Core Viewpoint - The "DCE·Industry Tour" training program aims to enhance the quality development of state-owned enterprises and listed companies in Shandong through the application of futures derivatives in risk management and price discovery amidst global economic uncertainties [1][2]. Group 1: Training Program and Objectives - The training program, guided by the Shandong Provincial State-owned Assets Supervision and Administration Commission and the Shandong Securities Regulatory Bureau, focuses on the practical application of futures tools to support local enterprises [1]. - The program addresses five dimensions: policy guidance, practical enterprise applications, industry pain points, digital transformation, and future planning [1]. Group 2: Industry Participation and Development - Shandong has become a key region for the Dalian Commodity Exchange (DCE), with a comprehensive delivery system established for various commodities, including polyethylene, coking coal, and iron ore [2]. - The enthusiasm of enterprises to participate in the futures market has increased, with leading companies transitioning from passive price acceptance to active risk management [2]. - Since 2024, DCE has conducted over 70 training sessions in Shandong, covering 31 enterprises and over 1,800 participants, with financial support exceeding 2.1 million yuan [2]. Group 3: Regulatory and Market Insights - The Shandong Provincial State-owned Assets Supervision and Administration Commission emphasizes the importance of futures tools in managing risks and stabilizing costs amid increasing commodity price volatility [3]. - The Shandong Securities Regulatory Bureau reported that the futures market in Shandong is robust, with 614 enterprises receiving hedging services involving approximately 540 billion yuan [4]. - The region has seen the implementation of 999 "insurance + futures" projects, with insurance payouts of 660 million yuan, leading the nation [4]. Group 4: Practical Applications and Challenges - The participation of listed companies in futures is gradually increasing, with 1,503 companies publishing hedging announcements in 2024, reflecting a 15.7% year-on-year growth [6]. - However, the overall hedging participation rate among listed companies remains low at 28.6%, with commodity hedging participation below 10% [6]. - Challenges such as the applicability of hedging accounting, information disclosure conflicts, and a shortage of professional talent are identified as barriers to greater participation [6]. Group 5: Digital Transformation and Future Directions - Digital transformation is recognized as a crucial support for enhancing the quality and efficiency of futures business, with companies urged to integrate futures tools into their operational strategies [7]. - The integration of futures operations with actual business activities is essential to avoid disconnection and maximize risk management benefits [7]. - Future initiatives will focus on deepening collaboration with government and industry leaders to promote risk management case studies and develop model enterprises in Shandong [3].

Group 1: Report Information - Report Name: Synthetic Rubber Morning Report [2] - Research Team: Research Center's Energy and Chemicals Team [3] - Report Date: October 24, 2025 [3] Group 2: BR (Butadiene Rubber) Market Data Futures Information - BR主力合约(12) price on October 23 was 11,120, with a daily increase of 70 and a weekly increase of 195 compared to September 24 [4]. - Open interest on October 23 was 69,872, a daily decrease of 2,100 and a weekly increase of 52,871 [4]. - Trading volume on October 23 was 99,398, a daily increase of 19,944 and a weekly increase of 42,371 [4]. - Warehouse receipt quantity on October 23 was 8,920, with no daily change and a weekly increase of 170 [4]. - The virtual - physical ratio on October 23 was 39.17, a daily decrease of 1 and a weekly increase of 29 [4]. Basis/Spread Information - The basis of BR on October 23 was - 20, a daily decrease of 70 and a weekly decrease of 145 [4]. - The 12 - 01 spread on October 23 was 25, with no daily change [4]. - The 01 - 02 spread on October 23 was 10, with no daily change and a weekly increase of 5 [4]. - The RU - BR spread on October 23 was 4,125 [4]. - The NR - BR spread on October 23 was 1,310, a daily increase of 10 and a weekly increase of 10 [4]. Spot Price and Profit Information - Shandong market price on October 23 was 11,100, with no daily change and a weekly increase of 50 [4]. - Chuanhua market price on October 23 was 10,950, with no daily change and a weekly increase of 50 [4]. - Qilu factory price on October 23 was 11,200, with no daily and weekly change [4]. - CFR Northeast Asia price on October 23 was 1,475, with no daily change and a weekly decrease of 25 [4]. - CFR Southeast Asia price on October 23 was 1,700, with no daily and weekly change [4]. - Spot processing profit on October 23 was 281, a daily increase of 51 and a weekly increase of 229 [4]. - Import profit on October 23 was - 1,280, a daily decrease of 2 and a weekly increase of 252 [4]. - Export profit on October 23 was 1,805, a daily increase of 2 and a weekly decrease of 44 [4]. Group 3: BD (Butadiene) Market Data Spot Price Information - Shandong market price on October 23 was 8,450, a daily decrease of 50 and a weekly decrease of 175 [4]. - Jiangsu market price on October 23 was 8,450, a daily decrease of 50 and a weekly decrease of 100 [4]. - Yangzi factory price on October 23 was 8,600, with no daily and weekly change [4]. - CFR China price on October 23 was 970, a daily decrease of 5 and a weekly decrease of 40 [4]. Profit Information - Carbon four extraction profit data was incomplete, with the last available value on October 22 being 1,768 [4]. - Butene oxidative dehydrogenation profit on October 23 was - 154, a daily decrease of 50 and a weekly decrease of 30 [4]. - Import profit on October 23 was 492, a daily decrease of 11 and a weekly increase of 222 [4]. - Butadiene production profit on October 23 was 838, a daily decrease of 25 and a weekly increase of 88 [4]. - ABS production profit data was incomplete, with the last available value on October 21 being - 60 [4]. - SBS production profit on October 23 was 175, with no daily change and a weekly decrease of 282 [4].

