行业 沥青日报 日期 2025 年 10 月 15 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 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（碳市场工业硅） 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 原油 ...

行业 锌期货日报 日期 2025 年 10 月 14 日 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 每日报告 一、 行情回顾 | 表1：期货市场行情 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单位：元/吨 | | 开盘 | 收盘 | 最高 | 最低 | 涨跌 | 涨跌幅 | 持仓量 | 持仓量变化 | | 沪锌 | 2510 | 22255 | 22205 | 22390 | 22150 | -115 | -0.52 | 6985 | -415 | | 沪锌 | 2 ...

021-60635736 zhaihepan@ccb.ccbfutures.com 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 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 报告类型 钢材日评 日期 2025 年 10 月 14 日 黑色金属研究团队 研究员：翟贺攀 研究员：聂嘉怡 研究员：冯泽仁 请阅读正文后的声明 ＃summary＃ 1.1 现货市场动态与技术面走势： 10 月 13 日，主要螺纹钢和热卷现货市场价格普遍下跌。北京、贵阳、兰州、 济南、太原市场的螺纹钢价格下跌 30-50 元/吨，其他主要螺纹钢市场价格下跌 10-20 元/吨；杭州、合肥、长沙、郑州、包头、济南市场的热卷价格下跌 30-40 元/吨，其他主要热卷市场价格下跌 10-20 元/吨。 每日报告 | | | | | | 表1：10月13日钢材期货主力合约价格、成交及持仓情况（单位：元/吨、%、手、亿元） | | | ...

Report Summary 1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoint of the Report - The lithium carbonate futures fluctuated weakly, mainly due to the intensification of Sino - US trade frictions. Under the dominance of bearish sentiment in the market, the lithium price weakened. Although the supply - side pressure is the main factor suppressing the lithium carbonate price, the strong demand in the power and energy storage fields will drive continuous inventory reduction in the market, so it is expected that lithium carbonate will continue to operate within the oscillation range [8] 3. Summary by Relevant Catalogs 3.1行情回顾与操作建议 - The lithium carbonate futures fluctuated weakly. The spot electric carbon price dropped by 450 to 73,100. The psychological expected price of downstream material factories continued to decrease, and the overall market trading activity was average. The price of Australian ore dropped by 10 to 817.5, and the price of lithium mica ore dropped by 45 to 1,765. The production loss situation of salt factories continued to improve. SMM expects that the lithium carbonate output in October is expected to exceed 90,000 tons, and the supply - side pressure is the main factor suppressing the lithium carbonate price [8] 3.2行业要闻 - Guoxuan High - tech stated on the interactive platform that the industrialization progress of its solid - state batteries is advancing steadily. Its first full - solid - state pilot line has been officially connected, and the design work of the 2GWh mass - production line for the first - generation full - solid - state batteries has been officially launched [12] - In September, the retail penetration rate of new energy vehicles in the overall domestic passenger cars was 57.8%, a 5 - percentage - point increase compared to the same period last year. In September's domestic retail sales, the penetration rate of new energy vehicles among self - owned brands was 78.1%; among luxury cars, it was 34.5%; among mainstream joint - venture brands, it was only 7.4%. In terms of the monthly domestic retail share of new energy vehicles, in September, the retail share of new energy vehicles of self - owned brands was 70.1%, a 2.3 - percentage - point decrease year - on - year; the share of mainstream joint - venture brands was 3.2%, a 0.2 - percentage - point decrease year - on - year; the share of new forces was 20.2%, with brands such as XPeng, Leapmotor, and Xiaomi driving a 3.3 - percentage - point year - on - year increase in the share of new forces; Tesla's share was 5.5%, a 0.9 - percentage - point decrease [12]

