Group 1: Investment Ratings - There is no information about the industry investment ratings in the provided reports. Group 2: Core Views Rubber Industry - Dark - colored rubber has reached an inventory accumulation inflection point, market sentiment is weak, and rubber prices have further declined. If raw material supply is smooth during the peak production season in the main producing areas, there is room for further decline; if not, the rubber price is expected to fluctuate between 15,000 - 15,500 yuan/ton [1]. Glass and Soda Ash Industry - Soda ash prices are trending weakly, with over - supply prominent. The market is under pressure, and the overall demand will continue the previous rigid pattern. Operationally, it should be treated bearishly. For glass, although there is a demand expectation during the peak season in November, in the long - term, the industry needs capacity clearance, and short - term long opportunities can be captured when prices rebound from lows [3]. Industrial Silicon Industry - Industrial silicon spot prices are stable, while futures prices are oscillating downward. In November, there is still inventory accumulation pressure. The price is expected to oscillate at a low level, mainly in the range of 8,500 - 9,500 yuan/ton. When the price drops to around 8,500 yuan/ton, one can consider going long [4]. Polysilicon Industry - Polysilicon spot prices have fallen, and futures prices have dropped significantly. In November, the supply and demand are both weak, and there is still inventory accumulation pressure. The price is expected to oscillate in a high - level range. Different trading strategies are proposed for futures, options, and equities [5]. Log Industry - Log futures are oscillating weakly. The supply is increasing, but downstream orders are insufficient, and the market is under pressure. However, the price difference between domestic and foreign markets provides some support. The log futures are expected to continue to oscillate weakly [7]. Group 3: Summaries by Catalog Rubber Industry Spot Prices and Basis - Yunnan state - owned whole - latex rubber (SCRWF) in Shanghai decreased by 50 yuan/ton to 14,600 yuan/ton, a decline of 0.34%. The basis of whole - latex increased by 170 yuan/ton to - 275 yuan/ton, a rise of 38.20%. Thai standard mixed rubber decreased by 200 yuan/ton to 14,400 yuan/ton, a decline of 1.37% [1]. Monthly Spreads - The 9 - 1 spread increased by 10 yuan/ton to 145 yuan/ton, a rise of 6.90%. The 1 - 5 spread increased by 5 yuan/ton to - 85 yuan/ton, a rise of 5.56% [1]. Fundamentals - In August, Thailand's production decreased by 2,000 tons to 458,800 tons, a decline of 0.43%. Indonesia's production decreased by 8,500 tons to 189,000 tons, a decline of 4.30%. India's production increased by 5,000 tons to 50,000 tons, a rise of 11.11%. China's production increased by 12,200 tons to 113,700 tons [1]. Inventory Changes - Bonded area inventory increased by 15,439 tons to 447,668 tons, a rise of 3.57%. The factory - warehouse futures inventory of natural rubber on the SHFE increased by 2,015 tons to 44,655 tons, a rise of 4.73% [1]. Glass and Soda Ash Industry Glass - related Prices and Spreads - The South China glass quotation decreased by 10 yuan/ton to 1,200 yuan/ton, a decline of 0.83%. Glass 2505 and 2509 remained unchanged [3]. Soda Ash - related Prices and Spreads - Soda Ash 2505 decreased by 10 yuan/ton to 1,280 yuan/ton, a decline of 0.78%. Soda Ash 2509 decreased by 8 yuan/ton to 1,354 yuan/ton, a decline of 0.62%. The 05 basis increased by 10 yuan/ton to 20 yuan/ton, a rise of 100% [3]. Supply - Soda ash production rate decreased by 1.72% to 86.89%. Weekly soda ash production decreased by 13,000 tons to 757,600 tons, a decline of 1.71%. Floating glass daily melting volume remained unchanged at 161,300 tons [3]. Inventory - Glass factory - warehouse inventory increased by 296,600 weight - cases to 6,579,000 weight - cases, a rise of 4.72%. Soda ash factory - warehouse inventory increased by 42,000 tons to 1,702,000 tons, a rise of 2.54% [3]. Real Estate Data - New construction area increased by 0.09% to - 0.09%. Construction area decreased by 2.43% to 0.05%. Completion area decreased by 0.03% to - 0.22%. Sales area decreased by 6.50% to - 6.55% [3]. Industrial Silicon Industry Spot Prices and Basis - East China oxygen - containing SI5530 industrial silicon remained unchanged at 9,450 yuan/ton. The basis of SI4210 increased by 255 yuan/ton to 15 yuan/ton, a rise of 106.25% [4]. Monthly Spreads - The 2511 - 2512 spread increased by 40 yuan/ton to - 400 yuan/ton, a rise of 9.09%. The 2512 - 2601 spread increased by 10 yuan/ton to 35 yuan/ton, a rise of 40% [4]. Fundamentals - National industrial silicon production increased by 31,400 tons to 452,200 tons, a rise of 7.46%. Xinjiang's production increased by 32,400 tons to 235,600 tons, a rise of 15.94% [4]. Inventory Changes - Xinjiang's factory - warehouse inventory decreased by 30 tons to 108,100 tons, a decline of 0.28%. Social inventory decreased by 100 tons to 558,000 tons, a decline of 0.18% [4]. Polysilicon Industry Spot Prices and Basis - The average price of N - type reclaimed feedstock decreased by 50 yuan/ton to 52,200 yuan/ton, a decline of 0.10%. The N - type material basis increased by 2,300 yuan/ton to - 1,515 yuan/ton, a rise of 60.29% [5]. Futures Prices and Monthly Spreads - The main contract decreased by 2,350 yuan/ton to 53,715 yuan/ton, a decline of 4.19%. The spread between the current month and the first - following month increased by 80 yuan/ton to - 2,175 yuan/ton, a rise of 3.55% [5]. Fundamentals - Weekly polysilicon production decreased by 1,300 tons to 28,200 tons, a decline of 4.41%. Monthly polysilicon production increased by 4,000 tons to 134,000 tons, a rise of 3.08% [5]. Inventory Changes - Polysilicon inventory increased by 300 tons to 26,100 tons, a rise of 1.16%. Silicon wafer inventory increased by 460 GW to 18,930 GW, a rise of 2.49% [5]. Log Industry Futures and Spot Prices - Log 2511 increased by 0.5 yuan/cubic meter to 740.5 yuan/cubic meter, a rise of 0.07%. Log 2601 decreased by 5.5 yuan/cubic meter to 776.5 yuan/cubic meter, a decline of 0.70% [7]. Import Cost - The RMB - US dollar exchange rate increased by 0.01 to 7.131. The import theoretical cost increased by 8.34 yuan/cubic meter to 812.94 yuan/cubic meter, a rise of 1% [7]. Supply - In September, port shipments increased by 247,000 cubic meters to 2,013,000 cubic meters, a rise of 13.99%. The number of departing ships from New Zealand to China, Japan, and South Korea increased by 8 to 54, a rise of 17.39% [7]. Inventory - As of October 31, national log inventory increased by 40,000 cubic meters to 2,880,000 cubic meters, a rise of 1.41%. Shandong's inventory increased by 18,000 cubic meters to 1,883,000 cubic meters, a rise of 0.97% [7]. Demand - As of October 31, the national average daily log outbound volume decreased by 16,000 cubic meters to 628,000 cubic meters, a decline of 2%. Shandong's decreased by 35,000 cubic meters to 319,000 cubic meters, a decline of 10% [7].

