Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - **Sugar**: The ISO has raised the expected global sugar surplus for the 25/26 season. Brazil's sugar exports in the first three weeks of November increased year - on - year. India's sugar production is clear, with an export quota lower than market expectations and domestic prices higher than overseas, making exports less likely. China's sugar imports in October increased year - on - year. Zhengzhou sugar futures had a corrective rebound but the weak situation remains unchanged [3]. - **Cotton**: The current domestic cotton supply pressure is gradually increasing, but downstream demand has resilience. Attention should be paid to the hedging pressure around 13,600 - 13,800 and subsequent order changes [13]. - **Apple**: The ground trading of new - season late Fuji apples is gradually ending, concentrated in Shandong and Shanxi. The warehousing work is in the later stage. In ground trading, Shandong's Qixia and Zhaoyuan have not completed all the fruit picking, with many buyers. In terms of warehousing progress, Gansu's cold - storage apples have started to be sold, Shaanxi's warehousing is almost finished, and Shandong's apples will gradually be out of storage next week. Recently, small apples are selling well [16]. - **Jujube**: The new - season jujubes are about to enter the concentrated picking stage. The current new - season yield is still the core point of market game. The southern Xinjiang region has a yield reduction, but the extent is hard to determine. Affected by factors such as moisture and single - jujube weight, farmers' yield estimates may be inaccurate. In the short term, jujube prices fluctuate greatly due to capital game, but with the yield reduction and the start of the acquisition season, the downside space may be limited. Attention should be paid to the subsequent commodity rate and acquisition situation of new jujubes [25]. 3. Summary by Commodity Sugar - **Futures Prices and Spreads**: On November 28, 2025, SR01 closed at 5,400 yuan/ton with a daily decline of 0.06% and a weekly increase of 0.88%. SB closed at 15.12 with a daily increase of 1.48% and a weekly increase of 3.00%. There are also detailed records of price differences between different contracts [4]. - **Basis**: On November 27, 2025, the basis of Nanning - SR01 was 67 yuan/ton, with a daily decline of 24 yuan and a weekly decline of 17 yuan. Similar data are provided for other combinations [8]. - **Import Prices**: On November 28, 2025, the in - quota price of Brazilian sugar imports was 4,157 yuan/ton, with a daily increase of 43 yuan and a weekly increase of 125 yuan; the out - of - quota price was 5,271 yuan/ton, with a daily increase of 57 yuan and a weekly increase of 164 yuan. Similar data are provided for Thai sugar imports [11]. Cotton - **Futures Prices**: On November 28, 2025, Cotton 01 closed at 13,725 yuan/ton, up 85 yuan or 0.62% for the day. Cotton 05 closed at 13,685 yuan/ton, up 80 yuan or 0.59% for the day. Cotton 09 closed at 13,790 yuan/ton, up 25 yuan or 0.18% for the day [13]. - **Spreads**: The cotton basis was 1,171 yuan/ton, down 80 yuan for the day. The price difference between Cotton 01 - 05 was 40 yuan/ton, up 5 yuan for the day [13]. Apple - **Futures and Spot Prices**: On November 28, 2025, AP01 closed at 9,450 yuan/ton, with a daily decline of 0.83% and a weekly increase of 0.11%. The price of Qixia first - and second - grade 80 apples was 3.75 yuan/jin, with no daily or weekly change [17]. - **Price Differences**: The price difference between AP01 - 05 was - 83 yuan/ton, with a significant change rate. The main contract basis was - 488 yuan/ton, with a daily decline of 8.44% and a weekly decline of 19.87% [18]. Jujube - **Futures Month - to - Month Spreads**: The jujube futures price differences between 01 - 05, 05 - 09, and 09 - 01 contracts show different trends over time, with data from 2021 - 2025 provided [26][28]. - **Warehouse Receipts and Forecasts**: The sum of jujube warehouse receipts and effective forecasts shows trends from 2021 - 2025 [28]. - **Price Trends**: The price trends of main production areas in Xinjiang and main sales areas are presented, including data from 2022 - 2025 [29].

