Report Overview - Report Date: December 1, 2025 - Report Title: Guotai Junan Futures Commodity Research Morning Report - Black Series - Report Focus: Analysis of the futures market for black series commodities, including iron ore, steel products, ferroalloys, coke, coking coal, and logs Industry Investment Ratings - No specific industry investment ratings are provided in the report Core Views - Iron ore has limited downstream demand space and high valuation [2][4] - Rebar and hot-rolled coils are expected to trade in a low range [2][6] - Ferrosilicon is subject to market sentiment and is expected to trade in a low range; ferromanganese silicon has firm ore prices and is also expected to trade in a low range [2][10] - Coke and coking coal are expected to trade in a wide range [2][16] - Logs are expected to trade weakly [2][18] Summary by Commodity Iron Ore - **Fundamental Data**: The futures price closed at 794.0 yuan/ton, down 5.5 yuan or 0.69%. The trading volume decreased, and the open interest decreased by 23,368 lots. Spot prices for most imported ores declined, while domestic ores remained stable. The basis for some contracts increased [4] - **Macro and Industry News**: In November, the manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month, indicating improved business sentiment [4] - **Trend Intensity**: -1, indicating a bearish outlook Rebar and Hot-Rolled Coils - **Fundamental Data**: Rebar futures (RB2601) closed at 3,110 yuan/ton, up 22 yuan or 0.71%, with a decrease in trading volume and open interest. Hot-rolled coil futures (HC2601) closed at 3,302 yuan/ton, up 9 yuan or 0.27%, also with a decrease in trading volume and open interest. Spot prices showed mixed changes, and some basis and spreads changed [6] - **Macro and Industry News**: In the week of November 27, steel production, inventory, and apparent demand data showed various trends for different products [6] - **Trend Intensity**: 0 for both rebar and hot-rolled coils, indicating a neutral outlook Ferrosilicon and Ferromanganese Silicon - **Fundamental Data**: Spot prices for ferrosilicon and ferromanganese silicon remained stable, while some prices for manganese ore increased. Various price spreads changed, including basis, near-far month spreads, and cross-variety spreads [11] - **Macro and Industry News**: There were changes in production, inventory, and procurement prices in the ferrosilicon and ferromanganese silicon markets in November [12][15] - **Trend Intensity**: 0 for both ferrosilicon and ferromanganese silicon, indicating a neutral outlook Coke and Coking Coal - **Fundamental Data**: Futures prices for coking coal (JM2601) and coke (J2601) decreased. Spot prices for most coking coal and coke remained stable, and some basis and spreads changed [16] - **Macro and Industry News**: In November, the manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month, indicating improved business sentiment [16] - **Trend Intensity**: 0 for both coke and coking coal, indicating a neutral outlook Logs - **Fundamental Data**: Futures prices for different log contracts showed various trends in terms of closing prices, trading volumes, and open interests. Spot-futures spreads also changed [19] - **Macro and Industry News**: The Customs总署 decided to lift the suspension of importing US logs from November 10, 2025 [21] - **Trend Intensity**: 0, indicating a neutral outlook

Report Summary Overall Market Situation - On November 27, the US stock market closed for the Thanksgiving holiday, and the futures index showed a volatile pattern. The four major futures index contracts had mixed performance. IF dropped 0.11%, IH declined 0.11%, IC decreased 0.33%, and IM fell 0.08% [1][2]. Futures Index Data Tracking - **Closing Prices and Fluctuations**: The closing prices of various futures index contracts showed different degrees of decline or increase. For example, IF2512 closed at 4492.6, down 0.11%; IH2512 closed at 2962.4, down 0.11%; IC2512 closed at 6896.2, down 0.33%; IM2512 closed at 7179, down 0.08% [2]. - **Trading Volume and Open Interest**: On this trading day, the total trading volume of the futures index rebounded, indicating increased trading enthusiasm among investors. IF's total trading volume increased by 3606 lots, IH's by 7008 lots, IC's by 6006 lots, and IM's by 5893 lots. In terms of open interest, IF's total open interest increased by 4902 lots, IH's by 6077 lots, IC's by 5482 lots, and IM's by 2816 lots [2][3]. Futures Index Basis - The basis data of IF, IH, IC, and IM were presented in charts, showing the changes in basis over time for different contracts [5]. Top 20 Member Positions - The data on the increase or decrease of long and short positions of the top 20 members in various futures index contracts were provided. For example, in IF2512, long positions increased by 901 lots with a net change of 4909 lots, and short positions increased by 341 lots [6]. Trend Intensity and Important Drivers - **Trend Intensity**: The trend intensity of IF and IH was 1, and that of IC and IM was also 1, indicating a neutral trend [7]. - **Important Drivers**: In October, the profits of industrial enterprises above designated size decreased by 5.5% year - on - year. From January to October, the total profits of industrial enterprises above designated size reached 5950.29 billion yuan, a year - on - year increase of 1.9%. The decline of Vanke's stocks and bonds intensified. The Shanghai Composite Index rose 0.29% to 3875.26 points, while the Shenzhen Component Index fell 0.44%, and the ChiNext Index fell 0.44%. The A - share trading volume was 1.72 trillion yuan [7].

