Report Industry Investment Rating The provided content does not mention the overall industry investment rating. Core Viewpoints - **Soybean Oil**: China's soybean oil inventory continues to accumulate with sufficient supply and currently lacks bullish drivers. However, as the traditional consumption season in Q4 and the best - value oil, inventory is expected to stop increasing and decline, and the futures price center may move up slightly. It's advisable to hold long positions in the main contract, with support at 8150 - 8200 yuan/ton and resistance at 8400 - 8450 yuan/ton [1]. - **Rapeseed Oil**: Despite macro - risk disturbances and a weakening in the futures market, the spot basis remains firm. With anti - dumping measures on Canadian rapeseed imports, supply will gradually tighten. Although high current inventory restricts the futures price, there is a strong de - stocking expectation. It's recommended to wait for stabilization and then go long lightly, with support at 9768 - 9785 and resistance at 10249 - 10266 [2]. - **Palm Oil**: The recent decline in crude oil and increased palm oil production in Malaysia have led to a price drop. But the inventory pressure in Southeast Asian production areas is not large, and with the B50 test in Indonesia, the supply - demand situation is expected to narrow in Q4. Aggressive strategies can consider holding long positions or buying out - of - the - money call options after stabilization, with support at 9230 - 9270 and resistance at 9650 - 9680 [2]. - **Soybean Meal and Bean No. 2**: The supply of soybean meal and bean No. 2 is abundant, and the consumption of soybean meal is entering the off - season. The futures price of soybean meal is likely to remain weak. It's recommended to hold short positions lightly or sell out - of - the - money call options for soybean meal, and consider going long on the 01 contract oil - meal ratio [3]. - **Rapeseed Meal**: The upward driving force is insufficient, but the downside is limited. There is no obvious single - side trading opportunity. Consider going long on the 01 contract rapeseed oil - meal ratio, with support at 2354 - 2370 and resistance at 2474 - 2500 [4]. - **Corn and Corn Starch**: The external market is under pressure, and the domestic market is also bearish due to the new - season harvest and poor downstream profits. It's recommended to hold short positions cautiously, with the 11 - contract corn support at 2000 - 2050 and resistance at 2180 - 2200, and the 11 - contract corn starch support at 2340 - 2350 and resistance at 2500 - 2520 [4]. - **Soybean No. 1**: The new - season soybeans in the Northeast are on the market, and the price is polarized. With low valuation and active downstream purchases, it's advisable to go long lightly, with support at 3900 - 3930 yuan/ton and resistance at 4030 - 4050 yuan/ton [5]. - **Peanuts**: Although the new - season peanut production is expected to increase, the adverse weather in Henan has affected yields. It's recommended to hold long positions temporarily, with support at 7550 - 7900 and resistance at 8020 - 8160 [5]. - **Pigs**: The futures and spot prices stopped falling and rebounded. The industry is reducing weights and increasing the supply. It's advisable for cautious investors to hold short - near and long - far spreads, and wait for capacity reduction to buy the 2607 contract at low prices [7]. - **Eggs**: The futures price continued to rebound from the bottom. The spot price is in the off - season. It's recommended to avoid shorting blindly. Aggressive investors can go long on the 2512 contract at low prices, with the reference range at 2950 - 3200 points [7]. Summary by Directory 1. First Part: Sector Strategy Recommendations a. Market Analysis | Sector | Variety | Market Logic | Support | Resistance | Market Judgment | Reference Strategy | | --- | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean No. 1 11 | New domestic soybeans are in abundant supply, and downstream purchases are relatively active under low valuation | 3900 - 3930 | 4030 - 4050 | Oscillating strongly | Go long lightly | | | Soybean No. 2 11 | Sufficient current inventory of oil - pressing soybeans, continuous Sino - US trade friction, and no purchase of new - season US soybeans | 3500 - 3540 | 3675 - 3700 | Oscillating adjustment | Wait and see | | | Peanut 11 | Increasing market supply, poor yield performance in parts of Henan | 7500 - 7600 | 8020 - 8162 | Oscillating adjustment | Wait and see | | Oils | Soybean Oil 01 | Little change in fundamentals, affected by crude oil fluctuations. Sufficient supply currently, and the supply - demand outlook is positive in Q4 | 8150 - 8200 | 8400 - 8450 | Oscillating up | Go long lightly | | | Rapeseed Oil 01 | Fewer purchase orders, de - stocking expected | 9768 - 9785 | 10249 - 10266 | Oscillating adjustment | Go long after stabilization | | | Palm 01 | Malaysian palm oil production exceeds expectations, but inventory pressure in production areas is not large. Indonesia plans to promote B50, and the long - term outlook is bullish | 9230 - 9270 | 9650 - 9680 | Oscillating adjustment | Go long after stabilization | | Protein | Soybean Meal 01 | Sufficient inventory of oil - pressing soybeans and soybean meal, and the feed demand for soybean meal is expected to weaken in Q4. The bullish factor is the continuous Sino - US trade friction | 2800 - 2850 | 2960 - 2970 | Oscillating adjustment | Hold short positions | | | Rapeseed Meal 01 | Expected reduction in Canadian rapeseed imports, and seasonal demand weakening | 2354 - 2370 | 2474 - 2500 | Oscillating adjustment | Wait and see | | Energy and By - products | Corn 11 | The market is under pressure seasonally, but the listing rhythm may have some disturbances | 2000 - 2050 | 2180 - 2200 | Bearish expectation | Hold short positions cautiously | | | Starch 11 | The cost of corn is under pressure, and the spot supply is slightly loose. The futures price of starch follows the downward trend | 2340 - 2350 | 2500 - 2520 | Bearish expectation | Hold short positions cautiously | | Livestock | Pigs 11 | Feed prices stopped falling and rebounded, and the expectation of capacity reduction is strengthened | 12800 - 13000 | 13000 - 13800 | Oscillating to find the bottom | Switch to waiting and seeing | | | Eggs 12 | Capacity pressure + expectation of the consumption peak season | 2900 - 3100 | 3300 - 3350 | Oscillating to find the bottom | Wait and see | [10] b. Commodity Arbitrage - **Inter - delivery Arbitrage**: Most varieties are recommended to wait and see, except for pigs 1 - 3 and eggs 10 - 1, which are recommended to go long at low prices [12]. - **Inter - variety Arbitrage**: For oils, 01 soybean oil - palm oil is recommended for short - biased operation, 01 rapeseed oil - soybean oil for long - biased operation, and 01 rapeseed oil - palm oil to wait and see. For protein, 01 soybean meal - rapeseed meal is in low - level oscillation. For the oil - meal ratio, the 01 soybean oil - meal ratio and 01 rapeseed oil - meal ratio are recommended for long - biased operation. For energy and by - products, 11 starch - corn is recommended to wait and see [12]. c. Basis and Spot - Futures Strategies | Sector | Variety | Spot Price | Change | Main Contract Basis | Change | | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean No. 1 | 3960 | 3960 | - 7 | 94 | | | Soybean No. 2 | 3960 | 3960 | 347 | 39 | | | Peanuts | 7400 | 7400 | - 342 | 80 | | Oils | Soybean Oil | 8620 | 8620 | 310 | 8 | | | Rapeseed Oil | 10180 | 30 | 221 | - 35 | | | Palm Oil | 9280 | 20 | - 50 | 54 | | Protein | Soybean Meal | 2920 | - 10 | 78 | 78 | | | Rapeseed Meal | 2430 | - 30 | 82 | 14 | | Energy and By - products | Corn | 2120 | - 20 | 58 | 3 | | | Starch | 2570 | 0 | 169 | - 17 | | Livestock | Pigs | 10.92 yuan/kg | 0.07 yuan/kg | - 450 | - 275 | | | Eggs | 2.42 yuan/jin | - 0.07 yuan/jin | 48 yuan/500kg | - 44 yuan/500kg | [13] 2. Second Part: Key Data Tracking Table a. Oilseeds and Oils - **Daily Data**: Includes import costs of soybeans, rapeseeds, and palm oil from different origins and shipping periods [14]. - **Weekly Data**: Shows the inventory and operation rates of beans, rapeseeds, palm oil, and peanuts [16]. b. Feed - **Daily Data**: Presents the import costs of corn from Argentina and Brazil [16]. - **Weekly Data**: Displays the consumption, inventory, operation rate, and inventory of corn and corn starch in deep - processing enterprises [17]. c. Livestock - **Daily Data**: Provides the daily price changes of live pigs and eggs [18][19]. - **Weekly Data**: Shows the key weekly data of live pigs and eggs, including prices, costs, profits, and production - related data [20][22]. 3. Third Part: Fundamental Tracking Charts - **Livestock End (Pigs, Eggs)**: Includes charts of futures and spot prices of pigs and eggs, as well as related prices such as piglets and white - striped pigs [24]. - **Oilseeds and Oils**: - **Palm Oil**: Covers production, inventory, import, and price - related charts in Malaysia [34]. - **Soybean Oil**: Includes charts of US soybean crushing, inventory, and domestic operation rates and inventory [41]. - **Peanuts**: Involves charts of market supply, processing, and price - related data [50]. - **Feed End**: - **Corn**: Includes price, inventory, import, and processing - profit - related charts [56]. - **Corn Starch**: Covers price, operation rate, and inventory - related charts [64]. - **Rapeseed**: Includes spot price, inventory, and basis - related charts [68]. - **Soybean Meal**: Involves US soybean growth, inventory, and price - spread - related charts [74]. 4. Fourth Part: Options Situation of Feed, Livestock, and Oils Includes historical volatility charts of rapeseed meal, rapeseed oil, soybean oil, palm oil, and peanuts, as well as option trading volume and open - interest charts of corn [90]. 5. Fifth Part: Warehouse Receipt Situation of Feed, Livestock, and Oils Shows the warehouse receipt quantity and open - interest charts of rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, pigs, and eggs [93].