1. Report Industry Investment Rating - No relevant content provided 2. Core Views - The overall finished steel is supported by raw material costs at the bottom, but the upward drive is suppressed by inventory. It is expected to fluctuate within a certain range. The operating range of rebar may be between 2,900 - 3,200 yuan/ton, and that of hot-rolled coil may be between 3,100 - 3,400 yuan/ton. Attention should be paid to the destocking speed and downstream consumption. The risk lies in the possible negative feedback caused by the decline in the profit rate of steel enterprises [3] - Recently, iron ore prices have been running strongly, and the short - term trend is dominated by coking coal. The weakening of coking coal prices due to domestic supply - guarantee and price - stabilization policies and the resumption of Mongolian coal shipments provides support for iron ore prices by repairing steel mill profits. The short - term fundamentals of iron ore are balanced, with high - level fluctuations in shipments and stable hot metal production. The structural shortage of medium - grade ore resources leads to tight deliverable resources, strong spot prices, and a widening basis. Macroeconomically, the expectation of a US interest rate cut has been revised, increasing the expectation of a December rate cut, leading to a stock market rebound and a recovery in market risk appetite [22] - The main coking coal contract has been continuously hitting new lows recently, and the support at the lower edge of the shock range is being tested. If it is broken, the wide - range shock pattern that has lasted for a quarter may end. The supply and demand of coking coal and coke are weakening. The domestic mine production is stable. The import of Mongolian coal is at a high level, and seaborne coal also has a price advantage, resulting in a marginal relaxation of the overall coking coal supply. On the demand side, due to the high spot price and the increasing expectation of coke price cuts, downstream procurement is cautious, leading to a marginal accumulation of upstream mine inventory. In the short term, the spot price will still be under pressure. In the medium - term, the bottom support for coking coal is relatively clear. On the one hand, there is still a rigid demand for winter storage, and price corrections will stimulate restocking demand. On the other hand, the macro - policy expectations in the first year of the "14th Five - Year Plan" and the "anti - deflation" policy will build a bottom support for far - month contracts [31] - Ferroalloys are facing the fundamentals of high inventory and weak demand. With the impact of supply - guarantee policies on coking coal prices, the cost center may shift downwards. However, the supply side maintains a trend of production cuts, so the downward space for ferroalloys is limited, and it is expected to fluctuate weakly [47] - Soda ash is mainly priced based on cost. Although the cost - side expectation is solid, the valuation lacks upward elasticity without a trend - like production cut. The medium - and long - term supply of soda ash is expected to remain high. Photovoltaic glass has started to accumulate inventory at a low level, with relatively stable daily melting. The balance of heavy soda ash remains in surplus. In October, soda ash exports exceeded 210,000 tons, remaining at a high level, which continues to relieve domestic pressure to some extent. The high inventory of the upstream and mid - stream restricts the price of soda ash [60] - Unexpected cold repairs of glass production lines have begun to increase, and the expectation of cold repairs in December has resurfaced, but the implementation is to be determined, which will definitely affect the pricing and expectation of far - month contracts. However, the near - month 01 contract will still follow the reality (delivery logic), and the key is whether there is still an expectation of price cuts in Hubei. In reality, the glass spot market is weak, with continuous price cuts in Hubei and Shahe, and the inventory of futures, cash, and traders in Shahe and Hubei remains high. With the arrival of the off - season, the spot market is under great pressure and is prone to negative feedback. Currently, the position of the glass 01 contract is at a high level, and the game may continue until near the delivery [84] 3. Summary by Related Catalogs Steel - **Futures Prices and Spreads**: On November 28, 2025, the closing price of the rebar 01 contract was 3,110 yuan/ton, up 17 yuan from the previous day; the 05 contract was 3,117 yuan/ton, up 12 yuan; the 10 contract was 3,154 yuan/ton, up 10 yuan. The hot - rolled coil 01 contract closed at 3,302 yuan/ton, up 9 yuan; the 05 contract was 3,288 yuan/ton, up 7 yuan; the 10 contract was 3,290 yuan/ton, up 8 yuan. The rebar 01 - 05 spread was - 7 yuan/ton, up 5 yuan from the previous day; the hot - rolled coil 01 - 05 spread was 14 yuan/ton, up 2 yuan [4] - **Spot Prices and Basis**: The rebar summary price in China on November 28, 2025, was 3,291 yuan/ton, up 3 yuan from the previous day. The 01 rebar basis in Shanghai was 140 yuan/ton, down 7 yuan. The hot - rolled coil summary price in Shanghai was 3,290 yuan/ton, unchanged from the previous day. The 01 hot - rolled coil basis in Shanghai was - 12 yuan/ton, down 9 yuan [9][11] - **Other Ratios**: The 01 rebar/01 iron ore ratio was 4 on November 28, 2025, unchanged from the previous day; the 01 rebar/01 coke ratio was 2, also unchanged [19] Iron Ore - **Price Data**: On November 28, 2025, the closing price of the iron ore 01 contract was 794 yuan/ton, down 5.5 yuan from the previous day; the 05 contract was 768 