每经AI快讯，10月24日，COMEX黄金期货涨1.62%，报4131.20美元/盎司。COMEX白银期货涨1.81%， 报48.545美元/盎司。 （文章来源：每日经济新闻） ...

每经AI快讯，10月23日，国内期货夜盘开盘多数上涨，沪金涨1.17%，沪银涨1.46%，沪铜涨逾1%，铁 矿涨0.19%，焦煤涨2.44%，玻璃涨0.64%，原油涨2.2%。 ...

Report Industry Investment Ratings - Urea: Not clearly indicated [1] - Methanol: Not clearly indicated [1] - Propylene: ★☆★ [1] - Plastic: ★☆★ [1] - PVC: ★☆☆ [1] - Caustic Soda: ☆☆☆ [1] - PX: ★☆★ [1] - PTA: ★☆★ [1] - Ethylene Glycol: ★☆☆ [1] - Short Fiber: ★☆☆ [1] - Glass: ☆☆☆ [1] - Soda Ash: ☆☆☆ [1] - Bottle Chip: ★☆☆ [1] - Pure Benzene: Not clearly indicated [1] - Styrene: ★☆★ [1] Core Views - The market shows a complex situation with different trends for various chemical products. Short - term and mid - term trends vary, and investment strategies such as anti - arbitrage, long - position allocation, and short - selling at high prices are recommended according to different product characteristics [2][3][5] Summary by Directory Olefins - Polyolefins - Propylene futures rose, with prices at a low level and a strong market wait - and - see mood [2] - Plastic and polypropylene futures also rose. For polyethylene, the macro - environment improved, but downstream resistance limited transactions. For polypropylene, trading sentiment improved, but demand from downstream factories was still weak [2] Pure Benzene - Styrene - The price of pure benzene rebounded due to oil price increases. There was a risk of port inventory accumulation in the short - term, and mid - term imports were a major pressure [3] - Styrene futures rose. Although there were rumors of production cuts, high inventory limited the upside [3] Polyester - PX and PTA prices rebounded with oil prices. The short - term rebound's sustainability depends on oil prices, and mid - term anti - arbitrage is recommended [5] - Ethylene glycol may rebound in the short - term but faces inventory accumulation pressure in the mid - term [5] - Short fiber is recommended for long - position allocation, while bottle chip demand weakens and is mainly driven by cost [5] Coal Chemical Industry - Methanol prices may fluctuate within a range in the short - term and tend to rise in the medium - to - long - term [6] - Urea prices are expected to fluctuate strongly within a range in the short - term [6] Chlor - Alkali - PVC supply may increase, and it may operate at the bottom range [7] - Caustic soda may operate at a low level within a range [7] Soda Ash - Glass - Soda ash is recommended for short - selling at high prices after a rebound [8] - Glass prices may have limited downward movement, and selling out - of - the - money put options can be considered [8]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Five - Year Plan is a crucial tool for China's governance, guiding the country's economic and social development. It has evolved from a command - style plan in the planned economy era to a strategic - oriented plan in the market economy era, and has a profound impact on the capital market, especially the futures market [6][10][34]. - Understanding the Five - Year Plan is essential for investors to make forward - looking asset allocations, as it can help them identify investment opportunities and risks by providing insights into policy directions and industry trends [10]. 3. Summaries According to Relevant Catalogs 3.1 The Significance of the Five - Year Plan in China - **Reasons to Focus on the Five - Year Plan** - It is the top - level design and strategic blueprint for national development, guiding the actions of the government, market players, and the public. It also reflects the country's long - term goal of building a socialist modern country [6][9]. - It serves as the core basis for policy - making and resource allocation, influencing fiscal, monetary, industrial, and regional policies. The industries emphasized in the plan often become investment hotspots in the capital market [8][10]. - It is a barometer of the macro - economic cycle and industrial trends, indicating the direction of economic development and industrial structure adjustment [10]. - **Importance of the Five - Year Plan** - It promotes the modernization of the national governance system and capacity through a scientific, democratic, and legal decision - making process and a complete goal - governance loop [11][12]. - It ensures the long - term stable development of the economy and society by providing stable expectations, coordinating regional and industrial development, and helping the country cope with major risks and challenges [13]. - It has a profound impact on the capital market, especially the futures market. The specific arrangements in the plan directly affect the supply - demand pattern and price trends of relevant futures varieties and also drive institutional and product innovation in the futures market [14]. 