Report Information - Report Date: October 16, 2025 [2] - Report Title: Big Asset Morning Report [9] Global Asset Market Performance 10-Year Treasury Yields of Major Economies - On October 15, 2025, yields in the US, UK, France, etc., were 4.034%, 4.674%, 3.478% respectively [3] - Latest changes were all 0.000%, with weekly, monthly, and yearly variations differing across countries [3] 2-Year Treasury Yields of Major Economies - On October 15, 2025, yields in the US, UK, Germany, etc., were 3.480%, 3.952%, 1.957% respectively [3] - Latest changes, weekly, monthly, and yearly variations varied by country [3] US Dollar Exchange Rates Against Major Emerging Economies' Currencies - On October 15, 2025, rates against Brazil, Russia, South Africa, etc., were 5.521, 108.000, 17.505 respectively [3] - Latest changes were 0.00%, with weekly, monthly, and yearly percentage changes differing [3] Stock Indices of Major Economies - On October 15, 2025, indices like S&P 500, Dow Jones, Nasdaq were 6552.510, 45479.600, 22204.430 respectively [3] - Latest changes were 0.00%, with weekly, monthly, and yearly percentage changes varying [3] Credit Bond Indices - On October 15, 2025, US investment - grade, euro - area investment - grade, etc., indices were 3529.690, 265.945, etc. respectively [3] - Latest changes were 0.00%, with weekly, monthly, and yearly percentage changes differing [3][4] Stock Index Futures Trading Data Index Performance - Closing prices of A - shares, CSI 300, SSE 50, etc., were 3912.21, 4606.29, 3001.35 respectively [5] - Percentage changes in prices were 1.22%, 1.48%, 1.36% respectively [5] Valuation - PE(TTM) of CSI 300, SSE 50, CSI 500, etc., were 14.31, 11.95, 34.70 respectively [5] -环比 changes were 0.17, 0.11, 0.43 respectively [5] Risk Premium - 1/PE - 10 - year interest rates of CSI 300, SSE 50, CSI 500, etc., were 3.70, 5.77, - 0.38 respectively [5] -环比 changes were all 0.00 [5] Fund Flows - Latest values of A - shares, main board, small and medium - sized enterprise board, etc., were 535.21, 302.49, - 56.21 respectively [5] - 5 - day average values were - 543.77, - 301.19, - 56.21 respectively [5] Trading Volume - Latest trading volumes of Shanghai and Shenzhen stock markets, CSI 300, SSE 50, etc., were 20728.59, 6073.26, 1571.06 respectively [5] -环比 changes were - 5033.74, - 2016.33, - 620.88 respectively [5] Main Premium/Discount - Basis of IF, IH, IC were - 29.89, - 3.95, - 153.80 respectively [5] - Magnitudes were - 0.65%, - 0.13%, - 2.11% respectively [5] Treasury Bond Futures Trading Data Closing Prices and Percentage Changes - Closing prices of T00, TF00, T01, TF01 were 108.130, 105.730, 107.815, 105.635 respectively [6] - Percentage changes were 0.10%, 0.09%, 0.11%, 0.09% respectively [6] Fund Interest Rates - R001, R007, SHIBOR - 3M were 1.3519%, 1.4694%, 1.5810% respectively [6] - Daily changes (BP) were - 12.00, 0.00, 0.00 respectively [6]

