Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The overall methanol market today is mainly influenced by absolute factors. Spot prices have declined, with abundant available resources at ports but few buyers and a dull trading atmosphere. The inland market is mixed, with prices in Inner Mongolia's northern line rising slightly due to some plant shutdowns and external procurement by olefin plants, and prices in Shandong rising slightly due to the premium成交 of auctions in Henan. Markets in North and Central China are mainly fluctuating and consolidating, while prices in the Southwest are continuously decreasing as manufacturers try to stimulate demand by lowering prices. The current market supply and demand are in a stalemate, with traditional downstream industries having poor profitability and purchasing on demand, and external procurement by olefins providing some support. It is expected that the national methanol market will operate in a narrow - range fluctuation in the short term [6] 3. Summary by Relevant Catalog Spot Market - **Regional Prices and Changes**: In the spot market, the current prices in Inner Mongolia's northern line, Shaanxi Guanzhong, Xinjiang (outside the region), Shandong Linyi, Taicang, and Henan are 2060, 1620, 2008, 1940, 2180, and 2065 respectively. The previous values were 2060, 1550, 2003, 1935, 2165, and 2040 respectively. The price increases are 0, 70, 5, 5, 15, and 25 respectively [1] - **Taicang Transaction Prices**: On the morning of November 11th, the spot transaction price range in Taicang was 2050 - 2060 (01 - 40), the mid - November price range was 2070 - 2075 (01 - 30), and the late - November price was 2080 (01 - 15) [3] Futures Market - **Futures Contract Prices and Changes**: For futures contracts MA2601 and MA2605, the current values are 2082 and 2194 respectively, the previous values were 2101 and 2208 respectively, and the price increases are - 0.90% and - 0.63% respectively [1] Company Device Status - **Yizhou Technology Co., Ltd.**: Its 30 (15 + 15) million - ton/year coke - oven gas - to - methanol plant has been operating with a single unit since November 8th for 15 days [3] - **Jiangsu Sopo**: Its 86 (56 + 30) million - ton/year coal - to - methanol plant stopped on October 10th for an expected 30 days and resumed normal operation on November 10th [3]

Group 1: Report's Core Views - Gasoline profit and low benzene prices support PX. The gasoline crack spread has risen above $15, prompting refineries to prioritize gasoline production and reduce aromatics unit feedstock. PTA processing fees have been compressed to below 200. Industry profits are still constrained by overcapacity due to new plant commissions. Despite the end of the "Golden September and Silver October," export demand may improve under the easing of the China-US trade war. Downstream weaving has performed well recently, and the current peak season is expected to last until November. Attention should be paid to whether the reduction of China-US tariffs can further stimulate domestic exports. Bottle chips and staple fiber costs follow suit [2] Group 2: Data Summary Price and Cost Data - PTA spot price decreased from 4605 to 4600, a change of -5.00; MEG domestic price decreased from 4003 to 3981, a change of -22.00; PTA closing price decreased from 4704 to 4648, a change of -56.00; MEG closing price decreased from 3953 to 3875, a change of -78.00; 1.4D direct-spun polyester staple fiber price decreased from 6415 to 6365, a change of -50.00; short fiber basis increased from 122 to 123, a change of 1.00; 12-1 spread decreased from 44 to 56, a change of -12.00; polyester staple fiber cash flow increased from 240 to 246, a change of 6.00; 1.4D imitation large chemical fiber price remained unchanged at 5400; the price difference between 1.4D direct-spun and imitation large chemical fiber decreased from 1015 to 965, a change of -50.00; East China water bottle chip price decreased from 5760 to 5712, a change of -48.00; hot-filled polyester bottle chip price decreased from 5760 to 5712, a change of -48.00; carbonated polyester bottle chip price decreased from 5860 to 5812, a change of -48.00; foreign water bottle chip price remained unchanged at 760; bottle chip spot processing fee decreased from 482 to 445, a change of -36.35; T32S pure polyester