Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - This week, sugar prices showed a volatile rebound, with a stronger domestic market than the international market, and the near - term contracts of Zhengzhou sugar rebounded more strongly than the far - term ones, possibly due to the impact of typhoons on production in Guangxi [4]. - The global sugar production is increasing, and there is an expected surplus in the new year. Short - term external sugar prices are weak, while domestic Zhengzhou sugar prices are relatively strong. In the long - term, the divergence between domestic and international trends of Zhengzhou sugar's main 01 contract is unsustainable. The pressure around 5500 - 5600 increases, and the probability of short - sellers re - entering the market rises [4][7]. 3. Summary by Directory 3.1 Previous Day Review - This week, sugar prices showed a volatile rebound, with a stronger domestic market than the international market, and the near - term contracts of Zhengzhou sugar rebounded more strongly than the far - term ones [4]. - As of the first half of October in the current crushing season in central - southern Brazil, the cumulative sugar production reached 36.016 million tons, a year - on - year increase of 0.9% [4]. - Different institutions have different forecasts for the global sugar supply and demand in the 25/26 season. Czarnikow raised the global sugar surplus forecast for the 25/26 season to 7.4 million tons, 1.2 million tons higher than the August estimate; StoneX predicted a global sugar market surplus of 2.77 million tons; ISO estimated a global sugar supply gap of 231,000 tons, a significant reduction from the previous forecast [4]. - By the end of August 2025, the cumulative sugar production in the 24/25 season in China was 11.1621 million tons, the cumulative sugar sales were 10 million tons, and the sales rate was 89.6%. In September 2025, China imported 550,000 tons of sugar, a year - on - year increase of 150,000 tons; the total import of syrup and premixed powder was 151,400 tons, a year - on - year decrease of 135,100 tons [4]. 3.2 Daily Prompt - **Likely Positive Factors**: Good domestic consumption, reduced inventory, increased syrup tariffs, and the change of Coca - Cola's formula in the US to use sucrose [5]. - **Likely Negative Factors**: Global sugar production increase, expected surplus in the new year, the external sugar price falling below 15 cents per pound, and the opening of the import profit window leading to increased import impact [5]. 3.3 Today's Focus - **Supply and Demand Forecasts by Institutions**: Different institutions have different forecasts for the 25/26 global sugar supply and demand. For example, ISO expects a supply gap of 20,000 tons (basically balanced), StoneX expects a surplus of 2.77 million tons, Czarnikow expects a surplus of 6.2 - 7.5 million tons, etc. [34] - **China's Sugar Supply and Demand Balance Sheet**: In the 25/26 season, the estimated sugar production is 11.2 million tons, the import is 5 million tons, the consumption is 15.9 million tons, and the balance change is 120,000 tons. The international sugar price is expected to be between 16.5 - 21.5 cents per pound, and the domestic sugar price is expected to be between 5800 - 6500 yuan per ton [36] 3.4 Fundamental Data - **Import Data**: In September 2025, China imported 550,000 tons of sugar, a year - on - year increase of 150,000 tons; the total import of syrup and premixed powder was 151,400 tons, a year - on - year decrease of 135,100 tons [4][7] - **Production and Consumption Data**: By the end of August 2025, the cumulative sugar production in the 24/25 season in China was 11.1621 million tons, the cumulative sugar sales were 10 million tons, and the sales rate was 89.6% [4] 3.5 Position Data No position data information is provided in the report.

