and from the US. The Chinese Foreign Ministry spokesperson suggested referring to relevant departments and pointed out that the US restrictions were not conducive to personnel exchanges between the two countries [13]. - On October 9, 2025, Trump reiterated the "America First" trade policy at a White House cabinet meeting, threatening to stop importing a large number of goods from China [13]. - Jizhong Energy completed the industrial and commercial change registration for the acquisition of a 49% stake in Jingneng Xilin Gol Energy Co., Ltd. [13]. - Suneng Co., Ltd. stated at a performance briefing that its operating income in the first half of the year was 5.573 billion yuan, and the net profit attributable to the parent company was 93 million yuan. The performance was under pressure compared with the same period last year due to the impact of the loose coal market supply and demand and the large decline in coal prices [13]. - During the National Day and Mid - Autumn Festival holidays, the Taiyuan Railway Administration of China Railway transported 15.08 million tons of coal to ensure power supply [13]. - Kpler ship tracking data showed that Australia's coal exports in September 2025 were 31.4188 million tons, a month - on - month increase of 6.63% and a year - on - year increase of 4.93%. The cumulative exports from January to September were 254 million tons, a year - on - year decrease of 3.91% [13]. - On September 29, 2025, India's Ministry of Commerce and Industry launched an anti - dumping investigation into 300 - series and 400 - series stainless - steel cold - rolled flat products originating from or imported from China, Indonesia, and Vietnam [14]. - From January to September 2025, Mongolia's iron ore exports totaled 6.4851 million tons, a year - on - year increase of 18.74%, and the export value was 465 million US dollars, a year - on - year increase of 4.20% [14]. 3.5 Data Overview - The report provides multiple data charts, including the spot price index of metallurgical coke in major markets, the spot aggregated price of main coking coal, the production and capacity utilization rate of coking plants and steel mills, the national average daily hot - metal production, the coke inventory of ports/steel mills/coking plants, the profit per ton of independent coking plants, the production and operating rate of sample mines, the clean coal and raw coal inventory of sample mines, the coking coal inventory of ports/coking plants/steel mills, and the basis of Rizhao Port's quasi - first - grade coke and Linfen's low - sulfur main coking coal with the January contract [16][17][18][28][29][30].

Group 1: Report Information - Report Name: Carbonate Lithium Futures Daily Report [1] - Date: October 13, 2025 [2] - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3] Group 2: Core Views - Carbonate lithium futures declined. China's export control on lithium batteries with a weight energy density of 300 Wh/kg or more had a limited negative impact on the market. However, Zangge Mining obtaining a lithium mining license and resuming production soon exerted significant pressure on the market. The decline of carbonate lithium widened in the afternoon due to the spread of bearish sentiment from the A-share market. The spot price of electric carbon remained unchanged at 73,550, Australian ore dropped by 2.5 to 827.5, and lithium mica ore fell by 25 to 1,810. The production situation of salt plants improved, and the production losses of salt plants using purchased lithium spodumene and lithium mica narrowed. The weekly production of carbonate lithium reached a record high of 20,635 tons this week, and the social inventory decreased by 2,024 tons. High demand offset the supply pressure, and the process of social inventory reduction continued, supporting lithium prices. It is expected that the decline space of carbonate lithium is limited [9] Group 3: Market Review and Operation Suggestions - Carbonate lithium futures opened lower in the morning and the decline widened in the afternoon. The spot price of electric carbon remained unchanged, while the prices of Australian ore and lithium mica ore decreased. The production losses of salt plants using purchased raw materials narrowed. The weekly production of carbonate lithium reached a new high, and the social inventory decreased [9] Group 4: Industry News - The Ministry of Commerce and the General Administration of Customs jointly announced export control measures on lithium batteries and artificial graphite anode materials. The export control will take effect on November 8, 2025 [12] - Zangge Mining's subsidiary obtained a mining license, adding associated minerals such as lithium ore, which is of great significance to the company [12]

