Report Industry Investment Ratings No relevant content provided. Core Views Glass and Soda Ash - The overall sentiment of the commodity market has strengthened, and the disk has rebounded recently. However, fundamentally, the weekly production is at a high level, and there is an obvious surplus compared to the current rigid demand. The inventory of manufacturers has been transferred to the middle and lower reaches, and the trade inventory has continued to rise. In the medium term, there is no expectation of a significant increase in downstream production capacity, so the overall demand for soda ash will continue the previous rigid demand pattern. If there is no actual production capacity exit or load reduction in the future, the supply and demand will be further pressured. It is recommended to track macro fluctuations and the load adjustment of soda ash plants. The overall supply and demand pattern is still bearish, but the previous phased negative factors have basically been exhausted. It is recommended to close out the previous short positions, wait and see in the short term, and wait for the opportunity to short on the rebound [1]. - Recently, the production and sales have significantly warmed up, and the disk has stabilized and rebounded. After multiple price cuts, the middle and lower reaches have begun to replenish their inventories one after another, and the spot-futures traders have been actively purchasing. Due to the weakening of the basis, some spot-futures traders have no quotes. It is necessary to pay attention to the continuous performance of the spot market. Returning to the industry's supply and demand, although the deep-processing orders have improved seasonally, they are still weak, and the low-e glass开工率 has continued to be low, showing no obvious characteristics of the peak season. In the long term, the real estate cycle is at the bottom, and the completion volume is shrinking. Eventually, the industry needs to clear the excess production capacity. It has been suggested to close out the previous short positions and pay attention to the spot market to capture short-term long opportunities [1]. Logs - The price of log futures contract 2601 is at a relatively low level. The obvious inversion of domestic and foreign prices has formed a certain support for the import cost, limiting the downward space of the disk. However, there is an expectation of weakening fundamentals in the future. On the one hand, the import volume to the port will increase seasonally in the fourth quarter, and the supply pressure will gradually emerge. On the other hand, the effect of the national subsidy policy has faded, and the furniture demand has weakened, resulting in insufficient support from the terminal demand and an increased risk of inventory accumulation at the port. Under the pattern of weak supply and demand, the market's pessimistic expectation dominates. Overall, the log futures disk is expected to continue to fluctuate weakly. It is necessary to pay attention to the impact of the follow-up progress of the China-US economic and trade consultations on the import cost expectation and the changes in the spot price [3]. Natural Rubber - On the supply side, there has been a lot of rain in the producing areas until the end of the month, and the raw material prices have continued to rise. In the short term, the cost side strongly supports the rubber price. In the long term, there is still an expectation of increased supply. It is necessary to pay attention to the future weather conditions. On the demand side, most semi-steel tire enterprises have maintained stable production schedules. Currently, there are concentrated orders for snow tires with various specifications and models. To ensure the normal supply of each product, the production enthusiasm of semi-steel tire enterprises remains high. For all-steel tires, the enterprises' shipment performance has been stable, and the inventory of some enterprises has increased. There are plans to boost sales at the end of the month, and most enterprises are likely to maintain stable production schedules, with a slight fluctuation in the overall capacity utilization rate. In summary, the Federal Reserve's hawkish stance on the prospect of a December interest rate cut may put short-term pressure on the rubber price. It is necessary to pay attention to the raw material output in the peak production season of the main producing areas and the macro changes. If the raw material supply is smooth, there is further downward space for the rubber price. If the raw material supply is not smooth, the rubber price is expected to fluctuate between 15,000 and 15,500 [5]. Polysilicon - The spot price of polysilicon has slightly decreased by 630 yuan/ton, a decline of about 1.2%. The futures price has risen driven by positive news such as the expected establishment of a platform company, but then declined with a reduction in positions. This may be because the arbitrage window opened after the price increase, leading some long positions to close out. The futures price closed at 54,990 yuan/ton, up 635 yuan/ton. It was reported that on October 28, 2025, Mr. Zhu Gongshan of GCL Group revealed in the CCTV program "Economic Half - Hour" that 17 major industry enterprises basically agreed to sign an agreement to form a consortium, which is beneficial for price increases. On the supply side, as the production capacity in the southwest region is gradually shut down, the output in November is expected to drop to about 120,000 tons. On the demand side, the silicon wafer production schedule has increased, and the supply pressure has decreased, but the downstream procurement has decreased, resulting in an increase in inventory. It should be noted that the silicon wafer price has slightly decreased, and the sustainability of the polysilicon price increase needs to be monitored. Currently, polysilicon is mainly oscillating at a high level. On the one hand, it is necessary to pay attention to the establishment of the platform company and the production control situation. On the other hand, it is necessary to pay attention to whether there is an increase in orders on the demand side to support the increase in supply. After the significant increase in the futures price, the futures price is at a premium to the spot average price. For further significant increases, it is necessary to pay attention to the hedging space of upstream enterprises. It is also necessary to pay attention to whether there will be further implementation measures or policies [7]. Industrial Silicon - The spot price of industrial silicon has stabilized, and the futures price has risen driven by the news of anti - involution, closing at 9,170 yuan/ton, up 215 yuan/ton. From the perspective of supply and demand, the weekly supply - side output has increased, while the demand - side output has decreased, which may lead to inventory accumulation and put pressure on the price. When the spot price is under pressure, it is necessary to note that the opening of the arbitrage window in East China may bring hedging opportunities. The coking coal price has risen under positive news such as supply contraction, and its impact on the industrial silicon futures price needs to be noted. Currently, it is still maintained that the increase in industrial silicon supply puts pressure on the price, but there is also cost support at the bottom. It is expected to mainly oscillate at a low level, with the main price fluctuation range between 8,500 and 9,500 [8]. Summaries by Relevant Catalogs Glass and Soda Ash - **Prices and Spreads**: The prices of glass and soda ash in North China, East China, and Central China remained unchanged. The prices of glass contracts 2505 and 2509 increased by 1.27% and 1.04% respectively, and the prices of soda ash contracts 2505 and 2509 increased by 1.20%. The 05 basis of glass decreased by 12.03%, and the 05 basis of soda ash decreased by 51.61% [1]. - **Supply**: The soda ash开工率 increased from 85.53% to 88.41%, and the weekly output increased from 74.57 million tons to 77.08 million tons. The float glass daily melting volume increased from 15.95 million tons to 16.13 million tons, and the photovoltaic daily melting volume remained unchanged [1]. - **Inventory**: The glass factory inventory increased from 59.355 million weight boxes to 62.824 million weight boxes, a rise of 5.84%. The soda ash factory inventory increased from 159.99 million tons to 165.98 million tons, a rise of 3.74%. The soda ash delivery warehouse inventory increased from 67.19 million tons to 69.91 million tons, a rise of 4.05% [1]. - **Real Estate Data**: The new construction area increased by 0.09%, the construction area decreased by 2.43%, the completion area decreased by 0.03%, and the sales area decreased by 6.50% [1]. Logs - **Prices and Spreads**: The prices of log contracts 2601, 2603, and 2605 increased slightly. The prices of various log specifications in ports such as Rizhao and Taicang remained unchanged. The import theoretical cost remained unchanged, and the exchange rate remained unchanged [3]. - **Supply and Demand**: The port shipping volume from New Zealand to China, Japan, and South Korea increased by 6.00%, and the number of ships at the port increased by 4.55%. The total inventory of national coniferous logs decreased by 2.74%, and the daily inventory withdrawal volume increased [3]. Natural Rubber - **Prices and Spreads**: The price of Yunnan state - owned standard rubber remained unchanged, the basis of whole - milk rubber decreased by 43.44%, and the non - standard price difference decreased by 31.94%. The FOB intermediate price of cup rubber increased by 1.43%, and the FOB intermediate price of glue remained unchanged [5]. - **Fundamentals**: The production of Thailand, Indonesia, and India in August changed, and the production of China increased. The开工率 of semi - steel and all - steel tires increased. The domestic tire production in August increased, and the tire export volume in September decreased [5]. - **Inventory**: The protected area inventory decreased by 1.20%, the factory - warehouse futures inventory of natural rubber increased by 6.28%, and the出库率 and入库率 of dry rubber in Qingdao changed [5]. Polysilicon - **Prices and Spreads**: The average price of N - type polysilicon decreased by 1.19%, and the N - type material basis decreased by 92.00%. The prices of N - type silicon wafers and some battery components remained unchanged, and the prices of some components increased slightly [7]. - **Fundamentals**: The weekly and monthly production of silicon wafers increased, and the monthly production of polysilicon decreased. The import and export volume of polysilicon and silicon wafers changed [7]. - **Inventory**: The polysilicon inventory increased by 1.98%, and the silicon wafer inventory increased by 6.70% [7]. Industrial Silicon - **Prices and Spreads**: The prices of various types of industrial silicon remained unchanged, and the basis of different types of industrial silicon decreased. The monthly spreads of different contracts changed [8]. - **Fundamentals**: The national and regional production of industrial silicon changed, the开工率 of different regions changed, and the production of organic silicon DMC, polysilicon, and recycled aluminum alloy changed. The industrial silicon export volume decreased [8]. - **Inventory**: The inventory in Xinjiang, Yunnan, and Sichuan changed, and the social inventory and warehouse receipt inventory decreased slightly [8].

