Group 1: Report Industry Investment Rating - No information provided in the given content Group 2: Report's Core View - For PTA, the start - up decreased slightly, polyester load increased month - on - month, inventory accumulated slightly, basis remained weak, and spot processing fees remained low. PX domestic start - up increased, overseas devices restarted, PXN widened month - on - month. TA may have additional reduction and production plans, but considering the lack of unexpected performance in polyester, the far - month is expected to accumulate inventory. After the valuation is repaired month - on - month, the far - month processing fee is relatively reasonable. Attention should be paid to additional maintenance situations [1] - For MEG, the near - end domestic oil - based start - up remained stable, coal - based restarted, the overall load rose to a high level, there was some maintenance overseas, port inventory accumulated significantly at the beginning of the next week due to increased arrival during the holiday and dull shipment. The basis strengthened slightly, and the benefit ratio further shrank. In the future, with the high - level start - up of existing devices and new device production, it will enter a continuous inventory accumulation stage, but there may be some negative feedback on the supply side after the coal - based benefit and ratio weaken. Attention should be paid to the support of coal - based cost below [1] - For polyester staple fiber, the near - end Fujian Shanli had maintenance, Zhejiang Huaxing increased load, the start - up decreased to 94.3%, production and sales weakened month - on - month, and inventory accumulated month - on - month. On the demand side, the start - up of polyester yarn remained stable, raw material stocking decreased, finished product inventory remained stable month - on - month, and the benefit was weak. In the future, the speed of increasing load may slow down due to the high - level finished product inventory of polyester yarn, but the start - up will remain high due to the good spot benefit of staple fiber, and the inventory pressure is limited. The processing fee is expected to fluctuate [1] - For natural rubber, the national explicit inventory is stable at an absolute level, the Thai stage price is stable, and there is rainfall. The strategy is to wait and see [1] Group 3: Summary by Related Catalogs PTA - **Price and Index Changes**: From September 26 to October 10, 2025, crude oil decreased by 2.5, PX CFR decreased by 7, PTA internal - market spot decreased by 11, PTA processing difference increased by 10.75, etc [1] - **Device Changes**: Hengli Dalian's 2.2 million - ton device had maintenance, and Yisheng New Materials' 3.6 million - ton device reduced load [1] - **Market Situation**: The average daily basis of PTA spot transactions was 2601 (- 65) [1] MEG - **Price and Index Changes**: From September 26 to October 10, 2025, MEG prices decreased, such as the price decreased by 20, the internal - market price decreased by 18, etc. The profit increased by 38.32, and the inventory increased by 4 [1] - **Device Changes**: Shanxi Meijin's 300,000 - ton device had maintenance [1] - **Market Situation**: The basis of MEG spot transactions was around 01 (+ 70) [1] Polyester Staple Fiber - **Price and Index Changes**: From September 2 to October 1, 2025, the spot price decreased by 35, and the short - fiber profit increased by 20 [1] - **Device Changes**: Fujian Shanli had maintenance, and Zhejiang Huaxing increased load, and the start - up decreased to 94.3% [1] - **Market Situation**: The spot price was around 6376, and the market basis was around 11 + 50 [1] Natural Rubber - **Price and Index Changes**: From September 26 to October 10, 2025, prices such as Shanghai full - latex decreased by 100, and the Thai cup - rubber price decreased by 5 [1] - **Market Situation**: The main contradiction is that the national explicit inventory is stable at an absolute level, and the Thai stage price is stable [1] Styrene - Related Products - **Price Changes**: From September 26 to October 10, 2025, prices of ethylene, pure benzene, styrene, etc. all had different degrees of decrease [1] - **Profit Changes**: The domestic profits of PS, ABS, EPS, etc. also changed, such as the PS domestic profit decreased by 36 [1]

