Report Industry Investment Rating The document does not provide the industry investment rating. Core Viewpoints of the Report The report comprehensively analyzes various sectors including financial derivatives, precious metals, shipping, non - ferrous metals, ferrous metals, agricultural products, and energy chemicals. It assesses the market conditions, supply - demand relationships, and price trends of each sector, and provides corresponding investment suggestions. Summary by Directory Financial Derivatives Financial Futures - **Stock Index Futures**: A - share market showed narrow - range fluctuations. TMT sectors rose, while pro - cyclical sectors pulled back slightly. The four major index futures contracts declined with the index, and the basis discount fluctuated narrowly. It is recommended to wait for stabilization and mainly adopt a wait - and - see strategy, and consider deploying a bull spread of put options in case of a sharp decline [2][3][4]. - **Treasury Bond Futures**: The equity market declined, and treasury bond futures oscillated strongly. The bond market was in a state of narrow - range oscillation due to the unclear expectation of loose money. It is recommended to operate within the range for the TL2512 contract [5][6]. Precious Metals - **Gold and Silver**: Fed officials' attitudes towards the December interest - rate cut were still divided. Precious metals maintained a weak oscillation. In the long - term, precious metals are expected to enter a bull market, but in the short - term, market fluctuations may intensify. It is recommended to buy on dips for gold and try to go long in small positions for silver [7][8][9]. Shipping - **Container Shipping Index (European Line)**: The SCFIS European Line Index and the SCFI Composite Index declined. The futures market rose on the previous day, but the significant decline in the SCFIS European Line after the market may lead to a short - term correction followed by an upward movement. It is expected to oscillate upward in the short - term [10][11]. Non - Ferrous Metals - **Copper**: The market was cautious, and copper prices oscillated. The supply of copper concentrate was tight, and the downstream demand was resilient. The copper price is expected to oscillate within the range of 85000 - 87500 [11][13][14]. - **Alumina**: The market was in a state of loose supply and demand, and the price oscillated at a low level. It is expected to continue to oscillate weakly, with the main contract ranging from 2750 - 2900 yuan/ton [16][17][18]. - **Aluminum**: After breaking through the 22000 mark, it adjusted downward. It is expected to oscillate widely, with the main contract ranging from 21400 - 22000 yuan/ton. It is recommended to go short on rallies [18][19][20]. - **Aluminum Alloy**: It adjusted following the aluminum price, and the spot trading was cold at high prices. It is expected to oscillate widely, with the main contract ranging from 20600 - 21200 yuan/ton [21][22][23]. - **Zinc**: The LME delivery expectation increased, and zinc prices oscillated and adjusted. It is expected to oscillate weakly, with the main contract ranging from 22000 - 22800 [23][24][26]. - **Tin**: The supply side remained tight, and tin prices oscillated at a high level. It is recommended to adopt a strategy of buying on dips after the market sentiment stabilizes [26][27][29]. - **Nickel**: The market was weak, and the fundamental improvement was insufficient. It is expected to oscillate weakly, with the main contract ranging from 116000 - 122000 [30][31][32]. - **Stainless Steel**: The macro - drive weakened, and the raw materials were under pressure. It is expected to oscillate weakly, with the main contract ranging from 12300 - 12700 [33][34][36]. - **Lithium Carbonate**: The market was strong, and multiple contracts hit the daily limit. It is recommended to wait and see, and the market is expected to oscillate widely [37][38][40]. - **Polysilicon**: The demand was weak, and the futures price oscillated and declined. It is expected to oscillate at a high level [41][42][43]. - **Industrial Silicon**: It oscillated, and attention should be paid to the organic silicon production cuts. It is expected to oscillate within the range of 8500 - 9500 yuan/ton [43][44][45]. Ferrous Metals - **Steel**: The apparent demand declined, the hot - rolled coil supply was not cleared, and the spread between hot - rolled and rebar converged. It is recommended to try short - selling [46][47][49]. - **Iron Ore**: The shipment increased, the arrival decreased, the port inventory rose, and the molten iron increased. It is expected to oscillate at a high level, and it is recommended to wait and see [50][52][53]. - **Coking Coal**: The spot price fluctuated, and the demand for replenishment was bearish. It is expected to oscillate weakly, with the range of 1100 - 1250, and it is recommended to wait and see [54][55][59]. - **Coke**: The fourth round of price increase was fully implemented, and the port trading price declined. It is expected to oscillate weakly, with the range of 1600 - 1750, and it is recommended to wait and see [60][61][64]. Agricultural Products - **Meal**: The monthly report lacked positive factors, and both domestic and foreign markets adjusted. The soybean meal market is expected to oscillate widely [65][66][68]. - **Live Pigs**: The supply and demand were loose, and the pig price oscillated weakly. It is recommended to hold the 3 - 7 reverse spread [69][70]. - **Corn**: There was a short - term supply shortage, and the price rebounded and oscillated. Attention should be paid to the selling rhythm and procurement progress [71][72]. - **Sugar**: The raw sugar price was bearish, and the domestic