Report Information - Report Title: Sugar Daily Report [1] - Date: November 12, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] - Research Team: Agricultural Products Research Team [4] 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - On Monday, New York raw sugar futures fluctuated strongly, with the main March contract rising 1.13% to 14.26 cents per pound. London ICE white sugar futures' main March contract rose 0.5% to $408.10 per ton. The Indian government plans to allow 1.5 million tons of sugar exports, but the market believes current sugar prices are below India's export parity, making exports difficult. Overnight, overseas stocks and commodities generally rose, and raw sugar followed the trend [7]. - Yesterday, the main Zhengzhou sugar contract rose first and then fell. The 01 contract closed at 5,480 yuan per ton, up 13 yuan or 0.24%, with an increase of 3,084 contracts in positions. The domestic spot sugar price remained flat, with 5,580 yuan per ton in Kunming and 5,840 yuan per ton in East China. The Guangxi Sugar Association issued a self - discipline convention for the 2025/26 sugar - crushing season, stipulating that the crushing should not start earlier than November 30, but some sugar mills have announced their crushing start in mid - November. Zhengzhou sugar failed to rise strongly today, with obvious pressure at the 5,500 mark. In terms of funds, speculative short positions slightly decreased [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market Quotes**: SR601 closed at 5,480 yuan per ton, up 13 yuan or 0.24%, with a position of 376,327 contracts and an increase of 3,084 contracts; SR605 closed at 5,411 yuan per ton, up 11 yuan or 0.20%, with a position of 115,315 contracts and a decrease of 607 contracts; US sugar 03 closed at 14.26 cents per pound, up 0.16 cents or 1.13%, with a position of 483,461 contracts and an increase of 400 contracts; US sugar 05 closed at 13.86 cents per pound, up 0.13 cents or 0.95%, with a position of 170,718 contracts and an increase of 2,605 contracts [7]. - **Domestic Market**: The main Zhengzhou sugar contract rose first and then fell. The domestic spot sugar price remained flat. The Guangxi Sugar Association's self - discipline convention was not fully followed, and some sugar mills planned to start crushing earlier. Zhengzhou sugar faced pressure at 5,500, and speculative short positions decreased [8]. 3.2 Industry News - **Brazilian Sugar Exports**: In the first week of November, Brazil exported 685,701.91 tons of sugar, with a daily average export of 137,140.38 tons, a 23% decrease compared to the daily average export in November last year. In October, Brazil exported about 4.205 million tons of sugar, a 12.8% year - on - year increase. From April to October in the 2025/26 crushing season, Brazil cumulatively exported 21.9568 million tons of sugar, a 5.27% year - on - year decrease [9][10]. - **Chinese Sugar Supply and Demand**: The China Sugar Association adjusted the sugar import volume for the 2024/25 season down by 380,000 tons to 4.62 million tons. It is predicted that the sugar production in the 2025/26 season will be 11.7 million tons, an increase of 500,000 tons from the previous month's prediction, and the sugar consumption will be 15.7 million tons, a decrease of 200,000 tons from the previous month's prediction. Southern sugar mills have started production, and 29 northern beet sugar mills have all started production, with a generally stable production situation [9]. - **Guangxi Sugar Production**: On November 15, some sugar mills in Guangxi are expected to start crushing, kicking off the 2025/26 production season, 7 days later than the same period last year. As of now, the number of sugar mills starting production before the end of November is expected to be significantly less than 61 last year, but some sugar mills in northern Guangxi will start earlier. In the past ten crushing seasons, the sugar production in Guangxi in November was between 40,000 and 510,000 tons, and the temperature difference was not obvious, which was not conducive to sugar accumulation [9]. - **Indian Sugar Exports**: The Indian central government has decided to allow the export of 1.5 million tons of sugar in the 2025 - 26 crushing season starting from October [9]. 3.3 Data Overview - The report provides multiple data charts, including spot price trends, 2601 contract basis, SR1 - 5 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading and position data of the top 20 seats of the main Zhengzhou sugar contract [12][14][16]. - The trading and position data of the top 20 seats of the main Zhengzhou sugar contract show that the total trading volume was 171,320 contracts, a decrease of 16,172 contracts; the total long position was 257,739 contracts, an increase of 1,121 contracts; the total short position was 297,052 contracts, a decrease of 1,208 contracts [22].

