Group 1: Investment Ratings - The investment strategy for the pig and egg industries is cautiously bearish [3][5] Group 2: Core Views - The supply of standard pigs is increasing, and pig prices are fluctuating and adjusting. The pattern of strong supply and weak demand in the pig market is difficult to change due to factors such as future supply pressure and potential over - supply at the end of the year [1][2] - For eggs, the situation of oversupply persists as new grain is concentrated on the market, and enterprises have low inventory and weak willingness to build up stocks. Attention should be paid to farmers' selling progress and traders' inventory strength [4] Group 3: Market News and Important Data Pig - Futures: The closing price of the live pig 2601 contract yesterday was 11,945 yuan/ton, a change of +260.00 yuan/ton from the previous trading day, an increase of +2.23% [1] - Spot: In Henan, the price of external ternary live pigs was 11.85 yuan/kg, a change of - 0.11 yuan/kg from the previous trading day; in Jiangsu, it was 11.96 yuan/kg, a change of - 0.19 yuan/kg; in Sichuan, it was 11.46 yuan/kg, a change of - 0.17 yuan/kg [1] - Agricultural product prices: On November 5th, the "200 - index of agricultural product wholesale prices" was 124.97, up 0.01 points from yesterday. The average wholesale price of pork in the national agricultural product wholesale market was 18.19 yuan/kg, up 0.9% from yesterday [1] Egg - Futures: The closing price of the egg 2512 contract yesterday was 3,217 yuan/500 kilograms, a change of +73.00 yuan from the previous trading day, an increase of +2.32% [3] - Spot: In Liaoning, the egg spot price was 2.69 yuan/jin, with no change from the previous trading day; in Shandong, it was 2.85 yuan/jin, with no change; in Hebei, it was 2.76 yuan/jin, a change of +0.07 yuan/jin [3] - Inventory: On November 5th, 2025, the national production - link inventory was 1.13 days, a decrease of 0.02 days from yesterday, a decrease of 1.74%. The circulation - link inventory was 1.29 days, unchanged from yesterday [3] Group 4: Market Analysis Pig - The inventory of large and medium - sized pigs over 5 months old nationwide decreased by 0.1% month - on - month, and the year - on - year decline narrowed by 2.4%. The number of newborn piglets increased by 0.3% month - on - month and 6.6% year - on - year, with a significant increase in large - scale farms, indicating obvious long - term supply pressure [2] Egg - Deep - processing and feed enterprises have relatively low inventory, weak willingness to build up stocks, and a strong wait - and - see attitude, with spot - purchasing as the main trend [4]

Report Summary 1) Report Industry Investment Rating - The report does not provide an industry investment rating. 2) Core View of the Report - The asphalt market is in a weak state with a lack of positive factors. The crude oil price has turned into a weak oscillation, resulting in insufficient cost - side support. The release of low - price forward resources from northern refineries has led to a pessimistic outlook for future asphalt demand, putting pressure on the spot market sentiment. The trading strategy suggests a cautious and bearish stance, with short - term waiting and seeing as the main approach [1][2]. 3) Summary by Related Catalogs Market Analysis - On November 5th, the closing price of the main asphalt futures contract BU2601 in the afternoon session was 3166 yuan/ton, down 50 yuan/ton or 1.55% from the previous day's settlement price. The position was 203,527 lots, a decrease of 3,433 lots compared to the previous period, and the trading volume was 178,534 lots, an increase of 4,477 lots [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast 3306 - 3750 yuan/ton, Shandong 3100 - 3620 yuan/ton, South China 3330 - 3520 yuan/ton, and East China 3410 - 3500 yuan/ton. The spot prices in the Northeast, North China, Shandong, and South China regions have declined, while those in other regions are relatively stable [1]. Strategy - Unilateral: Cautiously bearish, mainly wait and see in the short term. There are no strategies for inter - period, inter - variety, spot - futures, and options [2]. Figures - The report includes figures related to asphalt spot prices in different regions (Shandong, East China, South China, North China, Southwest, Northwest), asphalt futures prices (index, main contract, near - month contract, near - month spread), trading volume and open interest of asphalt futures (unilateral, main contract), domestic asphalt weekly production, asphalt production of independent refineries and in different regions (Shandong, East China, South China, North China), domestic asphalt consumption in different fields (road, waterproofing, coking, ship fuel), and asphalt inventories (refinery, social) [3]

