Report Industry Investment Rating - Not provided Core Viewpoints - On Monday, the I2601 contract first declined and then rebounded. The US government was "shut down" for 40 days, and the US Senate passed a temporary appropriation bill. In terms of supply and demand, the shipments and arrivals of Australian and Brazilian iron ore decreased simultaneously this period, but the domestic port inventory increased for seven consecutive weeks; the molten iron output continued to decline, weakening the demand support. However, the positive macro - situation provided some support for the current weak market. Technically, the 1 - hour MACD indicator of the I2601 contract shows that DIFF and DEA are running at a low level. For operation, short - term trading is recommended with attention to risk control [2] Summary by Relevant Catalogs Futures Market - The closing price of the I main contract was 765.00 yuan/ton, up 4.50 yuan; the position volume was 541,602 lots, down 17,806 lots. The I 1 - 5 contract spread was 23 yuan/ton, up 2.50 yuan; the net position of the top 20 in the I contract was - 33,799 lots, up 1,644 lots. The DCE warehouse receipts were 800.00 lots, unchanged. The Singapore iron ore main contract was quoted at 102.15 US dollars/ton at 15:00, up 0.88 US dollars [2] Spot Market - The price of 61.5% PB fines at Qingdao Port was 840 yuan/dry ton, down 2 yuan; the price of 60.8% Mac fines at Qingdao Port was 834 yuan/dry ton, down 2 yuan. The price of 56.5% Super Special fines at Jingtang Port was 765 yuan/dry ton, down 3 yuan. The basis of the I main contract (Mac fines dry ton - main contract) was 69 yuan, down 7 yuan. The 62% Platts iron ore index (previous day) was 102.05 US dollars/ton, down 2.65 US dollars. The ratio of Jiangsu scrap steel to 60.8% Mac fines at Qingdao Port was 3.20, unchanged. The estimated import cost was 832 yuan/ton. The global iron ore shipments (weekly) were 3,069.00 tons, down 144.80 tons; the arrivals at 47 Chinese ports (weekly) were 2,769.30 tons, down 544.80 tons [2] Industry Situation - The iron ore inventory at 47 ports (weekly) was 15,624.13 tons, up 351.20 tons; the iron ore inventory of sample steel mills (weekly) was 9,009.94 tons, up 160.08 tons. The iron ore imports (monthly) were 11,130.90 tons, down 502.10 tons. The available days of iron ore (weekly) were 23 days, unchanged. The daily output of 266 mines (weekly) was 39.99 tons, down 0.36 tons; the operating rate of 266 mines (weekly) was 62.96%, down 1.01%. The iron concentrate inventory of 266 mines (weekly) was 41.83 tons, down 5.92 tons. The BDI index was 2,104.00, up 41.00. The freight rate of iron ore from Tubarao, Brazil to Qingdao was 23.42 US dollars/ton, down 0.01 US dollars; the freight rate of iron ore from Western Australia to Qingdao was 10.365 US dollars/ton, down 0.19 US dollars [2] Downstream Situation - The blast furnace operating rate of 247 steel mills (weekly) was 83.15%, up 1.42%; the blast furnace capacity utilization rate of 247 steel mills (weekly) was 87.79%, down 0.80%. The domestic crude steel output (monthly) was 7,349 tons, down 388 tons [2] Option Market - The 20 - day historical volatility of the underlying (daily) was 18.56%, down 0.46%; the 40 - day historical volatility of the underlying (daily) was 16.41%, up 0.09%. The implied volatility of at - the - money call options (daily) was 15.95%, down 1.44%; the implied volatility of at - the - money put options (daily) was 16.77%, up 0.96% [2] Industry News - From November 3rd to November 9th, 2025, the global iron ore shipments were 3,069.0 tons, a week - on - week decrease of 144.8 tons. The total shipments of Australian and Brazilian iron ore were 2,548.6 tons, a week - on - week decrease of 210.6 tons. From November 3rd to November 9th, 2025, the arrivals at 47 Chinese ports were 2,769.3 tons, a week - on - week decrease of 544.8 tons; the arrivals at 45 Chinese ports were 2,741.2 tons, a week - on - week decrease of 477.2 tons; the arrivals at the six northern ports were 1,525.8 tons, a week - on - week decrease of 60.1 tons [2]

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core View of the Report The current freight rate market is greatly influenced by news, and the futures price is expected to fluctuate more intensely. It is recommended that investors be cautious, pay attention to the operation rhythm and risk control, and timely track geopolitical, shipping capacity, and cargo volume data [1]. 3. Summary According to Related Catalogs Futures Market Data - EC main contract closing price: 1778.200, down 33.3; EC secondary main contract closing price: 1604.9, up 17.70 [1] - EC2512 - EC2602 spread: 173.30, down 46.70; EC2512 - EC2604 spread: 612.10, down 35.30 [1] - SCFIS (European Line) (weekly): 1504.80, up 296.09; SCFIS (US West Line) (weekly): 1327.91, up 62.56 [1] - SCFI (Comprehensive Index) (weekly): 1058.17, up 36.78; CCFI (European Line) (weekly): 1366.85, up 43.04 [1] - Baltic Dry Bulk Index (daily): 2104.00, down 41.00; Panama - type Freight Index (daily): 1833.00, down 16.00 [1] - Average charter price (Panamax ship): 17564.00, unchanged; Average charter price (Cape - size ship): 28850.00, up 2368.00 [1] Industry News - China's Ministry of Commerce and General Administration of Customs announced to suspend the implementation