yarn price remained unchanged at 10310; T32S pure polyester yarn processing fee increased from 3895 to 3945, a change of 50.00; polyester-cotton yarn 65/35 45S price remained unchanged at 16300; cotton 328 price increased from 14440 to 14445, a change of 5.00; polyester-cotton yarn profit increased from 1589 to 1620, a change of 31.26; primary three-dimensional hollow (with silicon) price remained unchanged at 7020; hollow staple fiber 6 - 15D cash flow increased from 542 to 553, a change of 11.65; primary low-melting staple fiber price remained unchanged at 7480 [2] Market and Production Data - Direct-spun staple fiber load (weekly) decreased from 94.40% to 93.90%, a change of -0.01; polyester staple fiber sales decreased from 72.00% to 37.00%, a change of -35.00%; polyester yarn startup rate (weekly) remained unchanged at 63.50%; recycled cotton-type load index (weekly) increased from 51.00% to 51.50%, a change of 0.01 [3]

Market Data Summary - DRO01 closed at 1.51 with a 2.52 bp increase, DR007 at 1.51 with a 1.33 bp increase, GC001 at 1.64 with a 43.50 bp increase, and GC007 at 1.53 with a 5.00 bp increase [4] - SHBOR 3M remained at 1.58, LPR 5 - year at 3.50, 1 - year treasury at 1.40 with a 0.56 bp increase, 5 - year treasury at 1.57 with a - 0.88 bp change, 10 - year treasury at 1.81 with a - 0.05 bp change, and 10 - year US treasury at 4.13 with a 2.00 bp increase [4] - The central bank conducted 4038 billion yuan of 7 - day reverse repurchase operations, with 1175 billion yuan of reverse repurchases maturing, resulting in a net injection of 2863 billion yuan [4] - This week, 4958 billion yuan of reverse repurchases will mature, with 783 billion, 1175 billion, 655 billion, 928 billion, and 1417 billion maturing from Monday to Friday respectively [4] - The central bank will maintain a moderately loose monetary policy, aiming to promote a reasonable recovery of prices and keep social financing conditions relatively loose [4] Stock Index Market - CSI 300 closed at 4652, down 0.91%; SSE 50 at 3035, down 0.63%; CSI 500 at 7292, down 0.71%; and CSI 1000 at 7541, down 0.30% [6] - IF volume was 110400 with a 3.4% increase, IH volume 50142 with a 9.2% increase, IC volume 112484 with an 8.4% decrease, and IM volume 186082 with a 4.3% decrease [6] - IF open interest was 263184 with a 1.9% decrease, IH open interest 94744 with a 2.0% decrease, IC open interest 241256 with a 3.2% decrease, and IM open interest 354095 with a 0.2% decrease [6] - The trading volume of the Shanghai and Shenzhen stock markets was 19936 billion yuan, a decrease of 1809 billion yuan from the previous day [6] - Photovoltaic equipment, chemical raw materials, non - metallic materials, food and beverage, and pharmaceutical commerce sectors led the gains, while insurance, energy metals, aerospace, electronic components, and software development sectors led the losses [6] Market Outlook - The stock index closed down in a volatile manner. The current macro - level is a mix of bullish and bearish factors, lacking a core driving force [7] - Market differences are expected to be gradually digested during the stock index's volatile adjustment. New driving factors such as overseas liquidity release or domestic fundamental improvement will be key for the market to rise [7] Stock Index Futures Basis - IF basis was 9.39% for the current - month contract, 5.24% for the next - month contract, 3.15% for the current - quarter contract, and 3.32% for the next - quarter contract [8] - IH basis was 1.24% for the current - month contract, 0.52% for the next - month contract, 0.47% for the current - quarter contract, and 0.66% for the next - quarter contract [8] - IC basis was 24.73% for the current - month contract, 15.62% for the next - month contract, 11.17% for the current - quarter contract, and 10.87% for the next - quarter contract [8] - IM basis was 31.07% for the current - month contract, 19.16% for the next - month contract, 14.03% for the current - quarter contract, and 13.00% for the next - quarter contract [8]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Viewpoint - On November 11th, the prices of glass and soda ash weakened. For glass, the recent supply has remained stable overall, but production profits have been squeezed again, increasing the pressure on the market to force