Report Overview - The report consists of four parts: Polyolefin Industry Spot and Futures Daily Report, Pure Benzene - Styrene Daily Report, Polyester Industry Chain Daily Report, and Chlor - Alkali Industry Spot and Futures Daily Report, covering price, inventory, and开工率 data of multiple chemical products, along with corresponding investment strategies [2][4][9][10] Polyolefin Industry Price Changes - L2601, L2509, PP2601, and PP2509 futures prices all increased on October 29, with L2601 up 0.34%, L2509 up 0.06%, PP2601 up 0.42%, and PP2509 up 0.37% [2] - Some spot prices remained stable, while华北LDPE膜料现货 rose 0.15% [2] Inventory and开工率 - PE企业 inventory decreased by 19.16% to 41.6 tons, and社会库存 decreased slightly by 0.04% to 54.5 tons [2] - PP企业 inventory decreased by 6.80% to 59.5 tons, and贸易商库存 decreased by 10.48% to 21.4 tons [2] - PE装置开工率 decreased by 0.37% to 81.5%, while下游加权开工率 increased by 1.85% to 45.8% [2] - PP装置开工率 decreased by 2.9% to 75.9%, while粉料开工率 increased by 7.1% to 41.4%, and下游加权开工率 increased by 1.0% to 52.4% [2] Core View - PP supply recovery slowed due to more unplanned maintenance, while PE supply is expected to increase. Demand improved, and both inventories decreased. Consider long - term low - buying opportunities for the 05 contract and track sanctions' impact on refinery loads [2] Pure Benzene - Styrene Industry Price Changes - Upstream prices such as布伦特原油 and WTI原油 increased slightly on October 29, while纯苯中石化华东挂牌价 remained unchanged [4] -苯乙烯华东现货 and related futures prices increased, with苯乙烯华东现货 up 0.6% [5] Inventory and开工率 -纯苯江苏港口库存 decreased by 14.1% to 8.50 tons, and苯乙烯江苏港口库存 decreased by 4.7% to 19.30 tons [7] -亚洲纯苯开工率 remained unchanged at 79.2%, while国内纯苯开工率 decreased by 3.6% to 72.7% [8] Core View - No specific core view was mentioned in the text, but price, inventory, and开工率 data can be used for investment analysis Polyester Industry Chain Price Changes - Upstream prices such as布伦特原油 and CFR日本石脑油 increased slightly on October 29 [9] - Most下游聚酯 product prices remained stable, with聚酯切片 price up 0.1% [9] Inventory and开工率 - MEG港口库存 decreased by 9.7% to 52.3 tons, and到港预期 increased significantly by 273.6% to 19.8 tons [9] -亚洲PX开工率 increased by 0.5% to 78.5%, and中国PX开工率 increased by 1.0% to 85.9% [9] Core View - PX supply contracted, and demand support strengthened. However, PX rebound space is limited. PTA,乙二醇,短纤, and瓶片 also have corresponding supply - demand situations and investment strategies [9] Chlor - Alkali Industry Price Changes -山东32%液碱折百价 and山东50%液碱折百价 remained unchanged on October 29, while华东电石法PVC市场价 increased by 0.4% [10] Inventory and开工率 -烧碱行业开工率 increased slightly by 0.1% to 85.6%, and烧碱山东样本开工率 increased by 3.2% to 86.6% [13] - PVC总开工率 decreased by 1.9% to 73.7% [13] Core View - No specific core view was mentioned in the text, but price, inventory, and开工率 data can be used for investment analysis

股指期货持仓日度跟踪 投资咨询业务资格： 广发期货研究所 电 话：020-88818051 E-Mail：yeqianning@gf.com.cn 目录： 股指期货： IF、IH、IC、IM | 品种 | | 主力合 约 | 总持仓点评 | 前二十席位重要变动 | | --- | --- | --- | --- | --- | | 沪深 | 300 | IF2512 | 总持仓保持平稳 | 前二十席位变动不大 | | 上证 | 50 | IH2512 | 总持仓保持平稳 | 前二十席位增减仓不一 | | 中证 | 500 | IC2512 | 总持仓明显上升 | 中信空头增仓超 2000 手 | | 中证 | 1000 | IM2512 | 总持仓小幅下降 | 中信多空头各减仓超 1000 手 | 股指期货持仓日度变动简评 1,129.0 -1,692.0 6,254.0 -5,501.0 439.0 -762.0 9,663.0 -5,250.0 -8,000 -6,000 -4,000 -2,000 0 2,000 4,000 6,000 8,000 10,000 12,000 IF IH IC IM 主 ...

