Report on Industrial Silicon Investment Rating No investment rating provided in the report. Core Viewpoint Industrial silicon supply increase pressures the price, but there is cost support below. It is expected to fluctuate at a low level, mainly in the range of 8500 - 9500 yuan/ton. If the price of the 2601 contract drops to around 8300 - 8500 yuan/ton, consider buying on dips [1]. Summary by Directory - **Spot Price and Basis**: On October 27, the prices of East China oxygen - containing S15530 industrial silicon, East China SI4210 industrial silicon, and Xinjiang 99 remained unchanged. The basis of oxygen - containing SI5530 decreased by 10.47%, the basis of SI4210 decreased by 64.29%, and the basis of Xinjiang decreased by 7.76% [1]. - **Inter - monthly Spread**: The spread of 2511 - 2512 increased by 1.32%, 2512 - 2601 decreased by 50.00%, 2601 - 2602 decreased by 0.00%, 2602 - 2603 decreased by 300.00%, and 2603 - 2604 decreased by 20.00% [1]. - **Fundamental Data (Monthly)**: National industrial silicon production increased by 9.10%, Xinjiang's production increased by 19.78%, Yunnan's production increased by 2.41%, and Sichuan's production decreased by 1.49%. The national operating rate increased by 10.86%, Xinjiang's operating rate increased by 22.09%, Yunnan's decreased by 11.99%, and Sichuan's decreased by 1.47%. Organic silicon DMC production decreased by 5.78%, polysilicon production decreased by 1.29%, recycled aluminum alloy production increased by 4.60%, and industrial silicon exports decreased by 8.36% [1]. - **Inventory Change**: Xinjiang's factory inventory decreased by 0.09%, Yunnan's decreased by 0.58%, Sichuan's increased by 1.00%, social inventory decreased by 0.53%, warehouse receipt inventory decreased by 0.29%, and non - warehouse receipt inventory decreased by 0.23% [1]. Report on Polysilicon Investment Rating No investment rating provided in the report. Core Viewpoint Polysilicon is expected to fluctuate at a high level. Pay attention to the establishment of the platform company and production control, as well as whether there is an increase in orders on the demand side. After the sharp rise in futures, the discount is repaired, and there is a need to pay attention to the hedging and arbitrage space of upstream enterprises [2]. Summary by Directory - **Spot Price and Basis**: On October 27, the average prices of N - type re - feedstock and N - type granular silicon remained unchanged. The N - type material basis decreased by 325.19%. The average price of N - type 210mm silicon wafers decreased by 0.59%, and the average price of N - type 210R silicon wafers decreased by 2.16% [2]. - **Futures Price and Inter - monthly Spread**: The main contract increased by 4.20%. The spread of the current month - the first consecutive contract decreased by 16.92%, the first - the second consecutive contract decreased by 61.90%, the second - the third consecutive contract decreased by 16.98%, the third - the fourth consecutive contract increased by 140.00%, the fourth - the fifth consecutive contract decreased by 16.98%, and the fifth - the sixth consecutive contract increased by 140.00% [2]. - **Fundamental Data (Weekly)**: Silicon wafer production increased by 2.65%, and polysilicon production decreased by 4.84% [2]. - **Fundamental Data (Monthly)**: Polysilicon production decreased by 1.29%, imports increased by 28.46%, exports decreased by 28.16%, and net exports decreased by 56.83%. Silicon wafer production increased by 5.37%, imports decreased by 17.96%, exports remained unchanged, and net exports increased by 1.96%. Silicon wafer demand increased by 4.64% [2]. - **Inventory Change**: Polysilicon inventory increased by 1.98%, silicon wafer inventory increased by 6.70%, and polysilicon warehouse receipts decreased by 1.91% [2]. Report on Logs Investment Rating No investment rating provided in the report. Core Viewpoint The log futures 2601 contract price is at a relatively low level. Although there is import cost support, the market is pessimistic due to expected supply increase and weak demand. The futures market is expected to continue to fluctuate weakly [3]. Summary by Directory - **Futures and Spot Prices**: On October 27, the prices of log futures contracts 2511, 2601, 2603, and 2605 all decreased. The prices of small, medium, and large radiata pine in Rizhao Port and Taicang Port remained unchanged [3]. - **Supply**: From October 27 - November 2, 2025, the number of pre - arrival ships of New Zealand logs at 13 Chinese ports increased by 4 to 16, a week - on - week increase of 33%, and the arrival volume increased by 8.5 million cubic meters to about 53.3 million cubic meters, a week - on - week increase of 19% [3]. - **Inventory**: As of October 24, the national coniferous log inventory was 284 million cubic meters, a decrease of 80,000 cubic meters from the previous week [3]. - **Demand**: The daily average log出库 volume was 6.44 million cubic meters, an increase of 0.12 million cubic meters from the previous week [3]. Report on Glass and Soda Ash Investment Rating No investment rating provided in the report. Core Viewpoint For soda ash, the supply - demand pattern is bearish. It is recommended to take profit on previous short positions and wait for short - selling opportunities on