Group 1: General Information - Report Title: Copper Futures Daily Report [1] - Date: October 31, 2025 [2] - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3] Group 2: Market Review and Operation Suggestions - Market Performance: Shanghai copper first rose to a record high of 89,270 but then fell. After the Fed cut interest rates by 25BP and Chairman Powell hinted it might be the last cut this year, and due to the Sino - US meeting in Busan, the market's selling sentiment increased. The spot price rose 300 to 88,065, the spot discount narrowed to 55, the social inventory decreased by 0.19 tons this week, and the spot import loss was 880 with the import window closed [10]. - Strategy: The short - term market has priced in the positive news of Sino - US relations and Fed rate cuts. Considering the tight copper supply at the end of the year and the initiative of the CSPT group, investors can still buy on dips [10]. Group 3: Industry News - Anglo American's Collahuasi Mine: The mine in Chile is facing ore quality decline, which will limit next year's production. It is expected to return to normal production in 2027 with an output of about 600,000 tons [11]. - ENAMI's New Copper Smelter: ENAMI has obtained environmental approval for a new $1.7 billion copper smelter. It will process up to 850,000 tons of copper concentrate and produce up to 240,000 tons of cathode copper annually [11]

Group 1: Report Information - Report Name: Asphalt Daily Report [1] - Date: October 31, 2025 [2] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - Oil prices are adjusting again, asphalt supply and demand are weak, and prices may fall again [7] Group 4: Market Review and Operation Suggestions - Futures Market: BU2601 opened at 3276 yuan/ton, closed at 3254 yuan/ton, with a high of 3281 yuan/ton, a low of 3247 yuan/ton, a decline of 0.40%, and a trading volume of 16.08 million lots; BU2512 opened at 3291 yuan/ton, closed at 3295 yuan/ton, with a high of 3295 yuan/ton, a low of 3260 yuan/ton, a decline of 0.4%, and a trading volume of 2.1 million lots [6] - Spot Market: In North China, asphalt spot prices fell; in South China, they rose slightly; in other regions, they were relatively stable. Crude oil and asphalt futures prices fluctuated downward, negatively affecting the spot market sentiment [6] - Supply: Some refineries have production reduction or suspension plans, but others are increasing production, and the overall operating load rate is expected to remain flat [6] - Demand: Demand is seasonally weakening. In the Northeast and Northwest, road projects are ending, and rigid demand is shrinking rapidly; in North China and Shandong, only key projects support demand, while small and medium - sized projects have low demand; in the South, construction is stable but demand is weak due to slow resource consumption. Lack of funds restricts project progress, and actual demand is weaker than expected [6] Group 5: Industry News - Shandong Market: The mainstream transaction price of 70A grade asphalt is 3200 - 3620 yuan/ton, remaining stable. Rigid demand is seasonally declining, market sentiment is cautious and bearish, and some high - end quotes are falling [8] - South China Market: The mainstream transaction price of 70A grade asphalt is 3370 - 3580 yuan/ton, up 5 yuan/ton. Sinopec's production plan reduction boosts the market, but terminal demand growth is insufficient, and the market is cautious [8] Group 6: Data Overview - Data on asphalt cracking, social inventory, daily operating rate, Shandong comprehensive profit, factory inventory, and warehouse receipts are presented, with data sources from Wind and the Research and Development Department of CCB Futures [13][16][24]