1. Report Industry Investment Rating - No information provided in the reports. 2. Core Views - There is no explicit core view presented in the reports. The reports mainly present various data related to different financial products such as stock index futures, treasury bond futures, precious metals, and container shipping. 3. Summary by Relevant Catalogs Stock Index Futures (IF, IH, IC, IM) - **IF**: The current - spot price difference is -15.24, with a change of 7.14 from the previous day, and the historical 1 - year and all - time percentiles are 45.00% and 29.10% respectively. Different inter - period spreads show various values and changes, e.g., the spread between the next - month and current - month contracts is -10.80, with a change of 2.00 [1]. - **IH**: The current - spot price difference is 1.78, with a change of 0.60 from the previous day, and the historical 1 - year and all - time percentiles are 66.30% and 66.90% respectively. Inter - period spreads also have their own values and changes, like the spread between the next - month and current - month contracts is -0.80, with a change of -1.20 [1]. - **IC**: The current - spot price difference is -90.97, with a change of 19.06 from the previous day, and the historical 1 - year and all - time percentiles are 24.50% and 4.50% respectively. Inter - period spreads show significant variations, for example, the spread between the January and current - month contracts is -401.60, with a change of -0.80 [1]. - **IM**: The current - spot price difference is -122.72, with a change of 20.90 from the previous day, and the historical 1 - year and all - time percentiles are 85.00% and 13.70% respectively. Inter - period spreads have specific values and changes, such as the spread between the next - month and current - month contracts is -73.20, with a change of 1.20 [1]. - **Cross - variety Ratios**: Ratios like CSI 500/Shanghai Composite 300, CSI 500/Shanghai Composite 50, and others are provided, along with their changes and percentiles. For example, the ratio of CSI 500/Shanghai Composite 50 is 2.4423, with a change of 0.0358, and the historical 1 - year and all - time percentiles are 94.20% and 75.20% respectively [1]. Treasury Bond Futures (TS, TF, T, TL) - **Basis**: TS basis is 1.9462, with a change of -0.0759, and the percentile since listing is 52.30%. TF basis is 1.9288, with a change of -0.0031, and the percentile is 56.20%. T basis is 2.0877, with a change of -0.0425, and the percentile is 71.40%. TL basis is 2.2535, with a change of 0.0762, and the percentile is 80.90% [3]. - **Inter - period Spreads**: Different inter - period spreads for each type of treasury bond futures are presented. For example, for TS, the spread between the current - quarter and next - quarter contracts is 0.0860, with no change from the previous day, and the percentile is 43.20% [3]. - **Cross - variety Spreads**: Spreads between different types of treasury bond futures are given. For example, the spread between TS and TF is -3.4940, with a change of -0.0650, and the percentile is 8.70% [3]. Precious Metals (Gold and Silver) - **Futures Prices**: Domestic AU2512 contract closed at 910.88 on October 29, up 1.05% from the previous day. AG2512 contract closed at 11338, up 2.62%. In the foreign market, COMEX gold closed at 3941.70, down 0.67%, and COMEX silver closed at 47.28, up 0.29% [5]. - **Spot Prices**: London gold was at 3929.66, down 0.56%, and London silver was at 47.49, up 0.98%. Shanghai Gold TD was at 912.42, up 1.75%, and Shanghai Silver TD was at 11351, up 3.23% [5]. - **Basis and Ratios**: Basis values and their changes, as well as ratios like COMEX gold/silver and Shanghai Futures Exchange gold/silver, are provided. For example, the basis of gold TD - Shanghai gold futures is 1.54, with a change of 6.23, and the historical 1 - year percentile is 98.70% [5]. - **Interest Rates, Exchange Rates, and Inventories**: Interest rates of US Treasury bonds, exchange rates, and inventories of precious metals in different exchanges and ETF holdings are presented. For example, the 10 - year US Treasury bond yield is 4.08%, up 2.3% from the previous day [5]. Container Shipping - **Spot Quotes**: Spot quotes for shipping from Shanghai to Europe by different companies are provided. For example, MAERSK's price is 2445 dollars/FEU, up 2.09% from the previous day, while CMA CGM's price is 2788 dollars/FEU, down 4.06% [6]. - **Shipping Indexes**: SCFIS (European route) settlement price index is 1312.71, up 15.11% from October 20. Other indexes like SCFI composite index and its sub - indexes for different routes also show their values and changes [6]. - **Futures Prices and Basis**: Futures prices of different contracts (EC2602, EC2604, etc.) and the basis of the main contract are provided. For example, the price of EC2602 is 1606.0, up 3.70% from the previous day, and the basis of the main contract (EC2512) is -208.6, down 23.21% [6]. - **Fundamental Data**: Data on global container shipping capacity supply, port - related indicators, export balances, and overseas economic indicators are presented. For example, the global container shipping capacity supply remains unchanged at 3330.07 million IFU, and the port on - time rate in Shanghai in September is 42.77%, up 133.59% from August [6].

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The Sino - US trade talks in Malaysia and the Fourth Plenary Session communique have re - boosted market risk appetite. There are potential trading opportunities in various futures markets, but each market has its own influencing factors and trends [3]. 3. Summary by Related Catalogs Financial Sector - **Stock Index Futures**: Stock index futures are in a shrinking and volatile state with sector rotation. One can try to lightly sell put options at support levels or construct bullish call spreads to capture potential rebounds [3]. - **Treasury Bonds**: After the positive news of restarting treasury bond trading is realized, treasury bond futures may fluctuate in the short - term. One can go long on dips in the unilateral strategy and pay attention to the positive arbitrage strategy due to the rise of IRR [3]. - **Precious Metals**: Market risk preference is rising, and funds are flowing out rapidly. After a sharp decline, precious metals rebounded. One can buy at low levels below $4000 after the price of gold adjusts and wait for the Fed's decision. Silver may be under pressure if gold falls [3]. - **Container Shipping Index (European Line)**: The main EC contract is oscillating. It is recommended to buy on dips for the December contract [3]. Black Sector - **Steel**: Tangshan's production restrictions support the strengthening of steel prices. Pay attention to the previous high pressure for long positions and hold the arbitrage of going long on coking coal and short on hot - rolled coils [3]. - **Iron Ore**: Shipments and arrivals have declined, port stocks have increased, and molten iron has slightly decreased. Iron ore continues to rebound. One can go long on dips and conduct positive arbitrage for the 1 - 5 contracts [3]. - **Coking Coal**: The price of local coal is running strongly, downstream replenishment demand has recovered, and the price of Mongolian coal has risen. One can go long on coking coal 2601 on dips and conduct the arbitrage of going long on coking coal and short on coke [3]. - **Coke**: The second - round price increase of mainstream coke enterprises has been officially implemented, and there is still an expectation of further price increases. One can go long on coke 2601 on dips and conduct the arbitrage of going long on coking coal and short on coke [3]. Non - ferrous Sector - **Copper**: Copper prices are running at a high level. Pay attention to the marginal change in demand. The main contract reference range is 87,000 - 89,000 [3]. - **Aluminum Oxide**: Spot trading is active, but the short - term oversupply situation is difficult to change. The main contract runs in the range of 2,750 - 2,950 [3]. - **Aluminum**: The macro - sentiment dominates the market, and the high - level spot discount has widened. The main contract reference range is 20,800 - 21,400 [3]. - **Aluminum Alloy**: The market follows the decline of aluminum prices, but the spot price is firm. The main contract reference range is 20,200 - 20,800 [3]. - **Zinc**: The squeeze on