Report Information - Report Name: PTA Daily Report [1] - Date: October 30, 2025 [2] Core View - The PTA market is expected to consolidate as there is a game between the weak reality of sufficient spot supply and the expectation of possible production cuts, while the crude oil market shows weak and volatile trends and awaits PTA meeting news [6] Summary by Section 1. Market Review and Operation Suggestions - On the 29th, the closing price of the PTA main futures contract TA2601 was 4,636 yuan/ton, up 22 yuan/ton (0.48%), with a settlement price of 4,610 yuan/ton and a daily reduction of 14,817 lots. The TA2605 contract closed at 4,688 yuan/ton, up 14 yuan/ton, with a trading volume of 35,038 lots, an increase of 548 lots [6] 2. Industry News - International oil prices have closed lower for three consecutive trading days as investors weigh the impact of US sanctions on two major European oil companies and OPEC+'s possible production increase plan. On Tuesday (October 28), the settlement price of WTI crude oil futures for December 2025 was $60.15 per barrel, down $1.16 (1.89%), and the settlement price of Brent crude oil futures for December 2025 was $64.4 per barrel, down $1.22 (1.86%) [7] - The assessed price of PX in the Chinese market is $817 - 819 per ton, up $4 per ton; the assessed price in the South Korean market is $797 - 799 per ton, up $4 per ton. The domestic PX operating load remains high, and the PTA main suppliers' symposium is about to be held, with participants still confident in the future supply - demand prospects [7] - The PTA price in the East China market is 4,535 yuan/ton, down 2 yuan/ton. The average daily negotiation basis is a discount of 76 yuan/ton compared to futures 2601, up 1 yuan/ton [7] 3. Data Overview - The report provides multiple data charts, including PTA futures prices, international crude oil futures prices, upstream raw material spot prices, PX prices, MEG prices, PTA processing margins, TA5 - 9 spreads, PTA warehouse receipt numbers, polyester factory load rates, PTA downstream product prices, and PTA downstream product inventories, with data sources from Wind and the Research and Development Department of CCB Futures [11][13][17]

Report General Information - Report Name: MEG Daily Report [1] - Date: October 30, 2025 [2] - Research Team: Energy and Chemical Research Team of Jianxin Futures [4] 1. Report Industry Investment Rating - Not mentioned in the report 2. Report's Core View - Currently, the fundamental drivers of ethylene glycol are insufficient, but the macro - market sentiment has weakened. With the continuous progress of Sino - US trade negotiations this week, it is expected that the market risk appetite may continue to return, and ethylene glycol is expected to rise slightly [7] 3. Summary by Relevant Catalogs 3.1行情回顾与操作建议 - Futures market: For the ethylene glycol futures on the 29th, the opening price of the main contract was 4058 yuan/ton, the highest was 4105 yuan/ton, the lowest was 4052 yuan/ton, the settlement price was 4081 yuan/ton, and the closing price was 4100 yuan/ton, up 10 yuan/ton from the previous trading day's settlement price. The total volume was 139,397 lots, and the open interest was 312,509 lots. Specifically, the closing price of EG2601 was 4100 yuan/ton, up 10 yuan, with an open interest of 312,509 lots and a decrease of 5547 lots; the closing price of EG2605 was 4175 yuan/ton, up 4 yuan, with an open interest of 21,127 lots and an increase of 335 lots [7] 3.2行业要闻 - Oil price: Investors weighed the impact of US sanctions on two major European oil companies on global supply and the possible production - increasing plan of OPEC+. International oil prices closed lower for three consecutive trading days. On Tuesday (October 28), the settlement price of the December 2025 West Texas Intermediate crude oil futures on the New York Mercantile Exchange was $60.15 per barrel, down $1.16 or 1.89% from the previous trading day, with a trading range of $59.76 - $61.50; the settlement price of the December 2025 Brent crude oil futures on the London Intercontinental Exchange was $64.4 per barrel, down $1.22 or 1.86% from the previous trading day, with a