Report Industry Investment Rating No information provided in the given content. Core View of the Report - The change in Sino-US trade relations has led to an increase in risk aversion demand, with significant fluctuations in risk assets. The performance within the non-ferrous metals sector is relatively differentiated, with copper showing relatively large fluctuations, while other non-ferrous metals tend to be more cautious in consolidation [12]. - For different non-ferrous metals, specific market conditions and investment suggestions are provided, such as for copper, it is recommended to gradually go long on dips; for zinc, pay attention to the opening of the export window; for aluminum and its industrial chain, adopt a short - selling approach, etc. [4][5][6] Summary According to Relevant Catalogs First Part: Non - Ferrous Metals Operating Logic and Investment Suggestions - **Macro Logic**: Sino - US trade relations have increased risk aversion demand, causing significant fluctuations in risk assets. Non - ferrous metals show internal differentiation, with copper having larger fluctuations and others being more cautious [12]. - **Investment Suggestions for Each Metal**: - **Copper**: The supply pressure cannot be relieved, and demand is expected to increase in the fourth quarter. It is recommended to go long on dips, with a short - term upper pressure range of 89,000 - 90,000 yuan/ton and a lower support range of 83,000 - 84,000 yuan/ton [4][14]. - **Zinc**: Pay attention to the opening of the export window. It is expected to continue to fluctuate and consolidate, with an upper pressure around 22,500 - 22,600 and a lower support around 21,800 - 22,000 [5][14]. - **Aluminum Industry Chain**: Adopt a short - selling approach, with different pressure and support ranges for aluminum, alumina, and cast aluminum alloy, and consider buying out - of - the - money options for protection [6][15]. - **Tin**: Maintain a short - selling operation, with an upper pressure range of 290,000 - 300,000 and a lower support range of 260,000 - 270,000. Consider buying out - of - the - money put options [7]. - **Lead**: The price is expected to continue to fluctuate within a range. Consider a wide - range option double - selling strategy, with a support at 16,500 - 16,600 and a pressure at 17,000 - 17,200 [8]. - **Nickel and Stainless Steel**: Nickel is in a consolidation trend, with an upper pressure of 125,000 - 128,000 yuan and a lower support of 118,000 - 120,000 yuan. Stainless steel is in a weak - fluctuating range, with a support at 12,500 - 12,600 and a pressure at 13,000 - 13,200 [9]. Second Part: Non - Ferrous Metals Market Review - The closing prices and daily percentage changes of various non - ferrous metals are presented, such as copper closing at 84,410 yuan with a - 0.83% change, zinc at 22,220 yuan with a - 0.16% change, etc. [18][19] Third Part: Non - Ferrous Metals Position Analysis - The net long - short strength comparison, net long - short position differences, changes in net long and short positions, and influencing factors of various non - ferrous metal futures contracts are shown, including沪金(AU2512),沪银(AG2512), etc. [20] Fourth Part: Non - Ferrous Metals Spot Market - The spot prices and percentage changes of various non - ferrous metals are provided, such as the Yangtze River Non - Ferrous copper spot price at 86,060 yuan/ton with a 1.06% change, and the Yangtze River Non - Ferrous 0 zinc spot price at 22,200 yuan/ton with a - 0.05% change [21][23] Fifth Part: Non - Ferrous Metals Industry Chain - For different non - ferrous metals, relevant industry chain data charts are provided, including inventory changes, processing fees, and price comparisons, such as copper exchange inventory changes, zinc inventory changes, etc. [25][28] Sixth Part: Non - Ferrous Metals Arbitrage - Various arbitrage - related data charts for non - ferrous metals are presented, such as the copper Shanghai - London ratio change, zinc Shanghai - London ratio change, etc. [57][59] Seventh Part: Non - Ferrous Metals Options - Option - related data charts for non - ferrous metals are provided, including historical volatility, weighted implied volatility, and trading volume and open interest changes of options, such as copper option historical volatility, zinc option weighted implied volatility, etc. [73][75]

Group 1: Report Industry Investment Rating No relevant information provided. Group 2: Core Views of the Report - The current lithium salt market shows strong supply and demand. After the holiday, as the downstream restocking pace slows, there is a risk of lithium salt price decline. The follow - up arrangements of Yichun lithium mica mines are yet to be clarified, and international macro factors may disrupt the market. For industrial silicon, the short - term supply and demand are acceptable, but there is uncertainty in the future. For polysilicon, the situation of strong expectation and weak reality continues, and the market may fluctuate [2][5][6]. Group 3: Summary by Directory Part I: Spot Prices 1.1 Plate Strategy Recommendation - For lithium carbonate 11, the market has strong supply and demand but a weakening atmosphere. It is expected to fluctuate and weaken. The upstream should seize the opportunity to sell and hedge when the price rises, and downstream cathode material enterprises should focus on low - price stockpiling or buying hedging. The support level is 68,000 - 70,000, and the pressure level is 75,000 - 76,000 [15]. - For industrial silicon 11, the demand - side reduction expectation is increasing, but there is still support below the price. It is expected to fluctuate within a range. Currently, it can be considered for long - position allocation within the range. The support level is 8,200 - 8,300, and the pressure level is 9,200 - 9,300 [15]. - For polysilicon 11, there are rumors about capacity control policies. It is expected to have wide - range fluctuations. Short - sellers should temporarily exit, and aggressive investors can consider going long at low prices. The support level is 47,000 - 48,000, and the pressure level is 52,000 - 53,000 [15]. - There are currently no good arbitrage opportunities [15]. 1.2 Futures and Spot Price Changes - The closing price of lithium carbonate is 72,680, with a daily increase of 0.55%, trading volume of 270,327, and an open interest of 192,931 (a decrease of 14,532 compared to the previous day), and 35,180 warehouse receipts [16]. - The closing price of industrial silicon is 8,520, with a daily decrease of 3.24%, trading volume of 287,277, and an open interest of 162,674 (a decrease of 3,048 compared to the previous day), and 51,197 warehouse receipts [16]. - The closing price of polysilicon is 49,990, with a daily increase of 2.55%, trading volume of 297,703, and an open interest of 81,388 (a decrease of 6,277 compared to the previous day), and 7,950 warehouse receipts [16]. Part II: Fundamental Situation 2.1 Lithium Carbonate Fundamental Data - **Production and Inventory Situation**: On Tuesday, the SMM battery - grade lithium carbonate index price was 73,007 yuan/ton, down 32 yuan/ton from the previous working day. The average price of battery - grade lithium carbonate was 73,000 yuan/ton, and the average price of industrial - grade lithium carbonate was 70,750 yuan/ton, both down 100 yuan/ton from the previous working day. During the holiday week, the lithium carbonate production was 20,635 tons, an increase of 119 tons from the previous week, reaching a new weekly high. The total sample inventory of lithium carbonate last week was 134,801 tons, a decrease of 2,024 tons in the past two weeks, but the inventory was still at a high level. The weekly apparent demand for lithium carbonate was 21,647 tons, remaining at a recent high [2]. - **Downstream Situation**: The report does not provide detailed downstream situation information other than the demand data mentioned above [2]. 2.2 Industrial Silicon Fundamental Data - **Production and Inventory Situation**: The southwest region will enter the dry season in November, and production reduction plans may be gradually initiated at the end of October, but large factories in Xinjiang have production increase expectations. The total production of industrial silicon is expected to remain high in October and gradually decline in November [6]. - **Downstream Situation**: The traditional peak season demand performance is acceptable, with the output of the polysilicon segment continuing to increase. However, considering the industry's "production - limit and sales - control" self - discipline plan, the demand has great uncertainty. On Tuesday, there were rumors of capacity control in the photovoltaic industry, increasing concerns about future demand for industrial silicon [6]. 2.3 Polysilicon Fundamental Data - **Production and Inventory Situation**: Driven by high profits, enterprises' production enthusiasm is high. In October, the polysilicon output will exceed expectations. However, terminal demand is weak. As of October 10, the national polysilicon sample inventory was 253,900 tons, a weekly increase of 11,700 tons [8][9]. - **Downstream Situation**: The downstream is gradually reducing production. There are expectations of capacity control policies, which may affect the market [9].

