Group 1: General Information - Reported industry: Eggs [1] - Report date: October 17, 2025 [2] - Research team: Agricultural products research team, including researchers Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review and Operation Suggestions Market Review - **Futures Contracts**: The 2601 contract closed at 3175, down 34 (-1.06%); the 2511 contract closed at 2818, down 30 (-1.05%); the 2512 contract closed at 2977, down 44 (-1.46%) [7] - **Spot Prices**: The average price in the main production areas was 2.93 yuan/jin, up 0.13 yuan/jin from the previous day; the average price in the main sales areas was 3.09 yuan/jin, up 0.06 yuan/jin from the previous day [7] Core View - Spot prices are expected to remain weak and sluggish for some time due to high supply pressure and weak post - National Day replenishment demand. Futures prices are also affected by weak spot performance. The reduction of inventory is expected to be a long - term process, and the impact of cold - storage eggs cannot be underestimated. [8] Operation Suggestions - Adopt a phased short - selling strategy for futures. For options, it is recommended to sell out - of - the - money call options. [8] Group 3: Industry News - **In - production Laying Hens Inventory**: As of the end of September, the national monthly inventory of in - production laying hens was about 1.368 billion, with a month - on - month increase of 0.2% and a year - on - year increase of 6.0% [9] - **Chick Hatchlings**: In September, the monthly hatchling volume of sample enterprises was about 39.2 million, a decrease from August and a significant decrease compared with the same period in 2024 [9] - **Chicken Culling**: From the third week of September to October 9, the culling volume showed an upward trend in August and remained stable in September. As of October 9, the average culling age was 499 days [10] Group 4: Data Overview - The report presents multiple data charts, including the monthly inventory of in - production laying hens in China, egg - chicken farming profits, the average price in the main egg - producing areas, the seasonal trend of the 12 - contract, the basis of the 11 - contract, and the 12 - 02 spread [13][15][12]

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 ...

Group 1: Report Information - Report Type: Crude Oil Daily Report [1] - Date: October 17, 2025 [2] Group 2: Investment Rating - Not provided in the report Group 3: Core View - The fundamentals of the crude oil market are bearish, and the Israel-Palestine situation is easing. The Russia-Ukraine situation may provide upward momentum for oil prices, but in the context of oversupply, rising oil prices will be dragged down by inventory build-up expectations. It is recommended to short on rebounds and focus on reverse arbitrage [6][7] Group 4: Market Review and Operation Suggestions - **Market Review**: WTI's opening price was $58.15, closing at $58.3, with a high of $58.93, a low of $57.78, a daily increase of 0.05%, and a trading volume of 21.42 million lots. Brent's opening price was $62.33, closing at $62.47, with a high of $63.04, a low of $61.79, a daily increase of 0.13%, and a trading volume of 33.12 million lots. SC's opening price was 446.7 yuan/barrel, closing at 443.8 yuan/barrel, with a high of 447.4 yuan/barrel, a low of 439.2 yuan/barrel, a daily increase of 0.14%, and a trading volume of 5.47 million lots [6] - **Supply Situation**: OPEC+ and countries like Brazil and Guyana have continuously increased production. The crude oil market will remain oversupplied in Q4 2025, with an expected inventory build-up of 2.55 million barrels per day, 320,000 barrels per day higher than last month's forecast. The inventory build-up rate in 2026 is expected to increase from 1.87 million barrels per day to 2.09 million barrels per day [6] - **Operation Suggestions**: Short on rebounds and focus on reverse arbitrage [7] Group 5: Industry News - OPEC Secretary-General: By 2050, oil will still account for 30% of the global energy structure [8] - Saudi Aramco CEO: Without increased investment, the world may face an oil shortage in the future [8] - US Treasury Secretary: Hopes Japan will stop importing Russian energy [8] - Sources: Indian refiners expect a gradual reduction in Russian oil imports [8] - Trump: Modi promised that India will stop buying Russian oil, but it will take time [8] - Bank of America: If OPEC+ increases production while trade tensions escalate, Brent crude prices may fall below $50 per barrel [8] Group 6: Data Overview - The report presents various data charts, including global high-frequency crude oil inventories, EIA crude oil inventories, US crude oil production growth rate, Dtd Brent price, WTI spot price, Oman spot price, US gasoline consumption, and US diesel consumption [10][11][18]