trading range of $64 - $65.76 [8] - Ethylene glycol market: In the Zhangjiagang ethylene glycol market, the spot negotiation price this week was 4175 - 4180 yuan/ton, up 17.5 yuan/ton from the previous working day; the spot negotiation price next week was 4173 - 4175 yuan/ton, and the negotiation price for November was 4172 - 4175 yuan/ton. The basis of this week's spot was at a premium of 75 - 80 yuan/ton to EG2601, the basis of next week's spot was at a premium of 73 - 75 yuan/ton to EG2601, and the basis for November was at a premium of 72 - 75 yuan/ton to EG2601. In the Fujian ethylene glycol market, the negotiation range was 4300 - 4400 yuan/ton, remaining flat from the previous working day. The short - term trading atmosphere in the ethylene glycol market has improved, and the price in the Fujian ethylene glycol market is mainly stable and under observation [8] 3.3数据概览 - The report provides multiple data charts, including PTA - MEG price difference, MEG price, MEG futures price, futures - spot price difference, international crude oil futures main contract closing price, raw material price index (ethylene), MEG downstream product price, and MEG downstream product inventory, with data sources from Wind and Jianxin Futures Research and Development Department [10][15][16][18]

Report Summary 1. Market Performance and Outlook - The price of the main contract of polysilicon showed a relatively strong performance within the range. The closing price of the PS2601 contract was 54,990 yuan/ton, with a gain of 0.72%. The trading volume was 307,284 lots, and the open interest was 118,430 lots, with a net increase of 3,498 lots [4]. - The transaction price range of polysilicon n-type re-feeding materials was 49,000 - 55,000 yuan/ton, with an average transaction price of 53,200 yuan/ton, remaining flat compared to the previous period. The transaction price range of n-type granular silicon was 50,000 - 51,000 yuan/ton, with an average transaction price of 50,500 yuan/ton, also remaining flat [4]. - In the fourth quarter, the expected polysilicon output is 382,000 tons, with an average monthly output of 127,300 tons. However, the output in October, as statistics from the Silicon Industry Branch show, reached 137,000 tons, exceeding expectations. The significant profit restoration has curbed the willingness for active production cuts. Currently, the monthly output can meet the terminal demand of 68.5GW. The supply - demand imbalance situation has not been reversed, especially as the terminal demand is still in a weak period after the "rush installation." The market focus is expected to remain on the policy side. Recently, there is a policy vacuum period. Although the photovoltaic sector in the equity market is performing strongly, the fundamental situation of polysilicon itself is still weak, and it will run cautiously and strongly within the range [4]. 2. Market News - On October 28, the number of polysilicon warehouse receipts was 9,150 lots, a net decrease of 90 lots compared to the previous trading day [5]. - In September 2025, the newly - installed photovoltaic capacity was 9.66GW, a month - on - month increase of 31.25%. From January to September, the cumulative newly - installed photovoltaic capacity was 240.27GW [5]. - On October 27, Daquan Energy released an announcement stating that its revenue in the third quarter reached 1.773 billion yuan, a year - on - year increase of 24.75%, and the net profit was 73.479 million yuan. The announcement also showed that the revenue in the first three quarters was 3.243 billion yuan, a year - on - year decrease of 46.00%, and the net profit had a loss of 1.073 billion yuan [5]. - On October 25, Tongwei Co., Ltd. (600438) disclosed its 2025 third - quarter report. In the third quarter, the company's operating income was 24.091 billion yuan, a slight year - on - year decrease of 1.57%. However, the loss of net profit attributable to shareholders of listed companies narrowed. The year - on - year loss reduction was 62.69%, and the quarter - on - quarter loss reduction was 86.68%. The recovery of the industry environment has had a positive impact on the company's profitability [5].