1. Report Industry Investment Rating No information provided in the documents. 2. Core Views of the Report - Soft Commodity Sector: - **Sugar**: Macro risks and supply - side pressure led to a more than 3% drop in ICE raw sugar. Brazilian sugar production recovery and expected global output increase in the new season add to supply pressure. With weakening demand expectations, Zhengzhou sugar is expected to be weak in the short - term but has limited downside due to cost support [3]. - **Pulp**: Broad - leaf pulp prices are strong, but coniferous pulp is stable to weak. Global pulp supply remains high, and demand support from finished paper is weakening. Pulp is expected to stay at a low level in the short - term [4]. - **Double - offset Paper**: Although the peak season may support prices, high supply elasticity limits the upside potential, and it is expected to be weak in the medium - term [6][7]. - **Cotton**: Both international and domestic cotton markets are under pressure. The international market focuses on yield and economic expectations, while the domestic market is affected by new - season supply and trade relations. Cotton prices are expected to be weak [8]. - Fresh Fruit and Vegetable Sector: - **Apple**: New - season yield and quality uncertainties and mixed consumption support short - term prices [9]. - **Jujube**: The jujube futures price shows a weak - oscillation pattern. Fourth - quarter production and consumption changes affect its price. Investors are advised to adopt different strategies based on their risk tolerance [10][11]. 3. Summary by Directory 3.1 First Part: Sector Strategy Recommendations - **Fresh Fruit Futures**: - **Apple 2601**: Adopt a bullish approach. New - season yield expectations and trading value provide support, with a support range of 7500 - 7600 and a pressure range of 9000 - 9200 [19]. - **Jujube 2601**: Consider shorting at high prices. Seasonal factors and market sentiment influence the strategy, with a support range of 10500 - 11000 and a pressure range of 11500 - 12000 [19]. - **Soft Commodity Futures**: - **Sugar 2601**: Hold short positions cautiously. The sharp drop in raw sugar affects Zhengzhou sugar, with a support range of 5272 - 5300 and a pressure range of 5477 - 5500 [19]. - **Pulp 2511**: Adopt a bearish approach in the range. High supply and weak domestic finished - paper prices limit upward movement, with a support range of 4700 - 4800 and a pressure range of 5100 - 5200 [19]. - **Double - offset Paper 2601**: Short on rebounds. The approaching peak season supports prices, but supply elasticity limits the upside, with a support range of 4100 - 4200 and a pressure range of 4400 - 4500 [19]. - **Cotton 2601**: Hold short positions cautiously. New - season supply and trade relations put pressure on prices, with a support range of 12800 - 13000 and a pressure range of 13600 - 13700 [19]. 3.2 Second Part: Market News Changes - **Apple Market**: - **Fundamental Information**: In August 2025, fresh apple exports were about 68,400 tons, up 27.59% month - on - month and down 17.57% year - on - year. As of September 25, national apple cold - storage inventory was 147,900 tons, down 60,200 tons week - on - week and 30,700 tons year - on - year [20]. - **Spot Market**: In Shandong, inventory apple prices are stable, and new - season late - maturing Fuji supply is delayed due to weather. In Shaanxi, red apples are scarce, and prices vary by quality. The market in sales areas is stable [20][21][22]. - **Jujube Market**: The inventory of 36 sample physical warehouses decreased slightly. Attention is paid to the circulation of old - season goods and price changes before the new - season harvest [23]. - **Sugar Market**: In the first half of September 2025, 61,000 tons of out - of - quota raw sugar arrived, and 460,000 tons were forecasted for September. On October 14, ICE raw sugar dropped 3.04%. Indian sugar exports in the 2024/25 season reached 775,000 tons. Sugar spot prices were lowered [25]. - **Pulp Market**: Chinese traders counter - offered imported NBSK at $650/ton, but sellers refused. A European supplier sold at a low price. Global pulp supply is high, and demand is weak [28]. - **Double - offset Paper Market**: Prices in different regions are stable. Supply is relatively loose, and demand shows no significant improvement [29][30]. - **Cotton Market**: As of the end of September, textile enterprises' in - stock and available cotton decreased. Egyptian cotton exports increased, and Pakistan's production is expected to be 930,000 - 1,008,000 tons. Xinjiang's production needs further observation [31]. 3.3 Third Part: Market Review - **Futures Market**: - **Apple 2601**: Closed at 8664, up 26 or 0.30% [32]. - **Jujube 2601**: Closed at 11110, down 20 or 0.18% [32]. - **Sugar 2601**: Closed at 5397, down 73 or 1.33% [32]. - **Pulp 2511**: Closed at 4846, up 4 or 0.08% [32]. - **Cotton 2601**: Closed at 13265, down 35 or 0.26% [32]. - **Spot Market**: - **Apple**: Spot price was 3.75 yuan/jin, unchanged month - on - month and up 0.50 yuan/jin year - on - year [37]. - **Jujube**: Spot price was 9.40 yuan/kg, down 0.10 yuan/kg month - on - month and down 5.30 yuan/kg year - on - year [37]. - **Sugar**: Spot price was 5810 yuan/ton, up 10 yuan/ton month - on - month and down 730 yuan/ton year - on - year [37]. - **Pulp**: Spot price of Shandong Silver Star was 5550 yuan/ton, down 100 yuan/ton month - on - month and down 700 yuan/ton year - on - year [37]. - **Double - offset Paper**: Spot price of Tianyang in Tianjin was 4450 yuan/ton, unchanged month - on - month and down 550 yuan/ton year - on - year [37]. - **Cotton**: Spot price was 14755 yuan/ton, down 34 yuan/ton month - on - month and down 799 yuan/ton year - on - year [37]. 3.4 Fourth Part: Basis Situation No specific summary information provided in the text, only relevant figure references [46]. 3.5 Fifth Part: Inter - month Spread Situation - **Apple 10 - 1 Spread**: Current value is 536, up 24 month - on - month and down 23 year - on - year, expected to fluctuate; recommended to wait and see [56]. - **Jujube 9 - 1 Spread**: Current value is 295, up 285 month - on - month and down 115 year - on - year, expected to range - bound; recommended to wait and see [56]. - **Sugar 1 - 5 Spread**: Current value is 27, down 5 month - on - month and up 9 year - on - year, expected to oscillate; recommended to wait and see [56]. - **Cotton 1 - 5 Spread**: Current value is - 55, up 5 month - on - month and up 40 year - on - year, expected to range - bound; recommended to wait and see temporarily [56]. 3.6 Sixth Part: Futures Positioning Situation No specific summary information provided in the text, only relevant figure references [64]. 3.7 Seventh Part: Futures Warehouse Receipt Situation - **Apple**: 0 warehouse receipts, no change month - on - month and year - on - year [82]. - **Jujube**: 0 warehouse receipts, no change month - on - month and year - on - year [82]. - **Sugar**: 8488 warehouse receipts, down 193 month - on - month and down 1378 year - on - year [82]. - **Pulp**: 231287 warehouse receipts, down 104 month - on - month and down 171586 year - on - year [82]. - **Cotton**: 2823 warehouse receipts, down 44 month - on - month and down 1470 year - on - year [82]. 3.8 Eighth Part: Option - related Data No specific summary information provided in the text, only relevant figure references [82].