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For industrial silicon, the supply-side production scheduling is increasing and is near the historical average level, while demand recovery remains low, but cost support has increased. The industrial silicon 2601 is expected to fluctuate between 9000 - 9200 [6]. - For polysilicon, the supply-side production scheduling is continuously decreasing, and the demand-side shows a continuous decline in production across silicon wafers, battery cells, and components, with overall demand in a continuous recession. Cost support has stabilized. The polysilicon 2601 is expected to fluctuate between 55620 - 57200 [8]. 3. Summary by Relevant Catalogs 3.1 Daily Views Industrial Silicon - **Supply**: Last week's industrial silicon supply was 100,000 tons, a 0.99% decrease from the previous week [6]. - **Demand**: Last week's demand was 87,000 tons, a 7.44% decrease from the previous week, with demand remaining sluggish [6]. - **Cost**: The cost support has increased during the dry season. The production of sample oxygenated 553 silicon in Xinjiang is in a loss of 3144 yuan/ton [6]. - **Basis**: On October 31, the spot price of non-oxygenated silicon in East China was 9300 yuan/ton, and the basis of the 01 contract was 200 yuan/ton, with the spot at a premium to the futures [6]. - **Inventory**: The total social inventory was 558,000 tons, a 0.17% decrease from the previous week; sample enterprise inventory increased by 0.24%, and major port inventory increased by 0.81% [6]. - **Market**: The MA20 is upward, and the price of the 01 contract closed above the MA20 [6]. - **Position**: The net position of the main contract is short, with an increase in short positions [6]. Polysilicon - **Supply**: Last week's polysilicon production was 28,200 tons, a 4.40% decrease from the previous week. The scheduled production for November is expected to be 120,100 tons, a 10.37% decrease from the previous month [8]. - **Demand**: Last week's silicon wafer production was 14.24GW, a 3.32% decrease from the previous week; inventory was 189,300 tons, a 2.49% increase from the previous week. Currently, silicon wafer production is in a loss. In October, battery cell production was 59.27GW, a 2.78% decrease from the previous month; last week, the inventory of battery cell external sales factories was 6.02GW, a 15.21% decrease from the previous week, and currently, production is in a loss. In November, the scheduled production of battery cells is 58.68GW, a 0.99% decrease from the previous month. In October, component production was 48.1GW, a 3.60% decrease from the previous month; in November, the expected component production is 46.92GW, a 2.45% decrease from the previous month. The domestic monthly inventory of components decreased by 51.73%, and the European monthly inventory decreased by 5.70%. Currently, component production is profitable [8]. - **Cost**: The average cost of polysilicon N-type material in the industry is 37,990 yuan/ton, with a production profit of 13,010 yuan/ton [8]. - **Basis**: On October 31, the price of N-type dense material was 51,000 yuan/ton, and the basis of the 01 contract was -4160 yuan/ton, with the spot at a discount to the futures [8]. - **Inventory**: The weekly inventory was 261,000 tons, a 1.16% increase from the previous week, at a neutral level compared to the same period in history [8]. - **Market**: The MA20 is upward, and the price of the 01 contract closed above the MA20 [8]. - **Position**: The net position of the main contract is long, with an increase in long positions [8]. 3.2 Market Overview Industrial Silicon - The prices of most industrial silicon contracts decreased, with the 01 contract of East China non-oxygenated 553 silicon at 9100 yuan/ton, a 0.60% decrease from the previous day [14]. - The weekly social inventory was 558,000 tons, a 0.18% decrease from the previous week; sample enterprise inventory increased by 0.24%, and major port inventory increased by 0.81% [14]. - The weekly production of sample enterprises was 48,725 tons, a 2.36% decrease from the previous week [14]. Polysilicon - The prices of most polysilicon contracts increased, with the 01 contract at 56,410 yuan/ton, a 2.66% increase from the previous day [16]. - The weekly production of silicon wafers was 12.9GW, a 5.74% increase from the previous week; the weekly inventory of silicon wafers was 26.5GW, a 22.06% decrease from the previous week [16]. - The monthly production of photovoltaic battery cells was 59.27GW, a 2.79% decrease from the previous month; the weekly inventory of photovoltaic battery cell external sales factories was 6.02GW, a 15.21% decrease from the previous week [16]. - The monthly production of components was 48.1GW, a 3.61% decrease from the previous month; the domestic monthly inventory of components decreased by 51.73%, and the European monthly inventory decreased by 5.70% [16].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The PVC market has both positive and negative factors. Positive factors include supply resumption, cost support from calcium carbide and ethylene, and export benefits. Negative factors are the overall rebound in supply pressure, high - level and slow - consuming inventory, and weak domestic and foreign demand. The main logic is the strong overall supply pressure and the poor recovery of domestic demand [12][13]. - The overall cost of PVC is weakening, with the cost of calcium carbide method weakening and that of ethylene method strengthening. The supply pressure has increased this week, and production scheduling is expected to increase next week. The overall inventory is at a neutral level, and the current demand may remain sluggish. PVC2601 is expected to fluctuate in the range of 4673 - 4729 [9]. 