3.2 The Formulation Process of the Five - Year Plan - **General Process** - **From a procedural steps perspective (seven - step process)**: It includes pre - research and consultation, research and compilation, proposal and implementation, draft formation, review and approval, mid - term evaluation, and final evaluation [23]. - **From a compilation stage perspective (four - stage model)**: It consists of mid - term evaluation, basic idea research, the compilation of the Party Central Committee's "Proposal", and the formal compilation of the "Outline" [23][24]. - **Key Time Points for the "15th Five - Year Plan"** - **Pre - research and basic ideas (2023 - H1 2025)**: The mid - term evaluation of the "14th Five - Year Plan" was completed in 2023, and pre - research for the "15th Five - Year Plan" was carried out [27]. - **Compilation of the Party Central Committee's "Proposal" (Early 2025 - October 2025)**: The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China was held on October 20, 2025, to discuss the "Proposal" [27]. - **Formal compilation of the "Outline" (November 2025 - March 2026)**: The State Council will form the draft of the "15th Five - Year Plan Outline" based on the "Proposal" and submit it to the National People's Congress in March 2026 for approval [27][28]. - **Compilation Subjects and Decision - Making Mechanisms** - **Compilation Subjects**: The National Development and Reform Commission plays a leading role, and other ministries and local governments are also important participants, contributing to the compilation of special plans and local plans respectively [30][31]. - **Decision - Making Mechanisms**: The Party Central Committee determines the core content of the plan; the State Council transforms the "Proposal" into a government work plan; the National People's Congress reviews and approves the plan to make it a legally binding national document [31][32]. 3.3 Review of Previous Five - Year Plans - **Decision - Making Models of Previous Five - Year Plans** - **Evolution from "Plan" to "Planning"**: The nature of the Five - Year Plan has changed from a mandatory economic legal document in the planned economy era to a strategic and guiding development blueprint in the market economy era [33][34]. - **Main Content and Tone of Previous Five - Year Plans**: The content and tone of each plan are closely related to the country's strategic needs and development stage, evolving from focusing on industrialization in the early days to emphasizing high - quality development in recent years [35]. - **Evolution Logic**: The Five - Year Plan has shifted from micro - economic instructions to macro - strategic guidance, with the logic starting point changing from "national needs" to a combination of "market demand" and "national strategy" [36]. - **Review of Policy Ideas during Previous Five - Year Plans** - **Evolution of Policy Ideas**: The policy ideas have changed from simply pursuing economic growth speed to emphasizing development quality and efficiency, with a focus on sustainable and comprehensive development [37][38]. - **Shift in Development Focus**: The development focus has gradually shifted from traditional industries to strategic emerging industries and modern services, indicating a transition from factor - driven to innovation - driven economic growth [39]. - **Adjustment of Development Goals**: The development goals have evolved from emphasizing quantitative expansion to focusing on quality improvement, with the introduction of more comprehensive and balanced indicator systems [40][41]. - **Reasons for the Change in Planning Ideas** - The change is driven by factors such as the country's development stage, international environment, institutional environment, technological revolution, and the improvement of governance capacity [45]. 3.4 Review of the Capital Market Performance during Previous Five - Year Plans - **Overall Impact on the Capital Market** - The Five - Year Plan guides the overall market expectations at the macro - level and creates structural opportunities at the meso - level [46]. - **Performance Review of the Futures Market** - **Overall Performance of the Nanhua Composite Index**: It shows a long - term upward trend, with decreasing volatility and a rising index center. The market is more responsive to policy expectations in the early stage of the plan and focuses on goal implementation in the later stage [47][50]. - **Factors Affecting Market Trends**: The market is influenced by fundamental factors, policy interventions, and external factors. The index generally shows a pattern of "rising in the early stage and fluctuating in the later stage" during each plan period [48][49]. - **Event - Driven Effects**: The release of the Five - Year Plan has a short - term event - driven effect on the futures market, with positive market reactions around the release of the "Proposal" and the "Outline" [48][49].