LME zinc combined with macro - positives has led to a slight strengthening of zinc prices. The main contract reference range is 21,800 - 22,800 [3]. - **Tin**: Supported by strong fundamentals, tin prices are running strongly. It is recommended to wait and see [3]. - **Nickel**: The market is oscillating weakly, and the weakening macro - situation exerts some pressure. The main contract reference range is 118,000 - 126,000 [3]. - **Stainless Steel**: The market is mainly oscillating weakly, and the cost support is still weak. The main contract reference range is 12,500 - 13,000 [3]. Energy and Chemical Sector - **Crude Oil**: The fading of geopolitical risk premium restricts the rebound of oil prices. In the short - term, oil prices will move in a range. It is recommended to go short on rallies [3]. - **Urea**: The daily production is expected to gradually increase, the supply of goods is sufficient, and the short - term improvement of the market is limited. It is recommended to wait and see [3]. - **PX and PTA**: The cost center has risen, but the rebound space is limited under weak expectations. For long positions, pay attention to the pressure levels and reduce positions on rallies [3]. - **Short - fiber**: The inventory pressure is not large, and the short - term support is strong. The operation is similar to that of PTA, and one can shrink the processing margin on rallies [3]. - **Bottle Chip**: The supply - demand pattern of bottle chips remains loose, the cost side rebounds, and the short - term processing margin of bottle chips will decline. The operation is similar to that of PTA [3]. - **Ethanol (EG)**: The upward driving force of EG has weakened, and the supply - demand structure in the far - month is still weak. One can sell out - of - the - money call options on rallies and conduct reverse arbitrage for the 1 - 5 contracts [3]. - **Caustic Soda**: The spot trading is okay, and the price is stable. Short positions can stop loss and leave the market [3]. - **PVC**: The downstream purchasing enthusiasm is low, and the market is oscillating. Wait for the opportunity to go short on rebounds [3]. - **Benzene and Styrene**: The supply - demand is relatively loose, and the price driving force is limited. Benzene 2603 will follow the oscillation of styrene and oil prices in the short - term. Styrene prices may be under pressure, and it is recommended to go short on the rebound of the December contract [3]. - **Synthetic Rubber**: The cost side continues to weaken, dragging BR down. It is recommended to wait and see [3]. - **LLDPE and PP**: The overall trading is poor, and the basis remains. Pay attention to the inflection point of inventory reduction for LLDPE. For PP, it is recommended to wait and see [3]. - **Methanol**: The port market continues to weaken, and the inland market remains stable with okay trading. Pay attention to the positive arbitrage opportunity for the 3 - 5 spread [3]. Agricultural Sector - **Soybean Meal**: Sino - US relations are warming, and near - month soybeans have cost support. One can go long on the 2601 contract [3]. - **Pig**: The combination of second - fattening and end - of - month supply reduction makes pig prices run strongly. Exit and wait and see for the 3 - 7 reverse arbitrage [3]. - **Corn**: The supply pressure still exists, and the market is oscillating weakly. Pay attention to the support around 2,100 [3]. - **Palm Oil**: Malaysian palm oil has broken through the support level, and domestic palm oil follows the decline. The main contract of palm oil may test the support of 8,900 yuan [3]. - **Sugar**: Overseas supply is relatively loose, and the overall trend is bearish. It oscillates at the bottom around 5,400 [3]. - **Cotton**: The cost of new cotton is gradually solidified. It oscillates in the range of 13,200 - 13,600 [3]. - **Egg**: The overall trend is still bearish. Pay attention to the inter - month reverse arbitrage opportunity and short - term short - selling opportunity [3]. - **Apple**: The apple trading in the eastern region is active, and the price of high - quality goods has increased significantly. The main contract may break through and stand firm at 9,300 points [3]. - **Juice**: The market sentiment has eased, and the market is oscillating. Pay attention to the support of 10,000 - 10,300 [3]. - **Soda Ash**: The market is running strongly driven by large - scale production cuts of enterprises and the glass market. Wait and see for now and wait for the opportunity to go short on rebounds [3]. Special Commodity Sector - **Glass**: The production and sales have improved, and the market has stabilized and rebounded. Pay attention to the spot market to capture short - term long - buying opportunities [3]. - **Rubber**: The raw material price continues to rebound, and the rubber price continues to rise. It is recommended to wait and see [3]. - **Industrial Silicon**: Industrial silicon oscillates and declines. The price oscillates in the range of 8,500 - 9,500 yuan/ton [3]. New Energy Sector - **Polysilicon**: Polysilicon oscillates and declines. The price oscillates at a high level [3]. - **Lithium Carbonate**: The market maintains a relatively strong trend with a gap - up and low - close on the day. The fundamental improvement is continuously realized. The main contract reference range is 80,000 - 84,000 [3].

1. Report Industry Investment Rating - No industry investment rating is provided in the reports [1][4][6] 2. Core Views Steel Industry - Steel prices showed mixed trends, with some spot prices rising. The 1 - month contract for both rebar and hot - rolled coil is expected to repair at previous highs. Hold long positions and pay attention to the pressure at previous highs (rebar at 3200 yuan/ton and hot - rolled coil at 3400 yuan/ton). The long coking coal and short hot - rolled coil arbitrage has widened, and considering coal production cuts, the arbitrage order can be held [1] Iron Ore Industry - After the previous correction, the negative factors for iron ore have been fully digested. Unilaterally, go long on the iron ore 2601 contract at dips, with a reference range of 770 - 830. It is recommended to conduct a long 1 - month and short 5 - month iron ore positive spread arbitrage [4] Coke and Coking Coal Industry - For coke, short - term adjustments do not affect the bullish view in the fourth quarter. Speculatively, go long on the coke 2601 contract at dips, with a reference range of 1650 - 1850. For coking coal, also go long on the coking coal 2601 contract at dips, with a reference range of 1150 - 1350. The long coking coal and short coke arbitrage can be carried out, but be aware of large price fluctuations [6] 3. Summary by Relevant Catalogs Steel Industry Steel Prices and Spreads - Rebar and hot - rolled coil spot prices in different regions showed slight increases, while some futures contracts had small price changes [1] Cost and Profit - Steel billet and slab prices had different trends. The costs of different types of rebar production and the profits of hot - rolled coil in different regions also changed [1] Production - The daily average pig iron output decreased by 0.4% to 239 thousand tons, while the output of five major steel products increased by 1.0% to 865.3 thousand tons. Rebar and hot - rolled coil production also increased [1] Inventory - The inventory of five major steel products decreased by 1.7% to 1554.9 thousand tons, and the rebar and hot - rolled coil inventories also decreased [1] Transaction and Demand - The daily average building materials transaction volume decreased by 16.1%, while the apparent demand for five major steel products increased by 2.0%. The apparent demand for rebar and hot - rolled coil also increased [1] Iron Ore Industry Iron Ore - Related Prices and Spreads - The warehouse receipt costs of different iron ore varieties increased, and the basis and spreads of futures contracts changed [4] Supply - The weekly arrival volume at 45 ports decreased by 19.5% to 2029.1 thousand tons, while the global weekly shipping volume increased by 1.6% to 3388.4 thousand tons. The monthly national import volume increased by 10.6% to 11632.6 thousand tons [4] Demand - The weekly average pig iron output of 247 steel mills decreased by 0.4%, the weekly average port clearance volume decreased by 7.1%, and the monthly national pig iron and crude steel output decreased [4] Inventory Changes - The inventory at 45 ports decreased by 0.8% to 14311.15 thousand tons, the imported ore inventory of 247 steel mills increased by 1.1%, and the inventory available days of 64 steel mills decreased by 4.8% [4] Coke and Coking Coal Industry Coke - Related Prices and Spreads - Coke prices in different regions and futures contracts showed different trends, and the basis also changed. The coking profit decreased [6] Coking Coal - Related Prices and Spreads - Coking coal prices in different regions and futures contracts changed, and the basis increased. The sample coal mine profit increased by 6.0% [6] Supply - Coke production decreased, and coking coal production from sample mines also decreased [6] Demand - The pig iron output decreased, and the demand for coking coal, represented by coke production, also decreased [6] Inventory Changes - Coke inventory remained stable overall, with different trends in different sectors. Coking coal inventory increased slightly overall, with different trends in different sectors [6]