subsequent rebounds. For glass, although the previous decline has priced in the negative factors, and the recent news has boosted the market, it is recommended to pay attention to the follow - up of the spot market and close previous short positions [4]. Summary by Directory - **Glass - related Prices and Spreads**: On October 27, the prices of glass in North China, East China, Central China, and South China decreased. The prices of glass 2505 and 2509 increased [4]. - **Soda Ash - related Prices and Spreads**: The prices of soda ash in North China, East China, Central China, and Northwest China remained unchanged. The prices of soda ash 2505 and 2509 increased [4]. - **Supply**: Soda ash operating rate increased by 3.37%, weekly production increased by 3.37%, float glass daily melting volume increased by 1.16%, and photovoltaic daily melting volume remained unchanged [4]. - **Inventory**: Glass factory inventory increased by 5.84%, soda ash factory inventory increased by 3.74%, soda ash delivery warehouse inventory increased by 4.05%, and glass factory soda ash inventory days remained unchanged [4]. - **Real Estate Data**: New construction area increased by 0.09%, construction area decreased by 2.43%, completion area decreased by 0.03%, and sales area decreased by 6.50% [4]. Report on Natural Rubber Investment Rating No investment rating provided in the report. Core Viewpoint In the short term, the improvement of the macro - environment and fundamentals has led to a rebound in rubber prices. In the future, pay attention to the raw material output in the peak production season of the main producing areas and macro - changes. If the raw material supply is smooth, there is room for further decline; if not, the price is expected to run around 15000 - 15500 yuan/ton [5]. Summary by Directory - **Spot Price and Basis**: On October 27, the prices of Yunnan Guofu SCRMF, Thai standard mixed rubber, natural rubber blocks in Xishuangbanna, and raw materials in Hainan remained unchanged. The basis of whole milk decreased by 7.69%, the non - standard price difference decreased by 13.43%, the FOB middle price of cup rubber decreased by 100.00%, the FOB middle price of glue decreased by 100.00%, and the price of natural rubber glue in Xishuangbanna increased by 1.47% [5]. - **Inter - monthly Spread**: The 9 - 1 spread increased by 4.00%, the 1 - 5 spread decreased by 18.18%, and the 5 - 9 spread increased by 7.14% [5]. - **Fundamental Data**: In August, Thailand's production decreased by 0.43%, Indonesia's decreased by 4.30%, India's increased by 11.11%, and China's increased. The operating rate of semi - steel tires increased by 0.95%, and that of all - steel tires increased by 1.06%. In August, domestic tire production increased by 9.10%, and in September, tire exports decreased by 10.65%. In August, natural rubber imports increased by 14.41%, and in September, imports of natural and synthetic rubber increased by 12.12%. The production cost of dry rubber STR20 in Thailand increased by 1.87%, the production cost of RSS3 increased by 0.50%, the production profit of STR20 decreased by 305.56%, and the production profit of RSS3 increased by 2.83% [5]. - **Inventory Change**: Bonded area inventory decreased by 4.07%, natural rubber factory futures inventory in SHFE increased by 6.28%, and the出库 rate of dry rubber in Qingdao bonded warehouse decreased [5].

1. Investment Ratings - There is no information about the industry investment ratings in the provided reports. 2. Core Views Oils and Fats Industry - Palm oil may weaken in the short - term due to production growth, export slowdown, and potential inventory increase. After the MPOB report, it may gradually recover supported by production and inventory decline and the Indonesian B50 topic. Domestic Dalian palm oil futures may follow the trend of Malaysian palm oil. [1] - For soybean oil, the market is optimistic about the China - US meeting, but actual shipments need time. CBOT soybeans and soybean oil are strong in the short - term, but domestic soybean oil supply is sufficient and demand is weak, with limited upside potential. [1] Meal Industry - With the warming of China - US relations, the expectation of China purchasing US soybeans is increasing, and US soybean prices are rising. The cost of domestic soybean imports is supported, and domestic soybean meal is expected to trend stronger. [2] Livestock (Pig) Industry - The recent rebound in pig prices is due to secondary fattening. Supply and demand are in a tight game in the short - term, but there will be more supply pressure in November and December. Current arbitrage holding risk is high. [4] Corn Industry - In the corn market, the supply in the Northeast is sufficient and prices are stable, while in North China, farmers' selling enthusiasm is affected by price changes. Overall, the market is under selling pressure, and the demand side is still mainly for rigid needs. [7] Sugar Industry - Brazil's gasoline price cut dashed the expectation of a lower sugar - making ratio, and the global sugar supply outlook is loose. Domestic sugar prices are relatively low and have limited downward momentum. [11] Cotton Industry - The downstream textile enterprises' profits and cash flow have improved, and the rigid demand for cotton