of multiple export control measures from November 10, 2025, to November 10, 2026, covering super - hard materials, some rare - earth equipment and raw materials, lithium batteries, etc. Also, since November 10, the soybean export qualification of 3 US enterprises to China has been restored, and the import of US logs has resumed [1] - US Senate Democratic Leader Chuck Schumer proposed a new plan to end the government shutdown, but the Republicans rejected it, though the exchange of proposals is seen as a sign of a possible loosening of the negotiation deadlock [1] - Fed Vice - Chair Jefferson said the Fed should be more cautious in future policy actions. New York Fed President Williams said the Fed may need to expand its balance sheet by buying bonds, and St. Louis Fed President Musalem expects 50 - 75 basis points of policy adjustment space [1] Market Analysis - On Monday, the prices of the container shipping index (European Line) futures showed differentiation. The main contract EC2512 fell 1.81%, and the far - month contracts had varying declines [1] - The latest SCFIS European Line settlement freight rate index rose 24.5% week - on - week, which is expected to support the recovery of freight rates. However, China's manufacturing PMI in October dropped seasonally, and the new export order index declined significantly, indicating a weak foundation for the recovery of terminal transport demand [1] - Mainstream shipping companies issued price - increase notices in November, but the price increase in late November has basically failed, and the consistency of shipping companies' price - increase efforts has differentiated [1] - The Middle East situation, especially the Israel - Palestine conflict, is in a delicate and unstable stage, delaying the expectation of Red Sea resumption of navigation. Germany's new government's proposed fiscal expansion policy may boost investors' confidence in the medium - term growth of the eurozone if more details are released [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The RB2601 contract rebounded with reduced positions on Monday. The U.S. Trade Representative's Office announced the suspension of 301 investigation - related measures against China's maritime, logistics, and shipbuilding industries starting from November 10th. The weekly output of rebar decreased, and the capacity utilization rate dropped to 45.72%, remaining at a low level. Terminal demand declined, but inventories have decreased for four consecutive weeks. Overall, the macro - level released positive signals, market investment sentiment improved, and the reduction of short positions in mainstream holdings supported the rebound of futures prices. Technically, the 1 - hour MACD indicator of the RB2601 contract shows that DIFF and DEA rebounded from low levels. The recommended operation is to go long on pullbacks with a stop - loss reference of 3000 and pay attention to risk control [2]. 3. Summary by Relevant Catalogs Futures Market - RB main contract closing price: 3,044.00 yuan/ton, up 10 yuan; RB main contract open interest: 1,923,733 lots, down 37,153 lots; RB contract top 20 net open interest: - 53,077 lots, up 48,936 lots; RB1 - 5 contract spread: - 58 yuan/ton, up 3 yuan; RB Shanghai Futures Exchange warehouse receipt: 128,592 tons, down 9,143 tons; HC2601 - RB2601 contract spread: 208 yuan/ton, down 3 yuan [2]. 现货市场 - Hangzhou HRB400E 20MM (theoretical weight): 3,230.00 yuan/ton, up 10 yuan; Hangzhou HRB400E 20MM (actual weight): 3,313 yuan/ton, up 10 yuan; Guangzhou HRB400E 20MM (theoretical weight): 3,290.00 yuan/ton, unchanged; Tianjin HRB400E 20MM (theoretical weight): 3,200.00 yuan/ton, up 20 yuan; RB main contract basis: 186.00 yuan/ton, unchanged; Hangzhou hot - rolled coil - rebar spot spread: 70.00 yuan/ton, down 10 yuan [2]. Upstream Situation - Qingdao Port 61.5% PB iron ore fines: 771.00 yuan/wet ton, down 2 yuan; Hebei quasi - first - grade metallurgical coke: 1,640.00 yuan/ton, unchanged; Tangshan 6 - 8mm scrap steel (tax - excluded): 2,170.00 yuan/ton, unchanged; Hebei Q235 billet: 2,940.00 yuan/ton, up 10 yuan; 45 - port iron ore inventory: 148.9481 million tons, up 3.5557 million tons; Sample coking plant coke inventory: 361,500 tons, down 12,900 tons; Sample steel mill coke inventory: 6.2656 million tons, down 23,200 tons; Tangshan billet inventory: 1.2 million tons, up 4,300 tons; 247 steel mills' blast furnace operating rate: 83.15%, up 1.42 percentage points; 247 steel mills' blast furnace capacity utilization rate: 87.79%, down 0.80 percentage points [2]. Industry Situation - Sample steel mills' rebar output: 2.0854 million tons, down 40,500 tons; Sample steel mills' rebar capacity utilization rate: 45.72%, down 0.88 percentage points; Sample steel mills' rebar inventory: 1.6684 million tons, down 48,700 tons; 35 - city rebar social inventory: 4.257 million tons, down 51,100 tons; Independent electric arc furnace steel mill operating rate: 67.71%, unchanged; Domestic crude steel output: 73.49 million tons, down 3.88 million tons; China's rebar monthly output: 1.541 million tons, up 66,000 tons; Steel net export volume: 9.279 million tons, down 641,000 tons [2]. Downstream Situation - National real estate climate index: 92.78, down 0.27; Cumulative year - on - year growth rate of fixed - asset