Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core View of the Report - The prices of the three major oils oscillated. Although the inventory of Malaysian palm oil increased, the export data was better than expected, resulting in a mixed situation of long and short factors, causing the oils to oscillate [3] Group 3: Market Analysis Futures - The closing price of the palm oil 2601 contract was 8690.00 yuan/ton, with a month-on-month change of +30 yuan and a range of +0.35% - The closing price of the soybean oil 2601 contract was 8228.00 yuan/ton, with a month-on-month change of +44.00 yuan and a range of +0.54% - The closing price of the rapeseed oil 2601 contract was 9587.00 yuan/ton, with a month-on-month change of +54.00 yuan and a range of +0.57% [1] Spot - The spot price of palm oil in Guangdong was 8600.00 yuan/ton, with a month-on-month change of +80.00 yuan and a range of +0.94%, and the spot basis was P01 + -90.00, with a month-on-month change of +50.00 yuan - The spot price of first-grade soybean oil in Tianjin was 8390.00 yuan/ton, with a month-on-month change of +100.00 yuan/ton and a range of +1.21%, and the spot basis was Y01 + 162.00, with a month-on-month change of +56.00 yuan - The spot price of fourth-grade rapeseed oil in Jiangsu was 9940.00 yuan/ton, with a month-on-month change of +60.00 yuan and a range of +0.61%, and the spot basis was OI01 + 353.00, with a month-on-month change of +6.00 yuan [1] Recent Market Information - As of the end of October, Malaysian palm oil inventory increased for the eighth consecutive month, reaching a six-and-a-half-year high. The export volume from November 1 - 10 decreased compared to the same period last month - In the 2024/25 fiscal year, China's total soybean imports were 10937 million tons, and exports were 8 million tons. The autumn harvest of soybeans in the 2025/26 fiscal year is almost over, and the global soybean supply is abundant - As of last Thursday, the sowing rate of soybeans in Brazil's 2025/26 fiscal year reached 61% of the expected level, and the sowing area of the first crop of corn reached 72% of the planned planting area in the central and southern regions - Brazil's soybean, soybean meal, and corn exports last week and this week's planned exports are as follows: last week, 1107941 tons of soybeans, 279113 tons of soybean meal, and 839991 tons of corn were exported; this week, the planned exports are 1555625 tons of soybeans, 810210 tons of soybean meal, and 1871269 tons of corn [2] MPOB Report - Due to the continuously high production, Malaysian palm oil production in October increased by 11.02% month-on-month to 2.0439 million tons, and the export volume was 1.6929 million tons, a month-on-month increase of 18.58%. However, the growth rate was lower than that of production, so the ending inventory increased by 4.44% month-on-month to 2.44 million tons, rising for six consecutive months [3] Group 4: Charts - The report includes 30 charts related to the prices, production, exports, inventory, and other aspects of palm oil, soybean oil, and rapeseed oil [5]

Report Summary 1. Investment Rating No specific industry investment rating is provided in the report. 2. Core View - Crude oil prices have been weakly oscillating recently, exerting some pressure on the unilateral prices of FU and LU. The high - sulfur fuel oil is in an adjustment phase, with the cracking spread, monthly spread, and spot premium declining, but there are still structural supporting factors. Attention should be paid to the change path of Russian supply under the dual influence of drone attacks and sanctions. For low - sulfur fuel oil, as the production of Azur and Dangote refineries decreases, the supply pressure eases marginally, and the market structure is slightly repaired. However, the low - sulfur oil market still lacks a continuous upward - driving force, especially facing resistance on the demand side [2]. 3. Strategy - **High - sulfur fuel oil**: Short - term neutral, medium - term bearish [3]. - **Low - sulfur fuel oil**: Short - term neutral, medium - term bearish [3]. - **Cross - variety**: Go long on the LU2601 - FU2601 spread on dips [3]. - **Cross - term**: No strategy [3]. - **Futures - spot**: No strategy [3]. - **Options**: No strategy [3]. 4. Market Data - The main contract of Shanghai Futures Exchange fuel oil futures closed up 0.04% at 2,693 yuan/ton during the day session, and the main contract of INE low - sulfur fuel oil futures closed up 0.71% at 3,280 yuan/ton [1]. - There are various charts showing prices, spreads, and trading volumes of Singapore high - sulfur and low - sulfur fuel oils, as well as fuel oil futures in China, with units including US dollars/ton and yuan/ton, and trading volume in lots [4].

