1. Report Industry Investment Rating - No information provided about the industry investment rating in the given content 2. Core Viewpoints of the Report - For pure benzene, the port destocking rate has slowed down, domestic production capacity utilization has declined, and downstream capacity utilization has decreased with inventory pressure in some products [2] - For styrene, the absolute level of port inventory remains high, downstream capacity utilization has a mixed performance with high finished - product inventory pressure, and there are both maintenance and new - device commissioning situations, along with increasing import pressure [2] - The recommended strategies are to short - hedge BZ and EB on rallies, and to do reverse spreads on the EB2511 - EB2512 spread on rallies [3] 3. Summary Based on Relevant Catalogs I. Pure Benzene and EB's Basis Structure and Inter - Period Spreads - Pure benzene: The main contract basis is - 29 yuan/ton (- 75), and the spot - M2 spread is 50 yuan/ton (+ 0) [1] - Styrene: The main contract basis is - 65 yuan/ton (- 65 yuan/ton) [1] II. Pure Benzene and Styrene Production Profits and Internal - External Spreads - Pure benzene: The CFR China processing fee is 139 dollars/ton (+ 4 dollars/ton), and the FOB Korea processing fee is 124 dollars/ton (+ 4 dollars/ton) [1] - Styrene: The non - integrated production profit is - 582 yuan/ton (+ 6 yuan/ton) and is expected to gradually compress [1] III. Pure Benzene and Styrene Inventories and Capacity Utilization Rates - Pure benzene: The port inventory is 9.00 million tons (- 0.10 million tons), and the domestic capacity utilization rate has declined [1][2] - Styrene: The East China port inventory is 196,500 tons (- 5,400 tons), the East China commercial inventory is 121,500 tons (+ 5,100 tons), and the capacity utilization rate is 71.9% (- 1.7%) [1] IV. Styrene Downstream Capacity Utilization and Production Profits - EPS: The production profit is 280 yuan/ton (+ 5 yuan/ton), and the capacity utilization rate is 62.52% (+ 21.78%) [2] - PS: The production profit is - 170 yuan/ton (- 45 yuan/ton), and the capacity utilization rate is 53.80% (- 0.80%) [2] - ABS: The production profit is - 251 yuan/ton (- 64 yuan/ton), and the capacity utilization rate is 73.10% (+ 0.60%) [2] V. Pure Benzene Downstream Capacity Utilization and Production Profits - Caprolactam: The production profit is - 1,865 yuan/ton (- 35), and the capacity utilization rate is 92.41% (- 3.59%) [1] - Phenol - acetone: The production profit is - 526 yuan/ton (+ 0), and the phenol capacity utilization rate is 78.00% (+ 0.00%) [1] - Aniline: The production profit is 826 yuan/ton (+ 348), and the capacity utilization rate is 75.73% (- 1.43%) [1] - Adipic acid: The production profit is - 1,279 yuan/ton (+ 9), and the capacity utilization rate is 59.10% (- 7.80%) [1]

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating provided in the given content. 2. Core View of the Report - The upstream prices of energy and agriculture have declined recently. Specifically, international oil prices have dropped significantly, and pork prices have also fallen [1]. - The chip manufacturing industry is showing a strong trend. TSMC's Q3 financial report exceeded market expectations, boosting market optimism about the increasing demand for AI chips. TSMC is confident in the positive development of the AI market [1]. - China's foreign trade has withstood pressure and shown a stable and positive trend in the first three quarters of this year. The Ministry of Commerce will strengthen policy reserves and introduce new policies to stabilize foreign trade [1]. 3. Summary by Related Catalog Production Industry - TSMC's Q3 revenue and net profit exceeded market expectations, indicating strong demand for AI chips. The company is confident in the AI market. In terms of technology and capacity, the A16 process is expected to be mass - produced in the second half of the year, the 2 - nanometer process will be mass - produced later this quarter, and multiple phases of 2 - nanometer wafer fabs are being prepared in Taiwan. The second wafer fab in Japan has started construction [1]. Service Industry - The Ministry of Commerce will strengthen policy reserves and introduce new policies to stabilize foreign trade. It will work on releasing policy effectiveness, promoting trade, and deepening trade cooperation [1]. Upstream - Energy: International oil prices have declined significantly [1]. - Agriculture: Pork prices have fallen [1]. Midstream - Chemical: The PTA operating rate is at a medium level compared to the same period in the past three years [1]. - Energy: The coal consumption of power plants has decreased [1]. Downstream - Real estate: The sales of commercial housing in second - and third - tier cities have rebounded from a low level [1]. Key Industry Price Indicators - Many agricultural products' prices have declined, such as corn (-1.61%), eggs (-1.63%), palm oil (-1.28%), etc. on October 16 [34]. - Most non - ferrous metals' prices have decreased, including copper (-0.59%), zinc (-1.06%), nickel (-1.18%), etc. on October 16 [34]. - Energy prices have mixed trends. WTI crude oil increased by 7.53%, while Brent crude oil decreased by 6.55% on October 16 [34]. - Chemical product prices generally declined, like PTA (-3.51%), polyethylene (-1.43%), etc. on October 16 [34]. - Real estate - related indices, such as the building materials composite index (-1.49%) and the concrete price index (-0.34%), have decreased on October 16 [34].