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]

Report Information - Report Name: Treasury Bond Daily Report [1] - Date: October 13, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Investment Rating - Not provided Core Viewpoints - Market sentiment is weak, and treasury bond futures have fallen across the board. Although the economic data released in September showed marginal weakness, it had limited impact on the market. With multiple negative factors such as the strong stock market, the impact of the public - fund new regulations, and the resurgence of anti - involution expectations, the bond market sentiment remains weak. In October, the bond market may still face more negatives than positives. However, it may enter a window period for risk clearance after the negatives are realized, and the bond market is expected to stabilize. The counter - offensive phase may need to wait for the resurgence of easing expectations, and the optimal allocation opportunity may appear in the middle and late fourth quarter [8][11][12] Summary by Directory 1. Market Review and Operation Suggestions - **Market Performance**: Market sentiment is weak, and treasury bond futures have fallen across the board. The yields of major term interest - rate bonds in the inter - bank market show short - term increases and long - term decreases, with narrow fluctuations in the medium - to - long - term. By 16:30, the yield of the active 10 - year treasury bond 250011 reported 1.7725%, down 0.5bp [8][9] - **Funding Market**: At the beginning of the month, funds are stable and loose. There were 600 billion yuan of reverse repurchases due today, and the central bank injected 409 billion yuan, resulting in a net injection of 191 billion yuan. The inter - bank fund sentiment index is stable, and most short - term fund rates have declined. The weighted overnight rate of inter - bank deposits decreased by 0.87bp to 1.3184%, the 7 - day rate dropped 8.44bp to 1.4229%, and the medium - to - long - term funds eased. The 1 - year AAA certificate of deposit rate dropped about 8bp compared with before the holiday to 1.58% [10] - **Conclusion**: The bond market may still be in a difficult situation with more negatives than positives in October. After the negatives are realized, it may enter a risk - clearing window period and is expected to stabilize. The counter - offensive may need to wait for the resurgence of easing expectations, and it is recommended to wait patiently for better bond - market allocation opportunities, which may appear in the middle and late fourth quarter [11][12] 2. Industry News - The front page of Economic Information Daily states that the fourth quarter is a critical period for the annual economic finish and a crucial window for policy implementation. Relevant departments will introduce a series of policies to expand effective investment, high - level opening - up, and corporate innovation. Policies such as promoting private investment and expanding the scope of encouraged foreign investment are expected to be introduced in the fourth quarter [13] - During the National Day and Mid - Autumn Festival holidays this year, the consumer market showed good growth. Domestic tourism spending reached 809.006 billion yuan, an increase of 108.189 billion yuan compared with the 7 - day National Day holiday in 2024. The average daily sales revenue of the national consumer - related industries increased by 4.5% year - on - year. Among them, commodity consumption and service consumption increased by 3.9% and 7.6% respectively, and digital products and automobile consumption grew rapidly [13] - According to the Financial Times, US Treasury Secretary Janet Yellen has completed the final round of interviews for the candidate of the Federal Reserve Chairman. Donald Trump will make a final decision among four top candidates: former Federal Reserve Governor Kevin Warsh, current Governor Christopher Waller, White House economic advisor Kevin Hassett, and BlackRock Chief Investment Officer Rick Rieder [13] - China has made solid progress in extraterritorial jurisdiction. The Ministry of Commerce announced export controls on relevant overseas rare - earth items and rare - earth - related technologies, and included 14 foreign entities such as anti - drone technology companies in the unreliable entity list. The Ministry of Commerce, together with the General Administration of Customs, also issued four announcements to implement export controls on super - hard materials, some rare - earth equipment, raw materials and accessories, some medium - and heavy - rare - earths, lithium batteries, and artificial graphite anode materials [14] 3. Data Overview - **Treasury Bond Futures**: The report provides data on treasury bond futures trading on October 10, including contract information such as pre - settlement price, opening price, closing price, settlement price, price change, percentage change, trading volume, open interest, and open - interest change [6] - **Other Data**: It also includes information on the term - structure changes and trends of SHIBOR, the weighted interest - rate changes of inter - bank pledged repurchase and inter - bank deposit pledged repurchase, and the fixed - rate curves of Shibor3M and FR007 interest - rate swaps [29][33][35]

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 ...