Report Industry Investment Rating No relevant content provided. Core View of the Report The bond market is oscillating between stable growth and easing expectations. It is affected by the stock market, the continued expectation of a Fed rate cut, and the increased uncertainty of foreign capital inflows due to rising global trade uncertainties. Short - term attention should be paid to the policy signals at the end of the month [3]. Summary by Directory 1. Interest Rate Pricing Tracking Indicators - **Price Indicators**: China's monthly CPI increased by 0.20% both month - on - month and year - on - year, while the monthly PPI rose 0.10% month - on - month and decreased 2.10% year - on - year [9]. - **Monthly Economic Indicators**: The social financing scale was 437.08 trillion yuan, with a month - on - month increase of 3.42 trillion yuan (+0.79%); M2 year - on - year was 8.40%, down 0.40% (-4.55%); the manufacturing PMI was 49.00%, down 0.80% (-1.61%) [9]. - **Daily Economic Indicators**: The US dollar index was 99.62, up 0.05 (+0.05%); the offshore US dollar to RMB exchange rate was 7.1203, down 0.004 (-0.05%); SHIBOR 7 - day was 1.48, up 0.06 (+3.94%); DR007 was 1.50, up 0.09 (+6.11%); R007 was 1.51, down 0.02 (-1.24%); the 3 - month interbank certificate of deposit (AAA) was 1.57, up 0.00 (-0.24%); the AA - AAA credit spread (1Y) was 0.08, up 0.00 (-0.24%) [9]. 2. Overview of the Treasury Bond and Treasury Bond Futures Market No specific content provided other than the title. 3. Overview of the Money Market Funding Situation The main term repo rates (1D, 7D, 14D, and 1M) were 1.479%, 1.478%, 1.492%, and 1.525% respectively, and the repo rates have recently rebounded. On November 10, 2025, the central bank conducted a 7 - day reverse repurchase operation of 119.9 billion yuan at a fixed rate of 1.4% [2]. 4. Spread Overview No specific content provided other than the title. 5. Two - Year Treasury Bond Futures No specific content provided other than the title and related chart descriptions. 6. Five - Year Treasury Bond Futures No specific content provided other than the title and related chart descriptions. 7. Ten - Year Treasury Bond Futures No specific content provided other than the title and related chart descriptions. 8. Thirty - Year Treasury Bond Futures No specific content provided other than the title and related chart descriptions. Market Analysis - **Macroeconomic Policy**: In October, there were multiple events including the US adding Chinese entities to the export control list, China's response on ship special port fees, Trump's tariff threat, the central bank's open - market treasury bond trading operation, and the consensus reached by the China - US economic and trade teams on three aspects. The State Council Tariff Commission announced to continue suspending the 24% additional tariff on the US for one year and retain the 10% tariff [1]. - **Inflation**: In October, the CPI increased by 0.2% year - on - year [1]. - **Fiscal Policy**: In the first half of the year, the fiscal operation was generally stable, with revenue gradually recovering and key expenditures effectively guaranteed. Super - long - term special treasury bonds and special bonds were accelerating their implementation. Policies such as consumer goods replacement, effective investment, and technological innovation had a synergistic amplification effect, and people's livelihood inputs continued to increase. In the next stage, active fiscal tools will continue to be used to balance stable growth, people's livelihood protection, and risk prevention [2]. - **Central Bank Operation**: On November 10, 2025, the central bank conducted a 7 - day reverse repurchase operation of 119.9 billion yuan at a fixed rate of 1.4% [2]. - **Market Conditions**: On November 10, 2025, the closing prices of TS, TF, T, and TL were 102.47 yuan, 105.94 yuan, 108.49 yuan, and 116.28 yuan respectively, with price changes of 0.00%, 0.02%, 0.01%, and 0.22% respectively. The average net basis of TS, TF, T, and TL was - 0.008 yuan, - 0.015 yuan, - 0.044 yuan, and - 0.275 yuan respectively [2]. Strategy - **Unilateral Strategy**: With the rebound of the repo rate and the oscillation of treasury bond futures prices, the 2512 contract is neutral [4]. - **Arbitrage Strategy**: Pay attention to the decline of the 2512 basis [4]. - **Hedging Strategy**: There is medium - term adjustment pressure, and short - side investors can use far - month contracts for appropriate hedging [4].

