Group 1: Report Overview - Report title: "Black Metal Research Report" and "Black Metal Daily - Ferroalloy Daily" [1][2] - Date: September 17, 2025 [2] - Researcher: Zhou Tao [3] Group 2: Market Information Futures - SF主力合约: closed at 5766, up 66 for the day and 138 for the week, with a trading volume of 165,669 (down 45,267) and an open interest of 212,449 (down 4,542) [4] - SM主力合约: closed at 5990, up 46 for the day and 136 for the week, with a trading volume of 169,284 (down 50,960) and an open interest of 326,849 (down 8,872) [4] Spot - Silicon - iron: prices in some regions decreased by 30 - 50 yuan/ton on September 17, e.g., 72%FeSi in Inner Mongolia was 5450 yuan/ton (down 50 for the day, up 40 for the week) [4] - Manganese - silicon: prices in some regions decreased by 20 yuan/ton on September 17, e.g., silicon - manganese 6517 in Inner Mongolia was 5730 yuan/ton (unchanged for the day, up 50 for the week) [4] Basis/Spread - Silicon - iron: Inner Mongolia - main contract basis was - 316 (down 116 for the day, down 98 for the week) [4] - Manganese - silicon: Inner Mongolia - main contract basis was - 260 (down 46 for the day, down 86 for the week) [4] - SF - SM spread was - 224 (up 20 for the day, up 2 for the week) [4] Raw Materials - Manganese ore (Tianjin): Australian lump was 40 yuan/ton degree (unchanged for the day, up 0.2 for the week) [4] - Semi - carbonated South African ore was 34.3 yuan/ton degree (unchanged for the day, up 0.3 for the week) [4] - Gabon lump was 40 yuan/ton degree (unchanged for the day, up 0.2 for the week) [4] - Blue charcoal small pieces: in Shaanxi, it was 660 yuan/ton (unchanged for the day, up 10 for the week) [4] Group 3: Market Judgment Trading Strategy - Unilateral: With a warm macro - sentiment, prices are short - term strong, but the pressure of high supply remains, so the target should not be set too high [6] - Arbitrage: Wait and see [6] - Options: Sell a straddle option combination [6] Silicon - iron - On September 17, spot prices were stable to weak, with some regions seeing a 30 - 50 yuan/ton drop. Supply decreased slightly but remained high. Demand data was average, increasing expectations of domestic stimulus policies after the Fed's potential rate cut. Market sentiment was boosted by Sino - US trade talks. It rebounded but faced high - supply pressure [5] Manganese - silicon - On September 17, manganese ore spot prices were stable, and manganese - silicon spot prices were stable to weak, with some regions seeing a 20 yuan/ton drop. Supply increased slightly and remained high. Demand was dragged down by the decline in electric furnace operating rates. Cost was supported by low port inventories of manganese ore. It will fluctuate at the bottom in the short term [5] Group 4: Important Information - On September 17, Tianjin Port manganese ore spot prices: Australian lump (Mn41.5%) was 40.2 yuan/ton degree, South African medium - iron lump (Mn42%Fe17%) was 36.5 yuan/ton degree, Gabon lump (Mn47%) was 40.3 yuan/ton degree, and Australian seed (Mn39.8%Fe7.6%) was 36 yuan/ton degree [7] - From January to August 2025, enterprise income tax revenue was 3.1477 trillion yuan, up 0.3% year - on - year, and individual income tax revenue was 1.0547 trillion yuan, up 8.9% year - on - year [7] Group 5: Cost and Profit Silicon - iron - Inner Mongolia: production cost was 5550 yuan/ton, profit was - 150 yuan/ton [16] - Ningxia: production cost was 5603 yuan/ton, profit was - 203 yuan/ton [16] - Shaanxi: production cost was 5615 yuan/ton, profit was - 235 yuan/ton [16] - Qinghai: production cost was 5568 yuan/ton, profit was - 288 yuan/ton [16] - Gansu: production cost was 5618 yuan/ton, profit was - 318 yuan/ton [16] Manganese - silicon - Inner Mongolia: production cost was 5807 yuan/ton, profit was - 127 yuan/ton [21] - Ningxia: production cost was 5918 yuan/ton, profit was - 318 yuan/ton [21] - Guangxi: production cost was 6381 yuan/ton, profit was - 701 yuan/ton [21] - Guizhou: production cost was 6120 yuan/ton, profit was - 470 yuan/ton [21]

