Report Overview - Report Title: [Black Metal Weekly Report] - Report Date: November 3, 2025 - Research Institution: Guomao Futures Black Metal Research Center Industry Investment Ratings No industry investment ratings were provided in the report. Core Views - The emotional trading of steel has come to an end, and the focus has returned to the industrial supply side. The third round of price increase for coking coal and coke has been delayed, and the macro - level positive factors have been realized. There is no new driver for iron ore to break through the price range [3][7][41][5]. Summary by Category 1. Steel - **Supply**: Affected by environmental protection restrictions in Tangshan, the weekly decline in hot - metal production accelerated, with a decrease of 3.5 to 236 million tons in the current week. Although the total production remains at a relatively high level in the same period of history, the overall production level is likely to be reduced in the future. The compression of steel mill production profit further intensifies, and a downward adjustment of production is a likely event [8]. - **Demand**: The inventory continues to decline, and the weekly apparent demand continues to improve, which is a safeguard to prevent the price from collapsing further. The overall demand this year shows characteristics of seasonal rigid demand remaining, insufficient speculative demand, and stable external demand [8]. - **Inventory**: The total steel inventory is still in the process of destocking, but the inventory pressure of some varieties is obvious. The total inventory of five major steel products is at a slightly high - neutral level, and the destocking slope during the golden September peak season is not ideal [8]. - **Basis/Spread**: The basis of rebar and hot - rolled coil has decreased synchronously, with a more obvious decline in rebar. As of Friday, the basis of rb2601 in the East China region (Hangzhou) is 84, a weekly decrease of 30; the basis of hc2601 in the East China region (Shanghai) is 22, a weekly decrease of 18 [8]. - **Profit**: The production profit of long - process steel mills is meager, and most electric - arc furnaces are in a loss state. However, due to the seasonal peak season, the terminal rigid demand and shipment situation are acceptable, and the market is in a weak balance [8]. - **Valuation**: The discount of the futures price on the disk has been repaired, and the relative valuation of the futures price has increased. In the industrial dimension, the production profit of steel mills is meager, and the industrial relative valuation is still not high [8]. - **Macro and Risk Appetite**: The emotional trading in the market due to important time points may have ended, and the focus is gradually returning to industrial contradictions [8]. - **Investment View**: It is recommended to wait and see. In the future, the steel production is likely to decline gradually. At the initial stage of production reduction, it may suppress the furnace materials, and in the second half, it may drive the sector to rise jointly [8]. - **Trading Strategy**: For single - sided trading, wait and see. For arbitrage, focus on whether the spread between hot - rolled coil and rebar of the 01 contract is below 150 for a long - position layout. For futures - spot trading, roll and take profit on reverse spreads [8]. 2. Coking Coal and Coke - **Demand**: The demand for steel is about to face seasonal weakening pressure. The apparent demand of five major steel products is 865.32 (+8.37) this week, and the production is 892.73 (+17.32). The steel inventory is still high, and the destocking slope is flat. The daily average hot - metal production of 247 steel mills is 236.36 (-3.54), and the profit - making rate of steel mills is 45.02% (-2.60%) [42]. - **Coking Coal Supply**: The domestic coal mine supply is continuously restricted. Affected by production stoppages in some areas of Shanxi and Wuhai, the coking coal production has decreased again this week. The customs clearance of Mongolian coal has returned to more than 1,000 vehicles, but the supply of Mongolian No. 5 coal is still tight. The quotation of seaborne coal is stable with a slight upward trend [42]. - **Coke Supply**: The coke supply has increased slightly. This week, the daily average coke production is 110.8 (+0.1), and the coking profit is - 32 (+9). The second - round price increase of coke has been implemented, but the cost of raw coal is still rising, and the expansion of coking profit is limited [42]. - **Inventory**: The mine - end inventory continues to decline. Although the downstream procurement demand is still being released, steel mills have limited profit and low acceptance of high - priced raw materials [42]. - **Basis/Spread**: After the third - round price increase of coke is implemented, the warehouse - receipt cost is around 1,700, and the warehouse - receipt cost of port - trading is 1,715. The warehouse - receipt costs of Shanxi coal and Mongolian coal are between 1,350 - 1,400, but the actual warehouse - receipt cost should be lower due to warehouse - receipt processing issues [42]. - **Profit**: The profit - making rate of steel mills is 45.02% (-2.60%), and the coking profit is - 32 (+9) [42]. - **Summary**: The meeting between Chinese and US leaders has been realized, and the black - metal sector has risen and then fallen. Considering the approaching off - season of steel demand, the decline in steel - mill profit - making rate, and environmental protection restrictions, the tight supply - demand situation of coking coal and coke may ease. - **Trading Strategy**: For single - sided trading, focus on the performance of the 05 contract near the previous high support and consider going long in the medium - to - long term. For arbitrage, industrial customers can consider appropriate selling hedging on the 01 contract [42]. 