1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report 2.1 Pig Market - In the short - term, pig prices may experience a narrow - range shock due to weakening enthusiasm for secondary fattening after price increases and limited terminal demand growth. However, the decline in average slaughter weight and the expected price - supporting behavior of large farms at the end of the month may limit the downside. - In the medium - to - long - term, the oversupply situation will persist until the first half of next year. Pig prices during the peak season are not optimistic, and prices in the off - season of the first half of next year will also be under pressure. Although prices in the second half of next year are expected to be relatively strong due to capacity reduction, caution is still needed [5][60]. 2.2 Egg Market - In the short - term, egg prices will fluctuate at a low level due to sufficient supply and weak demand. Although the improvement of storage conditions and the increase in vegetable prices support egg prices, the lack of concentrated consumption before the Spring Festival limits the price increase. - In the medium - to - long - term, the supply growth rate will slow down, but due to the strong anti - risk ability of enterprises and the ease of chick supply, it will take time to clear the production capacity [6][91]. 2.3 Corn Market - In the short - term, the corn market will be under pressure due to sufficient supply from new grain listings and limited terminal demand recovery. It is expected to operate weakly. - In the medium - to - long - term, although the new season is expected to be a bumper harvest, the low carry - over inventory of old crops and limited imports will strengthen cost support. The demand for corn will be stable but weak, limiting the upside space [10][119]. 3. Summary According to the Directory 3.1 Feed and Livestock - Poultry View Summary 3.1.1 Pig - **Price**: As of October 24, the national spot price was 11.77 yuan/kg, up 0.67 yuan/kg from last week; the futures price of contract 2501 was 12175 yuan/ton, up 505 yuan/ton from last week; the basis of contract 01 was - 305 yuan/ton, up 85 yuan/ton from last week [5][60]. - **Supply**: The inventory of sows of reproductive age is still relatively high, and the production performance has improved. The supply pressure of pigs will remain high until the first half of next year. The planned slaughter volume of large - scale enterprises in October has increased. The proportion of small pigs in slaughter has increased, and the average slaughter weight has decreased [5][60]. - **Demand**: The slaughter volume has increased overall, but there is a decline in the later period. The fresh - sales rate is stable, and the cold - storage capacity has increased slightly. The demand for pork has increased due to the cooling weather, but the increase is limited [5][60]. - **Cost**: The prices of piglets and sows of reproductive age have fluctuated slightly. The losses of self - breeding and self - raising and purchasing piglets for fattening have narrowed, and the cost of fattening pigs has decreased [5][60]. - **Strategy**: Take a bearish view of contracts 01, 03, and 05 in the medium - term. Hold existing short positions and add short positions on rebounds. Pay attention to the arbitrage of going long on contract 05 and shorting on contract 03. Be cautious about bottom - fishing for contracts 07 and 09 [5][60]. 3.1.2 Egg - **Price**: As of October 24, the average price in the main production areas was 2.94 yuan/jin, down 0.05 yuan/jin from last Friday; the futures price of contract 2512 was 3086 yuan/500 kg, up 127 yuan/500 kg from last Friday; the basis of the main contract was - 556 yuan/500 kg, down 127 yuan/500 kg from last Friday [6][91]. - **Supply**: The number of newly - opened laying hens in October is still relatively high, and the number of old hens being slaughtered is at a high level. The supply pressure has been relieved, but the pattern of sufficient supply remains unchanged. In the medium - to - long - term, the supply growth rate will slow down, but it will take time to clear the production capacity [6][91]. - **Demand**: After the "Double Festivals", the terminal demand has weakened. The cooling weather and the increase in vegetable prices support egg prices, but the lack of concentrated consumption before the Spring Festival limits the price increase [6][91]. - **Strategy**: For the current main contract 12, pay attention to the spot price. If the spot price increase is limited, short on the futures market. Temporarily wait and see for contract 01 [6][91]. 