Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The medium - to long - term trend of precious metals may be bullish, but short - term fluctuations are increasing. It is advisable to wait and see or conduct short - term fast - in - fast - out operations. Pullbacks are considered opportunities for medium - to long - term long positions, and existing long positions should be held with caution. The resistance levels for London gold are 4300 and 4500, and the support is in the 4150 area; for silver, the resistance is 55 and the support is 50 [5]. 3. Summary by Relevant Catalogs 3.1 Market Review - On Wednesday, precious metal prices continued to be strong. The US dollar index declined, European and American stocks showed mixed performance, Bitcoin continued to fall, and crude oil fluctuated. The silver lease rate rose again, indicating a severe shortage of physical silver. The results of the US "232" investigation on silver and palladium are expected to be submitted on October 19, which involves the sensitive issue of whether the US will impose a 50% tariff on silver and palladium. The COMEX gold 2512 contract closed at $4224.9 per ounce, up 1.48%; the US silver 2512 contract closed at $52.525 per ounce, up 3.76%. The SHFE gold 2512 main contract closed at 960.34 yuan per gram, up 2.09%; the SHFE silver 2512 contract closed at 11966 yuan per kilogram, up 2.3% [2]. 3.2 Interest Rate Cut Expectations and Fund Holdings - Interest rate cut expectations are generally stable. According to CME's "FedWatch" data, the probability that the Fed will keep interest rates unchanged in October is 2.7%, and the probability of a 25 - basis - point interest rate cut is 97.3%. For December, the probability of keeping interest rates unchanged is 0.1%, the probability of a cumulative 25 - basis - point cut is 5.7%, and the probability of a cumulative 50 - basis - point cut is 94.2%. In January, the probability of a cumulative 25 - basis - point cut is 2.7%, the probability of a cumulative 50 - basis - point cut is 47.2%, and the probability of a cumulative 75 - basis - point cut is 50.1%. In terms of long - term funds, the SPDR Gold ETF's holdings increased by 1.15 tons to 1022.6 tons; the iShares Silver ETF's holdings decreased by 310.48 tons to 15422.61 tons. In terms of inventory, the SHFE silver inventory decreased by 32.7 tons to 1030.4 tons per day; as of the week ending October 10, the SGX silver inventory decreased by 64.3 tons to 1108.1 tons per week [3]. 3.3 This Week's Focus - In terms of data, pay attention to the US September retail sales and PPI data tonight. Due to the US government shutdown, the release of the US September CPI, originally scheduled for October 15, will be postponed to October 24. In terms of events, there will be intensive speeches by Fed officials this week, which will provide more guidance for the US FOMC meeting on October 31. At 21:00 on Thursday, Fed Governor Waller will give a speech; at 00:15 on Saturday, 2025 FOMC voter and St. Louis Fed President Musalem will give a speech. Also, at 02:00 on Thursday, the Fed will release the Beige Book on economic conditions [4].

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - Today's stock index rebounded, in line with the expected wide - range oscillation. Information such as the article in "Qiushi" and signals from Premier Li Qiang, along with "easing" remarks from US officials, have eased risk - aversion sentiment. However, the trading volume in the two markets shrank significantly, and the positions of index futures declined, indicating strong market wait - and - see sentiment. The short - term structural pull at the industry level is not as strong as before, and the leading industries are showing differentiation. With the shrinking volume, the rebound space is expected to be limited. The current stock market is less sensitive to economic fundamental data announcements and more driven by expected market trends. The wide - range oscillation view is maintained, and attention should be paid to changes in Sino - US trade relations and policy expectations [4] 3. Summary by Relevant Catalogs Market Review - The stock index rebounded today. Taking the CSI 300 index as an example, it closed up 1.48%. The trading volume in the two markets decreased by 50.3375 billion yuan. In the index futures market, all varieties rose with shrinking volume [2] Important Information - "Qiushi" magazine published an important article by General Secretary Xi Jinping. China's September CPI year - on - year decline narrowed to 0.3%, the core CPI returned to 1% for the first time in 19 months, and the PPI year - on - year decline narrowed to 2.3%. "Qiushi" magazine stated to further stabilize market expectations and introduce more policies conducive to stable growth and expectations. After the US threatened to impose a 100% tariff on Chinese goods on November 1, US Treasury Secretary Besent claimed that the situation had "significantly eased" and the tariff imposition might not happen [3] Strategy Recommendation - It is recommended to hold positions and wait and see. The table shows the intraday percentage changes, trading volumes, volume changes compared to the previous period, positions, and position changes compared to the previous period of the main contracts of IF, IH, IC, and IM [5] Spot Market Observation - The Shanghai Composite Index rose 1.22%, and the Shenzhen Component Index rose 1.73%. The ratio of rising to falling stocks was 4.62. The trading volume in the two markets was 207.2859 billion yuan, a decrease of 50.3375 billion yuan compared to the previous period [7]

