Report Summary 1. Industry Investment Rating - No information provided on the industry investment rating in the given content. 2. Core View - The cotton market currently has support below and pressure above. There is a continuous supply of new cotton, but yarn mills are actively replenishing their stocks. In the long - term, policies and weather are the key factors. The recommended strategies are to conduct reverse arbitrage on the January - May spread when prices are high and to lay out long positions for distant - month contracts when prices are low [4]. 3. Data Summary Domestic Cotton Futures - CF01 on November 4 was 13535, down 65 (-0.48%) from November 3; CF05 was 13555, down 60 (-0.44%); CF01 - 05 was -20, down 5 from the previous day [3]. Domestic Cotton Spot - In Xinjiang, the price on November 4 was 14640, down 16 (-0.11%); in Henan, it was 14890, down 18 (-0.12%); in Shandong, it was 14873, down 19 (-0.13%); Xinjiang - main continuous basis was 1105, up 49 [3]. Domestic Yarn Futures and Spot - Domestic yarn futures (CY) on November 4 was 19795, down 125 (-0.63%); domestic yarn spot C32S price index remained unchanged at 20520 [3]. US Cotton Spot - US cotton spot CT was 66 (USD/磅), unchanged; the arrival price was 75.50, up 0.2 (0.27%); 1% quota delivery price was 13209, up 34 (0.26%); sliding - scale duty delivery price was 14098, up 11 (0.08%) [3]. Spread Data - Yarn - cotton spread (futures) was 6260, down 60; yarn - cotton spread (spot) was 889, down 23; the spot internal - external spread was 1664, down 53 [3][4].

Group 1: Report Information - Researcher: Yang Lulin from the Agricultural Products Research Center of Guomao Futures Research Institute [2] - Date: November 5, 2025 [2] - Data Sources: Zhuochuang Information, Steel Union Data [5] Group 2: Investment Rating - No investment rating information provided in the report Group 3: Core Viewpoints - The fundamentals of the double-offset paper market have remained stable recently. Weekly production has increased, and inventory has risen slightly. Some paper mills have issued price increase letters, and the implementation of these letters needs to be closely monitored [5]. - In the short term, the positions and trading volume in the futures market are low, and it is recommended to stay on the sidelines [5]. Group 4: Double-Offset Paper Futures Data - On November 4, 2025, the price of OP2601 was 4,266, a day-on-day decrease of 0.42% compared to November 3. The position of the main contract was 943, a day-on-day increase of 0.11% [3]. Group 5: Spot Price Data Double-Offset Paper - Shandong High-White Swan: 4,675 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. - Shandong Ben-White Tianyang: 4,475 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. - Shandong Ben-White Peony: 4,450 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. - Guangdong High-White Blue Leaf: 4,600 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. - Beijing High-White Ruixue: 4,725 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. Coated Paper - Guangdong Chenming Snow Rabbit: 4,650 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. - Guangdong Huaxia Sun: 4,900 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. - Guangdong Jindong Dongfan: 5,300 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. - Shandong Chenming Snow Rabbit: 4,650 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. - Shandong Sun Tianyang: 4,800 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. Group 6: Papermaking Raw Material Data - Shandong Broadleaf Goldfish: 5,500 yuan/ton, with 0.00% day-on-day and week-on-week changes [4]. - Shandong Coniferous Silver Star: 4,250 yuan/ton, with 0.00% day-on-day and week-on-week changes [4]. - Shandong Coniferous Russian Needle: 5,100 yuan/ton, with 0.00% day-on-day and week-on-week changes [4]. - Guangdong Broadleaf Goldfish: 4,300 yuan/ton, with 