3.1.3 Corn - **Price**: As of October 24, the平仓 price of corn at Jinzhou Port, Liaoning was 2160 yuan/ton, up 10 yuan/ton from last Friday; the futures price of contract 2601 was 2133 yuan/ton, up 16 yuan/ton from last Friday; the basis of the main contract was 27 yuan/ton, down 6 yuan/ton from last Friday [10][119]. - **Supply**: The old - crop inventory of traders is not large. The new - crop corn in the Northeast is expected to be a bumper harvest, and the supply is sufficient at the beginning of the listing. The import volume of corn in September was 60,000 tons, a 50% month - on - month increase and an 80.6% year - on - year decrease [10][119]. - **Demand**: The feed demand has increased due to the increase in the inventory of pigs and poultry, but the high price difference between corn and wheat has squeezed the feed demand for corn. The processing profit of deep - processing enterprises has turned positive, but the start - up rate is still at a low level [10][119]. - **Strategy**: Take a bearish view of the main contract 01. Wait for a rebound to short, and pay attention to the pressure levels of 2170 - 2200 [8][117]. 3.2 Variety Industry Data Analysis 3.2.1 Pig - **Weekly Market Review**: The pig price has increased, the futures price has strengthened, and the basis has increased slightly [5][60]. - **Fundamental Data Review**: The average slaughter weight has decreased, the fat - standard price difference has narrowed, the slaughter volume has increased, the cold - storage capacity has increased slightly, and the profit of pig - raising has improved [20]. - **Key Data Tracking**: The inventory of sows of reproductive age is slowly decreasing, and the production performance has reached the highest level in the past four years. The number of newly - born piglets has increased, indicating high supply pressure in the fourth quarter [22]. 3.2.2 Egg - **Weekly Market Review**: The egg price has fluctuated at a low level, the futures price has increased, and the basis has weakened [6][91]. - **Fundamental Data Review**: The price of eggs has decreased slightly, the price of chicks has increased, the price of old hens being slaughtered has decreased slightly, the sales volume in the sales areas has increased, and the inventory in the circulation link has increased [67]. - **Key Data Tracking**: The inventory of laying hens is at a high level, the number of newly - opened laying hens in October is still relatively high, and the number of old hens being slaughtered is at a high level [6][91]. 3.2.3 Corn - **Weekly Market Review**: The corn price has stopped falling and rebounded slightly, the futures price has increased, and the basis has weakened [10][119]. - **Fundamental Data Review**: The price of corn at the port has increased slightly, the supply has increased, the demand for deep - processing has increased slightly, and the inventory has increased [99]. - **Key Data Tracking**: The new - crop corn in the Northeast is expected to be a bumper harvest, the import volume is at a low level, and the feed demand is stable but weak [10][119].

Report Summary 1. Industry Investment Ratings - The investment ratings for different sectors are as follows: - For the agricultural, forestry, and livestock sector, the rating for sugar is "oscillating", for dates is "oscillating with wide amplitude", and for the rubber series in the energy and chemical sector is "oscillating and slightly bullish" [1][4][5]. 