Report Industry Investment Rating - No information provided Core Viewpoint - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on October 16, 2025 [1][4][5] Summary by Category Cross - Market Arbitrage - **Copper**: On October 16, 2025, the domestic spot price was 85250, the LME spot price was 10745, with a spot ratio of 7.86; the domestic three - month price was 85850, the LME three - month price was 10717, with a ratio of 7.97; the spot import profit was - 1521.41 [1] - **Zinc**: The domestic spot price was 22010, the LME spot price was 3076, with a spot ratio of 7.16; the domestic three - month price was 22040, the LME three - month price was 2936, with a ratio of 5.83 [1] - **Aluminum**: The domestic spot price was 20920, the LME spot price was 2764, with a spot ratio of 7.57; the domestic three - month price was 20935, the LME three - month price was 2757, with a ratio of 7.59 [1] - **Nickel**: The domestic spot price was 123550, the LME spot price was 15044, with a spot ratio of 8.21; the spot import profit was - 1281.18 [1] - **Lead**: The domestic spot price was 16900, the LME spot price was 1946, with a spot ratio of 8.68; the domestic three - month price was 17130, the LME three - month price was 1991, with a ratio of 11.08 [3] Cross - Period Arbitrage - **Copper**: The spreads between the next month, three - month, four - month, and five - month contracts and the spot month were 1400, 1450, 1390, and 1250 respectively, while the theoretical spreads were 524, 946, 1377, and 1808 [4] - **Zinc**: The spreads were - 185, - 160, - 125, and - 100, and the theoretical spreads were 214, 334, 454, and 574 [4] - **Aluminum**: The spreads were 70, 95, 105, and 100, and the theoretical spreads were 215, 331, 448, and 564 [4] - **Lead**: The spreads were 60, 80, 85, and - 110, and the theoretical spreads were 210, 317, 423, and 529 [4] - **Nickel**: The spreads were 690, 840, 1060, and 1330 [4] - **Tin**: The 5 - 1 spread was - 240, and the theoretical spread was 5832 [4] Spot - Futures Arbitrage - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 815 and 585, and the theoretical spreads were 415 and 1091 [4] - **Zinc**: The spreads were 190 and 5, and the theoretical spreads were 194 and 323 [4] - **Lead**: The spreads were 150 and 210, and the theoretical spreads were 207 and 320 [5] Cross - Variety Arbitrage - On October 16, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) were 3.90, 4.10, 5.01, 0.95, 1.22, and 0.78 respectively; for London (three - continuous) were 3.60, 3.85, 5.33, 0.93, 1.38, and 0.68 [5]

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 柳林主焦 2021 2022 2023 2024 2025 500.00 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 100.00 200.00 300.00 400.00 500.00 600.00 700.00 800.00 600.00 1100.00 1600.00 2100.00 2600.00 3100.00 3600.00 4100.00 4600.00 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 蒙煤仓单 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 蒙古口岸原煤库提价 A10.5，V28，S<0.6%，G83 2021 2022 2023 2024 2025 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 普氏峰景 20 ...

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| | | | 钢材早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心黑色团队 2025/10/16 | | | 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 | | 2025/10/09 | 3190 | 3250 | 3220 | 3170 | 3290 | 3240 | | 2025/10/10 | 3190 | 3260 | 3220 | 3170 | 3290 | 3280 | | 2025/10/13 | 3130 | 3210 | 3190 | 3150 | 3260 | 3220 | | 2025/10/14 | 3110 | 3200 | 3270 | 3130 | 3250 | 3210 | | 2025/10/15 | 3090 | 3180 | 3270 | 3130 | 3250 | 3210 | | 变化 | -20 | -20 | 0 | 0 | 0 | 0 | | 日期 | 天津热卷 | 上海热卷 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summary by Relevant Catalog SP Main Contract Closing Price - On October 15, 2025, the SP main contract closing price was 4856.00, with a 0.20636% increase from the previous day [3]. - The closing prices from October 9 - 15, 2025, along with corresponding fold - dollar prices, daily changes, and basis in Shandong and Jiangsu - Zhejiang - Shanghai regions are presented in a table [3]. Pulp Price and Profitability - With a 13% VAT calculation, for imported pulp, the Canadian Golden Lion has a CFR port price of 780 dollars, a Shandong region RMB price of 6200, and an import profit of - 145.57; the Canadian Lion has a CFR price of 730 dollars, a Shandong price of 5360, and an import profit of - 583.29; the Chilean Silver Star has a CFR letter - of - credit 90 - day price of 700 dollars, a Shandong price of 5590, and an import profit of - 111.92 [4]. - From October 9 - 15, 2025, the national and Shandong regional average prices of different types of pulp (coniferous, broad - leaf, natural, and chemimechanical) remained unchanged [4]. - The indices of cultural paper (double - offset and double - copper), packaging paper (white card), and living paper remained unchanged from October 10 - 15, 2025 [4]. - The profit margins of different types of paper showed some changes. For example, the double - offset profit margin decreased from 0.1462% on October 10, 2025, to - 0.0430% on October 15, 2025; the living paper profit margin decreased from 7.2414% on October 10, 2025, to 6.8977% on October 15, 2025 [4]. - The price differences between coniferous pulp and other types of pulp (broad - leaf, natural, chemimechanical, and waste paper) are presented in a table from October 9 - 15, 2025 [4].

