1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The US corn report has lowered the yield per unit, but the production remains at a high level, causing the US corn price to decline. It may continue to be adjusted downward, and the US corn will fluctuate within a narrow range. China has imposed a 15% tariff on US corn, with a total of 26% tariff within the quota, and a 22% tariff on US sorghum. Although the import profit of foreign corn is relatively high, the domestic corn spot price is expected to decline with the upcoming large - scale listing of new - season corn [5][6]. - The inventory of corn starch has decreased this week. The current starch price depends on the corn price and downstream stocking. Due to weak demand, starch enterprises will be in a long - term loss state. The 01 starch contract is expected to fluctuate at the bottom in the short term [7]. 3. Summary by Directory 3.1 Data 3.1.1 Futures Market - Corn futures: The C2601 contract closed at 2164, up 9 (0.42%), with a trading volume of 151,038 (up 22.66%) and an open interest of 445,010 (up 0.15%); the C2605 contract closed at 2231, up 7 (0.31%), with a trading volume of 11,113 (down 20.49%) and an open interest of 86,022 (down 0.13%); the C2509 contract closed at 2255, up 1 (0.04%), with a trading volume of 232 (down 23.43%) and an open interest of 752 (up 9.94%) [3]. - Corn starch futures: The CS2601 contract closed at 2487, up 12 (0.48%), with a trading volume of 35,769 (up 39.81%) and an open interest of 67,858 (down 0.83%); the CS2605 contract closed at 2574, up 7 (0.27%), with a trading volume of 348 (down 31.32%) and an open interest of 1,383 (down 2.47%); the CS2509 contract closed at 2596, up 11 (0.42%), with a trading volume of 9 (up 800.00%) and an open interest of 8 (up 100.00%) [3]. 3.1.2 Spot and Basis - Corn spot: Today's quotes in different regions are as follows: Qinggang 2250 (up 10), Jiajishenghua 2180 (unchanged), Zhuchengxingmao 2378 (unchanged), Shouguang 2284 (unchanged), Jinzhou Port 2300 (unchanged), Nantong Port 2410 (down 10), and Guangdong Port 2440 (unchanged). The basis varies from - 75 to 185 [3]. - Corn starch spot: Quotes from different manufacturers are as follows: Longfeng 2700, Zhongliang 2700, Jiajia 2800, Yufeng 2990, Jinyumi 2850, Zhuchengxingmao 2940, and Hengren Industry and Trade 2780, all unchanged. The basis ranges from 126 to 416 [3]. 3.1.3 Spreads - Corn inter - delivery spreads: C01 - C05 is - 67 (up 2), C05 - C09 is - 24 (up 6), C09 - C01 is 91 (down 8). - Corn starch inter - delivery spreads: CS01 - CS05 is - 87 (up 5), CS05 - CS09 is - 22 (down 4), CS09 - CS01 is 109 (down 1). - Cross - variety spreads: CS09 - C09 is 341 (up 10), CS01 - C01 is 323 (up 3), CS05 - C05 is 343 (unchanged) [3]. 3.2 Market Judgment - Corn: The US corn market is affected by yield and tariff policies. In China, the northern port closing prices are stable, and the northeast and north China corn spots are relatively stable in the short term. However, due to imports, auctions, and the upcoming large - scale listing of new - season corn, the corn spot price is expected to decline. By the end of September, the north China corn price may reach 2200 yuan/ton, and the Heilongjiang price may be below 2100 yuan/ton [5][6]. - Starch: The number of vehicles arriving at Shandong deep - processing plants has increased, and the corn spot price in Shandong is stable. The starch price in Shandong is around 2750 yuan, and the northeast starch spot is weak. This week, the corn starch inventory decreased to 120 million tons, a decrease of 2.6 million tons from last week, with a monthly decrease of 8.95% and a year - on - year increase of 37.5%. The starch price depends on corn price and downstream stocking. In the long - term, due to weak demand, enterprises will be in a loss state. The 01 starch contract is expected to fluctuate at the bottom in the short term [7]. 3.3 Corn Options - Option strategy: Use a short - term strategy of accumulating puts and calls, with rolling operations [13]. 3.4 Relevant Attachments - The attachments include charts of various prices, basis, and spreads of corn and corn starch, such as the spot price of corn in different regions, the basis and spreads of corn and corn starch futures contracts [15][17][23].