1. Report Information - Report Title: Stock Index Futures Data Daily Report [1] - Report Date: September 16, 2025 [2] 2. IM Futures 2.1 Daily Quotes - The main contract of IM rose 1.13% to close at 7,462 points. The total trading volume of the four IM contracts was 261,972 lots, an increase of 67,583 lots from the previous day; the total open interest was 379,927 lots, an increase of 23,224 lots from the previous day [4]. - The main contract of IM was at a discount of 21.63 points, up 25.34 points from the previous day; the annualized basis rate was -26.45%. The dividend impacts of the four IM contracts were 0.76 points, 3.32 points, 4.46 points, and 6.17 points respectively [5]. 2.2 Positions - The data shows the trading volume, long positions, and short positions of top - ranking member firms for different contracts such as IM2509, IM2512, and IM2603, along with their changes from the previous day [22][24][25]. 3. IF Futures 3.1 Daily Quotes - The main contract of IF fell 0.16% to close at 4,516.8 points. The total trading volume of the four IF contracts was 153,511 lots, an increase of 15,747 lots from the previous day; the total open interest was 276,592 lots, an increase of 9,133 lots from the previous day [27][28]. - The main contract of IF was at a discount of 6.54 points, down 1.28 points from the previous day; the annualized basis rate was -13.21%. The dividend impacts of the four IF contracts were 0.67 points, 5.68 points, 8.88 points, and 16.88 points respectively [28]. 3.2 Positions - The data presents the trading volume, long positions, and short positions of top - ranking member firms for different contracts such as IF2509, IF2512, and IF2603, along with their changes from the previous day [43][44][45]. 4. IC Futures 4.1 Daily Quotes - The main contract of IC rose 0.65% to close at 7,165.2 points. The total trading volume of the four IC contracts was 161,577 lots, an increase of 24,221 lots from the previous day; the total open interest was 262,891 lots, an increase of 13,259 lots from the previous day [48]. - The main contract of IC was at a discount of 25.79 points, down 2.63 points from the previous day; the annualized basis rate was -32.85%. The dividend impacts of the four IC contracts were 0.62 points, 3.91 points, 5.85 points, and 10.78 points respectively [48][49]. 3.2 Positions - The data shows the trading volume, long positions, and short positions of top - ranking member firms for different contracts such as IC2509, IC2512, and IC2603, along with their changes from the previous day [61][62][64]. 5. IH Futures 5.1 Daily Quotes - The main contract of IH fell 0.36% to close at 2,951.4 points. The total trading volume of the four IH contracts was 59,526 lots, an increase of 4,178 lots from the previous day; the total open interest was 100,750 lots, an increase of 2,226 lots from the previous day [67]. - The main contract of IH was at a premium of 3.58 points, up 3.4 points from the previous day; the annualized basis rate was 1.38%. The dividend impacts of the four IH contracts were 0.73 points, 5.89 points, 8.17 points, and 15.99 points respectively [68]. 3.2 Positions - The data presents the trading volume, long positions, and short positions of top - ranking member firms for different contracts such as IH2509, IH2512, and IH2603, along with their changes from the previous day [82][85][87].

