Report Industry Investment Rating - Not provided in the content Core Viewpoint - The report presents an overview of the stock index options market on November 21, 2025, including option trading volume, PCR, and VIX data for various types of options [1][2][3] Summary by Directory Option Trading Volume - On November 21, 2025, the trading volume of Shanghai Stock Exchange 50 ETF options was 978,500 contracts; the trading volume of Shanghai Stock Exchange 300 ETF options was 1,167,700 contracts; the trading volume of Shanghai Stock Exchange 500 ETF options was 1,603,400 contracts; the trading volume of Shenzhen 100 ETF options was 128,900 contracts; the trading volume of ChiNext ETF options was 3,462,900 contracts; the trading volume of Shanghai Stock Exchange 50 stock index options was 90,900 contracts; the trading volume of Shanghai Stock Exchange 300 stock index options was 172,800 contracts; the total trading volume of China Securities 1000 options was 546,300 contracts [1] - The table also shows the call, put, and total trading volumes of various index ETF options [21] Option PCR - The trading volume PCR of Shanghai Stock Exchange 50 ETF options was reported at 1.18, with a month - on - month change of +0.36; the open interest PCR was reported at 0.78, with a month - on - month change of - 0.09. Similar data for other types of options are also provided [2][33] Option VIX - The VIX of Shanghai Stock Exchange 50 ETF options was reported at 17.81%, with a month - on - month change of +0.64%. Similar data for other types of options are also provided [3][46]

Group 1: Report's Investment Rating - No information provided Group 2: Core Viewpoints - The long - term fiscal risk of US Treasury bonds is increasing, with factors like supply surge, debt structure deterioration, and high fiscal deficit pushing long - term interest rates up. However, recent market sentiment is driven by economic slowdown and rate - cut expectations, causing the 10Y Treasury yield to fall to about 4.06% [11][12] Group 3: Summary by Related Catalogs 1. US Treasury Bond Interest Rate Review - As of November 21, the 10 - year Treasury yield dropped 5bp in two weeks to 4.06%. Compared with two weeks ago, the 2 - year yield decreased by 6bp, and the 30 - year yield increased by 2bp [7] 2. US Treasury Bond Market Changes - In late October, the duration of Treasury issuance slightly increased, with 3 - year issuance at $57.4 billion, 10 - year at $41.86 billion, and 30 - year at $24.95 billion. The US fiscal deficit in September was $197.9 billion, and the 12 - month cumulative deficit slightly declined to $1.78 trillion [7] 3. Derivatives Market Structure - The net short position in Treasury futures slightly declined. As of September 23, the net short positions of speculators, leveraged funds, asset management companies, and primary dealers rose to 5.5 million contracts. The federal funds rate futures market remained net short, dropping to 165,700 contracts [7] 4. US Dollar Liquidity and US Economy 4.1 Monetary Policy - There are serious differences in the Fed's meeting minutes. Some officials support rate cuts, while others are cautious [8] 4.2 Fiscal Policy - As of November 19, the US Treasury TGA deposit balance decreased by $41.87 billion in two weeks, and the Fed's reverse repurchase tool decreased by $45.223 billion, indicating a marginal easing of liquidity [8] 4.3 Economic Situation - As of November 15, the Fed's weekly economic indicator was 2.29 (2.27 two weeks ago), showing a short - term deterioration after stability [8] 5. Structural Deterioration of the US Treasury Bond Market - The total US Treasury debt has exceeded $38 trillion in 2025, with the debt - to - GDP ratio over 126%. The interest payment exceeds military spending, and the Treasury's short - term debt financing has formed a short - term debt backlog, making long - term interest rates likely to rise [11] 6. Overseas Investor Holdings - In September, Japan continued to increase its Treasury holdings, but the UK and China reduced theirs, causing the overall overseas holding ratio to reach a low. The weakening global motivation to increase holdings is due to factors such as rising exchange - rate hedging costs and concerns about the US fiscal situation [11] 7. Recent Market Sentiment - Driven by economic slowdown and rate - cut expectations, the 10Y Treasury yield has fallen. Institutional investors are re - allocating bonds, and the Bloomberg Treasury index's annual return is expected to reach a new high since 2020 [12]

