1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Views - There is no information about the core views of the report in the provided content. 3. Summary by Relevant Catalogs Global Asset Market Performance - **10 - year Treasury Bond Yields**: On October 16, 2025, the 10 - year Treasury bond yields of major economies showed various values and changes. For example, the US was 4.034, with a one - week change of - 0.105, a one - month change of - 0.013, and a one - year change of 0.021. Japan was 3.503, with a one - week change of - 0.091, a one - month change of - 0.042, and a one - year change of - 0.456 [3]. - **2 - year Treasury Bond Yields**: Also on October 16, 2025, the 2 - year Treasury bond yields of some major economies were presented. The US was 3.480, with a one - week change of - 0.150, a one - month change of - 0.130, and a one - year change of - 0.180. Japan was 0.913, with a one - week change of - 0.012, a one - month change of 0.064, and a one - year change of 0.514 [3]. - **Dollar - to - Major Emerging Economies Currency Exchange Rates**: As of October 16, 2025, the dollar - to - major emerging economies currency exchange rates had different values and changes. For the Brazilian real, it was 5.521 on that day, with a one - week change of 2.82%, a one - month change of 2.07%, and a one - year change of - 0.24%. The on - shore RMB was 7.135, with a one - week change of 0.07%, a one - month change of 0.20%, and a one - year change of 1.02% [3]. - **Major Economies' Stock Indexes**: On October 16, 2025, major economies' stock indexes had their respective closing values and changes. The S&P 500 closed at 6552.510, with a one - week change of - 2.71%, a one - month change of 0.31%, and a one - year change of 13.93%. The Hang Seng Index closed at 26290.320, with a one - week change of - 1.73%, a one - month change of 0.34%, and a one - year change of 25.63% [3]. - **Credit Bond Indexes**: On October 16, 2025, the US investment - grade credit bond index was 3529.690, with a one - week change of 0.34%, a one - month change of 0.28%, and a one - year change of 5.19%. The emerging economies' high - yield credit bond index was 1746.620, with a one - week change of - 0.45%, a one - month change of - 0.08%, and a one - year change of 10.98% [3][4]. Stock Index Futures Trading Data - **Index Performance**: The A - share closed at 3916.23 with a 0.10% increase. The Shanghai and Shenzhen 300 closed at 4618.42 with a 0.26% increase [5]. - **Valuation**: The PE (TTM) of the Shanghai and Shenzhen 300 was 14.40 with a 0.09环比 change. The PE (TTM) of the S&P 500 was 27.26 with a 0.00环比 change [5]. - **Risk Premium**: The risk premium of the Shanghai and Shenzhen 300 (1/PE - 10 - year interest rate) was 3.70 with a 0.00环比 change. The risk premium of the S&P 500 was - 0.37 with a 0.00环比 change [5]. - **Fund Flow**: The latest value of A - share fund flow was - 1098.75, and the 5 - day average was - 803.28. The latest value of Shanghai and Shenzhen 300 fund flow was 70.26, and the 5 - day average was - 110.92 [5]. - **Trading Volume**: The latest trading volume of the Shanghai and Shenzhen stock markets was 19311.38 with a - 1417.21环比 change. The latest trading volume of the Shanghai and Shenzhen 300 was 5605.67 with a - 467.59环比 change [5]. - **Main Contract Premium or Discount**: The basis of IF was - 28.42 with a - 0.62% amplitude. The basis of IH was - 0.20 with a - 0.01% amplitude [5]. Treasury Bond Futures Trading Data - The closing prices of T00, TF00, T01, and TF01 were 108.165, 105.705, 107.870, and 105.600 respectively, with corresponding percentage changes of - 0.04%, - 0.04%, - 0.05%, and - 0.03% [6]. - The domestic money market's R001, R007, and SHIBOR - 3M were 1.3531%, 1.4751%, and 1.5810% respectively, with daily changes of - 12.00BP, 1.00BP, and 0.00BP [6].