yuan/ton, down 5 yuan; the 09 contract was 743.5 yuan/ton, down 4.5 yuan. The 01 basis was - 0.5 yuan/ton, down 1.5 yuan [23] - **Fundamental Data**: The daily average hot metal production on November 28, 2025, was 234.68 thousand tons, down 1.6 thousand tons from the previous week. The 45 - port desilting volume was 3.3058 million tons, up 0.66 million tons from the previous week. The global shipment volume was 3.2784 billion tons, down 238 million tons from the previous week [26] Coking Coal and Coke - **Futures Spreads and Ratios**: On November 28, 2025, the coking coal 09 - 01 spread was 154 yuan/ton, down 7.5 yuan from the previous day; the coke 09 - 01 spread was 223 yuan/ton, up 12 yuan. The盘面 coking profit was - 50 yuan/ton, down 20.422 yuan from the previous day [35] - **Spot Prices and Profits**: The ex - factory price of Anze low - sulfur main coking coal on November 28, 2025, was 1,580 yuan/ton, down 80 yuan from the previous week. The spot price of Jinzhong quasi - first - grade wet coke was 1,480 yuan/ton, unchanged from the previous week. The immediate coking profit was 38 yuan/ton, up 10 yuan from the previous day [36] Ferroalloys - **Silicon Iron**: On November 27, 2025, the silicon iron basis in Ningxia was 60 yuan/ton, up 26 yuan from the previous day. The silicon iron 01 - 05 spread was 36 yuan/ton, up 20 yuan [48] - **Silicon Manganese**: On November 27, 2025, the silicon manganese basis in Inner Mongolia was 224 yuan/ton, up 4 yuan from the previous day. The silicon manganese 01 - 05 spread was - 50 yuan/ton, up 2 yuan [49] Soda Ash - **Futures Prices and Spreads**: On November 28, 2025, the closing price of the soda ash 05 contract was 1,235 yuan/ton, up 1 yuan from the previous day; the 09 contract was 1,303 yuan/ton, down 1 yuan; the 01 contract was 1,177 yuan/ton, up 1 yuan. The 5 - 9 spread was - 68 yuan/ton, up 2 yuan [61] - **Spot Prices and Spreads**: The heavy soda ash market price in North China on November 28, 2025, was 1,300 yuan/ton, unchanged from the previous day. The difference between heavy and light soda ash in North China was 50 yuan/ton, unchanged [61] Glass - **Futures Prices and Spreads**: On November 28, 2025, the closing price of the glass 05 contract was 1,170 yuan/ton, up 14 yuan from the previous day; the 09 contract was 1,223 yuan/ton, up 10 yuan; the 01 contract was 1,053 yuan/ton, up 12 yuan. The 5 - 9 spread was - 53 yuan/ton, up 4 yuan [85] - **Daily Sales Data**: On November 27, 2025, the sales rate in Shahe was 229, in Hubei was 174, in East China was 110, and in South China was 103 [86]

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The overall inventory pressure in the oilseed industry remains high, but the absolute price is too low to have much downward space, and the supply - demand relationship has not improved significantly. Attention should be paid to the import volume of US soybeans from December to January, as well as the import changes of rapeseed under the influence of tariffs. In the oil market, different oils face different supply - demand situations, with some facing supply pressure and some having relatively strong price patterns due to supply tightening [5][40]. 3. Summary by Related Catalogs 3.1 Soybean Meal and Rapeseed Meal - USDA's current report lowered US soybean production, inventory, and exports, but the figures were lower than market expectations. Brazil's soybean sowing is going smoothly, and an increase in area and production is expected, which may put pressure on supply from March to May next year [5]. - Domestic port soybean inventory is sufficient, at a three - year high, and supply pressure is large. The loss in the aquaculture industry has suppressed purchasing enthusiasm, resulting in weak demand [5]. - The progress of domestic purchases of US soybeans is still slow, and attention should be paid to the purchase volume from December to January [5]. - Import reduction has led to domestic rapeseed inventory approaching zero, and imports of rapeseed meal and rapeseed oil are restricted by import tariffs. The import of Canadian rapeseed has not been resumed, and the arrival of Australian imports has increased recently. The expected rapeseed import volume in December and January remains at the historical average [5]. - With the end of the peak season for aquatic product demand, demand support will further weaken [5]. 3.2 Fats and Oils - **Soybean Oil**: Supply has improved with the increase in crushing, but overall inventory pressure is large. Overseas biodiesel topics have slowed down, and the decline in US soybean oil prices has put pressure on import costs. The weakening of the biodiesel topic in the crude oil market has also had a short - term impact. However, the approaching year - end demand peak season provides some support for demand [39][40]. - **Palm Oil**: Malaysia's monthly production and inventory have increased month - on - month, with sufficient inventory in the main production areas and obvious supply pressure. Short - term Chinese imports have slowed down, and demand is weak. However, the approaching Spring Festival demand peak season may drive demand improvement. The possible delay of Indonesia's B50 plan and the delay of US biodiesel subsidies have weakened the demand expectation for palm oil [40]. - **Rapeseed Oil**: High tariffs on imported rapeseed in China and uncertain import volume of Canadian rapeseed have affected the supply of rapeseed oil raw materials. Low domestic rapeseed arrivals, reduced oil mill operating rates, and tightened supply of imported rapeseed oil have led to continuous inventory reduction, resulting in a relatively strong price pattern for rapeseed oil [41].

