Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: October 23, 2025 [3] Key Points BR (Butadiene Rubber) Futures Market - The closing price of the BR12 main contract on October 22 was 11,050, up 10 from the previous day and down 85 from the previous week [4]. - The open interest was 71,972, down 836 from the previous day and up 53,561 from the previous week [4]. - The trading volume was 79,454, down 44,237 from the previous day and up 2,550 from the previous week [4]. - The number of warehouse receipts was 8,920, up 300 from the previous day and up 170 from the previous week [4]. - The long - short ratio was 40.34, down 2 from the previous day and up 30 from the previous week [4]. Basis, Spread and Inter - Variety Spread - The basis between BR12 and BR01 was 25, up 5 from the previous day and unchanged from the previous week [4]. - The spread between BR01 and BR02 was 10, down 5 from the previous day and up 10 from the previous week [4]. - The spread between RU - BR was 4,100, down 10 from the previous day and up 335 from the previous week [4]. - The spread between NR - BR was 1,300, down 25 from the previous day and up 120 from the previous week [4]. Spot Market - The Shandong market price was 11,100, unchanged from the previous day and up 50 from the previous week [4]. - The Transfar market price was 10,950, unchanged from the previous day and up 50 from the previous week [4]. - The Qilu ex - factory price was 11,200, unchanged from the previous day and the previous week [4]. - The CFR Northeast Asia price was 1,475, unchanged from the previous day and down 25 from the previous week [4]. - The CFR Southeast Asia price was 1,700, unchanged from the previous day and the previous week [4]. Profit - The spot processing profit was 230, up 102 from the previous day and up 203 from the previous week [4]. - The import profit was - 1,277, down 2 from the previous day and up 255 from the previous week [4]. - The export profit was 1,803, up 2 from the previous day and down 47 from the previous week [4]. BD (Butadiene) Spot Market - The Shandong market price was 8,500, down 100 from the previous day and down 150 from the previous week [4]. - The Jiangsu market price was 8,500, down 25 from the previous day and down 50 from the previous week [4]. - The Yangzi ex - factory price was 8,600, unchanged from the previous day and the previous week [4]. - The CFR China price was 975, down 35 from the previous week [4]. Profit - The carbon - four extraction profit was 1,885 (data for October 20) [4]. - The butylene oxidative dehydrogenation profit was - 104, down 25 from the previous day and up 20 from the previous week [4]. - The import profit was 203 (data for October 22), up 234 from the previous week [4]. - The export profit was - 921, down 48 from the previous day and down 386 from the previous week [4]. Production Profit of Related Products - The butadiene - styrene production profit was 863, unchanged from the previous day and up 138 from the previous week [4]. - The ABS production profit was - 33 (data for October 20) [4]. - The SBS production profit was 175, down 300 from the previous day and down 810 from the previous week [4].

大宗商品研究 能源化工研发报告 甲醇日报 2025 年 10 月 22 日 甲醇日报 【市场回顾】 1、期货市场：期货盘面宽幅震荡，最终报收 2261（+4/+0.18%）。 2、现货市场：生产地，内蒙南线报价 1970 元/吨，北线报价 1990 元/吨。关中地区 报价 2000 元/吨，榆林地区报价 1990 元/吨，山西地区报价 2080 元/吨，河南地区报价 2120 元/吨。消费地，鲁南地区市场报价 2240 元/吨，鲁北报价 2260 元/吨，河北地区 报价 2170 元/吨。 西南地区，川渝地区市场报价 2140 元/吨，云贵报价 2200 元/吨。港 口，太仓市场报价 2230 元/吨，宁波报价 2220 元/吨，广州报价 2250 元/吨。 【重要资讯】 截至 2025 年 10 月 22 日，中国甲醇港口库存总量在 151.22 万吨，较上一期数据增 加 2.08 万吨。其中，华东地区累库，库存增加 3 万吨；华南地区去库，库存减少 0.92 万吨。 【逻辑分析】 供应端，煤制甲醇利润在 400 元/吨附近，甲醇开工率高位稳定，国内供应持续宽 松。进口端，美金价格稳定，进口顺挂扩大，伊朗尚 ...