Report Industry Investment Rating - Not provided Core Viewpoints - Not provided Summary by Directory Option Trading Volume - On November 20, 2025, the trading volume of SSE 50 ETF options was 1.0168 million contracts; the trading volume of CSI 300 ETF options (Shanghai market) was 1.2358 million contracts; the trading volume of CSI 500 ETF options (Shanghai market) was 1.5685 million contracts; the trading volume of Shenzhen 100 ETF options was 76,200 contracts; the trading volume of ChiNext ETF options was 2.0988 million contracts; the trading volume of SSE 50 index options was 55,300 contracts; the trading volume of CSI 300 index options was 166,100 contracts; the total trading volume of CSI 1000 options was 339,200 contracts [1] - The call trading volume, put trading volume, and total trading volume of each type of option are also presented in tabular form, for example, the call trading volume of SSE 50 ETF options was 504,500 contracts, the put trading volume was 474,000 contracts, and the total trading volume was 978,500 contracts [19] Option PCR - The turnover PCR of SSE 50 ETF options was reported at 0.82, with a month - on - month change of - 0.05; the open interest PCR was reported at 0.87, with a month - on - month change of - 0.02. Similar data are provided for other types of options such as CSI 300 ETF options, CSI 500 ETF options, etc. [2][33] Option VIX - The VIX of SSE 50 ETF options was reported at 17.17%, with a month - on - month change of - 0.44%. Similar data are provided for other types of options, including CSI 300 ETF options, CSI 500 ETF options, etc. [3][48]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The domestic economic foundation still needs to be consolidated, and the "15th Five-Year Plan" is expected to boost market sentiment and economic expectations. The average GDP growth rate during the "15th Five-Year Plan" period is expected to be around 5%. The China-US economic and trade team has reached a consensus on three aspects, and China has officially postponed tariffs. However, economic data in October showed a slowdown, and follow-up economic conditions need to be monitored [1]. - There are differences in the expectation of a Fed rate cut in December. Some Fed officials are cautious about a rate cut, while others support it. The US government shutdown has ended, but it has caused a loss of about $11 billion in the fourth - quarter GDP. The US manufacturing index has declined, and employment data has been affected by the shutdown [2]. - In the commodity market, focus on the certainty of non - ferrous metals and precious metals. The black sector is affected by downstream demand, the non - ferrous sector is boosted by the global easing expectation, the energy supply is moderately loose, and the "anti - involution" space in the chemical sector and agricultural products' procurement plans are worthy of attention. After the short - term adjustment of precious metals, there are opportunities for bargain - hunting [3]. - The strategy for commodities and stock index futures is to buy precious metals and non - ferrous metals on dips [4]. Summary by Related Catalogs Market Analysis - China: The "15th Five - Year Plan" is expected to boost the economy, with an estimated average GDP growth rate of around 5% during the period. The China - US economic and trade team has reached a consensus, and tariffs have been postponed. In October, the manufacturing PMI was 49, a decline of 0.8 from the previous month. Exports decreased by 1.1% year - on - year, and investment, consumption, and industrial growth slowed down. The central bank kept the LPR unchanged for six consecutive months [1]. - US: There are differences among Fed officials on a December rate cut. The government shutdown ended, causing a 1.5 - percentage - point reduction in the fourth - quarter GDP and a loss of about $11 billion. The manufacturing index declined to 48.7%, and the 9 - month non - farm employment increased by 119,000, the largest increase since April. The 10 - month employment report will be merged with the 11 - month report. Trump may announce the next Fed chairman before Christmas. There have been some trade agreements and policy adjustments [2]. Commodity Analysis - Black: Affected by downstream demand expectations, focus on the "anti - involution" situation [3]. - Non - ferrous: Long - term supply constraints remain, and it has been boosted by the global easing expectation [3]. - Energy: OPEC + will increase production by 137,000 barrels per day in November, and the US API crude oil inventory increased by 4.448 million barrels last week, with moderately loose supply in the medium term [3]. - Chemical: The "anti - involution" space of methanol, caustic soda, urea, PTA and other varieties is worthy of attention [3]. - Agricultural: Pay attention to China's procurement plan for US goods and next year's weather expectations after the China - US negotiation [3]. - Precious: After the short - term adjustment risk is cleared, there are opportunities for bargain - hunting [3]. Strategy - For commodities and stock index futures, buy precious metals and non - ferrous metals on dips [4].