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views - The overall fundamentals of industrial silicon and polysilicon are average, with the industrial silicon market mainly affected by overall commodity sentiment and policy - end news, and the polysilicon market affected by anti - involution policies and weak reality [3][7]. - Industrial silicon is undervalued currently, and if there are relevant policies, the market may have room to rise. For polysilicon, relevant policies are expected to be introduced this year, and it is suitable to buy on dips in the medium - to - long - term [3][7]. 3. Summary by Related Catalogs Industrial Silicon Market Analysis - On October 16, 2025, the industrial silicon futures price fluctuated. The main contract 2511 opened at 8555 yuan/ton and closed at 8605 yuan/ton, a change of 10 yuan/ton (0.12%) from the previous settlement. The position of the main contract 2511 was 131,649 lots, and the number of warehouse receipts was 50,291 lots, a decrease of 66 lots from the previous day [1]. - The spot price of industrial silicon declined slightly. The price of East China oxygen - fed 553 silicon was 9300 - 9400 (- 50) yuan/ton, and 421 silicon was 9600 - 9800 (0) yuan/ton. The price in regions such as Kunming, Huangpu Port, and Xinjiang also decreased [1]. - As of October 16, the total social inventory of industrial silicon in major regions was 562,000 tons, an increase of 17,000 tons from last week. Among them, the social general warehouse inventory was 120,000 tons, unchanged from before the holiday, and the social delivery warehouse inventory was 442,000 tons, an increase of 17,000 tons from last week [1]. - The consumption side: The quoted price of organic silicon DMC was 11,100 - 11,500 (0) yuan/ton. The market average price increased by 250 yuan/ton week - on - week. The DMC quotes of Shandong monomer enterprises and other domestic monomer enterprises also increased [2]. Strategy - The spot price is generally stable with minor fluctuations, and the inventory increased significantly on a weekly basis. The overall fundamentals are average. The industrial silicon market is mainly affected by overall commodity sentiment and policy - end news. - Unilateral: Short - term range operation, and it is advisable to buy on dips for contracts during the dry season. - No strategies for inter - period, cross - variety, spot - futures, and options [3]. Polysilicon Market Analysis - On October 16, 2025, the main contract 2511 of polysilicon futures fluctuated widely, opening at 50,690 yuan/ton and closing at 52,575 yuan/ton, a 3.48% change from the previous trading day. The position was 78,885 lots (80,114 lots the previous day), and the trading volume was 266,129 lots [4]. - The spot price of polysilicon remained stable. The price of N - type material was 50.50 - 55.00 (0.00) yuan/kg, and n - type granular silicon was 50.00 - 51.00 (0.00) yuan/kg. The inventory of polysilicon manufacturers and silicon wafers increased. The polysilicon inventory was 25.30 (a 5.33% change), and the silicon wafer inventory was 17.31GW (a 3.16% change). The weekly polysilicon output was 31,000.00 tons (0.00% change), and the silicon wafer output was 14.35GW (an 11.85% change) [4][5]. - The prices of silicon wafers, battery cells, and components remained stable. The polysilicon price was generally stable with minor fluctuations. The market trading was light during the National Day, and there were few new transactions. The polysilicon output in October exceeded expectations and is expected to increase by 3,000 - 5,000 tons month - on - month [5][6]. Strategy - The supply - demand fundamentals of polysilicon are average, with large overall inventory pressure, less - than - expected production cuts, and difficult price transmission downstream. The short - term trading situation has weakened. - The cancellation of warehouse receipts in November will put some pressure on the market. The market is currently affected by anti - involution policies and weak reality, with large fluctuations. - Unilateral: Short - term range operation, and the main contract is expected to fluctuate between 48,000 - 54,000 yuan/ton. - No strategies for inter - period, cross - variety, spot - futures, and options. In the medium - to - long - term, it is suitable to buy on dips [7].

