Report Summary 1. Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views - The prices of coking coal and coke are highly volatile due to the expected "anti - involution" policy, and there are opportunities for a slightly upward trend in the volatile market [2][3]. - The A - share market is expected to continue to fluctuate upward in the short term [6]. - Gold prices are likely to continue rising in the short term due to the high probability of a Fed rate cut in September [11]. - Iron ore prices may be supported by restocking, and the market is in a high - level wide - range shock zone [14][15]. - Glass prices can be viewed with a low - buying strategy as they continue narrow - range consolidation [18]. - Palm oil prices are expected to be in a slightly downward volatile trend due to high inventory pressure and lack of demand [22]. - Pulp prices are expected to remain in a low - level shock, and high - selling and low - buying within the range can be considered [25]. 3. Summary by Related Catalogs Hot Focus - On September 12, 2025, coking coal futures rose for the second consecutive day, with a gain of 0.88% and closing at 1,144 yuan. Fundamentally, strict safety inspections in Shanxi may limit production release, but steel mill profits have limited recovery, iron - water production is at a medium - low level, coke demand is insufficient, and coking plant inventories are high. From the news perspective, coal mine supply disturbances may last until around National Day, while downstream procurement has slowed and speculative demand has weakened. Overall, carbon element supply is still abundant, and there is an expectation of a gradual recovery in downstream iron - water [2][3]. Technical Analysis - Stock Index Futures - Ten regions are conducting comprehensive reform pilots, and the reform of factor market allocation is deepening. Three departments have issued the "Work Plan for Stable Growth of the Power Equipment Industry (2025 - 2026)". The market is expected to continue to fluctuate upward in the short term [6]. Technical Analysis - Gold - The US non - farm payroll data in August was still below expectations, and there is a high probability of a Fed rate cut in September, which is positive for gold. The weekly adjustment is relatively sufficient, and the price is expected to continue rising in the short term [11]. Technical Analysis - Iron Ore - The supply of iron ore shipments is stable. Steel mills are showing signs of复产, and iron - water production is expected to remain high. As the National Day approaches in the middle and late period, steel mills' restocking may support raw material prices. Technically, it is still in a high - level wide - range shock zone, and attention should be paid to the breakthrough situation [14][15]. Technical Analysis - Glass - The daily melting volume of glass is basically stable, factory inventories have declined slightly, but the recovery of downstream deep - processing orders is insufficient. Technically, it continued narrow - range consolidation today, and a low - buying strategy can be maintained [18][19]. Technical Analysis - Palm Oil - The cumulative increase in the oil and fat market has been large recently. With the overall increase in inventory pressure and lack of demand support, the market's motivation to chase up has declined, and the pressure for profit - taking has increased. It should be treated with a slightly downward volatile view [22]. Technical Analysis - Pulp - The price of pulp in Shandong today remained stable, and port inventories have started to decline slightly, remaining at a medium - high level. There is an expected boost before the Mid - Autumn Festival peak season, but no improvement has been seen yet. It is expected to remain in a low - level shock, and high - selling and low - buying within the range can be considered [25].