Industry Investment Rating - No information provided Core Viewpoints - The asphalt market is expected to fluctuate. The supply is likely to increase with some refineries planning to resume production, while the demand will gradually weaken. The crude oil price is also oscillating, and the asphalt futures price is showing a weak downward trend [1]. Summary by Relevant Catalogs Market Analysis - Last week, the asphalt operating rate decreased by 1.8 percentage points to 31.5% week-on-week, 3.5 percentage points higher than the same period last year, at a relatively low level in recent years. In November, the domestic asphalt production is expected to be 2.228 million tons, a decrease of 454,000 tons (16.9%) month-on-month and 274,000 tons (11.0%) year-on-year [1]. - Last week, most of the downstream industries' operating rates increased, with the road asphalt operating rate rising by 1 percentage point to 34% week-on-week, slightly exceeding the same period last year, but restricted by funds and weather [1]. - In the East China region, the supply and shipments decreased significantly last week. The national shipments decreased by 6.79% to 308,800 tons week-on-week, at a neutral level [1]. - The inventory-to-sales ratio of asphalt refineries continued to decline slightly, remaining at the lowest level in recent years. Some refineries such as Sinochem Quanzhou and Jincheng Petrochemical plan to resume production, which will increase asphalt production [1]. - The market has digested the news of Russian oil sanctions. The meeting between Chinese and US leaders basically met market expectations, and the relationship between the two countries has not changed fundamentally. OPEC+ decided to increase production by 137,000 barrels per day in December but suspend production increase in the first quarter of next year. The crude oil price is oscillating [1]. - The concentrated release of long-term low-price resources from refineries has led to a significant decline in the asphalt basis in Shandong recently, which is currently at a neutral level. The spot price has continued to decline, and the asphalt futures price has shown a weak downward trend [1]. Futures and Spot Market - Today, the asphalt futures contract 2601 rose 0.56% to 3,050 yuan/ton, below the 5-day moving average, with a minimum price of 3,015 yuan/ton and a maximum price of 3,064 yuan/ton. The open interest decreased by 14,840 to 193,828 lots [2]. - The mainstream market price in Shandong remained at 3,010 yuan/ton, and the basis of the asphalt 01 contract fell to -40 yuan/ton, at a neutral level [3]. Fundamental Tracking - On the supply side, some refineries such as Sinochem Quanzhou and PetroChina Qinhuangdao stopped asphalt production. The asphalt operating rate decreased by 1.8 percentage points to 31.5% week-on-week, 3.5 percentage points higher than the same period last year, at a relatively low level in recent years [1][4]. - From January to September, the national highway construction investment decreased by 6.0% year-on-year. The cumulative year-on-year growth rate slightly rebounded compared with January - August 2025 but remained negative. The fixed - asset investment in road transportation from January to September 2025 decreased by 2.7% year-on-year, slightly rebounding from -3.3% in January - August 2025 but still in a negative growth situation. The fixed - asset investment in infrastructure construction (excluding electricity) from January to September 2025 increased by 1.1% year-on-year, continuing to decline from 2.0% in January - August 2025 [4]. - As of the week of November 7, most of the downstream industries' operating rates increased, with the road asphalt operating rate rising by 1 percentage point to 34% week-on-week, slightly exceeding the same period last year, restricted by funds and weather [1][4]. - From January to September 2025, the year-on-year growth rate of social financing stock was 8.7%, 0.1 percentage point lower than that from January to August. In September, the new social financing reached 3.53 trillion yuan, but year-on-year it was 233.5 billion yuan less due to the high base. Attention should be paid to the progress of forming physical work volume [4]. - As of the week of November 7, the inventory-to-sales ratio of asphalt refineries decreased by 1.2 percentage points to 14.1% compared with the week of October 31, remaining at the lowest level in recent years [4].