Report Industry Investment Rating No relevant content provided. Core Viewpoints No clear core viewpoints are presented in the reports. The reports mainly provide various data on different financial products such as stock index futures spreads, bond futures spreads, precious metals, and container shipping. Summary by Relevant Catalogs Stock Index Futures Spreads - **IF期现价差**: The latest value is -29.70, down -11.10 from the previous day, with a 1 - year historical quantile of 27.80% and an all - time historical quantile of 13.60% [1]. - **IH期现价差**: The latest value is -4.77, down -5.02 from the previous day, with a 1 - year historical quantile of 31.10% and an all - time historical quantile of 34.70% [1]. - **IC期现价差**: The latest value is -116.23, down -22.22 from the previous day, with a 1 - year historical quantile of 13.50% and an all - time historical quantile of 2.00% [1]. - **IM期现价差**: The latest value is -151.33, down -11.21 from the previous day, with a 1 - year historical quantile of 50.00% and an all - time historical quantile of 9.80% [1]. - **跨品种比值**: For example, the ratio of CSI 500 to SSE 300 is 1.5612, down -0.0147 from the previous day, with a 1 - year historical quantile of 84.00% and an all - time historical quantile of 64.90% [1]. Bond Futures Spreads - **IRR and Basis**: For example, the IRR of a certain bond is 1.7186, down -0.0401 from the previous day, with a historical percentile since listing of 33.40% [4]. - **跨期价差**: For TS, the spread between the current quarter and the next quarter is 0.0400, up 0.0020 from the previous day, with a historical percentile of 31.40% [4]. - **跨品种价差**: For example, the spread between TS and TF is -3.5320, up 0.0020 from the previous day, with a historical percentile of 8.30% [4]. Precious Metals - **Domestic Futures Closing Prices**: The AU2512 contract closed at 915.58 yuan/gram on November 4, down -7.00 yuan or -0.76% from November 3. The AG2512 contract closed at 11238 yuan/kilogram, down -217 yuan or -1.89% [5]. - **Foreign Futures Closing Prices**: The COMEX gold主力 contract closed at 3941.30 dollars/ounce on November 4, down -72.40 dollars or -1.80% from November 3. The COMEX silver主力 contract closed at 46.90 dollars, down -1.01 dollars or -2.12% [5]. - **Spot Prices**: London gold was at 3931.95 dollars/ounce on November 4, down -69.12 dollars or -1.73% from November 3. London silver was at 47.12 dollars/ounce, down -0.95 dollars or -1.97% [5]. - **Basis**: The basis of gold TD - Shanghai gold主力 is 0.10, up 2.48 from the previous value, with a 1 - year historical quantile of 93.90% [5]. - **Ratios**: The ratio of COMEX gold to silver is 84.05, up 0.27 or 0.32% from the previous day [5]. - **Interest Rates and Exchange Rates**: The 10 - year US Treasury yield is 4.10%, down -0.03% from the previous day. The US dollar index is 100.21, up 0.33 or 0.33% [5]. - **Inventory and Positions**: The Shanghai Futures Exchange gold inventory is 87816, unchanged from the previous day. The Shanghai Futures Exchange silver inventory is 665610 kilograms, up 6759 kilograms or 1.03% [5]. Container Shipping - **Spot Quotes**: MAERSK's Shanghai - Europe 6 - week future freight rate reference is 2457 dollars/FEU on November 4, up 199 dollars or 8.81% from November 3 [7]. - **Shipping Indexes**: The SCFIS (European route) settlement price index is 1208.71 on November 3, down -104.0 or -7.92% from October 27. The SCFIS (US West route) is 1267.15, up 159.8 or 14.43% [7]. - **Futures Prices and Basis**: The EC2602 contract is 1593.7 on November 4, up 1.5 or 0.09% from November 3. The basis of the main contract is -276.3, down -1.5 or 0.55% [7]. - **Fundamentals**: The global container shipping capacity supply is 3335.89 million TEU on November 4, unchanged from November 3. The Shanghai port on - time rate in September is 42.77%, up 24.46 percentage points or 133.59% from August [7].

Group 1: Report Industry Investment Ratings - No relevant information provided Group 2: Core Views of the Report Copper - Overseas liquidity is tight, the US dollar index is strong, and copper prices weakened yesterday. In the medium - long term, supply - demand contradictions support the upward shift of the bottom center of copper prices, but short - term rapid increases suppress demand. The support for the main contract is at 84000 - 85000 [1]. Aluminum - Alumina prices are expected to remain weakly volatile, with the main contract reference range of 2750 - 2900 yuan/ton. Aluminum prices will likely fluctuate between event - driven factors and weak fundamentals in the short term, and there is a risk of a callback to 20500 - 20800 yuan/ton if inventory accumulates [4]. Aluminum Alloy - ADC12 prices are expected to maintain a relatively strong oscillating trend, with the main contract reference range of 20400 - 21000 yuan/ton [6]. Zinc - Zinc prices will show a short - term oscillating and strengthening trend, but the fundamentals provide limited elasticity for the continuous upward movement of Shanghai zinc. It may maintain range - bound oscillations, with the main contract reference range of 22300 - 23000 [8]. Tin - Considering the strong fundamentals, a strategy of buying on dips is recommended. If the supply from Myanmar recovers smoothly, tin prices may weaken; otherwise, they are expected to continue the strong trend [11]. Nickel - The nickel market is expected to oscillate within a range, with the main contract reference range of 118000 - 126000. Attention should be paid to macro - expectations and Indonesian industrial policies [13]. Stainless Steel - The stainless - steel market is expected to remain weakly volatile in the short term, with the main contract reference range of 12500 - 13000. Attention should be paid to macro - expectations and steel mill supply [15]. Lithium Carbonate - Lithium carbonate prices are expected to be weakly adjusted, with the main contract reference range of 76000 - 82000 yuan/ton [17]. Group 3: Summary by Relevant Catalogs Copper - **Price and Basis**: SMM 1 electrolytic copper was at 86590 yuan/ton, down 0.29% from the previous day. The import profit and loss was - 685 yuan/ton, up 186.69 yuan/ton from the previous day [1]. - **Monthly Spread**: The 2512 - 2601 spread was 30 yuan/ton, up 110 yuan/ton from the previous day [1]. - **Fundamental Data**: In October, electrolytic copper production was 109.16 million tons, down 2.62% month - on - month; in September, imports were 33.43 million tons, up 26.50% month - on - month [1]. Aluminum - **Price and Spread**: SMM A00 aluminum was at 21440 yuan/ton, with no change from the previous day. The import profit and loss was - 2608 yuan/ton, down 2.8 yuan/ton from the previous day [4]. - **Monthly Spread**: The 2511 - 2512 spread was - 35 yuan/ton, down 30 yuan/ton from the previous day [4]. - **Fundamental Data**: In October, alumina production was 778.53 million tons, up 2.39% month - on - month; electrolytic aluminum production was 374.21 million tons, up 3.52% month - on - month [4]. Aluminum Alloy - **Price and Spread**: SMM aluminum alloy ADC12 was at 21400 yuan/ton, with no change from the previous day. The 2511 - 2512 spread was - 115 yuan/ton, down 65 yuan/ton from the previous day [6]. - **Fundamental Data**: In September, the production of recycled aluminum alloy ingots was 66.10 million tons, up 7.48% month - on - month; the production of primary aluminum alloy ingots was 28.30 million tons, up 4.43% month - on - month [6]. Zinc - **Price and Spread**: SMM 0 zinc ingot was at 22580 yuan/ton, up 1.03% from the previous day. The import profit and loss was - 4758 yuan/ton, down 276.57 yuan/ton from the previous day [8]. - **Monthly Spread**: The 2511 - 2512 spread was - 55 yuan/ton, down 5 yuan/ton from the previous day [8]. - **Fundamental Data**: In October, refined zinc production was 61.72 million tons, up 2.85% month - on - month; in September, imports were 2.27 million