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - In the short term, the price of crude oil will fluctuate in a weak trend, and in the long term, the global crude oil market will face a situation of oversupply [3] - The price of PX will mainly fluctuate, and the supply - demand pattern of PTA is strong in the near term and weak in the long term, limiting its price rebound space [3] - The price of MEG will fluctuate and adjust in the short term, and there is a risk of supply - demand gap under low inventory [4] - The price rebound space of BZ and EB is limited [4] Summary by Related Catalogs Crude Oil - OPEC+ decided to increase the oil production cap of 8 major oil - producing countries by 137,000 barrels per day in October compared to September [3] - The market is concerned about the upcoming 19th round of EU sanctions on Russia and Trump's secondary tariffs on countries importing Russian oil [3] - After the peak energy demand season ends, the price will fluctuate in a weak trend in the short term, and there will be an oversupply situation in the long - term global crude oil market [3] PX & PTA - Domestic PX weekly average capacity utilization rate is 84.63%, unchanged from last week, and the Asian PX weekly average capacity utilization rate is 74.45% (+0.36%) [8] - The PX - naphtha spread remains at around $235 per ton [8] - Fuguida Chemical's 700,000 - ton PX device will start maintenance next week and restart in November [3][8] - South Korea's major petrochemical companies plan to cut naphtha cracking capacity, which will affect Asian PX production. China's PX import dependence is 19.9%, with 40% from South Korea [8] - PTA device changes are frequent, with two 2.5 - million - ton devices restarted, and the overall load is 74.95% (+4.3%) [3] - PTA processing fees have weakened to 129 yuan per ton, at a low level in recent years [3] - There is an expectation of a 3 - million - ton/year new PTA device being put into production in the fourth quarter, and the supply - demand pattern is strong in the near term and weak in the long term [3] MEG - The MEG operating rate continues to rise, and port arrivals are scarce in early September. Port inventories will decline in the next two weeks and are at a historical low [4] - There is an expectation of inventory accumulation in the far - month, suppressing the valuation of the 2601 contract [4] - In the short term, pay attention to the supply - demand gap risk under low MEG inventory [4] - The price of MEG is expected to fluctuate and adjust in the short term [4] BZ & EB - The pure benzene operating rate remains high, with new domestic capacities concentrated in August - September, and the supply pressure is large, with high port inventories and possible further inventory accumulation [4] - The downstream operating rate of benzene has weakened again, and the overall profit is still poor [4] - The BZN has weakened and then stabilized [4] - The styrene operating rate is 74.98% (down 4.76% from last week), and new capacities will be gradually released from September - October, with supply expected to increase [4] - The 3S operating rate has rebounded slightly, but the downstream finished product inventory is high, and the procurement enthusiasm is limited [4] - The port inventory of styrene is slowly being depleted, and the price rebound space is limited [4] Polyester Industry - The weekly average capacity utilization rate of the domestic polyester industry is 87.9%, up 0.57% from last week [26] - The comprehensive operating rate of chemical fiber weaving in Jiangsu and Zhejiang is 62.42% (unchanged from last week), and the average order days are 14.55 days (up 0.66 days from last week), with a slight inventory accumulation in factories [26] - The terminal weaving market lacks overall driving force, downstream demand has not improved significantly, and the market is still in the recovery stage [26] Pure Benzene and Styrene - The pure benzene operating rate is 79.29% (down 0.14% from last week), and the styrene operating rate is 74.98% (down 4.76% from last week), with BZN dropping to around $120 per ton [34] - Among the downstream 3S, the PS operating rate is 61.9% (+0.9), the EPS operating rate is 61% (-8.48), and the ABS operating rate is 70% (+1.0), with the ABS inventory pressure being large [34] - In the "Golden September and Silver October" peak season, the downstream demand has improved month - on - month, and the styrene port inventory has started to decline [34]