3. Iron Ore - **Supply**: The previous shipping data showed a week - on - week decline of 32.9 million tons per day to 451 million tons per day, mainly due to seasonal factors. The total arrival volume in China decreased by 28.4 million tons per day week - on - week. There is no significant unexpected fluctuation in the supply side [91]. - **Demand**: The steel - mill hot - metal production has dropped significantly to 236.36 million tons (-3.54), and the profit - making rate of steel mills has also declined. Although the steel apparent demand has continued to rise in the short term, it will decline under the influence of seasonal factors in the future [91]. - **Inventory**: The inventory of 47 ports has increased by 163.44 million tons week - on - week, and the inventory will continue to accumulate slightly under the situation of stable supply and weakening demand [91]. - **Profit**: The steel - mill profit continues to decline. Although steel mills will not actively shut down production on a large scale, the hot - metal production will decline in the short term due to environmental protection restrictions or other policy - related reasons [91]. - **Valuation**: The short - term valuation is at a relatively high - neutral level [91]. - **Summary**: The influence of macro - level sentiment has weakened this week. The supply of iron ore is in a reasonable fluctuation range. Under the influence of environmental protection restrictions and possible production cuts in Shanxi, the hot - metal production will remain around 235 in the short term, and the port inventory will continue to rise [91]. - **Trading Strategy**: For single - sided trading, try short - selling. For arbitrage, wait and see for the time being [91].

Report Title - Weekly Report on Precious Metals (AU, AG): Precious Metals Fluctuate Widely and May Gradually Stabilize Subsequently [1] Report Industry Investment Rating - Not provided Core Viewpoints of the Report - After recent significant adjustments, precious metal prices have a certain demand for stabilization and repair. The support below lies in high market uncertainty and the Fed still being in an interest - rate cut cycle. However, due to the easing of Sino - US trade relations, a relatively strong US dollar index, and the possibility of marginal alleviation of the US government shutdown, the short - term unilateral upward space for precious metals may be limited. In the short term, precious metal prices may gradually stabilize and enter a range - bound pattern. It is recommended to focus on long - term allocation opportunities of buying on dips after stabilization [7]. - The underlying logic of the long - term bull market for precious metals remains solid. The continuous increase in the US federal government debt will intensify the long - term weakening risk of the US dollar's credit. Coupled with the Fed still being in an interest - rate cut cycle, complex global geopolitical situations, and continued gold purchases by global central banks, the price center of gold will continue to move up steadily [7]. Summary by Relevant Catalogs PART ONE: Market and Fundamental Indicator Tracking - **Price and Ratio**: Last week, precious metal prices dropped significantly and then stabilized, but gold still closed down on the weekly chart. London spot gold decreased from $4111.555/oz to $4002.690/oz, a weekly decline of 2.65%. London spot silver increased slightly from $48.6235/oz to $48.6562/oz, a weekly increase of 0.07%. The SHFE gold - silver ratio decreased by 2.66% to 80.58 [5][6]. - **ETF and CFC Holdings**: The gold SPDR - ETF持仓量 decreased by 7.73 tons to 1039.2 tons, a decline of 0.74%. The silver SLV - ETF持仓量 decreased by 230 tons to 15190 tons, a decline of 1.49%. COMEX gold non - commercial net long positions increased by 339 contracts to 266749 contracts, an increase of 0.13%. COMEX silver non - commercial net long positions increased by 738 contracts to 52276 contracts, an increase of 1.43% [6]. - **Inventory Data**: The SHFE gold inventory increased by 0.80 tons to 87.816 tons, an increase of 0.92%. The COMEX gold inventory decreased by 22.05 tons to 1187.16 tons, a decrease of 1.82%. The SHFE silver inventory increased by 0.57 tons to 666 tons, an increase of 0.09%. The COMEX silver inventory decreased by 451.26 tons to 15006 tons, a decrease of 2.92%. The SGE silver inventory decreased by 145.44 tons to 905 tons, a decrease of 13.84% [6]. PART TWO: Main Macroeconomic Indicator Tracking - **Exchange Rates and Interest Rates**: The US dollar index increased from 98.9417 to 99.7308, an increase of 0.80%. The US 2 - year Treasury yield increased from 3.4884% to 3.5736%, an increase of 2.44%. The US 10 - year Treasury yield increased from 4.0103% to 4.0833%, an increase of 1.82%. The US 10 - year real interest rate increased from 1.73% to 1.81%, an increase of 4.62% [6]. - **Economic Data**: The US GDP growth rate was strong, but the consumer confidence index declined again. The US manufacturing and service PMI both decreased. Retail sales data showed mixed performance. Employment cooled significantly, with the unemployment rate rising and wage growth slowing down. Inflation was relatively controllable, with core commodity inflation rising and core service inflation falling [58][59][60][65][70]. - **Eurozone Data**: The eurozone GDP bottomed out and rebounded. The eurozone manufacturing PMI rebounded, while the service PMI declined. Inflation data in the eurozone and the UK showed different trends [78][79]. - **Central Bank Gold Purchases**: The People's Bank of China has been increasing its gold reserves for 11 consecutive months. As of the end of September 2025, China's gold reserves reached 74.06 million ounces (about 2303.523 tons), an increase of 40,000 ounces (about 1.24 tons) month - on - month. In the first three quarters of 2025, global central banks and other institutions net - purchased about 633.6 tons of gold, a year - on - year decrease of about 12.1%. Although the pace of gold purchases by global central banks has slowed down, the demand for gold purchases is expected to remain [87].