raw materials is resilient. New cotton costs have increased, but there is also hedging pressure, and short - term cotton prices may fluctuate within a range. [12] Egg Industry - The supply of eggs is sufficient. Demand may first increase and then decrease this week. Egg prices may rise slightly first and then decline due to the strong supply and weak demand situation. [15] 3. Summary by Categories Oils and Fats Industry - **Soybean Oil**: On October 27, the spot price in Jiangsu was 8480 yuan, up 30 yuan (0.36%) from October 24. The futures price of Y2601 was 8234 yuan, up 40 yuan (0.49%). The basis of Y2601 was 246 yuan, down 10 yuan (-3.91%). [1] - **Palm Oil**: On October 27, the spot price in Guangdong was 9030 yuan, up 30 yuan (0.33%). The futures price of P2601 was 9100 yuan, down 22 yuan (-0.24%). The basis of P2601 was - 70 yuan, up 52 yuan (42.62%). [1] - **Rapeseed Oil**: On October 27, the spot price in Jiangsu was 10050 yuan, up 20 yuan (0.50%). The futures price of OI601 was 9748 yuan, down 13 yuan (-0.13%). The basis of OI601 was 302 yuan, up 63 yuan (26.36%). [1] Meal Industry - **Soybean Meal**: The spot price in Jiangsu was 2960 yuan, unchanged. The futures price of M2601 was 2932 yuan, down 1 yuan (-0.03%). The basis of M2601 was 28 yuan, up 1 yuan (3.70%). [2] - **Rapeseed Meal**: The spot price in Jiangsu was 2410 yuan, down 10 yuan (-0.41%). The futures price of RM2601 was 2335 yuan, up 10 yuan (0.43%). The basis of RM2601 was 75 yuan, down 20 yuan (-21.05%). [2] Livestock (Pig) Industry - **Futures**: The price of the main contract basis was 120, up 345 (153.33%). The price of the live - hog 2511 contract was 12065 yuan/ton, up 575 yuan (5.00%), and the 2601 contract was 12330 yuan/ton, up 155 yuan (1.27%). [4] - **Spot**: The spot price in Henan was 12450 yuan/ton, up 500 yuan; in Shandong, it was 12400 yuan/ton, up 400 yuan. [4] Corn Industry - **Corn**: The price of the corn 2601 contract was 2112 yuan/ton, down 21 yuan (-0.98%). The basis was 28 yuan, up 1 yuan (3.70%). [7] - **Corn Starch**: The price of the corn starch 2601 contract was 2425 yuan/ton, down 16 yuan (-0.66%). The basis was 85 yuan, up 16 yuan (23.19%). [7] Sugar Industry - **Futures**: The price of the sugar 2601 contract was 5445 yuan/ton, down 1 yuan (-0.02%); the 2605 contract was 5399 yuan/ton, up 1 yuan (0.02%). [11] - **Spot**: The spot price in Nanning was 5750 yuan/ton, unchanged; in Kunming, it was 5725 yuan/ton, down 5 yuan (-0.09%). [11] Cotton Industry - **Futures**: The price of the cotton 2605 contract was 13575 yuan/ton, up 35 yuan (0.26%); the 2601 contract was 13565 yuan/ton, up 25 yuan (0.18%). [12] - **Spot**: The Xinjiang arrival price of 3128B was 14690 yuan/ton, up 34 yuan (0.23%); the CC Index of 3128B was 14833 yuan/ton, up 30 yuan (0.20%). [12] Egg Industry - **Futures**: The price of the egg 11 contract was 2918 yuan/500KG, up 42 yuan (1.46%); the 01 contract was 3327 yuan/500KG, up 25 yuan (0.76%). [15] - **Spot**: The egg - producing area price was 3.02 yuan/jin, up 0.03 yuan (1.08%); the egg - chicken price was 2.65 yuan/feather, up 0.05 yuan (1.92%). [15]

1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views Copper - The preliminary consensus between China and the US boosts market optimism, and copper prices hit a new high this year. In the short - term, the negotiation rhythm will drive trading. The 9 - month CPI further consolidates the expectation of interest rate cuts in October, with 2 possible cuts this year and the Fed stopping balance - sheet reduction. - Tight copper ore supply supports the price bottom. If by - product prices like sulfuric acid continue to fall and TC remains low, smelters may cut production. Downstream demand has strong resilience. In the long - term, supply - demand contradictions support the upward movement of copper prices, while short - term rapid increases may suppress demand. The main contract should focus on the support around 86,000 yuan/ton [1]. Aluminum - Alumina futures prices rebounded slightly, and spot market trading became more active. Supply pressure is significant due to high domestic operating capacity and an open import window. Demand is weak, and the full - caliber inventory increased by 64,000 tons last week. With the end of the rainy season in Guinea, cost support from the ore end is weakening. Short - term alumina prices will be under pressure, with the main contract oscillating between 2,750 - 2,950 yuan/ton [3]. - Aluminum prices were strong, breaking through 21,300 yuan/ton. The macro - environment is mixed, and the fundamentals are in a tight - balance. Supply of ingots is restricted by the high direct - supply ratio of molten aluminum, and demand shows resilience in the peak season. Aluminum ingot inventory increased by 1,000 tons to 626,000 tons on October 28. Short - term Shanghai aluminum will maintain a strong oscillation, with the main contract in the range of 20,800 - 21,400 yuan/ton [3]. Aluminum Alloy - Casting aluminum alloy prices oscillated strongly, with cost support becoming more prominent. Tight scrap aluminum supply pushed up procurement costs, and the refined - scrap price difference narrowed. The supply - demand is in a tight - balance. Supply is restricted by raw - material circulation and policy