tons, down 11.61% month - on - month [8]. Tin - **Spot Price and Basis**: SMM 1 tin was at 285400 yuan/ton, with no change from the previous day. The LME 0 - 3 premium was 74.00 dollars/ton, up 85.00% from the previous day [11]. - **Monthly Spread**: The 2511 - 2512 spread was - 310 yuan/ton, down 66.07% from the previous day [11]. - **Fundamental Data**: In September, tin ore imports were 8714 tons, down 15.13% month - on - month; SMM refined tin production was 10510 tons, down 31.71% month - on - month [11]. Nickel - **Price and Basis**: SMM 1 electrolytic nickel was at 121800 yuan/ton, down 0.16% from the previous day. The LME 0 - 3 was - 212 dollars/ton, down 3.25% from the previous day [13]. - **Monthly Spread**: The 2512 - 2601 spread was - 240 yuan/ton, down 10 yuan/ton from the previous day [13]. - **Supply and Inventory**: In October, China's refined nickel production was 35900 tons, up 0.84% month - on - month; imports were 38164 tons, up 124.36% month - on - month [13]. Stainless Steel - **Price and Basis**: 304/2B (Wuxi Hongwang 2.0 roll) was at 12800 yuan/ton, with no change from the previous day. The futures - spot price difference was 425 yuan/ton, up 25.00% from the previous day [15]. - **Monthly Spread**: The 2512 - 2601 spread was - 65 yuan/ton, down 10 yuan/ton from the previous day [15]. - **Fundamental Data**: In October, China's 300 - series stainless - steel crude steel production (43 companies) was 182.17 million tons, up 0.38% month - on - month; Indonesia's 300 - series stainless - steel crude steel production (Qinglong) was 42.35 million tons, up 0.36% month - on - month [15]. Lithium Carbonate - **Price and Basis**: SMM battery - grade lithium carbonate was at 80608 yuan/ton, down 0.12% from the previous day. The basis (SMM battery - grade lithium carbonate benchmark) was 280 yuan/ton, down 83.53% from the previous day [17]. - **Monthly Spread**: The 2511 - 2512 spread was - 1480 yuan/ton, down 60 yuan/ton from the previous day [17]. - **Fundamental Data**: In October, lithium carbonate production was 92260 tons, up 5.73% month - on - month; demand was 126961 tons, up 8.70% month - on - month [17].

Report on the Oil and Fat Industry Investment Rating Not provided Core View The Malaysian BMD crude palm oil futures are expected to maintain a weak and volatile trend, with a chance of gradually bottoming out and rebounding. Domestic palm oil futures are in an oscillatory adjustment phase, while soybean oil supply is expected to remain abundant, but crushers' losses support price - holding. [1] Summary by Category - **Price Changes**: On November 4, compared with November 3, the spot price of Jiangsu - grade 1 soybean oil increased by 50 yuan to 8420 yuan, with a 0.60% increase; the spot price of Guangdong 24 - degree palm oil decreased by 30 yuan to 8570 yuan, with a 0.35% decrease; the spot price of Jiangsu - grade 3 rapeseed oil decreased by 30 yuan to 9770 yuan, with a 0.31% decrease. [1] - **Spread Changes**: The basis of Y2601 soybean oil increased by 52 yuan to 312 yuan, with a 20.00% increase; the basis of P2601 palm oil increased by 18 yuan to - 46 yuan, with a 28.13% increase; the basis of OI601 rapeseed oil decreased by 3 yuan to 327 yuan, with a 0.91% decrease. [1] - **Inventory Outlook**: In Malaysia, the market expects the end - of - month palm oil inventory to reach about 2.44 million tons. In China, the soybean inventory at factories was 7.7 million tons last weekend, at a record high since 2021. [1] Report on the Pig Industry Investment Rating Not provided Core View The pig price has weakened from a strong level. However, the slowdown in the overall slaughter progress in November may boost the pig price to some extent. The current market is in a weakly oscillatory range, and the 3 - 7 reverse spread position can be held. [4] Summary by Category - **Price Changes**: On November 4, compared with the previous day, the spot price of pigs in Henan decreased by 250 yuan to 11950 yuan/ton; the price of the main contract basis decreased by 200 yuan to 265 yuan/ton, with a 43.01% decrease. [4] - **Inventory and Consumption Indicators**: The daily slaughter volume of sample slaughterhouses decreased by 203 to 158004, with a 0.37% decrease; the weekly price of piglets decreased by 6 yuan to 20 yuan/kg, with a 23.08% decrease. [4] Report on the Meal Industry Investment Rating Not provided Core View China is expected to purchase 12 million tons of new - crop US soybeans this year, which provides support for the US soybean market. However, the domestic soybean and soybean meal inventories are at a high level, but due to cost - side support and negative crushing margins, the downward space for domestic soybean meal is limited. [7] Summary by Category - **Price Changes**: On November 4, compared with the previous day, the spot price of Jiangsu soybean meal increased by 10 yuan to 3050 yuan, with a 0.33% increase; the spot price of Jiangsu rapeseed meal increased by 10 yuan to 2530 yuan, with a 0.40% increase. [7] - **Spread and Margin Changes**: The basis of M2601 soybean meal increased by 21 yuan to 35 yuan, with a 150.00% increase; the basis of RM2601 rapeseed meal increased by 4 yuan to 33 yuan, with a 13.79% increase. The crushing margin for US Gulf January shipments increased by 26 yuan to - 661 yuan, with a 3.8% increase; the crushing margin for Canadian January shipments decreased by 63 yuan to 596 yuan, with a 9.56% decrease. [7] Report on the Corn Industry Investment Rating Not provided Core View Currently, the corn market is under selling pressure, and the upward movement of the futures price is restricted, remaining in a low - level oscillation. In the long - term, due to low imports, demand resilience, and policy regulation, the corn market will be in a tight - balance situation. [8] Summary by Category - **Price Changes**: On November 4, compared with the previous day, the price of corn 2601 decreased by 6 yuan to 2135 yuan, with a 0.28% decrease; the price of corn starch 2601 decreased by 9 yuan to 2444 yuan, with a 0.37% decrease. [8] - **Inventory and Consumption Indicators**: The morning remaining vehicle count at Shandong deep - processing plants increased by 20 to 648, with a 3.18% increase; the inventory of Shandong deep - processing plants increased by 2385 to 66351, with a 3.73% increase. [8] Report on the Sugar Industry Investment Rating Not provided Core View The expected increase in sugar supply surplus, combined with weakening energy prices and favorable weather in major producing areas, has led to a weak trend in raw sugar prices. The domestic sugar price is also under pressure but is relatively resistant to decline due to cost support and market sentiment. The spot market is sluggish, and the price is expected to remain in a low - level oscillation. [13] Summary by Category - **Price Changes**: On November 4, compared with the previous day, the price of sugar 2601 decreased by 18 yuan to 5481 yuan, with a 0.33% decrease; the price of ICE raw sugar futures decreased by 0.47 cents to 14.21 cents/pound, with a 3.20% decrease. [13] - **Inventory and Consumption Indicators**: The national cumulative sugar production increased by 1.1989 million tons to 11.1621 million tons, with a 12.03% increase; the national cumulative sugar sales increased by 0.88 million tons to 10.48 million tons, with a 9.17% increase. [13] Report on the Egg Industry Investment Rating Not provided Core View In the short - term, the egg market has an oversupply situation. The price is expected to be in a stalemate but may gradually rise as demand recovers. The egg price is expected to oscillate widely at the bottom, with a reference range of 2900 - 3300. [16] Summary by Category - **Price Changes**: On November 4, compared with the previous day, the price of the egg 12 - contract decreased by 14 yuan to 3144 yuan/500KG, with a 0.44% decrease; the price of the