Report Investment Rating - No specific industry investment rating provided in the report. Core View - The report anticipates that on Wednesday, October 29, 2025, both the Shanghai Rubber Futures 2601 contract and the Synthetic Rubber Futures 2512 contract will likely exhibit a weak and volatile trend [1][5][7]. Summary by Variety Shanghai Rubber (RU) - **Short - term, Medium - term, and Intraday Views**: Short - term and intraday views are "volatile", and the medium - term view is "weakly volatile". The reference view is "weakly running" [1][5]. - **Core Logic**: Positive policies were released after the Fourth Plenary Session of the 20th Central Committee, and the China - US economic and trade talks sent positive signals, improving the macro - sentiment. The better - than - expected domestic new car production and sales data in September also supported the industry factors. However, as the previous positive factors were digested, the upward momentum of rubber prices weakened. On Tuesday night, the 2601 contract of Shanghai rubber futures showed a volatile and stable trend, with the price slightly rising 0.06% to 15,395 yuan/ton [5]. Synthetic Rubber (BR) - **Short - term, Medium - term, and Intraday Views**: Short - term and intraday views are "volatile", and the medium - term view is "weakly volatile". The reference view is "weakly running" [1][7]. - **Core Logic**: The supply pressure of synthetic rubber continued to increase. In 2025, the planned new capacity of domestic butadiene was 980,000 tons, and the total capacity was expected to reach 7.677 million tons/year, a year - on - year increase of 14.6%. The rapid expansion of butadiene supply provided sufficient raw materials for synthetic rubber production but also exacerbated the over - supply pressure in the industry chain. Even during the period of the strongest demand expectation this year, synthetic rubber prices did not rebound significantly, indicating fundamental weakness. On Tuesday night, the 2512 contract of domestic synthetic rubber futures showed a weak downward trend, with the price dropping 2.62% to 10,585 yuan/ton [7].

Industry Investment Ratings - Cotton: White star, indicating short - term multi/empty trends in a relatively balanced state with poor operability on the current market, suggesting a wait - and - see approach [1] - Paper pulp: ★☆☆, representing a bias towards short, with a driving force for a downward trend but poor operability on the market [1] - Sugar: ★☆☆, representing a bias towards short, with a driving force for a downward trend but poor operability on the market [1] - Apple: White star, indicating short - term multi/empty trends in a relatively balanced state with poor operability on the current market, suggesting a wait - and - see approach [1] - Timber: White star, indicating short - term multi/empty trends in a relatively balanced state with poor operability on the current market, suggesting a wait - and - see approach [1] - Natural rubber: White star, indicating short - term multi/empty trends in a relatively balanced state with poor operability on the current market, suggesting a wait - and - see approach [1] - 20 - numbered rubber: ★☆☆, representing a bias towards short, with a driving force for a downward trend but poor operability on the market [1] - Butadiene rubber: ★☆☆, representing a bias towards short, with a driving force for a downward trend but poor operability on the market [1] Core Views - The report analyzes the market conditions of various soft commodities including cotton, sugar, apple, natural rubber, paper pulp, and timber, and provides corresponding investment suggestions based on supply - demand, price trends, and other factors. Most commodities are recommended for a wait - and - see approach currently [2][3][4][5][6][7] Summary by Commodity Cotton & Cotton Yarn - Zhengzhou cotton fluctuated narrowly, and the spot sales basis of cotton was mostly stable. Xinjiang seed cotton purchase prices were slightly stronger, but the increase was limited. As of October 26, the cumulative national cotton inspection volume was 135.55 million tons. The peak season was weak, with insufficient new orders for pure - cotton yarn spinning mills. The short - term rise of Zhengzhou cotton was a rebound with limited space, and it was recommended to wait and see [2] Sugar - Overnight, US sugar continued to decline. Brazil's sugar production remained high. In the Northern Hemisphere, India and Thailand were about to start crushing, and their sugar production was expected to increase year - on - year. Domestically, Zhengzhou sugar was relatively strong, with potential controls on syrup imports. The market's focus shifted to the next season's output estimate. Overall, sugar prices were expected to remain weak [3] Apple - The futures price increased with positions. High - quality apples' prices were stable at a high level, while low - quality ones were weak. Good apples were in short supply, and prices were expected to remain high in the early sales period, but there was inventory pressure for