Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - Industrial silicon futures are currently in a large - range operation. The 2601 contract is expected to operate between 7,500 and 10,000 yuan. The trading strategy is to buy on dips [8][9]. - Lithium carbonate futures are also in a large - range operation. The 2601 contract is expected to operate between 68,000 and 100,000 yuan. The trading strategy is to buy on dips [31][32]. 3. Summary by Directory Industrial Silicon Futures - **Mid - line Market Analysis** - The industrial silicon futures are in a large - range operation. The spot price was stable last week. As of October 24, the 421 price was 9,100 yuan/ton in Xinjiang, 9,900 yuan/ton in Yunnan, and 10,000 yuan/ton in Sichuan. The AI report shows the price is in a sideways phase, and the main force has a bearish attitude. The 2601 contract is expected to operate between 7,500 and 10,000 yuan [8][9]. - **Variety Trading Strategy** - Last week and this week, the strategy is to buy on dips as the industrial silicon is in a large - range operation [12][13]. - **Related Data Situation** - As of April 19, 2024, the SHFE cathode copper inventory was 300,045 tons, an increase of 322 tons from the previous week, and it is at a relatively high level compared to the past five years. The LME copper inventory was 122,125 tons, with a cancellation warrant ratio of 25.73%, and it is at a relatively low level compared to the past five years [15][19]. Lithium Carbonate Futures - **Mid - line Market Analysis** - Lithium carbonate futures are in a large - range operation. The spot price rose last week. As of October 24, the market price of battery - grade lithium carbonate was 77,600 yuan/ton, and that of industrial - grade was 76,150 yuan/ton. The AI report shows the futures are in a sideways phase, and the main force has no obvious long - short bias. The 2601 contract is expected to operate between 68,000 and 100,000 yuan [31][32]. - **Variety Trading Strategy** - Last week and this week, the strategy is to buy on dips as the lithium carbonate is in a large - range operation [35]. - **Related Data Situation** - As of April 19, 2024, the SHFE electrolytic aluminum inventory was 228,537 tons, a decrease of 3,228 tons from the previous week, and it is at a relatively low level compared to the past five years. The LME aluminum inventory was 504,000 tons, with a cancellation warrant ratio of 66.03%, and it is at a relatively low level compared to the past five years [38][39].

Report Industry Investment Rating - Not provided in the report Core View - Polyolefin futures declined slightly. Spot prices of linear LL and拉丝PP remained stable for Sinopec and PetroChina. Fundamentally, polyolefins have gradually stopped falling. With the easing of the external environment and the stop - fall and rebound of crude oil, polyolefins follow the crude oil trend. Currently, the supply - demand pressure is temporarily limited, and the market may maintain a short - term oscillatory rebound trend [2] Summary by Relevant Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 6969, 7021, and 7050 respectively, with changes of - 30, - 23, and - 8, and corresponding percentage changes of - 0.43%, - 0.33%, and - 0.11%. The trading volumes were 229753, 23556, and 105, and the open interests were 529187, 62588, and 1136, with changes of - 2302, 182, and 7 respectively. The current spreads of 1 - 5 months, 5 - 9 months, and 9 - 1 months were - 52, - 29, and 81, compared to previous values of - 45, - 14, and 59 [2] - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 6662, 6719, and 6728 respectively, with changes of - 29, - 21, and - 6, and corresponding percentage changes of - 0.43%, - 0.31%, and - 0.09%. The trading volumes were 229145, 19734, and 517, and the open interests were 608100, 126861, and 6141, with changes of - 10384, 281, and 106 respectively. The current spreads of 1 - 5 months, 5 - 9 months, and 9 - 1 months were - 57, - 9, and 66, compared to previous values of - 49, 6, and 43 [2] Raw Materials and Spot Market - **Raw Materials**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 2274 yuan/ton, 6025 yuan/ton, 537 dollars/ton, 5600 yuan/ton, 6500 yuan/ton, and 8800 yuan/ton respectively, compared to previous values of 2295 yuan/ton, 6010 yuan/ton, 542 dollars/ton, 5600 yuan/ton, 6510 yuan/ton, and 8800 yuan/ton [2] - **Spot Market**: For LL, the current prices in East China, North China, and South China markets were 6500 - 6650 yuan/ton, 7000 - 7450 yuan/ton, and 6900 - 7150 yuan/ton respectively, compared to previous values of 6450 - 6600 yuan/ton, 6900 - 7450 yuan/ton, and 6850 - 7150 yuan/ton. For PP, the current prices in East China, North China, and South China markets were 7150 - 7500 yuan/ton, 6550 - 6650 yuan/ton, and 6500 - 6600 yuan/ton respectively, compared to previous values of 7100 - 7500 yuan/ton, 6450 - 6650 yuan/ton, and 6450 - 6550 yuan/ton [2] News - On Friday (October 24), the settlement price of WTI crude oil futures for December 2025 on the New York Mercantile Exchange was $61.5 per barrel, down $0.29 or 0.47% from the previous trading day, with a trading range of $61.21 - $62.59. The settlement price of Brent crude oil futures for December 2025 on the London Intercontinental Exchange was $65.94 per barrel, down $0.05 or 0.08% from the previous trading day, with a trading range of $65.41 - $66.78 [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The PG main contract fluctuated upward. The domestic civil gas price dropped significantly. The cheapest delivery product was East China civil gas. The warehouse receipt was 2416 lots. The overseas price soared. The PDH profit decreased. The arrival was at a low level, the external release decreased, and both port inventory and factory inventory decreased. With chemical demand support and the expectation of warming combustion demand, it is expected that the spot will maintain a slight increase. Propane is still greatly affected by the Sino - US tariff policy, and cautious participation is recommended [4] 3. Summary by Relevant Catalog 3.1 Daily Changes - On Friday, civil gas continued to rebound slightly. East China was 4279 (+12), Shandong was 4360 (+20), and South China was 4405 (+5). Ether - after carbon four was 4470 (+30). The lowest delivery location was East China, with a basis of - 94 (-45), and the November - December spread was 68 (-52). FEI and CP increased, reaching 492 (+6) and 455 (+1) US dollars per ton respectively [4] 3.2 Weekly View - The PG main contract fluctuated upward. The basis was - 69 (-49), the November - December spread was 90 (-47), and the December - January spread was 113 (-1). The domestic civil gas price dropped significantly. The cheapest delivery product was East China civil gas at 4279 (-66); Shandong was 4360 (+160), and South China was 4405 (-55). There were 2416 lots of warehouse receipts, including 2300 from Wanhua, 64 more from Yunda, and 52 more from Haiyu Petrochemical. The overseas price soared; the FEI monthly spread was - 6.25 US dollars (+3.75), and the CP monthly spread was - 8 US dollars (-4). PG - CP reached 114 (-17); PG - FEI reached 79 (-33). FEI - CP reached 35 (+15). The US - Asia arbitrage window opened. The CP South China arrival discount was 74 (-4). The freight from the US Gulf to Japan was 116 (+0), and from the Middle East to the Far East was 56 (-4). The FEI - MOPJ decreased but the switching window was still open, with the latest at - 82.5 (-11.5). The PDH profit decreased. The arrival was at a low level, the external release decreased, and both port inventory and factory inventory decreased; supported by chemical demand and with the expectation of warming combustion demand. The PDH operating rate was 71.66% (+2.9 pct) due to the restart of Hebei Haiwei and the increased load of Wanda Tianhong, but Zhongjing Phase II shut down again. Next week, Lihuayi Weiyuan is expected to resume. Overall, there is no pressure on inventory, the downstream purchasing willingness has increased, and it is expected that the spot will maintain a slight increase [4]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Cost-side crude oil is short-term bullish, and TA valuation drivers are mostly positive. Supply and demand are generally weak and stable, and the technical aspect rebounds from oversold conditions following crude oil [5]. - In terms of operations, reduce and then hold a small amount of previous short positions. The resistance level for the 2601 contract is around 4550 - 4650 [4]. 3. Summary by Relevant Catalogs 3.1 Supply - Last week, the weekly average PTA capacity utilization rate was 75.98%, a 0.42 percentage point increase from the previous week and a 4.83 percentage point decrease year-on-year, at a neutral level compared to the same period. During the week, the increase in production at Yisheng New Materials was higher than the decrease at Yisheng Ningbo. Newly commissioned production capacity this year is 5.7 million tons. Pay attention to the commissioning progress of 3 million tons by Xin Fengming in the fourth quarter [5][20]. - Last week, PTA production was 140,560 tons, a 0.54% increase from the previous week and a 0.96% increase year-on-year. From January to September 2025, China's cumulative PTA imports were 18,300 tons, a 34.31% increase year-on-year. As domestic self-sufficiency gradually improves, imports are low and can be basically ignored [24]. 