Report's Industry Investment Rating - Not provided in the given content Report's Core View - Due to supply constraints, it is expected that the aluminum price will maintain a rising or oscillatingly strong trend. The strategy is to continue taking long positions in the medium term, with the reference support range for Shanghai Aluminum 2601 being 21,000 - 21,200 yuan/ton [5]. Summary by Directory 1. Weekly View and Strategy - **Macro**: In October, China's total goods trade imports and exports were 3.7 trillion yuan, a 0.1% increase. Exports were 2.17 trillion yuan, a 0.8% decrease, and imports were 1.53 trillion yuan, a 1.4% increase for the fifth consecutive month. The US government shutdown led to the non - release of the October non - farm payroll data. Economists expect a 60,000 decrease in non - farm employment and a rise in the unemployment rate to 4.5% [5]. - **Supply**: Bauxite mining in northern China has not resumed. Some alumina plants in the region have reduced their operations. A large alumina enterprise in Hebei shut down 2 roasting furnaces on the evening of October 28 and plans to resume gradually on October 31. Alumina inventory is continuously accumulating, while the operating rate and supply of electrolytic aluminum are relatively stable [5]. - **Demand**: Recent electrolytic aluminum consumption has been generally good. The automobile industry is relatively prosperous, and the power grid - related orders are expected to be released rapidly. Overall, domestic demand is expected to continue to improve [5]. - **Inventory**: Last week, LME aluminum futures inventory increased slightly, while domestic social inventory continued to decline slightly and is expected to continue to decrease [5]. - **View**: Supply disturbances have not changed the weak fundamentals of alumina. Due to supply constraints, the aluminum price is expected to maintain a rising or oscillatingly strong trend [5]. - **Strategy**: Continue taking long positions in the medium term, with the reference support range for Shanghai Aluminum 2601 being 21,000 - 21,200 yuan/ton [5]. 2. Spot and Futures Market - Graphs of domestic aluminum spot and futures prices, A00 aluminum ingot spot premium and discount, LME aluminum price trends, and China's aluminum ingot import profit are presented, but no specific analysis is provided [9][13]. 3. Supply and Inventory - **Bauxite**: In September 2025, China imported 1,588 million tons of bauxite, a 38.3% year - on - year increase. From January to September, the import volume was 15,731 million tons, a 32% year - on - year increase. In 2024, China imported 15,876.7 million tons of bauxite, a 12.3% year - on - year increase. Guinea and Australia are the main sources. In September 2025, China's bauxite production was 488.21 million tons, a 2.32% year - on - year decrease. From January to September, the cumulative production was 4,574.32 million tons, with a significant slowdown in production growth. Recent domestic bauxite port inventory has decreased [20][25]. - **Alumina**: In September 2025, China's alumina production was 799.9 million tons, an 8.7% year - on - year increase. From January to September, the cumulative production was 6,856.0 million tons, an 8.4% year - on - year increase. From January to September, China exported 200 million tons of alumina, a 61.8% year - on - year increase, with 25 million tons in September, an 82.2% year - on - year increase. As of September 2025, the domestic metallurgical alumina production capacity reached 11,032 million tons, an increase of 630 million tons from the end of last year. More new production capacity is expected to be put into operation from the end of 2025 to Q1 2026. In 2025, there was a large - scale production capacity release, and there are still many projects to be put into operation in 2026 and later. Overseas, there were approximately 500 million tons of new production capacity put into operation, and at least 870 million tons of new production capacity are expected in 2026 [34][35][38]. - **Electrolytic Aluminum**: As of September 2025, the domestic electrolytic aluminum production capacity was 4,523.2 million tons, a year - on - year increase of 23.5 million tons; the operating capacity was 4,444.9 million tons, a year - on - year increase of 92 million tons; the capacity utilization rate was 99.41%, a year - on - year increase of 2.43%. In September 2025, the global primary aluminum production was 6.08 million tons, a 0.9% year - on - year increase. From January to September, the global primary aluminum production was 55.113 million tons. In September 2025, China's primary aluminum production was 3.81 million tons, a 1.8% year - on - year increase. From January to September, the cumulative production was 33.97 million tons, a 2.2% year - on - year increase. In September 2025, China imported 246,800 tons of primary aluminum, a 14.36% month - on - month increase and an 80.07% year - on - year increase. From January to September, the cumulative import volume was 1.9618 million tons. As of November 6, 2025, the LME futures inventory was 550,500 tons, and China's electrolytic aluminum social inventory was 607,000 tons [42][53][62]. 4. Primary Processing and End - Market - **Alloy Ingot**: In September 2025, the aluminum alloy production was 177,600 tons, a 17.1% year - on - year increase. From January to September, the cumulative production was 1.4116 million tons, a 15.9% year - on - year increase [68]. - **Aluminum Products**: In September 2025, China's aluminum product production was 590,000 tons, a 1.5% year - on - year decrease. From January to September, the cumulative production was 4.9768 million tons, the same as the previous year [71]. - **Aluminum Import and Export**: In September 2025, China imported 360,000 tons of unforged aluminum and aluminum products, a 35.4% year - on - year increase. From January to September, the cumulative import volume was 3.01 million tons, a 5.7% year - on - year increase. In September, the export volume was 520,000 tons, a 7.3% year - on - year decrease. From January to September, the cumulative export volume was 4.52 million tons, an 8.1% year - on - year decrease [78]. - **Downstream Demand**: The report presents graphs of global aluminum downstream demand structure, green demand forecast, global photovoltaic and wind power installation capacity forecast, global new energy vehicle sales forecast, China's real estate market situation, China's new energy vehicle production, and power engineering investment, but no specific analysis is provided [81][87][92]. 5. Supply - Demand Balance Sheet and Industrial Chain Structure - **Global Supply - Demand Balance**: The report provides global and Chinese electrolytic aluminum supply - demand balance tables from 2021 to 2027. In 2025, overseas alumina had 6.6 million tons of new production capacity (including restarted capacity), with 4 million tons of newly invested capacity. The net increase in production capacity in 2025 was 4.02 million tons. It is expected that in 2025, the global market will maintain a tight - balance situation, with a slight shortage overseas and a slight surplus in China [103][104][105]. - **Industrial Chain Structure**: No specific content is provided.