low - quality apples later. The market was mainly trading on cold - storage inventory. National apple bagging volume decreased slightly year - on - year, and production might be adjusted downwards. The initial cold - storage inventory might be higher than expected, and it was recommended to wait and see [4] 20 - numbered Rubber, Natural Rubber & Synthetic Rubber - RU and NR oscillated, BR continued to decline. The domestic natural rubber spot price fell slightly, and the synthetic rubber price was stable. Global natural rubber supply was in the high - yield period. The domestic butadiene rubber plant operating rate increased slightly, while the upstream butadiene plant operating rate decreased slightly. Domestic tire operating rate rebounded slightly, and inventories increased. The total natural rubber inventory in Qingdao decreased to 432,200 tons, the Chinese butadiene port inventory dropped to 24,600 tons, and the Chinese cis - butadiene rubber social inventory increased to 14,000 tons. Demand was warming up, supply pressure was high, and it was recommended to wait and see [5] Paper Pulp - Paper pulp futures declined. The spot price of coniferous pulp and broad - leaf pulp was stable. As of October 23, 2025, the inventory of mainstream Chinese paper pulp ports was 2.055 million tons, a decrease of 19,000 tons from the previous period. In September, domestic paper pulp imports were 2.9525 million tons, an increase of 272,500 tons year - on - year. The port inventory was relatively high, demand was average, and it was expected to oscillate at the bottom, with a recommendation to wait and see or conduct short - term operations [6] Timber - The futures price was weak. The mainstream spot price was stable. In October, the New Zealand radiata pine quotation increased. Domestic importers' willingness to import decreased, and the domestic supply was expected to remain low. Port shipments were over 60,000 cubic meters, and the low inventory supported the price. It was recommended to wait and see [7]

Group 1: Overall Index Performance - The Nanhua Composite Index dropped by -0.92% compared to the previous trading day's closing price [1][3] Group 2: Sector Index Performance - Among the sector indices, only the Nanhua Agricultural Products Index rose by 0.03%, while the rest declined. The Nanhua Precious Metals Index had the largest decline of -3.32%, and the Nanhua Black Index had the smallest decline of -0.25% [1][3] Group 3: Theme Index Performance - The Economic Crops Index had the largest increase of 1.21% among the theme indices, and the Oilseeds and Oils Index had the smallest increase of 0.15%. The Energy Index had the largest decline of -1.15%, and the Building Materials Index had the smallest decline of -0.01% [1][3] Group 4: Single - Variety Index Performance - The Apple single - variety index had the largest increase of 3.38%, and the Gold single - variety index had the largest decline of -3.53% [1][4] Group 5: Agricultural Products Sector Single - Variety Performance - In the agricultural products sector, rapeseed had an increase of 2.61%, corn had an increase of 0.52%, while palm oil declined by -1.56%, live pigs declined by -1.38%, and rapeseed oil declined by -0.18% [8] Group 6: Energy and Chemical Sector Single - Variety Performance - In the energy and chemical sector, synthetic ammonia had an increase of 0.56%, polyethylene had an increase of 0.36%, while coal declined by -1.50%, and crude oil declined by -1.23% [6][12]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - For PTA, influenced by the industry symposium, the futures market was significantly boosted, but the spot basis changed little. It is expected that the short - term spot price will fluctuate strongly, and the spot basis will have limited improvement [5]. - For MEG, with the concentrated arrival of foreign ships this week, port inventories are expected to increase significantly. The overall inventory accumulation in the fourth quarter is about 400,000 tons. It is expected that the short - term price will be adjusted within a range, with continuous upward pressure [6]. - Short - term commodity markets are greatly affected by the macro - level, and there is still an expectation of raw material inventory accumulation. Attention should be paid to the upper resistance level after the market rebounds [10]. 