Group 1: Report Investment Rating - No relevant information provided Group 2: Core View - The short - term peanut prices are expected to be relatively stable due to less supply and weak downstream demand, and the new - season peanut output is expected to increase with lower planting costs. 11 - contract peanuts are in a bottom - range oscillation. The report suggests waiting for stabilization before considering long positions in 05 - contract peanuts [5][10] Group 3: Summary by Directory First Part: Data - **Futures Disk**: PK604 closed at 7866 with a 0.33% increase, trading volume decreased by 64.00%, and open interest decreased by 0.46%; PK510 closed at 7816 with a 0.20% increase, trading volume decreased by 22.44%, and open interest decreased by 16.95%; PK601 closed at 7820 with a 0.36% increase, trading volume increased by 94.40%, and open interest increased by 11.56% [3] - **Spot and Basis**: In the spot market, prices in Henan Nanyang, Shandong Jining, and Shandong Linyi were 9000, 8400, and 8400 respectively, with no change. The basis of Henan Nanyang was 1184, and that of Shandong Jining and Linyi was 584. Imported Sudanese rice was priced at 8500 with no change [3] - **Spread**: PK01 - PK04 spread was - 46 with a 2 increase; PK04 - PK10 spread was 50 with a 10 increase; PK10 - PK01 spread was - 4 with a 12 decrease [3] Second Part: Market Analysis - Peanut prices in Henan declined while those in the Northeast remained stable. Imported peanut prices were stable. Most peanut oil mills stopped purchasing today, and the prices of peanut oil and soybean oil were stable. By - product prices were also stable, but the unit - protein price difference between peanut meal and soybean meal was high, and peanut meal was expected to be weak in the short term [5][8] Third Part: Trading Strategy - **Single - side**: Wait and see for 11 - contract peanuts, and consider going long on 05 - contract peanuts after stabilization [11] - **Monthly Spread**: Wait and see [12] - **Options**: Hold the short position of pk511 - P - 7600 [13] Fourth Part: Related Attachments - The report provides six figures, including those on Shandong peanut spot prices, peanut oil mill profit, peanut oil prices, peanut spot - futures basis, and spreads between different peanut contracts [15][21][24]

Report Overview - The report is a black metal research report on ferroalloys, dated September 16, 2025, from the Commodity Research Institute of Galaxy Futures [2] Core Views - On September 16, ferroalloy futures prices fluctuated strongly. The silicon ferroalloy main - contract closed at 5700, with no change in price and a decrease of 810 in positions; the manganese silicon main - contract closed at 5944, up 0.64% with an increase of 7995 in positions [7] - Silicon ferroalloy: Spot prices rose by 50 - 120 yuan/ton on the 16th. Supply decreased slightly but remained high. Market expectations for domestic stimulus policies increased. Short - term prices rebounded but high - supply pressure persisted, so the target should not be set too high [7] - Manganese silicon: Manganese ore spot prices in Tianjin Port rose on the 16th, and manganese silicon spot prices increased by 20 - 100 yuan/ton. Supply increased slightly and remained high, demand was under pressure, but cost support from low manganese ore port inventories existed. In the short - term, it will oscillate at the bottom [7] Market Information Futures - SF main - contract closed at 5700, with 0 daily change, 80 weekly change, 210936 in volume (up 10793), and 