0.00% day-on-day and week-on-week changes [4]. - Shandong Coniferous Moon: 3,700 yuan/ton, with 0.00% day-on-day and week-on-week changes [4]. - Shandong Chemical Mechanical Kunhe: 5,350 yuan/ton, with 0.00% day-on-day and week-on-week changes [4]. Group 7: Double-Offset Paper Supply and Demand Data Production - On September 19, 2025: 20.7 million tons [4]. - On October 24, 2025: 20.3 million tons [4]. - On October 17, 2025: 21 million tons [4]. - On September 26, 2025: 20.87 million tons [4]. - On September 12, 2025: 20.5 million tons [4]. - On September 5, 2025: 19.48 million tons [4]. Capacity Utilization - On September 19, 2025: 53% [4]. - On October 24, 2025: 56.9% [4]. - On October 17, 2025: 55.7% [4]. - On September 26, 2025: 52.93% [4]. - On September 12, 2025: 54% [4]. - On September 5, 2025: 56.69% [4]. Factory Inventory - On September 19, 2025: 131.5 million tons [4]. - On October 24, 2025: 122.7 million tons [4]. - On October 17, 2025: 122.7 million tons [4]. - On September 26, 2025: 130 million tons [4]. - On September 12, 2025: 121 million tons [4]. - On September 5, 2025: 119.6 million tons [4]. Social Inventory - On September 19, 2025: 58 million tons [4]. - On October 24, 2025: 53.2 million tons [4]. - On October 17, 2025: 53.4 million tons [4]. - On September 26, 2025: 54 million tons [4]. - On September 12, 2025: 53.1 million tons [4]. - On September 5, 2025: 53.6 million tons [4]. Production Gross Margin - Chemical Mechanical Pulp-Based: On September 19, 2025, it was 437; on October 24, 2025, it was 512; on October 17, 2025, it was 572; on September 26, 2025, it was 528; on September 12, 2025, it was 541.25; on September 5, 2025, it was 614 [4]. - Broadleaf Pulp-Based: On September 19, 2025, it was 270; on October 24, 2025, it was 329; on October 17, 2025, it was 203; on September 26, 2025, it was 240; on September 12, 2025, it was 264; on September 5, 2025, it was 360 [4].

Report Summary 1. Industry Investment Rating - Not provided 2. Core View - The narrative of strong terminal demand continues, the de - stocking of social inventory increases, and the degree of supply - demand mismatch deepens. However, from a fundamental perspective, the hedging pressure from above is gradually released, weakening the upward momentum. The market has begun to show differences (rumors of mine resumption have emerged), and further capital, events, and news are needed to push up the price. Otherwise, the price will remain low [3] 3. Summary by Category Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 81,000 yuan with a rise of 450 yuan; SMM industrial - grade lithium carbonate has an average price of 78,800 yuan with a rise of 450 yuan [1] Lithium Futures Contracts - Lithium carbonate 2511 has a closing price of 80,620 yuan with a decline of 0.67%; lithium carbonate 2512 has a closing price of 82,100 yuan with no change; lithium carbonate 2601 has a closing price of 82,280 yuan with a decline of 0.1%; lithium carbonate 2602 has a closing price of 81,980 yuan with a rise of 0.27%; lithium carbonate 2603 has a closing price of 81,760 yuan with a rise of 0.02% [1] Lithium Ore - Lithium spodumene concentrate (CIF China) (Li20: 5.5% - 6%) has an average price of 941 yuan with a decline of 3 yuan; lithium mica (Li20: 1.5% - 2.0%) has an average price of 1350 yuan with a decline of 30 yuan; lithium mica (Li20: 2.0% - 2.5%) has an average price of 2150 yuan with a decline of 30 yuan; phospho - lithium - aluminum stone (Li20: 6% - 7%) has an average price of 7360 yuan; phospho - lithium - aluminum stone (Li20: 7% - 8%) has an average price of 8770 yuan with a decline of 55 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 36,050 yuan with a rise of 110 yuan; the average price of ternary material 811 (polycrystalline/power type) is 157,950 yuan with a rise of 100 yuan; the average price of ternary material 523 (single - crystal/power