supply reduction. In the context of anti - involution, supply disturbance sentiment is likely to ferment. Despite the arrival of the off - season, the overall terminal demand has remained resilient, and inventories have not accumulated significantly. The current glass valuation is not high, and with the relatively strong coal prices, there is cost support. In the short term, large fluctuations in macro - sentiment cause price volatility. In the medium term, the pattern of oversupply persists, and there is significant resistance to price increases. Soda ash generally follows glass, but with relatively average supply - demand conditions, its price is under pressure [2]. 3. Market Data Summary Glass - **Futures Prices**: - For January, May, and September contracts, the closing prices are 1053, 1184, and 1261 respectively, with price drops of 16, 21, and 31, and percentage drops of 1.5%, 1.74%, and 2.4% respectively. - The price spreads between contracts: January - May is - 131, May - September is - 77, and September - January is 208. - **Spot Prices**: In the East China, national, and Northwest regions, the spot prices are 1110, 1240, and 1160 respectively. The basis for the main contract is 57, 187, and 107 respectively [1]. Soda Ash - **Futures Prices**: - For January, May, and September contracts, the closing prices are 1215, 1292, and 1356 respectively, with price drops of 11, 8, and 8, and percentage drops of 0.9%, 0.62%, and 0.59% respectively. - The price spreads between contracts: January - May is - 77, May - September is - 64, and September - January is 141. - **Spot Prices**: In the East China and other regions, the spot prices are 1300 and 1250 respectively. The basis for the main contract is - 265, 85, and 35 respectively [1].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The fundamentals of the pulp market have not improved significantly, but there may be a shortage of delivery resources for the 2026 Russian needle pulp. The futures price may be priced based on the Russian needle pulp and high - quality softwood pulp. The 12 - 1 reverse spread strategy is maintained [10] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On November 11, 2025, SP2601 was 5484 with a daily increase of 0.29% and a weekly increase of 3.71%; SP2511 was 4888 with a daily increase of 0.37% and a weekly decrease of 0.04%; SP2605 was 5468 with a daily increase of 0.29% and a weekly increase of 2.86% [5] - **Spot Prices**: On November 11, 2025, the price of softwood pulp Silver Star was 5550 with a daily and weekly increase of 0.91%; Russian Needle was 5400 with a daily and weekly increase of 5.88%; hardwood pulp Goldfish was 4380 with a daily and weekly increase of 3.06% [5] - **Outer - Market Quotes**: In November 2025, the outer - market quote for Chilean Silver Star was 680 dollars/ton, down 2.86% from the previous period; Japanese Xihui was 530 dollars/ton, up 3.92% from the previous period; Chilean Venus was 590 dollars/ton, unchanged from the previous period [5] - **Import Costs**: In November 2025, the import cost of Chilean Silver Star was 5559, down 2.83% from the previous period; Brazilian Goldfish was 4344, up 3.87% from the previous period; Chilean Venus was 4830, unchanged from the previous period [5] Pulp Fundamental Data - **Supply**: In September 2025, the import volume of softwood pulp was 69.1 tons, a month - on - month increase of 12.54%; the import volume of hardwood pulp was 135.6 tons, a month - on - month increase of 7.79%. The pulp shipment volume to China in August 2025 was 162 tons, a month - on - month increase of 4.50% [5] - **Inventory**: As of November 6, 2025, the pulp port inventory was 200.8 tons, a decrease of 5.3 tons from the previous period, a month - on - month decrease of 2.6%. The futures delivery warehouse inventory was 22.4 tons [5] - **Demand**: In November 2025, the production of offset paper was 20.80 tons; coated paper was 8.50 tons; tissue paper was 28.36 tons; white cardboard was 35.70 tons [5] Pulp Valuation Data - **Basis**: On November 11, 2025, the Russian Needle basis was 512 with a quantile level of 0.953; the Silver Star basis was 662 with a quantile level of 0.889 [5] - **Import Profit**: On November 11, 2025, the import profit of softwood pulp Silver Star was - 9 with a quantile level of 0.593; the import