十一假期综述 宏观有色板块 【股指】 在国庆假期，市场表现引人瞩目，主要股指在假期前夕普遍上涨，其中 A 股市场更是展 现出强劲的增长势头，涨幅达到 6.7%，刷新了自 1987 年以来的高点。假期内，多项政 策利好消息持续释放。央行于10月9日将进行11000亿元的买断式逆回购，期限为三个 月，旨在维持市场流动性。此外，市场也对"十四五"资本市场规划的高质量实施寄予 厚望。预计在政策的引导和市场情绪的激励下，A 股市场将迎来增量资金的积极入场。 【铜】 【锌】 预计国内旺季需求不如预期，供应压力缓解有限，沪锌反弹高度有限。 国庆期间伦锌持续反弹突破前高。美元国庆早期连续几天弱势回落，海外锌库存持续回 落，伦锌持续走强。但近日美元再次转强，沪锌高位承压。国内锌矿加工费环比走弱， 但矿端供应仍偏宽松，国内锌供应压力仍较大，国内库存回落后仍在近年来相对高位。 【铅】 国庆期间伦铅冲高回落，呈宽幅震荡走势。伦铅库存回落，仍在近五年绝对高位。国内 再生铅利润修复，原生铅检修后逐步复产，整体铅供应压力加大。节前备货需求一般， 国内库存下降至低位，不过今年旺季需求并未有明显气起色。后期供应修复增加压力较 强，铅震荡偏弱。 ...

金融期货早评 宏观：国内需求端仍是核心症结 【市场资讯】1）美联储纪要：多数官员称今年继续宽松可能适宜，少数人本来可能支持 9 月不降息。2）美国政府关门逾一周还无解：参议院第六次否决两党临时拨款议案。3）美 国国会预算办公室：上财年美国联邦政府预算赤字 1.8 万亿美元，与 2024 财年近乎持平。 4）普京：必须确保特别军事行动设定的所有目标都无条件实现。俄副外长：俄美元首会晤 推力已基本耗尽，"战斧"导弹可致局势本质变化。5）消息人士称哈马斯已同意加沙停火协 议，特朗普：以色列与哈马斯已签署"20 点计划"第一阶段协议，本周末或去中东。 【核心逻辑】国内方面，国庆假期人员出行整体表现不弱。假期第六天，全社会跨区域人 员流动量 29819.42 万人次，环比增长 2.4%，同比增长 7%；假期前半程交通出行人数再创 新高，水路、民航旅客发送量亦实现增长。不过，国庆假期整体出行情况或不及五一假期。 整体来看，后续经济修复的关键仍需聚焦居民需求端。当前，供需两端政策正逐步推进， 后续或仍有增量政策出台，以推动物价平稳回升。需注意的是，政策出台的关键触发因素 或为经济数据超预期下滑，且政策基调仍以托底为主。而海 ...

1. Report Industry Investment Ratings - Iron ore: Oscillating with a bullish bias [2] - Coking coal and coke: Oscillating with a bullish bias [2] - Rebar and rolled steel: Oscillating [2] - Glass: Rebounding [2] - Soda ash: Adjusting [2] - CSI 50: Oscillating [2] - CSI 300: Oscillating [2] - CSI 500: Rebounding [4] - CSI 1000: Rebounding [4] - 2 - year Treasury bond: Oscillating [4] - 5 - year Treasury bond: Oscillating [4] - 10 - year Treasury bond: Rebounding [4] - Gold: High - level oscillation [4] - Silver: High - level oscillation [4] - Logs: Range - bound oscillation [6] - Pulp: Bottom consolidation [6] - Offset paper: Bearish outlook [6] - Edible oils: Wide - range oscillation [5] - Soybean meal: Oscillating with a bearish bias [5] - Rapeseed meal: Oscillating with a bearish bias [5] - Soybean No. 2: Oscillating with a bearish bias [7] - Soybean No. 1: Oscillating with a bearish bias [7] - Live pigs: Oscillating with a bullish bias [7] - Rubber: Oscillating [10] - PX: On the sidelines [10] - PTA: Oscillating [10] - MEG: On the sidelines [10] - PR: On the sidelines [10] - PF: On the sidelines [10] 2. Core Views - The Fed's interest rate cut has landed as expected, and after the National Day, trading focus will gradually shift to reality. Different commodities have different supply - demand situations and price trends [2][4]. - Gold's pricing mechanism is shifting, and factors such as central bank gold purchases, geopolitical risks, and the US economic situation affect its price [4]. - Various factors such as supply - demand, policies, and seasonal factors impact the prices of commodities in different industries [2][5][6][7][10]. 3. Summary by Related Catalogs Ferrous Metals - Iron ore: Overseas supply decreased slightly but remained at a high level in recent years. Port arrivals increased, demand rebounded, and the 2601 contract adjusted at a high level [2]. - Coking coal and coke: As the double - festival replenishment period approaches, procurement enthusiasm increased. Supply may be weaker than last year, and the futures market rebounded [2]. - Rebar and rolled steel: Data met expectations, production increased slightly, demand was lackluster, and the 2601 contract oscillated with a bullish bias [2]. - Glass: Enterprises raised prices, short - term price increases may stimulate downstream replenishment, and demand improved slightly, but the long - term real estate adjustment continued [2]. Financial Products - Stock index futures/options: Different stock indices showed different trends, with some sectors having capital inflows and others outflows [2]. - Treasury bonds: Yields and market interest rates fluctuated, and the market was affected by factors such as central bank operations [4]. - Gold and silver: Gold's pricing mechanism is changing, and factors such as geopolitical risks, the US economic situation, and central bank gold purchases affect their prices [4]. Light Industry - Logs: Supply tightened, inventory decreased, cost support weakened, and prices were expected to oscillate in a range [6]. - Pulp: Spot prices were divided, cost support increased, but demand was weak, and prices were expected to consolidate at the bottom [6]. - Offset paper: Production was stable, demand was weak during the off - season, and the industry was bearish [6]. Oils and Fats - Oils: Palm oil inventory increased, production decreased due to disasters, and demand from India increased. Domestic oil supply was abundant, and prices were expected to oscillate widely [5]. - Meal: US soybean production increased, export demand was weak, and domestic supply was abundant, with prices expected to oscillate with a bearish bias [5]. Agricultural Products - Live pigs: Average transaction weight increased, supply was abundant, demand was weak, and prices were expected to oscillate weakly in the short term [7]. Soft Commodities - Rubber: Supply pressure decreased in some areas, demand increased slightly, inventory decreased, and prices were expected to oscillate widely [10]. - PX, PTA, MEG, PR, PF: PX had supply risks, PTA's cost support might weaken, and their prices followed cost fluctuations. MEG had supply pressure, and PR and PF were expected to trade flatly [10].