Report Information - Report Title: Cotton Industry Risk Management Daily Report - Date: October 15, 2025 - Analyst: Chen Jianing (Investment Consulting License No.: Z0020097) - Investment Consulting Business Qualification: CSRC License [2011] No. 1290 [1][2] Industry Investment Rating - Not provided Core Viewpoints - As of October 14, 2025, a total of 488,900 tons of cotton have been notarized and inspected in the 24/25 season. The cotton picking progress in Xinjiang has passed the halfway point, with northern Xinjiang in the later stage and the machine - picking progress in Kashgar and Kizilsu in southern Xinjiang slightly slower. The current purchase price of machine - picked cotton in Xinjiang is mostly between 6.05 - 6.3 yuan/kg, with southern Xinjiang slightly higher. The production increase expectation has been slightly revised, but the downstream peak season is gradually weakening, market confidence is insufficient, and the supply pressure of new cotton will gradually emerge. Under the high - yield pattern, cotton prices face significant hedging pressure. Also, Sino - US tariff policy disturbances have resurfaced. The strategy is still to sell on rebounds [4]. Summary by Directory Cotton Price Forecast - The monthly price range forecast for cotton is 13,000 - 13,600, with a current 20 - day rolling volatility of 0.0703 and a current volatility historical percentile (3 - year) of 0.1146 [3] Risk Management Strategies Inventory Management - For enterprises with high inventory worried about cotton price drops, they can short Zhengzhou cotton futures (CF2601) to lock in profits and cover production costs, with a selling ratio of 50% and a recommended entry range of 13,500 - 13,600. They can also sell call options (CF601C13600) to collect premiums and reduce costs, with a selling ratio of 75% and a recommended entry range of 200 - 250 [3] Procurement Management - For enterprises with low procurement inventory hoping to purchase according to orders, they can buy Zhengzhou cotton futures (CF2601) to lock in procurement costs in advance, with a buying ratio of 50% and a recommended entry range of 13,000 - 13,100. They can also sell put options (CF601P13000) to collect premiums and reduce procurement costs, with a selling ratio of 50% and a recommended entry range of 200 - 250 [3] Market Factors Bullish Factors - Some producing areas in southern Xinjiang reported lower - than - expected yields per unit, and the lint percentage of new cotton is low, so the high - yield level may be revised compared to the previous expectation. Also, yarn mills have low raw material inventories and have a rigid demand for replenishing cotton stocks [6] Bearish Factors - The US announced that it will impose an additional 100% tariff on all Chinese goods exported to the US starting from November 1. The new - season cotton output has increased year - on - year, and there is significant hedging pressure above the cotton price. In September 2025, China's textile and clothing exports were 24.42 billion US dollars, a year - on - year decrease of 1.42% and a month - on - month decrease of 7.99%. Among them, textile exports were 11.967 billion US dollars, a year - on - year increase of 6.43% and a month - on - month decrease of 3.44%; clothing exports were 12.453 billion US dollars, a year - on - year decrease of 7.95% and a month - on - month decrease of 11.97% [5][6] Futures and Price Index Data Cotton and Cotton Yarn Futures Prices - Cotton 01 closed at 13,270, up 5 with a 0.04% increase; Cotton 05 closed at 13,330, up 10 with a 0.08% increase; Cotton 09 closed at 13,505, up 5 with a 0.04% increase; Cotton yarn 01 closed at 19,325, up 35 with a 0.18% increase; Cotton yarn 05 and 09 had a closing price of 0, down 100% [7] Cotton and Cotton Yarn Spreads - Cotton basis was 1,404, down 86; Cotton 01 - 05 spread was - 60, down 5; Cotton 05 - 09 spread was - 175, up 5; Cotton 09 - 01 spread was 235, unchanged; The cotton - yarn spread was 6,040, down 15; The domestic - foreign cotton spread was 1,939, down 17; The domestic - foreign yarn spread was - 670, unchanged [8] Domestic and Foreign Cotton Price Indexes - CCI 3128B was 14,674, down 81 with a - 0.55% decrease; CCI 2227B was 12,844, down 66 with a - 0.51% decrease; CCI 2129B was 14,960, down 67 with a - 0.45% decrease; FCI Index S was 13,044, down 8 with a - 0.06% decrease; FCI Index M was 12,808, down 8 with a - 0.06% decrease; FCI Index L was 12,487, down 7 with a - 0.06% decrease [9]