Report Overview - Report Title: Polyolefin Daily Report - Date: October 17, 2025 - Research Team: Energy and Chemical Research Team of Jianxin Futures [4] 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The polyolefin market is under pressure due to the continuous imbalance between supply and demand, with supply pressure remaining difficult to ease. The market's cost - side support is weak, and it is expected to operate under pressure [6]. 3. Summary by Directory 3.1 Market Review and Outlook - Futures Market: The opening, closing, highest, lowest prices, price changes, price change rates, trading volumes, and position changes of plastic (L2601, L2605, L2609) and PP (PP2601, PP2605, PP2609) futures contracts are presented. For example, L2601 closed at 6,929 yuan/ton, up 21 yuan/ton (0.3%), and PP2601 closed at 6,618 yuan/ton, up 28 yuan/ton (0.42%) [5][6]. - Market Situation: Despite the slight increase in futures prices, the market trading atmosphere improved little. Traders sold at discounted prices, and downstream buyers mostly waited and watched. The supply - demand imbalance in the polyolefin market continued to suppress prices. Although some upstream enterprises increased maintenance due to lower - than - expected peak - season demand, the expected maintenance losses from September to November will narrow, and new production capacity is planned to be put into operation in the fourth quarter. After the holiday, social inventories increased, and the demand in October had some resilience but with limited new orders. The downstream mainly replenished inventory at low prices, and the inventory - removal pressure was high. The upward revision of the crude oil supply forecast may lead to accelerated inventory accumulation in the fourth quarter, and cost - side support is difficult to find [6]. 3.2 Industry News - Inventory: On October 16, 2025, the inventory level of major producers was 800,000 tons, a decrease of 20,000 tons (2.44%) from the previous working day, compared with 820,000 tons in the same period last year [7]. - PE Market: The PE market price declined weakly. The LLDPE prices in North China, East China, and South China were in the ranges of 6,880 - 7,170 yuan/ton, 6,950 - 7,500 yuan/ton, and 7,130 - 7,600 yuan/ton respectively [7]. - Propylene Market: The mainstream price of propylene in the Shandong market was 6,200 - 6,230 yuan/ton, a decrease of 45 yuan/ton from the previous working day. The demand for propylene weakened, and production enterprises sold at discounted prices with a poor trading atmosphere [7]. - PP Market: The PP market was mostly stable with minor fluctuations. The mainstream prices of North China, East China, and South China were in the ranges of 6,480 - 6,570 yuan/ton, 6,460 - 6,630 yuan/ton, and 6,470 - 6,650 yuan/ton respectively [7]. 3.3 Data Overview - Multiple data charts are presented, including L basis, PP basis, L - PP spread, crude oil futures settlement price, two - oil inventories, and two - oil inventory year - on - year increase/decrease rate, but specific data values are not detailed in the text [9][12][14].

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]

Group 1: General Information - Report title: Asphalt Daily Report [1] - Date: October 16, 2025 [2] - Research team: Energy and Chemical Research Team [4] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - The oil price is expected to decline, and the asphalt fundamentals have not improved significantly. It is predicted to fluctuate weakly, and the operation should be based on a short - selling strategy [6] Group 4: Market Review and Operation Suggestions - **Futures market**: For BU2511, the opening price was 3274 yuan/ton, the closing price was 3250 yuan/ton, the highest was 3279 yuan/ton, the lowest was 3241 yuan/ton, the decline was 1.10%, and the trading volume was 11.28 million lots. For BU2512, the opening price was 3190 yuan/ton, the closing price was 3184 yuan/ton, the highest was 3201 yuan/ton, the lowest was 3169 yuan/ton, the decline was 0.75%, and the trading volume was 4.33 million lots [6] - **Spot market**: The asphalt spot prices in the Northwest, Northeast, and East China regions were relatively stable, while those in other regions decreased to varying degrees. The decline in crude oil and asphalt futures prices had a negative impact on the asphalt spot market [6] - **Supply - demand analysis**: The supply of asphalt is accelerating due to profit and raw material support. The demand increased in September and is expected to remain high in October under the support of the peak demand season. However, the speculative demand is limited due to the uncertainty of the crude oil end and the cautious sentiment in the spot market [6] Group 5: Industry News - **South China market**: The mainstream transaction price of 70A grade asphalt was 3350 - 3550 yuan/ton, a decrease of 15 yuan/ton from the previous working day. Some futures - cash merchants sold goods, and the continued decline of the asphalt futures market led to a decrease in the low - end price of the South China market. The market's receiving sentiment was weak [7] - **East China market**: The mainstream transaction price of 70A grade asphalt was 3450 - 3550 yuan/ton, remaining stable compared to the previous working day. Due to the continued decline of the asphalt futures market and limited demand improvement, the futures and spot sources in the East China region continued to decline, pulling down the social inventory price. After the mainstream range of refinery road - transport prices was adjusted down, the price was temporarily stable [7] Group 6: Data Overview - The report presents multiple data charts, including asphalt cracking, social inventory, daily operating rate, Shandong asphalt comprehensive profit, South China asphalt spot price, Shandong asphalt basis, manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures [12][15][19][23]

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].