market oscillated at the bottom. It is expected to maintain the bottom - oscillation trend [73][74][75]. - **Cotton**: The US cotton oscillated at the bottom, and the domestic new - cotton harvest was coming to an end. The cotton price is expected to be under pressure and run weakly in the short - term [75][76]. - **Eggs**: The egg price was stable with a slight decline, and the overall pressure was still high. It is recommended to gradually close short positions below 3000 for the 2512 contract [77]. - **Oils and Fats**: The Malaysian palm oil oscillated and adjusted, and the Dalian palm oil maintained range - bound trading. The soybean oil market was supported. The palm oil is expected to oscillate at a low level, and the soybean oil is expected to maintain a stable supply - demand situation [78][79][80]. - **Jujubes**: The spot price was weak, and the market oscillated weakly. It is expected to continue to oscillate weakly, and attention should be paid to the acquisition progress and terminal demand [81]. - **Apples**: There was a small amount of trading of stored apples, and the demand for high - quality apples was good. The price of high - quality apples in the western region was stable, and the inventory of small apples in Shandong began to be traded [83]. Energy Chemicals - **PX**: The overseas blending - oil demand boosted the short - term trend, but the driving force was limited. It is expected to oscillate at a high level, and attention should be paid to the pressure above 6800 [84][85]. - **PTA**: The blending - oil demand and the cancellation of the Indian BIS certification supported the short - term trend, but the upward driving force was limited. It is expected to oscillate within the range of 4500 - 4800, and the TA1 - 5 spread should be treated with a rolling reverse - spread strategy [86][87]. - **Short - Fiber**: The supply - demand expectation was weak, and the processing fee was gradually compressed. It is recommended to do the same as PTA for the unilateral strategy and shrink the processing fee on rallies [88]. - **Bottle - Chip**: The supply - demand situation in November remained loose, and the price and processing fee followed the cost. It is recommended to do the same as PTA for the unilateral strategy, and the processing fee is expected to oscillate within the range of 300 - 450 yuan/ton [89][90]. - **Ethylene Glycol**: The short - term rigid demand was supported, but the supply was high, and the port inventory increased. It is recommended to hold out - of - the - money call options with a strike price not lower than 4100 for the EG2601 contract and conduct a reverse - spread operation on rallies for the EG1 - 5 spread [92]. - **Pure Benzene**: The blending - oil demand provided support, but the supply - demand was loose, and the rebound space was limited. It is recommended to wait and see for the BZ2603 contract [93]. - **Styrene**: The blending - oil demand provided support, but the maintenance might be postponed, and the rebound space was limited. The EB12 price may be strong, and attention should be paid to the pressure around 6600 - 6700 [94][95]. - **LLDPE**: The price changed little, and the trading was weak. It is recommended to reduce short positions around 6800 [96]. - **PP**: There were many unexpected maintenance events, and the downward space was limited. It is recommended to wait and see [97]. - **Methanol**: The port market continued to weaken, and the trading was average. Attention should be paid to the 05MTO spread contraction [98][99]. - **Caustic Soda**: The supply - demand pressure still existed, and it is expected to run weakly [99][100]. - **PVC**: The supply - demand surplus situation remained unchanged, and the market oscillated weakly. It is expected to continue the bottom - weakening trend [101]. - **Soda Ash**: After the spot price dropped, the alkali factory's pending - delivery days increased, and the market rebounded. It is recommended to wait and see and wait for the opportunity to short on rallies [102][103]. - **Glass**: The spot sales weakened significantly, and the market was under pressure to correct. It is recommended to treat it weakly in the short - term [102][104]. - **Natural Rubber**: The overseas raw materials were firm, and the rubber price rose slightly. It is expected to oscillate within the range, and attention should be paid to the raw - material output in the peak - production season [104][105][106]. - **Synthetic Rubber**: The supply - demand boost was limited, and the cost side was weak. It is recommended to adopt a strategy of shorting on rallies for the BR2601 contract and pay attention to the pressure around 10800 [107][108][109].

碳酸锂点评：消息面刺激情绪，盘面强势涨停 投资咨询业务资格：证监许可【2011】1292 号 林嘉旎（投资咨询资格编号：Z0020770） 2025 年 11 月 17 日星期一 行情导读： 今日碳酸锂盘面强势运行，早盘高开后涨势逐步强化，午后市场情绪进一步发酵，资金层面大幅 增仓，多个合约触及涨停，截至收盘主力合约 LC2601 上涨 9%最终收于 95200。 数据来源：Wind，，广发期货研究所 产仍预计继续提升，需要注意的是 12 月以及一季度动力可能存在淡季和补贴退坡后的双重压力，储能 强劲增长有一定托力，但能否形成中期的宏观叙事仍需观察一季度淡季是否持续具备强带动。目前社 会库存维持去化，上下游环节库存数据均有减少，其他贸易环节库存近期持稳为主上周增加，近期仓 单回落速度已有放缓，后续去库节奏可能有调整。 消息面刺激，资金情绪乐观 今日碳酸锂盘面大幅上涨主要是在近期基本面有支撑的情况下，消息面发酵刺激多头情绪，资金 进一步向上交易。11 月 16 日在动力电池应用国际峰会上，赣锋锂业董事长李良彬表示，2025 年全球 碳酸锂需求在 145 万吨，但由于下半年需求增长，预计全年需求数据更新到 155 ...

纯苯-苯乙烯日报 Z0003135 | 上游价格及价差 | | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 11月14日 | 11月13日 | 涨跌 | 张跌幅 | 单位 | | 布伦特原油(12月) | 64.39 | 63.01 | 1.38 | 2.2% | 美元/桶 | | WTI原油(12月) | 60.09 | 58.69 | 1.40 | 2.4% | | | CFR日本石脑油 | 577 | ਦਿਰੇ | 8 | 1.4% | | | CFR东北亚乙烯 | 735 | 735 | 0 | 0.0% | | | CFR中国纯本 | 678 | 676 | 2 | 0.3% | 美元/吨 | | 纯本-石脑油 | 101 | 107 | -6 | -5.6% | | | 乙烯-石脑油 | 158 | 166 | -8 | -4.8% | | | 纯苯(中石化华东挂牌价) | 5300 | 5300 | 0 | 0.0% | | | 纯苯华东现货 | 5400 | 5350 | 50 | 0.9% | | | BZ期货2603 | 552 ...