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - On November 11, the plastic operating rate remained at around 88%, in a neutral level The PE downstream operating rate dropped 0.52 percentage points to 44.85% month - on - month, still at a relatively low level compared to the same period in recent years The petrochemical inventory is at a neutral - to - high level compared to the same period in recent years The crude oil price fluctuated narrowly New production capacities were put into operation, and the plastic operating rate decreased slightly The peak season of agricultural film was not as good as expected, and the downstream purchasing willingness was insufficient Traders were cautious about the future market and actively sold goods at reduced prices There was no actual anti - involution policy in the plastic industry It is expected that plastics will continue to fluctuate weakly in the near future [1] 3. Summary by Relevant Catalogs 3.1 Market Analysis - On November 11, the plastic operating rate was around 88%, a neutral level The PE downstream operating rate decreased 0.52 percentage points to 44.85% month - on - month The agricultural film was in the peak season with increasing orders and stable raw material inventory, but the packaging film orders decreased slightly The petrochemical inventory was at a neutral - to - high level compared to the same period in recent years The crude oil price fluctuated narrowly due to factors such as Russia's oil sanctions and OPEC+ production decisions New production capacities were put into operation, and the plastic operating rate decreased slightly The peak season of agricultural film was not as expected, and the downstream purchasing willingness was insufficient Traders were cautious and sold goods at reduced prices There was no anti - involution policy in the plastic industry, which would affect the subsequent market It is expected that plastics will fluctuate weakly in the near future [1] 3.2 Futures and Spot Market Conditions 3.2.1 Futures - The plastic 2601 contract decreased in position, fluctuated downward, with a minimum price of 6758 yuan/ton, a maximum price of 6815 yuan/ton, and closed at 6760 yuan/ton, below the 60 - day moving average, with a decline of 0.41% The position decreased by 1974 lots to 584333 lots [2] 3.2.2 Spot - The PE spot market showed mixed trends, with price changes ranging from - 50 to + 50 yuan/ton LLDPE was reported at 6740 - 7270 yuan/ton, LDPE at 8770 - 9580 yuan/ton, and HDPE at 7010 - 8090 yuan/ton [3] 3.3 Fundamental Tracking - Supply: On November 11, the plastic operating rate remained at around 88%, a neutral level - Demand: As of the week of November 7, the PE downstream operating rate decreased 0.52 percentage points to 44.85% month - on - month The agricultural film was in the peak season with increasing orders and stable raw material inventory, but the packaging film orders decreased slightly The overall PE downstream operating rate was at a relatively low level compared to the same period in recent years - Petrochemical inventory: On Tuesday, the petrochemical early - morning inventory decreased by 1000 tons to 71000 tons, 1000 tons higher than the same period last year It was at a neutral - to - high level compared to the same period in recent years - Raw material: The Brent crude oil 01 contract fluctuated around $64/barrel The Northeast Asian ethylene price remained flat at $730/ton month - on - month, and the Southeast Asian ethylene price remained flat at $740/ton month - on - month [4]

Report Industry Investment Rating - No relevant content found Core Viewpoints - The OPEC+ eight - country decision to increase production by 137,000 barrels per day in December will intensify the crude oil supply pressure in the fourth quarter, but unexpectedly relieve the supply pressure in the first quarter of next year. Saudi Aramco has comprehensively lowered the official selling prices of crude oil sold to Asia in December. With the end of the peak demand season, the overall oil product inventory has slightly increased. The market is worried about crude oil demand. Although the crude oil market is in a supply - surplus pattern, factors such as US sanctions on Russian oil companies and the military confrontation between the US and Venezuela are at play. US - China relations have not fundamentally changed, and it is expected that crude oil prices will fluctuate in the near term [1] Summaries by Relevant Catalogs Market Analysis - On November 2nd, the