3. Summary by Directory 3.1 Daily Viewpoints - Positive factors: Supply resumption, cost support from calcium carbide and ethylene, and export benefits. Negative factors: Overall supply pressure rebound, high - level and slow - consuming inventory, and weak domestic and foreign demand. The main logic is the strong overall supply pressure and the poor recovery of domestic demand [12][13]. 3.2 Fundamental/Position Data - **Supply side**: In October 2025, PVC production was 2.12812 million tons, a month - on - month increase of 4.79%. This week, the capacity utilization rate of sample enterprises was 78.26%, a month - on - month increase of 0.02 percentage points. The production of calcium carbide enterprises was 329,250 tons, a month - on - month increase of 4.10%, and that of ethylene enterprises was 147,710 tons, a month - on - month decrease of 1.76%. The supply pressure increased this week, and the number of planned overhauls is expected to decrease next week, with a small increase in production scheduling [7]. - **Demand side**: The overall downstream operating rate was 50.54%, a month - on - month increase of 0.68 percentage points, higher than the historical average. Different downstream sectors have different operating rate changes, and the current demand may remain sluggish [7]. - **Cost side**: The profit of the calcium carbide method was - 763.08 yuan/ton, with the loss increasing by 5.50% month - on - month, lower than the historical average. The profit of the ethylene method was - 544.5 yuan/ton, with the loss decreasing by 2.00% month - on - month, lower than the historical average. The double - ton price difference was 2313.25 yuan/ton, with the profit decreasing by 2.00% month - on - month, lower than the historical average. Production scheduling may be under pressure [8]. - **Basis**: On October 31, the price of East China SG - 5 was 4680 yuan/ton, and the basis of the 01 contract was - 21 yuan/ton, with the spot at a discount to the futures. It is neutral [9]. - **Inventory**: Factory inventory was 337,968 tons, a month - on - month increase of 1.25%. Calcium carbide factory inventory was 252,368 tons, a month - on - month increase of 0.10%. Ethylene factory inventory was 85,600 tons, a month - on - month increase of 4.77%. Social inventory was 544,600 tons, a month - on - month decrease of 1.82%. The inventory days of production enterprises in stock were 5.65 days, a month - on - month increase of 0.89%. It is neutral [9]. - **Market trend**: MA20 is downward, and the futures price of the 01 contract closed below MA20. It is bearish [9]. - **Main position**: The main position is net short, and short positions are increasing. It is bearish [9]. - **Expectation**: The cost of the calcium carbide method is weakening, and that of the ethylene method is strengthening, with the overall cost weakening. The supply pressure has increased this week, and production scheduling is expected to increase next week. The overall inventory is at a neutral level, and the current demand may remain sluggish. PVC2601 is expected to fluctuate in the range of 4673 - 4729 [9]. 3.3 PVC Market Overview - The report presents yesterday's PVC market overview, including price changes of different contracts, inventory changes, downstream operating rates, profit and cost data of different production methods, and other information [15][16]. 3.4 PVC Futures Market - It shows the basis trend, futures price trend, trading volume, open interest, and spread analysis of PVC futures [18][21][24]. 3.5 PVC Fundamentals - **Calcium carbide method - related aspects**: It includes the price, cost - profit, operating rate, and inventory data of raw materials such as semi - coke, calcium carbide, liquid chlorine, raw salt, and caustic soda [27][30][32]. - **PVC supply trend**: It shows the capacity utilization rate, profit, production, and overhaul volume of the calcium carbide method and ethylene method [40][42]. - **Demand trend**: It includes the sales volume of traders, pre - sales volume, production - sales ratio, apparent consumption, and downstream operating rates of different PVC products, as well as real - estate and infrastructure - related data [44][46][49]. - **Inventory**: It presents the exchange warehouse receipts and factory inventories of the calcium carbide method and ethylene method, social inventory, and production enterprise inventory days [56][57]. - **Ethylene method**: It includes the import volume of vinyl chloride and dichloroethane, PVC export volume, and price differences [58][59]. - **Supply - demand balance sheet**: It shows the monthly data of PVC export, demand, social inventory, factory inventory, production, and import from September 2024 to October 2025 [62].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The supply of lithium carbonate is expected to increase, with the predicted production in the next month rising by 3.01% to 89,890 tons and the import volume increasing by 12.26% to 22,000 tons. The demand is expected to strengthen, and inventory may be reduced. The cost of 6% concentrate CIF remains unchanged daily, lower than the historical average. The price of lithium carbonate 2601 is expected to fluctuate between 79,800 - 81,760 [9]. - The cost of purchasing spodumene concentrate for external use has a daily increase of 0.21%, resulting in a loss of -1,205 yuan/ton. The cost of purchasing lithium mica remains unchanged, with a loss of -8,291 yuan/ton. The production cost at the recycling end is close to that of the ore end, with average production enthusiasm. The quarterly cash production cost at the salt lake end is 31,477 yuan/ton, with sufficient profit margins and strong production motivation [11]. - The overall situation shows a mismatch between production capacity, leading to a situation of strong supply and weak demand, and the downward trend is difficult to change [14]. 