3. Summary by Directory 3.1 Previous Day Review - No relevant content provided 3.2 Daily Tips PTA - **Fundamentals**: Affected by the industry symposium, the PTA futures rose sharply after the afternoon opening. The spot market negotiation atmosphere was average, and the spot basis stabilized. The trading price range was around 4,440 - 4,565, and the mainstream spot basis was at 01 - 81 [5]. - **Basis**: The spot price was 4,490, and the 01 - contract basis was - 126, with the futures at a discount, showing a neutral situation [5]. - **Inventory**: The PTA factory inventory was 4.07 days, a decrease of 0.01 days compared to the previous period, which is a bullish factor [5]. - **Market trend**: The 20 - day moving average was upward, and the closing price was above the 20 - day moving average, which is a bullish factor [5]. - **Main positions**: The net short position decreased, which is a bearish factor [5]. - **Expectation**: The PTA futures were boosted by the symposium, but the spot basis changed little. It is expected that the short - term spot price will fluctuate strongly, and the spot basis will have limited improvement [5]. MEG - **Fundamentals**: On Monday, the price of ethylene glycol fluctuated upward, and the market negotiation was fair. The basis of spot goods was high, and some traders participated in replenishment. In the afternoon, the market rose strongly, and the high - level spot transaction reached over 4,225 yuan/ton [6]. - **Basis**: The spot price was 4,183, and the 01 - contract basis was 74, with the futures at a discount, showing a neutral situation [7]. - **Inventory**: The total inventory in East China was 481,000 tons, a decrease of 14,000 tons compared to the previous period, which is a bullish factor [7]. - **Market trend**: The 20 - day moving average was downward, and the closing price was below the 20 - day moving average, which is a bearish factor [7]. - **Main positions**: The net short position decreased, which is a bearish factor [6]. - **Expectation**: With the concentrated arrival of foreign ships this week, port inventories are expected to increase significantly. The overall inventory accumulation in the fourth quarter is about 400,000 tons. It is expected that the short - term price will be adjusted within a range, with continuous upward pressure [6]. 3.3 Today's Focus - **Positive factors**: The oil price rebounded by more than 7% last week, the largest single - week increase in the second half of the year. Sanctions against Russia were the main driver, and the easing of Sino - US economic and trade relations also improved market expectations [8]. - **Negative factors**: A new 3 - million - ton PTA plant in East China started production last weekend and has now produced products [9]. 3.4 Fundamental Data - **PTA Supply - Demand Balance Sheet**: It shows the supply, demand, inventory, and other data of PTA from January 2024 to December 2025, including PTA production capacity, load, output, consumption, and inventory changes [11]. - **Ethylene Glycol Supply - Demand Balance Sheet**: It shows the supply, demand, inventory, and other data of ethylene glycol from January 2024 to December 2025, including production capacity utilization, production, imports, consumption, and port inventory changes [12]. - **Price Data**: It includes the prices of various products such as naphtha, p - xylene, PTA, MEG, and polyester fibers, as well as the basis and profit data of futures contracts [13].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The short - term and medium - term outlook for rebar 2601 is "sideways", and the intraday outlook is "sideways and slightly weak". It is recommended to pay attention to the support at the MA5 line. The fundamental situation has not improved, and steel prices will move sideways [1]. - Although rebar demand continues to recover seasonally, supply has also increased. The fundamentals have not improved, and there is significant pressure on inventory reduction. Steel prices are still prone to downward pressure. The relatively positive factors are cost support and production restrictions. It is expected that steel prices will continue to stabilize in a sideways pattern, and attention should be paid to demand performance [2]. 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - For rebar 2601, the short - term, medium - term, and intraday outlooks are "sideways", "sideways", and "sideways and slightly weak" respectively. The reference view is to pay attention to the support at the MA5 line, and the core logic is that the fundamentals have not improved and steel prices move sideways [1]. 3.2 Market Driving Logic - The sentiment in the commodity market has improved, and production restrictions in Tangshan have provided a boost, leading to a strengthening of steel futures prices. Currently, the supply - demand pattern of rebar has not changed significantly. Construction steel mills have increased production, supply has rebounded from a low level, and inventory is relatively high, increasing pressure. Meanwhile, rebar demand has continued to improve, with high - frequency indicators rising, but it remains at a low level compared to the same period in previous years, and the downstream situation has not improved. The peak - season performance is expected to be lackluster. In summary, although rebar demand has seasonally recovered, supply has also increased, the fundamentals have not improved, and there is significant pressure on inventory reduction. Steel prices are still prone to downward pressure. The relatively positive factors are cost support and production - restriction disturbances. It is expected that steel prices will continue to stabilize in a sideways pattern, and attention should be paid to demand performance [2].

