Report Information - Report Title: Financial Futures Weekly Report [1] - Date: October 24, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided in the report. Core Views - The A-share market showed a "slow bull" trend, with the Shanghai Composite Index breaking through the previous high on October 24 due to the easing of Sino-US negotiations. The market style is expected to adopt a dumbbell strategy in the short term, with balanced allocation of CSI 300 and CSI 500. [7][8][13] - The bond market was suppressed by the stock market this week, and bond yields mostly increased, with the short end rising more significantly. The bond market lacks direct positive stimuli in the short term, and it is still necessary to wait patiently for a counterattack opportunity. [99] - The container shipping futures continued to rebound this week, with the SCFIS rising above 1100 points. The bottom of the freight rate for the year may have been reached, and there is an opportunity for the December contract to recover from oversold conditions. [116][131] Summary by Directory Stock Index Market Review - The A-share market showed a trend of "short-term correction followed by a strong run, a sharp decline after being impacted externally, a rebound, and then a continuous upward trend, and a consolidation after the positive news was realized and the negotiations were deadlocked." From October 20 to 24, the A-share market rose with shrinking volume, and small and medium-cap stocks performed more strongly. [7][10] - In the future, it is necessary to pay attention to the outcome of the Sino-US negotiations. If there are no black swan events, it may help the index break through further. In the short term, the market style will adopt a dumbbell strategy, with balanced allocation of CSI 300 and CSI 500. [13] 成交持仓分析 - The trading volume of stock index futures decreased, and the positions also generally declined. The average daily trading volumes of IF, IH, IC, and IM were 115,200 lots, 54,500 lots, 134,500 lots, and 225,700 lots respectively, with changes of -51,700 lots, -23,600 lots, -47,800 lots, and -64,800 lots compared with last week. The average daily positions were 257,100 lots, 91,800 lots, 245,300 lots, and 355,200 lots respectively, with changes of -20,000 lots, -9,500 lots, -16,000 lots, and -12,300 lots compared with last week. [14] 基差、跨期价差及跨品种价差分析 - The basis trend was differentiated. The basis of CSI 300 narrowed, the basis of SSE 50 changed from discount to premium, and the basis of CSI 500 and CSI 1000 also narrowed. The annualized basis rate also showed similar trends. [18][19][21] - The spread between the next-month and current-month contracts of IF, IC, and IM was negative, and the spread of IH was positive. The spread between the current-quarter and current-month contracts of IF, IC, and IM was negative, and the spread of IH was positive. [22] - Small and medium-cap stocks performed relatively better. The ratios of CSI 300/SSE 50, CSI 1000/CSI 500, CSI 300/CSI 1000, and SSE 50/CSI 1000 were at different historical percentile levels. [25] Industry Sector Overview - In terms of the CSI 300 sub-industry, the communication, information, and industrial sectors led the gains, while the consumption and real estate sectors led the losses. In terms of the CSI 500 sub-industry, the information, energy, and industrial sectors led the gains, while the pharmaceutical and consumption sectors led the losses. [26][29] - From the perspective of the primary industry, the communication, electronics, and power equipment sectors led the gains, while the agriculture, forestry, animal husbandry, fishery, food and beverage, and beauty care sectors led the losses. [31] Valuation Comparison - As of October 24, 2025, the rolling price-to-earnings ratios of CSI 300, SSE 50, CSI 500, and CSI 1000 were 14.4576 times, 12.26 times, 33.948 times, and 46.4532 times respectively, and they were at the 90.37%, 94.11%, 81.2%, and 73.01% percentile levels in the past ten years. [33] Treasury Bonds This Week's Market Review - Treasury Bond Futures Market: The stock-bond seesaw effect continued this week, and the stock market rebound suppressed the bond market. The long-term futures performed stronger than the spot bonds, while the short-term bonds were the opposite. There is a certain positive arbitrage space in the 30-year, 10-year, and 2-year main contracts, but it is necessary to be cautious when participating in the reverse arbitrage strategy. The 10-year basis is particularly low and has a certain upward regression space. The 2603 contract has poor liquidity, so it is not recommended to participate in the inter-period strategy. Pay attention to the flattening strategy. [38][41][45][56][59] - Bond Spot Market: The yields of most treasury bond spot bonds increased this week, with the short end rising more significantly. The US bond yields first decreased and then increased. [70] - Funding: As the tax payment peak approached, the central bank switched to net investment. The funding situation tightened slightly but remained generally stable, with no liquidity stratification between banks and non-banks. [77][79] - Interest Rate Derivatives: The yields of interest