Group 1: General Information - Report title: Polyolefin Daily Report [1] - Report date: October 31, 2025 [2] - Research team: Energy and Chemical Research Team [4] Group 2: Market Quotes - L2601 opened higher, oscillated downward during the session, and closed down at 6,968 yuan/ton, down 20 yuan/ton (-0.29%), with a trading volume of 215,000 lots and an open interest decrease of 3,569 lots to 508,700 lots [5] - PP2601 closed at 6,651 yuan/ton, down 14 yuan (-0.21%), with an open interest increase of 677 lots to 613,335 lots [5] - On October 30, 2025, the inventory level of major producers was 695,000 tons, a decrease of 15,000 tons (-2.11%) from the previous working day; the inventory in the same period last year was 720,000 tons [7] - PE market prices were weakly sorted. The LLDPE prices in North China, East China, and South China were 6,910 - 7,150 yuan/ton, 7,030 - 7,500 yuan/ton, and 7,250 - 7,500 yuan/ton respectively [7] - The mainstream price of propylene in the Shandong market was temporarily 5,930 - 5,950 yuan/ton, down 45 yuan/ton from the previous working day [7] - The PP market was mainly sorted, with individual prices slightly loosening. The mainstream prices of North China, East China, and South China were 6,450 - 6,540 yuan/ton, 6,530 - 6,620 yuan/ton, and 6,470 - 6,630 yuan/ton respectively [7] Group 3: Core Viewpoint - The futures opened higher and oscillated, but the market atmosphere was limitedly boosted. Traders quoted prices according to the market, and some quoted prices weakened. Downstream buyers mainly replenished stocks at low prices [5] - The expected output of the new Guangxi Petrochemical plant in November is expected to increase, and the impact of maintenance from November to December will decrease. Although the downstream operating rate remains high, the concentrated demand will decrease later, and the demand support will weaken [5] - Affected by the new round of US sanctions, the market sentiment is cautious, the oil price is under pressure, and the weak supply - demand fundamentals of polyolefin itself will cause the price to oscillate at a low level [5]

Report Information - Report Date: October 31, 2025 [2] - Reported Industry: Soybean Meal [1] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] 1. Market Review and Operational Suggestions 1.1 Market Quotes - **Domestic Soybean Meal Contracts**: The prices of domestic soybean meal contracts such as M2601, M2603, and M2511 showed varying degrees of increase. For example, the M2601 contract closed at 2994, up 20 points or 0.67% [6]. - **External Market**: The US soybean futures contract on the external market pulled back, with the main contract at 1080 cents. After the meeting between Chinese and US leaders, the CBOT soybean futures contract pulled back significantly [6]. 1.2 Market Analysis - **International Situation**: After the meeting between Chinese and US leaders, a partial framework agreement was reached, and subsequent additional tariffs were cancelled. Regarding US soybean purchases, Trump said that China would start purchasing, but China has not made a clear response. The agreement does not specify the amount of US soybean imports, and it is more likely to be a spontaneous market purchase after comparing with Brazilian soybeans, which is weaker than expected [6]. - **South American Situation**: In South America, the new - season soybeans in Brazil are being sown normally and orderly, with the progress faster than last year and few topics [6]. - **Domestic Situation**: Domestic soybean meal rebounded significantly today. Previously, it was weak due to the expectation of US soybean imports. Since the agreement was less than expected, it rebounded. If it is only a spontaneous market purchase behavior in the future, the support below soybean meal is still obvious. Pay attention to the clear conclusion of future tariffs [6]. 2. Industry News - **US Crop Harvest Progress**: As of Sunday, the US soybean harvest is expected to be 84% complete, and the corn harvest is 72% complete. Analysts' forecasts for the US harvest progress range from 80% - 88% for soybeans and 67% - 80% for corn. Last year, the soybean harvest progress was 89%, and the corn harvest progress was 81% [9]. - **Brazilian Soybean and Soybean Meal Exports**: Anec expects Brazil's soybean exports in October to reach 7 million tons, down from the previous week's forecast of 7.34 million tons. Brazilian soybean meal exports in October are expected to reach 2.08 million tons, down from 2.09 million tons the previous week [9]. 3. Data Overview - The report provides multiple data charts, including the ex - factory price of soybean meal, the basis of the M01 contract, the spread between M1 - 5, the spread between M5 - 9, the central parity rate of the US dollar against the RMB, and the exchange rate of the US dollar against the Brazilian real. The data sources are Wind and the Research and Development Department of CCB Futures [17][20][21]