1. Report Industry Investment Rating - Aluminum: Cautiously bullish [9] - Alumina: Neutral [9] - Aluminum alloy: Cautiously bullish [9] - Arbitrage: Neutral [9] 2. Core View of the Report - The overall supply - demand fundamentals of domestic electrolytic aluminum have not changed significantly. Overseas production cuts and positive macro - factors support the price, and the callback depth is limited. If the inventory reduction is smooth, the upward space of aluminum price may open [6]. - The supply - demand surplus pattern of alumina remains unchanged, but spot prices are supported by active procurement. The current price is undervalued, and attention should be paid to unexpected events [8]. 3. Summary by Relevant Catalogs 3.1 Important Data Aluminum Spot - East China A00 aluminum price is 21,490 yuan/ton, with a change of - 50 yuan/ton from the previous trading day; the spot premium is - 30 yuan/ton, with no change from the previous trading day. - Central China A00 aluminum price is 21,380 yuan/ton, and the spot premium has changed by 10 yuan/ton to - 140 yuan/ton from the previous trading day. - Foshan A00 aluminum price is 21,370 yuan/ton, with a change of - 50 yuan/ton from the previous trading day; the spot premium is - 145 yuan/ton, with no change from the previous trading day [1]. Aluminum Futures - On November 10, 2025, the main Shanghai aluminum futures contract opened at 21,660 yuan/ton, closed at 21,725 yuan/ton, up 70 yuan/ton from the previous trading day. The highest price was 21,750 yuan/ton, and the lowest was 21,535 yuan/ton. The trading volume was 238,609 lots, and the open interest was 382,845 lots [2]. Inventory - As of November 10, 2025, the domestic social inventory of electrolytic aluminum ingots was 627,000 tons, an increase of 5,000 tons from the previous period; the warrant inventory was 64,142 tons, an increase of 372 tons from the previous trading day; the LME aluminum inventory was 547,225 tons, a decrease of 2,000 tons from the previous trading day [2]. Alumina Spot Price - On November 10, 2025, the SMM alumina price in Shanxi was 2,840 yuan/ton, in Shandong was 2,785 yuan/ton, in Henan was 2,865 yuan/ton, in Guangxi was 2,935 yuan/ton, in Guizhou was 2,960 yuan/ton, and the FOB price of Australian alumina was 320 US dollars/ton [2]. Alumina Futures - On November 10, 2025, the main alumina futures contract opened at 2,782 yuan/ton, closed at 2,829 yuan/ton, up 50 yuan/ton or 1.80% from the previous trading day's closing price. The highest price was 2,844 yuan/ton, and the lowest was 2,780 yuan/ton. The trading volume was 497,030 lots, and the open interest was 407,979 lots [2]. Aluminum Alloy Price - On November 10, 2025, the purchase price of Baotai civil raw aluminum was 16,900 yuan/ton, and the purchase price of mechanical raw aluminum was 17,100 yuan/ton, with no change from the previous day. The Baotai quotation of ADC12 was 20,900 yuan/ton, with no change from the previous day [3]. Aluminum Alloy Inventory - The social inventory of aluminum alloy was 72,800 tons, and the in - plant inventory was 59,900 tons [4]. Aluminum Alloy Cost - Profit - The theoretical total cost is 21,042 yuan/ton, and the theoretical profit is - 142 yuan/ton [5]. 3.2 Market Analysis Electrolytic Aluminum - The overall domestic supply - demand fundamentals have not changed significantly. Overseas production cuts in Iceland, positive macro - factors, and the undervalued aluminum price in terms of the copper - aluminum ratio limit the downward space. Attention should be paid to the inventory reduction rhythm [6]. Alumina - Xinjiang electrolytic aluminum plants increased the purchase price. The supply of bauxite is under pressure, the supply - demand surplus pattern remains unchanged, but the spot price is supported by procurement. The current price is undervalued, and attention should be paid to unexpected events [7][8]. 3.3 Strategy - Unilateral: Bullish on aluminum with caution, neutral on alumina, and bullish on aluminum alloy with caution. - Arbitrage: Neutral [9]

