Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View - In early December, the market will still be in a multi - vacuum period of macro data, performance, and policies. Without clear trading guidance, the market is expected to maintain a random - walk state, and stock index futures will remain volatile. The domestic economic fundamentals, with all three major PMI indices in the contraction range in November, especially the manufacturing PMI in contraction for 8 consecutive months, may have a negative impact on market sentiment [2]. 3. Summary by Related Catalogs Futures Contract Prices - IF主力合约（2512）price is 4530.6, up 17.2; IH主力合约（2512）price is 2968.2, up 13.0; IC主力合约（2512）price is 6983.2, up 42.0; IM主力合约（2512）price is 7213.4, up 28.0 [2]. - Price differences between different contracts show various changes, such as IF - IH当月合约价差 up 2.6 to 1562.4, IC - IF当月合约价差 up 20.4 to 2452.6 [2]. - Differences between different quarters and the current month also vary, e.g., IF当季 - 当月 is - 38.4, down 2.6 [2]. Futures Position - IF前20名净持仓 is - 19,498.00, down 175.0; IH前20名净持仓 is - 11,870.00, up 487.0; IC前20名净持仓 is - 21,167.00, up 182.0; IM前20名净持仓 is - 33,240.00, down 1242.0 [2]. Spot Prices - The Shanghai - Shenzhen 300 index is 4546.57, up 15.5; the Shanghai Stock Exchange 50 index is 2974.3, up 11.3; the China Securities 500 index is 7012.8, up 16.5; the China Securities 1000 index data is provided, and A - share trading volume is 15,616.65 billion yuan, up 0.4 [2]. Market Sentiment - North - bound trading volume is 1873.09 billion yuan, up 75.49; main - force funds are - 686.96 billion yuan, down 321.57; the proportion of rising stocks is 26.67%, up 0.22; Shibor is 1.302%, up 0.001 [2]. - IO平值看涨期权收盘价（2512）is 40.60, up 3.40; IO平值看跌期权收盘价（2512）is 58.40, down 8.60 [2]. - The 20 - day volatility of the Shanghai - Shenzhen 300 index is 13.89%, down 0.97; the trading volume PCR is 60.61%, down 13.68; the open - interest PCR is 73.71%, up 0.39 [2]. Wind Market Strength - Weakness Analysis - The strength of all A - shares is 3.80, up 0.40; the technical aspect is 2.70, up 0.10; the capital aspect is 5.00, up 0.80 [2]. Industry News - A - share major indices closed with mixed results. The Shanghai Composite Index fell 0.06%, the Shenzhen Component Index rose 0.4%, and the ChiNext Index rose 1.01%. Trading volume in the Shanghai and Shenzhen stock markets declined significantly, with nearly 3900 stocks falling. Most industry sectors declined, with the comprehensive and beauty - care sectors leading the decline, and the machinery and electronics sectors leading the gain [2]. - Overseas, the US small non - farm payrolls in November weakened significantly, supporting the expectation of a Fed rate cut in December. Domestically, in November, among the three major PMI indices, the non - manufacturing PMI and the composite PMI declined compared to October, only the manufacturing PMI rose slightly, and all three were in the contraction range, putting pressure on the market [2]. Key Data to Watch - On December 4, 20:30, watch the US Challenger job - cuts in November; 21:30, watch the US initial jobless claims for the week ending November 29. On December 5, 23:00, watch the US PCE and core PCE for November [3].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The current situation of loose supply and demand in the cotton market continues. New cotton sales progress is significantly slow, market digestion rhythm is below expectations, and port inventories remain high. Downstream demand shows no obvious improvement, with fewer new orders for textile enterprises and a slowdown in cotton yarn shipment rhythm. The short - term rebound space of cotton prices is limited, and attention should be paid to the improvement of actual restocking willingness and macro - dynamics [2][3] 3. Summary by Relevant Catalogs 3.1 Futures Market - Zhengzhou cotton main contract closing price is 13,790 yuan/ton, up 10 yuan; cotton yarn main contract closing price is 