Report Industry Investment Rating - Not provided in the document Core Viewpoints of the Report - The polyester industry chain is under pressure in the off - season. The prices of various products in the chain are affected by factors such as cost, supply - demand relationship, and geopolitical events. Overall, the prices of most products are expected to show a volatile and weak trend in the future [6][17][56]. Summary by Relevant Catalogs Polyester Industry Chain Market Review - In October 2025, the polyester industry chain prices first declined and then rebounded, driven by cost and "anti - involution" sentiment. The upper half of the month was affected by negative factors such as OPEC's continued production increase, while the lower half was supported by positive factors like the escalation of sanctions against Russia [6]. Crude Oil - In November 2025, crude oil prices showed a V - shaped reversal. The upper half of the month was affected by negative factors and prices declined, while the lower half was supported by positive factors and prices rebounded. OPEC + will continue to increase production, and the demand is weak in the off - season. The price center is expected to move down with fluctuations due to macro and geopolitical factors [9][17]. PX - In October 2025, PX prices first declined and then rebounded. The device operation was relatively stable, and the demand expectation was repaired. The cost side is expected to be weak, and the supply - demand side is slightly weak. It is expected to accumulate inventory slightly, and the price is expected to be volatile and weak [21][56]. PTA - In October 2025, PTA prices first declined and then rebounded. The processing fee first decreased and then increased. The production is expected to decline in November, and it is expected to reduce inventory slightly. The cost is expected to be weak, and the price may decline with cost guidance [59][103]. Ethylene Glycol - In October 2025, ethylene glycol prices were under pressure and showed a weak trend. The supply pressure continued to increase, and the price center moved down. The supply is expected to increase, and the demand is expected to decline slightly, with inventory accumulation in ports. The price is expected to be volatile and weak [106][149]. Polyester Staple Fiber - In October 2025, polyester staple fiber prices first declined and then rebounded. The device operation was stable, and the downstream demand was released periodically. The processing fee was maintained at a good level. The production capacity expansion slowed down, and the production increased month - on - month and decreased year - on - year [151][158].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - In the third quarter, without continuous bullish weather conditions, the price of jujube futures rose first and then fell, and the position volume reached a record high since its listing [6]. - The spot price of jujubes in the third quarter started high, then declined, and rebounded with overall low - level fluctuations [32]. - There is a large gap in the estimated new - season jujube production in 2025 among different research institutions [49][50]. 3. Summary by Directory 3.1 Jujube Futures and Spot Price Trends - **Futures Price**: The price of jujube futures rose and then fell in the third quarter, with the position volume at a high level since listing. Data on the closing prices of jujube 2509, 2601, and 2505 contracts, as well as the month - to - month spreads between 9 - 1 and 1 - 5 contracts, and the jujube warehouse receipt registration volume are presented [6][10][13]. - **Spot Price**: The spot price of jujubes in the third quarter started high, then declined, and rebounded with overall low - level fluctuations. The spot price of general jujubes in Xinjiang's production areas started high, but the increase was lower than market expectations. By the end of October, the premium of the jujube 2601 contract over the spot (standard Cangzhou special - grade) narrowed [32][35][38]. - **Price Correlation and Volatility**: Jujube futures and apple futures show a weak correlation. The one - year volatility of the jujube 2601 contract is also presented, along with the monthly price change data of jujube spot prices from 2018 - 2025 [42][45][47]. 3.2 Domestic Supply and Demand Situation - **Production**: There is a large gap in the estimated new - season jujube production in 2025 among different research institutions. The estimated production ranges from 20 - 460,000 tons, with a reduction of 14% - 40% compared to the normal - year output of 650,000 tons. In 2024, the jujube production in Xinjiang increased significantly, reaching 700,000 tons, and institutions predict that the production in 2025 may be around 500,000 tons [49][50][53]. - **Inventory**: The spot inventory of jujubes decreases seasonally and will start to accumulate seasonally in November. Data on the inventory, production, consumption, and other aspects from 2019/20 - 2024/25 are also provided [54][56][57]. 3.3 Weather Conditions in October's New - Season Listing Period - The weather was generally good during the new - season jujube listing period in October. The growth stages of jujubes include eight stages: germination, early flowering, full - flowering, young - fruit, rapid - growth, maturity, leaf - falling, and dormancy [58][61][62].

Report Industry Investment Rating There is no relevant content provided in the given documents. Core Viewpoints - In October 2025, after a sharp decline, the pig price rebounded. However, farmers' reluctance to sell due to pressure on holding pigs still causes concerns before the Spring Festival. The group enterprises' volume reduction and price support, combined with the second - fattening support, have relieved the near - end pressure. But with a high basic inventory this year, there are still great concerns about the year - end pig price. [1][3] - The current open interest of the live hog index has reached a record high of 320,000 lots, with nearly 10 billion yuan of settled funds. The market is highly divided. The forward curve shows a contango structure, and the near - end futures price has a large discount to the spot price. The futures price reflects a certain pessimistic expectation of the year - end slaughter pressure. Given that the absolute price has fallen below the cash cost of some farmers, short - selling should be cautious. [3] - The reduction of live hog production capacity mainly occurs in two stages: first, reducing the slaughter weight, which was initially achieved in October this year mainly by reducing pressure on holding pigs and shortening the breeding time; second, reducing the capacity of breeding sows, which is driven by the passive elimination of breeding sows by farmers when the piglet slaughter incurs significant losses. [3] - Looking forward to the end of 2025, the