Group 1: Report Summary Investment Ratings - The report does not provide industry investment ratings. Core Views - **Carbonate Lithium**: The market is currently experiencing strong supply and demand. However, after the holiday, as the downstream restocking pace slows, there is a risk of price decline. The market is affected by factors such as new production line launches, downstream psychological price expectations, and inventory levels [2][5]. - **Industrial Silicon**: The short - term supply and demand situation is acceptable, but there is uncertainty in the future. The market is influenced by factors like the upcoming dry season in the southwest, production increase expectations in Xinjiang, and the "production - limiting and sales - controlling" plan in the polysilicon industry [6]. - **Polysilicon**: The fundamentals are weak. Despite rumors of production cuts, companies have not yet taken action, leading to inventory accumulation. The market is also affected by policy expectations and downstream demand weakening [8]. Trading Strategies - **Carbonate Lithium**: Upstream companies should seize opportunities to sell and hedge when prices rise, while downstream cathode material enterprises should focus on low - price stockpiling or buying hedges. The support level for the main contract is 68,000 - 70,000 yuan, and the resistance level is 75,000 - 76,000 yuan [5][14]. - **Industrial Silicon**: Adopt an interval trading strategy. The support interval is 8,200 - 8,300 yuan, and the resistance interval is 9,200 - 9,300 yuan. In the face of increased overseas risks and macro - factor disturbances, investors should manage risks and trade with light positions [7][14]. - **Polysilicon**: Consider short - selling on rebounds. The support interval for the main contract is 47,000 - 48,000 yuan, and the resistance interval is 52,000 - 53,000 yuan [8]. Group 2: First Part - Spot Prices 1. Plate Strategy Recommendation - **Carbonate Lithium 11**: The market logic is strong supply and demand with a weakening atmosphere. The support is 68,000 - 70,000 yuan, the pressure is 75,000 - 76,000 yuan, the market is expected to decline in a volatile manner. Upstream companies should sell and hedge when prices rise, and downstream cathode material enterprises should focus on low - price stockpiling or buying hedges [14]. - **Industrial Silicon 11**: Short - term supply and demand are acceptable, but there is high uncertainty in the future. The support is 8,200 - 8,300 yuan, the pressure is 9,200 - 9,300 yuan, and the market is expected to fluctuate within a range. Adopt an interval trading strategy [14]. - **Polysilicon 11**: The weakening trend at the terminal may gradually spread upstream. The support is 47,000 - 48,000 yuan, the pressure is 52,000 - 53,000 yuan, the market is expected to fluctuate widely. Pay attention to short - selling opportunities on rebounds [14]. - **Arbitrage Recommendation**: There are currently no good arbitrage opportunities [14]. 2. Futures and Spot Price Changes - **Carbonate Lithium**: The closing price is 72,280 yuan, with a decline of 0.63%. The trading volume is 282,178, the open interest is 207,463, with a decrease of 14,456 compared to the previous period, and the number of warehouse receipts is 36,718 [15]. - **Industrial Silicon**: The closing price is 8,805 yuan, with an increase of 1.38%. The trading volume is 241,553, the open interest is 165,722, with a decrease of 1,313 compared to the previous period, and the number of warehouse receipts is 50,854 [15]. - **Polysilicon**: The closing price is 48,740 yuan, with a decline of 2.35%. The trading volume is 246,976, the open interest is 87,665, with a decrease of 3,344 compared to the previous period, and the number of warehouse receipts is 7,900 [15]. Group 3: Second Part - Fundamental Situation 1. Carbonate Lithium Fundamental Data (1) Production and Inventory - The report includes figures on monthly production capacity, device operating rate, monthly output, and monthly inventory of carbonate lithium, as well as inventory in smelters and downstream [22][24]. (2) Downstream Situation - Figures on the production capacity, device operating rate of lithium iron phosphate, monthly operating rate of SMM ternary materials, and monthly output of lithium hexafluorophosphate are presented [26][28]. 2. Industrial Silicon Fundamental Data (1) Production and Inventory - Figures on the sample operating rate of main production areas, weekly output of main production areas, weekly inventory of delivery warehouses in various regions, and weekly inventory of sample enterprises in Xinjiang and Sichuan are provided [32][34]. (2) Downstream Situation - Figures on the monthly output of China's organic silicon DMC and the operating rate of aluminum alloy are shown [36]. 3. Polysilicon Fundamental Data (1) Production and Inventory - Figures on the total inventory and monthly output of polysilicon in China are included [40][41]. (2) Downstream Situation - Figures on the monthly output of silicon wafers and the monthly output of photovoltaic - Chinese components are presented [45].

1. Report Industry Investment Rating No information provided. 2. Core Views of the Report - **Sugar**: The recent typhoon in the main producing areas has caused some sugarcane lodging, raising concerns about production cuts and boosting the sentiment of Zhengzhou sugar futures. However, both international and domestic markets lack positive factors. Brazil's sugar production has continued to recover more than expected, and the large delivery volume of the October contract of raw sugar has led to strong bearish sentiment in the market under the expectation of global production increase. The domestic market has high imports of refined sugar, and new sugar is about to be launched, while the demand is expected to weaken. In this situation of increasing supply and decreasing demand, the sugar futures and spot prices are still under pressure, and the main contract is struggling around the 5500 level [4]. - **Pulp**: The price of hardwood pulp is relatively strong, and the increase in the US dollar quotation has driven a slight increase in the domestic spot price. However, the external market of softwood pulp has remained stable and weak, causing the domestic spot price to adjust following the futures price. From the global shipping data, the supply of wood pulp is still high, and the shipping volume to China is also higher than the same period last year. Although some pulp mills have cut production, the impact is not obvious from the data, so the supply pressure in China may still be high in the future. On the demand side, the increase in the production of finished paper during the peak season supports the demand for wood pulp, but the price increase of finished paper is weak, which weakens the positive impact on wood pulp. Overall, the valuation of pulp is not high, but the improvement in the fundamentals is limited, and the upward driving force is not strong, so it will maintain a low - level operation in the short term [5]. - **Offset Paper**: After the National Day, the spot price of some brands of offset printing paper in some regions continued to decline. Although the market expects an improvement in demand as the peak season approaches, the current fundamentals are still weak. Without policy news on the supply side, the upward driving force is not clear. Even considering the peak season after October, with the current capacity utilization rate, it is still difficult for offset paper to achieve high profits and prices. After Chenming Paper resumes production, the supply pressure may increase. The increase in the US dollar quotation of hardwood pulp provides some support for offset paper, but the increase in wood pulp price may be limited before the supply further decreases. Overall, the improvement in demand during the peak season may support offset paper, but the seasonal improvement may not bring a significant increase in price, and it will run weakly in the medium term [7][8]. - **Cotton**: This week, the cotton futures price has fluctuated weakly. In the external market, the harvest of US cotton is progressing steadily, and although there is some weather interference, the high - yield situation remains unchanged. The change in Sino - US trade relations has increased consumption concerns, putting pressure on the US cotton price, and the futures price is in a downward trend. In the domestic market, the focus is on the realization of the new season's production. The high - yield situation in Xinjiang is basically determined, and the downstream consumption confidence is still insufficient, with seasonal pressure still existing. Although the slower - than - expected harvest rhythm has slightly supported the sentiment, the overall futures price is still expected to continue to decline due to the change in Sino - US trade relations [9]. - **Apples**: The market has recently focused on two aspects: the change in the new season's expectations, with a delay in the listing and prominent weather disturbances in the producing areas, and the festival consumption situation, which is mixed. The apple futures price fluctuates around the realization of the new season's situation. Currently, there are still differences in the new season's realization, and the futures price may fluctuate strongly in the short term [10]. - **Jujubes**: After the festival, the agricultural product sector has run weakly, but the jujube futures price has risen slightly after breaking through the resistance. In the fourth quarter, as the weather trading window for jujubes to be harvested shortens, the futures price of the 2601 contract has turned into a shock after failing to break through, and the premium of futures over spot warehouse receipts has converged. In October, the inventory removal speed of jujube spot has slowed down, and the terminal replenishment enthusiasm has improved, with the dried fruit consumption gradually transitioning to the seasonal peak season. The price of high - quality jujubes in the sales area is running strongly, and the price of ordinary jujubes is stable and firm [11]. 