Report Industry Investment Ratings No specific industry investment ratings are provided in the report. Core Views - Iron ore: Macroeconomic risk appetite declines, and valuation is under pressure [2][4] - Rebar and hot-rolled coil: Weak reality combined with weakening expectations may lead to a slight correction in steel prices [2][6] - Ferrosilicon and silicomanganese: The market is filled with a strong wait-and-see atmosphere, with wide fluctuations [2][9] - Coke and coking coal: Macroeconomic expectations are volatile, with weak fluctuations [2][13] - Logs: Weak fluctuations [2][15] Summary by Commodity Iron Ore - **Fundamental data**: The closing price of the I 2601 futures contract was 795.0 yuan/ton, up 4.5 yuan or 0.57%. The open interest was 476,191 lots, an increase of 16,626 lots. Among imported ores, the price of Carajás fines (65%) was 924.0 yuan/ton, up 1.0 yuan; PB fines (61.5%) was 790.0 yuan/ton, up 2.0 yuan; Jinbuba fines (61%) was 760.0 yuan/ton, up 2.0 yuan; and Super Special fines (56.5%) remained unchanged at 716.0 yuan/ton. Among domestic ores, the price of Benxi ore (66%) was 946.0 yuan/ton, up 9.0 yuan; and Laiwu ore (65%) was 864.0 yuan/ton, up 9.0 yuan [4] - **Macro and industry news**: China responded to the US threat of imposing additional tariffs on China, stating that if the US persists, China will take corresponding measures [4] - **Trend strength**: -1 [4] Rebar and Hot-Rolled Coil - **Fundamental data**: The closing price of the RB2601 rebar futures contract was 3,103 yuan/ton, up 16 yuan or 0.52%; the HC2601 hot-rolled coil futures contract was 3,285 yuan/ton, up 12 yuan or 0.37%. In terms of spot prices, rebar prices in Shanghai, Hangzhou, and Beijing increased by 10 yuan/ton, while remaining unchanged in Guangzhou. Hot-rolled coil prices in Hangzhou increased by 10 yuan/ton, while remaining unchanged in Shanghai, Tianjin, and Guangzhou. The price of Tangshan billet increased by 10 yuan/ton to 2,970 yuan/ton [6] - **Macro and industry news**: In October 2025, the US announced additional 100% tariffs on China in response to China's export controls on rare earths and other related items and imposed export controls on all key software. In August 2025, China's steel exports were 9.51 million tons, a month-on-month decrease of 3.3%, and imports were 500,000 tons, a month-on-month increase of 10.4%. According to the weekly data from Steel Union on October 8, the output of rebar decreased by 36,200 tons, hot-rolled coil by 14,000 tons, and the total output of the five major varieties decreased by 37,600 tons; the total inventory of rebar increased by 239,600 tons, hot-rolled coil by 299,200 tons, and the total inventory of the five major varieties increased by 692,300 tons; the apparent demand for rebar decreased by 950,600 tons, hot-rolled coil by 336,400 tons, and the total apparent demand for the five major varieties decreased by 1.6937 million tons [6][8] - **Trend strength**: 0 for both rebar and hot-rolled coil [8] Ferrosilicon and Silicomanganese - **Fundamental data**: The spot price of ferrosilicon FeSi75-B in Inner Mongolia was 5,200 yuan/ton; the spot price of silicomanganese FeMn65Si17 in Inner Mongolia was 5,680 yuan/ton. The price of manganese ore Mn44 lump was 40.0 yuan/ton-degree, and the price of semi-coke small material in Shenmu was 710 yuan/ton. The spot-futures price difference for ferrosilicon was -236 yuan/ton, an increase of 36 yuan; for silicomanganese, it was -80 yuan/ton, an increase of 14 yuan [10] - **Macro and industry news**: On October 10, the prices of 72 and 75 ferrosilicon in various regions decreased to varying degrees, and the prices of 6517 silicomanganese in the north and south also decreased by 50 yuan/ton. As of this Friday, the manganese ore inventory in Tianjin Port increased by 80,100 tons, in Qinzhou Port decreased by 118,600 tons, in Fangchenggang decreased by 2,000 tons, and the total inventory increased by 27,900 tons [10] - **Trend strength**: 0 for both ferrosilicon and silicomanganese [12] Coke and Coking Coal - **Fundamental data**: The closing price of the JM2601 coking coal futures contract was 1,161 yuan/ton, down 3 yuan or 0.3%; the J2601 coke futures contract was 1,666.5 yuan/ton, up 12.5 yuan or 0.8%. Among spot coking coal prices, the prices of Linfen low-sulfur main coking coal, Jinquan Meng 5 clean coal self-pickup price, and Lvliang low-sulfur main coking coal remained unchanged. The price of Peak Downs coking coal converted to RMB decreased by 1,650 yuan to 0 yuan/ton. Among spot coke prices, the prices of Hebei quasi-primary dry quenched coke, Shanxi quasi-primary delivered price, and Rizhao Port quasi-primary price index remained unchanged [13] - **Macro and industry news**: China responded to the US threat of imposing additional tariffs on China, stating that if the US persists, China will take corresponding measures [14] - **Trend strength**: -1 for both coke and coking coal [14] Logs - **Fundamental data**: The closing prices of the 2511, 2601, and 2603 log futures contracts remained unchanged. The trading volume and open interest of each contract had different degrees of change. Among spot log prices, the prices of various types of logs in Shandong and Jiangsu markets remained mostly unchanged, with only a few showing slight increases [16] - **Macro and industry news**: China responded to the US threat of imposing additional tariffs on China, stating that if the US persists, China will take corresponding measures [18] - **Trend strength**: -1 [18]

Report Summary 1) Report Industry Investment Rating - The trend strength is -2, indicating a strong bearish view. The range of trend strength is an integer within the [-2, 2] interval, with -2 being the most bearish and 2 being the most bullish [2]. 2) Report Core View - The report focuses on the pig market, highlighting that the spot price decline increased during the holiday, and it is a basis - closing market [1]. 3) Summary by Related Catalogs Fundamental Tracking - **Spot Prices**: The Henan spot price is 12,480 yuan/ton with a year - on - year increase of 50; the Sichuan spot price is 11,900 yuan/ton with a year - on - year increase of 0; the Guangdong spot price is 12,660 yuan/ton with a year - on - year decrease of 50 [1]. - **Futures Prices**: The prices of pig2511, pig2601, and pig2603 are 12,355 yuan/ton, 12,825 yuan/ton, and 12,480 yuan/ton respectively, with year - on - year increases of 60, 40, and 30 [1]. - **Trading Volume and Open Interest**: The trading volume of pig2511, pig2601, and pig2603 is 44,100 hands, 31,876 hands, and 9,786 hands respectively, with decreases of 14,620 hands, 5,178 hands, and 4,541 hands compared to the previous day. The open interest of pig2511, pig2601, and pig2603 is 61,105 hands, 76,877 hands, and 52,713 hands respectively, with changes of - 14,348 hands, + 456 hands, and + 108 hands compared to the previous day [1]. - **Basis**: The basis of pig2511 is 125 yuan/ton with a year - on - year decrease of 10 [1].