1. Report Industry Investment Rating - The report does not explicitly mention the industry investment rating. 2. Core View of the Report - Affected by the sharp rebound in crude oil prices and the cooling in coastal areas, the valuation of the LPG futures market has rebounded this week, with a high monthly spread and strong spot prices. However, the increase in raw material prices has also pressured the deep - processing plants. Although the previously shut - down plants have resumed normal operation and the operating rate has increased, the plant profit losses have intensified. Currently, the fundamental structure of LPG has not changed, traditional demand has not yet spread, and chemical demand shows rigid characteristics. Attention should be paid to the negative feedback effect of continuous losses in downstream plant profits and the impact of the PN spread remaining below $50 on the raw material procurement of cracking plants [5]. 3. Summary by Relevant Catalogs 3.1 Energy and Chemical Product Price Monitoring - The report provides the closing price, daily, weekly, monthly, and annual changes of various energy and chemical products such as exchange rates, precious metals, and energy commodities. For example, the current price of LPG is 4,258 yuan/ton, with a daily increase of 0.52%, a weekly increase of 0.90%, a monthly increase of 0.31%, and an annual decrease of 8.07% [3]. 3.2 LPG Market Analysis 3.2.1 Supply - Last week, the total commercial volume of liquefied gas was about [missing value] tons, including [missing value] tons of civil gas, [missing value] tons of industrial gas, and [missing value] tons of ether - post C4. The arrival volume of liquefied gas last week was [missing value] tons. Although some plants in East China, Northeast China, and Shandong resumed operation, a refinery in South China had partial equipment under maintenance and some enterprises used resources internally, resulting in a decrease in supply. This week, production enterprises have no plans to start or shut down, but some enterprises still use resources internally, so the domestic commercial volume is expected to decline [5]. 3.2.2 Demand - In October, the combustion demand for liquefied gas is in the off - season as the heating season has not yet arrived. In the C4 deep - processing sector, the demand for n - butane is insufficient, the plant profit losses have intensified, and the economic efficiency has weakened. In the C3 deep - processing sector, the demand for alkanes has rebounded month - on - month, but the continuous losses in plant profits have dampened the production enthusiasm of enterprises due to the sharp increase in raw material prices and unchanged terminal demand structure [5]. 3.2.3 Inventory - Last week, the in - plant inventory of LPG was [missing value] tons, and the port inventory was [missing value] tons. This week, the storage capacity utilization rate of the domestic liquefied gas market has decreased. In some areas, the inventory has slightly increased due to the impact of imported resources and adverse weather conditions, while other areas have successfully reduced inventory through low prices and low supply. The port inventory has generally shown a downward trend [5]. 3.2.4 Basis and Position - The weekly average basis is [missing value] yuan/ton in East China, [missing value] yuan/ton in South China, and [missing value] yuan/ton in Shandong. The total number of LPG warehouse receipts has increased by [missing value] to [missing value] hands, and the lowest deliverable location is [missing value] [5]. 3.2.5 Chemical Downstream - The operating rates of PDH, MTBE, and alkylation are [missing value]%, [missing value]%, and [missing value]% respectively. The profits of PDH - to - propylene, MTBE isomerization, and alkylation in Shandong are [missing value] yuan/ton, [missing value] yuan/ton, and [missing value] yuan/ton respectively [5]. 3.2.6 Valuation - The PG - SC ratio is [missing value], and the PG monthly spread is [missing value] yuan/ton. Affected by geopolitical factors, the oil prices have rebounded sharply this week, and the PG - SC cracking spread has narrowed [5]. 