白糖日报 2025 年 9 月 18 日 白糖日报 第一部分 数据分析 研究员：刘倩楠 大宗商品研究所 农产品研发报告 期货从业证号： F3013727 投资咨询证号： Z0014425 联系方式： liuqiannan_qh@china stock.com.cn | 期货盘面 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减量 | 持仓量 | 增减量 | | SR09 | | 5,474 | -45 | -0.82% | 724 | 499 | 1,376 | 546 | | SR01 | | 5,474 | -55 | -0.99% | 315,458 | 155951 | 432,454 | 44260 | | SR05 | | 5,456 | -54 | -0.98% | 34,171 | 22477 | 52,980 | 9066 | | 现货价格 | | | | | | | | | | 白糖 | | 柳州 | 昆明 | 武汉 | 南 ...

Group 1: Report Overview - Report Title: "Pig Daily Report" [2] - Date: September 18, 2025 [2] - Researcher: Chen Jiezheng [3] Group 2: Investment Rating - No investment rating provided in the report Group 3: Core Viewpoints - The overall supply pressure in the pig market remains high, and the subsequent spot prices are expected to be weak. Futures prices are also under pressure and are expected to trend downward [4][7] - The decline in futures prices is mainly due to the expected supply pressure, and the far - month contracts are affected by capacity changes. Although the current price is low, there is still a certain downward pressure [7] Group 4: Price and Profit Data Summary Spot Prices - The average spot price of pigs today is 12.68 yuan/kg, down 0.1 yuan/kg from yesterday. Prices in various regions have generally declined [4] Futures Prices - Futures prices of various contracts have mostly declined, such as LH01 down 180 to 13330, LH03 down 150 to 12855 [4] Piglet and Sow Prices - Piglet prices are 259 yuan, down 32 from last week; sow prices are 1590 yuan, down 2 from last week [4] Breeding Profits - Self - breeding and self - raising profit is 16.84 yuan/head, down 15.39 from yesterday; profit from purchasing piglets is - 161.93 yuan/head, down 13.53 from yesterday [4] Contract Spreads - Spreads between different contracts have changed, such as LH7 - 9 down 150 to 1165, LH9 - 1 up 180 to - 345 [4] Slaughter Data - The slaughter volume is 149450 heads, an increase of 842 from yesterday [4] Group 5: Trading Strategies - Unilateral: Short near - month contracts on rallies - Arbitrage: Reverse spread on LH15 - Options: Hold off on trading [8]

1. Report Industry Investment Rating - No information provided regarding the report industry investment rating 2. Core View of the Report - The supply pressure in the domestic and international soybean and rapeseed meal markets continues to be significant, and the prices are under downward pressure. The overall trend of the soybean series market is weak, with the price center expected to decline. The rapeseed meal market is expected to be range - bound. It is recommended to adopt a wait - and - see approach for single - side trading and options trading, and to close the position of the expanding spread of MRM05 [4][5][9][10] 3. Summary by Related Catalogs 3.1 Market Quotes - **Futures and Spot Quotes**: For soybean meal, the closing prices of contracts 01, 05, 09, etc. declined, with the 01 contract at 2993 (down 9), the 05 contract at 2765 (down 16), and the 09 contract at 2882 (down 15). The spot basis in different regions showed varying degrees of change. For rapeseed meal, the 05 contract closed at 2357 (down 4), and the 09 contract at 2435 (down 6). The spot basis in Guangdong and Guangxi also changed. The monthly spreads of soybean meal and rapeseed meal futures showed different trends, with the 15 spread of soybean meal increasing by 7 and that of rapeseed meal increasing by 14 [4] - **Cross - variety Spreads**: The spreads between soybean meal and rapeseed meal, and between soybean meal and sunflower meal showed a downward trend. The oil - meal ratio of the 01 contract also decreased [4] 3.2 Fundamental Analysis - **International Market**: The carry - over stock of the old US soybean balance sheet was slightly increased. The new - crop yield had a slight decrease in yield per unit but an increase in planting area, resulting in a slight increase in overall supply. South American old - crop soybeans were in a state of loose supply and demand, with an expected increase of 1539 million tons in soybean production and 821 million tons in crushing volume in major exporting countries. The overall supply pressure of international soybean meal was significant, with an expected increase of 2153.6 million tons in soybean crushing volume in major producing areas throughout the year, while the import volume of major importing countries only increased slightly [5] - **Domestic Market**: The domestic soybean meal spot market continued to be loose, with high oil - mill operating rates, sufficient market supply, and high inventory. As of September 12, the actual soybean crushing volume of oil mills was 2.3604 million tons, the