Group 1: Report Industry Investment Rating - No industry investment rating is provided in the report [1][2] Group 2: Core Viewpoints - The traditional peak season effect of "Golden September and Silver October" is mediocre, the real estate sector is a drag, and policy support in the automotive and home appliance sectors brings some highlights. Downstream demand recovery is insufficient, the market mainly makes on - demand purchases at low prices, domestic inventory increases, and LME zinc destocking slows down. Technically, the long - position atmosphere slightly weakens, and attention should be paid to the MA10 support. It is recommended to wait and see for now [2] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the main Shanghai zinc futures contract is 22,680 yuan/ton, up 5 yuan; the 12 - 01 contract spread of Shanghai zinc is - 40 yuan/ton, down 10 yuan; the LME three - month zinc quote is 3,069 US dollars/ton, down 16.5 US dollars; the total open interest of Shanghai zinc is 227,385 lots, up 489 lots; the net open interest of the top 20 in Shanghai zinc is 15,184 lots, down 222 lots; Shanghai zinc warehouse receipts are 70,890 tons, up 372 tons; the SHFE inventory is 100,208 tons, down 3,208 tons; the LME inventory is 35,300 tons, up 400 tons [2] 现货市场 - The spot price of 0 zinc on Shanghai Non - ferrous Metals Network is 22,610 yuan/ton, down 50 yuan; the spot price of 1 zinc in the Yangtze River Non - ferrous Metals Market is 22,490 yuan/ton, down 170 yuan; the basis of the ZN main contract is - 70 yuan/ton, down 55 yuan; the LME zinc premium (0 - 3) is 117.04 US dollars/ton, down 59.51 US dollars; the arrival price of 50% zinc concentrate in Kunming is 18,340 yuan/ton, up 30 yuan; the price of 85% - 86% broken zinc in Shanghai is 16,050 yuan/ton, unchanged [2] Upstream Situation - The WBMS zinc supply - demand balance is - 27,800 tons, down 5,700 tons; the ILZSG zinc supply - demand balance is 47,900 tons, up 17,700 tons; the global zinc mine production by ILZSG is 1.0976 million tons, up 21,400 tons; domestic refined zinc production is 651,000 tons, up 34,000 tons; zinc ore imports are 505,400 tons, up 38,100 tons [2] Industry Situation - Refined zinc imports are 22,677.51 tons, down 2,979.32 tons; refined zinc exports are 2,477.83 tons, up 2,166.92 tons; the social zinc inventory is 161,700 tons, down 100 tons [2] Downstream Situation - The monthly output of galvanized sheets is 2.32 million tons, up 10,000 tons; the monthly sales of galvanized sheets are 2.28 million tons, down 90,000 tons; the monthly new housing construction area is 453.99 million square meters, up 55.9799 million square meters; the monthly housing completion area is 311.2888 million square meters, up 34.3534 million square meters; the monthly automobile production is 3.227 million vehicles, up 474,600 vehicles; the monthly air - conditioner production is 18.0948 million units, up 1.276 million units [2] Option Market - The implied volatility of at - the - money call options on zinc is 12.2%, down 0.03%; the implied volatility of at - the - money put options on zinc is 12.2%, down 0.03%; the 20 - day historical volatility of at - the - money zinc options is 8.63%, up 0.12%; the 60 - day historical volatility of at - the - money zinc options is 8.93%, down 0.05% [2] Industry News - The Q3 monetary policy report of the People's Bank of China states that it is natural for the growth rate of financial aggregates to decline in the future, and a reasonable interest rate ratio relationship should be maintained. ADP data shows that in the four weeks ending October 25, the number of private - sector payroll positions in the US decreased by an average of 11,250 per week, with a total reduction of 45,000 jobs in the month, the largest monthly decline in employment since March 2023. The US small - business confidence index dropped to a six - month low in October due to deteriorating profitability and reduced economic optimism [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - For corn, the US corn harvest is nearly finished with high supply pressure, but the upcoming USDA report may show a lower yield estimate and the rise of soybeans and wheat provides support. In the domestic market, there is still selling pressure, but the slowdown of grain circulation and increased purchases by multiple entities may support prices. The corn market has shown a slightly stronger trend recently, and short - term observation is recommended [2][3] - For starch, the supply pressure increases with more new - season corn and rising industry operating rates. However, the current supply - demand structure is good, downstream demand is acceptable, and enterprise sales are smooth. The starch market has been oscillating and rising in tandem with the corn market recently, and short - term observation is recommended [4] 3. Summary According to Related Catalogs 3.1 Futures Market - Corn futures: The closing price of the active contract is 2177 yuan/ton, the 1 - 5 monthly spread is - 74 yuan/ton, the trading volume of the active contract is 963208 lots, the net long position of the top 20 holders is - 127577 lots, and the registered warehouse receipts are 66338 lots [2] - Corn starch futures: The closing price of the active contract is 2490 yuan/ton, the 1 - 3 monthly spread is - 3 yuan/ton, the trading volume of the active contract is 235124 lots, the net long position