3. Summary According to the Directory 3.1 First Part: Plate Strategy Recommendation - **Apple 2601**: Adopt a bullish strategy. The main logic is that the difference between the new season's expected and actual situation and the speculation on the delivery value increase, and the futures price may rise in the short term. The support range is 7500 - 7600, and the pressure range is 9000 - 9200 [20]. - **Jujube 2601**: Adopt a strategy of shorting on rallies. The main logic is that the overall sentiment of commodities is strong, and in the third quarter, jujubes enter the production - forming period, and the market is prone to focus on weather - related price premiums. The support range is 10500 - 11000, and the pressure range is 11500 - 12000 [20]. - **Sugar 2601**: Adopt a strategy of shorting on rallies. The main logic is that Brazil's production rhythm has accelerated, the futures price has limited upward momentum, and the supply - side pressure has increased. The support range is 5424 - 5437, and the pressure range is 5560 - 5574 [20]. - **Pulp 2511**: Adopt a strategy of shorting within the range. The main logic is that although the short - term valuation is not high, the supply is high, and the weak price of domestic finished paper makes the upward driving force of pulp weak, and it will run weakly within the range. The support range is 4700 - 4800, and the pressure range is 5100 - 5200 [20]. - **Offset Paper 2601**: Adopt a strategy of shorting on rallies. The main logic is that as the peak season approaches, it supports the short - term price, but with high supply elasticity, the price increase may be limited by relying solely on peak - season demand. The support range is 4100 - 4200, and the pressure range is 4400 - 4500 [20]. - **Cotton 2601**: Hold short positions cautiously. The main logic is that new cotton is about to be launched, the high - yield expectation is strong, and the change in Sino - US trade relations has put pressure on the short - term futures price. The support range is 12800 - 13000, and the pressure range is 13600 - 13700 [20]. 3.2 Second Part: Market News Changes 3.2.1 Apple Market - **Fundamental Information**: In August 2025, the export volume of fresh apples was about 68,400 tons, a month - on - month increase of 27.59% and a year - on - year decrease of 17.57%. As of September 24, 2025, the cold - storage inventory of apples in the main producing areas was 121,800 tons, a week - on - week decrease of 41,400 tons. As of September 25, 2025, the national apple cold - storage inventory was 147,900 tons, a week - on - week decrease of 60,200 tons and a year - on - year decrease of 30,700 tons [21]. - **Spot Market Situation**: The inventory apple market in Shandong is stable, and the cold - storage goods are rarely traded. New - season late - maturing Fuji apples have not been widely supplied due to weather reasons, and the listing time has been postponed by about 10 days. In Shaanxi, there are few red apples, and only some merchants have started to order high - quality orchards. The market in the sales area is generally stable, and the shipment is smooth [21][22][23]. 3.2.2 Jujube Market The physical inventory of 36 sample points this week was 9167 tons, a week - on - week decrease of 36 tons, a month - on - month decrease of 0.39%, and a year - on - year increase of 93.89%. During the double festivals, the arrival of goods in the sales area was small, and the number of merchants inspecting and purchasing goods was average due to the holiday mood and rainfall. Attention should be paid to the circulation of old - season goods and the change of spot price before the new - season jujubes are harvested [24]. 3.2.3 Sugar Market The Ministry of Agriculture and Rural Affairs' forecast of the sugar supply - demand situation for the 2025/26 season remains the same as last month, with a total sugar production of 1.12 billion tons and an expected import volume of 500,000 tons. In August, excessive rainfall in Inner Mongolia was not conducive to sugar beet sugar accumulation and harvesting, and the impact on sugar beet sugar production needs further assessment. In late September and early October, typhoons in the main sugarcane producing areas such as Guangdong and Guangxi caused sugarcane lodging. As of September 30, 2025, Yunnan's cumulative sugar sales were 2.214 million tons, with a sales rate of 91.54%, a year - on - year slight decrease, and an industrial inventory of 204,700 tons, an increase compared to last year [26]. 3.2.4 Pulp Market Chinese traders have counter - offered to purchase imported NBSK at $650 per ton, but sellers have refused to reduce the price. An European supplier sold NBSK at $650 per ton, far below the market level. A supplier said that the demand for imported bleached softwood pulp has been weak for several months. The price of Canadian and Nordic NBSK remains at $680 - 700 per ton. Suzano has announced a $20 per ton increase in the price of South American bleached hardwood pulp orders in the Asian market for October, the third consecutive increase since August, and will also increase the price for the European and North American markets [28]. 3.2.5 Offset Paper Market In Shandong, the mainstream transaction price of high - white offset paper is 4700 - 4800 yuan per ton, and the price of some natural - white offset paper is 4300 - 4550 yuan per ton, with a price decrease compared to the previous day. In Guangdong, the mainstream transaction price of high - white offset paper is 4600 - 4800 yuan per ton, and the price is stable compared to the previous day. In Beijing, the mainstream transaction price of high - white offset paper is 4800 - 4850 yuan per ton, and the price of some products has decreased. In Sichuan, the mainstream transaction price of high - white offset paper is 4900 yuan per ton, and the price is stable compared to the previous day [29][30]. 3.2.6 Cotton Market In August, Turkey's cotton imports were 78,000 tons, a month - on - month decrease of 20% and a year - on - year increase of 35.0%. Turkey's clothing export volume in August was $1.47 billion, a month - on - month flat and a year - on - year decrease of 9%. As of recently, the cotton processing work in Australia in the 25th season is nearly 90% complete. The October report of the Cotton Information Network has lowered the forecast of the new - season import volume and the ending inventory [31]. 3.3 Third Part: Market Review 3.3.1 Futures Market Review | Variety | Closing Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | | Apple 2601 | 8744 | 111 | 1.29% | | Jujube 2601 | 11145 | 185 | 1.69% | | Sugar 2601 | 5496 | - 32 | - 0.58% | | Pulp 2511 | 4788 | - 16 | - 0.33% | | Cotton 2601 | 13325 | 30 | 0.23% | [31][32] 3.3.2 Spot Market Review | Variety | Spot Price | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple (yuan/jin) | 3.75 | 0.00 | 0.20 | | Jujube (yuan/kg) | 9.40 | - 0.10 | - 5.30 | | Sugar (yuan/ton) | 5800 | 0 | - 740 | | Pulp (Shandong Yinxing) | 5650 | 0 | - 500 | | Offset Paper (Taiyang Tianyang - Tianjin) | 4450 | 0 | - 550 | | Cotton (yuan/ton) | 14775 | 18 | - 797 | [38] 3.4 Fourth Part: Basis Situation No specific data analysis is provided, only relevant figures are mentioned. 3.5 Fifth Part: Inter - month Spread Situation | Variety | Spread | Current Value | Month - on - Month Change | Year - on - Year Change | Forecast | Recommended Strategy | | --- | --- | --- | --- | --- | --- | --- | | Apple | 10 - 1 | 431 | - 116 | - 147 | Fluctuate repeatedly | Wait and see | | Jujube | 9 - 1 | 235 | 255 | - 170 | Fluctuate within a range | Wait and see | | Sugar | 1 - 5 | 27 | 0 | 14 | Fluctuate within a range | Wait and see | | Cotton | 1 - 5 | - 50 | 0 | 25 | Fluctuate within a range | Wait and see temporarily | [57] 3.6 Sixth Part: Futures Position Situation No specific data analysis is provided, only relevant figures are mentioned. 3.7 Seventh Part: Futures Warehouse Receipt Situation | Variety | Warehouse Receipt Quantity | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple | 0 | 0 | 0 | | Jujube | 0 | 0 | 0 | | Sugar | 8867 | - 31 | - 1050 | | Pulp | 231693 | - 413 | - 173345 | | Cotton | 2942 | - 88 | - 1831 | [82] 3.8 Eighth Part: Option - related Data No specific data analysis is provided, only relevant figures are mentioned.