Report Information - Report Name: Container Shipping Index Daily Report [1] - Date: October 14, 2025 [2] - Research Team: Macro Financial Research Team [4] Report Industry Investment Rating - Not provided Core Viewpoints - 9 - 10 months are traditional off - seasons, and with limited capacity control and supply pressure, spot freight rates are currently falling. However, shipping companies are raising rates for the second half of October for the year - end long - term contract season, likely to form a bottom - up trend. The Israel - Hamas cease - fire agreement impacts the market, but there may be an opportunity for a rebound due to uncertainties [8]. Summary by Directory 1. Market Review and Operation Suggestion - Current Situation: 9 - 10 months are off - seasons, with supply pressure and falling spot freight rates. Shipping companies are raising rates, and the cease - fire agreement has an uncertain impact on the market [8]. 2. Industry News - China's export container shipping market is stable after the National Day holiday. The comprehensive index rises due to the rebound of ocean - going routes. China's September official manufacturing PMI rises to 49.8 [9]. - On October 10, the Shanghai Export Containerized Freight Index is 1160.42 points, up 4.1% from the previous period. European route: Eurozone's September composite PMI is 51.2. Shanghai - to - Europe freight rate is $1068/TEU, up 10.0% [9]. - Mediterranean route: The market is in sync with the European route. Shanghai - to - Mediterranean freight rate is $1558/TEU, up 4.9% on October 10 [9]. - North American route: US September ISM manufacturing PMI is 49.1. The US imposes additional fees on Chinese ships, and China counter - measures. Shanghai - to - US West and East freight rates rise slightly [9][10]. - Hamas and Israel reach a cease - fire agreement, and the release of detainees begins. Israel allows Turkish aid to Gaza. Trump will visit, and the US plans to send up to 200 soldiers to assist [10]. 3. Data Overview 3.1 Container Shipping Spot Prices | Route | 2025/10/13 | 2025/10/6 | Change | YoY | | --- | --- | --- | --- | --- | | SCFIS: Europe (Basic Ports) | 1031.8 | 1046.5 | - 14.7 | - 1.4% | | SCFIS: US West (Basic Ports) | 862.48 | 876.82 | - 14.34 | - 1.6% | [12] 3.2 Container Shipping Index (European Line) Futures Market - The report provides the trading data of container shipping European line futures on October 13, including contract details such as EC2510, EC2512, etc., with information on opening price, closing price, settlement price, change, and trading volume [6]. 3.3 Shipping - Related Data Charts - The report presents multiple shipping - related data charts, including container ship capacity in Europe, global container ship orders, Shanghai - Europe freight rates, etc. [17][18][21]

行业 铜期货日报 日期 2025 年 10 月 14 日 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 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 有色金属研究团队 研究员：余菲菲 研究员：彭婧霖 请阅读正文后的声明 ＃summary＃ 每日报告 一、 行情回顾与操作建议 图1：沪铜走势及盘面价差 图2：伦铜走势及价差 宏观金融研究团队 021-60635739 有色金属研究团队 021-60635734 黑色金属研究团队 021-60635736 石油化工研究团队 021-60635738 农业产品研究团队 021-60635732 量化策略研究团队 021-60635726 数据来源：Wind，建信期货研究发展部 数据来源：Wind，建信期货研究发展部 沪铜冲高回落，主力最高涨至 88090，伦铜最高涨至 11000，均在前高附近 ...

Group 1: Report Overview - Report Date: October 14, 2025 [2] - Report Type: Crude Oil Daily Report [1] - Research Team: Energy and Chemical Research Team of Jianxin Futures [4] Group 2: Market Review and Operation Suggestions - Market Performance: WTI dropped 5.23% to $57.84, Brent fell 4.8% to $62.09, and SC declined 2.68% to 453.7 yuan/barrel. Trump's tariff statement affected the market, and prices rebounded after a sharp drop [6]. - Supply - Demand Situation: OPEC+ and other countries' production is increasing. In Q4 2025, the market will be oversupplied, with an expected inventory build of 255,000 barrels per day (up 32,000 barrels per day from last month). In 2026, the inventory build rate is raised from 187,000 to 209,000 barrels per day [6]. - Operation Suggestions: Given the bearish fundamentals and eased Israel - Palestine situation, short on rallies and consider reverse arbitrage. Monitor the Russia - Ukraine situation for potential price increases, but inventory build expectations will limit upward movement [7]. Group 3: Industry News and Forecasts - Deutsche Bank Forecast: Brent crude is expected to reach $61 per barrel by the end of the year and then fall to $55 in 2026 due to inventory increases [10] - Import Data: In Q3, crude oil and metal ore imports increased by 4.9% and 10.1% year - on - year respectively [10] - Geopolitical News: US President Trump is going to Israel and Egypt to sign a peace agreement to end the Gaza war [10]

