Report Industry Investment Rating No relevant content provided. Core Views Industrial Silicon - Supply - The low - electricity - price environment in the southwest region during the wet season is ending, and the growth rate of the ore - heating furnace operating rate in the southwest region is expected to slow down and decline. The furnace - opening growth rate in Xinjiang is also lower than expected, showing a slow - down trend. The overall operating rate of industrial silicon is expected to peak, and the supply - side pressure will gradually ease [4]. - Demand - The operating rate of the organic silicon industry has slowed down, with limited actual demand for industrial silicon. The demand from the recycled aluminum alloy sector remains stable, and the demand from the polysilicon sector is expected to increase steadily in the next two months [4]. - Market Outlook - If the supply - side operating rate enters the downward channel as expected and the downstream polysilicon demand improves substantially, the oversupply situation in the industrial silicon market will ease, and the industry may reach a key node for a price bottom - reversal [4]. Polysilicon - Market Logic - The short - term trading focus is on whether the October photovoltaic storage platform will be established, and then it will shift to the "November concentrated warehouse - receipt cancellation" expectation game. The market shows the characteristics of "increasing supply and stable demand" [9][10]. - Risk - The volatility of polysilicon futures is much higher than that of lithium carbonate and industrial silicon, with a relatively high overall risk level. Investors are advised to participate cautiously and control positions and hedge risks [10]. Summary by Directory I. Futures Data Industrial Silicon - The closing price of the industrial silicon main contract is 8705 yuan/ton, with a daily increase of 220 yuan and a daily increase rate of 2.59%. The trading volume is 172346 lots, with a daily increase of 66824 lots and a daily increase rate of 63.33%. The open interest is 76195 lots, with a daily decrease of 20359 lots and a daily decrease rate of 21.09% [12][13]. - The number of industrial silicon warehouse receipts is 48371 lots, with a daily decrease of 367 lots and a daily decrease rate of 0.75% [13]. Polysilicon - The closing price of the polysilicon main contract is 50760 yuan/ton, with a daily increase of 450 yuan and a daily increase rate of 0.89%. The trading volume is 86148 lots, with a daily decrease of 14344 lots and a daily decrease rate of 14.27%. The open interest is 45407 lots, with a daily decrease of 3609 lots and a daily decrease rate of 7.36% [37]. - The number of polysilicon futures warehouse receipts is 9220 lots, with a daily decrease of 80 lots and a daily decrease rate of 0.9% [37]. II. Spot Data Industrial Silicon - The price of 99 industrial silicon in Xinjiang is 8700 yuan/ton, with a daily decrease of 50 yuan and a daily decrease rate of 0.57%. The price of 421 industrial silicon in Tianjin is 9800 yuan/ton, with a daily decrease of 50 yuan and a daily decrease rate of 0.51% [21]. - The price of industrial silicon powder (553) is 9950 yuan/ton, with a daily decrease of 50 yuan and a daily decrease rate of 0.50% [21]. Polysilicon - The price of N - type polysilicon re - feeding material is 53 yuan/kg, with no daily change and a weekly increase of 0.25 yuan and a weekly increase rate of 0.47% [46]. - The price of N - type silicon wafers (G10 - 182, 130um) is 1.35 yuan/piece, with no daily or weekly change [46]. III. Basis and Warehouse Receipts Industrial Silicon - The total number of industrial silicon warehouse receipts is 48371 lots, with a decrease of 367 lots compared with the previous period and a decrease rate of 0.56% [36]. - The basis of the industrial silicon main contract in East China (553) and (421) shows certain seasonal characteristics [30][31][32]. Polysilicon - The basis of the polysilicon main contract is 2000 yuan/ton, with a daily decrease of 450 yuan and a daily decrease rate of 18.37%, and a weekly increase of 1915 yuan and a weekly increase rate of 2252.94% [56]. - The total number of polysilicon warehouse receipts is 9300 lots, with a decrease of 80 lots compared with the previous period [57].

