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].

Report Industry Investment Rating - Not provided Core Viewpoints - Short-term BZ2603 is expected to fluctuate weakly, and technically, attention should be paid to the support around 5290 yuan/ton. The overall supply pressure of pure benzene is at a relatively high level, downstream consumption is difficult to increase, and the cost side has led to a recent rise in international oil prices [2] Summary by Relevant Catalogs Futures Market - The closing price of the main pure benzene contract was 5434 yuan/ton, up 80 yuan; the settlement price was 5414 yuan/ton, up 20 yuan. The trading volume was 10,561 lots, up 2457 lots; the open interest was 18,184 lots, down 106 lots [2] Spot Market - The mainstream price of pure benzene in the East China market was 5260 yuan/ton, down 25 yuan; in the North China market, it was 5220 yuan/ton, up 40 yuan; in the South China market, it was 5300 yuan/ton, unchanged; in the Northeast region, it was 5183 yuan/ton, down 27 yuan. The offshore intermediate price of pure benzene in South Korea was 649 US dollars/ton, up 1 US dollar; the CFR intermediate price in China was 663.26 US dollars/ton, down 2.61 US dollars [2] Upstream Situation - The spot price of Brent DTD crude oil was 64.4 US dollars/barrel, up 1.82 US dollars; the CFR intermediate price of naphtha in the Japanese region was 576.75 US dollars/ton, down 5.5 US dollars [2] Industry Situation - The capacity utilization rate of pure benzene was 75.14%, up 1.04 percentage points; the weekly output was 43.78 tons, up 0.89 tons. The port inventory of pure benzene was 12.1 tons, up 3.6 tons. The production cost was 5301.8 yuan/ton, down 10.8 yuan; the production profit was 34 yuan/ton, down 134 yuan [2] Downstream Situation - The开工率 of styrene was 66.94%, up 0.22 percentage points; the capacity utilization rate of caprolactam was 86.04%, unchanged; the capacity utilization rate of phenol was 75.31%, down 2.7 percentage points; the capacity utilization rate of aniline was 77.74%, down 0.83 percentage points; the capacity utilization rate of adipic acid was 65.6%, up 7.6 percentage points [2] Industry News - From November 1st to 7th, the operating rate of petroleum benzene increased by 1.04% to 75.14%, and the operating rate of hydrogenated benzene decreased by 1.87% to 53.80%. The weighted operating rate of pure benzene downstream increased by 0.19% to 72.37%. As of November 10th, the inventory of pure benzene in East China ports was 11.3 tons, a week-on-week decrease of 6.61%. From November 1st to 7th, the profit of petroleum benzene decreased by 134 yuan/ton to 34 yuan/ton [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The overall supply of lead may increase but is difficult to rise significantly. On the supply side, the production growth of primary lead is limited due to many smelter overhauls, and the production increase of recycled lead is also restricted by environmental protection and raw - material supply. On the demand side, although the traditional consumption season has increased the demand for lead, the export of lead - acid batteries is under pressure, and downstream enterprises are cautious in purchasing, so the growth of demand is also restricted. The lead ingot social inventory is at a relatively low level, but it may change with the increase of imported lead and potential growth of recycled lead production. The Shanghai lead is expected to maintain a volatile trend with limited upside, and it is recommended to go short on rallies [2][3]. 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the Shanghai lead main contract is 17,660 yuan/ton, up 220 yuan; the 3 - month LME lead quotation is 2,067 US dollars/ton, up 10.5 US dollars. The spread between the December - January contracts of Shanghai lead is - 10 yuan/ton, unchanged; the Shanghai lead open interest is 127,374 lots, up 8,336 lots. The net position of the top 20 in Shanghai lead is - 947 lots, down 3,596 lots; the Shanghai lead warehouse receipts are 24,686 tons, up 917 tons. The SHFE inventory is 38,582 tons, up 2,583 tons; the LME lead inventory is 226,725 tons, up 24,525 tons [2]. 