Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Various sectors in the market are exposed to diverse influencing factors and demonstrate distinct trends. For instance, in the macro - financial domain, the probability of central bank easing is increasing; in the black commodity sector, double - coke may continue to fluctuate and rise in the short term; in the agricultural product sector, supply pressure and weak demand are common challenges [12][14][25]. Summary by Relevant Catalogs Macro Information - The OECD predicts that the global economic growth rate in 2025 will be 3.2%, an upward adjustment of 0.3 percentage points from the June forecast, and remain at 2.9% in 2026. The economic growth expectations of the US, the Eurozone, Japan, and the UK have been slightly raised [9]. - Multiple Fed officials support replacing the current 2% inflation target with a target range. There are increasing differences within the Fed regarding the future monetary policy path [9]. - The US second - quarter current account deficit decreased by $188.5 billion, reaching the lowest level since Q3 2023 at $251.3 billion [10]. - The US September S&P Global manufacturing PMI preliminary value was 52, and the service PMI preliminary value was 53.9, with the composite PMI preliminary value at 53.6, all lower than expected and hitting a three - month low [10]. - The Eurozone September manufacturing PMI preliminary value was 49.5, falling below the boom - bust line, while the service PMI preliminary value rose from 50.5 to 51.4, exceeding expectations [10]. - Indonesia and the EU signed a comprehensive economic partnership agreement, aiming for it to take effect on January 1, 2027 [10]. - Argentina temporarily cancelled export withholding taxes on agricultural products such as grains, beef, and poultry until October 31 to increase dollar supply and stabilize the local currency exchange rate [10]. Macro Finance Stock Index Futures - The strategy is to consider buying on dips and mainly adopt a range - trading approach. The A - share market fluctuated widely. The probability of central bank easing in the future is increasing, and the market is currently in a state of shock [12]. Bond Futures - The strategy is to continue to consider steepening the short - end and ultra - long - end interest rate curves in the medium - to - long term. For the unilateral strategy, consider buying bonds on dips to bet on future monetary policy easing [13]. Black Commodities Coal and Coke - Double - coke prices may continue to fluctuate and rise in the short term. Attention should be paid to the demand in the "Golden September and Silver October" period for finished products and the downstream replenishment rhythm before the National Day [14]. Ferroalloys - For manganese silicon, the long - term trend is expected to be bearish on rallies as new capacity is being released. For silicon iron, it is also recommended to be bearish on rallies in the medium term due to an oversupply situation [15]. Soda Ash and Glass - For soda ash, maintain a bearish - on - rallies strategy, and be flexible to exit if a short - term positive feedback atmosphere emerges. For glass, it is advisable to wait and see for now [16]. Non - ferrous Metals and New Materials Aluminum and Alumina - Aluminum is expected to remain at a relatively high level before the holiday, and it is recommended to wait and see at high levels. Alumina has increasing surplus pressure, and it is advisable to be bearish on rallies [18]. Zinc - After the macro - impact fades and the decline in overseas inventories slows down, zinc prices will fluctuate downward as supply increases and demand support is weak [19]. Lithium Carbonate - Supported by short - term inventory reduction, lithium carbonate will mainly operate in a wide - range shock without obvious driving factors [21]. Industrial Silicon - The market is trading the expectation of inventory reduction during the dry season in advance, and industrial silicon will operate in a shock - upward range with limited downward adjustment space [22]. Polysilicon - The market is mainly driven by policy progress. In the short term, the market is weak, and it is advisable to treat it as a wide - range shock and operate cautiously [23]. Agricultural Products Cotton - With complex upstream - downstream games, increasing supply pressure, and weak demand, it is advisable to be cautious when adopting a bearish - on - rallies strategy [25]. Sugar - The domestic sugar fundamentals are bearish. It is recommended to maintain a bearish strategy, but be cautious due to holiday - related capital fluctuations [27]. Eggs - With a high inventory of laying hens and limited capacity reduction, it is recommended to adopt a bearish - on - rallies strategy [28]. Apples - It is advisable to wait and see for now, paying attention to the weather in production areas and the opening price of new - season apples [29]. Corn - The strategy is to sell out - of - the - money call options. The spot price shows a differentiated trend, and there is a supply gap expectation in the 2025/26 season [30][31]. Jujubes - It is advisable to be bearish on rallies as the market price is stable and consumption is weak [32]. Pigs - For near - month contracts, it is advisable to be bearish on rallies. The supply - demand pattern remains strong supply and weak demand, and the spot price is expected to fluctuate at a low level [32]. Energy and Chemicals Crude Oil - With geopolitical factors and a possible shift to a supply - surplus situation, it is advisable to consider shorting on rallies [35]. Fuel Oil - Fuel oil prices will follow crude oil prices as the support from geopolitical factors weakens [35]. Plastics - Polyolefins have large supply pressure and are expected to operate in a weak - shock pattern. It is advisable to consider a small - scale short position [38]. Rubber - Attention should be paid to the impact of typhoons on Hainan's rubber production areas and relevant policies [39]. Methanol - With large port inventory pressure, methanol is expected to continue to operate in a weak - shock pattern [40]. Caustic Soda - It is advisable to maintain a bearish strategy as the futures price is in a downward trend and deviates from the spot price [41]. Asphalt - Asphalt will follow crude oil prices as its own fundamentals are stable [42]. Offset Printing Paper - The market is expected to operate in a shock pattern. It is advisable to consider a long - position or sell - put strategy near the production cost line [44]. Polyester Industry Chain - The polyester chain products are expected to continue to operate in a weak - shock pattern due to a lack of fundamental drivers [45]. Liquefied Petroleum Gas (LPG) - LPG supply is abundant. Although it may strengthen in the short term, it is advisable to maintain a bearish view in the long term [46]. Pulp - The pulp market is expected to operate in a shock pattern. Attention should be paid to port inventory reduction and spot transactions [47]. Logs - The market is expected to operate in a shock pattern. If price support is effective and downstream orders are good, it is advisable to consider a small - scale long position [48]. Urea - It is advisable to maintain a shock - trading strategy as the spot price lacks upward momentum and production is increasing [48]. Synthetic Rubber - The main contract is expected to operate in a weak - shock pattern. Be cautious when shorting on sharp drops [50].
中泰期货晨会纪要-20250924
Zhong Tai Qi Huo·2025-09-24 10:50