Group 1: Report Overview - Report Name: Copper Futures Daily Report [1] - Date: October 13, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Group 2: Investment Rating - The report does not mention the industry investment rating. Group 3: Core View - The copper market is in a context of mine - end production cuts spreading to the smelting end. Short - term domestic demand is suppressed by high copper prices. The previous highs are expected to still suppress copper prices in the short term, but considering the continuous capital enthusiasm and long - term favorable factors in fundamentals and macro - aspects, copper prices are expected to oscillate and consolidate at high levels [10]. Group 4: Market Review and Operation Suggestions - Market Performance: Both Shanghai copper and LME copper reached near previous highs and then fell back. Shanghai copper's total open interest increased by 13,557 lots. The contango structure of the nearby contracts narrowed. Spot copper prices rose by 940 to 86,680, and the spot premium rose by 5 to 20. The domestic - to - overseas price ratio dropped below 8, and the spot import loss exceeded 1,000 yuan [10]. - Market Outlook: Short - term price suppression from previous highs exists, but with continuous capital enthusiasm and long - term favorable factors, copper prices will oscillate at high levels [10]. Group 5: Industry News - Codelco's copper production in August dropped to 93,400 tons due to an accident at the El Teniente mine, which then stopped production [11]. - Zijin Copper's 200,000 - ton/year cathode copper expansion project entered the environmental assessment acceptance publicity stage. The Kamoa - Kakula project in Africa is about to be put into operation, and Zijin Copper plans to import anode plates from it [11]. - About 6.4 million tons of copper production capacity is stagnant or suspended due to ESG issues, equivalent to over 25% of global mineral production [11].

Group 1: Report Information - Report Type: Aluminum Daily Report [1] - Date: October 13, 2025 [2] - Research Team: Non - ferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] Group 2: Investment Rating - No investment rating information provided Group 3: Core Viewpoints - The Shanghai Aluminum contract showed a pattern of rising and then falling. The main contract reached a high of 21,200, then dropped to 20,980 at the end of the session, a 0.12% decline from the previous day. The 10 - 11 spread turned to flat, and the import window closed. The spot import loss widened to around - 2,400 yuan/ton. The aluminum price is expected to oscillate strongly, but be cautious about chasing high prices due to the short - term suppression of downstream consumption by high prices [9] - The supply of northern bauxite is tight with relatively strong prices, while other regions remain stable. The resumption of some mines in Guinea puts pressure on imported bauxite prices. Alumina prices are falling, hovering around 2,850. The fundamentals are significantly oversupplied. Attention should be paid to the possible production cuts and maintenance of high - cost enterprises due to price drops [9] - Cast aluminum alloy follows the trend of Shanghai Aluminum and is expected to oscillate strongly during the traditional peak season. In October, the domestic operating capacity of electrolytic aluminum remains unchanged at a high level, and the Indonesian aluminum plant has been successfully put into operation, slightly increasing the overall supply. Demand is in the peak season. Although the actual performance of the terminal is poor, with the loose overseas liquidity and the increasing expectation of domestic stimulus policies, the aluminum price is expected to oscillate strongly [9] Group 4: Market Review and Operation Suggestions - **Market Performance**: The Shanghai Aluminum main contract reached a high of 21,200 and then dropped to 20,980 at the end of the session, a 0.12% decline from the previous day. The 10 - 11 spread turned to flat, and the import window closed. The spot import loss widened to around - 2,400 yuan/ton [9] - **Fundamentals**: Northern bauxite supply is tight, and the resumption of some mines in Guinea affects imported bauxite prices. Alumina prices are falling due to oversupply. Cast aluminum alloy is in the peak season and is expected to oscillate strongly. The domestic operating capacity of electrolytic aluminum remains high, and the Indonesian plant's operation increases supply. Demand is in the peak season, and the aluminum price is expected to oscillate strongly, but be cautious about chasing high prices [9] Group 5: Industry News - A cooperation agreement on the management, operation, and maintenance of the mining road on the Darbilon Line was signed on October 3, 2025. Six mining companies in the Boké administrative region participated. The agreement allows the sharing of dedicated roads for mineral transportation, reducing production costs and environmental and social risks, and is expected to increase bauxite mining by over 50 million tons [10][11] - Emirates Global Aluminium (EGA) is preparing for a potential IPO, with an estimated valuation of $10 - 15 billion. The IPO is expected to be one of the largest in the Middle East. Dubai and Abu Dhabi are competing for the listing location. EGA has overcome challenges such as US tariffs and plans to invest $4 billion in a smelter in Oklahoma [11] - The Japan Aluminum Can Recycling Association reported that the demand for aluminum cans in Japan in 2025 was about 2.091 billion, remaining the same as the previous year and staying at the 2 - billion - can level for 10 consecutive years [11]