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The current supply of copper ore remains tight, with the copper concentrate processing fee TC at a deeply negative level. The market generally expects the final result of the 2026 copper concentrate long - term processing fee negotiation to be significantly lower than the 2025 benchmark price of $21.25 per dry ton, and it may approach zero, with individual negotiations possibly resulting in negative values. - In November, the number of smelters scheduled for maintenance decreased to 5, involving a rough smelting capacity of 1.5 million tons and an estimated impact on production of 48,000 tons. Due to the pressure on raw materials being transmitted to the domestic smelting sector, along with negative copper processing fees and falling by - product prices, smelter profits are significantly pressured, and it is expected that the electrolytic copper output in November will decline month - on - month. - Although the previous period was the traditional peak season, high copper prices have to some extent suppressed downstream purchasing willingness. However, the demand side has strong resilience, and terminal demands such as power grids and new energy provide marginal increments. As the issue of supply shortages becomes a consensus, the downstream's acceptance of high copper prices is gradually increasing, and the medium - to - long - term supply - demand fundamentals provide solid support for the price center. - The strategy is to continue to focus on medium - term long positions, with the medium - term reference support range for Shanghai copper 2601 being 83,500 - 84,000 yuan/ton [8][9]. 3. Summaries According to the Table of Contents 3.1 Week - ly Views and Strategies - **Strategy**: Focus on medium - term long positions, with the medium - term reference support range for Shanghai copper 2601 being 83,500 - 84,000 yuan/ton [8] - **Macro**: In October, China's total goods trade import and export value was 3.7 trillion yuan, a 0.1% increase. Exports were 2.17 trillion yuan, a 0.8% decrease, and imports were 1.53 trillion yuan, a 1.4% increase, with imports having increased for 5 consecutive months. The US government shutdown set a record for the longest duration, and many important economic indicators lacked official data. According to economists' estimates, if the number of non - agricultural employment in October decreased by 60,000, the unemployment rate would rise to 4.5% [9] - **Supply**: Copper ore supply is tight, and the copper concentrate processing fee TC is deeply negative. It is expected that the 2026 long - term processing fee will be much lower than that in 2025. In November, 5 smelters are scheduled for maintenance, affecting 48,000 tons of production. It is expected that November's electrolytic copper output will decline month - on - month [9] - **Demand**: High copper prices have suppressed downstream purchasing, but demand has resilience, and power grids and new energy provide marginal increments. The downstream's acceptance of high prices is increasing [9] - **Inventory**: LME copper futures inventory decreased slightly, while domestic social inventory slowly increased due to the suppression of high - price copper on downstream purchases [9] 3.2 Futures and Spot Markets No specific analysis content provided, only figure names such as "Domestic Futures and Spot Prices", "Shanghai Flat - water Copper Premiums and Discounts", "LME Copper 3 - Month Forward Price", and "Shanghai - London Ratio" are mentioned [14][17] 3.3 Supply and Inventory - **Global Copper Resource Distribution**: Global copper resources are mainly distributed in Chile, Peru, Australia, Russia, and Mexico. Chile has the largest copper reserves, accounting for 21.3%, while China's copper resources are relatively scarce, accounting for only 3% [23] - **Global Copper Capital Expenditure**: Long - term capital expenditure suppresses incremental supply. Old mines have declining grades and rising geopolitical risks, making stable production difficult. Optimistically, the global copper mine production increments in 2025, 2026, and 2027 are expected to be 560,000, 1.28 million, and 470,000 tons respectively, with corresponding growth rates of about 2.5%, 5.6%, and 1.9%. Under neutral conditions, the supply growth rates in 2025, 2026, and 2027 are about 2.0%, 3.0%, and 1.0% [24] - **Copper Concentrate**: As of November 7, 2025, the comprehensive TC price of 26% clean copper concentrate was - $42.00 per dry ton, and the comprehensive spot price was $2,859 per dry ton. The zero - order spot processing fee is far below the break - even point. In August 2025, the global copper concentrate output was 1.5328 million tons, and from January to August, it was 12.1509 million tons [29] - **Global Copper Production Distribution**: In 2023, major copper - producing countries included Chile, the Democratic Republic of the Congo, Peru, etc. In 2024, the global copper mine production capacity reached 28.63 million tons, a 3.78% increase year - on - year, but the capacity utilization rate decreased from 82.20% in 2020 to 80.1% in 2024 [23][36] - **Copper Concentrate Imports and Inventory**: In September 2025, China's copper ore and concentrate imports were 2.587 million tons, a 0.1% year - on - year increase. From January to September, imports were 22.634 million tons, a 7.7% year - on - year increase. In the 45th week of 2025, the port inventory of imported copper concentrate in China was 498,000 tons [39] - **Global Copper Supply - Demand and China's Smelting Break - even**: The global copper concentrate supply - demand balance is expected to show different situations in different years. China's electrolytic copper production and import data in 2024 and 2025 are also provided [41][46] - **International and Domestic Copper Inventories**: As of November 6, 2025, the LME inventory was 134,000 tons, and the New York market copper inventory reached 369,400 tons. The domestic social inventory was 202,600 tons, and the SHFE inventory fluctuated at a low level [59][60][63] 3.4 Primary Processing and Terminal Markets - **Primary Processing Market**: In September 2025, China's copper product output was 2.232 million tons, a 5.9% year - on - year increase. From January to September, the cumulative output was 18.575 million tons, a 9.6% year - on - year increase. In September 2025, China imported 485,000 tons of unwrought copper and copper products, and from January to September, the cumulative imports were 4.019 million tons, a 1.7% year - on - year decrease. From January to September, the cumulative exports were 1.1428 million tons, a 10.9% year - on - year increase [69][73] - **Terminal Market - Power**: The national power grid project investment was 437.8 billion yuan, a 9.9% year - on - year increase [77] - **Terminal Market - Real Estate**: From January to September 2025, the national real estate development investment was 6.7706 trillion yuan, a 13.9% year - on - year decrease [81] - **Terminal Market - Automobile**: From January to September 2025, China's automobile production and sales were 24.333 million and 24.363 million vehicles respectively, a 13.3% and 12.9% year - on - year increase. New energy vehicle production and sales were 11.243 million and 11.228 million vehicles respectively, a 35.2% and 34.9% year - on - year increase, with a penetration rate of 46.1%. The total copper consumption of new energy vehicles and charging piles is expected to increase from 1.882 million tons in 2025 to 4.847 million tons in 2030 [85][88] - **Terminal Market - Home Appliances**: In September 2025, China's air - conditioner output was 18.095 million units, a 3.0% year - on - year decrease. From January to September, the cumulative output was 216.571 million units, a 4.4% year - on - year increase. In September 2025, China exported 366.563 million home appliances, and from January to September, the cumulative exports were 3.359991 billion units, a 0.8% year - on - year increase [92] - **Terminal Market - New Energy**: As of the end of September, the national solar power generation installed capacity was 1.13 billion kilowatts, a 45.7% year - on - year increase, and the wind power installed capacity was 580 million kilowatts, a 21.3% year - on - year increase [96] - **Global Copper Downstream Consumption and Green Demand Forecast**: The new energy demand for copper is expected to enter a stage of "high base * normal growth rate = high increment". It is estimated that in 2025, the green demand for copper (photovoltaic, wind power, new energy vehicles) will exceed the construction demand [100] 3.5 Supply - Demand Balance Sheet and Industrial Chain Structure - **Global Copper Supply - Demand Balance Sheet**: It is expected that the global copper supply will still be slightly in surplus in 2025 but will decrease significantly compared to 2024. It is expected to be slightly in short supply in 2026 and the shortage will widen in 2027. The domestic supply - demand is in a tight balance, and the actual consumption growth rate of China's electrolytic copper in 2025 is expected to be 1.91% [107] - **Industrial Chain Structure**: No specific analysis content provided.