egg 01 - contract decreased by 10 yuan to 3337 yuan/500KG, with a 0.30% decrease. [15] - **Inventory and Consumption Indicators**: The price of egg - laying chicks increased by 0.15 yuan to 2.8 yuan/feather, with a 5.66% increase; the price of culled hens decreased by 0.18 yuan to 4.11 yuan/jin, with a 4.20% decrease. [15] Report on the Cotton Industry Investment Rating Not provided Core View The cost of new cotton provides strong support for the cotton price, but the price faces hedging pressure. The downstream demand is weak, but the inventory pressure of finished products is not significant. The short - term cotton price is expected to oscillate within a range. [18] Summary by Category - **Price Changes**: On November 4, compared with the previous day, the price of cotton 2605 decreased by 60 yuan to 13522 yuan, with a 0.44% decrease; the price of cotton 2601 decreased by 65 yuan to 13535 yuan, with a 0.48% decrease. [18] - **Inventory and Consumption Indicators**: The commercial cotton inventory increased by 0.6985 million tons to 1.7202 million tons, with a 68.4% increase; the industrial cotton inventory decreased by 0.0362 million tons to 0.8093 million tons, with a 4.3% decrease. [18]

1. Report Industry Investment Ratings - No investment ratings are provided in the report. 2. Core Views Steel - Recently, the decline in iron ore prices has led to a rapid drop in steel prices. The supply of iron elements is relatively loose, and the decrease in molten iron production by steel mills has alleviated inventory pressure. The apparent demand for five major steel products is higher than production, and inventory continues to decline. However, the inventory of flat - rolled products is relatively high year - on - year, and the pressure for winter stockpiling is greater than last year. It is expected that steel mills will actively reduce production in winter. The 1 - month contract for rebar and hot - rolled coil is expected to test the support levels of 3000 and 3200 respectively. The strategy of going long on coking coal and short on hot - rolled coil can continue to be held [2]. Iron Ore - The iron ore futures showed a weak downward trend. On the supply side, the global iron ore shipment volume decreased last week, but the arrival volume at 45 ports increased significantly. On the demand side, the profit margin of steel mills has dropped significantly, molten iron production has declined from its peak, and the restocking demand of steel mills is weak. The inventory pressure has increased. The previous macro - positive factors have been digested, and the decline in iron ore prices, molten iron production, and the increase in port inventory still suppress iron ore. The strategy is to short iron ore 2601 on rallies, with a reference range of 760 - 810, and recommend the 1 - 5 positive spread arbitrage [4][6]. Coke - The coke futures showed a volatile downward trend. The spot market has a third - round price increase, and there is still an expectation of further increases. On the supply side, the rebound in coking coal prices provides cost support, and the loss of coke production has narrowed after the price increase. On the demand side, environmental restrictions and the decline in molten iron production have suppressed the price increase. The overall inventory is slightly increasing, and the supply is tight. The strategy is to go long on coke 2601 on dips, with a reference range of 1700 - 1850, and conduct the arbitrage of going long on coking coal and short on coke [7]. Coking Coal - The coking coal futures showed a volatile downward trend, with a divergence between futures and spot. The domestic coking coal market continues to be strong, but traders are becoming cautious. On the supply side, some coal mines are resuming production, and the supply is expected to increase, but the recovery is limited. On the demand side, the restocking demand is weakening. The overall inventory is slightly decreasing, and downstream is actively restocking. The strategy is to go long on coking coal 2601 on dips in the short - term, with a reference range of 1200 - 1350, and conduct the arbitrage of going long on coking coal and short on coke [7]. 3. Summary by Relevant Catalogs Steel Price and Spread - Rebar and hot - rolled coil spot and futures prices generally declined. For example, the spot price of rebar in East China decreased from 3220 to 3210 yuan/ton, and the 05 - contract price of hot - rolled coil decreased from 3304 to 3272 yuan/ton [2]. Cost and Profit - The billet price decreased by 20 yuan/ton to 2930 yuan/ton, and the cost of Jiangsu electric - arc furnace rebar decreased by 3 yuan/ton to 3305 yuan/ton. The profit of hot - rolled coil in East China decreased by 10 yuan/ton to 24 yuan/ton [2]. Production - The daily average molten iron production increased by 3.5 to 239.9 tons, a 1.5% increase. The production of five major steel products increased by 10.0 tons to 875.3 tons, a 1.2% increase [2]. Inventory - The inventory of five major steel products decreased by 41.1 tons to 1513.7 tons, a 2.6% decrease. The rebar inventory decreased by 19.6 tons to 602.5 tons, a 3.1% decrease [2]. Transaction and Demand - The building materials trading volume decreased by 0.5 to 9.3 (the value in the report is incomplete), a 5.4% decrease. The apparent demand for five major steel products increased by 23.7 tons to 916.4 tons, a 2.7% increase [2]. Iron Ore Price and Spread - The warehouse receipt costs of various iron ore powders decreased. For example, the warehouse receipt cost of PB powder decreased from 835.9 to 829.3 yuan/ton. The basis of the 01 - contract for various powders increased slightly [4]. Supply - The 45 - port arrival volume increased by 1189.3 tons to 3218.4 tons, a 58.6% increase. The global shipment volume decreased by 174.6 tons to 3213.8 tons, a 5.2% decrease [4]. Demand - The daily average molten iron production of 247 steel mills decreased by 3.5 tons to 236.4 tons, a 1.5% decrease. The monthly national pig iron production decreased by 374.7 tons to 6604.6 tons, a 5.4% decrease [4]. Inventory - The inventory at 45 ports increased by 171.6 tons to 14714.08 tons, a 1.2% increase. The imported ore inventory of 247 steel mills decreased by 229.3 tons to 8849.9 tons, a 2.5% decrease [4]. Coke Price and Spread - The price of Shanxi quasi - first - grade wet - quenched coke (warehouse receipt) remained unchanged at 1612 yuan/ton. The 01 - contract price of coke decreased by 43 to 1729 yuan/ton, a 2.4% decrease [7]. Supply - The daily average production of all - sample coking plants remained unchanged at 64.6 tons, and the daily average production of 247 steel mills increased by 0.1 tons to 46.2 tons, a 0.2% increase [7]. Demand - The molten iron production of 247 steel mills decreased by 3.5 tons to 236.4 tons, a 1.5% decrease [7]. Inventory - The total coke inventory increased by 8.1 tons to 900.0 tons, a 0.9% increase. The coke inventory of all - sample coking plants increased by 1.2 tons to 59.9 tons, a 2.1% increase [7]. Coking Coal Price and Spread - The price of Shanxi medium - sulfur primary coking coal (warehouse receipt) remained unchanged at 1420 yuan/ton. The 01 - contract price of coking coal decreased by 32 to 1253 yuan/ton, a 2.5% decrease [7]. Supply - The raw coal production of Fenwei sample coal mines increased by 3.8 tons to 851.8 tons, a 0.4% increase. The clean coal production increased by 1.5 tons to 434.9 tons, a 0.3% increase [7]. Demand - The daily average production of all - sample coking plants remained unchanged at 64.6 tons, and the daily average production of 247 steel mills increased by 0.1 tons to 46.2 tons, a 0.2% increase [7]. Inventory - The clean coal inventory of Fenwei coal mines decreased by 9.2 tons to 81.1 tons, a 10.2% decrease. The coking coal inventory of all - sample coking plants increased by 22.8 tons to 1052.5 tons, a 2.2% increase [7].