Report Overview Industry Investment Rating - Gold: Cautiously bullish [8] - Silver: Cautiously bullish [8] Core View - The risk sentiment towards US equity assets in the market has increased, which may boost the investment demand for gold. The gold price is expected to be in a slightly strong oscillatory pattern, with the Au2512 contract oscillating between 920 yuan/gram - 970 yuan/gram. Silver prices are also rising, slightly stronger than gold, and the gold - silver ratio is expected to narrow. The silver price is expected to maintain a strong oscillatory pattern, with the Ag2512 contract oscillating between 11600 yuan/kilogram - 12100 yuan/kilogram. It is recommended to short the gold - silver ratio at high levels and postpone options trading [8][9] Summary by Directory Market Analysis - The US officially announced a one - year suspension of the 301 investigation measures on China's shipbuilding and other industries, and China announced a one - year suspension of the special port dues for US ships and a one - year suspension of counter - measures against five US - related subsidiaries of Hanwha Ocean Co., Ltd. The US Senate passed a procedural vote on a temporary appropriation bill to end the government shutdown, but the final vote time has not been arranged, and the bill still needs to be voted on by the House of Representatives. The US government shutdown may end before this weekend [1] Futures Quotes and Trading Volume - On November 10, 2025, the Shanghai Gold main contract opened at 918.74 yuan/gram and closed at 935.98 yuan/gram, a change of 1.60% from the previous trading day's closing. The trading volume was 41087 lots, and the open interest was 129725 lots. In the night session, it opened at 940.18 yuan/gram and closed at 944.76 yuan/gram, a 0.94% increase from the afternoon closing. The Shanghai Silver main contract opened at 11455.00 yuan/kilogram and closed at 11719.00 yuan/kilogram, a 2.05% change from the previous trading day's closing. The trading volume was 1015910 lots, and the open interest was 243217 lots. In the night session, it opened at 11810 yuan/kilogram and closed at 11868 yuan/kilogram, a 1.27% increase from the afternoon closing [2] US Treasury Yield and Spread Monitoring - On November 10, 2025, the yield of the 10 - year US Treasury bond closed at 4.11%, up 0.21 BP from the previous trading day. The spread between the 10 - year and 2 - year bonds was 0.56%, a 0.02% change from the previous trading day [3] Changes in Positions and Trading Volume of Gold and Silver on the Shanghai Futures Exchange - On November 10, 2025, in the Au2512 contract, the long positions decreased by 697 lots compared with the previous day, and the short positions decreased by 562 lots. The total trading volume of the Shanghai Gold contract on the previous trading day was 481732 lots, a 17.91% change from the previous trading day. In the case of Shanghai Silver, in the Ag2512 contract, the long positions decreased by 2075 lots, and the short positions decreased by 4410 lots. The total trading volume of the silver contract on the previous trading day was 1873576 lots, a 19.78% change from the previous trading day [4] Precious Metal ETF Position Tracking - The gold ETF position was 1042.06 tons, unchanged from the previous trading day. The silver ETF position was 15089 tons, also unchanged from the previous trading day [5] Precious Metal Arbitrage Tracking - On November 10, 2025, the domestic premium of gold was 3.27 yuan/gram, and the domestic premium of silver was - 883.09 yuan/kilogram. The price ratio of the main gold and silver contracts on the Shanghai Futures Exchange was about 79.87, a - 0.12% change from the previous trading day, and the foreign - market gold - silver ratio was 82.27, a 0.03% change from the previous trading day [6] Fundamental Analysis - On November 10, 2025, the trading volume of gold on the Shanghai Gold Exchange T + d market was 51204 kilograms, a - 8.63% change from the previous trading day. The trading volume of silver was 712714 kilograms, a 34.61% change from the previous trading day. The gold delivery volume was 11872 kilograms, and the silver delivery volume was 28320 kilograms [7] Strategy - Gold: Cautiously bullish, with the Au2512 contract oscillating between 920 yuan/gram - 970 yuan/gram. Silver: Cautiously bullish, with the Ag2512 contract oscillating between 11600 yuan/kilogram - 12100 yuan/kilogram. Arbitrage: Short the gold - silver ratio at high levels. Options: Postpone [8][9]

Report Industry Investment Ratings - Apple: Neutral to bullish [4] - Red dates: Neutral [8] Core Views - Apple: The price of apples in the futures market rose yesterday, with the main producing areas' ground transactions gradually ending. The prices of high - quality apples remained stable and firm, showing a two - tiered differentiation. The warehousing volume is lower than the same period last year, and the commodity rate is low this year [1][3][4]. - Red dates: The futures price of red dates fell slightly yesterday. The prices in the main producing areas and sales areas were generally stable with a slight decline. The new red dates in the sales areas were less accepted, and the inventory pressure was high. The consumption situation in the peak season will be a key factor affecting the market [5][7]. Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the Apple 2601 contract yesterday was 9159 yuan/ton, up 119 yuan/ton or 1.32% from the previous day [1]. - Spot: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 3.75 yuan/jin, unchanged from the previous day; the price of over 70 semi - commodity late Fuji in Shaanxi Luochuan was 4.15 yuan/jin, unchanged from the previous day [1]. Recent Market Information - Ground transactions in late Fuji producing areas are gradually ending. The transaction of paper - wrapped film apples in Shanxi has slightly improved. In Shandong, transactions are concentrated in Qixia and Zhaoyuan, and the transaction in Penglai is ending. Small fruits are actively purchased, and fruit farmers sell at market prices. The fruit farmers' goods are still being warehoused in large quantities. In Shaanxi, the warehousing work is approaching the end, and some fruit farmers' goods in the western producing areas are being transferred out of storage [2]. Market Analysis - Yesterday, the apple futures price showed an upward trend. The ground transactions in the main producing areas are gradually ending. Shandong and Shanxi are still warehousing in large quantities, while Shaanxi is almost finished. The sales area's trading atmosphere is still weak, and the demand is under pressure. The overall出库 price of fruit farmers' goods in Shaanxi and Gansu is about 0.3 yuan higher than the ground price [3]. Strategy - The strategy is neutral to bullish. Although the volume of late Fuji has increased, the commodity rate this year is low, and merchants are cautious about ordering general - quality goods. The warehousing volume is lower than the same period last year [4]. Red Dates Market News and Important Data - Futures: The closing price of the Red Dates 2601 contract yesterday was 9585 yuan/ton, down 5 yuan/ton or 0.05% from the previous day [5]. - Spot: The price of first - grade gray dates in Hebei was 9.00 yuan/kg, unchanged from the previous day [5]. Recent Market Information - The mainstream prices of general - grade red dates in different producing areas vary. The harvest progress in the producing areas is about 40%. Sellers' price - holding sentiment has weakened, and merchants' purchasing enthusiasm has increased. In the sales areas, new goods are less accepted, and the prices are weakly stable [6]. Market Analysis - The red dates futures price fell slightly yesterday. The prices in the main producing areas and sales areas are generally stable with a slight decline. The harvest progress in the producing areas is advancing, and the inventory pressure is high. The consumption situation in the peak season will be a key factor affecting the market [7]. Strategy - The strategy is neutral. Recently, the red dates futures price has fallen significantly, and market competition has increased. The new red dates in the main producing areas have not been harvested in large quantities. Attention should be paid to changes in purchase prices, fruit quality, and peak - season consumption [8].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - For nickel, due to high inventory and oversupply, the nickel price is expected to remain in low - level fluctuations, but recent mining disruptions in Indonesia and the Philippines should be monitored for potential price rebounds [4] - For stainless steel, with the end of the consumption peak season, lower - than - expected demand growth, and weakening cost support, the stainless - steel price is expected to stay in low - level oscillations [5] Group 3: Nickel Market Analysis Futures - On November 10, 2025, the main contract 2512 of Shanghai nickel opened at 119,670 yuan/ton and closed at 119,680 yuan/ton, a 0.01% change from the previous trading day. The trading volume was 82,864 (-9,186) lots, and the open interest was 117,784 (-4,095) lots [1] - The main contract of Shanghai nickel showed a low - opening and high - walking oscillatory repair pattern. Affected by macro - sentiment and the metal sector, it rebounded during the day session and slightly closed up. The high - level oscillation of the US dollar index still suppresses nickel prices. The domestic commodity sector rose collectively, and Shanghai nickel rebounded accordingly [2] Nickel Ore - The nickel - ore market trading atmosphere was calm, and prices remained stable. There was strong market wait - and - see sentiment, and there was a supply - demand price gap. Factory procurement enthusiasm was low [2] - In the Philippines, the Surigao mining area's shipping efficiency was delayed due to continuous rainfall, while the northern mining area had stable local supply. Indonesian November (Phase II) domestic trade benchmark prices are expected to