investment: - 0.50%, down 1.00 percentage points; Cumulative year - on - year growth rate of real estate development investment: - 13.90%, down 1.00 percentage points; Cumulative year - on - year growth rate of infrastructure construction investment: 1.10%, down 0.90 percentage points; Cumulative value of housing construction area: 6.4858 billion square meters, down 54.71 million square meters; Cumulative value of new housing construction area: 453.99 million square meters, down 55.98 million square meters; Commercial housing unsold area: 399.37 million square meters, up 2.92 million square meters [2]. Industry News - In October 2025, 822 projects started across the country with a total investment of about 494.812 billion yuan. The top three provinces in terms of investment are Fujian, Guangxi, and Guangdong, with total investments of 136.944 billion yuan, 82.1 billion yuan, and 71.7 billion yuan respectively. On November 9th local time, the U.S. Trade Representative's Office announced the suspension of 301 investigation - related measures against China's maritime, logistics, and shipbuilding industries for one year, starting from 12:01 am on November 10th, Eastern Time [2].

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - 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. Investors are advised to be cautious when chasing up [2] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the active egg futures contract is 3,176 yuan per 500 kilograms, down 43 yuan; the net long position of the top 20 futures holders is -8,857 lots, down 1,704 lots [2] - The monthly spread between January and May contracts of egg futures is -122 yuan per 500 kilograms, down 25 yuan; the trading volume of the active egg futures contract is 136,359 lots, down 11,884 lots [2] - The registered warehouse receipt volume of eggs is 19 lots, up 13 lots [2] Spot Market - The spot price of eggs is 3.07 yuan per jin, down 0.01 yuan; the basis (spot - futures) is -105 yuan per 500 kilograms, up 37 yuan [2] Upstream Situation - The laying hen inventory index nationwide is 115.26 (2015 = 100), up 0.86; the culled laying hen index nationwide is 124.63 (2015 = 100), up 31.02 [2] - The average price of egg - laying chicken chicks in the main production areas is 2.8 yuan per chick, unchanged; the new chick index nationwide is 76.65 (2015 = 100), up 3.3 [2] - The average price of egg - laying chicken compound feed is 2.76 yuan per kilogram, unchanged; the breeding profit of egg - laying chickens is -0.47 yuan per chicken, down 0.05 yuan [2] - The average price of culled chickens in the main production areas is 8.06 yuan per kilogram, down 0.16 yuan; the age of culled chickens nationwide is 507 days, down 3 days [2] Industry Situation - The average wholesale price of pork is 18.13 yuan per kilogram, down 0.1 yuan; the average wholesale price of 28 key monitored vegetables is 5.79 yuan per kilogram, up 0.01 yuan [2] - The average wholesale price of dressed chickens is 17.96 yuan per kilogram, up 0.24 yuan; the weekly inventory in the circulation link is 1.06 days, down 0.04 days [2] - The weekly inventory in the production link is 1.02 days, down 0.02 days; the monthly export volume of fresh eggs is 13,215.79 tons, up 94.76 tons [2] Downstream Situation - The weekly consumption of eggs in the sales areas is 7,300 tons, down 358 tons [2] Industry News - The average price of eggs in Shandong's main production area is 5.97 yuan per kilogram, unchanged; the average price of eggs in Hebei is 5.68 yuan per kilogram, up 0.06 yuan; the average price of eggs in Guangdong is 6.93 yuan per kilogram, unchanged; the average price of eggs in Beijing is 6.20 yuan per kilogram, up 0.16 yuan [2] - The continuous losses of the breeding end have led to a decline in the enthusiasm for replenishment and an increase in the number of old chicken culls. The laying hen inventory has slightly decreased, and the market atmosphere has slightly improved [2] Viewpoint Summary - Although the egg futures price has rebounded from a low level, the high production capacity pressure still exists, which may limit its rebound space. Investors are advised to be cautious when chasing up [2] Key Focus - No news today [2]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The current supply - demand pattern in the pig industry remains loose, which restricts price movements. When prices fall further, the supply - demand game may intensify, causing price fluctuations. Prices are expected to adjust weakly at a low level. Supply - side: Scale farms are expected to resume slaughter to meet annual targets, while some small - scale farmers may hold back sales due to price drops. Second - fattening participants are cautious. Demand - side: Temperature fluctuations led to a decline in the slaughterhouse's operating rate last week, indicating limited improvement in terminal demand [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the main futures contract for live pigs is 11,955 yuan/ton, up 90 yuan; the position of the main contract is 130,519 lots, down 5,241 lots; the number of warehouse receipts is 90 lots, unchanged; the net long position of the top 20 futures holders is - 38,588 lots, down 2,091 lots [2]. 