Report Industry Investment Rating - The investment rating for the pig industry is cautiously bearish [3] - The investment rating for the egg industry is also cautiously bearish [6] Core Viewpoints - For the pig market, the current second - fattening sentiment is still strong, which is a reproduction link that doesn't change the total supply but will increase future supply. The short - term price is firm, but the medium - and long - term supply pressure remains large, and changes in second - fattening and production capacity need attention [2] - For the egg market, the overall demand is weak. Although egg sales have accelerated slightly this week, the improvement is short - lived. There is inventory accumulation in production areas, and the supply - strong and demand - weak pattern is hard to change in the short term [5][6] Summary by Relevant Catalogs Pig Market Market News and Important Data - Futures: The closing price of the pig 2601 contract yesterday was 12,160 yuan/ton, down 170 yuan/ton (-1.38%) from the previous trading day [1] - Spot: In Henan, the price of external ternary pigs was 12.67 yuan/kg, up 0.21 yuan/kg; in Jiangsu, it was 12.83 yuan/kg, up 0.19 yuan/kg; in Sichuan, it was 12.23 yuan/kg, up 0.30 yuan/kg. The spot basis and its changes in different regions are also provided [1] - Agricultural product prices: On October 28, the "200 - index of agricultural product wholesale prices" rose 0.50 points, and the "vegetable basket" product wholesale price index rose 0.58 points. The average wholesale price of pork in the national agricultural product market was 18.03 yuan/kg, up 0.4% [1] Market Analysis - Second - fattening mainly by retail investors leads to a significant shift in pig supply. The short - term price is supported, but the medium - and long - term supply - demand pattern remains unchanged, with large future slaughter pressure [2] Strategy - Cautiously bearish [3] Egg Market Market News and Important Data - Futures: The closing price of the egg 2512 contract yesterday was 3099 yuan/500 kg, down 35 yuan (-1.12%) from the previous trading day [3] - Spot: In Liaoning, the egg price was 2.89 yuan/jin, unchanged; in Shandong, it was 2.95 yuan/jin, unchanged; in Hebei, it was 2.67 yuan/jin, down 0.11 yuan. The spot basis and its changes in different regions are also given [3] - Inventory: On October 28, 2025, the national production - link inventory was 1.11 days, and the circulation - link inventory was 1.18 days, both unchanged from the previous day [4] Market Analysis - The overall demand is weak. Egg sales have accelerated briefly, but the situation in sales areas is stable. There is inventory accumulation in production areas, and the market is in a state of digesting previous inventory [5] Strategy - Cautiously bearish, as the number of laying hens in production remains high and the supply - strong and demand - weak pattern is difficult to change in the short term [6]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Views - Due to high inventory and persistent supply surplus, nickel prices are expected to remain in a low - level oscillation. Demand continues to be weak, and cost support is weakening, so stainless - steel prices are predicted to stay in a bottom - level oscillation trend [3][5]. 3. Summary by Related Catalogs Nickel Variety - **Market Analysis** - On October 28, 2025, the Shanghai nickel main contract 2512 opened at 122,060 yuan/ton and closed at 120,560 yuan/ton, a - 1.44% change from the previous trading day's close. The trading volume was 156,296 (+26,763) lots, and the open interest was 115,046 (+6,057) lots [1]. - The Shanghai nickel main contract showed a pattern of opening low and moving lower, with weak oscillation. Although factors such as progress in China - US economic and trade consultations and rising expectations of the Fed's interest - rate cut boosted risk appetite, the differentiation in macro - sentiment led to the contract's failure to continue the upward trend of overseas markets and instead pulled back due to domestic fundamentals [2]. - In the nickel ore market, there are price differences, and prices remain stable. In the Philippines, the Surigao mining area is about to enter the rainy season, and shipping is winding down; northern mines are mostly starting tender sales. Some downstream iron plants have the intention to replenish stocks but are in a price - pressing mindset due to production pressure. In Indonesia, the October (Phase II) domestic trade benchmark price increased