Group 1: Investment Ratings - There is no information about the industry investment rating provided in the report. Group 2: Core Views - The steel market sentiment trading has temporarily ended, and the focus will return to the industrial supply side [2]. - For steel, the long - term industrial logic is a gradual decline in steel production. In the early stage of production cuts, it may actively suppress furnace materials, and in the later stage, there may be a driving opportunity for the sector to rise in resonance [3]. - For silicon iron and manganese silicon, affected by the external macro - environment, market sentiment has declined, and prices are expected to be under pressure and fluctuate. Future attention should be paid to supply - demand changes [3]. - For coking coal and coke, the third round of price increases has been delayed. Although the supply is tight currently, considering the weakening steel demand, the supply - demand tightness may ease. Pay attention to the performance of the 05 contract near the previous high for long - term low - buying, and industrial customers can consider selling hedging on the 01 contract [3]. - For iron ore, with the weakening of macro - sentiment, the supply is stable. Due to environmental restrictions and potential steel mill maintenance, iron ore port inventories will rise, and it is advisable to try short - selling unilaterally [3]. Group 3: Summary by Related Content Futures Market - **Far - month Contracts Closing Prices on October 31**: RB2605 was 3166.00 yuan/ton (-18.00, -0.57%), HC2605 was 3318.00 yuan/ton (-24.00, -0.72%), I2605 was 776.50 yuan/ton (-4.50, -0.58%), J2605 was 1916.50 yuan/ton (-22.00, -1.13%), JM2605 was 1354.00 yuan/ton (+15.00, +1.10%) [1]. - **Near - month Contracts Closing Prices on October 31**: RB2601 was 3106.00 yuan/ton (+15.00, +0.48%), HC2601 was 3308.00 yuan/ton (-24.00, -0.72%), I2601 was 800.00 yuan/ton (-4.50, -0.56%), J2601 was 1777.00 yuan/ton (-20.00, -1.11%), JM2601 was 1286.00 yuan/ton (-12.00, -0.92%) [1]. - **Cross - month Spreads on October 31**: RB2601 - 2605 was -60.00 yuan/ton (-13.00), HC2601 - 2605 was -10.00 yuan/ton (+4.00), I2601 - 2605 was 23.50 yuan/ton (-1.00), J2601 - 2605 was -139.50 yuan/ton (+0.50), JM2601 - 2605 was -68.00 yuan/ton (+3.00) [1]. - **Spreads/Ratios/Profits on October 31**: The coil - to - rebar spread was 202.00 yuan/ton (-10.00), the rebar - to - ore ratio was 3.88 (+0.01), the coal - to - coke ratio was 1.38 (-0.01), the rebar disk profit was -160.25 yuan/ton (+8.88), the coking disk profit was 66.62 yuan/ton (-6.84) [1]. Spot Market - **Rebar Spot Prices on October 31**: Shanghai rebar was 3210.00 yuan/ton (0.00), Tianjin rebar was 3170.00 yuan/ton (-40.00), Guangzhou rebar was 3320.00 yuan/ton (-30.00), Tangshan billet was 2970.00 yuan/ton (-10.00), and the Platts Index was 107.40 (-0.30) [1]. - **Hot - rolled Coil Spot Prices on October 31**: Shanghai hot - rolled coil was 3310.00 yuan/ton (0.00), Hangzhou hot - rolled coil was 3360.00 yuan/ton (0.00), Guangzhou hot - rolled coil was 3310.00 yuan/ton (-50.00), the billet - to - product spread was 240.00 yuan/ton (+30.00), and Rizhao Port PB was 800.00 yuan/ton (-7.00) [1]. - **Other Spot Prices on October 31**: Alumina was 733.00 yuan/ton (-5.00), a certain product was 775.00 yuan/ton (-5.00), Ganqimao Du coking coal was 1390.00 yuan/ton (0.00), Qingdao Port quasi - first - grade coke was 1530.00 yuan/ton (0.00), and Qingdao Port PB was 800.00 yuan/ton (-7.00) [1]. - **Basis on October 31**: HC main contract was 2.00 yuan/ton (+10.00), RB main contract was 104.00 yuan/ton (0.00), I main contract was 44.00 yuan/ton (0.00), J main contract was -96.84 yuan/ton (+9.50), JM main contract was 134.00 yuan/ton (+2.00) [1]. Market Analysis - **Steel**: After the macro - events are realized, the market focus may return to the industry. The static supply - demand is healthy, but market confidence is insufficient. The steel production is expected to decline gradually, which may first suppress furnace materials and then drive the sector to rise [3]. - **Silicon Iron and Manganese Silicon**: Affected by the macro - environment, market sentiment has declined, and prices are expected to fluctuate. Future attention should be paid to supply - demand changes [3]. - **Coking Coal and Coke**: The third round of price increases has been delayed. Although the supply is tight, considering the weakening steel demand, the supply - demand tightness may ease. Pay attention to the 05 contract for long - term low - buying, and industrial customers can consider selling hedging on the 01 contract [3]. - **Iron Ore**: With the weakening of macro - sentiment, the supply is stable. Due to environmental restrictions and potential steel mill maintenance, iron ore port inventories will rise, and it is advisable to try short - selling unilaterally [3].