. 贵金属有色金属产业日报 2025/11/26 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和建议。 在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形下做出修 改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行使独立判断。对交 易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻版、复制、发表、引用 或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有悖原意的引用、删节和修改。 本 ...

油脂油料产业日报 2025/11/26 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究 ...

1. Report Industry Investment Rating - No information provided in the document. 2. Core Viewpoints of the Report - Low inventory and demand resilience support prices, but increased production, expectations of mine复产, and exchange announcements limit the upside potential. Volatility has significantly increased, and the short - term will continue in a long - short game pattern [12]. 3. Summary According to the Table of Contents 3.1 Viewpoint Summary - Low inventory and demand resilience support prices, but production increases, mine复产 expectations, and exchange announcements suppress the upside space, with increased volatility and a short - term long - short game pattern [12]. 3.2 Balance Sheet 3.2.1 Global Balance Sheet - From 2018 - 2025E, global lithium demand has been growing, with the global effective lithium demand total increasing from 25.4 million tons LCE in 2018 to 142.3 million tons LCE in 2025E. The growth rate (yoy) has fluctuated, reaching a maximum of 50% in 2021. Global lithium supply has also been increasing, with the global effective lithium supply total rising from 30.9 million tons LCE in 2018 to 165.0 million tons LCE in 2025E. The growth rate (yoy) was highest at 45% in 2024. The global effective lithium supply has generally been in a state of surplus, with a surplus of 22.7 million tons LCE in 2025E, accounting for 16% of the total demand [15]. 3.2.2 Domestic Balance Sheet - In 2024 - 2025E, the domestic supply and demand of lithium carbonate have been in a state of imbalance. In November 2025E, the total supply of lithium carbonate was estimated to be 115,830 tons, and the total demand was 128,725 tons, with a supply - demand gap of - 12,895 tons. The import volume has been relatively large, and the export volume has been small. The production of lithium carbonate has also been increasing [16]. 3.3 Fundamental Data 3.3.1 Supply and Demand - In October, the estimated total supply of lithium carbonate was 115,895 tons, and the total demand was 124,642 tons, with a supply - demand gap of - 8,747 tons. In November, the estimated total supply was 115,830 tons, and the total demand was 128,725 tons, with a supply - demand gap of - 12,895 tons [10]. - The weekly output was 22,130 tons (a week - on - week increase of 585 tons), and the expectation of the resumption of production at the Jiangxi Ningde mine has increased, leading to a marginal increase in supply pressure [12]. 3.3.2 Inventory - SMM data shows that the monthly inventory in October was 84,234 physical tons, including 53,291 physical tons of downstream inventory and 30,943 physical tons of smelter inventory. This week's SMM weekly inventory was 118,420 physical tons, including 26,104 physical tons of smelter inventory, 44,436 physical tons of cathode factory inventory, and 47,880 physical tons of battery and trader inventory [10][75]. - The weekly inventory was 118,420 tons (a week - on - week decrease of 2,052 tons), with 14 consecutive weeks of de - stocking and a cumulative reduction of 26,000 tons. The inventory days have dropped below 30 days, and the supply - demand structure remains tight [12]. 3.3.3 Price - On November 21, the spot price of battery - grade lithium carbonate was 92,300 yuan/ton, a week - on - week increase of 8.40%, the futures price was 91,020 yuan/ton, and the basis was 1,280 yuan/ton [10][83].