Report Summary Core View The report presents the spot and futures prices, basis, historical quantiles, and basis rates of various commodities on October 29, 2025, including ferrosilicon, ferromanganese, steel products, iron ore, coal, non - ferrous metals, precious metals, agricultural products, and energy chemicals, as well as the basis of stock index futures and Treasury bond futures [1]. Summary by Commodity Category Metals - **Ferrous Metals**: For ferrosilicon (SF601), the futures price is 5564, the spot price is 5790, the basis is 226, and the historical quantile is 60.50%. For ferromanganese (SM601), the futures price is 5790, and the historical quantile is 54.30%. Steel products like rebar (RB2601) have a futures price of 3220, a spot price of 3091, a basis of - 129, and a historical quantile of 58.20%. Iron ore (12601) has a futures price of 856, a spot price of 793, a basis of - 63, and a historical quantile of 50.50%. Coke (J2601) has a futures price of 1689, and the historical quantile of its basis rate is 33.28%. Coking coal (JM2601) has a futures price of 1334, a spot price of 1242, a basis of 92, and a historical quantile of 48.90% [1]. - **Non - ferrous Metals**: Copper (CU2512) has a futures price of 86980, a spot price of 87905, a basis of 925, and a historical quantile of 97.91%. Aluminum (AL2512) has a futures price of 21140, a spot price of 21160, a basis of 20, and a historical quantile of 63.54%. Zinc (ZN2512) has a futures price of 22310, a spot price of 22200, a basis of - 110, and a historical quantile of 31.04%. Tin (SN2512) has a futures price of 284300, a spot price of 283170, a basis of - 1130, and a historical quantile of 81.04%. Nickel (NISE12) has a futures price of 121500, a spot price of 120560, a basis of - 940, and the historical quantile of its basis rate is 90.62%. Stainless steel (SS2512) has a futures price of 13120, a spot price of 12750, a basis of - 370, and the historical quantile of its basis rate is 73.60%. Industrial silicon (SI2601) has a futures price of 9350, a spot price of 8952, a basis of - 398, and a historical quantile of 28.34% [1]. Precious Metals - Gold (AU2512) has a futures price of 896.7, a spot price of 901.4, a basis of 4.7, and a historical quantile of 6.70%. Silver (AG2512) has a futures price of 10996.0, a spot price of 11049.0, a basis of 53.0, and a historical quantile of 6.10% [1]. Agricultural Products - Soybean meal (M2601) has a futures price of 2975.0, a spot price of 2930, a basis of - 45.0, and a historical quantile of 29.80%. Soybean oil (V2601) has a futures price of 8182.0, a spot price of 8320, a basis of 138.0, and a historical quantile of 27.60%. Palm oil (P2601) has a futures price of 8958.0, a spot price of 8900, a basis of - 58.0, and a historical quantile of 10.40%. Rapeseed meal (RM601) has a futures price of 2396.0, a spot price of 2500, a basis of 104.0, and a historical quantile of 65.20%. Rapeseed oil (Oleo1) has a futures price of 9730.0, a spot price of 10070, a basis of 340.0, and a historical quantile of 83.10%. Corn (C2601) has a futures price of 2123.0, a spot price of 2140, a basis of 17.0, and a historical quantile of 50.90%. Corn starch (CS2601) has a futures price of 2550, a spot price of 2424.0, a basis of - 126.0, and a historical quantile of 64.00%. Live pigs (LH2601) have a futures price of 12160.0, a spot price of 12450, a basis of 290.0, and a historical quantile of 50.90%. Eggs (JD2512) have a futures price of 2960, a spot price of 3099.0, a basis of - 139.0, and a historical quantile of 23.00%. Cotton (CF601) has a futures price of 13565.0, a spot price of 14651, a basis of 1086.0, and a historical quantile of 70.00%. White sugar (SR601) has a futures price of 5483.0, a spot price of 5780, a basis of 297.0, and a historical quantile of 48.40%. Apples (AP601) have a futures price of 8840, a spot price of 9238.0, a basis of 398.0, and a historical quantile of 6.00%. Red dates (CJ601) have a futures price of 9600, a spot price of 10445.0, a basis of - 845.0, and a historical quantile of 56.40% [1]. Energy Chemicals - Paraxylene (PX601) has a futures price of 6618.0, a spot price of 6662.0, a basis of 44.0, and a historical quantile of 12.20%. PTA (TA601) has a futures price of 4535.0, a spot price of 4614.0, a basis of 79.0, and a historical quantile of 20.00%. Ethylene glycol (EG2601) has a futures price of 4069.0, a spot price of 4140.0, a basis of 71.0, and a historical quantile of 75.00%. Polyester staple fiber (PFS12) has a futures price of 6250.0, a spot price of 6360.0, a basis of 110.0, and a historical quantile of 74.30%. Styrene (EB2512) has a futures price of 6466.0, a spot price of 6455.0, a basis of - 11.0, and a historical quantile of 75.30%. Methanol (MA601) has a futures price of 2207.0, a spot price of 2241.0, a basis of 34.0, and a historical quantile of 54.20%. Urea (UR601) has a futures price of 1610.0, a spot price of 1635.0, a basis of 25.0, and a historical quantile of 5.40%. LLDPE (L2601) has a futures price of 6985.0, a spot price of 7025.0, a basis of 40.0, and a historical quantile of 57.20%. PP (PP2601) has a futures price of 6615.0, a spot price of 6657.0, a basis of 42.0, and a historical quantile of 48.60%. PVC (V2601) has a futures price of 4620.0, a spot price of 4716.0, a basis of 96.0, and a historical quantile of 33.10%. Caustic soda (SH601) has a futures price of 2341.0, a spot price of 2500.0, a basis of 159.0, and a historical quantile of 70.30%. LPG (PG2512) has a futures price of 4266.0, a spot price of 4398.0, a basis of 132.0, and a historical quantile of 48.00%. Asphalt (BU2601) has a futures price of 3279.0, a spot price of 3320.0, a basis of 41.0, and a historical quantile of 93.40%. Butadiene rubber (BR2512) has a futures price of 10805.0, a spot price of 11200.0, a basis of 395.0, and a historical quantile of 61.90%. Float glass (FG601) has a futures price of 1040.0, a spot price of 1113.0, a basis of 73.0, and a historical quantile of 46.63%. Soda ash (SA601) has a futures price of 1239.0, a spot price of 1189.0, a basis of - 50.0, and a historical quantile of 21.21%. Natural rubber (RU2601) has a futures price of 15360.0, a spot price of 14750.0, a basis of - 610.0, and a historical quantile of 64.08% [1]. Financial Futures - IF2512.CFE has a futures price of 4669.6, a spot price of 4692.0, a basis of 22.4, and a historical quantile of 20.40%. IH2512.CFE has a futures price of 3050.4, a spot price of 3051.6, a basis of 1.2, and a historical quantile of 63.50%. IC2512.CFE has a futures price of 7341.0, a spot price of 7231.0, a basis of - 110.0, and a historical quantile of 2.30%. IM2512.CFE has a futures price of 7335.6, a spot price of 7479.2, a basis of 143.6, and a historical quantile of - 0.02%. 2 - year Treasury bond (TS2512) has a futures price of 102.37, a conversion factor of 0.9765, and a historical quantile of 20.00%. 5 - year Treasury bond (TF2512) has a futures price of 105.72, a conversion factor of 0.9405, and a historical quantile of 21.80%. 10 - year Treasury bond (T2512) has a futures price of 108.10, a conversion factor of 0.9264, and a historical quantile of 21.10%. 30 - year Treasury bond (TL2512) has a futures price of 114.48, a conversion factor of 1.1271, and a historical quantile of 37.50% [1].