operating rate was 66.35%, the soybean inventory was 7.332 million tons (up 0.21% from last week and 6.35% year - on - year), and the soybean meal inventory was 1.1644 million tons (up 2.48% from last week and down 13.54% year - on - year). The demand for domestic rapeseed meal continued to weaken, the oil - mill operating rate decreased, the supply of rapeseed was relatively low, and the overall supply pressure still existed [7] 3.3 Macroeconomic Factors - The Sino - US Madrid negotiations lacked clear macro - guidance, and the market was still worried about the uncertainty of subsequent supply. However, due to China's continued demand for US soybeans in the long - term, the price was not likely to drop significantly in the short term [8] 3.4 Logical Analysis - **Soybean Meal**: The main influencing factor of domestic soybean meal was the macro - aspect. The overall soybean production did not change much, and the inventory pressure was still significant. The Brazilian soybean production remained high, and the price was under pressure. The overall supply and demand of domestic soybean meal were relatively loose, and the inventory pressure still existed. Although the near - month futures price was not likely to drop sharply, the price was still under downward pressure [9] - **Rapeseed Meal**: The rapeseed meal inventory was relatively low, but the demand was also average. The subsequent import volume was relatively low, and the price lacked obvious fluctuations. The impact of market rumors on the supply side was expected to be limited [9] 3.5 Trading Strategies - **Single - side Trading**: It is recommended to wait and see [10] - **Arbitrage**: Close the position of the expanding spread of MRM05 [10] - **Options Trading**: Wait and see [10] 3.6 Soybean Crushing Profit - The crushing profit of Brazilian soybeans showed different trends for different shipment periods. For example, the crushing profit of the November shipment was - 91.34 (up 18.39 compared to yesterday), and that of the February shipment was - 43.20 (up 3.05 compared to yesterday) [11]

Report Industry Investment Rating There is no information provided in the report about the industry investment rating. Core Viewpoints of the Report - The spot prices in the container shipping market continue to decline, and the EC futures market shows a volatile downward trend. It is expected that the decline rate will slow down in mid - to late October. The overall freight rate center in the second half of the year is expected to move down compared to the first half due to tariff pressure [5][6]. - In the dry bulk shipping market, the Baltic Dry Bulk Freight Index rose for the fourth consecutive day due to the increase in cape - size ship freight rates. The short - term freight rates of large vessels are expected to be supported, but there is a risk of a callback. The medium - sized vessel market is expected to show a volatile trend in the short term [16][20]. - In the tanker shipping market, the crude oil transportation market continues to rise, while the product oil market shows a downward trend due to reduced market inquiries. Long - term attention should be paid to the impact of environmental protection elimination and supply - demand reshaping on freight rates [24]. Summary by Relevant Catalogs Container Shipping - Container Shipping Index (European Line) Market Analysis and Strategy Recommendation - Spot prices continue to fall, with some shipping companies' quotes dropping to around $1300. The EC futures market is in a volatile downward trend. The SCFI European Line index has decreased, and it is expected that the decline will slow down in mid - to late October. The impact of Poland's border closure on China - Europe freight trains continues [5]. - Shipping companies are lowering spot prices, and the price difference among mainstream shipping companies is narrowing. The demand in the peak season has declined, and some shipping companies have announced sailings suspension. The US - China tariff negotiation has made progress, and the freight rate center in the second half of the year is expected to move down [6]. - Trading strategies include a volatile outlook for the single - side market. There may be a small downward adjustment space for the valuation of the 10 - contract, and short positions can be gradually reduced and profited before the National Day. For arbitrage, conduct reverse arbitrage on the 10 - 12 spread at low levels and conduct forward arbitrage on the 2 - 4 spread at low levels [9][10]. Industry News - The Fed cut interest rates by 25BP in September. The global proportion of empty container transportation is rising. Some shipping companies have stated