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - USDA's recent report lowered US soybean production and inventory, but the reduction was less than market expectations, and US soybean exports were also cut. Brazilian soybean sowing is progressing smoothly, and the market anticipates an increase in area, which may exert pressure on supply from March to May next year. In China, port soybean inventories are abundant, at a three - year high, leading to significant supply pressure. Weak demand is due to losses in the aquaculture industry, which dampens purchasing enthusiasm. Import reduction has led to near - zero domestic rapeseed inventories, and imports of rapeseed meal and rapeseed oil are restricted by import tariffs. Canadian rapeseed imports remain restricted, while Australian imports have recently increased, with expected imports in December and January at historical average levels. As the peak season for aquaculture demand ends, demand - side support will further weaken. Attention should be paid to the impact of tariffs on rapeseed imports in the future [7]. - For soybean oil, recent increases in oil mill operations have led to a rise in supply, with significant overall inventory pressure. Falling crude oil prices have narrowed biofuel processing margins, dragging down the oil market. A slowdown in overseas biodiesel topics has led to a decline in US soybean oil prices, pressuring soybean oil from the import cost side. Recent macro - economic weakness has also affected overall oil prices [37]. - Regarding palm oil, Malaysia's monthly production and inventory have increased month - on - month, with sufficient inventory in the main producing areas and obvious supply pressure. Demand is weak, and the seasonal production - reduction cycle has not yet begun. Indonesia's B50 plan may be postponed, weakening the demand outlook for palm oil as a biodiesel raw material. Delays in US biodiesel subsidies may slow down biodiesel demand, which is unfavorable for palm oil demand in the short term [38]. - For rapeseed oil, the uncertain China - Canada relationship has kept rapeseed imports under high tariffs, with uncertain Canadian rapeseed import volumes affecting rapeseed oil raw material supply. Low domestic rapeseed arrivals have led to a decline in oil mill operating rates, tightening rapeseed oil supply and continuously reducing rapeseed oil inventory. Tight domestic supply has stimulated a relatively strong rapeseed oil market [39]. Summary by Relevant Catalogs Soybean Meal and Rapeseed Meal - **Supply - side factors**: USDA lowered US soybean production, inventory, and exports; Brazilian soybean sowing is smooth with expected area increase; Chinese port soybean inventories are at a three - year high; import reduction has led to near - zero domestic rapeseed inventories; Canadian rapeseed imports are restricted, while Australian imports are increasing [7]. - **Demand - side factors**: Weak demand due to aquaculture losses; end of the peak season for aquaculture demand weakens demand - side support [7]. Oils Soybean Oil - **Supply**: Increased oil mill operations have led to higher supply and significant inventory pressure [37]. - **External factors**: Falling crude oil prices, a slowdown in overseas biodiesel topics, and weak macro - economic conditions have pressured soybean oil prices [37]. Palm Oil - **Supply**: Malaysia's production and inventory have increased, with sufficient supply in the main producing areas [38]. - **Demand**: Weak demand, postponed Indonesia's B50 plan, and delayed US biodiesel subsidies have affected palm oil demand [38]. Rapeseed Oil - **Supply**: Uncertain China - Canada relationship, high tariffs on rapeseed imports, low domestic rapeseed arrivals, and reduced oil mill operating rates have tightened supply [39]. - **Market situation**: Tight supply has led to a relatively strong rapeseed oil market [39].