20,095 yuan/ton, up 170 yuan - Cotton futures top 20 net positions are - 132,985 lots, down 4,146 lots; cotton yarn futures top 20 net positions are - 413 lots, up 34 lots - Cotton main contract positions are 513,147 lots, down 9,021 lots; cotton yarn main contract positions are 13,558 lots, up 8,642 lots - Cotton warehouse receipt quantity is 2,639 sheets, up 50 sheets; cotton yarn warehouse receipt quantity is 12 sheets, down 1 sheet [2] 3.2 Spot Market - China Cotton Price Index (CCIndex:3128B) is 14,998 yuan/ton, down 7 yuan; China Yarn Price Index (pure cotton carded yarn 32 - count) is 20,770 yuan/ton, unchanged - China Imported Cotton Price Index (FCIndexM:1% tariff) is 12,936 yuan/ton, down 5 yuan; arrival price of imported cotton yarn price index (pure cotton carded yarn 32 - count) is 20,978 yuan/ton, up 19 yuan - China Imported Cotton Price Index (FCIndexM:sliding duty) is 13,932 yuan/ton, down 5 yuan; arrival price of imported cotton yarn price index (pure cotton combed yarn 32 - count) is 22,234 yuan/ton, up 20 yuan [2] 3.3 Upstream Situation - National cotton sowing area is 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; national cotton output is 6.16 million tons, an increase of 0.54 million tons - Cotton - yarn price difference is 5,772 yuan/ton, up 7 yuan; national industrial inventory of cotton is 785,000 tons, down 76,000 tons [2] 3.4 Industry Situation - Cotton import volume is 90,000 tons, down 10,000 tons; cotton yarn import volume is 140,000 tons, up 10,000 tons - Imported cotton profit is 1,073 yuan/ton, up 30 yuan; national commercial inventory of cotton is 2.9306 million tons, up 1.9089 million tons [2] 3.5 Downstream Situation - Yarn inventory days are 26.12 days, up 1.27 days; grey cloth inventory days are 31.97 days, up 0.85 days - Cloth output is 2.62 billion meters, down 0.18 billion meters; yarn output is 2.001 million tons, down 73,000 tons - Export value of clothing and clothing accessories is 110,034,804,300 US dollars, down 14,497,665,700 US dollars; export value of textile yarns, fabrics and products is 112,584,189,200 US dollars, down 7,080,970,800 US dollars [2] 3.6 Option Market - Implied volatility of cotton at - the - money call option is 10.99%, up 1.46%; implied volatility of cotton at - the - money put option is 11%, up 1.47% - 20 - day historical volatility of cotton is 5.73%, down 0.24%; 60 - day historical volatility of cotton is 6.67%, down 0.01% [2] 3.7 Industry News - As of December 3, 2025, 20,147,916 bales of cotton have been inspected, totaling 4,548,335 tons, a year - on - year increase of 16.88%. Xinjiang cotton cumulative inspection volume is 4,474,521 tons, a year - on - year increase of 18.34% - Intercontinental Exchange (ICE) cotton futures fell slightly on Wednesday. The ICE March cotton futures contract closed down 0.11 cents, or 0.17%, at 64.46 cents per pound [2] 3.8 Viewpoint Summary - On the supply side, new cotton sales progress is slow, and port inventory remains high. As of November 27, the inventory of imported cotton in major ports increased by 1.28% week - on - week, with a total inventory of 380,300 tons - On the demand side, downstream demand has not improved significantly, with fewer new orders for textile enterprises and a slowdown in cotton yarn shipment rhythm. The current situation of loose supply and demand continues, and the short - term rebound space of cotton prices is limited [2][3]