their attitudes towards the port fee collection by the USTR on October 14th [11][12]. - The situation in the Red Sea involves military actions by the Israeli army and potential progress in Syria - Israel security talks [13][14]. Dry Bulk Shipping Market Analysis and Outlook - The Baltic Dry Bulk Freight Index rose for the fourth consecutive day due to the increase in cape - size ship freight rates. The cape - size ship freight rate index reached a new high since August 14th, while the panamax ship freight rate index dropped to the lowest since September 8th [16]. - The spot freight rates of cape - size ships on iron ore routes increased, and the weekly freight rates of some coal and grain routes also showed different trends. The shipping volume of iron ore and grain increased [17][19]. - The freight rates of cape - size ships in the Pacific market rose due to good cargo demand, while the panamax ship market saw a slight decline in freight rates due to reduced South American grain cargo. The short - term freight rates of large vessels are expected to be supported, but there is a risk of a callback. The medium - sized vessel market is expected to show a volatile trend [20]. Industry News - The Fed cut interest rates by 25BP. Brazil's grain export volume is expected to increase. Japan's coal imports increased in August [22][23]. Tanker Shipping Market Analysis and Outlook - The Baltic Crude Oil Transportation Index (BDTI) rose, while the Baltic Product Oil Transportation Index (BCTI) remained flat. The crude oil transportation market continues to rise, and the product oil market shows a downward trend. Long - term attention should be paid to the impact of environmental protection elimination and supply - demand reshaping on freight rates [24]. Industry News - The European situation is unstable, and the domestic refined oil retail price may be raised on September 23rd. The demand for gasoline and diesel is expected to be boosted. Russia's oil transportation company issued a production cut warning, and the international crude oil price rebounded [25][28]. Relevant Attachments The report provides multiple charts, including the SCFIS European Line Index, SCFI Comprehensive Index, BDI Index, BCTI Index, etc., to visually display the market trends of different shipping sectors [29][42][46].

Group 1: Report Overview - Report title: Black Metal Daily Report (Ferroalloy Daily) [2] - Report date: September 18, 2025 [2] - Researcher: Zhou Tao [3] Group 2: Market Information Futures - SF main contract: closing price 5756, daily change -10, weekly change 130, trading volume 319809, daily change 154140, open interest 207907, daily change 5613 [4] - SM main contract: closing price 5970, daily change -20, weekly change 132, trading volume 246049, daily change 76765, open interest 335397, daily change 8548 [4] Spot - Silicon ferro - different regions' prices and their daily/weekly changes are presented, e.g., 72%FeSi Inner Mongolia 5450 (0 daily, 40 weekly) [4] - Manganese silicon - different regions' prices and their daily/weekly changes are presented, e.g., silicon manganese 6517 Inner Mongolia 5730 (0 daily, 50 weekly) [4] Basis/Spread - Silicon ferro basis and spreads: Inner Mongolia - main contract -306 (10 daily, -90 weekly), SF - SM spread -214 (10 daily, -2 weekly) [4] - Manganese silicon basis and spreads: Inner Mongolia - main contract -240 (20 daily, -82 weekly) [4] Raw Materials - Manganese ore (Tianjin): Australian lump 40.2 (0.2 daily, 0.4 weekly), South African semi - carbonate 34.3 (0 daily, 0.3 weekly), Gabon lump 40 (0 daily, 0 weekly) [4] - Blue charcoal small materials: different regions' prices and their daily/weekly changes are presented, e.g., Shaanxi 660 (0 daily, 10 weekly) [4] Group 3: Market Judgment Trading Strategy - Unilateral: Bottom - oscillating; Arbitrage: Wait - and - see; Options: Sell straddle option combinations [7] Silicon Ferro - On September 18, the spot price was stable. Supply rumors were false, and the supply remained high. Demand had rigid support from steel production. Market sentiment was affected by the Fed's interest - rate cut and domestic asset price adjustments, with a recent bottom - oscillating trend [6] Manganese Silicon - On September 18, manganese ore spot was stable with a slight upward trend, and the manganese silicon spot price was stable. Supply was high, demand was affected by reduced rebar production, and the cost was supported by high - priced manganese ore. It was in a short - term bottom - oscillating state [6] Group 4: Important Information - On September 18, Tianjin Port's semi - carbonate Mn36.02% was quoted at 34.5 yuan/ton degree, Gabon lump Mn47% at 40.5 yuan/ton