Report Industry Investment Ratings - Propylene, plastic, PX, PTA, and benzene ethylene are rated ★☆★, indicating a moderately bullish trend [1]. - PVC, ethylene glycol, short - fiber, and bottle chips are rated ★☆☆, suggesting a slightly bullish trend [1]. - Urea, methanol, and glass are rated ☆☆☆, meaning a neutral trend with low operability [1]. - Caustic soda and soda ash are rated ☆☆☆, also indicating a neutral state [1]. Core Views - In the chemical market, different chemical products show various trends. Some are affected by factors such as oil prices, supply - demand relationships, and downstream demand, with short - term and medium - term outlooks varying [2][3][5]. Summary by Related Catalogs Olefins - Polyolefins - The main contract of propylene futures continued to rise. Propylene prices remained stable at a low level, with a strong wait - and - see sentiment in the market [2]. - The main contracts of plastic and polypropylene futures oscillated upwards. For polyethylene, the macro - environment improved, but downstream resistance to price increases led to slower trading. For polypropylene, the trading sentiment improved, but downstream demand had no obvious improvement [2]. Pure Benzene - Styrene - Boosted by oil prices, the pure benzene futures price continued to rebound, and the spot price in East China also recovered. In the short term, concerns about supply contraction and oil price rebounds led to increased downstream purchases, while high imports remained a medium - term pressure [3]. - The main contract of styrene futures continued to rise. Driven by oil prices, styrene showed a short - term strong trend, but high inventory suppressed its upward space [3]. Polyester - The sharp rebound in oil prices provided impetus for PX and PTA. The textile market improved, but PTA was expected to face inventory accumulation in the medium term. Ethylene glycol might rebound in the short term but had medium - term inventory pressure. Short - fiber was expected to continue a bullish trend, while bottle chips faced weakening demand [5]. Coal Chemical Industry - The main contract of methanol rose slightly. The port inventory was high, and it might oscillate in the short term and tend to be stronger in the medium - to - long - term. The urea futures price continued to rise slightly, with improved supply - demand margins and cost support [6]. Chlor - Alkali - The supply of PVC was expected to increase, with stable domestic demand and good export in September. It might operate in the bottom - range. The supply of caustic soda fluctuated slightly, with inventory decline in non - aluminum downstream, and it might operate at a low - range [7]. Soda Ash - Glass - The soda ash industry had a slight inventory reduction, but supply remained high. It was advisable to short at high levels after a rebound. The glass price continued to fall, with inventory accumulation, and its downward range was expected to be limited [8].