2. Core Views - **Sugar**: The international raw sugar market is weak due to concerns about future supply pressure, with potential for short - term technical rebounds but long - term weakness. The domestic sugar market is relatively resistant to the decline, with a flat short - term fundamental situation. There may be a slight rebound in the short term, but the medium - to - long - term view is bearish [1][3]. - **Dates**: The futures price of dates broke through support and fell back. There is a large dispute over the new - season output and quality, and the market is expected to oscillate widely before large - scale harvesting [4]. - **Rubber Series**: Natural rubber has short - term bullish sentiment due to factors such as macro sentiment and inventory reduction, but the upward space is limited due to expected supply increases. Synthetic rubber is mainly driven by natural rubber, and its own fundamentals lack strong positive support, so it is recommended to view it with an oscillating perspective [5]. 3. Summary by Related Catalogs Sugar - **Market Review**: On Friday, the SR601 contract closed at 5446 yuan/ton, down 0.20% daily, and the SR605 contract closed at 5398 yuan/ton, down 0.18% daily [1]. - **Important Information**: The ICE raw sugar and London white sugar futures prices declined on Friday. The spot price of Guangxi white sugar increased, and the quotes of sugar - making groups were mostly stable. The number of ships and the quantity of sugar waiting to be shipped in Brazilian ports decreased. Datagro predicted an increase in Brazil's sugar production in the next season, and the global sugar market will have a surplus in 2025/26. The number of Zhengzhou Commodity Exchange's white sugar warehouse receipts decreased [1]. - **Market Logic**: The international raw sugar market is affected by expected supply increases from Brazil, India, and Thailand. The domestic sugar market is in the off - season for consumption, and the pricing center will gradually return to the domestic market [1]. - **Trading Strategy**: For the SR601 contract, pay attention to the support around 5400 yuan/ton. Upstream enterprises can consider selling for hedging, and there is no arbitrage strategy for now [3]. Dates - **Market Review**: On Friday, the CJ601 contract closed at 10750 yuan/ton, down 3.72% daily, and the CJ605 contract closed at 10655 yuan/ton, down 3.18% daily [4]. - **Important Information**: The physical inventory of 36 sample points increased slightly, the arrival volume in the market decreased slightly, and the prices in some markets were stable or slightly decreased [4]. - **Market Logic**: The futures price of dates fell back, and there is a large dispute over the new - season output and quality. The market is currently gambling on the opening price [4]. - **Trading Strategy**: For the CJ601 contract, pay attention to the previous low support. If it breaks through, liquidate long positions. It is recommended to operate with a light position, and for the long - term, short the CJ605 contract after the opening - price game ends [4]. Rubber Series - **Market Review**: As of October 24, the RU2601 contract closed at 15335 yuan/ton, up 0.59% daily, the NR2512 contract closed at 12505 yuan/ton, up 0.60% daily, and the BR2512 contract closed at 11120 yuan/ton, with no change [5]. - **Important Information**: The prices of Japanese rubber and new rubber futures increased. The prices of raw materials in Thailand and different regions in China, the capacity utilization rates of tire enterprises, and the prices of various rubber products were reported [5]. - **Market Logic**: For natural rubber, the supply is in the peak season, and short - term factors have affected the supply increase speed. The demand from tire enterprises has increased slightly, and the inventory has decreased. For synthetic rubber, the supply pressure is weak, and it is mainly driven by natural rubber [5]. - **Trading Strategy**: Hold long positions in the RU and NR main contracts and pay attention to the pressure of the upper moving average. Consider taking profits on previous long positions in the BR contract, and those not yet entered the market should wait and see [5].

2025 年 10 月 27 日 对二甲苯：跟随油价反弹，PXN 逢高空 PTA：多 PX 空 PTA，单边趋势反弹 MEG：需求预期好转，短期有反弹 贺晓勤 投资咨询从业资格号：Z0017709 hexiaoqin@gtht.com | hexiaoqin@gtht.com | | --- | | 所 | PX PTA MEG 基本面数据 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 期货 | PX 主力 | PTA 主力 | MEG 主力 | PF 主力 | SC 主力 | | | 昨日收盘价 | 6522 | 4518 | 4077 | 6140 | 464.9 | | | 涨跌 | 26 | 10 | -18 | -20 | 5.2 | | | 涨跌幅 | 0.40% | 0.22% | -0.44% | -0.32% | 1.13% | | | 月差 | PX1-5 | PTA1-5 | MEG1-5 | PF12-1 | SC11-12 | | | 昨日收盘价 | -18 | -66 | -76 | -38 | -4.2 | ...