feed sector lacks strong positive factors, and the continuously decreasing live hog breeding cost leads to a slow reduction of production capacity. The cyclical pressure of the sector is an important factor dragging down the pig price. The current industry is in the first stage of weight reduction, and there is still a long way to go before entering the second stage of reducing the inventory of breeding sows. [5] Summary According to Relevant Catalogs 2025 October and November Review and Outlook - In the context of capacity reduction in October 2025, the industry as a whole started to reduce the slaughter weight. The hog - grain ratio has fallen below 5:1, and the piglet price has dropped to around 175 yuan per head. The rapid deterioration of breeding profits will drive the industry into the capacity reduction stage. [3][5] - The expected increase in feed imports after the smooth progress of the new round of Sino - US negotiations in October has limited impact on the near - end pig price. The current group enterprises still have room to reduce the breeding cost, but the average industry cost is still around 13 yuan per kilogram. [4] 2025 Fourth - Quarter Outlook - The futures and spot price trends are expected to remain at the bottom due to the lack of strong positive factors on the supply side. The 2601 contract is recommended to be observed, and it is advisable to buy the 2607 contract on dips below 12,000 points in the medium term. For options, a covered call strategy combination can be held. [5] 2025 October Live Hog Futures and Spot Price Review - In October 2025, the agricultural product index fell to a new low for the year, with the feed and breeding industry chain leading the decline. The live hog spot price broke through the support level and hit a new low for the same period in recent years, and the piglet price accelerated its decline. [8][15][18] - The feed price fluctuated and declined overall in October 2025. The low downstream frozen product inventory provided some support for the white - strip price, while the low meat - poultry price dragged down the pig price. [21][24][30] - From August to October in the third quarter of this year, the cumulative decline of the pig price exceeded 18%. [39] Live Hog Production Capacity and Slaughter Situation - The inventory of breeding sows is currently in the green and reasonable range, with a cumulative decline of about 1% compared to July 2025. The discount rate of culled sows increased in October, and the production efficiency per sow has improved. [44][45][46] - The slaughter volume is expected to continue to increase, but the growth rate may not be large. [52] Listed Pig Enterprises - In the first half of 2025, the overall profitability of leading companies expanded, but some turned to losses in the third quarter. [58] Near - End Supply - Demand Fundamentals - In October, the slaughter volume increased significantly, and the slaughter weight decreased month - on - month but remained at a high level year - on - year. The slaughter weight in the fourth quarter is the main factor affecting the spot price. [62][64][67] - The current monthly average profitability is at the historical median. The profit of purchasing piglets returned to near the break - even point in July, and the fattening loss continued to widen from August to October. [75] October Live Hog Futures Price Situation - In October, the live hog futures price reached a record low with increasing open interest. The live hog index hit a new low, and the open interest increased significantly both month - on - month and year - on - year. [77][78] - The futures - to - feed price ratio of live hogs on the market is close to the historical low level. The 2603 and 2605 contracts have fallen below the breeding cost. The near - month contracts lack confidence in the spot price, and the 2511 contract finally entered the delivery month with a large discount. [84][86][89]

1. Report Industry Investment Rating No information provided in the given content. 2. Core Views of the Report Soft Commodity Sector - **Sugar**: Global sugar supply surplus expectations suppress international sugar prices. In the short - term, ICE raw sugar is expected to remain weak. In China, although there are some positive factors, the medium - long - term pressure on Zhengzhou sugar prices remains, and the rebound space is limited [3]. - **Pulp**: The market risk preference is boosted, but the supply of wood pulp remains high, and the demand improvement is limited. The pulp valuation is not high, but the upward drive is weak, and the rise height may be restricted [4]. - **Double - offset Paper**: The improvement in demand for finished paper is limited, and there is supply pressure. Although there is some cost support, the price is difficult to rise significantly [6]. - **Cotton**: The tariff adjustment in Sino - US trade negotiations supports textile and clothing exports. However, the supply pressure in the northern hemisphere still exists, and the domestic cotton price is expected to fluctuate in a low - level range [8]. Fresh Fruit and Vegetable Sector - **Apple**: The new season's apples have smaller fruit sizes and lower high - quality fruit rates, which support the futures price. However, the lack of consumption growth restricts the upward space. The futures price is expected to fluctuate strongly [9]. - **Jujube**: The futures price has fallen from a high level. The inventory depletion speed has slowed down, and new jujubes are on the market. The futures price is expected to be in a shock - falling state [9]. 3. Summary According to the Directory First Part: Sector Strategy Recommendation Fresh Fruit Futures | Variety | Recommended Strategy | Main Logic | Support Range | Pressure Range | | --- | --- | --- | --- | --- | | Apple 2605 | Hold long positions cautiously | Smaller fruit sizes and lower high - quality fruit rates in the new season, the futures price center moves up | 7900 - 8000 | 9700 - 9800 | | Jujube 2601 | Short at high prices | High futures premium, there is pressure for the futures and spot prices to converge | 10000 - 12000 | 11000 - 11300 | [19] Soft Commodity Futures | Variety | Recommended Strategy | Main Logic | Support Range | Pressure Range | | --- | --- | --- | --- | --- | | Sugar 2601 | Short on rebound | Short - term rebound under the boost of good news, but new sugar is about to be listed, and the global supply - demand is expected to weaken | 5380 - 5400 | 5530 - 5500 | | Pulp 2601 | Short within the range | The valuation is not high, but there is still supply pressure, and the overall increase in finished paper prices is limited | 4800 - 4900 | 5200 - 5300 | | Double - offset Paper 2601 | Short on rebound | The cost support has increased slightly, but the demand still suppresses the price under high supply elasticity | 4100 - 4200 | 4400 - 4500 | | Cotton 