by 0.06 - 0.11 US dollars, and the mainstream premium remained at +26, with the premium range mostly between +25 - 27. Affected by the local rainy season and next - year's production preparations, Indonesian factories have recently been actively purchasing raw materials, and some are still tendering in the Philippines [2]. - Jinchuan Group's sales price in the Shanghai market was 123,470 yuan/ton, a decrease of 930 yuan/ton from the previous trading day. Spot trading was average, and the spot premiums of various brands mostly declined. The premium of Jinchuan nickel changed by - 150 yuan/ton to 2,300 yuan/ton, the premium of imported nickel remained unchanged at 400 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipts were 31,385 (+1,605) tons, and LME nickel inventories were 251,436 (+198) tons [2]. - **Strategy** - With high inventory and a supply - surplus situation, nickel prices are expected to remain in a low - level oscillation. The recommended strategy is mainly range - bound operations for unilateral trading, and no operations are recommended for inter - period, cross - variety, spot - futures, and options trading [3]. Stainless - Steel Variety - **Market Analysis** - On October 28, 2025, the stainless - steel main contract 2512 opened at 12,800 yuan/ton and closed at 12,750 yuan/ton. The trading volume was 97,090 (-61,294) lots, and the open interest was 100,253 (-4,171) lots [3]. - The stainless - steel main contract showed a weak - oscillation trend. The market's insufficient digestion of short - term positive factors, combined with fundamental pressure and weak bullish confidence, along with the decline of Shanghai nickel, led to the stainless - steel contract following the downward trend [3]. - Spot prices also declined with the futures market. Due to continued sluggish trading, spot quotes further decreased. According to SMM, affected by the market downturn, many stainless - steel plants announced production cuts, mainly for 200 - series stainless steel. The stainless - steel price in the Wuxi market was 12,900 (-150) yuan/ton, and in the Foshan market, it was 12,950 (-100) yuan/ton. The premium of 304/2B was between 225 and 525 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron decreased by 2.00 yuan/nickel point to 926.5 yuan/nickel point [3]. - **Strategy** - Due to weak demand and weakening cost support, stainless - steel prices are expected to remain in a bottom - level oscillation. The recommended strategy for unilateral trading is neutral, and no operations are recommended for inter - period, cross - variety, spot - futures, and options trading [5].

Report Title - Liquidity Daily Report [3] Core View - The report provides a comprehensive overview of the market liquidity situation on October 28, 2025, including the trading volume, holding amount, and trading - holding ratio of various sectors such as stock index, treasury bond, basic metal, precious metal, energy chemical, agricultural product, and black building material sectors [1][2] Summary by Section 1. Plate Liquidity - The data shows the trading volume, holding amount, and trading - holding ratio of various sectors on October 28, 2025, along with their changes compared to the previous trading day [1][2] 2. Stock Index Plate - On October 28, 2025, the trading volume of the stock index plate was 698.225 billion yuan, a - 3.39% change from the previous trading day; the holding amount was 1314.924 billion yuan, a - 2.27% change; the trading - holding ratio was 52.75% [1] 3. Treasury Bond Plate - On October 28, 2025, the trading volume of the treasury bond plate was 414.703 billion yuan, a + 13.42% change from the previous trading day; the holding amount was 844.631 billion yuan, a + 3.79% change; the trading - holding ratio was 48.11% [1] 4. Basic Metal and Precious Metal (Metal Plate) - On October 28, 2025, the trading volume of the basic metal plate was 478.173 billion yuan, a - 1.08% change from the previous trading day; the holding amount was 587.021 billion yuan, a - 1.65% change; the trading - holding ratio was 84.29% - The trading volume of the precious metal plate was 883.957 billion yuan, a + 24.52% change from the previous trading day; the holding amount was 438.095 billion yuan, a - 4.55% change; the trading - holding ratio was 228.56% [1] 5. Energy Chemical Plate - On October 28, 2025, the trading volume of the energy chemical plate was 353.703 billion yuan, a - 18.20% change from the previous trading day; the holding amount was 437.978 billion yuan, a + 0.62% change; the trading - holding ratio was 66.31% [1] 6. Agricultural Product Plate - On October 28, 2025, the trading volume of the agricultural product plate was 320.476 billion yuan, a + 1.48% change from the previous trading day; the holding amount was 562.888 billion yuan, a + 0.60% change; the trading - holding ratio was 54.27% [1] 7. Black Building Material Plate - On October 28, 2025, the trading volume of the black building material plate was 261.618 billion yuan, a - 6.79% change from the previous trading day; the holding amount was 370.108 billion yuan, a - 0.71% change; the trading - holding ratio was 72.87% [2]