Report Industry Investment Rating - No investment rating provided in the report. Core Viewpoints - The trading of late Fuji apples has slowed down. The shipments in the production areas are mainly for packaging and delivering previously ordered goods. The inventory work in the Shandong production area is basically finished, with some ground transactions by direct - shipping merchants to the market. The in - warehouse transactions have gradually started, and the foreign trade channels are still seeking goods, with small fruits having better sales and the出库 speed slightly faster than the same period last year. In the Shaanxi production area, the products are gradually leaving the warehouse. In Luochuan, merchants mainly package their own goods and distribute them through their own channels, with a small amount of fruit sourced from fruit farmers, and the cold - storage trading atmosphere is light. The arrival volume in the sales area market has increased, but the trading atmosphere remains light. The increasing listing volume of citrus fruits squeezes the sales space of apples. There are signs of adjustment in the futures price, and it is advisable to wait and see in the short term. Attention should be paid to the impact of other substitute fruits. [2] Summary by Directory Futures Market - The closing price of the main apple futures contract is 9,605 yuan/ton, and the main contract's open interest is 128,838 lots, with an increase of 8,515 lots. The net long position of the top 20 futures holders is 4,433 lots, a decrease of 3,711 lots. [2] Spot Market - The spot price of bagged apples above 75 in Gansu Jingning is 5.25 yuan/jin, and in Shandong Yiyuan is 2.6 yuan/jin, both unchanged. The spot price of bagged apples above 70 in Shaanxi Luochuan is 4.2 yuan/jin, and the spot price of bagged first - grade apples above 80 in Shandong Yantai Qixia is 4 yuan/jin, both unchanged. [2] Upstream Situation - The annual national apple production is 5,128.51 million tons, an increase of 168.34 million tons. The weekly apple wholesale price is 9.38 yuan/kg, a decrease of 0.02 yuan/kg; the average wholesale price of Fuji apples is 9.06 yuan/kg, a decrease of 0.01 yuan/kg. The national total apple cold - storage inventory is 763.51 million tons, a decrease of 3.24 million tons. The capacity utilization ratio of Shandong apple cold - storage is 54%, unchanged, and that of Shaanxi is 58%, unchanged. The monthly apple export volume is 80,000 tons, an increase of 10,000 tons. [2] Industry Situation - The monthly import value of fresh and dried fruits and nuts has a year - on - year change of - 5.8%, and the monthly year - on - year change of apple export value is - 14.3%. The monthly import value is 1.334364 billion US dollars, a decrease of 503.616 million US dollars. The profit of storage merchants for first - and second - grade bagged 80 apples is 0 yuan/jin, unchanged. [2] Downstream Situation - The weekly wholesale price of pears is 6.76 yuan/kg, an increase of 0.05 yuan/kg; the weekly wholesale price of bananas is 5.41 yuan/kg, an increase of 0.22 yuan/kg; the weekly wholesale price of watermelons is 3.8 yuan/kg, an increase of 0.04 yuan/kg. The average daily morning arrival volume at the Guangdong Jiangmen wholesale market is 6 vehicles, and at the Guangdong Xiaqiao wholesale market is 19.2 vehicles, and at the Guangdong Chalong wholesale market is 25.2 vehicles, an increase of 1.4 vehicles. [2] Option Market - The implied volatility of at - the - money call options for apples is 1.85%, a decrease of 15.66%, and the implied volatility of at - the - money put options is 17.51%, a decrease of 9.27%. [2] Industry News - As of December 3, 2025, the total inventory of apples in cold - storage in the main national production areas is 763.51 million tons, a decrease of 3.24 million tons from last week. The capacity utilization ratio in the Shandong production area is 53.97%, a decrease of 0.23% from last week, and in the Shaanxi production area is 58.21%, a decrease of 0.23% from last week. [2]

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | 93,700.00 | +40.00↑ 前20名净持仓（日，手） | -161,102.00 | +9916.00↑ | | 期货市场 | 主力合约持仓量（日，手） | 560,629.00 | -2207.00↓ 近远月合约价差（日，元/吨） | -1,800.00 | -1800.00↓ | | | 广期所仓单（日，手/吨） | 10,422.00 | +770.00↑ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 94,000.00 | -350.00↓ 工业级碳酸锂平均价（日，万元/吨） | 91,550.00 | -350.00↓ | | | Li₂CO₃主力合约基差（日，元/吨） | 300.00 | -390.00↓ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | 1,230.00 | 0.00 磷锂铝石平均价（日，元/吨） | 9,725 ...