3.2.7 Other Factors - The Fourth Plenary Session of the 20th Central Committee has clarified the development goals and key tasks for the 15th Five - Year Plan period. The meeting between the US and Russian presidents at the Budapest Summit in Hungary has been postponed, and there is currently no plan for a meeting between the two presidents. The military confrontation between the US and Venezuela has intensified, and there have been continuous market news disturbances. Europe and the US have imposed sanctions on two Russian refineries, and India has re - planned its energy procurement plan [5]. 3.3 LPG Price and Spread Analysis - The report provides the prices, price changes, and spreads of LPG futures contracts at different times. For example, on October 24, 2025, the price of PG01 is 4,050 yuan/ton, with a weekly increase of 2.92% and a monthly decrease of 5.42%. The monthly spread between PG01 and PG02 is 107 yuan/ton, with a weekly increase of 10.31% and a monthly increase of 67.19% [10]. 3.4 Refinery Equipment Maintenance Plan - The report lists the maintenance plans of major and local refineries in China, including the refinery name, location, maintenance equipment, maintenance capacity, start time, and end time [11]. 3.5 LPG Plant and PDH Device Maintenance Data - It provides the maintenance data of LPG plants and PDH devices, including the production enterprise, location, maintenance equipment, normal production volume, loss volume, start time, and end time [12]. 3.6 International LPG - Related Price and Spread Analysis - The report includes the price trends and spreads of CP propane, CP butane, FEI propane, FEI butane, MB propane, MB butane, etc., as well as the price ratios of these products to WTI and Brent crude oil [13][20][24]. 3.7 LPG Market Consumption and Inventory Analysis - It analyzes the consumption and inventory of LPG, including the apparent consumption, production, sales rate, and inventory in different regions such as North China, East China, South China, and Shandong [135][137]. 3.8 LPG Deep - Processing Profit Analysis - The report analyzes the profits of alkane and olefin deep - processing, including PDH - to - propylene, PDH - to - PP, MTBE, and alkylation oil [193][206][212].

1. Report Industry Investment Rating - The investment ratings for LLDPE and PP are both "oscillating" [2][3] 2. Core Views of the Report - For LLDPE, the short - term market has no obvious driving force, and it is expected to oscillate. Influenced by supply, demand, inventory, cost and other factors, the supply side has some fluctuations in production and capacity utilization, the demand side has mixed performance in different downstream industries, the inventory shows a downward trend, the cost of some production methods has changed, and the macro - policy has a negative impact on the market [2]. - For PP, the short - term market is also expected to oscillate. The supply side's capacity utilization has decreased, the demand side has a positive outlook in general with different downstream industries performing differently, the inventory at various levels has decreased, the profit of some production methods has changed, and the macro - policy has a negative impact [3]. 3. Summary According to Relevant Catalogs 3.1 LLDPE Analysis Supply - This week, China's LLDPE production was 30.86 tons, a 3.23% decrease from last week. The capacity utilization rate of Chinese polyethylene producers was 81.46%, a 0.3 - percentage - point decrease from the previous period. Some devices were under maintenance, and some newly - stopped devices restarted during the week [2]. Demand - The average operating rate of Chinese LLDPE/LDPE downstream products increased by 1.64% compared with the previous period. The overall operating rate of agricultural films increased by 2.75%, and the operating rate of PE packaging films increased by 0.52%. In 2025, the cumulative import volume was 898.16 million tons, a 0.84% year - on - year decrease. In August, China's polyethylene import volume was 95.02 million tons, a 22.14% year - on - year and 14.17% month - on - month decrease [2]. Inventory - As of this week, the sample inventory of Chinese polyethylene producers was 51.46 million tons, a 1.49 - million - ton decrease from the previous period, a 2.81% month - on - month decrease. The social sample warehouse inventory of polyethylene was 54.54 million tons, a 0.02 - million - ton decrease from the