3.2 Demand - In September 2025, the actual PTA consumption was 5.9116 million tons, a 0.58% decrease from the previous month and a 7.25% increase year-on-year. Last week, the polyester operating rate was 87.53%, a 0.25 percentage point decrease from the previous week and a 0.94 percentage point decrease year-on-year, generally at a neutral level compared to the same period [26]. - Last week, the polyester industry's output was 1.5497 million tons, a 0.28% decrease from the previous week and a 4.13% increase year-on-year. As of October 23, the comprehensive operating rate of chemical fiber weaving in the Jiangsu and Zhejiang regions was 66.45%, a 2.39 percentage point increase from the previous week and a 2.27 percentage point decrease year-on-year. According to Longzhong, the terminal performance is mediocre, downstream purchases are mostly for rigid demand, and the sales performance of polyester filament factories is average [5][29]. - From January to September 2025, the cumulative PTA export volume was 2.8739 million tons, a 16.07% decrease year-on-year. From January to September, the cumulative textile export value was $220 million, a 0.45% decrease year-on-year [47]. 3.3 Inventory - According to Longzhong statistics, last week, the PTA industry inventory was approximately 3.1413 million tons, a 1.58% decrease from the previous week. The PTA factory inventory was 4.07 days, a 0.01-day decrease from the previous week and a 0.31-day decrease year-on-year. The polyester product line also saw inventory reduction [5][51]. - Last week, the PTA raw material inventory of polyester factories was 6.95 days, a 0.4-day decrease from the previous week and a 1.4-day decrease year-on-year [52]. 3.4 Futures Market - Last week, the 1 - 5 spread weakened slightly week-on-week and was slightly higher year-on-year. The 5 - 9 spread remained stable week-on-week and was higher year-on-year. The overall futures inter-month spread showed a slightly contango structure with near-term prices lower and far-term prices higher [13]. - The 9 - 1 spread remained stable week-on-week and was weak year-on-year. The basis weakened slightly week-on-week and was low year-on-year [16]. 3.5 Valuation - PX prices rebounded, and PTA processing fees also rebounded. The PTA spot processing fee decreased slightly week-on-week and was the weakest in recent years compared to the same period. The futures contract processing fee decreased slightly week-on-week and was low year-on-year [64][71][75]. - The profits of PTA downstream products showed different trends, with some products' production margins fluctuating [72][76][81].

1. Report Industry Investment Ratings - PTA: Core view - Neutral; Spot - Cautiously bearish; Cost - Neutral; Device changes - Cautiously bearish; Downstream demand - Neutral; Supply - demand balance - Cautiously bearish; Processing profit - Cautiously bullish [5] - PX: Core view - Neutral; Spot - Neutral; Device changes - Cautiously bearish; Import - Neutral; Downstream demand - Cautiously bullish; Supply - demand balance - Neutral; Processing profit - Neutral [6] - Ethylene glycol: Core view - Neutral; Spot - Neutral; Device changes - Cautiously bearish; Import - Neutral; Downstream demand - Neutral; Supply - demand balance - Cautiously bearish; Processing profit - Cautiously bullish [7] 2. Core Views of the Report - PTA: PTA supply - demand changes are small, with expected inventory accumulation. Crude oil and the PTA - Brent oil spread are at relatively low levels, and there is limited downward space in the short term. The far - month is expected to be better than the near - term. The spot market is weak, and the cost side is neutral. There is inventory accumulation pressure from November to December [5][59]. - PX: PTA has planned production capacity, PX supply - demand is acceptable, the spot market is tight, PXN has recovered, and the valuation is relatively reasonable. It will follow the cost in the short term. The supply - demand balance pressure from October to November is not large, and the inventory is not high [6]. - Ethylene glycol: The price of the ethylene glycol industry chain is at a low level. The supply is difficult to clear, and there is a lack of short - term supply - demand drivers. Attention should be paid to the impact of sanctions. There is inventory accumulation pressure from October [7]. 