Group 1: Report Summary - The investment strategy is to maintain the 12 - 1 reverse spread strategy as the pulp fundamentals have no significant improvement, but there may be a shortage of delivery resources for 2026 Russian needles, and the futures price may be priced based on Russian needles and high - quality softwood pulp [11] Group 2: Price Data Futures Prices - On October 31, 2025, the price of SP2601 was 5212, with a daily decrease of 0.23% and a weekly decrease of 0.53%; SP2511 was 4838, with a daily decrease of 0.17% and a weekly decrease of 0.49%; SP2605 was 5260, with a daily decrease of 0.08% and a weekly decrease of 0.34% [6] Spot Prices - On October 31, 2025, the price of softwood pulp Silver Star was 5500, unchanged; Russian Needle was 5100, unchanged; hardwood pulp Goldfish was 4250, unchanged [6] Outer - Disk Quotes - In October 2025, the outer - disk quote of Chilean Silver Star was 680 dollars/ton, a decrease of 2.86% from the previous period; Brazilian Goldfish was 530 dollars/ton, an increase of 3.92%; Chilean Venus was 590 dollars/ton, unchanged [6] Import Costs - In October 2025, the import cost of Chilean Silver Star was 5559, a decrease of 2.83% from the previous period; Brazilian Goldfish was 4344, an increase of 3.87%; Chilean Venus was 4830, unchanged [6] Group 3: Fundamental Data Supply - In September 2025, the import volume of softwood pulp was 69.1 tons, a month - on - month increase of 12.54%; hardwood pulp was 135.6 tons, a month - on - month increase of 7.79% [6] - The pulp shipment volume to China in August 2025 was 162 tons, a month - on - month increase of 4.50% [6] Production - From September 4 to October 30, 2025, the domestic production of hardwood pulp fluctuated between 20.7 - 23.8 tons, and chemimechanical pulp between 20.9 - 23.6 tons [6] Inventory - As of October 30, 2025, the pulp port inventory was 206.1 tons, a slight increase compared to the previous period, showing a narrow - range inventory accumulation trend [6][11] - From September 4 to October 30, 2025, the futures delivery warehouse inventory fluctuated between 22.4 - 24.7 tons [6] Demand - From September 4 to October 30, 2025, the production of finished paper such as offset paper, coated paper, tissue paper, and white cardboard fluctuated, with white cardboard showing an obvious increase in both volume and price, and cultural paper having frequent price increase letters but uncertain implementation, and overall demand remaining weak [6][11] Group 4: Valuation Data Basis - On October 31, 2025, the basis of Russian Needle was 262, with a quantile level of 0.913; Silver Star was 662, with a quantile level of 0.888 [6] Import Profit - On October 31, 2025, the import profit of softwood pulp Silver Star was - 59, with a quantile level of 0.512; hardwood pulp Goldfish was - 94, with a quantile level of 0.557 [6]

1. Report Industry Investment Rating - The investment view on methanol is "oscillating", suggesting a cautious and slightly bearish approach in investment operations [2]. 2. Core View of the Report - This week, the methanol market shows a pattern of loose supply, weak demand, high - level inventory, and differentiated profit performance. The futures market is likely to continue the weak oscillating pattern in the short term due to factors such as weak downstream demand and general cost - side support [2]. 3. Summaries According to Relevant Catalogs Supply - This week, the overall methanol supply is in a loose state. Domestic production has some devices under maintenance and some resuming production, with relatively stable capacity utilization and output. Imports have increased compared to last week, and port inventories remain high with subsequent arrivals expected [2]. Demand - The overall methanol demand is weak. The methanol - to - olefins industry has limited consumption, and traditional downstream industries show differentiated performance, with some facing profit pressure and having cautious purchasing intentions [2]. Inventory - The overall methanol inventory is at a high level with regional differentiation. Port inventories are historically high, and inland inventories vary in different regions, with the overall inventory suppressing prices [2]. Profit - Methanol profit shows a differentiated pattern in terms of process and industry