期货交易咨询业务资格：证监许可【2011】1285号 华联期货生猪周报 二育减量明显 猪价僵持 20251109 蒋琴 交易咨询号：Z0014038 从业资格号：F3027808 0769-22110802 审核：萧勇辉，从业资格号：F03091536,交易咨询号：Z0019917 1 周度观点及策略 2 期现市场 3 产能 4 供给端 5 需求端 6 成本及利润 u 展望：政策面虽持续释放积极信号，但实际产能去化不及预期，市场情绪转弱。本轮期现货共振下跌的行情并非单一因素主导，而 是产能长期过剩、政策调控落地滞后与消费疲软的三重压力叠加所致，目前行业正面临短期价格承压与长期产能出清的关键博弈期。 当前生猪产能依旧过剩，下游需求端疲软，二育短期的入场行为对猪价仅能起到"缓冲作用" ，无法扭转全国生猪市场供增需弱的 格局，养殖端整体进入全面亏损状态，市场情绪偏弱，短期生猪现货行情或延续弱势震荡，期货盘面震荡下跌修复基差。中期来看， 年底天气转冷后，终端对大体重猪的需求会有所增加，同时，南方地区腌腊、灌肠等传统消费需求逐步启动，或对行情形成阶段性 提振。但近年来传统意义上的生猪消费旺季均未能兑现，今年旺季不旺或已 ...

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Views - **Soda Ash**: Last week, soda ash production decreased by 10,700 tons week - on - week, the manufacturer's shipment rate dropped by 3.14%, and the upstream manufacturer's inventory increased by 12,200 tons. Some soda ash enterprises reduced their loads, and production slightly decreased. The inventory accumulation slowed down. Recently, the supply of soda ash has remained at a high level with narrow fluctuations. Although the enterprise profit has continued to shrink, there has been no significant production cut, and the supply pressure remains high. The daily melting volume of downstream glass has remained low, the improvement in soda ash demand is limited, and the manufacturer's inventory is difficult to deplete. The high supply has hit market confidence, and the futures market is under pressure and operating weakly. The 2601 contract is expected to run in the range of 1160 - 1280 [7]. - **Glass**: Last week, 4 coal - fired production lines were shut down, and 1 previously ignited production line started to produce glass. The weekly开工率 and weekly supply decreased. Affected by the news of the technological transformation and shutdown of production lines in the Shahe area, the market production and sales improved, and the manufacturer's inventory continued to decline. Currently, glass is dragged down by the weak real estate market, and the demand outlook is not optimistic. The market expects a reduction in supply. It is expected that there is still room for adjustment and repair in the industry's supply - demand relationship. However, the short - term peak - season consumption is lower than expected, the inventory remains high, and later the consumption will gradually enter the off - season, so the improvement in the supply - demand contradiction may be limited. The 2601 contract is expected to run in the range of 1050 - 1160 [8]. 3. Summary by Directory 3.1 Week - on - Week Views and Strategies - **Soda Ash** - **Inventory**: As of November 6, 2025, the total inventory of domestic soda ash manufacturers was 1.7142 million tons, including 814,600 tons of light soda ash and 899,600 tons of heavy soda ash. Compared with the same period last year, the inventory increased by 39,200 tons, a rise of 2.34%. The production and sales of enterprises were relatively balanced, and the inventory of some enterprises increased [7]. - **Supply**: As of November 6, 2025, the weekly domestic soda ash production was 74,690 tons, a week - on - week decrease of 10,700 tons, a decline of 1.41%. The production of light soda ash was 33,121 tons, a week - on - week decrease of 5,700 tons, and the production of heavy soda ash was 41,480 tons, a week - on - week decrease of 5,000 tons. Some enterprises reduced their loads, and the supply decreased slightly [7]. - **Demand**: As of November 6, 2025, the weekly shipment volume of Chinese soda ash enterprises was 73,390 tons, a week - on - week decrease of 3.14%. The overall shipment rate of soda ash was 98.36%, a week - on - week decrease of 1.65 percentage points. During the week, the soda ash enterprise equipment fluctuated slightly, the production and sales of enterprises were relatively balanced, the inventory of some enterprises increased slightly, and the overall shipment rate decreased slightly [7]. - **Glass** - **Inventory**: As of November 6, 2025, the total inventory of national float glass sample enterprises was 63.136 million weight boxes, a week - on - week decrease of 2.654 million weight boxes, a decline of 4.03%, and a year - on - year increase of 29.05%. The inventory days were 27.1 days, a decrease of 0.9 days compared with the previous period [8]. - **Supply**: From October 31 to November 6, 2025, the average operating rate of the float glass industry was 75.92%, a week - on - week decrease of 0.43 percentage points; the average capacity utilization rate was 80.42%, a week - on - week decrease of 0.2 percentage points. The national float glass production was 1.1261 million tons, a week - on - week decrease of 0.25% and a year - on - year increase of 1.87% [8]. - **Profit**: From October 31 to November 6, 2025, according to the production cost calculation model of Longzhong Information, the weekly average profit of float glass using natural gas as fuel was - 172.70 yuan/ton, a week - on - week decrease of 15.00 yuan/ton; the weekly average profit of float glass using coal - made gas as fuel was 78.10 yuan/ton, a week - on - week increase of 14.65 yuan/ton; the weekly average profit of float glass using petroleum coke as fuel was - 1.77 yuan/ton, a week - on - week decrease of 2.86 yuan/ton [8]. - **Demand**: As of October 31, 2025, the average order days of national deep - processing sample enterprises were 10.8 days, a week - on - week increase of 4.0% and a year - on - year decrease of 16.1%. The deep - processing orders were divided this period. The average order days of enterprises in the north increased slightly, and the proportion of some engineering orders increased. In the south, most orders remained flat or even decreased in some cases, and the overall competition was still fierce [8]. 