Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The downstream demand has continued its seasonal recovery, and steel inventories have continued to decline. The profitability rate of steel mills has dropped to a new low for the year, and the molten iron output has decreased moderately. The supply of finished products still shows structural differentiation. However, as the peak season is more than half over, there is limited room for incremental demand, and there are expectations of production cuts after the profit margins of steel mills shrink. Currently, the demand during the peak season has fallen short of expectations, and the improvement in the weak industrial reality is limited. Nevertheless, the strong performance of coking coal and coke has provided cost support for steel prices, and the macro - environment is favorable. In the short term, steel prices will fluctuate at a low level. - The 2601 contract is expected to fluctuate in the range of 3000 - 3120 [6]. 3. Summary by Directory 3.1. Weekly Viewpoints and Strategies - **Inventory**: The latest inventory of the five major steel products has decreased compared to the previous period. Among them, medium - thick plates have slightly increased in inventory, while rebar has seen a significant reduction in inventory, and other products have slightly decreased [6]. - **Supply**: The profitability of steel mills has continued to narrow, the daily average molten iron output has continued to decline slightly, the output of the five major steel products has varied, the output of building materials has stopped falling and rebounded, and the output of plates has slightly decreased [6]. - **Demand**: The total apparent demand for the five major steel products has rebounded compared to the previous period. The demand is still in the traditional peak season with obvious seasonal characteristics. However, the investment growth rates in infrastructure and real estate construction have continued to decline, the consumption of building materials remains weak, and plates are also facing the pressure of a marginal weakening in manufacturing demand [6]. - **Strategy**: The 2601 contract is expected to fluctuate in the range of 3000 - 3120 [6]. 3.2. Futures and Spot Markets - As of October 24, 2025, the RB2601 contract closed at 3046 yuan/ton, and the HC2601 contract closed at 3250 yuan/ton. The basis of Shanghai rebar was 154 yuan/ton, and the basis of Shanghai hot - rolled coil was 40 yuan/ton. 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 - 90 yuan/ton, and the screw - coil spread of the main contract was - 204 yuan/ton [15][33]. 3.3. Inventory - As of the week of October 19, the total inventory of the five major steel products was 1554.85 tons, a decrease of 27.41 tons compared to the previous period. Among them, rebar inventory was 622.11 tons, a decrease of 18.94 tons; hot - rolled coil inventory was 414.92 tons, a decrease of 4.27 tons; wire rod inventory was 142.31 tons, a decrease of 0.93 tons; cold - rolled inventory was 179.02 tons, a decrease of 4.43 tons; and medium - thick plate inventory was 196.49 tons, an increase of 1.16 tons [8]. 3.4. Supply - As of the week of October 19, the blast furnace operating rate of 247 steel mills was 84.71%, a week - on - week increase of 0.44%; the capacity utilization rate was 89.94%, a decrease of 0.39%; the profitability rate was 47.62%, a decrease of 7.79%; the daily average molten iron output was 239.9 tons, a decrease of 1.05 tons. The operating rate of 87 independent electric furnaces was 67.86%, a decrease of 0.99%; the capacity utilization rate was 53.20%, a decrease of 0.9%; the scrap consumption was 252.94 tons, a decrease of 6.06 tons. The total output of the five major steel products was 865.32 tons, an increase of 8.37 tons compared to the previous period [8]. 3.5. Demand - As of the week of October 19, the average daily trading volume of traders (MA5) was 10.13 tons, an increase of 0.56 tons compared to the previous period; the procurement volume of wire rods in Shanghai was 19,500 tons, an increase of 700 tons; the apparent demand for rebar was 226.01 tons, an increase of 6.26 tons; the apparent demand for hot - rolled coils was 326.73 tons, an increase of 11.18 tons; the apparent demand for wire rods was 89.25 tons, an increase of 4.83 tons; the apparent demand for cold - rolled coils was 90.5 tons, an increase of 0.24 tons; the apparent demand for medium - thick plates was 160.24 tons, a decrease of 5.19 tons [8].

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Views of the Report - **Soda Ash**: The soda ash production capacity is sufficient, the output is relatively stable, and the inventory is at a high level in the same period. There is a large pressure of oversupply. After the short - term profit of soda ash is in deficit, the cost support gradually appears, but the rebound drive is insufficient, and the high supply suppresses the market greatly. The 2601 contract is expected to run in the range of 1160 - 1280 [5]. - **Glass**: The glass supply tends to be stable, the year - on - year decline in output narrows, the downstream demand continues to decline, the peak - season consumption is lower than expected, and the inventory continues to accumulate. The market continues the pattern of stable supply and weak demand. The short - term supply is difficult to decrease, and it is difficult for manufacturers to reduce inventory. The future market should pay attention to the capacity policy. The 2601 contract is expected to run in the range of 1050 - 1160 [6]. 