Group 1: Report Overview - Report title: Pig Daily Report [1] - Report date: November 12, 2025 [2] Group 2: Investment Rating - There is no information about the industry investment rating in the report. Group 3: Core Viewpoints - The spot market is expected to fluctuate as supply stabilizes and demand increases slightly, but the support from second - round fattening is weak. The futures market, specifically the 2601 contract, may show a long - term weakening trend due to increased supply and concentrated second - round fattening and pressure - barring in October [9]. Group 4: Summary by Directory 1. Market Review and Operation Suggestions - **Market conditions**: On November 11, the main 2601 futures contract of live pigs opened slightly lower, fluctuated downward, and closed with a negative line. The highest was 11,995 yuan/ton, the lowest was 11,750 yuan/ton, and the closing price was 11,755 yuan/ton, down 1.80% from the previous day. The total index positions increased by 16,981 lots to 368,545 lots. The national average price of external ternary pigs was 11.87 yuan/kg, down 0.06 yuan/kg from the previous day [8]. - **Analysis**: In the long - term, pig slaughter is expected to increase slightly until the first half of next year. The concentrated second - round fattening and pressure - barring in October increased the supply pressure before the Spring Festival. In the short - term, the planned sales volume in November decreased by 3.27% compared to the actual sales volume in October. The demand side shows that second - round fattening is mainly in a wait - and - see state. Terminal consumption is rising but with insufficient incremental growth. The slaughter volume of sample slaughtering enterprises on November 11 was 162,400 heads, an increase of 100 heads from the previous day, 4,400 heads week - on - week, and 6,600 heads month - on - month [9]. 2. Industry News - There is no specific content about industry news in the report, only the titles of some related data charts are given. 3. Data Overview - As of October 30, the average profit per self - bred and self - raised pig was - 34.5 yuan/head, a monthly increase of 20 yuan/head; the profit per pig from purchasing piglets was - 258 yuan/head, a monthly increase of 50 yuan/head [13]. - As of October 31, the utilization rate of fattening pens was 55.5%, a monthly increase of 21.2 percentage points, the same as the previous year [13]. - As of the end of October, the price difference between 175 - kg fat pigs and standard pigs was 0.71 yuan/jin, a monthly increase of 0.36 yuan/jin [13]. - As of the end of October, the cost of fattening a 110 - kg pig to 140 kg was 12.18 yuan/kg, a decrease of 0.58 yuan/kg from the previous month; the cost of fattening a 125 - kg pig to 150 kg was 12.63 yuan/kg, a decrease of 0.44 yuan/kg from the previous month [13]. - The average slaughter weight of pigs in October was 128.1 kg, a decrease of 0.3 kg from September, a monthly decrease of 0.23%, and an increase of 2.2 kg compared to the same period last year, a year - on - year increase of 1.75% [13]. - In September, the slaughter volume of large - scale pig slaughtering enterprises nationwide was 35.84 million heads, a month - on - month increase of 7% and a year - on - year increase of 28.5% [13].

Report Information - Report Date: November 12, 2025 [2] - Report Type: MEG Daily Report [1] Industry Investment Rating - Not provided Core View - The ethylene glycol market currently has fewer bullish supports, and the overall macro - market is cautious. It is expected that the ethylene glycol price will mainly show a weak trend [7] Summary by Directory 1. Market Review and Operation Suggestions - Futures market: EG2601 closed at 3,875 yuan/ton, down 61 yuan, with a position of 362,650 contracts, an increase of 12,625 contracts; EG2605 closed at 3,966 yuan/ton, down 44 yuan, with a position of 41,893 contracts, an increase of 1,907 contracts. On the 11th, the main ethylene glycol futures contract opened at 3,954 yuan, with a high of 3,955 yuan, a low of 3,969 yuan, a settlement price of 3,921 yuan, and a close of 3,875 yuan, down 61 yuan from the previous trading day's settlement price. The total volume was 174,576 lots, and the position was 362,650 lots [7] 2. Industry News - Oil price: News of the potential end of the US government shutdown injected optimism into the market, boosting the demand expectation of the world's largest oil - consuming country and offsetting concerns about global supply growth. International oil prices continued to rise slightly. On November 10th, the settlement price of WTI crude oil futures for December 2025 on the New York Mercantile Exchange was $60.13 per barrel, up $0.38 or 0.64% from the previous trading day, with a trading range