3.2 Industrial Chain Structure - **Soda Ash**: The upstream of the soda ash industry chain includes natural soda mines, raw salt, synthetic ammonia, raw salt, limestone, and ammonium chloride. The mid - stream is soda ash (light soda ash/heavy soda ash), and the downstream includes agricultural fertilizers, glass, and daily detergents [10]. - **Flat Glass**: The upstream of the flat glass industry chain includes raw materials such as quartz sand, limestone, soda ash, and auxiliary materials (clarifiers, color - mixing agents), as well as fuels like coal - made gas (24%), natural gas (40%), and petroleum coke (16%). The mid - stream is flat glass (float glass, other methods such as calendering), and the downstream includes deep - processed products such as tempered glass, laminated glass, hollow glass, and coated glass, which are mainly used in the real estate (75%), automotive (18%), and electronic and electrical (7%) industries [11]. 3.3 Futures and Spot Markets - **Futures and Spot Prices** - **Glass**: As of November 7, 2025, the closing price of the FG main contract was 1091, and the North China basis was 39 yuan/ton [15]. - **Soda Ash**: As of November 7, 2025, the closing price of the SA main contract was 1210, and the North China basis was 90 yuan/ton [18]. - **Contract Spread** - **Glass**: As of November 7, 2025, the FG1 - 5 spread closed at - 134 yuan/ton. - **Soda Ash**: As of November 7, 2025, the SA1 - 5 spread closed at - 84 yuan/ton [21]. 3.4 Inventory - **Glass**: As of November 6, 2025, the total inventory of national float glass sample enterprises was 63.136 million weight boxes, a week - on - week decrease of 2.654 million weight boxes, a decline of 4.03%, and a year - on - year increase of 29.05%. The inventory days were 27.1 days, a decrease of 0.9 days compared with the previous period. The inventory in major regions such as North China, East China, South China, and Central China decreased [24]. - **Soda Ash**: As of November 6, 2025, the total inventory of domestic soda ash manufacturers was 1.7142 million tons, including 814,600 tons of light soda ash and 899,600 tons of heavy soda ash. Compared with the same period last year, the inventory increased by 39,200 tons, a rise of 2.34%. The production and sales of enterprises were relatively balanced, and the inventory of some enterprises increased [33]. 3.5 Supply - Side - **Glass**: From October 31 to November 6, 2025, the average operating rate of the float glass industry was 75.92%, a week - on - week decrease of 0.43 percentage points; the average capacity utilization rate was 80.42%, a week - on - week decrease of 0.2 percentage points. The national float glass production was 1.1261 million tons, a week - on - week decrease of 0.25% and a year - on - year increase of 1.87% [37]. - **Soda Ash**: As of November 6, 2025, the weekly domestic soda ash production was 74,690 tons, a week - on - week decrease of 10,700 tons, a decline of 1.41%. The production of light soda ash was 33,121 tons, a week - on - week decrease of 5,700 tons, and the production of heavy soda ash was 41,480 tons, a week - on - week decrease of 5,000 tons. Some enterprises reduced their loads, and the supply decreased slightly. As of November 6, 2025, the theoretical profit of ammonia - soda process soda ash in China was - 43.50 yuan/ton, a week - on - week decrease of 1.80 yuan/ton; the theoretical profit of dual - ton soda ash in the combined - soda process was - 174 yuan/ton, a week - on - week decrease of 9 yuan/ton [47][50]. 3.6 Demand - Side - **Glass**: As of October 31, 2025, the average order days of national deep - processing sample enterprises were 10.8 days, a week - on - week increase of 4.0% and a year - on - year decrease of 16.1%. The deep - processing orders were divided this period. The average order days of enterprises in the north increased slightly, and the proportion of some engineering orders increased. In the south, most orders remained flat or even decreased in some cases, and the overall competition was still fierce [54]. - **Soda Ash**: As of November 6, 2025, the weekly shipment volume of Chinese soda ash enterprises was 73,390 tons, a week - on - week decrease of 3.14%. The overall shipment rate of soda ash was 98.36%, a week - on - week decrease of 1.65 percentage points. The enterprise production and sales were relatively balanced, the inventory of some enterprises increased slightly, and the overall shipment rate decreased slightly [65].

