Report Industry Investment Rating - Not provided Core Viewpoints - The overall market lacks significant driving factors, and sugar prices are expected to remain low in the short term. Attention should be paid to the import data for October [2]. - The supply pressure of Brazilian sugar is still evident, but as the current crushing season nears its end, exports are expected to decline seasonally. With strong expected production increases in India and Thailand, the rebound of raw sugar prices is weak. The domestic market is less affected by the decline due to import quotas and policies. Guangxi sugar mills are mainly focused on inventory reduction, and the new crushing season is mostly expected to start in mid - to late November, with a possible delay, which provides some sales opportunities for old sugar [2]. Summary by Directory Futures Market - The closing price of the sugar futures main contract is 5,475 yuan/ton, and the main contract position is 373,243 lots, an increase of 1,282 lots. The number of warehouse receipts is 7,663, and the net long position of the top 20 futures holders is - 56,451 lots, an increase of 2,007 lots. The total effective warehouse receipt forecast is 1,305, a decrease of 281. The estimated import - processing price of Brazilian sugar within the quota is 3,967 yuan/ton, and that of Thai sugar is 4,023 yuan/ton, an increase of 15 yuan/ton. The estimated import price of Brazilian sugar outside the quota (50% tariff) is 5,022 yuan/ton, and that of Thai sugar is 5,095 yuan/ton, an increase of 19 yuan/ton [2]. 现货市场 - The spot price of white sugar in Kunming is 5,650 yuan/ton, in Nanning is 5,760 yuan/ton, an increase of 10 yuan/ton, and in Liuzhou is 5,730 yuan/ton, a decrease of 30 yuan/ton [2]. Upstream Situation - The national sugar - crop sown area is 1,480 thousand hectares, and the sown area of sugarcane in Guangxi is 1,116.21 thousand hectares. The cumulative national sugar production is 835.09 million tons, a decrease of 12.86 million tons, and the cumulative national sugar sales volume is 999.98 million tons, an increase of 44.98 million tons [2]. Industry Situation - The monthly import volume of sugar is - 280,000 tons, and the total monthly sugar exports from Brazil are 420.5 million tons, an increase of 95.92 million tons. The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota is 1,560 yuan/ton, and that of Thai sugar is 1,504 yuan/ton, a decrease of 18 yuan/ton. The price difference outside the quota (50% tariff) for Brazilian sugar is 505 yuan/ton, and for Thai sugar is 432 yuan/ton, a decrease of 22 yuan/ton [2]. Downstream Situation - The monthly output of refined sugar is 53.91 million tons, and the monthly output of soft drinks is 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 is 7.5%, an increase of 0.07%, and that of at - the - money put options is 7.51%, an increase of 0.01%. The 20 - day historical volatility is 7.34%, a decrease of 0.2%, and the 60 - day historical volatility is 6.82%, a decrease of 0.15% [2]. Industry News - According to data from Brazilian shipping agency Williams, as of the week ending November 5, the number of ships waiting to load sugar at Brazilian ports was 81, down from 86 the previous week. The quantity of sugar waiting to be loaded at ports was 3.0598 billion tons, up from 2.9933 billion tons the previous week. Three sugar mills in Yunnan have started crushing, one more than the same period last year. Brazil exported 420.5 million tons of sugar in October, a year - on - year increase of 13%. Since the 2025/26 crushing season (April - March of the following year) until October 2025, Brazil's cumulative sugar exports were 21.9568 billion tons, a year - on - year decrease of 5.27% [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The Indonesian government's PNBP policy restricts issuance, increasing the cost of nickel resource supply, and the premium of domestic trade ore remains stable. The supply of nickel ore from the Philippines is high, but the grade of nickel ore is decreasing, and the domestic nickel ore inventory is lower than the same period last year. - Newly - invested electrolytic nickel projects are being put into production slowly. Due