type) is 139,450 yuan with a rise of 150 yuan; the average price of ternary material 613 (single - crystal/power type) is 138,150 yuan with a rise of 200 yuan [2] Price Spreads - The difference between battery - grade and industrial - grade lithium carbonate is 2200 yuan with no change; the difference between battery - grade lithium carbonate and the main contract is - 1280 yuan with a decline of 1050 yuan; the difference between the near - month and the first - continuous contract is - 180 yuan with a rise of 1240 yuan; the difference between the near - month and the second - continuous contract is 120 yuan with a rise of 1600 yuan [2] Inventory - The total inventory (weekly, tons) is 127,358 tons with a decline of 3008 tons; the smelter inventory (weekly, tons) is 32,051 tons with a decline of 1630 tons; the downstream inventory (weekly, tons) is 53,288 tons with a decline of 1987 tons; the other inventory (weekly, tons) is 42,020 tons with a rise of 610 tons; the registered warehouse receipts (daily, tons) is 27,290 tons with a decline of 331 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate is 80,421 yuan, and the profit is - 557 yuan; the cash cost of purchasing lithium mica concentrate is 84,985 yuan, and the profit is - 7158 yuan [3]

Group 1: Report Industry Investment Rating - The report does not mention the industry investment rating [5][6] Group 2: Core Views of the Report - The easing of Sino - US trade policies has released positive signals, significantly alleviating the suppression of trans - oceanic cargo volume by trade frictions, and the market sentiment has improved the expectations of the European line [6] - The Sino - US trade agreement this week is expected to prompt some US retailers to accelerate short - term imports, but it is unlikely to lead to a significant adjustment of the supply - chain strategy [6] - The EC market is oscillating strongly. In the short term, macro - level positives, capacity control, and multiple rounds of price - support expectations will still support the market. Before the peak - season expectations are falsified, the main contract is likely to maintain a strong oscillation, but the market has already factored in a certain premium [7][8] Group 3: Summary by Related Catalogs Shipping Derivatives Data - **Freight Rate Index**: The current values of SCFI, CCFI, SCFI - US West, SCFIS - US West, SCFI - US East, and SCFI - Northwest Europe are 1551, 1021, 2647, 1208, 3438, and 1344 respectively, with increases of 10.49%, 2.89%, 22.94%, 9.12%, 13.39%, and 7.87% compared to the previous values. The current value of SCFIS - Northwest Europe is 1208, a decrease of 7.93%, and the current value of SCFI - Mediterranean is 1983, an increase of 13.57% [5] - **Contracts**: The current values of EC2506, EC2608, EC2610, EC2512, EC2602, and EC2604 are 1400.8, 1483.5, 1139.3, 1851.7, 1592.2, and 1184.4 respectively, with increases of 1.54%, 0.84%, 0.64%, 2.64%, 2.48%, and 2.01% [5] - **Positions**: The current positions of EC2606, EC2608, EC2610, EC2512, EC2602, and EC2604 are 1490, 1342, 1266, 29320, 18781, and 14507 respectively, with changes of - 31, - 10, - 14, - 2045, 326, and - 403 [5] - **Monthly Spreads**: The current values of the 12 - 02, 12 - 04, and 02 - 04 monthly spreads are 259.5, 667.3, and 407.8 respectively, with increases of 9.1, 24.4, and 15.3 [5] Market Analysis - **EC Market**: The market is oscillating strongly. In early November, the spot prices of shipping companies varied, and the price in late November was reported at 3000 [7] - **Influencing Factors**: The key influencing factors include the fulfillment of peak - season demand, the persistence of shipping company strategies, and geopolitical and long - term agreement variables [8] - **Outlook and Strategy**: In the short term, the market is expected to remain strongly oscillating. It is recommended to buy the main contract at low prices and focus on tracking the suspension of voyages and shipping company loading rates. The recommended strategy is to wait and see [8][9]