3. Summaries According to Related Catalogs PTA - **Device Changes**: PTA device maintenance is in progress as planned. YS New Material has restarted, YS Ningbo reduced its load due to weather, Hengli 1 is under maintenance, and YS Hainan, Dahua, and Zhongtai are under maintenance. Dushan's new device has a trial - run plan next week, and Dushan 1 has a maintenance plan [46][59]. - **Inventory**: As of October 17, PTA social inventory (excluding credit warehouse receipts) increased to 217.6 tons, up 1.6 tons. The market basis is weakly stable [50]. - **Balance Sheet**: In October, it is balanced, but there is significant inventory accumulation pressure from November to December. The valuation is not high, the cost is weak, and the fundamentals are weak [58][59]. - **Demand**: As of October 17, the polyester operating rate was 91.4%, remaining at a high level. The operating rate assessment for October - November is 91.5% (+0.5%) and 90% (+1%). After the holiday, the load of texturing, weaving, and dyeing in Jiangsu and Zhejiang remained stable at 80%, 69%, and 78%. Autumn and winter orders are acceptable [59]. PX - **Device Changes**: The domestic PX load is 84.9%, and the Asian load is 78%. Wushi Petrochemical is under planned maintenance, Yangzi Petrochemical and Hengli slightly reduced their loads, and Shenghong Petrochemical slightly increased its load. Overseas, FCFC in Taiwan, China (720,000 tons) is under maintenance, and PTTG has a maintenance plan in late October [81][86]. - **Balance Sheet**: In the fourth quarter, the PX balance remains low, the spot floating price has slightly improved, and PXN has recovered. It will follow the cost in the short term [86]. - **Market Conditions**: The spread between the PX outer and inner markets has narrowed, the PX 11 - January spread is weak, and the TA01 processing fee is weak [87]. Ethylene Glycol - **Device Changes**: The overall domestic load is 77.16%, and the synthetic - gas - based load is 81.89%. CNOOC Shell has restarted after maintenance, Fulian is under maintenance, Shenghong has a maintenance plan in the second half of the month, and Yulong has restarted at 60% capacity. Some coal - chemical devices are under maintenance or restarted. Overseas, Formosa Plastics' No. 1 plant in Taiwan, China, Maoming Petrochemical, and Shell in the US and Canada are under maintenance [100][117]. - **Inventory**: As of October 13, the port inventory in East China was about 579,000 tons, a month - on - month increase of 38,000 tons. The arrival volume is moderately low, and the short - term port inventory is expected to remain stable with a slight decline. The polyester factory's raw - material inventory days are 12.5 days (-0.3) [127]. - **Balance Sheet**: In October, it is in a loose balance, and inventory accumulates rapidly from November to December. The market lacks upward drivers and is weak in the short term [129][132].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Soft Commodity Sector: Crude oil's strength boosts raw sugar sentiment. Zheng sugar's rebound may face pressure due to increased industrial hedging. For paper pulp, supply remains high, and terminal demand improvement is limited, so the rebound height may be restricted. Double - offset paper has limited demand improvement in the peak season and supply pressure, with limited cost support. Cotton prices are affected by Sino - US trade news and may fluctuate in a range. - Fresh Fruit and Vegetable Sector: New - season apples have small fruit sizes and low premium fruit rates, supporting far - month contracts. Red dates' prices are recommended for short - selling for aggressive investors and anti - spread strategies for cautious investors [3][4][5][7][8]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendations - **Fresh Fruit Futures**: For Apple 2605, a bullish view is recommended due to small fruit sizes and low premium fruit rates, with a support range of 7900 - 8000 and a pressure range of 9500 - 9600. For Red Dates 2601, short - selling at high prices is advised, with a support range of 10500 - 11000 and a pressure range of 11500 - 12000 [18]. - **Soft Commodity Futures**: Sugar 2601 suggests range - bound operations with a support range of 5350 - 5370 and a pressure range of 5470 - 5500. Pulp 2601 is recommended for range - bound short positions, with a support range of 4900 - 4900 and a pressure range of 5200 - 5300. Double - offset paper 2601 recommends short - selling on rebounds, with a support range of 4100 - 4200 and a pressure range of 4400 - 4500. Cotton 2601 advises holding short positions cautiously, with a support range of 12800 - 13000 and a pressure range of 13600 - 13700 [18]. 