Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Recent US Treasury yields have declined overall, with the "safe-haven + rate cut expectation" resonance strengthening. The core factors driving the rise of US Treasuries are the expectation of looser monetary policy, including Powell's public signal of rate cuts, mild CPI in September, and the decline in housing and oil prices weakening medium - and long - term inflation pressures. Additionally, the deterioration of regional bank loan quality and government shutdown concerns have enhanced the safe - haven property of US Treasuries [1][6]. - Fiscal and supply pressures have eased, and the ultra - long end is relatively favored. The allocation force is concentrating on the long end, and the long - end supply pressure is expected to weaken, further supporting long - end prices. In the short term, US Treasuries are supported by the rate cut path and falling inflation, but there may be fluctuations. In the medium term, US Treasuries still have allocation value and are likely to enter a pattern of low - level oscillation [9]. Summary by Relevant Catalogs 1. US Treasury Interest Rates - As of October 24, the 10 - year US Treasury yield has dropped by 12bp in two weeks to 4.02%. The 2 - year yield has also dropped by 12bp, and the 30 - year yield by 13bp compared to two weeks ago [2]. 2. US Treasury Market - In terms of actual bond issuance in early October, the issuance duration of US Treasuries has slightly increased, with 57.84 billion for 3 - year, 38.92 billion for 10 - year, and 21.96 billion for 30 - year. The US fiscal deficit in December is 86.7 billion US dollars, and the 12 - month cumulative deficit has slightly declined to 2.03 trillion US dollars [2]. 3. Derivatives Market - The net short position in US Treasury futures has slightly declined. As of September 23, the net short positions of speculators, leveraged funds, asset management companies, and primary dealers have dropped to 5.738 million lots. Meanwhile, the federal funds rate futures market remains in a net short position, rising to 395,400 lots [2]. 4. Liquidity and US Economy - **Monetary Policy**: On September 18, the Fed cut the federal funds rate target range by 25 basis points to 4.00% - 4.25%, the first rate cut in nine months this year. The Fed has shown increased concern about the labor market [3]. - **Fiscal Policy**: As of October 22, the US Treasury TGA deposit balance has increased by 111.02 billion US dollars in two weeks, and the Fed's reverse repurchase tool has shrunk by 1.415 billion US dollars in two weeks, with overall liquidity remaining relatively abundant [3]. - **Economic Situation**: As of October 18, the Fed's weekly economic indicator is 2.16 (2.44 two weeks ago), indicating that the economy has deteriorated after a short - term stabilization [3].

Report Industry Investment Rating - Not provided Core Viewpoints - Not provided Summary by Directory Option Trading Volume - On October 23, 2025, the trading volume of SSE 50 ETF options was 1.0689 million contracts; the trading volume of CSI 300 ETF options (Shanghai market) was 1.2745 million contracts; the trading volume of CSI 500 ETF options (Shanghai market) was 1.6469 million contracts; the trading volume of Shenzhen 100 ETF options was 0.0857 million contracts; the trading volume of ChiNext ETF options was 1.367 million contracts; the trading volume of SSE 50 index options was 0.036 million contracts; the trading volume of CSI 300 index options was 0.0741 million contracts; the total trading volume of CSI 1000 options was 0.24 million contracts [1] - The table shows the call, put and total trading volumes of various index ETF options on the same day, such as 0.4936 million call and 0.4069 million put contracts for SSE 50 ETF options, with a total of 0.9006 million contracts [21] Option PCR - The turnover PCR of SSE 50 ETF options was reported at 0.73, with a month - on - month change of +0.15; the open interest PCR was reported at 0.99, with a month - on - month change of +0.10. Similar data for other options are also presented, like the turnover PCR of CSI 500 ETF options (Shanghai market) was 1.36, with a month - on - month change of +0.22; the open interest PCR was 1.36, with a month - on - month change of +0.23 [2] - The table summarizes the turnover PCR, its month - on - month change, open interest PCR and its month - on - month change for various index ETF options [31] Option VIX - The VIX of SSE 50 ETF options was reported at 16.96%, with a month - on - month change of +0.22%; the VIX of CSI 300 ETF options (Shanghai market) was 18.44%, with a month - on - month change of +0.32%. Other options' VIX and their changes are also provided, for example, the VIX of ChiNext ETF options was 29.94%, with a month - on - month change of - 0.46% [3] - The table shows the VIX and its month - on - month change values for various index ETF options [46]