213259 in positions (down 810) - SM main - contract closed at 5944, up 38 daily, up 106 weekly, with 220244 in volume (up 36188), and 335721 in positions (up 7995) [4] Spot - Silicon ferroalloy: 72% FeSi prices in Inner Mongolia, Ningxia, Qinghai, Jiangsu, and Tianjin changed by 0 - 120 yuan/ton daily and 90 - 150 yuan/ton weekly - Manganese silicon: The prices of manganese silicon 6517 in Inner Mongolia, Ningxia, Guangxi, Jiangsu, and Tianjin changed by 20 - 100 yuan/ton daily and 50 - 130 yuan/ton weekly [4] Basis/Spread - Silicon ferroalloy: Inner Mongolia - main contract basis changed by 100 daily and 10 weekly; Ningxia - main contract basis changed by 120 daily and 40 weekly; SF - SM spread changed by - 38 daily and - 26 weekly - Manganese silicon: Inner Mongolia - main contract basis changed by 12 daily and - 56 weekly; Ningxia - main contract basis changed by 62 daily and 24 weekly [4] Raw Materials - Manganese ore (Tianjin): Australian lump, South African semi - carbonate, and Gabon lump prices changed by 0.1 - 0.2 yuan/ton degree daily and 0.2 - 0.3 yuan/ton degree weekly - Blue charcoal small materials: Prices in Shaanxi, Ningxia, and Inner Mongolia changed by 0 - 20 yuan/ton weekly [4] Market Judgement Trading Strategy - Unilateral: Anti - involution trading is heating up again. In the short - term, it follows a strong trend, but high - supply pressure persists, so the target should not be set too high - Arbitrage: Wait and see - Options: Sell a straddle option combination [8] Important Information - On the 16th, Tianjin Port manganese ore spot prices: Australian lump Mn46% quoted at 42 (up 0.5), traded around 41.5; Australian lump Mn42% quoted at 40 - 40.5, traded around 40; South African lump quoted at 34.5, traded at 34 - 34.5; Gabon lump quoted at 40 - 40.5, traded at 39.5 - 40 (up 0.2) (unit: yuan/ton degree) - China - US economic and trade teams held talks in Madrid, Spain. The two sides actively implemented the important consensus of the phone call between the two heads of state and had in - depth and constructive communication on economic and trade issues [9] Related Attachments Cost and Profit - Silicon ferroalloy: Production costs in Inner Mongolia, Ningxia, Shaanxi, Qinghai, and Gansu were 5550, 5603, 5615, 5568, and 5618 yuan/ton respectively, with corresponding losses of 150, 203, 235, 288, and 318 yuan/ton - Manganese silicon: Production costs in Inner Mongolia, Ningxia, Guangxi, and Guizhou were 5807, 5918, 6381, and 6120 yuan/ton respectively, with corresponding losses of 127, 318, 701, and 470 yuan/ton [17][22]

大宗商品研究所 农产品研发报告 玉米淀粉日报 2025 年 9 月 16 日 玉米淀粉日报 第一部分 数据 | 玉米&玉米淀粉数据日报 | | | | | | | | 2025/9/16 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | C2601 | | 2155 | -1 | -0.05% | 155,373 | -2.35% | 443,230 | 0.41% | | C2605 | | 2225 | -4 | -0.18% | 16,638 | 43.06% | 84,106 | 1.63% | | C2509 | | 2256 | 1 | 0.04% | 484 | 212.26% | 477 | 358.65% | | CS2601 | | 2467 | -6 | -0.24% | 26,205 | -21.25% | 68,538 | 3.77% | | CS2605 | | 2 ...

研究员：童川 期货从业证号：F3071222 投资咨询证号：Z0017010 沥青周报 目录 | 第一章 | 综合分析与交易策略 | 2 | | --- | --- | --- | | 第二章 | 核心逻辑分析 | 4 | | 第三章 | 周度数据追踪 | 10 | 1 GALAXY FUTURES 227/82/4 228/210/172 181/181/181 68/84/105 210/10/16 221/221/221 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 208/218/234 综合分析与交易策略 【综合分析】 成本端原油价格涨跌均有阻力，油价短期预计宽幅震荡，原料稀释沥青贴水暂时维持稳定，成本端暂无趋势性指引。9月份 沥青供应端持续增加，终端需求环比回升，逐渐进入旺季。供需双旺的格局下，产业链库存持续下降。其中炼厂库存低位 企稳，社会库存高位回落。当前炼厂利润尚可支撑高供应，而年底前社会库存预计持续主动去库，为市场增加额外供应， 炼厂去库速度放缓，年底前库存压力将逐步增加。沥青估值偏高，中长期裂解价差预期走弱，BU2511合约运行区间 ...