2601 | Reduce short positions | The increase in new cotton production is slightly less than expected, and the Sino - US trade relationship eases | 13200 - 13300 | 13700 - 13800 | [19] Second Part: Market News Changes Apple Market - **Fundamental Information**: In September 2025, the export volume of fresh apples was about 70,800 tons, a month - on - month increase of 3.50% and a year - on - year decrease of 6.32% [20]. - **Spot Market**: The mainstream apple prices in the producing areas remained stable. The trading in Shandong was at its peak, and the acquisition in Shaanxi was in the later stage. The market arrival volume in the sales areas increased, and the sales of high - quality goods were good [20][21]. Jujube Market The physical inventory of 36 sample points was 9103 tons, a month - on - month decrease of 1.04% and a year - on - year increase of 109.22%. New jujubes have not been concentratedly harvested, and some merchants have started to purchase [22]. Sugar Market China has suspended the import of all syrups and premixes since October 27. The sugar production in India in the 2025/26 season is expected to reach 34.9 million tons, a year - on - year increase of 19%. The EU has raised the yield forecast of sugar beets [24]. Pulp Market As of October 27, the weekly pulp inventory in sample areas decreased by 1.58% month - on - month. As of October 28, the steam consumption of a thermal power plant in Baoding decreased, and the operating rate of household paper decreased [26]. Double - offset Paper Market As of October 29, the average theoretical gross profit margin of the double - offset paper industry decreased, and the cost decline was narrower than the revenue decline, resulting in a continuous decline in profitability [27]. Cotton Market In September 2025, Japan's clothing imports increased significantly. The tariff on textile and clothing exports to the US has been reduced, and the export competitiveness will be restored [28]. Third Part: Market Review Futures Market | Variety | Closing Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | | Apple 2601 | 9268 | 70 | 0.76% | | Jujube 2601 | 10225 | - 270 | - 2.57% | | Sugar 2601 | 5472 | - 22 | - 0.40% | | Pulp 2511 | 4846 | 10 | 0.21% | | Cotton 2601 | 13600 | - 20 | - 0.15% | [29] Spot Market | Variety | Spot Price | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple (yuan/jin) | 3.75 | 0 | 0.55 | | Jujube (yuan/kg) | 9.40 | - 0.10 | - 5.30 | | Sugar (yuan/ton) | 5750 | 0 | - 790 | | Pulp (Shandong Silver Star) | 5500 | 0 | - 700 | | Double - offset Paper (Sun Tianyang - Tianjin) | 4450 | 0 | - 450 | | Cotton (yuan/ton) | 14843 | 3 | - 593 | [34] Fourth Part: Basis Situation No specific summary information provided in the given content, only relevant charts are mentioned. Fifth Part: Inter - month Spread Situation | Variety | Spread | Current Value | Month - on - Month Change | Year - on - Year Change | Prediction | Recommended Strategy | | --- | --- | --- | --- | --- | --- | --- | | Apple | 1 - 5 | - 456 | 172 | 264 | Oscillatory decline | Short at high prices | | Jujube | 9 - 1 | - 80 | - 75 | - 175 | Range oscillation | Wait - and - see | | Sugar | 1 - 5 | 65 | 1 | 53 | Oscillatory fluctuation | Wait - and - see | | Cotton | 1 - 5 | - 10 | - 5 | 55 | Range fluctuation | Short at high prices | [52] Sixth Part: Futures Position Situation No specific summary information provided in the given content, only relevant charts are mentioned. 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 | 7541 | - 84 | - 2359 | | Pulp | 224942 | - 486 | - 146925 | | Cotton | 2434 | - 26 | - 865 | [80] Eighth Part: Option - related Data No specific summary information provided in the given content, only relevant charts are mentioned.

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The overall trend of the non - ferrous metals sector is upward in the short - term, but there are fluctuations. The performance of different varieties within the sector varies significantly. The easing of Sino - US trade relations has led to a recovery in risk appetite, and the non - ferrous metals sector has shown a fluctuating upward trend driven by the strength of copper. However, geopolitical factors such as the G7's establishment of the "key mineral production alliance" may increase the impact on the supply, demand, trade, and investment of non - ferrous metals [11][12]. - The Fed's interest rate decision has an impact on non - ferrous metals. Although the Fed cut interest rates by 25 basis points in October and plans to end balance - sheet reduction in December, the uncertainty of a December rate cut has increased, causing fluctuations in the non - ferrous metals market [11][12]. 3. Summary by Relevant Catalogs 3.1 First Part: Non - Ferrous Metals Operation Logic and Investment Recommendations 3.1.1 Macro Logic - Sino - US trade relations have eased, risk appetite has recovered, and non - ferrous metals have shown a fluctuating upward trend driven by copper. The Fed cut interest rates by 25 basis points in October and will end balance - sheet reduction in December, but Powell's statement dampened the expectation of a year - end rate cut. The Bank of Canada cut interest rates by 25 basis points, and the Bank of Japan maintained its interest rate [11]. - The "15th Five - Year Plan" aims to promote key core technology research and develop emerging industries. China's industrial enterprise profits in September increased year - on - year, which is positive for non - ferrous metals. However, geopolitical factors such as the G7's key mineral production alliance may affect the non - ferrous metals market [12]. 3.1.2 Non - Ferrous Metals Strategy | Variety | Operation Logic | Support Area | Pressure Area | Market Judgment | Strategy | Recommendation Intensity | | --- | --- | --- | --- | --- | --- | --- | | Copper | Supply pressure persists. A major mine accident has occurred, and domestic electrolytic copper production is expected to decline in Q4. Demand will enter the peak season, and the price center is expected to rise. | 84000 - 85000 yuan/ton | 89000 - 90000 yuan/ton | Oscillate upwards | Buy on dips | +1 | | Zinc | Supply growth is gradually realized, and processing fees have declined. Demand during the peak season is relatively weak, and inventory is at a high level with fluctuations. | 21500 - 21600 yuan/ton | 22400 - 22500 yuan/ton | Fluctuate and rebound | Bullish on dips | +0.5 | | Aluminum Industry Chain | For aluminum, there is a slight outflow of funds, and the demand shows the characteristics of "stable in the peak season and differentiated internally". Alumina production capacity has decreased slightly, and the demand for recycled aluminum alloy is supported by tight scrap supply. | 20500 - 20800 yuan/ton; 2600 - 2700 yuan/ton; 20000 - 20500 yuan/ton | 21500 - 21800 yuan/ton; 3000 - 3200 yuan/ton; 21000 - 21200 