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Group 1: Report Overview - The report is about corn starch, written on May 8, 2025, with a daily review cycle [1] Group 2: Futures Market Review - On May 8, 2025, the main contract of corn starch showed a downward trend. The closing price of the main contract cs2507 was 2,731 yuan/ton, down 14 yuan/ton from the previous trading day [5] - The trading volume on that day was 118,000 lots, and the open interest at the close was 243,000 lots, an increase of 4,537 lots compared to the previous trading day [5] Group 3: Spot Market Fundamentals - The spot price of corn starch showed an overall upward trend. The quotes in Hebei and Shandong increased by 20 yuan/ton compared to the previous day [6]

Group 1 - TA inventory absolute level remains high, and if energy prices adjust again, market risks may not have subsided [8] - It is necessary to conduct risk management and consider hedging to deal with potential market risks [8]

Report Summary 1. Futures Market - The UR2509 contract had a high of 1904, a low of 1725, and closed at 1882 on May 8, with a weekly increase of 7.05% [5] 2. Regional Spot Market - In the domestic spot market, prices varied by region For example, Shandong's (cash - on - delivery ex - factory) price closed at 1805, down 0.25% week - on - week; Guangxi's closed at 1980, up 1.74% week - on - week; and the national average closed at 1829, down 0.89% week - on - week [7] 3. International Market - For small - particle urea, FOB prices in the Black Sea and Baltic increased by 1.13% and 1.14% respectively, while FOB China decreased by 2.43% CFR Brazil increased by 3.27% [8] - For large - particle urea, FOB Middle East net price increased by 6.62%, and FOB Middle East (US source net reverse calculation) increased by 4.89% [8] - Other international prices also had different changes, such as FOB Iran down 1.32% and Venezuela/Trinidad up 4.05% [9] 4. Inventory - Yantai port inventory was 5.5 on May 8, up 3.77% from April 24 and down 36.05% year - on - year - Total port urea inventory was 12.3, up 6.96% from April 24 and down 38.81% year - on - year - Domestic enterprise inventory was 95.25, down 6.80% from April 24 and up 133.46% year - on - year [10]

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1882 / 1890 / 1859 / 42.5 1. 20.51 0.35 1.71 88.91% 86.8% 2.09 2. 09 19 / 1% 4. 20 5. 6. 028 6130 3163 institute@gjqh.com.cn 4006821188 3. 028 6130 3163 institute@gjqh.com.cn 4006821188 131 028 6130 3163 institute@gjqh.com.cn 4006821188 ...

Group 1 - SMM1 price range is 123,500 - 126,300, with a reference price of 124,900; other price - related ranges and reference values are 750 / 2,100 - 2,400 (reference 2,250), 100, 0 - 300 (reference 150), and 25 [3] - On May 7, 2025, the value is 24,631; 223 is related to LME on May 7, 2025, with a value of 198,312 and a change of 1,470, representing a 9.4% change [3] Group 2 - NI main - continuous price data: 123,630.0, 123,880.0, 124,540.0, 123,030.0, a change of - 450.0, and a change rate of - 0.363 [4]

Group 1 - Product Information - The report lists various grades and prices of late Fuji apples from different regions on February 8th [5] - Apple grades include second - grade, third - grade, fruit farmer's unified goods, merchant's unified goods, etc [5] - Regions include Qixia, Zhaoyuan, Penglai, Yiyuan, Luochuan, Baishui, Chengcheng, Xunyi, Jingning, Linji, and Wafangdian [5] - Prices range from 2.3 to 4.8, with different prices for different regions and grades [5]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View - The subsequent market will be priced based on uncertainties such as geopolitics, tariffs, and overseas economic prospects, and the short - term silver price will maintain high - level volatile operation [6] 3. Summary by Directory 3.1 Disk Situation - The main contract of Shanghai Silver had little fluctuation today. The opening price was 8,240 yuan/kg, the highest price was 8,280 yuan/kg, and the closing price was 8,252 yuan/kg [3] 3.2 Spot Market - Today's spot silver price was 32.959 US dollars/ounce, with a change of - 0.192 US dollars/ounce and a change rate of - 0.58% [4] 3.3 Macroeconomic Analysis - The US Global Supply Chain Pressure Index in April was announced as - 0.29, with the previous value being - 0.17. Facing the current weak US economic data, Trump's tariff policy is having a fatal backlash effect. US importers' pre - stocking behavior to deal with the 300 billion US dollars of commodity tariffs has led to a sharp increase in inventory and exacerbated economic fluctuations. Fed Chairman Powell said the Fed can be patient and does not need to rush to cut interest rates, and Trump's statement "will not affect the Fed's work at all" [5]