OPEC+ eight - country decided to increase production by 137,000 barrels per day in December, the same as the production increase plans in October and November. The production increase will be suspended in the first quarter of next year, and the next OPEC+ eight - country meeting will be held on November 30th. The end of the crude oil demand peak season, the decline of the US ISM manufacturing index in October, and the acceleration of OPEC+ production increase have all contributed to the supply - surplus situation. The US has sanctioned Russian oil companies, and the military confrontation between the US and Venezuela has escalated. There is a possibility that India will gradually reduce its imports of Russian oil. The meeting between the leaders of China and the US is in line with market expectations, and it is expected that crude oil prices will fluctuate [1] Futures and Spot Market Quotes - Today, the main crude oil futures contract, the 2512 contract, fell 0.30% to 458.8 yuan per ton, with a minimum price of 457.0 yuan per ton and a maximum price of 462.1 yuan per ton. The open interest decreased by 1,784 to 23,898 lots [2] Fundamental Tracking - The EIA expects the global liquid fuel production to increase by 2.7 million barrels per day in 2025 and another 1.3 million barrels per day in 2026. It has also raised the forecast of US crude oil production in 2026 by 200,000 barrels per day to 13.5 million barrels per day. As of the week ending October 31st, US crude oil inventories increased by 5.202 million barrels, gasoline inventories decreased by 4.729 million barrels, and refined oil inventories decreased by 643,000 barrels. OPEC's August crude oil production was adjusted down by 32,000 barrels per day, while its September production increased by 524,000 barrels per day. US crude oil production reached a new high of 13.651 million barrels per day in the week ending October 31st [3] Demand Data - According to the latest data from the US Energy Agency, the four - week average supply of US crude oil products has decreased to 20.344 million barrels per day, a 2.20% decrease compared to the same period last year. Gasoline weekly demand decreased by 0.56% to 8.874 million barrels per day, and diesel weekly demand decreased by 3.63% to 3.71 million barrels per day. The single - week supply of US crude oil products decreased by 4.35% month - on - month [4]

【冠通期货研究报告】 内需支撑不足，盘面下挫 发布日期：2025 年 11 月 11 日 【行情分析】 今日尿素低开低走，日内下跌，基本收复上周五涨幅。下游畏高，上游工厂 多执行前期低价订单，预计短期现货报价将继续下调。山东、河南及河北尿素工 厂小颗粒尿素出厂价格范围在 1550-1600 元/吨，个别工厂低端价格略有下调。 基本面来看，供应端基本稳定，日产在 20 万吨左右震荡运行，复产及新投产支 撑高供应的运行。煤炭原料端，供暖旺季价格快速回升，今年冷冬预期下，成本 线预计持续支撑尿素下方。期货盘面降温后，市场高价成交抵触，下游需求以储 备型内需为主，苏皖地区的小麦肥收尾，复合肥工厂刚需拿货，目前工厂开工温 和上行，冬储政策尚未明确，东北地区工厂预计月底逐渐开工，备肥节奏缓慢， 下游需求目前难以支撑价格。供需相对宽松，上游厂内尿素库存继续增加，且部 分上游工厂以淡储为主，谨慎出货，预计库存继续环比回升。出口消息目前基本 被盘面消化，而疲弱内需难以支撑行情，期现共振下行，现货依然贴水于期货， 但基差环比收窄。 2025 年 11 月 11 日，尿素仓单数量 6812 张，环比上个交易日+685 张，辽宁 化 ...

Report Industry Investment Rating - Not provided Core View of the Report - The PP industry is expected to experience weak and volatile trends in the near future due to factors such as limited downstream order follow - up, insufficient stock - up demand during Double Eleven, and the lack of large - scale centralized procurement [1] Summary According to Relevant Catalogs Market Analysis - PP downstream开工率 increased by 0.52 percentage points to 53.14% week - on - week, remaining at a relatively low level compared to the same period in previous years. Among them, the plastic weaving开工率 rose by 0.26 percentage points to 44.46%, with a slight increase in orders but slightly lower than last year [1][4] - On November 11, new maintenance devices such as Hainan Ethylene were added, causing the PP enterprise开工率 to drop to around 83%, and the production ratio of standard grade drawstring dropped to around 24% [1] - At the beginning of the month, petrochemical inventory accumulated significantly, and currently it is at a moderately high level compared to the same period in recent years [1][4] - In terms of cost, the market has digested the news of Russian oil sanctions, the meeting between Chinese and US leaders was in line with market expectations, OPEC + decided to increase production by 137,000 barrels per day in December but suspend production increase in the first quarter of next year, and crude oil prices fluctuated within a narrow range [1] - In terms of supply, PetroChina Guangxi Petrochemical with a new production capacity of 400,000 tons per