of the top 20 holders is - 56909 lots, and the registered warehouse receipts are 12453 lots [2] 3.2 Outer - market - CBOT corn: The closing price of the active contract is 432 cents/bushel, the total position is 1543065 lots, and the non - commercial net long position is - 51186 lots [2] 3.3 Spot Market - Corn: The average spot price is 2255.1 yuan/ton, the FOB price at Jinzhou Port is 2190 yuan/ton, the CIF price of imported corn is 2035.94 yuan/ton, and the international freight is 42 US dollars/ton [2] - Corn starch: The ex - factory prices in Changchun, Weifang, and Shijiazhuang are 2510 yuan/ton, 2750 yuan/ton, and 2680 yuan/ton respectively [2] 3.4 Upstream Situation - Corn production: The predicted annual production in the US, Brazil, Argentina, China, and Ukraine is 427.11 million tons, 131 million tons, 53 million tons, 295 million tons, and 32 million tons respectively [2] - Corn planting area: The predicted annual planting area in the US, Brazil, Argentina, and China is 36.44 million hectares, 22.6 million hectares, 7.5 million hectares, and 44.3 million hectares respectively [2] 3.5 Industry Situation - Corn inventory: The inventory at southern ports is 74.2 tons, at northern ports is 122 tons, and the deep - processing inventory is 279.5 tons [2] - Import and export: The monthly import volume of corn is 6 tons, and the monthly export volume of corn starch is 12.78 tons [2] - Production: The monthly production of feed is 3128.7 tons [2] 3.6 Downstream Situation - Feed: The monthly production is 3128.7 tons, and the sample feed corn inventory days are 24.88 days [2] - Deep - processing: The weekly consumption of corn is 138.18 tons, the alcohol enterprise operating rate is 66.79%, and the starch enterprise operating rate is 63.48% [2] - Processing profit: The processing profits of corn starch in Shandong, Hebei, and Jilin are 36 yuan/ton, 104 yuan/ton, and 58 yuan/ton respectively [2] 3.7 Option Market - Corn: The 20 - day historical volatility is 9.59%, and the 60 - day historical volatility is 7.83%. The implied volatility of at - the - money call and put options is 6.56% [2] 3.8 Industry News - As of November 9, the US corn harvest was 92% complete, up from 83% a week ago [2] - As of November 8, the planting of Brazil's 2025/26 first - season corn was 47.7% complete, compared with 42.8% last week, 48.7% in the same period last year, and a five - year average of 45.5% [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The SH2601 is expected to show a volatile trend in the short term, with the range estimated to be around 2300 - 2410. The overall capacity utilization rate is expected to rise quarter - on - quarter. Although the inventory of liquid caustic soda factories has decreased significantly, the pressure is still relatively high. The cost has increased due to the strong thermal coal price, and the chlor - alkali profit has narrowed. The decline in the alumina plant's operating load is not significant, and the supply of liquid caustic soda in Shandong is relatively loose with a stable market price. The current high basis of the main contract reflects the market's expectation of weak future supply and demand, which awaits verification [3][4]. 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the main contract of caustic soda is 2344 yuan/ton, a decrease of 13 yuan. The position of the main contract of caustic soda is 136,689 hands, an increase of 742 hands. The net position of the top 20 futures is - 18,733 hands, a decrease of 8,515 hands. The trading volume of the main contract of caustic soda is 363,722 hands, an increase of 5,442 hands. The closing price of the January contract of caustic soda is 2344 yuan/ton, a decrease of 13 yuan, and the closing price of the May contract is 2505 yuan/ton, a decrease of 17 yuan [3]. 3.2 Spot Market - The price of 32% ion - membrane caustic soda in Shandong is 790 yuan/ton, a decrease of 10 yuan, and in Jiangsu is 930 yuan/ton, unchanged. The converted price of 32% caustic soda in Shandong is 2468.75 yuan/ton, unchanged. The basis of caustic soda is 125 yuan/ton, an increase of 13 yuan [3]. 3.3 Upstream Situation - The mainstream price of raw salt in Shandong is 210 yuan/ton, unchanged, and in the Northwest is 220 yuan/ton, unchanged. The price of thermal coal is 656 yuan/ton, an increase of 1 yuan [3]. 3.4 Industry Situation - The mainstream price of liquid chlorine in Shandong is 100 yuan/ton, an increase of 100 yuan, and in Jiangsu is 225 yuan/ton, an increase of 50 yuan [3]. 3.5 Downstream Situation - The spot price of viscose staple fiber is 13,060 yuan/ton, a decrease of 60 yuan, and the spot price of alumina is 2795 yuan/ton, unchanged [3]. 3.6 Industry News - From October 31 to November 6, the average national caustic soda capacity utilization rate increased by 0.5% quarter - on - quarter to 84.8%. From November 1 to 7, the alumina operating rate decreased by 0.61% quarter - on - quarter to 85.25%. From October 31 to November 6, the viscose staple fiber operating rate decreased by 0.04% quarter - on - quarter to 89.60%, and the printing and dyeing operating rate decreased by 0.26% quarter - on - quarter to 68.06%. As of November 6, the inventory of liquid caustic soda factories decreased by 6.29% compared with last week to 414,800 tons. From October 31 to November 6, the weekly profit of Shandong chlor - alkali decreased to 464 yuan/ton [3].