Group 1: Report Industry Investment Rating - The investment strategy for the industry is neutral [4] Group 2: Core View of the Report - The prices of the three major oils oscillated and declined yesterday. Recent high - frequency palm oil export data shows that the exports of major palm oil producing countries have slowed down. The market expects the contradiction in the supply - demand pattern to intensify further, and palm oil is under pressure [3] Group 3: Market Analysis Futures Market - Yesterday, the closing price of the palm oil 2601 contract was 8,646.00 yuan/ton, a decrease of 206 yuan or 2.33% compared to the previous period; the closing price of the soybean oil 2601 contract was 8,224.00 yuan/ton, a decrease of 132.00 yuan or 1.58%; the closing price of the rapeseed oil 2601 contract was 9,779.00 yuan/ton, a decrease of 34.00 yuan or 0.35% [1] Spot Market - In the Guangdong region, the spot price of palm oil was 8,670.00 yuan/ton, a decrease of 110.00 yuan or 1.25%, and the spot basis was P01 + 24.00, an increase of 96.00 yuan; in the Tianjin region, the spot price of first - grade soybean oil was 8,440.00 yuan/ton, a decrease of 100.00 yuan/ton or 1.17%, and the spot basis was Y01 + 216.00, an increase of 32.00 yuan; in the Jiangsu region, the spot price of fourth - grade rapeseed oil was 10,130.00 yuan/ton, a decrease of 30.00 yuan or 0.30%, and the spot basis was OI01 + 351.00, an increase of 4.00 yuan [1] Group 4: Recent Market Consultation Summary Palm Oil Exports - According to AmSpec, Malaysia's palm oil exports from November 1 - 20 were 828,680 tons, a 14.1% decrease from the same period last month. According to ITS, Malaysia's palm oil exports from November 1 - 20 were 831,005 tons, a 20.5% decrease from the same period last month [2] Soybean Prices - The C&F price of US Gulf soybeans (December shipment) was 505 US dollars/ton, a decrease of 5 US dollars/ton compared to the previous trading day; the C&F price of US West soybeans (December shipment) was 500 US dollars/ton, a decrease of 5 US dollars/ton; the C&F price of Brazilian soybeans (December shipment) was 490 US dollars/ton, a decrease of 9 US dollars/ton [2] Imported Soybean Premium Quotes - The premium for Mexican Gulf soybeans (December shipment) was 240 cents/bushel, unchanged from the previous trading day; the premium for US West Coast soybeans (December shipment) was 226 cents/bushel, an increase of 1 cent/bushel; the premium for Brazilian port soybeans (December shipment) was 200 cents/bushel, a decrease of 10 cents/bushel [2] Argentine Soybean Oil Prices - The C&F price of Argentine soybean oil (December shipment) was 1,181 US dollars/ton, an increase of 17 US dollars/ton compared to the previous trading day; the C&F price of Argentine soybean oil (February shipment) was 1,176 US dollars/ton, an increase of 11 US dollars/ton [2] Imported Rapeseed Oil C&F Quotes - The C&F quote for Canadian rapeseed oil (December shipment) was 1,100 US dollars/ton, unchanged from the previous trading day; the C&F quote for Canadian rapeseed oil (February shipment) was 1,080 US dollars/ton, unchanged from the previous trading day [2] Canadian Rapeseed C&F Prices - The C&F price of Canadian rapeseed (January shipment) was 531 US dollars/ton, a decrease of 6 US dollars/ton compared to the previous trading day; the C&F price of Canadian rapeseed (March shipment) was 540 US dollars/ton, a decrease of 6 US dollars/ton [2]

Group 1: Report Industry Investment Rating - The investment rating for both the bean meal and corn sectors is cautiously bearish [3][6] Group 2: Core Viewpoints - For the bean meal market, the current domestic supply is still relatively abundant, with continuous soybean arrivals and increasing oil - mill inventories. Although the bean meal inventory decreased this week due to reduced crushing, it remains at a high level. The price was supported by the rise in US soybean prices and import costs last week. Future focus should be on soybean imports, South American soybean weather, and policy changes [2] - For the corn market, new corn from the Northeast and North China is concentrated on the market. The port and production - area prices are rising due to traders' price - increasing acquisitions. In North China, supply is tight and prices are rising due to farmers' wheat - planting and concerns about corn quality. Feed enterprises are hesitant to build inventories, while deep - processing enterprises are raising prices to purchase. The overall supply is slightly abundant, and attention should be paid to