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Report's Core View No information provided in the given content. 3. Summary by Relevant Catalogs Price and Profit - The report presents the spot prices of various steel products including Beijing, Shanghai, Chengdu, Xi'an, Guangzhou, and Wuhan threaded steel, as well as Tianjin, Shanghai, and Lecong hot-rolled coils and cold-rolled coils from October 10 to October 16, 2025, and shows their price changes [1]. Basis and Spread No information provided in the given content. Production and Inventory No information provided in the given content.

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The report provides cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, and lead on October 17, 2025 [1][4][5] Group 3: Summary by Relevant Catalogs Cross - market Arbitrage Tracking - **Copper**: On October 17, 2025, the domestic spot price was 85,180, the LME price was 10,617, and the ratio was 8.07; the domestic three - month price was 85,010, the LME price was 10,628, and the ratio was 8.03 [1] - **Zinc**: The domestic spot price was 21,920, the LME price was 3,093, and the ratio was 7.09; the domestic three - month price was 22,005, the LME price was 2,956, and the ratio was 5.79 [1] - **Aluminum**: The domestic spot price was 20,950, the LME price was 2,781, and the ratio was 7.53; the domestic three - month price was 20,995, the LME price was 2,763, and the ratio was 7.58 [1] - **Nickel**: The domestic spot price was 123,600, the LME price was 15,034, and the ratio was 8.22, with a spot import profit of - 1,568.23 [1] - **Lead**: The domestic spot price was 16,900, the LME price was 1,943, and the ratio was 8.72; the domestic three - month price was 17,135, the LME price was 1,988, and the ratio was 11.05 [3] Cross - period Arbitrage Tracking - **Copper**: On October 17, 2025, the spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot - month contract were - 580, - 640, - 750, and - 800 respectively, while the theoretical spreads were 530, 959, 1396, and 1833 [4] - **Zinc**: The spreads were 20, 60, 85, and 120 respectively, and the theoretical spreads were 213, 331, 450, and 569 [4] - **Aluminum**: The spreads were 140, 140, 140, and 145 respectively, and the theoretical spreads were 215, 332, 448, and 564 [4] - **Lead**: The spreads were - 70, - 65, - 55, and - 15 respectively, and the theoretical spreads were 211, 318, 425, and 532 [4] - **Nickel**: The spreads were 410, 650, 890, and 1170 respectively [4] - **Tin**: The 5 - 1 spread was - 270, and the theoretical spread was 5,827 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were 495 and - 85 respectively, and the theoretical spreads were 592 and 978 [4] - **Zinc**: The spreads were 25 and 45 respectively, and the theoretical spreads were 195 and 323 [4] - **Lead**: The spreads were 300 and 230 respectively, and the theoretical spreads were 225 and 338 [5] Cross - variety Arbitrage Tracking - On October 17, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in the Shanghai market (three - continuous) were 3.86, 4.05, 4.96, 0.95, 1.23, and 0.78 respectively; in the London market (three - continuous), they were 3.58, 3.80, 5.39, 0.94, 1.42, and 0.66 respectively [5]

Group 1: Glass Market Price and Contract Information - From 2025/10/9 to 2025/10/16, the price of 5mm large glass plates in various regions decreased, e.g., the price of 5mm large plates from Shahe Anquan dropped from 1241.0 to 1181.0, a decrease of 60.0 [1]. - FG05 and FG01 contracts also declined, with FG05 dropping from 1338.0 to 1284.0 (a decrease of 54.0) and FG01 from 1218.0 to 1147.0 (a decrease of 71.0) [1]. Profit and Cost -华北燃煤利润 decreased from 302.3 to 244.6, a decrease of 57.7, while the cost increased from 891.7 to 906.4, an increase of 14.7 [1]. -华南天然气利润 remained at -188.1, and the North China natural gas profit decreased from -150.7 to -193.7, a decrease of 43.0 [1]. Spot and Sales - In Shahe, the factory sales were weak, with the low - price of traders around 1150, and the shipment improved slightly. In Hubei, the factory price was around 1110, and the factory transactions weakened [1]. - The glass sales rates were 40 in Shahe, 58 in Hubei, 92 in East China, and 83 in South China [1]. Group 2: Soda Ash Market Price and Contract Information - From 2025/10/9 to 2025/10/16, the price of Shahe heavy soda decreased from 1170.0 to 1160.0, a decrease of 10.0. The SA05 and SA01 contracts also changed, with SA05 dropping from 1344.0 to 1325.0 (a decrease of 19.0) and SA01 from 1250.0 to 1235.0 (a decrease of 15.0) [1]. Profit and Cost - The North China ammonia - soda profit decreased from -207.6 to -234.3, a decrease of 26.7, and the North China combined - soda profit decreased from -231.4 to -253.3, a decrease of 21.9 [1]. Spot and Inventory - The spot price of heavy soda in Hebei delivery warehouses was around 1140, and the price delivered to Shahe was around 1170 [1]. - The factory inventory of soda ash accumulated, and the delivery warehouses had a slight reduction in inventory [1].