Report Industry Investment Rating - Absolute price: Neutral [3] - Option strategy:暂缓 (The original text uses Chinese, and there is no direct English equivalent provided, so it's presented as in the original) [4] Core View - Currently, the processing fee for lead concentrates remains low despite the rising by - product prices, and there are no significant contradictions in the fundamentals. Downstream enterprises are expected to fully recover from the holiday next week, mostly adopting a production - based - on - sales model. It is predicted that the lead price will fluctuate in the range of approximately 16,920 yuan/ton to 17,300 yuan/ton [3] Summary by Related Catalogs Market News and Important Data Spot - On October 16, 2025, the LME lead spot premium was - 44.09 dollars/ton. The SMM1 lead ingot spot price changed by 50 yuan/ton to 16950 yuan/ton compared with the previous trading day. The SMM Shanghai lead spot premium/discount changed by 0 yuan/ton to - 10.00 yuan/ton, the SMM Guangdong lead spot changed by 50 yuan/ton to 17000 yuan/ton, the SMM Henan lead spot changed by 25 yuan/ton to 17000 yuan/ton, and the SMM Tianjin lead spot premium/discount changed by 25 yuan/ton to 17025 yuan/ton. The lead concentrate - scrap spread changed by 0 yuan/ton to - 75 yuan/ton, the price of waste electric vehicle batteries changed by 0 yuan/ton to 10000 yuan/ton, the price of waste white shells changed by 0 yuan/ton to 10125 yuan/ton, and the price of waste black shells changed by 0 yuan/ton to 10375 yuan/ton [1] Futures - On October 16, 2025, the main contract of Shanghai lead opened at 17110 yuan/ton and closed at 17100 yuan/ton, a change of - 10 yuan/ton compared with the previous trading day. The trading volume throughout the trading day was 32242 lots, a change of - 9015 lots compared with the previous trading day. The position throughout the trading day was 41899 lots, a change of - 2133 lots compared with the previous trading day. The intraday price fluctuated, with the highest point reaching 17150 yuan/ton and the lowest point reaching 17090 yuan/ton. In the night session, the main contract of Shanghai lead opened at 17090 yuan/ton and closed at 17045 yuan/ton, a 0.41% decrease from the afternoon closing price of the previous day. The SMM1 lead price rose by 50 yuan/ton compared with the previous trading day. Lead smelting enterprises in Henan had low inventories, and holders quoted at a discount of 100 - 80 yuan/ton to the SHFE 2511 contract for pre - sale, with spot goods in a queuing - for - pick - up state. Smelters in Hunan quoted at a premium of 0 - 25 yuan/ton to the SMM1 lead for sale, and some manufacturers suspended quoting after selling out their inventories. Smelters in Jiangxi and Anhui quoted at a premium of 100 - 150 yuan/ton to the SMM1 lead for pre - sale. Downstream battery enterprises maintained rigid - demand procurement, and there were large regional differences in lead market supply, with some high - price spot goods in supply - tight areas having transactions [2] Inventory - On October 16, 2025, the total SMM lead ingot inventory was 3.8 million tons, a change of 0.17 million tons compared with the same period last week. As of October 16, the LME lead inventory was 252000 tons, a change of - 2775 tons compared with the previous trading day [2]

Report Industry Investment Ratings - Glass: Oscillating weakly [2] - Soda Ash: Oscillating [2] - Silicomanganese: Oscillating [4] - Ferrosilicon: Oscillating [4] Core Views - The glass industry is in a stage of oversupply, and it is necessary to reduce prices, compress profits, and cut production to ease industry contradictions. Suggest paying attention to short - selling opportunities on rallies and subsequent changes in production lines on the supply side [1]. - The supply - demand contradiction of soda ash remains prominent, with increasing supply pressure and relatively stable demand. There is a large pressure for inventory reduction, and attention should be paid to changes in soda ash supply and downstream demand [1]. - The losses of silicomanganese enterprises are intensifying, and both production and operating rates have declined. The demand from downstream maintains resilience, and the price is expected to fluctuate with the