yuan/ton | Aluminum oscillates strongly; Alumina oscillates and consolidates; Cast aluminum alloy oscillates strongly | Bullish approach; Short - term short; Bullish approach | +0.5/-0.5/+0.5 | | Tin | The processing fees of domestic tin smelters are temporarily flat, and the start - up rate has increased significantly. However, the raw material shortage problem is still serious. Demand has improved slightly during the peak season. | 260000 - 270000 yuan/ton | 290000 - 300000 yuan/ton | Oscillate strongly | Bullish approach | +0.5 | | Lead | The supply of recycled lead has failed to meet expectations, and the demand for lead - acid batteries has declined after the price increase. The import of crude lead has supplemented the raw material end. | 17300 - 17500 yuan/ton | 17800 - 18000 yuan/ton | Rise and then fall | Reduce long positions on rallies | +0.5 | | Nickel | The supply of nickel ore is strengthening, and the profit of nickel pig iron is declining. The supply of refined nickel is still growing. The demand for nickel pig iron has slowed down, and the price is under pressure. | 118000 - 120000 yuan/ton | 125000 - 128000 yuan/ton | Correct in the range | Slightly bullish on dips | +0.5 | | Stainless Steel | The supply and demand are relatively weak, the cost support has weakened, and the inventory has slightly increased recently. The market continues to oscillate. | 12500 - 12600 yuan/ton | 13000 - 13200 yuan/ton | Oscillate | Bullish on dips | +0.5 |[13][14][15] 3.2 Second Part: Non - Ferrous Metals Market Review | Variety | Closing Price | Change Rate | | --- | --- | --- | | Copper | 87960 | - 0.85% | | Zinc | 22365 | - 0.29% | | Aluminum | 21245 | - 0.23% | | Alumina | 2816 | - 2.19% | | Tin | 283600 | - 1.09% | | Lead | 17350 | - 0.03% | | Nickel | 120980 | - 0.46% | | Stainless Steel | 12725 | - 0.62% | | Cast Aluminum Alloy | 20705 | 0.07% |[16][17] 3.3 Third Part: Non - Ferrous Metals Position Analysis No specific text content provided, only mentioned a chart about the latest position analysis of the non - ferrous metals sector [18]. 3.4 Fourth Part: Non - Ferrous Metals Spot Market | Variety | Name | Price | Change Rate | | --- | --- | --- | --- | | Copper | Yangtze River Non - Ferrous Copper Spot Price | 88070 yuan/ton | 0.30% | | | Wumao 1 Average Price | 87920 yuan/ton | 0.21% | | | Zhongyuan Non - Ferrous 1 Copper Market Price | 88070 yuan/ton | 0.30% | | Zinc | Yangtze River Non - Ferrous 0 Zinc Spot Average Price | 22240 yuan/ton | - 0.27% | | | Yangtze River Non - Ferrous 1 Zinc Spot Average Price | 22140 yuan/ton | - 0.27% | | | Nanchu Foshan 0 Zinc Ingot Average Price | 22110 yuan/ton | - 0.14% | | Aluminum | Yangtze River Non - Ferrous Aluminum Spot Average Price | 21200 yuan/ton | 0.24% | | | Nanchu Foshan A00 Aluminum Ingot Average Price | 21070 yuan/ton | 0.00% | | | LME Aluminum Spot Closing Price | 2886 US dollars/ton | - 0.19% | | Alumina | Antaike Alumina National Average Price | 2906 yuan/ton | 0.00% | | | Monohydrate Bauxite Henan Arrival Price | 535 yuan/ton | 0.00% | | | Alumina Australia FOB Intermediate Price | 318 US dollars/ton | 0.00% | | Nickel | Russian Nickel (Shanghai) | 121810 yuan/ton | 0.38% | | | Premium | 450 yuan/ton | 0.00% | | Stainless Steel | Spot Price | 12900 yuan/ton | 0.00% | | | Scrap Stainless Steel (Wuxi) | 9100 yuan/ton | - 0.55% | | Tin | 1 Tin Yangtze River Non - Ferrous Spot Average Price | 284100 yuan/ton | - 0.35% | | | 60% Tin Concentrate Average Price (Guangxi) | 277000 yuan/ton | - 0.45% | | Lead | Lead Ingot (1) | 16921 yuan/ton | - 0.02% | | | Scrap Lead | 10075 yuan/ton | 0.00% | | Cast Aluminum Alloy | Aluminum Alloy ADC12 (Shanghai) | 21150 yuan/ton | 0.00% | | | Scrap Aluminum Crushing Primary Aluminum (Shanghai) | 10120 yuan/ton | 0.10% |[18][19] 3.5 Fifth Part: Non - Ferrous Metals Industry Chain No specific text content provided, only mentioned various charts related to the non - ferrous metals industry chain such as inventory, processing fees, and price trends for each variety [21][22][24] 3.6 Sixth Part: Non - Ferrous Metals Arbitrage No specific text content provided, only mentioned various charts related to non - ferrous metals arbitrage such as RMB - to - foreign - currency ratio changes, basis, and spread trends for each variety [48][49][51] 3.7 Seventh Part: Non - Ferrous Metals Options No specific text content provided, only mentioned various charts related to non - ferrous metals options such as historical volatility, implied volatility, and trading volume and open interest trends for each variety [64][66][69]

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - **Soybean Oil**: On Thursday, soybean oil showed a strong performance. Although Sino - US economic and trade negotiations are optimistic, the commercial import profit of US soybeans is negative, and the cost increase supports domestic soybean prices. With ample domestic soybean oil supply and the over - hanging shadow of palm oil production increase, soybean oil will mainly bottom - out and adjust in the short term. It is recommended to wait and see for the time being. The support level of the main soybean oil contract is 8050 - 8080 yuan/ton, and the pressure level is 8350 - 8400 yuan/ton [3]. - **Rapeseed Oil**: On Thursday, the main rapeseed oil contract continued to be weak. The fundamentals have no significant changes, and the rapeseed sector is still affected by macro - economic and trade policies. The Sino - US summit released positive signals, which is negative for supply - side production. The expected meeting between Chinese and Canadian leaders strengthens the expectation of relaxed rapeseed imports, pressuring rapeseed oil sentiment. The current rapeseed oil inventory is at a relatively high historical level, but the new supply is tightening, and the inventory is continuously decreasing. If there is no substantial relaxation of Canadian rapeseed import policies, the rapeseed sector is still optimistic in the medium - to - long term under the expectation of inventory reduction. For the main rapeseed oil contract, short positions should be reduced on dips. The support level of the OI main contract is 9350 - 9380, and the pressure level is 9900 - 9930 [3]. - **Palm Oil**: On Thursday, palm oil prices opened low and closed high, showing an overall weak trend. The over - expected production increase in Indonesia may offset the increase in biodiesel consumption, and the decline in international crude oil prices also weakens palm oil. As palm oil will enter the production - reduction season in November, the downward space is expected to be limited. In the short term, palm oil may bottom - out and fluctuate, and it is recommended to wait and see. The support level of the main palm oil contract is 8750 - 8780, and the pressure level is 9300 - 9350 [4]. - **Soybean Meal and Soybean No. 2**: On Thursday, soybean meal