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - **Carbonate Lithium**: Current lithium salt supply and demand are strong. After the holiday, as the downstream restocking pace slows, there is a risk of lithium salt price decline. The follow - up arrangements of Yichun lithium mica mines are yet to be clarified, and international macro factors may disrupt the market. The support for the main contract is 68,000 - 70,000, and the pressure is 78,000 - 80,000 [4][5]. - **Industrial Silicon**: The short - term supply and demand performance is acceptable, but there is uncertainty in the future. In November, the southwest will enter the dry season, and production cuts may be planned in October, while Xinjiang's large factories have production increase expectations. The total output in October is expected to increase. The traditional peak season demand is okay, but there is great uncertainty due to the "production limit and sales control" plan. The inventory depletion speed slows down. The cost support is stable, and the market should focus on the implementation of polysilicon production - cut measures. The market may fluctuate within a range, with support at 8,200 - 8,300 and pressure at 9,200 - 9,300 [6]. - **Polysilicon**: The fundamentals are weak. Although there are rumors of production cuts, enterprises have not taken action, and the production schedule in October is expected to rise. Downstream demand is weak, and inventory is accumulating. Policy expectations may still ferment, and the market may fluctuate at a high level in the short term. There is a large callback pressure, and investors can consider short - selling on rebounds. The support is 47,000 - 48,000, and the pressure is 52,000 - 53,000 [8]. 3. Summary by Directory 3.1 First Part: Spot Prices 3.1.1 Plate Strategy Recommendation - **Carbonate Lithium 11**: After the holiday, the restocking market fades. It is expected to fluctuate weakly. Upstream enterprises should seize the opportunity to sell and hedge on price increases, and downstream cathode material enterprises should focus on low - level stockpiling or buying hedges [14]. - **Industrial Silicon 11**: With strong expectations and weak reality, it is expected to fluctuate within a range. Use a range - trading strategy [14]. - **Polysilicon 11**: With strong expectations and weak reality, there is a large callback pressure. Pay attention to short - selling opportunities on rebounds [14]. - **Arbitrage Recommendation**: There are no good arbitrage opportunities recently [14]. 3.1.2 Futures and Spot Price Changes | Variety | Closing Price | Change Rate | Trading Volume | Open Interest | Open Interest Change | Warehouse Receipts | | --- | --- | --- | --- | --- | --- | --- | | Carbonate Lithium | 72,740 | - 0.82% | 294,783 | 221,919 | - 7,103 | 42,669 | | Industrial Silicon | 8,685 | 0.52% | 225,514 | 167,035 | - 9,528 | 50,281 | | Polysilicon | 48,965 | - 2.43% | 203,722 | 91,009 | 6,022 | 8,140 | [14] 3.2 Second Part: Fundamental Situation 3.2.1 Carbonate Lithium Fundamental Data - **Production and Inventory**: During the holiday week, the production of carbonate lithium was 20,635 tons, an increase of 119 tons from the previous week, hitting a new weekly production high. The total sample inventory was 134,801 tons, a decrease of 2,024 tons in the past two weeks, but the high - inventory situation remains. The apparent weekly demand was 21,647 tons, remaining at a recent high, and the available days of inventory in the full - caliber sample remained at a recent low [4]. - **Downstream Situation**: The report does not provide specific downstream situation data, but only shows relevant charts such as the production capacity of lithium iron phosphate, the operating rate of lithium iron phosphate devices, etc. [24] 3.2.2 Industrial Silicon Fundamental Data - **Production and Inventory**: In November, the southwest will enter the dry season, and production cuts may be planned in October, while Xinjiang's large factories have production increase expectations. The total output in October is expected to increase. The inventory depletion speed slows down, and warehouse receipts are registered [6]. - **Downstream Situation**: The traditional peak season demand is okay, with an increase in the production schedule of the polysilicon segment in October. However, considering the "production limit and sales control" plan, demand is uncertain. The report also shows relevant charts such as the monthly production of Chinese organic silicon DMC and the aluminum alloy operating rate [6][34] 3.2.3 Polysilicon Fundamental Data - **Production and Inventory**: Although there are rumors of production cuts, enterprises have not taken action, and the production schedule in October is expected to rise. Downstream demand is weak, and inventory is accumulating [8]. - **Downstream Situation**: The report shows relevant charts such as the monthly production of silicon wafers and the monthly production of Chinese photovoltaic components [38]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - **Soybean Oil**: This week, the main futures price of soybean oil declined. The exhaustion of Argentina's $7 billion agricultural product export tax - free quota for oilseeds and meal, high inventory of oils, and the expected increase in South American soybean imports contributed to this. The price is expected to fluctuate widely, and it's advisable to wait and see for the Y2601 contract, with support at 7950 - 8000 yuan/ton and resistance at 8330 - 8350 yuan/ton [2]. - **Rapeseed Oil**: China's temporary anti - dumping measures on Canadian rapeseed imports may lead to a significant reduction in Canadian rapeseed purchases. Imports from Russia, Dubai, and Australia can partially offset the supply. There is an expected increase in Canadian rapeseed production. Domestic rapeseed oil inventory is decreasing. If Canadian rapeseed imports are significantly reduced, the de - stocking process will continue. It's recommended to go long with a light position, with support at 9800 - 9810 and resistance at 10300 - 10333 [2]. - **Palm Oil**: From September 1 - 25, Malaysian palm oil production decreased by 4.14% month - on - month, and exports increased by 11.3 - 12.9%. There is no obvious inventory accumulation pressure. Indonesia may increase the mandatory palm oil blending ratio to B45 before B50. The price is expected to fluctuate in the short term, with support at 8900 - 8910 and resistance at 9570 - 9590 [3]. - **Soybean No.2 and Soybean Meal**: The main futures price of soybean oil declined this week. The supply is sufficient, and the price of soybean meal may strengthen in wide - range fluctuations. For an aggressive strategy, consider going long with a light position; for a conservative one, wait and see. The support for the soybean No.2 main contract is 3500 - 3540 yuan/ton, and the resistance is 3730 - 3750 yuan/ton. For the soybean meal main contract, the support is 2900 - 2910 yuan/ton, and the resistance is 3000 - 3050 yuan/ton [2][3]. - **Rapeseed Meal**: Canadian rapeseed production is almost set with an expected increase. Domestic rapeseed meal may de - stock if Canadian rapeseed imports are reduced. The price is expected to fluctuate, with support at 2320 - 2330 and resistance at 2552 - 2572 [3][5]. - **Soybean No.1**: The price of soybean No.1 first declined and then rose. The early - maturing soybeans in Northeast China have lower protein content, and there is a bumper harvest expected. Due to farmers' reluctance to sell, the price is expected to be firm in the short term, but the upside is limited. It's advisable to wait and see. The resistance for the 11 - contract is 3980 - 4000 yuan/ton, and the support is 3800 - 3830 yuan/ton [4]. - **Peanuts**: The new - season peanut planting area has increased, but the price has factored in the increase expectation. The price is expected to fluctuate in the short term. The support for the 11 - contract is 7500 - 7510, and the resistance is 8020 - 8162 [4]. - **Corn and Corn Starch**: This week, the futures prices first declined and then rebounded. The external market has both positive and negative factors, and the domestic market is in a game between low channel inventory and new - season listing rhythm. It's recommended to hold short positions cautiously. The support for the corn 11 - contract is 2100 - 2120, and the resistance is 2240 - 2250. For the corn starch 11 - contract, the support is 2400 - 2420, and the resistance is 2580 - 2590 [6]. - **Pigs**: The spot price of pigs has been weak. The industry is under de - capacity pressure. The futures price is expected to rebound in a range. It's recommended to wait and see. The reference range for the 11 - contract is 13000 - 13500 points [7]. - **Eggs**: The spot price of eggs has been weak. The egg production capacity is high, and the consumption is in the off - season. It's recommended for aggressive investors to go long on the 11 - or 12 - contract at low prices, and pay attention to the positive spread opportunity between 11 and 1 [8]. 