of $59.41 - $60.48. The settlement price of Brent crude oil futures for January 2026 on the London Intercontinental Exchange was $64.06 per barrel, up $0.43 or 0.68% from the previous trading day, with a trading range of $63.32 - $64.34 [8] - Ethylene glycol market in Zhangjiagang: This week's spot negotiation price was 3,942 - 3,943 yuan/ton, down 57.5 yuan/ton from the previous working day. Next week's spot negotiation price was 3,941 - 3,943 yuan/ton, and the negotiation price for late November was 3,941 - 3,943 yuan/ton. The basis of this week's spot relative to EG2601 was at a premium of 67 - 68 yuan/ton, next week's spot basis relative to EG2601 was at a premium of 66 - 68 yuan/ton, and the basis for late November relative to EG2601 was at a premium of 66 - 68 yuan/ton [8] - Polyester market: The trading atmosphere of polyester filament cooled compared with the previous day. After the price increase of polyester factories today, the sales volume shrank, and the terminal demand weakened marginally and locally. The futures price of polyester staple fiber first rose and then fell, the price of staple fiber factories was stable, the price of traders decreased slightly, the downstream demand weakened, and the on - site trading was average [8] 3. Data Overview - The report provides multiple data charts, including MEG futures price, spot - futures price difference, international crude oil futures main contract closing price, raw material price index (ethylene), PTA - MEG price difference, MEG price, MEG downstream product price, and MEG downstream product inventory, with data sources from Wind and the Research and Development Department of CCB Futures [10][15][16]

Group 1: Report Information - The report is a daily report on the soda ash and glass industries dated November 12, 2025 [1][2] Group 2: Industry Investment Rating - No information provided Group 3: Core Views - The soda ash market is expected to maintain a volatile trend in the short - term, with a long - term supply - exceeding - demand pattern likely to continue due to weakening demand from the glass industry and sufficient supply [8] - The glass market is currently in a state of high supply and weak demand. The short - term price is mainly volatile, and the medium - term market is likely to trend downward if there is no new market stimulus [9] Group 4: Summary by Directory 1. Soda Ash and Glass Market Review and Operation Suggestions - **Soda Ash Futures Data**: On November 11, for the SA601 contract, the opening price was 1225 yuan/ton, the highest was 1238 yuan/ton, the lowest was 1209 yuan/ton, the closing price was 1215 yuan/ton, up 4 yuan/ton or 0.33%, with a position reduction of 31,964 lots. For the SA605 contract, the opening price was 1300 yuan/ton, the highest was 1309 yuan/ton, the lowest was 1285 yuan/ton, the closing price was 1292 yuan/ton, down 1 yuan/ton or 0.07%, with a position increase of 6944 lots [7] - **Soda Ash Market Analysis**: The weekly production of soda ash decreased 1.41% to 746,900 tons. The total shipment volume of Chinese soda ash enterprises at the beginning of November decreased 3.14% to 733,900 tons. The inventory of soda ash plants slightly increased to 1,714,200 tons. The short - term price rebound was affected by the increase in light soda ash price and equipment maintenance, while the long - term supply - demand relationship is weak [8] - **Glass Futures Data**: On November 11, for the FG601 contract, the opening price was 1066 yuan/ton, the highest was 1071 yuan/ton, the lowest was 1051 yuan/ton, the closing price was 1053 yuan/ton, down 20 yuan/ton or 1.86%, with a position increase of 83,472 lots. For the FG605 contract, the opening price was 1203 yuan/ton, the highest was 1206 yuan/ton, the lowest was 1182 yuan/ton, the closing price was 1184 yuan/ton, down 23 yuan/ton or 1.90%, with a position increase of 17,297 lots [7] - **Glass Market Analysis**: Four coal - fired production lines in Shahe were shut down in the short - term. The glass industry is at a high supply level this year. The inventory after the festival remains high, and the demand recovery is weak. The short - term price is volatile, and the medium - term may trend downward [9] 2. Data Overview - The report provides data on the price trends of active contracts for soda ash and glass, weekly production and enterprise inventory of soda ash, market price of heavy soda ash in Central China, and flat glass production, with data sources including Wind and iFind [13][14][15]

PTA 日报 行业 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 日期 2025 年 11 月 12 日 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 一、 行情回顾与操作建议 | 表1：期货行情 | | | | | | --- | --- | --- | --- | --- | | 合约 | 收盘价（元/吨） | 涨跌 | 总量 | 增减 | | TA2601 | 4648 | -24 ...