Industry Investment Rating - No investment rating information is provided in the report. Core Viewpoints - The overall pattern of soda ash remains weak, with stable supply, slightly increasing inventory, and unchanged heavy soda demand. The supply - demand imbalance has improved, but the anti - involution expectation has not materialized, and the market is expected to fluctuate weakly [8]. - Glass is in a game between "strong expectation" and "weak reality". The real - estate market's completion is below expectations, and the industry lacks new production - limiting policies. The market confidence is insufficient, and the price is expected to fluctuate weakly [9]. Summary by Directory 1. Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - On October 30, the main futures contract SA601 of soda ash closed at 1,235 yuan/ton, down 14 yuan/ton or 1.12%, with a daily reduction of 22,468 lots. Weekly production increased by 0.01 million tons to 74.06 million tons, and the equipment maintenance was at a high level for the same period. In mid - October, the total shipment volume of Chinese soda ash enterprises was 73.90 million tons, a month - on - month increase of 5.60%. The demand for heavy soda remained unchanged. The alkali plant inventory rose to 1.7021 billion tons, at a relatively low level in the past six months. The market is expected to fluctuate weakly [7][8]. Glass - Fundamentally, the production of float glass is stable, and the photovoltaic glass is in a weak balance. The overall glass supply is at a high level this year, and the possibility of cold repair is low. After the festival, the factory inventory remains high, and the inventory days have increased. The real - estate market has not shown a stable trend, and the demand for float glass may not continue to rise. The price is expected to fluctuate weakly, and potential positive factors such as macro - policies and production line changes need to be monitored [9]. 2. Data Overview - The report provides multiple data charts, including the price trends of active contracts for soda ash and glass, weekly production and enterprise inventory of soda ash, market price of heavy soda in Central China, and flat glass production [12][15][16].

Report Information - Report Title: Pig Daily Report [1] - Date: October 31, 2025 [2] Industry Investment Rating - Not provided in the report Core Viewpoints - On the supply side, pig slaughter is expected to increase slightly until the first half of next year, and secondary fattening increases future supply pressure. In October, the pig slaughter volume continued to increase significantly, but the short - term pressure on large - scale farms has eased to some extent, and farmers are reluctant to sell due to the increasing price difference between fat and standard pigs [8]. - On the demand side, the enthusiasm for secondary fattening has decreased, and terminal consumption has increased but with insufficient continuous increment. The orders of slaughtering enterprises are average, and their slaughter volume has decreased [8]. - Overall, the spot market may fluctuate as the supply pressure has been alleviated by secondary fattening, but the continuous upward space is limited. The futures market is expected to fluctuate weakly as there may be double supply pressure before the Spring Festival [8]. Summary by Directory 1. Market Review and Operation Suggestions Pig Market - Futures: On the 30th, the main 2601 contract of live pigs opened flat and then declined, closing at 11,880 yuan/ton, down 2.30% from the previous day. The total open interest of the index increased by 24,476 lots to 341,989 lots [7]. - Spot: On the 30th, the average price of external ternary pigs nationwide was 12.58 yuan/kg, down 0.02 yuan/kg from the previous day [7]. Pig Market Comment - Supply: Long - term supply is expected to increase slightly until the first half of next year, and short - term supply pressure in October is high. However, the short - term pressure on large - scale farms has eased, and farmers are reluctant to sell [8]. - Demand: Secondary fattening has turned to a wait - and - see attitude, terminal consumption has increased but with insufficient continuous increment, and the slaughter volume of slaughtering enterprises has decreased. On October 30th, the slaughter volume of sample slaughtering enterprises was 161,100 heads, a decrease compared to the previous day, week, and month [8]. - Overall: The spot market may fluctuate, and the futures market may fluctuate weakly [8]. 