3. Summary by Directory First Part: Sector Strategy Recommendation - **Market Analysis**: Different products in the feed,养殖, and油脂 sectors have different market logics and price trends. For example, soybean No.1 is expected to run firmly, while soybean No.2 will fluctuate widely. The report provides support and resistance levels and corresponding strategies for each product [11]. - **Basis and Spot - Futures Strategies**: The report presents the spot prices, price changes, main - contract basis, and basis changes of various products in different sectors, including油料,油脂, protein, energy and by - products, and养殖 [12][13]. Second Part: Key Data Tracking Table - **Oilseeds and Oils**: - **Daily Data**: The report shows the import cost data of oilseeds and oils, including the arrival premium, CBOT soybean futures price, CNF arrival price, import duty - paid price, and the cost of soybean meal when the crushing profit is zero for different soybean and rapeseed shipment periods [13][14]. - **Weekly Data**: The weekly data of oilseeds and oils include inventory and开机率. For example, the soybean (port) inventory is 671.85 (7.50), and the开机率 of the soybean oil industry is 61.00% (- 1.00%) [15]. - **Feed**: The report provides the weekly data of corn and corn starch, such as the consumption, inventory,开机率, and inventory of starch enterprises [15]. Third Part: Fundamental Tracking Charts - **Breeding End (Pigs and Eggs)**: The report includes charts of the closing prices of the main contracts, spot prices, and related prices of pigs and eggs, such as the closing price of the pig main contract, the spot price of pigs, and the spot price of eggs [17][18][19]. - **Oilseeds and Oils**: - **Palm Oil**: Charts show Malaysia's palm oil production, export, inventory, import profit, and related price differences [27][26][30]. - **Soybean Oil**: The report presents charts of US soybean crushing volume, soybean oil inventory, crushing profit, domestic soybean oil mill开机率, inventory, and trading volume [33][34][36]. - **Peanuts**: Charts include the arrival and shipment volume of peanuts in domestic wholesale markets, crushing profit,开工率, inventory, and import volume [38][31][33]. - **Feed End**: - **Corn**: The report provides charts of corn's spot price, closing price, basis, price differences, inventory, import volume, consumption, processing profit, and price differences with wheat [42][43][45]. - **Corn Starch**: Charts show the spot price, closing price, basis, price differences,开机率, inventory, and profit of corn starch [50][51][53]. - **Rapeseed**: The report includes charts of rapeseed meal's spot price, import rapeseed oil's spot price, basis, inventory, and related data [55][56][59]. - **Soybean Meal**: Charts show the inventory, crushing volume, and related data of rapeseed and soybean meal [61][64]. Fourth Part: Feed, Breeding, and Oil Options Situation The report includes charts of the historical volatility of various products such as rapeseed meal, rapeseed oil, soybean oil, palm oil, and peanuts, as well as the trading volume, open interest, and put - call ratio of corn options [65][69][70]. Fifth Part: Feed, Breeding, and Oil Warehouse Receipt Situation The report presents charts of the warehouse receipt situations of various products, including rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, pigs, and eggs [75][76][77].

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Views of the Report - The Fed has entered a new round of interest - rate cut cycles, and the dot - plot shows two more expected rate cuts this year, with the US dollar index having room to decline. The copper supply shock caused by the accident at Freeport McMoRan's Grasberg mine will exacerbate the tight global copper supply - demand structure. The demand for copper in industries such as power, data centers, and new energy vehicles remains strong. However, the approaching holiday has led to some funds leaving the market for risk - avoidance, and the spill - over effect on other non - ferrous metals from the copper price increase is not sustainable [3][9][10]. - The strength of the US dollar index suppresses the rebound height of the non - ferrous metal sector. Before the holiday, it is recommended to be cautious in trading and use options for protection. Different non - ferrous metal varieties have different supply - demand fundamentals and price trends, and corresponding trading strategies are proposed for each variety [5][10]. 3. Summary by Directory 3.1 First Part: Non - ferrous Metal Operation Logic and Investment Advice - **Macro Logic**: The Fed has cut interest rates by 25bp, and future rate - cut decisions will depend on economic data. The US - EU trade agreement has been implemented, and the eurozone's September PMI data shows a mixed situation. China's LPR remains unchanged, and the central bank's monetary policy is supportive and moderately loose. Before the holiday, market funds are leaving for risk - avoidance, and the support from pre - holiday stocking for non - ferrous metals is weakening [9]. - **Single - side Strategies for Each Variety** - **Copper**: The Grasberg mine accident will reduce copper production, and the global copper supply - demand will be more imbalanced. The Fed's rate - cut cycle is favorable for copper prices in the long - term. It is recommended to buy on dips, with the short - term upper pressure range at 83000 - 84000 yuan/ton and the lower support range at 80000 - 81000 yuan/ton [3]. - **Aluminum Industry Chain** - **Aluminum**: The strengthening of the US dollar suppresses the rebound. Before the holiday, it is recommended to watch more and trade less, with the upper pressure range at 21300 - 21700 and the lower support range at 20200 - 20500. One can buy out - of - the - money options for protection [5]. - **Alumina**: The spot price is falling, and the operating capacity is increasing. It is recommended to short on rebounds and hold short positions, with the upper pressure range at 3500 - 3700 and the lower support range at 2700 - 2900. One can buy out - of - the - money call options for protection [5]. - **Recycled Aluminum Alloy**: Due to the tight supply of scrap and policy uncertainties, it is recommended to reduce long positions, with the upper pressure range at 20800 - 21000 and the lower support range at 20000 - 20300. One can buy out - of - the - money put options for protection [5]. - **Tin**: The market is in a supply - demand weak pattern. It is recommended to close long positions and watch more before the holiday, with the upper pressure range at 260000 - 280000. One can buy out - of - the - money put options [6]. - **Zinc**: The Fed's rate - cut and economic data affect the US dollar index. The zinc price is affected by multiple factors such as supply - demand and macro - environment. The zinc price is oscillating weakly, with the upper pressure at 22300 - 22400 and the lower support at 21500 - 21600. It is recommended to trade based on volatility [6]. - **Lead**: The US dollar is rebounding, and there are news of lead - recycling enterprises' production suspension. The lead price is fluctuating. It is recommended to gradually take profits on long positions at high prices and use a wide - range option straddle strategy [6]. - **Nickel and Stainless Steel**: The Fed's rate - cut and economic data affect the US dollar index. The nickel price is affected by supply - demand and macro - factors. The nickel price is oscillating, with the upper pressure at 125000 - 128000 yuan and the lower support at 118000 - 120000 yuan. The stainless - steel price is also oscillating, with the upper pressure at 13000 - 13200 and the lower support at 12700 - 12800. It is recommended to reduce positions for risk - avoidance before the holiday [6]. 3.2 Second Part: Non - ferrous Metal Market Review - **Weekly Futures Price Changes**: Copper closed at 82470 yuan/ton with a 3.28% increase; aluminum at 20745 yuan/ton with a 0.36% decrease; tin at 274070 yuan/ton with a 1.97% increase; lead at 17110 yuan/ton with a 0.23% decrease; nickel at 121380 yuan/ton with a 0.10% decrease; stainless steel at 12840 yuan/ton with a 0.16% decrease; and cast aluminum alloy at 20325 yuan/ton with a 0.29% decrease [14]. 