Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - After the holiday, the sentiment in the chemical market was poor, and soda ash followed the sector with weak fluctuations. During the domestic long - holiday, soda ash production facilities had narrow adjustments, with individual companies having short - term shutdowns, resulting in a narrow decline in supply. Downstream demand was mediocre, and overall purchasing enthusiasm was low, with limited fundamental drivers. Given the fundamental situation of oversupply, it is expected that the short - term soda ash futures market may continue to fluctuate weakly. Attention should be paid to the progress of the second - phase capacity release of Yuanxing and the restocking situation of downstream enterprises [7][8] 3. Summary by Directory 3.1 Futures Market - **Contract行情**: On October 9, 2025, the soda ash futures fluctuated downward. The opening price of soda ash 2601 (SA601) was 1256 yuan/ton, the highest price was 1268 yuan/ton, the lowest price was 1237 yuan/ton, and the closing price was 1250 yuan/ton, a decrease of 22 yuan/ton or 1.73% from the previous trading day's settlement price. The trading volume was 756,000 lots, a decrease of 27,000 lots from the previous day, and the open interest was 1,317,000 lots, an increase of 67,000 lots from the previous day [2] - **Variety Price**: The opening, highest, lowest, and closing prices of different soda ash futures contracts on October 9, 2025, are provided, including soda ash 2609, soda ash 2601 M, and soda ash 2605 [4] 3.2 Spot Market - On October 9, 2025, the domestic soda ash spot market quotes are presented in a price summary table, but the specific prices in the table are not detailed in the text [5] 3.3 Influencing Factors - **Industry Chain - Related**: On October 9, 2025, the spot price of 5.00mm large - size glass in North China was reported at 1230 yuan/ton [6] - **Fundamental - Related**: As of October 9, 2025, the total domestic soda ash inventory was 1.6598 million tons, an increase of 59,900 tons compared to before the holiday. Among them, the inventory of light soda ash was 739,100 tons, a month - on - month increase of 42,400 tons, and the inventory of heavy soda ash was 920,700 tons, a month - on - month increase of 17,500 tons [6] 3.4 Market Outlook - Due to the fundamental situation of oversupply, the short - term soda ash futures market is expected to continue to fluctuate weakly. Attention should be paid to the progress of the second - phase capacity release of Yuanxing and the restocking situation of downstream enterprises [8]

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report - The soybean oil futures market showed an oscillating upward trend, but the reduction in positions of the main contract while prices rose indicates weakening capital enthusiasm for chasing high prices and limited rebound momentum. The high basis in the spot market provides bottom - support, yet macro factors such as crude oil price fluctuations and domestic oil inventory pressure restrict the upside potential. In the short - term, the futures price is expected to continue to trade within a range, and attention should be paid to capital movements and the process of spot inventory reduction [10]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Contract Market**: On September 19, 2025, the soybean oil futures market showed an oscillating upward trend. The main contract y2601 closed at 8,328 yuan/ton, up 22 yuan/ton from the previous trading day, with a trading volume of 331,651 lots and an open interest of 571,426 lots, a decrease of 3,418 lots [2]. - **Variety Price**: The total trading volume of soybean oil contracts was 378,156 lots, and the total open interest was 820,566 lots, a decrease of 3,207 lots compared to the previous day [4]. - **Related Market**: The soybean oil options traded 40,410 lots throughout the day, with an open interest of 110,114 lots, an increase of 2,676 lots in open interest, and 0 lots exercised [7]. 3.2 Spot Market - The spot price of Grade - 1 soybean oil in Zhangjiagang on the day was 8,560 yuan/ton. The settlement price of the main contract v2601 was 8,336 yuan/ton, with a basis of 224 yuan/ton [8]. 3.3 Influencing Factors - On September 18, commodity funds net - sold 3,000 lots of CBOT soybean futures contracts, 4,000 lots of corn futures contracts, 1,000 lots of wheat futures contracts, 500 lots of soybean meal futures contracts, and 3,000 lots of soybean oil futures contracts [9]. 