2025 年 11 月 27 日 商 品 研 究 豆粕：移仓换月，或仍以震荡为主 豆一：现货稳定，盘面震荡 吴光静 投资咨询从业资格号：Z0011992 wuguangjing@gtht.com 【基本面跟踪】 豆粕/豆一基本面数据 资料来源：文华财经，卓创，汇易，国泰君安期货研究 【宏观及行业新闻】 11 月 26 日 CBOT 大豆日评：中国购进至少 10 船美豆，大豆温和上涨。北京德润林 2025 年 11 月 27 日消息：周三，芝加哥期货交易所（CBOT）大豆期货收盘温和上涨，主要受到中国采购需求支撑。交易商 请务必阅读正文之后的免责条款部分 1 泰 君 安 期 货 研 究 所 期货研究 国 | | | 收盘价 （日盘） | 涨 跌 收盘价 （夜盘） 涨 跌 | | | --- | --- | --- | --- | --- | | | DCE豆一2601 （元/吨） | 4094 | -23（-0.56%） 4098 -5（-0.12%） | | | 货 期 | （元/吨） DCE豆粕2601 | 3015 | +6（+0.20%） -8（-0.26%） 3013 | | | | CBOT大豆01 ...

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Report's Core View - The trend strength of the pig futures market is -1, indicating a relatively bearish outlook [3]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Spot Prices**: Henan's spot price is 11,880 yuan/ton, down 100 yuan/ton; Sichuan's is 11,500 yuan/ton, down 100 yuan/ton; and Guangdong's is 12,560 yuan/ton, unchanged [1]. - **Futures Prices**: Pig 2601 is 11,795 yuan/ton, up 40 yuan/ton; Pig 2603 is 11,525 yuan/ton, up 60 yuan/ton; Pig 2605 is 12,135 yuan/ton, up 70 yuan/ton [1]. - **Futures Trading Volume and Open Interest**: Pig 2601's trading volume is 61,333 lots, down 42,467 lots, and open interest is 133,241 lots, down 6,312 lots; Pig 2603's trading volume is 19,643 lots, down 8,792 lots, and open interest is 110,291 lots, down 3,005 lots; Pig 2605's trading volume is 13,133 lots, down 5,876 lots, and open interest is 60,884 lots, down 878 lots [1]. - **Basis and Spreads**: Pig 2601's basis is 85 yuan/ton, down 140 yuan/ton; Pig 2603's basis is 355 yuan/ton, down 160 yuan/ton; Pig 2605's basis is -255 yuan/ton, down 170 yuan/ton. The 1 - 3 spread is 270 yuan/ton, down 20 yuan/ton, and the 3 - 5 spread is -610 yuan/ton, down 10 yuan/ton [1]. 3.2 Market Information - In September, the national feed production was 30.36 million tons, with a month - on - month increase of 3.4% and a year - on - year increase of 5% [2].