3.2 Spot Market - Spot prices vary by region: 12,000 yuan/ton in Henan Zhumadian (unchanged), 11,900 yuan/ton in Jilin Siping (down 200 yuan), 12,500 yuan/ton in Guangdong Yunfu (up 200 yuan). The main base of live pigs is 45 yuan/ton, down 90 yuan [2]. 3.3 Upstream Situation - The monthly pig inventory is 436.8 million heads, up 12.33 million; the inventory of breeding sows is 40.35 million heads, down 30,000 [2]. 3.4 Industry Situation - The month - on - month CPI growth rate is 0.2%, up 0.5 percentage points. The spot price of soybean meal in Zhangjiagang is 3,060 yuan/ton, unchanged; the corn spot price is 2,243.33 yuan/ton, up 4.8 yuan; the Dalian Commodity Exchange pig feed cost index is 901.09, up 4.84. The monthly feed output is 31.287 million tons, up 2.015 million tons. The price of binary breeding sows is 1,515 yuan/head, unchanged. The weekly breeding profit for purchasing piglets is - 175.54 yuan/head, up 4.18 yuan; for self - breeding and self - raising is - 89.21 yuan/head, up 0.12 yuan. The monthly pork import volume is 80,000 tons, unchanged. The average price of white - striped chicken in the main production area is 13.8 yuan/kg, unchanged [2]. 3.5 Downstream Situation - The monthly slaughter volume of designated pig slaughtering enterprises is 35.84 million heads, up 2.34 million; the monthly catering revenue in social consumer goods retail is 450.86 billion yuan, up 12.9 billion [2]. 3.6 Industry News - Mysteel data shows that in October 2025, the national pig feed sales increased by 1.87% month - on - month and 11.07% year - on - year. Piglet feed increased by 0.42% month - on - month and 2.46% year - on - year; finishing pig feed increased by 2.46% month - on - month and 15.43% year - on - year. According to Shanghai Ganglian, on November 10, 2025, the daily national pig slaughter volume of key breeding enterprises was 290,903 heads, 1.28% lower than Friday [2].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - On Monday, the HC2601 contract rebounded with reduced positions. Amidst the global economic restructuring and China's economic transformation, the manufacturing industry is shifting from "scale expansion" to "quality - efficiency". The weekly output of hot - rolled coils decreased, but the capacity utilization rate remained above 81%. Apparent demand dropped to around 3.15 million tons, and inventory stopped falling and started to rise. Overall, hot - rolled coil production remained high, and apparent demand declined. However, with the recent continuous decline in futures prices and the easing of Sino - US tariff issues boosting market confidence. Technically, the 1 - hour MACD indicator of the HC2601 contract shows that DIFF and DEA are running at low levels. The recommended operation is to go long in the intraday session, paying attention to rhythm and risk control [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - HC main contract closing price: 3,252 yuan/ton, up 7 yuan [2] - HC main contract open interest: 1,346,071 lots, down 19,517 lots [2] - HC contract top 20 net open interest: - 51,618 lots, up 5,525 lots [2] - HC1 - 5 contract spread: - 11 yuan/ton, down 2 yuan [2] - HC Shanghai Futures Exchange daily warehouse receipt: 127,028 tons, down 894 tons [2] - HC2601 - RB2601 contract spread: 208 yuan/ton, down 3 yuan [2] 3.2 Spot Market - Hangzhou 4.75 hot - rolled coil: 3,300 yuan/ton, unchanged [2] - Guangzhou 4.75 hot - rolled coil: 3,260 yuan/ton, down 10 yuan [2] - Wuhan 4.75 hot - rolled coil: 3,340 yuan/ton, down 20 yuan [2] - Tianjin 4.75 hot - rolled coil: 3,190 yuan/ton, unchanged [2] - HC main contract basis: 48 yuan/ton, down 7 yuan [2] - Hangzhou hot - rolled coil - rebar spread: 70 yuan/ton, down 10 yuan [2] 3.3 Upstream Situation - Qingdao Port 61.5% PB fine ore: 771 yuan/wet ton, down 2 yuan [2] - Hebei quasi - first - grade metallurgical coke: 1,640 yuan/ton, unchanged [2] - Tangshan 6 - 8mm scrap steel: 2,170 yuan/ton, unchanged [2] - Hebei Q235 billet: 2,940 yuan/ton, up 10 yuan [2] - 45 - port iron ore inventory: 148.9481 million tons, up 3.5557 million tons [2] - Sample coking plant coke inventory: 361,500 tons, down 12,900 tons [2] - Sample steel mill coke inventory: 6.2656 million tons, down 23,200 tons [2] - Hebei billet inventory: 1.2 million tons, up 4,300 tons [2] 3.4 Industry Situation - 247 steel mill blast furnace operating rate: 83.15%, up 1.42 percentage points [2] - 247 steel mill blast furnace capacity utilization rate: 87.79%, down 0.80 percentage points [2] - Sample steel mill hot - rolled coil production: 3.1816 million tons, down 54,000 tons [2] - Sample steel mill hot - rolled coil capacity utilization rate: 81.28%, down 1.37 percentage points [2] - Sample steel mill hot - rolled coil factory inventory: 774,300 tons, down 2,300 tons [2] - 33 - city hot - rolled coil social inventory: 3.3302 million tons, up 40,900 tons [2] - Domestic crude steel production: 73.49 million tons, down 3.88 million tons [2] - Steel net export volume: 9.279 million tons, down 641,000 tons [2] 3.5 Downstream Situation - Automobile production: 3.2758 million vehicles, up 460,400 vehicles [2] - Automobile sales: 3.2264 million vehicles, up 369,800 vehicles [2] - Air - conditioner production: 18.0948 million units, up 1.276 million units [2] - Household refrigerator production: 10.1276 million units, up 674,400 units [2] - Household washing machine production: 