1. Report Industry Investment Rating - No information provided in the content 2. Core View of the Report - The report predicts that the nickel price will fluctuate weakly. Technically, the increase in positions and the decline in price have led to a rise in the short - selling atmosphere, testing the lower edge of the range. It is recommended to wait and see for now or take short - term and light - position short - selling, and pay attention to the MA5 pressure [2] 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai Nickel is 118,710 yuan/ton, down 670 yuan; the spread between the December - January contracts of Shanghai Nickel is - 180 yuan/ton, down 30 yuan. The LME 3 - month nickel price is 15,025 dollars/ton, down 75 dollars. The main contract holding volume of Shanghai Nickel is 116,829 lots, an increase of 1,929 lots. The net long position of the top 20 futures holders of Shanghai Nickel is - 34,023 lots, an increase of 1,175 lots. The LME nickel inventory is 253,308 tons, down 96 tons. The Shanghai Futures Exchange nickel inventory is 37,187 tons, an increase of 436 tons. The LME nickel cancelled warrants total 14,970 tons, an increase of 24 tons. The warehouse receipt quantity of Shanghai Nickel is 31,824 tons, down 468 tons [2] 3.2 Spot Market - The SMM 1 nickel spot price is 120,450 yuan/ton, down 850 yuan; the average spot price of 1 nickel plate in Yangtze River Non - ferrous is 120,350 yuan/ton, down 1,050 yuan. The CIF (bill of lading) price of Shanghai electrolytic nickel is 85 dollars/ton, unchanged; the bonded warehouse (warehouse receipt) price of Shanghai electrolytic nickel is 85 dollars/ton, unchanged. The average price of battery - grade nickel sulfate is 27,500 yuan/ton, unchanged. The basis of the NI main contract is 1,740 yuan/ton, down 180 yuan. The LME nickel (spot/three - month) premium is - 200.63 dollars/ton, down 4.13 dollars [2] 3.3 Upstream Situation - The monthly import volume of nickel ore is 611.45 million tons, down 23.22 million tons; the total port inventory of nickel ore is 1,481.66 million tons, an increase of 2.56 million tons. The average monthly import price of nickel ore is 56.72 dollars/ton, down 4.61 dollars/ton; the tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 dollars/wet ton, unchanged [2] 3.4 Industry Situation - The monthly electrolytic nickel output is 29,430 tons, an increase of 1,120 tons; the total monthly nickel - iron output is 217,000 metal tons, down 3,000 metal tons. The monthly import volume of refined nickel and alloys is 28,570.87 tons, an increase of 4,144.03 tons; the monthly import volume of nickel - iron is 1.0853 billion tons, an increase of 0.2112 billion tons [2] 3.5 Downstream Situation - The monthly output of 300 - series stainless steel is 1.7627 billion tons, an increase of 0.0248 billion tons; the total weekly inventory of 300 - series stainless steel is 570,800 tons, down 10,000 tons [2] 3.6 Industry News - The Q3 monetary policy report of the People's Bank of China states that it is natural for the growth rate of financial aggregates to decline in the future, and a reasonable interest - rate ratio relationship should be maintained. ADP data shows that in the four weeks ending October 25, the number of private - sector compensation jobs in the US decreased by an average of 11,250 per week, with a total reduction of 45,000 jobs in that month (excluding government employees), the largest monthly decline in employment since March 2023. The macro - level shows that the number of private - sector jobs in the US ADP in October decreased by 45,000, the largest decline in two and a half years. The Indonesian government's PNBP policy restricts the supply, increasing the cost of nickel resource supply, and the premium of domestic - trade nickel ore remains stable. The supply of Philippine nickel ore is at a high level, but the grade of nickel ore has declined, and the domestic nickel ore inventory is lower than the same period last year [2] 3.7 View Summary - Newly - invested electrolytic nickel projects are being put into production slowly. Due to low nickel prices and cost - side pressure, some smelters are making losses and reducing production, so the growth of refined nickel output is expected to be limited. On the demand side, stainless - steel mills show the characteristic of a weak peak season, but the decline in the cost of nickel - iron has improved the profit of steel mills, and the planned output is expected to increase. The production and sales of new - energy vehicles continue to rise, and ternary batteries