Report Overview - Date: November 5, 2025 - Publisher: Guotai Junan Futures - Report Type: Commodity Research Morning Report - Black Series 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report's Core View - Iron ore is expected to fluctuate at high levels [2][4] - Rebar and hot - rolled coil are likely to experience weak oscillations due to sector sentiment [2][7] - Ferrosilicon and silicomanganese are expected to have wide - range fluctuations influenced by sector sentiment and supply - demand dynamics [2][11] - Coke and coking coal are predicted to fluctuate at high levels [2][14] - Logs are expected to have repeated oscillations [2][16] 3. Summary by Commodity Iron Ore - **Fundamentals**: The previous day's futures closing price was 775.5 yuan/ton, down 7 yuan or 0.89%. The positions increased by 12,824 hands. Spot prices of various iron ore types decreased by 2 yuan/ton, except for domestic ores which remained unchanged. The basis and some spreads changed slightly [4] - **News**: On October 29, it was announced that President Xi Jinping would meet with US President Trump in Busan, South Korea on October 30 [5] - **Trend Intensity**: 0, indicating a neutral trend [5] Rebar and Hot - Rolled Coil - **Fundamentals**: The previous day's closing prices of RB2601 and HC2601 futures were 3,044 yuan/ton and 3,265 yuan/ton, down 44 yuan (-1.42%) and 34 yuan (-1.03%) respectively. Spot prices in major cities decreased. The basis increased, and some spreads changed [7] - **News**: In mid - October 2025, key steel enterprises' average daily production of crude steel decreased by 0.9%, pig iron by 1.3%, and steel increased by 0.8%. On October 30, steel production, inventory, and apparent demand data showed certain changes. Five departments supported commercial real estate REITs issuance. The 15th Five - Year Plan proposed directions for the steel industry. In September, China's steel exports increased while imports also rose slightly [8][9][10] - **Trend Intensity**: 0 for both rebar and hot - rolled coil, indicating a neutral trend [10] Ferrosilicon and Silicomanganese - **Fundamentals**: Futures prices of ferrosilicon and silicomanganese decreased. Spot prices of silicon - manganese in Inner Mongolia decreased by 30 yuan/ton. The basis and various spreads changed [11] - **News**: Zhengzhou Commodity Exchange adjusted the centralized cancellation date of ferrosilicon and urea in February 2026. There were price quotes and electricity price changes in the ferrosilicon and manganese - silicon markets. Some steel mills' procurement prices and quantities were announced [11][12][13] - **Trend Intensity**: 0 for both ferrosilicon and silicomanganese, indicating a neutral trend [13] Coke and Coking Coal - **Fundamentals**: Futures prices of coking coal and coke decreased. Some spot prices of coking coal increased, while others remained unchanged. Coke spot prices were mostly stable. The basis and spreads changed [14] - **News**: On October 29, it was announced that President Xi Jinping would meet with US President Trump in Busan, South Korea on October 30 [15] - **Trend Intensity**: 0 for both coke and coking coal, indicating a neutral trend [15] Logs - **Fundamentals**: Futures prices of different log contracts showed different degrees of decline. Trading volumes and positions also changed significantly. Spot prices of most log types were stable, with a small number showing slight decreases [17] - **News**: On October 29, it was announced that President Xi Jinping would meet with US President Trump in Busan, South Korea on October 30 [19] - **Trend Intensity**: 0, indicating a neutral trend [19]

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core View - The futures index is in a volatile pattern with the "boots" gradually landing [4] 3. Summary by Relevant Catalogs 3.1. Periodic Index Data Tracking - On October 29, all the current - month contracts of the four major index futures rose. IF rose 1.2%, IH rose 0.41%, IC rose 2.06%, and IM rose 1.4% [2] - On the trading day, the total trading volume of index futures declined, indicating a cooling of investors' trading enthusiasm. Specifically, the total trading volume of IF decreased by 11,905 lots, IH decreased by 6,016 lots, IC increased by 8,363 lots, and IM decreased by 23,657 lots. In terms of positions, the total position of IF increased by 439 lots, IH