2. Industry News - Not provided in the report 3. Data Overview - Profit: As of October 23rd, the average profit per self - bred and self - raised pig was - 138 yuan/head, a weekly increase of 50.4 yuan/head; the average profit per pig purchased as a piglet was - 378.6 yuan/head, a weekly increase of 53.6 yuan/head [13]. - Piglet Price: The average market sales price of 15 - kg piglets in the week of October 23rd was 255 yuan/head, a decrease of 10 yuan/head from the previous week [13]. - Price Difference: The price difference between 175 - kg fat pigs and standard pigs in the week of October 23rd was 0.69 yuan/jin, a weekly increase of 0.09 yuan/jin [13]. - Fattening Cost: The cost of fattening a 110 - kg pig to 140 kg was 12.02 yuan/kg, a weekly increase of 0.39 yuan/kg; the cost of fattening a 125 - kg pig to 150 kg was 12.38 yuan/kg, a weekly increase of 0.43 yuan/kg [13]. - Average Slaughter Weight: As of the week of October 23rd, the average slaughter weight of pigs nationwide was 127.90 kg, a weekly decrease of 0.35 kg, a monthly decrease of 0.65 kg, and an annual increase of 1.83 kg [13]. - Utilization Rate of Fattening Pens: As of mid - October, the utilization rate of fattening pens was 44.8%, a 12.5 - percentage - point increase from the previous ten - day period and a 10 - percentage - point decrease year - on - year [13].

Report Information - Report Title: Precious Metals Daily Review - Date: October 31, 2025 - Research Team: Macro Financial Team - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [2] Industry Investment Rating No investment rating information is provided in the report. Core Viewpoints - The uptrend of precious metals since late August may extend to 2026 due to factors such as central bank easing, geopolitical risks, and the restructuring of the international trade and monetary system. The six - month and one - year target prices for London gold are $4500 and $4800 per ounce, and for London silver are $58 and $63 per ounce respectively. However, the current price - to - earnings ratio of gold is high, and investors should control positions and be aware of short - term adjustment risks [5]. - In the short term, precious metals need to consolidate to digest the previous sharp rise. It is recommended that investors maintain a bullish stance, and short - hedgers can appropriately reduce the hedging ratio [4][5]. Summary by Directory 1. Precious Metals Market Conditions and Outlook Intraday Market - After the Fed cut interest rates by 25BP and hinted at a possible pause, London gold dropped $100 from around $4030 per ounce. But due to geopolitical events and lower - than - expected Sino - US summit results, it rebounded to around $3970 per ounce in the Asian session on the 30th. It is advisable to observe the support level of London gold at $3850 - $3900 per ounce [4]. Domestic Precious Metals Market - The Shanghai Gold Index closed at 914.40, up 0.15%; the Shanghai Silver Index closed at 11,274, down 0.71%; Gold T + D closed at 907.85, down 0.50%; Silver T + D closed at 11,208, down 1.26% [5]. Medium - term Market - The upward trend of precious metals since late August may continue until 2026. The six - month and one - year target prices for London gold are $4500 and $4800 per ounce, and for London silver are $58 and $63 per ounce. The lower support levels for London gold are $4130 and $3975 per ounce, and for London silver are $50.31 and $47.76 per ounce [5]. 2. Precious Metals Market - Related Charts - The report presents multiple charts, including those of Shanghai gold and silver futures indices, London gold and silver spot prices, the basis of Shanghai futures indices against Shanghai Gold T + D, and gold and silver ETF holdings [7][9][11]. 3. Major Macroeconomic Events/Data - The Fed cut interest rates to 3.75% - 4.00% with a 10 - 2 vote, with both hawkish and dovish objections [17]. - The Bank of Canada cut the overnight rate to 2.25% and hinted at the end of the current rate - cut cycle [17]. - Russia tested the Poseidon nuclear torpedo, and Trump ordered the US War Department to restart nuclear weapons tests [17].