Report Industry Investment Rating - No information provided in the reports Core Views - The reports present daily data on various financial products including stock index futures spreads, bond futures spreads, precious metals futures and spot prices, and container shipping industry index data, offering insights into market trends and price changes [1][2][3][5] Summary by Related Catalogs Stock Index Futures Spreads - **Price Differences**: IF, IH, IC, and IM futures show different price spreads and changes compared to the previous day, with historical 1 - year and full - history quantiles provided. For example, IF's current - spot spread is - 27.74, up 15.60% from the previous day [1] - **Inter - period Spreads**: Different inter - period spreads (e.g., next month - current month, far month - next month) of each futures type also have their own values, changes, and quantiles [1] - **Cross - variety Ratios**: Ratios such as CSI 500/CSI 300, IC/IF, etc., show their values, changes, and quantiles [1] Bond Futures Spreads - **Basis**: TS, TF, T, and TL basis values are presented, along with their changes and percentiles since listing. For example, TS basis is 1.3494, up 0.0020 from the previous day, with a 14.20% percentile since listing [2] - **Inter - period Spreads**: Different inter - period spreads of each bond futures type (e.g., current quarter - next quarter) are given, including their values, changes, and percentiles [2] - **Cross - variety Spreads**: Spreads between different bond futures types (e.g., TS - TF, TS - T) are provided, along with their values, changes, and percentiles [2] Precious Metals Futures and Spot - **Domestic Futures**: AU2512 and AG2512 contracts' closing prices on November 14 and 13 are presented, along with their price changes and percentage changes. For example, AU2512 closed at 953.20 on November 14, down 0.83% from the previous day [3] - **Foreign Futures**: COMEX gold and silver futures' closing prices on November 14 and 13 are given, along with their price changes and percentage changes. For example, COMEX gold closed at 4084.40 on November 14, down 2.16% from the previous day [3] - **Spot Prices**: London gold and silver, and domestic gold and silver T + D spot prices on November 14 and 13 are presented, along with their price changes and percentage changes [3] - **Basis**: Basis values between gold TD - Shanghai gold main contract, silver TD - Shanghai silver main contract, etc., are provided, along with their changes and historical 1 - year quantiles [3] - **Gold - Silver Ratios**: COMEX and SHFE gold - silver ratios are presented, along with their values, changes, and percentage changes [3] - **Interest Rates and Exchange Rates**: 10 - year and 2 - year US Treasury yields, 10 - year TIPS Treasury yields, US dollar index, and offshore RMB exchange rate are given, along with their values, changes, and percentage changes [3] - **Inventory and Positions**: Inventories of SHFE gold and silver, COMEX gold and silver, and positions of SPDR gold ETF and SLV silver ETF are presented, along with their values, changes, and percentage changes [3] Container Shipping Industry - **Shipping Indexes**: SCFIS (European and US West routes) and SCFI (composite, European, US West, and US East) indexes are presented, along with their values, changes, and percentage changes [5] - **Futures Prices and Basis**: Futures prices of different contracts (e.g., EC2602, EC2512) and the basis of the main contract are given, along with their values, changes, and percentage changes [5] - **Fundamental Data**: Global container shipping capacity supply, Shanghai port - related indicators (quasi - punctuality rate, berthing situation), monthly export volume, overseas economic indicators (eurozone composite PMI, EU consumer confidence index, US manufacturing PMI), and OECD composite leading indicators are presented, along with their values, changes, and percentage changes [5]

Report Summary 1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views - **Oils and Fats**: Malaysian palm oil production may pressure prices, but the Indonesian B50 biodiesel policy provides support. Dalian palm oil futures may continue to rise, but there is a risk of resistance below 9000 yuan. For soybeans, the USDA report led to a decline in CBOT soybeans, and domestic soybean oil inventories are high with weak demand. Dalian soybean oil may correct in the short term [1]. - **Corn and Corn Starch**: Corn has a short - term supply - demand imbalance, leading to a rebound in the futures market, but the supply pressure limits the upside. Attention should be paid to the 2200 - 2220 pressure level [3]. - **Sugar**: The Indian sugar export policy and the end of the Brazilian harvest result in a relatively calm fundamental situation. The raw sugar price is expected to consolidate around 14 cents/pound. The domestic sugar market is expected to remain volatile next week [7][8]. - **Cotton**: The USDA's November supply - demand balance sheet is bearish for cotton prices. Domestically, new cotton supply is short - term concentrated, and downstream demand is weak, but local product demand provides some support. Cotton prices may be under pressure in the short term [9]. - **Meal**: The USDA's November supply - demand balance sheet lacks significant information. There is no substantial bullish factor for US soybeans, and domestic soybean inventories are high. The soybean meal market is expected to fluctuate widely [11]. - **Eggs**: The supply of eggs is abundant, and demand is weak. Although the decline in egg prices has not widened, there is insufficient positive support. The market is expected to be weak and volatile this week [15]. - **Pigs**: The spot pig price is weak, but there is support at low levels. The market is in a range - bound pattern, and the 3 - 7 reverse spread strategy can be continued [17]. 