year was put into operation in mid - October, and the number of maintenance devices has increased recently [1] Futures and Spot Market - In the futures market, the PP2601 contract decreased in price with increasing positions, closing at 6464 yuan/ton, up 0.19%. The position increased by 2552 lots to 655,336 lots [2] - In the spot market, PP spot prices in different regions showed mixed trends, with drawstring priced at 6260 - 6570 yuan/ton [3] Fundamental Tracking - On the supply side, on November 7, maintenance devices such as the new second line of CNOOC Daxie restarted, and the PP enterprise开工率 rose to around 83.5%, at a moderately low level [4] - On the demand side, as of the week of November 7, the PP downstream开工率 increased by 0.52 percentage points to 53.14% week - on - week, remaining at a relatively low level compared to the same period in previous years [4] - On Tuesday, the petrochemical early - morning inventory decreased by 10,000 tons to 710,000 tons week - on - week, 10,000 tons higher than the same period last year [4] - For raw material crude oil, the Brent crude oil 01 contract fluctuated around $64 per barrel, and the CFR propylene price in China decreased by $20 per ton to $710 per ton week - on - week [4]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The news that the US government is about to end the shutdown and the friendly trade between China and the US have boosted market risk appetite, leading to a slightly stronger upward trend in Shanghai copper futures. However, attention should be paid to the release of economic data after the government resumes operations [1] Summary by Related Catalogs Market Analysis - Today, Shanghai copper opened higher and trended lower, with a slightly stronger upward trend during intraday trading. In November, 5 smelters are expected to undergo maintenance, involving a crude refining capacity of 1.5 million tons, and the expected maintenance impact is 48,000 tons. The operating rate of copper concentrate smelters is 85.4%, a 3.1% decrease from the previous period; the operating rate of smelters mainly using scrap copper or anode copper is 63.3%, a 1.0% increase from the previous period. Affected by Document No. 770, the procurement of anode copper is still affected, but after the policies in some regions become clear, the operations are gradually recovering. It is expected that the supply of scrap copper will increase in the future to make up for the tight supply of copper ore. Last week, the copper price decreased compared to the previous period, and the price reduction led to an increase in the purchasing volume of downstream enterprises. However, the peak season this year was not as good as in previous years and has basically ended. The short - term increase in purchasing due to the price correction has not reversed the weak demand of downstream enterprises. The operating rate of downstream copper products has decreased compared to the previous period, and the performance of traditional terminal industries is average. Since the end of October, the inventory of the Shanghai Futures Exchange has been continuously increasing. As of November 7, the copper inventory of the Shanghai Futures Exchange is 43,400 tons, a 9.28% increase from the previous week [1] Futures and Spot Market Conditions - Futures: Shanghai copper opened higher and trended higher, then declined during intraday trading. Spot: Today, the spot premium in East China is 45 yuan/ton, and the spot premium in South China is - 20 yuan/ton. On November 10, 2025, the LME official price was 10,815 US dollars/ton, and the spot premium was - 315 US dollars/ton [4] Supply Side - As of the latest data on November 10, the spot crude refining fee (TC) is - 41.9 US dollars/dry ton, and the spot refining fee (RC) is - 4.00 US cents/pound [8] Fundamental Tracking - In terms of inventory, the SHFE copper inventory is 43,000 tons, an increase of 1,817 tons from the previous period. As of November 10, the copper inventory in the Shanghai Free Trade Zone is 102,400 tons, an increase of 600 tons from the previous period. The LME copper inventory is 136,300 tons, an increase of 1,425 tons from the previous period. The COMEX copper inventory is 372,300 short tons, an increase of 2,950 short tons from the previous period [11]