Core Viewpoint - The recent surge in asphalt futures prices indicates a potential upward trend in the market, driven by various factors including supply and demand dynamics and geopolitical influences [1][2][3] Group 1: Price Movement - On October 23, asphalt futures experienced a rapid increase, reaching a peak of 3300.00 yuan, with a current price of 3280.00 yuan, reflecting a 2.40% increase [1] - Institutions predict that asphalt prices may continue to rise in the short term, with expectations of a strong market [2][3] Group 2: Supply and Demand Dynamics - The current social inventory rate for asphalt is 32.06%, a decrease of 0.58% week-on-week, while the total inventory level at domestic refineries is 29.81%, an increase of 0.47% [2] - The operating rate of domestic asphalt plants is at 36.58%, up by 0.42% week-on-week, indicating a slight increase in production capacity [2] - Weather conditions in northern regions are negatively impacting demand, while southern regions show limited consumption capacity despite favorable weather [2] Group 3: Cost Factors - International oil prices have shown signs of recovery, which is expected to support asphalt costs, alleviating some market pessimism [2][3] - The production capacity has been affected by several refineries undergoing maintenance, leading to a decrease in supply pressure [3] - Continuous reduction in both asphalt plant and social inventories has resulted in total stocks being at historically low levels, indicating an improvement in supply-demand balance [3]

Group 1: Report Information - Report Name: Soda Ash and Glass Daily Report [1] - Date: October 14, 2025 [2] - Research Team: Energy and Chemical Research Team [4] - Researchers: Li Jie (Crude Oil and Fuel Oil), Ren Junchi (PTA and MEG), Peng Haozhou (Urea and Industrial Silicon), Peng Jinglin (Polyolefins), Liu Youran (Pulp), Feng Zeren (Glass and Soda Ash) [4] Group 2: Industry Investment Rating - No industry investment rating information is provided in the report. Group 3: Core Viewpoints - Soda Ash: The equipment maintenance of soda ash enterprises is less than expected, and the supply remains at a high level. The downstream demand is weak, and the pattern of oversupply has not been effectively improved. The macro - sentiment is stable, and the futures price is expected to fluctuate weakly [8]. - Glass: The fundamentals of float glass are in a weak balance, and the production of photovoltaic glass shows a downward trend. After the holiday, the supply pressure and inventory accumulation suppress the price rebound. The cost side may be disturbed, and the price is expected to fluctuate weakly in the short - term, but excessive short - selling is not recommended [9]. Group 4: Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - On October 13, the price of the main soda ash futures contract SA601 continued to decline. The closing price was 1,247 yuan/ton, down 6 yuan/ton, a decrease of 0.47%, and the position decreased by 58,152 lots [7]. - The equipment maintenance of soda ash enterprises is less than expected, the supply is high, and the downstream demand is weak. The market is in an oversupply situation, and the price is expected to fluctuate weakly [8]. Glass - The fundamentals of float glass are in a weak balance, and the production of photovoltaic glass shows a downward trend. After the holiday, the supply pressure and inventory accumulation suppress the price rebound. The cost side may be disturbed, and the price is expected to fluctuate weakly in the short - term, but excessive short - selling is not recommended [9]. Group 5: Data Overview - The report provides data charts on the price trends of active contracts of soda ash and glass, weekly production and enterprise inventory of soda ash, market price of heavy soda ash in Central China, and flat glass production [11][14][16]