Report Summary 1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - On November 3rd, the A - share market recovered after hitting a low, with all three major indexes closing in the green. The ChiNext Index dropped 2% during the session. The Shanghai Composite Index rose 0.55% to 3976.52 points, the Shenzhen Component Index rose 0.19%, and the ChiNext Index rose 0.29%. The North Securities 50 Index fell 0.98%, the Sci - Tech Innovation 50 Index fell 1.04%, the Wind All - A Index rose 0.39%, the Wind 4500 Index rose 0.19%, and the CSI A500 Index rose 0.19%. The total trading volume of A - shares for the day was 2.13 trillion yuan, compared with 2.35 trillion yuan the previous day [5]. 3. Summary by Relevant Catalogs 3.1 Market Index Quotes - The Shanghai Stock Exchange 50 Index closed at 3016.3507, up 0.16%, with a trading volume of 1346.37 billion yuan and a trading volume of 54.90 billion [3]. - The CSI 300 Index closed at 4653.4028, up 0.27%, with a trading volume of 5576.03 billion yuan and a trading volume of 239.87 billion [3]. - The CSI 1000 Index closed at 7538.1178, up 0.42%, with a trading volume of 4324.23 billion yuan and a trading volume of 278.24 billion [3]. 3.2 CFFEX Stock Index Option Trading Situation | Index | Call Option Volume (10,000 contracts) | Put Option Volume (10,000 contracts) | Volume PCR | Call Option Open Interest (10,000 contracts) | Put Option Open Interest (10,000 contracts) | Open Interest PCR | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | Shanghai Stock Exchange 50 | 3.57 | 2.22 | 0.61 | 2.98 | 1.97 | 0.66 | | CSI 300 | 7.15 | 5.25 | 0.73 | 11.03 | 8.64 | 0.78 | | CSI 1000 | 24.31 | 12.92 | 0.88 | 14.44 | 15.01 | 1.04 | [3] 3.3 Volatility Analysis - The report presents historical volatility cones and volatility smile curves for the Shanghai Stock Exchange 50, CSI 300, and CSI 1000 indexes, including historical volatility data for different periods such as 5 - day, 20 - day, 40 - day, 60 - day, and 120 - day, as well as the current value and percentile values [3][4].

Report Investment Rating - No investment rating for the entire industry was provided in the report Core Viewpoint - In the short term, as positive factors such as the progress of China - US economic and trade negotiations and better - than - expected third - quarter report results are gradually released, market sentiment may shift from relative optimism to caution, and the stock index may enter an oscillation phase to accumulate momentum for the next upward movement. Meanwhile, with policy support and abundant macro - liquidity, there is still strong support below the stock index [1] Summary by Industry Category Macro - finance - Asset shortage and weak economy are favorable for bond futures, but the central bank's short - term warning on interest rate risks restricts the upward space [1] Metals Precious Metals - Gold is expected to oscillate in the short term and gradually stabilize, and silver prices may also maintain an oscillation [1] Base Metals - Copper prices have corrected, but the downward space is expected to be limited; aluminum prices are oscillating; alumina has weak fundamentals and downward pressure on spot prices; zinc is expected to maintain high - level oscillation; nickel and stainless steel prices are affected by macro factors and supply - side conditions, with nickel having high - inventory pressure; tin has long - term low - buying opportunities; industrial silicon, polysilicon, and lithium carbonate prices are oscillating, with lithium carbonate facing potential upward pressure after the macro - sentiment is realized [1] Ferrous Metals - Steel products such as rebar, iron ore, manganese silicon, and white silicon are oscillating, with different influencing