be lowered by 0.12 - 0.2 dollars/wet ton, with a current mainstream premium of +26 [2] - Due to the rainy season and typhoons, shipping in the southern Surigao area of the Philippines has stopped, and nickel - ore exports are expected to sharply decline from November to December [2] Spot - Jinchuan Group's Shanghai market sales price was 123,300 yuan/ton, unchanged from the previous trading day. Spot trading was average, and the spot premium of each brand did not change [3] - The premium of Jinchuan nickel changed by 600 yuan/ton to 3,600 yuan/ton, the premium of imported nickel remained at 400 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton [3] - The previous trading day's Shanghai nickel warehouse receipt volume was 32,533 (-101) tons, and the LME nickel inventory was 253,404 (+300) tons [3] Group 4: Nickel Strategy - Unilateral: Mainly conduct range operations - No strategies for inter - period, cross - variety, spot - futures, and options trading are provided [4] Group 5: Stainless Steel Market Analysis Futures - On November 10, 2025, the main contract 2512 of stainless steel opened at 12,545 yuan/ton and closed at 12,605 yuan/ton. The trading volume was 100,514 (+26,181) lots, and the open interest was 46,429 (-4,171) lots [4] - The main contract of stainless steel showed an oscillatory and slightly stronger trend. It rebounded in the afternoon driven by the rise of the black - metal sector [4] Spot - Affected by the futures' stop - falling and rebound, spot inquiries increased, but actual trading activity was still low, and quotes were basically flat [5] - The stainless - steel price in the Wuxi market was 12,850 (+0) yuan/ton, and in the Foshan market was also 12,850 (+0) yuan/ton. The 304/2B premium was 305 - 605 yuan/ton [5] - The ex - factory tax - included average price of high - nickel pig iron changed by - 1.50 yuan/nickel point to 914.5 yuan/nickel point [5] Group 6: Stainless Steel Strategy - Unilateral: Neutral - No strategies for inter - period, cross - variety, spot - futures, and options trading are provided [5]

Report Industry Investment Rating - The overall rating for commodities and stock index futures is neutral [4] Core Viewpoints - The US government shutdown is expected to end, and risk assets are strengthening. The domestic market has seen frequent positive news, but the economic foundation still needs to be consolidated. The release of the "15th Five-Year Plan" proposal has boosted market sentiment and economic expectations. The US has temporarily alleviated its liquidity risk, but its manufacturing index has declined, and employment and inflation situations are complex. Different commodity sectors have different investment opportunities and focuses [1][2][3] Summary by Related Catalogs Market Analysis - On October 28, the full text of the "15th Five-Year Plan" proposal was released. According to the per capita GDP target, the average GDP growth rate during the 15th Five-Year Plan period is expected to be around 5%. On October 30, the China-US economic and trade teams reached a three - aspect consensus, and on November 5, China officially postponed tariffs. In October, the national manufacturing PMI was 49, a month - on - month decrease of 0.8. China's exports in October decreased by 1.1% year - on - year, and the previous value increased by 8.3%. China's CPI in October increased by 0.2% year - on - year, and the core CPI reached the highest level since March 2024. The PPI increased month - on - month for the first time this year. On November 10, the State Council General Office issued measures to promote private investment. The A - share market fluctuated and diverged throughout the day, with the Shanghai Composite Index rising by 0.53%. Most commodities closed higher, with lithium carbonate rising by 7.36% and Shanghai silver rising by 2.85% [1] US Situation - The Fed cut interest rates by 25BP as expected and announced the end of balance - sheet reduction on December 1. On November 9, the US Senate passed a temporary appropriation bill to end the government shutdown, which will provide funds until January 30, 2026. The US ISM manufacturing index in October dropped to 48.7%, shrinking for eight consecutive months. The "small non - farm" ADP in October added 42,000 new jobs, exceeding expectations, but salary growth has stagnated [2] Commodity Analysis - In the current inflation expectation game stage, focus on non - ferrous metals and precious metals with high certainty. The black sector is still dragged down by downstream demand expectations. The long - term supply shortage in the non - ferrous sector has not been alleviated, and it has been boosted by the global easing expectation