11.7849 million units, up 1.653 million units [2] 3.6 Industry News - On November 9, 2025 local time, the US Trade Representative's Office (USTR) announced a one - year suspension of the 301 investigation and related measures against China's maritime, logistics, and shipbuilding industries, effective from 12:01 am on November 10, 2025, Eastern Time [2] - Many places in Hebei lifted the heavy pollution weather emergency response on November 9 due to improved meteorological conditions and enhanced pollutant diffusion capacity [2]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - Urea production continues to increase this week following the previous cycle's equipment changes [2] - The compound fertilizer's operating rate has rebounded due to improved sales, but it is expected to decline steadily or slightly considering new orders [2] - Urea enterprise inventory increased slightly last week, and with weak agricultural demand and moderate industrial and reserve demand, some enterprises maintain a weak balance between production and sales, while inventory may continue to accumulate in the short - term [2] - The U2601 contract is expected to fluctuate in the range of 1640 - 1690 in the short term [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Zhengzhou urea main contract is 1660 yuan/ton, down 7 yuan; the 1 - 5 spread is - 72 yuan/ton, down 5 yuan [2] - The main contract's open interest is 257,574 lots, down 11,014 lots; the net position of the top 20 is - 31,413 [2] - The exchange warehouse receipts are 6415 sheets, up 1830 sheets [2] 3.2 Spot Market - In the domestic spot market, prices in Hebei remained unchanged at 1590 yuan/ton, while those in Henan, Jiangsu, Shandong, and Anhui increased by 30, 10, 20, and 20 yuan/ton respectively [2] - The main contract's basis is - 40 yuan/ton, up 27 yuan [2] - FOB prices in the Baltic and Chinese main ports are 357.5 and 385 US dollars/ton respectively, up 10 and 7.5 US dollars/ton [2] 3.3 Industry Situation - Port inventory is 7.9 million tons, down 3.1 million tons; enterprise inventory is 1.5781 billion tons, up 23.8 million tons [2] - The urea enterprise operating rate is 82.71%, up 2.39%; the daily output is 183,500 tons, down 4400 tons [2] - Urea exports are 1.37 million tons, up 57%; the monthly output is 5.73867 million tons, down 190,010 tons [2] 3.4 Downstream Situation - The compound fertilizer operating rate is 31.04%, unchanged; the melamine operating rate is 53.2%, up 3.22% [2] - The weekly profit of compound fertilizer is 83 yuan/ton, down 33 yuan; the weekly profit of melamine with externally - purchased urea is 165 yuan/ton, up 41 yuan [2] - The monthly output of compound fertilizer is 4.6618 million tons, down 651,500 tons; the weekly output of melamine is 27,000 tons, up 1600 tons [2] 3.5 Industry News - As of November 5, enterprise inventory was 1.5781 billion tons, up 23.8 million tons week - on - week, a 1.53% increase [2] - As of November 6, port inventory was 7.9 million tons, down 3.1 million tons week - on - week, a 28.18% decrease [2] - As of November 6, production was 1.3545 billion tons, up 39.2 million tons week - on - week, a 2.98% increase; the capacity utilization rate was 82.71%, up 2.39% [2] 3.6 Suggestions for Attention - Pay attention to Longzhong's enterprise inventory, port inventory, daily output, and operating rate on Thursday [2]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - In the current period, with sufficient supply of raw material butadiene and a continuous decline in negotiation prices, the cost side has been dragging down negatively. Both the inventories of production enterprises and sample trading enterprises have decreased. Some devices will restart this week, and supply is expected to increase slightly. However, due to the expected increase in domestic future supply, the cost side of butadiene rubber remains weak. The situation of firm price - pressing by downstream terminals is difficult to change, and the inventories of production and trading enterprises may increase slightly. In terms of demand, last week, the production scheduling of domestic tire maintenance enterprises returned to the normal level, driving a slight increase in overall capacity utilization. Most enterprises' devices are operating stably this week, and it is heard that an individual enterprise has a maintenance plan in the middle of the month, which may drag down the overall capacity utilization. The short - term fluctuation range of the br2601 contract is expected to be between 10,000 - 10,500 [2] Summary by Relevant Catalogs Futures Market - The closing price of the main contract of synthetic rubber is 10,275 yuan/ton, with a month - on - month increase of 85; the position of the main contract is 83,698, with a month - on - month decrease of 1,988. The 12 - 1 spread of synthetic rubber is 70 yuan/ton, with a month - on - month increase of 5; the total warehouse receipt quantity of butadiene rubber in warehouses is 2,990 tons, with no change [2] Spot Market - The mainstream price of BR9000 butadiene rubber from Qilu Petrochemical in Shandong is 10,300 yuan/ton, with no change; that from Daqing Petrochemical in Shandong is 10,300 yuan/ton, with no change; that from Daqing Petrochemical in Shanghai is 10,350 yuan/ton, with no change; that from