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report The spot price of polysilicon will continue to be in a stalemate in the short - term. The supply improvement of polysilicon lacks internal driving force, and attention should be paid to the support strength at the lower edge of the range [4]. 3) Summary by Relevant Catalogs a. Market Performance - The price of the polysilicon main contract fluctuated strongly first. The closing price of the PS2601 contract was 53,720 yuan/ton, with a gain of 1.08%. The trading volume was 218,786 lots, and the open interest was 125,974 lots, with a net increase of 457 lots [4]. - The transaction price range of polysilicon n - type re - feeding materials was 49,000 - 55,000 yuan/ton, with an average transaction price of 53,200 yuan/ton, remaining flat month - on - month. The transaction price range of n - type granular silicon was 50,000 - 51,000 yuan/ton, with an average transaction price of 50,500 yuan/ton, also remaining flat month - on - month [4]. b. Future Market Outlook - In November, the polysilicon output was 120,000 tons. Whether the production cut will be implemented under the current profit improvement needs further observation. The output of downstream silicon wafers and cells remained stable at 55 - 60GW, but there was no optimistic expectation for the repair of the cliff - like decline in terminal demand. The industrial chain profit was currently concentrated in the silicon material end, and the downstream's willingness to continue price hikes was decreasing [4]. - The policy support continued to fall short, and the internal driving force for the improvement of polysilicon supply - demand was limited. There was an increase in positions and a decline in volume during the session, so attention should be paid to the support strength at the lower edge of the range (net short increase of 11,785) [4]. c. Market News - On November 11, the number of polysilicon warehouse receipts was 9,850 lots, remaining unchanged from the previous trading day [4]. - In September 2025, the newly - installed photovoltaic capacity was 9.66GW, a month - on - month increase of 31.25%. From January to September, the cumulative newly - installed photovoltaic capacity was 240.27GW [4]. d. Energy Development Measures - Coordinate the external transmission and local consumption of "Shagehuang" new energy bases, optimize the integrated development and consumption of hydropower, wind, and solar bases, promote the standardized and orderly development and consumption of offshore wind power, scientifically and efficiently promote the development and consumption of provincial - level centralized new energy, and actively expand the development and consumption space of distributed new energy [4][5].

Report Overview - Report Title: Crude Oil Daily Report - Report Date: November 12, 2025 - Report Industry: Energy and Chemicals Core Viewpoint - The short - term market lacks drivers and is expected to move sideways, while the medium - term oil prices still face continuous oversupply pressure. It is recommended to try short positions on rebounds [6][7] Section Summaries 1. Market Review and Operation Suggestions - **Market Quotes**: WTI's opening price was $59.87, closing at $60.05, with a high of $60.48, a low of $59.41, a daily increase of 0.50%, and a trading volume of 19.61 million hands. Brent's opening price was $63.8, closing at $63.94, with a high of $64.34, a low of $63.32, a daily increase of 0.49%, and a trading volume of 27.31 million hands. SC's opening price was 460.5 yuan/barrel, closing at 458.8 yuan/barrel, with a high of 462.1 yuan/barrel, a low of 457 yuan/barrel, a daily decrease of 0.30%, and a trading volume of 7.15 million hands [6] - **News**: The US government shutdown issue is expected to be resolved, supporting the recovery of market risk appetite. The overseas assets of Lukoil are continuously affected by US sanctions, and the West Qurna - 2 oilfield project is under force majeure and may withdraw from operation later [6] - **Supply and Demand**: OPEC+ has decided to temporarily stop increasing production in the first quarter of next year, which is marginally positive for the supply side. However, the inventory accumulation rate in the first quarter of next year may reach 3 million barrels per day, and the current policies alone