| 项目类别 | 数据指标 最新 | 最新 | 环比 数据指标 | | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪胶主力合约收盘价(日,元/吨) | 15190 | -170 20号胶主力合约收盘价(日,元/吨) | 12085 | -145 | | | 沪胶1-5价差(日,元/吨) | 20 | 30 20号胶1-2价差(日,元/吨) | 0 | 5 | | | 沪胶与20号胶价差(日,元/吨) | 3125 | -5 沪胶主力合约 持仓量(日,手) | 58055 | -4907 | | | 20号胶主力合约持仓量(日,手) | 39260 | -3018 沪胶前20名净持仓 | -32075 | -595 | | | 20号胶前20名净持仓 | -9285 | -978 沪胶交易所仓单(日,吨) | 41400 | 0 | | | 20号胶交易所仓单(日,吨) 上海市场国营全乳胶(日,元/吨) | 51710 14850 | -403 50 上海市场越南3L(日,元/吨) | 15250 | 50 | | | 泰标STR20(日,美元/吨) ...

Group 1: Report Industry Investment Rating - No information provided on the report industry investment rating Group 2: Core View of the Report - The domestic sugar market is expected to see sugar prices fluctuate mainly. The early bearish factors in the market have been basically digested, and the pessimistic sentiment has eased. The late - opening of sugar cane in Guangxi has brought low - priced sugar sources to the market, driving down the price of Yunnan sugar. Although processed sugar and beet sugar have some impact, their prices are relatively firm, providing some support for Guangxi sugar prices [2] Group 3: Summary According to Relevant Catalogs Futures Market - The closing price of the main futures contract for sugar was 5366 yuan/ton, down 16 yuan; the main contract position volume was 330,181 lots, down 8,305 lots; the number of sugar warehouse receipts was 0, unchanged; the net long position of the top 20 futures holders was - 52,892 lots, up 2,501 lots; the total effective warehouse receipt forecast was 183, unchanged [2] Spot Market - The estimated import - processing price of Brazilian sugar within the quota was 4,121 yuan/ton, up 48 yuan; that of Thai sugar within the quota was 4,167 yuan/ton, up 47 yuan. The estimated price of imported Brazilian sugar outside the quota (50% tariff) was 5,223 yuan/ton, up 62 yuan; that of imported Thai sugar outside the quota (50% tariff) was 5,283 yuan/ton. The spot price of sugar in Kunming, Yunnan was 5,410 yuan/ton, down 5 yuan; in Nanning, Guangxi was 5,460 yuan/ton, down 10 yuan; in Liuzhou, Guangxi was 5,525 yuan/ton, down 20 yuan [2] Upstream Situation - The national sugar - crop planting area was 1,480 thousand hectares, up 60 thousand hectares; the planting area of sugar cane in Guangxi was 840.33 thousand hectares, up 5.24 thousand hectares [2] Industry Situation - The cumulative national sugar production was 1,116.21 million tons, up 5.49 million tons; the cumulative sales volume of cane sugar in Guangxi was 602.29 million tons, up 26.66 million tons; the cumulative production of cane sugar in Yunnan was 241.88 million tons, unchanged. Brazil's total sugar export volume was 420.5 million tons, up 95.92 million tons. The import volume of sugar in the current month was 75 million tons, up 20 million tons; the cumulative import volume was 390 million tons, up 74 million tons [2] Downstream Situation - The monthly production of refined sugar was 88.3 million tons, up 34.39 million tons; the monthly production of soft drinks was 1,096.2 million tons, down 495.5 million tons [2] Option Market - The implied volatility of at - the - money call options for sugar was 8.76%, up 1.69%; the implied volatility of at - the - money put options for sugar was 8.76%, up 1.69%. The 20 - day historical volatility of sugar was 6.73%, up 0.06%; the 60 - day historical volatility was 6.85%, up 0.03% [2] Industry News - As of November 30, 2025, India had crushed 48.6 million tons of sugar cane (33.4 million tons in the same period last year), producing 4.135 million tons of sugar (2.76 million tons in the same period last year), and the average sugar yield was 8.51%, up from 8.27% in the same period last year. ICE's most actively traded March raw sugar futures rose 0.22 cents or 1.50%, settling at 14.98 cents per pound [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The current situation of loose supply and demand in the cotton market continues. New cotton sales progress is significantly slow, market digestion rhythm is lower than expected, and port inventory remains high. Downstream demand has no obvious improvement, new orders of textile enterprises have decreased, and