3. Summary by Relevant Catalogs 3.1. Week - ly Views and Strategies - **Soda Ash Inventory**: As of October 23, 2025, the total inventory of domestic soda ash manufacturers was 1.7021 million tons, with 767,600 tons of light soda ash and 934,500 tons of heavy soda ash. Compared with the same period last year, it increased by 51,800 tons, a rise of 3.14%. The enterprise shipment was okay, the production and sales tended to be balanced, and individual enterprises accumulated inventory. The pending orders of soda ash enterprises decreased within the week [5]. - **Soda Ash Supply**: As of October 23, 2025, the domestic soda ash output was 74,060 tons, a week - on - week increase of 10 tons, a rise of 0.01%. Among them, the output of light soda ash was 33,060 tons, a week - on - week increase of 5700 tons, and the output of heavy soda ash was 40,990 tons, a week - on - week decrease of 5600 tons. The output fluctuated slightly due to the load reduction and short - stop of individual enterprises [5]. - **Soda Ash Demand**: As of October 23, 2025, the shipment volume of Chinese soda ash enterprises was 73,900 tons, a week - on - week increase of 5.60%. The overall shipment rate of soda ash was 99.78%, a week - on - week increase of 5.28 percentage points. The production and sales of individual enterprises were basically balanced [5]. - **Glass Inventory**: As of October 23, 2025, the total inventory of national float glass sample enterprises was 66.613 million heavy boxes, a week - on - week increase of 2.337 million heavy boxes, a week - on - week increase of 3.64% and a year - on - year increase of 16.99%. The inventory days were 28.3 days, an increase of 1 day compared with the previous period [6]. - **Glass Supply**: From October 17 - 23, 2025, the average operating rate of the float glass industry was 76.35%, unchanged from the previous week; the average capacity utilization rate was 80.63%, unchanged from the previous week. The national float glass output was 1.1289 million tons, unchanged from the previous week and a year - on - year decrease of 0.51% [6]. - **Glass Profit**: From October 17 - 23, 2025, according to the production cost calculation model of Longzhong Information, the weekly average profit of float glass using natural gas as fuel was - 120.56 yuan/ton, a week - on - week decrease of 40.71 yuan/ton; the weekly average profit of float glass using coal - made gas as fuel was 113.23 yuan/ton, a week - on - week decrease of 26.44 yuan/ton; the weekly average profit of float glass using petroleum coke as fuel was 48.23 yuan/ton, a week - on - week decrease of 42.86 yuan/ton [6]. - **Glass Demand**: As of October 15, 2025, the average order days of national deep - processing sample enterprises was 10.4 days, a week - on - week decrease of 5.5% and a year - on - year decrease of 21.2%. Enterprises with pre - stored original sheets are currently mainly digesting inventory and only appropriately replenishing some out - of - stock specifications [6]. 3.2. Industrial Chain Structure - **Soda Ash Industry Chain**: The upstream includes natural soda ash mines, raw salt, synthetic ammonia, raw salt, limestone, and ammonium chloride. The product is soda ash (light soda ash/heavy soda ash), and the downstream includes agricultural fertilizers, glass, and daily detergents [8]. - **Flat Glass Industry Chain**: The upstream raw materials include quartz sand, limestone, soda ash, and auxiliary materials (clarifiers, coloring agents), and fuels (coal - made gas 24%, natural gas 40%, petroleum coke 16%). The mid - stream products are flat glass (float glass, other methods such as calendering), and the downstream includes deep - processed products (tempered glass, laminated glass, hollow glass, coated glass) and end - use industries (real estate 75%, automobile 18%, electronic appliances 7%) [9]. 3.3. Futures and Spot Markets - **Futures and Spot Prices**: As of October 24, 2025, the closing price of the FG main contract was 1092, and the North China basis was 48 yuan/ton; the closing price of the SA main contract was 1229, and the North China basis was 71 yuan/ton [13][16]. - **Contract Spreads**: As of October 24, 2025, the FG1 - 5 spread closed at - 144 yuan/ton; the SA1 - 5 spread closed at - 90 yuan/ton [19]. 3.4. Inventory - **Glass Inventory**: As of October 23, 2025, the total inventory of national float glass sample enterprises was 66.613 million heavy boxes, a week - on - week increase of 2.337 million heavy boxes, a week - on - week increase of 3.64% and a year - on - year increase of 16.99%. The inventory days were 28.3 days, an increase of 1 day compared with the previous period. The inventory in major regions such as North China, East China, South China, and Central China all increased to varying degrees [22]. - **Soda Ash Inventory**: As of October 23, 2025, the total inventory of domestic soda ash manufacturers was 1.7021 million tons. Among them, the light soda ash inventory was 767,600 tons, and the heavy soda ash inventory was 934,500 tons. Compared with the same period last year, it increased by 51,800 tons, a rise of 3.14% [31]. 3.5. Supply Side - **Glass Supply**: From October 10 - 16, 2025, the average operating rate of the float glass industry was 76.35%, a week - on - week increase of 0.34 percentage points; the average capacity utilization rate was 80.63%, unchanged from the previous week. The national float glass output was 1.1289 million tons, unchanged from the previous week and a year - on - year decrease of 0.62%. The profit of float glass using different fuels decreased to varying degrees [35][37]. - **Soda Ash Supply**: As of October 23, 2025, the domestic soda ash output was 74,060 tons, a week - on - week increase of 10 tons, a rise of 0.01%. Among them, the output of light soda ash was 33,060 tons, a week - on - week increase of 5700 tons, and the output of heavy soda ash was 40,990 tons, a week - on - week decrease of 5600 tons. The theoretical profit of soda ash using the joint - alkali method and the ammonia - alkali method both decreased [45][48]. 3.6. Demand Side - **Glass Demand**: As of October 15, 2025, the average order days of national deep - processing sample enterprises was 10.4 days, a week - on - week decrease of 5.5% and a year - on - year decrease of 21.2%. Some enterprises were in a state of no orders, and some engineering orders could be scheduled for 20 - 40 days [52]. - **Soda Ash Demand**: As of October 23, 2025, the shipment volume of Chinese soda ash enterprises was 73,900 tons, a week - on - week increase of 5.60%. The overall shipment rate of soda ash was 99.78%, a week - on - week increase of 5.28 percentage points. The production and sales of individual enterprises were basically balanced [64].