sector. Future attention should be paid to changes in manganese ore cost support and regional policies [3]. - With the continuous compression of steel mill profits, the motivation for ferrosilicon production increase is insufficient. The downstream demand maintains resilience, the industry's supply - demand contradiction is not prominent, and the price is expected to fluctuate with the sector. Follow - up attention should be paid to cost support, electricity price changes, and industrial policies [3]. Market Analysis Glass and Soda Ash - **Glass**: The glass futures market oscillated narrowly. Downstream procurement was cautious, mainly for rigid demand. This week, the operating rate of float glass enterprises was 76.35%, a 0.35% increase from the previous week, and the manufacturer's inventory was 64.276 million heavy boxes, a 2.39% increase from the previous week, showing obvious inventory accumulation [1]. - **Soda Ash**: The soda ash futures market oscillated. Downstream procurement was mainly for rigid replenishment. This week, the soda ash output was 740,500 tons, a 3.93% decrease from the previous week, and the inventory slightly increased to 1.7005 million tons [1]. Double Silicon - **Silicomanganese**: The main contract of silicomanganese futures first rose and then fell, closing at 5,754 yuan/ton, a 0.14% increase from the previous day. The final pricing of mainstream steel tenders was still under negotiation. The price in the northern market was 5,630 - 5,680 yuan/ton, and in the southern market was 5,650 - 5,700 yuan/ton [3]. - **Ferrosilicon**: The main contract of ferrosilicon futures oscillated upward, closing at 5,456 yuan/ton, a 1.94% increase from the previous day. The market sentiment was average, waiting for the standard set by Hebei Iron and Steel to guide the market. The ex - factory price of 72 - grade ferrosilicon natural lumps in the main production areas was 5,100 - 5,200 yuan/ton, and the price of 75 - grade ferrosilicon was 5,800 - 6,100 yuan/ton [3]. Strategies - **Glass**: Oscillating weakly [2] - **Soda Ash**: Oscillating [2] - **Silicomanganese**: Oscillating [4] - **Ferrosilicon**: Oscillating [4] - **Inter - period**: None [2] - **Inter - variety**: None [2]

Report Industry Investment Rating - Both the pig and egg industries are rated as "Cautiously Bearish" [2][5] Core Views - In the pig market, the pre - holiday stocking during the double festivals was lackluster, demand growth was limited. The National Day holiday in October affected the pig slaughter schedule, leading to an accelerated post - holiday slaughter rhythm by large farms and concentrated slaughter by smallholders. Demand is expected to decline in the short term after the holiday, and the oversupply situation is unlikely to change in the short term [2] - In the egg market, egg prices dropped rapidly after the holiday. Traders were cautious in purchasing, leading to passive inventory accumulation at all levels. Consumption demand returned to the off - season normal this week, with no short - term positive factors. The large supply pressure during the seasonal off - season suppressed spot prices, and market sentiment was pessimistic [4] Summary by Related Catalogs Pig Market Market News and Important Data - Futures: The closing price of the live hog 2601 contract was 11,905 yuan/ton, down 290 yuan/ton or 2.38% from the previous trading day [1] - Spot: In Henan, the price of external ternary live hogs was 11.21 yuan/kg, down 0.02 yuan/kg; in Jiangsu, it was 11.44 yuan/kg, up 0.11 yuan/kg; in Sichuan, it was 10.73 yuan/kg, up 0.20 yuan/kg [1] - Agricultural Product Prices: On October 16, the "Agricultural Product Wholesale Price 200 Index" rose 0.34 points, the "Vegetable Basket" product wholesale price index rose 0.40 points. The average wholesale price of pork was 18.02 yuan/kg, down 1.0%; beef was 66.22 yuan/kg, up 0.4%; mutton was 62.07 yuan/kg, up 0.7%; eggs were 7.46 yuan/kg, up 0.3%; white - striped chickens were 17.73 yuan/kg, up 1.3% [1] Market Analysis - The pre - holiday stocking was lackluster, demand growth was limited. The holiday affected the slaughter schedule, and post - holiday supply pressure increased while demand declined in the short term. The oversupply situation is hard to change in the