最新 日变化 周变化 月变化 年变化 最新 日变化 周变化 月变化 年变化 秦皇岛5500 705.0 0.0 -2.0 18.0 -165.0 25省终端可用天数 23.3 -0.6 3.3 2.4 5.7 秦皇岛5000 613.0 0.0 -3.0 9.0 -162.0 25省终端供煤 526.3 3.8 -82.2 -113.7 -96.5 广州港5500 765.0 0.0 0.0 5.0 -150.0 北方港库存 2373.0 60.0 240.0 346.0 160.4 鄂尔多斯5500 485.0 0.0 -15.0 20.0 -155.0 北方锚地船舶 110.0 14.0 61.0 38.0 45.0 大同5500 535.0 0.0 -20.0 15.0 -185.0 北方港调入量 127.7 -0.4 -25.8 -26.7 -15.4 榆林6000 642.0 0.0 0.0 40.0 -199.0 北方港吞吐量 109.7 33.2 -30.7 -16.6 -47.4 榆林6200 670.0 0.0 0.0 40.0 -199.0 CBCFI海运指数 698.6 38.4 48. ...

1. Report Industry Investment Rating - No relevant content found 2. Core View of the Report - Due to geopolitical easing and shipping companies' announcements, the spot market is gradually entering the peak season. Under the game of the two factors, it is expected that the short - term futures market will fluctuate greatly. A cease - fire does not mean resumption of navigation. It is expected that the contract for December will operate strongly, and the contracts in 2026 carry greater risks. Before a clear signal of geopolitical easing emerges, the contract for February may follow the spot market more closely [1] 3. Summary According to Related Catalogs 3.1 Futures Market Data - **Futures Price and Fluctuation**: The closing prices of EC2510, EC2512, EC2602, EC2604, and EC2606 are 1119.9, 1688.0, 1406.0, 1119.9, and 1277.5 respectively, with fluctuations of 0.84%, - 2.53%, - 14.41%, - 10.7%, and - 13.05% [1]. - **Futures Volume and Open Interest**: The trading volumes of EC2510, EC2512, EC2602, EC2604, and EC2606 are 15562, 41507, 12789, 6566, and 990 respectively, and the open interests are 21030, 24222, 8743, 11087, and 1370 respectively, with open - interest changes of - 5752, 3451, 209, 1856, and 471 [1]. - **Futures Month - spread**: The month - spreads of EC2510 - 2512 and EC2512 - 2602 are - 568.1 and 282.0 respectively, with daily - on - daily changes of 53.2 and 192.9, and weekly - on - weekly changes of 69.9 and 190.0 [1]. 3.2 Spot Market Index - **Index Data**: The SCHIS index on October 6, 2025, is 1046.5 points, down 6.60% from the previous period; the SCFI (European line) on September 26, 2025, is 971 US dollars/TEU, down 7.70% from the previous period; the CCFI (European line) is 1401.91 points, down 4.69% from the previous period; the NCFI is 614.14 points, down 8.83% from the previous period [1]. 3.3 Recent European Line Quotations - **Week 40 - 41**: The average quotation is 1450 US dollars (equivalent to 1020 points on the futures market). Among them, MSK quotes 1400 US dollars, PA quotes 1300 - 1500 US dollars, YML quotes 1300 US dollars (the lowest price of the year), and OA quotes 1400 - 1600 US dollars [2]. - **Week 42**: The announced price increase is to 1800 - 2000 US dollars. On Thursday, MSK announced a price increase for the European line in November, with the price rising to 1625 US dollars for a 20 - foot container and 2500 US dollars for a 40 - foot container, equivalent to 1740 points on the futures market [2]. 3.4 Related News - **Israel - Hamas Cease - fire**: On October 10, the Israeli government approved the Gaza cease - fire agreement, but some far - right officials voted against it. The Houthi armed forces said they would closely monitor the implementation of the cease - fire agreement [3][4]

Group 1: Price Performance - London Gold's latest price is 4019.25 with a change of 193.95 [1] - London Silver's latest price is 49.71 with a change of 3.53 [1] - London Platinum's latest price is 1571.00 with a change of -18.00 [1] - London Palladium's latest price is 1235.00 with a change of -22.00 [1] - LME Copper's latest price is 10867.50 with a change of 485.50 [1] - Euro to US Dollar's latest rate is 1.16 with a change of -0.02 [1] - British Pound to US Dollar's latest rate is 1.33 with a change of -0.01 [1] Group 2: Trading Data - SHFE Silver inventory is 1186.85 with a change of -5.43 [1] - Gold ETF持仓 is 1013.44 with a change of 0.56 [1] - SGE Gold deferred fee payment direction is 1 with a change of 0.00 [1] - SGE Silver deferred fee payment direction is 1 with a change of 0.00 [1]

900.00 1400.00 1900.00 2400.00 2900.00 3400.00 3900.00 4400.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 吕梁出厂价 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 4000.00 4500.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 日照港准一平仓 2021 2022 2023 2024 2025 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 长治出厂价 2021 2022 2023 2024 2025 4000.00 4500.00 青岛港准一平仓 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 ...