chain. Coal - based methanol profit has a slight adjustment, coke - oven gas - based profit declines slightly, and natural - gas - based methanol continues to be in the red. Downstream industries also have different profit performances, and the overall methanol industry chain still faces profit pressure [2]. Macro and Geopolitical Factors - The easing of Sino - US trade policies is beneficial. On October 30, the leaders of the two countries met, and the US will cancel the 10% so - called "fentanyl tariff" on Chinese goods, suspend the 24% reciprocal tariff for another year, and pause some export control rules and investigations. China will make corresponding adjustments [2]. Investment and Trading - The methanol futures market is in a weak state, with the core trading logic centered around the supply - demand fundamentals. The short - side pressure from high port inventories and loose supply suppresses prices, while the long - side support from low valuations and prices is limited. It is recommended to be cautious and slightly bearish in investment operations, and both single - side and arbitrage trading suggest a wait - and - see approach [2]. Price and Market Data - The spot prices of methanol in various regions show different degrees of decline this week. For example, the price of imported methanol in Taicang decreased by 1.51% [4].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Glass has resilient demand and low valuation, with supply and demand providing support, so it is recommended to buy on dips in the short - term [3] - For soda ash, short - term supply and demand are acceptable and the valuation is low, but the supply is at a high level and there is an expectation of inventory accumulation [4] Summary by Relevant Catalogs PART ONE: Main Viewpoints and Strategy Overview Glass - **Supply**: Production is stable, with a daily output of 161,300 tons this week, the same as on the 23rd. The industry start - up rate is 76.35% and the capacity utilization rate is 80.63%, both unchanged from the 23rd. There are no changes in production lines this week, and next week's production is expected to remain stable [3] - **Demand**: The peak - season demand is supported, and the recent production and sales fluctuate with prices. Overall, downstream demand has strong resilience [3] - **Inventory**: Inventory is slightly reduced. Enterprise inventory is 65.79 million heavy cases, a month - on - month decrease of 823,000 heavy cases (-1.24%), and a year - on - year increase of 28.85%. The inventory days are 28 days, 0.3 days less than the previous period [3] - **Basis/Spread**: The basis strengthened this week, and the 01 - 05 spread fluctuated [3] - **Valuation**: Valuation is low [3] - **Macro and Policy**: Macro sentiment is changeable, and the impact has temporarily subsided [3] - **Investment Viewpoint**: Supply and demand provide support, and the valuation is low [3] - **Trading Strategy**: Unilateral: Mainly buy on dips in the short - term; Arbitrage: None; Risk concerns: Daily melting volume, production and sales, and domestic and overseas macro - policy disturbances [3] Soda Ash - **Supply**: Supply is at a high level. This week's soda ash production is 757,600 tons, a month - on - month increase of 17,000 tons (2.29%). There are no planned overhauls next week, and with some enterprises increasing their loads, the overall supply is expected to increase [4] - **Demand**: Short - term direct demand is stable, and the daily melting volume of photovoltaic glass is stable. Downstream replenishment demand provides support [4] - **Inventory**: Inventory fluctuates. The total manufacturer inventory is 1.702 million tons, a decrease of 100 tons (-0.01%) compared to last Thursday. There is an expectation of inventory accumulation as supply recovers [4] - **Basis/Spread**: The basis fluctuated and strengthened this week, and the 01 - 05 spread fluctuated [4] - **Valuation**: Valuation is low [4] - **Macro and Policy**: Macro sentiment is changeable, and the impact has temporarily subsided [4] - **Investment Viewpoint**: Short - term supply and demand are acceptable, and the valuation is low [4] - **Trading Strategy**: Unilateral: None; Arbitrage: None; Risk concerns: Alkali plant production, glass production and sales, and domestic and overseas macro - policy disturbances [4] PART TWO: Futures and Spot Market Review - **Glass**: This week, the price fluctuated. The main contract closed at 1083 (-9), and the Shahe spot price was 1048 (-4). The 01 - 05 spread fluctuated, and the basis weakened [6][21] - **Soda Ash**: This week, the price