farmers' selling and traders' shipping [4][5] Group 3: Summary by Related Catalogs Bean Meal Market News and Important Data - Futures: The closing price of the bean meal 2601 contract was 3017 yuan/ton, down 5 yuan/ton (-0.17%) from the previous day; the rapeseed meal 2601 contract was 2412 yuan/ton, down 7 yuan/ton (-0.29%) [1] - Spot: Tianjin's bean meal spot price was 3040 yuan/ton, unchanged; Jiangsu's was 2970 yuan/ton, down 10 yuan/ton; Guangdong's was 2970 yuan/ton, unchanged; Fujian's rapeseed meal spot price was 2590 yuan/ton, down 10 yuan/ton [1] - Market Information: As of last Friday, the soybean sowing in Mato Grosso was 96.36% complete, up 10.68% from the previous week. Brazil's soybean exports in November are expected to reach 471 tons, up from the previous forecast of 426 tons [1] Market Analysis - The domestic supply is loose, with continuous soybean arrivals and high oil - mill inventories. The bean meal inventory is still high, and downstream feed enterprises mainly replenish inventories on a rolling basis. The price was supported by US soybean prices and import costs last week [2] Strategy - Cautiously bearish [3] Corn Market News and Important Data - Futures: The closing price of the corn 2601 contract was 2168 yuan/ton, down 7 yuan/ton (-0.32%); the corn starch 2511 contract was 2473 yuan/ton, down 7 yuan/ton (-0.28%) [3] - Spot: Liaoning's corn spot price was 2150 yuan/ton, unchanged; Jilin's corn starch spot price was 2550 yuan/ton, unchanged [3] - Market Information: Brazil's wheat exports in November 2025 are expected to reach 29 tons, a 202% increase from the same period last year. The estimated wheat exports from January to November are 177 tons, lower than the same period last year [3] Market Analysis - Supply: New corn from the Northeast and North China is on the market. The price is rising due to traders' acquisitions. In North China, supply is tight and prices are rising due to farmers' behavior [4] - Demand: Feed enterprises are hesitant to build inventories, while deep - processing enterprises are raising prices to purchase [5] Strategy - Cautiously bearish [6]

Report Industry Investment Rating - Not provided Core Views - For pure benzene, low US gasoline inventory supports Asian aromatics through gasoline blending. The arbitrage spread from South Korea to the US has been significantly repaired, potentially easing long - term Chinese arrival pressure, but short - term arrival pressure still exists, with rising port inventory and a weak basis. Domestic production has not further increased after an earlier rise, and downstream开工 remains low. Phenol开工 has increased significantly, while aniline and adipic acid开工 have declined, and styrene is in the maintenance period waiting for recovery at the end of the month [3]. - For styrene, port inventory continues to decline due to export boost and low domestic开工, but there is a resumption expectation at the end of November. Downstream开工 remains low, with EPS开工 rising from a low level but still in the off - season, and ABS and PS开工 slightly rising from a low level, with inventory pressure still existing for PS and ABS [3]. Summary by Relevant Catalogs 1. Pure Benzene and EB's Basis Structure, Inter - Period Spreads - Figures related to pure benzene basis and inter - period spreads include the pure benzene main contract basis, pure benzene spot - M2 paper cargo spread, and pure benzene consecutive first - to - third contract spread [1][15]. - Figures related to EB basis and inter - period spreads include the EB main contract basis and EB consecutive first - to - third contract spread [20]. 2. Pure Benzene and Styrene Production Profits, Domestic - Foreign Spreads - Production profit and spread figures for pure benzene and styrene include naphtha processing fee, pure benzene FOB South Korea - naphtha CFR Japan spread, styrene non - integrated device production profit, and various international price spreads of pure benzene and styrene, as well as their import profits [22][25][34]. 3. Pure Benzene and Styrene Inventory, Operating Rates - For pure benzene, the inventory figure is the East China port inventory, and the operating rate figure is the pure benzene operating rate. For styrene, inventory figures include East China port inventory, East China commercial inventory, and factory inventory, and the operating rate figure is the styrene operating rate [40][42][45]. 4. Styrene Downstream Operating Rates and Production Profits - Downstream products of styrene include EPS, PS, and ABS. Figures cover their operating rates and production profits [51][53][54]. 