to low nickel prices and cost - end pressure, some smelters are incurring losses and reducing production. Thus, the growth of refined nickel production is expected to be limited. - Stainless steel mills show the characteristic of a lackluster peak season, but the price of ferronickel has fallen, improving the profit of steel mills, and the planned production volume is expected to increase. The production and sales of new energy vehicles continue to rise, and ternary batteries contribute a small incremental demand. - Domestic nickel inventory continues to grow, the market mainly purchases on demand, and the spot premium rises; the LME inventory overseas also shows an increase. It is expected that the nickel price will fluctuate weakly. Technically, the position increases while the price falls, the bearish sentiment heats up, and the lower limit of the range is being tested. It is recommended to wait and see for the time being, or short when the price rebounds, and pay attention to the MA10 pressure [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai nickel is 119,680 yuan/ton, with a week - on - week increase of 240 yuan/ton; the spread between the December - January contracts of Shanghai nickel is - 170 yuan/ton, unchanged from the previous period. - The price of LME 3 - month nickel is 15,020 US dollars/ton, with a week - on - week decrease of 35 US dollars/ton; the position of the main contract of Shanghai nickel is 117,784 lots, with a week - on - week decrease of 4,095 lots. - The net long position of the top 20 futures holders of Shanghai nickel is - 34,356 lots, with a week - on - week increase of 1,298 lots; the LME nickel inventory is 253,104 tons, unchanged from the previous period. - The inventory of nickel in the Shanghai Futures Exchange is 37,187 tons, with a week - on - week increase of 436 tons; the total cancelled warrants of LME nickel is 13,734 tons, unchanged from the previous period. - The warehouse receipt quantity of Shanghai nickel is 32,533 tons, with a week - on - week decrease of 101 tons [3]. 3.2现货市场 - The spot price of SMM 1 nickel is 121,200 yuan/ton, with a week - on - week increase of 300 yuan/ton; the average spot price of 1 nickel plate in the Yangtze River Non - ferrous Metals Market is 121,400 yuan/ton, with a week - on - week increase of 400 yuan/ton. - The CIF (bill of lading) price of Shanghai electrolytic nickel is 85 US dollars/ton, unchanged from the previous period; the bonded warehouse (warehouse receipt) price of Shanghai electrolytic nickel is 85 US dollars/ton, unchanged from the previous period. - The average price of battery - grade nickel sulfate is 27,500 yuan/ton, with a week - on - week decrease of 300 yuan/ton; the basis of the main NI contract is 1,520 yuan/ton, with a week - on - week increase of 60 yuan/ton. - The LME nickel (spot/three - month) premium is - 191.38 US dollars/ton, with a week - on - week increase of 7.81 US dollars/ton [3]. 3.3 Upstream Situation - The monthly import volume of nickel ore is 611.45 million tons, with a month - on - month decrease of 23.22 million tons; the total port inventory of nickel ore is 1,481.66 million tons, with a week - on - week increase of 2.56 million tons. - The average monthly import unit price of nickel ore is 56.72 US dollars/ton, with a month - on - month decrease of 4.61 US dollars/ton; the tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 US dollars/wet ton, unchanged from the previous period [3]. 3.4 Industry Situation - The monthly output of electrolytic nickel is 29,430 tons, with a month - on - month increase of 1,120 tons; the total monthly output of ferronickel is 21,700 metal tons, with a month - on - month decrease of 300 metal tons. - The monthly import volume of refined nickel and alloys is 28,570.87 tons, with a month - on - month increase of 4,144.03 tons; the monthly import volume of ferronickel is 1.0853 million tons, with a month - on - month increase of 0.2112 million tons [3]. 3.5 Downstream Situation - The monthly output of 300 - series stainless steel is 1.7627 million tons, with a month - on - month increase of 0.0248 million tons; the total weekly inventory of 300 - series stainless steel is 0.5708 million tons, with a week - on - week decrease of 0.01 million tons [3]. 