Report Industry Investment Rating - The investment rating for LLDPE is "Oscillation-based" [1] Report's Core View - The LLDPE market is in an oscillating trend. The short - term downward driving force is weak due to the rebound of crude oil prices at the raw material end, cost changes of PE, and strong rigid demand support from downstream industries, but the supply - side pressure will gradually increase later [1][2] Summary by Relevant Catalogs Fundamental Tracking - Futures: The closing price of L2601 yesterday was 6969, with a daily decline of 0.07%. The trading volume was 229,753, and the open interest decreased by 2302 [1] - Basis and Spread: The basis of the 01 contract was - 59 yesterday, compared with - 99 the day before; the spread between the 01 and 05 contracts was - 52 yesterday, compared with - 45 the day before [1] - Spot Prices: In the north, the price was 6910 yuan/ton yesterday (6900 yuan/ton the day before); in the east, it was 6980 yuan/ton yesterday (6950 yuan/ton the day before); in the south, it was 7180 yuan/ton yesterday (7100 yuan/ton the day before) [1] Spot News - The market price of LLDPE fluctuated slightly, with a range of 10 - 50 yuan/ton. The linear futures opened higher but oscillated weakly during the session. The market atmosphere was cautious, and traders quoted prices according to their own inventories. The enthusiasm of downstream buyers declined, and transactions were negotiated [1] Market Condition Analysis - Raw Material: The price of crude oil at the raw material end rebounded, and PE followed the cost changes [2] - Supply: The maintenance volume in October decreased compared with September, and Guangxi Petrochemical may start trial production, so the supply - side pressure will gradually increase later [2] - Inventory: The market trading atmosphere improved, and the inventory was successfully transferred downstream. The inventories of production enterprises and social sample warehouses both decreased, but the impact of the China - US talks on market purchasing sentiment needs attention [2] Trend Intensity - The trend intensity of LLDPE is 0, indicating a neutral trend [3]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Recently, the coke and manganese ore markets have been stable, keeping the overall cost support steady. The silicon-manganese spot market is in a wait-and-see mode, observing the futures market. Alloy factories' production has little fluctuation, and spot prices are stable. HeSteel Group's final silicon-manganese price in October was 5,820 yuan/ton, a small increase from the second-round inquiry of 5,800 yuan/ton and a significant decrease from September's 6,000 yuan/ton. Most steel mills' tender prices revolve around 5,800 yuan, and the silicon-manganese market shows low enthusiasm for steel tender prices. Overall, the silicon-manganese market has been oscillating recently, with no major changes in the basic supply and demand. The impact of the macro level on the market needs further attention. It is predicted that the market will continue to oscillate in the short term [2] Summary by Directory Manganese Silicon Supply - **Capacity**: Data on the monthly production capacity of Chinese silicon-manganese enterprises is presented [6][7] - **Annual Output**: Annual production data of silicon-manganese in Guangxi, Guizhou, Inner Mongolia, Ningxia, Yunnan, other regions, and the whole of China are shown [8][9] - **Weekly, Monthly Output, and开工率**: Weekly and monthly production data of Chinese silicon-manganese and the weekly开工率 of Chinese silicon-manganese enterprises are provided [10][11] - **Regional Output**: Monthly production data of silicon-manganese in Inner Mongolia, Ningxia, and Guizhou, and daily average production data in Inner Mongolia, Ningxia, Guizhou, and Guangxi are presented [12][13] Manganese Silicon Demand - **Steel Tender Purchase Price**: Monthly purchase price data of silicon-manganese by Baoshan Iron & Steel Co., Ltd., Baowu Egang, Chengde Jianlong, Heilongjiang Jianlong, Yangchun Iron and Steel, Jilin Jianlong, and Nanjing Iron and Steel Co., Ltd. are shown [15][16] - **Daily Average Hot Metal and Profit**: Weekly data on the daily average hot metal output and profitability of 247 Chinese steel enterprises are presented [17][18] Manganese Silicon Import and Export - Monthly import and export volume data of Chinese ferromanganese-silicon are presented [19][20] Manganese Silicon Inventory - Weekly inventory data of 63 sample Chinese silicon-manganese enterprises and monthly data on the average available days of silicon-manganese inventory in China, the northern region, and the eastern region are presented [21][22] Manganese Silicon Cost - **Manganese Ore Import Volume**: Monthly import volume data of manganese ore by trade method, from Gabon to China, from southern Africa to China, and from Australia to China are presented [23][24] - **Manganese Ore Port Inventory and Available Days**: Weekly data on the port inventory of manganese ore in China, Qinzhou Port, and Tianjin Port, and the average available days of manganese ore inventory in China are presented [25][26] - **High-Grade Manganese Ore Port Inventory**: Weekly data on the port inventory of Australian, Gabonese, and Brazilian high-grade manganese ore in Qinzhou Port and Tianjin Port are presented [27][28] - **Tianjin Port Manganese Ore Price**: Daily price data of South African semi-carbonate manganese ore, Australian manganese ore, and Gabonese manganese ore in Tianjin Port are presented [29] - **Regional Cost**: Daily cost data of silicon-manganese in Inner Mongolia, the northern region, Ningxia, the southern region, and Guangxi are presented [30][31] Manganese Silicon Profit - Daily profit data of silicon-manganese in the northern region, the southern region, Inner Mongolia, Ningxia, and Guangxi are presented [32][33]