uncertainty, and demand shows stable resilience. Inventory is decreasing. Short - term ADC12 prices will maintain a strong oscillation, with the main contract in the range of 20,300 - 20,900 yuan/ton [4]. Zinc - The preliminary consensus between China and the US warms the macro - atmosphere, and zinc prices oscillated strongly. The supply - side logic of loose supply has spread from zinc ore to zinc ingots, and subsequent supply growth may be limited due to compressed smelting profits. Demand is stable, and there is a risk of a short squeeze in LME zinc, supporting zinc prices. The export window for zinc ingots is intermittently open. Short - term zinc prices have support at the bottom, but the fundamentals have limited elasticity for continuous upward movement. The main contract should refer to 21,800 - 22,800 yuan/ton [8]. Tin - Tin ore supply is tight, and processing fees remain low. In September, domestic tin ore imports decreased month - on - month. The change in Myanmar's tax method is expected to limit the improvement of tin ore supply this year. Demand is still weak, and although AI and the photovoltaic industry drive some consumption, it cannot make up for the decline in traditional consumption. Tin prices will oscillate strongly, and the follow - up depends on macro - changes and Myanmar's supply recovery [10]. Nickel - The Shanghai nickel market oscillated, and refined nickel prices rose slightly. Overseas, the expectation of Fed interest rate cuts is rising; domestically, the 14th Five - Year Plan brings policy expectations. Refined nickel production remains high. Ore prices are firm, but nickel - iron prices are under pressure, and industry profits are shrinking. Stainless steel demand is weak, while downstream ternary materials still have restocking needs. Inventory is accumulating. Short - term prices will oscillate, with the main contract in the range of 120,000 - 128,000 yuan/ton [12]. Stainless Steel - The stainless - steel market oscillated narrowly, and spot prices were slightly adjusted down. Overseas, the expectation of Fed interest rate cuts is rising; domestically, policies are mainly for stability. Nickel ore prices are firm, but nickel - iron prices are under pressure, and chromium - iron markets are weak. Supply pressure will increase in October, and demand improvement is not obvious. Social inventory is decreasing slowly. Short - term prices will oscillate weakly, with the main contract in the range of 12,500 - 13,000 yuan/ton [14]. Lithium Carbonate - Lithium carbonate futures were strong, with the main contract LC2601 rising 2.53% to 81,900 yuan/ton. After entering the peak season, there is a supply - demand gap, which is expected to widen in October. Production is increasing, mainly from new salt - lake projects and increased lithium - spodumene subcontracting. Downstream demand is optimistic, and raw - material inventory is decreasing. Short - term prices will run strongly, with the upper limit first observing the capital performance around 82,000 - 83,000 yuan/ton, and then 85,000 yuan/ton if it breaks through [16]. 3. Summaries by Catalog Copper Price and Basis - SMM 1 electrolytic copper price increased by 2.08% to 88,520 yuan/ton; SMM 1 electrolytic copper premium decreased by 55 yuan/ton to - 45 yuan/ton. The refined - scrap price difference increased by 15.30% to 4,379 yuan/ton. The LME 0 - 3 spread decreased to - 25.97 dollars/ton. The import profit and loss improved to - 786 yuan/ton [1]. Month - to - Month Spread - The 2511 - 2512 spread increased by 40 yuan/ton to 20 yuan/ton; the 2512 - 2601 spread decreased by 30 yuan/ton to 10 yuan/ton; the 2601 - 2602 spread decreased by 60 yuan/ton to - 20 yuan/ton [1]. Fundamental Data - In September, electrolytic copper production was 1.121 million tons, a 4.31% month - on - month decrease; imports were 334,300 tons, a 26.50% month - on - month increase. The import copper concentrate index decreased by 4.22% to - 42.70 dollars/ton. Domestic mainstream port copper concentrate inventory decreased by 0.38% to 678,100 tons. The electrolytic copper rod - making start - up rate decreased to 61.55%, while the recycled copper rod - making start - up rate increased to 18.29%. Domestic social inventory decreased by 1.13% to 184,500 tons; bonded - area inventory decreased by 5.02% to 92,800 tons; SHFE inventory decreased by 4.94% to 104,800 tons; LME inventory decreased by 0.28% to 136,000 tons; COMEX inventory increased by 0.13% to 348,000 short tons; SHFE warrants increased by 0.92% to 35,400 tons [1]. Aluminum Price and Spread - SMM A00 aluminum price increased by 0.24% to 21,160 yuan/ton; SMM A00 aluminum premium decreased by 10 yuan/ton to - 40 yuan/ton. The average price of alumina in Shandong decreased by 0.71% to 2,795 yuan/ton [3]. Month - to - Month Spread - The 2511 - 2512 spread remained at - 20 yuan/ton; the 2512 - 2601 spread decreased by 15 yuan/ton to 0 yuan/ton; the 2601 - 2602 spread decreased by 15 yuan/ton to 0 yuan/ton; the 2602 - 2603 spread increased by 10 yuan/ton to - 15 yuan/ton [3]. Fundamental Data - In September, alumina production was 7.6037 million tons, a 1.74% month - on - month decrease; electrolytic aluminum production was 3.6148 million tons, a 3.16% month - on - month decrease; imports were 246,800 tons, a 