3.2 Second Part: Market News Changes - **Apple Market**: In September 2025, fresh apple exports were about 70,800 tons, up 3.50% month - on - month and down 6.32% year - on - year. In the spot market, prices in different regions showed different trends. Shandong's acquisition price was higher than last year, while Shaanxi's price was stable at a high level. Sales in the distribution areas were stable [19]. - **Red Dates Market**: The physical inventory of 36 sample points was 9167 tons, down 36 tons from last week, a 0.39% month - on - month decrease and a 93.89% year - on - year increase. Attention is paid to the circulation of old - season goods and price changes before the new - season harvest [22]. - **Sugar Market**: The sugar mills in the border area of Karnataka and Maharashtra in India started the crushing season. Datagro predicts that Brazil's 2025/26 sugar production will be about 41.42 million tons, a 3.1% increase from the previous season. In September 2025, China's refined sugar production was 539,000 tons, a 35.4% year - on - year increase [23]. - **Pulp Market**: Chinese traders counter - offered imported NBSK at $650/ton, but sellers refused. Canadian and Nordic NBSK prices remained at $680 - 700/ton. A major Brazilian supplier will raise the price of South American bleached hardwood pulp to Asian markets by $20/ton [26]. - **Double - offset Paper Market**: In different markets such as Shandong, Guangdong, Beijing, and Tianjin, the mainstream transaction prices of double - offset paper were stable. Supply was relatively loose, and demand showed no sign of improvement [27]. - **Cotton Market**: By early October 2025, Australia's cotton processing was about 95% complete, and the inspection progress was about 90%. In September 2025, China's cotton yarn exports were 19,400 tons, a 32.5% year - on - year increase and a 0.8% month - on - month increase. China will hold economic and trade consultations with the US in Malaysia from October 24th to 27th [30]. 3.3 Third Part: Market Review - **Futures Market Review**: Apple 2601 closed at 8830, up 36 (0.41%); Red Dates 2601 closed at 11165, down 100 (- 0.89%); Sugar 2601 closed at 5457, up 31 (0.57%); Pulp 2511 closed at 4862, up 8 (0.16%); Cotton 2601 closed at 13575, up 40 (0.30%) [31]. - **Spot Market Review**: The spot prices of various commodities showed different changes. For example, the apple price was 3.75 yuan/jin, the red date price was 9.40 yuan/kg, and the sugar price was 5750 yuan/ton [37]. 3.4 Fourth Part: Basis Situation No specific summarized content, only relevant charts are mentioned. 3.5 Fifth Part: Inter - month Spread Situation - Apple's 1 - 5 spread is - 513, with a month - on - month decrease of 54 and a year - on - year decrease of 123, predicted to decline in a volatile manner, and short - selling at high prices is recommended. - Red dates' 9 - 1 spread is 50, with a month - on - month increase of 125 and a year - on - year decrease of 350, predicted to fluctuate in a range, and it is recommended to wait and see. - Sugar's 1 - 5 spread is 49, with a month - on - month increase of 6 and a year - on - year increase of 28, predicted to fluctuate in a range, and it is recommended to wait and see. - Cotton's 1 - 5 spread is - 25, with a month - on - month increase of 15 and a year - on - year increase of 60, predicted to fluctuate in a range, and short - selling at high prices is recommended [56]. 3.6 Sixth Part: Futures Positioning Situation No specific summarized content, only relevant charts about the top 20 long and short positions, trading volume, and net long/short changes of each commodity are mentioned. 3.7 Seventh Part: Futures Warehouse Receipt Situation - Apple has 0 warehouse receipts, with no month - on - month or year - on - year changes. - Red dates have 0 warehouse receipts, with no month - on - month or year - on - year changes. - Sugar has 8196 warehouse receipts, a month - on - month decrease of 117 and a year - on - year decrease of 1460. - Pulp has 226002 warehouse receipts, a month - on - month decrease of 267 and a year - on - year decrease of 164284. - Cotton has 2526 warehouse receipts, a month - on - month decrease of 39 and a year - on - year decrease of 1089 [81]. 3.8 Eighth Part: Options - related Data No specific summarized content, only relevant charts about option trading volume, open interest, put - call ratios, and historical volatility of apples, sugar, and cotton are mentioned.