Report Industry Investment Rating No relevant content provided. Core View of the Report The recent futures market has been rebounding due to factors such as inventory reduction, early cancellation of warehouse receipts, slower - than - expected resumption of previously shut - down mines, and strong consumption support. The short - term supply - demand situation is favorable, and the inventory is continuously decreasing, providing some support to the market. However, after the recent continuous rise in the futures market, the futures price is much higher than the spot price. It is expected that the willingness of upstream producers to conduct hedging will increase when the price reaches 80,000 yuan/ton. The market needs to pay attention to the inflection points of consumption and inventory. If consumption weakens and mines resume production, the inventory may shift from de - stocking to inventory accumulation, causing the market to decline [2]. Summary According to the Directory Market Analysis - On October 28, 2025, the opening price of the lithium carbonate main contract 2601 was 81,600 yuan/ton, and the closing price was 81,640 yuan/ton, a 0.69% change from the previous trading day's settlement price. The trading volume was 729,307 lots, and the open interest was 488,803 lots, compared with 483,478 lots in the previous trading day. The current basis was - 4,740 yuan/ton, and the number of lithium carbonate warehouse receipts was 27,335 lots, a decrease of 404 lots from the previous day [1]. - According to SMM data, the price of battery - grade lithium carbonate was 76,900 - 80,100 yuan/ton, a change of 1,950 yuan/ton from the previous day; the price of industrial - grade lithium carbonate was 75,700 - 76,900 yuan/ton, a change of 2,000 yuan/ton from the previous day. The price of 6% lithium concentrate was 955 US dollars/ton, a change of 13 US dollars/ton from the previous day [1]. - The downstream material factories' operating rates are continuously rising, and the demand supports the spot transactions. In terms of supply, new production lines have been put into operation at both the spodumene and salt - lake ends, and the total lithium carbonate production in October is expected to continue to grow. In terms of demand, both the commercial and passenger new - energy vehicles in the power market are growing rapidly, and the energy - storage market has strong supply and demand [1]. Strategy - The futures market has been rebounding recently due to factors such as inventory reduction, early cancellation of warehouse receipts, slower - than - expected resumption of previously shut - down mines, and strong consumption support. Currently, the peak consumption season provides some support, and the short - term supply - demand situation is good with continuous inventory reduction, which supports the market. After the recent continuous rise in the futures market, the futures price is much higher than the spot price, and it is expected that the willingness of upstream producers to conduct hedging will increase when the price reaches 80,000 yuan/ton. The market needs to pay attention to the inflection points of consumption and inventory. It is expected that the cell production schedule in November will increase month - on - month, and the cathode material production schedule will remain flat or slightly decrease month - on - month. If consumption weakens and mines resume production, the inventory may shift from de - stocking to inventory accumulation, causing the market to decline [2]. Trading Strategy - Unilateral: Short - term range trading, and sell - hedging can be carried out at high prices when appropriate [4]. - Inter - delivery spread: No relevant strategy provided. - Cross - commodity: No relevant strategy provided. - Spot - futures: No relevant strategy provided. - Options: No relevant strategy provided.