Report Information - Report Type: Daily Report on Container Shipping Index [18] - Date: October 13, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - No information provided Core Viewpoints - The 9 - 10 month period is a traditional off - season, with limited capacity regulation and persistent supply pressure, leading to a continuous decline in spot freight rates. However, shipping companies are raising freight rates for the second half of October in preparation for the year - end long - term contract season, and a bottoming - out and recovery trend is likely to form. The cease - fire agreement between Israel and Hamas has impacted the market, but there is uncertainty about its implementation and whether it can promote the resumption of Red Sea shipping, presenting potential opportunities for an oversold rebound [8] Summary by Directory 1. Market Review and Operation Suggestions - The current freight rate spot is continuously falling due to the traditional off - season and supply pressure. Shipping companies are raising rates for the second half of October, and a recovery trend may form. The cease - fire agreement between Israel and Hamas impacts the market, with uncertainty about its implementation and Red Sea resumption, and there may be oversold repair opportunities [8] 2. Industry News - From September 22 to 26, China's export container transport demand weakened, and the comprehensive index continued to decline. European, Mediterranean, and North American routes all saw a decline in freight rates. A cease - fire agreement was announced by Hamas, but there are contradictions in reports, and there are still major differences between Israel and Hamas. Negotiations are ongoing, and the Houthi armed forces launched suicide drones at Israel [9][10] 3. Data Overview 3.1 Container Shipping Spot Prices - From September 29 to October 6, 2025, the SCFIS for the European route decreased from 1120.49 to 1046.5, a decline of 6.6%. The SCFIS for the US West route decreased from 921.25 to 876.82, a decline of 4.8% [12] 3.2 Container Shipping Index (European Line) Futures Market - The report provides the trading data of container shipping European line futures on October 10, including the opening price, closing price, settlement price, price change, trading volume, open interest, etc. of different contracts such as EC2510, EC2512 [6] 3.3 Shipping - Related Data Charts - The report includes charts of European container ship capacity, global container ship order backlog, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates [17][19]

行业 国债日报 日期 2025 年 10 月 13 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) | | | 表1：国债期货10月10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 | | TL2512 | 114.530 | 114.590 | 113.970 | 114.020 | -0.560 | -0.49 | 108237 | 147131 | -1182 | | TL2603 | 114.180 | 114.280 | 113.640 | 113.690 | -0.540 | -0.47 | 11508 | 25041 | 444 | | TL2606 | 114.140 | 114.240 | 113.610 | 113 ...

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 一、行情回顾与展望 市场表现：工业硅期货价格震荡运行。Si2511 收盘价 8686 元/吨，涨幅 0.46%， 成交量 225514 手，持仓量 167035 手，净减 9528 手。 后市展望（仅供参考）:工业硅供应端再度大幅增产，供需失衡未有改善。 ...

Report Information - Report Date: October 13, 2025 [2] - Research Team: Energy and Chemical Research Team [3] - Researchers: Li Jie, Ren Junchi, Peng Haozhou, Peng Jinglin, Liu Youran, Feng Zeren [1][3] Market Performance and Outlook Market Performance - The price of the main contract of polysilicon continued to weaken. The closing price of the PS2511 contract was 48,065 yuan/ton, a decrease of 2.43%. The open interest was 91,009 lots, with a net increase of 6,022 lots [4] Market Outlook - Polysilicon has reached a stalemate, with the price operating range between 48,000 - 55,000 yuan. Policy-driven factors take precedence over fundamental factors, but there has been no more-than-expected policy drive since September. The supply-side's expected production control is within expectations, and the implementation of new energy consumption standards has a limited effect on capacity contraction to achieve supply-demand balance. Other market rumors have not been realized. Therefore, there is no more-than-expected policy drive. The spot price is running strongly, but the supply-demand relationship has not significantly improved. The downward pressure on the price range comes from the less-than-expected policy intensity and weak fundamentals. The support level of 45,000 - 47,000 yuan/ton comes from policy support, but the upward driving force is also insufficient, and the overall trend is wide-range fluctuations [4] Market News - On October 10, the number of polysilicon warehouse receipts was 8,140 lots, unchanged from the previous trading day [5] - Regarding the notice on improving the price mechanism to promote the nearby consumption of new energy power generation, the power source of nearby consumption projects should be connected to the user side at the property boundary point between the user and the public power grid. The proportion of the annual self-generated electricity of new energy in the total available power generation should not be less than 60%, and the proportion in the total electricity consumption should not be less than 30%. For new projects starting from 2030, this proportion should not be less than 35%. The project should have the condition of sub-metering, and the power grid enterprise should install metering devices at the power generation, plant power consumption, grid connection, self-use, and energy storage gates to accurately measure the electricity data of each link [5]