Report Title - Crude Oil Weekly Report: Complex Macroeconomic and Geopolitical Situations, Supply and Demand Maintaining Near-Term Strength and Long-Term Weakness [1] Report Industry Investment Rating - Not mentioned Core Viewpoints - Last week, oil prices rebounded and then declined. OPEC+ announced a new round of 1.65 million barrels per day production increase plan on September 7. After the previous digestion of the production increase negative, oil prices started a strong rebound on Monday. Since June, the implementation of OPEC+ production increases has become the starting point for oil price rebounds. Geopolitical conflicts remained intense during the week, and Europe and the United States planned to strengthen sanctions on relevant enterprises involved in Russian oil trade, with geopolitical premiums supporting the near-term pattern. The US CPI was strong during the week, while employment data was weak. The Fed is expected to cut interest rates in September. Near-term economic weakness and persistent long-term inflation affect market sentiment. Oil prices are still trading on short-term demand prospects and declined towards the weekend. With the expectation of continuous growth in the supply side, the long-term surplus pattern is difficult to disprove. The main driving force for oil price increases comes from geopolitical disturbances. The market still has short-term differences. The intensification of the Russia-Ukraine conflict and strong replenishment in China support near-term prices. There are resistances to both oil price increases and decreases. Attention should be paid to the market sentiment trend after the Fed's interest rate cut is implemented next week. The Brent operating range is expected to be between $62 and $68 per barrel [5]. Summary by Directory Chapter 1: Comprehensive Analysis and Trading Strategies Comprehensive Analysis - Last week, oil prices rebounded and then declined. OPEC+ announced a new production increase plan. Geopolitical conflicts and sanctions supported the near-term pattern. The US CPI was strong, employment data was weak, and the Fed is expected to cut interest rates. The long-term surplus pattern is difficult to disprove, and oil price increases are mainly driven by geopolitical disturbances. The market has short-term differences, and attention should be paid to the market sentiment after the Fed's interest rate cut. The Brent operating range is expected to be between $62 and $68 per barrel [5]. Strategies - Unilateral: Wide - range oscillation. - Arbitrage: Domestic gasoline cracking is weak, and diesel cracking is weak. - Options: Wait and see (views are for reference only and not for trading basis) [6][7] Chapter 2: Core Logic Analysis Macroeconomy - The US CPI increased in August, and employment data was weak, leading to an increase in interest rate cut expectations. The 8 - month CPI rose 0.4% month - on - month and 2.9% year - on - year, both the largest increases since January. The initial jobless claims reached the highest level since October 2021. The 10 - year US Treasury yield rebounded, and the US dollar index continued to weaken [10][12]. Supply - OPEC may continue to increase production, strengthening supply - side pressure. In August, OPEC's production increased by 509,000 barrels per day, with Saudi Arabia leading the increase. Russia's oil exports increased, but refined oil exports decreased significantly. The number of active US rigs increased slightly, and weekly production increased [13][14][17]. Inventory - Shore tank inventories remained at a high level, while floating storage was at a low level. In 2024, global crude oil inventories decreased by 71.09 million barrels year - on - year, with a daily destocking of 195,000 barrels [21][24]. Balance - The IEA slightly raised the global oil demand growth forecast for 2025 but still pointed to a significant long - term surplus. In 2025, the surplus will be close to 2 million barrels per day in the third quarter, and more than 4 million barrels per day in the first half of 2026 [25][27]. Spot Market - The Middle East spot market was strong, while the North Sea market was weak. The Dubai swap first - to - third spread remained above $3 per barrel, while the DFL in the North Sea fell below $0.5 per barrel [28][29][31]. Chapter 3: Weekly Data Tracking Crude Oil Price and Calendar Spread - Data on the first - line prices and calendar spreads of Brent, WTI, and Dubai were presented [34][35]. Crude Oil Spot - Europe & West Africa - Data on the price premiums of Forties, Brent, Bonnylight, Girassol, etc. were presented [37][38]. Crude Oil Spot - Middle East & Mediterranean - Data on the price premiums of Oman, Urals, etc. were presented [41][42]. Crude Oil Spot - North America - Data on the price differentials of LLS - Mars, WCS - Midland, etc. were presented [46][47]. US Crude Oil Weekly Supply and Demand - Data on US crude oil production, feedstock intake, imports, and exports were presented [49][50]. EIA Weekly Data - Refinery Operations - Data on US refinery operating rates in different regions were presented [52][53]. EIA Weekly Data - Gasoline - Data on US gasoline production, net imports, inventories, and demand were presented [56][57]. EIA Weekly Data - Distillates - Data on US distillate production, net imports, inventories, and demand were presented [59][60]. EIA Weekly Data - Jet Fuel - Data on US jet fuel production, net imports, inventories, and demand were presented [62][63]. US Crude Oil Weekly Inventory - Data on US commercial crude oil inventories, Cushing inventories, and strategic inventories were presented [65][66][68]. Crude Oil Floating Storage - Data on global, Asian, European, and West African crude oil floating storage were presented [70][71][72]. Global Floating Crude Oil and In - Transit Crude Oil - Data on global floating crude oil and in - transit crude oil were presented [76][77][78]. European Refined Oil Inventories - Data on ARA gasoline, diesel, jet fuel, naphtha, and fuel oil inventories were presented [81][82][86]. Singapore & Middle East Refined Oil Inventories - Data on heavy, medium, and light inventories in Fujairah and Singapore were presented [87][88]. Tanker Freight - Heavy Oil - Data on the freight rates of Dirty - VLCC on different routes were presented [90][91]. Cracking and Profits - Northwest Europe - Diesel cracking declined from high levels, gasoline cracking remained stable, and other components were generally stable [94][95]. Cracking and Profits - Asia - Pacific - Diesel cracking declined from high levels, gasoline cracking was stable, naphtha cracking was strong, and high - sulfur and propane cracking weakened [101][102]. Cracking and Profits - North America - Diesel cracking declined from high levels, and other components' cracking was generally stable [108][109]. Cracking and Profits - China - Oil prices fluctuated, domestic refined oil cracking spreads had narrow - range fluctuations, gasoline cracking was at a high level compared to the same period in previous years, diesel cracking declined, and gasoline and diesel export profits continued to rise [115]. Oil Price vs. Position - Data on the relationship between Brent, WTI prices and positions, as well as the positions of Gasoil, RBOB, and HO were presented [122][124][125].