Group 1: Report Investment Ratings - The investment rating for both soybeans and peanuts is neutral [4][6] Group 2: Core Views - The soybeans market shows a strong upward trend in the short - term, but the downstream demand is weak. If the state - owned reserve increases the auction volume and imported soybeans impact the market, the upward momentum of domestic soybeans may be limited [3] - The peanut market has limited support from high - quality resources. Although the prices of high - quality peanuts in the Northeast region are supported, the overall demand in other regions is inactive, and most large and medium - sized oil mills have not started purchasing [5] Group 3: Soybean Market Analysis Futures and Spot Market - The closing price of the soybeans 2601 contract was 4123.00 yuan/ton, up 68.00 yuan/ton or 1.68% from the previous day. The edible soybean spot basis was A01 - 43, down 68 or 32.14% from the previous day [1] Market Information - The new - season soybeans in the Northeast region are stable. The state - owned reserve purchase price has been set, and high - protein soybeans may flow into the state - owned reserve. Farmers are reluctant to sell, and downstream traders purchase on - demand. The domestic soybean market is oversupplied, and prices may decline if there is concentrated selling later [2] - The price of the soybean futures main contract rose the most in nearly 3 months. The demand side is mostly waiting and watching or making small - scale purchases. The rising prices in the production areas are not well - accepted by the demand side, and some dealers are waiting for price drops to buy [3] Group 4: Soybean Strategy - The strategy for soybeans is neutral [4] Group 5: Peanut Market Analysis Futures and Spot Market - The closing price of the peanut 2601 contract was 7802.00 yuan/ton, down 10.00 yuan/ton or 0.13% from the previous day. The average peanut spot price was 7950.00 yuan/ton, unchanged from the previous day. The spot basis was PK01 - 2.00, up 10.00 or - 83.33% from the previous day [4] Market Information - The average price of general peanuts in the national peanut market is basically stable. The prices of different varieties vary by region. The contract purchase prices of oil mills for general peanuts and oil - making peanuts are different, and the arrival volume of peanuts from the Northeast is average [4][5] - The peanut futures are consolidating. After the busy farming season in Henan, farmers' selling attitudes differ. The supply of high - quality peanuts is limited, and the prices of low - quality peanuts are under pressure. Some traders are purchasing high - quality peanuts from the Northeast, but the overall demand in other regions is inactive [5] Group 6: Peanut Strategy - The strategy for peanuts is neutral [6]

Group 1: Report Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core Viewpoints - The demand for palm oil in India is weak, and the price of the three major oils is oscillating. The decline in India's palm oil imports and the increase in Malaysia's palm oil production put pressure on the overall palm oil market [1][3] Group 3: Market Analysis Futures - Yesterday, the closing price of the palm oil 2601 contract was 8,590 yuan/ton, a decrease of 26 yuan or 0.30% compared to the previous day [1] - The closing price of the soybean oil 2601 contract was 8,138 yuan/ton, an increase of 30 yuan or 0.37% [1] - The closing price of the rapeseed oil 2601 contract was 9,407 yuan/ton, a decrease of 36 yuan or 0.38% [1] Spot - In the Guangdong region, the spot price of palm oil was 8,520 yuan/ton, an increase of 20 yuan or 0.24%, and the spot basis was P01 + -70 yuan, an increase of 46 yuan [1] - In the Tianjin region, the spot price of first-grade soybean oil was 8,310 yuan/ton, a decrease of 10 yuan or 0.12%, and the spot basis was Y01 + 172 yuan, a decrease of 40 yuan [1] - In the Jiangsu region, the spot price of fourth-grade rapeseed oil was 9,760 yuan/ton, a decrease of 30 yuan or 0.31%, and the spot basis was OI01 + 353 yuan, an increase of 6 yuan [1] Group 4: Recent Market News India's Palm Oil Imports - India's palm oil imports in October dropped to a five-year low of 750,000 tons, down from 980,000 tons in September, due to increased domestic inventory, weak food industry demand, and a narrowing price gap with other oilseeds [2] Malaysia's Palm Oil Production - Malaysia's palm oil production from October 1 - 31 is estimated to have increased by 12.31% to 2.07 million tons, the highest level in eight years [2] EU's Climate Policy - The EU Council reached an agreement on amending the European Climate Law, maintaining the target of reducing net greenhouse gas emissions by 90% by 2040 compared to 1990 levels [2] India's Rapeseed Planting - India's rapeseed planting area is expected to reach a new high this year due to strong Chinese demand and favorable soil moisture, with an expected increase of 7 - 8% [2]

Report Industry Investment Rating - Unilateral: Contract 12 fluctuates with a bullish bias - Arbitrage: None [7] Core View of the Report - The 12 - month contract trading focuses on the rhythm, with expectations and reality intertwined. Shipping companies will adjust supply to keep freight rates high. The valuation of the 12 - month contract may have a top around 2100 - 2200 points, and its valuation bottom is rising. The February 2026 contract may have a large expectation gap but is currently suppressed by the resumption of navigation expectations [4][5] Summary According to the Table of Contents 1. Futures Prices - As of November 5, 2025, the total open interest of all container shipping index European line futures contracts is 75,038 lots, and the single - day trading volume is 54,169 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts are 1652.00, 1199.60, 1426.10, 1497.10, 1142.80, and 1946.00 respectively [6] 2. Spot Prices - On October 31, the SCFI (Shanghai - Europe route) price was 1344 dollars/TEU, the SCFI (Shanghai - US West route) price was 2647 dollars/FEU, and the SCFI (Shanghai - US East) price was 3438 dollars/FEU. On November 3, the SCFIS (Shanghai - Europe) was 1208.71 points, and the SCFIS (Shanghai - US West) was 1267.15 points [6] 3. Container Ship Capacity Supply - In November, the average weekly capacity from China to European base ports was 286,000 TEU, and in December, it was 322,900 TEU. In November, there were 10 blank sailings and 1 TBN; in December, there were 6 TBNs. As of October 31, 2025, 218 container ships had been delivered in 2025, with a total capacity of 1.784 million TEU [3][6] 4. Supply Chain - The Suez Canal Authority held a meeting with 20 major shipping companies and agency representatives to discuss the development of the Red Sea situation and invited shipping companies to conduct trial voyages [2] 5. Demand and European Economy - The US will cancel the 10% so - called "fentanyl tariff" on Chinese goods, and the 24% reciprocal tariff will be suspended for another year. The US will also suspend the 301 investigation measures on China's maritime, logistics, and shipbuilding industries for one year. This is conducive to the recovery of Sino - US trade, which will drive the recovery of demand on the US route and support the prices of European routes to some extent [3]