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - It is expected that soybean and rapeseed meal will experience wide - range fluctuations in the short term. The Sino - US trade relationship remains uncertain, and attention should be paid to the progress of the trade negotiations at the end of this month. In South America, as of October 18, 21.7% of soybean sowing in Brazil has been completed, higher than 17.6% in the same period last year, and the rainfall in the central - western region in the next two weeks is favorable for sowing. The La Nina phenomenon may last until February next year, and the impact of weather on South American soybean production should be monitored. In China, high supply and high inventory suppress the price of soybean meal, but factors such as low prices of soybean oil and soybean meal, widespread losses in soybean crushing profits, and the strong willingness of oil mills to support prices form a support for the price. Considering the large actual supply pressure, the rebound height of soybean meal futures is expected to be limited [4][5]. 3. Summary by Relevant Catalogs 3.1 Weekly View and Strategy 3.1.1 Fundamental View - In the short term, soybean and rapeseed meal are expected to fluctuate widely. The Sino - US trade relationship is uncertain, and the progress of the trade negotiations at the end of this month should be followed. In South America, as of October 18, Brazil's soybean sowing progress is faster than last year, and the rainfall in the central - western region in the next two weeks is conducive to sowing. The La Nina phenomenon may affect South American soybean production. In China, high supply and high inventory suppress the soybean meal price, but the losses in soybean crushing profits and the oil mills' price - support intention support the price. After a large decline in soybean meal, short - sellers' concentrated stop - profit led to a small increase, but the rebound height of futures is limited due to supply pressure [4][5]. 3.1.2 Strategy View and Outlook - Unilateral: The pressure level of soybean meal 2601 is recommended to refer to 3100 - 3200. - Arbitrage: Temporarily on the sidelines. - Outlook: Attention should be paid to the weather in South American soybean - producing areas, the arrival of imported soybeans, domestic soybean meal demand, and Sino - Canadian and Sino - US trade relations. Overall, soybean and rapeseed meal are expected to fluctuate widely in the short term [6]. 3.2 Industrial Chain Structure 3.2.1 Futures and Spot Markets - Last week, soybean meal futures fluctuated strongly. The main reasons for the increase were poor soybean crushing profits, which supported the meal price, and the concentrated stop - profit of short - sellers. The September USDA report was slightly bearish. The estimated soybean yield per acre was reduced by 0.1 bushels to 53.5 bushels, the planting area was increased by 200,000 acres, the crushing volume was increased by 15 million bushels, the export volume was decreased by 20 million bushels, and the ending inventory was increased from 290 million bushels in August to 300 million bushels [15]. 3.2.2 Feed Futures Main Contracts - The spread between soybean and rapeseed meal fluctuated widely and is currently at a historically low level. It is recommended to wait and see [21]. 3.2.3 Inter - variety Futures Spreads - The 1 - 5 spread of soybean meal fluctuated weakly. It is recommended to wait and see [23]. 3.2.4 Spot Basis - Relevant data charts of the spot basis of Dongguan 43% protein soybean meal and Guangdong rapeseed meal are presented, but no specific analysis is provided. 3.2.5 Supply Side 3.2.5.1 US Soybean Sales Data - As of September 18, 2025, the net sales volume of US soybeans in the market year was 724,459 tons [31]. 3.2.5.2 US Soybean Crushing Data - As of the week of October 17, 2025, the US soybean crushing profit was 2.38 dollars per bushel, a 12.50% decline from the previous week and a 32.96% decline from the same period last year [37]. 3.2.5.3 China's Soybean Import Volume - In September 2025, China imported 12.869 million tons of soybeans, a month - on - month increase of 590,000 tons and a year - on - year increase of 1.498 million tons (13.17%). From January to September 2025, the cumulative import volume was 86.18 million tons, a year - on - year increase of 4.331 million tons (5.29%) [40]. 3.2.5.4 China's Rapeseed Import Volume - Relevant data charts of China's monthly and cumulative rapeseed import volume are presented, but no specific analysis is provided. 3.2.5.5 China's Soybean and Rapeseed Crushing Data - Relevant data charts of China's soybean and rapeseed crushing volume, rapeseed meal output, and imported soybean crushing profit are presented, but no specific analysis is provided. 3.2.6 Demand Side 3.2.6.1 Pig Price and Breeding Profit - Relevant data charts of China's commodity pig出栏 price, pig - grain ratio, self - breeding profit, and外购 profit of pigs are presented, but no specific analysis is provided. 3.2.6.2 Chicken Breeding Profit - Relevant data charts of the breeding profit of white - feather broilers and laying hens are presented, but no specific analysis is provided. 3.2.7 Inventory 3.2.7.1 Domestic Soybean and Soybean Meal Inventory - As of October 17, the national port soybean inventory was 7.687 million tons, a 0.38% increase from the previous week and a 27.49% increase from last year. The domestic oil mill soybean meal inventory was 976,200 tons, a 9.54% decrease from the previous week and a 4.16% increase from last year [69]. 3.2.7.2 Domestic Feed Mill Soybean Meal Physical Inventory Days - As of October 24, 2025 (week 43), the physical inventory days of soybean meal in domestic feed enterprises were 7.95 days, a 0.33% increase from October 17 and an 11.95% increase from the same period last year [72]. 3.2.7.3 Domestic Rapeseed and Rapeseed Meal Inventory - As of October 17, the coastal main oil mill rapeseed inventory was 0.6 million tons, a decrease of 1.2 million tons from the previous week; the rapeseed meal inventory was 0.78 million tons, a decrease of 0.37 million tons from the previous week; and the unexecuted contract was 0.98 million tons, a decrease of 0.67 million tons from the previous week [74].