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Report Industry Investment Ratings - Iron ore: Oscillating with a bullish bias [2] - Coking coal and coke: Oscillating with a bullish bias [2] - Rebar: Oscillating [2] - Glass: Adjusting [2] - Soda ash: Adjusting [2] - CSI 50: Oscillating [2] - CSI 300: Oscillating [2] - CSI 500: Oscillating [3] - CSI 1000: Rebounding [3] - 2-year Treasury bond: Oscillating [3] - 5-year Treasury bond: Oscillating [3] - 10-year Treasury bond: Rebounding [3] - Gold: Bullish [3] - Silver: Bullish [3] - Logs: Range-bound [5] - Pulp: Consolidating at the bottom [5] - Offset paper: Bearish [5] - Edible oils: Wide-range oscillation [5] - Soybean meal: Oscillating with a bearish bias [5] - Soybean No. 2: Oscillating with a bearish bias [5] - Live pigs: Oscillating with a bullish bias [7] - Rubber: Oscillating [9] - PX: On the sidelines [9] - PTA: Oscillating [9] - MEG: On the sidelines [9] - PR: On the sidelines [9] - PF: On the sidelines [9] Core Views - The Fed's interest rate cut has been implemented as expected, and after the National Day, trading focus will gradually shift to the real economy [2][3] - The supply of overseas iron ore has declined slightly, but the total global iron ore shipments are still at a relatively high level in recent years, and the demand for iron ore has rebounded [2] - The coal mine shutdown news and the increasing expectation of "anti-involution" have jointly promoted the rebound of coking coal and coke futures [2] - The real estate investment continues to decline, and the total demand is difficult to show an anti-seasonal performance, forming a pattern of high in the first half and low in the second half [2] - The overall glass supply remains stable, and the demand has limited growth, with a loose fundamental pattern [2] - The pricing mechanism of gold is shifting from the traditional focus on real interest rates to central bank gold purchases, and the price is expected to remain bullish [3] - The supply of logs is tightening, and the cost support is weakening, with the price expected to range-bound [5] - The pulp price is expected to consolidate at the bottom, and the offset paper market is bearish [5] - The supply pressure of edible oils is increasing, and the price is expected to oscillate widely [5] - The supply of soybean meal is abundant, and the price is expected to oscillate with a bearish bias [5] - The average trading weight of live pigs is rising, and the price is expected to oscillate with a bullish bias in the short term [7] - The natural rubber price is expected to oscillate widely, and the PX and PTA prices will follow the cost fluctuations [9] Summary by Related Catalogs Black Industry - Iron ore: Global iron ore shipments decreased by 2.483 million tons to 33.248 million tons, but the 47-port iron ore arrivals increased by 3.581 million tons to 27.504 million tons. The daily average pig iron output rebounded slightly, driving up the demand for iron ore. The steel mills' profit ratio declined, but the motivation for active production cuts was still insufficient, with inventory replenishment expected before the festival. The iron ore 2601 contract broke through the previous high and showed an oscillating and bullish trend [2] - Coking coal and coke: The shutdown news of coal mines and the increasing expectation of "anti-involution" promoted the rebound of coking coal and coke futures. The supply of coking coal is likely to be weaker than last year in the second half of the year, and the demand for coking coal and coke has rebounded with the arrival of the peak season. An individual coking enterprise in Inner Mongolia initiated the first round of coke price increase. The price is expected to oscillate with a bullish bias [2] - Rebar: The Fed's interest rate cut and the coal mine shutdown news, along with the "anti-involution" expectation, promoted the rebound of coking coal and coke, which in turn drove up the rebar price. The output of finished steel decreased slightly, but the supply remained at a relatively high level. The total demand was difficult to show an anti-seasonal performance, and the rebar 2601 contract is expected to oscillate with a bullish bias in the short term, with attention paid to the inventory performance [2] - Glass: The glass supply remained stable, and the demand had limited growth. The downstream deep-processing factory orders increased slightly, but the demand increment was limited. The coal-to-gas conversion in Shahe may cause short-term fluctuations in the market. The key for the 01 contract lies in the cold repair path, and attention should be paid to the pre-festival inventory replenishment [2] Financial Industry - Stock index futures/options: The CSI 300, SSE 50, CSI 500, and CSI 1000 stock indexes showed different performances. The computer hardware and precious metals sectors had capital inflows, while the catering and tourism and soft drink sectors had capital outflows. The market rebounded, and it is recommended to control the risk preference and maintain the current long position of stock indexes [3] - Treasury bonds: The yield of the 10-year Treasury bond and FR007 increased by 1bp, and SHIBOR3M remained flat. The central bank conducted reverse repurchase operations, and the market interest rate fluctuated. The Treasury bond price showed a weakening trend, and it is recommended to hold a light long position [3] - Gold and silver: The pricing mechanism of gold is changing, and the price is affected by central bank gold purchases, currency, finance, and geopolitical factors. The interest rate policy of the Fed and geopolitical conflicts are the main influencing factors. The price of gold and silver is expected to remain bullish, with attention paid to Powell's speech and PCE data [3] Light Industry - Logs: The daily average port shipments of logs decreased, and the supply from New Zealand declined. The port inventory decreased, and the cost support weakened. The price is expected to range-bound [5] - Pulp: The spot market price of pulp was stable, and the cost support increased. However, the papermaking industry's profitability was low, and the paper mills' inventory pressure was high, with the price expected to consolidate at the bottom [5] - Offset paper: The spot market price of offset paper declined. The production was relatively stable, but it was in the downstream seasonal off-season, and the demand was poor. The industry was in a stage of overcapacity, and the price was expected to be bearish [5] Oil and Fat Industry - Edible oils: The