有色早报 研究中心有色团队 2025/10/10 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2025/09/25 40 2382 105814 27662 -745.90 -123.95 53.0 58.0 -31.55 144425 11400 2025/09/26 -5 2337 98779 26557 -652.74 127.20 53.0 58.0 -38.91 144400 10325 2025/09/29 -15 2077 98779 25603 -898.28 192.48 53.0 57.0 -29.22 143900 9875 2025/09/30 20 2562 98779 26823 -295.06 8.95 50.0 54.0 -42.98 143400 9675 2025/10/09 20 2547 98779 29703 -968.44 -243.65 49.0 53.0 -24.90 139475 8425 变化 0 -15 ...

焦煤日报 2025/10/10 研究中心黑色团队 | | 最新 | 日变化 | 周变化 | 月变化 | 年变化 | 最新 | 日变化 | 周变化 | 月变化 | 年变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 柳林主焦 | 1550.00 | 0.00 | 47.00 | 140.00 | -3.13% Peak Downs | 205.50 | 0.50 | 0.50 | 5.50 | -18.50 | | 原煤口岸库提价 | 1012.00 | -3.00 | -26.00 | 103.00 | -19.04% Goonyella | 205.50 | 0.50 | 0.50 | 5.00 | -18.50 | | 沙河驿蒙5# | 1450.00 | 0.00 | 60.00 | 70.00 | -17.14% 盘面05 | 1241.50 | 10.00 | -76.50 | 77.00 | -17.89% | | 安泽主焦 | 1530.00 | -60.00 | -60.00 | 100.00 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The report presents the performance data of global asset markets, including the yields of 10 - year and 2 - year government bonds of major economies, exchange rates of the US dollar against major emerging - economy currencies, RMB exchange rates, stock indices of major economies and emerging economies, credit bond indices, as well as trading data of stock index futures and government bond futures [3][4][5] 3. Summary by Related Catalogs Global Asset Market Performance Government Bond Yields - **10 - year Government Bonds**: On October 9, 2025, the 10 - year government bond yields of the US, UK, France, etc. were 4.139%, 4.745%, 3.524% respectively. There were different changes in the latest, one - week, one - month, and one - year periods. For example, the latest change of the US 10 - year government bond yield was - 0.012, and the one - year change was 0.353 [3] - **2 - year Government Bonds**: On the same date, the 2 - year government bond yields of the US, UK, Germany, etc. were 3.630%, 4.000%, 1.994% respectively. The changes in different time periods also varied. For instance, the latest change of the US 2 - year government bond yield was 0.000, and the one - year change was 0.060 [3] Exchange Rates - **US Dollar against Emerging - Economy Currencies**: On October 9, 2025, the exchange rates of the US dollar against the Brazilian real, South African rand, etc. were 5.369, 17.215 respectively. The exchange rates had different percentage changes in the latest, one - week, one - month, and one - year periods. For example, the latest change of the US dollar against the Brazilian real was 0.89% [3] - **RMB Exchange Rates**: On the same date, the on - shore RMB, off - shore RMB, and the middle - price were 7.130, 7.138, 7.110 respectively. They also had different percentage changes in different time periods. For example, the latest change of the on - shore RMB was 0.11% [3] Stock Indices - **Major Economies' Stock Indices**: On October 9, 2025, the Dow Jones, S&P 500, NASDAQ, etc. had closing prices of 6735.110, 46358.420, 23024.630 respectively. The stock indices had different percentage changes in the latest, one - week, one - month, and one - year periods. For example, the latest change of the Dow Jones was 0.70% [3] - **Emerging Economies' Stock Indices**: The closing prices of the Malaysian stock index, Australian economic index, etc. were 1629.670, 9276.610 respectively on the same date. They also had different percentage changes in different time periods. For example, the latest change of the Malaysian stock index was 1.10% [3] Credit Bond Indices - On October 9, 2025, the indices of emerging - economy investment - grade credit bonds, emerging - economy high - yield credit bonds, etc. were 3517.660, 265.621 respectively. The credit bond indices had different percentage changes in the latest, one - week, one - month, and one - year periods. For example, the latest change of the emerging - economy investment - grade credit bond index was 0.05% [3] Stock Index Futures Trading Data - **Index Performance**: The closing prices of A - shares, CSI 300, SSE 50, etc. were 3933.97, 4709.48, 3020.60 respectively, and the percentage changes were 1.32%, 1.48%, 1.06% respectively [4] - **Valuation**: The PE (TTM) of CSI 300, SSE 50, and CSI 500 were 14.42, 11.86, 35.83 respectively, with corresponding环比 changes of 0.20, 0.11, 0.60 [4] - **Risk Premium**: The 1/PE - 10 - year interest rate of S&P 500 and German DAX were - 0.57 and 2.21 respectively, with环比 changes of - 0.01 and - 0.16 [4] - **Fund Flows**: The latest values of fund flows in A - shares, the main board, and CSI 300 were 198.77, 238.79, 264.69 respectively, and the 5 - day average values were - 193.18, - 141.82, 143.56 respectively [4] - **Trading Volume**: The latest trading volumes of the two - market in Shanghai and Shenzhen, CSI 300, and SSE 50 were 26531.97, 8622.08, 2319.23 respectively, and the环比 changes were 4717.86, 1975.84, 569.22 respectively [4] - **Main Contract Premium or Discount**: The basis of IF, IH, and IC were - 20.28, 5.40, - 133.12 respectively, and the amplitudes were - 0.43%, 0.18%, - 1.76% respectively [4] Government Bond Futures Trading Data - The closing prices of government bond futures T00, TF00, T01, and TF01 were 108.045, 105.730, 107.720, 105.610 respectively, and the percentage changes were all 0.00% [5] - The fund interest rates of R001, R007, and SHIBOR - 3M were 1.4069%, 1.5367%, 1.5790% respectively, and the daily changes (BP) were - 20.00, - 7.00, 0.00 respectively [5]