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided report. 2. Core Viewpoints - Last week, Shanghai tin (SHFE) showed an overall oscillating and slightly stronger trend. On October 24, 2025, the spot price of 1 tin was 282,000 yuan/ton, with small price fluctuations and little change in the basis [11]. - In September 2025, the refined tin output was 9,770 tons, decreasing both month - on - month and year - on - year, and is expected to return to normal in October. The domestic tin ore output from January to August was 50,200 tons, showing a slight year - on - year increase. The resumption process of tin mines in Myanmar has affected the price range [11]. - In September, the demand growth rates of integrated circuits, automobiles, and PVC remained good, while the demand in traditional sectors such as computers, some white goods, and photovoltaics slowed down. In October, the demand in emerging sectors is expected to maintain its resilience, while the demand in some traditional sectors will be adjusted [11]. - The tin ore supply remains tight, and the processing fees continue to decline weakly. Overall, profits will remain at a low level under the influence of ore supply disruptions [11]. - LME inventory increased slightly week - on - week, SHFE inventory decreased slightly week - on - week, and social inventory increased slightly week - on - week [11]. - Due to insufficient supply, the domestic economy still has resilience, and the semiconductor and automobile industries are generally on an upward trend. There is still high uncertainty overseas, and there is an expectation of interest rate cuts in the future. With the repeated disruptions in the ore supply, the recommended trading strategy is to take a long - biased approach, with the weekly support level around 272,000 - 275,000 yuan/ton. For options, sell out - of - the - money put options [11]. 3. Summary by Directory 3.1 Week - ly Viewpoints and Strategies - **Market Conditions**: SHFE tin oscillated slightly stronger last week. The spot price of 1 tin was 282,000 yuan/ton on October 24, 2025, with small price fluctuations and little change in the basis [11]. - **Supply**: In September 2025, refined tin output was 9,770 tons, decreasing due to factory maintenance, and is expected to return to normal in October. The domestic tin ore output in August was 6,854.21 tons, showing a slight month - on - month increase [11][43]. - **Demand**: In September, the demand for integrated circuits, automobiles, and PVC increased well, while traditional sectors like computers and some white goods slowed down. In October, emerging sectors are expected to maintain demand resilience, and some traditional sectors will adjust [11]. - **Cost and Profit**: The tin ore supply is tight, and processing fees are declining weakly. Profits will remain low under ore supply disruptions [11]. - **Inventory**: LME inventory increased slightly week - on - week, SHFE inventory decreased slightly week - on - week, and social inventory increased slightly week - on - week [11][28][32]. - **Strategy**: Take a long - biased approach, with the weekly support level around 272,000 - 275,000 yuan/ton. Sell out - of - the - money put options. Pay attention to macro - policies, disruptions in Myanmar and Congo tin mines, Indonesia's export speed, and consumption data [11]. 3.2 Industry Chain Structure The report mentions the tin industry chain, but no detailed content is provided. 3.3 Futures and Spot Markets The report shows the SHFE and LME tin futures and spot prices and basis, but no detailed analysis is provided [17]. 3.4 Inventory - As of October 23, 2025, SHFE inventory was 5,470 tons, decreasing slightly week - on - week. As of October 22, 2025, LME total inventory was 2,720 tons, increasing slightly week - on - week [28]. - As of October 19, 2025, the refined tin social inventory was 7,925 tons, increasing slightly week - on - week [32]. 3.5 Cost and Profit As of October 23, 2025, the processing fee for Yunnan concentrate was 11,000 yuan/ton, and that for Guangxi concentrate was 7,000 yuan/ton. The processing fees continued to be weak [38]. 3.6 Supply - In September 2025, refined tin output was 9,770 tons, decreasing due to factory maintenance, and is expected to return to normal in October. The domestic tin ore output in August was 6,854.21 tons, showing a slight month - on - month increase [43]. - In September 2025, the capacity utilization rate of tin enterprises was about 64.23%, showing a decline [50]. 3.7 Demand - In September 2025, China's automobile output was 3.227 million vehicles, a year - on - year increase of 13.7%. In August 2025, China's electronic computer output was 32.66 million units, a year - on - year decrease of 4.8% [54]. - In September 2025, China's PVC output was 2.0307 million tons, a year - on - year increase of 4.9%. In September 2025, China's mobile electronic communication output was 150.29 million units, a year - on - year decrease of 9.4% [57]. - In September 2025, China's air - conditioner output was 18.0948 million units, a year - on - year decrease of 3%. China's refrigerator output in September 2025 was 10.1275 million units, a year - on - year decrease of 2% [61]. - In September 2025, China's washing machine output was 11.7848 million units, a year - on - year increase of 5.6%. China's color TV output in September 2025 was 20.6305 million units, a year - on - year increase of 3.9% [65]. - In September 2025, China's solar energy output was 70.87 million kilowatts, a year - on - year decrease of 1%. China's integrated circuit output in September 2025 was 43.7 million pieces, a year - on - year increase of 5.9% [69]. 3.8 Import and Export In September 2025, China imported 8,700 tons of tin ore, 1,269 tons of tin ingots, and exported 1,789 tons of refined tin [74]. 3.9 Supply - Demand Table The report provides a tin balance sheet from 2017 to 2025E, showing the production, demand, and supply - demand balance of China and the world in different years [77].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - The supply of eggs is strong while the demand is weak, and the egg price is still under pressure. The egg futures and spot prices have repeatedly hit new lows, and the egg - laying hen farming industry may enter a long - term loss stage. It is recommended to hold the short position of out - of - the - money call options for near - month contracts. The mid - to - long - term capacity reduction process will dominate the probability of market reversal [5][6] - The main contract fluctuates widely at a low level, with a reference operating range of 2800 - 3200. In terms of options, out - of - the money call options can be sold [6] Group 3: Summaries by Relevant Catalogs 1. Week - long Views and Strategies - The spot price of eggs has stopped falling, with the main - producing area's average price at 2.91 yuan/jin, a 1.75% increase from last week. The national in - production egg - laying hen inventory is still at a high level in the past five years, with great supply pressure. The short - term egg price has touched a new low, and the terminal replenishment enthusiasm has increased, but the overall supply - demand pattern remains unchanged [5][13] - In September 2025, the national in - production egg - laying hen inventory was about 1.313 billion, a 0.30% month - on - month decrease and an 8.87% year - on - year increase. The number of newly - opened egg - laying hens decreased, and the number of culled chickens increased, resulting in a slight decline in the in - production egg - laying hen inventory. It is expected that the in - production egg - laying hen inventory in October will continue to decrease slightly, but the supply surplus is still the main theme [5] - Considering the current egg - laying hen inventory and structure, the supply side still strongly suppresses the price. It is expected that the egg price will continue to be under pressure. In October, the demand weakens, and the egg - laying hen farming industry may enter a long - term loss stage [6] 2. Futures and Spot Markets - The average spot price of eggs in the main - producing areas is 2.91 yuan/jin, a 0.05 - yuan increase from last week, with a 