fluctuated. The main contract closed at 1225 (-4), and the Shahe spot price was 1185 (0). The 01 - 05 spread fluctuated, and the basis strengthened [11][21] PART THREE: Supply - Demand Fundamental Data Glass - **Supply**: Production is stable. The daily output of national float glass is 161,300 tons, and the start - up rate and capacity utilization rate are unchanged. Production profit fluctuates and weakens [23][24] - **Demand**: Downstream deep - processing orders are average, and real - estate mid - and back - end completion data is poor. However, inventory is slightly reduced [27][28] Soda Ash - **Supply**: Supply is at a high level. This week's production is 757,600 tons, with an increase in both light and heavy alkali production. Next week, supply is expected to increase. Alkali plant profits are decreasing [31][33] - **Demand**: Overall demand is neutral. Short - term direct demand is stable, and the daily melting volume of photovoltaic glass is stable. There is an expectation of inventory accumulation [37]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The outcome of the China-US meeting today was below expectations, and the price of US soybeans declined. The profit margin of domestic soybean purchases has improved but remains poor. The domestic futures price is relatively low, and the futures market is expected to rebound in the short term to repair the crushing profit. However, the current abundant supply of near - term soybean meal in the spot market and the expected abundant global soybean supply in the long - term limit the upside potential of the futures market. Attention should be paid to the subsequent policy changes between China and the US and the impact of South American weather on the market [8]. 3. Summary by Relevant Catalogs 3.1 Spread and Price Difference Data - **Spot and Futures Basis**: On October 30th, the basis of the soybean meal main contract in Zhangjiagang was - 24, down 25; the basis of 43% soybean meal spot in Tianjin was 26, down 25; in Rizhao it was 6, down 25; in Dongguan it was - 44, down 25; in Zhanjiang it was - 4, down 15. The basis of rapeseed meal spot in Guangdong was 73, up 13 [6]. - **Price Difference**: The spot price difference between soybean meal and rapeseed meal in Guangdong was 593, down 3; the price difference between the main contracts of soybean meal and rapeseed meal was 448, down 16 [7]. - **Spread**: The RM1 - 5 spread was 1500, up 23; the M1 - M5 spread data was presented in the table; the M1 - RM1 spread was 900, and other spread data was also provided [6][7]. 3.2 Supply - related Information - **USDA Forecast**: The estimated ending inventory of US soybeans in the 25/26 season is 300 million bushels, and the expected yield per acre of 53.5 bushels may be revised downward. Exports depend on China - US policies [7]. - **Brazilian Soybean Sowing**: As of October 25th, the sowing rate of Brazilian soybeans was 34.4%, compared with 21.1% last week, 37.7% in the same period last year, and a five - year average of 42.5% [7]. - **Domestic Supply**: In November, domestic soybean meal is expected to start destocking, but the supply in the fourth quarter is still expected to be abundant. If China cannot purchase US soybeans, the supply of soybean meal in the first quarter of next year needs to be supplemented, and the source of supplementation is uncertain [7][8]. 3.3 Demand - related Information - **Livestock and Poultry Demand**: In the short term, livestock and poultry are expected to maintain high inventory levels, and the reduction of production capacity is not obvious, which supports current demand. However, the current breeding profit is in deficit, and national policies tend to control the inventory and weight of pigs, which may affect long - term supply [8]. - **Soybean Meal Sales**: The downstream transactions of soybean meal are normal, and the pick - up is good [8]. 3.4 Inventory - related Information - **Soybean and Soybean Meal Inventory**: Domestic soybean and soybean meal inventories are at historically high levels compared to the same period. The inventory days of feed enterprises' soybean meal have decreased to a low level [8]. 3.5 Other Information - **Exchange Rate and Profit**: The exchange rate of the US dollar against the RMB and the Brazilian soybean CNF premium and the import soybean crushing profit data were presented in the report [7]. - **Domestic Oil Mill Data**: The opening rate and soybean crushing volume of domestic major oil mills, as well as the inventory data of domestic major oil mills' soybean meal and soybean, were provided [7].