rate swaps increased slightly this week, and the liquidity expectation was stable. [93] Market Analysis - Recent Market Logic: In October, the bond market entered a window period where risks were gradually cleared after negative news was realized. The market stabilized but still lacked a trigger for a counterattack, such as clear monetary easing. It is necessary to pay attention to the possible repeated risks in Sino-US trade negotiations. [99] - This Week's Fundamental Situation: The GDP in the third quarter increased by 4.8% year-on-year, in line with expectations. From the demand side, exports and consumption were relatively resilient, while investment demand weakened significantly. The industrial production demand rebounded, but there is a risk of a decline in the fourth quarter. The export in September exceeded expectations, but the domestic demand side performed poorly, with consumption slowing down significantly and investment falling into negative growth. The real estate market has not yet stabilized. [100][101][102] - Next Week's Bond Market Outlook: Short-term monetary easing is difficult to implement, and the bond market lacks a clear main line. It is still necessary to trade bonds based on the stock market. Pay attention to the Sino-US trade negotiations next week. [113] Next Week's Open Market Maturity and Important Economic Calendar - A total of 156.72 billion yuan of reverse repurchases and MLF will mature next week. Economic data such as industrial enterprise profits for September and the official PMI for October will be released. [115] Shipping Index Market Review - The container shipping futures continued to rebound this week, with the SCFIS rising above 1100 points. The spot freight rates of shipping companies continued to increase in November, and the far-month pessimistic expectations continued to be repaired due to the resurgence of the Hamas-Israel conflict. [116] Container Shipping Market Situation - Spot Market: The freight rates of ocean routes continued to rebound, with the rates of European and American routes increasing. Shipping companies continued to support the freight rates for November, and the bottom of the freight rate for the year may have been reached. [124][125] - Container Shipping Supply and Demand Fundamentals: On the supply side, the container shipping capacity in Europe in October was still at a relatively high level in the off-season, and the supply pressure still exists. On the demand side, the macro demand in the eurozone continued to recover weakly, and the demand side may have limited support for the container shipping price. [127][128] Market Outlook - October is a traditional off-season, and the supply pressure still exists. However, shipping companies have started to support the freight rates for the year-end long-term contract season, and the bottom of the freight rate for the year may have been reached. There is an opportunity for the December contract to recover from oversold conditions. [131]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The geopolitical situation has led to a short - term rebound in oil prices, but the sustainability of sanctions and their impact on the market need to be closely monitored. The crude oil market faces supply - demand imbalances, with increasing supply and weakening demand in the future [7][8][10]. - The price of asphalt may follow the short - term upward trend of oil prices, but the sustainability is questionable, and it may fall again later due to weakening demand [26][27]. - The soda ash market is in a state of oversupply, and the contract price is expected to fluctuate. With no substantial positive factors, the price may fluctuate weakly [50][51][53]. - The supply - demand imbalance in the industrial silicon market persists, and the futures price is expected to oscillate within a narrow range [74]. - The polysilicon market has insufficient endogenous improvement power, with supply - demand remaining loose and continued inventory accumulation. The price is expected to oscillate, and it is advisable to wait and see [89]. - The pulp market may continue to oscillate widely in the short term due to weak overseas consumption and slow start of the traditional peak season [104]. 3. Summary by Related Catalogs Crude Oil - **Market Review and Operation Suggestions**: WTI, Brent, and SC crude oil prices rose this week. Geopolitical factors such as sanctions on Russian oil companies may support the prices of Middle - Eastern oil types, but the sustainability of sanctions is uncertain. If sanctions ease, oil prices may fall again [7]. - **Fundamental Changes**: Geopolitical tensions have supported oil prices, but historical experience shows that prices may fall without further support. EIA data shows that US crude oil and product inventories decreased this week, and refinery operating rates rebounded. However, OPEC+ continues to increase production, and the market is worried about supply over - capacity. On the demand side, although the demand in the second and third quarters was slightly higher than expected, it is expected to be weak in the remaining time of this year and 2026 [8][10][11]. Asphalt - **Market Review and Operation