Core Viewpoint - Nanhua Futures has shown significant stock price performance this year, with a year-to-date increase of 77.59%, despite recent declines in the short term [1] Group 1: Stock Performance - As of October 15, Nanhua Futures' stock price rose by 2.04% to 21.00 CNY per share, with a trading volume of 1.09 billion CNY and a turnover rate of 0.86%, resulting in a total market capitalization of 12.811 billion CNY [1] - The stock has experienced a decline of 1.91% over the last five trading days, 0.47% over the last twenty days, and 11.43% over the last sixty days [1] - The company has appeared on the "Dragon and Tiger List" twelve times this year, with the most recent appearance on July 14, where it recorded a net buy of -118 million CNY [1] Group 2: Financial Performance - For the first half of 2025, Nanhua Futures reported a net profit attributable to shareholders of 231 million CNY, representing a year-on-year growth of 0.46% [2] - The company has distributed a total of 173 million CNY in dividends since its A-share listing, with 120 million CNY distributed over the past three years [2] Group 3: Business Overview - Nanhua Futures, established on May 28, 1996, and listed on August 30, 2019, operates in various sectors including futures brokerage, wealth management, risk management, overseas financial services, and futures investment consulting [2] - The revenue composition of the company includes risk management services (50.19%), overseas financial services (29.70%), futures brokerage (17.32%), wealth management (2.51%), and other services (0.28%) [2] - As of June 30, the number of shareholders increased by 76.83% to 43,200, while the average circulating shares per person decreased by 43.45% to 14,131 shares [2] Group 4: Shareholding Structure - As of June 30, 2025, Hong Kong Central Clearing Limited is the seventh largest circulating shareholder with 5.4724 million shares, an increase of 439,100 shares from the previous period [3] - Southern CSI 1000 ETF ranks as the tenth largest circulating shareholder with 1.6839 million shares, having increased by 310,800 shares compared to the previous period [3]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - The core contradictions affecting the current trend of propylene include sufficient supply but insufficient demand in the main downstream PP, small price differences between PP powder, granules, and propylene, and low acceptance of high - priced propylene. Most downstream industries have poor profit conditions and resist high - priced propylene. Also, the PDH cost has collapsed, with the CP October contract price dropping unexpectedly [3]. - The positive factor is that the cracking failure of Yulong has led to a slight reduction in the supply in the Shandong market [3]. - The negative factors are that after the decline of propane, the PDH profit has expanded, but propylene and PP cannot accept high profits, which exerts pressure. The spot market is also weak, with spot prices falling continuously, and high - priced products are still resisted [4]. Group 3: Summary by Related Catalogs Propylene Price Range Forecast - The monthly price range forecast for propylene is 6000 - 6400, with the current 20 - day rolling volatility at 0.0797 and the current volatility's historical percentage (3 - year) at 0.537 [2]. Propylene Hedging Strategy Inventory Management - When the finished - product inventory is high and there are concerns about propylene price drops, for a long - position spot exposure, it is recommended to short - allocate propylene futures at high prices according to the enterprise's inventory to lock in profits, with a 50% hedging ratio and an advisable entry range of 6500 - 6600 for PL2601. Also, selling call options (PL2601C6600) to collect premiums can reduce costs and lock in the selling price if the spot price rises, with a 50% hedging ratio and an advisable entry range of 100 - 120 [2]. Procurement Management - When the regular inventory for procurement is low and procurement is based on orders, for a short - position spot exposure, it is recommended to buy propylene futures at low prices to lock in procurement costs, with a 25% hedging ratio and an advisable entry price of 6000 for PL2601. Selling put options (PL2601P5900) to collect premiums can reduce procurement costs and lock in the spot purchase price if the propylene price drops, with a 25% hedging ratio and an advisable entry range of 40 - 60 [2]. Industrial Data Summarization - The report provides a large amount of data on upstream, mid - stream, and downstream prices, as well as profit margins and price differentials of propylene and related products from September 30, 2025, to October 13, 2025, including Brent, WTI, various raw material prices, propylene market prices in different regions, downstream product prices, and corresponding profit indicators [7].