纸浆早报 研究中心能化团队 2025/10/17 SP主力合约收盘价： 4856.00 | 日期 | 2025/10/16 | 2025/10/15 | 2025/10/14 | 2025/10/13 | 2025/10/10 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 4856.00 | 4856.00 | 4846.00 | 4842.00 | 4788.00 | | 折美元价 | 594.45 | 594.54 | 591.86 | 592.05 | 586.14 | | 距上一日涨跌 | 0.00000% | 0.20636% | 0.08261% | 1.12782% | -0.33306% | | 山东银星基差 | 744 | 734 | 744 | 718 | 747 | | 江浙沪银星基差 | 729 | 729 | 739 | 718 | 772 | 以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | --- ...

Report Industry Investment Rating - Not provided in the content Core Viewpoint - Not provided in the content Summary by Relevant Catalogs Price - For silicon ferroalloy on October 17, 2025, the latest prices of Ningxia 72 and Inner Mongolia 72 are 5130 and 5180 respectively, with no daily change and weekly changes of -50 and -20 [2]. - The latest price of Qinghai 72 silicon ferroalloy natural block is 5150, with no daily change and a weekly change of -50 [2]. - The latest price of Shaanxi 72 silicon ferroalloy natural block is 5100, with no daily change and a weekly change of -50 [2]. - The latest price of Shaanxi 75 silicon ferroalloy natural block is 6100, with no daily change or weekly change [2]. - The latest price of Jiangsu 72 silicon ferroalloy qualified block is 5570, with a daily change of 120 and a weekly change of 20 [2]. - The latest price of Tianjin 72 silicon ferroalloy from traders is 5650, with a daily change of 50 and a weekly change of -50 [2]. - The latest export prices of Tianjin 72 and Tianjin 75 silicon ferroalloy are 1060 and 1110 (in US dollars) respectively, with daily changes of 10 and 5 and weekly changes of 35 and 5 [2]. - For silicon manganese on October 17, 2025, the latest factory - ex prices of Inner Mongolia 6517, Ningxia 6517, Guangxi 6517, Guizhou 6517, and Yunnan 6517 are 5680, 5600, 5650, 5600, and 5600 respectively, with daily changes of 0, 0, -50, -50, -30 and weekly changes of 0, -20, -50, -80, -50 [2]. - The latest prices of Ningxia 6517 and Jiangsu 6517 silicon manganese from traders are 5600 and 5700 respectively, with daily changes of 0 and -20 and weekly changes of -20 and 0 [2]. Supply - The production data of 136 silicon ferroalloy enterprises in China from 2021 - 2025 are presented, including monthly and weekly production, and capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi [5]. - The production data of silicon manganese in China from 2021 - 2025 are presented, including weekly production, procurement prices, and procurement volumes of Hebei Iron and Steel Group [7]. Demand - The demand - related data of silicon ferroalloy and silicon manganese from 2021 - 2025 are presented, including China's estimated and actual crude steel production, metal magnesium production and prices, silicon ferroalloy export volume and price, stainless - steel crude steel production, and silicon manganese demand in China [5][8]. Inventory - The inventory data of 60 sample silicon ferroalloy enterprises in China from 2021 - 2025 are presented, including weekly inventory in different regions, CZCE silicon ferroalloy warehouse receipt quantity, effective forecast, and the sum of warehouse receipts and effective forecasts [6]. - The inventory data of silicon manganese from 2021 - 2025 are presented, including CZCE silicon manganese warehouse receipt quantity, effective forecast, the sum of warehouse receipts and effective inventory, and inventory of 63 sample enterprises in China [8]. Cost and Profit - The cost - related data of silicon ferroalloy from 2021 - 2025 are presented, including electricity prices in different regions, prices of raw materials such as blue charcoal and silica, production costs in Ningxia and Inner Mongolia, and profits from converting to the main contract and spot profits in Ningxia [6]. - The cost - related data of silicon manganese from 2021 - 2025 are presented, including prices of raw materials such as chemical coke and manganese ore, and profits in Inner Mongolia, Guangxi, the northern and southern regions [8].

Group 1: Report Overview - Report Name: Coke Daily Report [1] - Date: October 17, 2025 [1] Group 2: Price Information - **Coke Prices**: - Shanxi Standard First - Wet Quenched: 1482.39, no daily, weekly, or monthly change, -21.49% year - on - year [2] - Hebei Standard First - Dry Quenched: 1735.00, no daily, weekly, or monthly change, -4.14% year - on - year [2] - Shandong Standard First - Dry Quenched: 1660.00, no daily, weekly, or monthly change, -19.61% year - on - year [2] - Jiangsu Standard First - Dry Quenched: 1700.00, no daily, weekly, or monthly change, -19.24% year - on - year [2] - Inner Mongolia Second - Grade: 1180.00, no daily change, 50.00 increase weekly and monthly, -28.48% year - on - year [2] - **Futures Prices**: - Futures 05: 1797, 15.50 daily increase, -16.50 weekly decrease, 53.00 monthly increase, -17.36% year - on - year [2] - Futures 09: 1876, 11.50 daily increase, -29.00 weekly decrease, 363.50 monthly increase, -13.85% year - on - year [2] - Futures 01: 1649, 13.50 daily increase, -12.50 weekly decrease, 33.50 monthly increase, -22.62% year - on - year [2] Group 3: Production and Capacity Information - **Blast Furnace**: - Blast furnace开工率: 90.55, -0.10 weekly decrease, 0.37 monthly increase, 5.77% year - on - year increase [2] - Daily hot metal production: 240.95, -0.59 weekly decrease, -0.07 monthly decrease, 2.81% year - on - year increase [2] - **Coking**: - Coking plant capacity utilization: 74.95, -0.05 weekly decrease, -0.63 monthly decrease, 2.57% year - on - year increase [2] - Daily coke production: 51.28, -1.03 weekly decrease, -0.55 monthly decrease, 0.23% year - on - year increase [2] Group 4: Inventory Information - **Coking Plant Inventory**: 37.59, -4.95 weekly decrease, -4.62 monthly decrease, -1.36% year - on - year decrease [2] - **Port Inventory**: 195.15, 0.06 weekly increase, -8.95 monthly decrease, 8.28% year - on - year increase [2] - **Steel Mill Inventory**: 639.44, -11.38 weekly decrease, -5.23 monthly decrease, 13.58% year - on - year increase [2] - **Steel Mill Inventory Days**: 11.19, -0.23 weekly and monthly decrease, 3.80% year - on - year increase [2] Group 5: Basis and Spread Information - **Basis**: - 05 basis: -25.61, -15.50 daily decrease, 16.50 weekly increase, -53.00 monthly decrease, -117.58 year - on - year change [2] - 09 basis: -104.61, -11.50 daily decrease, 29.00 weekly increase, -363.50 monthly decrease, -193.58 year - on - year change [2] - 01 basis: 122.39, -13.50 daily decrease, 12.50 weekly increase, -33.50 monthly decrease, -13.08 year - on - year change [2] - **Spread**: - 5 - 9 spread: -148.00, -2.00 daily decrease, 4.00 weekly increase, -19.50 monthly decrease, -104.50 year - on - year change [2] - 9 - 1 spread: -79.00, 4.00 daily increase, 12.50 weekly increase, -310.50 monthly decrease, -76.00 year - on - year change [2] - 1 - 5 spread: 227.00, -2.00 daily decrease, -16.50 weekly decrease, 330.00 monthly increase, 180.50 year - on - year change [2]