Suggestions**: The asphalt futures price rose this week, while the spot price fell slightly. The cost side is affected by oil prices, and the supply side is expected to remain stable overall, but the demand side is seasonally weakening. Short - term prices may follow oil prices, but the sustainability is doubtful, and long - positions should take flexible profit - taking [26][27]. - **Fundamental Changes**: The cost side is affected by geopolitical factors. The supply side has some changes in refinery production plans, with overall operating rates expected to be stable. The demand side is weakening seasonally, and the inventory of both factories and the society has decreased. The production profit has generally increased [28][30][31]. Soda Ash - **Market Review and Operation Suggestions**: The soda ash futures price fluctuated slightly and was slightly stronger. Supply was affected by equipment maintenance, but overall production remained stable. Downstream demand was mainly for low - price replenishment, and the fundamental driving force was still insufficient. The market was in a state of oversupply, and the price was expected to oscillate, with a possible weakening trend [50][51][53]. - **Soda Ash Market Situation**: - **Supply**: The weekly production and operating rate of soda ash decreased slightly. Some enterprises had equipment maintenance, and the overall supply remained abundant. In the fourth quarter, supply may be further affected by new capacity [54][55]. - **Inventory**: The inventory of soda ash increased again, with heavy - soda ash inventory increasing significantly. The inventory pressure was significant, and the supply - demand imbalance continued to dominate the market [56]. - **Spot Market**: The spot price of soda ash was expected to oscillate narrowly, with a weak balance between supply and demand and insufficient upward momentum [63]. - **Glass Import and Export**: The export volume of soda ash in September decreased slightly, but the cumulative export volume from January to September increased significantly compared with last year. The import volume was small [64]. - **Downstream**: The demand for soda ash from the float glass industry was relatively stable, but the industry was still in a situation of strong supply and weak demand. The demand from the photovoltaic glass industry was in a weak - balance state, and the inventory pressure might restrict price increases [68][69]. Industrial Silicon - **Industrial Silicon Futures Review and Outlook**: The spot price of industrial silicon was stable, and the futures price oscillated. The supply - demand imbalance persisted, and the price was expected to oscillate within the range of 8500 - 9000 yuan/ton [74]. - **Industrial Silicon Fundamental Overview**: The prices of main products in the industrial silicon industry chain were stable. The spot inventory was slowly increasing, and the production continued to rise. The demand from the polysilicon and organic silicon sectors had different performances, and the export volume decreased slightly in September [74][76][77]. Polysilicon - **Polysilicon Market Review and Outlook**: The price of polysilicon was stable, and the futures price oscillated. The photovoltaic industry had insufficient endogenous improvement power, with supply - demand remaining loose and continued inventory accumulation. It was advisable to wait and see [88][89]. - **Photovoltaic Industry Fundamental Overview**: The prices of main products in the polysilicon industry chain were stable. The production of polysilicon continued to increase, but the terminal demand was weak, and the inventory of the entire industry chain increased slightly [90][92]. Pulp - **Pulp Market Review and Outlook**: The pulp futures price rose this week, and the spot price of wood pulp showed a differentiated trend. Overseas consumption was weak, and the supply pressure of domestic and foreign pulp mills was still being released. The demand side of the pulp market was slowly increasing, and the traditional peak season started slowly. The price was expected to oscillate widely in the short term [103][104]. - **Fundamental Changes**: - **Paper Pulp Shipment Volume of Main Producing Countries**: In August, the shipment volume of chemical pulp from the world's top 20 pulp - producing countries increased year - on - year, with different trends for softwood and hardwood pulp [105]. - **Paper Pulp Import Volume**: In September, China's paper pulp import volume increased both month - on - month and year - on - year [104]. - **Paper Pulp Inventory Situation**: The inventory days of global producers' softwood and hardwood pulp showed different trends, and the inventory in major regions and ports increased [115]. - **Downstream Market**: The performance of downstream base papers was still differentiated, and the demand for the pulp market increased slowly [104].

021-60635736 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 焦炭焦煤日评 日期 2025 年 10 月 24 日 黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 请阅读正文后的声明 ＃summary＃ 每日报告 | | | | | | 表1：10月23日焦炭焦煤期货主力合约价格、成交及持仓情况（单位：元/吨、手、亿元） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流出 | | J2601 | 170 ...