Group 1: Price Performance - London Gold latest price is 4204.60, change is 78.30 [1] - London Silver latest price is 52.59, change is 1.07 [1] - London Platinum latest price is 1622.00, change is -23.00 [1] - London Palladium latest price is 1467.00, change is 16.00 [1] - LME Copper latest price is 10717.00, change is 190.00 [1] - US Dollar Index latest is 98.67, change is -0.38 [1] - Euro to US Dollar latest is 1.16, change is 0.00 [1] - British Pound to US Dollar latest is 1.34, change is 0.01 [1] - US Dollar to Japanese Yen latest is 151.06, change is -0.74 [1] Group 2: Trading Data - COMEX silver inventory latest is 15947.11, change is -90.86 [1] - SHFE silver inventory latest is 1030.43, change is -32.64 [1] - Gold ETF holdings latest is 1022.60, change is 1.15 [1] - Silver ETF holdings latest is 15422.61, change is -310.48 [1] - SGE silver deferred fee payment direction change is -1.00 [1] - SGE gold deferred fee payment direction change is -1.00 [1]

Report Information - Report Title: Ferroalloy Morning Report - Date: October 16, 2025 1. Report Industry Investment Rating - No information provided in the given content. 2. Report Core View - No clear core view is presented in the provided content. The report mainly offers price, supply, demand, inventory, and cost - profit data of ferroalloys such as ferrosilicon and ferromanganese. 3. Summary by Relevant Catalogs Price - **Ferrosilicon**: The latest prices of different grades and regions vary. For example, the price of Ningxia 72 ferrosilicon natural block is 5130 yuan, with a weekly decrease of 50 yuan; the export price of Tianjin 72 ferrosilicon is 1050 US dollars, with a daily increase of 15 US dollars and a weekly increase of 25 US dollars [2]. - **Ferromanganese**: The latest price of Inner Mongolia 6517 ferromanganese is 5680 yuan, with a daily increase of 30 yuan; the price of Guangxi 6517 ferromanganese is 5700 yuan, with no change [2]. Supply - **Ferrosilicon**: The production data of 136 ferrosilicon enterprises in China shows the monthly and weekly production trends from 2021 - 2025. The capacity utilization rates of Inner Mongolia, Ningxia, and Shaanxi also have corresponding trends [4]. - **Ferromanganese**: The weekly production of ferromanganese in China from 2021 - 2025 is presented, and the procurement prices and quantities of Hebei Iron and Steel Group for ferromanganese are also provided [6]. Demand - For ferrosilicon, factors such as the production of crude steel, stainless - steel, and metal magnesium, as well as the procurement volume of Hebei Iron and Steel Group, affect its demand. For ferromanganese, the demand in China is also related to the production of crude steel, and the demand data from 2021 - 2025 is given [4][7]. Inventory - **Ferrosilicon**: The inventory data of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi shows the weekly inventory trends from 2021 - 2025. The warehouse receipt quantity, effective forecast, and the sum of them are also provided [5]. - **Ferromanganese**: The inventory data of 63 sample enterprises in China, the warehouse receipt quantity, effective forecast, and the sum of them, as well as the inventory average available days in China, are presented with trends from 2021 - 2025 [7]. Cost and Profit - **Ferrosilicon**: The cost mainly includes electricity prices in different regions and the market price of semi - coke. The profit data includes the profit of ferrosilicon in Ningxia and Inner Mongolia after converting to the main contract and the spot profit [5]. - **Ferromanganese**: The profit data of ferromanganese in Inner Mongolia, Guangxi, the northern region, and the southern region from 2021 - 2025 is provided, as well as the profit of Guangxi ferromanganese after converting to the main contract [7].