Report Industry Investment Rating No relevant content provided. Core Views - "15th Five-Year Plan" focuses on the expansion of aggregate demand. In terms of aggregate, demand policies gain importance; in demand structure, there are changes in fiscal fund use; in industry structure, it emphasizes high - quality development [2]. - The reform enters a critical stage during the "15th Five - Year Plan". There are adjustments in market - government relations, subject expressions, and a greater emphasis on opening - up [3]. - Real estate becomes a part of people's livelihood during the "15th Five - Year Plan". High - quality real estate development is included in people's livelihood, and a new real estate development pattern is taking shape [3]. Summary by Directory Macro Events - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China was held from October 20th to 23rd, 2025. A press conference was held on October 24th to introduce and interpret the spirit of the meeting [1]. Two Plenary Session Communiqué Comparative Analysis First Part: Meeting Background - The 20th Fourth Plenary Session discussed the "15th Five - Year Plan" for national economic and social development. The 19th Fifth Plenary Session discussed the "14th Five - Year Plan" and the long - term goals for 2035 [7][9]. Second Part: Historical Evaluation - The 20th Fourth Plenary Session highly evaluated the achievements of the "14th Five - Year Plan" and the work of the Politburo since the 20th Third Plenary Session. The 19th Fifth Plenary Session evaluated the work since the 19th Fourth Plenary Session and the achievements of the "13th Five - Year Plan". The evaluation of the economy shows increased confidence [13][15][19]. Third Part: Stage Positioning - The "15th Five - Year Plan" is a crucial period for laying the foundation for basic socialist modernization. The global competition shifts from strategic defense to strategic stalemate, and domestic policy initiative will gradually increase [20][23]. Fourth Part: Principle Goals - Principles: The "15th Five - Year Plan" re - emphasizes "taking economic construction as the center", adds "putting people first", and removes "deepening supply - side structural reform" [24][31]. - Goals: The "15th Five - Year Plan" emphasizes significant achievements in high - quality development and new breakthroughs in comprehensive deep - level reform [25][31]. Fifth Part: Specific Requirements - Industry: The "15th Five - Year Plan" emphasizes "intelligent, green, and integrated" development, adds "space power" and "transportation power", and adjusts the descriptions of manufacturing and services [32][45]. - Science and Technology: It continues to emphasize high - level scientific and technological self - reliance and coordinates the "education, science, and talent" strategies [32][45]. - Market: It maintains the strategy of expanding domestic demand, with a more balanced supply - demand policy and a change in demand structure [33][46]. - Reform: It emphasizes the leading role of economic system reform, and changes the subject expression from "market players" to "business operators" [33][46]. - Opening - up: It is advanced in the communiqué, with "steady expansion" of institutional opening and "active expansion" of independent opening [33][47]. - Rural Areas: It emphasizes solving the "three rural issues", promotes urban - rural integration, and mentions "agricultural comprehensive production capacity" [34][48]. - Regions: It optimizes productivity layout and adds "marine development, utilization, and protection" [34][50]. - Culture: It aims to develop socialist culture with Marxism guiding ideology [35][50]. - People's Livelihood: It proposes to smooth social mobility channels and includes high - quality real estate development in people's livelihood [35][50]. Sixth Part: Party Building - The 20th Fourth Plenary Session emphasizes promoting self - revolution in the Party, comprehensive and strict governance of the Party, and implementing the spirit of the plenary session [51]. Seventh Part: Economic Situation - The 20th Fourth Plenary Session emphasizes achieving the annual economic and social development goals, with macro - policies continuing to exert force. It is believed that the 5% economic growth target can be achieved [54][55]. Eighth Part: Personnel Changes - The 20th Fourth Plenary Session decided to add Zhang Shengmin as the Vice - Chairman of the Central Military Commission, promote some alternate members to full members, and confirm the expulsion of some members due to disciplinary violations [58]. Ninth Part: Meeting Call - The 20th Fourth Plenary Session called on the whole Party, the whole army, and the people of all ethnic groups to unite around the Party Central Committee with Comrade Xi Jinping as the core to promote socialist modernization [59].