Report Overview - Report Type: Carbonate Lithium Futures Daily Report [1] - Date: October 31, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] 1. Report Industry Investment Rating - Not provided 2. Report's Core View - The carbonate lithium futures continued to rise, with total positions increasing by 36,888 to 912,869 hands. Although the afternoon rally narrowed due to increased market selling pressure after the China-US summit in Busan, the upward trend is expected to continue. The current strong demand in the carbonate lithium market drives inventory reduction, and price transmission is smooth, with the price increase being acceptable to the industry. Moreover, the weekly production of carbonate lithium decreased by 228 tons to 21,080 tons, and it is expected to decline further in November and December. The weekly inventory decreased by 3,008 tons to 127,358 tons, indicating an accelerating de-stocking process [9]. 3. Summary by Relevant Catalogs 3.1 Market Review and Operation Suggestions - **Futures Market**: Carbonate lithium futures rose, with total positions increasing by 36,888 to 912,869 hands. The afternoon rally narrowed due to market selling pressure after the China-US summit in Busan [9]. - **Spot Market**: The carbonate lithium spot price increased by 850 to 80,000, Australian ore rose by 30 to 985, lithium mica rose by 50 to 2,180, ternary materials rose by 100 - 300, lithium iron phosphate rose by 200 - 255, and electrolytes rose by 500 - 850, showing a continuous price increase in the industrial chain [9]. - **Production and Inventory**: Weekly carbonate lithium production decreased by 228 tons to 21,080 tons, mainly due to a 270 - ton decrease in the production of carbonate lithium from spodumene. It is expected that production will decline in November and December. Weekly inventory decreased by 3,008 tons to 127,358 tons, with an accelerating de - stocking speed [9]. 3.2 Industry News - **New宙邦**: On October 29, at the performance briefing, New宙邦 stated that since the third quarter of 2025, the electrolyte industry has gradually rebounded from the historical low in the first half of the year. The price transmission of hexafluorophosphate to electrolytes is gradually taking effect. As some customers still have annual or semi - annual long - term contracts, the fourth quarter is a price transition period, but new contracts will fully refer to the latest hexafluorophosphate price, and the transmission efficiency will further improve [13]. - **Nandu Power Supply (300068)**: On October 29, during an institutional survey, Nandu Power Supply said that with the strategic layout of countries for large - scale grid connection of renewable energy and improved energy security, the energy storage market is growing rapidly. The company currently has about 8.9 billion yuan in unshipped orders, including about 5.5 billion yuan in large - scale energy storage orders (4 billion yuan domestic and 1.5 billion yuan overseas), about 1.67 billion yuan in data center lithium - battery orders (all overseas), about 380 million yuan in unshipped orders for civilian lithium - battery products, about 470 million yuan in communication lithium - battery orders (with a small overseas proportion), and about 790 million yuan in lead - acid battery orders (mostly domestic). The company's overseas large - scale energy storage orders mainly come from countries and regions such as Australia, Europe, and the UK [13][14].