Maoming Petrochemical in Guangdong is 10,650 yuan/ton, with no change. The basis of synthetic rubber is 75 yuan/ton, with a month - on - month decrease of 85. Brent crude oil is 63.63 US dollars/barrel, with a month - on - month increase of 0.25; naphtha CFR Japan is 581.75 US dollars/ton, with a month - on - month increase of 6; the price of Northeast Asian ethylene is 740 US dollars/ton, with no change; the intermediate price of butadiene CFR China is 790 US dollars/ton, with a month - on - month decrease of 10; WTI crude oil is 59.75 US dollars/barrel, with a month - on - month increase of 0.32; the mainstream price of butadiene in the Shandong market is 7,000 yuan/ton, with a month - on - month decrease of 50 [2] Upstream Situation - The weekly capacity of butadiene is 155,300 tons/week, with a month - on - month decrease of 100 tons; the capacity utilization rate is 70.32%, with a month - on - month increase of 3.26 percentage points. The port inventory of butadiene is 29,800 tons, with a month - on - month decrease of 2,200 tons; the operating rate of Shandong local refinery atmospheric and vacuum distillation units is 52.45%, with a month - on - month increase of 0.15 percentage points. The monthly output of butadiene rubber is 130,400 tons, with a month - on - month decrease of 5,300 tons; the weekly capacity utilization rate is 65.85%, with a month - on - month decrease of 1.1 percentage points. The weekly production profit of butadiene rubber is 539 yuan/ton, with a month - on - month increase of 118; the weekly social inventory is 29,300 tons, with a month - on - month decrease of 1,600 tons; the weekly manufacturer inventory is 25,770 tons, with a month - on - month decrease of 1,430 tons; the weekly trader inventory is 3,520 tons, with a month - on - month decrease of 160 tons [2] Downstream Situation - The operating rate of domestic semi - steel tires is 73.67%, with a month - on - month increase of 0.26 percentage points; the operating rate of domestic all - steel tires is 65.46%, with a month - on - month increase of 0.12 percentage points. The monthly output of all - steel tires is 13.14 million pieces, with a month - on - month increase of 110,000 pieces; the monthly output of semi - steel tires is 60.25 million pieces, with a month - on - month increase of 2.19 million pieces. The inventory days of all - steel tires in Shandong are 39.2 days, with a month - on - month increase of 0.19 days; the inventory days of semi - steel tires in Shandong are 45.05 days, with a month - on - month increase of 0.23 days [2] Industry News - As of November 6, the capacity utilization rate of Chinese semi - steel tire sample enterprises is 72.89%, with a month - on - month increase of 0.77 percentage points and a year - on - year decrease of 7.03 percentage points; the capacity utilization rate of all - steel tire sample enterprises is 65.37%, with a month - on - month increase of 0.03 percentage points and a year - on - year increase of 6.51 percentage points. In October 2025, the domestic output of butadiene rubber was 137,600 tons, a month - on - month increase of 7,200 tons, a month - on - month increase of 5.52%, and a year - on - year increase of 24.07%. The capacity utilization rate in October was 71.39%, an increase of 1.46 percentage points from the previous period and an increase of 10.93 percentage points from the same period last year. The output and capacity utilization rate of butadiene rubber declined slightly in October. As of November 6, the domestic inventory of butadiene rubber was 29,300 tons, a decrease of 1,600 tons from the previous period, a month - on - month decrease of 5.15% [2]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - For corn, as the US corn harvest progresses, supply pressure will gradually increase, but the recent rise in US soybeans and wheat provides external support. In the domestic market, the main producing areas are still releasing sales pressure, but as multiple market entities build storage and the central reserve increases purchases, the circulation of grain sources slows down, and some deep - processing enterprises have raised purchase prices. The corn market has shown a slightly stronger trend recently, and short - term observation is recommended [2]. - For corn starch, the supply of raw material corn is abundant, and the industry's operating rate is rising due to improved processing profits, increasing supply - side pressure. However, downstream orders and pick - ups have slowed down slightly, and inventory has increased marginally. The corn starch market has oscillated and risen in tandem with the corn market, and short - term observation is recommended [3]. 