13.57% month - on - month increase; exports were 29,000 tons, a 13.07% month - on - month increase. The aluminum profile start - up rate increased by 0.37% to 53.70%; the aluminum cable start - up rate increased by 0.63% to 64.40%; the aluminum plate - strip start - up rate decreased by 1.47% to 67.00%; the aluminum foil start - up rate decreased by 0.55% to 71.90%; the primary aluminum alloy start - up rate increased by 1.03% to 59.00%. China's electrolytic aluminum social inventory increased by 0.16% to 626,000 tons; LME inventory decreased by 0.81% to 469,000 tons [3]. Aluminum Alloy Price and Spread - SMM aluminum alloy ADC12 prices remained unchanged at 21,200 yuan/ton. The refined - scrap price difference in Foshan for broken primary aluminum increased by 3.32% to 1,869 yuan/ton [4]. Month - to - Month Spread - The 2511 - 2512 spread increased by 25 yuan/ton to - 65 yuan/ton; the 2512 - 2601 spread decreased by 75 yuan/ton to - 75 yuan/ton; the 2601 - 2602 spread increased by 40 yuan/ton to - 5 yuan/ton; the 2602 - 2603 spread decreased by 35 yuan/ton to 55 yuan/ton [4]. Fundamental Data - In September, recycled aluminum alloy ingot production was 661,000 tons, a 7.48% month - on - month increase; primary aluminum alloy ingot production was 283,000 tons, a 4.43% month - on - month increase; scrap aluminum production was 797,600 tons, an 8.16% month - on - month increase; unforged aluminum alloy ingot imports were 82,200 tons, a 15.77% month - on - month increase; exports were 23,500 tons, a 19.24% month - on - month decrease. The recycled aluminum alloy start - up rate increased by 7.73% to 57.54%; the primary aluminum alloy start - up rate increased by 4.60% to 56.57%. The recycled aluminum alloy ingot weekly social inventory decreased by 0.18% to 54,700 tons. The daily inventory in Foshan increased by 0.23% to 33,323 tons; in Ningbo, it decreased by 1.27% to 13,179 tons; in Wuxi, it decreased by 7.09% to 1,873 tons [4]. Zinc Price and Spread - SMM 0 zinc ingot price increased by 0.09% to 22,210 yuan/ton; the premium remained at - 55 yuan/ton. The import profit and loss improved to - 5,139 yuan/ton; the Shanghai - London ratio decreased to 7.34 [8]. Month - to - Month Spread - The 2511 - 2512 spread decreased by 15 yuan/ton to - 55 yuan/ton; the 2512 - 2601 spread increased by 5 yuan/ton to - 25 yuan/ton; the 2601 - 2602 spread remained unchanged at - 35 yuan/ton; the 2602 - 2603 spread increased by 5 yuan/ton to - 10 yuan/ton [8]. Fundamental Data - In September, refined zinc production was 600,100 tons, a 4.17% month - on - month decrease; imports were 22,700 tons, an 11.61% month - on - month decrease; exports were 2,500 tons, a 696.78% month - on - month increase. The galvanizing start - up rate decreased to 57.48%; the die - casting zinc alloy start - up rate decreased to 53.13%; the zinc oxide start - up rate decreased to 56.36%. China's zinc ingot seven - region social inventory decreased by 1.09% to 163,500 tons; LME inventory decreased by 1.46% to 37,000 tons [8]. Tin Spot Price and Basis - SMM 1 tin price increased by 0.57% to 283,500 yuan/ton; the SMM 1 tin premium decreased by 16.67% to 250 yuan/ton. The LME 0 - 3 premium increased by 43.00% to 143 dollars/ton [10]. Internal - External Ratio and Import Profit and Loss - The import profit and loss worsened by 4.00% to - 16,052.47 yuan/ton; the Shanghai - London ratio decreased to 7.92 [10]. Month - to - Month Spread - The 2511 - 2512 spread decreased by 16.33% to - 570 yuan/ton; the 2512 - 2601 spread decreased by 100.00% to - 200 yuan/ton; the 2601 - 2602 spread decreased by 80.00% to - 90 yuan/ton; the 2602 - 2603 spread increased by 400.00% to 350 yuan/ton [10]. Fundamental Data (Monthly) - In September, tin ore imports were 8,714 tons, a 15.13% month - on - month decrease; SMM refined tin production was 10,510 tons, a 31.71% month - on - month decrease; refined tin imports were 1,269 tons, a 2.08% month - on - month decrease; exports were 1,748 tons, a 6.59% month - on - month increase; Indonesian refined tin exports were 4,800 tons, a 50.00% month - on - month increase. The SMM refined tin average start - up rate decreased by 31.77% to 43.60%; the SMM solder enterprise start - up rate increased by 2.19% to 74.80%. The average price of 40% tin concentrate in Yunnan increased by 0.59% to 271,500 yuan/ton; the Yunnan 40% tin concentrate processing fee remained unchanged at 12,000 yuan/ton [10]. Inventory Change - SHEF weekly inventory increased by 1.32% to 5,766 tons; social inventory decreased by 2.69% to 6,828 tons; SHEF daily warrants increased by 1.53% to 5,652 tons; LME daily inventory decreased by 0.91% to 2,725 tons [10]. Nickel Price and Basis - SMM 1 electrolytic nickel price increased by 0.12% to 123,050 yuan/ton; 1 Jinchuan nickel price increased by 0.08% to 124,300 yuan/ton; the 1 Jinchuan nickel premium decreased by 3.92% to 2,450 yuan/ton; 1 imported nickel price increased by 0.16% to 122,250 yuan/ton; the 1 imported nickel premium remained at 400 yuan/ton. The LME 0 - 3 spread decreased to - 194 dollars/ton. The futures import profit and loss improved by 38.59% to - 759 yuan/ton; the Shanghai - London ratio increased to 7.98. The price of 8 - 12% high - nickel pig iron decreased by 0.21% to 929 yuan/nickel point [12]. Production Cost - The cost of integrated MHP - produced electrowon nickel decreased by 0.62% to 116,448 yuan/ton; the cost of integrated high - grade nickel matte - produced electrowon nickel decreased by