Group 1: Report Overview - Report Name: "Caida Futures | Weekly Report on Live Pigs and Corn" [1][2] - Report Date: October 13, 2025 [2] - Researcher: Tian Jinlian [3] Group 2: Live Pig Market Market Performance - Futures: The LH2601 contract of live pig futures closed at 12,140 yuan/ton, down 4.78% from the previous week's settlement price [4] - Spot: The national average price of external ternary live pigs was 11.48 yuan/kg, down 1.03 yuan/kg week-on-week [4] - Profit: As of October 10, the breeding profit of self - breeding and self - raising live pigs was - 152.15 yuan/head, down 78.04 yuan/head week - on - week; the breeding profit of purchasing piglets was - 301.04 yuan/head, down 64.47 yuan/head week - on - week; the pig - grain ratio was 5.26, down 0.18 week - on - week [4] Market Analysis - Supply: Group farms continued to increase supply, and although some retail farmers had the psychology of delaying sales, the overall market supply did not decrease [4] - Demand: After the holiday, demand declined, and market transactions were weak [4] - Outlook: In the short term, the supply - demand imbalance is difficult to reverse, and the live pig market is expected to remain weak. Attention should be paid to the slaughter rhythm of farmers and the performance of secondary fattening [4] Group 3: Corn Market Market Performance - Futures: The C2511 contract of corn futures closed at 2,125 yuan/ton, down 1.02% from the previous week's settlement price; the C2601 contract closed at 2,125 yuan/ton, down 0.14% [5] - Spot: The national average price of corn was 2,308.43 yuan/ton, down 60.2 yuan/ton week - on - week [5] - Port: Prices at major ports such as Jinzhou Port, Bayuquan Port, and Guangdong Shekou Port all declined [5] Industrial Consumption - Deep - processing: From October 2 to October 8, 149 major corn deep - processing enterprises consumed 1.1927 million tons of corn, an increase of 31,700 tons week - on - week [6] - Starch: The processing volume of corn starch enterprises was 544,500 tons, an increase of 17,800 tons; the weekly output was 268,000 tons, an increase of 12,200 tons; the weekly operating rate was 51.81%, up from the previous week [6] - Alcohol: The operating rate of the DDGS industry was 54.96%, up 3.49 percentage points; the weekly production was 111,840 tons, an increase of 7,100 tons, or 6.78% [6] Inventory - Processing Enterprises: As of October 8, the total corn inventory of 96 major corn processing enterprises in 12 regions was 2.334 million tons, an increase of 14.64% [6] - Ports: As of October 10, the total corn inventory of four northern ports was about 700,000 tons, and the corn inventory in Guangdong Port was 320,000 tons [6] Market Analysis - Supply: New corn is gradually being listed, and the arrival volume of deep - processing enterprises has increased [7] - Demand: The operating rate of the industry is gradually increasing, and there is still an expectation of further improvement [7] - Outlook: In the short term, corn prices are still under pressure, and attention should be paid to the support level of 2,100 yuan/ton on the futures market [7]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The macro - situation includes the upcoming 4th Plenary Session of the 20th CPC Central Committee, the release of a price - order governance announcement, and a series of "Zhong Cai Wen" articles in People's Daily. Overseas, Israel has approved a Gaza cease - fire agreement. Supply decreased during the National Day due to mine maintenance, inventory has been rising for three weeks with a seasonal upward trend. Technically, the weekly K - line of coking coal is bearish. It is expected that the coking coal futures main contract price will fluctuate between 1060 - 1220, and the coke futures main contract will fluctuate between 1590 - 1730 [9]. Summary by Directory 1. Week - to - Week Summary 1.1 Market Review - 523 coking coal mines had a daily average raw coal output of 183.9 million tons, a week - on - week decrease of 10.3 million tons. 314 independent coal washing plants had a daily refined coal output of 26.8 million tons, a week - on - week decrease of 0.7 million tons. The total coking coal inventory was 1969.71 million tons, a week - on - week increase of 53.60 million tons and a year - on - year increase of 1.28%. The warehouse receipt price of Tangshan Mongolian 5 refined coal was 1422, equivalent to 1202 on the futures market. The average profit per ton of coke for 30 independent coking plants was 9 yuan/ton. The steel mill profitability rate was 56.28%, a week - on - week decrease of 0.43 percentage points and a year - on - year decrease of 15.15 percentage points. The daily average hot metal output was 241.54 million tons, a week - on - week decrease of 0.27 million tons and a year - on - year increase of 8.46 million tons [8]. 