5. Pure Benzene Downstream Operating Rates and Production Profits - Downstream products of pure benzene include caprolactam, phenol - ketone, aniline, adipic acid, and other related products. Figures cover their operating rates and production profits [60][63][72]. Strategies - Unilateral: None [4]. - Basis and Inter - Period: Conduct long - short inter - period positive arbitrage for EB2512 - EB2601 at low prices [4]. - Cross - Variety: Expand the spread of EB2512 - BZ2603 at low prices [4].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The port price of methanol remains weak, with port inventory falling from its high for the first time and flowing back to the inland. The key lies in whether the inland can absorb the impact of the port's backflow. The fundamentals are still weak, and the key is when the winter maintenance in Iran will be implemented [3]. - The inventory of inland factories has slightly decreased. The MTO of Yangmei is under maintenance, and Luxi MTO is operating at a low load. Attention should be paid to the commissioning progress of the second - phase MTO of Lianhong [4]. - In the traditional downstream, the acetic acid and formaldehyde industries are operating at low loads, while only the MTBE industry has a relatively high operating rate. The methanol price is also affected by the decline in the coking coal futures price [4]. Summary by Directory I. Methanol Basis & Inter - term Structure - The report shows multiple figures related to methanol basis, including methanol basis in different regions (such as Taicang, Lunan, Inner Mongolia North Line, etc.) against the main futures contract, and the price differences between different methanol futures contracts (e.g., methanol 01 - 05, 05 - 09, 09 - 01) [8][12][23] II. Methanol Production Profit, MTO Profit, Import Profit - Figures are presented for Inner Mongolia coal - based methanol production profit, East China MTO profit (PP&EG type), and import price differences (e.g., Taicang methanol - CFR China, CFR Southeast Asia - CFR China, FOB US Gulf - CFR China, FOB Rotterdam - CFR China) [27][28][36] III. Methanol Operation and Inventory - The report provides data on methanol port total inventory, MTO/P operating rate (including integrated ones), inland factory sample inventory, and China's methanol operating rate (including integrated ones) [37][38][40] IV. Regional Price Differences - Multiple regional price differences are shown, such as the price differences between Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, etc. [42][49][52] V. Traditional Downstream Profits - Information about the production profits of traditional downstream industries is provided, including the production profits of Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [53][60][62]

Report Industry Investment Rating No relevant content provided. Core Viewpoints The bond market fluctuates between stable growth and easing expectations. Affected by the stock market, weak US employment, divergent expectations of Fed rate cuts, and rising global trade uncertainties increase the uncertainty of foreign capital inflows. Short - term attention should be paid to policy signals at the end of the month [2][4]. Summary by Directory 1. Interest Rate Pricing Tracking Indicators - China's CPI (monthly) has a 0.20% increase both month - on - month and year - on - year, while China's PPI (monthly) has a 0.10% month - on - month increase and a 2.10% year - on - year decrease [10]. - The social financing scale is 437.72 trillion yuan, with a 0.64 trillion yuan (+0.15%) month - on - month increase; M2 year - on - year is 8.20%, with a 0.20% (-2.38%) decrease; the manufacturing PMI is 49.00%, with a 0.80% (-1.61%) decrease [11]. - The US dollar index is 100.22, with a 0.09 (+0.09%) increase; the US dollar against the offshore RMB is 7.1179, with a 0.007 (+0.10%) increase; SHIBOR 7 - day is 1.46, with a 0.03 (-1.82%) decrease; DR007 is 1.49, with a 0.03 (-1.81%) decrease; R007 is 1.51, with a 0.02 (-1.24%) decrease; the 3 - month inter - bank certificate of deposit (AAA) is 1.58, with a 0.00 (+0.20%) increase; the AA - AAA credit spread (1Y) is 0.08, with a 0.00 (+0.20%) increase [11]. 2. Overview of the Treasury Bond and Treasury Bond Futures Market - On November 20, 2025, the closing prices of TS, TF, T, and TL are 102.46 yuan, 105.94 yuan, 108.49 yuan, and 115.87 yuan respectively, with price changes of 0.00%, 0.06%, 0.06%, and - 0.21% respectively [4]. - The average net basis of TS, TF, T, and TL are 0.004 yuan, 0.000 yuan, - 0.030 yuan, and 0.337 yuan respectively [4]. 