金信期货日刊-20250926

Report Summary 1. Report Industry Investment Ratings No relevant content provided. 2. Core Viewpoints of the Report - On September 25, the glass futures rose again, which was the result of the resonance of policy expectations, marginal improvement in supply - demand, and sector linkage [3]. - The A - share market is expected to continue to oscillate at a high level overall [7]. - The gold market is showing strength and can continue to be bullish [12]. - The iron ore market is in a high - level wide - range oscillation range and should be treated with an oscillatory mindset [14]. - The glass market should return to a low - buying strategy [19]. - The soybean oil market is under pressure from high inventory and should be treated with a bearish bias [23]. - The pulp market is expected to remain in low - level oscillation, and high - selling and low - buying within the range can be considered [28]. 3. Summary by Related Catalogs Glass Futures - On September 24, multiple ministries issued a work plan to strictly control cement and glass production capacity, which is beneficial to the glass market [4]. - On September 25, the glass production and sales rate increased significantly, driving enterprise inventories to continue to decline. As of September 25, the total inventory of national float glass sample enterprises was 59.355 million heavy boxes, a week - on - week decrease of 1.553 million heavy boxes or 2.55%, and a year - on - year decrease of 18.56% [4]. Stock Index Futures - The A - share market opened lower and moved higher. The Shenzhen Component Index and the ChiNext Index oscillated upward throughout the day, while the Shanghai Composite Index oscillated slightly around the opening price. The market is expected to continue to oscillate at a high level [7][8]. Gold - The market is trading the expectation of an interest rate cut in October. After three days of adjustment, gold rose strongly again and reached a new high, showing obvious strength [12]. Iron Ore - The supply side has stable shipments. Recently, steel mills are showing signs of resuming production, and molten iron is expected to remain at a high level. With the approaching of the National Day holiday in the middle and late period, the start of restocking may support raw materials. Technically, it is still in a high - level wide - range oscillation range [14][15]. Glass - Technically, the glass market has risen sharply and regained its platform support, and a low - buying strategy can be adopted. The daily melting is basically stable, the factory inventory has declined slightly, but the recovery of downstream deep - processing orders is insufficient, and attention should be paid to the restocking situation near the peak season [19][20]. Soybean Oil - As of September 12, the domestic commercial inventory of soybean oil was 1.26 million tons, a week - on - week decrease of 10,000 tons, a month - on - month increase of 100,000 tons, and a year - on - year increase of 110,000 tons. High inventory suppresses the price increase space, and the market should be treated with a bearish bias [23]. Pulp - The pulp price in Shandong region remained stable today, and the port inventory started to decline slightly, remaining at a medium - to - high level. There is an expected boost before the Mid - Autumn Festival peak season, but no improvement has been seen yet, and it is expected to remain in low - level oscillation [28].