3. Summary by Commodity Oils and Fats - **Soybean Oil**: On November 14, the spot price in Jiangsu was 8590 yuan/ton (+0.35%), the futures price of Y2601 was 8256 yuan/ton (-0.72%), and the basis was 334 yuan/ton (+36.89%) [1]. - **Palm Oil**: The spot price in Guangdong was 8590 yuan/ton (+0.23%), the futures price of P2601 was 8644 yuan/ton (-1.23%), and the basis was - 54 yuan/ton (+70.33%). The import cost was 9112.8 yuan/ton (-0.76%), and the import profit was - 469 yuan/ton (-8.89%) [1]. - **Rapeseed Oil**: The spot price in Jiangsu was 10290 yuan/ton (+0.29%), the futures price of OI601 was 9923 yuan/ton (-0.52%), and the basis was 367 yuan/ton (+28.77%) [1]. Corn and Corn Starch - **Corn**: The 2601 contract price at Jinzhou Port was 2185 - 2210 yuan/ton, the basis was 25 yuan/ton (+78.57%), and the 1 - 5 spread was - 67 yuan/ton (+5.63%). The import profit was 301 yuan/ton (+5.00%) [3]. - **Corn Starch**: The 2601 contract price was 2505 yuan/ton (-0.08%), the basis was 5 yuan/ton (+66.67%), and the 1 - 5 spread was - 76 yuan/ton (0.00%) [3]. Sugar - **Futures Market**: The price of sugar 2601 was 5470 yuan/ton (-0.76%), and the 1 - 5 spread was 66 yuan/ton (-16.46%). The ICE raw sugar主力 was 14.85 cents/pound (+2.91%) [7]. - **Spot Market**: The price in Nanning was 5660 yuan/ton (0.00%), and the Nanning basis was 256 yuan/ton (+12.78%) [7]. - **Industry Situation**: National sugar production increased by 12.03% year - on - year, and sales increased by 9.17% year - on - year [7]. Cotton - **Futures Market**: The price of cotton 2605 was 13470 yuan/ton (-0.19%), and the 5 - 1 spread was 20 yuan/ton (+300.00%). The ICE US cotton主力 was 64.14 cents/pound (-0.68%) [9]. - **Spot Market**: The Xinjiang arrival price of 3128B was 14594 yuan/ton (-0.14%), and the 3128B - 01 contract basis was 1124 yuan/ton (+0.45%) [9]. - **Industry Situation**: Commercial inventory increased by 70.4% month - on - month, and the textile and clothing retail sales increased by 19.5% month - on - month [9]. Meal - **Soybean Meal**: The spot price in Jiangsu was 3060 yuan/ton (+0.33%), the futures price of M2601 was 3092 yuan/ton (+0.68%), and the basis was - 32 yuan/ton (-52.38%). The Brazilian 2 - month shipping schedule import profit was - 7 yuan/ton (-800.0%) [11]. - **Rapeseed Meal**: The spot price in Jiangsu was 2500 yuan/ton (0.00%), the futures price of RM2601 was 2490 yuan/ton (-0.08%), and the basis was 10 yuan/ton (+25.00%) [11]. Eggs - **Futures Market**: The price of the 12 - contract was 3033 yuan/500KG (-0.23%), and the 12 - 01 spread was - 202 yuan/500KG (+10.22%) [15]. - **Spot Market**: The egg price in the production area was 2.98 yuan/jin (-0.34%), and the basis was - 51 yuan/500KG (-6.54%) [15]. Pigs - **Futures Market**: The price of the main contract was 11775 yuan/ton (-0.72%), and the main contract basis was 582 yuan/ton (+103.57%) [17]. - **Spot Market**: The price in Henan was 12060 yuan/ton (+0.50%), and the sample point daily slaughter volume was 162927 (-0.74%) [17].

1. Report Industry Investment Rating - No relevant content 2. Core Viewpoints of the Report - The supply of pure benzene is expected to be relatively loose with limited cost - side support, restricting its rebound space. However, due to its low current valuation, subsequent attention should be paid to device changes. The short - term rebound space of BZ2603 is limited, and it is advisable to wait and see [2]. - The supply - demand situation of styrene has improved in November, with a decline in port inventory, and short - term rebound and repair are the main trends. But the rebound space is expected to be limited due to factors such as possible delay of some factory overhauls, new device trials, and weakening downstream EPS demand. The short - term price of EB12 may be strong, and attention should be paid to the pressure around 6600 - 6700 [2]. 3. Summary According to Related Catalogs 3.1 Upstream Prices and Spreads - On November 14th, Brent crude oil (December) was at $64.39 per barrel, up $1.38 (2.2%) from the previous day; WTI crude oil (December) was at $60.09 per barrel, up $1.40 (2.4%); CFR Japan naphtha was at $577 per ton, up $8 (1.4%); CFR Northeast Asia ethylene remained unchanged at $735 per ton; CFR China pure benzene was at $678 per ton, up $2 (0.3%) [2]. - The spread between pure benzene and naphtha was $101 per ton, down $6 (-5.6%); the spread between ethylene and naphtha was $158 per ton, down $8 (-4.8%) [2]. - The listed price of pure benzene by Sinopec East China remained unchanged at 5300 yuan per ton, while the East China spot price was 5400 yuan per ton, up 50 yuan (0.9%); BZ futures 2603 was at 5526 yuan per ton, down 13 yuan (-0.2%) [2]. - The basis of BZ (03) was - 126 yuan per ton, up 63 yuan (33.3%); the import profit of pure benzene was - 139 yuan per ton, up 37 yuan (21.0%); the exchange rate (RMB central parity rate) was 7.0825, down 0.0040 (-0.1%) [2]. 3.2 Styrene - Related Prices and Spreads - On November 14th, the East China spot price of styrene was 6480 yuan per ton, up 10 yuan (0.2%); EB futures 2512 was at 6450 yuan per ton, up 13 yuan (0.2%); EB futures 2601 remained unchanged at 6469 yuan per ton [2]. - The basis of EB (12) was 30 yuan per ton, down 3 yuan (-9.1%); the spread between EB12 and EB01 was - 19 yuan per ton, up 13 yuan (40.6%) [2]. - The non - integrated cash flow of EB was - 109 yuan per ton, down 29 yuan (-35.5%); the integrated cash flow of EB was - 707 yuan per ton, down 64 yuan (-9.9%) [2]. - The spot spread between EB and BZ was 1080 yuan per ton, down 40 yuan (-3.6%); the spread between EBO3 and BZO3 was 1094 yuan per ton, up 23 yuan (2.1%); the spread between EB12 and BZ03 was 924 yuan per ton, up 26 yuan (2.9%) [2]. - CFR China styrene was at $806 per ton, up $3 (0.4%); the import profit of EB was - 180 yuan per ton, down 11 yuan (-6.4%) [2]. 