3. Summary by Relevant Catalogs Futures Market - Corn: The futures closing price of the active contract is 2164 yuan/ton, up 15 yuan; the monthly spread (1 - 5) is - 86 yuan/ton, up 6 yuan; the futures holding volume of the active contract is 966186 hands, down 10833 hands; the net long position of the top 20 futures holders is 0 hands, up 118210 hands; the registered warehouse receipt volume is 66351 hands; the CS - C spread of the main contract is 344 yuan/ton, up 1 yuan [2]. - Corn starch: The futures closing price of the active contract is 2479 yuan/ton, up 17 yuan; the monthly spread (1 - 3) is - 7 yuan/ton, up 3 yuan; the futures holding volume of the active contract is 226343 hands, up 261 hands; the net long position of the top 20 futures holders is 0 hands, up 58773 hands; the registered warehouse receipt volume is 12453 hands [2]. Outer - disk Market - The futures closing price of the active contract of CBOT corn is 426.75 cents/bushel, down 2 cents; the total holding volume is 1543065 contracts, up 13269 contracts; the non - commercial net long position is - 51186 contracts, down 15017 contracts [2]. Spot Market - Corn: The average spot price is 2243.33 yuan/ton, up 4.8 yuan; the flat - hatch price at Jinzhou Port is 2170 yuan/ton, up 10 yuan; the CIF price of imported corn is 2036.72 yuan/ton, up 1.2 yuan; the international freight of imported corn is 42 US dollars/ton; the basis of the main contract is 79.33 yuan/ton, down 10.2 yuan [2]. - Corn starch: The factory - quoted price in Changchun is 2510 yuan/ton; in Weifang is 2750 yuan/ton; in Shijiazhuang is 2680 yuan/ton; the basis of the main contract is 31 yuan/ton, down 17 yuan; the spread between Shandong starch and corn is 524 yuan/ton, down 90 yuan [2]. - Substitute products: The average spot price of wheat is 2485.33 yuan/ton, down 1.5 yuan; the spread between tapioca starch and corn starch is 322 yuan/ton, up 31 yuan; the spread between corn starch and 30 - powder is - 235 yuan/ton, down 3 yuan [2]. Upstream Situation - The predicted annual corn production in the US is 427.11 million tons, up 1.85 million tons; in Brazil is 131 million tons; in Argentina is 53 million tons; in China is 295 million tons; in Ukraine is 32 million tons. The predicted sown areas in the US, Brazil, Argentina, and China are 36.44 million hectares, 22.6 million hectares, 7.5 million hectares, and 44.3 million hectares respectively [2]. Industry Situation - Corn inventory: The inventory at southern ports is 74.2 tons, up 13.5 tons; at northern ports is 122 tons, up 14 tons; the monthly import volume is 6 tons, up 2 tons [2]. - Corn starch: The monthly export volume is 12780 tons, down 2020 tons; the weekly inventory of starch enterprises is 113.8 tons, up 1 ton; the weekly increase rate is 0.89%, the monthly increase rate is 0.89%, and the year - on - year increase rate is 33.26% [2][3]. Downstream Situation - Feed: The monthly output is 3128.7 tons, up 201.5 tons; the sample feed corn inventory days are 24.88 days, up 0.78 days; the weekly consumption of deep - processing corn is 138.18 tons [2]. - Corn starch processing: The processing profit in Shandong is 42 yuan/ton, down 20 yuan; in Hebei is 124 yuan/ton; in Jilin is 94 yuan/ton, down 20 yuan; the alcohol enterprise operating rate is down 1.63%; the starch enterprise operating rate is 62.77%, up 3.91% [2]. Option Market - For corn, the 20 - day historical volatility is 9.88%, up 0.05%; the 60 - day historical volatility is 7.66%, up 0.01%; the implied volatility of at - the - money call options is 8.53%, up 0.58%; the implied volatility of at - the - money put options is 8.52%, up 0.57% [2]. Industry News - The United Nations Food and Agriculture Organization (FAO) predicts that the global grain production in 2025 will reach a record 2.99 billion tons, a 4.4% increase from 2024. All major grain productions will increase, with corn having the largest increase and rice the smallest. Corn and rice production are expected to hit new highs [2]. - As of November 2nd, the US corn harvest is 83% complete, up from 72% a week ago [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - On November 10, the coking coal 2601 contract closed at 1265.5, down 1.02%. The spot price of Tangshan Mongolian 5 clean coal was reported at 1460, equivalent to 1240 on the futures market. With the continuous implementation of the "anti-involution" policy, the PPI recorded its first monthly increase since November last year, and the year-on-year decline was the smallest in over a year. Fundamentally, the mine's operating rate has declined for three consecutive weeks due to safety inspections. The inventory is at a moderate level, and the mid - and downstream are replenishing stocks, with the total inventory showing a seasonal upward trend. Technically, the daily K - line is above the 20 - day and 60 - day moving averages. It should be treated as a wide - range volatile operation [2]. - On November 10, the coke 2601 contract closed at 1743.5, down 1.19%. The third round of price increases for coke in the spot market has been implemented. Recently, Pingjiang County, Yueyang, Hunan Province, introduced new regulations and became the first county in Hunan to fully implement the ready - to - move housing sales system. Fundamentally, on the demand side, the pig iron output continued its seasonal decline this period, with the pig iron output at 234.22 (-2.14) million tons, and the total coke inventory was higher than the same period. In terms of profit, the average profit per ton of coke for 30 independent coking plants across the country this period was -22 yuan/ton. Technically, the daily K - line is above the 20 - day and 60 - day moving averages. It should be treated as a wide - range volatile operation [2]. 