Price Performance - London Gold's latest price is 4204.60 with no change [3] - London Silver's latest price is 52.59 with no change [3] - London Platinum's latest price is 1622.00 with no change [3] - London Palladium's latest price is 1467.00 with no change [3] - WTI Crude's latest price is 58.27 with no change [3] - LME Copper's latest price is 10628.00, down 89.00 [3] - US Dollar Index's latest value is 98.67 with no change [3] - Euro to US Dollar's latest rate is 1.16 with no change [3] - British Pound to US Dollar's latest rate is 1.34 with no change [3] - US Dollar to Japanese Yen's latest rate is 151.06 with no change [3] - US 10 - year TIPS's latest value is 1.76 with no change [3] Trading Data - COMEX Silver's latest inventory is 15947.11 with no change [4] - SHFE Silver's latest inventory is 982.26, down 48.17 [4] - Gold ETF's latest holding is 1022.60 with no change [4] - Silver ETF's latest holding is 15422.61 with no change [4] - SGE Silver's latest inventory is 1216.97 with no change [4] - SGE Gold's latest deferred fee payment direction is 1 with no change [4] - SGE Silver's latest deferred fee payment direction is 2, up 1.00 [4]

Report Information - Report Name: Coking Coal Daily Report - Date: October 17, 2025 - Team: Black Team of the Research Center [1] Price Information - **Domestic Coking Coal Prices**: The latest price of Liulin Main Coking Coal is 1550.00, with no daily or weekly change, a monthly increase of 149.00, and an annual decrease of 3.13%. The price of Yuanmei Port Warehouse Pick-up is 1040.00, with a daily decrease of 3.00, a weekly increase of 6.00, a monthly increase of 105.00, and an annual decrease of 16.13%. The price of Shaheyi Meng 5 is 1420.00, with a daily and weekly decrease of 30.00, a monthly increase of 40.00, and an annual decrease of 18.86%. The price of Anze Main Coking Coal is 1530.00, with no daily or weekly change, a monthly increase of 110.00, and an annual decrease of 15.00 [2]. - **International Coking Coal Prices**: The latest price of Peak Downs is 204.50, with a daily increase of 0.50, a weekly decrease of 1.00, a monthly increase of 2.00, and an annual decrease of 12.20. The price of Goonyella is 204.50, with a daily increase of 0.50, a weekly decrease of 1.00, a monthly increase of 1.50, and an annual decrease of 12.20 [2]. - **Futures Prices**: The latest price of Futures Contract 05 is 1244.00, with a daily increase of 22.00, a weekly decrease of 18.00, a monthly increase of 55.00, and an annual decrease of 17.97%. The price of Futures Contract 09 is 1327.50, with a daily increase of 22.50, a weekly decrease of 19.50, a monthly increase of 358.50, and an annual decrease of 13.18%. The price of Futures Contract 01 is 1162.00, with a daily increase of 15.00, a weekly decrease of 3.00, a monthly increase of 46.50, and an annual decrease of 20.22 [2]. Inventory Information - **Total Inventory**: The total inventory is 3319.57, with a weekly increase of 40.39, a monthly decrease of 53.41, and an annual decrease of 12.87% [2]. - **Sub - inventories**: Coal mine inventory is 205.41, with a weekly increase of 9.55, a monthly decrease of 27.38, and an annual decrease of 19.47%. Port inventory is 294.99, with no weekly change, a monthly increase of 23.88, and an annual decrease of 27.62%. Steel mill coking coal inventory is 