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - **Market Performance**: From October 31 to November 7, 2025, the spot price of zinc oscillated upward, with the benchmark spot price reaching 22,650 yuan/ton on November 7, a 1.66% increase from October 30. In the futures market, the main zinc contract also trended upward, closing at 22,720 yuan/ton with a weekly gain of 1.63%. The current open interest of the main - month contract is around 112,500 lots [8]. - **Macro - environment**: Sino - US economic and trade consultations in Kuala Lumpur led to a series of agreements on tariffs and export controls, showing signs of trade friction mitigation. The Fed's interest - rate cut expectation in December is uncertain, pending inflation and employment data after the US government reopens. The "15th Five - Year Plan" proposal brings new development opportunities to the new energy and new materials sectors [8]. - **Supply**: Limited domestic zinc concentrate increments have caused a decline in spot processing fees. There is an increasing expectation of production cuts and shutdowns in November. Some northern mines have actively controlled production after completing their annual plans, leading to a temporary tightness in zinc ore supply and concerns about a contraction in refined zinc output [8]. - **Demand**: Seasonal weakness in demand persists. With the arrival of the construction off - season in the north, the operating rates of downstream industries such as galvanizing and zinc die - casting may further decline, and the pattern of spot discounts is difficult to reverse. Specifically, the estimated operating rate of zinc oxide manufacturers remains stable at about 51%, a Tianjin zinc oxide plant affected by environmental protection controls is expected to resume production next week; the estimated operating rate of the zinc alloy industry next week is 54%, with downstream raw material purchases only meeting rigid demand and new orders at the beginning of next month falling short of expectations; the operating rate of galvanized sheets is expected to continue to recover to about 63% [8]. - **Inventory**: Overall inventory is at a low level. As of November 6, LME zinc delivery inventory was reported at 34,100 tons, and SHFE inventory was 69,300 tons, showing a differentiated inventory level [8]. - **Summary**: The macro - sentiment is cautiously recovering. Overseas zinc ingots remain in short supply, and the export window will remain open in November. The cost support from processing fees and weak downstream demand create a tug - of - war for zinc prices, resulting in a wide - range oscillating trend [8]. - **Strategy**: Conduct range trading for the zn2601 contract, with a reference operating range of 21,000 - 23,000 yuan/ton, or buy out - of - the - money call options [8]. 3. Summary by Relevant Catalogs 3.1. Week - on - Week View and Strategy - **Hot News**: US ADP data showed that private - sector employment increased by 42,000 in October, far exceeding the market expectation of 22,000 and the largest increase since July 2025. However, the September data was revised downward to a decrease of 32,000. This strong data alleviated market concerns about the weak labor market. This week, both the smelting and downstream sectors were affected. Tight raw materials and falling processing fees put pressure on many smelting enterprises, which have started production cuts. Northern downstream enterprises' operations and shipments were affected by environmental protection controls, leading to tightened raw material purchases. The spot market continued with a pattern of small - volume rigid - demand transactions. Traders actively bought export - eligible zinc ingot sources, driving up the premiums of some zinc ingot brands in Shanghai and Tianjin. Overseas, LME zinc inventory hit a new low again. Under the dominance of long - position funds, domestic and international zinc prices trended strongly this week. Attention should be paid to the subsequent rhythm of zinc ingot exports and overseas warehousing [7]. - **Influence Factor Prediction**: The supply expectation is fluctuating (neutral), downstream demand is weak (bearish), inventory is differentiated (neutral), export expectation is good (bullish), market sentiment has no impact (neutral), cost - profit has no impact (bullish), and the macro - environment has no impact (neutral). Overall, the market is expected to oscillate [9]. 3.2. Industrial Chain Structure The zinc industry chain includes zinc ore, scrap zinc, refined zinc (including fire - refined zinc and electrolytic zinc), and downstream products such as zinc die - casting alloys, zinc - based alloys, galvanized products, zinc oxide, etc. Downstream applications cover various fields such as toys, hardware, construction, and automotive [11]. 3.3. Term Market The report presents multiple charts related to futures and spot prices, including active - contract futures closing prices, settlement prices, LME 3 - month zinc futures closing prices, refined zinc prices, and London zinc ingot spot prices, with data sources from WIND and the Hualian Futures Research Institute [15][19][25][33]. 3.4. Inventory The report shows charts of inventory data, including SHFE inventory, LME inventory, zinc finished - product inventory, zinc spot inventory, zinc ore port inventory, and zinc ore raw - material inventory days, with data sources from Steel Union Data and the Hualian Futures Research Institute [35][40][46]. 3.5. Supply The supply - side content includes charts of global and domestic zinc ore production, zinc ore imports, zinc ore prices, zinc concentrate processing fees, refined zinc prices, refined zinc operating rates, global and Chinese refined zinc production, and refined zinc imports and exports, with data sources from Steel Union Data and the Hualian Futures Research Institute [50][53][56][59][65][70]. 3.6. Demand - **Downstream Product Data**: The report provides production and operating - rate data for downstream products such as galvanized sheets, zinc alloys, and zinc oxide from June 2024 to February 2025, as well as charts of consumption structure, zinc ingot apparent and actual consumption, galvanized sheet production and operating rates, zinc alloy production and operating rates, zinc oxide operating rates and prices, and terminal - demand data for real estate, home appliances, and the automotive industry, with data sources from Steel Union Data and the Hualian Futures Research Institute [74][75][80][84][90][94][99]. - **2025 Supply - Demand Balance**: The report presents the supply - demand balance data for 2025, including production, imports, exports, net imports, total supply, apparent consumption, ending inventory, inventory changes, total demand, and supply - demand balance for each month [113]. 3.7. Others - **Price and Ratio**: The report includes charts of the Shanghai - London price ratio, zinc ingot main - contract basis, sulfuric acid prices, and zinc alloy prices, with data sources from Steel Union Data and the Hualian Futures Research Institute [104][108].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Gold is expected to fluctuate, and there is still a probability of filling the previous gap. The medium - and long - term positive logic for gold remains, including potential Fed rate cuts, a weakening dollar, and central bank gold purchases due to global political and economic instability. It is recommended to hold the remaining long positions in gold medium - term and set stop - profits. For options, wait for opportunities to buy call options again [6]. 