3.6 Industry News - In October, policies to expand domestic demand continued to show results. Driven by the National Day and Mid - Autumn Festival holidays, the CPI increased by 0.2% month - on - month and 0.2% year - on - year. The core CPI excluding food and energy prices increased by 1.2% year - on - year, and the growth rate has been expanding for the 6th consecutive month. The PPI turned from flat to an increase of 0.1% month - on - month in October, the first increase this year, and the year - on - year decline continued to narrow. - The US Bureau of Labor Statistics not only postponed the release of the CPI report but also suspended the offline data collection work. Although the market still tends to expect an interest rate cut in December, the lack of official data may give policymakers who are worried about the resurgence of inflation a sufficient reason to keep interest rates unchanged next month. - In October, China's exports denominated in US dollars decreased by 1.1% year - on - year, and imports increased by 1% year - on - year; soybean imports reached a record high for the same period, while the import volume and price of refined oil, natural gas, and coal both decreased, and rare - earth exports ended three consecutive months of decline. - According to the Passenger Car Association, China's retail sales of narrow - sense passenger cars decreased by 0.8% year - on - year and 0.1% month - on - month in October. China's retail sales of new energy vehicles increased by 7.3% year - on - year and decreased by 1.3% month - on - month in October [3].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The ru2601 contract is expected to fluctuate in the range of 14,700 - 15,220 in the short - term, and the nr2601 contract is expected to fluctuate in the range of 11,800 - 12,200 in the short - term [2] - The overall inventory accumulation rate of Qingdao Port has narrowed compared to the previous period. The bonded warehouse shows a slight destocking, while the general trade warehouse continues to accumulate inventory. In the short term, the natural rubber inventory in Qingdao may still be in an inventory accumulation state [2] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the main Shanghai rubber contract is 15,110 yuan/ton, up 115 yuan; the closing price of the main 20 - grade rubber contract is 12,165 yuan/ton, up 130 yuan [2] - The 1 - 5 spread of Shanghai rubber is - 75 yuan/ton, unchanged; the 12 - 1 spread of 20 - grade rubber is - 20 yuan/ton, down 15 yuan [2] - The spread between Shanghai rubber and 20 - grade rubber is 2,945 yuan/ton, down 15 yuan [2] - The positions of the main Shanghai rubber contract decreased by 187 hands to 140,848 hands; the positions of the main 20 - grade rubber contract decreased by 1,340 hands to 69,351 hands [2] - The net positions of the top 20 in Shanghai rubber decreased by 885 to - 33,178; the net positions of the top 20 in 20 - grade rubber decreased by 708 to - 10,665 [2] - The exchange warehouse receipts of Shanghai rubber decreased by 650 tons to 118,320 tons; the exchange warehouse receipts of 20 - grade rubber increased by 2,319 tons to 50,905 tons [2] Spot Market - The price of state - owned full - latex in the Shanghai market is not provided in a comparable way; the price of Thai standard STR20 is 1,455 US dollars/ton, unchanged; the price of Shanghai market Vietnamese 3L is not provided clearly; the price of Malaysian standard SMR20 is 1,500 US dollars/ton, unchanged [2] - The price of Thai RMB mixed rubber is 14,550 yuan/ton, down 30 yuan; the price of Malaysian RMB mixed rubber is 14,500 yuan/ton, down 30 yuan [2] - The price of Qilu Petrochemical's styrene - butadiene 1502 is 10,400 yuan/ton, unchanged; the price of Qilu Petrochemical's butadiene BR9000 is 10,200 yuan/ton, unchanged [2] - The basis of Shanghai rubber is - 560 yuan/ton, down 115 yuan; the non - standard product basis of the main Shanghai rubber contract is - 445 yuan/ton, up 20 yuan [2] - The price of 20 - grade rubber in the Qingdao market is 12,928 yuan/ton, down 40 yuan; the basis of the main 20 - grade rubber contract is 763 