粕类日报 2025 年 9 月 15 日 大宗商品研究所 农产品研发报告 【粕类日报】不确定性增多 盘面回落压力增加 研究员：陈界正 期货从业证号： F3045719 投资咨询证号： Z0015458 联系方式： chenjiezheng_qh@chinastock.c om.cn | 粕类价格日报 | | | | | | 2025/9/15 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期 货 | | | | | | 现货基差 | | | 品 种 | 合 约 | 收盘价 | 涨 跌 | 地 区 | 今 日 | 昨 日 | 涨 跌 | | 豆粕 | 0 1 | 3042 | -37 | 天津 | -10 | -50 | 4 0 | | 东莞 | 0 5 | 2804 | -16 | | -90 | -120 | 3 0 | | 张家港 | 0 9 | 2919 | -104 | | -90 | -110 | 2 0 | | | | | | 日照 | -50 | -90 | 4 0 | | 菜粕 | 0 1 | 2504 | -27 | 南通 | ...

【粕类周报】供应整体宽松 粕类总体承压 银河农产品 研究员：陈界正 期货从业证号：F3045719 投资咨询证号：Z0015458 目录 | 第一章 | 综合分析与交易策略 | 2 | | --- | --- | --- | | 第二章 | 核心逻辑分析 | 3 | | | | GALAXY FUTURES 1 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 综合分析与交易策略 国内菜粕整体变化比较有限，菜籽及菜粕库存维持相对低位，需求表现也比较一般，整体市场变化比较有限。由于后续菜籽菜粕供需变化 均比较有限，宏观方面也存在不确定性，预计以震荡运行为主。 【策略】 单边：远月低位布局多单 套利：M11-1正套，MRM05价差扩大 期权：买入看涨期权（观点仅供参考，不作为买卖依据） 2 GALAXY FUTURES 227/82/4 228/210/172 【综合分析】 本周美豆盘面整体呈现震荡偏强运行，市 ...

大宗商品研究所 农产品研发报告 生猪日报 2025 年 9 月 15 日 【生猪日报】供应压力增加 猪价继续回落 今 日 昨 日 变 化 今 日 昨 日 变 化 河南（0） 13.36 13.50 -0.14 山西（-100） 12.81 13.00 -0.19 湖北（0） 13.09 13.25 -0.16 辽 宁 12.90 13.11 -0.21 安徽（200） 13.50 13.63 -0.13 吉林（-300） 12.89 13.04 -0.15 湖南（100） 13.12 13.22 -0.10 黑龙江 12.84 12.86 -0.02 四川（-100） 12.87 13.17 -0.30 福建（500） 14.49 14.49 0 江西（100） 13.18 13.32 -0.14 广东（500） 14.52 14.52 0 山东（200） 13.36 13.56 -0.20 广西(-200) 12.59 12.59 0 江苏（500） 13.59 13.77 -0.18 云南（-600） 13.07 13.17 -0.1 河北（100） 13.17 13.4 -0.23 贵州（-300） 1 ...