1.2 Market Outlook - Macroeconomic factors may provide short - term support. The demand in September was average, and it is expected that October will not be better. The crude steel output will continue to decline. Coal inventory is expected to rise seasonally, and coke profit has limited room for improvement. The coking coal futures main contract price is expected to fluctuate between 1060 - 1220, and the coke futures main contract between 1590 - 1730 [9]. 2. Futures and Spot Market 2.1 Futures Market - As of October 10, the coking coal futures contract open interest was 809,100 lots, an increase of 63,000 lots compared to before the holiday. The coking coal 5 - 1 contract spread was 98.0, a week - on - week increase of 12.0 points. The number of registered coking coal warehouse receipts was 200 lots, a week - on - week increase of 200 lots. The ratio of the January coke - coking coal futures contract was 1.44, unchanged from the previous week [15][19]. 2.2 Spot Market - As of October 9, 2025, the coke closing price at Rizhao Port was 1430 yuan/ton, unchanged from the previous week. The ex - factory price of Mongolian coking coal (5, Ganqimaodu Port) was 1250 yuan/ton, unchanged from the previous week. As of October 10, the coking coal basis was 16.0 yuan/ton, a week - on - week increase of 160.5 points [27]. 3. Industry Chain Situation 3.1 Production - This week, the capacity utilization rate of 523 coking coal mines was 81.9%, a week - on - week decrease of 4.6%. The daily average raw coal output was 183.9 million tons, a week - on - week decrease of 10.3 million tons. The capacity utilization rate of 314 independent coal washing plants was 37.1%, a week - on - week decrease of 1.15%. The daily refined coal output was 26.8 million tons, a week - on - week decrease of 0.7 million tons [31]. 3.2 Inventory - The total coking coal inventory increased by 53.60 million tons week - on - week. The inventory of 230 independent coking enterprises decreased by 69.15 million tons. The import coking coal inventory at 16 ports increased by 5.00 million tons. The inventory of 247 steel mills decreased by 6.93 million tons [31][35][39][51]. 3.3 Upstream - In 2025, China's raw coal output in August was 39,049.7 million tons, a year - on - year decrease of 3.2%. The coking coal output in August was 3,696.86 million tons, a month - on - month decrease of 9.60%. In 2024, China imported 540 million tons of coal, a year - on - year increase of 14.4%. From January to August 2025, the cumulative import of coking coal decreased by 8% year - on - year [56][60].

Report Industry Investment Rating - No relevant information provided. Core Viewpoints - The short - term and intraday views of both Shanghai rubber 2601 and synthetic rubber 2511 are "oscillating weakly", and the medium - term view is "declining", with a reference view of "weak operation" [1]. Summary by Variety Shanghai Rubber (RU) - **Viewpoints**: Intraday view is oscillating weakly, medium - term view is declining, and the overall reference view is weak operation [5]. - **Core Logic**: The US government shutdown due to the bipartisan deadlock has weakened the macro - factor. However, Typhoon "Maidoum" on October 5 may cause production cuts in natural rubber planting areas. The positive industrial factor temporarily outweighed the negative macro - factor, leading to a rebound in the Shanghai rubber 2601 contract on the first trading day after the holiday. The contract's moving average shows a bearish trend, and it is expected to oscillate weakly on Friday [5]. Synthetic Rubber (BR) - **Viewpoints**: Intraday view is oscillating weakly, medium - term view is declining, and the overall reference view is weak operation [6]. - **Core Logic**: The US government shutdown has weakened the macro - factor. During the National Day holiday, the international crude oil futures price first declined and then rose, with a cumulative decline of about 1%. The domestic crude oil futures price opened lower after the holiday. The slight rise of Shanghai rubber futures drove the synthetic rubber 2511 contract to rise slightly. It is expected to oscillate weakly on Friday [6].