are difficult to reverse the oversupply [6] - **Operation Suggestion**: Try short positions on rebounds [7] 2. Industry News - Saudi Arabia and Iraq have allocated their entire December crude oil supplies to Indian refiners - Two Indian state - owned enterprises have bought 5 million barrels of oil from the US and the Middle East - Iraq's SOMO has cancelled three crude oil cargoes originally scheduled to be shipped by Lukoil in November - Lukoil has declared force majeure on the West Qurna - 2 project in Iraq and warned that it may withdraw from the project if the situation persists [8] 3. Data Overview - Multiple data charts are presented, including global high - frequency crude oil inventory, EIA crude oil inventory, US crude oil production growth rate, Dtd Brent price, WTI spot price, Oman spot price, US gasoline consumption, and US diesel consumption [9][13][20]

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core Viewpoints - In the short - term, precious metals need to consolidate to digest the previous sharp rise, but in the medium - term, factors such as global central bank easing, geopolitical risks, and the accelerated restructuring of the international trade and monetary system continue to provide liquidity premiums, safe - haven demand, and reserve diversification demand for precious metals. Investors are advised to maintain a long - biased trading approach and observe the support level of London gold at $3800 - 3850 per ounce. The medium - level bull market for precious metals since March 2024 has not ended, and it is expected that in the next six months and one year, London gold may rise to $4500 and $4800 per ounce respectively, and London silver may rise to $58 and $63 per ounce respectively [4][5]. 3. Summary by Directory 3.1 Precious Metals Market Conditions and Outlook - **Intraday Market**: From October 28th to the present, London gold has been trading sideways in the range of $3880 - $4050 per ounce. The narrowing trading range indicates an imminent short - term price breakthrough. In the short - term, precious metals need to adjust, while in the medium - term, they are supported by multiple factors. Investors are advised to hold a long - biased view and watch the support at $3800 - $3850 per ounce [4]. - **Domestic Precious Metals Market**: The Shanghai Gold Index closed at 923.97, up 0.39%; the Shanghai Silver Index closed at 11,505, up 0.49%; Gold T + D closed at 917.27, down 0.03%; Silver T + D closed at 11,480, up 0.52% [5]. - **Medium - term Market**: Since March 2024, the medium - level bull market for precious metals has not ended. It is expected that in the next six months and one year, London gold may reach $4500 and $4800 per ounce respectively, and London silver may reach $58 and $63 per ounce respectively. After the significant decline in precious metal prices since late October, some of the adjustment risks have been released. Investors should pay attention to the technical and fundamental signals for re - entering long positions [5]. 3.2 Precious Metals Market - Related Charts The report presents multiple charts including Shanghai gold and silver futures indices, London gold and silver spot prices, the basis of Shanghai futures indices against Shanghai Gold T + D, gold and silver ETF holdings, the gold - silver ratio, and the correlation between London gold and other assets, with data sourced from Wind and the research and development department of Jianxin Futures [7][9][11]. 3.3 Main Macroeconomic Events/Data - Cleveland Fed President Harker believes that high inflation levels are not conducive to the Fed's further rate cuts, and she is concerned that current monetary policy may not be effective in dealing with inflation. - US President Trump admitted that US consumers are paying higher prices due to his tariff policies, although he still claims that the policy benefits Americans overall. - The Bank of England kept its interest rate at 4.0%, but the close vote and signs that Governor Bailey may soon support rate cuts increase the possibility of a rate cut in December after the government's budget announcement. - After the US imposed new sanctions on major Russian oil producers, Indian and Chinese refiners reduced their purchases, leading to the largest discount of Russian oil prices in Asia compared to Brent crude in a year [17].