factors such as production restrictions, cost support, and supply - demand relationships; glass prices are oscillating, and the upward resistance is relatively large; the upward breakthrough of coking coal futures is uncertain, and coke can consider selling hedging [1] Agricultural Products - Palm oil may have a phased rebound; soybean oil has limited rebound momentum; rapeseed oil is under pressure; cotton demand has great uncertainty, and the new - crop basis and futures prices may be under pressure; sugar prices have seasonal strength in the short term but limited rebound space in the medium term; soybean meal has limited rebound height; pulp is recommended for 11 - 1 reverse spreads; log is recommended for observation; live pig futures may turn weak following the spot [1] Energy and Chemicals - Crude oil, fuel oil, and asphalt are oscillating, with different influencing factors such as OPEC+ production plans, geopolitical situations, and supply - demand relationships; natural rubber is bullish, while BR rubber is under pressure; PTA prices are rising, and short - fiber prices follow the cost; benzene - related products are affected by factors such as weak prices and reduced device operating rates; urea, methanol, PVC, and caustic soda are oscillating, with different influencing factors such as supply pressure and cost support; LPG's domestic spot fundamentals are stable [1] Others - The shipping industry in November has relatively loose transport capacity supply and is in an oscillating state [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The overall trend of the domestic soybean meal market is expected to be oscillatingly stronger, but the rebound height of the futures price is limited by the current loose supply of nearby soybean meal and the expected loose global soybean supply in the long - term. Attention should be paid to the policy changes between China and the US, adjustments in the US Department of Agriculture reports, and changes in South American weather [9]. 3. Summary by Related Contents a. Basis and Spread Data - For 43% soybean meal spot basis (against the main contract), on November 3rd, the basis in Dalian was 74 with a rise of 15; in Tianjin, it was 54 with a rise of 25; in other regions like Rizhao, Zhangjiagang, etc., specific basis and changes are also provided. The spot basis of rapeseed meal in Guangdong was 67 with a decline of 11. The spot price difference between soybean meal and rapeseed meal in Guangdong was 483 with a rise of 13, and the futures price difference of the main contract was 535 with a decline of 98 [6][7]. b. Supply Situation - The USDA currently estimates the US soybean inventory - to - consumption ratio for the 2025/2026 season at 6.9%. The expected yield per acre of 53.5 bushels may be lowered, while the export forecast has room for an upward adjustment, and the supply - demand balance of US soybeans is expected to be tight. As of October 25th, according to CONAB data, the Brazilian soybean sowing rate 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%. The far - month soybean purchase and shipping progress is slow [7][8]. c. Demand Situation - In the short term, livestock and poultry are expected to maintain a high inventory, and the reduction in production capacity is not obvious, which supports feed demand. However, the current farming profit is in a loss state, and national policies tend to control the inventory and weight of pigs, which may affect the long - term supply. Recently, the downstream transactions of soybean meal have been cautious, but the提货 performance has been good [9]. d. Inventory Situation - Domestic soybean and soybean meal inventories are at historical highs for the same period, and it is expected that the inventory will start to decline in November. The number of days of soybean meal inventory in feed enterprises has dropped to a low level [9].