Investment Rating - No investment rating for the industry is provided in the report. Core Viewpoints - For lead, the market shows both supply and demand growth. The resumption of a large recycled lead smelter in North China has increased refined lead production, but raw material supply is tight. The short - term lead price is expected to remain range - bound, and continuous attention should be paid to the start - up of upstream and downstream enterprises and macro - sentiment changes [1]. - For zinc, the market has a situation of strong supply and weak demand. Although the profit and production enthusiasm of smelters have improved, demand has not significantly improved. With the continuous depletion of LME zinc inventories, the LME 0 - 3 back structure has deepened, and overseas structural risks should be vigilant [1]. Summary by Relevant Catalogs Lead Price and Market Data - SMM1 lead ingot average price was 17,000.00 yuan/ton, up 0.44%; futures主力合约收盘价 was 17,160.00 yuan/ton, up 0.59%; the basis was - 160.00 yuan/ton, down 25.00 yuan/ton [1]. - LME3 - month lead futures closing price (electronic disk) was 1,993.00 dollars/ton, down 0.05%; the ratio of Shanghai - London lead prices was 8.61, up 0.64% [1]. - Futures active contract volume was 43,537.00 hands, up 57.42%; open interest was 33,556.00 hands, down 12.15%; the volume - to - open - interest ratio was 1.30, up 79.19% [1]. - LME inventory was 247,300.00 tons, unchanged; Shanghai lead warehouse receipt inventory was 28,133.00 tons, down 3.87% [1]. Industry Information - A large recycled lead smelter in North China has resumed production, with daily refined lead output exceeding 500 tons, but raw material supply is tight [1]. - On October 20, [LME0 - 3 lead] was at a discount of 41.78 dollars/ton, and the open interest was 152,131 hands, down 3,442 hands [1]. - Silvercorp's lead production in the second quarter of 2025 was 14.2 million pounds, up 8% year - on - year [1]. Zinc Price and Market Data - SMM1 zinc ingot average price was 21,870.00 yuan/ton, up 0.32%; futures主力合约收盘价 was 21,970.00 yuan/ton, up 0.53%; the basis was - 100.00 yuan/ton, down 45.00 yuan/ton [1]. - LME3 - month zinc futures closing price (electronic disk) was 2,993.50 dollars/ton, up 0.59%; the ratio of Shanghai - London zinc prices was 7.34, down 0.06% [1]. - Futures active contract volume was 108,521.00 hands, up 25.60%; open interest was 130,442.00 hands, up 98.81%; the volume - to - open - interest ratio was 0.83, down 36.83% [1]. - LME inventory was 37,275.00 tons, unchanged; Shanghai zinc warehouse receipt inventory was 66,268.00 tons, down 0.23% [1]. Industry Information - Silvercorp's zinc production in the second quarter of 2025 was 5.6 million pounds, down 3% year - on - year [1]. - On October 20, [LME0 - 3 zinc] was at a premium of 230.29 dollars/ton, and the open interest was 211,259 hands, down 13,012 hands [1]. Investment Strategy - For both lead and zinc, the trading strategy is to wait and see for the time being [1].

Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 10 月 22 日星期三 研究员：纪晓云 从业资格：F3066027 交易咨询资格：Z0011402 联系方式：010-56711796 | 板块 | 品种 | 多（空） | 推荐理由 | | --- | --- | --- | --- | | | | | 【行情复盘】 昨日焦煤主力合约 Jm2601 收于 1177.0，环比日盘开盘下跌 3.21%；焦炭主力合约 J2601 | | | | | 收于 1672.0，环比日盘开盘下跌 2.22%。昨日夜盘，Jm2601 收于 1189.5，环比日盘收 | | | | | 盘上涨 1.06%；J2601 合约收于 1687.0，环比日盘收盘上涨 0.9%。 | | | | | 【重要资讯】 | | | | | 1、海关总署最新数据显示，2025 年 9 月份，中国进口动力煤（非炼焦煤）3508 万吨， | | | | | 同比下降 5.76%，环比增长 7.69%。2025 年 1-9 月份，中国累计 ...