the overall market trading atmosphere is weak. The short - term rebound space of cotton prices is limited. Later, attention should be paid to the improvement of actual replenishment willingness and macro - dynamics [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - Zhengzhou cotton main contract closing price was 13,780 yuan/ton, down 20 yuan; cotton yarn main contract closing price was 19,925 yuan/ton, down 80 yuan. - Cotton futures top 20 net positions were - 128,839 hands, down 3,568 hands; cotton yarn futures top 20 net positions were - 447 hands, up 249 hands. - Cotton main contract positions were 522,168 hands, down 21,990 hands; cotton yarn main contract positions were 4,916 hands, down 1,081 hands. - Cotton warehouse receipts were 2,589 sheets, up 90 sheets; cotton yarn warehouse receipts were 13 sheets, down 1 sheet. - China Cotton Price Index (CCIndex:3128B) was 15,005 yuan/ton, up 25 yuan; China Yarn Price Index (pure cotton carded yarn 32 - count) was 20,770 yuan/ton, unchanged [2] 3.2现货市场 - China's imported cotton price index (FCIndexM:1% tariff) was 12,941 yuan/ton, down 15 yuan; the arrival price of imported cotton yarn price index (pure cotton carded yarn 32 - count) was 20,959 yuan/ton, down 25 yuan. - China's imported cotton price index (FCIndexM: sliding duty) was 13,937 yuan/ton, down 4 yuan; the arrival price of imported cotton yarn price index (pure cotton combed yarn 32 - count) was 22,214 yuan/ton, down 26 yuan [2] 3.3 Upstream Situation - The national cotton sowing area was 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; the national cotton output was 6.16 million tons, an increase of 0.54 million tons [2] 3.4 Industry Situation - The cotton - yarn price difference was 5,765 yuan/ton, down 25 yuan; the national industrial inventory of cotton was 785,000 tons, down 76,000 tons. - The monthly import volume of cotton was 90,000 tons, down 10,000 tons; the monthly import volume of cotton yarn was 140,000 tons, up 10,000 tons. - The profit of imported cotton was 1,043 yuan/ton, up 48 yuan; the national commercial inventory of cotton was 2.9306 million tons, up 1.9089 million tons [2] 3.5 Downstream Situation - The inventory days of yarn were 26.12 days, up 1.27 days; the inventory days of grey cloth were 31.97 days, up 0.85 days. - The monthly output of cloth was 2.62 billion meters, down 0.18 billion meters; the monthly output of yarn was 2.001 million tons, down 0.073 million tons. - The monthly export value of clothing and clothing accessories was 110,034,804,300 US dollars, down 14,497,665,700 US dollars; the monthly export value of textile yarns, fabrics and products was 112,584,189,200 US dollars, down 7,080,970,800 US dollars [2] 3.6 Option Market - The implied volatility of cotton at - the - money call options was 9.53%, up 1.51%; the implied volatility of cotton at - the - money put options was 9.53%, up 1.62%. - The 20 - day historical volatility of cotton was 5.96%, down 0.3%; the 60 - day historical volatility of cotton was 6.67%, down 0.64% [2] 3.7 Industry News - As of October 21, 2025, the non - commercial long positions of US cotton decreased by 1,181 hands to 72,047 hands; the non - commercial short positions decreased by 4,202 hands to 134,658 hands; the net short positions decreased by 3,021 hands to 62,611 hands. - ICE cotton futures stabilized on Tuesday, rebounding after the previous day's decline, supported by bargain - hunting. The ICE March cotton futures contract fell 0.06 cents, or 0.10%, to settle at 64.57 cents per pound [2] 3.8 View Summary - The new cotton delivery is coming to an end, the cost is fixed with the price of seed cotton, but the sales progress of new cotton is significantly slow, the market digestion rhythm is lower than expected, and the port inventory remains high. The downstream demand has no obvious improvement, the new orders of textile enterprises have decreased significantly, the shipment rhythm of cotton yarn has slowed down, and the overall market trading atmosphere is weak. The current situation of loose supply and demand continues, and the short - term rebound space of cotton prices is limited [2] 3.9 Prompt Attention - Today there is no news. Later, attention should be paid to the improvement of actual replenishment willingness and macro - dynamics [2]