Group 1: Financial Instrument Prices and Changes - DROO1 closed at 1.31, down 0.53bp; DR007 closed at 1.42, down 3.65bp [3] - GC001 closed at 1.54, up 21.50bp; GC007 closed at 1.49, up 1.00bp [3] - SHBOR 3M closed at 1.60, down 0.10bp; LPR 5 - year remained at 3.50 [3] - 1 - year treasury bond closed at 1.33, up 1.20bp; 5 - year treasury bond closed at 1.53, up 0.10bp [3] - 10 - year treasury bond closed at 1.74, down 0.40bp; 10 - year US treasury bond closed at 4.09, down 0.20bp [3] - IF当月 closed at 4646, up 0.1%; IH当月 closed at 3018, unchanged; IC当月 closed at 7293, unchanged; IM当月 closed at 7471, up 0.4% [5] - IF成交量 was 115046, down 17.7%; IF持仓量 was 270097, down 0.4% [5] - IH成交量 was 51158, down 19.2%; IH持仓量 was 96979, down 2.6% [5] - IC成交量 was 140206, down 3.5%; IC持仓量 was 254358, unchanged [5] - IM成交量 was 229133, down 9.5%; IM持仓量 was 362939, up 0.2% [5] Group 2: Central Bank Operations - The central bank conducted 783 billion yuan of 7 - day reverse repurchase operations yesterday, with 3373 billion yuan of reverse repurchases maturing, resulting in a net withdrawal of 2590 billion yuan [3] - This week, 20680 billion yuan of reverse repurchases will mature in the central bank's open market, with 3373 billion, 4753 billion, 5577 billion, 3426 billion, and 3551 billion yuan maturing from Monday to Friday respectively. Additionally, 7000 billion yuan of 91 - day outright reverse repurchases will mature on Friday [4] Group 3: Stock Index Performance - The CSI 300 rose 0.27% to 4653.4; the SSE 50 rose 0.16% to 3016.4; the CSI 500 rose 0.04% to 7333.6; the CSI 1000 rose 0.42% to 7538.1 [5] - The trading volume of the two stock markets reached 21071 billion yuan, a decrease of 2107 billion yuan from the previous trading day [5] - Most industry sectors closed higher, with shipbuilding, gaming, culture and media, coal, photovoltaic equipment, power supply equipment, petroleum, mining, and airport sectors leading the gains, while small metals, batteries, and jewelry sectors leading the losses [5] Group 4: Market Outlook and Strategy - In the short term, as positive factors such as the progress of China - US economic and trade negotiations are gradually released, market sentiment may shift from relatively optimistic to cautious, and the stock index may enter a volatile stage to accumulate momentum for the next upward movement. In the medium - to - long term, the stock index still has room to rise, but the upward pace will not be rapid [6] - The strategy suggests taking advantage of opportunities to go long and using the discount structure of stock index futures to enhance the advantages of medium - to - long - term long - position strategies [6] Group 5: Stock Index Futures Premium and Discount - IF升贴水 was 3.14% for the current - month contract, 3.17% for the next - month contract, 2.48% for the current - quarter contract, and 2.71% for the next - quarter contract [7] - IH升贴水 was - 0.84% for the current - month contract, - 0.07% for the next - month contract, - 0.15% for the current - quarter contract, and 0.12% for the next - quarter contract [7] - IC升贴水 was 11.28% for the current - month contract, 10.17% for the next - month contract, 9.16% for the current - quarter contract, and 9.43% for the next - quarter contract [7] - IM升贴水 was 17.95% for the current - month contract, 14.75% for the next - month contract, 12.20% for the current - quarter contract, and 11.67% for the next - quarter contract [7]