profit of hardwood pulp Goldfish was 36 with a quantile level of 0.681 [5] Market Situation Analysis - **Supply - Side**: In October, Chile's Arauco Company's softwood pulp Silver Star was quoted at 680 dollars/ton, down 20 dollars/ton; hardwood pulp Star was quoted at 540 dollars/ton, unchanged [5] - **Demand - Side**: White cardboard has seen a significant increase in both volume and price, and cultural paper has issued frequent price increase letters recently, but whether the price increases can be implemented remains to be observed. Overall demand is still weak [10] - **Inventory - Side**: As of November 6, 2025, the inventory of China's major pulp ports was 200.8 tons, a decrease of 5.3 tons from the previous period, a month - on - month decrease of 2.6%, showing a narrow - range de - stocking trend [10]

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core Viewpoints - PTA: Gasoline supply contraction leads to an expansion of gasoline profits, indirectly supporting PX prices. Russian crude oil supply has decreased due to sanctions, and the profit expansion of diesel and other products prompts refineries to prioritize the production of gasoline and diesel. PTA supply has slightly contracted, polyester production is stable, and polyester load remains above 90%. Domestic polyester exports are still optimistic. Tight PX supply has widened the spread between PX and naphtha, while PTA processing fees have been compressed to below 200. Although the peak seasons of "Golden September and Silver October" have ended, export demand may improve under the easing of the China - US trade war. Recently, downstream weaving has performed well, and the current peak season is expected to last until November [2]. - Ethylene Glycol: The inventory of ethylene glycol ports in East China has increased significantly compared to last week, with an increase of 120,000 tons. The ethylene price cannot support the strengthening of the ethylene glycol price. New device commissions have continuously pressured the ethylene glycol price, and the spot tightness caused by low inventory is mainly reflected in the basis. The increase in coal prices has not provided stronger cost support for ethylene glycol, and the profit of coal - based ethylene glycol has been repaired. The China - US trade negotiation has been reached, and the reduction of tariffs may increase the subsequent export demand for textile and clothing, and the downstream weaving load may remain optimistic [2]. 3) Summary by Related Catalogs a. Market Data - INE crude oil price decreased from 461.8 yuan/barrel on November 10, 2025, to 458.8 yuan/barrel on November 11, 2025, a decrease of 3.00 yuan/barrel [2]. - PTA - SC decreased from 1348.1 yuan/ton to 1313.9 yuan/ton, a decrease of 34.20 yuan/ton; PTA/SC ratio decreased from 1.4017 to 1.3941, a decrease of 0.0076 [2]. - CFR China PX decreased from 828 to 821, a decrease of 7; PX - naphtha spread decreased from 246 to 239, a decrease of 8 [2]. - PTA主力期价 decreased from 4704 yuan/ton to 4648 yuan/ton, a decrease of 56.0 yuan/ton; PTA现货价格 decreased from 4605 yuan/ton to 4600 yuan/ton, a decrease of 5.0 yuan/ton [2]. - PTA现货加工费 increased from 175.8 yuan/ton to 192.6 yuan/ton, an increase of 16.8 yuan/ton; PTA盘面加工费 decreased from 274.8 yuan/ton to 255.6 yuan/ton, a decrease of 19.2 yuan/ton [2]. - MEG主力期价 decreased from 3953 yuan/ton to 3875 yuan/ton, a decrease of 78.0 yuan/ton; MEG - naphtha decreased from (149.62) yuan/ton to (149.81) yuan/ton, a decrease of 0.2 yuan/ton [2]. - MEG内盘 decreased from 4003 yuan/ton to 3981 yuan/ton, a decrease of 22.0 yuan/ton [2]. b. Industry Chain Operating Rates - PX开工率 remained at 88.03%, PTA开工率 remained at 76.31%, MEG开工率 remained at 63.74%, and polyester负荷 remained at 89.70% [2]. c. Polyester Product Prices and Cash Flows - POY150D/48F increased from 6555 to 6600, an increase of 45.0; POY现金流 increased from 27 to 83, an increase of 56.0 [2]. - FDY150D/96F increased from 6770 to 6805, an increase of 35.0; FDY现金流 increased from (258) to (212), an increase of 46.0 [2]. - DTY150D/48F increased from 7840 to 7860, an increase of 20.0; DTY现金流 increased from 112 to 143, an increase of 31.0 [2]. - 1.4D直纺涤短 decreased from 6415 to 6365, a decrease of 50; 涤短现金流 decreased from 237 to 198, a decrease of 39.0 [2]. - 半光切片 remained at 5595; 切片现金流 