3. Summary According to Related Catalogs 3.1 Fundamental View - **Price Movement**: Since 2025, the price of the London gold and Shanghai gold indexes has increased by 51.55% and 49.17% respectively. Last week, they decreased by - 0.64% and - 0.07% respectively [4][17]. - **Inflation**: In June 2022, the CPI reached a high of 9.1% and then declined. The PCE also peaked in June 2022. Core CPI and core PCE showed a downward trend. Since February 2024, the CPI rebounded, and the decline of core inflation slowed or even reversed. In August, the PCE increased to 2.74% year - on - year, and the core PCE to 2.91%. In September, the US CPI inflation rose slightly, while the core CPI fell slightly and was lower than expected [4][20]. - **Interest Rates**: From mid - to late October 2023, the US medium - term Treasury bond yields declined until January this year. Since February 2024, they have rebounded, then fluctuated and declined near last year's high. Since September, they have fallen below the 2024 low and reached a new low [4][24]. - **Supply and Demand**: In 2024, the global gold supply - demand balance became less loose, mainly due to a large increase in investment demand. In China, gold supply increased slightly year - on - year, and demand also recovered, mainly due to a significant increase in investment demand. The central bank's gold purchases remained above 1000 tons. The domestic gold supply - demand is in a tight balance, mainly due to a significant increase in gold bars and coins. In the first half of 2025, investment demand increased significantly [4]. - **US Economy**: In August 2025, the US added 22,000 jobs, far lower than the market expectation of 70,000, reaching the lowest level since October last year. In August 2025, the average hourly wage of US non - farm employees increased by 0.4%, up 0.1% from the previous month. The unemployment rate in July remained at 4.3%. The non - farm employment data in August 2025 continued to be significantly weaker than expected [4][33]. 3.2 Strategy View and Outlook - **Outlook**: Last Friday, the main gold futures contract rebounded after hitting a low, with support at the 30 - day moving average. Gold is expected to fluctuate, and there is a chance to fill the previous gap. After the sharp rise in gold due to the Fed rate - cut expectations, the US government shutdown, and tariff hikes since the end of August, on the evening of October 21, the international gold price dropped significantly. The reasons are the decline in risk - aversion sentiment and profit - taking triggered by the overbought technical condition. However, the medium - and long - term positive factors for gold still exist [6]. - **Operation Suggestion**: Hold the remaining long positions in gold medium - term and set stop - profits. Wait for opportunities to buy call options [6]. 3.3 Industry Chain Structure (Periodic and Spot Markets) - Gold prices stopped falling last week. Since 2025, the London gold and Shanghai gold indexes have increased by 51.55% and 49.17% respectively, and last week they decreased by - 0.64% and - 0.07% respectively [15][17]. 3.4 Gold Supply and Demand - **Global and Domestic Supply - Demand Balance**: When the gold supply - demand is in a tight balance, it is conducive to rising gold prices; when it is in a weak balance, the impact on gold prices is small. In 2024, the global gold supply - demand became less loose, and in China, the supply increased slightly year - on - year while demand recovered, mainly due to increased investment demand [4][37]. - **Central Bank Gold Purchases**: In the second quarter of 2025, global central bank gold purchases continued to decline to 166.46 tons from 248.57 tons in the first quarter. From November 2022 to April 2024, the People's Bank of China continuously bought gold. After six consecutive months without purchases, it bought gold from November 2024 to September 2025, with a total purchase of 44.16 tons since 2024 [41]. - **ETF Demand**: In 2023, the gold holdings of ETFs decreased by 113.69 tons, and in 2024, they decreased by 28.46 tons. As of November 5, last week, gold ETFs increased their holdings by 1.55 tons, and in 2025, the holdings increased by 254.68 tons [45]. 3.5 Exchange Rate and Dollar Index - The domestic gold market has a slight premium over the international market. The report also presents data on the RMB exchange rate, the dollar index, and the exchange rates between the dollar and other currencies [69]. 3.6 Gold - Silver - Oil Ratio - The report provides data on the gold - silver ratio and the gold - oil ratio [73][75].

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - **Market Performance**: From October 31 to November 7, 2025, the spot price of industrial silicon fluctuated upward, with the benchmark product at 9,092 yuan/ton on November 7, almost unchanged from 9,087 yuan/ton on October 31. In the futures market, the main contract of industrial silicon rose, with the latest transaction price at 9,220 yuan/ton, a weekly increase of 1.32%. The open interest of the main contract was about 268,300 lots [6]. - **Supply**: After the end of the wet - season, most manufacturers in the southwest main production areas reduced or halted production, leading to a significant decline in output. The operating rate in the northwest decreased slightly, and overall market supply decreased compared to the previous week [6]. - **Demand**: The polysilicon market is in a game between "weak reality" and "strong expectation". High inventory and weak demand suppress the spot price, and leading enterprises cut production in November, reducing the demand for industrial silicon. The organic silicon DMC plants in Jiangxi and Yunnan have gradually resumed operation, increasing the demand for industrial silicon. The output of aluminum rods decreased this week, and the capacity utilization rate rebounded, with demand for industrial silicon remaining relatively stable. Export demand decreased in September [6]. - **Cost, Profit and Inventory**: The production cost of industrial silicon increased this week due to a slight increase in petroleum coke prices, and the prices of silica and electrodes in the southwest were basically stable. The electricity price in the southwest will rise next week, further increasing production costs. The profit of industrial silicon decreased slightly due to increased costs. The industry inventory is at a relatively high level, and with most southwest manufacturers halting production and low market prices, manufacturers are not willing to sell, resulting in little change in inventory. As of November 6, the inventory in the industrial silicon futures delivery warehouse was about 231,000 tons [6]. - **Outlook**: Although the operating rate of industrial silicon has decreased, due to the previous increase in the northwest, buyers' purchasing mentality is not active, and most purchase on - demand. It is expected that the short - term market price of industrial silicon will fluctuate slightly [6]. - **Strategy**: Consider going long on si2601 at low prices, with an expected operating range of 8,500 - 10,500 yuan/ton; or sell out - of - the - money call options; or adopt a reverse arbitrage strategy between industrial silicon and polysilicon [6]. 3. Summary by Directory 3.1 Week - to - Week Views and Hot News - **Week - to - Week Views**: Analyzed market performance, supply, demand, cost, profit, inventory, and provided outlook and trading strategies as mentioned above [6]. - **Hot News**: A polysilicon restructuring "consortium" platform is being planned, with a proposed fund of about 70 billion yuan, to be acquired in a "debt - assumption" way. TBEA denied the rumor of its polysilicon capacity being acquired. Relevant policies on new - energy power consumption and the electronic information manufacturing industry's growth plan were introduced [7]. 3.2 Industry Pattern - **Industrial Chain**: The industrial silicon industry chain includes raw materials such as petroleum coke, charcoal, etc., and downstream products such as organic silicon, polysilicon, and aluminum alloys, which are widely used in electronics, construction, and other fields [11]. 3.3 Futures and Spot Markets - **Spot Price and Basis**: Provided price trends and basis data of different grades and regions of industrial silicon, including 553 and 421 grades in various ports and regions [13][24]. - **Futures Contracts**: Showed the closing and settlement prices of continuous and active contracts of industrial silicon [33]. 