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core Viewpoints of the Report - Steel prices declined slightly. In the future, steel production is expected to gradually decrease, which may initially suppress furnace materials and later lead to a joint upward movement of the sector [2]. - The sentiment of ferrosilicon and silicomanganese declined, and prices oscillated. They are likely to face pressure and fluctuate, and future supply - demand changes should be monitored [2]. - There is a strong expectation for the third round of price hikes for coking coal and coke to be implemented. However, considering the weakening steel demand, the possibility of the coking coal and coke market returning to a volatile state increases [2]. - The upward pressure on iron ore prices is obvious, and prices are falling. It is advisable to hold short positions [2]. 3) Summary by Relevant Catalogs Futures Market - On November 3rd, for far - month contracts, RB2605 closed at 3145 yuan/ton (down 27 yuan, - 0.85%), HC2605 at 3304 yuan/ton (down 21 yuan, - 0.63%), I2605 at 760.5 yuan/ton (up 14.5 yuan, + 1.87%), J2605 at 1908.5 yuan/ton (down 21.5 yuan, - 1.11%), JM2605 at 1347.5 yuan/ton (down 14 yuan, - 1.03%) [1]. - For near - month contracts (main contracts), RB2601 closed at 3079 yuan/ton (down 30 yuan, - 0.96%), HC2601 at 3295 yuan/ton (down 20 yuan, - 0.60%), I2601 at 782.5 yuan/ton (down 14.5 yuan, - 1.82%), J2601 at 1771.5 yuan/ton (down 21 yuan, - 1.17%), JM2601 at 1284.5 yuan/ton (down 11 yuan, - 0.85%) [1]. - On November 3rd, the cross - month spreads of RB2601 - 2605 were - 66 yuan/ton (down 13 yuan), HC2601 - 2605 were - 9 yuan/ton (down 6 yuan), I2601 - 2605 were 22 yuan/ton (up 1 yuan), J2601 - 2605 were - 137 yuan/ton (down 1.5 yuan), JM2601 - 2605 were - 63 yuan/ton (up 2.5 yuan) [1]. - For spreads/ratios/profits of main contracts on November 3rd, the hot - rolled coil and rebar spread was 216 yuan/ton (up 14 yuan), the rebar - iron ore ratio was 3.93 (up 0.05), the coking coal - coke ratio was 1.38 (unchanged), the rebar surface profit was - 155.63 yuan/ton (up 4.63 yuan), and the coking surface profit was 63.12 yuan/ton (down 3.51 yuan) [1]. Spot Market - On November 3rd, the spot prices of Shanghai rebar were 3210 yuan/ton (unchanged), Tianjin rebar 3170 yuan/ton (unchanged), Guangzhou rebar 3320 yuan/ton (unchanged), Tangshan billets 2950 yuan/ton (down 20 yuan), and the Platts Index was 105.85 (down 1.55) [1]. - The spot prices of Shanghai hot - rolled coils were 3300 yuan/ton (down 10 yuan), Hangzhou hot - rolled coils 3340 yuan/ton (down 20 yuan), Guangzhou hot - rolled coils 3290 yuan/ton (down 20 yuan), the billet - product spread was 260 yuan/ton (up 20 yuan), and the price of PB fines at Rizhao Port was 800 yuan/ton (unchanged) [1]. - The spot prices of Super Special fines were 723 yuan/ton (down 10 yuan), a certain type of ore was 775 yuan/ton (unchanged), coking coal at Ganqimaodu was 1420 yuan/ton (up 30 yuan), quasi - first - grade coke at Qingdao Port (ex - warehouse) was 1530 yuan/ton (unchanged), and PB fines at Qingdao Port were 800 yuan/ton (unchanged) [1]. - On November 3rd, the basis of HC main contract was 5 yuan/ton (up 3 yuan), RB main contract was 131 yuan/ton (up 27 yuan), I main contract was 27 yuan/ton (unchanged), J main contract was - 91.34 yuan/ton (up 5.5 yuan), JM main contract was 165.5 yuan/ton (up 31.5 yuan) [1]. Investment Strategies - For steel, adopt a wait - and - see approach for single - side trading; for futures - cash reverse arbitrage, take rolling profit - taking and wait for the opportunity for futures - cash positive arbitrage [2]. - For ferrosilicon and silicomanganese, adopt a wait - and - see approach for the time being [2]. - For coking coal and coke, focus on the performance of the 05 contract near the previous high support, and consider going long in the medium - to - long - term. Industrial customers can consider appropriate selling hedging on the 01 contract [2]. - For iron ore, hold short positions [2].