Report Information - Report Name: Pig Daily Report [1] - Date: October 30, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - In the long - term, pig slaughter is expected to increase slightly until the first half of next year. In the short - term, the supply pressure in October is large, but the pressure on large - scale farms has eased to some extent. The demand for second - round fattening has decreased, and the terminal consumption has increased but lacks sustainable growth. The spot price rebounds but has limited upside, while the futures price may face double supply pressure before the Spring Festival [7] Summary by Directory 1. Market Review and Operation Suggestions - **Market Conditions**: On the 29th, the main 2601 futures contract of live pigs opened slightly lower, then rebounded and closed up. The highest was 12,210 yuan/ton, the lowest was 12,100 yuan/ton, and the closing price was 12,185 yuan/ton, down 0.49% from the previous day. The total index positions increased by 9,381 lots to 317,513 lots. The national average price of foreign ternary pigs was 12.60 yuan/kg, up 0.09 yuan/kg from the previous day [6] - **Analysis**: Supply - the long - term supply is expected to increase slightly, and the supply in October is large. However, the pressure on large - scale farms has eased, and farmers are reluctant to sell. Demand - second - round fattening has turned to a wait - and - see attitude, terminal consumption has increased but lacks sustainable growth, and the slaughter volume has decreased. The spot price rebounds but has limited upside, and the futures price may face double supply pressure before the Spring Festival [7] 2. Industry News - Not provided 3. Data Overview - **Profit**: As of October 23, the average profit per self - bred and self - raised pig was - 138 yuan/head, a week - on - week increase of 50.4 yuan/head; the average profit per pig purchased with piglets was - 378.6 yuan/head, a week - on - week increase of 53.6 yuan/head [12] - **Price**: The average market sales price of 15 - kg piglets in the week of October 23 was 255 yuan/head, 10 yuan/head lower than the previous week. The price difference between 175 - kg fat pigs and standard pigs was 0.69 yuan/jin, a week - on - week increase of 0.09 yuan/jin [12] - **Cost**: The cost of fattening a 110 - kg pig to 140 kg was 12.02 yuan/kg, an increase of 0.39 yuan/kg from the previous week; the cost of fattening a 125 - kg pig to 150 kg was 12.38 yuan/kg, an increase of 0.43 yuan/kg from the previous week [12] - **Average Slaughter Weight**: As of the week of October 23, the average slaughter weight of national live pigs was 127.90 kg, a week - on - week decrease of 0.35 kg (a decline of 0.27%), a month - on - month decrease of 0.65 kg (a decline of 0.51%), and a year - on - year increase of 1.83 kg (an increase of 1.45%) [12] - **Utilization Rate of Fattening Pens**: As of mid - October, the utilization rate of fattening pens was 44.8%, a ten - day increase of 12.5 percentage points and a year - on - year decrease of 10 percentage points [12]

Group 1: General Information - Report Name: Asphalt Daily Report [1] - Date: October 30, 2025 [2] Group 2: Market Review and Operation Suggestions - Futures Market: BU2601 opened at 3265 yuan/ton, closed at 3274 yuan/ton, with a high of 3283 yuan/ton, a low of 3252 yuan/ton, a decline of 0.21%, and a trading volume of 173,800 lots; BU2512 opened at 3274 yuan/ton, closed at 3291 yuan/ton, with a high of 3300 yuan/ton, a low of 3270 yuan/ton, a flat change, and a trading volume of 26,400 lots [6] - Spot Market: Asphalt spot prices in North China and Shandong declined, while those in other regions remained stable. The decline in crude oil and asphalt futures prices dampened market sentiment, and ample local refinery resources in Shandong pressured prices [6] - Supply and Demand: Overall refinery operating rate is expected to remain flat. Demand is seasonally weakening, with rigid demand shrinking in the Northeast and Northwest, limited demand growth in North China and Shandong, and slow resource consumption in the South. Insufficient funds are restricting project progress [7] - Operation Suggestion: Consider going long on BU and short on SC due to the relatively stronger supply - demand situation of asphalt compared to crude oil [7] Group 3: Industry News - Shandong Market: The mainstream transaction price of 70A grade asphalt was 3200 - 3620 yuan/ton, down 5 yuan/ton from the previous trading day. The market sentiment was bearish, and ample resources led to price declines [8] - South China Market: The mainstream transaction price of 70A grade asphalt was 3360 - 3580 yuan/ton, remaining stable. Sinopec's planned production cut in November and other refineries' price hikes boosted the market, but unsold resources limited price increases [8] Group 4: Data Overview - The report provides multiple data charts including asphalt cracking spread, social inventory, daily operating rate, Shandong comprehensive profit, etc., with data sources from wind and the research and development department of Jianxin Futures [11][13][15]