Report Industry Investment Rating - Aluminum: Cautiously bullish [9] - Alumina: Neutral [9] - Aluminum alloy: Cautiously bullish [9] Report's Core View - Aluminum prices are expected to have limited downside on corrections, and there is potential for an upward breakout if the social inventory drawdown progresses smoothly. The overall supply of electrolytic aluminum is not in surplus, and consumption is showing good growth, with the potential for a real peak consumption season in November - December. For alumina, the supply - demand surplus pattern remains unchanged, and the spot price is difficult to rise. For aluminum alloy, the report is also cautiously bullish [6][8][9] Summary by Related Catalogs Important Data Aluminum Spot - East China A00 aluminum price is 21,300 yuan/ton, down 140 yuan/ton from the previous trading day; East China aluminum spot premium is - 20 yuan/ton, down 10 yuan/ton from the previous trading day. Central China A00 aluminum price is 21,160 yuan/ton, with the spot premium unchanged at - 160 yuan/ton. Foshan A00 aluminum price is 21,170 yuan/ton, down 130 yuan/ton from the previous trading day, and the aluminum spot premium is - 145 yuan/ton, up 5 yuan/ton from the previous trading day [1] Aluminum Futures - On November 5, 2025, the main Shanghai aluminum futures contract opened at 21,395 yuan/ton, closed at 21,395 yuan/ton, down 85 yuan/ton from the previous trading day, with a high of 21,440 yuan/ton and a low of 21,235 yuan/ton. The trading volume for the day was 193,349 lots, and the open interest was 225,136 lots [2] Inventory - As of November 5, 2025, the domestic social inventory of electrolytic aluminum ingots was 627,000 tons, an increase of 8,000 tons from the previous period; the warrant inventory was 64,194 tons, unchanged from the previous trading day; the LME aluminum inventory was 550,450 tons, down 2,125 tons from the previous trading day [2] Alumina Spot Price - On November 5, 2025, the SMM alumina price in Shanxi was 2,840 yuan/ton, in Shandong was 2,790 yuan/ton, in Henan was 2,865 yuan/ton, in Guangxi was 2,985 yuan/ton, in Guizhou was 2,995 yuan/ton, and the Australian alumina FOB price was 318 US dollars/ton [2] Alumina Futures - On November 5, 2025, the main alumina futures contract opened at 2,765 yuan/ton, closed at 2,772 yuan/ton, down 3 yuan/ton from the previous trading day's closing price, a decrease of 0.11%, with a high of 2,780 yuan/ton and a low of 2,752 yuan/ton. The trading volume for the day was 216,397 lots, and the open interest was 421,899 lots [2] Aluminum Alloy Price - On November 5, 2025, the procurement price of Baotai civil - grade scrap aluminum was 16,800 yuan/ton, and the procurement price of mechanical scrap aluminum was 17,000 yuan/ton, both down 100 yuan/ton from the previous day. The Baotai quotation for ADC12 was 20,800 yuan/ton, down 100 yuan/ton from the previous day [3] Aluminum Alloy Inventory - The social inventory of aluminum alloy is 73,500 tons, and the in - factory inventory is 58,700 tons [4] Aluminum Alloy Cost and Profit - The theoretical total cost is 21,120 yuan/ton, and the theoretical profit is - 120 yuan/ton [5] Market Analysis Electrolytic Aluminum - The overall domestic supply - demand fundamentals of electrolytic aluminum have not changed significantly. An electrolytic aluminum plant in Iceland overseas has reduced production due to an electrical equipment accident, affecting about 200,000 tons of production capacity. Even with the expectation of new and restarted production overseas, the supply of electrolytic aluminum is not in surplus. In terms of consumption, although the peak consumption season has been mediocre in terms of social inventory, the aluminum - water ratio has reached a record high of 77%, indicating good consumption growth and is expected to enter the real peak consumption season in November - December. The smooth progress of Sino - US negotiations is a positive factor, and there are still macro - positive factors. Aluminum price corrections are unlikely to be deep. Attention should be paid to the pace of social inventory drawdown. If the drawdown is smooth, there is potential for aluminum prices to rise [6] Alumina - A northwest aluminum plant purchased 10,000 tons of alumina at a price of 2,990 yuan/ton, down 20 yuan/ton from the previous period. The bauxite shipment from Guinea is expected to resume, and the Ningba Mine has started barge operations to ship 1.5 million tons of inventory. The supply pressure of bauxite remains. The spot price of alumina is low, and electrolytic aluminum plants are actively purchasing forward - looking alumina due to rich profits and winter - storage demand, but the supply - demand surplus pattern remains unchanged, and the spot price is difficult to rise. The cost side still has a small downward space, and the reduction in ore prices has not improved the alumina smelting loss. The supply side has not seen large - scale production cuts, and there is still an expectation of new production capacity. Currently, there are few positive factors and expectations in the fundamental data [7][8] Strategy - Unilateral: Cautiously bullish on aluminum, neutral on alumina, and cautiously bullish on aluminum alloy. Arbitrage: Long the near - term and short the far - term in SHFE aluminum [9]