3.2 Spot Market - The spot price of 1 lead from Shanghai Non - ferrous Metals Network is 17,325 yuan/ton, up 25 yuan; the spot price of 1 lead in the Yangtze River Non - ferrous Metals Market is 17,510 yuan/ton, up 50 yuan. The basis of the lead main contract is - 335 yuan/ton, down 195 yuan; the LME lead premium (0 - 3) is - 20.89 US dollars/ton, down 8.59 US dollars [2]. 3.3 Upstream Situation - The price of 50% - 60% lead concentrate in Jiyuan is 16,846 yuan/ton, up 50 yuan. The production capacity utilization rate of recycled lead is 35.56%, down 2.32 percentage points; the monthly output of recycled lead is 22.42 tons, down 6.75 tons. The average weekly operating rate of primary lead is 69.54%, down 3.45 percentage points; the weekly output of primary lead is 3.83 tons, down 0.03 tons. The processing fee of 60% lead concentrate at major ports is - 90 US dollars/kiloton, unchanged; the global lead ore output is 383.3 kilotons, up 3.4 kilotons; the lead ore import volume is 15.06 tons, up 1.58 tons [2]. 3.4 Industry Situation - The import volume of refined lead is 1,507.92 tons, down 312.63 tons; the export volume of refined lead is 1,486.13 tons, down 1,266.09 tons. The export volume of batteries is 45,696 units, down 3,984 units. The average price of waste batteries is 10,021.43 yuan/ton, up 25 yuan; the average price of lead - antimony alloy (for batteries, with 2% antimony) is 19,575 yuan/ton, up 25 yuan [2]. 3.5 Downstream Situation - The Shenwan third - level industry index of batteries and other batteries is 2,242.68 points, up 67.94 points. The monthly automobile production is 322.7 tons, up 47.46 tons; the monthly new - energy vehicle production is 158 tons, up 24.7 tons [2]. 3.6 Industry News - The US private sector reduced an average of 11,250 jobs per week in the four weeks ending October 25; Goldman Sachs estimated that the US non - farm payrolls decreased by about 50,000 in October. The US Senate passed a temporary appropriation bill, and the House of Representatives will vote on it at 5 am Beijing time on Thursday. Russia is willing to participate in the preparation if the US restarts the proposal for a summit. India cut Russian crude oil orders in December and increased US crude oil purchases. Switzerland and the US may reach a 15% tariff agreement on Thursday or Friday. There are rifts within the UK ruling party, and the health minister is accused of plotting to oust the prime minister. Turkey seeks to sentence the mayor of Istanbul to hundreds of years in prison, and the Turkish benchmark stock index fell 3% [2]. 3.7 View Summary - On the supply side, the production growth of primary lead is limited due to overhauls, and the production increase of recycled lead is restricted by environmental protection and raw - material supply. On the demand side, although it is the traditional consumption season, the export of lead - acid batteries is under pressure, and downstream enterprises are cautious in purchasing. The lead ingot social inventory is at a relatively low level, but may change with the increase of imported lead and potential growth of recycled lead production. The Shanghai lead is expected to maintain a volatile trend with limited upside, and it is recommended to go short on rallies [2][3].

1. Report Industry Investment Rating - No information on the industry investment rating is provided in the report. 2. Core View of the Report - On Wednesday, the HC2601 contract saw a reduction in positions and consolidation. The US announced the suspension of export - control penetration rules from November 10, 2025, to November 9, 2026. In terms of supply - demand, the weekly output of hot - rolled coils decreased, but the capacity utilization rate remained above 80%. The apparent demand dropped to around 3.15 million tons, and the inventory stopped falling and started to rise. Overall, the hot - rolled coil output was running at a high level, the apparent demand declined, and the fundamentals were mixed, causing the hot - rolled coil futures price to enter a range - bound consolidation. Technically, the 1 - hour MACD indicator of the HC2601 contract showed that the centers of DIFF and DEA moved up. The recommended operation is to go long on dips, while paying attention to the rhythm and risk control [2]. 