production of Malaysian palm oil increased slightly in August, and the inventory increased by 4.18% to 2.2 million tons. The supply pressure of domestic soybean oil increased, and the price of edible oils is expected to oscillate widely, with attention paid to the weather in the US soybean-producing areas and the production and sales of Malaysian palm oil [5] - Soybean meal: The US soybean yield increased, but the export demand was weak, and the domestic supply was abundant. The price of soybean meal is expected to oscillate with a bearish bias, with attention paid to the US soybean weather and soybean arrivals [5] Agricultural Products Industry - Live pigs: The average trading weight of live pigs increased, and the supply was relatively abundant. The terminal consumption market was sluggish, and the slaughtering enterprise's开工 rate declined. The price is expected to oscillate with a bullish bias in the short term, with the support of the pre-festival inventory replenishment demand [7] Soft Commodities Industry - Natural rubber: The supply pressure in Yunnan decreased, and the production in Hainan was lower than expected. The demand for tires increased, and the inventory decreased. The price is expected to oscillate widely [9] - PX and PTA: The PX supply was in surplus, and the price followed the oil price fluctuations. The PTA supply and demand both increased, but the overall supply-demand margin weakened, and the price followed the cost fluctuations [9]

Report Overview - Report Title: Polyester Industry Risk Management Daily - Cost and Sentiment Double Blow, Prices Weakening - Date: September 19, 2025 - Analysts: Dai Yifan, Zhou Jiawei 1. Report Industry Investment Rating - No information provided 2. Report's Core View - The ethylene glycol market currently has limited supply - demand drivers and is expected to oscillate in the range of 4200 - 4400. Price breakthroughs depend on cost - side and macro - drivers. With short - term sentiment causing an over - decline, there is price support, and it is advisable to moderately sell out - of - the - money put options [3]. 3. Summary by Relevant Contents Polyester Price and Volatility - The monthly price ranges for different polyester products are: ethylene glycol 4150 - 4450, PX 6300 - 7000, PTA 4400 - 5000, and bottle chips 5500 - 6100. The 20 - day rolling current volatilities are 9.62% for ethylene glycol, 11.03% for PX, 10.04% for PTA, and 7.59% for bottle chips. Their 3 - year historical percentile of current volatility are 2.5%, 7.8%, 7.2%, and 0.8% respectively [2]. Polyester Hedging Strategies Inventory Management - For high finished - product inventory and concerns about ethylene glycol price drops, with a long spot exposure, it is recommended to short ethylene glycol futures (EG2601) with a 25% hedging ratio at an entry range of 4320 - 4420 to lock in profits and cover production costs. Also, buy put options (EG2601P4100) and sell call options (EG2601C4500) with a 50% hedging ratio at entry ranges of 20 - 30 and 50 - 80 respectively to prevent price drops and reduce capital costs [2]. Procurement Management - For low procurement inventory and purchasing based on orders, with a short spot exposure, it is recommended to buy ethylene glycol futures (EG2601) with a 50% hedging ratio at an entry range of 4180 - 4250 to lock in procurement costs. Sell put options (EG2601P4100) with a 75% hedging ratio at an entry range of 50 - 80 to collect premiums and lock in the purchase price of spot ethylene glycol [2]. Core Contradiction of Ethylene Glycol - Ethylene glycol has limited fundamental drivers recently. Under the expectation of continuous inventory accumulation after October, it has become a concentrated short - position target for funds. The inventory accumulation expectation in the fourth quarter is advanced and magnified due to new capacity, putting pressure on valuation. With much of the inventory - accumulation expectation already priced in, chasing short positions is not recommended before its realization. The supply side has no significant incremental capacity, lacking supply elasticity. Considering low inventory, low valuation, and inelastic supply, the short - term downward space is limited, while upward price movement is more elastic with unexpected drivers. It is expected to oscillate between 4200 - 4400, and price breakthroughs depend on cost and macro - drivers [3]. 利多解读 (Positive Factors) - The increase in thermal coal prices has compressed the profit of marginal coal - based production units to near the cost line [4]. 利空解读 (Negative Factors) - The 200,000 - ton ethylene glycol plant of Ningxia Kunpeng is planned to start trial production at the end of October, and its progress should be monitored. The new 800,000 - ton ethylene glycol capacity of Yulong is expected to be put into operation ahead of schedule at the end of September or early October, with an additional 50,000 - 60,000 tons of output in October [6]. Polyester Daily Data - The report provides price, price difference, processing fee, and sales rate data for various polyester - related products such as Brent crude oil, naphtha, PX, PTA, ethylene glycol, polyester filaments, and polyester chips on September 19, 2025, compared with previous days and weeks [8][9].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The fundamentals of Shanghai copper remain tight. Domestic copper production is expected to decrease significantly, supporting the upward movement of copper prices. It is recommended to buy on dips in moderation [9]. - The supply and demand of lithium carbonate are gradually tightening, and its price is expected to be strong in the short term [11]. - The supply and demand of crude oil will weaken. It is recommended to short on rallies in the medium and long term. Recently, the oil price is oscillating, and it is advised to wait and see [12]. - The supply and demand of asphalt will both increase, and its price is expected to oscillate. It is recommended to wait and see [14]. - PP is expected to oscillate in the near term with limited downside [16]. - Plastic is expected to oscillate in the near term with limited downside [17]. - The upside space of PVC is expected to be limited in the near term [19]. - Coking coal still maintains a relatively strong trend [20]. - Urea is still building a bottom in oscillation, with a chance of rebound later, but the loose pattern has not reversed [22]. Summary by Related Catalogs Futures Market Overview - As of the close on September 19, most domestic futures main contracts declined. Container