山东小果客商增加，河南红枣价降采购下滑 农产品日报 | 2025-11-06 苹果观点 市场要闻与重要数据 期货方面，昨日收盘苹果2601合约8940元/吨，较前一日变动+79元/吨，幅度+0.89%。现货方面，山东栖霞80# 一 二级晚富士价格3.75元/斤，较前一日变动+0.00元/斤，现货基差AP01-1440，较前一日变动-79；陕西洛川70# 以上 半商品晚富士价格4.15元/斤，较前一日变动+0.00元/斤，现货基差AP01-640，较前一日变动-79。 近期市场资讯，晚富士产区入库工作继续进行，西部入库陆续接近尾声。山东地面交易伴随质量下滑价格略有偏 弱，好货价格维持稳硬，果农顺价卖货为主，栖霞80#一二级主流参考价3.5-4元/斤，栖霞80#一二级半主流参考价 3.0-3.5元/斤，统货价格2.0-3.0元/斤，以质论价。甘肃入库工作收尾，果农入库略加快；陕西产区入库工作陆续开 展，果农一般货源入库增加。目前交易价格来看，陕西洛川产区晚富士70#以上半商品3.8-4.5元/斤附近，70#以上 统货3.4-3.8元/斤，订园价格3.5-3.8元/斤主流。多以质论价。甘肃静宁产区70#以上山地商品 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The nickel market is in a pattern of high inventory and oversupply, with nickel prices expected to remain in low - level oscillations. A significant reduction in Philippine nickel ore supply in the fourth quarter may lead to a nickel price rebound [1][2]. - The stainless - steel market shows weak demand recovery and loose cost support, and stainless - steel prices are expected to maintain a weak oscillation [4]. Summary by Related Catalogs Nickel Variety Market Analysis - **Futures**: On November 5, 2025, the main contract of Shanghai nickel opened at 119,860 yuan/ton and closed at 120,030 yuan/ton, a - 0.24% change from the previous trading day. The trading volume was 123,448 (+577) lots, and the open interest was 115,164 (-3296) lots. The price fluctuated within a range of about 1,390 yuan, with a significant narrowing compared to previous days. The SHFE nickel inventory increased by 1,977 tons to 32,929 tons, and the LME nickel inventory, although unchanged at 252,750 tons, had a cumulative increase of 20,300 tons in the past month and an 8.79% year - on - year increase [1]. - **Nickel Ore**: The nickel ore market has been calm with stable prices. There is a gap between supply and demand, and market sentiment is cautious. In the Philippines, increased rainfall and the typhoon "Seagull" may cause delays in shipping. Downstream nickel - iron prices are under pressure, and iron plants are reluctant to accept high - priced nickel ore. In Indonesia, the November (first - phase) domestic trade benchmark price is expected to drop by 0.12 - 0.18 dollars, and the current mainstream premium is +26, with a premium range of +25 - 27 [1][2]. - **Spot**: Jinchuan Group's Shanghai market sales price was 122,400 yuan/ton, a decrease of 1,100 yuan/ton from the previous day. Due to the large price drop, spot trading was good, and the spot premium of each brand remained stable. Jinchuan nickel's premium changed to 2,800 yuan/ton, imported nickel's premium remained at 400 yuan/ton, and nickel beans' premium was 2,450 yuan/ton [2]. Strategy - Unilateral: Mainly use range - bound operations. - Others: No operations for inter - period, cross - variety, spot - futures, and options [2]. Stainless - steel Variety Market Analysis - **Futures**: On November 5, 2025, the main stainless - steel contract opened at 12,555 yuan/ton and closed at 12,535 yuan/ton. The trading volume was 90,380 (-21,042) lots, and the open interest was 74,412 (-4,171) lots. Affected by Shanghai nickel and the black - metal sector, the price showed a weak oscillation, with a fluctuation range of about 100 yuan, further narrowing from the previous day [2][3]. - **Spot**: Market pessimism intensified, spot prices were generally lowered, but trading remained weak. The stainless - steel price in Wuxi market was 12,850 (-50) yuan/ton, and in Foshan market was 12,900 (-50) yuan/ton. The 304/2B premium was 315 - 615 yuan/ton, and the ex - factory tax - included average price of high - nickel pig iron decreased by 2.00 yuan/nickel point to 919.5 yuan/nickel point [4]. Strategy - Unilateral: Neutral. - Others: No operations for inter - period, cross - variety, spot - futures, and options [4].