3.4 Inventory - Presented the inventory data of the industrial silicon industry, including factory inventory, market inventory, and futures inventory [47]. 3.5 Cost and Profit - **Profit and Cost**: Displayed the comprehensive profit and cost of industrial silicon [55]. - **Electricity Price**: Showed the electricity prices in main and non - main production areas [62][76]. - **Other Raw Materials**: Presented the prices of silica, petroleum coke, electrodes, and silicon coal [90][95]. 3.6 Supply - **Output**: Showed the weekly and monthly output, operating rate, and monthly capacity of industrial silicon. There are also plans for new production capacity in multiple regions, with a total of 1.88 million tons of new capacity planned [108][115]. 3.7 Demand - **Consumption Overview**: Analyzed the consumption structure and quantity of industrial silicon in different fields such as alloys, polysilicon, etc. [118]. - **Polysilicon**: Showed the production, price, inventory, and cost of polysilicon [124][129]. - **Organic Silicon**: Presented the price, production, cost, and profit of organic silicon [132][137]. - **Aluminum Rods**: Showed the production, inventory, and price of aluminum rods, as well as the operating rate and production of aluminum alloys [142][149]. - **Solar/PV**: Displayed the cumulative production and price of solar cells [164]. 3.8 Import and Export - **Industrial Silicon**: Showed the import and export volume of industrial silicon [173]. - **Polysilicon**: Presented the import and export volume of polysilicon [178].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The supply side still exerts strong pressure on egg prices, and overcapacity remains the core issue in the egg market. Egg prices are expected to continue to face downward pressure. It is recommended to hold short positions in out - of - the - money call options on near - month contracts. The medium - to - long - term process of capacity reduction will determine the probability of a market reversal [7][8]. - Although there are expectations of improved demand in the egg spot market at the end of the year, considering the current egg - laying hen inventory and structure, the supply side still strongly suppresses prices [7]. 3. Summary by Directory 3.1 Week - ly Views and Strategies - **Fundamental Viewpoints**: The average price of eggs in the main producing areas was 2.91 yuan per catty, a decrease of 0.05 yuan per catty from the previous week, a decline of 1.70%. The cost of production and the reluctance to sell in the breeding link support the egg price. The "Double 11" promotion accelerated the sales of eggs, and the price stopped falling and stabilized. In October 2025, the national inventory of laying hens was about 1.311 billion, a month - on - month decrease of 0.15% and a year - on - year increase of 8.89%. The number of newly - opened laying hens in November is expected to decrease. The inventory of laying hens in November is shrinking, but the supply - side pressure on prices remains strong [7]. - **Outlook**: Supply pressure persists, and overcapacity is the core problem. It is recommended to hold short positions in out - of - the - money call options on near - month contracts. Pay attention to the slaughter of old hens and the medium - to - long - term capacity reduction process [8]. - **Strategy**: The main contract fluctuates widely at a low level, with a reference range of 3000 - 3300. Options can sell out - of - the - money call options [9]. 3.2 Spot and Futures Markets - **Spot Price**: The spot price of eggs in the main producing areas fluctuated widely this week. The average price in the main producing areas was 2.91 yuan per catty, a decline of 1.70% from the previous week. Production costs and reluctance to sell supported the price, and the "Double 11" promotion led to price stabilization [18]. 3.3 Supply Side - **Inventory of Laying Hens**: In October 2025, the national inventory of laying hens was about 1.311 billion, a month - on - month decrease of 0.15% and a year - on - year increase of 8.89%. The number of newly - opened laying hens decreased in October, and the inventory decreased slightly but remained at a high level in the past five - year average [27]. - **Replenishment Volume**: The number of newly - opened laying hens in October decreased due to the off - season of replenishment and low egg prices. The number of newly - opened laying hens in November is expected to continue to decrease as the chicken - chick sales in July declined significantly [33]. - **Price of Culled Hens**: The average price of old hens this week was 4.12 yuan per catty, a decline of 1.67% from the previous week. The price decline slowed down. It is expected that the price will be difficult to rise or fall next week, with an average weekly price of about 4.15 yuan per catty [36]. - **Slaughter of Culled Hens**: After the double festivals, the demand weakened, and the egg and culled - hen prices fell. The breeding industry suffered losses, and the slaughter volume and age of culled hens increased. In October, the average slaughter age was 497 days, 2 days earlier than in September, and the total slaughter volume was 2.6675 million, a month - on - month increase of 8.69% [39]. - **Inventory**: The production - link inventory increased significantly. The market lacks confidence in the future, which is negative for egg prices. However, due to improved storage conditions, there may be some bottom - fishing storage expectations [44]. 3.4 Demand Side - **Demand Seasonality**: Egg prices show obvious seasonal characteristics. They usually reach the lowest level around April, the highest level in late May, decline in June, rise in late July, reach the annual high in mid - to - late September, decline after September and October, and stabilize from November to December [56]. 3.5 Cost Side - **Feed Price**: Egg cost is mainly affected by corn and soybean meal prices, and egg price, cost, and profit are mostly positively correlated [61]. - **Breeding Cost**: This week, the egg - laying hen breeding cost was 3.41 yuan per catty, a month - on - month decline of 0.29%. The breeding profit was - 0.50 yuan per catty, a month - on - month increase of 10.71%. It is expected that the breeding profit in October will decline [65]. - **Breeding Profit**: This week, the egg - laying hen breeding cost was 3.43 yuan per catty, a month - on - month increase of 0.59%. The breeding profit was - 0.52 yuan per catty, a month - on - month decline of 13.04% [71].

Report Title - "Hualian Futures Rebar Weekly Report: Weak Demand, Rebar Prices Weakly Operating" [2] Report Industry Investment Rating - Not provided Core Viewpoints - The latest inventory of the five major steel products decreased at a slower rate compared to the previous period, with hot-rolled coils slightly accumulating inventory and other varieties slightly reducing inventory [8] - The profitability rate of steel mills dropped to the lowest point of the year, and the production cut efforts of steel mills increased. In addition, the environmental protection restrictions in some areas became stricter, leading to limited production in some steel mills. The daily average pig iron output continued to decline, and the output of the five major steel products decreased slightly [8] - The total apparent demand of the five major steel products decreased compared to the previous period. The demand is gradually shifting to the traditional off-season, which has an adverse impact on construction consumption. In addition, the latest single-month steel exports in October showed a year-on-year negative growth, and the impact of overseas trade barriers is gradually emerging, with demand likely to weaken marginally [8] - Recently, the profitability of steel mills has been poor, the steel profit has been continuously narrowing, and the production cut efforts of steel mills have increased. The steel supply has significantly contracted, and the supply pressure has been relieved. The downstream demand has shown a seasonal