Group 1: Report Overview - Report date: September 12, 2025 [1] - Report issuer: GOLDTRUST FUTURES CO., LTD [2] Group 2: Hotspot Focus - Coking Coal - Price movement: On September 11, 2025, coking coal futures closed up 26.0 yuan, a 2.33% increase, at 1141 yuan [2] - Fundamental situation: Tighter safety inspections in Shanxi may limit production release, but steel mill profits have limited recovery, hot metal production is at a medium - low level, coke demand is insufficient, and coking plants have high inventories and low procurement willingness [2] - News situation: Coal mine supply disruptions may last until around National Day, downstream procurement of coking coal and coke has slowed, and speculative demand has weakened. Overall, carbon element supply is still abundant, with an expected recovery in downstream hot metal [3] - Investment suggestion: Coking coal and coke prices are greatly disturbed by the "anti - involution" policy expectations, with high volatility. Seize the opportunity of an oscillating upward trend [3] Group 3: Technical Analysis - Stock Index Futures - Market situation: Consumption policies continue to take effect, with the core CPI up 0.9% year - on - year in August. Six departments are jointly rectifying the "black public relations" and "口水战" chaos in the auto industry. The A - share market opened slightly lower and then rose rapidly, closing with a large positive line [7][8] - Investment suggestion: It is expected that the market will continue to oscillate upward in the short term [7] Group 4: Technical Analysis - Gold - Market situation: The US non - farm payrolls data in August still fell short of expectations, increasing the probability of a Fed rate cut in September, which is positive for gold. The weekly adjustment is relatively sufficient [12] - Investment suggestion: Gold prices are expected to continue rising in the short term [12] Group 5: Technical Analysis - Iron Ore - Market situation: Supply shipments are stable. Steel mills are showing signs of resuming production, and hot metal is expected to remain at a high level. As the National Day approaches in the middle and late months, steel mills may start restocking [16] - Investment suggestion: Restocking may support raw materials. Technically, it is still in a high - level wide - range oscillation range, and pay attention to the breakthrough situation [15] Group 6: Technical Analysis - Glass - Market situation: Daily melting is basically stable, factory inventories continue to accumulate, and the recovery of downstream deep - processing orders is insufficient. Pay attention to restocking as the peak season approaches [20] - Investment suggestion: Technically, it had a narrow - range consolidation today. It can be viewed with a low - buying strategy [19] Group 7: Technical Analysis - Palm Oil - Market situation: The oil market has had a large cumulative increase recently. With rising inventory pressure and lack of demand support, the motivation for further chasing up has declined, and the pressure for profit - taking has increased [23] - Investment suggestion: Treat it with an oscillating downward view [23] Group 8: Technical Analysis - Pulp - Market situation: Pulp prices in Shandong remained stable today. Port inventories started to decline slightly and are at a medium - high level. There are expectations of a boost before the Mid - Autumn Festival peak season, but no improvement has been seen yet [26] - Investment suggestion: Maintain the view of low - level oscillation and suggest short - term long positions [26]

Report Industry Investment Rating - Not provided Core Viewpoints - For double - offset paper, with weak fundamentals and low prices, it is recommended to view it as oscillating weakly. For pulp futures, a short - selling approach on rallies is suggested [6][15] - The short - side main force has increased positions in pulp, and the long - side main force has reduced positions in double - offset paper, both being bearish signals [18] Summary by Related Catalogs Double - Offset Paper Fundamental Analysis - **Price**: The average price of double - offset paper enterprises was weakly sorted. The tax - included average price of 70g double - offset paper was 4,785.7 yuan/ton, with a month - on - month decrease of 1.2% [3] - **Supply**: The output was 195,000 tons, a decrease of 10,000 tons or 4.9% from the previous period. The capacity utilization rate was 52.9%, down 2.7% from the previous period. Although the industry's profitability was low and there was some production switching, new installations led to an incremental supply [4] - **Cost**: The prices of softwood pulp and hardwood pulp were flat, providing limited cost support [5] - **Demand**: Dealers were cautious about stockpiling, social orders of downstream printing factories were average, and overall demand was mainly for essential needs [5] - **Strategy**: As some suspended production enterprises have not fully