1. Report Industry Investment Rating - The investment ratings for both the粕 (bean meal and rapeseed meal) and corn sectors are "cautiously bearish" [3][6] 2. Core Viewpoints - For the粕 market, the current domestic fundamentals have not changed significantly. The domestic arrival volume is relatively sufficient, and the inventory of soybeans and bean meal remains at a relatively high level, with overall supply being relatively loose. Key factors to watch include the Sino - US negotiation situation, policy changes, and the sowing progress of new - season Brazilian soybeans [2] - For the corn market, on the supply side, due to the previous decline in the corn price at the northern ports, farmers' enthusiasm for selling grain was relatively low, but this week, the price in the Northeast region has shown a slightly stronger trend, and farmers' enthusiasm for selling grain has slightly recovered. In the North China region, the impact of the weather has subsided, the risk of grain spoilage has significantly decreased, and the pace of selling wet grain has slowed down. On the demand side, the inventory of channels, ports, deep - processing enterprises, and feed enterprises all remains at a low level, but the willingness to stock up is low [4][5] 3. Summary by Related Catalogs 3.1 粕 Market 3.1.1 Market News and Important Data - **Futures**: The closing price of the bean meal 2601 contract was 2975 yuan/ton, up 43 yuan/ton or 1.47% from the previous day; the closing price of the rapeseed meal 2601 contract was 2396 yuan/ton, up 61 yuan/ton or 2.61% from the previous day [1] - **Spot**: In Tianjin, the spot price of bean meal was 3000 yuan/ton, up 10 yuan/ton from the previous day, with a spot basis of M01 + 25, down 33 from the previous day; in Jiangsu, it was 2930 yuan/ton, up 30 yuan/ton, with a spot basis of M01 - 45, down 13 from the previous day; in Guangdong, it was 2950 yuan/ton, up 40 yuan/ton, with a spot basis of M01 - 25, down 3 from the previous day. In Fujian, the spot price of rapeseed meal was 2600 yuan/ton, up 50 yuan/ton, with a spot basis of RM01 + 204, down 11 from the previous day [1] - **Market News**: As of last Thursday, the planting rate of Brazilian soybeans for the 2025/26 season reached 36% of the expected sown area, the same as the same period last year, and up from 24% the previous week. As of the week ending October 23, 2025, the US soybean export inspection volume was 1.061 million tons, with a previous market forecast of 1 - 1.5 million tons, and the revised figure for the previous week was 1.59 million tons [1] 3.1.2 Market Analysis The current domestic fundamentals have not changed much, with sufficient arrival volume, high inventory of soybeans and bean meal, and relatively loose overall supply. Key factors to watch are the Sino - US negotiation situation, policy changes, and the sowing progress of new - season Brazilian soybeans [2] 3.1.3 Strategy Cautiously bearish [3] 3.2 Corn Market 3.2.1 Market News and Important Data - **Futures**: The closing price of the corn 2511 contract was 2123 yuan/ton, up 11 yuan/ton or 0.52% from the previous day; the closing price of the corn starch 2511 contract was 2424 yuan/ton, down 1 yuan/ton or 0.04% from the previous day [3] - **Spot**: In Liaoning, the spot price of corn was 2150 yuan/ton, unchanged from the previous day, with a spot basis of C11 + 17, down 21 from the previous day; in Jilin, the spot price of corn starch was 2550 yuan/ton, unchanged from the previous day, with a spot basis of CS11 + 126, up 1 from the previous day [3] - **Market News**: As of October 23, the sowing progress of the first - season corn in the central and southern regions of Brazil for the 2025/26 season was 55%, up from 51% the previous week and 53% in the same period last year. As of the week ending October 23, 2025, the US corn export inspection volume was 1.187 million tons, with a previous market forecast of 1.1 - 2.05 million tons, and the revised figure for the previous week was 1.325 million tons [3] 3.2.2 Market Analysis On the supply side, farmers' enthusiasm for selling grain in the Northeast has slightly recovered, and the pace of selling wet grain in North China has slowed down. On the demand side, the inventory of various sectors is low, but the willingness to stock up is low [4][5] 3.2.3 Strategy Cautiously bearish [6]