decreased by 762 lots, IC increased by 9,663 lots, and IM decreased by 5,250 lots [2][3] 3.2. Trend Intensity - The trend intensity of IF and IH is 1; the trend intensity of IC and IM is 1. The trend intensity ranges from - 2 to 2, with integer values, and the strength is classified as weak, relatively weak, neutral, relatively strong, and strong, where - 2 means the most bearish and 2 means the most bullish [7] 3.3. Important Drivers - Although the Fed cut interest rates by 25 basis points as expected and announced the end of QT, Powell's hawkish remarks on the prospect of a December interest - rate cut caused the market's probability of a December interest - rate cut to plummet from 95% to 65%. U.S. stocks, U.S. bonds, gold, and digital currencies tumbled briefly during the session, while the U.S. dollar rose. Eventually, the Nasdaq closed up supported by NVIDIA, and the Dow closed down [7] - The A - share market performed strongly. The Shanghai Composite Index reached 4,000 points, hitting a new high in the rebound; the ChiNext Index soared nearly 3%; the North Securities 50 soared more than 8%, hitting the largest daily increase in 9 months. The Shanghai Composite Index closed up 0.7% at 4,016.33 points, the Shenzhen Component Index rose 1.95%, the ChiNext Index rose 2.93%, the North Securities 50 rose 8.41%, the Science and Technology Innovation 50 rose 1.18%, and the Wind All - A rose 1.16%. The total trading volume of A - shares throughout the day was 2.29 trillion yuan, compared with 2.17 trillion yuan the previous day. The new energy sector exploded, with the energy - storage direction seeing a wave of limit - up stocks. The non - ferrous metals sector strengthened collectively, led by copper and zinc. Computing hardware stocks strengthened again, with many stocks hitting record highs. The quantum technology concept has been strengthening recently, and the Hainan Free Trade concept continued to rise [7] 3.4. Index Futures' Top 20 Member Position Changes - For IF contracts, the long - position changes of different contracts vary, such as - 111 for IF2511, 1981 for IF2512, etc.; the short - position changes also vary, like - 135 for IF2511, 1425 for IF2512 [6] - For IH contracts, the long - position changes of different contracts are different, such as - 222 for IH2511, - 1952 for IH2512, etc.; the short - position changes also show variations, like - 497 for IH2511, - 1497 for IH2512 [6] - For IC contracts, the long - position changes of different contracts are diverse, such as 1560 for IC2511, 4388 for IC2512, etc.; the short - position changes also have differences, like 1462 for IC2511, 4920 for IC2512 [6] - For IM contracts, the long - position changes of different contracts are different, such as - 948 for IM2512, - 262 for IM2603, etc.; the short - position changes also vary, like - 585 for IM2512, - 33 for IM2603 [6]

Report Summary 1) Report Industry Investment Rating - No industry investment rating information is provided in the report. 2) Core Viewpoints - Aluminum is expected to continue oscillating, alumina to remain flat in the short - term, and cast aluminum alloy to follow the trend of electrolytic aluminum [1]. 3) Summary by Relevant Catalogs Futures Market - **Aluminum**: The closing price of the Shanghai Aluminum main contract was 21,140, down 220 from T - 1. The trading volume was 187,481, down 21,767 from T - 1. The LME Aluminum 3M closing price was 2,894, up 16 from T - 1. The LME注销仓单占比 was 13.09%, down 9.62% from T - 1 [1]. - **Alumina**: The closing price of the Shanghai Alumina main contract was 2,817, down 12 from T - 1. The trading volume was 314,332, up 35,771 from T - 1 [1]. - **Aluminum Alloy**: The closing price of the aluminum alloy main contract was 20,575, down 140 from T - 1. The trading volume was 2,553, down 4,162 from T - 1 [1]. Spot Market - **Aluminum - related Premiums**: The Shanghai Bonded Area Premium was 83, unchanged from T - 1. The EU Rotterdam Aluminum Ingot Premium (MB) was 307.5, up 20 from T - 1 [1]. - **Processing Fees**: The Foshan Aluminum Rod processing fee was 220, unchanged from T - 1. The Shandong 1A60 Aluminum Rod processing fee was 100, down 100 from T - 1 [1]. - **Price Differences**: The aluminum ingot scrap - refined price difference was 232, down 72 from T - 1 [1]. Enterprise - related Data - **Electrolytic Aluminum**: The electrolytic