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The agricultural products sector shows mixed trends, with soybean meal and eggs rising, the oil and fat sector weakening, and various varieties having their own influencing factors and market outlooks [1] - Different varieties have different trading strategies based on their market conditions and technical indicators 3. Summary by Relevant Catalogs 3.1 Agricultural Products Sector Overview - Soybean meal shows strong growth due to uncertainties in Sino - US economic and trade relations, poor oil mill crushing profits, and short - covering. The egg market has a strong rebound because of strong bottom - fishing sentiment in the spot market and potential accelerated capacity reduction. The oil and fat sector is under pressure due to high domestic soybean crushing volume and lack of price - support from oil mills and traders [1] 3.2 Variety Strategy Tracking 3.2.1 Soybean Meal - The main 2601 contract of soybean meal is strongly rising, driven by short - covering. Uncertainties in Sino - US economic and trade relations lead to an expected shortage of long - term imported soybeans. Oil mills have a strong willingness to support prices due to poor or negative crushing profits. After the festival, the concentrated release of rigid demand for replenishment and the recovery of the production rhythm of downstream feed enterprises result in a significant increase in提货 volume and a decrease in domestic oil mill soybean meal inventory to below one million tons. As of October 17, the inventory was 970,000 tons, a decrease of over 9% compared to the previous period [2] - Technically, the contract price breaks through the 20 - day moving average, and the MACD shows a golden cross with an expanding red column. The strategy is to close short positions and establish long positions on dips. The support level is 2920, and the resistance level is 2950 [2] 3.2.2 Eggs - The main 2512 contract of eggs has a strong rebound, boosted by the rise in spot prices. After the egg price reaches a phased low, the bottom - fishing sentiment in the spot market heats up, the trading atmosphere improves, and the inventory days decrease. Meanwhile, the breeding end accelerates the elimination of old chickens. If the elimination volume of old chickens exceeds expectations in the future, it will accelerate capacity reduction and relieve the supply pressure. The rise in egg spot prices leads to a large number of short - covering in the futures market, pushing up the futures price [3] - Technically, the contract price stands firm above the 10 - day moving average. The strategy is to close short positions and wait to see if it can break through the 20 - day moving average. The support level is 2975, and the resistance level is 3082 [3] 3.2.3 Cotton - The main 2601 contract of cotton continues to rise, driven by long - buying and improved demand. With the listing of new cotton, ginning factories continue to purchase, and the purchase cost increases. The operating rate of downstream textile enterprises rebounds. As of October 16, the operating load of mainstream textile enterprises was 65.6%, a week - on - week increase of 0.20%. China's cotton imports in September decreased by 18.7% year - on - year, and the cumulative imports from January to September decreased by 69.8% year - on - year, at a relatively low level in recent years. The increase in cotton quotes at Chinese ports reflects the strengthening of demand, pushing up the spot price [5] - Technically, the contract price stands firm above the 20 - day moving average, and the MACD shows a golden cross with an expanding red column. The strategy is to buy long positions on dips. The support level is 13490, and the resistance level is 13700 [5] 3.2.4 Corn - The main 2601 contract of corn rebounds and rises, supported by planting costs and continuous listing purchases by grain depots. In the Northeast production area, new grain is on the market, and grain depots start to purchase. The drop in temperature in the Northeast is conducive to corn storage, reducing the pressure of corn listing. In the North China region, the improvement in weather conditions significantly reduces the pressure of grass - roots grain sales. Deep - processing enterprises have low corn inventories and need to replenish stocks. The increase in long positions in the corn futures market drives the futures price to rebound [7] - Technically, the contract price returns above the 20 - day moving average, and the MACD shows a golden cross with an expanding red column. The strategy is to buy long positions lightly on dips. The support level is 2127, and the resistance level is 2155 [7] 3.2.5 Live Pigs - The main 2601 contract of live pigs first rises and then falls, with limited rebound. The spread between standard and fat pigs in the live pig market attracts