Group 1: Report General Information - Report Title: Cotton and Cotton Yarn Daily Report [2] - Date: October 21, 2024 [2] - Researchers: Wang Xizhen, Liu Qiannan [2] Group 2: Market Information Futures Market - CF01 contract closed at 13,540 with a gain of 75, trading volume of 245,897 hands (down 43,834), and open interest of 593,229 (up 231) [3] - CY01 contract closed at 19,775 with a gain of 170, trading volume of 13,841 hands (up 161), and open interest of 23,282 (up 1,127) [3] Spot Market - CCIndex3128B price was 14,728 yuan/ton, up 49; CY IndexC32S was 20,470 yuan/ton, up 30 [3] - Cot A was 75.65 cents/pound, up 75.10; FCY IndexC33S was 21,200 yuan/ton, down 18 [3] Spreads - Cotton 1 - 5 month spread was -60, up 5;棉纱 1 - 5 month spread was -20, up 95 [3] - CY01 - CF01 spread was 6,235, up 95; 1% tariff内外棉价差 was 3,273, up 1,901 [3] Group 3: Market News and Views Cotton Market News - As of October 17, 2025, the cumulative inspection volume of US upland cotton + Pima cotton was 376,700 tons, accounting for 12% of the annual US cotton production forecast, 27% slower year - on - year [6] - In September 2025, cottonseed imports were about 75,177.17 tons, down 35.84% year - on - year, with an average import price of about $342.25/ton, down 10.91% year - on - year [6] - In September, total retail sales of consumer goods were 419.71 billion yuan, up 3.0% year - on - year. Retail sales of clothing, footwear, and textiles above the designated size were 123.1 billion yuan, up 4.7% year - on - year [7] Trading Logic - During the festival, as new cotton entered the acquisition period, the market focus shifted to the opening price of new cotton. This year, Xinjiang cotton production was high and ginning mills' acquisition enthusiasm was general, with no large - scale rush to buy [8] - The peak season demand in the market was average, and the improvement in downstream demand was limited, so the peak season performance was not expected to be outstanding [8] Trading Strategies - Unilateral: US cotton is expected to fluctuate, and Zhengzhou cotton is also expected to show a fluctuating trend [9] - Arbitrage: Wait and see [10] - Options: Wait and see [11] Cotton Yarn Industry News - Zhengzhou cotton prices continued to rise, but the cotton yarn market was affected by weak downstream demand. The trading volume was average, and spinners and traders were cautious [11] - The cotton fabric market in October was weaker than in September, with demand remaining sluggish. Winter orders were nearing completion, and spring orders were scarce [13] Group 4: Options Option Data - On October 21, 2025, CF601C13400.CZC closed at 247, up 32.1%, with an implied volatility of 9.3% [15] - CF601P13000.CZC closed at 45, down 29.7%, with an implied volatility of 10.9% [15] Volatility and Strategy - The 120 - day HV of cotton was 8.542, slightly lower than the previous day. The implied volatility of relevant options varied [15] - The PCR of the main Zhengzhou cotton contract's open interest was 0.7255, and the PCR of trading volume was 0.6021. Both call and put trading volumes increased [16] - Option strategy: Wait and see [17]

Group 1: Report Overview - Report Title: Methanol Daily Report, October 21, 2025 [2] - Report Type: Energy and Chemical Research Report [2] Group 2: Market Review - Futures Market: The futures market fluctuated widely, closing at 2268 (-12/-53%) [3] - Spot Market: Various regions had different price quotes, e.g., Inner Mongolia南线 at 2050 yuan/ton, North Line at 2000 yuan/ton, etc. [3] Group 3: Important Information - Northwest Methanol Orders: The weekly signed orders (excluding long - term contracts) of methanol sample production enterprises in the Northwest reached 63,000 tons (6.30 million tons), an increase of 44,300 tons (4.43 million tons) from the previous statistical date, a 236.90% increase [4] Group 4: Logic Analysis - Supply: Coal - to - methanol profit was around 660 yuan/ton, and the domestic supply was continuously abundant with high and stable methanol operating rates [5] - Import: The US dollar price was stable, the import premium widened, Iranian gas was not restricted yet, most Iranian plants were operating normally, non - Iranian operating rates increased, and the overseas operating rate was high [5] - Demand: Traditional downstream industries entered the off - season with falling operating rates, while MTO device operating rates rebounded [5] - Inventory: Import arrivals decreased slightly, the port inventory accumulation cycle ended, the basis was strong, and inland enterprise inventories fluctuated slightly [5] - Overall Situation: The methanol market was mainly in a weak and volatile state under the background of high inventory, with various influencing factors such as coal prices, MTO demand, and international situations [5] Group 5: Trading Strategies - Unilateral: Short from high positions, do not chase short [6] - Arbitrage: Wait and see [6] - Options: Sell call options [9] Group 6: Related Charts - Inventory Charts: Showed historical data of methanol port total inventory, East China port inventory, South China port inventory, sample enterprise total inventory, etc. [10] - Operating Rate Charts: Displayed historical data of coal single - methanol operating rate, coke oven gas operating rate, coal - to - olefin operating rate, etc. [14]