1.75% increase. The low - price area reports 2.53 yuan/jin. The overall supply - demand pattern of strong supply and weak demand remains unchanged, and the egg price is still under pressure [13] 3. Supply Side - In September 2025, the national in - production egg - laying hen inventory was about 1.313 billion. The number of newly - opened egg - laying hens decreased, and the number of culled chickens increased, leading to a slight decline in the in - production egg - laying hen inventory [23] - In September, the total sales volume of commercial - generation chicken seedlings of 15 representative enterprises was 37.8 million, a 2.83% month - on - month decrease. It is expected that the chicken - seedling price will still have a slight downward risk next month, with an average monthly price of about 2.85 yuan/feather [29] - This week, the total出栏量 of old hens in 19 representative markets in 10 key producing areas was 609,400, a 1.55% month - on - month increase. The increase in the出栏 volume of old hens has slowed down, and the average slaughter age of culled chickens this week is 497 days [37] - The production - link inventory has increased significantly. Although the storage environment has improved, there is still a bearish sentiment in the market, which is negative for the egg price [42] 4. Demand Side - The egg price shows obvious seasonal characteristics within a year, mainly due to the supply - demand relationship, especially the short - term changes are mainly reflected in the demand side [57] 5. Cost Side - The price fluctuations of corn and soybean meal directly affect the price of egg - laying hen feed raw materials. This week, the egg - laying hen farming cost is 3.41 yuan/jin, a 0.01 - yuan month - on - month decrease, with a 0.29% decrease [65] 6. Cost and Profit - This week, the egg - laying hen farming cost is 3.41 yuan/jin, a 0.01 - yuan month - on - month decrease, with a 0.29% decrease. The farming profit is - 0.50 yuan/jin, a 0.06 - yuan month - on - month increase, with a 10.71% increase. It is expected that the farming profit in October will decline synchronously [65][73]

Report Title - The report is titled "Hualian Futures LPG Weekly Report - Weak Cost Side" dated October 26, 2025 [2] Report Industry Investment Rating - No industry investment rating is provided in the report Report's Core View - The report analyzes the LPG market from multiple aspects and suggests temporarily waiting and watching or participating in intraday trading, highlighting risks associated with crude oil trends and macro - risks [5] Summary by Relevant Catalogs 1. Weekly View - **Upstream**: Crude oil rebounded from its annual low, driven by improved macro - sentiment and new sanctions on Russia. Previously, trade wars, rising financial risks, poor demand prospects, and weak financial attributes pressured oil prices. OPEC+ continued to increase production, but factors like the strength of gold and complex geopolitical situations may support oil prices [5] - **Supply**: Sino - US tariff issues resurfaced. The US is the largest source of China's LPG imports. China is seeking diversified import sources, and the impact of this tariff issue is expected to be less severe than before. Domestic production has decreased marginally, and the drag from competing LNG prices has weakened. Freight rates have continued to decline [5] - **Inventory**: Inventory decreased significantly on a weekly basis. Port storage capacity utilization dropped to a multi - year low, refinery storage capacity remained near a multi - year low, and gas station storage capacity rebounded. US inventory continued to rise from a high level, and exchange warehouse receipts were cancelled after reaching a record high [5] - **Demand**: Combustion demand is transitioning from the off - season to the peak season. Gasoline consumption is at a four - year low, and catering consumption growth has slowed. Chemical demand has increased week - on - week. PDH capacity utilization rebounded from a multi - year low, but margins are poor; alkylation capacity utilization declined seasonally with low margins; MTBE capacity utilization is high, and losses are narrowing [5] - **Strategy**: It is recommended to wait and watch or participate in intraday trading [5] 2. Spot and Futures Market - **"Gas/Oil" Ratio**: The spot "gas/oil" ratio is slightly above the neutral level. High tariffs previously affected LPG imports, leading to a high premium of LPG over crude oil. Currently, LPG inventory is rising [10] - **Spot Price**: Spot prices have been fluctuating since Q4 2023 and have declined in recent months. Combustion demand is currently in the off - season [12] - **Basis**: The basis has declined on a weekly basis. The basis shows significant fluctuations, seasonality, regional differences, and a large discount in the expiration month of warehouse receipts, indicating that the LPG spot market has some degree of monopoly [15][18] - **Spread between Contracts**: In Q1 this year, the 3 - 4 month spread of LPG futures once strongly shifted to a back structure [22] 3. Related Products - LNG prices have rebounded and are approaching LPG prices. International frozen cargo prices rebounded slightly and then weakened again [26] 4. Inventory - **China's LPG Inventory**: Inventory decreased on a weekly basis. Port storage capacity is at a multi - year median level, refinery storage capacity is near a multi - year low, and gas station storage capacity is neutral. Port inventory decreased after rebounding to a high level. US inventory continued to rise from a high level [31] - **Warehouse Receipts**: Warehouse receipts reached a record high and then were cancelled [39] 5. Supply Side - **Import and Export Volume**: No specific analysis of import and export volume trends is provided in the text, but it is mentioned that China is seeking diversified LPG import sources [5] - **Supply Volume**: LPG supply volume increased on a weekly basis but was lower than in 2023 and 2024. As refinery integration increases, supply may decline. Freight rates rebounded from a low level to a one - and - a - half - year high and then softened, and the Panama Canal is operating well [50][52] - **Import Margin**: No specific analysis of import margin trends is provided in the text [54] 6. Demand Side - **Consumption Demand**: Gasoline additive demand is weak, household combustion demand is declining, and commercial combustion demand growth has slowed. The increasing penetration rate of new energy vehicles is accelerating the substitution of gasoline additive demand [60] - **Capacity Utilization**: MTBE capacity utilization has softened from a high level, alkylation capacity utilization has declined seasonally, and PDH capacity utilization has dropped again and is approaching a multi - year low. In 2024, PDH capacity increased by 425,000 tons to 2.152 million tons, with an increase of nearly 25%, and there may be more than 200,000 tons of new capacity coming online in 2025 [61][64][67] 7. Industrial Chain Structure - The total LPG supply is at the 80 - million - ton level, with 58% from domestic production and 42% from imports. LPG is used for direct and indirect combustion, as well as in the chemical industry, with PDH for polypropylene production accounting for 25% [78]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The market's shock digestion may be nearing its end. With the positive factors such as policy support and incremental funds, the mid - term outlook for stock index is bullish. It is recommended to hold existing long positions, set stop - profits, and add positions opportunistically. Also, buy put options to protect long positions [9] 3. Summary According to Relevant Catalogs 3.1 Fundamental View - **Market Performance**: Last week, the broader market oscillated upwards to a new high, with all four major indices rising. Among the style indices, the growth style index had the largest increase, followed by the cyclical and financial indices. In the Shenwan industries, most sectors rose, with TMT sectors such as communication, electronics, electrical equipment, machinery, and media leading the gains, with the former's increase exceeding 11%. Only agriculture