Report Information - Report Title: Soda Ash and Glass Daily Report [1] - Date: October 30, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Industry Investment Rating - Not provided in the report Core Viewpoints - The soda ash market has a supply - demand pattern that has improved, with supply stable due to equipment maintenance, continuous inventory build - up, and downstream low - price restocking. The market has support, but over - optimism is not advisable [8]. - The glass market is in a game between "strong expectations" and "weak reality". It is at a high supply level this year, with high post - holiday inventories. The demand for float glass may not continue to rise. The market may bottom out and be short - term oscillating and slightly stronger, and potential positive factors from macro - policies and production line changes need to be monitored [9]. Summary by Section 1. Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - On October 29, the main soda ash futures SA601 contract fluctuated and rebounded, closing at 1259 yuan/ton, up 14 yuan/ton (1.12%), with a daily reduction of 31,991 lots [7]. - Supply: Weekly production increased by 0.01 million tons to 74.06 million tons, remaining stable. Soda ash plant maintenance is at a high level for the same period [8]. - Demand: In mid - October, the total soda ash shipments increased by 5.60% month - on - month to 73.90 million tons. Demand from float glass and photovoltaic glass remained stable [8]. - Inventory: Alkali plant inventory continued to build up to 170.21 million tons, at a relatively low level in the past six months [8]. Glass - Fundamentally, float glass production is stable, and the photovoltaic glass market is in a weak balance. Glass supply is at a high level this year, and the possibility of cold repair is low [9]. - Inventory: After the holiday, factory inventories remained high, and inventory days continued to rise [9]. - Demand: The real estate market has not shown a stabilization trend, and the completion data is weak. The rebound in float glass demand may not be sustainable [9]. 2. Data Overview - The report provides figures on soda ash and glass, including active contract price trends, weekly production, enterprise inventory, market prices, and flat glass production, with data sources from Wind and iFind [13][17][18]

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 日期 2025 年 10 月 30 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） 请阅读正文后的声明 每日报告 请阅读正文后的声明 ...

Report Overview - Report Type: Crude Oil Daily Report - Date: October 29, 2025 [2] Industry Investment Rating - No investment rating information provided in the report Core Viewpoints - Trump canceled his meeting with Putin and decided to strengthen sanctions against Russia due to the perceived lack of Russia's sincerity in ceasing the war. The U.S. Treasury and the EU subsequently imposed sanctions on two major Russian oil companies. Attention should be paid to the sustainability of these sanctions. Without further support, oil prices may decline again under the pressure of oversupply. In the short - term, investors can consider a strategy of going long on domestic oil and short on foreign oil, and maintain a bearish outlook in the medium - term [6] Section Summaries 1. Market Review and Operation Suggestions - **Market Quotes**: WTI's opening price was $61.82, closing at $61.55, with a high of $62.17, a low of $60.67, a daily increase of 0.08%, and a trading volume of 25.31 million lots. Brent's opening price was $65.35, closing at $65.04, with a high of $65.89, a low of $64.32, a daily decrease of 0.25%, and a trading volume of 42.45 million lots. SC's opening price was 467.7 yuan/barrel, closing at 462.7 yuan/barrel, with a high of 469.3 yuan/barrel, a low of 462.5 yuan/barrel, a daily decrease of 1.22%, and a trading volume of 10.19 million lots [6] - **Operation Suggestions**: Short - term: Consider a strategy of going long on domestic oil and short on foreign oil; Medium - term: Maintain a bearish outlook [6] 2. Industry News - **Price Forecast**: Morgan Stanley predicts that the Brent crude oil price will be $57.5 per barrel in the first half of 2026 and $60 per barrel in the second half [7] - **Inventory Situation**: Currently, about 1.4 billion barrels of crude oil are being shipped on tankers, the highest level since records began in 2016 [7] - **Production Data**: Mexico's state - owned oil company's crude oil and condensate production in the third quarter was 1.65 million barrels per day, a year - on - year decrease of 6.6% [7] - **Geopolitical News**: Ukraine will expand its attacks on Russian refineries; OPEC+ producers tend to implement a small - scale production increase again in December; Indian state - owned refineries are considering the feasibility of relying on small - scale crude oil suppliers to continue importing discounted Russian crude oil [7] 3. Data Overview - **Data Sources**: EIA, Wind, Bloomberg, and the research and development department of Jianxin Futures are the data sources for various figures, including global high - frequency crude oil inventory, EIA crude oil inventory, U.S. crude oil production growth rate, and consumption data of U.S. gasoline and diesel [9][13][14][16][20][21][22] - **Figures Included**: The report includes figures such as global high - frequency crude oil inventory, EIA crude oil inventory, U.S. crude oil production growth rate, WTI and Brent spot prices, and U.S. gasoline and diesel consumption [10][11][14][21]