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: October 16, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided in the report. Core Viewpoints - The 9 - 10 month is the traditional off - season, with limited capacity control and supply pressure remaining. The spot freight rate is currently falling. However, shipping companies are starting to support prices for the year - end long - term contract season, and there is a high probability of a bottom - out and rebound trend. The cease - fire agreement between Israel and Hamas impacts the market, but its substantial progress and impact on Red Sea re - navigation are uncertain. There are opportunities for an oversold rebound due to China's countermeasures against the US in the maritime sector [8] Summary by Directory 1. Market Review and Operation Suggestions - Current situation: 9 - 10 months are the traditional off - season, with supply pressure due to limited capacity control. Spot freight rates are falling. Shipping companies are raising prices for the second half of October. The cease - fire agreement between Israel and Hamas impacts the market, and there is uncertainty about Red Sea re - navigation. There are opportunities for an oversold rebound [8] 2. Industry News - Chinese export container transportation market: Stable after the National Day holiday, with rebound in ocean - going route freight rates driving up the composite index. China's September official manufacturing PMI rose to 49.8, showing improved manufacturing activity [9] - European routes: Eurozone's September composite PMI rose to 51.2, with service PMI at a 9 - month high. On October 10, Shanghai - to - Europe basic port freight rate increased by 10.0% [9] - Mediterranean routes: Market moved in sync with European routes, with rising spot booking prices. On October 10, Shanghai - to - Mediterranean basic port freight rate increased by 4.9% [9] - North American routes: US September ISM manufacturing PMI was 49.1, below the boom - bust line. The US imposed additional fees on Chinese ships, and China countered. On October 10, Shanghai - to - US West and East basic port freight rates rose by 0.5% and 2.8% respectively [10] - Israel - Hamas cease - fire: Hamas announced a cease - fire agreement, and both sides will release detainees. Israel allows Turkish aid to enter Gaza. The US plans to send up to 200 soldiers to assist in Gaza [10] 3. Data Overview 3.1 Container Shipping Spot Prices - SCFIS for European routes (basic ports) on October 13 was 1031.8, down 1.4% from October 6 [12] - SCFIS for US West routes (basic ports) on October 13 was 862.48, down 1.6% from October 6 [12] 3.2 Container Shipping Index (European Routes) Futures Market - Data on container shipping futures for European routes are presented in Table 1, including contract information such as opening price, closing price, settlement price, and trading volume [6]

Report Information - Report Type: Crude Oil Daily Report [1] - Date: October 16, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - The IEA monthly report predicts that the oversupply in the global crude oil market may further intensify, and oil prices continue to decline. The fourth quarter of 2025 and 2026 will see inventory accumulation, with the rate of inventory accumulation increasing compared to previous forecasts [6]. - Fundamentals are bearish, and the Israel - Palestine situation has eased recently. While the Russia - Ukraine situation may provide upward momentum for oil prices, the expected inventory accumulation will drag down oil prices after an upward surge. The recommended operation is to short on rebounds and focus on reverse arbitrage [7]. Summary by Directory 1. Market Review and Operation Suggestions - **Market Review**: WTI's opening price was $59.17, closing at $58.18, with a decline of 1.51%. Brent's opening price was $63.49, closing at $62.28, down 1.64%. SC's opening price was 442.4 yuan/barrel, closing at 443.7 yuan/barrel, down 1.79% [6]. - **Inventory Forecast**: In the fourth quarter of 2025, inventory is expected to accumulate at a rate of 2.55 million barrels per day, 0.32 million barrels per day higher than last month's forecast. In 2026, the inventory accumulation rate is raised from 1.87 million barrels per day to 2.09 million barrels per day [6]. - **Operation Suggestions**: Short on rebounds and focus on reverse arbitrage [7]. 2. Industry News - Russia's seaborne crude oil exports reached a 28 - month high, and Russia has the potential to increase oil production [8]. - Industry insiders have different views on future oil prices, with some predicting that oil prices will hover around the mid - to - high $60s per barrel next year, and others believing that the oil market will enter a downward cycle with an expected oversupply of about 2 million barrels per day next year [8]. 3. Data Overview - The report presents multiple data charts, including 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 [10][11][18][22]