1. Report Industry Investment Rating - No information provided on the report industry investment rating 2. Core View of the Report - The new - season red dates in Xinjiang's main production areas: the procurement in Hotan, Qiemo, and Ruoqiang areas has ended, and the procurement progress in other areas is about 80%. The prices in the production areas tend to operate weakly. The procurement of raw materials in the production areas is priced according to quality, adhering to the principle of high - quality products at high prices, and the enthusiasm of enterprises for procurement is average. As of November 28, 2025, the physical inventory of 36 sample points of red dates this week was 10,848 tons, an increase of 518 tons from last week, a month - on - month increase of 5.01% and a year - on - year increase of 90.32%, indicating an increase in sample - point inventory. Small and medium - sized merchants are the main procurement entities, and Cangzhou merchants are the main procurement force in the market currently. In the short term, the futures price of Zhengzhou red dates may remain weak. The follow - up needs to closely monitor the procurement progress of the remaining goods in each production area. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract for red dates was 9,055 yuan/ton, a decrease of 55 yuan; the main contract's open interest was 91,023 lots, a decrease of 2,610 lots. The net long position of the top 20 futures holders was - 15,594 lots, a decrease of 1,672 lots. The number of warehouse receipts was 624, an increase of 108; the total valid warehouse receipt forecast was 820, a decrease of 108. [2] 3.2现货市场 - The prices of red dates in different regions: the unified - grade red date price in Kashi was 6.15 yuan/kg (unchanged); the first - grade grey date wholesale price in Hebei was 4.25 yuan/jin, a decrease of 0.05 yuan; the unified - grade red date price in Alar was 5.4 yuan/kg (unchanged); the first - grade grey date wholesale price in Henan was 4.3 yuan/jin, a decrease of 0.1 yuan; the unified - grade red date price in Aksu was 5 yuan/kg (unchanged); the special - grade red date price in Henan was 9.8 yuan/kg (unchanged); the special - grade red date price in Hebei was 9.75 yuan/kg, a decrease of 0.01 yuan; the special - grade red date price in Guangdong was 10.8 yuan/kg (unchanged); the first - grade red date price in Guangdong was 9.6 yuan/kg (unchanged). [2] 3.3 Upstream Market - The annual output of red dates was 6.069 million tons, an increase of 3.187 million tons; the planting area was 1.993 million hectares, a decrease of 41,000 hectares. [2] 3.4 Industry Situation - The national red date inventory this week was 10,848 tons, an increase of 518 tons. The monthly export volume of red dates was 2,205,220 kg, a decrease of 78,451 kg; the cumulative monthly export volume was 25,753,622 kg, an increase of 2,205,220 kg. [2] 3.5 Downstream Situation - The cumulative sales volume of red dates of Hao Xiang Ni in the quarter was 36,480.43 tons, a decrease of 2,981.06 tons; the cumulative year - on - year production growth rate was 1.47%, a decrease of 34.59 percentage points. [2] 3.6 Industry News - Currently, the procurement progress of grey dates in Xinjiang's production areas is about 80%. The procurement speed in the Third Division and Maigaiti areas has increased, and there are only some sellers with average - quality products and those insisting on high prices left in each production area. The mainstream price of general - grade dates in Aksu is 4.80 - 5.20 yuan/kg, in Alar is 5.00 - 5.80 yuan/kg, in Kashi's regimental farms is 6.00 - 6.50 yuan/kg, and in Maigaiti is 5.80 - 6.30 yuan/kg. [2]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The Shanghai copper main contract shows a volatile trend, with decreasing open interest, spot discount, and strengthening basis. In the fundamental raw material segment, copper concentrate processing fees remain in the negative range, and the continuous tight supply of raw materials still supports copper prices. On the supply side, after the