Report Summary 1) Report Industry Investment Rating - Unilateral: Neutral, short - term wait - and - see [2] - Inter - period: None [2] - Cross - variety: None [2] - Futures - spot: None [2] - Options: None [2] 2) Core View of the Report - The asphalt futures market has seen a continuous rise, mainly driven by the rebound of crude oil prices due to the news of increased US sanctions on Russia. However, the fundamental support for asphalt is limited. The rigid demand for asphalt is weak as road projects in some northern regions are nearing completion, and downstream buyers are reluctant to purchase. Considering that important macro - events are yet to be finalized, oil prices may fluctuate, and it is recommended to wait and see in the short term [1] 3) Summary by Related Catalogs Market Analysis - On October 23, the closing price of the main BU2601 asphalt futures contract in the afternoon session was 3,277 yuan/ton, up 74 yuan/ton or 2.31% from the previous settlement price. The open interest was 194,697 lots, a net increase of 7,848 lots, and the trading volume was 282,988 lots, a net increase of 13,484 lots [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast 3,406 - 4,086 yuan/ton; Shandong 3,250 - 3,620 yuan/ton; South China 3,330 - 3,550 yuan/ton; East China 3,410 - 3,500 yuan/ton [1] - Driven by the rebound of crude oil prices, the asphalt futures market rose. In the spot market, prices in North China, Shandong, and South China increased, while those in the Northeast decreased significantly, and prices in other regions remained relatively stable. The continuous rise of crude oil and asphalt futures has limited impact on the sentiment of the asphalt spot market [1] Strategy - Unilateral strategy: Adopt a neutral stance and wait and see in the short term [2] - Other strategies (inter - period, cross - variety, futures - spot, options): None [2]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Pure benzene: Port inventory pressure persists, BZN processing fees remain low, and the decline in its operation has accelerated, showing a pattern of increasing losses and a faster decline in operation. Meanwhile, the operation of downstream products has also weakened, with varying degrees of decline in the operation of styrene, CPL, and adipic acid [1][3]. - Styrene: In terms of supply, short - term maintenance still exists, and Hengli has a maintenance plan in November, starting to cut production due to losses. However, new facilities such as Jihua and Guangxi Petrochemical have been put into operation, causing an impact. The downstream operation has not changed much, but the提货 performance is average. The finished product inventory pressure of the three major hard plastics remains high, and the EB port inventory pressure persists, awaiting further production cuts due to losses [3]. Summary by Relevant Catalogs 1. Pure Benzene and EB's Basis Structure and Inter - Period Spread - Pure benzene: The main basis is - 49 yuan/ton (+44), and the spread between East China pure benzene spot and M2 is - 30 yuan/ton (-10 yuan/ton) [1]. - Styrene: The main basis of styrene is 40 yuan/ton (+68 yuan/ton), and the strategy suggests doing a reverse spread when the spread between EB2512 - EB2601 is high [1][4]. 2. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Pure benzene: The CFR China processing fee is 131 US dollars/ton (-4 US dollars/ton), the FOB South Korea processing fee is 115 US dollars/ton (-5 US dollars/ton), and the US - South Korea spread is 75.4 US dollars/ton (-13.0 US dollars/ton) [1]. - Styrene: The non - integrated production profit is - 472 yuan/ton (+8 yuan/ton), and it is expected to gradually compress [1]. 3. Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene: The port inventory is 9.90 million tons (+0.90 million tons), and the operating rate shows a downward trend [1][3]. - Styrene: The East China port inventory is 202,500 tons (+6,000 tons), the East China commercial inventory is 122,500 tons (+1,000 tons), and the operating rate is 69.3% (-2.6%) [1]. 4. Operating Rates and Production Profits of Styrene's Downstream - EPS: The production profit is 231 yuan/ton (-74 yuan/ton), and the operating rate is 61.98% (-0.54%) [2]. - PS: The production profit is - 169 yuan/ton (+26 yuan/ton), and the operating rate is 53.80% (+0.00%) [2]. - ABS: The production profit is - 395 yuan/ton (-39 yuan/ton), and the operating rate is 72.80% (-0.30%) [2]. 