Report Summary 1. Investment Rating No specific industry investment rating is provided in the report. 2. Core View The recent liquidity crunch in the US market due to the extended government shutdown has led to a general decline in risk - asset prices, including crude oil. High tanker freight rates have made it difficult for Western resources to arbitrage, and the market is gradually digesting the impact of Russian oil sanctions. The short - term outlook for oil prices is range - bound, while the medium - term strategy is a bearish allocation [2][3]. 3. Summary by Directory Market News and Important Data - Crude oil futures prices declined: The December - delivery light crude oil futures on the New York Mercantile Exchange fell 96 cents to $59.60 per barrel, a 1.59% drop; the January - delivery Brent crude oil futures in London dropped 92 cents to $63.52 per barrel, a 1.43% decline. The SC crude oil main contract closed down 0.95% at 458 yuan per barrel [1]. - UAE's oil inventory: As of the week ending November 5, the total refined oil inventory at the Port of Fujairah in the UAE was 18.607 million barrels, up 851,000 barrels from the previous week. Light distillate inventory decreased by 1.236 million barrels to 6.713 million barrels, medium distillate inventory decreased by 79,000 barrels to 3.234 million barrels, and heavy residual fuel oil inventory increased by 2.166 million barrels to 8.66 million barrels [1]. - OPEC supply: In September, the daily crude oil supply of 9 OPEC countries with quotas was 23.87 million barrels, an increase of 760,000 barrels from August and 940,000 barrels higher than the target daily output. Saudi Arabia's daily supply was 9.98 million barrels, an increase of 550,000 barrels from August, meeting the target. OPEC+ will further increase production slightly in December but will suspend the production - increase plan from January to March 2026 due to seasonal factors. From January to March next year, Iraq, the UAE, Kazakhstan, and Oman will increase compensatory production cuts monthly, with a total reduction of 822,000 barrels per day in June to compensate for previous over - production [1]. - Libyan oil production plan: Libya's current oil production is close to 1.4 million barrels per day. The goal is to increase production to 2 million barrels per day in the next five years, 1.6 million barrels per day next year, and 1.8 million barrels per day the year after [1]. - Saudi Aramco's demand forecast: Saudi Aramco's CEO expects global oil demand to reach 106 million barrels per day in 2025, with strong demand growth in 2026 [1]. Investment Logic The extended US government shutdown has caused a liquidity crunch, leading to a decline in crude oil prices. High tanker freight rates have hindered Western resource arbitrage, and the market is digesting the impact of Russian oil sanctions. The lack of continuous upward movement in the Dubai month - spread indicates a slowdown in the shift from Russian oil to Middle Eastern oil [2]. Strategy Oil prices are expected to trade in a range in the short term and a bearish allocation is recommended in the medium term [3].

Report Industry Investment Rating - Not provided in the content Core Views - The fundamentals of pure benzene remain weak as port inventories rise again, indicating weak downstream提货 demand, while domestic pure benzene operating rates have bottomed out and rebounded [1][3] - For styrene, short - term maintenance continues, factory inventory pressure eases, port inventories start to decline, and the port basis rebounds slightly with improved low - level trading [3] Summary by Directory 1. Pure Benzene and EB's Basis Structure and Inter - Period Spreads - Figures include pure benzene's main basis, spot - M2 paper - cargo spread, and inter - period spreads of pure benzene and EB [8][11][16] 2. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Figures cover various production profits and price spreads such as naphtha processing fee, pure benzene's FOB and CFR price spreads, and styrene's non - integrated production profit and import profit [20][23][32] 3. Inventories and Operating Rates of Pure Benzene and Styrene - Figures show pure benzene's East China port inventory and operating rate, and styrene's East China port inventory, commercial inventory, factory inventory, and operating rate [39][41][44] 4. Operating Rates and Production Profits of Styrene's Downstream Products - Figures present the operating rates and production profits of EPS, PS, and ABS [50][52][54] 5. Operating Rates and Production Profits of Pure Benzene's Downstream Products - Figures display the operating rates and production profits of caprolactam, phenol - ketone, aniline, adipic acid, and other downstream products [58][62][71] Strategies - Unilateral: None [4] - Basis and Inter - Period: Go long on the spread of EB2512 - EB2601 at low levels [4] - Cross - Product: None [4]