contribute a small incremental demand. The domestic nickel inventory continues to grow, the market mainly purchases on demand, and the spot premium rises; the overseas LME inventory also shows an increase [2]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - EB2512 oscillated strongly and closed at 6,306 yuan/ton. The restart of new - capacity devices led to an increase in styrene production and capacity utilization. The downstream EPS and ABS operating rates decreased, while PS, UPR, and styrene - butadiene rubber operating rates increased, with significant consumption reduction in EPS, PS, and ABS. Factory and port inventories declined, and the high - level visible inventory decreased. The upstream raw material prices were weak, but the decline in styrene spot prices was higher than the cost, deepening the losses of non - integrated processes and keeping integrated processes in a slight loss state. This week, the domestic styrene supply may decrease slightly, and the downstream demand will provide some support. The spot market is expected to remain in a tight - balance state, slowly consuming high - inventory pressure, but it is difficult to form a driving force for price increases. In the short term, EB2512 is expected to oscillate weakly, and attention should be paid to the support around 6,160 [2]. Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the active styrene futures contract was 6,306 yuan/ton, up 75 yuan; the trading volume was down 2,982 lots. The closing price of the January contract was 6,340 yuan/ton, up 71 yuan. The long - position volume of the top 20 holders was not provided, the net long - position volume was - 28,540 lots, up 7,340 lots, and the short - position volume was 481,272 lots, down 10,322 lots. The total number of warehouse receipts was 2,060 lots, up 600 lots [2]. Spot Market - The spot price of styrene was 6,686 yuan/ton, unchanged. The FOB South Korea intermediate price was 768 US dollars/ton, down 11 US dollars; the CFR China intermediate price was 778 US dollars/ton, down 11 US dollars. The mainstream prices in the Northeast, South, North, and East China regions were 6,040 yuan/ton (unchanged), 6,420 yuan/ton (down 30 yuan), 6,225 yuan/ton, and 6,295 yuan/ton (down 10 yuan) respectively [2]. Upstream Situation - The CFR Northeast Asia, CFR Southeast Asia, CIF Northwest Europe, and FD US Gulf intermediate prices of ethylene were 741 US dollars/ton (unchanged), 731 US dollars/ton (unchanged), 644 US dollars/ton (up 2.5 US dollars), and 457 US dollars/ton (down 6 US dollars) respectively. The spot prices of pure benzene in Taiwan (CIF), the US Gulf (FOB), and Rotterdam (FOB) were 650.86 US dollars/ton (unchanged), 259 cents/gallon (up 10 cents), and 685 US dollars/ton (unchanged) respectively. The market prices of pure benzene in the South, East, and North China markets were 5,300 yuan/ton (unchanged), 5,260 yuan/ton (down 25 yuan), and 5,220 yuan/ton (up 40 yuan) respectively [2]. Industry Situation - The overall styrene operating rate was 66.94%, up 0.22%. The national styrene inventory was 180,032 tons, down 6,004 tons. The total inventory in the East China main port was 174,800 tons, down 45,000 tons, and the trade inventory was 101,800 tons, down 80,000 tons [2]. Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber were 53.95% (down 8.29%), 71.6% (down 0.5%), 53.5% (up 1.5%), 36% (up 1%), and 72.24% (up 5.53%) respectively [2]. Industry News - From October 31 to November 6, styrene production increased by 2.94% to 332,900 tons, and capacity utilization increased by 0.22% to 66.94%. From November 1 to 7, the consumption of downstream EPS, PS, and ABS decreased by 3.9% to 260,900 tons. As of November 6, the styrene factory inventory was 180,000 tons, down 3.23% from last week; as of November 10, the pure benzene inventory in the East China port was 174,800 tons, down 2.51% from last week. As of November 5, the non - integrated cost of styrene decreased to 6,791.18 yuan/ton, the non - integrated device profit decreased to - 476 yuan/ton, and the integrated profit was around - 126.46 yuan/ton [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The PVC market is facing significant supply - demand contradictions. With high开工 rates, high inventories, and low demand, the valuation repair lacks an opportunity. In the short term, V2601 is expected to fluctuate weakly, with a daily range around 4500 - 4610 yuan/ton [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of PVC futures is 4581 yuan/ton, with a daily increase of 9 yuan/ton. The trading volume is 499,375 hands, a decrease of 103,394 hands. The open interest is 1,397,880 hands, a decrease of 9,251 hands [3]. - The long position of the top 20 futures holders is 1,020,736 hands, a decrease of 1,671 hands; the short position is 1,257,192 hands, an increase of 1,657 hands; the net long position is - 236,456 hands, a decrease of 3,328 hands [3]. 