Report Industry Investment Rating - No information provided Core View of the Report - The PVC industry is expected to experience weak and volatile trends in the near future due to factors such as increased supply, decreased export expectations, high inventory, and a sluggish real - estate market [1] Summary According to Relevant Catalogs Market Analysis - The calcium carbide price in the upstream northwest region is stable. The PVC operating rate has increased by 2.49 percentage points to 80.75%, remaining at a relatively high level in recent years. The downstream PVC operating rate has started to decline slightly and is still at a low level. India has postponed the BIS policy for six months until December 24, 2025. The price quoted by Formosa Plastics in Taiwan, China in November has been reduced by $30 - 40 per ton. India has raised the anti - dumping tax on imported PVC from the Chinese mainland by about $50 per ton, weakening the export expectations of Chinese PVC in the fourth quarter. Traders are starting to wait and see, and last week's export orders decreased compared to the previous week. The social inventory has increased slightly and is still high. The real - estate market is still in the adjustment stage, and the improvement of the real - estate market still takes time. The comprehensive profit of chlor - alkali is still positive, and the PVC operating rate is higher than in previous years. New production capacities are in operation, and there is no actual policy implementation in the PVC industry yet [1] Futures and Spot Market Conditions - The PVC2601 contract increased in positions while oscillating downward, with a minimum price of 4,570 yuan per ton, a maximum price of 4,613 yuan per ton, and finally closed at 4,572 yuan per ton, below the 20 - day moving average, with a decline of 0.74%. The position volume increased by 63,608 lots to 1,407,131 lots [2] Basis - On November 11, the mainstream price of calcium carbide - based PVC in East China rose to 4,520 yuan per ton, and the futures closing price of the V2601 contract was 4,572 yuan per ton. The current basis was - 52 yuan per ton, weakening by 2 yuan per ton, and the basis was at a relatively low - neutral level [3] Fundamental Tracking Supply Side - The production of devices such as Ningbo Zhenyang and Inner Mongolia Yili has increased. The PVC operating rate has increased by 2.49 percentage points to 80.75%, remaining at a relatively high level in recent years. New production capacities, including Wanhua Chemical with an annual capacity of 500,000 tons, Tianjin Bohua with 400,000 tons, Qingdao Gulf with 200,000 tons, Gansu Yaowang with 300,000 tons, and Jiaxing Jiahua with 300,000 tons, are in different stages of operation [4] Demand Side - The real - estate market is still in the adjustment stage. From January to September 2025, the national real - estate development investment was 677.06 billion yuan, a year - on - year decrease of 13.9%. The commercial housing sales area was 658.35 million square meters, a year - on - year decrease of 5.5%; the residential sales area decreased by 5.6%. The commercial housing sales volume was 630.4 billion yuan, a decrease of 7.9%, and the residential sales volume decreased by 7.6%. The new housing construction area was 453.99 million square meters, a year - on - year decrease of 18.9%; the new residential construction area decreased by 18.3%. The construction area of real - estate development enterprises was 6.4858 billion square meters, a year - on - year decrease of 9.4%. The housing completion area was 311.29 million square meters, a year - on - year decrease of 15.3%; the residential completion area decreased by 18.3%. As of the week of November 9, the commercial housing transaction area in 30 large - and medium - sized cities decreased by 32.15% compared to the previous week, reaching the lowest level in recent years [5] Inventory - As of the week of November 6, the PVC social inventory increased by 1.13% to 1.0416 million tons, a 26.42% increase compared to the same period last year. The social inventory increased slightly and is still high [6]

本期 前值 涨跌 河北 1630 1630 0 河南 1620 1620 0 山东 1610 1620 -10 山西 1500 1500 0 江苏 1610 1610 0 安徽 1610 1620 -10 黑龙江 1620 1620 0 内蒙古 1610 1610 0 河北东光 1610 1610 0 山东华鲁 1630 1630 0 江苏灵谷 1670 1670 0 安徽昊源 1600 1600 0 山东05基差 -134 -147 13 山东01基差 -153 -170 17 河北05基差 -144 -137 -7 河北01基差 -163 -160 -3 1-5价差 67 83 -16 5-9价差 -19 -23 4 仓单数量（张） 仓单数量合计 6812 6415 397 中东FOB 378 378 0 美湾FOB 389.5 389.5 0 埃及FOB 486 486 0 波罗的海FOB 380 380 0 巴西CFR 425 425 0 注:数据来源于Wind，钢联数据，冠通研究整理 冠通期货 研究咨询部 王静 执业资格证书编号：F0235424/Z0000771 联系方式：010-85356618 ...