and food and beverage sectors closed down [4][16][19] - **Economic Data**: In September 2025, the manufacturing PMI was 49.8%, up 0.4 percentage points from the previous month; the non - manufacturing PMI was 50.0%, down 0.3 percentage points from the previous month. The economy showed a recovery trend but was still in the contraction phase. In terms of sub - items, both supply and demand of the manufacturing PMI continued to recover slightly in September, with production rising by 1.1% and new orders rising by 0.2%. However, raw material and finished product prices fell again after a sharp rise last month, down 0.9% and 0.1% respectively. The growth rate of medium - and long - term credit has been falling for 28 consecutive months to 6.30% as of September 2025 [4][28] - **Policy**: The Political Bureau set the tone for the real estate market to stop falling and stabilize, and boost the capital market. The central bank created two new monetary policy tools, cut the reserve requirement ratio, and reduced interest rates on existing mortgages. The CSRC proposed mergers, acquisitions, and market value management to enhance market activity. The implementation plan for promoting the entry of medium - and long - term funds into the market was officially released, which is expected to add 800 billion yuan of long - term funds to the A - share market annually [4] - **Performance**: A - share performance showed signs of stabilization in the first quarter. After the implementation of the reciprocal relationship with the US in April, which increased by 30%, the performance declined in the second quarter. After the rush to export in the second and third quarters, A - share performance is still under test. In the second quarter of 2025, the performance of the IH index slightly rebounded, while the performance of the other three major indices declined [4][58] - **Valuation**: The Shanghai Composite Index's valuation is 16.9474, with an upper - bound value of 15.58, at the 91.92 percentile since 2010, indicating a relatively high valuation. The ChiNext valuation is relatively low [5][70] 3.2 Capital Flow - **Margin Trading**: In 2024, the net inflow was 274.8 billion yuan. As of October 23, 2025, the net inflow in 2025 was 634.9 billion yuan, with a net outflow of 6.2 billion yuan in the previous five trading days [6][73] - **Private Funds**: The total scale of private funds increased by 718.2 billion yuan this year, with an increase of 325.4 billion yuan in July and 47 billion yuan in August. The newly registered scale this year was 306.2 billion yuan, with a registration scale of 79.2 billion yuan in July and 42.8 billion yuan in August [6][75] - **Insurance Funds**: In the second quarter of 2025, the market value of A - share stocks and funds held by insurance funds increased by 251.3 billion yuan, while the CSI 300 index rose by 1.28%. In the first half of 2025, the market value increased by 641.9 billion yuan, while the CSI 300 index rose by 0.03% [6][76] - **ETF**: From April 7 to October 24, 2025, the ETF scale increased by 97.9 billion yuan; last week, the ETF scale decreased by 30.7 billion yuan. As of October 24, the net inflow of ETF funds this year was 900 million yuan [6][81] - **Newly Established Funds**: As of September 30, 2025, the share of newly established stock - type funds was 323.3 billion yuan, with 137 billion yuan in the third quarter; the share of newly established hybrid funds was 103.6 billion yuan, with 53 billion yuan in the third quarter [6][84] 3.3 Index and Industry Trends Review - **Index Performance**: Last week, all four major indices rose. The Shanghai Composite Index, SSE 50, CSI 300, CSI 500, and CSI 1000 increased by 2.88%, 2.63%, 3.24%, 3.46%, and 3.25% respectively. Among international indices, the Dow Jones, Nasdaq, Nikkei, Hang Seng, and Hang Seng Tech increased by 2.20%, 2.31%, 3.61%, 3.62%, and 5.20% respectively [11][15] - **Industry Performance**: Most Shenwan industry sectors rose, with TMT sectors leading the gains, and only agriculture and food and beverage sectors closing down. Among the style indices, the growth style index had the largest increase, followed by the cyclical and financial indices [4][19] 3.4 Main Contract and Basis Trends - **Index and Basis**: The four major indices stabilized and rebounded. The IM basis fluctuated at a high level [22] - **Arbitrage of Main Contracts**: The ratios of IC/IF and IC/IH stopped falling and stabilized, IH/IF oscillated, and the ratios of IM/IF and IM/IH stopped falling [24] 3.5 Policy and Economy - **PMI**: In September 2025, the manufacturing PMI was 49.8%, up 0.4 percentage points from the previous month; the non - manufacturing PMI was 50.0%, down 0.3 percentage points from the previous month. The economy showed a recovery trend but was still in the contraction phase [28] - **PPI and Inventory Cycle**: Generally, PPI leads the inventory cycle. PPI bottomed out and rebounded in June 2023, weakened after two months, and has seen changes in its decline rate since then. In July, industrial enterprise revenue fell for five consecutive months to 2.3%, and inventory fell for five consecutive months to 2.4%, entering the active de - stocking phase [30] - **Social Financing and Credit**: In September 2025, China's social financing scale was 3.7635 trillion yuan, a year - on - year decrease of 229.7 billion yuan. Newly added RMB loans were 1.608 trillion yuan, a year - on - year decrease of 366.2 billion yuan [33] - **Medium - and Long - Term Credit Growth Rate**: The growth rate of medium - and long - term credit has been falling for 28 consecutive months to 6.30% as of September 2025 [36] - **Policy for Medium - and Long - Term Funds**: The implementation plan for promoting the entry of medium - and long - term funds into the market aims to increase the investment scale and proportion of medium - and long - term funds in A - shares, extend the assessment cycle, and form a joint force for policy implementation [38] - **Other Policies**: The central bank created new monetary policy tools, cut the reserve requirement ratio, reduced interest rates, and carried out debt - to - equity swaps to support the capital market and the real economy [42][44][46] 3.6 Revenue and Net Profit of Each Index - **Revenue Growth**: In the 2025 semi - annual report, the revenue growth rates of the Shenzhen Component Index, ChiNext, Science and Technology Innovation Board, and CSI 500 rebounded, while the growth rates of other indices declined or turned negative [55] - **Net Profit Growth**: Except for the SSE 50 index, the growth rates of the Shanghai Composite Index, Shenzhen Component Index, CSI 300, CSI 500, CSI 1000, ChiNext, and Science and Technology Innovation Board rebounded [55] 3.7 Other Aspects - **Technical Analysis**: Not provided in detail in the given content - **Restricted Stock Unlocking**: The unlocking volume was relatively large in mid - October [103] - **Secondary Market Shareholder Transactions**: Last week, major shareholders in the secondary market significantly net - sold 10.1 billion yuan [102]