degree, and Australian lump Mn41.7% at 40.5 yuan/ton degree [8] - Jupiter announced the October 2025 manganese ore shipment price to China: Mn36.5% South African semi - carbonate block at 4.05 US dollars/ton degree (unchanged) [9] Group 5: Related Attachments Figures - Figures show ferroalloy main contract trends, basis, spreads, production costs, and profits in different regions and time periods, such as silicon ferro and manganese silicon monthly spreads, cost - profit analysis in various regions [10][14][16][21][26] Cost - Profit Tables - Silicon ferro cost - profit table shows production costs and profits in regions like Inner Mongolia, Ningxia, Shaanxi, Qinghai, and Gansu [21] - Manganese silicon cost - profit table shows production costs and profits in regions like Inner Mongolia, Ningxia, Guangxi, and Guizhou [26]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - Today, the black sector declined slightly, and spot trading was generally weak. This week, the production of the five major steel products showed differentiation. Affected by losses, EAF steel production decreased, and long - process production lines also shifted production. Rebar production decreased significantly, while other products continued to increase production. Currently, it is still the off - season for steel demand, and the demand recovery is average. The reduction in rebar production has led to an overall inventory decline, while other products have seen an overall inventory increase. Based on the performance in the two weeks after the military parade, the steel demand trend is in line with the seasonality. It is expected that the hot metal output will remain high this week, but as the weather gradually cools down, steel demand may show some improvement next week, and steel may enter an inventory inflection point. Recently, there have been many market news, and combined with the previous decline of the black sector, the valuation is low. With the arrival of the peak season, steel demand will continue to improve. Considering the pre - National Day restocking, there is support for the black sector. If the downstream demand recovers more than expected from late September to October, steel prices may rise further. In addition, the content of the "15th Five - Year Plan" will also affect the market fluctuations. Therefore, it is expected that steel prices will maintain a slightly stronger oscillatory trend in the short term. Subsequently, it is necessary to pay attention to the peak - season demand, coal mine safety inspections, overseas tariffs, and domestic macro and industrial policies [8] Group 3: Summary According to Relevant Catalogs Part 1: Market Information - **Rebar Futures**: RB05 decreased by 33 yuan/ton to 3204 yuan/ton, RB10 decreased by 20 yuan/ton to 3054 yuan/ton, and RB01 decreased by 21 yuan/ton to 3147 yuan/ton. The 05 - contract rebar disk profit decreased by 19 yuan to - 104 yuan, the 10 - contract decreased by 10 yuan to - 243 yuan, and the 01 - contract decreased by 2 yuan to - 134 yuan [3] - **Rebar Spot**: The prices of Shanghai Zhongtian, Nanjing Xicheng, and Tangshan Tanggang decreased by 20 yuan, 10 yuan, and 10 yuan respectively, while Shandong Shiheng increased by 20 yuan. The profit of rebar in different regions decreased, with Shandong's profit dropping by 107 yuan to - 492 yuan [3] - **Hot - Rolled Coil Futures**: HC05 decreased by 32 yuan/ton to 3367 yuan/ton, HC10 decreased by 27 yuan/ton to 3397 yuan/ton, and HC01 decreased by 36 yuan/ton to 3354 yuan/ton. The 05 - contract hot - rolled coil disk profit decreased by 18 yuan, the 10 - contract decreased by 17 yuan, and the 01 - contract decreased by 17 yuan [3] - **Hot - Rolled Coil Spot**: The prices of Tianjin Hegang, Lecong Rigang, and Shanghai Angang remained unchanged. The profit of hot - rolled coils in different regions showed some changes, with Tianjin's profit increasing by 8 yuan to - 207 yuan and East China's profit increasing by 7 yuan to - 71 yuan [3] Part 2: Market Judgement - **Related Prices**: The spot price of Shanghai Zhongtian rebar is 3210 yuan (- 20), Beijing Jingye is 3170 yuan (- 20), Shanghai Angang hot - rolled coil is 3420 yuan (-), and Tianjin Hegang hot - rolled coil is 3340 yuan (-) [7] - **Trading Strategies** - Unilateral: Maintain a slightly stronger oscillatory trend, and consider going long with a light position on dips [9] - Arbitrage: Hold the 1 - 5 positive spread and short the hot - rolled coil to rebar spread [9] - Options: Buy out - of - the - money options of RB01 [9] - **Important Information** - As of September 16, the capital availability rate of sample construction sites was 59.39%, a week - on - week increase of 0.15 