increased from (33) to (22), an increase of 11.0 [2]. d. Product Sales - 长丝产销 increased from 50% to 54%, an increase of 4% [2]. - 短纤产销 decreased from 66% to 41%, a decrease of 25% [2]. - 切片产销 decreased from 82% to 51%, a decrease of 31% [2]. e. Device Maintenance An East - China PTA device with a capacity of 2.2 million tons has slightly reduced its load, and the recovery time is to be tracked [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The overall spot market has stabilized, mainly influenced by sales and secondary fattening. According to Yongyi data, the average slaughter weight of national pigs in October was 128.08 kg, a decrease of 0.31 kg from September, and the overall reduction is still insufficient. Although the breeding profit and piglet profit are already in the red, the duration of the losses needs continuous monitoring. Demand remains largely unchanged before December, and the frozen product inventory is gradually rising back to normal levels. Overall, there is still pressure on pig sales from November to December, but the spot price fluctuations have gradually flattened recently due to secondary fattening. Futures prices fluctuate in tandem with the spot market, and attention should be paid to further release of production capacity in the later period [3] 3. Summary by Relevant Catalog 3.1 Spot Price and Basis - On November 11, 2025, the national average pig price was 11.56 yuan/kg, a decrease of 0.12 yuan/kg. The prices in various regions showed different degrees of decline, with the highest price in Guangdong at 12.68 yuan/kg and the lowest price in Guizhou at 11.24 yuan/kg. The basis between the spot price and LH2601 also showed different degrees of change [3] 3.2 Futures Price - On November 11, 2025, LH2601 closed at 11,755 yuan, a decrease of 200 yuan; LH2603 closed at 11,465 yuan, a decrease of 90 yuan; LH2605 closed at 12,065 yuan, a decrease of 5 yuan. The spread between LH01 - 03 was 290 yuan, a decrease of 110 yuan; the spread between LH03 - 05 was -600 yuan, a decrease of 85 yuan [3] 3.3 Market Analysis - The overall spot market is stable, mainly affected by sales and secondary fattening. The average slaughter weight has decreased, but the reduction is still insufficient. Breeding and piglet profits are in the red, and the duration of losses needs to be monitored. Demand is stable before December, and frozen product inventory is rising. There is still pressure on pig sales from November to December, but spot price fluctuations have flattened. Futures prices fluctuate with the spot market, and attention should be paid to further release of production capacity [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint - As the new crops in the Northern Hemisphere and domestic cane sugar are about to be launched, Zhengzhou sugar futures are expected to show a weak and volatile trend. The large volume of raw sugar imports and the upcoming concentrated sugar - cane crushing in Guangxi may bring selling pressure, but the current futures price is close to the domestic sugar - making cost, so it is expected to decline resistantly before the new domestic sugar is launched [4]. 3. Summary by Relevant Catalog Market Data - **Domestic Spot and Futures Data**: On November 11, 2025, the price in Nanning warehouse, Guangxi was 5760 with a rise of 30; in Rizhao, Shandong, it was 5820 with no change. SR01 was 5480, SR05 was 5411 with a rise of 6, and SR01 - 05 was 69 with a decline of 1. The exchange rate of RMB against the US dollar was 7.1382 with a rise of 0.0004 [4]. - **International Data**: The ice raw sugar主力 was 14.26 with no change, the London white sugar主力 was 573 with a rise of 3, and the Brent crude oil主力 was 63.94 with no change. The exchange rate of the real against the RMB was 1.2818 with a rise of 0.0212, and the rupee against the RMB was 0.084 with a decline of 0.0004 [4]. Supply Analysis - **Import Supply**: The current large volume of raw sugar imports and the gradually released pressure of imported sugar arriving at ports, with an import cost of 5300 - 5400, are suppressing the futures market [4]. - **Domestic Supply**: Yunnan sugar mills started the first pressing two days ago, and Guangxi sugar mills are expected to start concentrated crushing in mid - to - late November, which may create new selling pressure [4].