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core View of the Report The medium - to long - term outlook for precious metals is bullish. In the short term, precious metals are surging rapidly. It is recommended that existing long positions be held cautiously, and new long positions should be entered with caution. Short - term investors are advised to either observe the market or conduct quick - in - quick - out trades. Price pullbacks are considered opportunities to build long positions for the medium - to long - term. The resistance levels for London gold are 4200 and then 4300, with support around 4100. For silver, the resistance is 55, and the support is 50 [4]. 3. Summary by Related Catalogs 3.1 Market Review - On Monday, the precious metals sector continued its strong performance. The lease rates of silver and palladium remained high after a sharp increase, and the lendable quantity of SLV ETF was extremely low, indicating shortages in the spot market and potential short - squeeze issues. The results of the US "232" investigation on silver and palladium are expected to be submitted on October 19, which involves the sensitive topic of whether the US will impose a 50% tariff on these metals. COMEX gold 2512 contract closed at $4130 per ounce, up 3.24%; COMEX silver 2512 contract closed at $50.775 per ounce, up 7.47%. SHFE gold 2512 main contract closed at 927.56 yuan per gram, up 1.99%; SHFE silver 2512 contract closed at 11531 yuan per kilogram, up 2.84% [2]. 3.2 Interest Rate Cut Expectations and Fund Holdings - Interest rate cut expectations were generally stable. According to CME's "FedWatch" data, the probability of the Fed keeping interest rates unchanged in October was 1.7%, and the probability of a 25 - basis - point cut was 98.3%. In December, the probability of keeping rates unchanged was 0%, the probability of a cumulative 25 - basis - point cut was 4.5%, and the probability of a cumulative 50 - basis - point cut was 95.5%. In January, the probability of a cumulative 25 - basis - point cut was 2.2%, the probability of a cumulative 50 - basis - point cut was 49.1%, and the probability of a cumulative 75 - basis - point cut was 48.6%. - Long - term funds: SPDR Gold ETF holdings increased by 1.72 tons to 1018.88 tons; iShares Silver ETF holdings increased by 310.5 tons to 15754.26 tons. In terms of inventory, SHFE silver inventory decreased by 44.6 tons to 1124.4 tons per day; as of the week ending September 26, SGX silver inventory decreased by 43.6 tons to 1124.4 tons per week [3]. 3.3 This Week's Focus - Data: This week, focus on the US September retail sales and PPI data. Due to the US government shutdown, the release of the US September CPI, originally scheduled for October 15, has been postponed to October 24. - Events: There will be numerous speeches by Fed officials this week, which will provide more guidance for the October 31 FOMC meeting. Key speeches include those by Fed Governor Bowman on Tuesday at 20:45, Fed Chair Powell at 23:30, Fed Governor Waller on Wednesday at 03:25, 2025 FOMC voter and Boston Fed President Collins at 03:30, Fed Governor Milan on Thursday at 00:30, ECB President Lagarde at 02:00, and Fed Governor Waller at 21:00. Additionally, the IMF will release the "Global Economic Outlook Report" on Tuesday at 21:00, the Fed will release the Beige Book on Thursday at 02:00, and 2025 FOMC voter and St. Louis Fed President Musalem will speak on Saturday at 00:15 [4]. 3.4 Precious Metals Spot and Futures Price Table - SHFE gold main - continuous contract was at 927.56 yuan per gram, up 2.88%; SGX gold TD was at 926.48 yuan per gram, up 3.2%; CME gold main contract was at $4130 per ounce, up 2.34%. - SHFE silver main - continuous contract was at 11531 yuan per kilogram, up 4.05%; SGX silver TD was at 11453 yuan per kilogram, up 3.56%; CME silver main contract was at $50.775 per ounce, up 6.86%. - SHFE - TD gold was at 1.08 yuan per gram, down 71.73%; SHFE - TD silver was at 78 yuan per kilogram, down 428.57%. The CME gold - silver ratio was 81.3392, down 4.23% [6]. 3.5 Inventory and Position Table - SHFE gold inventory was 70728 kilograms, unchanged; CME gold inventory was 1235.5878 tons, down 0.54%; SHFE gold positions were 239996 lots, up 0.62%; SPDR gold positions were 1018.88 tons, up 0.17%. - SHFE silver inventory was 1124.456 tons, down 3.82%; CME silver inventory was 16179.8026 tons, down 0.43%; SGX silver inventory was 1172.37 tons, down 3.66%; SHFE silver positions were 495579 lots, up 7.71%; SLV silver positions were 15754.260981 tons, up 2.01% [15][17]. 3.6 Stock, Bond, and Commodity Summary - The US dollar index was 99.2444, up 0.41%; the US dollar - to - RMB exchange rate was 7.1366, up 0.18%; the Dow Jones Industrial Average was 46067.58 points, up 1.29%; WTI crude oil spot was $59.49 per barrel, up 1%; LmeS copper 03 was $10802 per ton, up 4.13%. - The 10 - year US Treasury yield was 4.05%, down 2.17%; the 10 - year US real interest rate was 1.75%, down 2.78%; the 10 - 2 - year US Treasury yield spread was 0.53%, down 1.85% [22].