shipping to Europe dropped 6%, PX and PTA fell over 2%, and SC crude oil, bottle chips, and staple fiber dropped nearly 2%. In terms of gains, industrial silicon rose over 3%, rapeseed meal rose over 2%, and caustic soda, lithium carbonate, coking coal, and rapeseed oil rose over 1% [6]. - In terms of stock index futures, the main contract of CSI 300 (IF) rose 0.55%, the main contract of SSE 50 (IH) rose 0.34%, the main contract of CSI 500 (IC) rose 0.34%, and the main contract of CSI 1000 (IM) fell 0.21% [6]. - In terms of treasury bond futures, the main contract of 2-year treasury bond futures (TS) fell 0.05%, the main contract of 5-year treasury bond futures (TF) fell 0.13%, the main contract of 10-year treasury bond futures (T) fell 0.21%, and the main contract of 30-year treasury bond futures (TL) fell 0.77% [7]. - As of 15:17 on September 19, in terms of capital inflow of domestic futures main contracts, Shanghai gold 2512 inflowed 2.922 billion yuan, Shanghai silver 2512 inflowed 1.823 billion yuan, and iron ore 2601 inflowed 816 million yuan. In terms of capital outflow, Shanghai copper 2510 outflowed 867 million yuan, SSE 50 2512 outflowed 537 million yuan, and polysilicon 2511 outflowed 284 million yuan [7]. Specific Futures Analysis Shanghai Copper - Today, Shanghai copper opened low and moved high. The number of initial jobless claims in the US last week dropped significantly to 231,000, a decrease of 32,000 from the previous week, the largest decline in nearly four years [9]. - As of September 12, China's spot smelting fee (TC) was -$41.42 per dry ton, and the RC fee was -4.16 cents per pound. The TC/RC fees remained weakly stable [9]. - Factory seasonal maintenance plans will still lead to production cuts in September and October. Currently, the profitability of small and medium-sized smelters is under pressure, and the supply of refined copper remains tight [9]. - In August, SMM's electrolytic copper production in China was 1.1715 million tons, a month-on-month decrease of 0.24% and a year-on-year increase of 15.59%. Affected by policies, the supply of scrap copper in September will decrease significantly, and smelters have maintenance plans in September. It is expected that the electrolytic copper production in September will drop significantly [9]. - Currently, it is approaching the peak season. Although the price has been pushed up recently, the downstream trading atmosphere has improved. The realization of the peak season expectations still needs to be observed [9]. - The inventory of the Shanghai Futures Exchange has increased slightly, with an increase of 6,633 tons compared with last week. The import volume has increased, and the high price has suppressed copper demand, gradually starting the inventory accumulation trend [9]. Lithium Carbonate - Lithium carbonate opened low and moved high today. The average price of battery-grade lithium carbonate was 73,500 yuan per ton, a increase of 50 yuan per ton compared with the previous working day; the average price of industrial-grade lithium carbonate was 71,250 yuan per ton, a increase of 50 yuan per ton compared with the previous working day. The spot transaction price continued to rise in an oscillating manner [10]. - On the supply side, affected by the mine license, the proportion of lithium carbonate produced from lepidolite raw materials has dropped to 15%. Spodumene has gradually become the most important raw material for lithium carbonate. Attention should be paid to the resumption progress of the Jiangxi Jianxiawo mining area. Currently, the capacity utilization rate of lithium carbonate is at a relatively high level year-on-year [11]. - On the demand side, the total domestic demand for lithium carbonate in August reached 102,000 tons, a month-on-month increase of 7.49%. According to the China Automobile Dealers Association, the customer collection in the first half of September increased by 1.2% compared with the same period in August and decreased by 8.8% compared with the second half of August. The orders in the first half of September increased by 2.0% compared with the same period in August and decreased by 16.6% compared with the second half of August. Before the double festivals, the downstream restocking sentiment has improved [11]. Crude Oil - The peak travel season for crude oil is basically over. Currently, EIA data shows that US crude oil inventories have decreased significantly more than expected, but refined oil inventories have increased more than expected, alleviating the previous supply concerns. The overall oil product inventory continues to increase, and the operating rate of US refineries has dropped by 1.6 percentage points [12]. - On September 7, eight OPEC+ countries decided to adjust the production by 137,000 barrels per day from the additional voluntary production cut of 1.65 million barrels per day announced in April 2023, which will be implemented starting from October 2025. This 1.65 million barrels per day of production can be partially or fully restored according to market conditions and will be carried out in a gradual manner [12]. - This will increase the pressure on crude oil in the fourth quarter. The latest IEA monthly report has raised the surplus amplitude of crude oil again. Saudi Aramco has lowered the shipping price of its flagship product, Arab Light crude oil, to Asia in October by $1 per barrel [12]. - Currently, after the discount of Russian crude oil has widened, India continues to import Russian crude oil, and India and the US are still in negotiations. Attention should be paid to the progress of the ceasefire agreement negotiation between Russia and Ukraine and India's procurement of Russian crude oil [12]. - The subsequent consumption peak season is about to end. The weak US non-farm payrolls data has made the market worried about crude oil demand, and OPEC+ is accelerating production increases. The supply and demand of crude oil will weaken. It is recommended to short on rallies in the medium and long term [12]. - Recently, the previous sharp drop in crude oil prices has partially released the negative impact of the OPEC+ meeting. The market may focus on whether Europe and the US will increase sanctions on Russian crude oil [12]. - Trump said that Putin was disappointing and urged countries to stop buying oil from Russia, but at the same time said that the oil price needed to be further lowered to force Russia to withdraw from the Russia-Ukraine conflict [12]. - In addition, countries such as Iraq have submitted the latest compensation