aluminum enterprise profit was 5,114.54, up 6.74 from T - 1. The aluminum spot import profit was - 2,438.43, up 52.5 from T - 1 [1]. - **Alumina**: The average domestic alumina price was 2,910, unchanged from T - 1. The alumina enterprise profit in Shanxi was - 120, unchanged from T - 1 [1]. - **Aluminum Alloy**: The theoretical profit of ADC12 was 29, up 2 from T - 1 [1]. Other Information - **ADP Employment Data**: As of the four - week period ending October 11, the average number of new private - sector jobs in the US was about 14,000. ADP will start releasing weekly preliminary estimates of the ADP National Employment Report this week [2]. - **"15th Five - Year Plan"**: The "15th Five - Year Plan" proposal mentioned "finance" 17 times and put forward requirements such as "accelerating the construction of a financial power" [2]. - **Trend Intensity**: The trend intensity of aluminum, alumina, and aluminum alloy is 0, indicating a neutral outlook [2].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The stock index futures are oscillating and waiting for the post - session meeting communiqué [3] - On October 22, all the current - month contracts of the four major stock index futures declined. The trading volume and positions of stock index futures decreased, indicating that investors' trading enthusiasm has cooled down [1][2] 3. Summary by Related Catalogs 3.1 Stock Index Futures Data Tracking - **IF Series**: The closing price of CSI 300 was 4592.57, down 0.33%. The closing prices of IF2511, IF2512, IF2603, and IF2606 were 4574, 4563.4, 4537, and 4500.2 respectively, all down. The trading volume and positions of most contracts decreased [1] - **IH Series**: The closing price of SSE 50 was 3010.1, up 0.09%. The closing prices of IH2511, IH2512, IH2603, and IH2606 were 3003.6, 3005.6, 3005.2, and 3004.4 respectively, mostly down. The trading volume and positions of most contracts decreased [1] - **IC Series**: The closing price of CSI 500 was 7128.48, down 0.80%. The closing prices of IC2511, IC2512, IC2603, and IC2606 were 7065, 7011.6, 6849, and 6683 respectively, mostly down. The trading volume and positions of most contracts decreased [1] - **IM Series**: The closing price of CSI 1000 was 7312.21, down 0.43%. The closing prices of IM2511, IM2512, IM2603, and IM2606 were 7237.2, 7163.2, 6947.2, and 6736 respectively, all down. The trading volume and positions of most contracts decreased [1] 3.2 Trading Volume and Position Changes - **Trading Volume**: IF's total trading volume decreased by 25,532 lots, IH's by 6344 lots, IC's by 36,408 lots, and IM's by 50,712 lots [2] - **Positions**: IF's total positions decreased by 9453 lots, IH's by 2835 lots, IC's by 12,637 lots, and IM's by 13,666 lots [2] 3.3 Positions of the Top 20 Members - The long and short positions of most contracts of IF, IH, IC, and IM decreased, but the data for some contracts (e.g., IF2606) were not announced [5] 3.4 Trend Intensity and Important Drivers - **Trend Intensity**: The trend intensity of IF and IH is 1, and that of IC and IM is also 1 [6] - **Important Drivers**: Trump said that China and the US would reach an agreement on trade issues at the APEC summit next week, but the two heads of state may not meet. The Chinese Foreign Ministry responded. The Shanghai Composite Index fell 0.07%, the Shenzhen Component Index fell 0.62%, etc. A - share trading volume hit a new low at 1.69 trillion yuan [6]

1. Report Industry Investment Rating - The report does not provide an industry investment rating. 2. Core View of the Report - The supply of live pigs is postponed, and the price center continues to move down [1]. 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking - **Spot Prices**: The spot price of live pigs in Henan is 11,280 yuan/ton, in Sichuan is 10,800 yuan/ton, and in Guangdong is 11,460 yuan/ton, with year - on - year increases of 150 yuan/ton, 150 yuan/ton, and 100 yuan/ton respectively [1]. - **Futures Prices**: The prices of live pig futures contracts 2511, 2601, and 2603 are 11,165 yuan/ton, 11,905 yuan/ton, and 11,540 yuan/ton respectively, with year - on - year decreases of 235 yuan/ton, 290 yuan/ton, and 125 yuan/ton respectively [1]. - **Trading Volume and Open Interest**: The trading volume of live pig futures contract 2511 is 33,489 lots, a decrease of 9,492 lots from the previous day, with an open interest of 41,232 lots, a decrease of 3,573 lots. The trading volume of contract 2601 is 80,026 lots, an increase of 28,549 lots, with an open interest of 105,012 lots, an increase of 14,112 lots. The trading volume of contract 2603 is 16,872 lots, an increase of 951 lots, with an open interest of 77,419 lots, an increase of 1,948 lots [1]. 