Report Overview - The report is an index option data daily report by Guomao Futures Research Institute on October 31, 2025, focusing on the performance of Shanghai - Shenzhen stock index options [2][3] Index Market Performance Index Closing Price and Change - The Shanghai Composite 50 index closed at 1847.30, down 0.54%, with a turnover of 3046.6108 billion yuan and a trading volume of 65.74 billion [3] - The CSI 300 index closed at 7199.56, down 0.80%, with a turnover of 4709.911 billion yuan and a trading volume of 273.29 billion [3] - The CSI 1000 index closed at 4785.07, down 1.11%, with a turnover of 7485.0848 billion yuan and a trading volume of 297.39 billion [3] Overall A - Share Market - On October 30, the A - share market declined with heavy trading volume, and technology stocks adjusted across the board. The Shanghai Composite Index fell 0.73% to 3986.9 points, the Shenzhen Component Index fell 1.16%, the ChiNext Index fell 1.84%, the CSI 300 fell 0.8%, the Beijing Stock Exchange 50 fell 1.3%, the STAR 50 fell 1.87%, the Wind All - A fell 1.05%, the Wind A500 fell 0.82%, and the CSI A500 fell 0.88%. The total trading volume of A - shares was 2.46 trillion yuan, compared with 2.29 trillion yuan the previous day [5] CFFEX Index Option Trading Option Trading Volume - For the Shanghai Composite 50 index options, the trading volume of call options was 2.73 million contracts, and that of put options was 2.94 million contracts, with a trading volume PCR of 0.36. The open interest of call options was 3.96 million contracts, and that of put options was 4.00 million contracts, with an open - interest PCR of 1.07 [3] - For the CSI 300 index options, the trading volume of call options was 5.47 million contracts, and that of put options was 14.67 million contracts, with a trading volume PCR of 0.59. The open interest of call options was 8.49 million contracts, and that of put options was 9.11 million contracts, with an open - interest PCR of 0.93 [3] - For the CSI 1000 index options, the trading volume of call options was 28.72 million contracts, and that of put options was 28.34 million contracts, with a trading volume PCR of 0.89. The open interest of call options was 13.36 million contracts, and that of put options was 13.91 million contracts, with an open - interest PCR of 1.07 [3] Index Volatility Analysis Volatility Data - The report presents historical volatility cones and volatility smile curves for the Shanghai Composite 50, CSI 300, and CSI 1000 indexes, including historical volatility data for 5 - day, 20 - day, 40 - day, 60 - day, and 120 - day periods, as well as the current values and percentile values of historical volatility [3][4]

Report Summary 1. Report Industry Investment Rating - No information provided on the report industry investment rating. 2. Core Viewpoints - The meeting between China and the US today fell short of expectations, and the price of US soybeans declined. The profitability of domestic soybean purchases has improved but remains poor. The domestic futures market has a low multiple, and the short - term expectation is for a rebound to repair the crushing profit. However, the current abundant supply of near - term soybean meal spot and the expected abundant global soybean supply in the long - term limit the upside potential of the futures market. Attention should be paid to the subsequent evolution of drivers brought about by China - US policies and South American weather changes [8]. 3. Summary by Related Catalogs 3.1 Basis and Spread Data - On October 30, the basis of the main contract of soybean meal in Zhangjiagang was - 24, with a decrease of - 25. The basis of 43% soybean meal spot in different regions showed various declines, such as - 25 in Tianjin and Rizhao [6]. - The basis of rapeseed meal spot in Guangdong was 73, with an increase of 13. The RM1 - 5 spread was 1500, with a change of 23 [6][7]. - The spot price difference between soybean meal and rapeseed meal in Guangdong was 593, with a decrease of - 3; the price difference between the main contracts was 448, with a decrease of - 16 [7]. 3.2 Ascending and Descending Premiums and Profit Data - The US dollar to RMB exchange rate and the ascending and descending premiums of Brazilian soybeans in 2025 were presented, along with the change in the spot crushing profit of imported soybeans. For example, the spot crushing profit of Brazilian soybeans was - 261.00 yuan/ton, with a change of 5 [7]. 3.3 Supply Situation - The USDA estimates the ending inventory of US soybeans in the 25/26 season to be 300 million bushels, and the expected yield per acre of 53.5 bushels may be adjusted downward. Exports depend on China - US policies. As of October 25, according to CONAB data, the sowing rate of Brazilian soybeans was 34.4%, compared with 21.1% last week, 37.7% in the same period last year, and a five - year average of 42.5%. It is expected that domestic soybean meal will start to reduce inventory in November, but the supply in the fourth quarter is still expected to be abundant. If China cannot purchase US soybeans, the supply of soybean meal in the first quarter of next year still needs to be supplemented, and the source of supplementation is uncertain [7]. 3.4 Demand Situation - In the short - term, livestock and poultry are expected to maintain a high inventory, and the reduction of production capacity is not obvious, which supports current demand. However, the current hog farming is showing losses, and national policies tend to control the inventory and weight of hogs, which may affect the supply in the far - term. The downstream transactions of soybean meal are normal, and the pick - up is good [8]. 3.5 Inventory Situation - Domestic soybean and soybean meal inventories are at historically high levels in the same period, and the number of days of soybean meal inventory in feed enterprises has decreased to a low level [8].