prices were firm. The Sino - US economic and trade negotiations are optimistic, and the export signal of US soybeans is positive, driving up CBOT soybeans. The export potential of South American soybeans is declining, and the cost end supports the price of soybean No. 2. The import cost of soybeans increases, and the oil mill's profit margin narrows. Soybean meal is expected to remain firm, and it is recommended to go long lightly in the short term. The support level of the main soybean meal contract is 2900 - 2930 yuan/ton, and the pressure level is 3050 - 3100 yuan/ton. The support level of the main soybean No. 2 contract is 3600 - 3650 yuan/ton, and the pressure level is 3750 - 3810 yuan/ton [4]. - **Rapeseed Meal**: On Thursday, rapeseed meal prices rebounded slightly after the opening. The fundamentals have no significant changes, and it is slightly boosted by the rebound of soybean meal. The market is worried about the relaxation of Canadian rapeseed import policies. The current supply and demand of rapeseed meal are both weak, and the inventory is continuously decreasing. However, the demand in the fourth quarter is seasonally weak. Rapeseed meal is expected to fluctuate and consolidate, and it is recommended to wait and see. The support level of the RM main contract is 2280 - 2300, and the pressure level is 2450 - 2480 [4][5]. - **Corn and Corn Starch**: On Thursday, the prices continued to fluctuate weakly. The Sino - US trade negotiation results are in line with expectations, and the pressure of concentrated listing continues to suppress the market. In the domestic market, the new - season harvest is coming to an end, and the selling pressure is gradually releasing, while the downstream support is insufficient. It is recommended to hold short positions cautiously or consider the reverse spread opportunity of the corn 1 - 5 spread. For the corn 01 contract, the support range is 2000 - 2020, and the pressure range is 2180 - 2200. For the corn starch 01 contract, the support range is 2350 - 2360, and the pressure range is 2500 - 2520. It is recommended to sell out - of - the - money call options [5]. - **Soybean No. 1**: On Thursday, the price of soybean No. 1 stagnated and adjusted. The price of new - season soybeans in the Northeast market has risen steadily, but the purchasing enthusiasm of grain trading enterprises is low. The supply of Northeast soybeans is increasing, but there is a sentiment of reluctance to sell at the grass - roots level. The downstream purchasing enthusiasm has cooled slightly, and it is recommended to exit long positions. The pressure level of the soybean No. 1 01 contract is 4150 - 4200 yuan/ton, and the support level is 4000 - 4030 yuan/ton [6]. - **Peanuts**: On Thursday, the peanut futures price continued to oscillate weakly at the bottom. The market lacks positive themes. The new - season peanut planting area in 2025 increased by 4.01% year - on - year, but the yield in some areas of Henan may decline due to weather. With the increase in the listing volume of new - season peanuts, there is still pressure on spot and futures prices. It is recommended to hold long positions lightly. The support level of the 01 contract is 7900 - 7550, and the pressure level is 8020 - 8160 [6]. - **Pigs**: On Thursday, the futures price of pigs decreased with increasing positions. The market is still worried about the risk of pig hoarding. The spot price stopped falling this week, and the basis difference between the 2511 contract and the spot price is gradually narrowing. It is recommended to switch to a wait - and - see attitude. The reference range of the 01 contract is 11800 - 12000, and the pressure range is 12500 - 12800 [7][8]. - **Eggs**: On Thursday, the futures price of eggs rose first and then fell. The spot price stopped rising and adjusted after a continuous rebound. The overall consumption is gradually entering a seasonal peak season, and the egg production capacity is gradually being reduced. It is recommended to go long at low prices. The reference range of the 12 contract is 2900 - 3100, and the pressure range is 3300 - 3350 [8] 3. Summary According to the Directory First Part: Sector Strategy Recommendations a. Market Analysis - **Oilseeds**: Soybean No. 1 01 is expected to bottom out and stabilize, and it is recommended to exit long positions; soybean No. 2 01 is expected to fluctuate strongly, and it is recommended to wait and see; peanut 11 is expected to oscillate and adjust, and it is recommended to wait and see [11]. - **Oils**: Soybean oil 01 is expected to fluctuate weakly, and it is recommended to go short lightly; rapeseed oil 01 is expected to fluctuate weakly, and it is recommended to reduce short positions; palm 01 is expected to bottom out, and it is recommended to wait and see [11]. - **Protein**: Soybean meal 01 is expected to fluctuate strongly, and it is recommended to wait and see; rapeseed meal 01 is expected to oscillate and adjust, and it is recommended to wait and see [11]. - **Energy and By - products**: Corn 01 is expected to fluctuate weakly, and it is recommended to hold short positions; starch 01 is expected to fluctuate weakly, and it is recommended to hold short positions [11]. - **Livestock Farming**: Pig 01 is expected to find the bottom through oscillation, and it is recommended to switch to a wait - and - see attitude; egg 12 is expected to find the bottom through oscillation, and it is recommended to go long at low prices [11]. b. Commodity Arbitrage - **Cross - month Arbitrage**: For most varieties, the reference strategy is to wait and see, while for some, such as corn 5 - 1, it is recommended to go long at low prices, and for pig 1 - 3, it is recommended to do positive arbitrage at low prices [13]. - **Cross - variety Arbitrage**: Different cross - variety combinations have different reference strategies, including short - term operations, long - term operations, and waiting and seeing [13]. c. Basis and Spot - Futures Strategies - The report provides the spot prices, price changes, and basis changes of various varieties in different sectors, including oilseeds, oils, protein, energy and by - products, and livestock farming [14]. Second Part: Key Data Tracking Table a. Oils and Oilseeds - **Daily Data**: The report provides the import cost data of soybeans, rapeseeds, and palm oil from different origins and shipment periods, including arrival premiums, futures prices, CNF prices, and arrival - duty - paid prices [15][16]. - **Weekly Data**: It shows the inventory and operating rates of various oils and oilseeds, such as soybeans, rapeseeds, palm oil, and peanuts [17]. b. Feed - **Daily Data**: The import cost data of corn from Argentina and Brazil in different months are provided [17]. - **Weekly Data**: The weekly data of corn and corn starch, including consumption, inventory, operating