resumed production, the industry's profitability is under pressure. It is expected that the supply increase next week will be limited [6] Supply - Demand Analysis of Double - Offset Paper - Some suspended production enterprises resumed work this week, the capacity utilization rate increased month - on - month, but downstream consumption was not boosted. User purchases were mainly for essential needs, and dealers mostly followed a just - in - time inventory strategy. Enterprise inventories increased slightly, and on - site inventories continued to rebound slightly and were at a high level in recent years [8] Pulp Futures Fundamental Analysis - The spot price of silver leaf pulp in Shandong remained stable. With weak supply and demand, the industry's operating rate was low, and the support at the 5000 - point level was weakening [15]

Report Summary 1. Report Industry Investment Ratings - No investment ratings for industries are provided in the report. 2. Core Views - On September 10, 2025, the main contract of soybean oil futures dropped by 1.92% to 8256 yuan/ton. The decline was due to multiple factors including strong expectations of international soybean harvest, increased domestic soybean arrivals, high oil - mill operating rates leading to rising inventories, weak demand in the traditional off - season, enhanced substitution by palm oil, and market sentiment. Investors should monitor international soybean market trends, domestic demand changes, and policy adjustments to seize short - selling opportunities [3]. - For stock index futures, with a doji candlestick on the chart, and considering news such as an 8 - month CPI decline of 0.4% year - on - year, a PPI decline of 2.9% year - on - year, and tightened account - opening conditions for mainland residents by the world's largest online brokerage, the market is expected to remain in high - level oscillations in the short term [6]. - For gold futures, as the US August non - farm payroll data was below expectations and there is a high probability of a Fed rate cut in September, which is positive for gold. With sufficient weekly - line adjustments, the price is expected to continue rising in the short term [11]. - For iron ore futures, with stable supply shipments, signs of steel mills'复产, high - level operation of hot metal, and approaching National Day, steel mills' restocking may support raw materials. Technically, it is in a high - level wide - range oscillation range, and investors should watch for breakthroughs [14][15]. - For glass futures, daily melting is stable, factory inventories are accumulating, and downstream deep - processing orders' recovery is insufficient. Technically, it continued to adjust today, and a low - buying strategy can be adopted [18][19]. - For palm oil futures, due to large cumulative gains in the recent oil market, increased inventory pressure, and lack of demand support, the market's upward momentum has weakened, and profit - taking pressure has increased. It should be treated with a bearish and oscillatory view [22]. - For pulp futures, the pulp price in Shandong remained stable today, and port inventories started to decline slightly but remained at a medium - to - high level. There are expectations of a boost before the Mid - Autumn Festival peak season, but no improvement has been seen yet. It is expected to remain in low - level oscillations, and short - term long positions are recommended [25]. 3. Summaries by Related Catalogs Hot Focus - Soybean Oil - On September 10, 2025, the main contract of soybean oil futures fell 1.92% to 8256 yuan/ton. Supply - side factors include strong international soybean harvest expectations, increased domestic soybean arrivals, and high oil - mill operating rates leading to rising inventories. Demand - side factors include weak demand in the traditional off - season, enhanced substitution by palm oil, and market sentiment. Investors should adjust strategies based on market and policy changes [3]. Technical Analysis - Stock Index Futures - The market closed with a doji candlestick. News includes an 8 - month CPI decline of 0.4% year - on - year, a PPI decline of 2.9% year - on - year, and tightened account - opening conditions for mainland residents by the world's largest online brokerage. It is expected to oscillate at high levels in the short term [6]. Technical Analysis - Gold - The US August non - farm payroll data was below expectations, and