Report Industry Investment Rating No relevant content provided. Core View of the Report - In Q3 2025, China's GDP grew 4.8% year-on-year and 1.1% quarter-on-quarter, with cumulative GDP growth of 5.2% in the first three quarters, indicating overall economic stability during structural adjustment [4]. - The tertiary industry (services) had a prominent supporting role, with a 5.6% year-on-year increase in added value in Q3, while the secondary and primary industries also showed growth [4]. - Exports remained resilient, consumption recovered moderately, and fixed - asset investment faced marginal pressure. Net exports contributed 24.5% to GDP growth in Q3, and retail sales showed a 3.0% year-on-year increase in September [4]. - Structural transformation deepened, with new - quality productivity accelerating implementation. The proportion of equipment and high - tech manufacturing in industrial added value increased, and the "Three New" economies continued to grow [4]. - In September 2025, real estate investment, new construction, and construction area declined year - on - year, but the completion end improved. Industrial production showed a strong recovery, with a 6.5% year - on - year actual increase in industrial added value [5]. - US inflation in September was lower than expected, strengthening the market's consensus that inflation is on a downward path and increasing the probability of Fed rate cuts [5]. Summary by Relevant Catalogs National Economic Accounting - GDP quarterly and annual growth rates of different industries from 2023 to 2025 are presented, showing the performance of various sectors, such as agriculture, industry, and services [7]. - The contribution rates and pulling effects of the three industries on GDP growth are analyzed through figures from 2013 - 2025 [8][9][12]. - The contribution of each component of GDP is detailed, including industries like agriculture, industry, and services from 2023 to 2025 [13]. Industry - Industrial added value data of different industries from 2019 - 2025 show the growth trends of industries such as mining, manufacturing, and high - tech industries [20][22]. - The production volume of major industrial products from 2024 - 2025 is provided, including energy, industrial raw materials, and finished products [24]. - Electricity generation data, including daily average and year - on - year growth rates, as well as the performance of thermal, hydro, and wind power, are presented [28]. - Industry electricity consumption data from 2024 - 2025 show the consumption situation of different industries, with some industries like manufacturing and high - tech manufacturing showing growth [31][32]. - Industrial enterprise profit data from January - August 2025 show the profit performance of different industries, with some industries like manufacturing and power supply showing growth and others like mining showing decline [35][39]. - Industrial enterprise inventory data as of August 2025 show that the overall finished - product inventory is stable with a slight decline, and the inventory of the mining industry has decreased significantly [46]. Price Index - In September 2025, China's CPI decreased 0.3% year - on - year, with food prices falling and non - food prices rising. The CPI components' year - on - year and month - on - month data from 2024 - 2025 are also provided [51][52]. - In September 2025, China's PPI decreased 2.3% year - on - year, with the decline narrowing. The PPI of different production and living materials and major industries from 2024 - 2025 are presented [58][61]. - The year - on - year and month - on - month changes in industrial producer purchase prices from 2024 - 2025 are provided, showing price changes in different material categories [62][63].

Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - The overall tone of the communiqué of the Fourth Plenary Session of the 20th CPC Central Committee boosts market confidence. Attention should be paid to the details of the "15th Five-Year Plan" and the subsequent Sino-US trade negotiation. The market risk appetite has recovered. Coking coal, as one of the leading varieties since the anti-involution, is still an important variety favored by long-term funds. Overall, the regional production restrictions on the supply side of coking coal limit the release of coal mine production. Coking plants have a strong demand for replenishing coking coal inventory, which supports the rebound of coking coal prices. However, the rebound height and sustainability may be restricted by the poor terminal demand [4]. - For the coking coal 2601 contract, short-term long positions are recommended, with a reference support level of 1180 - 1200 yuan/ton [4]. Summary by Relevant Catalogs Supply - Coking coal: Last week, the production of coking coal decreased slightly on a week-on-week basis. The supply was relatively stable, but the regional supply decreased. In Wuhai, environmental protection measures were tightened again. Three goaf treatment projects and some open-pit coal mines in Wuda suspended production again, and the resumption time was uncertain [4]. - Coke: The capacity utilization rate of coking enterprises decreased slightly. On October 24, the capacity utilization rate of 230 independent coking plants was 73.16%, a week-on-week decrease of 0.83%. The daily average output of all-sample independent coking enterprises was 64.61 tons, a week-on-week decrease of 0.68 tons [4]. Demand - As of October 24, 2025, the blast furnace operating rate of 247 steel mills was 84.71%, an increase of 0.44% from the previous week. The daily average pig iron output decreased by 1.05 tons to 239.9 tons on a week-on-week basis, and the pig iron output continued to decline. The profitability rate of steel mills was 47.62%, a decrease of 7.79% from the previous week. The average profit per ton of coke was -41 yuan/ton, a decrease of 28 yuan/ton from the previous week. Although the pig iron output remained at a high level, supporting the demand for raw materials, and some downstream procurement plans were expected to increase, due to poor profits, there was strong resistance to some high-priced coking coal varieties [4]. Inventory - Coking coal: Last week, the inventory of coal mines decreased on a week-on-week basis. On October 24, the raw coal inventory of 523 sample mines was 443.13 tons, a week-on-week decrease of 18.28 tons. The coking coal inventory of downstream independent coking enterprises increased, with an increase of 32.33 tons to 1029.7 tons on a week-on-week basis, while the coking coal inventory of steel mills decreased slightly [4]. - Coke: Coke inventory accumulated in the upstream and midstream. The coke inventory of independent coking enterprises increased slightly, while the inventory of downstream steel mills decreased on a week-on-week basis [4]. 期现市场 - The report presents the price trends of coking coal and coke futures contracts (jm2601, jm2605, j2601, j2605), the price differences between contracts 1 - 5, and the spot prices of coking coal (port Mongolian No. 5 raw coal, Lvliang medium-sulfur main coking coal, etc.) and coke (Lvliang quasi-first-grade, Rizhao quasi-first-grade, etc.) through multiple charts [9][13][19][26]. Inventory - Coking coal: The inventory trends of mines, ports, 247 steel mills, and all-sample independent coking enterprises are presented through charts [32][37]. - Coke: The inventory trends of all-sample independent coking enterprises, 247 steel mills, ports, and all-sample coke are presented through charts [39][45]. Supply Side - Coking coal import: The import volume trends of coking coal from the world, Mongolia, Australia, and Russia to China are presented through charts [48]. - Coking coal production: On October 10, the coking coal operating rate of 523 sample mines was 81.89%, a week-on-week decrease of 4.61%. The daily average raw coal output of 523 sample mines was 183.86 tons, a week-on-week decrease of 10.27 tons [54][55]. - Coking production: On October 24, the capacity utilization rate of 230 coking enterprises was 73.16%, a week-on-week decrease of 0.83%. The daily average output of all-sample independent coking enterprises was 64.61 tons, a week-on-week decrease of 0.68 tons [56]. - Steel mill coke production: The current capacity utilization rate of steel mill coke is 85.03%, a week-on-week increase of 0.31%. The daily average output is 46.11 tons, a week-on-week increase of 0.17 tons [59]. Demand Side - Pig iron and operating rate: As of October 24, 2025, the blast furnace operating rate of 247 steel mills was 84.71%, an increase of 0.44% from the previous week. The daily average pig iron output decreased by 1.05 tons to 239.9 tons on a week-on-week basis, and the pig iron output continued to decline [63]. - Rebar and hot-rolled coil: The production and consumption trends of rebar and hot-rolled coil are presented through charts [64][66]. - Long-process and short-process: The production trends of long-process and short-process rebar are presented through charts [73]. - Steel mill and coke profit per ton: As of October 24, 2025, the profitability rate of 247 steel mills was 47.62%, a decrease of 7.79% from the previous week. The average profit per ton of coke was -41 yuan/ton, a decrease of 28 yuan/ton from the previous week [77].