previous concentrated maintenance, smelting capacity may be released again, but the tight supply of raw materials will limit the capacity to some extent, so the domestic refined copper supply will only increase slightly. On the demand side, the impact of the off - season for consumption is gradually emerging, and the relatively high copper prices will suppress downstream consumption. In this context, downstream purchasing sentiment may be more cautious. In terms of inventory, the overall social inventory remains at a medium - low level, but there may be some inventory accumulation due to the off - season. In terms of consumption, the year - end rush of domestic power infrastructure and the year - end sales push of the new energy vehicle industry support the demand to some extent. In the options market, the call - put ratio of at - the - money options is 1.27, up 0.0683 month - on - month, indicating a bullish sentiment in the options market with a slight decline in implied volatility. Technically, on the 60 - minute MACD, the two lines are above the 0 axis and the green bars are contracting. The overall view is to conduct light - position volatile trading and pay attention to controlling the rhythm and trading risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai copper futures main contract is 89,210 yuan/ton, up 290 yuan; the LME 3 - month copper price is 11,253 US dollars/ton, down 10 US dollars; the open interest of the main contract is 223,984 lots, down 1,622 lots; the net position of the top 20 futures holders is - 34,929 lots, down 7,914 lots; the LME copper inventory is 161,800 tons, up 2,375 tons; the SHFE cathode copper inventory is 97,930 tons, down 12,673 tons; the SHFE cathode copper warrant is 28,969 tons, down 2,856 tons [2]. 3.2 Spot Market - The SMM 1 copper spot price is 88,980 yuan/ton, up 320 yuan; the Yangtze River Non - Ferrous Market 1 copper spot price is 89,085 yuan/ton, up 325 yuan; the Shanghai electrolytic copper CIF (bill of lading) price is 48.50 US dollars/ton, unchanged; the Yangshan copper average premium is 39 US dollars/ton, unchanged; the basis of the CU main contract is - 230 yuan/ton, up 30 yuan; the LME copper cash - 3 months spread is 69.18 US dollars/ton, up 0.08 US dollars; the monthly import volume of copper ore and concentrates is 245.15 million tons, down 13.56 million tons; the weekly TC of domestic copper smelters is - 42.75 US dollars/kiloton, down 0.43 US dollars [2]. 3.3 Upstream Situation - The price of copper concentrate in Jiangxi is 79,020 yuan/metal ton, down 440 yuan; the price of copper concentrate in Yunnan is 79,720 yuan/metal ton, down 440 yuan; the weekly processing fee for blister copper in the south is 1,300 yuan/ton, unchanged; the weekly processing fee for blister copper in the north is 900 yuan/ton, unchanged [2]. 3.4 Industry Situation - The monthly output of refined copper is 120.40 million tons, down 6.20 million tons; the monthly import volume of unwrought copper and copper products is 440,000 tons, down 50,000 tons; the weekly social copper inventory is 41.82 million tons, up 0.43 million tons; the price of 1 bright copper wire in Shanghai is 60,840 yuan/ton, down 350 yuan; the ex - factory price of 98% sulfuric acid of Jiangxi Copper is 870 yuan/ton, unchanged; the price of 2 copper (94 - 96%) in Shanghai is 74,550 yuan/ton, down 150 yuan [2]. 3.5 Downstream and Application - The monthly output of copper products is 200.40 million tons, down 22.80 million tons; the cumulative monthly investment in power grid infrastructure is 4,824 billion yuan, up 445.93 billion yuan; the cumulative monthly real estate development investment is 73,562.70 billion yuan, up 5,856.99 billion yuan; the monthly output of integrated circuits is 4,177,000 million pieces, down 194,236.10 million pieces [2]. 3.6 Options Situation - The 20 - day historical volatility of Shanghai copper is 10.96%, down 0.03%; the 40 - day historical volatility is 18.20%, down 0.09%; the at - the - money implied volatility is 17.45%, down 0.0114; the call - put ratio of at - the - money options is 1.27, up 0.0683 [2]. 