3.2 Spot Market - In the East China region, the price of ethylene - based PVC is 4,620 yuan/ton, unchanged; the price of calcium carbide - based PVC is 4,546.54 yuan/ton, a decrease of 10.77 yuan/ton. In the South China region, the price of ethylene - based PVC is 4,692.5 yuan/ton, a decrease of 10 yuan/ton; the price of calcium carbide - based PVC is 4,602.5 yuan/ton, a decrease of 15.62 yuan/ton [3]. - The CIF price of PVC in China is 690 US dollars/ton, unchanged; the CIF price in Southeast Asia is 650 US dollars/ton, unchanged; the FOB price in Northwest Europe is 700 US dollars/ton, unchanged. The basis of PVC is - 71 yuan/ton, a decrease of 9 yuan/ton [3]. 3.3 Upstream Situation - The mainstream average price of calcium carbide in Central China is 2,800 yuan/ton, unchanged; in North China is 2,673.33 yuan/ton, unchanged; in Northwest China is 2,508 yuan/ton, unchanged. The mainstream price of liquid chlorine in Inner Mongolia is - 24.5 yuan/ton, unchanged [3]. - The mid - price of VCM CFR in the Far East is 488 US dollars/ton, unchanged; in Southeast Asia is 518 US dollars/ton, unchanged. The mid - price of EDC CFR in the Far East is 179 US dollars/ton, unchanged; in Southeast Asia is 184 US dollars/ton, unchanged [3]. 3.4 Industry Situation - The weekly operating rate of PVC is 80.75%, an increase of 2.49 percentage points. The operating rate of calcium carbide - based PVC is 81.21%, an increase of 3.78 percentage points; the operating rate of ethylene - based PVC is 79.69%, a decrease of 0.51 percentage points [3]. - The total social inventory of PVC is 545,700 tons, an increase of 1,100 tons. The inventory in East China is 497,500 tons, an increase of 2,200 tons; the inventory in South China is 48,200 tons, a decrease of 1,100 tons [3]. 3.5 Downstream Situation - The national real estate climate index is 92.78, a decrease of 0.27. The cumulative value of new housing construction area is 45.399 million square meters, an increase of 5.59799 million square meters. The cumulative value of real estate construction area is 6.4858 billion square meters, an increase of 5.47106 million square meters. The cumulative value of real estate development investment is 358.6387 billion yuan, an increase of 41.6993 billion yuan [3]. 3.6 Option Market - The 20 - day historical volatility of PVC is 9.49%, an increase of 0.04 percentage points; the 40 - day historical volatility is 10.22%, a decrease of 0.13 percentage points [3]. - The implied volatility of at - the - money put options is 13.89%, a decrease of 0.23 percentage points; the implied volatility of at - the - money call options is 13.9%, a decrease of 0.22 percentage points [3]. 3.7 Industry News - From November 1st to 7th, the PVC capacity utilization rate increased by 2.49% week - on - week to 80.75%. The downstream operating rate decreased by 0.94% week - on - week to 49.6%, with the pipe operating rate decreasing by 2.6% to 39.4% and the profile operating rate decreasing by 0.22% to 37.61% [3]. - As of November 6th, the PVC social inventory was 1.0416 million tons, a week - on - week increase of 1.13%. The average cost of calcium carbide - based PVC decreased to 5,158 yuan/ton, and the average cost of ethylene - based PVC decreased to 5,264 yuan/ton. The profit of calcium carbide - based PVC decreased to - 769 yuan/ton, and the profit of ethylene - based PVC decreased to - 465 yuan/ton [3]. 3.8 Outlook - The 400,000 - ton Henan Lianchuang device will be shut down for maintenance, and the 360,000 - ton Qilu Petrochemical device will restart. It is expected that the capacity utilization rate will decrease slightly week - on - week. In winter, it is the off - season for chlor - alkali device maintenance, and PVC will generally maintain a high operating state [3]. - As the temperature drops, the terminal demand in infrastructure and real estate weakens, and the downstream operating rate of PVC is expected to decline seasonally. The anti - dumping tax in India has no specific implementation time, and overseas demand remains uncertain. The supply - demand contradiction in the domestic market is significant, and it is difficult to reduce PVC inventory, with high inventory pressure likely to continue [3].