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - On October 30, the iron ore futures main contract 2601 showed a volatile and slightly stronger trend, closing at 802.5 yuan/ton, up 0.38%. The current fundamentals show a situation of weak supply and demand with minor contradictions, mainly influenced by news. The outcome of the Sino-US leaders' meeting was slightly lower than market expectations but the overall trend is positive. The rumors of Tangshan's production restrictions and the solicitation of opinions on a new round of capacity replacement plans have restored confidence in the black industry chain, leading to a short - term strong operation of ore prices [7][12]. 3. Summary According to Relevant Catalogs 3.1 Market Review and Future Outlook 3.1.1 Market Review - On October 30, the iron ore futures main 2601 contract was volatile and slightly stronger. It opened higher, fluctuated upward, dived in the afternoon and then recovered, closing at 802.5 yuan/ton, up 0.38%. The main iron ore offshore quotes rose by 0.5 US dollars/ton compared with the previous trading day, and the prices of major iron ore grades at Qingdao Port rose by 5 yuan/ton compared with the previous trading day. The KDJ indicator of the iron ore 2601 contract on the daily line showed a divergent trend, with the K and D values continuing to rise and the J value turning down. The MACD indicator's golden red column on the daily line of iron ore 2601 has been expanding for two consecutive days [7][9]. 3.1.2 Future Outlook - News: On October 30, the Sino - US leaders met in Busan, South Korea. The US will cancel the 10% so - called "fentanyl tariff" on Chinese goods, and the 24% reciprocal tariff will be suspended for another year. Both sides will suspend relevant export control measures for one year and study specific plans. The US will suspend the 301 investigation measures on China's maritime, logistics and shipbuilding industries for one year, and China will take corresponding counter - measures. They also reached consensus on issues such as fentanyl anti - drug cooperation, expanding agricultural product trade, and handling individual cases of relevant enterprises [10][11]. - Fundamentals: The shipments from Australia and Brazil have rebounded, and the arrivals have significantly declined to a low level, which is a regular decline after the end of the quarterly volume rush. The cumulative shipments in the past four weeks reached 1.09 billion tons, an increase of 2.65% compared with the previous four weeks, and the future arrivals are expected to rebound. The first shipment of iron ore from Simandou, Guinea, by Rio Tinto is expected in November, with a limited short - term impact. The daily average pig iron output has continued to decline to below 2.4 million tons, mainly due to the narrowing steel production profit, and it may continue to decline slightly. The demand for the five major steel products has continued to recover this week, and their output has rebounded again. The current steel mills are back to the state of replenishing inventory on demand, with the inventory available days dropping to 20 days, a relatively low level this year. The port inventory has continued to accumulate to 144 million tons and is expected to continue to accumulate slightly [12]. 3.2 Industry News - The outcomes of the Sino - US economic and trade consultations in Kuala Lumpur are as follows: The US will cancel the 10% "fentanyl tariff" on Chinese goods, and the 24% reciprocal tariff will be suspended for another year. China will adjust its counter - measures accordingly. Both sides will suspend relevant export control measures for one year and study specific plans. The US will suspend the 301 investigation measures on China's maritime, logistics and shipbuilding industries for one year, and China will take corresponding counter - measures. They also reached consensus on issues such as fentanyl anti - drug cooperation, expanding agricultural product trade, and handling individual cases of relevant enterprises. They further confirmed the results of the Madrid economic and trade consultations, and the US made positive commitments in the field of investment. China will properly handle issues related to TikTok [13][14]. 3.3 Data Overview - The report presents a series of data charts related to the iron ore and steel industry, including the prices, trading volumes, and inventory of iron ore and steel products, the shipments and arrivals of iron ore, the capacity utilization rate of domestic mines, and the production and consumption of steel products. The data sources are mainly from the websites of the Shanghai Futures Exchange, the Dalian Commodity Exchange, and Mysteel, as well as the Research and Development Department of CCB Futures [5][8][15].