Report Overview - Report Date: November 10, 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. Investment Rating - No investment rating provided in the report 2. Core View - After the Sino - US agreement, domestic soybean meal has returned to the CBOT soybean cost - pricing model, and the price transmission chain between China and the US has been re - established. Due to cost increases and low crushing profits, the support at the bottom of soybean meal is relatively strong. In the context of strong policy uncertainty, treat soybean meal with short - term cautious optimism. The risk lies in the collapse of the cost increase expectation caused by China's small - scale purchase of US soybeans later [6] 3. Summary by Section 3.1 Market Review and Trading Suggestions - **Market Data**: For the soybean meal 2601 contract, the previous settlement price was 3070, the opening price was 3065, the highest price was 3070, the lowest price was 3034, the closing price was 3058, down 12 or - 0.39%, with a trading volume of 951,916 and an open interest of 1,577,123, an increase of 8,927. Similar data is provided for the 2603 and 2605 contracts [6] - **International Market**: The US soybean futures contract on the external market declined, with the main contract at 1110 cents. After the Sino - US agreement in late October, the US expected China to purchase 12 million tons of US soybeans by January next year and 25 million tons per year for the next three years. However, with a 13% tariff on US soybean imports, it is more cost - effective for Chinese oil mills to import Brazilian soybeans, and it is difficult to achieve the purchase targets. The US government shutdown makes it impossible to verify China's purchase situation, and uncertainties are high [6] 3.2 Industry News - The US Department of Agriculture's National Agricultural Statistics Service (NASS) will release several major agricultural reports in November, including the monthly supply - demand report. The reports were not released in October due to the government shutdown. The crop production report and the global agricultural supply - demand forecast report, originally scheduled for November 10, will be released on November 14 [7] - The Buenos Aires Grain Exchange reported that Argentine farmers started sowing soybeans for the 2025/26 season. Most farmland soil moisture is in the "optimal" state. The exchange expects Argentina to harvest 48.5 million tons of soybeans this year, and farmers have sown 4.4% of the expected 17.6 million hectares [8] 3.3 Data Overview - The data sources for various figures (such as soybean meal ex - factory price, basis of soybean meal 01 contract, 1 - 5 spread of soybean meal, 5 - 9 spread of soybean meal, US dollar - RMB central parity rate, US dollar - Brazilian real exchange rate) are Wind and the Research and Development Department of CCB Futures [10][12][14]

Group 1: General Information - Reported industry: Eggs [1] - Report date: November 10, 2025 [2] - Research team: Agricultural Products Research Team, including researchers Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review and Operational Suggestions Market Review | Contract | Previous Settlement Price | Opening Price | High Price | Low Price | Closing Price | Change | Change Rate | Trading Volume | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Egg 2601 | 3379 | 3369 | 3392 | 3338 | 3391 | 12 | 0.36% | 140053 | 180370 | 169963 | | Egg 2602 | 3077 | 3075 | 3082 | 3049 | 3081 | 4 | 0.13% | 32666 | 112915 | 1308 | | Egg 2512 | 3222 | 3220 | 3229 | 3191 | 3219 | -3 | -0.09% | 240840 | 148243 | -18354 | [7] Core View - The national egg price rose today. The average price in the main producing areas was 3.01 yuan/jin, up 0.09 yuan/jin from yesterday; the average price in the main consuming areas was 3.27 yuan/jin, up 0.10 yuan/jin from yesterday. The 12 - contract fell 0.09%. - The spot market has improved significantly this week. The low - price areas in Hebei and Hubei have gradually increased, and the red eggs in the north have remained relatively stable. The inventory pressure has decreased significantly, and the market is in a normal trading state. - Fundamentally, the laying - hen inventory at the end of October decreased for the first time after 9 consecutive months of growth, indicating an inflection point. However, since the accelerated culling is in the early stage and the replenishment has only weakened significantly after July, the laying - hen inventory is expected to remain high and decline slightly by the end of the year. Without emotional support, the spot market is unlikely to have a continuous rebound. - In the futures market, the strengthening of the low - price spot areas has given confidence to the bulls. The market is currently in a continuous and relatively strong rebound, but the sustainability is questionable. Attention should be paid to the willingness of other spot areas to follow the price increase on weekends and in the future. The futures market is expected to fluctuate at a low level, and a straddle double - selling strategy is recommended for options. [8] Group 3: Industry News Inventory - As of the end of October 2025, the national monthly inventory of laying hens was about 1.359 billion, down 0.66% from 1.368 billion at the end of September 2025 and 1.365 billion at the end of August 2025, ending the previous continuous growth trend. It was up 5.59% compared with 1.287 billion at the end of October 2024. [9] Replenishment - In October 2025, the monthly output of laying - hen chicks from sample enterprises was about 39.15 million, slightly less than 39.2 million in September 2025 and significantly less than 44.83 million in the same period in 2024. The total replenishment from July to October 2025 was about 158.14 million, compared with about 176.1 million in the same period in 2024. [9] Culling Volume - As of November 6, 2025, the national culling volumes in the previous three weeks were 20.02 million, 20.53 million, and 19.81 million respectively, showing a trend of first increasing and then decreasing. [9][14] Culling Age - As of November 6, 2025, the average culling age of hens was 493 days, 1 day earlier than last week and 6 days earlier than last month, indicating an accelerated culling process. [14]