Group 1: Report Information - Report Name: Soda Ash and Glass Daily Report [1] - Date: October 14, 2025 [2] - Research Team: Energy and Chemical Research Team [4] - Researchers: Li Jie (Crude Oil and Fuel Oil), Ren Junchi (PTA and MEG), Peng Haozhou (Urea and Industrial Silicon), Peng Jinglin (Polyolefins), Liu Youran (Pulp), Feng Zeren (Glass and Soda Ash) [4] Group 2: Industry Investment Rating - No industry investment rating information is provided in the report. Group 3: Core Viewpoints - Soda Ash: The equipment maintenance of soda ash enterprises is less than expected, and the supply remains at a high level. The downstream demand is weak, and the pattern of oversupply has not been effectively improved. The macro - sentiment is stable, and the futures price is expected to fluctuate weakly [8]. - Glass: The fundamentals of float glass are in a weak balance, and the production of photovoltaic glass shows a downward trend. After the holiday, the supply pressure and inventory accumulation suppress the price rebound. The cost side may be disturbed, and the price is expected to fluctuate weakly in the short - term, but excessive short - selling is not recommended [9]. Group 4: Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - On October 13, the price of the main soda ash futures contract SA601 continued to decline. The closing price was 1,247 yuan/ton, down 6 yuan/ton, a decrease of 0.47%, and the position decreased by 58,152 lots [7]. - The equipment maintenance of soda ash enterprises is less than expected, the supply is high, and the downstream demand is weak. The market is in an oversupply situation, and the price is expected to fluctuate weakly [8]. Glass - The fundamentals of float glass are in a weak balance, and the production of photovoltaic glass shows a downward trend. After the holiday, the supply pressure and inventory accumulation suppress the price rebound. The cost side may be disturbed, and the price is expected to fluctuate weakly in the short - term, but excessive short - selling is not recommended [9]. Group 5: Data Overview - The report provides data charts on the price trends of active contracts of soda ash and glass, weekly production and enterprise inventory of soda ash, market price of heavy soda ash in Central China, and flat glass production [11][14][16]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The polycrystalline silicon main contract price showed a weak and volatile trend. The PS2511 closed at 48,740 yuan/ton, a decline of 2.35%. The spot price remained stagnant, and there was a lack of potential policy benefits. The average price of N-type polycrystalline silicon re-feeding materials was 51,800 yuan/ton, and the futures price was approaching the dense material price. Under the impact of macro risks, the futures price dropped to the bottom of the range again. Since late September, policy implementation focused on production control and new energy consumption standards, with no more aggressive short - term policies. The improvement in supply - demand was slow, and market expectations shifted. It was expected to continue the weak operation within the range after the discount, but overall showed a stalemate. The monthly production on the supply side was expected to remain at around 130,000 tons, while domestic terminal installations had declined rapidly in recent months, foreign demand remained stable, and the long - term demand weakness pressure might be transmitted upstream [4]. 3. Summary by Relevant Catalog 3.1. Market Review and Outlook - **Market Performance**: The polycrystalline silicon main contract price was weakly volatile. The PS2511 closed at 48,740 yuan/ton with a 2.35% decline, the trading volume was 246,976 lots, the holding volume was 87,665 lots, and the net reduction was 3,344 lots [4]. - **Future Outlook**: The spot price was stagnant, and policy potential benefits were insufficient. The average price of N - type polycrystalline silicon re - feeding materials was 51,800 yuan/ton, and the futures price was approaching the dense material price. After late - September, policy implementation was on production control and new energy consumption standards, with no short - term aggressive policies. Supply - demand improvement was slow, market expectations shifted. It was expected to continue weak operation within the range after discount but remain stalemated. The monthly supply was expected to be around 130,000 tons, domestic terminal installations declined rapidly, foreign demand was stable, and long - term demand weakness pressure might transmit upstream [4]. 3.2. Market News - On October 13th, the number of polycrystalline silicon warehouse receipts was 7,900 lots, a decrease of 240 lots from the previous trading day [5]. - As of October 10th, the polycrystalline silicon inventory was 253,900 tons, a weekly increase of 4.83% and a year - on - year increase of 8.60% [5]. - Four departments planned to accelerate the establishment of recycling standards for retired photovoltaic and wind power equipment, improve battery disassembly and recycling technology, and explore the establishment of an energy - storage battery recycling system [5].

行业 沥青日报 日期 2025 年 10 月 14 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 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（碳市场工业硅） 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 ...