second - fattening entry, and the transaction in some areas improves. At the same time, after the previous decline in the live pig price, the cost of slaughtering enterprises decreases, and some enterprises increase the inventory of frozen products, providing short - term support for the pig price. However, the live pig inventory remains at a high level, and the loose supply - demand pattern in the industry has not been fundamentally reversed, limiting the rebound height of the live pig futures price [9] - Technically, the contract price still holds above the 10 - day moving average, and the MACD shows a red bar emerging. The strategy is to close short positions and then conduct short - term trading. The support level is 12125, and the resistance level is 12400 [9] 3.2.6 Apples - The main 2601 contract of apples fluctuates and rises after a small adjustment, continuing to fluctuate at a high level. In the western production area, the price of high - quality apples in Shaanxi is stable, and the picking progress of late - maturing Fuji apples in Gansu is fast, with merchants mainly storing them in warehouses. In the Shandong production area, the redness and brightness of late - maturing Fuji apples are generally average, and merchants are cautious in purchasing. The current market's continuous concern about apple quality supports the apple price. The short - covering of some positions in the apple futures market supports the high - level operation of the futures price [11] - Technically, the contract price fluctuates above the moving average system, and the technical strength remains unchanged. The strategy is to hold long positions lightly. The support level is 8792, and the resistance level is 8888 [11] 3.2.7 Palm Oil - The main 2601 contract of palm oil continues to fall, affected by the increase in Malaysian palm oil production. From October 1 to 20, the production of Malaysian palm oil increased by 10.77% month - on - month. In terms of exports, the purchasing demand will continue to decline after the Indian Festival of Lights, and the market sentiment turns bearish. In the domestic market, the arrival of goods in the near - term is sufficient, and there are more ship bookings for November, weakening the cost support and causing the palm oil futures price to fall under pressure [13] - Technically, the contract price breaks below the moving average system, and the MACD falls into the negative area with an expanding green column. The strategy is to hold short positions lightly. The support level is 9050, and the resistance level is 9180 [13] 3.2.8 White Sugar - The main 2601 contract of white sugar rebounds strongly, boosted by technical buying. According to customs data, China's white sugar imports in September decreased by 33.56% month - on - month and increased by 35.81% year - on - year. The month - on - month decrease in white sugar imports ends the six - month increase trend, reducing the import pressure. The futures price is at a discount, and enterprises have insufficient motivation for hedging, supporting the rebound of the futures price. However, the continuous beet sugar pressing and the relatively abundant supply of processed sugar limit the rebound space of white sugar [15] - Technically, the contract price rebounds strongly and stands above the 20 - day moving average, and the MACD shows a golden cross with an expanding red column. The strategy is to try to buy long positions lightly. The support level is 5433, and the resistance level is 5470 [15] 3.2.9 Red Dates - The main 2601 contract of red dates continues to fall, pressured by the increased supply of new dates. Currently, the process of orchard contracting in Xinjiang is fast, and the picking time is slightly earlier than last year due to the influence of solar terms. The supply of new dates is about to increase, and the supply of old dates is sufficient, putting pressure on the price of red dates. The long - covering at high positions in the red date futures market drives the futures price to fall [17] - Technically, the contract price falls continuously from a high level and tests the support of the medium - term moving average, and the MACD red column shrinks. The strategy is to close long positions and conduct short - term trading. The support level is 11120, and the resistance level is 11320 [17]

运筹帷幄 决胜千里 周安王十三年（公元前 389 年），秦惠公举全国之力，征发五十万大军，浩浩荡荡东出，直逼魏国西 河重镇阴晋。秦军声势滔天，旌旗蔽日，战车千乘，骑兵数万，势要一举夺回河西失地。魏国朝野震动， 人心惶惶。然而吴起镇定自若，察敌情而知其虚实：秦军虽众，然多为仓促征召之农夫，未经训练，且器 械不齐，士无斗志，不过是乌合之众。反观"魏武卒"：装备精良，训练有素，皆为百里挑一之锐士。 吴起遂上奏魏武侯，请求以五万未立功之武卒为先锋，亲自率兵出击。武侯允之，更增派战车五百、 骑兵三千。战前，吴起誓师三军："车兵若不能缴获敌车，骑兵若不能擒获敌骑，步卒若不能斩杀敌兵， 纵然击溃敌军，亦不得记功！"三军闻令，斗志昂扬，如猛虎出柙。 阴晋城外，两军对垒。五十万秦军如黑云压城，而五万"魏武卒"则如利刃在手。吴起亲率精锐，直冲 秦军中军。"魏武卒"阵形严整，进退有序，长戟如林，箭雨如蝗。秦军虽众，然一触即溃，阵脚大乱。魏 军反复冲杀，数度击穿秦阵，秦军自相践踏，死伤无数。最终，五十万秦军竟被六万魏国精锐击溃，仓皇 西逃，尸横遍野，阴晋城下，血流成河。此战之后，秦国元气大伤，数十年不敢东向，魏国威名远扬，天 下始知 ...