3. Summary According to the Directory 3.1 Daily Views - Supply: Last week, the production of lithium carbonate was 21,080 tons, a week - on - week decrease of 1.07%, higher than the historical average. In September 2025, the production was 87,260 tons, and the predicted production for the next month is 89,890 tons, a month - on - month increase of 3.01%. The import volume in September was 19,597 tons, and the predicted import volume for the next month is 22,000 tons, a month - on - month increase of 12.26% [8][9]. - Demand: Last week, the inventory of sample enterprises of lithium iron phosphate was 104,979 tons, a week - on - week increase of 0.61%, and the inventory of sample enterprises of ternary materials was 18,890 tons, a week - on - week increase of 1.60%. The demand is expected to strengthen next month, and inventory may be reduced [8][9]. - Cost: The daily price of 6% concentrate CIF remains unchanged, lower than the historical average. The cost of purchasing spodumene concentrate for external use has a daily increase of 0.21%, and the cost of purchasing lithium mica remains unchanged [9][11]. - Price: The price of lithium carbonate 2601 is expected to fluctuate between 79,800 - 81,760 [9]. 3.2 Fundamental/Position Data - Fundamental: Neutral. The cost of external spodumene concentrate has a daily increase of 0.21%, resulting in a loss of -1,205 yuan/ton. The cost of external lithium mica remains unchanged, with a loss of -8,291 yuan/ton. The production cost at the recycling end is close to that of the ore end, with average production enthusiasm. The quarterly cash production cost at the salt lake end is 31,477 yuan/ton, with sufficient profit margins and strong production motivation [11]. - Basis: On October 31, the spot price of battery - grade lithium carbonate was 80,550 yuan/ton, and the basis of the 01 contract was -230 yuan/ton, with the spot at a discount to the futures. Neutral [11]. - Inventory: The total inventory is 127,358 tons, a week - on - week decrease of 2.30%, higher than the historical average. The inventory of smelters is 32,051 tons, a week - on - week decrease of 4.83%, lower than the historical average. The downstream inventory is 53,288 tons, a week - on - week decrease of 3.59%, higher than the historical average. Other inventories are 42,020 tons, a week - on - week increase of 1.47%, lower than the historical average. Neutral [11]. - Disk: The MA20 is upward, and the futures price of the 01 contract closes above the MA20. Bullish [11]. - Main Position: The main position is net short, and the short position decreases. Bearish [11].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The soybean meal M2601 is expected to oscillate in the range of 3000 - 3060. The short - term US soybean market is supported by China's soybean purchases but restricted by uncertain purchase volume and good harvest weather. The domestic soybean meal is also affected by these factors and the demand off - season, thus maintaining an oscillating pattern [9]. - The soybean A2601 is expected to fluctuate between 4060 and 4160. The short - term US soybean market is influenced by China's purchases and weather. The domestic soybean market is supported by the cost - performance advantage of domestic soybeans over imports but restricted by high import volume and domestic production increase expectations [11]. Summary by Directory 1. Daily Hints No relevant content provided. 2. Recent News - The preliminary agreement on Sino - US tariff negotiations is short - term positive for US soybeans, but the quantity of China's purchases and US soybean weather are uncertain. The US soybean market is oscillating strongly above the 1000 - point mark, waiting for further guidance [13]. - The arrival of imported soybeans in China will decline in November, and the soybean inventory of oil mills will also decrease from a high level. Affected by normal harvest weather and the preliminary trade agreement, soybean meal will return to an oscillating pattern [13]. - The reduction of domestic pig - breeding profits leads to low expectations of pig restocking, weakening the demand for soybean meal in November and suppressing price expectations. The soybean meal market is affected by both US soybean trends and the demand off - season [13]. - The domestic oil - mill soybean meal inventory remains at a relatively high level. With the possibility of weather speculation in US soybean - growing areas and the Sino - US trade agreement, the soybean meal market will maintain an oscillating pattern, waiting for clear US soybean production and further trade negotiation results [13]. 3. Long and Short Concerns Soybean Meal - **Positive Factors**: Slow customs clearance of imported soybeans, low inventory pressure on domestic oil - mill soybean meal, and uncertain weather in US soybean - growing areas [14]. - **Negative Factors**: High total arrival of imported soybeans in November in China, the harvest and listing of US soybeans, and continuous expectations of a US soybean bumper harvest [14]. Soybeans - **Positive Factors**: Cost of imported soybeans supports the bottom of the domestic soybean market, and rising domestic soybean demand expectations support prices [15]. - **Negative Factors**: A bumper harvest of Brazilian soybeans and China's increased purchases of Brazilian soybeans, as well as the expected increase in domestic soybean production suppressing price expectations [15]. 