Group 1: Report Overview - Report Title: Copper Weekly Report [1][2] - Report Date: November 21, 2025 [2] Group 2: Core Views - The low TC of copper concentrates and tightness at the mine end, along with some smelting maintenance, support prices from the raw material side [4] - New energy demand continues, providing structural demand support and offsetting the traditional off - season [4] - Traditional downstream demand weakens from the peak season. High prices make buyers cautious, with weak transactions in construction and home appliance sectors and low restocking willingness [4] - Hawkish remarks from the Fed suppress rate - cut expectations, strengthening the US dollar and weakening the upward financial - attribute drive for copper prices [4] - There is co - existence of tightness at the mine end and weak traditional demand. Inventory and basis fluctuations are limited, and prices mainly fluctuate within a range [5] Group 3: Copper Futures Data (Weekly) - The latest price of SHFE Copper Main Contract is 85,660 yuan/ton, with a weekly decline of 1.43%, a position of 190,218, and a weekly position decline of 2,075. The trading volume is 98,905 [6] - The latest price of SHFE Copper Index - weighted is 85,634 yuan/ton, with a weekly decline of 1.43%, a position of 523,117, and a weekly position decline of 38,538. The trading volume is 177,960 [6] - The latest price of International Copper is 76,320 yuan/ton, with a weekly decline of 1.34%, a position of 3,329, and a weekly position decline of 684. The trading volume is 3,931 [6] - The latest price of LME Copper 3 - month is $10,686, with a weekly decline of 1.59%, a position of 239,014, and a weekly position decline of 38,282. The trading volume is 18,624 [6] - The latest price of COMEX Copper is $495.35, with a weekly decline of 2.06%, a position of 69,028, and a weekly position decline of 39,283. The trading volume is 48,117 [6] Group 4: Copper Spot Data (Weekly) - The latest price of Shanghai Non - ferrous 1 copper is 85,815 yuan/ton, with a weekly decline of 1,280 yuan and a decline rate of 1.47% [10] - The latest price of Shanghai Material Trading is 85,870 yuan/ton, with a weekly decline of 1,205 yuan and a decline rate of 1.38% [10] - The latest price of Guangdong Southern Reserve is 85,900 yuan/ton, with a weekly decline of 1,160 yuan and a decline rate of 1.33% [11] - The latest price of Yangtze River Non - ferrous is 85,980 yuan/ton, with a weekly decline of 1,220 yuan and a decline rate of 1.4% [11] - The latest Shanghai Non - ferrous premium/discount is 90 yuan/ton, with a weekly increase of 35 yuan and an increase rate of 63.64% [11] - The latest Shanghai Material Trading premium/discount is 60 yuan/ton, with a weekly increase of 35 yuan and an increase rate of 140% [11] - The latest Guangdong Southern Reserve premium/discount is 85 yuan/ton, with a weekly increase of 35 yuan and an increase rate of 70% [11] - The latest Yangtze River Non - ferrous premium/discount is 105 yuan/ton, with a weekly increase of 50 yuan and an increase rate of 90.91% [11] - The latest LME Copper (spot/3 - month) premium/discount is -$18.89/ton, with a weekly decline of $12.93 and a decline rate of 216.95% [11] - The latest LME Copper (3 - month/15 - month) premium/discount is $117.68/ton, with a weekly decline of $5.65 and a decline rate of - 4.58% [11] Group 5: Advanced Copper Data (Weekly) - The copper import profit and loss is - 488.26 yuan/ton, with a weekly increase of 338.52 yuan and a decline rate of - 40.94% [12] - The copper concentrate TC is - 41.72 dollars/ton, with a weekly decline of 0.2 dollars and an increase rate of 0.48% [12] - The copper - to - aluminum ratio is 4.007, with a weekly increase of 0.0229 and an increase rate of 0.57% [12] - The refined - scrap copper price difference is 3,065.74 yuan/ton, with a weekly decline of 657.24 yuan and a decline rate of - 17.65% [12] Group 6: Copper Inventory (Weekly) - The total SHFE copper warehouse receipts are 49,790 tons, with a weekly decline of 40 tons and a decline rate of - 0.08% [18] - The total International Copper warehouse receipts are 6,202 tons, with a weekly decline of 7,131 tons and a decline rate of - 53.48% [18] - The SHFE copper inventory is 110,603 tons, with a weekly increase of 1,196 tons and an increase rate of 1.09% [18] - The LME copper registered warehouse receipts are 148,450 tons, with a weekly increase of 22,400 tons and an increase rate of 17.77% [18] - The LME copper cancelled warehouse receipts are 9,475 tons, with a weekly decline of 650 tons and a decline rate of - 6.42% [20] - The LME copper inventory is 157,925 tons, with a weekly increase of 21,750 tons and an increase rate of 15.97% [20] - The COMEX copper registered warehouse receipts are 176,701 tons, with a weekly increase of 9,804 tons and an increase rate of 5.87% [20] - The COMEX copper unregistered warehouse receipts are 221,812 tons, with a weekly increase of 9,270 tons and an increase rate of 