Report Industry Investment Rating - Not provided Core Viewpoint - Short - term L2601 is expected to fluctuate weakly, and attention should be paid to the support around 6720 on the daily K - line. PE supply pressure is high, demand is weakening, and the valuation is difficult to repair under the background of low LLDPE oil - and coal - based profits [2] Summary by Relevant Catalogs Futures Market - Futures主力合约收盘价:聚乙烯(日,元/吨) is 6788, up 28; 1 - 5 spread is - 76, up 5; trading volume (daily, lots) is 186004, down 5446; open interest (daily, lots) is 586919, up 2586; the net long position of the top 20 futures holders of polyethylene (daily, lots) is - 93396, down 2692 [2] Spot Market - LLDPE(7042) average price in North China (daily, yuan/ton) is 6893.48, up 1.74; in East China is 7102.86, up 0.71; the basis is 105.48, down 26.26 [2] Upstream Situation - FOB: middle price: naphtha: Singapore region (daily, US dollars/barrel) is 62.26, down 0.57; CFR: middle price: naphtha: Japan region (daily, US dollars/ton) is 576.75, down 5.5; ethylene: CFR Southeast Asia: middle price (daily, US dollars/ton) is 731, unchanged; ethylene: CFR Northeast Asia: middle price (daily, US dollars/ton) is 741, unchanged [2] Industry Situation - The national petrochemical PE operating rate (daily, %) is 82.59, up 1.72 [2] Downstream Situation - The operating rate of polyethylene (PE) packaging film (weekly, %) is 50.78, down 0.52; of PE pipes (weekly, %) is 31.67, down 0.5; of PE agricultural film (weekly, %) is 49.96, up 0.43 [2] Option Market - The 20 - day historical volatility of polyethylene (daily, %) is 8.96, up 0.2; the 40 - day historical volatility is 8.47, up 0.12; the implied volatility of at - the - money put options of polyethylene (daily, %) is 10.46, down 1.35; the implied volatility of at - the - money call options is also 10.46, down 1.35 [2] Industry News - From October 31 to November 6, PE weekly output increased by 2.67% to 66.07 tons, and capacity utilization increased by 1.72% to 82.59%. PE downstream operating rate decreased by 0.51%, with agricultural film operating rate up 0.44% and packaging film operating rate down 0.52%. As of November 7, PE social inventory was 50.01 tons, down 1.86%; as of November 12, PE production enterprise inventory was 52.92 tons, up 7.96%. From November 1 to 7, the cost of oil - based LLDPE decreased by 0.83% to 7328 yuan/ton, and the profit decreased by 10.43 yuan/ton to - 370.43 yuan/ton; the cost of coal - based LLDPE increased by 0.57% to 6884 yuan/ton, and the profit decreased by 158.86 yuan/ton to 39 yuan/ton [2]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The raw material cost of stainless steel has decreased due to the decline in ferronickel prices, while the supply pressure is expected to increase as stainless steel mills are likely to increase production. However, the demand is weak, resulting in a slight increase in the national stainless - steel social inventory. Technically, the market shows a bearish atmosphere, and it is recommended to wait and see, with previous short positions exiting on dips and attention paid to the MA30 pressure [2] Summary by Directory Futures Market - The closing price of the stainless - steel futures main contract is 12,425 yuan/ton, down 40 yuan; the 12 - 01 month contract spread is - 60 yuan/ton, down 5 yuan. The net long position of the top 20 futures holders is - 11,058 lots, down 1,632 lots; the main contract position is 36,512 lots, down 1,909 lots. The warehouse receipt quantity is 71,436 tons, down 299 tons [2] Spot Market - The price of 304/2B coil (trimmed edge) in Wuxi is 13,350 yuan/ton, unchanged; the market price of scrap stainless steel 304 in Wuxi is 8,900 yuan/ton, unchanged. The SS main contract basis is 570 yuan/ton, up 15 yuan [2] Upstream Situation - The monthly electrolytic nickel output is 29,430 tons, up 1,120 tons; the total monthly ferronickel output is 21,700 metal tons, down 300 metal tons. The monthly import volume of refined nickel and alloys is 28,570.87 tons, up 4,144.03 tons; the monthly import volume of ferronickel is 1.0853 million tons, up 211,200 tons. The SMM1 nickel spot price is 120,450 yuan/ton, down 850 yuan; the average price of ferronickel (7 - 10%) nationwide is 910 yuan/nickel point, down 10 yuan. The monthly Chinese chromite output is 757,800 tons, down 26,900 tons [2] Industry Situation - The monthly output of 300 - series stainless steel is 1.7627 million tons, up 24,800 tons; the weekly total inventory of 300 - series stainless steel is 570,800 tons, down 10,000 tons. The monthly stainless - steel export volume is 458,500 tons, down 29,500 tons [2] Downstream Situation - The cumulative monthly new housing construction area is 453.99 million square meters, up 55.9799 million square meters; the monthly output of excavators is 31,600 units, up 4,000 units. The monthly output of large and medium - sized tractors is - 500 units; the monthly output of small tractors is 26,200 units, up 1,000 units [2] Industry News - The US private - sector payroll positions decreased by an average of 11,250 per week in the four weeks ending October 25, with a total reduction of 45,000 in the month, the largest monthly decline since March 2023. The US small - business confidence index dropped to a six - month low in October. In the raw material end, the Philippines is entering the rainy season with lower nickel ore grades, causing a tight raw material inventory for domestic ferronickel plants, but the high - level production of Indonesian ferronickel and expected increase in its return to China lead to a significant decline in ferronickel prices [2]

Report Industry Investment Rating - Not provided Core View of the Report - The tin market shows a situation of weak supply and demand, and the tin price is expected to remain strong at a high level in the short term. It is recommended to wait and see or hold a small - long position, paying attention to the 29 support level [3] Summary by Relevant Catalogs 1. Futures Market - The closing price of the main futures contract of Shanghai tin is 292,440 yuan/ton, with a month - on - month increase of 4,260 yuan/ton; the closing price of the December - January contract of Shanghai tin is - 380 yuan/ton, with a month - on - month decrease of 190 yuan/ton [3] - The price of LME 3 - month tin is 36,695 US dollars/ton, with a month - on - month increase of 515 US dollars/ton; the position of the main contract of Shanghai tin is 40,779 lots, with a month - on - month increase of 4,387 lots [3] - The net position of the top 20 futures of Shanghai tin is - 232 lots, with a month - on - month decrease of 139 lots; the total inventory of LME tin is 3,015 tons, with a month - on - month decrease of 20 tons [3] - The inventory of tin in the Shanghai Futures Exchange is 5,992 tons, with a week - on - week increase of 73 tons; the cancelled warrants of LME tin are 140 tons, with no change [3] - The warrants of tin in the Shanghai Futures Exchange are 5,446 tons, with a month - on - month decrease of 136 tons [3] 2. Spot Market - The spot price of SMM 1 tin is 291,000 yuan/ton, with a month - on - month increase of 3,300 yuan/ton; the spot price of 1 tin in the Yangtze River Non - ferrous Metals Market is 292,580 yuan/ton, with a month - on - month increase of 4,250 yuan/ton [3] - The basis of the main contract of Shanghai tin is - 1,440 yuan/ton, with a month - on - month decrease of 960 yuan/ton; the LME tin premium (0 - 3) is 85 US dollars/ton, with a month - on - month increase of 51.67 US dollars/ton [3] - The import volume of tin ore and concentrates is 0.87 million tons, with a month - on - month decrease of 0.16 million tons [3] 3. Upstream Situation - The average price of 40% tin concentrate processing fee is 10,500 yuan/ton, with no change; the average price of 40% tin concentrate is 271,700 yuan/ton, with a month - on - month increase of 900 yuan/ton [3] - The average price of 60% tin concentrate is 275,700 yuan/ton, with a month - on - month increase of 900 yuan/ton; the average price of 60% tin concentrate processing fee is 6,500 yuan/ton, with no change [3] 4. Industry Situation - The monthly output of refined tin is 14,000 tons, with a month - on - month decrease of 1,600 tons; the import volume of refined tin is 1,501.64 tons, with a month - on - month increase of 63.06 tons [3] 5. Downstream Situation - The price of 60A solder bar in Gejiu is 188,330 yuan/ton, with a month - on - month increase of 2,040 yuan/ton; the cumulative output of tin - plated sheets (strips) is 1.1093 million tons, with a month - on - month increase of 0.1448 million tons [3] - The export volume of tin - plated sheets is 0.1976 million tons, with a month - on - month increase of 0.031 million tons [3] 6. Industry News - The Q3 monetary policy report of the People's Bank of China states that it is natural for the growth rate of financial aggregates to decline in the future, and a reasonable interest rate ratio relationship should be maintained [3] - ADP data shows that in the four weeks ending October 25, the number of private enterprise compensation positions in the US decreased by an average of 11,250 per