Report Overview - Report Title: "养殖产业链数据报告-豆粕、油脂" [1] - Release Date: November 11, 2025 Industry Investment Rating - Not provided in the given content Core Viewpoints - The report presents the latest weekly data on the inventory, production, consumption, and price differences of soybean meal and various oils (palm oil, rapeseed oil, and soybean oil), along with their week-on-week changes and historical trends [2][5] Summary by Directory Soybean Meal - **Price and Spread**: The 43% protein soybean meal's aggregated average price is 3,071 yuan/ton, up 0.13% week-on-week; the futures-spot price difference is 8 yuan/ton, down 80.49% week-on-week; the spot main contract basis is 39.71 yuan/ton, down 24.66% week-on-week [2] - **Production and Consumption**: The output of 111 sample enterprises is 124.60 million tons, down 19.45% week-on-week; the apparent consumption is 139.09 million tons, down 5.03% week-on-week [2] - **Inventory**: The inventory of 111 sample enterprises is 87.76 million tons, down 14.17% week-on-week [2] - **Trading Volume**: The daily trading volume is 193,600 tons, up 85.62% week-on-week [2] Oils Inventory - **Palm Oil**: The inventory in China is 59.73 million tons, up 0.76% week-on-week [5] - **Rapeseed Oil**: The inventory in China is 45.02 million tons, down 12.75% week-on-week [5] - **Soybean Oil**: The inventory in China is 115.72 million tons, down 4.82% week-on-week [5] Price and Spread - **Palm Oil**: The futures-spot price difference is 8 yuan/ton, down 900.00% week-on-week; the spot main contract basis is -20 yuan/ton, down 225.00% week-on-week [5] - **Rapeseed Oil**: The futures-spot price difference is 489 yuan/ton, up 0.20% week-on-week; the spot main contract basis is 384.50 yuan/ton, down 14.08% week-on-week [5] - **Soybean Oil and Palm Oil**: The combined futures-spot price difference is -218 yuan/ton, down 31.45% week-on-week [5] - **Soybean Oil**: The spot main contract basis is 196 yuan/ton, down 23.06% week-on-week [5]

Report Summary 1. Overnight Market Trends - International precious metal futures generally closed higher, with COMEX gold futures up 2.83% at $4123.40 per ounce and COMEX silver futures up 4.70% at $50.41 per ounce [5] - U.S. oil and Brent crude oil main contracts both rose 0.5%, at $60.05 and $63.95 per barrel respectively [6] - London base metals all rose, with LME copper up 1.47%, aluminum up 1.14%, tin up 1.00%, zinc up 0.95%, lead up 0.46%, and nickel up 0.27% [6] - As of the close on October 10 at 23:00, most domestic futures main contracts rose, with soda ash up nearly 2%, caustic soda and pulp up over 1%, and some falling, like rapeseed meal and glass down nearly 1% [6] 2. Important News Macro News - The State Council issued measures to support private investment, increasing support for eligible projects [9] - Fed's Daly said the U.S. economy may face weak demand, and tariff - related inflation is under control [9] - In October, new - energy passenger vehicle wholesale sales reached 1.621 million, up 18.5% year - on - year and 8.5% month - on - month, with cumulative sales from January to October at 12.058 million, up 29.9% [9] - China and the U.S. suspended relevant 301 investigation measures for one year starting from November 10, 2025 [10] Energy and Chemical Futures - As of November 10, 2025, Jiangsu's pure benzene port inventory was 113,000 tons, down 6.61% from the previous period and up 7.62% year - on - year [12] - As of November 10, 2025, domestic soda ash manufacturers' total inventory was 1.7062 million tons, down 0.47% from last Thursday [14] - Two Indian state - owned refineries bought 5 million barrels of crude oil from the spot market [14] - In September, Thailand's natural rubber production was 451,500 tons, down 5.45% from August and 1.78% year - on - year [14] - From November 10 at 24:00, domestic gasoline and diesel retail prices were raised by 125 and 120 yuan per ton respectively [15] Metal Futures - In October 2025, the overall operating rate of copper strip enterprises was 64.97%, down 1.05 percentage points month - on - month and 7.76 points year - on - year [17] - SMM's seven - region zinc ingot inventory was 159,600 tons, with a slight increase [18] - In the first three quarters of 2025, domestic gold ETFs added 79.015 tons, up 164.03% year - on - year, while gold consumption was 682.73 tons, down 7.95% [18] - The Shanghai Gold Exchange will waive trading fees for certain international board contracts from November 11, 2025, to the