percentage points. The rate for non - housing projects increased by 0.18 percentage points to 61.21%, while that for housing projects decreased by 0.17 percentage points to 50.58% [9] - This week, the small - sample rebar output was 206.45 million tons, a week - on - week decrease of 5.48 million tons, and the apparent consumption was estimated at 210.03 million tons (a lunar year - on - year decrease of 17.8%), a week - on - week increase of 11.96 million tons. The total inventory decreased by 3.58 million tons. The hot - rolled coil output was 326.49 million tons, a week - on - week increase of 1.35 million tons, and the apparent consumption was estimated at 321.82 million tons (a lunar year - on - year increase of 1.08%), a week - on - week decrease of 4.34 million tons. The total inventory increased by 4.67 million tons. The total output of the five major steel products decreased by 1.78 million tons, the factory inventory decreased by 1.14 million tons, the social inventory increased by 6.27 million tons, and the total inventory increased by 5.13 million tons [11] Part 3: Related Attachments - The report provides multiple charts, including those related to rebar and hot - rolled coil prices, basis, spreads, disk profits, cash profits, and cost differences, with data sources from Galaxy Futures, Mysteel, and Wind [14]

Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints - The steel price is expected to maintain a volatile and slightly stronger trend in the short - term, with potential for further increase if downstream demand exceeds expectations in October. The "14th Five - Year Plan" content will also affect the market fluctuation. [4] - The coking coal and coke are expected to oscillate in the short - term, and the strategy is to buy on dips later. The supply of coking coal has policy support, but the upside is restricted by steel demand and profit. [9][11][12] - The iron ore price may face pressure at high levels as the market may not have priced in the rapid weakening of terminal demand in the third quarter, although domestic manufacturing steel demand is expected to recover in September. [13][14] - The ferrosilicon and silicomanganese are affected by high supply pressure. Ferrosilicon may rebound slightly due to market sentiment, while silicomanganese will oscillate at the bottom in the short - term. [15][16] 3. Summary by Category Steel - **Related Information**: In August 2025, China's crude steel output was 77.369 million tons, a year - on - year decrease of 0.7%; from January to August, the cumulative crude steel output was 671.806 million tons, a year - on - year decrease of 2.8%. In August, automobile production was 2.752 million vehicles, a year - on - year increase of 10.5%; from January to August, automobile production was 20.829 million vehicles, a year - on - year increase of 10.5%. The spot prices of steel in different regions decreased by 10 yuan. [3] - **Logic Analysis**: The black - metal sector was volatile and slightly stronger at night. This week, the hot - metal output increased slightly, and the national building - material output decreased. Inventory continued to accumulate, but the rate slowed down. Downstream demand improved with the temperature drop. Market news and low valuation led to the price increase. With the arrival of the peak season, steel demand will continue to improve, and there is support for the black - metal sector. [4] - **Trading Strategies**: Unilateral: Steel maintains a volatile and slightly stronger trend. Arbitrage: Hold the long 1 - 5 spread and shrink the hot - rolled coil - rebar spread. Options: Buy out - of - the - money options of RB01. [4][5] Coking Coal and Coke - **Related Information**: On the 17th, the coking - coal auction prices in Linfen mostly rose. This week, the national raw - coal daily output increased, with Shanxi's output rising. There were news of coal - mine production cuts and capacity checks. The prices of coke and coking - coal warehouse receipts were provided. [8][9] - **Logic Analysis**: The coking coal and coke oscillated at night. The coking - coal spot market sentiment was good recently. The supply of coking coal is restricted by policies, but imported coal provides some supplement. The upside is restricted by steel demand and profit. [9][11] - **Trading Strategies**: Unilateral: Expected to oscillate in the short - term, and buy on dips later. Arbitrage: Hold the long 1 - 5 spread of coking coal. Options: Wait and see. Spot - futures: Wait and see. [12] Iron Ore - **Related Information**: The Fed cut interest rates by 25 basis points and is expected to cut twice more this year. From January to August, the national general public