Report Industry Investment Rating - The investment ratings for RU and NR, as well as BR, are both neutral [7] Core Viewpoints - The cost support for natural rubber remains strong, but in the peak - season, the supply is expected to increase. The overall supply - demand in China may show a pattern of both supply and demand booming. If the arrival volume rebounds later, the depletion of domestic social inventory will slow down or even accumulate again. Currently, the valuations of RU and NR in China are low, and prices are expected to move within a range. It is recommended to pay attention to reverse - spread opportunities for the month - spread. For BR, the cost is dragged down by the decline in butadiene prices, but there are still many device overhauls, and the supply - side support is expected to remain. The supply - demand may improve to some extent, and the downward adjustment space is expected to be limited [7] Market News and Data Futures - The closing price of the RU main contract was 15,360 yuan/ton, a change of - 20 yuan/ton from the previous day; the NR main contract was 12,530 yuan/ton, a change of - 10 yuan/ton; the BR main contract was 10,805 yuan/ton, a change of - 190 yuan/ton [1] Spot - The price of Yunnan - produced whole latex in the Shanghai market was 14,700 yuan/ton, with no change from the previous day. The price of Thai mixed rubber in the Qingdao Free Trade Zone was 14,980 yuan/ton, a change of - 20 yuan/ton. The price of Thai 20 - grade standard rubber in the Qingdao Free Trade Zone was 1,880 US dollars/ton, with no change; the price of Indonesian 20 - grade standard rubber was 1,770 US dollars/ton, with no change. The ex - factory price of BR9000 from PetroChina Qilu Petrochemical was 11,200 yuan/ton, with no change; the market price of BR9000 from Zhejiang Transfar was 10,900 yuan/ton, with no change [1] Market Information Heavy - truck Market - In September 2025, China's heavy - truck market sales were about 105,000 vehicles (wholesale caliber, including exports and new energy), a year - on - year increase of about 82% and a month - on - month increase of 15%, setting a new high for the same period in recent years [2] Natural Rubber Imports - In September 2025, China's natural rubber (including technically specified rubber, latex, smoked sheets, primary forms, mixed rubber, and compound rubber) imports were 595,900 tons, a month - on - month increase of 14.41% and a year - on - year increase of 20.92%. From January to September 2025, the cumulative import volume was 4.7172 million tons, a cumulative year - on - year increase of 19.65% [2] Thailand's Natural Rubber Exports - In the first three quarters of 2025, Thailand's exports of natural rubber (excluding compound rubber) totaled 199,300 tons, a year - on - year decrease of 8%. Among them, the total export of standard rubber was 111,600 tons, a year - on - year decrease of 20%; the export of smoked sheets was 30,800 tons, a year - on - year increase of 22%; the export of latex was 55,600 tons, a year - on - year increase of 10%. From January to September, the total export of natural rubber to China was 75,900 tons, a year - on - year increase of 6%. Among them, the export of standard rubber to China was 45,900 tons, a year - on - year decrease of 19%; the export of smoked sheets to China was 9,900 tons, a year - on - year increase of 330%; the export of latex to China was 19,900 tons, a year - on - year increase of 70% [2] Automobile Production and Sales - In September, China's