1. Investment Ratings No investment ratings for the industry are provided in the reports. 2. Core Views The reports are a collection of daily market data on various financial products including stock index futures spreads, precious metals, container shipping, and bond futures. They present the latest values, changes from the previous day, historical percentile rankings, and other relevant information, which can help investors understand the current market conditions and trends of these products. 3. Summary by Category Stock Index Futures Spreads - **IF, IH, IC, IM期现价差**: IF期现价差 is -29.70, down 11.10 from the previous day, with a 1 - year historical percentile of 27.80% and an all - time percentile of 13.60%. Similar data is provided for IH, IC, and IM期现价差 [1]. - **IF, IH, IC, IM跨期价差**: Multiple spread data between different contract months are given for each of these futures types, showing their latest values, daily changes, and historical percentile rankings [1]. - **跨品种比值**: Ratios such as 中证500/沪深300, 中证500/上证50, IF/IH, and IM/IF are presented with their latest values, daily changes, and historical percentile rankings [1]. Bond Futures - **基差 and IRR**: IRR and basis data for different bond futures (TS, TF, T, TL) are provided, including their latest values, changes from the previous day, and historical percentile rankings since the contract's listing [4]. - **跨期价差**: Spread data between different contract months for TS, TF, T, and TL bond futures are presented, along with their changes and historical percentile rankings [4]. - **跨品种价差**: Spreads between different bond futures (TS - TF, TS - T, TF - T, etc.) are given with their latest values, changes, and historical percentile rankings [4]. Precious Metals - **期货收盘价**: Domestic (AU2512, AG2512) and foreign (COMEX gold and silver) futures closing prices are presented for November 4th and November 3rd, along with their changes and percentage changes [5]. - **现货价格**: Spot prices of London gold and silver, and Shanghai Gold Exchange T + D products are given for November 4th and November 3rd, with their changes and percentage changes [5]. - **基差**: Basis data for gold and silver (TD - futures, London - COMEX) are provided, including their latest values, changes, and historical 1 - year percentile rankings [5]. - **FRA and Ratios**: Ratios such as COMEX金/银 and 上期所金/银 are presented with their latest values, changes, and percentage changes [5]. - **利率与汇率**: Interest rates (10 - year and 2 - year US Treasury yields, 10 - year TIPS) and exchange rates (US dollar index, offshore RMB exchange rate) are given with their latest values, changes, and percentage changes [5]. - **库存与持仓**: Inventory and position data for domestic and foreign precious metals are provided, including their latest values, changes, and percentage changes [5]. Container Shipping - **现货报价**: Spot freight rates for Shanghai - Europe routes from different shipping companies (MAERSK, CMA, MSC, etc.) are presented for November 4th and November 3rd, with their changes and percentage changes [7]. - **集运指数**: Settlement price indices for European and US - West routes (SCFIS), and Shanghai export container freight indices (SCFI) are given with their changes and percentage changes over different time periods [7]. - **期货价格及基差**: Futures prices of different contracts (EC2602, EC2512, etc.) and the basis of the main contract are presented for November 4th and November 3rd, with their changes and percentage changes [7]. - **基本面数据**: Data on container shipping supply (global container shipping capacity) and foreign - trade - related indicators (port punctuality rate, port calls, monthly export value) are provided, along with overseas economic data (eurozone PMI, EU consumer confidence index, US manufacturing PMI, etc.) [7].

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Reports Steel Industry - Recently, the decline in iron ore prices has led to a rapid drop in steel prices. The iron element supply is in a loose pattern, and the decrease in hot metal production suppresses iron ore prices. It is expected that steel mills will actively reduce production in winter to ease the pressure of winter storage. The single-side prices of rebar and hot-rolled coils are expected to test the support levels of 3000 and 3200 respectively. The strategy of longing coking coal and shorting hot-rolled coils can continue to be held [2]. Iron Ore Industry - The iron ore futures showed a weak downward trend. The supply side has a rebound in port arrivals, while the demand side sees a decline in hot metal production and weakening restocking demand from steel mills. The inventory pressure is increasing. The iron ore driving force is weakening. The strategy is to short iron ore 2601 on rallies, with a reference range of 760 - 810, and recommend the 1 - 5 positive spread arbitrage [4][6]. Coke Industry - The coke futures fluctuated downward. The spot price has been raised for the third time, and there is still an expectation of further increases. The cost is supported by the rebound of coking coal prices, but the demand is suppressed by environmental protection restrictions and low steel mill profits. The overall inventory is slightly increasing. The strategy is to go long on coke 2601 on dips, with a reference range of 1700 - 1850, and conduct the arbitrage of longing coking coal and shorting coke [7]. Coking Coal Industry - The coking coal futures fluctuated downward, with a divergence between the futures and the spot. The domestic coking coal market continues to be strong, but traders are becoming cautious. The supply is expected to increase slightly, and the demand is weakening. The overall inventory is slightly decreasing. The strategy is to go long on coking coal 2601 on dips, with a reference range of 1200 - 1350, and conduct the arbitrage of longing coking coal and shorting coke [7]. 3. Summary by Relevant Catalogs Steel Industry Steel Prices and Spreads - Rebar and hot-rolled coil spot and futures prices generally declined. For example, the rebar 05 contract decreased by 37 to 3108, and the hot-rolled coil 05 contract decreased by 32 to 3272 [2]. Cost and Profit - The steel billet price decreased by 20 to 2930, and the plate billet price remained unchanged at 3730. The profits of hot-rolled coils in East China and North China decreased by 10, while the profit in South China remained unchanged [2]. Production - The daily average hot metal production increased by 3.5 to 239.9, with a growth rate of 1.5%. The production of five major steel products increased by 10 to 875.3, with a growth rate of 1.2% [2]. Inventory - The inventory of five major steel products decreased by 41.1 to 1513.7, with a decline rate of -2.6%. The rebar inventory decreased by 19.6 to 602.5, with a decline rate of -3.1% [2]. Transaction and Demand - The building materials trading volume decreased by 0.5 to 9.3, with a decline rate of -5.4%. The apparent demand for five major steel products increased by 23.7 to 916.4, with a growth rate of 2.7% [2]. Iron Ore Industry Iron Ore - Related Prices and Spreads - The costs of various iron ore warehouse receipts decreased. For example, the cost of PB powder warehouse receipts decreased by 6.6 to 829.3, with a decline rate of -0.8% [4]. Spot Prices and Price Indexes - The spot prices of various iron ores in Rizhao Port decreased. For example, the price of PB powder decreased by 6 to 782, with a decline rate of -0.8% [4]. Supply - The 45 - port arrivals increased by 1189.3 to 3218.4, with a growth rate of 58.6%. The global shipments decreased by 174.6 to 3213.8, with a decline rate of -5.2% [4]. Demand - The daily average hot metal production of 247 steel mills decreased by 3.5 to 236.4, with a decline rate of -1.5%. The national pig iron monthly production decreased by 374.7 to 6604.6, with a decline rate of -5.4% [4]. Inventory Changes - The 45 - port inventory increased by 171.6 to 14714.08, with a growth rate of 1.2%. The imported ore inventory of 247 steel mills decreased by 229.3 to 8849.9, with a decline rate of -2.5% [4]. Coke Industry Coke - Related Prices and Spreads - The price of Shanxi quasi - first - grade wet - quenched coke (warehouse receipt) remained unchanged at 1612. The coke 01 contract decreased by 43 to 1729, with a decline rate of -2.4% [7]. Supply - The daily average production of all - sample coking plants remained unchanged at 64.6, and the daily average production of 247 steel mills increased by 0.1 to 46.2, with a growth rate of 0.2% [7]. Demand - The hot metal production of 247 steel mills decreased by 3.5 to 236.4, with a decline rate of -1.5% [7]. Inventory Changes - The total coke inventory increased by 8.1 to 900.0, with a growth rate of 0.9%. The coke inventory of all - sample coking plants increased by 1.2 to 59.9, with a growth rate of 2.1% [7]. Supply - Demand Gap Changes - The coke supply - demand gap increased by 1.8 to -3.6, with a growth rate of 49.2% [7]. Coking Coal Industry Coking Coal - Related Prices and Spreads - The price of Shanxi medium - sulfur primary coking coal (warehouse receipt) remained unchanged at 1420. The coking coal 01 contract decreased by 32 to 1253, with a decline rate of -2.5% [7]. Supply - The raw coal production increased by 3.8 to 851.8, with a growth rate of 0.4%, and the clean coal production increased by 1.5 to 434.9, with a growth rate of 0.3% [7]. Demand - The daily average production of all - sample coking plants remained unchanged at 64.6, and the daily average production of 247 steel mills increased by 0.1 to 46.2, with a growth rate of 0.2% [7]. Inventory Changes - The clean coal inventory of Fenwei coal mines decreased by 9.2 to 81.1, with a decline rate of -10.2%. The coking coal inventory of all - sample coking plants increased by 22.8 to 1052.5, with a growth rate of 2.2% [7].