4.36% [20] - The COMEX copper inventory is 398,513 tons, with a weekly increase of 19,074 tons and an increase rate of 5.03% [20] - The copper mine port inventory is 530,000 tons, with a weekly increase of 32,000 tons and an increase rate of 6.43% [20] - The social inventory is 418,200 tons, with a weekly increase of 4,300 tons and an increase rate of 1.04% [20] Group 7: Copper Mid - stream Production (Monthly) - In September 2025, the refined copper output was 1.266 million tons, with a year - on - year increase of 10.1%. The cumulative output was 12.295 million tons, with a year - on - year increase of 9.7% [24] - In September 2025, the copper product output was 2.232 million tons, with a year - on - year increase of 5.9%. The cumulative output was 20.124 million tons, with a year - on - year increase of 5.9% [24] Group 8: Copper Mid - stream Capacity Utilization (Monthly) - In October 2025, the capacity utilization rate of refined copper rods was 56.2%, with a monthly decline of 9.03 percentage points and a year - on - year decline of 5.35 percentage points [26] - In October 2025, the capacity utilization rate of scrap copper rods was 24.11%, with a monthly decline of 1.26 percentage points and a year - on - year decline of 1.69 percentage points [26] - In October 2025, the capacity utilization rate of copper strips was 63.84%, with a monthly decline of 2.4 percentage points and a year - on - year decline of 8.4 percentage points [26] - In October 2025, the capacity utilization rate of copper rods was 50.13%, with a monthly decline of 0.77 percentage points and a year - on - year increase of 0.1 percentage point [26] - In October 2025, the capacity utilization rate of copper tubes was 52.57%, with a monthly decline of 6.87 percentage points and a year - on - year decline of 15.63 percentage points [26] Group 9: Copper Element Imports (Monthly) - In October 2025, the copper concentrate imports were 2.451487 million tons, with a year - on - year increase of 6%. The cumulative imports were 25.118228 million tons, with a year - on - year increase of 8% [30] - In October 2025, the anode copper imports were 55,239 tons, with a year - on - year decline of 8%. The cumulative imports were 634,011 tons, with a year - on - year decline of 15% [30] - In October 2025, the cathode copper imports were 279,944 tons, with a year - on - year decline of 22%. The cumulative imports were 2,817,921 tons, with a year - on - year decline of 6% [30] - In October 2025, the scrap copper imports were 196,607 tons, with a year - on - year increase of 7%. The cumulative imports were 1,895,530 tons, with a year - on - year increase of 2% [30] - In October 2025, the copper product imports were 440,000 tons, with a year - on - year decline of 13.5%. The cumulative imports were 4,460,000 tons, with a year - on - year decline of 3.1% [30]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - There are limited expectations for monetary policy easing, and the flattening of the yield curve supports long - term interest rates [2] - The overall capital situation is stable, and bond supply does not exert significant pressure on the market [2] - Last week, Treasury bond futures contracts across all tenors generally closed lower, with long - term varieties like 30 - year Treasury bond futures experiencing larger declines, reflecting market concerns about long - term interest rates [2] - It is recommended to pay attention to the issuance of interest - rate bonds and central bank operation signals, conduct band - trading, and control risks [2] 3. Summary by Related Catalogs 3.1 Treasury Bond Yields - The data shows the trends of 2Y, 5Y, 7Y, 10Y, and 30Y Treasury bond yields from 2024/04 to 2025/08 [3] 3.2 Funding Rates - The trends of the weighted average rate of pledged repo by deposit - taking institutions for 1 - day and 7 - day, and the 7 - day reverse repo rate from 2023/12 to 2025/06 are presented [3] 3.3 Treasury Bond Term Spreads - The trends of the 7Y - 2Y and 30Y - 7Y Treasury bond term spreads from 2024/04 to 2025/08 are shown [4][5] 3.4 Treasury Bond Futures Positions - The positions of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures from 2015/12 to 2023/12 are presented [7] 3.5 Treasury Bond Futures Trading Volume - The trading volumes of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures from 2024/04 to 2025/08 are shown [8] 3.6 Treasury Bond Futures Basis of Current - Quarter Contracts - The basis of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures current - quarter contracts are presented from different time periods [9][10][11][12] 3.7 Treasury Bond Futures Inter - Delivery Spreads - The inter - delivery spreads (current - quarter minus next - quarter) of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures are shown from different time periods [13][15][16] 3.8 Treasury Bond Futures Inter - Variety Spreads - The inter - variety spreads of TS*4 - T from 2024/04 to 2025/08 and T*3 - TL from 2023/06 to 