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - For caustic soda, the spot price is mainly stable. The supply side has a slight decline in the operating rate due to new production capacity and a mix of maintenance and increased production. The demand side shows a decrease in the receiving price of alumina, and the inventory is at a similar level to last week. The procurement of new alumina plants may support the price in the next two months, and the cost support still exists [1][2]. - For PVC, it rebounds with the macro - sentiment. The supply side is abundant with new production capacity coming on stream, and the demand side has a general purchasing sentiment after a pick - up in downstream operating rates. The inventory is still at a relatively high level. The export has some resilience, but the export of PVC products may be affected by Indian anti - dumping investigations. Attention should be paid to relevant policies [4][5]. 3. Summary by Directory I. Caustic Soda Price & Spread - As of October 24, 2025, the SH main contract of caustic soda futures closed at 2373 yuan/ton (-12). The spot price of 32% liquid caustic soda in Shandong was 820 yuan/ton (+0), and that of 50% was 1280 yuan/ton (+0). The basis of 32% liquid caustic soda in Shandong was 190 yuan/ton (+12) [1]. II. PVC Price & Spread - As of October 24, 2025, the main contract of PVC futures closed at 4708 yuan/ton (-22). The spot price of PVC in East China's calcium carbide method was 4630 yuan/ton (-10), and in South China's calcium carbide method was 4710 yuan/ton (+0). The basis in East China was - 78 yuan/ton (+12), and in South China was 2 yuan/ton (+22) [4]. III. Cost - Profit - As of October 24, 2025, the comprehensive profit of chlor - alkali in Shandong (1 ton of caustic soda + 0.8 tons of liquid chlorine) was 1068.28 yuan/ton (+40.00), and (1 ton of caustic soda + 1 ton of PVC) was 206.28 yuan/ton (-10.00). The single - variety profit of caustic soda in Shandong was 1571.40 yuan/ton (+0.00), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of caustic soda + 1 ton of PVC) was 1135.25 yuan/ton (-56.00). The single - variety production profit of PVC in the calcium carbide method was - 722.72 yuan/ton (-9.54), and in the ethylene method was - 560.46 yuan/ton (-7.70) [2][5]. IV. Caustic Soda Supply - As of October 24, 2025, the operating rate of caustic soda was 80.80% (-0.60%), and the weekly output was 79.54 tons (-0.70). Tianjin Bohua's 300,000 - ton new production capacity has reached full production, and there are both new maintenance enterprises and those increasing production this week [1][2]. V. Liquid Chlorine Price and Liquid Chlorine Downstream - As of October 24, 2025, the price of liquid chlorine in Shandong was 250 yuan/ton (+50). The operating rate of propylene oxide downstream of liquid chlorine was 67.82% (+0.26%), that of epichlorohydrin was 50.28% (-3.01%), and the weekly output of chloroform was 2.70 tons (-0.43) [2]. VI. PVC Supply - As of October 24, 2025, the average operating load of upstream calcium carbide was 66.01% (+1.69%), the operating rate of PVC was 76.57% (-0.12%), that of the calcium carbide method was 74.38% (-0.33%), and that of the ethylene method was 81.64% (+0.38). The loss due to shutdown and maintenance was 14.28 tons (+0.07). New production capacities are gradually reaching full production [4][5]. VII. Caustic Soda Downstream Demand - As of October 24, 2025, the operating rate of the main downstream alumina was 86.27% (+0.05%), the weekly output was 186.20 tons (+0.10), and the port inventory was 10.80 tons (+1.60). The operating rate of printing and dyeing in East China was 67.31% (+0.55%), that of viscose staple fiber was 88.61% (+0.00%), that of white cardboard was 79.65% (+3.32%), and that of hardwood pulp was 84.90% (-0.90) [1]. VIII. PVC Downstream Demand - As of October 24, 2025, the comprehensive operating rate of PVC downstream was 49.86% (+1.27%), among which the operating rate of PVC pipes was 41.20% (+1.20), that of profiles was 35.87% (+2.61), and that of films was 72.50% (+0.00). The pre - sales volume of production enterprises was 63.54 tons (+7.99). In September, PVC exports were 34.64 tons, a month - on - month increase of 21.94% and a year - on - year increase of 24.53% [4][5]. IX. Caustic Soda & PVC Inventory Data - As of October 24, 2025, the inventory of liquid caustic soda in domestic factories was 41.43 tons (+1.10), and that of flake caustic soda was 2.45 tons (+0.00). The inventory of PVC in factories was 33.38 tons (-2.65), and the social inventory was 55.47 tons (-0.15), among which the social inventory in East China was 50.52 tons (+0.04), and in South China was 4.95 tons (-0.19) [2][5].