Group 1: Steel Industry Report Industry Investment Rating No information provided. Core Viewpoint Steel prices have strengthened, with a rebound of 100 yuan per ton from the low. The apparent demand for the five major steel products has recovered well this week, approaching last year's level, but the off - balance - sheet demand is lower year - on - year. Plate inventories are high, and steel mill profits are falling, which will suppress production. The 1 - month contracts of rebar and hot - rolled coils are expected to recover at previous highs. Hold long positions and pay attention to the pressure at previous highs (3200 yuan for rebar and 3400 yuan for hot - rolled coils). The coking coal long - hot - rolled coil short arbitrage has widened, and the arbitrage position can be held [1]. Summaries by Directory - **Steel Prices and Spreads**: Rebar and hot - rolled coil spot and futures prices in different regions have increased. For example, the spot price of rebar in East China rose from 3200 to 3210 yuan/ton, and the 05 - contract price of hot - rolled coil rose from 3265 to 3312 yuan/ton [1]. - **Cost and Profit**: Steel billet and slab prices have changed, with steel billet rising by 30 to 2960 yuan. Profits of various steel products in different regions have declined. For instance, the profit of East China hot - rolled coils dropped from - 5 to - 12 yuan [1]. - **Production**: The daily average pig iron output decreased by 1.0 to 239.9, a - 0.4% decline. The output of the five major steel products increased by 8.4 to 865.3, a 1.0% increase [1]. - **Inventory**: The inventory of the five major steel products decreased by 27.4 to 1554.9, a - 1.7% decline. Rebar and hot - rolled coil inventories also decreased [1]. - **Transaction and Demand**: Building material trading volume increased by 3.2 to 12.3, a 35.5% increase. The apparent demand for the five major steel products increased by 17.3 to 892.7, a 2.0% increase [1]. Group 2: Iron Ore Industry Report Industry Investment Rating No information provided. Core Viewpoint Yesterday, iron ore futures stabilized and rebounded. The supply side shows that the global iron ore shipment volume increased week - on - week last week, while the arrival volume at 45 ports decreased significantly. The demand side has weakening demand for restocking due to falling steel mill profits and decreasing pig iron output. The downstream demand for steel is gradually recovering but lower than expected. After the previous callback, the negative factors have been fully digested. Unilaterally, go long on the 2601 contract of iron ore at low prices, with a reference range of 770 - 830. Recommend the 1 - 5 positive arbitrage [3]. Summaries by Directory - **Iron Ore Prices and Spreads**: The warehouse - receipt costs of various iron ore varieties increased, and the basis of the 01 - contract for different varieties decreased slightly. The 1 - 5 spread increased by 2.5 to 23.0, a 12.2% increase [3]. - **Spot Prices and Price Indexes**: The spot prices of iron ore at Rizhao Port increased. For example, the price of PB powder rose from 778 to 792 yuan/ton [3]. - **Supply**: The weekly arrival volume at 45 ports decreased by 490.3 to 2029.1, a - 19.5% decline, and the global shipment volume increased by 54.9 to 3388.4, a 1.6% increase [3]. - **Demand**: The daily average pig iron output of 247 steel mills decreased by 1.0 to 239.9, a - 0.4% decline, and the national pig iron and crude steel monthly outputs also decreased [3]. - **Inventory Changes**: The inventory at 45 ports increased by 54.7 to 14423.59, a 0.4% increase, and the imported ore inventory of 247 steel mills increased by 96.5 to 9079.2, a 1.1% increase [3]. Group 3: Coke and Coking Coal Industry Report Industry Investment Rating No information provided. Core Viewpoint Yesterday, coke and coking coal futures showed an upward trend. For coke, the second - round price increase proposed by mainstream coke enterprises has been implemented, and there is still room for further increase. The supply of coking coal has decreased, and the price has risen, resulting in increased costs for coke production and reduced coke production. Steel mill demand is weak, and inventories are in a state of mixed changes. For coking coal, the spot price is rising, supply is tight due to production cuts, and there is restocking demand after de - stocking. Speculatively, go long on the 2601 contract of coke in the range of 1650 - 1850 and long coking coal short coke for arbitrage. For coking coal, go long on the 2601 contract in the range of 1150 - 1350 and long coking coal short coke for arbitrage [5]. Summaries by Directory - **Coke - Related Prices and Spreads**: The prices of coke in different regions and contracts increased. For example, the price of Shanxi quasi - first - grade wet - quenched coke (warehouse - receipt) rose from 1561 to 1612 yuan/ton, and the 01 - contract price of coke rose from 1758 to 1780 yuan/ton [5]. - **Coking Coal - Related Prices and Spreads**: The prices of coking coal in different forms and contracts also increased. For