automobile production and sales were 3.276 million and 3.226 million vehicles respectively, a month - on - month increase of 16.4% and 12.9% respectively, and a year - on - year increase of 17.1% and 14.9% respectively. For the first time in the same period in history, automobile production and sales exceeded 3 million vehicles, and the monthly year - on - year growth rate has remained above 10% for five consecutive months [3] Rubber Tire Exports - In the first three quarters of 2025, China's rubber tire exports reached 728,000 tons, a year - on - year increase of 5%; the export value was 127.7 billion yuan, a year - on - year increase of 4.2%. Among them, the export volume of new pneumatic rubber tires was 702,000 tons, a year - on - year increase of 4.7%; the export value was 122.7 billion yuan, a year - on - year increase of 4%. Calculated by the number of pieces, the export volume was 5.3491 billion pieces, a year - on - year increase of 5.4%. The export volume of automobile tires in the first three quarters was 622,000 tons, a year - on - year increase of 4.5%; the export value was 105.5 billion yuan, a year - on - year increase of 3.6% [3] EU Passenger Car Market - In September 2025, the sales volume of the EU passenger car market increased by 10% to 888,672 vehicles. The cumulative sales volume in the first three quarters increased by 0.9% year - on - year to 8.06 million vehicles [3] Market Analysis Natural Rubber - **Spot and Spreads**: On October 28, 2025, the RU basis was - 660 yuan/ton (+20), the spread between the RU main contract and mixed rubber was 380 yuan/ton (+0), the import profit of smoked sheets was - 3340 yuan/ton (- 3340.25), the NR basis was 791.00 yuan/ton (+5.00); the price of whole latex was 14,700 yuan/ton (+0), the price of mixed rubber was 14,980 yuan/ton (- 20), the price of 3L spot was 15,250 yuan/ton (+0). The STR20 was quoted at 1,880 US dollars/ton (+0), the spread between whole latex and 3L was - 500 yuan/ton (+50); the spread between mixed rubber and styrene - butadiene rubber was 3580 yuan/ton (- 20) [4] - **Raw Materials**: The price of Thai smoked sheets was 60.06 Thai baht/kg (+0.00), the price of Thai latex was 55.00 Thai baht/kg (+0.50), the price of Thai cup lump was 53.35 Thai baht/kg (+0.20), and the difference between Thai latex and cup lump was 1.65 Thai baht/kg (+0.30) [5] - **Operating Rates**: The operating rate of all - steel tires was 65.87% (+1.91%), and the operating rate of semi - steel tires was 72.84% (+1.77%) [6] - **Inventory**: The social inventory of natural rubber was 1,112,557 tons (- 122,953.00), the inventory of natural rubber in Qingdao Port was 461,188 tons (- 125,451), the RU futures inventory was 124,020 tons (- 10,980), and the NR futures inventory was 42,640 tons (+2,521) [6] Butadiene Rubber - **Spot and Spreads**: On October 28, 2025, the BR basis was - 5 yuan/ton (+190), the ex - factory price of butadiene from Sinopec was 8,300 yuan/ton (+0), the price of BR9000 from Qilu Petrochemical was 11,200 yuan/ton (+0), the price of BR9000 from Zhejiang Transfar was 10,900 yuan/ton (+0), the price of private butadiene rubber in Shandong was 10,650 yuan/ton (- 30), and the import profit of butadiene rubber from Northeast Asia was - 2040 yuan/ton (- 100) [6] - **Operating Rates**: The operating rate of high - cis butadiene rubber was 71.71% (- 2.12%) [6] - **Inventory**: The inventory of butadiene rubber traders was 4,520 tons (- 340), and the inventory of butadiene rubber enterprises was 28,650 tons (+750) [6]