there is a high probability of a Fed rate cut in September, which is positive for gold. After sufficient weekly - line adjustments, the price is expected to rise in the short term [11]. Technical Analysis - Iron Ore - Supply shipments are stable. Steel mills are showing signs of复产, and hot metal is expected to operate at a high level. With the approaching National Day, steel mills' restocking may support raw materials. Technically, it is in a high - level wide - range oscillation range, and breakthroughs should be watched [14][15]. Technical Analysis - Glass - Daily melting is stable, factory inventories are accumulating, and downstream deep - processing orders' recovery is insufficient. Technically, it continued to adjust today, and a low - buying strategy can be adopted [18][19]. Technical Analysis - Palm Oil - Due to large cumulative gains in the recent oil market, increased inventory pressure, and lack of demand support, the market's upward momentum has weakened, and profit - taking pressure has increased. It should be treated with a bearish and oscillatory view [22]. Technical Analysis - Pulp - The pulp price in Shandong remained stable today, and port inventories started to decline slightly but remained at a medium - to - high level. There are expectations of a boost before the Mid - Autumn Festival peak season, but no improvement has been seen yet. It is expected to remain in low - level oscillations, and short - term long positions are recommended [25].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - For double - offset paper, with weak fundamentals and low prices, it is recommended to treat it with a weak - oscillating outlook. For pulp futures, a short - selling on rallies approach is suggested [6][13] Group 3: Summary According to Related Catalogs Double - Offset Paper - **Price**: The average enterprise price of double - offset paper was weakly adjusted. The tax - inclusive average price of 70g double - offset paper was 4,785.7 yuan/ton, with a month - on - month decline of 1.2% [3] - **Supply**: The output was 195,000 tons, a decrease of 10,000 tons (4.9% decline) from the previous period. The capacity utilization rate was 52.9%, a 2.7% drop from the previous period. Although the industry's profitability was low and there was production conversion, new installations increased the supply [4] - **Cost**: The prices of softwood pulp and hardwood pulp were flat, providing limited cost support [5] - **Demand**: Dealers were cautious in stockpiling. Downstream printing factories had average orders, and the overall demand was mainly for essential needs [5] - **Inventory**: The production enterprise inventory was 1.196 million tons, with a month - on - month increase of 0.4%. The inventory continued a slight upward trend and was at a multi - year high [7] - **Strategy**: As some suspended production enterprises had not fully resumed production and the industry's profitability was under pressure, it was expected that the supply increase next week would be limited [6] Pulp Futures - **Basic Situation**: The price of Silverleaf pulp in Shandong dropped. The spot price was stable, but downstream procurement demand did not improve. The industry operating rate remained low, and the support at the 5,000 - point level was weakening [13] - **主力动向**: The short - side main force reduced positions, which was bullish; the long - side main force of double - offset paper reduced positions, which was bearish [16]

金信期货日刊 本刊由金信期货研究院撰写 2025/09/10 GOLDTRUST FUTURES CO.，LTD 多晶硅下跌，可以空了吗？ ibaotu.com 热点聚焦 2025年9月9日多晶硅期货下跌，背后折射出行业复杂现状。从当日交易数据来看，多晶硅主连收盘价 55322元，较前一日下跌2075元，跌幅达3.73% ，最高触及56790元，最低下探至53300元 。 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 究其下跌原因，首先是产能过剩与库存高压的双重压力。当前产能冗余率超135%，350万吨产能仅对应 150万吨实际需求，社会库存达44 - 45万吨，8 - 9月预计还新增2万吨，消化周期约3个月。 其次，需求端表现疲软，国内光伏装机连续两个月下滑，7月同比降幅扩大至47.55%，终端电站收益率 持续承压。再者，此前市场因 "反内卷" 政策等情绪向好，但随着时间推移，市场对多晶硅价格上涨预 期逐渐消退，买涨不买跌的情绪使得市场需求进一步下降。 这一下跌不仅反映出多晶硅 ...

金信期货日刊 本刊由金信期货研究院撰写 2025/09/09 GOLDTRUST FUTURES CO.，LTD 玻璃期货上涨分析与市场展望 ibaotu.com 热点聚焦 2025年9月8日，玻璃期货连续上涨，收盘价较前一日上涨38元，涨幅达3.26%，收于1204元 。这一价 格变动背后，蕴含着复杂的市场因素。 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 玻璃底部支撑重心将有所上移，叠加下半年对于宏观政策端的偏暖预期、 "金九银十"及年底赶工需求 的相对季节性偏好期待。 多头逻辑当前未到证伪窗口，一方面是反通缩、反内卷是大势。反内卷题材再次发酵，玻璃期货市场持 仓量增加，资金关注度提升，大量资金的参与活跃了市场，也为价格带来向上推动力，多方因素共同促 成了9月8日玻璃期货的上涨。 GOLDTRUST FUTURES 数据来源：公开资料、金信期货 观点仅供参考，市场有风险，入市需谨慎 GOLDTRUST FUTURES CO.，LTD | 主力动向 | | | | --- | ...