3.3 Cash Flows of Pure Benzene and Styrene Downstream - On November 14th, the cash flow of phenol was - 486 yuan per ton, down 43 yuan (-9.7%); the cash flow of caprolactam (single product) was - 1575 yuan per ton, down 25 yuan (-1.6%); the cash flow of aniline was 488 yuan per ton, up 57 yuan (13.1%) [2]. - The cash flow of EPS was 70 yuan per ton, down 10 yuan (-12.5%); the cash flow of PS was - 100 yuan per ton, up 20 yuan (16.7%); the cash flow of ABS was - 358 yuan per ton, down 11 yuan (-3.2%) [2]. 3.4 Inventories of Pure Benzene and Styrene - As of November 10th, the inventory of pure benzene at Jiangsu ports was 11.30 million tons, down 0.80 million tons (-6.6%) from November 3rd; the inventory of styrene at Jiangsu ports was 17.48 million tons, down 0.45 million tons (-2.5%) [2]. 3.5 Changes in Operating Rates of the Pure Benzene and Styrene Industry Chain - As of November 13th, the operating rate of Asian pure benzene (Huarui) was 76.3%, down 2.5% (-3.2%) from November 7th; the domestic operating rate of pure benzene was 78.0%, up 2.8% (3.8%); the domestic operating rate of hydro - benzene remained unchanged at 53.8% [2]. - The operating rate of phenol was 67.6%, down 7.7% (-10.3%); the operating rate of caprolactam remained unchanged at 86.1%; the operating rate of aniline was 80.2%, up 2.4% (3.1%) [2]. - The operating rate of styrene was 69.3%, up 2.3% (3.5%); the operating rate of downstream PS was 55.4%, up 1.9% (3.6%); the operating rate of downstream EPS was 51.6%, down 2.3% (-4.3%); the operating rate of downstream ABS was 71.8%, up 0.2% (0.3%) [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report No information provided. 3. Summary by Related Catalogs Ferrous Metals - **Silicon Iron (SF601)**: The conversion price of 72 - silicon iron qualified blocks from Inner Mongolia to Tianjin warehouse receipts is 5490, with a change of 64 and a change rate of 1.24%, and a historical quantile of 64.00% [1]. - **Silicon Manganese (SM601)**: The price is 5870, with a change of 122 and a change rate of 2.12%, and a historical quantile of 48.40%. The conversion price of silicon manganese from Inner Mongolia to Hubei warehouse receipts is 6517 [1]. - **Rebar (RB2601)**: The price of HRB400 20mm in Shanghai is 3053 [1]. - **Hot - Rolled Coil (HC2601)**: The price is 3260, with a change of 4 and a change rate of 0.12%, and a historical quantile of 19.40%. The reference is Q235B 4.75mm in Shanghai [1]. - **Iron Ore (I2601)**: The price is 843, with a change of 70 and a change rate of 9.09%, and a historical quantile of 55.20%. The conversion price is for 62.5% Brazilian mixed powder (BRBF) from Vale at Rizhao Port [1]. - **Coke (J2601)**: The price is 1689, with a change of 20, and a historical quantile of 72.08%. The conversion price is for quasi - first - class metallurgical coke at Rizhao Port [1]. - **Coking Coal (JM2601)**: The price is 1301, with a change of 109 and a change rate of 9.14%, and a historical quantile of 54.40%. The conversion price is for S1.3 G75 main coking coal (Meng 5) at Shaheyi [1]. Non - Ferrous Metals - **Copper (CU2512)**: The spot price is 87095, the futures price is 86900, the basis is 195, the basis rate is 0.22%, and the historical quantile is 69.58% [1]. - **Aluminum (AL2601)**: The spot price is 21910, the futures price is 21840, the basis is 70, the basis rate is 0.32%, and the historical quantile is 76.45% [1]. - **Alumina (AO2601)**: The spot price is 2847, the futures price is 2822, the basis is 25, the basis rate is 0.90%, and the historical quantile is 30.61% [1]. - **Zinc (ZN2512)**: The spot price is 22420, the futures price is 22425, the basis is - 5, the basis rate is - 0.02%, and the historical quantile is 59.16% [1]. - **Tin (SN2512)**: The spot price is 1 1 1 0 00, 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports - **Palm Oil**: In Malaysia, the expected record - high production in 2025 may pressure the benchmark price, but Indonesia's B85 policy supports the market. Dalian palm oil futures are in an upward - trending oscillation and may continue to strengthen in the short - term, but there is a risk of decline after facing resistance below 9000 yuan [1]. - **Soybean Oil**: The USDA report's less - than - expected reduction in US soybean production led to a decline in CBOT soybeans and soy oil. In China, high inventory and weak downstream demand may cause short - term callbacks in Dalian soybean oil [1]. - **Corn**: Due to factors like farmers' price - holding, logistics issues, and demand from deep - processing and feed sectors, corn has a short - term supply - demand imbalance. The price may rebound but is limited by supply pressure, with attention on the 2200 - 2220 pressure level [3]. - **Sugar**: India's export policy and Brazil's approaching end of the harvest season make the sugar market relatively calm. The price of raw sugar is expected to oscillate around 14 cents/pound, and the domestic sugar market is likely to maintain an oscillating trend next week [7][8]. - **Cotton**: The 11 - month USDA report is bearish for cotton prices. In China, the short - term pressure from new cotton supply and weak downstream demand are offset by the relatively low inventory of spinning enterprises, resulting in short - term price pressure within a range [9]. - **Meal**: The USDA's November report lacks significant positive factors. With high domestic soybean inventory and expected reserve rotation, the meal market is expected to have wide - range oscillations [11]. - **Eggs**: High egg production inventory and weak demand lead to a short - term supply - demand imbalance. Although the decline in egg prices has slowed and the willingness to support prices has increased, the market is expected to remain in a weak, oscillating state this week [15]. - **Pigs**: Weak spot prices and high market supply pressure the price, but there is support at low levels. The overall slow progress of November's planned slaughter may boost the price. The market is in an oscillating pattern, and the 3 - 7 reverse spread strategy can be continued [17]. 