example, the price of Mongolia 5 raw coal (warehouse - receipt) rose from 1318 to 1329 yuan/ton, and the 01 - contract price of coking coal rose from 1249 to 1264 yuan/ton [5]. - **Supply**: Coke production decreased, with the daily average output of all - sample coking plants dropping from 65.3 to 64.6 tons. Coking coal production also decreased, with the raw coal output of Fenwei sample coal mines dropping from 854 to 848 tons [5]. - **Demand**: The pig iron output of 247 steel mills decreased from 241.0 to 239.9 tons, indicating weakening demand for coke [5]. - **Inventory Changes**: Coke inventory remained stable overall, with coking plants and steel mills de - stocking and ports increasing inventory. Coking coal inventory showed mixed changes, with coal mines and steel mills de - stocking and coking plants and ports increasing inventory [5].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - On October 27, 2025, the total positions of IF, IC, and IM increased significantly, while the total positions of IH increased slightly. For IF, Guojun increased both long and short positions by over 2,000 lots; for IH, the top 20 seats had mixed position changes; for IC, CITIC increased both long and short positions by over 2,000 lots; for IM, CITIC and Guojun increased both long and short positions [1][4][10][15][21] 3. Summary by Relevant Catalogs IF - **Total Position and Main Contract Position Changes**: On October 27, the total position of the IF variety increased by 6,831 lots, and the position of the main contract 2512 increased by 4,370 lots [4] - **Top 20 Long Position Seats**: Guotai Junan Futures ranked first with a total position of 39,058 lots. Guotai Junan Futures had the most long - position increase, adding 2,071 lots, while Guotou Futures had the most long - position decrease, reducing 929 lots [5] - **Top 20 Short Position Seats**: CITIC Futures ranked first with a total position of 42,469 lots. Guotai Junan Futures had the most short - position increase, adding 2,457 lots, while Guotou Futures had the most short - position decrease, reducing 849 lots [7] IH - **Total Position and Main Contract Position Changes**: On October 27, the total position of the IH variety increased by 2,833 lots, and the position of the main contract 2512 increased by 1,268 lots [10] - **Top 20 Long Position Seats**: Guotai Junan Futures ranked first with a total position of 12,855 lots. Guotou Futures had the most long - position increase, adding 482 lots, while Galaxy Futures had the most long - position decrease, reducing 368 lots [10] - **Top 20 Short Position Seats**: CITIC Futures ranked first with a total position of 14,495 lots. Huatai Futures had the most short - position increase, adding 552 lots, while Haitong Futures had the most short - position decrease, reducing 266 lots [11] IC - **Total Position and Main Contract Position Changes**: On October 27, the total position of the IC variety increased by 8,981 lots, and the position of the main contract 2512 increased by 5,789 lots [15] - **Top 20 Long Position Seats**: Guotai Junan Futures ranked first with a total position of 38,976 lots. CITIC Futures had the most long - position increase, adding 2,354 lots, while Zheshang Futures had the most long - position decrease, reducing 388 lots [16] - **Top 20 Short Position Seats**: CITIC Futures ranked first with a total position of 43,695 lots. CITIC Futures had the most short - position increase, adding 2,690 lots, while Everbright Futures had the most short - position decrease, reducing 120 lots [18] IM - **Total Position and Main Contract Position Changes**: On October 27, the total position of the IM variety increased by 9,755 lots, and the position of the main contract 2509 increased by 4,103 lots [21] - **Top 20 Long Position Seats**: Guotai Junan Futures ranked first with a total position of 52,172 lots. Guotai Junan Futures had the most long - position increase, adding 1,570 lots, while Yong'an Futures had the most long - position decrease, reducing 241 lots [21] - **Top 20 Short Position Seats**: CITIC Futures ranked first with a total position of 73,358 lots. CITIC Futures had the most short - position increase, adding 2,443 lots, while Galaxy Futures had the most short - position decrease, reducing 314 lots [22]

中文社会社 | 集运产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年10月28日 | | | | til | Z0016628 | | 现货报价 | | | | | | | 上海-欧洲未来6周运价参考 | 10月28日 | 10月27日 | 涨跌 | 涨跌幅 | 单位 | | MAERSK马士基 | 2358 | 2364 | -6 | -0.25% | 美元/FEU | | CMA式飞 | 3533 | 3425 | 108 | 3.15% | | | MSC地中海 | 2265 | 2265 | 0 | 0.00% | | | ONE海洋网联 | 2325 | 2535 | -210 | -8.28% | | | EMC长荣 | 2645 | 2645 | 0 | 0.00% | | | 集运指数 | | | | | | | 结算价指数 | 10月27日 | 10月20日 | 涨跌 | 涨跌幅 | 单位 | | SCFIS (欧洲航线) | 1312.71 | 1140.38 ...

原木点评：成本支撑减弱叠加需求疲软，原木跌超 5% 投资咨询业务资格：证监许可【2011】1292 号 曹剑兰（投资咨询资格编号：Z0019556） 2025 年 10 月 27 日星期一 电话：020-88818046 邮箱：caojianlan@gf.com.cn 行情导读： 2025 年 10 月 27 日，原木期货主力合约 LG2601 加速下行，盘中一度触及跌停，最低下探至 780 元/ 立方米，多头资金减仓离场。截止下午收盘，主力 LG2601 收于 787 元/立方米，单日下跌 5.12%。相 较于 10 月 22 日 840 元/立方米的高点，累计跌幅已达 6.31%。原木期货大跌主要由于以下几个方面 原因： 支撑减弱，未来家具材的采购需求将随之走弱，进一步削弱对原木的支撑作用。上周原木现货价格稳 中偏弱，山东无节材出现跌价。供应端方面，四季度原木进口呈季节性增长趋势，后续到港量或呈现 上升趋势。据木联数据，短期新西兰的到船量将有所增加，上周新西兰发运直发中国增加 1 船 5 万方， 近四周新西兰发运环比持平，供应端压力正在逐步累积。在需求疲软、旺季预期转弱的背景下，原木 库存压力凸显。据木联 ...