Group 1: Report Industry Investment Rating - Unilateral: Neutral, with a short - term focus on observation [2] - Inter - period: None [2] - Cross - variety: None [2] - Futures - spot: None [2] - Options: None [2] Group 2: Core View of the Report - On October 28, the closing price of the main asphalt futures contract BU2601 in the afternoon session was 3,279 yuan/ton, down 26 yuan/ton or 0.79% from the previous day's settlement price. The open interest was 197,268 lots, up 3,762 lots from the previous day, and the trading volume was 166,622 lots, down 68,669 lots from the previous day [1] - The spot settlement prices of heavy - traffic asphalt reported by Zhuochuang Information are as follows: Northeast: 3,406 - 4,750 yuan/ton; Shandong: 3,210 - 3,620 yuan/ton; South China: 3,360 - 3,580 yuan/ton; East China: 3,410 - 3,500 yuan/ton. The asphalt spot price in South China rose slightly, while those in North China and Shandong declined, and prices in other regions remained relatively stable [1] - In terms of asphalt's fundamental factors, the rebound trend of crude oil and asphalt futures has been hindered, and there is strong wait - and - see sentiment in the asphalt spot market. Additionally, Hongrun's release of forward contracts has pressured the asphalt spot prices in Shandong and surrounding areas. Overall, excluding the influence of the crude oil end, asphalt's own fundamentals are relatively weak, and market drivers are limited [1] Group 3: Summary by Relevant Figures Spot Price Charts - Figures 1 - 6 show the spot prices of heavy - traffic asphalt in Shandong, East China, South China, North China, Southwest, and Northwest regions respectively, with the unit of yuan/ton [3][5][7][10] Futures Price and Trading Data Charts - Figures 7 - 12 present the closing prices of the asphalt futures index, the main contract, and the near - month contract, the near - month spread, and the trading volume and open interest of unilateral and main contracts, with units of yuan/ton and lots respectively [3][17][21][23] Production Charts - Figures 13 - 18 display the weekly domestic asphalt production, independent refinery asphalt production, and asphalt production in Shandong, East China, South China, and North China regions, with the unit of 10,000 tons [3][28][30][34] Consumption Charts - Figures 19 - 22 illustrate domestic asphalt consumption in road construction, waterproofing, coking, and marine fuel industries, with the unit of 10,000 tons [3][36][39] Inventory Charts - Figures 23 - 24 show the asphalt refinery inventory and social inventory according to Longzhong's data, with the unit of 10,000 tons [3][40]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report presents a daily overview of the stock index options market, including option trading volume, PCR (Put - Call Ratio), and VIX (Volatility Index) for various stock index options on October 28, 2025 [1][2][3]. 3. Summary by Directory I. Option Trading Volume - On October 28, 2025, the trading volume of Shanghai - Shenzhen 300 ETF options (Shanghai market) was 101.12 million contracts; the trading volume of CSI 500 ETF options (Shanghai market) was 151.17 million contracts; the trading volume of Shenzhen 100 ETF options was 6.62 million contracts; the trading volume of ChiNext ETF options was 180.50 million contracts; the trading volume of SSE 50 stock index options was 3.34 million contracts; the trading volume of Shanghai - Shenzhen 300 stock index options was 12.39 million contracts; the trading volume of CSI 1000 options was 21.93 million contracts [1]. - The table also shows the call, put, and total trading volumes of different index ETF options on the same day, such as the total trading volume of SSE 50 ETF options was 76.28 million contracts, with 39.52 million call contracts and 36.76 million put contracts [21]. II. Option PCR - The report provides the turnover PCR and position PCR of various stock index options on October 28, 2025, along with their环比 changes. For example, the turnover PCR of SSE 50 ETF options was 0.60, with a环比 increase of 0.16; the position PCR was 0.99, with a环比 decrease of 0.01 [2][34]. III. Option VIX - It shows the VIX and its环比 changes of different stock index options on October 28, 2025. For instance, the VIX of SSE 50 ETF options was 17.02%, with a环比 decrease of 0.28% [3][51].