4. Fundamental Data - **Soybean Meal and Rapeseed Meal Transaction Data**: From October 23 to October 31, the average transaction price of soybean meal ranged from 2991 to 3048, with daily trading volumes between 5.35 and 15.08 million tons. The average transaction price of rapeseed meal was between 2470 and 2530, and the daily trading volume was mostly 0 [16]. - **Soybean and Meal Futures and Spot Prices**: From October 23 to October 31, the futures prices of soybean No.1, soybean No.2, and soybean meal showed certain fluctuations, while the spot prices of soybean No.1 remained stable at 4100, and the spot price of soybean meal rose from 2910 to 2970 [18]. - **Soybean and Meal Warehouse Receipt Statistics**: From October 22 to October 31, the warehouse receipts of soybean No.1, soybean No.2, and soybean meal changed. For example, the soybean No.1 warehouse receipts increased from 7090 to 7238 [20]. - **Global and Domestic Soybean Supply - Demand Balance Sheets**: From 2015 to 2024, the global and domestic soybean supply - demand balance sheets showed changes in harvest area, output, consumption, and inventory, with the inventory - to - consumption ratio fluctuating [31][32]. - **Soybean Planting and Harvest Progress**: In 2023/24, the planting and harvest progress of Argentine soybeans, in 2024, the planting, growth, and harvest progress of US soybeans, in 2024/25, the planting and harvest progress of Brazilian and Argentine soybeans, in 2025, the harvest progress of US soybeans, and in 2025/26, the planting progress of Brazilian soybeans are all presented [33][34][38][40][41]. - **USDA Monthly Supply - Demand Reports**: From March to September 2025, the USDA monthly supply - demand reports showed changes in US soybean planting area, yield, output, and ending inventory, as well as Brazilian and Argentine soybean production [43]. 5. Position Data No relevant content provided. 6. Soybean Meal and Soybean Views and Strategies Soybean Meal - **View**: The short - term US soybean market is influenced by China's purchases and weather, and the domestic soybean meal market is affected by US soybean trends, demand off - season, and inventory. It is expected to oscillate in the range of 3000 - 3060 [9]. - **Strategy**: No specific strategy content provided. Soybeans - **View**: The short - term US soybean market is affected by China's purchases and weather. The domestic soybean market is supported by cost - performance advantages but restricted by import volume and production increase expectations. It is expected to fluctuate between 4060 and 4160 [11]. - **Strategy**: No specific strategy content provided.

Report Industry Investment Rating No information provided Core View of the Report The fundamentals of soda ash are weak, and it is expected to fluctuate weakly in the short term. The supply of soda ash is high, terminal demand is declining, inventory is at a high level in the same period, and the mismatch between supply and demand in the industry has not been effectively improved. Although there is a positive factor that the daily melting volume of float glass has stabilized and rebounded, overall, the market is bearish [2][4]. Summary by Related Catalogs 1. Daily View - The supply of soda ash is expected to be abundant, with high output from alkali plants and the expected commissioning of Yuanying Phase II before the end of the year. The supply of downstream float glass is expected to be disrupted, and the daily melting volume of photovoltaic glass continues to decline. The inventory of soda ash plants is at a high level in the same period. The basis shows that the futures price is higher than the spot price. The price is below the 20 - day moving average, and the 20 - day moving average is downward. The main position is net short, and the short position is decreasing. Overall, it is expected to fluctuate weakly in the short term [2]. 2. Impact Factors Summary - **L利多 Factors**: The daily melting volume of float glass has stabilized and rebounded [3]. - **利空 Factors**: The main logic is that the supply of soda ash is high, terminal demand is declining, inventory is at a high level in the same period, and the mismatch between supply and demand in the industry has not been effectively improved [4]. 3. Soda Ash Futures Market - The closing price of the main contract decreased by 0.81% to 1225 yuan/ton, the low - end price of heavy soda ash in Shahe decreased by 0.85% to 1170 yuan/ton, and the main basis remained unchanged at - 55 yuan/ton [6]. 4. Soda Ash Spot Market - The low - end price of heavy soda ash in Hebei Shahe is 1170 yuan/ton, a decrease of 10 yuan/ton from the previous day [12]. 5. Soda Ash Production - The weekly operating rate of the soda ash industry is 86.89%. The weekly output is 75.76 tons, including 41.98 tons of heavy soda ash, which is at a historical high. Since 2023, the production capacity of soda ash has expanded significantly, and there are still large commissioning plans this year [18][20][5]. 6. Soda Ash Demand - The weekly production - sales rate of soda ash is 99.78%. The daily melting volume of national float glass is 16.13 tons, and the operating rate of 76.35% has stabilized. The production of heavy - soda downstream photovoltaic glass has decreased, and the demand for soda ash has weakened [24][27][5]. 