Report Industry Investment Rating - Unilateral: Neutral; for spreads, EG2601 - EG2605 reverse spread; for cross - variety, none [4] Core View - This week, the price center of ethylene glycol fluctuated upward, and the basis strengthened significantly. The domestic ethylene glycol supply is still at a high level, while overseas supply losses remain high. Recently, the downstream of polyester has moderately improved, boosting market sentiment [1][3] Summary by Directory Price and Spread - This week, the ethylene glycol price center fluctuated upward, and the basis strengthened significantly. At the beginning of the week, the ethylene glycol port inventory continued to rise, putting pressure on the ethylene glycol futures. In the middle of the week, with the intensification of geopolitical conflicts, crude oil rebounded. Affected by the possible delay of Saudi arrivals and the cancellation of the loading of some Iranian cargoes, the ethylene glycol price rose rapidly [1] Supply - The overall operating load of ethylene glycol in mainland China is 73.28% (a 3.88% decrease from last week), among which the operating load of ethylene glycol produced by oxalic acid catalytic hydrogenation (syngas) is 82.21% (a 0.32% increase from last week). With the maintenance and shutdown of plants such as Shenghong, Fujian Refining & Petrochemical, and Zhongke, the total EG load declined from a high level this week. Recently, the coal - based production has decreased, but the reduction of supply - side plants is not obvious, and the supply is still at a high level [1] Demand - The load of textile looms in Jiangsu and Zhejiang is 75.0% (a 6.0% increase from last week), the load of texturing machines in Jiangsu and Zhejiang is 84.0% (a 4.0% increase from last week), the polyester operating rate is 91.40% (unchanged from last week), and the direct - spinning filament load is 92.40% (a 0.40% decrease from last week). The inventory days of POY, FDY, and DTY have decreased significantly. The operating rate of polyester staple fiber plants is 94.3% (unchanged), and the inventory days of polyester staple fiber plants' equity inventory have decreased. The operating rate of bottle - chip plants is 73.2% (a 0.8% increase from last week). With the cooling weather and the start of the Double Eleven sales, domestic orders have improved significantly this week. The load of looms and texturing machines has rebounded significantly, and the raw material rebound has also driven centralized restocking. The filament inventory has been significantly reduced. However, since the inventory is still at a seasonal high, the current raw material inventory of weaving mills is not high. Attention should be paid to whether the Sino - US tariff negotiations at the end of the month will bring favorable factors to drive external demand. Currently, the inventory of polyester plants is not high, and the cash - flow profit is acceptable. The average load of polyester in October and November is expected to be slightly increased [2] Inventory - According to the data released by CCF every Monday, the inventory of MEG in the main ports of East China is 57.9 tons (a 3.8 - ton increase from last week); according to the data released by Longzhong every Thursday, the inventory of MEG in the main ports of East China is 48.3 tons (a 1.0 - ton decrease from last week). According to CCF data, the total planned arrivals at the main ports of East China this week are 5.3 tons, and the planned arrivals at the secondary ports are 6.3 tons. As of October 23, the total inventory of MEG in the main ports of East China is 48.3 tons, 3 tons lower than on Monday this week and 1 ton lower than on Thursday last week [3]

Report Summary 1. Report Industry Investment Rating - No investment rating is provided in the report. 2. Core View of the Report - Polyolefin futures continued to rebound. With the easing of the external environment and the rebound of crude oil prices, polyolefins followed the crude oil trend. Currently, the supply - demand pressure is temporarily limited, and the market may maintain a short - term volatile rebound trend [2]. 