Report Overview - Report Type: Iron Ore Daily Review [1] - Date: October 24, 2025 [2] - Research Team: Black Metal Research Team [3] 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - On October 23, the iron ore futures main 2601 contract showed a volatile and slightly stronger trend. The spot market had stable foreign - market quotes and a 3 - yuan/ton price increase at Qingdao Port. Technically, the KDJ indicator formed a golden cross, and the MACD green column narrowed for 3 consecutive days. The market may be affected by factors such as Sino - US trade negotiations and BHP's announcements. The supply and demand fundamentals show that Australian and Brazilian shipments have rebounded, arrivals have dropped, and iron - water production is at a high level but has declined slightly for 3 weeks. Steel production profits are shrinking. Overall, the coking coal market news may drive steel and iron ore prices up, but the changes in steel production profits and Sino - US negotiation results need to be observed [7][9][11] 3. Summary by Directory 3.1 Market Review and Future Outlook 3.1.1 Market Review - On October 23, the iron ore futures main 2601 contract opened at 777 yuan/ton, reached a high of 782 yuan/ton, a low of 770 yuan/ton, and closed at 777 yuan/ton, up 0.39%. The trading volume was 236,711 lots, and the open interest increased by 2,978 lots to 561,141 lots. Other related steel futures contracts also had different price changes and trading volumes [5][7] - The spot market: Main iron ore foreign - market quotes on October 23 were flat compared with the previous trading day, and the prices of main - grade iron ore at Qingdao Port increased by 3 yuan/ton compared with the previous day. Technically, the KDJ indicator of the iron ore 2601 contract formed a golden cross on the daily line, and the green column of the MACD indicator on the daily line of the iron ore 2601 contract narrowed for 3 consecutive days [9] 3.1.2 Future Outlook - News: China will send a delegation to Malaysia for economic and trade consultations with the US from October 24 to 27. On October 23, BHP stated that if its coking coal business in Australia does not receive regulatory support, it will be forced to make "difficult decisions." Last month, BHP announced the suspension of its joint - venture coking coal mine in Queensland due to low product prices and high royalties [10][11][12] - Fundamentals: Australian and Brazilian shipments have rebounded, and arrivals have dropped significantly, mainly due to the regular decline after the end of the quarterly - end rush. The average daily iron - water production is still above 240 million tons but has declined slightly for 3 consecutive weeks. Considering the continuous narrowing of steel production profits, the current profits of rebar blast furnaces, hot - rolled coils, cold - rolled coils, and electric furnaces have all fallen into a loss state. It is expected that the subsequent production will continue to fluctuate at around 240 million tons. Steel demand has recovered this week, and the output of the five major steel products has increased slightly. The sustainability of the subsequent demand recovery needs to be observed [11] - Overall view: The sudden news in the coking coal market has a significant driving effect on prices, and steel and iron ore may follow the upward trend in the short term. However, the changes in steel production profits need to be observed to see if they can recover. In addition, the results of the Sino - US negotiations also need to be closely monitored [11] 3.2 Industry News - On October 23, BHP stated that if its coking coal business in Australia does not receive regulatory support, it will be forced to make "difficult decisions." Last month, BHP announced the suspension of its joint - venture coking coal mine in Queensland with a subsidiary of Mitsubishi due to low product prices and high royalties [12] 3.3 Data Overview - The report provides multiple 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, Brazilian and Australian iron ore shipments, arrivals at 45 ports, domestic mine capacity utilization, main port iron ore trading volume, steel mill iron ore inventory available days, imported sintered powder ore inventory, port iron ore inventory and shipment volume, sample steel mill tax - free hot - metal cost, blast furnace and electric - furnace operating rates and capacity utilization, national average daily iron - water production, apparent consumption of the five major steel products, weekly output of the five major steel products, and steel mill inventory of the five major steel products. All data sources are from Mysteel and the Research and Development Department of Jianxin Futures [14][18][22]