7. Soda Ash Inventory - The national soda ash plant inventory is 1.702 million tons, a decrease of 0.01% from the previous week, and the inventory is running above the 5 - year average [34]. 8. Soda Ash Supply - Demand Balance Sheet - It shows the supply - demand balance data of soda ash from 2017 to 2024E, including effective production capacity, output, operating rate, import, export, net import, apparent supply, total demand, supply - demand difference, production capacity growth rate, output growth rate, apparent supply growth rate, and total demand growth rate [35].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The overall supply and demand of iron ore are loose, with a decrease in port inventory. The market is expected to introduce crude steel production reduction policies, and the trade war has eased. The market is expected to be in a high - level shock state due to reduced domestic demand and the impact of capacity - reduction plans [2]. - The iron ore market presents a neutral to slightly positive situation considering factors such as basis, inventory, and market trends. 3. Summary by Related Catalogs Daily Viewpoints - **Fundamentals**: Steel mill hot metal production starts to decline, and the arrival level this month has decreased. Overall supply - demand is loose, port inventory has decreased, and policies on crude steel production reduction are expected. The trade war has eased, presenting a neutral situation [2]. - **Basis**: The spot price of PB powder at Rizhao Port converted to the futures price is 848, with a basis of 48. The spot price of Brazilian mixed ore at Rizhao Port converted to the futures price is 866, with a basis of 66. Spot prices are at a premium to futures, showing a positive situation [2]. - **Inventory**: Port inventory is 15,272.93 tons, increasing month - on - month and decreasing year - on - year, showing a neutral situation [2]. - **Market trend**: The price is above the 20 - day moving average, and the 20 - day moving average is flat, showing a positive situation [2]. - **Main positions**: The net long position of the main iron ore contract has decreased, showing a positive situation [2]. - **Expectation**: With reduced domestic demand and capacity - reduction plans, a high - level shock approach is expected [2]. Factors Affecting the Market - **Positive factors**: High hot metal production, reduced port inventory, import losses, and rising downstream steel prices leading to a stronger ability to bear high - priced raw materials [6]. - **Negative factors**: Increased future shipments and weak terminal demand [6].

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating provided in the content. Group 2: Report's Core View - For Shanghai Nickel (SHFE Nickel 2512), it is expected to fluctuate widely around the 20 - day moving average, with some support from the cost line below. The overall situation is affected by macro - factors, with a long - term surplus pattern. The short - term situation is affected by factors such as nickel ore price, nickel iron price, and inventory [2]. - For Stainless Steel (Stainless Steel 2512), it is expected to operate with wide fluctuations around the 20 - day moving average. The spot price has declined, and the cost line has loosened downward [4]. Group 3: Summaries According to Related Catalogs 1. Price Information - **Nickel Price**: On October 31, the Shanghai Nickel main contract closed at 120,590 yuan, down 390 yuan from the previous day; LME Nickel was at 15,250 yuan, unchanged. The spot prices of various nickel types all decreased slightly. For example, SMM1 electrolytic nickel was 121,950 yuan, down 250 yuan [11]. - **Stainless Steel Price**: The stainless steel main contract closed at 12,655 yuan on October 31, down 70 yuan from the previous day. The spot prices of cold - rolled 304*2B stainless steel in different regions also decreased [11]. 2. Inventory Information - **Nickel Inventory**: As of October 31, LME nickel inventory was 252,102 tons, an increase of 462 tons; SHFE nickel warehouse receipts were 31,388 tons, a decrease of 144 tons. The total inventory increased by 318 tons [14]. - **Stainless Steel Inventory**: On October 31, the inventory in Wuxi was 598,700 tons, in Foshan was 306,100 tons, and the national inventory was 1,031,100 tons, a month - on - month increase of 3,700 tons. The 300 - series inventory was 651,900 tons, a month - on - month increase of 2,600 tons. The stainless steel futures warehouse receipts were 73,657 tons, a decrease of 120 tons [19][20]. 3. Cost Information - **Nickel Ore and Nickel Iron Price**: The prices of red - soil nickel ore CIF with different grades remained unchanged on October 31 compared to the previous day. The price of high - nickel ferronickel decreased slightly, and the price of low - nickel ferronickel remained unchanged. The sea freight also remained stable [23]. - **Stainless Steel Production Cost**: The traditional production cost of stainless steel was 12,852 yuan, the scrap steel production cost was 13,012 yuan, and the low - nickel + pure nickel production cost was 16,669 yuan [25]. - **Nickel Import Cost**: The calculated import price was 122,291 yuan/ton [28]. 4. Factors Affecting the Market - **Positive Factors**: The price of nickel ore is firm, which provides some support to the cost line [6]. - **Negative Factors**: Domestic production continues to increase significantly year - on - year, there is no new growth point in demand, and the long - term surplus pattern remains unchanged. Both domestic and overseas inventories are accumulating [6].