Group 1: Investment Ratings - No investment ratings are provided in the report [1][2] Group 2: Core Views - Copper prices are likely to be strong at night. The concentrate supply remains tight, and smelting profits are on the verge of profit and loss, but smelting output continues to grow rapidly. Grid investment continues to grow positively, while power source investment slows down. Automobile production and sales are growing positively, home appliance production scheduling is declining, and the real estate market remains weak. The Indonesian mining accident is likely to lead to a global copper supply - demand gap, which will support copper prices in the long term [2] - Zinc prices rose at night. Short - term zinc concentrate processing fees have generally increased, smelting profits have turned positive, and smelting output is expected to continue to rise. Galvanized sheet inventory increased weekly. Infrastructure investment growth has slowed down, automobile production and sales are growing positively, home appliance production scheduling is declining, and the real estate market remains weak. Due to different inventory situations at home and abroad, domestic zinc prices may be weaker than foreign ones. Zinc supply - demand differences are not obvious overall, but it will follow copper prices in the short term [2] Group 3: Summary by Variety Copper - Market performance: Night - time copper prices closed higher. The domestic previous - day futures closing price was 85,380 yuan/ton, the LME 3 - month closing price was 10,713 dollars/ton, the LME spot - to - 3 - month spread was - 23.35 dollars/ton, and LME inventory was 137,225 tons with a daily decrease of 225 tons [2] - Supply and demand: Concentrate supply is tight, smelting output is growing, grid investment is positive, power source investment is slowing, auto production and sales are positive, home appliance production is negative, and real estate is weak. The Indonesian mining accident may cause a supply - demand gap [2] - Outlook: Likely to be strong. Pay attention to changes in the US dollar, copper smelting output, and downstream demand [2] Zinc - Market performance: Night - time zinc prices closed higher. The domestic previous - day futures closing price was 21,855 yuan/ton, the LME 3 - month closing price was 2,976 dollars/ton, the LME spot - to - 3 - month spread was 230.29 dollars/ton, and LME inventory was 38,025 tons with a daily decrease of 275 tons [2] - Supply and demand: Short - term processing fees are rising, smelting output is expected to increase, galvanized sheet inventory is increasing, infrastructure investment growth is slowing, auto production and sales are positive, home appliance production is negative, and real estate is weak [2] - Outlook: Follow copper price trends. Pay attention to changes in the US dollar, smelting output, and downstream demand [2] Other Metals - Aluminum: The domestic previous - day futures closing price was 20,890 yuan/ton, the LME 3 - month closing price was 2,767 dollars/ton, the LME spot - to - 3 - month spread was 5.20 dollars/ton, and LME inventory was 491,225 tons with a daily decrease of 4,100 tons [2] - Nickel: The domestic previous - day futures closing price was 120,710 yuan/ton, the LME 3 - month closing price was 15,230 dollars/ton, the LME spot - to - 3 - month spread was - 204.88 dollars/ton, and LME inventory was 250,530 tons with a daily increase of 186 tons [2] - Lead: The domestic previous - day futures closing price was 17,060 yuan/ton, the LME 3 - month closing price was 1,994 dollars/ton, the LME spot - to - 3 - month spread was - 41.78 dollars/ton, and LME inventory was 250,400 tons with a daily decrease of 1,600 tons [2] - Tin: The domestic previous - day futures closing price was 279,340 yuan/ton, the LME 3 - month closing price was 35,300 dollars/ton, the LME spot - to - 3 - month spread was - 112.00 dollars/ton, and LME inventory was 2,735 tons with a daily increase of 160 tons [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The polyolefin market continues to be weak, with PE and PP prices under pressure due to factors such as supply - demand imbalances and weakening cost support [1][2][3] - For PE, the continuous decline is due to loose supply - demand fundamentals, post - holiday inventory accumulation, and weakening cost support from falling crude oil prices. For PP, the weakening is dragged down by falling crude oil and propane prices, along with a loose supply - demand pattern [2][3] - The report suggests a wait - and - see approach for single - side trading, and provides strategies for inter - period and inter - variety trading [4] 3. Summary by Related Catalogs Market News and Important Data - **Price and Basis**: L main contract closed at 6879 yuan/ton (+5), PP main contract at 6565 yuan/ton (+14). LL North China spot was 6880 yuan/ton (+30), LL East China spot at 6950 yuan/ton (+0), PP East China spot at 6580 yuan/ton (+10). LL North China basis was 1 yuan/ton (+25), LL East China basis 71 yuan/ton (-5), PP East China basis 15 yuan/ton (-4) [1] - **Upstream Supply**: PE开工率 was 81.8% (-2.2%), PP开工率 was 78.2% (+0.5%) [1] - **Production Profit**: PE oil - based production profit was 492.1 yuan/ton (-17.4), PP oil - based production profit was - 127.9 yuan/ton (-17.4), PDH - based PP production profit was 110.2 yuan/ton (-21.6) [1] - **Imports and Exports**: LL import profit was - 150.2 yuan/ton (+0.3), PP import profit was - 573.0 yuan/ton (-49.7), PP export profit was 31.3 US dollars/ton (+6.2) [1] - **Downstream Demand**: PE downstream agricultural film开工率 was 42.9% (+7.3%), PE downstream packaging film开工率 was 52.2% (-0.7%), PP downstream plastic weaving开工率 was 44.3% (+0.0%), PP downstream BOPP film开工率 was 61.2% (+0.5%) [1] Market Analysis - **PE**: Recent continuous decline is due to loose supply - demand, post - holiday inventory accumulation, and weakening cost support from falling crude oil prices. Supply is expected to increase with new device startups. Demand follows up limitedly, and cost support weakens. Monitor cost and macro - policy impacts [2] - **PP**: The weakening of the futures market is due to falling crude oil and propane prices and a loose supply - demand pattern. Supply is expected to increase with new device startups. Demand follows up insufficiently, and cost support weakens. Monitor propane supply and PDH device operation [3] Strategy - **Single - side**: Wait and see; short - term weak and volatile, focus on macro - dynamics [4] - **Inter - period**: L01 - L05 reverse spread; PP01 - PP05 reverse spread [4] - **Inter - variety**: Short the spread of PP01 - 3MA01 when it is high [4]

Report Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - For lead, the supply - tight pattern has improved, part of the demand was released ahead of schedule in mid - to - late September, there is a large pressure for lead ingot inventory accumulation, and prices may be under pressure. For zinc, the fundamental situation of SHFE zinc continues to be weak with strong supply and weak demand, and with macro - disturbances, prices are under pressure. There is a need to be vigilant about overseas structural risks [1]. Summary by Related Catalogs Lead Price and Market Data - SMM1 lead ingot average price was 16,925 yuan/ton, up 0.15% from the previous day; SHFE lead futures main contract closed at 17,060 yuan/ton, down 0.09% [1]. - SHFE lead basis was - 135 yuan/ton, up 40 yuan; LME 0 - 3 lead was at a discount of 41.78 dollars/ton, up 0.07 dollars [1]. - Futures active contract trading volume was 27,656 lots, down 30.24%; open interest was 38,195 lots, down 5.03% [1]. - LME inventory was 247,300 tons, unchanged; SHFE lead warrant inventory was 29,265 tons, down 8.78% [1]. - LME 3 - month lead futures closed at 1,994 dollars/ton, up 1.14%; SHFE - LME lead price ratio was 8.56, down 1.22% [1]. Industry Information - In September 2025, refined lead exports decreased by 46% month - on - month, imports decreased by 17.17% month - on - month. Starting lead - acid battery exports decreased by 4.14% month - on - month, imports increased by 74.41% month - on - month [1]. - On October 17, [LME 0 - 3 lead] was at a discount of 41.85 dollars/ton, and the open interest was 155,573 lots, an increase of 2,687 lots [1]. Fundamental Analysis - There is no expected increase in lead concentrate imports, and processing fees are likely to rise but difficult to fall, not having a substantial impact on smelter operations. Some smelters have maintenance plans, and the operation rate of primary lead fluctuates slightly. For secondary lead, smelters that had previous maintenance are gradually resuming production, increasing supply. On the demand side, the terminal market has not improved significantly, the peak - season effect has not been reflected, dealers mainly digest inventory, and manufacturers produce according to sales [1]. Trading Strategy - Temporarily wait and see [1]. Zinc Price and Market Data - SMM1 zinc ingot average price was 21,800 yuan/ton, up 0.09% from the previous day; SHFE zinc