781.13, with a weekly decrease of 6.93, a monthly decrease of 12.60, and an annual increase of 6.33%. Coking coking coal inventory is 959.06, with a weekly decrease of 78.65, a monthly increase of 75.52, and an annual increase of 2.55% [2]. Other Information - **Coking Capacity Utilization**: The coking capacity utilization rate is 74.24, with a weekly decrease of 0.94, a monthly decrease of 1.63, and no annual change [2]. - **Coking Coke Inventory**: The coking coke inventory is 84.72, with a weekly decrease of 0.81, a monthly decrease of 1.31, and an annual decrease of 2.06% [2]. - **Futures Basis and Spread**: The 05 basis is - 81.01, with a daily decrease of 22.00, a weekly decrease of 11.89, a monthly increase of 93.28, and an annual decrease of 107.96. The 09 basis is - 164.51, with a daily decrease of 22.50, a weekly decrease of 10.39, a monthly decrease of 210.22, and an annual decrease of 12.39. The 01 basis is 0.99, with a daily decrease of 15.00, a weekly decrease of 26.89, a monthly increase of 101.78, and an annual decrease of 0.99. The 5 - 9 spread is - 83.50, with a daily decrease of 0.50, a weekly increase of 1.50, a monthly decrease of 303.50, and an annual increase of 5.68. The 9 - 1 spread is 165.50, with a daily increase of 7.50, a weekly decrease of 16.50, a monthly increase of 312.00, and an annual increase of 1.28. The 1 - 5 spread is - 82.00, with a daily decrease of 7.00, a weekly increase of 15.00, a monthly decrease of 8.50, and an annual increase of 0.37 [2]

Group 1: Report's Core View - The PDH profit improvement may lead to increased demand for CP cargo purchases. One can focus on narrowing the PDH profit, but be aware of the risk of the low - opening of the end - of - month CP official price [1] Group 2: Market Data and Changes Daily Changes - On Thursday, civil gas prices declined. In East China, it was 4369 (-5), in Shandong 4280 (-70), and in South China 4500 (-30). Ether - post carbon four was 4460 (+0). The lowest delivery location was Shandong, with a basis of 28 (-174), and the November - December spread was 137 (+8). FEI and CP increased to 474 (+8) and 450 (+1) dollars per ton respectively [1] - The PG futures price dropped significantly. The cheapest deliverable was East China civil gas at 4384 (+21); in Shandong it was 4450 (-100), and in South China 4570 (-70). The basis was 314 (+188), and the November - December spread was 78 (+0). Warehouse receipts were cancelled to zero in September. The October CP official price opened low at 495/475, the lowest in two years, 40 - 60 dollars lower than expected. The FEI monthly spread was - 15 dollars (-8.5), and the CP monthly spread was - 8.75 dollars (+0.25). The domestic - foreign price difference PG - CP reached 108 (+3); PG - FEI reached 101 (+13). FEI - CP was 7.5 (-10). The US - Asia arbitrage window closed. AFEI was at a discount of - 18.75, and the South China CIF discount was 52. Freight rates dropped significantly, with the US Gulf - Japan at 126 (-5) and the Middle East - Far East at 63 (-5.5). The FEI - MOPJ spread widened significantly to - 83 (-28) [1] Market Conditions - The inventory pressure is small, the supply is abundant, the chemical demand provides strong support, and the combustion demand is gradually picking up. The PDH operating rate is 70.88% (-1.64pct), with some plants like Haiwei, Lihuayi Weiyuan, and Tianjin Bohua shut down, and Zhongjing is expected to resume next week [1]