3. Key Points Summarized by Relevant Catalogs 3.1 Futures Market - The closing price of the HC main contract was 3,255 yuan/ton, up 13 yuan; the position volume was 1,311,464 lots, down 15,428 lots; the net position of the top 20 in the HC contract was - 59,729 lots, up 12,683 lots; the HC1 - 5 contract spread was - 12 yuan/ton, down 1 yuan; the HC warehouse receipt at the Shanghai Futures Exchange was 125,543 tons, down 1,485 tons; the HC2601 - RB2601 contract spread was 217 yuan/ton, unchanged [2]. 3.2 Spot Market - The price of 4.75 hot - rolled coils in Hangzhou was 3,310 yuan/ton, unchanged; in Guangzhou, it was 3,270 yuan/ton, unchanged; in Wuhan, it was 3,340 yuan/ton, unchanged; in Tianjin, it was 3,200 yuan/ton, up 10 yuan. The basis of the HC main contract was 55 yuan/ton, down 13 yuan; the spread between hot - rolled coils and rebar in Hangzhou was 80 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The price of 61.5% PB fines at Qingdao Port was 780 yuan/wet ton, up 3 yuan; the price of quasi - first - grade metallurgical coke in Hebei was 1,640 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan was 2,170 yuan/ton, unchanged; the price of Q235 billets in Hebei was 2,930 yuan/ton, unchanged. The inventory of iron ore at 45 ports was 148.9481 million tons, up 3.5557 million tons; the inventory of coke at sample coking plants was 361,500 tons, down 12,900 tons; the inventory of coke at sample steel mills was 6.2656 million tons, down 23,200 tons; the inventory of billets in Hebei was 1.2 million tons, up 4,300 tons [2]. 3.4 Industry Situation - The blast - furnace operating rate of 247 steel mills was 83.15%, up 1.42 percentage points; the blast - furnace capacity utilization rate was 87.79%, down 0.80 percentage points. The output of hot - rolled coils at sample steel mills was 3.1816 million tons, down 54,000 tons; the capacity utilization rate of hot - rolled coils at sample steel mills was 81.28%, down 1.37 percentage points. The factory inventory of hot - rolled coils at sample steel mills was 774,300 tons, down 2,300 tons; the social inventory of hot - rolled coils in 33 cities was 3.3302 million tons, up 40,900 tons. The domestic crude - steel output was 73.49 million tons, down 3.88 million tons; the net export volume of steel was 9.279 million tons, down 641,000 tons [2]. 3.5 Downstream Situation - The monthly output of automobiles was 3.359 million vehicles, up 83,200 vehicles; the monthly sales of automobiles were 3.322 million vehicles, up 95,600 vehicles. The monthly output of air - conditioners was 18.0948 million units, up 1.276 million units; the monthly output of household refrigerators was 10.1276 million units, up 674,400 units; the monthly output of household washing machines was 11.7849 million units, up 1.653 million units [2]. 3.6 Industry News - On the 11th, Guan Peng, the deputy director of the Investment Department of the National Development and Reform Commission, stated that the commission had recommended 18 private investment projects to the China Securities Regulatory Commission, of which 14 had been issued and listed, with a total fund - raising of nearly 30 billion yuan. From January to October this year, the production and sales of new - energy vehicles reached 13.015 million and 12.943 million units respectively, a year - on - year increase of 33.1% and 32.7%. In October, the monthly sales of new - energy vehicles exceeded 50% of the total new - vehicle sales for the first time [2].

Report Industry Investment Rating - Not provided Core View of the Report - The procurement enthusiasm of merchants in the Xinjiang main - producing area has weakened. The physical inventory of 36 sample points this week increased by 193 tons compared with last week, a month - on - month increase of 2.06% and a year - on - year increase of 131.35%. Merchants are more active in purchasing old goods with high cost - performance, and less enthusiastic about purchasing new - season raw materials in the producing area. The price in the sales area has been slightly reduced, and downstream customers mostly wait and purchase as needed. It is recommended to wait and see in the short term [2] Summary by Related Catalogs Futures Market - The closing