Group 1: Report Industry Investment Rating - The report gives a "sideways with an upward bias" rating for SHFE Zinc ZN2512 [2][19] Group 2: Core Viewpoints - The previous trading day saw SHFE Zinc rebound sideways, closing with a positive candlestick and shrinking trading volume. Both long and short positions reduced, with long positions decreasing more. It was a volume - shrinking rebound, indicating short - term sideways rebound potential. Technically, the price closed above the moving average system with strong support. Short - term indicators KDJ declined while in the strong zone, and the trend indicator rose, with long - side strength increasing and short - side strength decreasing, and the two sides starting to stalemate [19] Group 3: Summary by Relevant Catalogs Fundamentals - In August 2025, global zinc sheet production was 1.1507 million tons and consumption was 1.1717 million tons, with a supply shortage of 21,000 tons. From January to August 2025, production was 9.0885 million tons and consumption was 9.3698 million tons, with a supply shortage of 281,300 tons. In August 2025, global zinc ore production was 1.0696 million tons, and from January to August, it was 8.4457 million tons, showing a bullish sign [2] Basis - The spot price was 22,340, and the basis was - 15, indicating a neutral situation [2] Inventory - On October 31, LME zinc inventory increased by 400 tons to 35,300 tons compared to the previous day, and SHFE zinc inventory warrants increased by 650 tons to 67,774 tons compared to the previous day, showing a bearish sign [2] Futures Exchange Zinc Futures Quotes - On October 31, the total trading volume of zinc futures was 142,461 lots, with a total trading value of 1.59269604 billion yuan, and the total open interest was 211,109 lots, a decrease of 3,692 lots [3] Domestic Main Spot Market Quotes - On October 31, the domestic zinc concentrate spot TC for domestic ore was 3,200 yuan/metal ton, unchanged; for imported ore, it was 100 dollars/dry ton, a decrease of 5 dollars/dry ton. The price of 0 zinc in different regions showed an upward trend [4] National Main Market Zinc Ingot Inventory Statistics - From October 20 to October 30, 2025, the total inventory of zinc ingots in the main domestic markets decreased by 0.03 tons compared to October 23 and decreased by 0.15 tons compared to October 27 [5] Futures Exchange Zinc Warrant Report - On October 31, the total zinc warrants on the SHFE were 67,774 tons, an increase of 650 tons, mainly from the increase in Tianjin warrants [6] LME Zinc Inventory Distribution and Statistics - On October 31, the total LME zinc inventory was 35,300 tons, an increase of 400 tons compared to the previous day [7] National Main City Zinc Concentrate Price Summary - On October 31, the prices of 50% - grade zinc concentrate in major domestic cities all increased by 30 yuan/ton [9] National Market Zinc Ingot Smelter Price Quotes - On October 31, the prices of 0 zinc ingots from major domestic smelters all increased by 30 yuan/ton [12] Domestic Refined Zinc Production in September 2025 - In September 2025, the planned production value was 506,800 tons, the actual production was 499,900 tons, a month - on - month decrease of 3.53% and a year - on - year increase of 16.13%. The capacity utilization rate was 74.80%, and the planned production for October was 509,600 tons [15] Zinc Concentrate Processing Fee Quotes - On October 31, the domestic zinc concentrate processing fees for 50% - grade ore in different regions were between 3,000 - 3,900 yuan/metal ton, and the imported 48% - grade ore processing fee was 100 dollars/dry ton, a decrease of 5 dollars/dry ton [17] SHFE Member Zinc Trading and Position Ranking - For the contract zn2512 on October 31, the total trading volume of the top 20 futures companies was 150,088 lots, a decrease of 24,859 lots compared to the previous day. The total long positions were 79,793 lots, a decrease of 4,230 lots, and the total short positions were 77,694 lots, a decrease of 1,393 lots [18]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - For PTA, affected by the industry anti - involution symposium and the full release of downstream polyester production, the PTA disk was significantly boosted, and the spot basis strengthened slightly. It is expected to fluctuate within a range in the short term, and attention should be paid to device changes [5]. - For MEG, due to some contract merchants' active replenishment, the spot basis was at a high level this week. The supply surplus expectation persists, but there is weak support for