3. Summary by Related Catalogs 3.1 Oils and Fats - **Soybean Oil**: On November 14, the spot price in Jiangsu was 8590 yuan/ton, up 0.35% from the previous day; the futures price of Y2601 was 8256 yuan/ton, down 0.72%; the basis was 334 yuan/ton, up 36.89% [1]. - **Palm Oil**: The spot price of 24 - degree palm oil in Guangdong was 8590 yuan/ton, up 0.23%; the futures price of P2601 was 8644 yuan/ton, down 1.23%; the basis was - 54 yuan/ton, up 70.33%. The import cost was 9112.8 yuan/ton, down 0.76%, and the import profit was - 469 yuan/ton, down 8.89% [1]. - **Rapeseed Oil**: The spot price of third - grade rapeseed oil in Jiangsu was 10290 yuan/ton, up 0.29%; the futures price of OI601 was 9923 yuan/ton, down 0.52%; the basis was 367 yuan/ton, up 28.77% [1]. - **Spreads**: The soybean oil 01 - 05 spread was 228 yuan/ton, up 2.70%; the palm oil 01 - 05 spread was - 116 yuan/ton, down 13.73%; the rapeseed oil 01 - 05 spread was 499 yuan/ton, up 1.63%. The spot soybean - palm oil spread was 0 yuan/ton, up 100%; the 2601 soybean - palm oil spread was - 732 yuan/ton, up 3.68%. The spot rapeseed - soybean oil spread was 1700 yuan/ton, unchanged; the 2601 rapeseed - soybean oil spread was 1667 yuan/ton, up 0.48% [1]. 3.2 Corn and Corn Starch - **Corn**: The price of corn 2601 at Jinzhou Port was 2185 - 2210 yuan/ton, with a change of - 0.05% - 0.45%. The basis was 25 yuan/ton, up 78.57%. The 1 - 5 spread was - 67 yuan/ton, up 5.63%. The price at Shekou was 2330 yuan/ton, up 0.43%. The import profit was 301 yuan/ton, up 5.00%. The number of remaining vehicles at Shandong deep - processing enterprises increased by 11.15%. The position was 1859009, down 1.16% [3]. - **Corn Starch**: The price of corn starch 2601 was 2505 yuan/ton, down 0.08%. The spot price in Changchun was 2510 yuan/ton, unchanged; in Weifang, it was 2750 yuan/ton, unchanged. The basis was 5 yuan/ton, up 66.67%. The 1 - 5 spread was - 76 yuan/ton, unchanged. The 01 spread between starch and corn was 320 yuan/ton, down 0.31%. The profit of Shandong starch was 35 yuan/ton, down 2.78%. The position was 301830, down 0.43% [3]. 3.3 Sugar - **Futures Market**: The price of sugar 2601 was 5470 yuan/ton, down 0.76%; the price of sugar 2605 was 5404 yuan/ton, down 0.53%. The price of ICE raw sugar was 14.85 cents/pound, up 2.91%. The 1 - 5 spread was 66 yuan/ton, down 16.46%. The position of the main contract was 370242, down 2.99%. The number of warehouse receipts was 8622, up 11.67%; the effective forecast was 183, down 84.53% [7]. - **Spot Market**: The price in Nanning was 5660 yuan/ton, unchanged; in Kunming, it was 5540 yuan/ton, unchanged. The basis in Nanning was 256 yuan/ton, up 12.78%; in Kunming, it was 136 yuan/ton, up 27.10%. The price of imported Brazilian sugar (within quota) was 3978 yuan/ton, down 1.41%; (outside quota) was 5036 yuan/ton, down 1.47% [7]. - **Industry Situation**: The cumulative national sugar production was 1116.21 tons, up 12.03%; the cumulative sales were 1048.00 tons, up 9.17%. The cumulative sugar production in Guangxi was 646.50 tons, up 4.59%. The monthly sales in Guangxi were 26.66 tons, down 41.20%. The national cumulative sugar sales rate was 93.90%, down 2.60%; in Guangxi, it was 93.90%, up 4.80%. The national industrial inventory was 68.21 tons, down 41.20%; in Guangxi, it was 44.21 tons, up 62.90%; in Yunnan, it was 33.65 tons, up 26.60%. Sugar imports were 55.00 tons, up 37.50% [7]. 3.4 Cotton - **Futures Market**: The price of cotton 2605 was 13470 yuan/ton, down 0.19%; the price of cotton 2601 was 13450 yuan/ton, down 0.30%. The price of ICE US cotton was 64.14 cents/pound, down 0.68%. The 5 - 1 spread was 20 yuan/ton, up 300%. The position of the main contract was 556440, down 1.15%. The number of warehouse receipts was 4401, up 5.29%; the effective forecast was 643, down 26.77% [9]. - **Spot Market**: The arrival price of Xinjiang cotton (3128B) was 14594 yuan/ton, down 0.14%. The CC Index (3128B) was 14806 yuan/ton, down 0.09%. The FC Index (M: 1%) was 12913 yuan/ton, down 0.28%. The spread between 3128B and the 01 contract was 1124 yuan/ton, up 0.45%; between 3128B and the 05 contract was 1144 yuan/ton, up 1.78%. The spread between CC Index (3128B) and FC Index (M: 1%) was 1883 yuan/ton, up 1.23% [9]. - **Industry Situation**: The commercial inventory was 293.06 tons, up 70.4%; imports were 10.00 tons, up 42.9%; the bonded area inventory was 31.10 tons, up 8.0%. The inventory days of yarn were 26.12 days, up 3.5%. The cotton shipping volume out of Xinjiang was 53.46 tons, up 22.6%. The immediate processing profit of spinning enterprises was - 1796.60 yuan/ton, up 0.8%. The retail sales of clothing, footwear, and textiles were 1471.00 billion yuan, up 19.5%. The year - on - year growth rate of clothing, footwear, and textiles was 6.30%, up 34.0%. The year - on - year growth rate of textile yarn, fabric, and product exports was - 9.10%, down 242.1%; the year - on - year growth rate of clothing and clothing accessories exports was - 15.96%, down 100.2% [9]. 