Report Investment Ratings - No investment ratings are provided in the reports. Core Views Polyolefin (LLDPE & PP) - Supply: PP supply recovery is slowing due to unplanned maintenance, while PE supply is expected to increase as maintenance peaks. Attention should be paid to the potential impact of expanded international sanctions on domestic refinery loads [2]. - Demand: The demand side is warming up, with downstream开工 rising, especially in the agricultural film sector. Both LLDPE and PP inventories are decreasing [2]. - Strategy: The 01 contract still faces inventory pressure, while the 05 contract has less new capacity. Long - term low - buying opportunities for the 05 contract can be considered, and the impact of sanctions on refinery loads should be continuously monitored [2]. Methanol - Market Situation: The port methanol market is under significant pressure due to high inventories and weak demand. The inland market has deeper price drops as some external procurement stops. Overseas, multiple plants have shut down, and many MTO plants have reduced their loads due to profit issues [5]. - Market Logic: The market is trading on the "weak reality vs. strong expectation" logic, with the core contradiction being the game between high port inventories and potential supply reduction (overseas plant shutdowns/geopolitical factors) [5]. - Strategy: In the short - term, prices may continue to fluctuate. Attention should be paid to the port destocking rhythm and the implementation of overseas gas restrictions [5]. Chlor - alkali (PVC & Caustic Soda) - Price and Spread: There are various price changes in PVC and caustic soda products, including futures and spot prices, as well as spreads between different contracts [8]. - Supply and Demand: Caustic soda industry开工 is stable, while PVC开工 has decreased slightly. Downstream开工 of both products has some positive changes, and PVC inventories are increasing [8]. Pure Benzene - Styrene - Price and Spread: Prices of upstream raw materials such as crude oil, naphtha, and pure benzene have declined, while some spreads have changed. Styrene prices have also decreased, and its cash flow has improved to some extent [9][10]. - Inventory and开工: Both pure benzene and styrene inventories in Jiangsu ports have decreased, and there are changes in the开工 rates of related industries [12][13]. Polyester Industry Chain - PX: Supply is expected to contract due to unplanned maintenance or load reduction of some PX plants. Demand is supported by new PTA plants and improved terminal orders. However, the short - term rebound space of PX is limited due to weak oil price support [14]. - PTA: The spot basis is weak due to increased supply from load recovery and new capacity. The futures market is relatively firm but limited by the lack of substantial policies and weak cost - side expectations [14]. - Ethylene Glycol (MEG): Upward momentum is weakened by factors such as port conditions, plant restarts, and weak cost. The supply structure in the far - month is still weak [14]. - Short - fiber: Supply remains high, and demand has improved, leading to inventory reduction. However, the rebound space is limited due to weak downstream chasing willingness and compressed processing fees [14]. - Polyester Bottle - chip: Demand is weak in the off - season, and it is likely to enter a seasonal inventory accumulation period. The processing fee is expected to decline [14]. Summary by Directory Polyolefin (LLDPE & PP) - Price and Spread: On October 28, L2601 closed at 7051, down 0.56% from the previous day; PP2601 closed at 6657, down 0.63%. The spread between L2509 - 2601 increased by 22.11%, and PP2509 - 2601 increased by 12.68% [2]. - Inventory: PE enterprise inventory decreased by 2.81% to 51.5, and social inventory decreased slightly by 0.04% to 54.5 million tons. PP enterprise inventory decreased by 5.92% to 63.9 million tons, and trader inventory decreased by 15.74% to 22.0 million tons [2]. -开工: PE装置开工率 decreased by 0.37% to 81.5%, and downstream加权开工率 increased by 1.85% to 45.8%. PP装置开工率 decreased by 2.9% to 75.9%, while the powder开工率 increased by 7.1% to 41.4%, and downstream加权开工率 increased by 1.0% to 52.4 [2]. Methanol - Price and Spread: On October 28, MA2601 closed at 2241, down 1.19% from the previous day; MA2605 closed at 2303, down 0.95%. The MA15 spread decreased by 8.77%, and the Taicang basis decreased by 10.00% [3]. - Inventory: Methanol enterprise inventory increased by 0.13% to 36.036, port inventory increased by 1.40% to 151.2 million tons, and social inventory increased by 1.15% to 187.3 [4]. -开工: Upstream domestic enterprise开工 decreased by 0.91% to 75.85, and overseas enterprise开工 decreased by 2.37% to 73.3. Downstream外采MTO装置开工 decreased by 9.48% to 78.1, while some traditional downstream开工 such as formaldehyde and acetic acid increased slightly [5]. Chlor - alkali (PVC & Caustic Soda) - Price and Spread: On October 28, the price of Shandong 32% liquid caustic soda (converted to 100%) remained unchanged at 2500. The price of East China calcium - carbide - based PVC increased by 0.4% to 4620. There are also various changes in futures prices and spreads [8]. - Supply and Demand: Caustic soda industry开工 increased slightly by 0.1% to 85.6, and PVC总开工 decreased by 1.9% to 73.7. Downstream开工 of caustic soda and PVC products has some positive changes, and PVC inventories increased by 14.4% to 63.5 million tons [8]. Pure Benzene - Styrene - Upstream Prices: On October 28, Brent crude oil (December) was at $64.40, down 2.3%; WTI crude oil (December) was at $60.15, down 2.2%. CFR Japan naphtha was at $569, down 2.1%. CFR China pure benzene was at $676, down 2.2% [9]. - Styrene - related Prices: Styrene East China spot price was at 6440, down 1.1%. EB futures 2512 was at 6466, down 1.0%. EB cash flow (non - integrated) improved slightly by 0.8% [10]. - Inventory: Pure benzene inventory in Jiangsu ports decreased by 14.1% to 8.50 million tons, and styrene inventory decreased by 4.7% to 19.30 million tons [12]. -开工: Asian pure benzene开工 remained unchanged at 79.2%, while domestic pure benzene开工 decreased by 3.6% to 72.7%. Some downstream开工 such as phenol remained unchanged, and others had slight changes [13]. Polyester Industry Chain - Upstream Prices: On October 28, Brent crude oil (December) was at $64.40, down 1.9%; WTI crude oil (December) was at $60.15, down 1.9%. CFR Japan naphtha was at $569, down 1.6%. CFR China MX was at $684, down 1.6% [14]. - PX - related Prices: CFR China PX was at $814, down 1.2%. PX spot price (in RMB) was at 6848, down 2.4%. PX basis (01) decreased by 84.0% [14]. - Product Prices and Cash Flows: POY150/48 price increased by 0.2% to 6415, and its cash flow decreased by 5.9%. FDY150/96 price increased by 0.5% to 7100, and its cash flow increased by 4.4% [14]. -开工: Asian PX开工 increased by 0.5% to 78.5%, and Chinese PX开工 increased by 1.0% to 85.9%. PTA开工 increased by 2.1% to 78.8%, and MEG综合开工 decreased by 3.9% to 73.3% [14].