5. Operating Rates and Production Profits of Pure Benzene's Downstream - Caprolactam: The production profit is - 2005 yuan/ton (-70), and the operating rate is 88.89% (-3.52%) [1]. - Phenol - acetone: The production profit is - 416 yuan/ton (+0), and the phenol operating rate is 78.00% (+0.00%) [1]. - Aniline: The production profit is 1050 yuan/ton (+224), and the operating rate is 76.48% (+0.75%) [1]. - Adipic acid: The production profit is - 1225 yuan/ton (-77), and the operating rate is 55.80% (-3.30%) [1].

Report Industry Investment Rating - Unilateral: Neutral, with a short - term focus on waiting and observing [2] Core View - Crude oil prices continued to rebound under the stimulus of news such as increased US sanctions on Russia, driving up the energy sector including PG. However, the fundamentals of the LPG market remained largely unchanged, with a loose supply - demand pattern. The industry was waiting for the results of China - US trade negotiations. Although the PG futures followed the crude oil rebound, the spot market reaction was relatively flat. Given the current window period of undecided major macro - events and frequent news disturbances, caution was advised [1] Summary by Directory Market Analysis - On October 23, regional LPG prices were as follows: Shandong market, 4300 - 4360 yuan/ton; Northeast market, 3830 - 4010 yuan/ton; North China market, 4100 - 4400 yuan/ton; East China market, 4150 - 4250 yuan/ton; Yangtze River region market, 4370 - 4630 yuan/ton; Northwest market, 4000 - 4100 yuan/ton; South China market, 4250 - 4480 yuan/ton [1] - In the second half of November 2025, the CIF prices of frozen propane and butane in East China were 548 dollars/ton (up 5 dollars/ton) and 553 dollars/ton (up 5 dollars/ton) respectively, equivalent to 4278 yuan/ton (up 36 yuan/ton) and 4317 yuan/ton (up 36 yuan/ton) in RMB. In South China, the CIF prices of frozen propane and butane were 542 dollars/ton (up 5 dollars/ton) and 547 dollars/ton (up 5 dollars/ton) respectively, equivalent to 4232 yuan/ton (up 37 yuan/ton) and 4271 yuan/ton (up 37 yuan/ton) in RMB [1] - Spot prices: North China and Shandong civil LPG prices rose yesterday. East China civil LPG and ether - after carbon four mainstream transaction prices remained stable, with a stable market atmosphere and downstream procurement on demand [1] Strategy - Unilateral: Neutral, short - term wait - and - see [2] - Cross - period: None [2] - Cross - variety: None [2] - Spot - futures: None [2] - Options: None [2]

Group 1: Investment Ratings - There is no information provided regarding the industry investment rating in the report. Group 2: Core Views - The nickel market has high inventories and an oversupplied pattern, so nickel prices are expected to remain in low - level oscillations. The stainless - steel market has weak downstream demand growth, increasing inventories, and weakening cost support, so it is expected to remain in range - bound oscillations [3][5]. Group 3: Nickel Market Analysis Futures - On October 23, 2025, the main contract 2512 of Shanghai nickel opened at 121,100 yuan/ton and closed at 121,380 yuan/ton, a 0.19% change from the previous trading day's close. The trading volume was 93,921 (+20,070) lots, and the open interest was 127,005 (+5,694) lots. The main contract showed a volatile pattern of opening low and closing high, with a fluctuation range of only 0.44%. Supported by the expectation of loose liquidity and strong new - energy demand, along with the overall strength of the non - ferrous sector, the price oscillated upward [1]. Nickel Ore - The nickel ore market is mainly in a wait - and - see state, and prices are stable. There is a certain price difference between supply and demand in the domestic market. In the Philippines, the Surigao mining area is about to enter the rainy season, and shipments are coming to an end. In Indonesia, the domestic trade benchmark price in October (Phase II) increased by 0.06 - 0.11 US dollars, and the current mainstream premium is +26, with the premium range mostly between +25 - 27. Indonesian factories have recently been purchasing raw materials [2]. Spot - Jinchuan Group's sales price in the Shanghai market was 123,300 yuan/ton, a decrease of 100 yuan/ton from the previous trading day. Spot trading was average, and the spot premiums of each brand increased slightly. The previous trading day's Shanghai nickel warehouse receipts were 26,881 (-72) tons, and LME nickel inventories were 250,854 (-24) tons [2]. Strategy - Due to high inventories and oversupply, it is expected that nickel prices will remain in low - level oscillations. The strategy is mainly range - bound operations for the single - side, and no operations for cross - period, cross - variety, spot - futures, and options [3]. Group 4: Stainless - Steel Market Analysis Futures - On October 23, 2025, the main contract 2512 of stainless steel opened at 12,700 yuan/ton and closed at 12,765 yuan/ton. The trading volume was 151,385 (+52,175) lots, and the open interest was 166,411 (-4,171) lots. Driven by the strong nickel price, the main contract showed a volatile and strong trend with increasing volume and price, but there was a short - term oversold rebound. The continuous reduction of open interest in the main contract for 5 days reflects strong risk - aversion sentiment among funds, and the market doubts the sustainability of the rebound [3]. Spot - The driving effect of futures on spot is not obvious, and actual trading remains light. Spot prices remain low. The stainless - steel price in the Wuxi market is 13,000 (+0) yuan/ton, and in the Foshan market is 13,000 (+0) yuan/ton. The 304/2B premium is 335 - 635 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron decreased by 1.50 yuan/nickel point to 934.0 yuan/nickel point [3]. Strategy - Due to weak downstream demand growth, increasing inventories, and weakening cost support, stainless steel is expected to remain in a range - bound oscillation. The single - side strategy is neutral, and no operations for cross - period, cross - variety, spot - futures, and options [5].

Report Industry Investment Rating - Unilateral: Cautiously bullish. - Arbitrage: Neutral. [5] Core View - Overseas premiums have strengthened further, LME inventories have continued to decline, and the risk of warehouse receipts has intensified. The export profit of refined zinc in China has continued to expand, and the profit of overseas selling for delivery has emerged, which will stimulate later exports and help reduce domestic social inventories. The domestic smelters are still actively purchasing domestic ores, and the domestic ore TC has continued to decline. Although imported ores are still expensive due to the internal and external zinc price ratio, there is also a possibility that the processing fees will follow suit. In the spot market, with the opening of the export window, the later social inventory is expected to accumulate less than expected, or even show a seasonal de - stocking trend, and the actual consumption performance exceeds expectations. Although smelting still has profits, the comprehensive smelting profit has narrowed due to the decline of domestic TC. If this situation persists or the sulfuric acid price drops, it will also hit the smelting enthusiasm, and the domestic supply pressure is expected to ease. The macro - positive factors still exist, and the previous bearish logic of zinc prices has begun to change. [4] Summary by Related Catalogs Important Data Spot - LME zinc spot premium is $338.74 per ton. SMM Shanghai zinc spot price increased by 200 yuan/ton to 22,100 yuan/ton compared with the previous trading day, and the SMM Shanghai zinc spot premium/discount is - 55 yuan/ton. SMM Guangdong zinc spot price increased by 210 yuan/ton to 22,100 yuan/ton, and the Guangdong zinc spot premium/discount is - 90 yuan/ton. Tianjin zinc spot price increased by 200 yuan/ton to 22,100 yuan/ton, and the Tianjin zinc spot premium/discount is - 55 yuan/ton. [1] Futures - On October 23, 2025, the main contract of SHFE zinc opened at 22,030 yuan/ton and closed at 22,345 yuan/ton, an increase of 355 yuan/ton compared with the previous trading day. The trading volume throughout the trading day was 164,360 lots, and the open interest throughout the trading day was 124,740 lots. The highest intraday price reached 22,345 yuan/ton, and the lowest reached 22,025 yuan/ton. [2] Inventory - As of October 23, 2025, the total inventory of zinc ingots in seven regions monitored by SMM was 162,100 tons, a decrease of 3,100 tons compared with the previous period. As of October 23, 2025, the LME zinc inventory was 34,700 tons, a decrease of 600 tons compared with the previous trading day. [3]