3.5 Meal - **Soybean Meal**: The spot price in Jiangsu was 3060 yuan/ton, up 0.33%; the futures price of M2601 was 3092 yuan/ton, up 0.68%; the basis was - 32 yuan/ton, down 52.38%. The import crushing profit of Brazilian ships in February was - 7 yuan/ton, down 800% [11]. - **Rapeseed Meal**: The spot price in Jiangsu was 2500 yuan/ton, unchanged; the futures price of RM2601 was 2490 yuan/ton, down 0.08%; the basis was 10 yuan/ton, up 25.00%. The import crushing profit of Canadian ships in January was 777 yuan/ton, down 3.48% [11]. - **Soybeans**: The spot price of soybeans in Harbin was 3920 yuan/ton, unchanged; the futures price of the main soybean contract was 4215 yuan/ton, up 2.08%; the basis was - 295 yuan/ton, down 41.15%. The spot price of imported soybeans in Jiangsu was 3950 yuan/ton, unchanged; the futures price of the second - grade soybean contract was 3803 yuan/ton, up 0.37%; the basis was 147 yuan/ton, down 8.70% [11]. - **Spreads**: The 01 - 05 spread of soybean meal was 244 yuan/ton, up 11.42%; the 01 - 05 spread of rapeseed meal was 65 yuan/ton, up 3.17%. The spot oil - meal ratio was 2.81, up 0.02%; the main - contract oil - meal ratio was 2.67, down 1.40%. The spot soybean - rapeseed meal spread was 560 yuan/ton, up 1.82%; the 2601 spread was 602 yuan/ton, up 3.97% [11]. 3.6 Eggs - **Futures Market**: The price of the 12 - contract was 3033 yuan/500KG, down 0.23%; the price of the 01 - contract was 3235 yuan/500KG, down 0.92%. The 12 - 01 spread was - 202 yuan/500KG, up 10.22% [15]. - **Spot Market**: The price in egg - producing areas was 2.98 yuan/jin, down 0.34%. The basis was - 51 yuan/500KG, down 6.54% [15]. - **Related Indicators**: The price of egg - laying chicken chicks was 2.80 yuan/feather, unchanged; the price of culled chickens was 4.04 yuan/jin, up 0.25%. The egg - feed ratio was 2.34, down 1.68%. The breeding profit was - 26.52 yuan/feather, down 8.51% [15]. 3.7 Pigs - **Futures Market**: The basis of the main contract was 582 yuan/ton, up 103.57%. The price of the 2605 - contract was 12195 yuan/ton, down 0.33%; the price of the 2601 - contract was 11775 yuan/ton, down 0.72%. The 1 - 5 spread was - 420 yuan/ton, down 12.00%. The position of the main contract was 130675, down 3.05% [17]. - **Spot Market**: The price in Henan was 12060 yuan/ton, up 60.0; in Shandong, it was 12190 yuan/ton, up 140.0; in Sichuan, it was 11340 yuan/ton, down 60.0; in Liaoning, it was 11640 yuan/ton, up 140.0; in Guangdong, it was 12450 yuan/ton, down 160.0; in Hunan, it was 11440 yuan/ton, down 70.0; in Hebei, it was 11970 yuan/ton, up 70.0 [17]. - **Related Indicators**: The daily slaughter volume of sample points was 162927, down 0.74%. The weekly white - strip price was 18.60 yuan, unchanged. The weekly price of piglets was 17.25 yuan/kg, up 1.47%; the weekly price of sows was 32.47 yuan/kg, unchanged. The weekly slaughter weight was 128.48 kg, up 0.14%. The weekly self - breeding profit was - 115 yuan/head, down 28.70%; the weekly purchased - pig breeding profit was - 206 yuan/head, down 17.15%. The monthly number of fertile sows was 40350000, down 0.07% [17].

Report on the Steel Industry 1. Investment Rating No investment rating is provided in the report. 2. Core View - The steel price is not highly valued but lacks upward momentum. Considering the accumulation of iron element inventory, the price is expected to maintain a weak downward trend. It is recommended to take a short - position in unilateral operations. The spread between hot - rolled coils and rebar will continue to converge. The iron element chain has the basis for negative feedback, and going long is not recommended. The long - coking coal and short - hot - rolled coil arbitrage can be continued, but beware of the resumption of coal mine production for supply guarantee [2]. 3. Summary of Relevant Catalogs Steel Prices and Spreads - Rebar: Spot prices in East China decreased by 10 yuan/ton, unchanged in North and South China. Futures contract prices for 05, 10, and 01 increased by 5, 5, and 7 yuan/ton respectively. - Hot - rolled coils: Spot prices in East and North China decreased by 10 yuan/ton, unchanged in South China. Futures contract prices for 05, 10, and 01 increased by 5, 2, and 2 yuan/ton respectively [2]. Cost and Profit - Steel billet price increased by 20 yuan/ton, plate billet price remained unchanged. - The cost of Jiangsu electric - arc furnace rebar decreased by 4 yuan/ton, and the cost of Jiangsu converter rebar increased by 3 yuan/ton. - Profits of hot - rolled coils in East, North, and South China decreased by 25 yuan/ton, and rebar profits in East, North, and South China decreased by 15, 25, and 5 yuan/ton respectively [2]. Production, Inventory, and Demand - Production: The daily average pig iron output increased by 2.6 to 236.8 (1.1% increase). The output of five major steel products decreased by 22.4 to 834.4 (-2.6% decrease), rebar output decreased by 8.5 to 200.0 (-4.1% decrease), and hot - rolled coil output decreased by 4.5 to 313.7 (-1.4% decrease). - Inventory: The inventory of five major steel products decreased by 26.2 to 1477.4 (-1.7% decrease), rebar inventory decreased by 16.4 to 576.2 (-2.8% decrease), and hot - rolled coil inventory remained basically unchanged. - Demand: Building materials trading volume decreased by 0.2 to 10.4 (-1.9% decrease), the apparent demand of five major steel products decreased by 6.3 to 860.6 (-0.7% decrease), rebar apparent demand decreased by 2.2 to 216.4 (-1.0% decrease), and hot - rolled coil apparent demand decreased by 0.7 to 313.6 (-0.2% decrease) [2]. Report on the Iron Ore Industry 1. Investment Rating No investment rating is provided in the report. 2. Core View - After a rapid decline last week, the iron ore futures rebounded. Although the pig iron output increased this week, there is limited room for further growth. With the current profit margin and inventory level of steel mills, it is not enough to trigger negative feedback. It is expected that iron ore will show a high - level oscillating trend, and it is advisable to stay on the sidelines in unilateral operations [4]. 