recently. The medium - term supply of the energy sector is considered relatively loose, with OPEC+ announcing an additional production increase of 137,000 barrels per day in November. In the chemical sector, the "anti - involution" space of methanol, caustic soda, urea and other varieties is worthy of attention. In the agricultural products sector, pay attention to China's procurement plan for US goods and next year's weather forecast. After the short - term sharp adjustment risk of precious metals is cleared, pay attention to the opportunity of buying on dips. On November 10, spot gold reached $4,100 per ounce for the first time since October 27, rising about 2.5% intraday [3] Key News - China's CPI in October increased by 0.2% year - on - year, and the previous value was - 0.3%. China's PPI in October was - 2.1% year - on - year, and the previous value was - 2.3%. The government encourages private capital to participate in key projects in various fields. The market fluctuated and diverged throughout the day, with about 3,400 stocks rising in the Shanghai, Shenzhen and Beijing stock markets, and the trading volume was 2.19 trillion. The Shanghai Composite Index rose by 0.53%, the Shenzhen Component Index rose by 0.18%, and the ChiNext Index fell by 0.92%. The large - consumption sector, financial stocks, chemical stocks and storage chip sectors performed strongly, while the robot concept stocks adjusted. Most commodity futures closed higher, with lithium carbonate rising by more than 7% and glass falling by more than 2%. Spot gold reached $4,100 per ounce [5]

Report Industry Investment Rating - No information provided on the industry investment rating Core View of the Report - Pure benzene port inventory decreased slightly, but its basis and processing fee continued to be weak. Domestic production capacity utilization of pure benzene has bottomed out and rebounded, with the impact of previous sanctions on refinery operations easing, and the pressure of incoming shipments increasing intermittently. Downstream demand remained weak, with styrene in concentrated maintenance, phenol production declining again, CPL production at a low level, and adipic acid production rebounding [2]. - Styrene ports continued to experience a slight reduction in inventory, with short - term low - level production capacity utilization, and maintenance only decreasing at the end of November. EB factory inventory further decreased, and port inventory began to decline. However, attention should be paid to downstream demand, as EPS production capacity utilization dropped rapidly, ABS and PS production capacity utilization remained low, and the inventory of the three major hard plastics only slightly decreased from high levels [2]. Summary by Directory 1. Pure Benzene and EB's Basis Structure, Inter - period Spreads - Figures related to pure benzene basis and inter - period spreads include the pure benzene main contract basis, pure benzene spot - M2 paper cargo spread, and pure benzene continuous first - contract to continuous third - contract spread [7][10]. - Figures related to EB basis and inter - period spreads include the EB main contract basis and the styrene continuous first - contract to continuous third - contract spread [15][18]. 2. Pure Benzene and Styrene Production Profits, Domestic - Foreign Spreads - Figures related to production profits and spreads include styrene non - integrated production profit, pure benzene FOB US Gulf - FOB South Korea spread, naphtha processing fee, pure benzene FOB South Korea - naphtha CFR Japan spread, pure benzene import profit, and styrene import profit [21][24][33]. 3. Pure Benzene and Styrene Inventory, Production Capacity Utilization - For pure benzene, figures show the East China port inventory and production capacity utilization [39]. - For styrene, figures cover the East China port inventory, production capacity utilization, East China commercial inventory, and factory inventory [42][44]. 4. Styrene Downstream Production Capacity Utilization and Production Profits - Figures display the production capacity utilization and production profits of EPS, PS, and ABS [52][53][57]. 5. Pure Benzene Downstream Production Capacity Utilization and Production Profits - Figures show the production capacity utilization and production profits of caprolactam, phenol - ketone, aniline, adipic acid, and other downstream products [60][68][73]. Strategy - Unilateral: No strategy provided [3]. - Basis and Inter - period: Consider a long - short spread strategy for EB2512 - EB2601 at low prices and a short - long spread strategy for BZ2603 - BZ2605 at high prices [3]. - Cross - variety: No strategy provided [3].