Group 1: Industry Investment Ratings - No industry investment ratings are provided in the reports. Group 2: Core Views Palm Oil - Malaysian BMD crude palm oil futures are expected to gradually stop falling and recover after the release of risks following the MPOB supply - demand report. The overall view of near - term weakness and long - term strength remains unchanged. In the domestic market, Dalian palm oil futures are in a weakening trend and seeking support at 8500 yuan [1]. Soybean Oil - Uncertainty in US biodiesel policy and potential CBOT soybean price corrections may drag down CBOT soybean oil. In the domestic market, soybean supply is sufficient, but oil mills' losses support their price - holding mentality [1]. Pork - The pig price has changed from strong to weak due to sufficient market supply. However, the slowdown in the overall slaughter progress in November may boost the pig price to some extent. The current market is in a weakening range - bound pattern, and the 3 - 7 reverse spread can be held [4]. Meal - Although domestic soybean and soybean meal inventories are at high levels, cost - side support is strengthening, and the downward space is limited. There is an 800 - million - ton gap in shipments from November to January, and it is difficult to purchase cheap soybeans [7]. Corn - Currently, the corn market is under pressure from concentrated supply, and the futures price rebound is limited, showing a low - level range - bound pattern. In the long - term, it will be in a tight - balance situation with policy support [8]. Sugar - The expected increase in the supply surplus and weakening energy prices have led to a weakening of the raw sugar price. The domestic sugar price is also under pressure but is relatively resistant to decline due to cost support and market sentiment. The spot market is in a low - level range - bound pattern [13]. Eggs - In the short term, the egg market has a supply - demand imbalance, and prices are expected to be range - bound between 2900 - 3300. With the slow recovery of demand, prices may gradually rise [16]. Cotton - The new cotton cost provides strong support for the cotton price, but there is also hedging pressure. The downstream demand is weak, but the inventory pressure is not high. Short - term cotton prices are expected to be range - bound [18]. Group 3: Summary by Related Catalogs Palm Oil - On November 4, the spot price of 24 - degree palm oil in Guangdong was 8570 yuan, down 30 yuan from the previous day; the futures price of P2601 was 8616 yuan, down 48 yuan. The basis of P2601 was - 46 yuan, up 18 yuan. The inventory is expected to reach about 2.44 million tons at the end of the month [1]. Soybean Oil - On November 4, the spot price of first - grade soybean oil in Jiangsu was 8420 yuan, up 50 yuan; the futures price of Y2601 was 8108 yuan, down 2 yuan. The basis of Y2601 was 312 yuan, up 52 yuan. The current soybean supply in the domestic market is sufficient, and the factory inventory is at a high level [1]. Pork - Futures: The basis of the main contract was 265 yuan, down 200 yuan; the price of the 2605 contract was 11860 yuan, up 60 yuan; the price of the 2601 contract was 11685 yuan, down 50 yuan. Spot: The prices in various regions such as Henan, Shandong, and Sichuan all decreased [4]. Meal - Soybean Meal: On November 4, the spot price in Jiangsu was 3050 yuan, up 10 yuan; the futures price of M2601 was 3015 yuan, down 11 yuan. The basis of M2601 was 35 yuan, up 21 yuan. Rapeseed Meal: The spot price in Jiangsu was 2530 yuan, up 10 yuan; the futures price of RM2601 was 2497 yuan, up 6 yuan [7]. Corn - Corn Futures: The price of the 2601 contract was 2135 yuan, down 6 yuan; the basis was 15 yuan, up 6 yuan. Corn Starch: The price of the 2601 contract was 2444 yuan, down 9 yuan. The price in the Northeast is in a narrow - range shock, and the price in the North China is relatively stable [8]. Sugar - Futures: The price of the 2601 contract was 5481 yuan, down 18 yuan; the price of the 2605 contract was 5431 yuan, down 2 yuan. Spot: The price in Nanning remained unchanged at 5750 yuan, and the price in Kunming was 5680 yuan, down 15 yuan [13]. Eggs - Futures: The price of the 12 - contract was 3144 yuan, down 14 yuan; the price of the 01 - contract was 3337 yuan, down 10 yuan. Spot: The price in the production area remained at 2.88 yuan per catty. The chicken - raising profit was - 24.44 yuan per bird, up 1.66 yuan [15]. Cotton - Futures: The price of the 2605 contract was 13522 yuan, down 60 yuan; the price of the 2601 contract was 13535 yuan, down 65 yuan. Spot: The Xinjiang arrival price of 3128B was 14640 yuan, down 16 yuan. The commercial inventory increased by 68.4%, and the industrial inventory decreased by 4.3% [18].