rate, etc., are presented [18]. c. Livestock Farming - The daily and weekly data of pigs and eggs are provided, including spot prices, production and sales data, inventory data, and profit data [19][20][21][22]. Third Part: Fundamental Tracking Charts - **Livestock Farming End (Pigs, Eggs)**: Multiple charts show the price trends, inventory, and trading volume of pigs and eggs [23][27][29][30] - **Oils and Oilseeds**: Charts cover the production, inventory, trading volume, and price spreads of palm oil, soybean oil, and peanuts [32][40][49] - **Feed End**: Charts display the price trends, inventory, operating rate, and profit of corn, corn starch, rapeseed meal, and soybean meal [55][63][68][80] Fourth Part: Options Situation of Feed, Livestock Farming, and Oils - Charts show the historical volatility, trading volume, and open interest of options for various varieties [89][91] Fifth Part: Warehouse Receipt Situation of Feed, Livestock Farming, and Oils - Charts present the warehouse receipt quantities of various varieties, including rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, pigs, and eggs [97][100][105]

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The macro - atmosphere is warming, with the easing of the Sino - US trade situation, rising risk appetite, and the end of the strong performance of precious metals. The non - ferrous metal sector, led by copper, has shown signs of a fluctuating rebound. The overall direction is upward, but there are differences in strength within the sector [11]. - In the future, the center of copper prices is expected to rise under the joint drive of commodity and financial attributes. Zinc shows a fluctuating rebound, and the aluminum industry chain is recommended to be treated with a bullish mindset. Tin and lead are expected to be bullish, while nickel and stainless steel are in a volatile pattern [3][4][5][6][7][8]. 3. Summary by Directory First Part: Non - ferrous Metal Operation Logic and Investment Suggestions - **Macro Logic**: The Sino - US trade situation has eased, risk appetite has recovered, and non - ferrous metals, led by copper, have rebounded. The Fed is expected to cut interest rates by 25 basis points. Key events to watch this week include trade situations, central bank meetings, and economic data releases [11]. - **Investment Strategies for Each Metal** - **Copper**: With the improvement of the manufacturing PMI, the increase in domestic demand in the fourth quarter, supply constraints, and dovish remarks from Powell, the copper price center is expected to rise. It is recommended to gradually buy on dips, with short - term pressure at 89000 - 90000 yuan/ton and support at 84000 - 85000 yuan/ton [3][12]. - **Zinc**: Supported by the Fed's interest - rate cut expectations and trade situation, zinc shows a fluctuating rebound. It is recommended to buy on dips, with pressure at 22400 - 22500 and support at 21500 - 21600 [4][12]. - **Aluminum Industry Chain**: The aluminum market is bullish, with the upper pressure range at 21500 - 21800 and the lower support range at 20500 - 20800. Alumina is recommended to be short - sold, with pressure at 3000 - 3200 and support at 2600 - 2700. Cast aluminum alloy is also recommended to be treated bullishly [5][13]. - **Tin**: The tin market is bullish, with pressure at 290000 - 300000 and support at 260000 - 270000. It is recommended to take a bullish approach [6][13]. - **Lead**: The lead market is in a consolidation phase. It is recommended to hold covered call options, with pressure at 17800 - 18000 and support at 17300 - 17500 [7][14]. - **Nickel**: The nickel price fluctuates. It is recommended to buy slightly on dips, with pressure at 125000 - 128000 and support at 118000 - 120000 [8][14]. - **Stainless Steel**: The stainless - steel market is in a volatile pattern, with pressure at 13000 - 13200 and support at 12500 - 12600. It is recommended to buy on dips [8][14]. Second Part: Non - ferrous Metal Market Review - **Futures Closing Prices and Price Changes**: Copper closed at 88710 with a 1.99% increase; zinc at 22430 with a 0.54% increase; aluminum at 21295 with a 0.73% increase; alumina at 2879 with a 2.20% increase; tin at 286720 with a 1.25% increase; lead at 17355 with no change; nickel at 121540 with a 0.81% increase; stainless steel at 12805 with a 0.43% increase; and cast aluminum alloy at 20690 with a 0.56% increase [15]. Third Part: Non - ferrous Metal Position Analysis - **Position Analysis of Each Variety**: Different non - ferrous metal varieties show different net long - short positions and changes. For example, in沪银(AG2512), the main force is strongly bullish, with a net long - short position difference of 16074, and the net long position increased by 1582 [17]. Fourth Part: Non - ferrous Metal Spot Market - **Spot Prices and Price Changes**: The spot price of Yangtze River Non - ferrous copper is 87810 yuan/ton with a - 0.50% change; 0 zinc is 22300 yuan/ton with a 0.13% increase; the average spot price of Yangtze River Non - ferrous aluminum is 21150 yuan/ton with a - 0.05% change; and the national average price of Antaike alumina is 2906 yuan/ton with a - 0.14% change [18]. Fifth Part: Non - ferrous Metal Industry Chain - The report provides multiple charts related to the industry chain of each non - ferrous metal, including inventory changes, processing fees, and price relationships, to show the supply - demand relationship and price trends in the industry chain [23][26][28] Sixth Part: Non - ferrous Metal Arbitrage - The report provides multiple charts related to the arbitrage of each non - ferrous metal, such as the Shanghai - London ratio and the basis, to help investors find arbitrage opportunities [58][59][61] Seventh Part: Non - ferrous Metal Options - The report provides multiple charts related to non - ferrous metal options, including historical volatility, implied volatility, and trading volume - position changes, to help investors understand the option market [75][77][80]