Group 1: Shipping Derivatives Data Shipping Freight Index - The current values of SCFI - West US, SCFI - East US, SCFIS - West US, SCFI - Northwest Europe, Index CCFI, and Comprehensive Index SCFI are 1107, 1246, 1403, 2153, 3032, and 862 respectively, with daily increases of 2.02%, 6.27%, 7.11%, 11.21%, 8.82%, and 28.42% [3]. - The current values of SCFI - Mediterranean and SCFIS - Northwest Europe are 1312 and 1746 respectively, with daily increases of 15.09% and 8.25% [3]. Shipping Futures Contracts - For contracts EC2506, EC5602, EC2608, EC2610, EC2512, and EC2604, the current values are 1403.3, 1132.5, 1175.9, 1487.5, 1583.0, and 1843.8 respectively, with daily changes of -1.38%, -2.22%, -0.63%, -1.45%, -1.43%, and -1.55% [3][4]. - The current positions of EC2606, EC2608, EC2610, EC2512, EC2602, and EC2604 are 1411, 1324, 1062, 30114, 16233, and 14460 respectively, with increases of 1, 24, 150, -1792, 348, and 66 respectively [4]. - The current month - spreads of 12 - 02, 12 - 04, and 02 - 04 are 260.8, 667.9, and 407.1 respectively, with decreases of 4.2, 8.7, and 4.5 respectively [4]. Group 2: Market News and Analysis Trade Agreements and Policies - US Treasury Secretary Scott Bessent reached a "very substantial framework agreement" with Chinese Vice - Premier He Lifeng, which will avoid 100% US tariffs on Chinese products and extend China's rare - earth export controls [5]. - US President Donald Trump is confident of reaching an agreement with Chinese leaders after the preliminary consensus reached in the Sino - US high - level economic talks [5]. - The US and Vietnam have agreed to establish a "reciprocal, fair, and balanced trade framework agreement" to strengthen bilateral economic relations [5]. Shipping Company Operations - CMA CGM, Maersk, and MSC have started to re - flag some ships to the Indian flag [5]. Canal Revenue Forecast - The Suez Canal Authority expects its revenue in 2026 to reach about $8 billion, compared to the current level of about $4 billion [5]. Group 3: EC Market Analysis Market Trend - The EC market showed a weak oscillation. It oscillated on Monday and Tuesday due to some airlines lowering their quotes for early November and the mskwk46 quote dropping by 150 to 2200, and rebounded on Wednesday due to the resurgence of geopolitical conflicts [5]. Spot Prices - In late October, Maersk's quote was 1800 - 1900, HPL's was 1900, OCCL's was 2600, CM's was 2100, EMC's was 2050, NSC's was 2050, YML's was 1350, and ONE's was 1450. In early November, NSK's quote was 2400, HPL's was 2500, CMA's was 2700, OCCL's dropped to 2300, EMC's was 2700, MSC's dropped to 2250, YML's was 2250, ONE's was 2550, and HMM's was 1900 [5]. Market Logic - The European route is in the regular year - end price - holding stage. The first attempt to hold prices in late October to stop the decline was initially effective, and it has now entered the second round in early November. There will be multiple rounds of year - end price - holding in the next two months, so the seasonal expectations are leading. Future attention should be paid to changes in Sino - US relations, end - of - month loading conditions, and empty - flight situations in November [5]. Investment Strategy - The recommended strategy is to wait and see [5].