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - In the short - term, precious metal prices are expected to maintain a range - bound oscillation and are likely to further stabilize. It is recommended to focus on long - term allocation opportunities of buying on dips after stabilization [5] - In the long - term, the Fed is still in an interest - rate cut cycle. Global geopolitical uncertainties persist, and the unsustainable US debt and intensifying great - power competition will increase the credit risk of the US dollar in the long run. With central banks' gold purchases continuing, the long - term center of gold prices is likely to move up. Long - term investors are advised to allocate on dips [5] 3. Summary by Relevant Catalogs 3.1 Price and Spread Data - **15 - point price tracking of internal and external gold and silver on November 3, 2025**: London gold spot was at $4017.06 per ounce, London silver spot at $48.86 per ounce, COMEX gold at $4028.00 per ounce, COMEX silver at $48.58 per ounce, AU2512 at 922.58 yuan per gram, AG2512 at 11455 yuan per kilogram, AU (T + D) at 919.58 yuan per gram, and AG (T + D) at 11424 yuan per kilogram. Compared with October 31, 2025, the price changes were 0.2%, - 0.5%, 0.1%, - 0.1%, 0.1%, 0.1%, 0.1%, and 0.3% respectively [4] - **15 - point price tracking of spreads and ratios on November 3, 2025**: Gold TD - SHFE active spread was - 3 yuan per gram, silver TD - SHFE active spread was - 31 yuan per kilogram, gold internal - external (TD - London) spread was 4.32 yuan per gram, silver internal - external (TD - London) spread was - 1022 yuan per kilogram, SHFE gold - silver ratio was 80.54, COMEX gold - silver ratio was 82.91, AU2602 - 2512 was 2.82 yuan per gram, and AG2602 - 2512 was 24 yuan per kilogram. Compared with October 31, 2025, the changes were - 5.4%, - 38.0%, - 10.8%, - 7.8%, - 0.1%, 0.2%, - 7.8%, and - 4.0% respectively [4] 3.2 Position Data - **As of October 31, 2025**: Gold ETF - SPDR was 1039.2 tons, silver ETF - SLV was 15189.81735 tons. COMEX gold non - commercial long positions were 332808 contracts, non - commercial short positions were 66059 contracts, and non - commercial net long positions were 266749 contracts. COMEX silver non - commercial long positions were 72318 contracts, non - commercial short positions were 20042 contracts, and non - commercial net long positions were 52276 contracts. Compared with October 30, 2025, the changes were - 0.11%, 0.00%, 1.85%, 9.43%, 0.13%, 0.97%, - 0.21%, and 1.43% respectively [4] 3.3 Inventory Data - **As of November 3, 2025**: SHFE gold inventory was 87816.00 kilograms, SHFE silver inventory was 658851.00 kilograms. As of October 31, 2025, COMEX gold inventory was 38168047 troy ounces, and COMEX silver inventory was 482438705 troy ounces. Compared with the previous period, the changes were 0.00%, - 1.01%, - 0.20%, and - 0.14% respectively [4] 3.4 Interest Rate, Exchange Rate, and Stock Market Data - **As of November 3, 2025**: The US dollar/Chinese yuan central parity rate was 7.09. As of October 31, 2025, the US dollar index was 99.73, the 2 - year US Treasury yield was 3.60%, the 10 - year US Treasury yield was 4.11%, VIX was 17.44, the S&P 500 was 6840.20, and NYMEX crude oil was $60.88 per barrel. Compared with the previous period, the changes were - 0.02%, 0.19%, - 0.28%, 0.00%, 3.13%, 0.26%, and 0.98% respectively [4] 3.5 Market Analysis - **Market review**: On November 3, the main contract of Shanghai gold futures closed up 0.47% to 922.58 yuan per gram, and the main contract of Shanghai silver futures closed up 0.39% to 11455 yuan per kilogram [4] - **Analysis and short - term outlook**: The new gold tax policy mainly aims to standardize the gold market, strengthen tax supervision, and has limited impact on prices. With factors such as decreased market risk appetite and the ongoing US government shutdown, precious metal prices are in a range - bound oscillation. However, the divergence within the Fed on a December rate cut and the strong US dollar index will suppress the short - term upside of precious metal prices. Short - term precious metal prices are expected to maintain a range - bound oscillation and may further stabilize [5] - **Medium - and long - term outlook**: In the long run, the Fed is in an interest - rate cut cycle, and factors such as global geopolitical uncertainties, US debt issues, and central bank gold purchases will push up the long - term center of gold prices [5]