Report Information - Report Name: PTA Daily Report [1] - Date: October 29, 2025 [2] Market Review and Operation Suggestions - On the 25th, the closing price of the PTA main futures contract TA2601 was 4,614 yuan/ton, up 36 yuan/ton or 0.79%. The settlement price was 4,614 yuan/ton, and the daily position decreased by 1,628 lots. Although the anti-involution expectation still exists, the crude oil market declined during the session, weakening the cost support. It is expected that the PTA market will decline slightly. Pay attention to the news from the PTA meeting this week [6]. Industry News - OPEC+'s plan to increase oil production may exceed expectations again. The boost from last week's sanctions on a certain country in Europe by the US and Europe is fading. Traders doubt the implementation effect of the sanctions, and the optimistic sentiment surrounding the Sino-US trade negotiations has little impact on oil prices. International oil prices rose in the early session and then closed lower for two consecutive days. On Monday (October 27), the settlement price of the West Texas Intermediate crude oil December 2025 futures contract on the New York Mercantile Exchange was $61.31 per barrel, down $0.19 or 0.31% from the previous trading day, with a trading range of $60.67 - $62.17. The settlement price of the Brent crude oil December 2025 futures contract on the London Intercontinental Exchange was $65.62 per barrel, down $0.32 or 0.49% from the previous trading day, with a trading range of $65.06 - $66.64 [7]. - The price of PX in the Chinese market was estimated at $813 - $815 per ton, down $7 per ton. The price of PX in the South Korean market was estimated at $793 - $795 per ton, down $7 per ton. There were two transactions reported during the day, with an arbitrary December shipment traded at $816 per ton and an arbitrary January shipment traded at $810 per ton [7]. - The price of PTA in the East China market was 4,537 yuan/ton, up 39 yuan/ton. The average daily negotiation basis was referenced to the futures 2601 at a discount of 77 yuan/ton, up 4 yuan/ton [7]. Data Overview - The report includes various data charts, such as international crude oil futures main contract closing prices, upstream raw material spot prices, PX prices, MEG prices, PTA price summaries, basis differences, PTA processing margins, TA5 - 9 spreads, PTA warehouse receipt quantities, polyester factory load rates, PTA downstream product prices, and PTA downstream product inventories, all sourced from Wind and the Research and Development Department of CCB Futures [11][13][17]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The polysilicon market is expected to operate cautiously and strongly within the range. The supply in the fourth quarter can meet the terminal demand, but the industry's internal improvement momentum is weak, and the market focus is on the policy side, which is currently in a vacuum period [4]. 3. Summary by Relevant Catalogs 3.1 Market Review and Outlook - Market Performance: The main contract price of polysilicon ran strongly within the range. The closing price of the PS2601 contract was 54,335 yuan/ton, with a daily increase of 1.58%. The trading volume was 208,200 lots, and the open interest was 114,932 lots, with a net increase of 9,055 lots [4]. - Spot Price: The transaction price range of polysilicon n-type re-feeding material was 49,000 - 55,000 yuan/ton, with an average transaction price of 53,200 yuan/ton, flat compared to the previous period. The transaction price range of n-type granular silicon was 50,000 - 51,000 yuan/ton, with an average transaction price of 50,500 yuan/ton, also flat compared to the previous period [4]. - Future Outlook: In the fourth quarter, the expected output of polysilicon is 382,000 tons, with a monthly average output of 127,300 tons. The current output level can meet the terminal demand of about 63GW. The demand for downstream silicon wafers and cells is stable, but the industry's internal improvement momentum is weak. The pressure comes from the weak terminal demand after the "rush installation" period. The market focus is expected to remain on the policy side, and the market will operate cautiously and strongly within the range [4]. 3.2 Market News - On October 28, the number of polysilicon warehouse receipts was 9,150 lots, a net decrease of 90 lots compared to the previous trading day [5]. - In September 2025, the newly installed photovoltaic capacity was 9.66GW, a month-on-month increase of 31.25%. From January to September, the cumulative newly installed photovoltaic capacity was 240.27GW [5]. - The Communique of the Fourth Plenary Session of the 20th Central Committee proposed to accelerate the construction of a new energy system, build a modern industrial system, and promote the high - quality development of the service industry [5].