Group 1: Report Information - Report Title: Glass Futures Rising Analysis and Market Outlook [2] - Report Date: September 8, 2025 [1] Group 2: Glass Futures Analysis Core View - On September 5, 2025, glass futures rose significantly, with the closing price up 56 yuan from the previous day, a 4.94% increase to 1189 yuan. Multiple factors contributed to this increase, and it is recommended to buy on dips [3]. Supply - Side Factors - Although the overall glass production capacity and output were relatively stable, recent cold repairs of some production lines reduced the market supply expectation, providing a basis for price increases [3]. Demand - Side Factors - Demand from urban renewal, old - community renovation, interior decoration, the automotive industry, home appliances, glass exports, tourism and commercial construction, the photovoltaic industry, and e - commerce logistics packaging increased, offsetting the decline in demand from the new commercial housing completion stage [3]. Market Sentiment Factors - The anti - involution theme fermented again, increasing the trading volume of the glass futures market and attracting more funds, which also pushed up the price [3]. Group 3: Technical Analysis of Different Futures Stock Index Futures - The State Council issued a policy on sports consumption with a total scale of over 7 trillion yuan. The market is expected to continue to fluctuate upward in the short term [6]. Gold Futures - The US July PCE price data met expectations, increasing the probability of a September interest rate cut, which is positive for gold. The weekly adjustment is sufficient, and there is a short - term upward trend [11]. Iron Ore Futures - Technically, it is still in a high - level wide - range shock range. The iron - water output is high, but the pattern of strong raw materials and weak finished products remains. Be wary of negative feedback due to eroded steel mill profits [14][15]. Glass Futures - Technically, it rebounded significantly. The daily melting volume is stable, factory inventories continue to accumulate, and downstream deep - processing orders have not fully recovered. Pay attention to the restocking situation approaching the peak season [18][19]. Palm Oil Futures - The oil market has risen a lot recently. With increased inventory pressure and lack of demand, the motivation to chase the rise has decreased, and the profit - taking pressure has increased. Treat it with a bearish bias [21]. Pulp Futures - The pulp price in Shandong remained stable, and port inventories began to decline slightly, boosting the futures price. There is an expected boost before the Mid - Autumn Festival peak season, but no improvement has been seen yet. Maintain a view of low - level shocks and recommend waiting and seeing [25].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Report's Core View - The pulp futures have stopped falling, and it is expected to maintain a low - level oscillation before the Mid - Autumn Festival peak season. It is recommended to wait and see. The pulp price is supported by the peak - season expectation and enterprises' active shutdown for price hikes, and the view of oscillation is maintained [2][4][7] Group 3: Summary According to Related Catalogs Hot - Spot Focus - The spot price of Shandong softwood pulp remained stable today, and the port inventory started to decline slightly but was still higher than the same period last year. At the beginning of September, the paper products industry saw a price - adjustment wave, with many product companies implementing a dual strategy of price hikes and shutdowns. The peak - season expectation supported the product prices [2][3] Supply and Demand Analysis - On the supply side, the supply of hardwood pulp remained loose, and Brazil's pulp exports in August increased by 35% year - on - year. On the domestic demand side, there were minor fluctuations. Among the four major paper types, the production of offset paper and household paper increased year - on - year, while that of white cardboard and coated paper decreased. The improvement of raw paper orders was limited, dragging down the pulp market [4] Technical Analysis - The pulp price in Shandong area was stable today, the market showed signs of stopping falling, but the upward drive was limited, and the trading sentiment was light. It is expected to maintain a low - level oscillation before the Mid - Autumn Festival peak season [7] Main Force Trends - The short - selling main force of pulp reduced positions, which was bullish [9]