futures main contract closed at 21,855 yuan/ton, up 0.18% [1]. - SHFE zinc basis was - 55 yuan/ton, down 20 yuan; LME 0 - 3 zinc was at a premium of 230.29 dollars/ton, up 93.44 dollars [1]. - Futures active contract trading volume was 86,404 lots, down 2.57%; open interest was 65,610 lots, down 15.04% [1]. - LME inventory was 37,325 tons, unchanged; SHFE zinc warrant inventory was 66,419 tons, down 1.33% [1]. - LME 3 - month zinc futures closed at 2,976 dollars/ton, up 1.14%; SHFE - LME zinc price ratio was 7.34, down 0.94% [1]. Industry Information - In September 2025, zinc concentrate imports were 505,400 tons (physical tons), a month - on - month increase of 8.15% (38,000 physical tons) and a year - on - year increase of 24.94%. The cumulative zinc concentrate imports from January to September were 4,008,000 tons (physical tons), a cumulative year - on - year increase of 40.49% [1]. - In September 2025, refined zinc imports were 22,700 tons, a month - on - month decrease of 3,000 tons or 11.6%, and a year - on - year decrease of 57%. The cumulative refined zinc imports from January to September were 258,200 tons, a cumulative year - on - year decrease of 19.3%. In September, refined zinc exports were 2,500 tons [1]. - On October 17, [LME 0 - 3 zinc] was at a premium of 136.85 dollars/ton, and the open interest was 224,271 lots, a decrease of 279 lots [1]. Fundamental Analysis - Smelters have sufficient raw material inventories, and zinc ore processing fees continue to rise. Last week, domestic zinc concentrate processing fees fell to 3,400 yuan/metal ton, and the import zinc ore processing fee index rose to 118.75 dollars/dry ton. Affected by the low internal - external price ratio, domestic ores have an advantage, and smelters mainly purchase domestic ores. Domestic TC in October may still decline. On the supply side, smelter profits and production enthusiasm have improved, and the monthly output is expected to remain at around 600,000 tons. On the demand side, there is no significant improvement. As the SHFE - LME ratio continues to deteriorate, the zinc ingot export window is expected to open [1]. Trading Strategy - Temporarily wait and see [1].

Report Information - Report Name: Soda Ash, Glass Daily Report [1] - Date: October 21, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Industry Investment Rating - Not provided Core Viewpoints - The soda ash market has a weak supply - demand pattern with supply affected by equipment maintenance, downstream low - price restocking, and insufficient fundamental drivers. The market supply - demand imbalance persists. The contract shows signs of bottom - building and is expected to oscillate weakly [8]. - The glass market is in a weak supply - demand balance. The post - festival factory inventory remains high, and the demand for float glass may not continue to rise. The market may experience a second bottom - testing, but excessive short - selling is not advisable. Attention should be paid to potential positive factors from policies and production line changes [9][10]. Summary by Directory 1. Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - **Market Data**: On October 21, the main soda ash futures SA601 contract oscillated. The closing price was 1,219 yuan/ton, and the position decreased by 36,196 lots [7]. - **Fundamentals**: Weekly production decreased by 30,300 tons to 740,500 tons, a 3.93% week - on - week decline. The alkali plant inventory reached 1.705 million tons, at a low level in the past six months. The total shipment volume of Chinese soda ash enterprises at the end of September was 881,000 tons, a 11.86% increase from the previous period. The demand for heavy soda ash changed little [8]. - **Outlook**: It is expected to oscillate weakly due to the lack of substantial positive factors [8]. Glass - **Market Data**: On October 21, FG601 closed at 1,091 yuan/ton, down 27 yuan or 2.41%; FG603 closed at 1,161 yuan/ton, down 27 yuan or 2.27% [7]. - **Fundamentals**: Float glass production was stable, and the photovoltaic glass was in a weak balance. The overall glass supply was at a high level this year. The post - festival factory inventory remained high, and the real - estate market showed no signs of stabilization [9]. - **Outlook**: The market may experience a second bottom - testing, but attention should be paid to potential positive factors from policies and production line changes [9][10]. 2. Data Overview - The report provides multiple data charts including soda ash weekly production, soda ash enterprise inventory, soda ash active contract price trend, glass active contract price trend, central China heavy soda market price, and flat glass production, with data sources from Wind, iFind, and the research and development department of Jianxin Futures [14][16][20]