Group 1: Report Industry Investment Rating - The investment rating for both the粕类 (soybean meal and rapeseed meal) and corn industries is cautiously bearish [3][5] Group 2: Report's Core View - The overall supply - demand pattern of soybean meal remains unchanged, with high oil - mill operating rates but high soybean and soybean meal inventories. Downstream demand is mainly for rolling replenishment, and the supply is loose. Future attention should be paid to soybean imports, South American soybean weather, and policy changes [2] - For corn, new corn is concentrated on the market in Northeast and North China, with an overall increasing production. Deep - processing and feed enterprises have weak inventory - building intentions, and the supply is slightly loose. Attention should be paid to farmers' selling progress and traders' inventory - building intentions [4] Group 3: Summary by Related Catalogs 1. 粕类 (Soybean Meal and Rapeseed Meal) Market News and Important Data - Futures: The closing price of the soybean meal 2601 contract was 3063 yuan/ton, up 5 yuan/ton (+0.16%) from the previous day; the rapeseed meal 2601 contract was 2527 yuan/ton, down 12 yuan/ton (-0.47%) [1] - Spot: In Tianjin, the soybean meal spot price was 3050 yuan/ton, unchanged; in Jiangsu and Guangdong, it was 3000 yuan/ton, unchanged. The rapeseed meal spot price in Fujian was 2710 yuan/ton, down 10 yuan/ton [1] - Market News: As of November 5, Argentina's 2025/26 soybean planting area was 4.4% of the total expected area, nearly 4 percentage points behind last year, and the estimated planting area was 17.6 million hectares, a 4.3% year - on - year decrease [1] Market Analysis - The overall supply - demand pattern remains unchanged, with high oil - mill operating rates but high inventories. Downstream demand is for rolling replenishment, and the supply is loose. Future attention should be paid to soybean imports, South American soybean weather, and policy changes [2] Strategy - Cautiously bearish [3] 2. Corn Market News and Important Data - Futures: The closing price of the corn 2511 contract was 2164 yuan/ton, up 15 yuan/ton (+0.70%); the corn starch 2511 contract was 2479 yuan/ton, up 17 yuan/ton (+0.69%) [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged; in Jilin, the corn starch spot price was 2550 yuan/ton, unchanged [3] - Market News: Brazil exported 6.5 million tons of corn in October, a 1% year - on - year increase, with an average daily export volume of 295,000 tons, also a 1% increase [3] Market Analysis - Supply: New corn is concentrated on the market in Northeast and North China, with an overall increasing production. There will be another wave of supply in Jilin and Inner Mongolia [4] - Demand: Deep - processing and feed enterprises have weak inventory - building intentions and are mainly for rigid - demand replenishment. The supply is slightly loose, and the situation of oversupply remains unchanged. Attention should be paid to farmers' selling progress and traders' inventory - building intentions [4] Strategy - Cautiously bearish [5]