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating provided in the content. Group 2: Core Views of the Report - PVC has rebounded with macro - sentiment. The supply is abundant with new capacities coming online, and the demand has improved but the trading atmosphere is average. The export shows resilience but PVC product exports may be affected by anti - dumping investigations. The futures price is under pressure, and attention should be paid to relevant policies [3]. - The spot price of caustic soda is stable with a slight decline. The supply is affected by new capacities and maintenance, and the demand is affected by the weakening of alumina. The non - aluminum demand will turn weak, but the potential new alumina plants may support the price [3]. Group 3: Summary of Market News and Important Data PVC - Futures price and basis: The closing price of the PVC main contract is 4716 yuan/ton (-30), the East China basis is -86 yuan/ton (+30), and the South China basis is -6 yuan/ton (+30) [1]. - Spot price: The East China calcium carbide - based PVC is quoted at 4630 yuan/ton (+0), and the South China calcium carbide - based PVC is quoted at 4710 yuan/ton (+0) [1]. - Upstream production profit: The semi - coke price is 740 yuan/ton (+0), the calcium carbide price is 2830 yuan/ton (+0), the calcium carbide profit is -52 yuan/ton (+0), the calcium carbide - based PVC production gross profit is -723 yuan/ton (-10), the ethylene - based PVC production gross profit is -560 yuan/ton (-8), and the PVC export profit is -3.7 dollars/ton (-1.0) [1]. - Inventory and operation rate: The in - factory PVC inventory is 33.4 tons (-2.7), the social PVC inventory is 55.5 tons (-0.2), the calcium carbide - based PVC operation rate is 71.65% (-3.08%), the ethylene - based PVC operation rate is 78.56% (+2.46%), and the overall PVC operation rate is 73.74% (-1.40%) [1]. - Downstream orders: The pre - sales volume of production enterprises is 63.5 tons (+8.0) [1]. Caustic Soda - Futures price and basis: The closing price of the SH main contract is 2341 yuan/ton (-25), and the basis of 32% liquid caustic soda in Shandong is 159 yuan/ton (+25) [1]. - Spot price: The 32% liquid caustic soda in Shandong is quoted at 800 yuan/ton (+0), and the 50% liquid caustic soda in Shandong is quoted at 1250 yuan/ton (+0) [1]. - Upstream production profit: The single - variety profit of caustic soda in Shandong is 1509 yuan/ton (+0), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) is 925.8 yuan/ton (-40.0), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) is 133.78 yuan/ton (+10.00), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) is 1135.25 yuan/ton (+0.00) [2]. - Inventory and operation rate: The liquid caustic soda factory inventory is 41.43 tons (+1.10), the flake caustic soda factory inventory is 2.45 tons (+0.00), and the caustic soda operation rate is 80.80% (-0.60%) [2]. - Downstream operation rate: The alumina operation rate is 86.27% (+0.05%), the printing and dyeing operation rate in East China is 67.31% (+0.55%), and the viscose staple fiber operation rate is 88.61% (+0.00%) [2]. Group 4: Summary of Strategies PVC - Unilateral: Wait and see. - Inter - delivery: Sell the V01 contract and buy the V05 contract when the spread is high. - Inter - commodity: None [4]. Caustic Soda - Unilateral: Wait and see. - Inter - delivery: Wait and see. - Inter - commodity: None [5].

Report Summary Investment Rating - Unilateral: Cautiously bullish. - Arbitrage: Neutral. [5] Core View - The smelters' strong demand for zinc ore may lead to a further decline in TC. Although the import loss of imported ore is still significant, the imported ore TC has started to fall. The domestic supply pressure remains, but the smelting profit is compressed. If the TC continues to decline, the supply - side pressure is expected to decrease. The export window is fully open, but the uncertainty of LME far - month contract delivery restrains the export enthusiasm, and it's difficult for overseas inventories to grow. Micro - data is turning from bearish to bullish, and the macro - environment remains favorable. [4] Key Data Spot - LME zinc spot premium is $212.89/ton. SMM Shanghai zinc spot price is 22,270 yuan/ton, up 60 yuan/ton from the previous trading day, with a spot premium of - 45 yuan/ton. SMM Guangdong zinc spot price is 22,280 yuan/ton, up 60 yuan/ton, with a spot premium of - 95 yuan/ton. Tianjin zinc spot price is 22,260 yuan/ton, up 50 yuan/ton, with a spot premium of - 55 yuan/ton. [1] Futures - On October 28, 2025, the main SHFE zinc contract opened at 22,400 yuan/ton and closed at 22,310 yuan/ton, up 5 yuan/ton from the previous trading day. The trading volume was 128,753 lots, and the open interest was 120,693 lots. The highest price was 22,440 yuan/ton, and the lowest was 22,290 yuan/ton. [2] Inventory - As of October 28, 2025, the total inventory of SMM seven - region zinc ingots was 163,500 tons, up 1,400 tons from the previous period. The LME zinc inventory was 35,250 tons, down 1,800 tons from the previous trading day. [3]