plans, with a cumulative compensation of 4.779 million barrels per day, of which the compensation production in October 2025 is 235,000 barrels per day, alleviating the pressure of supply increase [12]. - Israel launched an attack on the Hamas ceasefire negotiation delegation in Qatar, and the geopolitical risk in the Middle East has increased. Ukraine has increased its attacks on Russian oil infrastructure. Crude oil is oscillating. It is recommended to wait and see for the time being [12]. Asphalt - On the supply side, the asphalt operating rate this week decreased by 0.5 percentage points month-on-month to 34.4%, which is 6.2 percentage points higher than the same period last year. The asphalt operating rate has decreased slightly and is still at a relatively low level in recent years [14]. - According to Longzhong Information data, the expected asphalt production in China in September is 2.686 million tons, a month-on-month increase of 273,000 tons, an increase of 11.3%, and a year-on-year increase of 683,000 tons, an increase of 34.1% [14]. - This week, the operating rates of various downstream industries of asphalt have increased. The operating rate of road asphalt has increased by 1.69 percentage points month-on-month to 30.31%, but it is still at the lowest level in recent years, restricted by funds and rainfall and high temperatures in some areas [14]. - This week, North China has mainly executed previous contracts, and the shipment volume has increased significantly. The national shipment volume has increased by 31.10% month-on-month to 313,600 tons, at a neutral level [14]. - The inventory-to-sales ratio of asphalt refineries has decreased this week but is still at the lowest level in recent years [14]. - The US has allowed Chevron to resume oil production in Venezuela, which may reduce the discount of asphalt raw materials purchased by China [14]. - Next week, the devices of Dongming Petrochemical, Shandong Jincheng, etc. will operate stably, and Henan Fengli has a plan to resume production. The asphalt production will increase. The weather in the north is okay, and many projects are rushing to work. However, the rainfall in some southern areas has increased, and the funds are restricted. The market is cautious, which affects the demand for asphalt [14]. - Recently, the crude oil futures price has oscillated narrowly, and the cost support for asphalt is limited [14]. PP - The downstream operating rate of PP has increased by 0.59 percentage points month-on-month to 51.45%, at a relatively low level in the same period over the years. Among them, the operating rate of plastic weaving has increased by 0.5 percentage points month-on-month to 43.6%, and the plastic weaving orders have continued to increase slightly, slightly higher than the same period in the previous two years [15]. - On September 19, the overhaul devices such as the second line of Yangzi Petrochemical restarted. The operating rate of PP enterprises has dropped to about 81%, at a neutral and relatively low level. The production ratio of standard-grade drawn yarn has dropped to about 28.5% [15]. - The destocking of petrochemical enterprises in September is average, and the petrochemical inventory is at a neutral level in the same period over the years [15]. - On the cost side, the Federal Reserve has cut interest rates by 25 basis points, in line with market expectations. The inventory of US distillate oil has increased significantly, and the crude oil price has dropped [15]. - On the supply side, the new production capacity of 450,000 tons per year of the second line of CNOOC Ningbo Daxie PP Phase II was put into production at the end of August, and another production line of 450,000 tons per year of the first line of CNOOC Ningbo Daxie PP Phase II was put into production in early September. Recently, the number of overhaul devices has decreased slightly [15]. - The weather has improved, and the downstream is gradually entering the peak seasons of "Golden September and Silver October". The operating rate of plastic weaving continues to increase. Most downstream industries of PP are expected to continue to rise. The pre-holiday restocking of the downstream may bring some boost, but the current peak season demand is lower than expected, and the market lacks large-scale centralized procurement [15]. - There is still no actual anti-involution policy in the PP industry. Of course, anti-involution and the elimination of old devices to solve the problem of overcapacity in the petrochemical industry are still macro policies, which will affect the subsequent market [16]. Plastic - On September 19, the overhaul devices such as Jinghai Chemical's HDPE restarted. The operating rate of plastic has increased to about 86.5%, currently at a neutral level [17]. - The downstream operating rate of PE has increased by 0.75 percentage points month-on-month to 42.92%. The agricultural film is gradually entering the peak season. The orders for agricultural film and the raw material inventory of agricultural film continue to increase, but the growth rate has slowed down. The orders for packaging film have also increased, but the overall downstream operating rate of PE is still at a relatively low level in the same period over the years [17]. - The destocking of petrochemical enterprises in September is average, and the petrochemical inventory is at a neutral level in the same period over the years [17]. - On the cost side, the Federal Reserve has cut interest rates by 25 basis points, in line with market expectations. The inventory of US distillate oil has increased significantly, and the crude oil price has dropped [17]. - On the supply side, the new production capacity of 400,000 tons per year of Jilin Petrochemical's HDPE was put into production at the end of July, and the operating rate of plastic has increased [17]. - The agricultural film is gradually entering the peak season, the prices of agricultural film in various regions are stable, and the subsequent demand will further increase. The agricultural film enterprises are continuously restocking before the double festivals, the orders are gradually accumulating, and the operating situation has improved slightly, which may bring some boost, but the current peak season is not as good as expected [17]. - There is still no actual anti-involution policy in the plastic industry. Of course, anti-involution and the elimination of old devices to solve the problem of overcapacity in the petrochemical industry are still macro policies, which will affect