yuan/ton, down 170 yuan [2] Upstream Situation - The market reference price of Thai raw rubber (smoked sheet) is 58.95 Thai baht/kg, up 0.2 Thai baht; the market reference price of Thai raw rubber (film) is 55.55 Thai baht/kg, up 0.2 Thai baht [2] - The market reference price of Thai raw rubber (glue) is 56.3 Thai baht/kg, unchanged; the market reference price of Thai raw rubber (cup rubber) is 51.9 Thai baht/kg, down 1.4 Thai baht [2] - The theoretical production profit of RSS3 is 130.6 US dollars/ton, down 43.8 US dollars; the theoretical production profit of STR20 is - 23.4 US dollars/ton, down 30 US dollars [2] - The monthly import volume of technically specified natural rubber is 122,600 tons, up 9,500 tons; the monthly import volume of mixed rubber is 317,500 tons, up 49,100 tons [2] - The weekly operating rate of all - steel tires is 65.46%, up 0.12 percentage points; the weekly operating rate of semi - steel tires is 73.67%, up 0.26 percentage points [2] Downstream Situation - The inventory days of all - steel tires in Shandong are 39.2 days, up 0.19 days; the inventory days of semi - steel tires in Shandong are 45.05 days, up 0.23 days [2] - The monthly output of all - steel tires is 13.14 million pieces, up 110,000 pieces; the monthly output of semi - steel tires is 60.25 million pieces, up 2.19 million pieces [2] Option Market - The 20 - day historical volatility of the underlying is 19.36%, down 0.08 percentage points; the 40 - day historical volatility of the underlying is 19.26%, down 0.06 percentage points [2] - The implied volatility of the at - the - money call option is 21.03%, down 0.09 percentage points; the implied volatility of the at - the - money put option is 21.03%, down 0.09 percentage points [2] Industry News - In October 2025, China's heavy - truck market sold about 93,000 vehicles (wholesale basis), a month - on - month decrease of about 12% compared to September and a year - on - year increase of about 40%. From January to October 2025, the cumulative sales of China's heavy - truck market exceeded 900,000 vehicles, reaching 916,000 vehicles, a year - on - year increase of about 22% [2] - As of November 9, 2025, the total inventory of natural rubber in bonded and general trade in Qingdao is 449,500 tons, a month - on - month increase of 1,800 tons, an increase of 0.40%. The bonded area inventory is 67,800 tons, a decrease of 0.74%; the general trade inventory is 381,700 tons, an increase of 0.60% [2] - As of November 6, the capacity utilization rate of China's semi - steel tire sample enterprises is 72.89%, 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%, a month - on - month increase of 0.03 percentage points and a year - on - year increase of 6.51 percentage points [2]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - The raw material cost has decreased due to the PNBP policy in Indonesia restricting nickel resource supply and increasing costs, while the high production of Indonesian ferronickel is expected to increase the return volume to China and lead to an obvious decline in ferronickel prices. The supply pressure of stainless steel is expected to increase as steel mills' production profits are restored, and production schedules are likely to rise at the end of the traditional consumption peak season with expectations of infrastructure and real - estate demand. However, the downstream demand shows a weak peak - season characteristic, with low market purchasing willingness and general inquiry and transaction performance, resulting in a slight increase in the national stainless - steel social inventory. Technically, with increasing positions and falling prices, the short - selling sentiment is strong, showing a downward - channel trend, and the support at 12,400 should be watched. It is recommended to wait and see or adopt a strategy of short - selling on rallies, paying attention to the MA30 pressure [2]. Summary by Relevant Catalogs Futures Market - The closing price of the stainless - steel futures main contract is 12,605 yuan/ton, up 40 yuan; the 12 - 01 contract spread is - 5 yuan/ton, unchanged; the net long position of the top 20 futures holders is - 9,121 lots, down 690 lots; the main - contract position is 46,429 lots; the warehouse receipt quantity is 72,031 tons, down 60 tons [2]. 