【国泰期货】Morning Insight: September 16, 2025-250916（8页）.pdf

1、金融衍生品研究 请务必阅读正文之后的免责条款部分 1 Morning Insight:September 16,2025 Linlin Gao Certification：Z0002332 Yu Chen Wu(Contact)Certification：F03133175 Main Body Commodity Market Insight：Glass:Prices may remain rangebound with a slight upward bias in the near term.Overnight,glass prices rose sharply as“anti-defla

2、tion”and“anti-involution”themes resurfaced.According to Xinhua News Agency,the September 16 issue of Qiushi will publish an important article by President Xi titled Deepening the Development of a Unified National Market,which emphasizes addressing the problem of disorderly low-price competition.Sect

3、ors hit hardest by“involution”will be strictly regulated in accordance with the law,while industry associations are expected to play a greater role in self-regulation,guiding companies to improve product quality and phasing out outdated capacity in an orderly manner.On the spot side,glass trading ha

4、s also shown some improvement recently.On the bearish side,weak property demand,weak basis,and inventory pressure from warehouse receipts remain the main concerns.However,with the September contract delivery essentially settled,the impacts of weak basis and warehouse receipts are approaching their l

5、imits.Overall:Taking all factors into account,glass may continue to trade with a slightly stronger bias in the short term.Until policy signals are disproven,excessive bearish positioning is not advisable.Coking coal&coke:Policy expectations and pre-holiday restocking drive a firm tone.September Sept

6、ember 1 16 6,2025,2025 F Financial Derivativesinancial Derivatives GUOTAI JUNAN FUTURES 金融衍生品研究 请务必阅读正文之后的免责条款部分 2 Current situation:The coking coal and coke market is showing a pattern of“supply and demand both increasing,with prices holding firm.”Coal mines that were previously halted due to major