3.4 Market Outlook - The soybean oil futures closed higher in an oscillating manner, but the reduction in positions of the main contract while prices rose indicates weak capital enthusiasm for chasing high prices and limited rebound momentum. The high basis in the spot market provides bottom - support, while macro factors such as crude oil price fluctuations and domestic oil inventory pressure restrict the upside potential. As the traditional consumption peak season in the fourth quarter approaches, the strength of demand recovery will be the key driver. In the short - term, the futures price is expected to continue to trade within a range, and attention should be paid to capital movements and the process of spot inventory reduction [10].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The stainless - steel futures rose today, driven by steel mills' price hikes and related variety disk trends. However, due to weak downstream demand in the off - season, the market is in a wait - and - see state with light trading. Technically, there is a callback pressure after the price breaks through the 50 - day moving average and the RSI indicator moves from the oversold area to the middle range. In the short term, stainless - steel futures may maintain a volatile trend [10]. 3. Section - by - Section Summaries 3.1 Futures Market - **Contract行情**: On August 5, 2025, the price of the stainless - steel ss2509 contract fluctuated upward. It opened near the daily low of 12985 points, then dropped to the daily low of 12920 points, and oscillated within this range throughout the day. The price rose at the end of the session and then fell back to the closing price of 12960 points. Trading volume was high at the opening and before the close, with a daily trading volume of 79826 lots [2]. - **Variety Price**: The 12 stainless - steel futures contracts show a normal market pattern of lower near - term prices and higher far - term prices. Contracts at both ends of the months saw relatively large price increases, while those in the middle months had weak increases. The active contract ss2509 had a position of 85949 lots, a decrease of 1526 lots. Funds entered the stainless - steel variety on that day, and the position of the secondary - leading contract increased by 2863 lots [5]. 3.2 Spot Market - **Basic Data**: In the past 10 trading days, the basis of the active contract ss2509 changed significantly, with a maximum of 470 yuan/ton, a minimum of 25 yuan/ton, and 140 yuan/ton on the day. In the spot market, taking the 304 stainless - steel cold - rolled coil plate with rough edges as an example, the prices in Foshan Yongjin, Wuxi Yongjin, Zibo Hongwang, and Shanghai Hongwang were 12750 yuan/ton, 12800 yuan/ton, 12700 yuan/ton, and 12800 yuan/ton respectively [7]. - **Registered Warehouse Receipts**: The registered warehouse receipts of stainless - steel on the Shanghai Futures Exchange were 102865 tons, a decrease of 60 tons compared with the previous trading day. The recent change in registered warehouse receipts was small, and the overall warehouse receipt quantity remained at a historical high [7]. 3.3 Influencing Factors - **Industry News**: In terms of cost, the price of Indonesian nickel ore remained stable, and the premium of pyrometallurgical nickel ore was maintained at 24 - 25 US dollars/wet ton. The nickel - iron quotation range moved up slightly, mainly concentrated at 920 - 930 yuan/nickel point. High - cost nickel - iron production lines were mostly in a state of reduction or shutdown. In terms of supply, since July, the stainless - steel price has rebounded, and the steel mills' profits have been significantly repaired. However, the production reduction of steel mills in July was less than expected, and the production schedule in August increased further, so there is still supply pressure. According to Steel Union data, the production schedule of the 300 - series in August is 1.7598 million tons, a 3% month - on - month increase. In terms of inventory, the social inventories in Wuxi and Foshan of stainless - steel have been gradually reduced recently, mainly due to the slowdown of market arrivals and the steel mills' price hikes stimulating purchasing demand. But the terminal demand has not improved significantly, mainly for just - in - time replenishment, and the tariff policy has uncertainties for exports [9]. 3.4 Market Outlook The stainless - steel futures rose today, affected by steel mills' price hikes and related variety disk trends. Due to weak downstream demand in the off - season, the wait - and - see sentiment is strong and trading is light. Technically, there is a callback pressure after the price breaks through the 50 - day moving average and the RSI indicator moves from the oversold area to the middle range. In the short term, stainless - steel futures may maintain a volatile trend [10].