Report Summary 1. Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views - **Fats and Oils Industry**: Malaysian palm oil futures are under pressure due to concerns about increased production, slower exports, and potential inventory growth. Domestic palm oil futures are in a volatile adjustment, with the price breaking below 9,000 yuan and potentially finding support at 8,900 yuan. For soybean oil, the market is optimistic about a potential Sino - US trade agreement, which may support prices from the cost side. However, overall demand is weak, and the basis quote is expected to remain stable [1]. - **Meal Industry**: Sino - US relations are warming, increasing the expectation of Chinese purchases of US soybeans. Brazilian soybean exports to China remain high, and the cost of domestic soybean imports is supported. Although domestic soybean and soybean meal inventories are high, the cost support is strengthening, and the domestic soybean meal trend is expected to be strong [2]. - **Pig Industry**: The recent rebound in pig prices is mainly due to secondary fattening. Market demand has improved, and the supply - demand game has tightened in the short term. However, in the medium term, the slaughter volume will continue to increase in November and December, and there may be a new round of pressure around the Winter Solstice. It is advisable to wait for the spot price to stabilize before entering the reverse spread [5]. - **Corn Industry**: In the Northeast, supply is sufficient, and prices are stable. In North China, farmers' selling enthusiasm decreases as prices fall, and prices have rebounded locally. Overall, due to a bumper harvest, there is still selling pressure on corn, and prices will remain weak. Demand is mainly for rigid needs, and the futures market is also weak [8]. - **Sugar Industry**: Brazil's gasoline price cut dashed the expectation of a lower sugar - making ratio, and the sugar supply outlook is loose. As the Northern Hemisphere's sugar - crushing season begins, the market is focusing on India and Thailand. Domestic sugar prices are relatively low, and the current bottom - shock pattern may continue [12]. - **Cotton Industry**: The downstream textile enterprises' profits and cash flows have improved, and the demand for cotton raw materials is resilient. The rising cost of new cotton provides strong support, but there is also hedging pressure. In the short term, cotton prices may fluctuate within a range [13]. - **Egg Industry**: The supply of eggs is sufficient due to high laying - hen inventories, high egg - laying rates, and increased egg weights. Demand may increase first and then decrease this week. Egg prices may rise slightly in the short term but may decline slightly in the second half of the week due to strong supply and weak demand [16]. 3. Summary by Directory Fats and Oils Industry - **Soybean Oil**: The price of Jiangsu Grade - 1 soybean oil on October 28 was 8,450 yuan, down 30 yuan from the previous day, a decrease of 0.35%. The basis of Y2601 was 268 yuan, up 22 yuan or 8.94% [1]. - **Palm Oil**: The price of 24 - degree palm oil in Guangdong on October 28 was 8,900 yuan, down 130 yuan from the previous day, a decrease of 1.44%. The basis of P2601 was - 58 yuan, up 12 yuan or 17.14% [1]. - **Rapeseed Oil**: The price of Jiangsu Grade - 3 rapeseed oil on October 28 was 10,000 yuan, down 50 yuan from the previous day, a decrease of 0.50%. The basis of OI601 was 270 yuan, down 32 yuan or 10.60% [1]. Meal Industry - **Soybean Meal**: The price of Jiangsu soybean meal on October 29 was 2,970 yuan, up 10 yuan or 0.34%. The basis of M2601 was - 117.86% [2]. - **Rapeseed Meal**: The price of Jiangsu rapeseed meal on October 29 was 2,440 yuan, up 30 yuan or 1.24%. The basis of RM2601 was - 41.33% [2]. - **Soybean**: The price of Harbin soybeans on October 29 was 3,900 yuan, unchanged from the previous day. The basis of the main soybean - 1 contract was - 215 yuan, a decrease of 21.47% [2]. Pig Industry - **Futures**: On October 29, the price of the main pig contract was 12,160 yuan/ton, down 170 yuan or 1.38%. The basis of the main contract was 520 yuan, up 400 yuan or 333.33% [5]. - **Spot**: The average price of live pigs in Henan on October 29 was 12,680 yuan/ton, up 230 yuan from the previous day [5]. Corn Industry - **Corn**: On October 29, the price of Corn 2601 was 2,123 yuan, up 11 yuan or 0.52%. The basis was 17 yuan, down 11 yuan or 39.29% [8]. - **Corn Starch**: The price of Corn Starch 2601 on October 29 was 2,424 yuan, down 1 yuan or - 0.04%. The basis was 86 yuan, up 1 yuan or 1.18% [8]. Sugar Industry - **Futures**: On October 29, the price of Sugar 2601 was 5,483 yuan/ton, up 38 yuan or 0.70%. The price of ICE raw sugar was 14.39 cents/pound, down 0.08 cents or - 0.55% [12]. - **Spot**: The price of sugar in Nanning on October 29 was 5,750 yuan/ton, unchanged from the previous day. The basis of Nanning was 332 yuan, down 19 yuan or - 5.41% [12]. Cotton Industry - **Futures**: On October 29, the price of Cotton 2605 was 13,570 yuan/ton, down 5 yuan or - 0.04%. The price of ICE US cotton was 65.05 cents/pound, up 0.40 cents or 0.62% [13]. - **Spot**: The price of Xinjiang 3128B cotton on October 29 was 14,651 yuan/ton, down 39 yuan or - 0.27%. The basis of 3128B - 01 contract was 1,081 yuan, down 34 yuan or - 3.05% [13]. Egg Industry - **Futures**: On October 29, the price of the Egg 11 contract was 2,866 yuan/500KG, down 22 yuan or - 1.78%. The price of the Egg 01 contract was 3,304 yuan/500KG, down 23 yuan or - 0.69% [16]. - **Spot**: The price of eggs in the production area on October 29 was 3.00 yuan/jin, down 0.01 yuan or - 0.43%. The basis was - 118 yuan/500KG, up 22 yuan or 18.60% [16].