Report Industry Investment Rating - The investment strategy for both the粕类 and corn sectors is cautiously bearish [4][6] Report's Core View - Although the US Department of Agriculture has not released the latest data, Brazil's current export situation is good, significantly higher than the historical average, which has put downward pressure on CBOT soybean prices. Meanwhile, the increase in Brazilian exports has led to sufficient domestic supply, and the soybean inventory is still rising. It is expected that the supply will remain abundant in the future. The focus of the market will be on policy changes, and the import of new - season US soybeans will affect the market supply and demand around the Spring Festival [3] - Domestically, in the corn market, the new - season corn in the Northeast and North China regions is being concentratedly supplied. The quality and yield of corn in the Northeast are good, and farmers are actively selling, leading to price cuts. In North China, most of the corn is wet, with only a small amount of dried corn on the market. On the demand side, the number of trucks arriving at deep - processing enterprises is acceptable, and feed enterprises with low inventories are more willing to purchase. Currently, the supply exceeds demand, and the price of new grain is generally low. Future attention should be paid to national policies [5] Summary by Relevant Catalogs 粕类 Market News and Important Data - Futures: The closing price of the soybean meal 2601 contract was 2938 yuan/ton, up 53 yuan/ton (+1.84%) from the previous day; the rapeseed meal 2601 contract was 2339 yuan/ton, up 32 yuan/ton (+1.39%) from the previous day [1] - Spot: In Tianjin, the soybean meal spot price was 2970 yuan/ton, up 20 yuan/ton, with a spot basis of M01 + 32, down 33 from the previous day; in Jiangsu, it was 2910 yuan/ton, up 50 yuan/ton, with a spot basis of M01 - 28, down 3 from the previous day; in Guangdong, it was 2920 yuan/ton, up 40 yuan/ton, with a spot basis of M01 - 18, down 13 from the previous day; in Fujian, the rapeseed meal spot price was 2550 yuan/ton, up 30 yuan/ton, with a spot basis of RM01 + 211, down 2 from the previous day [1] Recent Market Information - The Brazilian National Association of Grain Exporters estimates that the soybean export volume in October 2025 will be 734 million tons, higher than the previous estimate of 731 million tons, a 65.7% increase from 443 million tons in October last year, and also higher than the 697 million tons in September this year. China accounted for 93% (650 million tons) of Brazil's soybean exports in September. From January to September this year, China accounted for 79.9% of Brazil's soybean exports, higher than the historical average of 74%. The soybean export volume in the first 10 months of this year will reach 102 billion tons, compared with 93.49 billion tons in the same period last year. The Brazilian Vegetable Oil Industry Association predicts that the soybean output in the 2025/26 season will reach a record 178.5 billion tons, a 3.9% increase from the revised output of 171.8 billion tons last year [2] Corn Market News and Important Data - Futures: The closing price of the corn 2601 contract was 2140 yuan/ton, up 7 yuan/ton (+0.33%) from the previous day; the corn starch 2511 contract was 2450 yuan/ton, up 24 yuan/ton (+0.99%) from the previous day [4] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged from the previous day, with a spot basis of C01 + 40, down 7 from the previous day; in Jilin, the corn starch spot price was 2550 yuan/ton, unchanged from the previous day, with a spot basis of CS01 + 100, down 24 from the previous day [4] Recent Market Information - The Brazilian National Association of Grain Exporters estimates that the corn export volume in October 2025 will be 657 million tons, higher than the previous estimate of 646 million tons, lower than the 698 million tons in September, but a 15.9% increase from 567 million tons in October last year. The estimated corn export volume from January to October this year is 3052 million tons, compared with 2929 million tons in the same period last year. ANEC estimates that the corn export volume in Brazil this year will be 4500 million tons, higher than 3780 million tons in 2024 [4]