Group 1: Report Industry Investment Rating - No information provided on the report industry investment rating Group 2: Report's Core View - The market situation of shipping derivatives shows a weak oscillation. The short - term macro - positive factors, capacity control, and multiple rounds of price - support expectations will still support the market. Before the peak - season expectation is falsified, the main contract is likely to maintain a relatively strong oscillation, but the market has already factored in a certain premium. The recommended strategy is to buy on dips for the December contract [6][7][8] Group 3: Summary by Relevant Catalogs 1. Shipping Freight Index - The current values of Shanghai Export Container Freight Composite Index (SCFI), China Export Container Freight Index (CCFI), SCFI - US West, SCFIS - US West, SCFI - US East, SCFI - Northwest Europe are 1495, 1058, 2212, 1329, 2848, 1323 respectively. Their previous values were 1551, 1021, 2647, 1208, 3438, 1344, with corresponding changes of - 3.59%, 3.60%, - 16.43%, 10.02%, - 17.16%, - 1.56%. The current values of SCFIS - Northwest Europe and SCFI - Mediterranean are 1504 and 2029, with previous values of 1208 and 1983, and changes of 24.50% and 2.32% [4] 2. Shipping Contracts - For contracts EC2506, EC2608, EC2610, EC2512, EC2602, EC2604, the current values are 1395.2, 1495.2, 1134.1, 1778.2, 1604.9, 1166.1 respectively. Their previous values were 1376.1, 1499.2, 1133.4, 1812.0, 1592.0, 1164.6, with corresponding changes of 1.39%, - 0.27%, 0.06%, - 1.87%, 0.81%, 0.13% [4] 3. Contract Positions - The current positions of EC2606, EC2608, EC2610, EC2512, EC2602, EC2604 are 1446, 1286, 1485, 26680, 24696, 14451 respectively. Their previous positions were 1452, 1311, 1464, 25887, 22939, 14330, with changes of - 6, - 25, 21, 793, 1757, 121 [4] 4. Month - to - Month Spreads - The current values of month - to - month spreads 12 - 02, 12 - 04, 02 - 04 are 173.3, 612.1, 438.8 respectively. Their previous values were 220.0, 647.4, 427.4, with changes of - 46.7, - 35.3, 11.4 [4] 5. Industry News and Market Analysis - CMA states that no route can replace the Suez Canal, will continue using it, and expects to increase voyages through it. In 2026, the market will favor shippers, with freight rates falling. Maersk emphasizes the advantages of twins, achieving annual cost savings of 7 - 9.5 billion US dollars. In November, capacity has recovered, with available capacity on US gateway routes increasing by 10 - 15%. The overall TPBB route capacity is expected to fluctuate between 83% - 88%. Market demand in November remains healthy [5] 6. Market Factors and Outlook - The market shows a weak oscillation mainly because MSK's late - November quotes are much lower than other airlines. Key influencing factors include the fulfillment of peak - season demand, the sustainability of airline strategies, and geopolitical and long - term agreement variables. Short - term macro - positive factors, capacity control, and price - support expectations will support the market. It is recommended to buy on dips for the main contract and closely monitor suspension and loading rates [7]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The USDA currently estimates the US soybean stock-to-consumption ratio for the 25/26 season at 6.9%. The expected yield of 53.5 bushels per acre may have room for downward adjustment, while the export forecast has room for upward adjustment. The supply-demand balance of US soybeans is expected to be tight. Attention should be paid to the USDA supply-demand report next week [8][11]. - As of November 1st, the soybean planting rate in Brazil was 47.1%, compared