week, with a total decrease of 45,000 jobs in the month, the largest monthly decline since March 2023 [3] - Indonesia exported 2,643.05 tons of refined tin in October, a year - on - year decrease of 53.89% [3] 7. Viewpoint Summary - In the macro - aspect, the number of private sector employees in the US ADP in October decreased by 45,000, the largest decline in two and a half years. In the fundamental aspect, the first batch of reopened mines in Myanmar's Wa State are in the production - ramping - up period, and the import volume of tin ore from Myanmar in China is expected to increase steadily in the fourth quarter, but the increase is still limited [3] - The supply in Africa and Australia has declined more than expected, and Africa is about to enter the rainy season. The import of tin ore in September decreased month - on - month. The sharp decline in Indonesia's refined tin exports in October alleviates the previous concerns about supply growth [3] - In the smelting end, the shortage of raw materials in Yunnan is still severe, and the tin ore processing fee remains at a low level; the waste recycling system in Jiangxi is under pressure, the operating rate remains at a low level, and the output of refined tin is still limited [3] - On the demand side, the tin price has been fluctuating recently. The downstream in the spot market mainly purchases at low prices, mostly for small - quantity replenishment and rigid - demand purchases. After the tin price rises, the market trading is cold [3] - The domestic inventory reduction is better than expected, the spot premium drops to 50 yuan/ton; the LME inventory increases slightly, and the spot premium remains stable [3]

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View The report indicates that the continuous losses in the breeding segment have led to a decline in the enthusiasm for restocking and an increase in the culling of old hens, resulting in a slight drop in the laying - hen inventory and a slightly improved market atmosphere. However, the in - production laying - hen inventory remains at a high level, and there is no excessive culling of old hens. High production capacity is still the main concern in the market. Overall, the market is in a state of game between weak reality and strong expectations. From a market perspective, the egg futures price has rebounded from a low level recently, but the high - production - capacity pressure still exists, which may limit its rebound space, and it may be in a wide - range oscillation state in the short term [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the active egg futures contract is 3063 yuan/500 kilograms, down 89 yuan; the net long position of the top 20 futures holdings is - 14372 lots, up 1381 lots; the egg futures monthly spread (1 - 5) is - 221 yuan/500 kilograms, down 17 yuan; the futures holding volume of the active contract is 105412 lots, down 13875 lots; the registered warehouse receipt volume is 29 lots, down 6 lots [2]. 现货市场 - The egg spot price is 3.05 yuan/jin, down 0.01 yuan; the basis (spot - futures) is - 12 yuan/500 kilograms, up 75 yuan [2]. Upstream Situation - The national laying - hen inventory index is 115.26 (2015 = 100), up 0.86; the national culled laying - hen index is 124.63 (2015 = 100), up 31.02; the average price of layer chicks in the main production areas is 2.8 yuan/feather, unchanged; the national new - chick index is 76.65 (2015 = 100), up 3.3; the average price of layer compound feed is 2.76 yuan/kg, unchanged; the breeding profit of layer hens is - 0.47 yuan/hen, down 0.05 yuan; the average price of culled hens in the main production areas is 8.06 yuan/kg, down 0.16 yuan; the national culling age of hens is 507 days, down 3 days [2]. Industry Situation - The average wholesale price of pork is 17.89 yuan/kg, down 0.22 yuan; the average wholesale price of 28 key - monitored vegetables is 5.77 yuan/kg, up 0.01 yuan; the average wholesale price of dressed chickens is 17.71 yuan/kg, down 0.05 yuan; the weekly inventory in the circulation link is 1.06 days, down 0.04 days; the weekly inventory in the production link is 1.02 days, down 0.02 days; the monthly export volume of fresh eggs is 13215.79 tons, up 94.76 tons [2]. Downstream Situation - The weekly consumption of eggs in the sales areas is 7300 tons, down 358 tons [2]. Industry News - The average price of eggs in Shandong, the main production area, is 5.97 yuan/kg, unchanged from yesterday; in Hebei, it is 5.61 yuan/kg, unchanged; in Guangdong, it is 6.93 yuan/kg, unchanged; in Beijing, it is 6.00 yuan/kg, unchanged [2].