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The report focuses on iron ore, stating that its expectations are fluctuating and it is in a high - level oscillation state [1]. 3. Key Points by Section 3.1 Fundamentals Tracking - **Futures Data**: The closing price of the 12601 iron ore futures was 784.0 yuan/ton, down 6.0 yuan/ton or - 0.76%. The yesterday's position was 473,992 hands, with a decrease of 34,937 hands [1]. - **Spot Prices**: Imported ores like 65% Carajás fines dropped from 920.0 to 915.0 yuan/ton, 61.5% PB fines from 785.0 to 780.0 yuan/ton, 61% Jimbobara from 755.0 to 750.0 yuan/ton, and 56.5% Super Special from 713.0 to 710.0 yuan/ton. Domestic ores such as 66% Youbang and 65% Laiwu remained unchanged at 952.0 and 870.0 yuan/ton respectively [1]. - **Price Spreads**: The basis of 12601 against Super Special increased by 2.7 yuan/ton to 140.2 yuan/ton, while the basis of 12601 against Jimbobara decreased by 0.5 yuan/ton to 47.7 yuan/ton. The spread of 12509 - 12601 decreased by 1.5 yuan/ton to - 41.0 yuan/ton, and the spread of 12601 - 12605 increased by 1.0 yuan/ton to 21.5 yuan/ton. The Carajás fines - PB spread remained at 135.0 yuan/ton, the PB - Jimbobara spread at 30.0 yuan/ton, and the PB - Super Special spread decreased by 2.0 yuan/ton to 70.0 yuan/ton [1]. 3.2 Macro and Industry News - From January to August, the total profit of industrial enterprises above designated size in China reached 4,692.97 billion yuan, a year - on - year increase of 0.9% [1]. 3.3 Trend Intensity - The trend intensity of iron ore is 1, indicating a neutral - to - slightly positive outlook within the [-2, 2] range [1].

Report Core View - The report suggests a light - position strategy for eggs during the holiday [1] Fundamental Tracking Futures Data - Egg2510 closed at 2,918, with a daily decline of 1.15%, trading volume decreased by 1,203, and open interest decreased by 18,679 [1] - Egg2601 closed at 3,352, with a daily decline of 0.24%, trading volume increased by 1,842, and open interest decreased by 3,186 [1] Spread Data - The Egg10 - 12 spread was - 262 on the latest day, compared to - 233 the previous day [1] - The Egg10 - 1 spread was - 434 on the latest day, compared to - 414 the previous day [1] Spot Price Data - Liaoning's spot price remained at 3.40 yuan/jin [1] - Hebei's spot price dropped from 3.11 to 3.07 yuan/jin [1] - Shanxi's spot price remained at 3.15 yuan/jin [1] - Hubei's spot price dropped from 3.69 to 3.60 yuan/jin [1] Industry Chain Data - The corn spot price dropped from 2,317 to 2,300 yuan/ton [1] - The soybean meal spot price remained at 2,940 yuan/ton [1] - The Henan pig price dropped from 12.58 to 12.43 yuan/kg [1] Trend Intensity - The trend intensity is 0, indicating a neutral view, with a range of [-2, 2] where -2 is most bearish and 2 is most bullish [1]

Report Summary 1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views - Iron ore is expected to fluctuate at a high level due to repeated expectations [2][4]. - Rebar and hot - rolled coil are expected to fluctuate weakly as raw material trends weaken [2][7][8]. - Ferrosilicon and silicomanganese are expected to fluctuate weakly due to sector sentiment resonance [2][11]. - Coke and coking coal are expected to have wide - range fluctuations with repeated expectations [2][14][15]. - Logs are expected to fluctuate repeatedly [2][17]. 3. Summary by Related Catalogs Iron Ore - **Fundamentals**: The futures price of iron ore closed at 784.0 yuan/ton, down 6.0 yuan or 0.76%. The open interest decreased by 34,937 lots. Spot prices of imported and some domestic ores declined slightly. The basis and inter - contract spreads showed certain changes [4]. - **Macro and Industry News**: From January to August, the total profit of large - scale industrial enterprises in China was 4692.97 billion yuan, a year - on - year increase of 0.9% [4]. - **Trend Strength**: The trend strength of iron ore is 1 [4]. Rebar and Hot - Rolled Coil - **Fundamentals**: The closing prices of RB2601 and HC2601 were 3097 yuan/ton and 3289 yuan/ton, down 42 yuan (-1.34%) and 41 yuan (-1.23%) respectively. Open interest and trading volume data are provided, and spot prices in different regions decreased slightly [8]. - **Macro and Industry News**: Multiple industry data were released, including profit data of large - scale industrial enterprises, steel production, inventory, and import - export data. For example, from January to August, the cumulative export of steel was 7749.0 million tons, a year - on - year increase of 10.0% [9][10]. - **Trend Strength**: The trend strength of rebar and hot - rolled coil is - 1 [10]. Ferrosilicon and Silicomanganese - **Fundamentals**: Futures prices of ferrosilicon and silicomanganese contracts decreased. Spot prices of ferrosilicon and silicomanganese in Inner Mongolia declined. Various spreads such as basis, inter - contract spreads, and cross - product spreads are provided [11]. - **Macro and Industry News**: Price information of ferrosilicon and silicomanganese in different regions and production data in some areas are provided [11]. - **Trend Strength**: The trend strength of ferrosilicon and silicomanganese is - 1 [13]. Coke and Coking Coal - **Fundamentals**: The closing prices of JM2601 and J2601 were 1154 yuan/ton and 1647 yuan/ton, down 42.5 yuan (-3.6%) and 45.5 yuan (-2.7%) respectively. Spot prices of coking coal and coke were mostly stable, and basis and inter - contract spreads changed [15]. - **Macro and Industry News**: The China Coking Industry Association stated that it has never issued or authorized any notices or initiatives regarding "mandatory production cuts" or "joint price increases" [16]. - **Trend Strength**: The trend strength of coke and coking coal is 0 [16]. Logs - **Fundamentals**: Closing prices, trading volumes, and open interests of different log contracts showed different degrees of change. Spot - futures spreads and inter - contract spreads also changed [18]. - **Macro and Industry News**: The US Federal Reserve cut the federal funds rate target range by 25 basis points to 4.00% - 4.25% [20]. - **Trend Strength**: The trend strength of logs is 0 [20].

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View - The report indicates that the bottom of the live - hog spot market has not been reached as of September 30, 2025 [1]. 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - **Spot Prices**: The Henan spot price is 12,430 yuan/ton, down 150 yuan/ton year - on - year; the Sichuan spot price is 11,900 yuan/ton, down 200 yuan/ton year - on - year; the Guangdong spot price is 12,710 yuan/ton, down 200 yuan/ton year - on - year [3]. - **Futures Prices**: The price of live - hog 2511 is 12,295 yuan/ton, down 280 yuan/ton year - on - year; the price of live - hog 2601 is 12,785 yuan/ton, down 315 yuan/ton year - on - year; the price of live - hog 2603 is 12,450 yuan/ton, down 205 yuan/ton year - on - year [3]. - **Trading Volume and Open Interest**: The trading volume of live - hog 2511 is 58,720 lots, an increase of 19,978 lots from the previous day, and the open interest is 75,453 lots, a decrease of 9,566 lots from the previous day; the trading volume of live - hog 2601 is 37,054 lots, an increase of 10,127 lots from the previous day, and the open interest is 76,421 lots, an increase of 4,799 lots from the previous day; the trading volume of live - hog 2603 is 14,327 lots, an increase of 6,995 lots from the previous day, and the open interest is 52,605 lots, an increase of 1,743 lots from the previous day [3]. - **Price Spreads**: The basis of live - hog 2511 is 135 yuan/ton, up 130 yuan/ton year - on - year; the basis of live - hog 2601 is - 355 yuan/ton, up 165 yuan/ton year - on - year; the basis of live - hog 2603 is - 20 yuan/ton, up 55 yuan/ton year - on - year; the spread between live - hog 11 - 1 is - 490 yuan/ton, up 35 yuan/ton year - on - year; the spread between live - hog 1 - 3 is 335 yuan/ton, down 110 yuan/ton year - on - year [3]. 3.2 Trend Intensity - The trend intensity is - 1, indicating a relatively bearish view. The range of trend intensity is an integer within the [-2, 2] interval, with - 2 being the most bearish and 2 being the most bullish [4].