现货市场 - The price of 304/2B cut - edge coils 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 415 yuan/ton, down 40 yuan [2]. Upstream Situation - The monthly electrolytic nickel production is 29,430 tons, up 1,120 tons; the total monthly ferronickel production is 2.17 million metal tons, down 0.03 million 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 0.2112 million tons; the SMM1 nickel spot price is 121,200 yuan/ton, up 300 yuan; the average price of ferronickel (7 - 10%) nationwide is 920 yuan/nickel point, unchanged; the monthly Chinese ferrochrome production is 75.78 million tons, down 2.69 million tons [2]. Industry Situation - The monthly 300 - series stainless - steel production is 1.7627 million tons, up 0.0248 million tons; the weekly total inventory of 300 - series stainless steel is 0.5708 million tons, down 0.01 million tons; the monthly stainless - steel export volume is 0.4585 million tons, down 0.0295 million 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 26,200 units, down 500 units; the monthly output of small tractors is 10,000 units, up 1,000 units [2]. Industry News - In October, policies to expand domestic demand continued to show effects. Driven by the National Day and Mid - Autumn Festival holidays, the CPI rose 0.2% month - on - month and 0.2% year - on - year. The core CPI excluding food and energy prices rose 1.2% year - on - year, with the increase expanding for the 6th consecutive month. The PPI turned from flat to a 0.1% month - on - month increase in October, the first increase this year, and the year - on - year decline continued to narrow. The US Bureau of Labor Statistics postponed the release of the CPI report and suspended offline data collection. Although the market still expects a rate cut in December, the lack of official data may give policymakers worried about inflation a reason to keep interest rates unchanged next month. China's exports in October denominated in US dollars decreased 1.1% year - on - year, while imports increased 1% year - on - year. Soybean imports reached a record high for the same period, while the import volume and price of refined oil, natural gas, and coal both declined, and rare - earth exports ended three consecutive months of decline. China's retail sales of narrow - sense passenger cars in October decreased 0.8% year - on - year and 0.1% month - on - month, while new - energy vehicle retail sales increased 7.3% year - on - year and decreased 1.3% month - on - month [2]. Key Points to Watch - There is no news today [2]

1. Report Industry Investment Rating - There is no relevant information provided in the report. 2. Core Views of the Report - **For Rapeseed Oil**: The short - term strategy is to wait and see. The futures price of rapeseed oil fluctuated and closed higher this week. Although the supply of Canadian rapeseed is under pressure, the agreement between Canada and Pakistan on rapeseed export provides support. Domestically, the supply of imported rapeseed in the near - term is tight, and oil mills' rapeseed stocks are exhausted, leading to a de - stocking mode for rapeseed oil, which supports its price. However, the abundant supply of soybean oil and its good substitution advantage limit the demand for rapeseed oil to mainly rigid demand. The rapeseed oil futures price has recovered from its low level recently [7][8]. - **For Rapeseed Meal**: The short - term strategy is to participate on the long side. The futures price of rapeseed meal rose significantly this week. The optimistic sentiment in the US soybean trade boosts the price of US soybean futures, which is beneficial to the domestic meal market through cost transmission. Domestically, the import of Canadian rapeseed and rapeseed meal in the near - term is restricted, and the supply pressure is small. But the demand for rapeseed meal from aquaculture is weakening, and the abundant supply of soybeans and good substitution advantage of soybean meal weaken the demand expectation. The rapeseed meal market is in a situation of both weak supply and demand. Recently, the prices of both rapeseed meal and soybean meal have rebounded from their lows and strengthened in the short - term [10][11]. 