Report Investment Ratings - Cotton: No clear rating [1] - Pulp: No clear rating [1] - Sugar: No clear rating [1] - Apple: No clear rating [1] - Logs: Bullish bias [1][7] - Natural Rubber: Slightly bullish, but poor operability [1] - 20 - rubber: Slightly bullish, but poor operability [1] - Butadiene Rubber: Slightly bearish, but poor operability [1] Core Views - The overall market is affected by factors such as production, demand, inventory, and international relations. Different commodities show different trends, and investment operations should be adjusted according to specific situations [2][3][4][5] Summary by Commodity Cotton & Cotton Yarn - Zhengzhou cotton continued to rise, while spot prices remained stable. Xinjiang's additional - picked cotton prices were strong. As of October 15th, the national new cotton picking progress was 58.8%, and the cumulative processed lint was 98.2 tons. The off - season of the peak season continued, and new orders for pure cotton yarn mills were insufficient. The short - term rise of Zhengzhou cotton was a rebound, and it was advisable to wait and see [2] Sugar - Overnight, US sugar fluctuated. Brazilian production data was bearish, and domestic Zhengzhou sugar fluctuated weakly. The market focused on the next season's production estimate. The sugar production in Guangxi in the 25/26 season was expected to be good, and sugar prices were expected to maintain a weak oscillation [3] Apple - The futures price was strong. The spot trading volume increased, and the market mainly traded the cold - storage warehousing volume. The national apple bagging volume decreased slightly year - on - year, and the initial cold - storage inventory might be higher than expected. It was advisable to wait and see [4] 20 - rubber, Natural Rubber & Synthetic Rubber - Affected by the Sino - US economic and trade consultations, the futures market sentiment improved. The global natural rubber supply entered the high - yield period, and the domestic tire start - up rate rebounded after the holiday. The natural rubber inventory in Qingdao decreased, while the synthetic rubber inventory increased. The strategy was to rebound after an oversell [5] Pulp - Pulp futures continued to rise, and spot prices were stable. As of October 16th, the inventory decreased slightly, and the domestic import volume increased year - on - year. The supply was relatively loose, the demand was average, and it was advisable to wait and see [6] Logs - The futures price oscillated, and the spot price was stable. The supply might remain low, the demand in the peak season supported the price, the inventory was low, and the operation idea was bullish [7]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - On October 23, the JM2601 contract closed at 1258.5, up 5.14%. The spot price of Tangshan Meng 5 coking coal was reported at 1460, equivalent to 1240 on the futures market. Due to political unrest in Mongolia affecting port clearance vehicle numbers and supply - side disturbances, the market sentiment was positive. The mine - end开工率 declined due to safety inspections, with neutral inventory, while the coal washery开工率 increased for two consecutive weeks, and inventory was expected to rise seasonally. Technically, the daily K - line was above the 20 - day and 60 - day moving averages, and it should be treated as a wide - range volatile operation [2]. - On October 23, the J2601 contract closed at 1768.0, up 4.21%. The coke price increase was implemented on October 1. In terms of the macro - aspect, the EU's 19th round of sanctions against Russia would include four companies involved in circumventing Western sanctions in the Chinese oil industry. In terms of fundamentals, the hot metal output this period was 240.95 tons, a decrease of 0.59 tons, with high - level fluctuations. The total coke inventory was higher than the same period. The average profit per ton of coke for 30 independent coking plants was - 13 yuan/ton. Technically, the daily K - line was above the 20 - day and 60 - day moving averages, and it should be treated as a wide - range volatile operation driven by costs [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - JM主力合约收盘价 was 1258.50 yuan/ton, up 49.00; J主力合约收盘价 was 1768.00 yuan/ton, up 58.50 [2]. - JM期货合约持仓量 was 939022.00 hands, up 106904.00; J期货合约持仓量 was 49180.00 hands, up 1686.00 [2]. - The net position of the top 20 JM contracts was - 47469.00 hands, up 30131.00; the net position of the top 20 J contracts was - 3935.00 hands, up 19.00 [2]. - The JM5 - 1 month contract spread was 66.50 yuan/ton, down 8.50; the J5 - 1 month contract spread was 128.00 yuan/ton, down 17.00 [2]. - The JM warehouse receipt was 100.00 (down 100.00); the J warehouse receipt was 2070.00 (unchanged) [2]. - The price of Ganqimao Du Meng 5 raw coal increased by 6.00 yuan/ton [2]. 