3.7 Industry News - The National Development and Reform Commission Director Zheng Shanjie said in a signed article that the "15th Five - Year Plan" will prioritize the construction of a modern industrial system, focusing on optimizing traditional industries and developing emerging and future industries, and accelerating the development of strategic emerging industry clusters such as new energy, new materials, aerospace, and low - altitude economy; US President Trump plans to announce the next Fed Chair nominee in early 2026, and it is reported that he has "pre - selected" White House National Economic Council Director Hassett; the OECD predicts that the global economic growth rate will be 3.2% and 2.9% in the next two years, with the US economy growing 2% and 1.7% and the eurozone economy growing 1.3% and 1.2%; the UNCTAD predicts that the global economic growth will slow to 2.6% in 2025, lower than 2.9% in 2024, and emphasizes the impact of financial market volatility on global trade [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Late Fuji apple trading has slowed down. In Shandong, the warehousing work is basically finished, with ground trading mainly for direct market delivery by merchants, and in - warehouse trading starting. The foreign trade channel continues to seek goods, with small fruits selling well and the outbound rate slightly faster than last year. In Shaanxi, products are gradually leaving the warehouse, with Luochuan mainly packaging goods in merchants' hands and having a light cold - storage trading atmosphere. The arrival volume in the sales area has increased, but the trading atmosphere remains light. The increase in the listing volume of citrus fruits squeezes the apple sales space. Apple futures prices are expected to remain high in the short term, and the impact of alternative fruits should be noted [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the apple futures main contract is 9712 yuan/ton, with a month - on - month increase of 866; the main contract position is 8144 hands; the net long position of the top 20 futures positions is 120323 hands, with a month - on - month increase of 5896 [2] 3.2 Spot Market - The spot prices of apples in Gansu Jingning, Shandong Yiyuan, Shaanxi Luochuan, and Shandong Yantai Qixia are 5.25 yuan/jin, 2.6 yuan/jin, 4.2 yuan/jin, and 4 yuan/jin respectively, with no month - on - month change [2] 3.3 Upstream Situation - The national apple output is 5128.51 million tons, and the output in a certain area is 168.34 million tons [2] 3.4 Industry Situation - The weekly apple wholesale price is 9.38 yuan/kg, with a month - on - month decrease of 0.02; the average wholesale price of Fuji apples is 9.06 yuan/kg; the national apple cold - storage total inventory is 766.75 million tons, with a month - on - month decrease of 6.41; the storage capacity ratios of Shandong and Shaanxi apples are 0.54 and 0.58 respectively, with month - on - month decreases of 0.01; the monthly apple export volume is 80,000 tons, with an increase of 10,000 tons; the monthly import amount of fresh and dried fruits and nuts is 1.334364 billion US dollars, with a decrease of 503,616 US dollars; the year - on - year monthly apple export amount is - 14.3%; the weekly profit of first - and second - grade paper - bag apple 80 storage merchants is 0 yuan/jin [2] 3.5 Downstream Situation - The weekly wholesale prices of pears, bananas, and watermelons are 6.76 yuan/kg, 5.41 yuan/kg, and 6 yuan/kg respectively, with month - on - month increases of 0.05, 0.22, and 0.04; the early - morning average daily arrival vehicle numbers at Guangdong Jiangmen, Xiaqiao, and Chalong wholesale markets are 16, 25.2, and 19.2 respectively, with month - on - month increases of 3.8, 1.4, and 3.2 [2] 3.6 Option Market - The implied volatility of at - the - money call and put options for apples is 1.85% and 17.51% respectively, with month - on - month decreases of 15.66 and 9.27 [2] 3.7 Industry News - The trading of inventory apples remains light. In Shandong and Shaanxi, there are few inquiring merchants, mainly self - picking by merchants. In Gansu, the sales of Huaniu apples are okay, while the trading of Fuji apples has slowed down slightly, with little change in transaction prices [2]