Group 1: Natural Rubber Report Industry Investment Rating Not provided. Core View Short - term macro environment is favorable, and strong raw material prices support rubber prices. Follow - up attention should be paid to raw material output during the peak season in major producing areas and macro changes. If raw material supply is smooth, there is further downward space; if not, the rubber price is expected to run around 15,000 - 15,500 [2]. Summary by Directory - **Spot Price and Basis**: On October 28, the price of Yunnan state - owned standard rubber (SCRWF) in Shanghai remained unchanged at 14,750. The basis of whole - milk rubber increased by 20 to - 610, with a 3.17% increase. The price of Thai standard mixed rubber remained at 15,000. The price of cup rubber in the international market increased by 0.75 to 53.15 Thai baht/kg, with a 1.43% increase. The raw material price in Hainan increased by 300 to 13,100, with a 2.34% increase [2]. - **Monthly Spread**: The 9 - 1 spread decreased by 10 to 120, with a - 7.69% decrease; the 5 - 9 spread increased by 10 to - 22, with a 15.38% increase [2]. - **Fundamental Data**: In August, Thailand's production decreased by 2.0 to 458.8 (in ten - tons), with a - 0.43% decrease; Indonesia's production decreased by 8.5 to 189.0 (in ten - tons), with a - 4.30% decrease; India's production increased by 5.0 to 50.0 (in ten - tons), with an 11.11% increase; China's production increased by 12.2 to 113.7 (in ten - tons). The weekly operating rate of semi - steel tires and all - steel tires increased. In August, domestic tire production increased by 859.0 to 10,295.4 (in ten - thousands), with a 9.10% increase. In September, tire export volume decreased by 671.0 to 5,630.0, with a - 10.65% decrease. In August, the total import volume of natural rubber increased by 7.5 to 59.59 (in ten - thousands of tons), with a 14.41% increase. In September, the import volume of natural and synthetic rubber increased by 8.0 to 74.0 (in ten - thousands of tons), with a 12.12% increase [2]. - **Inventory Change**: Bonded area inventory decreased by 5,254 to 432,229 tons, with a - 1.20% decrease. The factory - warehouse futures inventory of natural rubber on the SHFE increased by 2,521 to 42,640, with a 6.28% increase [2]. Group 2: Glass and Soda Ash Report Industry Investment Rating Not provided. Core View For soda ash, the overall supply - demand pattern is still bearish, but previous phased negative factors are basically exhausted. It is recommended to stop profit on previous short positions and wait for opportunities to short on rebounds. For glass, the long - term industry needs capacity clearance, but previous negative factors are basically realized. It is recommended to exit previous short positions and look for short - term long opportunities [4]. Summary by Directory - **Glass - related Price and Spread**: On October 29, the prices in North China, East China, Central China, and South China remained unchanged. The price of glass 2505 increased by 17 to 1263, with a 1.36% increase; the price of glass 2509 increased by 9 to 1343, with a 0.67% increase [4]. - **Soda Ash - related Price and Spread**: The prices in North China, East China, Central China, and Northwest China remained unchanged. The price of soda ash 2505 decreased by 6 to 1331, with a - 0.45% decrease; the price of soda ash 2509 decreased by 6 to 1384, with a - 0.45% decrease [4]. - **Supply Volume**: On October 24, the operating rate of soda ash increased by 2.88 percentage points to 88.41%, with a 3.37% increase; the weekly output of soda ash increased by 2.5 to 77.08 (in ten - thousands of tons), with a 3.37% increase; the daily melting volume of float glass increased by 0.2 to 16.13 (in ten - thousands of tons), with a 1.16% increase [4]. - **Inventory**: On October 24, glass factory inventory increased by 346.9 to 6,282.4 (in ten - thousands of weight - products), with a 5.84% increase; soda ash factory inventory increased by 6.0 to 165.98 (in ten - thousands of tons), with a 3.74% increase; soda ash delivery - warehouse inventory increased by 2.7 to 69.91 (in ten - thousands of tons), with a 4.05% increase [4]. - **Real Estate Data**: The year - on - year growth rates of new construction area, construction area, completion area, and sales area changed to - 0.09%, 0.05%, - 0.22%, and - 6.55% respectively [4]. Group 3: Logs Report Industry Investment Rating Not provided. Core View The log futures market is expected to maintain a weak and volatile trend. Follow - up attention should be paid to the impact of China - US economic and trade consultations on import cost expectations and changes in spot prices [5]. Summary by Directory - **Futures and Spot Prices**: On October 28, the price of log 2601 decreased by 1 to 786 yuan/cubic meter. The prices of 3.9A small, medium, and large radiata pine in Rizhao Port and 4A small, medium, and large radiata pine in Taicang Port remained unchanged [5]. - **Supply**: From October 27 to November 2, 2025, the number of pre - arriving ships of New Zealand logs at 13 Chinese ports increased by 4 to 16, with a 33% week - on - week increase; the arrival volume increased by 8.5 to about 53.3 (in ten - thousands of cubic meters), with a 19% week - on - week increase [5]. - **Demand**: As of October 24, the national total inventory of coniferous logs decreased by 8 to 284 (in ten - thousands of cubic meters), and the daily average outbound volume increased by 0.12 to 6.44 (in ten - thousands of cubic meters) [5]. Group 4: Industrial Silicon Report Industry Investment Rating Not provided. Core View Industrial silicon supply increase pressures prices, but there is also cost support. It is expected to be in a low - level volatile state, with the main price fluctuation range at 8,500 - 9,500 yuan/ton. If the price of the 2601 contract drops to around 8,300 - 8,500 yuan/ton, consider going long at low prices [6]. Summary by Directory - **Spot Price and Main Contract Basis**: On October 28, the prices of East China oxygen - passing SI5530 and SI4210 industrial silicon remained unchanged. The basis of SI5530 increased by 10 to 395, with a 2.60% increase; the basis of SI4210 increased by 10 to - 105, with an 8.70% increase [6]. - **Monthly Spread**: The 2512 - 2601 spread increased by 10 to 25, with a 66.67% increase; the 2601 - 2602 spread decreased by 20 to - 25, with a - 400.00% decrease [6]. - **Fundamental Data**: Nationally, industrial silicon production increased by 3.51 to 42.08 (in ten - thousands of tons), with a 9.10% increase; the operating rate increased by 6.07 to 61.94, with a 10.86% increase. Organic silicon DMC production decreased by 1.29 to 21.02 (in ten - thousands of tons), with a - 5.78% decrease; polysilicon production decreased by 0.17 to 13.00 (in ten - thousands of tons), with a - 1.29% decrease [6]. - **Inventory Change**: As of a certain period, Xinjiang's factory - warehouse inventory decreased by 0.01 to 10.84 (in ten - thousands of tons), with a - 0.09% decrease; Yunnan's factory - warehouse inventory decreased by 0.02 to 3.41 (in ten - thousands of tons), with a - 0.58% decrease; social inventory decreased by 0.30 to 55.90 (in ten - thousands of tons), with a - 0.53% decrease [6]. Group 5: Polysilicon Report Industry Investment Rating Not provided. Core View Polysilicon spot prices are stable, and futures prices fluctuate downward. It is mainly in a high - level volatile state. Attention should be paid to the establishment of platform companies, production control, and whether there is an increase in demand - side orders. After the futures rise sharply, the discount is repaired, and further significant increases need to consider the hedging and arbitrage space of upstream enterprises [7]. Summary by Directory - **Spot Price and Basis**: On October 28, the average prices of N - type re -投料 and N - type granular silicon remained unchanged. The basis of N - type material increased by 145 to - 1375, with a 9.54% increase [7]. - **Futures Price and Monthly Spread**: The price of the main contract decreased by 145 to 54,355, with a - 0.27% decrease. The spread between the current month and the first - continuous contract increased by 260 to - 2090, with an 11.06% increase [7]. - **Fundamental Data**: Weekly polysilicon production decreased by 0.15 to 2.95 (in ten - thousands of tons), with a - 4.84% decrease; monthly polysilicon production decreased by 0.17 to 13.00 (in ten - thousands of tons), with a - 1.29% decrease. Monthly polysilicon import volume increased by 0.03 to 0.13 (in ten - thousands of tons), with a 28.46% increase; export volume decreased by 0.08 to 0.21 (in ten - thousands of tons), with a - 28.16% decrease [7]. - **Inventory Change**: Polysilicon inventory increased by 0.5 to 25.80 (in ten - thousands of tons), with a 1.98% increase; silicon wafer inventory increased by 1.16 to 18.47 (in GW), with a 6.70% increase [7].