塑 料 日期 东北亚乙 烯 华北LL 华东LL 华东LD 华东HD LL美金 LL美湾 进口利润 主力期货 基差 两油库存 仓单 2025/09/2 5 820 7080 7200 9515 7350 830 785 -46 7169 -80 62 12736 2025/09/2 6 815 7080 7200 9500 7350 830 785 -46 7159 -80 59 12736 2025/09/2 9 815 7100 7215 9500 7350 830 785 -19 7181 -80 59 12736 2025/09/3 0 805 7080 7215 9500 7350 830 774 -19 7153 -80 59 12736 2025/10/0 9 805 7025 7200 9525 7350 830 774 -19 7077 -40 59 12729 日度变化 0 -55 -15 25 0 0 0 0 -76 40 0 -7 观点 聚乙烯，两油库存同比中性，上游两油去库，煤化工去库，社会库存持平，下游库存原料中性，成品库存中性。整体库存中性，09 基差华北-110左右，华东-50， ...

| | | | 钢材早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心黑色团队 2025/10/10 | | | 现 货 价 格 | | | | | | | | 日期 | 北京螺纹 | 上海螺纹 | 成都螺纹 | 西安螺纹 | 广州螺纹 | 武汉螺纹 | | 2025/09/25 | 3180 | 3300 | 3270 | 3200 | 3330 | 3270 | | 2025/09/26 | 3160 | 3240 | 3250 | 3200 | 3300 | 3260 | | 2025/09/29 | 3150 | 3220 | 3220 | 3170 | 3290 | 3240 | | 2025/09/30 | 3150 | 3210 | 3220 | 3170 | 3290 | 3240 | | 2025/10/09 | 3190 | 3250 | 3220 | 3170 | 3290 | 3240 | | 变化 | 40 | 40 | 0 | 0 | 0 | 0 | | 日期 | 天津热卷 | 上海热卷 | ...