3. Summary According to Related Catalogs Futures Market - **LL (Linear Low - Density Polyethylene) Futures**: The previous day's closing prices for January, May, and September contracts were 6999, 7044, and 7058 respectively, with price increases of 63, 66, and 49 and percentage increases of 0.91%, 0.95%, and 0.70% respectively. The trading volumes were 253296, 26147, and 495, and the open interests were 531489, 62406, and 1129, with changes of - 18375, 487, and 194 respectively. The current spreads between January - May, May - September, and September - January were - 45, - 14, and 59, compared to previous values of - 42, - 31, and 73 [2]. - **PP (Polypropylene) Futures**: The previous day's closing prices for January, May, and September contracts were 6691, 6740, and 6734 respectively, with price increases of 72, 75, and 54 and percentage increases of 1.09%, 1.13%, and 0.81% respectively. The trading volumes were 320558, 28822, and 1586, and the open interests were 618484, 126580, and 6035, with changes of - 14771, 1854, and 1037 respectively. The current spreads between January - May, May - September, and September - January were - 49, 6, and 43, compared to previous values of - 46, - 15, and 61 [2]. Spot Market - **Raw Materials and Semi - finished Products**: Methanol futures were at 2294 yuan/ton, Shandong propylene at 6010 yuan/ton, South China propane at 542 dollars/ton, PP recycled materials at 5600 yuan/ton, North China powder at 6510 yuan/ton, and plastic film at 8800 yuan/ton. Most prices remained stable compared to the previous day [2]. - **Mid - stream Products**: The spot prices of LL in the East China, North China, and South China markets were 6900 - 7450, 6850 - 7150, and 7100 - 7500 yuan/ton respectively. The spot prices of PP in the East China, North China, and South China markets were 6450 - 6650, 6450 - 6550, and 6450 - 6600 yuan/ton respectively, remaining unchanged from the previous day [2]. News - On Thursday (October 23, 2025), the settlement price of WTI crude oil December 2025 futures on the New York Mercantile Exchange was $61.79 per barrel, up $3.29 or 5.62% from the previous trading day, the largest increase since June 13. The trading range was $59.64 - $62.20. The settlement price of Brent crude oil December 2025 futures on the London Intercontinental Exchange was $65.99 per barrel, up $3.40 or 5.43% from the previous trading day, with a trading range of $63.86 - $66.36 [2].

Report Summary 1) Report Industry Investment Rating - Unilateral: Neutral, short - term wait - and - see [2] - Inter - period: None [2] - Cross - variety: None [2] - Futures - spot: None [2] - Options: None [2] 2) Core View of the Report - The asphalt futures market has seen a continuous rise, mainly driven by the rebound of crude oil prices due to the news of increased US sanctions on Russia. However, the fundamental support for asphalt is limited. The rigid demand for asphalt is weak as road projects in some northern regions are nearing completion, and downstream buyers are reluctant to purchase. Considering that important macro - events are yet to be finalized, oil prices may fluctuate, and it is recommended to wait and see in the short term [1] 3) Summary by Related Catalogs Market Analysis - On October 23, the closing price of the main BU2601 asphalt futures contract in the afternoon session was 3,277 yuan/ton, up 74 yuan/ton or 2.31% from the previous settlement price. The open interest was 194,697 lots, a net increase of 7,848 lots, and the trading volume was 282,988 lots, a net increase of 13,484 lots [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast 3,406 - 4,086 yuan/ton; Shandong 3,250 - 3,620 yuan/ton; South China 3,330 - 3,550 yuan/ton; East China 3,410 - 3,500 yuan/ton [1] - Driven by the rebound of crude oil prices, the asphalt futures market rose. In the spot market, prices in North China, Shandong, and South China increased, while those in the Northeast decreased significantly, and prices in other regions remained relatively stable. The continuous rise of crude oil and asphalt futures has limited impact on the sentiment of the asphalt spot market [1] Strategy - Unilateral strategy: Adopt a neutral stance and wait and see in the short term [2] - Other strategies (inter - period, cross - variety, futures - spot, options): None [2]

021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 报告类型 焦炭焦煤日评 日期 2025 年 10 月 24 日 黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 请阅读正文后的声明 ＃summary＃ 每日报告 | | | | | | 表1：10月23日焦炭焦煤期货主力合约价格、成交及持仓情况（单位：元/吨、手、亿元） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流出 | | J2601 | 170 ...