the subsequent market [17]. PVC - The price of upstream calcium carbide in the northwest region has continued to increase by 25 yuan per ton [18]. - Currently, on the supply side, the operating rate of PVC has decreased by 2.98 percentage points month-on-month to 76.96%. The operating rate of PVC has decreased and dropped to a neutral and relatively high level in the same period over the years [18]. - During the peak seasons of "Golden September and Silver October", the downstream operating rate of PVC has continued to increase and has begun to exceed the same period last year, but it is still lower than other years [18]. - India has postponed the BIS policy for another six months until December 24, 2025. Formosa Plastics in Taiwan, China has raised its quotation in September by $10 - 25 per ton. On August 14, India announced the latest anti-dumping duty on imported PVC, of which the duty on the Chinese mainland has been raised by about $50 per ton. The export expectation of Chinese PVC in the second half of the year has weakened [18]. - However, after the recent decrease in export prices, the export orders have strengthened month-on-month [18]. - This week, the social inventory has continued to increase and is still relatively high, and the inventory pressure is still large [18]. - From January to August 2025, the real estate market is still in the adjustment stage. The year-on-year decline in investment, new construction, and completion areas is still large, and the year-on-year growth rates of investment, sales, and completion have further decreased [19]. - The weekly trading area of commercial housing in 30 large and medium-sized cities has decreased month-on-month and is still near the lowest level in the same period over the years. The improvement of the real estate market still needs time [19]. - The comprehensive profit of chlor-alkali is still positive, and the operating rate of PVC has increased this week and is still relatively high [19]. - In terms of new production capacity, Wanhua Chemical's 500,000 tons per year production capacity has been put into mass production in August, Tianjin Bohua's 400,000 tons per year production capacity is expected to be stably produced at the end of September after trial production in August, Qingdao Gulf's 200,000 tons per year production capacity was put into production in early September, and Gansu Yaowang's 300,000 tons per year production capacity is in the trial production stage in September [19]. - The anti-involution sentiment has resurfaced, but there is still no actual policy in the PVC industry. Most old devices have been upgraded through technological transformation. Of course, anti-involution and the elimination of old devices to solve the problem of overcapacity in the petrochemical industry are still macro policies, which will affect the subsequent market [19]. - The cost support for PVC has strengthened, and the downstream has restocked before the festival. However, the devices of Heilongjiang Haohua, Gansu Jinchuan, etc. will resume production next week. The basis of PVC is relatively low, and the upside space of

Group 1 - The domestic futures main contracts mostly declined on September 19, with significant drops in various commodities [1] - The shipping index for Europe fell over 4%, while PX decreased by more than 2% [1] - SC crude oil dropped nearly 2%, and PTA, short fiber, bottle chips, and styrene (EB) all fell by over 1% [1] Group 2 - In contrast, there were increases in caustic soda, rapeseed oil, rapeseed meal, and lithium carbonate, each rising by over 1% [1]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The overall market shows a complex situation with different trends in various commodities and financial products. Some commodities are expected to maintain an oscillatory trend, while others face supply - demand imbalances and price pressures. The Fed's interest rate cut has a certain impact on the market, but its influence varies across different sectors [2][3][49]. Summaries by Commodity Types Energy - **Crude Oil**: The medium - term downward trend remains unchanged. Although short - term geopolitical factors may cause fluctuations in supply, the rebound space is limited. A strategy of combining high - level short positions with call options is recommended [2]. - **Fuel Oil & Low - Sulfur Fuel Oil**: The increase in domestic refinery operating rates benefits fuel oil feedstock demand, and the growth in Singapore's bunker fuel consumption is concentrated in high - sulfur bunker fuels. The low - sulfur fuel oil export quota has increased, and the supply pressure is not prominent. It is advisable to focus on the strategy of expanding the high - low sulfur spread at low levels [22]. - **Liquefied Petroleum Gas**: The overseas market is strong, and the domestic market is also positive due to reduced imports in South China and good chemical margins. The short - term oil price ratio is expected to be strong, and attention should be paid to the peak - season stocking market [24]. - **Natural Gas**: Not mentioned in the provided content. Precious Metals - **Precious Metals**: After the Fed's interest rate cut, precious metals may enter a phase of consolidation as the Fed's attitude is cautious and the interest rate cut path is relatively mild [3]. Base Metals - **Copper**: The copper price may fall back to the previous support range of 79,000 - 79,500 yuan. It is recommended to wait and see [4]. - **Aluminum**: The downstream start - up rate is seasonally rising, and the inventory is likely to be low this year. However, the social inventory of aluminum ingots has not shown a turning point. The Shanghai aluminum faces resistance at the March high [5]. - **Zinc**: The LME zinc inventory is low, and the overseas supply is tight. The Shanghai zinc may rebound under the influence of the external market during the "Golden September and Silver October" period. It is advisable to wait for a rebound to go short and also pay attention to the double - buying opportunity of the option's end - of - cycle [8]. - **Nickel & Stainless Steel**: The Shanghai nickel has declined. The pure nickel inventory has increased, and the nickel iron inventory has decreased. The Shanghai nickel is expected to fluctuate at a low level [10]. - **Lead**: The fundamentals of lead are strong domestically and weak overseas. The lead ingot import window may open, and the Shanghai lead has room for an upward rebound, with the upper limit temporarily seen at 17,300 yuan/ton [9]. Industrial Metals - **Alumina**: The operating