Report Highlights 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - The post - holiday restocking enthusiasm of downstream industries exceeded market expectations, resonating with macro - level positives and amplifying market fluctuations. However, from a seasonal perspective, the demand growth rate of lithium carbonate may decline in the fourth quarter. The short - term price increase of lithium carbonate lacks strong sustainability. It is advisable to adopt a bearish approach on rallies. Upstream and downstream enterprises should consider futures and options selling hedging opportunities according to their risk management needs [4][5]. - The price of lithium hydroxide stopped falling and rebounded last week. With increasing demand, some lithium salt plants slightly increased production. Due to tight inventory and more提货量 from downstream and battery cell factories, lithium salt plants were reluctant to sell, and the market price is expected to recover following lithium carbonate [6]. 3. Summary by Directory First Part: Recommended Strategies for Lithium - Ion New Energy - **Futures and Options Unilateral Strategies** - For the lithium carbonate 01 futures contract, with strong supply and demand and continued spot market enthusiasm but potential future demand decline, it is expected to weaken in a volatile manner. Upstream enterprises should seize opportunities to sell and hedge on rallies. The support level is 68,000 - 70,000, and the resistance level is 82,000 - 83,000 [12]. - For the lithium carbonate 01 futures options, although the market sentiment is good, the upside space is limited. Selling call options at prices above 83,000 on the 01 contract is a strategy worthy of attention [12]. - **Arbitrage Strategies** - Buying spot and selling the 03 contract is recommended. The active period of the 03 contract falls in the off - season of demand, making it suitable as a short - position for cash - and - carry arbitrage [12]. Second Part: Changes in Spot and Futures Prices - **Lithium Carbonate Futures Price Changes** - The closing price of the lithium carbonate 1 - month contract was 81,900, with a daily increase of 2.99%. The trading volume was 514,455, the open interest was 483,478, the open interest increased by 52,304 compared to the previous day, and the number of warehouse receipts was 27,739 [13]. - **Changes in Spot Prices of the Lithium - Ion Industry Chain** - Relevant charts such as the latest spot price overview of the lithium - ion new energy industry chain, the average price of battery - grade lithium carbonate, and the average price of industrial - grade lithium carbonate are presented, sourced from SMM and Fangzheng Futures Research Institute [13][14]. Third Part: Fundamental Situation of the Lithium - Ion Industry Chain - **Lithium Carbonate Fundamental Data** - In terms of supply, last week's lithium carbonate output was 21,308 tons, an increase of 242 tons from the previous week, reaching a new weekly high. New production lines were put into operation at the spodumene and salt - lake ends, and the total output in October is expected to continue to grow. The total sample inventory was 130,366 tons, a decrease of 2,292 tons from the previous week, maintaining a fast de - stocking trend. The apparent weekly demand was 23,600 tons, also reaching a new high, and the inventory - to - use days dropped below 40 [4]. - **Data of Directly Related Downstream Products** - Charts related to the production capacity and operating rate of lithium iron phosphate, the monthly operating rate of SMM ternary materials, and the monthly output of lithium hexafluorophosphate are presented, sourced from SMM and other institutions [18][20].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The soybean oil futures price oscillated downward this week. With sufficient supply and weak expectations due to increased palm oil production in Malaysia and ongoing Sino - US trade negotiations, short - term upward drivers are lacking. It is advisable to wait and see, with support at 8100 - 8130 yuan/ton and resistance at 8400 - 8450 yuan/ton [3]. - The rapeseed oil futures price had a weak adjustment. Although supply is tight, there is substitution pressure from soybean oil and palm oil. It may oscillate in the short - term and is bullish in the long - term. Aggressive strategies can consider buying out - of - the - money call options after stabilization, with support at 9690 - 9710 and resistance at 9980 - 10000 [3]. - The palm oil futures price oscillated downward due to continuous production increases in Malaysia. As the production season is approaching, short - selling is not advisable. It may test the support at 9000 - 9050, with resistance at 9350 - 9400. Temporarily wait and see and monitor Sino - US trade negotiations [4]. - The soybean meal price followed the rise of US soybeans. With sufficient domestic inventory, it has limited downward drivers. Consider waiting and see, with support at 2800 - 2830 yuan/ton and resistance at 2960 - 2970 yuan/ton [4]. - The rapeseed meal futures price oscillated. Due to weak demand and improved Sino - Canadian trade relations, it has been weak. It is recommended to go long on the 01 contract of the rapeseed oil - meal ratio, with support at 2250 - 2270 and resistance at 2380 - 2400 [4][5]. - The soybean No. 1 price was firm. With new - season soybeans on the market and strong demand for high - protein soybeans, look for long - buying opportunities, with support at 4000 - 4030 yuan/ton and resistance at 4150 - 4200 yuan/ton [5]. - The peanut spot price was stable. With increased planting area and potential Sino - US trade impacts, it may oscillate in the short - term. Cautious investors can hold reverse spreads, with support at 7900 - 7550 and resistance at 8020 - 8160 [5]. - The corn and corn starch futures prices continued to oscillate. Given the harvest situation and market dynamics, short - term upward space is limited. Consider reducing short positions on dips or looking for 1 - 5 spread reverse arbitrage opportunities [6]. - The live pig spot price was strong. With prices below the cost and production - reduction policies, the futures price hit a new low. Cautious investors can hold reverse spreads, and aggressive investors can buy the 2607 contract below the cost [7]. - The egg spot price was stable and slightly strong. With expected consumption improvement in November and potential capacity reduction, aggressive investors can buy the 2512 contract on dips, and avoid short - selling blindly [8]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendation 3.1.1 Market Analysis - Various products in the feed, breeding, and oil industries are expected to oscillate, with different supply - demand logics. Most products are recommended for temporary waiting and watching, while some have specific trading strategies such as reducing short positions on dips or long - buying on dips [11]. 3.1.2 Basis and Spot - Futures Strategies - The table shows the spot prices, price changes, basis of the main contracts, and basis changes of different products in various sectors, including oilseeds, oils, proteins, energy and by - products, and breeding [12]. 3.2 Second Part: Key Data Tracking Table 3.2.1 Oilseeds and Oils - **Daily Data**: It provides import cost data for soybeans, rapeseeds, and palm oil from different origins and shipping periods, including arrival premiums, futures prices, CNF prices, and arrival - duty - paid prices [14][15]. - **Weekly Data**: It shows the inventory and operating rates of various oilseeds and oils, such as soybeans, rapeseeds, palm oil, and peanuts [16]. 3.2.2 Feed - The table presents weekly data on corn and corn starch, including deep - processing enterprise consumption, inventory, operating rates, and inventory of starch enterprises [17]. 