Report Summary 1. Report Information - Research Variety: Shanghai Tin (Sn) [1] - Report Cycle: Daily [1] - Date: September 9, 2025 [1] 2. Investment Rating - Not provided in the report 3. Core View - In the short term, with persistent supply - side disturbances and strong demand, the positive basis of the Shanghai Tin 2510 contract is expected to be maintained. The spot price will support the futures price, and the Shanghai Tin futures price may seek upward opportunities in fluctuations [10] 4. Section Summaries 4.1 Futures Market - **Contract行情**: The opening price of the Shanghai Tin 2510 contract was 271,000 yuan/ton, with a high of 271,510 yuan/ton, a low of 268,640 yuan/ton, and a closing price of 269,620 yuan/ton. The trading volume was 47,484 lots [2] - **Variety Price**: There are 12 Shanghai Tin futures contracts. The total trading volume was 64,268 lots, and the total open interest was 57,674 lots. The open interest of the 2510 contract was 28,206 lots [5][6] 4.2 Spot Market - **Basis Data**: The closing price of the Shanghai Tin 2510 contract was 271,000 yuan/ton. The quoted price of 1 tin on the Yangtze River Non - ferrous Metals Network was in the range of 269,500 - 271,500 yuan/ton, with an average price of 270,500 yuan/ton and a basis of 500 yuan/ton [7] 4.3 Influence Factors - **Industry News**: On the supply side, tin production in some major producing countries like Myanmar has declined due to geological and policy factors, and domestic tin mines are restricted by environmental policies and lower ore grades, intensifying supply shortage concerns. On the demand side, downstream electronics companies have more orders and strong demand for tin [9]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The methanol 2601 contract is expected to run strongly, with short - term, medium - term, and intraday views being "oscillation", "oscillation", and "oscillation on the strong side" respectively. It is predicted that the domestic methanol futures 2601 contract may maintain an oscillating and stabilizing trend on Thursday [1][5]. 3) Summary by Relevant Content - **Price and Trend** - The domestic methanol futures 2601 contract closed slightly up 0.04% to 2404 yuan/ton on Wednesday night [5]. - **Supply and Demand Situation** - The supply pressure of methanol at home and abroad remains high, downstream demand is in the off - season, port inventory has increased significantly, and the supply - demand structure is weak, leading to a downward shift in the price center [5]. - **Driving Factors** - With the slight rebound of domestic coal futures prices, there are differences between bulls and bears in the domestic methanol market, resulting in the oscillating and stabilizing trend of the domestic methanol futures 2601 contract on Wednesday night [5].

1. Report Industry Investment Rating - No relevant content provided 2. Core Views - The domestic Shanghai rubber futures 2601 contract showed a trend of increasing volume, reducing positions, fluctuating weakly, and slightly closing lower on Wednesday. The price is expected to maintain a volatile consolidation trend in the future [5]. - The domestic methanol futures 2601 contract showed a trend of increasing volume, reducing positions, stopping the decline and stabilizing, and slightly rebounding on Wednesday. However, the continuation of the rise is weak and the space is limited [5]. - The domestic crude oil futures 2510 contract showed a trend of decreasing volume, increasing positions, fluctuating weakly, and slightly closing lower on Wednesday. The price of domestic and foreign crude oil futures is expected to maintain a weak - fluctuating trend in the future [6]. 3. Summary by Directory 3.1 Industry Dynamics Rubber - As of August 17, 2025, the total inventory of natural rubber in bonded and general trade in Qingdao was 616,700 tons, a decrease of 3,100 tons from the previous period, a decline of 0.50%. The bonded area inventory increased by 2.12%, and the general trade inventory decreased by 0.87% [9]. - As of August 15, 2025, the capacity utilization rate of domestic semi - steel tire sample enterprises was 69.11%, a decrease of 0.60 percentage points month - on - month and 10.55 percentage points year - on - year. The capacity utilization rate of full - steel tire sample enterprises was 62.62%, an increase of 2.56 percentage points month - on - month and 3.69 percentage points year - on - year [9]. - In July 2025, China's automobile production and sales were 2.591 million and 2.593 million respectively, a month - on - month decrease of 7.3% and 10.7%, and a year - on - year increase of 13.3% and 14.7%. From January to July 2025, China's automobile production and sales