Report Overview - Report Type: Container Shipping Index Daily Report [1] - Date: October 24, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - In October, being the traditional off - season with limited capacity control and supply pressure, the container shipping spot freight rates are continuously falling. However, shipping companies are raising rates for the second half of October and November in preparation for the year - end long - term contract season. Although the rate increase may not fully materialize, a bottom - up trend is likely to form, and the bottom of freight rates for the year may have been reached. The December contract has an opportunity for oversold recovery due to the Israel - Hamas conflict affecting the Red Sea route [8]. - The China export container shipping market continued its rebound this week. The overall transport demand was stable, and the freight rates on ocean routes increased, driving up the comprehensive index. China's exports in September showed positive growth, especially to the EU, which was the main growth driver in the export market [9]. 3. Summary by Directory 3.1行情回顾与操作建议 (Market Review and Operation Suggestions) - **Spot Freight Situation**: In October, the traditional off - season, with limited capacity control, the supply pressure remains, and the spot freight rates are falling. Shipping companies are raising rates for the second half of October and November. For example, Maersk's rates for the Shanghai - Rotterdam route increased. Although the rate increase may not fully materialize, the freight rates are likely to bottom out and recover. The December contract has an oversold recovery opportunity due to the Israel - Hamas conflict [8]. 3.2行业要闻 (Industry News) - **Market Rebound**: The China export container shipping market continued to rebound this week. The overall transport demand was stable, and the freight rates on ocean routes increased, driving up the comprehensive index. China's exports in September increased by 8.3% year - on - year, and the export growth rate to the EU reached 14.2% in September, a three - year high [9]. - **Route - specific Situations**: - **European Routes**: The transport demand was stable, and the spot market booking prices continued to rebound. The Shanghai - Europe basic port market freight rate on October 17 increased by 7.2% compared to the previous period [9]. - **Mediterranean Routes**: The market situation was similar to that of European routes, and the freight rates continued to rise. The Shanghai - Mediterranean basic port market freight rate on October 17 increased by 3.5% compared to the previous period [9]. - **North American Routes**: China's exports to the US decreased by 27% in September, with six consecutive months of negative growth since April. However, the transport demand was relatively stable this week, and the spot market booking prices rebounded from the low level. The Shanghai - US West and US East basic port market freight rates on October 17 increased by 31.9% and 16.4% respectively compared to the previous period [10]. - **Israel - Hamas Conflict**: There was a new conflict between Israel and Hamas. Israel is accelerating the resumption of full - scale military operations, and the Red Sea route is unlikely to resume navigation this year [10]. 3.3数据概览 (Data Overview) - **Container Shipping Spot Prices**: - The Shanghai Export Container Settlement Freight Index for European routes on October 20 was 1140.38, up 10.5% from October 13. - The index for US West routes on October 20 was 863.46, up 0.1% from October 13 [12]. - **Container Shipping Index (European Routes) Futures Quotes**: The trading data of EC2510, EC2512, EC2602, EC2604, EC2606, and EC2608 contracts on October 23, including opening price, closing price, settlement price, change, change rate, trading volume, open interest, and open interest change, are provided [6]. - **Shipping - related Data Charts**: Charts of Shanghai Export Container Settlement Freight Index, container shipping European route futures main and sub - main contracts, European container ship capacity, global container ship order backlog, Shanghai - European basic port freight rate, and Shanghai - Rotterdam spot freight rate are provided [13][16][17][21]

行业 锌期货日报 日期 2025 年 10 月 24 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 请阅读正文后的声明 ＃summary＃ 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 | 2511 | 22035 | 22300 | 22310 | 22015 | 325 | 1.48 | 35504 | -10907 | | 沪锌 | 2512 | 22030 | 22345 | 22345 | 22025 | 355 | 1.61 | 124740 | -7952 | | 沪锌 | 2601 | 22110 | 22370 | 22380 | 22050 | 345 ...

Report Information - Report Title: Treasury Bond Daily Report [1] - Date: October 24, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided in the report Core Viewpoints - In October, the bond market entered a window period where risks were gradually cleared after negative factors materialized. The market stabilized but lacked a trigger for a counter - attack in the form of clear monetary easing. The Q3 GDP growth of 4.8% met expectations, with the domestic economic fundamentals slowing since the end of Q2. Although exports remained resilient, domestic demand was still weak, making policy stimulus necessary. The orientation of loose monetary and fiscal policies remained unchanged, but short - term monetary easing was unlikely. The bond market lacked direct positive stimuli and was disturbed by the stock - bond seesaw. It was necessary to wait patiently for a counter - attack opportunity, and pay attention to the possible hedging demand from Sino - US trade negotiations [10][11] Summary by Directory 1. Market Review and Operation Suggestions - **Market Data**: Provided trading data of treasury bond futures on October 23, including contract details such as