3.2 Market Information - Shennong's Yunnan and Guangxi warehouses registered 90 lots of warehouse receipts, and Guizhou Zhenfeng Fuyuan registered 21 lots of warehouse receipts [2]. 3.3 Trend Intensity - The trend intensity is - 2, indicating the most bearish view [3]. 3.4 Futures Research - **Basis**: The basis of live pig futures contracts 2511, 2601, and 2603 are 55 yuan/ton, 365 yuan/ton, and - 165 yuan/ton respectively, with year - on - year changes of 115 yuan/ton, 385 yuan/ton, and - 625 yuan/ton [4]. - **Spreads**: The spreads of live pig futures contracts 11 - 1 and 1 - 3 are 440 yuan/ton and - 260 yuan/ton respectively, with year - on - year changes of 275 yuan/ton and - 740 yuan/ton [4].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Iron ore is expected to experience wide - range fluctuations [2][7] - Rebar and hot - rolled coil are likely to see a slight price correction due to weak current situations and weakening expectations [2][8] - Ferrosilicon and silicomanganese are expected to have wide - range fluctuations with cost as the bottom support [2][13] - Coke and coking coal are expected to have wide - range fluctuations due to repeated expectations [2][16][17] - Logs are expected to have repeated fluctuations [2][19] 3. Summaries Based on Relevant Catalogs Iron Ore - **Fundamental Data**: The closing price of I2601 was 776.5 yuan/ton, down 5.5 yuan/ton (-0.70%). The trading volume was 508,365 hands, up 8,566 hands. Imported and domestic ore prices mostly declined slightly, and some basis and spread values changed slightly [5] - **Macro and Industry News**: In September 2025, the national industrial producer price index decreased by 2.3% year - on - year, with a narrowing decline [6] - **Trend Intensity**: The trend intensity of iron ore is 0, indicating a neutral view [6] Rebar and Hot - Rolled Coil - **Fundamental Data**: The closing price of RB2601 was 3,034 yuan/ton, down 26 yuan/ton (-0.85%), and HC2601 was 3,212 yuan/ton, down 28 yuan/ton (-0.86%). Spot prices in various regions decreased, and some basis and spread values changed [8] - **Macro and Industry News**: In early October 2025, the average daily output of key steel enterprises' crude steel increased by 7.5% month - on - month, pig iron increased by 3.2%, and steel decreased by 8.5%. Steel inventories increased. In August 2025, steel exports decreased slightly, and imports increased [8][10] - **Trend Intensity**: The trend intensity of rebar and hot - rolled coil is 0, indicating a neutral view [11] Ferrosilicon and Silicomanganese - **Fundamental Data**: Futures and spot prices of ferrosilicon and silicomanganese changed, and some basis, near - far month spread, and cross - variety spread values also changed [13] - **Macro and Industry News**: There were price quotes for ferrosilicon and silicomanganese in the market, and a large steel mill's inquiry prices for ferrosilicon and silicomanganese in October changed compared to September [13] - **Trend Intensity**: The trend intensity of ferrosilicon and silicomanganese is 0, indicating a neutral view [15] Coke and Coking Coal - **Fundamental Data**: The closing price of JM2601 was 1,151 yuan/ton, down 2.5 yuan/ton (-0.2%), and J2601 was 1,642 yuan/ton, down 12.5 yuan/ton (-0.8%). Spot prices were mostly stable, and some basis and spread values changed [17] - **Macro and Industry News**: In September 2025, the national industrial producer price index decreased by 2.3% year - on - year, with a narrowing decline [18] - **Trend Intensity**: The trend intensity of coke is 0 (neutral), and that of coking coal is 1 (slightly bullish) [18] Logs - **Fundamental Data**: Futures contract prices, trading volumes, and open interests of logs changed, and spot prices in different regions were mostly stable [20] - **Macro and Industry News**: In September 2025, the national industrial producer price index decreased by 2.3% year - on - year, with a narrowing decline [22] - **Trend Intensity**: The trend intensity of logs is 0, indicating a neutral view [22]