Report Overview - Report Type: Iron Ore Daily Report [1] - Date: October 13, 2025 [2] - Research Team: Black Metal Research Team [3] 1. Report Industry Investment Rating - No relevant information provided 2. Report Core View - The negotiation between Sinomine Group and BHP may increase market risk aversion, and iron ore prices are strongly supported at the bottom. They are expected to consolidate at high levels in the near future. Attention should be paid to the recovery of downstream demand, which could boost iron ore prices if it recovers quickly [11] 3. Summary by Related Catalog 3.1 Market Review and Outlook 3.1.1 Market Review - On October 10, the main iron ore futures contract 2601 oscillated upward, opened higher and then oscillated, closing at 795 yuan/ton, up 1.02%. The main contract prices of other steel products also had different changes. For example, RB2601 closed at 3103 yuan/ton, up 0.52%; HC2601 closed at 3285 yuan/ton, up 0.37%; SS2512 closed at 12805 yuan/ton, down 0.12% [5][7] - In the spot market, on October 10, the main iron ore foreign market quotes rose by $1.5/ton compared with the previous trading day, and the prices of main-grade iron ore at Qingdao Port rose by 5 - 7 yuan/ton compared with the previous trading day [9] - Technically, the daily KDJ indicator of the iron ore 2601 contract showed a divergent trend, with the K and J values continuing to rise and the D value continuing to fall, showing a potential golden cross. The green bars of the daily MACD indicator of the iron ore 2601 contract narrowed for two consecutive trading days [9] 3.1.2 Outlook - There are reports that Sinomine Group has suspended purchasing imported iron ore produced by BHP priced in US dollars, and there are rumors that BHP has agreed to fulfill long - term contracts priced in RMB, but the news is unconfirmed, bringing some support to iron ore prices [10] - In terms of fundamentals, the shipments and arrivals from Australia and Brazil increased in September, possibly due to end - of - quarter volume surges. Considering the uncertainty of the negotiation results and the regular decline after the end of the volume surge, shipments and arrivals are expected to decline in October [11] - On the demand side, the daily average pig iron output is still at a relatively high level of over 2.4 million tons. Given the continuous narrowing of steel production profits, the growth space of output is limited, and it may oscillate at around 2.4 million tons in the short term [11] - In terms of inventory, steel mills increased their restocking efforts before the holiday, and the iron ore inventory of steel mills continued to grow. It is expected to gradually decline after the holiday, but the decline may not be significant in the short term due to the uncertainty of the negotiation between Sinomine Group and BHP [11] 3.2 Industry News - On the 10th, the Israeli government approved a cease - fire agreement in Gaza, which will end the war, release Israeli hostages and Palestinian prisoners, and allow humanitarian aid to enter the Gaza Strip [12] - Starting from October 14, 2025, the US will impose additional port service fees on Chinese - owned or - operated ships, Chinese - flagged ships, and Chinese - built ships. In response, China will collect special port fees on relevant US ships starting from the same date [12] 3.3 Data Overview - The report provides multiple data charts related to the iron ore and steel industries, including the prices of main iron ore varieties at Qingdao Port, the price differences between high - grade ore, low - grade ore and PB powder, the basis between iron ore spot and January contract at Qingdao Port, the shipments from Brazil and Australia, the arrivals at 45 ports, the domestic mine capacity utilization rate, the main port iron ore trading volume, the steel mill iron ore inventory available days, the imported sintered powder ore inventory, the port iron ore inventory and dispatch volume, the sample steel mill tax - free pig iron cost, the blast furnace and electric furnace operating rates and 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 [14][18][22][24][26][29][34][38][43]

行业 棉花 日期 2025 年 10 月 13 日 研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 研究员：林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 研究员：王海峰 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.com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 、 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 表1：行情回顾 | | 53 | 1 | RE 127 10 | ਦ 2 112 | 711 . 45 | 流污 | 张跃 TE | 7X | 19 | | | --- | --- | --- ...