MEG around 4000 yuan/ton on the disk. It is expected that the price center of MEG will be weakly sorted out in the near future, and attention should be paid to cost and device changes [6]. Summary According to the Directory 1. Previous Day's Review - Not provided in the content 2. Daily Tips PTA - **Fundamentals**: On Friday, transactions in early November were at 01 - 70, with some slightly lower at 01 - 75, and the price negotiation range was around 4485 - 4540. Transactions in mid - and late - November were at 01 - 70, with some slightly lower. The mainstream spot basis today is 01 - 71, considered neutral [5]. - **Basis**: The spot price is 4510, the basis of the 01 contract is - 76, and the futures is at a premium, considered neutral [5]. - **Inventory**: PTA factory inventory is 4.03 days, a decrease of 0.04 days compared to the previous period, considered bullish [5]. - **Disk**: The 20 - day moving average is upward, and the closing price is above the 20 - day moving average, considered bullish [5]. - **Main Position**: Net short position with an increase in short positions, considered bearish [5]. - **Expectation**: Affected by the industry anti - involution symposium and the full release of downstream polyester production, the PTA disk was significantly boosted, and the spot basis strengthened slightly. It is expected to fluctuate within a range in the short term, and attention should be paid to device changes [5]. MEG - **Fundamentals**: On Friday, the price center of ethylene glycol was weakly sorted out, and the market negotiation was average. The intraday ethylene glycol disk was narrowly sorted out, and the spot basis weakened in the afternoon. Next - week's spot transactions fell back to a premium of 73 - 75 yuan/ton over the 01 contract. In terms of US dollars, the outer - disk center of ethylene glycol was sorted out at a low level, and recent cargo negotiations were carried out at 482 - 486 US dollars/ton, with weak market negotiations. The negotiation ranges for domestic and foreign transactions were 4087 - 4126 yuan/ton and 481 - 487 US dollars/ton respectively, considered neutral [6]. - **Basis**: The spot price is 4111, the basis of the 01 contract is 93, and the futures is at a discount, considered neutral [7]. - **Inventory**: The total inventory in East China is 49.8 tons, a decrease of 1.7 tons compared to the previous period, considered bearish [7]. - **Disk**: The 20 - day moving average is downward, and the closing price is below the 20 - day moving average, considered bearish [7]. - **Main Position**: Net short position with an increase in short positions, considered bearish [6]. - **Expectation**: Due to some contract merchants' active replenishment, the spot basis was at a high level this week. The supply surplus expectation persists, but there is weak support for MEG around 4000 yuan/ton on the disk. It is expected that the price center of MEG will be weakly sorted out in the near future, and attention should be paid to cost and device changes [6]. 3. Factors Affecting the Market - **Bullish Factors**: A 3 - million - ton PTA new device in East China was put into production last weekend and has now produced products [8]. - **Bearish Factors**: The 3.6 - million - ton load of Yisheng New Materials has been fully increased, and the loads of the 3.2 - million - ton device of Sanfangxiang and the 2.5 - million - ton device of Weilian Chemical have been increased [9]. 4. Current Main Logic and Risk Points - The short - term commodity market is greatly affected by the macro - level. Attention should be paid to the cost side, and for the disk rebound, attention should be paid to the upper resistance level [10]. 5. Supply - Demand Balance Sheets PTA Supply - Demand Balance Sheet - Shows the supply - demand situation of PTA from January 2024 to December 2025, including PTA production capacity, load, output, import, export, and inventory data [11]. Ethylene Glycol Supply - Demand Balance Sheet - Shows the supply - demand situation of ethylene glycol from January 2024 to December 2025, including production, import, export, and inventory data [12]. 6. Price Data - Provides price data for PTA, MEG, and related products on October 31 and 30, 2025, including spot prices, futures prices, basis, and processing fees [13]. 7. Other Data - Also includes data on bottle - grade PET prices, production margins, capacity utilization, inventory, as well as data on PTA and MEG basis, spreads, inventory analysis, and polyester upstream and downstream operating rates [17][18][22][29][32][41][52][56]