with 34.4% last week, 53.3% in the same period last year, and a five-year average of 54.7%. Attention should be paid to the relatively dry conditions expected in the southern Brazilian state of Rio Grande do Sul in the next few weeks and the impact of the weak La Niña weather pattern [10]. - In November, domestic soybean meal is expected to start reducing inventory, but the supply of domestic soybean meal in the fourth quarter is still expected to be abundant. The purchasing progress for the December - January shipping period is slow, and the supply gap in the first quarter of next year is uncertain [11]. - In the short term, livestock and poultry are expected to maintain high inventory levels, with no obvious reduction in production capacity, supporting feed demand. However, current breeding profits are in the red, and national policies tend to control the inventory and weight of pigs, which may affect long - term supply. The cost - effectiveness of soybean meal is relatively high, but recent downstream transactions of soybean meal have been cautious, and提货 performance has declined [11]. - Domestic soybean and soybean meal inventories are at historically high levels, and inventory is expected to start decreasing in November. Feed enterprise soybean meal inventory days have dropped to a low level. Due to a significant decline in crushing last week, the domestic soybean meal inventory decreased significantly as of last week. In the short term, the domestic futures market is expected to fluctuate strongly following the US market. Attention should be paid to the USDA report data this week and weather changes in South America [11]. 3. Summary by Relevant Catalogs 3.1 Basis Data - The basis of the soybean meal main contract in Zhangjiagang on November 10th was -3, a decrease of 5 compared to the previous value. The basis of 43% soybean meal spot in different regions showed different changes, such as -5 in Tianjin, 5 in Rizhao, -5 in Zhangjiagang, 15 in Dongguan, -5 in Zhanjiang, and 15 in Fangcheng [6]. - The basis of rapeseed meal spot in Guangdong on November 10th was 105, an increase of 14 compared to the previous value [6]. 3.2 Spread Data - The RM1 - 5 spread was 99, a decrease of 24 compared to the previous value. The spot spread between soybean meal and rapeseed meal in Guangdong was 300, and the spread between the main contracts of soybean meal and rapeseed meal was 536, an increase of 17 compared to the previous value [7]. 3.3 Premium and Profit Data - The US dollar - to - RMB exchange rate was 7.1175, and the Brazilian soybean CNF premium was 145 cents per bushel, with no change. The Brazilian soybean crushing profit was - 86 yuan per ton [7]. 3.4 Inventory Data - Domestic soybean and soybean meal inventories are at historically high levels, and inventory is expected to start decreasing in November. Feed enterprise soybean meal inventory days have dropped to a low level [11]. 3.5 Supply and Demand Situation - Supply: The USDA's 25/26 US soybean supply - demand balance is expected to be tight. The Brazilian soybean planting rate is lower than the same period last year and the five - year average, and attention should be paid to weather conditions. The purchasing progress for the December - January shipping period is slow, and the supply gap in the first quarter of next year is uncertain [8][10][11]. - Demand: Livestock and poultry are expected to maintain high inventory levels in the short term, supporting feed demand. However, current breeding profits are in the red, and national policies may affect long - term supply. Recent downstream transactions of soybean meal have been cautious, and提货 performance has declined [11].