3. Summary of Relevant Catalogs Iron Ore Prices and Spreads - The cost of some warehouse receipts decreased slightly, while the cost of Brazilian mixed powder increased by 2.2 yuan/ton (0.3% increase). - The basis of some 01 contracts decreased slightly, while the basis of Brazilian mixed powder increased by 2.2 yuan/ton (3.2% increase). - The 5 - 9 spread decreased by 0.5 to 22.0 (-2.2% decrease), the 9 - 1 spread decreased by 1.5 to - 51.0 (-3.0% decrease), and the 1 - 5 spread increased by 2.0 to 29.0 (7.4% increase) [4]. Supply and Demand and Inventory - Supply: The global iron ore shipment volume decreased by 144.8 to 3069.0 (-4.5% decrease) week - on - week, and the arrival volume at 45 ports decreased by 477.2 to 2741.2 (-14.8% decrease). - Demand: The daily average pig iron output of 247 steel mills increased by 2.7 to 236.9 (1.1% increase), the daily average port clearance volume increased by 6.0 to 327.0 (1.9% increase), and the monthly production of pig iron and crude steel decreased. - Inventory: The 45 - port inventory increased slightly, the imported ore inventory of 247 steel mills increased by 66.1 to 9076.0 (0.7% increase), and the inventory available days of 64 steel mills remained unchanged [4]. Report on the Coke and Coking Coal Industry 1. Investment Rating No investment rating is provided in the report. 2. Core View - Coke: The futures price showed an oscillating downward trend. Although there is still an expectation of price increase due to cost support, the upward space is limited. It is recommended to view it as an oscillating market with a range of 1650 - 1780 yuan/ton. A long - 01 and short - 05 arbitrage is recommended, but beware of the negative feedback risk caused by the decline in steel prices. - Coking coal: The futures price showed an oscillating downward trend. The spot price is still at a high level, but the downward space of the futures is limited. It is recommended to view it as an oscillating market with a range of 1170 - 1290 yuan/ton. A long - 01 and short - 05 arbitrage is recommended, but beware of the negative feedback risk caused by the decline in steel prices [6]. 3. Summary of Relevant Catalogs Prices and Spreads - Coke: The price of Shanxi quasi - first - grade wet - quenched coke (warehouse receipt) remained unchanged, the 01 contract price decreased by 17 to 1670 (-1.0% decrease), and the 05 contract price decreased by 8 (-0.4% decrease). - Coking coal: The price of Shanxi medium - sulfur primary coking coal (warehouse receipt) remained unchanged, the 01 contract price decreased by 22 to 1192 (-1.8% decrease), and the 05 contract price decreased by 11 to 1250 (-0.9% decrease) [6]. Supply, Demand, and Inventory - Supply: The daily average coke output of all - sample coking plants decreased by 0.6 to 63.0 (-0.9% decrease), and the daily average output of 247 steel mills increased by 0.1 to 46.2 (0.2% increase). The raw coal output of Fenwei sample coal mines increased by 5.4 to 853.8 (0.6% increase). - Demand: The pig iron output of 247 steel mills increased by 2.7 to 236.9 (1.1% increase). - Inventory: Coke total inventory decreased by 7.7 to 879.4 (-0.9% decrease), coking coal inventory in some sectors increased, and in some sectors decreased [6].

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - In the context of weak supply and demand, the log futures market is expected to remain volatile. It is recommended to take a short - position when the price is high [3][4] 3. Summary by Relevant Catalogs Futures and Spot Prices - **Futures Prices**: On November 14, 2025, the prices of log futures contracts showed different trends. For example, the price of log 2601 was 788.5, up 5.0 (0.64%) from the previous day; log 2603 was 795.5, up 2.0 (0.25%); while log 2511 and log 2605 remained unchanged [2] - **Spot Prices**: The spot prices of various types of logs in ports such as Rizhao and Taicang remained stable, with a 0% change. The prices of different specifications of radiation pine and spruce in these ports did not change from the previous day [2] - **Import Cost**: The import theoretical cost on November 14 was 808.86 yuan, down 0.91 yuan from the previous day, with a 0% change. The RMB - US dollar exchange rate was 7.094, down 0.01 from the previous day, also with a 0% change [2] Supply - **Monthly Supply**: In October, the port shipping volume was 201.3 (in ten thousand cubic meters), up 24.7 (13.99%) from September. The number of departing ships from New Zealand to China, Japan, and South Korea was 54.0, up 8.0 (17.39%) [2] - **Weekly Forecast (2025.11.10 - 2025.11.16)**: The number of pre - arriving New Zealand log ships at 13 Chinese ports was 12, a decrease of 4 from the previous week, a 25% week - on - week decrease; the total arrival volume was about 39.5 (in ten thousand cubic meters), a decrease of 13.6 from the previous week, a 26% week - on - week decrease [3] Inventory - **Main Port Inventory (Weekly)**: As of November 7, the total inventory in Chinese ports was 293.0 (in ten thousand cubic meters), an increase of 5.0 (1.74%) from October 31. In Shandong, it was 191.50 (in ten thousand cubic meters), up 3.2 (1.70%); in Jiangsu, it was 82.45 (in ten thousand cubic meters), up 0.2 (0.24%) [2][3] Demand - **Weekly Demand**: As of November 7, the average daily outbound volume in China was 6.63 (in ten thousand cubic meters), up 0.35 (6%) from October 31. In Shandong, it was 3.79 (in ten thousand cubic meters), up 0.60 (19%); in Jiangsu, it was 2.28 (in ten thousand cubic meters), down 0.15 (-6%) [3]