price of the futures main contract for red dates was 9365 yuan/ton, a decrease of 130 yuan; the main contract position was 151,592 lots, an increase of 2,176 lots. The net long position of the top 20 futures positions was - 11,102 lots, a decrease of 3,392 lots. The number of warehouse receipts was 0, and the effective warehouse receipt forecast was 0 [2] Spot Market - The unified price of Kashgar red dates was 7.35 yuan/kg, unchanged; the wholesale price of first - grade grey dates in Hebei was 4.5 yuan/jin, unchanged; the unified price of Alar red dates was 6.4 yuan/kg, a decrease of 0.1 yuan; the wholesale price of first - grade grey dates in Henan was 4.6 yuan/jin, unchanged; the unified price of Aksu red dates was 6.2 yuan/kg, a decrease of 0.1 yuan; the special - grade price of red dates in Henan was 10.3 yuan/kg, unchanged; the special - grade price of red dates in Hebei was 9.98 yuan/kg, a decrease of 0.02 yuan; the special - grade price of red dates in Guangdong was 11.5 yuan/kg, unchanged; the first - grade price of red dates in Guangdong was 10.3 yuan/kg, unchanged [2] 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] Industry Situation - The national red date inventory was 9,541 tons, an increase of 193 tons; the monthly export volume was 2,283,671 kg, a decrease of 81,222 kg; the cumulative monthly export volume was 23,548,402 kg, an increase of 2,283,671 kg [2] Downstream Situation - The cumulative quarterly sales volume of red dates of Hao Xiang Ni was - 2,981.06 tons, and the cumulative quarterly year - on - year production increase was 1.47%, a decrease of 34.59 percentage points [2] Industry News - In the Hebei Cuierzhuang market, 4 trucks of red dates arrived. The reference price for special - grade was 10.00 - 10.70 yuan/kg, and for first - grade was 9.00 - 9.70 yuan/kg. New - season finished products were on the market, with a slight price adjustment. In the Guangdong Ruyifang market, 5 trucks of red dates arrived, the price was stable, more new goods were on the market, the reference price for special - grade was 11.50 yuan/kg, and for first - grade was 10.50 yuan/kg. The purchasing enthusiasm of downstream merchants was average [2] Viewpoint Summary - In the Xinjiang main - producing area, the procurement in areas such as Hotan has ended. The picking progress in areas such as Alar and Aksu is 30% - 40%. The procurement enthusiasm of merchants has weakened. The physical inventory of 36 sample points this week increased by 193 tons compared with last week, a month - on - month increase of 2.06% and a year - on - year increase of 131.35%. Merchants are more active in purchasing old goods with high cost - performance, and less enthusiastic about purchasing new - season raw materials in the producing area. The price in the sales area has been slightly reduced, and downstream customers mostly wait and purchase as needed [2] Prompt Attention - There is no news today. The producing area has entered the concentrated picking stage. Attention should be paid to the changes in the purchasing enthusiasm and purchasing structure of buyers [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The supply of industrial silicon will shrink next week as the dry - season production cuts in Southwest China are more significant, despite the复产 expectations in Northwest China [2] - The downstream demand for industrial silicon is diverse. Organic silicon maintains a rigid - demand state but has limited consumption upside due to the sluggish terminal market. The short - term weekly production of polysilicon is still high, but there are expectations of production cuts, which may reduce the demand for industrial silicon. The demand from the aluminum alloy industry is stable but has limited marginal impact on prices [2] - Industrial silicon follows the polysilicon trend and remains stable. It is expected to have a higher probability of oscillating upward in the future. It is recommended to go long on dips [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 9,195 yuan/ton, up 15 yuan; the main contract position is 262,136 hands, down 8,823 hands; the net position of the top 20 is - 64,101 hands, up 1,755 hands; the GZEE warehouse receipts are 45,936 hands, down 