Group 1: Rubber Industry Report Industry Investment Rating Not provided Core Viewpoint Dark - colored rubber has reached an inventory accumulation inflection point, market sentiment is weak, and rubber prices have further declined. Future attention should be paid to raw material output in the main production areas during the peak season and macro - level changes. If raw material supply is smooth, there is room for further decline; if not, rubber prices are expected to fluctuate between 15,000 - 15,500 [1]. Summary by Directory - **Spot Price and Basis**: The price of Yunnan state - owned whole - latex rubber in Shanghai decreased by 50 yuan/ton to 14,600 yuan/ton, a decline of 0.34%. The basis of whole - latex rubber increased by 170 yuan/ton to - 275 yuan/ton, a rise of 38.20%. The price of Thai standard mixed rubber decreased by 200 yuan/ton to 14,400 yuan/ton, a decline of 1.37% [1]. - **Inter - month Spread**: The 9 - 1 spread increased by 10 yuan/ton to 145 yuan/ton, a rise of 6.90%. The 1 - 5 spread increased by 5 yuan/ton to - 85 yuan/ton, a rise of 5.56% [1]. - **Fundamentals**: In August, Thailand's production decreased by 2,000 tons to 458,800 tons, a decline of 0.43%; Indonesia's production decreased by 8,500 tons to 189,000 tons, a decline of 4.30%; India's production increased by 5,000 tons to 50,000 tons, a rise of 11.11%; China's production increased by 12,200 tons to 113,700 tons. The weekly开工率 of semi - steel tires decreased by 0.26 percentage points to 73.41%, and that of all - steel tires decreased by 0.24 percentage points to 65.34%. In August, domestic tire production increased by 859,000 tons to 10.2954 million tons, a rise of 9.10%. In September, the export volume of new pneumatic rubber tires decreased by 6.71 million pieces to 56.3 million pieces, a decline of 10.65% [1]. - **Inventory Change**: The bonded area inventory increased by 15,439 tons to 447,668 tons, a rise of 3.57%. The factory - warehouse futures inventory of natural rubber on the Shanghai Futures Exchange increased by 2,015 tons to 44,655 tons, a rise of 4.73% [1]. Group 2: Glass and Soda Ash Industry Report Industry Investment Rating Not provided Core Viewpoint For soda ash, the price is trending weakly, with supply exceeding demand. The market is under pressure, and the operation should be bearish. For glass, although there is a short - term demand expectation during the peak season, in the long - term, the industry needs capacity clearance to solve the over - supply problem. Short - term long opportunities at low prices can be captured [3]. Summary by Directory - **Glass - related Prices and Spreads**: The prices of glass in North China, East China, and the 2505 and 2509 contracts remained unchanged. The price of glass in South China decreased by 10 yuan/ton to 1,200 yuan/ton, a decline of 0.83%. The 05 basis remained unchanged at - 109 yuan/ton [3]. - **Soda Ash - related Prices and Spreads**: The prices of soda ash in North China, East China, Central China, and the Northwest remained unchanged. The 2505 contract price decreased by 10 yuan/ton to 1,280 yuan/ton, a decline of 0.78%. The 2509 contract price decreased by 8 yuan/ton to 1,354 yuan/ton, a decline of 0.62%. The 05 basis increased by 10 yuan/ton to 20 yuan/ton, a rise of 100% [3]. - **Supply**: The soda ash开工率 decreased by 1.72 percentage points to 86.89%, and the weekly output decreased by 13,000 tons to 757,600 tons, a decline of 1.71%. The daily melting volume of float glass remained unchanged at 161,300 tons, and the daily melting volume of photovoltaic glass decreased by 750 tons to 88,540 tons, a decline of 0.84% [3]. - **Inventory**: The glass factory - warehouse inventory increased by 2.966 million weight boxes to 65.79 million weight boxes, a rise of 4.72%. The soda ash factory - warehouse inventory increased by 42,000 tons to 1.702 million tons, a rise of 2.54%. The soda ash delivery - warehouse inventory decreased by 22,000 tons to 676,900 tons, a decline of 3.18% [3]. - **Real Estate Data**: The year - on - year change in new construction area increased by 0.09 percentage points to - 0.09%. The year - on - year change in construction area decreased by 2.43 percentage points to 0.05%. The year - on - year change in completion area decreased by 0.03 percentage points to - 0.22%. The year - on - year change in sales area decreased by 6.50 percentage points to - 6.55% [3]. Group 3: Industrial Silicon Industry Report Industry Investment Rating Not provided Core Viewpoint The spot price of industrial silicon is stable, while the futures price fluctuates downward. In November, the market still faces inventory accumulation pressure. Although supply may decline slightly and demand may remain stable, the flow of warehouse receipts to the spot market increases supply. The price is expected to fluctuate at a low level, mainly in the range of 8,500 - 9,500 yuan/ton. When the price drops to around 8,500 yuan/ton, one can consider buying on dips [4]. Summary by Directory - **Spot Price and Main Contract Basis**: The price of East China oxygen - passing SI5530 industrial silicon remained unchanged at 9,450 yuan/ton. The basis of SI4210 industrial silicon increased by 255 yuan/ton to 15 yuan/ton, a rise of 106.25% [4]. - **Inter - month Spread**: The 2511 - 2512 spread increased by 40 yuan/ton to - 400 yuan/ton, a rise of 9.09%. The 2512 - 2601 spread increased by 10 yuan/ton to 35 yuan/ton, a rise of 40% [4]. - **Fundamentals (Monthly)**: National industrial silicon production increased by 31,400 tons to 452,200 tons, a rise of 7.46%. Xinjiang's production increased by 32,400 tons to 235,600 tons, a rise of 15.94%. Yunnan's production decreased by 5,700 tons to 53,800 tons, a decline of 9.60%. The national开工率 increased by 6.07 percentage points to 61.94%. Xinjiang's开工率 increased by 13.39 percentage points to 74%. Yunnan's开工率 decreased by 5.68 percentage points to 41.71% [4]. - **Inventory Change**: Xinjiang's factory - warehouse inventory decreased by 30 tons to 10,810 tons, a decline of 0.28%. Yunnan's factory - warehouse inventory increased by 50 tons to 3,460 tons, a rise of 1.47%. The social inventory decreased by 100 tons to 558,000 tons, a decline of 0.18% [4]. Group 4: Polysilicon Industry Report Industry Investment Rating Not provided Core Viewpoint The spot price of polysilicon decreased by 50 yuan/ton, and the futures price dropped significantly by 2,350 yuan/ton to 53,715 yuan/ton. After the sharp decline in futures, the futures premium has also significantly decreased. In November, supply pressure decreases, but demand also decreases. The market is expected to remain in a high - level range - bound state. Trading strategies include buying on dips in the futures market, selling put options around 50,000 in the options market, and buying photovoltaic ETFs, new - energy ETFs, or related stocks in the equity market [5]. Summary by Directory - **Spot Price and Basis**: The average price of N - type re - fed material decreased by 50 yuan/ton to 52,200 yuan/ton, a decline of 0.10%. The basis of N - type material increased by 2,300 yuan/ton to - 1,515 yuan/ton, a rise of 60.29% [5]. - **Futures Price and Inter - month Spread**: The main contract price decreased by 2,350 yuan/ton to 53,715 yuan/ton, a decline of 4.19%. The spread between the current month and the first - continuous month increased by 80 yuan/ton to - 2,175 yuan/ton, a rise of 3.55% [5]. - **Fundamentals (Weekly)**: Silicon wafer production decreased by 0.49 GW to 14.24 GW, a decline of 3.33%. Polysilicon production decreased by 1,300 tons to 28,200 tons, a decline of 4.41% [5]. - **Fundamentals (Monthly)**: Polysilicon production increased by 4,000 tons to 134,000 tons, a rise of 3.08%. Polysilicon imports increased by 300 tons to 130 tons, a rise of 28.46%. Polysilicon exports decreased by 800 tons to 2,100 tons, a decline of 28.16% [5]. - **Inventory Change**: Polysilicon inventory increased by 300 tons to 26,100 tons, a rise of 1.16%. Silicon wafer inventory increased by 0.46 GW to 18.93 GW, a rise of 2.49% [5]. Group 5: Log Industry Report Industry Investment Rating Not provided Core Viewpoint The log futures market is expected to continue its weak - side oscillation. This week, the supply of logs at ports is increasing, but downstream orders are insufficient. The market is under pressure, but the significant inversion of domestic and foreign prices provides some support for the futures price [7]. Summary by Directory - **Futures and Spot Prices**: The price of log 2511 increased by 0.5 yuan/cubic meter to 740.5 yuan/cubic meter, a rise of 0.07%. The price of log 2601 decreased by 5.5 yuan/cubic meter to 776.5 yuan/cubic meter, a decline of 0.70%. The price of 3.9A medium - sized radiata pine at Rizhao Port decreased by 10 yuan/cubic meter to 750 yuan/cubic meter, a decline of 1.32% [7]. - **Cost: Import Cost Calculation**: The RMB - US dollar exchange rate increased by 0.01 to 7.131. The import theoretical cost increased by 8.34 yuan/cubic meter to 812.94 yuan/cubic meter, a rise of 1% [7]. - **Supply (Monthly)**: Port shipments increased by 247,000 cubic meters to 2.013 million cubic meters, a rise of 13.99%. The number of departing ships from New Zealand to China, Japan, and South Korea increased by 8 to 54, a rise of 17.39% [7]. - **Inventory: Main Port Inventory (Weekly)**: National inventory increased by 40,000 cubic meters to 2.88 million cubic meters, a rise of 1.41%. Shandong's inventory increased by 18,000 cubic meters to 1.883 million cubic meters, a rise of 0.97% [7]. - **Demand: Average Daily Outbound Volume (Weekly)**: National average daily outbound volume decreased by 0.16 million cubic meters to 6.28 million cubic meters, a decline of 2%. Shandong's average daily outbound volume decreased by 0.35 million cubic meters to 3.19 million cubic meters, a decline of 10% [7].