Report Title - The report is titled "Hualian Futures Weekly Report on Oils and Fats: Significant Increase in Malaysian Palm Oil Production in the First 20 Days of October, Oils and Fats May Oscillate Weakly in the Short Term" [1] Report Industry Investment Rating - No industry investment rating is provided in the report Core Viewpoints - In the context of expected continued inventory accumulation at the origin and the postponement of the US biodiesel policy announcement, it is expected that oils and fats will mainly oscillate weakly in the short term [3] Summary by Directory Fundamental Viewpoints - **Soybean Oil**: As of October 18, Brazil had completed 21.7% of soybean sowing, higher than 17.6% in the same period last year. Favorable rainfall in the central - western region of Brazil in the next two weeks is beneficial for sowing. The Sino - US trade relationship is uncertain, and attention should be paid to the trade negotiation progress at the end of this month [3] - **Palm Oil**: From October 1 - 20, 2025, Malaysian palm oil production increased by 10.77% month - on - month, while export growth decreased. It is expected to continue inventory accumulation in October, which is different from the previous expectation of inventory reduction starting in October, being negative for palm oil. After the Diwali festival in October, India's import demand for oils decreased, leading to a worse export outlook. Some Indonesian palm oil producers have reduced fertilizer use and maintenance, and the subsequent impact of this measure needs attention [3] - **Rapeseed Oil**: There are expectations of negotiations between China and Canada, which is negative for rapeseed oil. The Sino - Canadian trade relationship is still uncertain, and attention should be paid to the negotiation situation and China's imports of Canadian rapeseed, Australian rapeseed, and rapeseed oil from other regions. Additionally, the progress of Indonesia's B50 and US biodiesel policies should be monitored [3] Strategy Viewpoints and Outlook - **Unilateral**: The pressure level for palm oil 01 is recommended to refer to 9200 - 9400, and for soybean oil 01, it is 8300 - 8400. For options, it is advisable to buy put options on palm oil at low volatility [5] - **Arbitrage**: It is recommended to wait and see for now [5] - **Outlook**: Key points to watch include national biodiesel policies, the production and export of Southeast Asian palm oil, China's rapeseed import policy, and crude oil prices [5] Industrial Chain Structure - Futures and Spot Markets - Last week, palm oil prices dropped significantly due to a substantial increase in Malaysian palm oil production in the first 20 days of October [14] - The soybean - palm oil spread, rapeseed - palm oil spread, and rapeseed - soybean oil spread all oscillated widely. It is recommended to wait and see for now [17] Supply Side - **Malaysian Palm Oil Monthly Data**: In September, Malaysia's palm oil inventory increased significantly to 2.361 million tons, much higher than expected. Production decreased slightly, but the decline was less than market expectations. Exports increased month - on - month to 1.4276 million tons, in line with market expectations. Apparent consumption was 333,400 tons, a significant decrease from the previous month. This report is negative for the market [30] - **Domestic Soybean and Soybean Oil**: Data on China's imported soybean port inventory, soybean oil import volume, soybean import volume, and imported soybean crushing volume are presented, but no specific analysis is provided [33][34][36] - **Domestic Rapeseed and Rapeseed Oil**: Data on China's imported rapeseed port inventory, rapeseed oil import volume, rapeseed import volume, and imported rapeseed crushing volume are presented, but no specific analysis is provided [43][44][46] - **Domestic Palm Oil**: Data on China's palm oil import volume are presented, but no specific analysis is provided [50] Demand Side - Data on the trading volume of domestic soybean oil, palm oil, rapeseed oil, and the total trading volume of the three major oils are presented, but no specific analysis is provided [54][56][58][60] Inventory - As of October 17, 2025, the commercial inventory of soybean oil in key regions across the country was 1.224 million tons, a decrease of 41,100 tons (3.25%) from the previous week and an increase of 94,000 tons (8.32%) year - on - year. The commercial inventory of palm oil was 575,700 tons, an increase of 28,100 tons (5.13%) from the previous week and an increase of 59,800 tons (11.59%) compared to the same period last year [64] - As of October 17, 2025, the rapeseed inventory of major coastal oil mills was 6,000 tons, a decrease of 12,000 tons from the previous week. The rapeseed oil inventory was 52,000 tons, a decrease of 8,000 tons from the previous week, and the unexecuted contracts were 30,000 tons, a decrease of 11,000 tons from the previous week [67] Disk Import Profit - As of October 24, 2025, the disk import profit of 24 - degree palm oil for the November shipment was - 236 yuan/ton [71]