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - Polyolefin futures rebounded slightly. Spot prices of linear LL from Sinopec remained stable, while some prices from PetroChina were raised by 50. For drawn wire PP, Sinopec's prices were stable, and some prices from PetroChina were lowered by 50. Fundamentally, polyolefin prices have gradually stopped falling and the price center has shifted downwards, influenced by both crude oil and the need for self - digestion in the fundamentals. After continuous declines, polyolefins started to rebound following crude oil, and market sentiment gradually stabilized [2] Group 3: Summary According to Related Catalogs Futures Market Polyolefin Futures (LL&PP) - **Price Changes**: For LL, the previous day's closing prices for January, May, and September contracts were 6936, 6978, and 7009 respectively, with increases of 53, 61, and 57 compared to the prices two days ago, and涨幅 of 0.77%, 0.88%, and 0.82% respectively. For PP, the previous day's closing prices for January, May, and September contracts were 6619, 6665, and 6680 respectively, with increases of 36, 38, and 33 compared to the prices two days ago, and涨幅 of 0.55%, 0.57%, and 0.50% respectively [2] - **Trading Volume and Open Interest**: The trading volumes of LL for January, May, and September contracts were 234079, 20723, and 235 respectively, and the open interests were 549864, 61919, and 935 respectively, with open interest changes of - 12101, - 1145, and 85 respectively. For PP, the trading volumes for January, May, and September contracts were 253179, 22456, and 866 respectively, and the open interests were 633255, 124726, and 4998 respectively, with open interest changes of - 15845, 2422, and 262 respectively [2] - **Spreads**: For LL, the current spreads of January - May, May - September, and September - January were - 42, - 31, and 73 respectively, compared to previous values of - 34, - 35, and 69. For PP, the current spreads of January - May, May - September, and September - January were - 46, - 15, and 61 respectively, compared to previous values of - 44, - 20, and 64 [2] Raw Materials and Spot Market Raw Materials - **Prices**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 2264 yuan/ton, 6010 yuan/ton, 537 dollars/ton, 5600 yuan/ton, 6490 yuan/ton, and 8800 yuan/ton respectively. The previous prices were 2270 yuan/ton, 6010 yuan/ton, 523 dollars/ton, 5600 yuan/ton, 6450 yuan/ton, and 8800 yuan/ton respectively [2] Spot Market - **LL Spot Prices**: In the East China market, the price range was 6900 - 7450 yuan/ton; in the North China market, it was 6850 - 7150 yuan/ton; in the South China market, it was 7100 - 7500 yuan/ton. The previous price ranges were the same except for an incorrect record in the North China market (8100 - 8250 yuan/ton was wrongly added) [2] - **PP Spot Prices**: In the East China market, the price range was 6450 - 6650 yuan/ton; in the North China market, it was 6450 - 6550 yuan/ton; in the South China market, it was 6450 - 6600 yuan/ton, and the previous price ranges were the same [2] Market News - On Wednesday (October 22, 2025), the settlement price of WTI crude oil futures for December 2025 on the New York Mercantile Exchange was $58.50 per barrel, up $1.26 or 2.20% from the previous trading day, with a trading range of $57.34 - $59.83. The settlement price of Brent crude oil futures for December 2025 on the London Intercontinental Exchange was $62.59 per barrel, up $1.27 or 2.07% from the previous trading day, with a trading range of $61.38 - $64.17 [2]

交易咨询业务资格：证监许可【2012】1091号 沪镍&不锈钢早报—2025年10月23日 大越期货投资咨询部 祝森林 从业资：F3023048 投资咨询证：Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 1、基本面：现货不锈钢价格持平，短期镍矿价格坚，海运费回落，镍铁价格下降，成本线下移，不锈钢 库存小幅回落。中性 2、基差：不锈钢平均价格13737.5，基差1027.5，偏多 3、库存：期货仓单：74376，-121，中性 4、盘面：收盘价在20均线以下，20均线向下，偏空 5、结论：不锈钢2512：20均线上下宽幅震荡运行。 多空因素 影响因素总结 沪镍 每日观点 6、结论：沪镍2512：宽幅震荡思路，逢高仍可试空。 1、基本面：外盘小幅震荡，20均线压力较大。产业链上，镍矿价格坚挺，菲律宾雨季慢慢来临，矿山 挺价，海运费最近有小幅下降。镍铁价格回落，成本线有所下移。不锈钢库存小幅回落，节后再次开始 去库存。新能 ...