Report Industry Investment Rating - Unilateral: Cautiously bullish - Inter - period: On - the - fence - Inter - variety: None [3] Core Viewpoints - Urea spot prices have slightly increased, accompanied by a rise in the futures market, and spot trading has improved. Some regions are in the process of agricultural autumn fertilization, and the production of compound fertilizer for autumn fertilization is winding down. The operating rates in Shandong, Jiangsu, and Anhui have increased as some previously shut - down plants have resumed production. The demand for compound fertilizer for winter wheat is mainly for inventory clearance, and due to heavy autumn rains, the demand for winter wheat fertilization has been postponed to mid - to - late October. The operating rate of melamine has declined, with only rigid demand for procurement. In the medium - to - long - term, the supply and demand of urea remain relatively loose with the release of new production capacity. As the weather improves, the agricultural demand for urea has increased, and the inventory has slightly accumulated this week, mainly in Inner Mongolia. In late October, compound fertilizer plants in the Northeast are gradually starting up, and attention should be paid to the procurement rhythm in the Northeast. Urea is still affected by export sentiment, and September and October are export windows. The export volume in September was 1.37 million tons, and the cumulative export volume from January to September 2025 was 2.8123 million tons. There are both port collection and departure activities. India's RCF announced a urea import tender on October 1st, with the tender closing on October 15th, the offer validity period until October 30th, and the latest shipping date on December 10th. A total of 3.66 million tons of supplies were received from 25 suppliers. The lowest CFR price was $402 per ton on the west coast and $395 per ton on the east coast. The urea export policy may still change, and attention should be paid to subsequent export dynamics [1][2] Summary by Directory 1. Urea Basis Structure - The report includes figures on Shandong and Henan urea small - particle market prices, Shandong and Henan main - continuous basis, urea main - continuous contract price, 1 - 5 spread, 5 - 9 spread, and 9 - 1 spread, with data sources from Flush and Huatai Futures Research Institute [7][8][9] 2. Urea Output - The report presents figures on urea weekly output and urea plant maintenance loss volume, sourced from Flush and Huatai Futures Research Institute [21][24] 3. Urea Production Profit and Operating Rate - Figures on production cost, spot production profit, futures production profit, national capacity utilization, coal - based capacity utilization, and gas - based capacity utilization are included, with data from Flush and Huatai Futures Research Institute [27][28][29] 4. Urea Off - shore Prices and Export Profit - The report shows figures on urea small - particle FOB in the Baltic Sea, urea large - particle CFR in Southeast Asia, urea small - particle FOB in China, urea large - particle CFR in China, the difference between urea small - particle FOB in the Baltic Sea and China's FOB minus 30, the difference between urea large - particle CFR in Southeast Asia and China's FOB, urea export profit, and futures export profit, sourced from Flush and Huatai Futures Research Institute [33][37][39] 5. Urea Downstream Operating Rate and Orders - Figures on compound fertilizer operating rate, melamine operating rate, and pending order days are presented, with data from Flush and Huatai Futures Research Institute [45][46][47] 6. Urea Inventory and Warehouse Receipts - The report includes figures on upstream in - plant inventory, port inventory, raw material inventory days of urea downstream manufacturers in Hebei, futures warehouse receipts, main - contract open interest, and main - contract trading volume, sourced from Flush and Huatai Futures Research Institute [50][51][57]