143 hands; the basis between the December and January industrial silicon contracts is 0, unchanged [2] 3.2 Spot Market - The average price of oxygen - passing 553 silicon is 9,500 yuan/ton, unchanged; the average price of 421 silicon is 9,750 yuan/ton, unchanged; the basis of the Si main contract is 305 yuan/ton, down 15 yuan; the DMC spot price is 11,800 yuan/ton, unchanged [2] 3.3 Upstream Situation - The average prices of silica, petroleum coke, clean coal, wood chips, and graphite electrodes (400mm) are 410 yuan/ton, 2,410 yuan/ton, 1,850 yuan/ton, 490 yuan/ton, and 12,250 yuan/ton respectively, all unchanged [2] 3.4 Industry Situation - The monthly industrial silicon output is 402,800 tons, an increase of 36,000 tons; the weekly social inventory of industrial silicon is 552,000 tons, an increase of 10,000 tons; the monthly import volume is 70,232.72 tons, an increase of 1,939.85 tons; the monthly export volume is 602.27 tons, a decrease of 6,409.29 tons [2] 3.5 Downstream Situation - The weekly output of organic silicon DMC is 44,900 tons, an increase of 700 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot market is 21,400 yuan/ton, unchanged; the overseas market price of photovoltaic - grade polysilicon is 15.95 US dollars/kg, unchanged; the weekly average spot price of photovoltaic - grade polysilicon is 6.5 US dollars/kg, unchanged; the monthly export volume of unforged aluminum alloy is 23,495.34 tons, a decrease of 5,568.37 tons; the weekly operating rate of organic silicon DMC is 69.26%, an increase of 0.7%; the monthly aluminum alloy output is 1,776,000 tons, an increase of 141,000 tons; the monthly aluminum alloy export volume is 23,495.34 tons, a decrease of 5,568.37 tons [2] 3.6 Industry News - On November 11, 2025, Hesheng Silicon Industry announced that Fuda Industrial plans to reduce its shareholding by no more than 27.0705 million shares (2.29% of the total share capital) in the next three months for its own capital needs [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The current inventory of late Fuji apples is at a relatively low level in recent years. As the market gradually reflects this situation, price fluctuations are intensifying. In the short - term, it is recommended to buy long positions on dips and pay attention to risk control [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the main apple futures contract is 9207 yuan/ton; the main contract position is 144,369 lots, with a week - on - week increase of 5092 lots; the net long position of the top 20 futures holders is 9677 lots, with a week - on - week increase of 2284 lots [2] Spot Market - The spot price of apples in Gansu Jingning (paper - bagged above 75) is 5 yuan/jin; in Shandong Yiyuan (paper - bagged above 75) is 2.3 yuan/jin; in Shaanxi Luochuan (paper - bagged above 70 semi - second - grade fruit farmer's goods) is 4.2 yuan/jin; in Shandong Yantai Qixia (paper - bagged above 80 first - grade) is 3.5 yuan/jin, all with no week - on - week change [2] Upstream Situation - The national apple output is 5128.51 million tons per year; the weekly apple wholesale price is 9.49 yuan/kg, with a week - on - week increase of 0.03 yuan/kg; the average weekly wholesale price of Fuji apples is 9.04 yuan/kg, with a week - on - week decrease of 0.11 yuan/kg. The total national apple cold - storage inventory is 698.42 million tons per week. The capacity utilization ratio of Shandong apple cold - storage is 0.57, and that of Shaanxi is 0.41. The monthly apple export volume is 70,000 tons [2] Industry Situation - The monthly import value of fresh, dried fruits and nuts is 1837980 million US dollars; the year - on - year monthly export value of apples is - 8.5%. The weekly profit of first - and second - grade paper - bagged 80 apple storage merchants is 0 yuan/jin [2] Downstream Situation - The weekly wholesale price of pears is 6.66 yuan/kg, with a week - on - week decrease of 0.01 yuan/kg; the weekly wholesale price of bananas is 5.39 yuan/kg, with a week - on - week decrease of 0.09 yuan/kg; the weekly wholesale price of watermelons is 5.36 yuan/kg. The weekly average number of early - morning arriving trucks at the Guangdong Jiangmen wholesale market is 12.2, with a week - on - week decrease of 4; at the Guangdong Xiaqiao wholesale market is 17; at the Guangdong Chalong wholesale market is 24, with a week - on - week decrease of 3.6 [2] Option Market - The implied volatility of at - the - money call options for apples is 22.29%, with a week - on - week decrease of 1.07%; the implied volatility of at - the - money put options for apples is 22.29%, with a week - on - week decrease of 1.07% [2] Industry News - In the western production areas, there is not much remaining ground - traded inventory, and merchants mainly purchase for market transactions. Some cold - storage transactions have started, and the price of cold - storage apples is stable with a slight increase in some areas. In the Shandong production area, the supply volume is acceptable, but due to the decline in the quality of ground - sourced apples, the price has dropped, while the demand for small apples is strong and the price is firm. The ground trading of new - season late Fuji apples is gradually ending, mainly concentrated in Shandong and Shanxi. In terms of the cold - storage progress, Gansu's cold - storage is basically completed, Shaanxi's is nearing completion, and in Shandong's Qixia area, a large amount of fruit farmer's apples are still being stored [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The global sugar market's supply surplus forecast for the 2025/26 season has been lowered to 1 million tons due to reduced production estimates in Brazil and India [2]. - The Brazilian sugar export volume increased in October, but the overall supply pressure remains obvious. However, as the current crushing season nears its end, exports are expected to decline seasonally [2]. - The domestic sugar market is less affected by price drops due to import quotas and policies. Sugar mills in Guangxi are focusing on inventory reduction, and the new crushing season may start later, providing more sales opportunities for old sugar [2]. - There are no significant driving factors in the market, and sugar prices are expected to remain low in the short term. Attention should be paid to the import data for October [2]. 3. Summary According to Relevant Catalogs Futures Market - The closing price of the main sugar futures contract was 5,478 yuan/ton, a decrease of 2 yuan; the main contract's open interest was 372,984 lots, a decrease of 3,343 lots [2]. - The number of sugar warehouse receipts was 7,721, unchanged; the net long position of the top 20 futures holders was -52,961 lots, a decrease of 889 lots [2]. - The estimated import processing price of Brazilian sugar within the quota was 3,947 yuan/ton, a decrease of 20 yuan; that of Thai sugar was 4,002 yuan/ton, a decrease of 21 yuan [2]. Spot Market - The estimated price of imported Brazilian sugar outside the quota (50% tariff) was 4,996 yuan/ton, a decrease of 26 yuan; that of Thai sugar was 5,068 yuan/ton, a decrease of 27 yuan [2]. - The spot price of sugar in Kunming, Yunnan was 5,635 yuan/ton, a decrease of 15 yuan; in Nanning, Guangxi it was 5,760 yuan/ton, unchanged; in Liuzhou, Guangxi it was 5,730 yuan/ton, unchanged [2]. Upstream Situation - The national sugarcane planting area was 1,480 thousand hectares, an increase of 60 thousand hectares; the cumulative national sugar production was 1,116.21 million tons, an increase of 5.49 million tons [2]. - The cumulative national sugar sales volume was 999.98 million tons, an increase of 44.98 million tons; the monthly sugar import volume was 55 million tons, a decrease of 28 million tons [2]. Industry Situation - The monthly export volume of Brazilian sugar was 420.5 million tons, an increase of 95.92 million tons [2]. - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar (within the quota) was 1,588 yuan/ton, an increase of 28 yuan; that of Thai sugar was 1,533 yuan/ton, an increase of 29 yuan [2]. Downstream Situation - The monthly output of refined sugar was 53.91 million tons, an increase of 8.5 million tons; the monthly output of soft drinks was 1,591.7 million tons, a decrease of 184.1 million tons [2]. Option Market - The implied volatility of at-the-money call options for sugar was 7.27%, an increase of 0.48%; that of put options was 7.28%, an increase of 0.49% [2]. - The 20-day historical volatility of sugar was 5.23%, a decrease of 2.03%; the 60-day historical volatility was 6.86%, unchanged [2]. Industry News - Consulting firm Datagro lowered its forecast for the global sugar market's supply surplus in the 2025/26 season to 1 million tons due to reduced production estimates in Brazil and India [2]. - The ICE raw sugar futures rose slightly on Tuesday, stabilizing after hitting a five-year low, as the market awaited Brazilian production data [2].