Report Industry Investment Rating No relevant content provided. Core View of the Report Through macro - fundamental analysis and technical analysis, the report predicts the trend of various futures contracts on October 22, 2025, including the expected performance of stock index futures, bond futures, precious metal futures, and commodity futures [2]. Summary by Related Catalogs 1. Macro News and Trading Tips - Trump plans to visit China early next year, and the Chinese Foreign Ministry has no specific information to provide [7]. - Chinese Commerce Minister Wang Wentao held video talks with EU officials and had a phone call with the Dutch economic minister, discussing issues such as export controls and the global supply chain [7]. - The Ministry of Commerce held a policy - interpretation round - table for foreign - funded enterprises, emphasizing the importance of export controls and the stability of the global supply chain [7]. - In the first three quarters, domestic tourism increased by 18% in terms of the number of travelers and 11.5% in terms of spending [8]. - European leaders support a cease - fire negotiation in the Russia - Ukraine conflict [8]. - Japan's new Prime Minister, Kōichi Kanasugi, is considering a supplementary budget to address rising prices [8]. - The net financial assets of EU member states have declined [8]. - On October 21, precious metals tumbled, oil prices rose, London base metals mostly increased, the yuan strengthened against the dollar, and the dollar index rose [8][9][10]. 2. Futures Market Analysis and Forecast Stock Index Futures - On October 21, IF2512, IH2512, IC2512, and IM2512 all showed an upward trend, but failed to break through key resistance levels [11][12]. - The A - share market rose strongly on October 21, with over 4600 stocks rising, and the trading volume increased [13]. - Hong Kong stocks rose on October 21, while US stocks were mixed, and European stocks rose slightly [14][15]. - From April to September, investor leverage increased by 32.4%, which may be a risky entry point [15]. - It is expected that in October 2025, IF, IH, IC, and IM will have a wide - range and mostly weak oscillation. On October 22, they will oscillate and consolidate [15][17]. Bond Futures - On October 21, the ten - year and thirty - year bond futures had a slight upward trend, with the central bank conducting reverse repurchase operations and a net capital injection [34]. - It is expected that on October 22, the ten - year and thirty - year bond futures will have a wide - range oscillation [36][40]. Precious Metal Futures - On October 21, the gold futures rose during the day but fell sharply at night. It is expected that in October 2025, it will oscillate strongly and break new highs, and on October 22, it will oscillate weakly [40][41][42]. - On October 21, the silver futures rose during the day but fell at night. It is expected that in October 2025, it will oscillate strongly and break new highs, and on October 22, it will oscillate weakly [49][50]. Commodity Futures - On October 21, copper futures rose slightly, and it is expected that in October 2025, it will oscillate strongly, and on October 22, it will oscillate weakly [53]. - On October 21, aluminum futures rose slightly, and it is expected that in October 2025, it will oscillate strongly, and on October 22, it will oscillate and consolidate [59][60]. - On October 21, alumina futures fell slightly, and it is expected that in October 2025, it will oscillate weakly, and on October 22, it will oscillate strongly [63]. - On October 21, rebar futures rose slightly, and it is expected that in October 2025, it will oscillate widely, and on October 22, it will oscillate and consolidate [67]. - On October 21, hot - rolled coil futures rose slightly, and it is expected that on October 22, it will oscillate and consolidate [70]. - On October 21, iron ore futures rose slightly, and it is expected that in October 2025, it will oscillate widely, and on October 22, it will oscillate strongly [74]. - On October 21, coking coal futures fell, and it is expected that in October 2025, it will oscillate strongly, and on October 22, it will oscillate strongly [78][79]. - On October 21, glass futures fell, and it is expected that in October 2025, it will oscillate weakly, and on October 22, it will oscillate widely [82]. - On October 21, soda ash futures fell, and it is expected that in October 2025, it will oscillate weakly, and on October 22, it will oscillate strongly [86]. - On October 21, crude oil futures rose slightly, and it is expected that in October 2025, it will oscillate weakly, and on October 22, it will oscillate strongly [90]. - On October 21, PTA futures rose slightly, and it is expected that on October 22, it will oscillate strongly [95][96]. - On October 21, methanol futures rose slightly, and it is expected that on October 22, it will oscillate weakly [98]. - On October 21, soybean meal futures fell slightly, and it is expected that on October 22, it will oscillate weakly [101].

行业 纯碱、玻璃日报 日期 2025 年 10 月 14 日 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 期货从业资格号：F03134307 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃、纯碱） 请阅读正文后的声明 ＃summary＃ 每日报 ...

Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. Core Viewpoints of the Report Through macro - fundamental and technical analysis, the report predicts the trends of various futures on August 20, 2025, including that stock index futures will oscillate and consolidate, while some commodity futures like coking coal, glass, and soda ash futures will oscillate weakly, and industrial silicon, polysilicon, and lithium carbonate futures will have a weakly wide - range oscillation [1][2]. Summary by Relevant Catalogs 1. Futures Market Outlook - **Stock Index Futures**: Expected to oscillate and consolidate on August 20. Specific support and resistance levels are provided for IF2509, IH2509, IC2509, and IM2509 [2][19]. - **Treasury Bond Futures**: The ten - year and thirty - year treasury bond futures主力 contracts T2509 and TL2509 are likely to oscillate strongly and attack resistance levels [2]. - **Precious Metal Futures**: Gold and silver futures主力 contracts AU2510 and AG2510 are likely to oscillate weakly [2][3]. - **Base Metal Futures**: Copper, aluminum, alumina, etc. futures主力 contracts are likely to oscillate weakly [3]. - **Industrial and Energy Futures**: Industrial silicon, polysilicon, lithium carbonate, etc. futures主力 contracts are likely to have a weakly wide - range oscillation; coking coal, glass, and soda ash futures主力 contracts are likely to oscillate weakly [1][3]. - **Agricultural Futures**: Soybean meal, soybean oil, palm oil, etc. futures主力 contracts are likely to oscillate weakly [7]. 2. Macro Information and Trading Tips - **Domestic Information**: In July, China's general public budget revenue increased year - on - year; relevant meetings emphasized promoting consumer policies; the central bank increased re - loan quotas; unemployment rates of different age groups were announced; new regulations on personal pension were introduced; and the LME Hong Kong delivery warehouse was inaugurated [8][11]. - **International Information**: The US expanded steel and aluminum tariff lists, which is negative for related commodity futures; the US and Japan planned investment consultations; the US new home starts increased; the US credit rating was confirmed; and a Japanese politician called for interest rate hikes [9][10][11]. 3. Futures Market Analysis and Outlook - **Stock Index Futures**: On August 19, the stock index futures主力 contracts generally had weak trends, with short - term upward momentum weakening and downward pressure increasing. The A - share market was weak, but the two - margin balance continued to rise, and foreign institutions were optimistic about the Chinese stock market [13][14][15][16][17]. - **Treasury Bond Futures**: On August 19, the ten - year and thirty - year treasury bond futures主力 contracts had small rebounds, and the central bank conducted large - scale reverse repurchase operations [37][41]. - **Commodity Futures**: Different commodity futures主力 contracts had different trends on August 19, and their trends on August 20 were predicted based on technical and fundamental analysis [44][51][70][71][74][79][83][87][91][94][100][104][106][108][110][112][114][117].