budget revenue and expenditure data were released. The real - estate market showed signs of stabilization. The spot prices of iron ore in Qingdao Port and the basis of the main contract were provided. [13] - **Logic Analysis**: The iron ore oscillated narrowly at night. In the third quarter, global iron - ore shipments increased, mainly from Brazilian mines. Terminal steel demand weakened in China but remained high overseas. The iron - ore price may face pressure at high levels. [13][14] - **Trading Strategies**: Unilateral: Hedge at high spot prices. Arbitrage: Wait and see. Options: Wait and see. [14] Ferrosilicon and Silicomanganese - **Related Information**: The spot prices of manganese ore in Tianjin Port on the 17th were provided. The Fed cut interest rates by 25 basis points and is expected to cut 50 basis points more in 2025. [15] - **Logic Analysis**: The spot price of ferrosilicon was slightly weaker on the 17th. Supply decreased slightly but remained high. Market sentiment was boosted by the progress of Sino - US economic and trade negotiations. The spot price of silicomanganese was slightly weaker, with increased production and high iron - water output, but the demand was dragged down by the decline in electric - furnace operating rates. The cost of manganese ore supported the price. [15][16] - **Trading Strategies**: Unilateral: Follow the market and be slightly stronger in the short - term, but the target should not be too high due to high supply. Arbitrage: Wait and see. Options: Sell out - of - the - money straddle option combinations at high prices. [18]

Report Summary 1. Report Industry Investment Rating - No information provided regarding the industry investment rating. 2. Report Core View - No clear core view is presented in the provided content. The report mainly offers data on iron ore futures and spot markets on September 18, 2025. 3. Key Points from the Report Futures Prices - DCE01 was at 800.0, down 4.5 from the previous day; DCE05 was at 778.5, down 4.0; DCE09 was at 759.0, down 4.5 [2]. - The spread I01 - I05 was 21.5, down 0.5; I05 - I09 was 19.5, up 0.5; I09 - I01 was -41.0, unchanged [2]. Spot Prices - PB powder (60.8%) was at 783, down 2; Newman powder was at 793, unchanged; Mac powder was at 784, down 1; etc. [2]. - The optimal deliverable was Roy Hill powder at 847, with a 01 - contract basis of 35, 05 - contract basis of 57, and 09 - contract basis of 76 [2]. Spot Price Spreads - The spread between Carajás fines and PB powder was 131, unchanged; Newman powder - Jinbuba powder was 26, up 1; etc. [2]. Import Profits - Carajás fines had an import profit of 4, up 4; Newman powder had an import profit of 0, up 4; PB powder had an import profit of -2, up 1; etc. [2]. Index Prices - The Platts 62% iron ore price was 105.6, down 0.3; Platts 65% was 122.1, down 0.6; Platts 58% was 93.7, down 0.1 [2]. 内外盘美金价差 - The spread between SGX main contract and DCE01 was 7.1, down 0.6; SGX main - DCE05 was 9.8, down 0.5; SGX main - DCE09 was 12.2, down 0.6 [2].

Report Information - Report Title: Stock Index Futures Data Daily Report [1] - Report Date: September 18, 2025 [2] IM Futures Market Summary - Total open interest was 405,154 contracts, an increase of 25,806 contracts from the previous day [5] - The main contract was at a discount of 21.6 points, a decrease of 13.79 points from the previous day; the annualized basis rate was -52.88% [5] - The dividend impacts of the four contracts were 0.51 points, 3.27 points, 4.4 points, and 5.94 points respectively [5] Daily Quotes | Contract | Closing Price | Change | Volume | Volume Change | Turnover | Turnover Change | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 1000 | 7,476.40 | -1.04% | 39,860 | 32% | 65.4 billion | 33% | | | | IM2509 | 7,454.80 | -1.19% | 118,769 | -3% | 17.94 billion | -2% | 55,453 | -33,716 | | IM2510 | 7,370.20 | -1.44% | 72,033 | 98% | 10.77 billion | 99% | 80,608 | 22,685 | | IM2512 | 7,213.40 | -1.51% | 197,746 | 95% | 28.93 billion | 96% | 190,972 | 32,009 | | IM2603 | 7,000.00 | -1.68% | 40,425 | 56% | 5.76 billion | 57% | 78,121 | 4,828 | [3] Basis and Other Data - The cash index of CSI 1000 closed at 7,476.40. The current month contract (IM2509) was at a discount of 21.60 points, with an annualized basis rate of -52.9%. The next month contract (IM2510) was at a discount of 106.20 points, with an annualized basis rate of -17.5%. The first quarterly contract (IM2512) was at a discount of 263.00 points, with an annualized basis rate of -14.3%. The second quarterly contract (IM2603) was at a discount of 476.40 points, with an annualized basis rate of -13.5% [17] IF Futures Market Summary - Total trading volume of the four