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The pressure of new cotton listing is increasing, but the yield per unit of Xinjiang cotton is lower than expected, which supports the cotton market. The downstream demand is weak, but the tariff reduction is beneficial to cotton - textile exports, also providing certain support. Currently, with long and short factors intertwined, the market will fluctuate in the short term [2] 3. Summary by Related Catalogs Futures Market - Zhengzhou cotton main - contract closing price is 13,515 yuan/ton, down 45 yuan; cotton yarn main - contract closing price is 19,790 yuan/ton, down 65 yuan. The net position of the top 20 in cotton futures is - 101,265 lots, an increase of 15,021 lots; for cotton yarn futures, it is - 183 lots, a decrease of 166 lots. The main - contract positions of cotton are 564,881 lots, down 9,024 lots; for cotton yarn, they are 24,392 lots, down 234 lots. The cotton warehouse - receipt quantity is 3,884 lots, an increase of 265 lots; for cotton yarn, it is 31 lots, an increase of 12 lots. The China Cotton Price Index (CCIndex:3128B) is 14,851 yuan/ton, and the China Yarn Price Index (pure - cotton carded yarn 32 - count) is 20,490 yuan/ton, down 30 yuan. The China Imported Cotton Price Index (FCIndexM:1% tariff) is 13,092 yuan/ton, and the arrival price of the Imported Cotton Yarn Price Index (pure - cotton carded yarn 32 - count) is 21,203 yuan/ton, down 7 yuan [2] Spot Market - The China Imported Cotton Price Index (FCIndexM: sliding - scale tariff) is 14,037 yuan/ton, and the arrival price of the Imported Cotton Yarn Price Index (pure - cotton combed yarn 32 - count) is 22,636 yuan/ton, down 8 yuan [2] Upstream Situation - The national cotton sowing area is 2,838.3 thousand hectares, and the national cotton output is 6.16 million tons, an increase of 540,000 tons. The cotton - yarn price difference is 5,639 yuan/ton, down 39 yuan. The industrial inventory of cotton nationwide is 861,000 tons, down 9,000 tons [2] Industry Situation - The monthly import quantity of cotton is 100,000 tons, an increase of 30,000 tons; for cotton yarn, it is 130,000 tons, unchanged. The profit of imported cotton is 805 yuan/ton, down 81 yuan. The commercial inventory of cotton nationwide is 1.0217 million tons, down 460,000 tons [2] Downstream Situation - The inventory days of yarn are 24.85 days, down 1.73 days; for grey cloth, they are 31.12 days, down 2.75 days. The monthly output of cloth is 2.8 billion meters, an increase of 100 million meters; for yarn, it is 2.074 million tons, an increase of 46,000 tons. The monthly export amount of clothing and clothing accessories is 12,453,247 million US dollars, a decrease of 1,692,656.63 million US dollars; for textile yarns, fabrics and products, it is 11,966,516 million US dollars, a decrease of 426,685.77 million US dollars [2] Option Market - The implied volatility of cotton at - the - money call options is 3.89%, down 2.91%; for at - the - money put options, it is also 3.89%, down 2.91%. The 20 - day historical volatility of cotton is 5.38%, down 0.09%; the 60 - day historical volatility is 7.75%, down 0.1% [2] Industry News - As of 24:00 on November 10, 2025, the cumulative notarized inspection of cotton processed by national cotton processing enterprises in the 2025/26 season is 11,285,194 bales, totaling 2.548547 million tons, a year - on - year increase of 27.57%. The cumulative notarized inspection volume of Xinjiang cotton is 2.5062 million tons, a year - on - year increase of 29.02%. The ICE cotton futures fell on Tuesday, and investors are waiting for the supply - demand report from the US Department of Agriculture later this week. The ICE March cotton futures contract closed