2025/06 are presented [17][18]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - **Likely Positive Factors**: Tight supply and demand of intermediate product MHP, strong new energy demand support nickel prices; spot trading is fair, the premium of Jinchuan nickel has widened, and the market's purchasing sentiment is stable [3]. - **Likely Negative Factors**: Stainless steel is in the off - season of demand, nickel - iron prices continue to decline, and terminal procurement is cautious; domestic social inventory has increased significantly week - on - week, and supply pressure is significant [3]. - **Trading Consultation Viewpoint**: In the short term, the bearish driving force of the fundamentals is limited, and the downward price space is supported by costs. It is recommended to wait and see cautiously [3]. Summary by Related Catalogs Market Data - **Nickel Futures**: The latest value of SHFE nickel main contract is 115,380 yuan/ton, down 1,370 yuan (-1.17%) week - on - week; SHFE nickel continuous - one is 115,380 yuan/ton, down 1,700 yuan (-1.45%); SHFE nickel continuous - two is 115,580 yuan/ton, down 1,700 yuan (-1.45%); SHFE nickel continuous - three is 115,940 yuan/ton, down 1,570 yuan (-1.45%); LME nickel 3M is 14,455 dollars/ton, down 425 dollars (-1.34%) [4]. - **Nickel Futures Positions and Volume**: The position volume is 152,848 lots, an increase of 45,507 lots (42.4%); the trading volume is 124,692 lots, an increase of 21,777 lots (21.16%); the warrant number is 34,079 tons, a decrease of 948 tons (-2.71%); the basis of the main contract is 660 yuan/ton, an increase of 270 yuan (69.23%) [4]. - **Stainless Steel Futures**: The latest value of stainless steel main contract is 12,285 yuan/ton, down 130 yuan (-1%); stainless steel continuous - one is 12,285 yuan/ton, unchanged; stainless steel continuous - two is 12,350 yuan/ton, down 30 yuan (-0.24%); stainless steel continuous - three is 12,415 yuan/ton, down 60 yuan (-0.48%) [5]. - **Stainless Steel Futures Positions and Volume**: The trading volume is 119,724 lots, a decrease of 17,389 lots (-12.68%); the position volume is 192,398 lots, an increase of 19,670 lots (11.39%); the warrant number is 65,340 tons, a decrease of 5,025 tons (-7.14%); the basis of the main contract is 685 yuan/ton, a decrease of 5 yuan (-0.72%) [5]. - **Nickel Spot Prices**: Jinchuan nickel is 120,200 yuan/ton, up 600 yuan (0.50%); imported nickel is 116,600 yuan/ton, up 600 yuan (0.52%); 1 electrolytic nickel is 118,200 yuan/ton, up 600 yuan (0.51%); nickel beans are 118,550 yuan/ton, up 600 yuan (0.51%); electrowon nickel is 116,350 yuan/ton, up 650 yuan (0.56%) [5]. - **Inventory Data**: Domestic social inventory is 53,114 tons, an increase of 3,981 tons; LME nickel inventory is 254,172 tons, a decrease of 1,674 tons; stainless steel social inventory is 940 tons, a decrease of 12.2 tons; nickel pig iron inventory is 30,225 tons, an increase of 661 tons [7]. Charts and Data Sources - **Nickel and Stainless Steel Futures Price Trends**: The report provides the closing price trends of SHFE nickel futures main contract, LME nickel (3 - month) electronic disk, and stainless steel futures main contract, with data sources from Wind [8][10]. - **Nickel Spot Average Price**: The report shows the average price trends of nickel beans, 1 imported nickel, and SMM 1 electrolytic nickel, with data source from Wind [12]. - **Primary Nickel Supply and Inventory**: It includes China's refined nickel monthly production seasonality, China's primary nickel monthly total supply (including imports) seasonality, domestic social inventory (nickel plate + nickel beans) seasonality, and LME nickel inventory seasonality, with data sources from Wind [14][15]. - **Upstream Nickel Ore**: It presents the average price of Philippine laterite nickel ore 1.5% (FOB), China's port nickel ore inventory by port seasonality, China's 8 - 12% nickel pig iron ex - factory price (national average), and Ni≥14% Indonesian high - nickel pig iron (arrival duty - paid) average price, with data sources from Wind [17][18]. - **Nickel Pig Iron Production**: It shows China's nickel iron monthly production seasonality and Indonesia's nickel pig iron monthly production seasonality, with data sources from Wind [19][20]. - **Downstream Nickel Sulfate**: It includes the average price of battery - grade nickel sulfate, battery - grade nickel sulfate premium, nickel bean production of nickel sulfate profit margin seasonality, China's externally - sourced nickel sulfate production of electrowon nickel profit seasonality, China's nickel sulfate monthly production (metal tons), and ternary precursor monthly production capacity seasonality, with data sources from Wind [22][25][26]. - **Stainless Steel**: It shows China's 304 stainless steel cold - rolled coil profit margin seasonality, stainless steel monthly production seasonality, and stainless steel inventory seasonality, with data sources from Wind [28][30][31].