Core Points - The 2025 Crystal Ball Awards for listed companies were announced, attracting participation from over 100 companies, with awards in four categories: information disclosure, investor relations, shareholder returns, and ESG [1][2] - The awards also recognized individual achievements, with 17 chairpersons, 3 general managers, 4 CFOs, 40 secretaries, 18 representatives, and 7 IR professionals receiving accolades [3] Company Awards - **Information Disclosure Award**: Recognizes companies for their transparency and quality of information shared with investors [3] - **Investor Relations Award**: Acknowledges companies that excel in maintaining effective communication with their investors [3] - **Shareholder Returns Award**: Highlights companies that provide significant returns to their shareholders [3] - **ESG Award**: Focuses on companies that demonstrate strong environmental, social, and governance practices [3] Individual Awards - **Best Chairpersons**: A total of 17 chairpersons received recognition, including individuals from companies like Changzhai Shangs (专云污) and Yanjing Beer (耿超) [4] - **Best General Managers**: 3 general managers were awarded, with notable winners including Xu Yuexiang from Yanjing Beer [5] - **Best CFOs**: 4 CFOs were recognized for their contributions to financial management [5] - **Best Secretaries**: 40 secretaries were awarded for their roles in corporate governance and communication [5] - **Best Representatives**: 18 representatives received accolades for their effectiveness in investor relations [6] - **Best IR Professionals**: 7 IR professionals were recognized for their excellence in investor engagement [6]

Report Overview - Report Title: Iron Ore Risk Management Report - Report Date: October 13, 2025 Report Industry Investment Rating - Not provided Core Viewpoints - Short - term market trends follow the macro situation. If Sino - US relations ease, the valuation will rise; if the negotiations fluctuate, the price will correct. The iron ore fundamentals are under marginal pressure, with neutral - to - high shipments, inventory accumulating above the seasonal level. Downstream hot metal production is supported, but steel demand is weak, inventory is piling up, and profits are declining. The price is expected to rise first and then fall, oscillating within a range [3]. Summary by Relevant Catalogs Price Forecast - The price forecast range for the iron ore 11 - contract in October is 780 - 850, with the current at - the - money option IV at 19.69% and the historical volatility quantile at 11.3% [2]. Risk Management Strategies Inventory Management - For those with current iron ore inventory worried about future price drops (long risk exposure), strategies include directly short - selling iron ore futures (I2511) to lock in profits with a 25% hedging ratio at an entry range of 840 - 850, and selling call options (I2511 - C - 850) to collect premiums with a 30% ratio by selling at high prices [2]. Procurement Management - For those planning to purchase iron ore in the future and worried about price increases (short risk exposure), strategies include directly going long on iron ore futures (I2511) to lock in costs with a 30% hedging ratio at an entry range of 780 - 790, and selling out - of - the - money put options (I2511 - P - 790). If the price falls below the strike price, hold long futures positions with a 40% ratio by selling at high prices [2]. Factors Affecting Prices Positive Factors - The Fed cut interest rates by 25bp and is expected to cut twice more this year, leading to loose global financial conditions and an expected upward movement of the global manufacturing PMI. Hot metal production remains at a high level. There are short - term supply disruptions, and the "Trump TACO" factor [4]. Negative Factors - With high hot metal production, steel inventory remains high, putting pressure on the fundamentals. Although rebar production cuts have relieved inventory pressure, hot metal is being redirected to hot - rolled coil production, causing hot - rolled coil inventory to accumulate above the seasonal level. Iron ore shipments are increasing, with non - mainstream shipments at a seasonal high, and global iron ore shipments have turned from a cumulative year - on - year negative to positive. After pre - holiday steel mill restocking, port iron ore inventory has started to accumulate above the seasonal level. Macro - level positive factors have been fully priced in, and the anti - involution trend in the industrial sector has not continued [5]. Price Data Futures Closing Prices - On October 13, 2025, the closing prices of