previous period, a 0.05% month - on - month decrease, and 9.19% lower year - on - year. The inventory of imported polyethylene in warehouses decreased by 0.37% month - on - month and was 20.33% lower year - on - year [2]. Cost and Profit - The costs of oil - based, coal - based, and ethane - based production increased by 41, 242, and 81 yuan/ton respectively compared with the previous period. The ethylene - based cost remained unchanged, and the methanol - based cost decreased by 163 yuan/ton. International oil prices rose due to factors such as US sanctions on Russia and a decrease in US commercial crude oil inventories [2]. Valuation - The spot price is neutral, the absolute price of the futures market is neutral, and the near - month contract is at a deep discount [2]. Macro Policy - The macro - sentiment has subsided, trading has returned to the fundamentals, and the futures market is oscillating weakly [2]. 3.2 PP Analysis Supply - The average capacity utilization rate of polypropylene was 75.94%, a 2.28% month - on - month decrease. The capacity utilization rate of Sinopec was 78.76%, a 2.25% month - on - month decrease [3]. Demand - The average operating rate increased by 0.52 percentage points to 52.37%. With the cooling weather, the demand for cold - chain packaging in some regions increased. The demand for medical products such as masks and diapers rose, driving up the operating rate of the PP non - woven fabric industry. The operating rates of the CPP and BOPP industries increased steadily. Although the PP pipe and plastic - weaving industries were affected by rainy weather, with the approaching of e - commerce festivals, the overall demand for polypropylene products is expected to continue to improve [3]. Inventory - As of this week, the inventory of Chinese polypropylene producers was 63.85 million tons, a 4.02 - million - ton decrease from the previous period, a 5.92% month - on - month decrease. The port sample inventory of Chinese polypropylene decreased by 0.11 million tons from the previous period, a 1.62% month - on - month decrease. The inventory of domestic polypropylene traders decreased by 1.86 million tons from the previous period, a 7.80% month - on - month decrease [3]. Cost and Profit - This week, the profits of oil - based and externally - purchased propylene - based PP production were repaired, while the profits of coal - based, methanol - based, and PDH - based PP production declined. The international energy agency warned of long - term supply surplus risks, and trade disputes initiated by the US suppressed the demand outlook, putting pressure on the oil market. The profit of oil - based PP production rose to - 278.53 yuan/ton [3]. Valuation - The spot price is neutral, the absolute price of the futures market is neutral, and the near - month contract is at a discount [3]. Macro Policy - The macro - sentiment has subsided, trading has returned to the fundamentals, and the futures market is oscillating weakly [3] 3.3 Main Weekly Data Changes - PP futures price was 6,662 yuan/ton, a 1.69% increase from last week; PE futures price was 6,969 yuan/ton, a 1.38% increase from last week. PP spot price was 6,640 yuan/ton, a 0.45% increase from last week; LLDPE spot price was 7,120 yuan/ton, a 0.99% increase from last week [5]. - The operating rate of PP was 38.6%, a 2.60% decrease from last week; the operating rate of PE was 81.46%, a 0.37% decrease from last week [5]. - The factory inventory of PP was 42,970 tons, a 1.58% increase from last week; the social inventory of PE was 64.52 million tons, a 0.54% increase from last week [5].

投资咨询业务资格：证监许可【2012】31号 【玻璃纯碱（ 】 供需有支撑，价格下行空间有限 国贸期货 黑色金属研究中心 2025-10-27 黄志鸿 从业资格证号：F3051824 投资咨询证号：Z0015761 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供参考，不构成任何投资建议；期市有风险，投资需谨慎 01 PART ONE 主要观点及策略概述 玻璃:需求有韧性，价格走低空间收窄 | 影响因素 | 驱动 | 主要逻辑 | | --- | --- | --- | | 供给 | 中性 | 产量持稳。本周全国浮法玻璃日产量为16.13万吨，与16日持平。行业开工率为76.35%，与16日持平；行业产能利用率为80.63%，与16日持平。 | | | | 本周无生产线变化，供应量持稳。下周1条产线存在点火预期，实际还需视其执行情况。 | | 需求 | 中性 | 旺季需求有支撑，但表现反复，近期产销走弱。 | | 库存 | 偏空 | 库存累积，企业库存6661.3万重箱，环比+233.7万重箱，环比+3.64%，同比+16.99%。折库存天数28.3天，较上期+1天。 | | 基差/价差 | 中性 | ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The recent market has been strong due to shipping companies' additional sailings cancellations and good cargo receipts on multiple routes at the end of October. The current valuation of the December contract is high, but due to multiple expected price increase nodes and the upward drive during the long - term contract signing season, the logic of going long on dips for the December contract remains unchanged. There may be short - term downward disturbances, and attention should be paid to possible price cuts by shipping companies in early November. Against the backdrop of geopolitical uncertainties, the February contract may have more upside potential with the arrival of the peak season, but there are also geopolitical fluctuations. The April contract maintains the view of shorting on rallies, but it may follow the near - term contracts and fluctuate strongly during the peak season from November to January and can be gradually short - positioned [2][22]. Summary by Relevant Catalogs EC Futures Contract Information - EC2510: Yesterday's closing price was 1137.8, up 0.15%, with a direct difference of 2.6, yesterday's trading volume was 817, yesterday's open interest was 4292, and open interest decreased by 526 [2][22]. - EC2512: Yesterday's closing price was 1831.0, up 2.11%, with a direct difference of - 690.6, yesterday's trading volume was 35117, yesterday's open interest was 30249, and open interest increased by 1335 [2][22]. - EC2602: Yesterday's closing price was 1601.0, up 1.20%, with a direct difference of - 460.6, yesterday's trading volume was 3971, yesterday's open interest was 11509, and open interest increased by 971 [2][22]. - EC2604: Yesterday's closing price was 1179.6, up 0.67%, with a direct difference of - 39.2, yesterday's trading volume was 1726, yesterday's open interest was 14224, and open interest increased by 170 [2][22]. - EC2606: Yesterday's closing price was 1397.9, up 1.68%, with a direct difference of - 257.5, yesterday's trading volume was 585, yesterday's open interest was 1377, and open interest decreased by 25 [2][22]. Month - to - Month Spread - EC2510 - 2512: The previous day's spread was - 693.2, the spread decreased by 36.2 compared to the previous day, and decreased by 111.3 compared to last Friday [2][22]. - EC2512 - 2602: The previous day's spread was 230.0, the spread increased by 18.9 compared to the previous day, and increased by 70.0 compared to last Friday [2][22]. Spot Freight Index - SCFI (European Line): Updated weekly, as of October 24, 2025, it was 1246 US dollars/TEU, up 8.82% from the previous period and 7.21% from two periods ago [2][22]. - CCFI: Updated weekly, as of October 24, 2025, it was 1293.12, up 1.99% from the previous period and down 1.49% from two periods ago [2][22]. - NCFI: Updated weekly, as of October 24, 2025, it was 822.3, up 2.38% from the previous period and 14.96% from two periods ago [2][22]. Recent European Line Quotations - Currently, downstream customers are booking spaces for the end of October and early November (Week 44 - 45). In Week 44, the offline quotes were PA 1400, GEMINI 1600, and OA 1800 US dollars. Shipping companies plan to increase prices in November, mostly in the range of 2500 - 2700 US dollars, with an average equivalent to about 1800 points on the futures market. On Tuesday, MSK opened bookings at 2350 US dollars, in line with expectations [3][23]. Relevant News - On October 27, US Treasury Secretary Yellen said that the US would no longer consider imposing a 100% tariff on China. On October 26, the China - US economic and trade teams concluded a two - day negotiation in Kuala Lumpur, Malaysia. This was the fifth face - to - face negotiation between the two teams since May this year [4][24]. - On October 27, the Israeli government spokesman said that Israel would maintain full security control over the Gaza Strip [4][24].

纯碱玻璃周报 研究员：李轩怡 期货从业证号：F03108920 投资咨询资格证号：Z0018403 目录 第一章 核心逻辑分析 2 第二章 周度数据追踪 10 GALAXY FUTURES 1 1.1 纯碱供应——产量稳定高位 单位：万吨 纯碱产量 纯碱联碱法开工率 单位：% 纯碱氨碱法开工率 单位：% 50.00% 55.00% 60.00% 65.00% 70.00% 75.00% 80.00% 85.00% 90.00% 95.00% 100.00% 2025 2024 2023 2022 50.00% 55.00% 60.00% 65.00% 70.00% 75.00% 80.00% 85.00% 90.00% 95.00% 100.00% 2025 2024 2023 2022 40 45 50 55 60 65 70 75 80 第53 周 第50 周 第47 周 第44 周 第41 周 第38 周 第35 周 第32 周 第29 周 第26 周 第23 周 第20 周 第17 周 第14 周 第11 周 第8周 第5周 第2周 2025年度 2024年度 2023年度 2022年度 2021年度 ...