General Information - Report Title: Nickel Daily Report [1] - Date: October 13, 2025 [2] - Research Team: Non-ferrous Metals Research Team, including researchers Yu Feifei, Zhang Ping, and Peng Jinglin [3] Report's Core View - On the 10th, Shanghai nickel rose and then fell. The main contract 2511 reached a maximum of 124,880, then followed the sector down, closing at 122,180, a 0.76% drop from the previous day. The average premium of Jinchuan nickel decreased by 50 to 2,300, and the spot premium of domestic electrodeposited nickel was reported at -150 - 200. The average price of 8 - 12% high-nickel pig iron remained unchanged at 954.5 yuan per nickel point, while the average price of battery-grade nickel sulfate increased by 70 to 28,320 yuan per ton. Policy changes in the Indonesian mining sector and strengthened regulatory activities have made the support at the nickel ore end stronger again. After the holiday, Shanghai nickel turned up, but the fundamental surplus of primary nickel has not changed substantially, and the nickel price is still under pressure above. The rebound space should be viewed with caution, and attention should be paid to overseas market changes. The lower support has moved up to the 120,000 level [7] Market Review and Operation Suggestions - On the 10th, the main contract 2511 of Shanghai nickel reached a maximum of 124,880, then followed the sector down, closing at 122,180, a 0.76% drop from the previous day [7] - The average premium of Jinchuan nickel decreased by 50 to 2,300, and the spot premium of domestic electrodeposited nickel was reported at -150 - 200 [7] - The average price of 8 - 12% high-nickel pig iron remained unchanged at 954.5 yuan per nickel point, while the average price of battery-grade nickel sulfate increased by 70 to 28,320 yuan per ton [7] - Policy changes in the Indonesian mining sector and strengthened regulatory activities have made the support at the nickel ore end stronger again. The new RKAB regulations have changed from a three-year batch to a one-year batch, and the mining quotas for 2026 obtained by some enterprises have been invalidated. The Indonesian government has also taken over more than 148 hectares of mining areas in the Wedabay Industrial Park, affecting no more than 1.2 million wet tons of nickel ore production, and ordered 190 mining companies that have not paid reclamation deposits to suspend production for up to 60 days, with an estimated volume of about 3 million wet tons [7] - The entry of the world's second-largest copper mine into force majeure has triggered concerns about global metal supply. After the holiday, Shanghai nickel turned up, but the fundamental surplus of primary nickel has not changed substantially, and the nickel price is still under pressure above. The rebound space should be viewed with caution, and attention should be paid to overseas market changes. The lower support has moved up to the 120,000 level [7] Industry News - SMM expects the HPM of Indonesian domestic trade nickel ore to rise slightly in the second half of October, with a projected month-on-month increase of 0.27%. The HMA in the second half of October is 15,142 US dollars per dry ton, an increase of 40 US dollars per dry ton [10] - The HPM prices of nickel ore with different grades in the second half of October have all increased slightly compared to the first half of the month. For example, the HPM price of 1.2% nickel ore is 15.35 US dollars per wet ton, an increase of 0.04 US dollars per wet ton [10][12] - The Indonesian forest law enforcement task force will conduct a centralized rectification of mines. The task force has previously taken similar actions in the palm oil industry, taking over 3.3 million hectares of illegal plantations. The prosecutor said that the focus of this action is to regain national control over forests, and enterprises need to return illegal profits to the state. Some cases may further enter criminal investigations [11] - FPX Nickel announced its active participation in two important sustainable development initiatives in 2025, joining the Mining Association of Canada (MAC) and signing the United Nations Global Compact, demonstrating its commitment to responsible mineral exploration and project development [11] - The central bank governor, Pan Gongsheng, said at a press conference that regarding the financial reform content of the "14th Five-Year Plan" and the next step, further communication will be made after the central government's unified deployment. Currently, China's financial system is generally stable, and the financial market is operating smoothly. When responding to the Fed's interest rate cut, he said that multiple monetary policy tools will be comprehensively applied to ensure sufficient liquidity according to the macroeconomic operation and situation changes [12]

021-60635740 期货从业资格号：F3075681 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 有色金属研究团队 研究员：彭婧霖 pengjinglin@ccb.ccbfutures.com 研究员：余菲菲 请阅读正文后的声明 ＃summary＃ 每日报告 行业 锌期货日报 日期 2025 年 10 月 13 日 请阅读正文后的声明- 2 - 1. 2025 年 10 月 10 日 0#锌主流成交价集中在 22310~22405 元/吨，双燕主流 成交于 22400~22495 元/吨，1#锌主流成交于 22240~22335 元/吨。早盘市 场对 SMM 均价报价升水 40~60 元/吨，对盘报价无。第二交易时段，普 通国产报价对 2511 合约升水 10 元/吨，红鹭-v 对 2511 合约报价贴水 10 元/吨，高价品牌双燕对 2511 合约升水 100 元/吨。 2. 宁波市场主流品牌 0#锌 ...