the 01, 05, and 09 contracts were 804.5, 781, and 759 respectively, with daily changes of 9.5, 6.5, and 6, and weekly changes of 14.5, 11.5, and 8.5 [5]. Basis - On October 13, 2025, the 01, 05, and 09 basis were - 16.5, 7, and 29 respectively, with daily changes of - 9.5, - 8.5, and - 8, and weekly changes of - 11.5, - 8.5, and - 6 [5][6]. Spot Prices - On October 13, 2025, the prices of Rizhao PB powder, Rizhao Carajás fines, and Rizhao Super Special fines were 788, 923, and 714 respectively, with daily changes of - 2 for all and weekly changes of 10, 6, and 9 [6]. Platts Index - On October 10, 2025, the Platts 58%, 62%, and 65% indexes were 95.85, 107.4, and 121.3 respectively, with daily changes of 1.3, 1.55, and 1.8, and weekly changes of 1.85, 3.3, and 3.55 [7]. Fundamental Data - As of October 10, 2025, the daily average hot metal output was 241.54, with a weekly change of - 0.27 and a monthly change of 0.99. The 45 - port desilting volume was 327, with a weekly change of - 9.4 and a monthly change of 9.22. The apparent demand for five major steel products was 751, with a weekly change of - 153 and a monthly change of - 92. The global shipment volume was 3207.5, with a weekly change of - 71.5 and a monthly change of - 365.6. The Australia - Brazil shipment volume was 2666.5, with a weekly change of - 60.9 and a monthly change of - 184.3. The 45 - port arrival volume was 3045.8, with a weekly change of 437.1 and a monthly change of 683.5. The 45 - port inventory was 14024.5, with a weekly change of 24.22 and a monthly change of 199.18. The inventory of 247 steel mills was 9046.19, with a weekly change of - 990.6 and a monthly change of 53.14. The available days for 247 steel mills were 30.24, with a weekly change of - 3.35 and a monthly change of - 0.08 [14].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The intraday decline of Shanghai Nickel and stainless steel was mainly affected by the broader market, and the fundamental logic temporarily failed. The quota for nickel ore in Indonesia is expected to decline in 2026, while the new energy sector is entering a peak season with strong downstream demand. Nickel iron prices lack upward momentum, and stainless steel may be weak due to profit pressure and weak demand. There are both positive and negative factors in the market, and macro - level attention should be paid to the subsequent development of Sino - US tariffs [3]. Summaries by Related Catalogs Price and Volatility Forecast - The price range forecast for Shanghai Nickel is 118,000 - 126,000 yuan/ton, with a current 20 - day rolling volatility of 15.17% and a historical percentile of 3.2%. The price range forecast for stainless steel is 12,500 - 13,100 yuan/ton, with a current 20 - day rolling volatility of 7.78% and a historical percentile of 2.1% [2]. Risk Management Strategies Shanghai Nickel - **Inventory management**: When facing product price decline and inventory impairment risk, sell Shanghai Nickel futures (NI main contract) with a 60% hedging ratio and sell call options (over - the - counter/on - exchange options) with a 50% hedging ratio, both with a strategy grade of 2 [2]. - **Procurement management**: When worried about raw material price increases, buy far - month Shanghai Nickel contracts (far - month NI contracts) according to the production plan, sell put options (on - exchange/over - the - counter options), and buy out - of - the - money call options (on - exchange/over - the - counter options), with strategy grades of 3, 1, and 3 respectively [2]. Stainless Steel - **Inventory management**: When facing product price decline and inventory impairment risk, sell stainless steel futures (SS main contract) with a 60% hedging ratio and sell call options (over - the - counter/on - exchange options) with a 50% hedging ratio, both with a strategy grade of 2 [3]. - **Procurement management**: When worried about raw material price increases, buy far - month stainless steel contracts (far - month SS contracts) according to the production plan, sell put options (on - exchange/over - the - counter options), and buy out - of - the - money call options (on - exchange/over - the - counter options), with strategy grades of 3, 1, and 3 respectively [3]. Market Analysis Core Contradictions - Shanghai Nickel and stainless steel declined due to the broader market. Nickel ore quota in Indonesia may decrease in 2026. The new energy sector is in a peak season with high demand. Nickel iron prices are weak, and stainless steel has profit and demand issues. There are export利好 factors for stainless steel, and attention should be paid to Sino - US tariffs [3]. Positive Factors - Indonesia shortens the nickel ore quota license period, changes in mining area management, progress in nickel smelting projects, favorable WTO rulings, and extension of Indian BIS certification exemption [5]. Negative Factors - High pure nickel inventory, Sino - US tariff disturbances, and weak stainless steel demand [5]. Nickel and Stainless Steel Disk Data - **Nickel**: The prices of Shanghai Nickel main contract and related contracts, as well as LME nickel 3M, all declined, with trading volume and open interest also decreasing, while the position of warehouse receipts increased slightly [5]. - **Stainless steel**: The prices of stainless steel contracts declined, but trading volume and open interest increased significantly, and the position of warehouse receipts decreased slightly [6]. Inventory Data - Domestic social nickel inventory is 43,694 tons, an increase of 2,866 tons; LME nickel inventory is 242,094 tons, an increase of 4,716 tons; stainless steel social inventory is 905.6 tons, a decrease of 3.4 tons; nickel pig iron inventory is 29,236 tons, an increase of 584 tons [7].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - After the National Day holiday, the market digested the overseas information during the holiday and continued the pre - National Day price trend. Crude oil's rebound due to geopolitics was unsustainable under OPEC's production increase, and energy - chemical related varieties weakened. Precious metals led the bulls under the environment of US interest rate cuts and global political and economic uncertainties. The threat of the US to impose additional tariffs on China caused drops in US stocks, crude oil, and domestic commodities. Without external intervention, commodities will continue to move based on the weak supply - demand fundamentals [4]. - Unless the fundamentals have relatively certain expectations, it is advisable to mainly observe. The negotiation situation is uncertain, and strategies should focus on short - term or arbitrage to avoid overnight or single - leg positions to avoid macro - systematic risks. In terms of specific sectors, industrial products are weak and precious metals are strong [2][3][5]. Summary by Relevant Catalogs Market Situation - After the National Day holiday, the market digested the overseas information during the holiday and continued the pre - National Day price trend. Energy - chemical products were under pressure from the weakening crude oil price, building materials faced insufficient demand, and agricultural products' valuations declined due to oversupply and weakening demand [4]. - The US threat to impose additional tariffs on China led to drops in US stocks, crude oil, and domestic commodities on the Friday night session [4]. Sector and Variety Analysis - **Industrial Products**: Products like soda ash and PVC have sufficient supply and weak downstream demand. Without effective implementation of relevant measures, the overall industrial products will continue to decline [4]. - **Energy - Chemicals**: Crude oil's rebound relying on geopolitics was unsustainable. Energy - chemical related varieties continued to weaken to release risks [4]. - **Precious Metals**: Led the bulls under the environment of US interest rate cuts and global political and economic uncertainties [4]. Investment Strategies - Unless the fundamentals have relatively certain expectations, it is advisable to mainly observe. Strategies should focus on short - term or arbitrage to avoid overnight or single - leg positions to avoid macro - systematic risks [3][5]. Product Recommendation - The net value performance of the "Chasing the Wind No. 1" and "Chasing the Wind No. 2" strategy products is good. The "Chasing the Wind No. 2" product is in the free trial period and is worth trying. They can be subscribed through the path of [Nanhua Futures app - Research Report Selection - Strategy Research Selection] [5]. Data Tables - **Plate Capital Flow**: The total capital is 20.499 billion, with precious metals at 485 million, non - ferrous metals at 5.005 billion, etc. [9]. - **Black and Non - ferrous Weekly Data**: It shows the price percentile, inventory percentile, valuation percentile, etc. of various black and non - ferrous metal varieties such as iron ore, rebar, etc. [9]. - **Energy - Chemical Weekly Data**: It shows the price percentile, inventory percentile, etc. of energy - chemical varieties such as fuel oil, low - sulfur oil, etc. [11]. - **Agricultural Product Weekly Data**: It shows the price percentile, inventory percentile, etc. of agricultural products such as soybean meal, rapeseed meal, etc. [12].