Report Summary 1) Report Industry Investment Rating - Not provided 2) Core Viewpoints - DH profit improvement may lead to increased demand for CP cargo purchases. Consider narrowing PDH profit, but be aware of the risk of a low CP official price at the end of the month [1] - The PG market has declined significantly. The cheapest deliverable is East China civil gas. The basis and 11 - 12 month spread have changed. Warehouse receipts were cancelled to zero in September. The October CP official price was the lowest in two years [1] - The inventory pressure is small, supply is abundant, chemical demand provides strong support, and combustion demand is gradually recovering. PDH operating rate has decreased, and some plants have shut down with one expected to resume next week [1] 3) Summary by Related Content Price Changes - **Daily Changes**: On October 15, compared with the previous day, civil gas prices in East China decreased by 9 to 4374, in Shandong by 90 to 4350, and remained unchanged in South China at 4530. Ether - post - carbon four decreased by 20 to 4460 [1] - **Weekly Changes**: PG prices in different regions changed. The basis and 11 - 12 month spread changed. FEI and CP had small fluctuations. PDH profit, inventory, and supply - demand situations also had corresponding changes [1] Market Indicators - **Price and Spread**: The 10 - month CP official price was 495/475, the lowest in two years, 40 - 60 dollars lower than expected. FEI and CP month spreads, and various internal and external spreads (PG - CP, PG - FEI, FEI - CP) changed [1] - **Arbitrage Window**: The US - Asia arbitrage window is closed. AFEI and CP South China arrival discounts are given. Freight rates have dropped significantly [1] - **Profit**: PDH propylene production spot profit changed little, and PP production profit rebounded from a low level [1] - **Inventory and Supply - Demand**: Inventory pressure is small, supply is abundant, chemical demand provides strong support, and combustion demand is gradually recovering. PDH operating rate is 70.88% (-1.64pct) [1]

Group 1: PTA Market Core View - Proximal TA maintenance led to a slight decline in PTA operation rate, while polyester load increased month - on - month, inventory slightly accumulated, basis remained weak, and spot processing fees stayed at a low level. PX domestic operation rate rose, overseas units restarted, PXN widened month - on - month, disproportionation efficiency remained stable while isomerization efficiency weakened, and the aromatics price spread between the US and Asia widened. In the future, TA may have additional production cuts and production plans, but considering the lack of unexpected performance in polyester, the far - month inventory accumulation is expected. After the valuation is repaired month - on - month, the far - month processing fees are relatively reasonable. Attention should be paid to additional maintenance situations [1]. Key Points - The average daily trading basis of PTA main contract 2601 was - 85. The 3.6 - million - ton Yisheng New Materials increased its operation rate [1]. Group 2: MEG Market Core View - Proximal domestic oil - based operation rate remained stable, coal - based units restarted, and the overall load rose to a high level. There were some overseas maintenance. After the holiday, the port arrivals increased while the shipments were dull, and the port inventory accumulated significantly at the beginning of next week. The basis strengthened slightly, and the benefit ratio further shrank. In the future, with the existing operation rate reaching a high level and new units being put into production, it will enter a continuous inventory accumulation stage. However, after the coal - based benefits and ratios weaken, there may be some negative feedback on the supply side. Attention should be paid to the support of coal - based production costs [7]. Key Points - The MEG spot trading basis was around + 64 for the 01 contract. Shell's 400,000 - ton unit was under maintenance [7]. Group 3: Polyester Staple Fiber Market Core View - The Xinjiang Jianshanli unit was under maintenance, Zhejiang Huaxing increased its operation rate, the operation rate dropped to 94.3%, the production and sales weakened month - on - month, and the inventory accumulated month - on - month. On the demand side, the operation rate of polyester yarn remained stable, raw material stocking continued, the finished product inventory remained stable month - on - month, and the benefits were weak. In the future, due to the high - level finished product inventory of polyester yarn, the speed of increasing the operation rate may slow down. Although the spot benefits of staple fiber are acceptable and the operation rate remains high, the inventory pressure is limited, and the processing fees are expected to fluctuate [7]. Key Points - The spot price was around 6293, and the market basis was around + 60 for the 11 contract [7]. Group 4: Natural Rubber Market Core View - The national explicit inventory remained stable at an absolute level. The price of Thai cup rubber remained stable, and there was rainfall. The strategy was to wait and see [7]. Key Points - There were detailed price data for various types of natural rubber such as 20 - number rubber, US - dollar - denominated Thai mixed rubber, etc. from October 9 - 15, 2025 [7]. Group 5: Styrene and Related Products Market Core View - There were price changes in various products such as ethylene, pure benzene, styrene, etc., and profit changes in products like ABS, EPS, PS. The production and operation rates of related products also showed certain trends [7]. Key Points - There were daily price changes and profit data for products including ethylene, pure benzene, styrene, ABS, EPS, PS from October 9 - 15, 2025 [7].