3. Summary by Relevant Catalogs Futures Market - JM main contract closing price: 1265.50 yuan/ton, down 4.50 yuan; J main contract closing price: 1743.50 yuan/ton, down 13.00 yuan [2]. - JM futures contract open interest: 956759.00 lots, down 46.00 lots; J futures contract open interest: 48341.00 lots, down 82.00 lots [2]. - Net position of the top 20 coking coal contracts: -78574.00 lots, down 7647.00 lots; Net position of the top 20 coke contracts: -5072.00 lots, down 376.00 lots [2]. - JM 5 - 1 month contract spread: 37.50 yuan/ton, down 9.00 yuan; J 5 - 1 month contract spread: 133.00 yuan/ton, up 3.50 yuan [2]. - Coking coal warehouse receipts: 100.00 sheets, down 300.00 sheets; Coke warehouse receipts: 2070.00 sheets, unchanged [2]. Spot Market - Ganqimao Mongolian 5 raw coal: 1161.00 yuan/ton, unchanged; Tangshan first - grade metallurgical coke: 1830.00 yuan/ton, unchanged [2]. - Russian prime coking coal forward spot (CFR): 160.00 US dollars/wet ton, unchanged; Rizhao Port quasi - first - grade metallurgical coke: 1620.00 yuan/ton, unchanged [2]. - Jingtang Port Australian imported prime coking coal: 1710.00 yuan/ton, unchanged; Tianjin Port first - grade metallurgical coke: 1720.00 yuan/ton, unchanged [2]. - Jingtang Port Shanxi - produced prime coking coal: 1860.00 yuan/ton, unchanged; Tianjin Port quasi - first - grade metallurgical coke: 1620.00 yuan/ton, unchanged [2]. - Shanxi Jinzhong Lingshi medium - sulfur prime coking coal: 1610.00 yuan/ton, unchanged; J main contract basis: 86.50 yuan/ton, up 13.00 yuan [2]. - Inner Mongolia Wuhai - produced coking coal ex - factory price: 1330.00 yuan/ton, unchanged; JM main contract basis: 344.50 yuan/ton, up 4.50 yuan [2]. Upstream Situation - The clean coal output of 314 independent coal washing plants: 27.50 million tons, up 1.00 million tons; The clean coal inventory of 314 independent coal washing plants: 295.00 million tons, up 10.60 million tons [2]. - The capacity utilization rate of 314 independent coal washing plants: 0.38%, up 0.01%; Raw coal output: 41150.50 million tons, up 2100.80 million tons [2]. - Coal and lignite imports: 4173.70 million tons, down 426.30 million tons; The daily average output of raw coal from 523 coking coal mines: 186.30 million tons, down 4.00 million tons [2]. - The inventory of imported coking coal at 16 ports: 527.38 million tons, up 13.49 million tons; The inventory of coke at 18 ports: 262.51 million tons, down 7.39 million tons [2]. National Industry Situation - The total inventory of coking coal of all - sample independent coking enterprises: 1070.02 million tons, up 17.32 million tons; The inventory of coke of all - sample independent coking enterprises: 58.30 million tons, down 1.57 million tons [2]. - The coking coal inventory of 247 steel mills: 787.30 million tons, down 9.02 million tons; The coke inventory of 247 sample steel mills: 626.64 million tons, down 2.41 million tons [2]. - The available days of coking coal of all - sample independent coking enterprises: 12.84 days, down 0.12 days; The available days of coke of 247 sample steel mills: 11.07 days, down 0.50 days [2]. - Coking coal imports: 1092.36 million tons, up 76.14 million tons; Coke and semi - coke exports: 54.00 million tons, down 1.00 million tons [2]. - Coking coal output: 3975.92 million tons, up 279.06 million tons; The capacity utilization rate of independent coking enterprises: 72.31%, down 1.13% [2]. - The profit per ton of coke of independent coking plants: -22.00 yuan/ton, up 10.00 yuan; Coke output: 4255.60 million tons, down 4.10 million tons [2]. National Downstream Situation - The blast furnace operating rate of 247 steel mills: 83.15%, up 1.42%; The blast furnace iron - making capacity utilization rate of 247 steel mills: 87.79%, down 0.80% [2]. - Crude steel output: 7349.01 million tons, down 387.84 million tons [2]. Industry News - In October, China's CPI exceeded market expectations and reached a nine - month high year - on - year due to the rise in non - food prices. The core CPI excluding food and energy prices had the largest year - on - year increase in 20 months. Under the continuous implementation of the "anti - involution" policy, the PPI recorded its first monthly increase since November last year, and the year - on - year decline was the smallest in over a year [2]. - In October, CPI increased by 0.2% year - on - year and 0.2% month - on - month. Food prices increased by 0.3%. Year - on - year, pork prices decreased by 16.0%, affecting the CPI to decrease by about 0.23 percentage points. PPI decreased by 2.1% year - on - year and increased by 0.1% month - on - month [2]. - At the end of 2024, the National Housing and Urban - Rural Construction Work Conference clearly listed "effectively and orderly promoting the ready - to - move housing sales" as one of the key tasks of the Ministry of Housing and Urban - Rural Development in 2025. Recently, Pingjiang County, Yueyang, Hunan Province, introduced new regulations and became the first county in Hunan to fully implement the ready - to - move housing sales system [2]. - Iran's Energy Minister said that due to climate drought and aging water supply facilities, Iran is facing a water shortage problem. Tehran, the capital, will implement night - time water restrictions. Due to damage to some water pipelines in the conflict with Israel in June, the government is controlling leakage by reducing the water pressure in the pipeline network [2].