capacity has reached a new high, and the supply is in excess. The price is under pressure, and the support level is temporarily seen around 2,830 yuan [7]. - **Zinc**: The LME zinc inventory is low, and the overseas supply is tight. The Shanghai zinc may rebound under the influence of the external market during the "Golden September and Silver October" period. It is advisable to wait for a rebound to go short and also pay attention to the double - buying opportunity of the option's end - of - cycle [8]. - **Cast Aluminum Alloy**: It has followed the decline of Shanghai aluminum. Due to the tight supply of scrap aluminum and the expected increase in enterprise costs from tax policy adjustments, it may show stronger resilience compared to Shanghai aluminum [6]. Building Materials - **Rebar & Hot - Rolled Coil**: The steel price is oscillating. The rebar demand is weakening, and the inventory is accumulating. The hot - rolled coil demand is more resilient, and the inventory pressure is relieved. The overall steel price continues to rebound, but the rhythm may be volatile [15]. - **Iron Ore**: The supply is at a high level, and the demand is supported by high hot - metal production in the short term. It is expected to oscillate at a high level in the short term [16]. - **Coke**: The third round of price cuts is in progress. The price is affected by the expectation of coking coal production inspection and "anti - involution." It is advisable to pay attention to the opportunity of buying on dips [17]. - **Coking Coal**: The price is relatively strong due to the high expectation of production inspection and "anti - involution." It is advisable to buy on dips [18]. - **Manganese Silicon**: The price is rising. The demand is supported by the recovery of hot - metal production, but the high point is restricted by the fundamentals. Attention should be paid to "anti - involution" information [19]. - **Silicon Iron**: The price is rising. The demand is good, but the high point is restricted by the fundamentals. Attention should be paid to "anti - involution" information [20]. Chemicals - **Urea**: The supply is sufficient, and the inventory of production enterprises is increasing. The industrial demand is recovering, and the agricultural demand has a phased replenishment expectation. The market is oscillating at a low level [25]. - **Methanol**: The import volume has decreased, and the supply - demand gap is expected to narrow in the short term. The high - inventory pressure persists, and the long - term impact of overseas gas restrictions needs attention [26]. - **Pure Benzene**: The price is oscillating. The supply may improve in the third quarter, but the high import volume suppresses market sentiment [27]. - **Styrene**: The supply has decreased, and the demand is supported by good downstream profits. The supply - demand situation has improved [28]. - **Polypropylene & Plastic & Propylene**: The supply of propylene is expected to increase, and the demand may weaken slightly. The supply - demand situation of polyethylene is gradually improving, while that of polypropylene improves limitedly [29]. - **PVC & Caustic Soda**: PVC is oscillating strongly. The supply pressure is high, and the demand needs to be observed. Caustic soda is expected to oscillate widely [30]. - **PX & PTA**: The PTA price has rebounded, and the PX price has moved up. The demand for PTA is improving, but the price is still driven by raw materials [31]. - **Ethylene Glycol**: The price is oscillating at a low level due to the pressure of new - device expectations [32]. - **Short - Fiber & Bottle - Chip**: The short - fiber price has rebounded, and it is advisable to allocate long positions in the near - term contracts. The bottle - chip market has a slight improvement, but the long - term over - capacity problem persists [33]. Soft Commodities - **Soybean & Soybean Meal**: The market is affected by the expectation of improved Sino - US economic and trade relations. The supply of soybeans is sufficient in the fourth quarter. The market may oscillate in the short term and is cautiously bullish in the long term [37]. - **Soybean Oil & Palm Oil**: The prices are falling. The long - term trend is supported by overseas biodiesel policies, and it is advisable to buy on dips [38]. - **Rapeseed Meal & Rapeseed Oil**: The Canadian rapeseed production is expected to be high, and the export is expected to be low. The domestic rapeseed - related prices are supported by supply bottlenecks but are also under pressure from soybean import expectations [39]. - **Soybean No. 1**: The price has reached a new low. The market is affected by the expectation of improved Sino - US economic and trade relations. Attention should be paid to the policy guidance and the performance of new - crop soybeans [40]. - **Corn**: The price is slightly rising. The spot prices vary in different regions. The Dalian corn futures may continue to be weak at the bottom after the new - crop purchase enthusiasm fades [41]. - **Live Hogs**: The spot price is weak, and the supply pressure is high in the second half of the year. It is advisable to wait and see [42]. - **Eggs**: The futures price is slightly weak, and the spot price is strong. It is advisable to consider long positions in the far - month contracts for next year's first half [43]. - **Cotton**: The US cotton price has declined. The domestic cotton supply is expected to be high, and the demand is still weak. The Zhengzhou cotton is expected to oscillate in the short term [44]. - **Sugar**: The US sugar price is under pressure, and the domestic sugar market has less inventory pressure. The sugar price is expected to oscillate [45]. - **Apples**: The futures price is oscillating. The supply of apples is expected to be stable, and the cold - storage inventory may be higher than expected [46]. - **Timber**: The price is oscillating. The supply is low, and the demand is going well during the off - season. The market lacks upward momentum in the short term [47]. - **Paper Pulp**: The price is slightly falling. The inventory is still at a high level, and the supply is relatively loose. It is advisable to wait and see or adopt an oscillatory trading strategy [48]. Financial Products - **Stock Index**: The stock market is rising. The market style is expected to increase the allocation of technology - growth sectors, and the opportunity of the Hang Seng Technology Index can be grasped [49]. - **Treasury Bonds**: The bond futures price is rising. The yield curve is expected to steepen [50].

Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Core Viewpoints - The market may pre - price the Fed's probability of restarting interest rate cuts during the September interest rate meeting this week [2]. - The technology sector in stock index futures has regained strength, and funds are rotating among sectors [2]. - Treasury bond futures first declined and then rose, with an increasing expectation of central bank bond - buying [2]. - The Fed's decision may intensify market divergence and increase short - term volatility [2]. - The main contract of the container shipping index is weakly volatile [2]. - Coal supply contraction expectations have resurfaced, driving up steel prices [2]. - Iron ore prices are supported by factors such as resumed shipments, increased hot metal production, and restocking demand [2]. - The prices of some energy and chemical products are affected by factors such as supply - demand patterns, production maintenance, and inventory changes [2]. - The prices of some agricultural products are influenced by factors like supply, demand, and market sentiment [2]. - Some special and new - energy commodities are affected by factors such as cost, macro - environment, and industry meetings [2]. Summary by Related Catalogs Stock Index Futures - The technology mainline in stock index futures has regained strength, and funds are rotating among sectors. If volatility continues to decline, a double - buying strategy for options can be attempted [2]. Treasury Bond Futures - Treasury bond futures first declined and then rose, with an increasing expectation of central bank bond - buying. A unilateral strategy suggests investors wait and see, and pay short - term attention to changes in the capital market, the equity market, and fundamentals [2]. Precious Metals - Before the Fed's decision, the expectation of easing has been rising, and the US dollar index has fallen to the lowest point of the year. For gold, it is recommended to wait and see and then buy on dips after the decision. An option double - buying strategy at the strike price of 840 can be tried. Silver has high elasticity above $42, but volatility may rise and then fall after the decision. It is recommended to sell out - of - the - money put options on rallies [2]. Container Shipping Index (European Line) - The main contract is weakly volatile, and a spread arbitrage between December and October can be considered [2]. Steel and Related Products - Coal supply contraction expectations have resurfaced, and coking coal has driven up steel prices. It is recommended to go long on steel in the short term. For iron ore, go long on the 2601 contract at dips, with a reference range of 780 - 850, and short hot - rolled coils. For coking coal, go long on the 2601 contract at dips, with a reference range of 1150 - 1300, and short coke. For coke, go long on the 2601 contract at dips, with a reference range of 1650 - 1800, and short coke [2]. Energy and Chemical Products - For crude oil, it is recommended to mainly wait and see unilaterally. For urea, wait and see unilaterally, with a short - term support level of 1630 - 1650 yuan/ton. For PX, it is expected to oscillate between 6600 - 6900 in the short term. For PTA, it is expected to oscillate between 4600 - 4800 in the short term and conduct a rolling reverse spread between TA1 and TA5. For short - fiber, it has no obvious short - term driver and follows raw materials. For bottle - grade polyester chips, its demand may decline in September, and the processing fee is expected to fluctuate between 350 - 500 yuan/ton. For ethylene glycol, wait and see unilaterally and conduct a 1 - 5 reverse spread. For caustic soda, wait and see. For PVC, wait and see. For pure benzene, it follows styrene and oil prices in the short term. For styrene, conduct a rolling low - buying strategy and pay attention to the pressure around 7200, and widen the spread between EB11 and BZ11 at a low level. For synthetic rubber, its price is expected to fluctuate between 11400 - 12500. For LLDPE, it will oscillate between 7150 - 7450 in the short term. For PP, it is slightly bullish. For methanol, conduct range - bound operations between 2350 - 2550 [2]. Agricultural Products - For soybeans and related products, operate the 01 contract in the range of 3000 - 3100. For live pigs, the market is in a weakly volatile pattern. For corn, be cautious about short - selling. For palm oil, soybean oil, and rapeseed oil, observe whether the main contract of palm oil can stabilize above 9500. For sugar, pay attention to the pressure level around 5700 - 5750. For cotton, wait and see unilaterally. For eggs, reduce previous short positions and control positions. For apples, the main contract runs around 8300. For red dates, pay attention to the support at 10700. For soda ash, wait and see [2]. Special and New - Energy Commodities - For glass, wait and see and pay attention to the sentiment of the spot market during the peak season. For rubber, it is in a high - level oscillation due to positive macro - sentiment. For industrial silicon, it is strongly volatile, with the main price fluctuation range expected to be between 8000 - 9500 yuan/ton. For polysilicon, wait and see. For lithium carbonate, the main contract is expected to run between 70,000 - 75,000 [2].