Report Industry Investment Ratings No relevant content provided. Core Views Polyolefin Industry - Supply: PP supply recovery slowed due to more unplanned maintenance, while PE supply is expected to increase as maintenance nears its peak. Overseas inventory clearance at the end of the year may impact the market [2]. - Demand: Demand has improved with increased downstream开工率, but the peak season for agricultural film is approaching, and demand is expected to decline [2]. - Strategy: The 01 contract faces inventory pressure, while the 05 contract may present long - term low - buying opportunities. A reverse spread strategy for the monthly spread is recommended [2]. Methanol Industry - Supply: The port methanol market is under pressure due to high inventory, postponed Iranian gas restrictions, and increased imports. The restart of domestic devices and overseas device shutdowns also affect the supply [5][6]. - Demand: Multiple MTO units reduced their loads due to profit issues, and subsequent maintenance is expected to increase [6]. - Strategy: The 01 contract will continue to trade the "weak reality" logic until Iranian gas restrictions take effect [6]. Polyester Industry Chain - PX: Supply is stable despite some plant maintenance, and demand has support in the short term. However, the November supply - demand is expected to be loose, and oil price support is limited. Strategies include reducing long positions above 6600 and short - selling on rallies, and narrowing the PX - SC spread [9]. - PTA: There are many planned maintenance in November, and demand is relatively high. But supply - demand is slightly loose, and oil price support is weak. Strategies include reducing long positions above 4600, short - selling on rallies, and a rolling reverse spread for TA1 - 5 [9]. - Ethylene Glycol: Overseas supply is high in November, and inventory accumulation is expected. Strategies include selling out - of - the - money call options on rallies and a reverse spread for EG1 - 5 [9]. - Short - fiber: Supply is high in the short term, but demand may decline seasonally. Cost support is limited. Strategies are similar to PTA, and narrowing the processing margin on rallies [9]. - Bottle - chip: Supply changes little, and demand is weak in the off - season. The market is in a loose supply - demand pattern, and the price follows the cost. Strategies are similar to PTA, and the processing margin is expected to fluctuate between 300 - 450 yuan/ton [9]. Pure Benzene - Styrene Industry - Pure Benzene: Supply is expected to be loose with many device restarts and new capacity. Demand support is limited as downstream products are mostly in losses. Inventory in East China ports is increasing. Strategies include short - selling on rallies following oil price movements [10]. - Styrene: Supply may slightly decrease, and demand is expected to remain stable. Cost support is weakening. The market is currently in a loose supply - demand situation, and the price drive is limited. Strategies include short - selling on price rebounds for the EB12 contract [10]. PVC - Caustic Soda Industry - Caustic Soda: Supply is expected to increase in November with few maintenance enterprises. Demand support is weak as the alumina price is falling and downstream enterprises are consuming their own inventories. The price is expected to be weakly stable, and the overall trend is bearish [11]. - PVC: The supply - demand surplus situation persists. Demand from real estate and other downstream industries is weak, and new capacity will increase supply in November - December. The price is expected to continue to oscillate weakly at the bottom, and a short - selling strategy on rebounds is recommended [11]. Summary by Directory Polyolefin Industry - **Prices and Spreads**: L2601, L2509, PP2601, and PP2509 futures prices decreased on November 4 compared to November 3. Spot prices of PP and PE also showed changes, with some increasing and some decreasing. The price differences between different contracts and between spot and futures also changed [2]. - **Inventory**: Both PE and PP inventories showed a de - stocking trend [2]. - **开工率**: PE device开工率 decreased slightly, while PP device and powder开工率 increased. Downstream weighted开工率 of both increased [2]. Methanol Industry - **Prices and Spreads**: MA2601 and MA2605 futures prices decreased on November 4. Spot prices in different regions also decreased, and price differences and basis changed [5]. - **Inventory**: Methanol enterprise inventory increased, while port inventory decreased slightly, and social inventory increased [5]. - **开工率**: Domestic upstream enterprise开工率 decreased slightly, overseas upstream enterprise开工率 decreased significantly, and some downstream enterprise开工率 increased [6]. Polyester Industry Chain - **Upstream Prices**: Brent and WTI crude oil prices decreased, and other upstream raw material prices also showed different degrees of change [9]. - **Downstream Product Prices and Cash Flows**: Prices of some polyester products changed slightly, and cash flows also showed different trends [9]. - **PX - related**: PX prices and spreads changed, and the开工率 of Asian and Chinese PX decreased slightly [9]. - **PTA - related**: PTA prices, processing fees, and开工率 changed, and the market is expected to be slightly loose in terms of supply - demand [9]. - **MEG - related**: MEG prices, spreads, and开工率 changed, and the market is expected to accumulate inventory [9]. Pure Benzene - Styrene Industry - **Upstream Prices and Spreads**: Crude oil and raw material prices decreased, and pure benzene prices and spreads changed [10]. - **Styrene - related Prices and Spreads**: Styrene prices and spreads decreased, and cash flows also declined [10]. - **Inventory**: Pure benzene inventory in Jiangsu ports increased, while styrene inventory decreased [10]. - **开工率**: The开工率 of some pure benzene and styrene - related industries changed, with some increasing and some decreasing [10]. PVC - Caustic Soda Industry - **Prices and Spreads**: PVC and caustic soda prices and spreads changed on November 4 compared to November 3 [11]. - **Overseas Quotes and Export Profits**: Overseas quotes for caustic soda and PVC remained stable, but export profits changed [11]. - **Supply - related**: The开工率 of the caustic soda and PVC industries increased, and the profit of PVC production methods also changed [11]. - **Demand - related**: The开工率 of caustic soda and PVC downstream industries changed, and PVC pre - sales volume increased [11]. - **Inventory**: Liquid caustic soda inventory in some regions increased, while PVC total social inventory decreased slightly [11].