3. Overview of the Money Market Fundamentals - From January to October 2025, the general public budget revenue increased by 0.8% year - on - year, and the general public budget expenditure increased by 2% year - on - year [3]. - At the end of October, social financing and credit maintained low - level expansion, government bond issuance remained strong, and the financing demand of enterprises and residents was weak. M1 declined, and the M2 - M1 gap widened [3]. - On November 20, 2025, the central bank conducted a 300 - billion - yuan 7 - day reverse repurchase operation at a fixed interest rate of 1.4% [3]. - The main term repurchase rates for 1D, 7D, 14D, and 1M are 1.364%, 1.460%, 1.546%, and 1.518% respectively, and the repurchase rates have recently declined [3]. 4. Spread Overview - There are various spread data in the report, including the inter - period spread trends of various treasury bond futures, and the term spreads between spot bonds and cross - variety spreads of futures [32][36][37]. 5. Two - Year Treasury Bond Futures - There are data on the implied interest rate of the two - year treasury bond futures main contract and the treasury bond yield to maturity, as well as the IRR of the TS main contract and the capital interest rate [39][41]. 6. Five - Year Treasury Bond Futures - There are data on the implied interest rate of the five - year treasury bond futures main contract and the treasury bond yield to maturity, as well as the IRR of the TF main contract and the capital interest rate [52]. 7. Ten - Year Treasury Bond Futures - There are data on the implied yield of the ten - year treasury bond futures main contract and the treasury bond yield to maturity, as well as the IRR of the T main contract and the capital interest rate [59]. 8. Thirty - Year Treasury Bond Futures - There are data on the implied yield of the thirty - year treasury bond futures main contract and the treasury bond yield to maturity, as well as the IRR of the TL main contract and the capital interest rate [66]. Strategy - Unilateral: With the decline of the repurchase rate and the fluctuation of treasury bond futures prices, the 2512 contract is neutral [5]. - Arbitrage: Pay attention to the decline of the 2512 basis [5]. - Hedging: There is an adjustment pressure in the medium term, and short - sellers can use far - month contracts for appropriate hedging [5].

1. Report Industry Investment Rating - The investment rating for both soybeans and peanuts is neutral [3][5] 2. Core Viewpoints - The soybean market has a mixed situation with limited downside in prices due to farmers' reluctance to sell and support from the grain depot's purchase price, but the upward trend is restricted by weak downstream demand [1][2] - The peanut market is currently characterized by low - level fluctuations. The supply has not been fully released, and the demand is generally weak, but the start of procurement by Qingdao Yihai Kerry provides some support [3][4] 3. Summary by Related Content Soybean Market Analysis - Futures: The closing price of the soy - one 2601 contract yesterday was 4,107.00 yuan/ton, a change of - 38.00 yuan/ton or - 0.92% from the previous day [1] - Spot: The edible soybean spot basis was A01 - 7, a change of + 38 or 32.14% from the previous day. The prices of first - class protein soybeans in various regions of Heilongjiang remained stable [1] - Market situation: Northeast new - season soybean prices are firm, but the sales of grain trading enterprises are average. The price is expected to remain stable after the repayment of grain [1] Strategy - The strategy for soybeans is neutral [3] Peanut Market Analysis - Futures: The closing price of the peanut 2601 contract yesterday was 7,788.00 yuan/ton, a change of - 6.00 yuan/ton or - 0.08% from the previous day [3] - Spot: The average peanut spot price was 7,980.00 yuan/ton, with no change from the previous day. The spot basis was PK01 - 788.00, a change of + 6.00 or - 0.76% from the previous day. The national average price of general peanut kernels decreased by 0.01 yuan/jin. Some oil mills lowered their purchase prices, and the arrival volume was average [3] - Market situation: The effective supply of peanuts in the producing areas has not been fully released, with price differentiation in Henan and low selling enthusiasm in the Northeast. The demand is weak overall, but Qingdao Yihai Kerry's procurement provides some support [3][4] Strategy - The strategy for peanuts is neutral [5]