Report Summary 1) Report Industry Investment Rating - No information provided on the industry investment rating. 2) Core View of the Report - The report is titled "Eggs: Peak Season Nearing End, Lighten Positions for the Holiday", suggesting a cautious stance on egg investment as the peak season is approaching its end [2]. 3) Summary by Relevant Catalog [Fundamental Tracking] - **Futures Data**: The closing price of Egg 2510 is 2,940 yuan/500 kilograms, with a daily decline of 1.24%, and trading volume decreased by 3,697 and open interest decreased by 11,346. The closing price of Egg 2601 is 3,354 yuan/500 kilograms, with a daily decline of 0.33%, and trading volume increased by 660 and open interest increased by 1,614 [2]. - **Spread Data**: The Egg 10 - 12 spread is -233 (previous day: -224), and the Egg 10 - 1 spread is -414 (previous day: -391) [2]. - **Spot Price Data**: The spot prices in Liaoning, Hebei, Shanxi, and Hubei are 3.40 yuan/jin, 3.20 yuan/jin, 3.35 yuan/jin, and 3.78 yuan/jin respectively, all showing a decline compared to the previous day. The corn spot price is 2,300 yuan/ton (previous day: 2,317 yuan/ton), the soybean meal spot price remains at 2,940 yuan/ton, and the Henan live - pig price remains at 12.58 yuan/kg [2]. [Trend Intensity] - The trend intensity is 0, indicating a neutral stance. The range of trend intensity is from -2 (most bearish) to 2 (most bullish) [2].

Report Summary 1. Investment Rating - The report does not provide an investment rating for the industry. 2. Core View - The report suggests that the stock index futures may stabilize [3]. 3. Key Points by Category 3.1 Index Futures Data - On September 28, all four current - month index futures contracts declined. IF fell 1.16%, IH fell 0.43%, IC fell 1.48%, and IM fell 1.33% [1]. - In terms of trading volume, the total trading volume of index futures rebounded, with IF decreasing by 12,397 lots, IH decreasing by 3,587 lots, IC increasing by 6,370 lots, and IM increasing by 30,154 lots [2]. - Regarding positions, IF's total positions decreased by 6,449 lots, IH's increased by 1,041 lots, IC's increased by 3,365 lots, and IM's increased by 11,537 lots [2]. 3.2 Index Futures Basis - The report presents the basis data of IF, IH, IC, and IM from September 2 to September 26 [4]. 3.3 Top 20 Member Positions - The report shows the changes in long and short positions of the top 20 members of each index futures contract, with some data not disclosed [5]. 3.4 Trend Intensity - The trend intensity of IF and IH is 1, and that of IC and IM is also 1. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [6]. 3.5 Important Drivers - From January to August, the total profit of industrial enterprises above designated size in China was 4,692.97 billion yuan, a year - on - year increase of 0.9%. In August, the profit increased by 20.4% year - on - year, turning from a 1.5% decline in the previous month [6]. - The central bank's monetary policy committee proposed to strengthen monetary policy regulation, guide financial institutions to increase credit supply, and maintain the stability of the capital market [6]. 3.6 Stock Market Performance - A - share indexes fluctuated downward. The ChiNext Index fell more than 2% below 3,200 points. The Shanghai Composite Index fell 0.65% to 3,828.11 points, the Shenzhen Component Index fell 1.76%, the ChiNext Index fell 2.6%, the North Star 50 fell 1.81%, the Science and Technology Innovation 50 fell 1.6%, and the Wind All - A Index fell 1.2%. The trading volume of A - shares was 2.17 trillion yuan, down from 2.39 trillion yuan the previous day [7].

Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the report. 2) Report's Core View - The report is titled "Eggs: Waiting for the Double Festival Confirmation", but no specific core view is elaborated in the provided content [3]. 3) Summary by Relevant Catalogs **Fundamental Tracking** - **Futures Data**: The closing price of Egg 2510 is 2,957 yuan/500 kilograms, with a daily decline of 0.17%, a trading volume decrease of 12,594, and an open - interest decrease of 6,401. The closing price of Egg 2601 is 3,354 yuan/500 kilograms, with a daily decline of 0.36%, a trading volume decrease of 7,297, and an open - interest increase of 2,124 [2]. - **Spread Data**: The Egg 10 - 12 spread is - 222 (previous day: - 242), and the Egg 10 - 1 spread is - 397 (previous day: - 413) [2]. - **Spot Price Data**: The spot prices of eggs in Liaoning, Hebei, Shanxi, and Hubei are 3.50 yuan/jin, 3.38 yuan/jin, 3.45 yuan/jin, and 3.96 yuan/jin respectively, remaining unchanged from the previous day. The corn spot price is 2,300 yuan/ton (previous day: 2,317 yuan/ton), the soybean meal spot price is 2,900 yuan/ton (previous day: 2,920 yuan/ton), and the pig price in Henan is 12.68 yuan/kg, remaining unchanged [2]. **Trend Intensity** - The trend intensity is 0, with a value range of [-2, 2]. -2 represents the most bearish view, and 2 represents the most bullish view [2].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The report covers multiple commodities in the black series, including iron ore, rebar, hot - rolled coil, ferrosilicon, silicomanganese, coke, coking coal, and logs. All are expected to experience wide - range fluctuations or repeated oscillations, with trend intensities all at 0, indicating a neutral outlook [2][4][7][11][15][17]. 3. Summary by Commodity Iron Ore - **Price and Position Data**: The futures closed at 802.5 yuan/ton, down 6 yuan (-0.74%). The position decreased by 15,454 hands. Spot prices of various types of iron ore remained unchanged. The basis increased by 6 yuan [4]. - **News**: On September 17, the US Federal Reserve cut the federal funds rate target range by 25 basis points to 4.00% - 4.25% [4]. Rebar and Hot - Rolled Coil - **Price and Position Data**: RB2601 futures closed at 3,155 yuan/ton, down 32 yuan (-1.00%); HC2601 closed at 3,340 yuan/ton, down 45 yuan (-1.33%). Rebar position increased by 20,270 hands, while hot - rolled coil decreased by 15,676 hands. Spot prices generally declined [7]. - **News**: In the September 18 steel weekly data, rebar production decreased by 5.48 tons, hot - rolled coil increased by 1.35 tons. Rebar inventory decreased by 3.58 tons, hot - rolled coil increased by 4.67 tons. In August 2025, national crude steel production was 7737 million tons, a year - on - year decrease of 0.7% [8][9]. Ferrosilicon and Silicomanganese - **Price and Position Data**: The prices of different contracts of ferrosilicon and silicomanganese showed small changes. The basis and spread also had corresponding fluctuations [11]. - **News**: On September 23, the prices of 72 and 75 ferrosilicon in different regions changed, and the prices of 6517 silicomanganese in the north and south also changed. Zhongtian Iron and Steel's ferrosilicon purchase price dropped by 50 yuan/ton [11]. Coke and Coking Coal - **Price and Position Data**: JM2601 futures closed at 1217.5 yuan/ton, unchanged; J2601 closed at 1717.5 yuan/ton, down 0.5 yuan. Spot prices of coking coal and coke had some changes, and the basis and spread also fluctuated [15]. - **News**: On September 17, the US Federal Reserve cut the federal funds rate target range by 25 basis points to 4.00% - 4.25% [15]. Logs - **Price and Position Data**: The prices and trading volumes of different log contracts showed different degrees of change, and the spot prices of various types of logs were mostly stable [18]. - **News**: On September 17, the US Federal Reserve cut the federal funds rate target range by 25 basis points to 4.00% - 4.25% [20].