marginal weakening, with a decrease in demand from the construction and manufacturing industries. Coupled with the pressure on external demand exports, both supply and demand have weakened. Currently, the weak industrial supply-demand fundamentals have significantly suppressed rebar prices, and rebar prices are expected to fluctuate at a low level in the short term [8] - The 2601 contract is expected to fluctuate in the range of 3000 - 3080 [8] Summary by Section 1. Data Overview - **Supply**: The blast furnace operating rate of 247 steel mills was 83.13% (a month-on-month increase of 1.38%), the capacity utilization rate was 87.81% (a month-on-month decrease of 0.80%), the profitability rate was 39.83% (a month-on-month decrease of 5.19%), and the daily average pig iron output was 2.3422 million tons (a month-on-month decrease of 11,400 tons). The operating rate of 90 independent electric furnaces was 67.03% (a month-on-month decrease of 1.8%), the capacity utilization rate was 50.87% (a month-on-month decrease of 1.12%), and the scrap consumption was 249,900 tons (a month-on-month decrease of 13,100 tons). The total output of the five major steel products was 8.5674 million tons (a month-on-month decrease of 185,500 tons), including 2.0854 million tons of rebar (a month-on-month decrease of 40,500 tons), 864,700 tons of wire rod (a month-on-month decrease of 33,400 tons), 3.1816 million tons of hot-rolled coils (a month-on-month decrease of 54,000 tons), 838,400 tons of cold-rolled coils (a month-on-month decrease of 21,300 tons), and 1.5973 million tons of medium and heavy plates (a month-on-month decrease of 36,300 tons) [10] - **Demand**: The average daily trading volume of traders (MA5) was 96,000 tons (a month-on-month decrease of 3,600 tons), the procurement volume of wire rods and rebars in Shanghai was 19,200 tons (a month-on-month decrease of 1,100 tons), the apparent demand for rebar was 2.1852 million tons (a month-on-month decrease of 136,700 tons), the apparent demand for hot-rolled coils was 3.143 million tons (a month-on-month decrease of 175,900 tons), the apparent demand for wire rods was 888,300 tons (a month-on-month decrease of 102,300 tons), the apparent demand for cold-rolled coils was 853,200 tons (a month-on-month decrease of 36,900 tons), and the apparent demand for medium and heavy plates was 1.5994 million tons (a month-on-month decrease of 43,100 tons) [10] - **Inventory**: The total inventory of the five major steel products was 15.0357 million tons (a month-on-month decrease of 101,700 tons), including 5.9254 million tons of rebar (a month-on-month decrease of 99,800 tons), 4.1045 million tons of hot-rolled coils (a month-on-month increase of 38,600 tons), 1.3069 million tons of wire rod inventory (a month-on-month decrease of 23,800 tons), 1.745 million tons of cold-rolled coils (a month-on-month decrease of 14,800 tons), and 1.9539 million tons of medium and heavy plates (a month-on-month decrease of 2,100 tons) [10] 2. Futures and Spot Market - As of November 7, 2025, the RB2601 contract closed at 3,034 yuan/ton, and the HC2601 contract closed at 3,245 yuan/ton. The basis of Shanghai rebar was 156 yuan/ton, and the basis of Shanghai hot-rolled coils was 15 yuan/ton [17] - As of November 7, 2025, the RB01 - 05 contract spread closed at -63 yuan/ton, and the HC01 - 05 contract spread closed at -15 yuan/ton. The spot screw - coil spread in Shanghai was -70 yuan/ton, and the screw - coil spread of the main contract was -211 yuan/ton [33]

Report Industry Investment Rating - No relevant content provided Core View of the Report - In the short term, fats and oils are expected to fluctuate widely before the palm oil production in the producing areas decreases and the US biodiesel policy is postponed for release [3] - The report suggests that for single - sided trading, the support level for palm oil 01 is 8400 - 8500, and for soybean oil 01 is 8000 - 8100. For options, the put option buyers of palm oil should take profit and exit. For arbitrage, it is advisable to wait and see [5] Summary by Related Catalogs Fundamental View - **Soybean oil**: The rainfall in the central - western region of Brazil in the next two weeks is favorable for soybean sowing. The import tariff of US soybeans is 13%, still higher than the 3% tariff of South American soybeans [3] - **Palm oil**: MPOA data shows that the palm oil production in Malaysia from October 1 - 31, 2025 increased by 12.31% month - on - month. ITS and Amspec data indicate that the expected export volume of Malaysian palm oil from October 1 - 31 increased by 5.19% and 4.31% respectively compared with the same period last month. The large increase in Malaysian palm oil production makes the probability of inventory accumulation in October relatively high. Attention should be paid to the October MPOB report [3] - **Rapeseed oil**: With the import of Australian and Russian rapeseed into China later, the domestic supply of rapeseed oil is expected to increase. Attention should be paid to China's import of Australian rapeseed and rapeseed oil from other regions, as well as the progress of Indonesia's B50 and US biodiesel policies [3] Strategy View and Outlook - **Single - sided trading**: Suggest that the support level for palm oil 01 is 8400 - 8500, and for soybean oil 01 is 8000 - 8100. For options, the put option buyers of palm oil should take profit and exit [5] - **Arbitrage**: It is advisable to wait and see [5] - **Outlook**: Attention should be paid to national biodiesel policies, the production and export of Southeast Asian palm oil, China's rapeseed import policy, and crude oil prices. Overall, fats and oils are expected to fluctuate widely in the short term [5] Periodic and Spot Market - Last week, fats and oils fluctuated widely. The soybean - palm oil spread, rapeseed - palm oil spread, and rapeseed - soybean oil spread all fluctuated widely, and it is recommended to wait and see [12][17] Supply Side - **Malaysian palm oil**: According to the September MPOB report, the palm oil inventory in Malaysia in September increased significantly to 2.361 million tons, much higher than expected. The production decreased slightly, but the decline was less than market expectations. The export increased month - on - month to 1.4276 million tons, in line with market expectations. The apparent consumption was 333,400 tons, a significant decrease compared with the previous month. This report is bearish [30] - **Domestic soybean and soybean oil**: Data on import volume, crushing volume, and inventory are presented through charts, but no specific analysis is provided in the text [31] - **Domestic rapeseed and rapeseed oil**: Data on import volume, crushing volume, and inventory are presented through charts, but no specific analysis is provided in the text [41] - **Domestic palm oil**: Data on import volume are presented through charts, but no specific analysis is provided in the text [51] Demand Side - Data on the trading volume of fats and oils are presented through charts, but no specific analysis is provided in the text [54] Inventory - As of October 31, 2025, the commercial inventory of soybean oil in key regions across the country was 1.2158 million tons, a decrease of 34,500 tons (2.76%) from the previous week and an increase of 83,300 tons (7.36%) year - on - year. The commercial inventory of palm oil in key regions across the country was 592,800 tons, a decrease of 14,300 tons (2.36%) from the previous week and an increase of 87,400 tons (17.29%) compared with 505,400 tons last year [63] - As of October 31, 2025, the rapeseed inventory of major oil mills in coastal areas was 0 tons, a decrease of 600 tons from the previous week; the rapeseed oil inventory was 38,000 tons, a decrease of 4,000 tons from the previous week; the unexecuted contracts were 15,000 tons, a decrease of 5,000 tons from the previous week [66] Disk Import Profit - As of November 7, 2025, the disk import profit of 24 - degree palm oil for the December shipment was - 215 yuan/ton [70]