TL2512, TL2603, etc., with information on pre - settlement price, opening price, closing price, etc. For example, TL2512 had a pre - settlement price of 115.600, a closing price of 115.210, a decline of 0.390, and a decline rate of 0.34% [6] - **Market Performance**: The stock - bond seesaw continued. In the afternoon, the A - share market rose, and treasury bond futures oscillated downward. The yields of major term interest - bearing treasury bonds in the inter - bank market showed short - term decline and long - term increase, with the medium - long end rising less than 1bp. By 16:30, the yield of the 10 - year treasury bond active bond 250016 was reported at 1.837%, up 0.95bp [7][8] - **Funding Market**: The funding situation was stable with a marginal tightening. There were 236 billion yuan of reverse repurchases due, and the central bank injected 212.5 billion yuan, resulting in a net withdrawal of 23.5 billion yuan. As the tax payment period approached, the inter - bank funding sentiment index rose slightly. The weighted overnight rate of inter - bank deposits fluctuated around 1.31, the 7 - day rate dropped 0.6bp to 1.4267%, and the medium - long - term funds were stable, with the 1 - year AAA certificate of deposit rate remaining around 1.66% [9] 2. Industry News - **International News**: US President Trump said he expected to reach a good trade agreement with Chinese leaders during the APEC Economic Leaders' Meeting next week, but the meeting might be cancelled. The Chinese Foreign Ministry responded that head - of - state diplomacy played an irreplaceable strategic leading role in Sino - US relations, and there was no information to provide on the specific issue. On October 22, the US Senate failed to pass the Republican - proposed temporary appropriation bill, and the government "shutdown" stalemate continued. This was the 12th time the Senate had voted down the bill since the government "shutdown" [12] - **Domestic News**: PBOC Deputy Governor Xuan Changneng attended the Global Sovereign Debt Roundtable and other meetings, stating that trade frictions and geopolitical uncertainties dragged down global economic growth, and developing countries faced increased debt burdens and liquidity problems. China actively participated in debt restructuring. Three policy banks announced that nearly 300 billion yuan of new policy - based financial instruments had been invested, expected to drive over 4 trillion yuan in total project investment. Since October, more than 10 small and medium - sized banks had cut deposit rates, with a maximum reduction of 80 basis points [13][14] 3. Data Overview - **Treasury Bond Futures Market**: Included information on the price differences between different terms and varieties of treasury bond futures' main contracts, as well as the trends of main contracts [15][16][19] - **Money Market**: Included the changes in the weighted inter - bank pledged repurchase rate, the SHIBOR term structure, and the SHIBOR trend [27][32] - **Derivatives Market**: Included the average curves of Shibor3M and FR007 interest rate swaps [36]

Report Information - Report Name: Pig Daily Report [1] - Date: October 24, 2025 [2] Market Review and Operation Suggestions Pig Market - Futures: On the 22nd, the main pig contract 2601 opened flat, then bottomed out and rebounded in a narrow - range oscillation, closing with a negative line. The highest was 12,275 yuan/ton, the lowest was 12,135 yuan/ton, and the closing price was 12,220 yuan/ton, up 0.83% from the previous day. The total position of the index increased by 7 lots to 290,211 lots [6]. - Spot: On the 23rd, the national average price of foreign ternary pigs was 11.80 yuan/kg, up 0.09 yuan/kg from the previous day [6]. Pig Review - Supply: In the long - term, pig slaughter is expected to maintain a slight increase until the first half of next year. In the short - term, the pig slaughter volume in October continued to increase significantly, with high supply pressure. However, currently, the slaughter of key provincial breeding enterprises across the country shows a stable and slightly faster rhythm, and the short - term slaughter pressure of large - scale farms has been alleviated to some extent. Also, with the expansion of the price difference between fat and standard pigs, farmers have the sentiment of resisting price cuts and delaying slaughter for weight gain [7]. - Demand: Currently, secondary fattening continues to enter the market due to low meat - making costs and the expanding price difference between fat and standard pigs. After the price rebounded to a high level in some areas, it turned to a wait - and - see attitude. As the weather in the south cools down rapidly, terminal consumer demand may continue to rise, and the demand side may gradually improve. The orders of slaughtering enterprises have slightly increased, and the开工 rate and slaughter volume of slaughtering enterprises have slightly increased. On October 23rd, the slaughter volume of sample slaughtering enterprises was 164,600 heads, an increase of 300 heads from the previous day, 1,300 heads week - on - week, and 10,600 heads month - on - month [7]. - Overall: In the spot market, driven by the active replenishment demand of secondary fattening, the short - term