3.2 Spot Market - The price of Russian main coking coal forward spot (CFR) was 155.00 US dollars/wet ton, up 2.50 [2]. - The price of Rizhao Port quasi - first - grade metallurgical coke was 1520.00 yuan/ton, unchanged; the price of Tianjin Port first - grade metallurgical coke was 1620.00 yuan/ton, unchanged; the price of Tianjin Port quasi - first - grade metallurgical coke was 1520.00 yuan/ton, unchanged [2]. - The price of Jingtang Port Australian imported main coking coal was 1570.00 yuan/ton, unchanged; the price of Jingtang Port Shanxi - produced main coking coal was 1710.00 yuan/ton, unchanged; the price of Shanxi Jinzhong Lingshi medium - sulfur main coking coal was 1450.00 yuan/ton, unchanged; the ex - factory price of Inner Mongolia Wuhai - produced coking coal was 1230.00 yuan/ton, unchanged [2]. - The JM主力合约基差 was 191.50 yuan/ton, down 49.00; the J主力合约基差 was - 48.00 yuan/ton, down 58.50 [2]. 3.3 Upstream Situation - The daily output of clean coal from 314 independent coal washeries was 26.70 million tons, up 0.60; the weekly inventory of clean coal from 314 independent coal washeries was 289.60 million tons, down 0.80 [2]. - The weekly capacity utilization rate of 314 independent coal washeries was 0.37%, up 0.01; the monthly raw coal output was 41150.50 million tons, up 2100.80 [2]. - The monthly import volume of coal and lignite was 4600.00 million tons, up 326.00; the daily average output of raw coal from 523 coking coal mines was 191.00 million tons, down 5.10 [2]. - The weekly inventory of imported coking coal at 16 ports was 488.16 million tons, down 19.31; the weekly inventory of coking coal at independent coking enterprises (full - sample) was 997.37 million tons, up 38.31; the weekly inventory of coke at 18 ports was 252.65 million tons, up 0.06; the weekly inventory of coke at independent coking enterprises (full - sample) was 57.29 million tons, down 6.55 [2]. - The weekly inventory of coking coal at 247 steel mills nationwide was 788.32 million tons, up 7.19; the weekly inventory of coke at 247 sample steel mills was 639.44 million tons, down 11.38 [2]. 3.4 Industry Situation - The weekly available days of coking coal for independent coking enterprises (full - sample) was 12.90 days, up 0.24; the weekly available days of coke for 247 sample steel mills was 11.19 days, down 0.23 [2]. - The monthly import volume of coking coal was 1092.36 million tons, up 76.14; the monthly export volume of coke and semi - coke was 54.00 million tons, down 1.00 [2]. - The monthly output of coking coal was 3696.86 million tons, down 392.52; the weekly capacity utilization rate of independent coking enterprises was 75.18%, up 0.05 [2]. - The weekly profit per ton of coke for independent coking plants was - 13.00 yuan/ton, down 22.00 [2]. - The monthly output of coke was 4255.60 million tons, down 4.10 [2]. 3.5 Downstream Situation - The weekly blast furnace start - up rate of 247 steel mills nationwide was 84.25%, unchanged; the weekly blast furnace iron - making capacity utilization rate of 247 steel mills was 90.31%, down 0.22 [2]. - The monthly crude steel output was 7349.01 million tons, down 387.84 [2]. 3.6 Industry News - Some open - pit coal mines in Wuhai and Qipanjing stopped production due to slope treatment and resource restructuring. With stricter environmental inspections, the shipment of operating coal mines was restricted, but the impact on output was small. The safety inspection in Qipanjing affected production, reducing the supply of raw coking coal in the Wuhai market. The online auction of coal showed a premium, and the price of clean coal was planned to increase [2]. - Political unrest in Mongolia affected port clearance vehicle numbers, causing supply - side disturbances and positive market sentiment [2]. - The EU's 19th round of sanctions against Russia would include four companies involved in circumventing Western sanctions in the Chinese oil industry [2].