down 0.39 cents, or 0.59%, at 65.38 cents per pound [2] Viewpoint Summary - As of November 3, 2025, the cotton picking progress in Xinjiang is about 96.1%, 2.1 percentage points faster than the same period last year. The picking and purchasing progress of Xinjiang cotton has accelerated, and the purchasing price has slightly decreased. The current commercial inventory is gradually rising, and the inventory of imported cotton has increased significantly, reaching a 3.5 - month high. Due to less outbound of imported cotton, the market trading volume is limited, and the arrival volume is stable. On the demand side, the spinning processing profit has slightly improved, and enterprises' confidence in future demand shows signs of turning, but the increase in new orders is still limited. Attention should be paid to the export situation [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - On Wednesday, the freight index (European line) futures prices declined collectively. The main contract EC2512 closed down 3.42%, and the far - month contracts closed down between 1 - 5%. The current freight rate market is highly influenced by news, and the futures prices are expected to fluctuate more sharply. Investors are advised to be cautious, pay attention to the operation rhythm and risk control, and track geopolitical, shipping capacity and cargo volume data in a timely manner [2] 3. Summary by Relevant Catalogs 3.1 Futures盘面 (Futures Market) - EC main contract closing price decreased by 61.9 to 1749.400, and the second - main contract closing price decreased by 56.8 to 1636.6. The EC2512 - EC2602 spread increased by 57.20 to 112.80, and the EC2512 - EC2604 spread increased by 19.10 to 577.40. The EC contract basis increased by 292.79 to - 244.60. The main contract EC2512's open interest decreased by 4048 to 21157 [2] 3.2 Spot Price - SCFIS (European line) (weekly) increased by 296.09 to 1504.80, SCFIS (US West line) (weekly) increased by 62.56 to 1327.91. SCFI (composite index) (weekly) decreased by 55.60 to 1495.10, and container ship capacity (in ten thousand TEUs) increased by 0.12 to 1227.97. CCFI (composite index) (weekly) increased by 36.78 to 1058.17, CCFI (European line) (weekly) increased by 43.04 to 1366.85. The Baltic Dry Index (daily) increased by 12.00 to 2072.00, the Panamax freight index (daily) increased by 0.00, the average charter price of Panamax ships was 17564.00, and the average charter price of Capesize ships decreased by 20.00 to 28080.00 [2] 3.3 Industry News - The US announced a one - year suspension of the implementation of the export control penetration rule from November 10, 2025, to November 9, 2026. The Chinese Ministry of Commerce responded that this is an important measure for the US to implement the consensus of the China - US economic and trade consultations in Kuala Lumpur. The arrangement after the one - year suspension will be further discussed [2] - At the seminar on implementing the spirit of the Fourth Plenary Session of the 20th CPC Central Committee, Minister of Commerce Wang Wentao said that more detailed measures will be introduced in areas such as boosting consumption, expanding institutional opening - up, promoting trade innovation, and high - quality construction of the Belt and Road Initiative [2] - The US Senate passed the Continuing Appropriations and Extension Act, which will provide funds for the federal government until January 30 next year, revoke some lay - off measures during the "shutdown", and temporarily prevent further lay - offs. The US House of Representatives plans to vote on the bill on Wednesday [2] - The central bank's Q3 monetary policy report stated that it will implement a moderately loose monetary policy, keep social financing conditions relatively loose, and improve the monetary policy framework [2] 3.4 Key Points to Watch - November 13: US October unadjusted CPI annual rate (to be determined), US initial jobless claims for the week ending November 8 (in ten thousand people) (to be determined), French Q3 ILO unemployment rate at 14:30, UK Q3 GDP annual rate preliminary value at 15:00, UK September manufacturing output monthly rate at 15:00, Eurozone September industrial output monthly rate at 18:00 [2]