supply has decreased, and the supply pressure has been slightly relieved. The spot price continues to oscillate and rebound. In the futures market, the pig supply before the Spring Festival is expected to maintain a slight increase. The demand elasticity of the 2601 contract still exists, and it may rebound driven by the spot market. However, the entry of secondary fattening in October was relatively concentrated, and farmers mostly have the sentiment of hoarding and waiting for weight gain. Coupled with the continuous release of production capacity, it will form double supply pressure in the fourth quarter, and the upward space may be limited. Attention should be paid to the sustainability and volume of secondary fattening replenishment in the later stage [7]. Data Overview - Breeding Profit: On October 16th, the average profit per self - breeding and self - raising pig was - 188.5 yuan/head, a week - on - week decrease of 111 yuan/head; the average profit per pig purchased from outside was - 432.2 yuan/head, a week - on - week decrease of 112 yuan/head [11]. - Piglet Price: In the week of October 16th, the average market sales price of 15 - kg piglets was 265 yuan/head, a decrease of 17 yuan/head from the previous week [11]. - Price Difference between Fat and Standard Pigs: In the week of October 16th, the price difference between 175 - kg fat pigs and standard pigs was 0.60 yuan/jin, a week - on - week increase of 0.1 yuan/jin [11]. - Fattening Cost: The cost of fattening a 110 - kg pig to 140 kg in this week was 11.63 yuan/kg, an increase of 0.04 yuan/kg from the previous week; the cost of fattening a 125 - kg pig to 150 kg was 11.95 yuan/kg, an increase of 0.04 yuan/kg from the previous week [11]. - Average Slaughter Weight: As of the week of October 16th, the average slaughter weight of pigs across the country was 128.25 kg, a decrease of 0.23 kg from the previous week (a week - on - week decrease of 0.18%), a decrease of 0.20 kg from the previous month (a month - on - month decrease of 0.16%), and an increase of 1.91 kg compared with the same period last year (a year - on - year increase of 1.51%) [11]. - Slaughtering Enterprise开工率: In the week of October 16th, the opening rate of slaughtering enterprises was 32.38%, a decrease of 2.15 percentage points from the previous week and an increase of 5.07 percentage points year - on - year. The opening rate of enterprises fluctuated in the range of 30.95 - 34.44% during the week, and the enterprise opening rate increased slowly [11].

行业 PTA 日报 日期 2025 年 10 月 24 日 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 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（原油燃料 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业 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） 一、 行情回顾与操作建议 | 表1：期货行情 | ...

Report Information - Report Title: Asphalt Daily Report [1] - Report Date: October 24, 2025 [2] Investment Rating - No investment rating information provided Core View - Oil prices rebounded, and asphalt followed suit. The previous strategy of going long on asphalt and short on crude oil was gradually stopped for profit. For the time being, take a wait - and - see approach on single - side trading [6] Summary by Directory 1. Market Review and Operation Suggestions - Futures Market: For BU2601, the opening price was 3236 yuan/ton, the closing price was 3277 yuan/ton, the highest was 3300 yuan/ton, the lowest was 3236 yuan/ton, the increase was 2.31%, and the trading volume was 283,000 lots. For BU2512, the opening price was 3255 yuan/ton, the closing price was 3294 yuan/ton, the highest was 3311 yuan/ton, the lowest was 3255 yuan/ton, the increase was 2.01%, and the trading volume was 62,300 lots [6] - Spot Market: Prices in North China, Shandong, and South China rose, those in Northeast China fell significantly, and prices in other regions were relatively stable. The decline in Northeast was due to weakening road - oriented demand and falling low - sulfur asphalt prices [6] - Supply: Liaohe Petrochemical plans to increase production, but the reduction at East China's Jinling Petrochemical and the non - resumption plans of some refineries in Shandong and Henan may lead to a decline in this week's asphalt operating rate [6] - Demand: Rainfall decreased in the north, providing some support for rigid demand, but the capital problem of small and medium - sized projects remained severe, and speculative demand was also low [6] 2. Industry News - South China Market: The mainstream transaction price of 70A grade asphalt was 3340 - 3550 yuan/ton, remaining stable. Despite reduced supply from refineries, sufficient social inventory and low - price sales by some traders made it difficult to raise prices [7] - Shandong Market: The mainstream transaction price of 70A grade asphalt was 3270 - 3620 yuan/ton, up 10 yuan/ton. The rebound of international oil prices and asphalt futures boosted market sentiment. Although refinery quotes were stable, some traders raised prices, and good sales of low - price resources drove up the low - end price [7] 3. Data Overview - The report presented multiple data charts, including South China asphalt spot price, Shandong asphalt basis, asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures [9][13][15]