Report Overview - Report Type: Steel Daily Review [1] - Date: October 30, 2025 [2] - Research Team: Black Metal Research Team, including researchers Zhai Hepan, Nie Jiayi, and Feng Zeren [3] 1. Investment Rating - No investment rating is provided in the report. 2. Core View - On October 29, the main contracts of rebar and hot-rolled coil futures showed an obvious upward trend, recovering most of the losses since September 26. Considering the positive expectations from industry policies, cost increases, and the improvement in terminal demand, the steel futures are expected to continue an oscillating and strengthening trend in the future [5][10]. 3. Summary by Section 3.1 Market Review - **Futures Market**: On October 29, the main contracts of rebar (RB2601) and hot-rolled coil (HC2601) futures oscillated higher, with closing prices of 3,133 yuan/ton and 3,345 yuan/ton respectively, up 1.00% and 1.21% from the previous trading day. The stainless steel futures contract (SS2512) also rose 0.31% [5]. - **Spot Market**: Most rebar and hot-rolled coil spot market prices rose on October 29. Rebar prices in Nanning and Shenyang increased by 30 yuan/ton, while prices in Changsha, Zhengzhou, Beijing, Taiyuan, Kunming, and Guiyang remained stable. Hot-rolled coil prices in Guangzhou, Shijiazhuang, and Taiyuan increased by 30 yuan/ton, while prices in Shanghai, Wuhan, Beijing, Lanzhou, and Urumqi remained stable [7]. - **Technical Analysis**: The daily KDJ indicators of the rebar 2601 and hot-rolled coil 2601 contracts showed an upward trend, and the daily MACD red bars continued to expand [7]. 3.2 Market Outlook - **Policy News**: On October 24, the Ministry of Industry and Information Technology released a new draft of the "Implementation Measures for Capacity Replacement in the Iron and Steel Industry," with stricter requirements for replacement ratios. Tangshan plans to implement a 30% blast furnace production limit from October 27 to 30 [9]. - **Fundamentals**: The milder cold weather in the north has improved the outlook for terminal demand. Although steel inventories are significantly higher than in previous years, the improved demand may ease the inventory pressure [10]. - **Market Expectations**: Against the backdrop of geopolitical easing, positive policy news and cost increases have led to a significant rebound in steel futures. The market is expected to continue an oscillating and strengthening trend, and attention should be paid to the cooperation of the spot market and the positive cycle effect on the raw material market [10]. 3.3 Industry News - The Fujian Bureau of the National Mine Safety Administration organized a safety consultation meeting for provincial coal mines, emphasizing the implementation of safety measures [11]. - Wujin Stainless reported Q3 revenue of 597 million yuan, a year-on-year increase of 6.97%, and a net profit of 11.2753 million yuan, a year-on-year decrease of 63.24% [11]. - Bengang Plate reported Q3 revenue of RMB 10.503 billion, a year-on-year decrease of 11.35%, and a net loss of RMB 817 million, a year-on-year reduction of 50.56% [11]. - Shandong Iron and Steel plans to acquire a 100% stake in Yinshan Section Steel from Laigang Group [11]. - Huaneng International reported Q3 revenue of RMB 172.975 billion, a year-on-year decrease of 6.19%, and a net profit of RMB 14.841 billion, a year-on-year increase of 42.52% [12]. - Datang Power Generation reported Q3 revenue of RMB 32.152 billion, a year-on-year decrease of 1.62%, and a net profit of RMB 2.133 billion, a year-on-year increase of 61.18% [12]. - Jinkong Coal Industry reported Q3 revenue of 3.36 billion yuan, a year-on-year decrease of 12.85%, and a net profit of 401 million yuan, a year-on-year decrease of 43.94% [12]. - Yunmei Energy reported Q3 revenue of RMB 1.388 billion, a year-on-year decrease of 11.53%, and a net loss of RMB 18 million [12]. - Shanxi Coking Coal stated that power plants within the company can only use washed middlings from some mines, and internal transactions are subject to contracts [12]. - Shaanxi Energy's subsidiary plans to invest 6.997 billion yuan in the Zhangba Coal Mine project in Shaanxi [12]. - The Henan Department of Industry and Information Technology issued a guide for the green transformation of the steel industry [12]. - Yancoal Australia reported a Q3 raw coal (equity) production of 11.6 million tons, a quarter-on-quarter decrease of 9% and a year-on-year decrease of 12% [12]. - The China-ASEAN Free Trade Area 3.0 upgrade protocol was signed on October 28 [12]. - Russia's coal production in September 2025 was 34.463 million tons, a month-on-month increase of 9.0% and a year-on-year decrease of 0.2% [13]. 3.4 Data Overview - The report presents multiple charts showing data on steel spot prices, production, inventory,开工 rates, and consumption, with data sources from Mysteel and the Research and Development Department of CCB Futures [17][21][24][26][29][33].