were 18.235 million and 18.269 million respectively, a year - on - year increase of 12.7% and 12% [10]. - In July 2025, China's heavy - truck market sales were about 83,000 vehicles, a month - on - month decrease of 15% and a year - on - year increase of about 42%. From January to July 2025, the cumulative sales of China's heavy - truck market were about 622,000 vehicles, a year - on - year increase of about 11% [10]. Methanol - As of the week of August 15, 2025, the average domestic methanol operating rate was maintained at 79.00%, a week - on - week decrease of 1.35%, a month - on - month decrease of 1.60%, and a year - on - year increase of 4.16%. The average weekly methanol output in China reached 1.8633 million tons [11]. - As of the week of August 15, 2025, the domestic formaldehyde operating rate was maintained at 30.13%, a week - on - week increase of 1.47%. The dimethyl ether operating rate was maintained at 9.17%, a week - on - week increase of 2.90%. The acetic acid operating rate was maintained at 86.56%, a week - on - week increase of 0.11%. The MTBE operating rate was maintained at 55.12%, a week - on - week increase of 1.21% [11]. - As of the week of August 15, 2025, the average operating load of domestic coal (methanol) to olefin plants was 79.88%, a week - on - week increase of 3.18 percentage points and a month - on - month increase of 3.61%. The domestic methanol - to - olefin futures market profit was - 172 yuan/ton [11]. - As of the week of August 15, 2025, the port methanol inventory in East and South China was maintained at 891,100 tons, a week - on - week increase of 87,800 tons. As of the week of August 14, 2025, the inland methanol inventory totaled 295,700 tons [12]. Crude Oil - As of the week of August 8, 2025, the number of active oil drilling rigs in the United States was 411, a week - on - week increase of 1 and a year - on - year decrease of 74. The average daily crude oil production in the United States was 13.327 million barrels, a week - on - week increase of 43,000 barrels per day [12]. - As of the week of August 8, 2025, the U.S. commercial crude oil inventory (excluding strategic petroleum reserves) reached 427 million barrels, a week - on - week increase of 3.036 million barrels. The U.S. refinery operating rate was maintained at 96.4% [13]. - As of August 12, 2025, the average non - commercial net long positions in WTI crude oil futures were 116,742 contracts, a week - on - week decrease of 25,087 contracts. The average net long positions of Brent crude oil futures funds were 199,820 contracts, a week - on - week decrease of 30,594 contracts [13]. 3.2 Spot Price Table - The spot price of Shanghai rubber was 14,850 yuan/ton, unchanged from the previous day. The futures main contract was 15,675 yuan/ton, a decrease of 200 yuan/ton from the previous day [14]. - The spot price of methanol was 2,310 yuan/ton, an increase of 3 yuan/ton from the previous day. The futures main contract was 2,424 yuan/ton, an increase of 33 yuan/ton from the previous day [14]. - The spot price of crude oil was 456.8 yuan/barrel, an increase of 0.2 yuan/barrel from the previous day. The futures main contract was 482.8 yuan/barrel, a decrease of 1.4 yuan/barrel from the previous day [14]. 3.3 Related Charts - The report includes various charts related to rubber, methanol, and crude oil, such as rubber basis, 9 - 1 month spread, methanol basis, 9 - 1 month spread, crude oil basis, etc. [15][27][40]

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report - The methanol 2601 contract is expected to run weakly, showing a volatile trend in the short and medium - term and a volatile and weak trend intraday [1][5]. - With the weakening of the previous macro - driving force, methanol has returned to a market dominated by a weak supply - demand structure. The supply pressure of methanol at home and abroad is still large, and downstream demand is in the off - season, leading to a downward shift in the price center [5]. 3) Summary by Related Content Price and Trend - The short - term view of methanol 2601 is volatile, the medium - term view is volatile, and the intraday view is volatile and weak, with a reference view of weak operation [1]. - On the night session of Monday this week, the price of the domestic methanol futures 2601 contract closed slightly lower by 1.04% to 2375 yuan/ton. It is expected to maintain a volatile and weak trend on Tuesday [5]. Driving Logic - The weakening of coal prices and the weak supply - demand structure of methanol are the main reasons for the weak operation of methanol prices. The supply pressure of methanol at home and abroad is large, and downstream demand is in the off - season [1][5].