3.3 Third Part: Non - ferrous Metal Spot Market - **Spot Prices**: The spot price of copper, zinc, aluminum, and other non - ferrous metals has different degrees of changes. For example, the Yangtze River Non - ferrous copper spot price is 82670 yuan/ton with a 0.16% increase; the Yangtze River Non - ferrous 0 zinc spot price is 21970 yuan/ton with a 0.41% increase; the Yangtze River Non - ferrous aluminum spot average price is 20780 yuan/ton with a 0.05% increase [19]. 3.4 Fourth Part: Key Data Tracking of Non - ferrous Metal Industry Chain - Multiple charts are provided to track key data of different non - ferrous metal varieties, including inventory, processing fees, production, and price trends [22][23][26]. 3.5 Fifth Part: Non - ferrous Metal Arbitrage - **Recommended Arbitrage Opportunities** - **Copper 2511 - 2512 Contract Reverse Arbitrage**: The supply - side shock will have a more significant impact on the far - month contracts [14]. - **Alumina 2502 - 2509 Contract Reverse Arbitrage**: The near - strong and far - weak structure of alumina has returned [14]. 3.6 Sixth Part: Non - ferrous Metal Options - **Option Strategies for Each Variety** - **Copper**: Sell near - month slightly out - of - the - money put options to collect premiums [4]. - **Aluminum**: Sell out - of - the - money call options [5]. - **Tin**: Sell out - of - the - money call options and buy out - of - the - money put options [6]. - **Zinc**: Buy volatility [6]. - **Lead**: Use a straddle strategy (16400 - 17400) [6]. - **Nickel and Stainless Steel**: Buy out - of - the - money call options [6].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Soybean Oil**: The price of soybean oil futures rose during the day due to the exhaustion of Argentina's export tax - free quota and the news of potential US support for Argentina's currency swap. With sufficient domestic supply and weak market confidence in the "strong expectation," the futures price is expected to fluctuate widely. It is recommended to temporarily observe the Y2601 contract, with support at 7950 - 8000 yuan/ton and resistance at 8330 - 8350 yuan/ton [3]. - **Rapeseed Oil**: China's temporary anti - dumping measures on Canadian rapeseed imports may lead to a significant reduction in Canadian rapeseed purchases. Although imports from Russia, Dubai, and Australia can partially make up for the supply, the trade policy of Canadian rapeseed remains uncertain. If imports are significantly reduced, domestic rapeseed oil will continue the de - stocking process. It is recommended to go long with a light position, with support at 9655 - 9698 and resistance at 10300 - 10333 [3]. - **Palm Oil**: From September 1 - 20, Malaysia's palm oil production decreased by 4.26 - 7.89% month - on - month, and from 1 - 25, exports increased by 11.3 - 12.9% month - on - month. There is no obvious inventory accumulation pressure in the producing areas. Indonesia may increase the mandatory palm oil blending ratio in biodiesel to B45 before moving to B50. The short - term trend is expected to be volatile, with support at 8900 - 8910 and resistance at 9570 - 9590 [4]. - **Soybean Meal and Bean No. 2**: The exhaustion of Argentina's export tax - free quota and the uncertainty of supply policies have led to price fluctuations. The domestic supply of soybean meal is sufficient, and the short - term trend is expected to be volatile. It is recommended that aggressive strategies consider going long with a light position, while conservative strategies consider temporary observation [5]. - **Corn and Corn Starch**: In the short term, the CBOT corn futures price is expected to remain in a low - level range. The domestic market is mainly a game between low channel inventory and the new season's listing rhythm. It is recommended to consider selling wide - straddle option combinations or out - of - the - money call options [7]. - **Soybean No. 1**: The price rebounded with Bean No. 2, but its fundamentals changed little. The new domestic soybeans are gradually being listed, and the supply is increasing, which restricts the price increase [8]. - **Peanuts**: The new season's peanuts are expected to have an increased yield and lower production costs. As the listing volume gradually increases, there is supply pressure on the spot and futures prices. The short - term trend is expected to be volatile [9]. - **Hogs**: The futures price of hogs fluctuated and bottomed out. The current market is affected by factors such as feed prices and production capacity reduction expectations. It is recommended that cautious investors hold long - short spreads, while aggressive investors can consider going long on the 2601 contract after the production capacity reduction is confirmed [10]. - **Eggs**: The futures price of eggs rebounded with reduced positions. After a continuous decline, the spot price rebounded slightly in September. It is recommended that cautious investors avoid short - selling, while aggressive investors can consider going long on the 2511 contract at a low price [10]. 3. Summary According to the Table of Contents First Part: Sector Strategy Recommendations - **Market Analysis** - **Oilseeds**: Products such as Bean No. 1, Bean No. 2, and peanuts are expected to have a volatile adjustment. It is recommended to temporarily observe [13]. - **Oils**: Soybean oil is expected to decline with fluctuations, while rapeseed oil is expected to be slightly stronger, and palm oil is expected to be volatile. It is recommended to observe soybean oil and palm oil, and go long on rapeseed oil with a light position [13]. - **Proteins**: Both soybean meal and rapeseed meal are expected to be volatile, and it is recommended to observe [13]. - **Energy and By - products**: Corn and corn starch are expected to face pressure, and it is recommended to hold short positions cautiously [13]. - **Livestock**: Hogs are expected to find the bottom with fluctuations, and eggs are expected to be volatile. It is recommended to observe hogs and go long on eggs at a low price [13]. - **Commodity Arbitrage** - For most varieties, it is recommended to observe, while for hogs 1 - 3 and eggs 10 - 1, it is recommended to conduct long - short spreads at a low price [15]. - **Basis and Spot - Futures Strategies** - The report provides the spot prices, price changes, and basis changes of various products, including oilseeds, oils, proteins, energy and by - products, and livestock [16]. Second Part: Key Data Tracking Table - **Oilseeds and Oils** - **Daily Data**: It includes the import costs of soybeans, rapeseeds, and palm oil from different origins and shipping dates [17]. - **Weekly Data**: It shows the inventory and operating rates of beans, rapeseeds, palm oil, and peanuts [19]. - **Feed** - **Daily Data**: It provides the import costs of corn from Argentina and Brazil [19]. - **Weekly Data**: It shows the consumption, inventory, operating rate, and inventory of corn and corn starch in deep - processing enterprises [20]. - **Livestock** - **Daily Data**: It provides the daily data of hogs and eggs, including prices, price changes, and cost - profit data [21][22]. - **Weekly Data**: It shows the weekly data of hogs and eggs, including prices, production costs, profits, and slaughter data [23][25]. Third Part: Fundamental Tracking Charts - **Livestock (Hogs and Eggs)**: It includes charts of futures and spot prices of hogs and eggs, as well as related price charts such as piglets and white - striped pork [26]. - **Oilseeds and Oils** - **Palm Oil**: It includes charts of production, exports, inventory, and other aspects of Malaysian palm oil, as well as domestic palm oil inventory and trading volume [36]. - **Soybean Oil**: It includes charts of US soybean crushing volume, soybean oil inventory, domestic soybean oil factory operating rate, and inventory [43]. - **Peanuts**: It includes charts of peanut arrival, shipment, processing profit, and inventory [52]. - **Feed** - **Corn**: It includes charts of corn futures and spot prices, inventory, import volume, and processing profit [58]. - **Corn Starch**: It includes charts of corn starch futures and spot prices, operating rate, and inventory [65]. - **Rapeseed**: It includes charts of rapeseed meal and rapeseed oil spot prices, inventory, and processing profit [69]. - **Soybean Meal**: It includes charts of US soybean growth indicators, soybean and soybean meal inventory, and basis [75]. Fourth Part: Options Situation of Feed, Livestock, and Oils It includes charts of historical volatility of products such as rapeseed meal, rapeseed oil, soybean oil, palm oil, and peanuts, as well as option trading volume and open interest of corn [93]. Fifth Part: Warehouse Receipt Situation of Feed, Livestock, and Oils It provides charts of warehouse receipts of products such as rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, hogs, and eggs [96].