3.2.3 Breeding - **Live Pigs**: It shows key weekly data on the live pig market, including spot prices, breeding costs, profits, slaughter data, etc. [18]. - **Eggs**: It presents weekly key data on the egg market, including supply - side data (laying rate, culling data), demand - side data (inventory), and profit - related data [19]. 3.3 Third Part: Fundamental Tracking Charts - **Breeding End (Live Pigs, Eggs)**: It includes charts of the closing prices of live pig and egg futures contracts, spot prices, and related prices such as piglet prices and chicken - culling prices [21][23][24]. - **Oilseeds and Oils**: - **Palm Oil**: It shows charts related to Malaysian palm oil production, inventory, export, import, and domestic inventory and trading [31][32][35]. - **Soybean Oil**: It includes charts of US soybean crushing volume, soybean oil inventory, domestic soybean oil mill operating rates, and inventory [38][39]. - **Peanuts**: It presents charts of peanut arrival, shipment, pressing profit, and inventory [45][47]. - **Feed End**: - **Corn**: It includes charts of corn spot prices, futures prices, basis, inventory, import volume, and processing profit [49][51][53]. - **Corn Starch**: It shows charts of corn starch spot prices, futures prices, basis, operating rates, and inventory [57][59][60]. - **Rapeseed**: It includes charts of rapeseed meal and rapeseed oil spot prices, basis, inventory, and pressing profit [62][63][66]. - **Soybean Meal**: It presents charts of US soybean growth rates and domestic soybean and soybean meal inventory [71][73]. 3.4 Fourth Part: Options Situation of Feed, Breeding, and Oils - It includes charts of historical volatility of rapeseed meal, rapeseed oil, soybean oil, palm oil, and peanuts, as well as options trading volume, open interest, and put - call ratios of corn [76][80][81]. 3.5 Fifth Part: Warehouse Receipt Situation of Feed, Breeding, and Oils - It shows charts of warehouse receipts of rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, live pigs, and eggs [87][90][91].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The non - ferrous metals sector is warming up after the repair of risk - aversion sentiment. With the adjustment of precious metals recently, many non - ferrous varieties have received support from capital inflows and题材, showing a recovery. Attention should be paid to the rotation and resonance of the sector. [12] - Policy expectations remain positive in the long - term. The 14th Five - Year Plan in China focuses on the real economy, and non - ferrous metals, as important raw material providers, will continue to be in the spotlight. [10] - Economic data in China shows both resilience and pressure. While the real estate sector is under pressure, the manufacturing sector performs well. There is also an increasing expectation of interest - rate cuts in the US. [11] 3. Summary by Relevant Catalogs 3.1 First Part: Non - ferrous Metals Operation Logic and Investment Recommendations - **Macro - logic**: Sino - US trade relations have eased, risk preference has recovered, and the non - ferrous metals sector has shown a recovery under the leadership of copper. Policy expectations are positive, economic data shows a mixed picture, and interest - rate cut expectations are strengthening. [10][11] - **Variety - specific analysis**: - **Copper**: The US market's siphon effect causes a structural contradiction in global copper inventories. Supply constraints are increasing, while demand is expected to enter the peak season. 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 84,000 - 85,000 yuan/ton. Consider the reverse - arbitrage opportunity between the 2512 and 2601 contracts. [3][13] - **Aluminum industry chain**: For aluminum, aluminum oxide, and recycled aluminum alloy, a bullish approach is recommended. Buy out - of - the - money options for protection. [5] - **Tin**: The market is in a short - term bullish state. Pay attention to the impact of other non - ferrous varieties, the situation of the ore end, and macro - factors. Consider buying out - of - the - money put options. [5] - **Zinc**: The rebound is volatile. The upper pressure is around 22,500 - 22,600, and the lower support is around 21,700 - 21,800. Buy a bull spread at low levels or continue to sell out - of - the - money put options. [6] - **Lead**: The price is in a short - term bullish consolidation. The lower support is 17,300 - 17,500, and the upper pressure is 17,800 - 18,000. A covered - call strategy is recommended. [6] - **Nickel and stainless steel**: For nickel, a slightly bullish approach at low levels is recommended. Stainless steel is in a range - bound state. [6] 3.2 Second Part: Non - ferrous Metals Market Review - **Futures weekly performance**: Copper rose 3.95% to 87,720 yuan/ton, zinc rose 2.48% to 22,355 yuan/ton, aluminum rose 1.12% to 21,225 yuan/ton, etc. [17] 3.3 Third Part: Non - ferrous Metals Spot Market - **Spot prices and changes**: The Yangtze River Non - ferrous copper spot price was 86,530 yuan/ton, up 1.16%; the Yangtze River Non - ferrous 0 zinc spot average price was 22,190 yuan/ton, up 0.36%; the Yangtze River Non - ferrous aluminum spot average price was 21,110 yuan/ton, up 0.38%, etc. [22] 3.4 Fourth Part: Key Data Tracking of Non - ferrous Metals Industry Chain - **Copper**: Track data such as exchange copper inventories, SMM social copper inventories, copper concentrate smelting fees, etc. [23][24] - **Zinc**: Track zinc inventories, zinc concentrate processing fees, zinc spot prices, etc. [25][26] - **Aluminum**: Track data related to aluminum inventories, prices, production capacity, etc. [34][36] - **Aluminum oxide**: Track spot prices, port inventories, production capacity, and import data. [37][38] - **Tin**: Track prices, inventories, and tin concentrate processing fees. [43][44] - **Lead**: Track futures inventories, LME inventories, and processing fees. [50][51] - **Nickel**: Track futures inventories, LME inventories, and spot premiums. [57][58] - **Stainless steel**: Track warehouse receipts, inventories, and production data. [62][63] 3.5 Fifth Part: Non - ferrous Metals Arbitrage - **Copper**: Consider the reverse - arbitrage between the 2512 and 2601 contracts due to supply - side force majeure. [17] - **Aluminum oxide**: Consider the reverse - arbitrage between the 2502 and 2509 contracts as the near - strong and far - weak structure returns. [17] 3.6 Sixth Part: Non - ferrous Metals Options - **Copper**: The implied volatility of copper options is high. Consider selling near - month slightly out - of - the - money put options to collect premiums. [4] - **Zinc**: Buy a bull spread or sell out - of - the - money put options. [6] - **Aluminum**: Consider buying out - of - the - money put options for protection. [5]