红枣异动点评：市场情绪偏弱，盘面继续下探 旧季库存高企，据 Mysteel 农产品调研数据统计，36 家样本点物理库存在 9103 吨，较上周增加 94 吨，环比增加 1.04%，同比增加 109.22%，样本点库存小幅增加，消化缓慢且处于历年高位水平，承 压明显。据钢联预测，旧季红枣社会库存预估剩 30-35 万吨，可补足新季减产预期，叠加整体新季质 量表现较好，增加市场供应压力。 王泽辉（投资咨询资格编号：Z0019938） 2025 年 10 月 27 日星期一 （二） 需求及情绪端偏弱 河北崔尔庄、广州如意坊等主销区到货量一般日均约 3-4 辆，早市日均成交 1-2 车左右，也存在 部分新季红枣到货，但下游消费较为谨慎，以按需采购为主，采购积极性一般，河北市场价格也因盘 面下跌而有所松动。整体来看，红枣消费表现一般并没有明显利好支撑。 广发期货有限公司提醒广大投资者：期市有风险 入市需谨慎 Page 1 投资咨询业务资格：证监许可【2011】1292 号 电话：020-88818064 邮箱：wangzehui@gf.com.cn 行情导读：今日红枣期货主力合约 CJ2601 延续上周下跌趋势，截至 ...

生猪产业期现日报 投资咨询业务资格:证监许可 【2011】1292号 2025年10月27日 数据来源: Wind、涌益咨询、广发期货研究所。请仔细阅读报告尾端免责声明 中语声明 本报告中的信息均来源于被广发期货有限公司认为可菲的已公开资料,但广发期货对这些信息的准确性及完整性不作任何保证。本报 告反映研究人员的不同观点。见解及分析方法，并不代表广发期货或其附属机构的立场。在任何情况下，报告内窗仪供参考，报告中 的信息或所表达的意见并不构成所达品种买卖的出价或询价,投资者据比投资,风险营担。本报告高在发送给广发明货特定客户及其 他专业人士,版权归广发期货所有,未经广发期货书面授权,任何人不得对本报告进行任何形式的发布、复制。如引用、刊发,需注 明出处为"广发期货"。 知识图强,求实奉献,客户至上,合作共赢 FILLANKAR 油脂产业期现日报 朱迪 Z0015979 | 期货指标 | | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 现值 | 前值 | 张跌 | 张跃幅 | 单位 | | 主力合约基差 | -225 | -350 | 125 | 35 ...

Report on Stock Index Futures Price Difference Core Information - On October 27, 2025, the report presented data on stock index futures price differences, including price differences between futures and spot, across different periods, and among different varieties [1]. - For price differences between futures and spot, the IF was -0.34, the IH was 2.78, the IC was -98.73, and the IM was -121.24 [1]. - Regarding cross - period price differences, there were various values for different combinations such as “next month - current month”, “far month - current month” etc. For example, the “next month - current month” of F was -13.60 [1]. - In terms of cross - variety ratios, IC/IF was 1.5448, IC/IH was 2.3486, etc. [1]. Report on Bond Futures Basis and Price Difference Core Information - On October 24, 2025, the report provided data on bond futures basis, cross - period price differences, and cross - variety price differences [2]. - For basis, the TS was 1.2902, the TF was 1.5400, the T was 1.6139, and the TL was 1.7674 [2]. - Regarding cross - period price differences, different combinations like “current quarter - next quarter” had specific values. For example, the “current quarter - next quarter” of TS was 0.0780 [2]. - In terms of cross - variety price differences, TS - TF was -3.2830, TS - T was -5.6730, etc. [2]. Report on Precious Metals Futures and Spot Core Information - On October 24, 2025, the report included data on domestic and foreign futures closing prices, spot prices, basis, price ratios, interest rates, exchange rates, inventory, and positions of precious metals [3]. - Domestic futures closing prices: the AU2512 contract was 938.10, and the AG2512 contract was 11332 [3]. - Foreign futures closing prices: the COMEX gold主力合约 was 4126.90, and the COMEX silver主力合约 was 48.41 [3]. - Spot prices: London gold was 4111.56, and London silver was 48.62 [3]. - Basis: “gold TD - Shanghai gold主力” was -2.77, “silver TD - Shanghai silver主力” was -15, etc. [3]. - Price ratios: COMEX gold/silver was 85.25, and Shanghai Futures Exchange gold/silver was 82.78 [3]. Report on Container Shipping Industry Futures and Spot Core Information - On October 27, 2025, the report covered spot quotes, container shipping indices, futures prices, basis, and fundamental data of the container shipping industry [4]. - Spot quotes: MAERSK Maersk was 2364 dollars/FEU, CMA CGM was 3425 dollars/FEU, etc. [4]. - Container shipping indices: SCFIS (European route) was 1140.38 points, SCFIS (US West route) was 863.46 points, etc. [4]. - Futures prices: EC2602 was 1601.0, EC2604 was 1179.6, etc. [4]. - Fundamental data: global container shipping capacity supply was 3327.99 million TEU, port on - time rate in Shanghai was 42.77%, etc. [4].