contracts was 220,019 lots, an increase of 57,520 lots from the previous day; total open interest was 288,603 lots, an increase of 14,691 lots from the previous day [27] - The main contract was at a discount of 10.91 points, a decrease of 13.09 points from the previous day; the annualized basis rate was -44.37% [27] - The dividend impacts of the four contracts were 0.05 points, 5.36 points, 8.56 points, and 16.4 points respectively [27] Daily Quotes | Contract | Closing Price | Change | Volume | Volume Change | Turnover | Turnover Change | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 300 | 4,498.11 | -1.16% | 30,986 | 31% | 84 billion | 38% | | | | IF2509 | 4,487.20 | -1.35% | 65,747 | -10% | 8.94 billion | -10% | 39,525 | -22,028 | | IF2510 | 4,476.00 | -1.37% | 41,117 | 99% | 5.57 billion | 99% | 48,286 | 14,444 | | IF2512 | 4,448.20 | -1.47% | 95,637 | 66% | 12.88 billion | 66% | 152,375 | 18,854 | | IF2603 | 4,418.00 | -1.56% | 17,518 | 53% | 2.35 billion | 53% | 48,417 | 3,421 | [26] Basis and Other Data - The cash index of SSE 300 closed at 4,498.11. The current month contract (IF2509) was at a discount of 10.91 points, with an annualized basis rate of -44.4%. The next month contract (IF2510) was at a discount of 22.11 points, with an annualized basis rate of -6.0%. The first quarterly contract (IF2512) was at a discount of 49.91 points, with an annualized basis rate of -4.4%. The second quarterly contract (IF2603) was at a discount of 80.11 points, with an annualized basis rate of -3.6% [39] IC Futures Market Summary - Total trading volume of the four contracts was 236,268 lots, an increase of 72,444 lots from the previous day; total open interest was 271,127 lots, an increase of 19,056 lots from the previous day [49] - The main contract was at a discount of 28.28 points, a decrease of 20.64 points from the previous day; the annualized basis rate was -71.97% [49] - The dividend impacts of the four contracts were 0.31 points, 3.92 points, 5.8 points, and 10.55 points respectively [49] Daily Quotes | Contract | Closing Price | Change | Volume | Volume Change | Turnover | Turnover Change | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 500 | 7,199.88 | -0.83% | 34,859 | 35% | 60.42 billion | 36% | | | | IC2509 | 7,171.60 | -1.00% | 63,994 | -5% | 9.29 billion | -4% | 35,612 | -20,830 | | IC2510 | 7,114.40 | -1.00% | 46,677 | 94% | 6.71 billion | 96% | 57,570 | 17,427 | | IC2512 | 6,985.40 | -1.18% | 101,129 | 79% | 14.29 billion | 80% | 130,507 | 19,424 | | IC2603 | 6,819.60 | -1.23% | 24,468 | 50% | 3.38 billion | 51% | 47,438 | 3,035 | [48] Basis and Other Data - The cash index of CSI 500 closed at 7,199.88. The current month contract (IC2509) was at a discount of 28.28 points, with an annualized basis rate of -72.0%. The next month contract (IC2510) was at a discount of 85.48 points, with an annualized basis rate of -14.6%. The first quarterly contract (IC2512) was at a discount of 214.48 points, with an annualized basis rate of -12.1%. The second quarterly contract (IC2603) was at a discount of 380.28 points, with an annualized basis rate of -11.1% [55] IH Futures Market Summary - Total trading volume of the four contracts was 100,595 lots, an increase of 35,836 lots from the previous day; total open interest was 114,842 lots, an increase of 10,071 lots from the previous day [64] - The main contract was at a discount of 1.03 points, a decrease of 3.85 points from the previous day; the annualized basis rate was -0.43% [65] - The dividend impacts of the four contracts were 0 points, 5.25 points, 7.5 points, and 15.3 points respectively [65] Daily Quotes | Contract | Closing Price | Change | Volume | Volume Change | Turnover | Turnover Change | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 50 | 2,912.83 | -1.35% | 7,486 | 32% | 22.58 billion | 46% | | | | IH2509 | 2,910.80 | -1.45% | 31,314 | 6% | 2.76 billion | 5% | 18,625 | -9,707 | | IH2510 | 2,911.80 | -1.36% | 18,385 | 118% | 1.62 billion | 117% | 20,104 | 7,313 | | IH2512 | 2,912.40 | -1.37% | 43,865 | 90% | 3.86 billion | 89% | 63,340 | 11,134 | | IH2603 | 2,912.60 | -1.47% | 7,031 | 94% | 0.62 billion | 93% | 12,773 | 1,331 | [64] Basis and Other Data - The cash index of SSE 50 closed at 2,912.83. The current month contract (IH2509) was at a discount of 2.03 points, with an annualized basis rate of -12.7%. The next month contract (IH2510) was at a discount of 1.03 points, with an annualized basis rate of -0.4%. The first quarterly contract (IH2512) was at a discount of 0.43 points, with an annualized basis rate of -0.1%. The second quarterly contract (IH2603) was at a discount of 0.23 points, with an annualized basis rate of 0.0% [75]