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On October 23, the SM2601 contract was reported at 5,818, up 0.41%. On the spot side, the Inner Mongolia ferrosilicon - manganese spot was reported at 5,580. Fundamentally, inventory rebounded rapidly, production continued to decline slightly at a high level, and inventory increased for three consecutive weeks. On the cost side, the port inventory of imported manganese ore decreased by 9.3 tons. On the demand side, hot - metal production fluctuated at a high level. In terms of profit, the Inner Mongolia spot profit was - 130 yuan/ton, and the Ningxia spot profit was - 270 yuan/ton. In the market, the mainstream steel procurement price was 5,820 yuan/ton, a month - on - month decrease of 180 yuan/ton. Technically, the daily K - line was above the 20 - day and 60 - day moving averages. It should be treated as a volatile operation [2]. - On October 23, the SF2601 contract was reported at 5,574, up 0.94%. On the spot side, the Ningxia ferrosilicon spot was reported at 5,250, up 10 yuan/ton. Macroscopically, the US government shutdown entered the 22nd day, the second - longest on record, and the unemployment rate might rise temporarily. In terms of supply and demand, manufacturers' production mostly remained normal, delivering previous orders. Most manufacturers had hedged in the early stage, and the inventory was at a neutral level. Lanthanum coke stabilized, and the short - term cost was supported. In terms of profit, the Inner Mongolia spot profit was - 415 yuan/ton, and the Ningxia spot profit was - 330 yuan/ton. In the market, in September, HBIS's 75B ferrosilicon tender price was 5,800 yuan/ton, a decrease of 230 yuan/ton from the previous round. Technically, the daily K - line was above the 20 - day and 60 - day moving averages. It should be treated as a volatile operation [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - SM主力合约收盘价为5,818元/吨，环比上涨8元；SF主力合约收盘价为5,574元/吨，环比上涨36元[2]. - SM期货合约持仓量为549,668手，环比减少8,517手；SF期货合约持仓量为374,830手，环比减少9,875手[2]. - 锰硅前20名净持仓为 - 60,487手，环比减少7,204手；硅铁前20名净持仓为 - 26,168手，环比增加294手[2]. - SM5 - 1月合约价差为42元/吨，环比上涨4元；SF5 - 1月合约价差为58元/吨，环比下降2元[2]. - SM仓单为45,836张，环比减少456张；SF仓单为11,184张，环比增加173张[2]. 3.2 Spot Market - 内蒙古锰硅FeMn68Si18价格为5,580元/吨，贵州锰硅FeMn68Si18价格为5,600元/吨，云南锰硅FeMn68Si18价格为5,600元/吨，环比均无变化；宁夏硅铁FeSi75 - B价格为5,250元/吨，环比上涨10元，内蒙古硅铁FeSi75 - B价格为5,300元/吨，青海硅铁FeSi75 - B价格为5,160元/吨，环比无变化[2]. - 锰硅指数均值为5,640元/吨，环比下降31.9元；SF主力合约基差为 - 324元/吨，环比下降26元；SM主力合约基差为 - 238元/吨，环比下降8元[2]. 3.3 Upstream Situation - 南非矿Mn38块天津港价格为24元/吨度，硅石（98%西北）价格为210元/吨，内蒙古乌海二级冶金焦价格为1,150元/吨，环比均无变化；兰炭（中料神木）价格为780元/吨，环比上涨20元[2]. - 锰矿港口库存为436.4万吨，环比减少9.3万吨[2]. 3.4 Industry Situation - 锰硅企业开工率为43.28%，环比上涨0.09%；硅铁企业开工率为35.48%，环比下降0.46%[2]. - 锰硅供应为208,810吨，环比增加4,585吨；硅铁供应为112,800吨，环比减少3,000吨[2]. - 锰硅厂家库存为262,500吨，环比增加20,000吨；硅铁厂家库存为69,080吨，环比增加3,050吨[2]. - 锰硅全国钢厂库存为15.93天，环比增加0.95天；硅铁全国钢厂库存为15.52天，环比增加0.85天[2]. 3.5 Downstream Situation - 五大钢种锰硅需求为121,113吨，环比减少960吨；五大钢种硅铁需求为19,572.52吨，环比减少182.08吨[2]. - 247家钢厂高炉开工率为84.25%，环比无变化；247家钢厂高炉产能利用率为90.31%，环比下降0.22%[2]. - 粗钢产量为7,349.01万吨，环比减少387.84万吨[2]. 3.6 Industry News - Trump cancelled his meeting with Putin in Budapest. The US lifted key restrictions on Ukraine's use of long - range missiles. The US imposed sanctions on two major Russian oil companies for the first time since Trump took office, and oil prices rose 4% during the session[2]. - India and the US are close to reaching a trade agreement, with tariffs reduced from 50% to 15%[2]. - Minister of Industry and Information Technology Li Lecheng said that some traditional driving forces in China are weakening, and new driving forces are still being cultivated and strengthened, not fully able to make up for the decline of traditional driving forces. The driving force should come from innovation and reform[2]. - On October 22, most of the open - pit coal mines in Wuhai and Qipanjing with a capacity of about 28.3 million tons were shut down due to slope treatment and resource restructuring. Only three fire - fighting project coal mines in Wuda District were still in normal production. Recently, local environmental inspections have become stricter, restricting the shipment of producing coal mines, but having little impact on production. In addition, safety inspections in Qipanjing have affected production, with some over - producing coal mines suspending production and shipment. The supply of coking coal raw coal in the Wuhai market has decreased, and the online auction of some coal types has seen a premium of 50 - 235 yuan/ton, with upstream sentiment improving and coking coal quotes also planning to rise[2].