end of 2026 [19] Black - Series Futures - From November 3 to 9, 2025, China's 47 - port iron ore arrivals were 2.7693 million tons, down 544,800 tons from the previous period [21] - In October 2025, Mongolia's coal exports were 657,990 tons, down 26.52% month - on - month and 2.07% year - on - year [22] Agricultural Product Futures - As of November 7, 2025, the total commercial inventory of three major oils was 2.2047 million tons, down 5.16% from last week and up 8.52% year - on - year [24] - In the 2024 - 2025 season, China's soybean imports were 109.37 million tons, and exports were 80,000 tons [25] - Malaysia's palm oil exports from November 1 - 10 decreased by 9.5% (AmSpec) and 12.28% (ITS) compared to the same period last month [27][28] - In October, Malaysia's palm oil inventory increased 4.44% month - on - month, and production increased 11.02% [29] - From November 3 - 9, the average purchase price of Xinjiang machine - picked cotton was 6.21 yuan/kg, down 0.1 yuan/kg from the previous week [30] 3. Financial Markets Finance - The Asset Management Association of China solicited opinions on guidelines for public fund thematic investment style management [33] - On Monday, A - shares showed a divergence, with the Shanghai Composite Index up 0.53%, Shenzhen Component Index up 0.18%, and ChiNext Index down 0.92%, and the trading volume was 2.19 trillion yuan [33] - The Hong Kong Hang Seng Index rose 1.55%, with southbound funds net buying HK$6654 million, and the cumulative net buying exceeded HK$5 trillion [33] - China Securities Index Company will release two new indices on November 11 [34] - Some people in Beijing, Shanghai, and Hangzhou were notified to pay additional taxes on overseas investment income [35] - TSMC's October revenue was NT$367.473 billion, up 16.9% year - on - year [36] Industry - Domestic refined oil prices were raised for the seventh time this year [38] - Market regulators issued compliance tips for the "Double 11" online promotion [38] - The National Development and Reform Commission and the National Energy Administration issued a joint document on new - energy power systems [38] - In October, the retail sales of passenger cars decreased by 0.8% year - on - year, while new - energy passenger vehicle wholesale sales increased by 18.5% [38] - As of October, Shenzhen's second - hand housing transactions showed a stable trend [39] Overseas - The U.S. and Thailand reached a trade framework agreement [40] - Switzerland is close to reaching an agreement with the U.S. to reduce tariffs to 15% [41] - Fed's Milan supported further interest - rate cuts [43] - San Francisco Fed President Daly said the U.S. economy may face demand decline [43] - U.S. container imports in October decreased by 7.5% year - on - year [43] - Japan's new government asked the central bank to postpone interest - rate hikes [43] - Japan plans to raise visa fees for foreign visitors in 2026 [44] International Stock Markets - U.S. stocks rose, with the Dow up 0.81%, S&P 500 up 1.54%, and Nasdaq up 2.27% [45] - European stocks rose, with the German DAX up 1.65%, French CAC40 up 1.32%, and UK FTSE 100 up 1.08% [47] - Goldman Sachs is bullish on Japanese and Indian stocks [47] - Vanguard increased its position in Tesla and Amazon in Q3 [47] Commodities - China's gold consumption in the first three quarters of 2025 decreased by 7.95% year - on - year, while ETFs added 79.015 tons [48] - The Shanghai Gold Exchange will waive trading fees for certain contracts and adjust the minimum redemption unit of "Bosera Gold ETF" [48] - International precious metal futures rose, and crude oil futures also rose [48] - London base metals all rose [50] Bonds - The domestic bond market strengthened, with the 30 - year Treasury futures up 0.22% [51] - The Ministry of Finance will issue up to 47.71 billion yuan of electronic savings bonds [51] - Hong Kong plans to issue multi - currency digital bonds again [52] - U.S. Treasury yields rose [52] Foreign Exchange - On Monday, the on - shore RMB against the U.S. dollar closed up 50 points at 7.1175 at 16:30 [54] - Three RMB exchange - rate indices reached new highs since April [54] - The U.S. dollar index rose 0.07% at the New York close [54] 4. Upcoming Events and Data Releases - Multiple economic data will be released on November 11, including Japan's September trade balance and UK's October unemployment rate [56] - There are also multiple events, such as central bank officials' speeches and industry forums [56]