short term [2] Strategy - Cautiously bearish [2] Egg Market Market News and Important Data - Futures: The closing price of the egg 2511 contract was 2,818 yuan/500 kilograms, down 37 yuan or 1.30% from the previous trading day [3] - Spot: In Liaoning, the egg price was 2.82 yuan/jin, up 0.11 yuan; in Shandong, it was 2.85 yuan/jin, up 0.10 yuan; in Hebei, it was 2.53 yuan/jin, unchanged [3] - Inventory: On October 16, 2025, the production - link inventory was 1.32 days, down 0.26 days or 16.46% from the previous day; the circulation - link inventory was 1.4 days, down 0.16 days or 10.26% [3] Market Analysis - Egg prices dropped rapidly after the holiday, traders were cautious, and all levels had passive inventory accumulation. Consumption demand returned to the off - season normal, with no short - term positive factors. Supply pressure suppressed prices, and market sentiment was pessimistic [4] Strategy - Cautiously bearish [5]

1. Report Industry Investment Rating - The investment rating for both the粕类 (bean meal and rapeseed meal) and corn sectors is "Cautiously Bearish" [3][6] 2. Core Viewpoints of the Report - The domestic bean meal market is mainly oscillating due to the lack of clear data guidance caused by the US government shutdown. The downstream soybean supply in China remains sufficient in the short - term, with continuous arrival of imported soybeans and high oil - mill operating rates. The harvest of US soybeans is accelerating, and the sowing of new - season soybeans in Brazil is progressing smoothly. Attention should be paid to policy changes [2] - For the corn market, new corn in some northeastern regions of China is starting to be listed. Although the opening price is slightly higher than last year, the overall corn output has increased this year, and the purchase price is expected to decline with the concentrated listing of new - season corn. Attention should be paid to the selling enthusiasm of farmers and the acquisition situation after the listing of new grain, as well as the impact of rainfall on corn quality [4][5] 3. Summary by Relevant Catalogs 3.1 粕类 (Bean Meal and Rapeseed Meal) 3.1.1 Market News and Important Data - **Futures**: The closing price of the bean meal 2601 contract was 2907 yuan/ton, a change of - 10 yuan/ton (- 0.34%) from the previous day; the closing price of the rapeseed meal 2601 contract was 2364 yuan/ton, a change of + 7 yuan/ton (+ 0.30%) from the previous day [1] - **Spot**: In Tianjin, the bean meal spot price was 3000 yuan/ton, a change of + 10 yuan/ton from the previous day, and the spot basis was M01 + 93, a change of + 20 from the previous day; in Jiangsu and Guangdong, the bean meal spot price was 2900 yuan/ton, with no change from the previous day, and the spot basis was M01 - 7, a change of + 10 from the previous day; in Fujian, the rapeseed meal spot price was 2580 yuan/ton, a change of + 10 yuan/ton from the previous day, and the spot basis was RM01 + 216, a change of + 3 from the previous day [1] - **Market Information**: The Brazilian National Association of Grain Exporters expects the soybean export volume in Brazil in October 2025 to be 731 million tons, higher than the previous estimate of 712 million tons and a 65% increase compared to 443 million tons in October last year. The expected soybean export volume from January to October is 1.02 billion tons, compared to 934.9 million tons in the same period last year, and the expected annual export volume will reach a record 1.1 billion tons [1] 3.1.2 Market Analysis - The domestic bean meal market lacks clear data guidance due to the US government shutdown and is mainly oscillating. The downstream soybean supply in China is sufficient, with continuous arrival of imported soybeans and high oil - mill operating rates. The harvest of US soybeans is accelerating, and the sowing of new - season soybeans in Brazil is progressing smoothly. Attention should be paid to policy changes [2] 3.1.3 Strategy - Cautiously bearish [3] 3.2 Corn 3.2.1 Market News and Important Data - **Futures**: The closing price of the corn 2511 contract was 2111 yuan/ton, a change of + 10 yuan/ton (+ 0.48%) from the previous day; the closing price of the corn starch 2511 contract was 2376 yuan/ton, a change of - 25 yuan/ton (- 1.04%) from the previous day [3] - **Spot**: In Liaoning, the corn spot price was 2150 yuan/ton, with no change from the previous day, and the spot basis was C11 + 29, with no change from the previous day; in Jilin, the corn starch spot price was 2550 yuan/ton, with no change from the previous day, and the spot basis was CS11 + 174, a change of + 25 from the previous day [3] - **Market Information**: On October 15, the Brazilian Institute of Geography and Statistics estimated that the total corn planting area in Brazil in 2025 would be 22.163 million hectares, a 3.8% increase from the previous month's estimate and a 0.2% increase from last year's planting area. The total corn output is estimated to be 138.438 million tons, a 0.3% increase from the previous month's estimate and a 20.7% increase from last year's output [3] 3.2.2 Market Analysis - New corn in some northeastern regions of China is starting to be listed. Although the opening price is slightly higher than last year, the overall corn output has increased this year, and the purchase price is expected to decline with the concentrated listing of new - season corn. Rainfall has affected the quality of corn during the harvest period, and attention should be paid to the selling enthusiasm of farmers and the acquisition situation after the listing of new grain [4][5] 3.2.3 Strategy - Cautiously bearish [6]

尿素日报 | 2025-10-17 港口库存小幅累库 市场分析 价格与基差：2025-10-16，尿素主力收盘1604元/吨（+4）；河南小颗粒出厂价报价：1550 元/吨（0）；山东地区小 颗粒报价：1560元/吨（+10）；江苏地区小颗粒报价：1560元/吨（+0）；小块无烟煤750元/吨（+0），山东基差：-44 元/吨（+6）；河南基差：-54元/吨（+6）；江苏基差：-44元/吨（-4）；尿素生产利润30元/吨（+10），出口利润989 元/吨（+3）。 供应端：截至2025-10-16，企业产能利用率79.67%（0.08%）。样本企业总库存量为161.54 万吨（+17.15），港口样 本库存量为44.60 万吨（+3.10）。 需求端：截至2025-10-16，复合肥产能利用率24.18%（-1.32%）；三聚氰胺产能利用率为55.18%（-10.29%）；尿素 企业预收订单天数6.71日（-0.29）。 尿素现货低价成交好转，部分厂家小幅上调报价后成交降温，山西及内蒙低价成交延续。目前部分地区农业秋季 肥进行中，复合肥秋季肥生产收尾，开工率下降，冬小麦所需的复合肥以清库为主，且因秋雨较多，今 ...

1. Report Industry Investment Ratings - Apple: Neutral to bullish [3] - Red dates: Neutral [7] 2. Core Views of the Report - Apple: The futures price of apples fluctuated and declined yesterday, while the spot market showed a pattern of active trading in the west and sluggish trading in Shandong. The prices of high - quality apples in Shaanxi and Gansu remained stable and firm, while trading in Shandong was sporadic due to the small quantity and average quality of red apples. The price of high - quality apples will remain stable and firm, and the price of average - quality apples will be difficult to strengthen. The subsequent focus is on the game between merchants' purchasing mentality and fruit farmers' selling mentality [2]. - Red dates: The futures price of red dates fluctuated and rose yesterday. The new - season red dates in Xinjiang are about to be harvested, and the stocking of mainland merchants has begun. The short - term spot price is expected to remain stable. The market has a relatively certain judgment on the yield trend, and the quality of red dates is better than that of the same period last year. If the yield and quality fall short of expectations, the upward trend of red dates may continue; otherwise, the futures price will be in a volatile pattern [6][7]. 3. Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the Apple 2601 contract yesterday was 8,510 yuan/ton, down 155 yuan/ton or 1.79% from the previous day. - Spot: The price of semi - commercial late Fuji apples above 70 in Luochuan, Shaanxi was 3.85 yuan/jin, unchanged from the previous day. The spot basis was AP01 + - 810, up 155 from the previous day. The prices of late Fuji apples in different regions showed significant differences, with the prices in Shaanxi and Gansu being relatively high and that in Shandong being relatively low [1]. Market Analysis - The futures price of apples fluctuated and declined yesterday. The spot market was divided, with active trading in the west and sluggish trading in Shandong. The continuous rainy weather affected the coloration of apples in the production areas, delaying the concentrated listing time of red apples. After the Double Festival, the demand did not improve significantly. The price of high - quality apples remained stable and firm, and the price gap between high - quality and average - quality apples was obvious [2]. Strategy - The strategy for apples is neutral to bullish. The late Fuji apples are sporadically on the market, and the acquisition period may be shortened. It is expected that the price of high - quality apples will remain stable and firm, and the price gap will be obvious [3]. Red Dates Market News and Important Data - Futures: The closing price of the Red Dates 2601 contract yesterday was 11,360 yuan/ton, up 255 yuan/ton or 2.30% from the previous day. - Spot: The spot price of first - grade gray dates in Hebei was 9.50 yuan/kg, unchanged from the previous day. The spot basis was CJ01 - 1860, down 255 from the previous day. The new - season red dates in Xinjiang are about to be harvested, and the stocking of mainland merchants has begun. The order - signing process in different regions is progressing, but the current price is not representative [4]. Market Analysis - The futures price of red dates fluctuated and rose yesterday. The new - season red dates in Xinjiang are about to be harvested, and the stocking of mainland merchants has begun. The short - term spot price is expected to remain stable. The inventory pressure is still there, and the supply - demand contradiction has not been substantially alleviated. The market has a relatively certain judgment on the yield trend, and the quality of red dates is better than that of the same period last year [6]. Strategy - The strategy for red dates is neutral. If the yield and quality fall short of expectations, the upward trend of red dates may continue; otherwise, the futures price will be in a volatile pattern. Attention should be paid to consumption, new - season quality, and yield changes [7].

Report Summary 1. Report Industry Investment Rating - The oil price is expected to be weakly volatile in the short - term and a short - position allocation is recommended in the medium - term [3] 2. Core Viewpoints - After Trump's call with Putin, a meeting in Budapest is planned, which eases the current situation and the Russia - Ukraine situation is not expected to escalate before the meeting. The EU has issued implementation guidelines for refinery loophole sanctions, which will take effect on January 21, 2026. The market's initial reaction is bearish, and the implementation of the European refinery loophole policy will further reduce the market's ability or willingness to absorb Russian oil [2] 3. Summary by Related Catalogs Market News and Important Data - The price of light crude oil futures for November delivery on the New York Mercantile Exchange fell 81 cents to $57.46 per barrel, a decline of 1.39%. The price of Brent crude oil futures for December delivery fell 85 cents to $61.06 per barrel, a decline of 1.37%. The SC crude oil main contract closed down 1.83% at 435 yuan per barrel [1] - As of the week ending October 11, Japan's commercial crude oil inventory decreased by 1,294 thousand liters to 10,287,981 thousand liters. Japan's gasoline inventory increased by 19,554 thousand liters to 1,563,638 thousand liters, and its kerosene inventory increased by 45,911 thousand liters to 2,813,243 thousand liters. The average refinery operating rate was 85.9%, down from 86.3% the previous week [1] - The US Treasury Secretary expects Japan to stop importing energy from Russia, but Japan, which gets about 8% of its LNG imports from Russia, says it won't stop for energy - security reasons. Japan is the only G7 member not to stop or pledge to end Russian gas imports [1] - Brazil's vice - president said Petrobras will sign a new oil contract with India today [1] - Russia's deputy prime minister said Russian gas accounts for about 19% of Europe's gas imports, and Russia is ready to talk about gas supply to Europe and develop Syria's oil reserves [1] Investment Logic - The planned meeting between Trump and Putin eases the situation, and the Russia - Ukraine situation is not expected to escalate before the meeting. The EU's refinery loophole sanctions will take effect in 2026. The market's initial reaction is bearish, and the policy will reduce the market's ability or willingness to absorb Russian oil [2] Strategy - The oil price is expected to be weakly volatile in the short - term and a short - position allocation is recommended in the medium - term [3]