3. Summary According to the Directory 3.1. Week - to - Week Summary - **Rapeseed Oil**: The 01 contract closed at 9533 yuan/ton, up 111 yuan/ton from the previous week. The short - term strategy is to wait and see [7][8]. - **Rapeseed Meal**: The 01 contract closed at 2539 yuan/ton, up 151 yuan/ton from the previous week. The short - term strategy is to participate on the long side [10][11]. 3.2. Futures and Spot Market - **Futures Price and Position**: Rapeseed oil futures fluctuated slightly higher at a low level this week, with a total position of 210,490 lots, down 10,248 lots from last week. Rapeseed meal futures strengthened significantly, with a total position of 463,486 lots, up 120,043 lots from last week [16]. - **Top 20 Net Positions**: The top 20 net positions of rapeseed oil futures changed from net long to net short, with a net position of - 8654 this week compared to + 2459 last week. The top 20 net positions of rapeseed meal futures changed from net short to net long, with a net position of + 26405 this week compared to - 88865 last week [22]. - **Futures Warehouse Receipts**: The registered warehouse receipts of rapeseed oil are 5024 lots, and those of rapeseed meal are 2745 lots [29][30]. - **Spot Price and Basis**: The spot price of rapeseed oil in Jiangsu is 9850 yuan/ton, slightly rising from last week, and the basis between the active contract futures price and the spot price is + 317 yuan/ton. The price of rapeseed meal in Nantong, Jiangsu is 2540 yuan/ton, continuing to rise from last week, and the basis between the spot price in Jiangsu and the active contract futures price is + 1 yuan/ton [37][43]. - **Futures Inter - month Spread**: The 1 - 5 spread of rapeseed oil is + 405 yuan/ton, at a medium level in the same period in recent years. The 1 - 5 spread of rapeseed meal is + 123 yuan/ton, at a medium - high level in the same period in recent years [48]. - **Futures - Spot Ratio**: The ratio of the 01 contract of rapeseed oil and rapeseed meal is 3.755, and the average spot price ratio is 3.75 [51]. - **Price Spread between Rapeseed Oil and Other Oils/Meals**: The 01 contract spread between rapeseed oil and soybean oil is 1349 yuan/ton, with little change this week. The 01 contract spread between rapeseed oil and palm oil is 873 yuan/ton, slightly widening this week. The 01 contract spread between soybean meal and rapeseed meal is 519 yuan/ton, and the spot spread as of Thursday is 510 yuan/ton [61][67]. 3.3. Industry Situation - **Rapeseed Supply**: As of October 31, 2025, the total inventory of rapeseed in oil mills is 10,000 tons. The estimated arrival volumes of rapeseed in October, November, and December 2025 are 65,000 tons, 10,000 tons, and 620,000 tons respectively. As of November 6, the spot crushing profit of imported rapeseed is + 1145 yuan/ton. As of the 44th week of 2025, the crushing volume of rapeseed in major coastal oil mills is 6000 tons, up 2000 tons from last week, and the weekly startup rate is 1.47%. In September 2025, the total import volume of rapeseed is 115,300 tons, a year - on - year decrease of 691,600 tons (85.71%) and a month - on - month decrease of 131,400 tons [73][77][85]. - **Rapeseed Oil Supply and Demand**: As of the 44th week of 2025, the inventory of imported and crushed rapeseed oil is 573,000 tons, a week - on - week decrease of 28,000 tons (4.72%). In September 2025, the total import volume of rapeseed oil is 156,600 tons, a year - on - year increase of 10,200 tons (6.99%) and a month - on - month increase of 19,000 tons. As of September 30, 2025, the monthly output of edible vegetable oil is 4.95 million tons, and the monthly catering revenue is 450.86 billion yuan. As of the 44th week of 2025, the contract volume of imported and crushed rapeseed oil is 45,000 tons, a week - on - week increase of 10,000 tons (27.30%) [89][93][97]. - **Rapeseed Meal Supply and Demand**: As of the 44th week of 2025, the inventory of imported and crushed rapeseed meal is 7000 tons, a week - on - week decrease of 1000 tons (6.67%). In September 2025, the total import volume of rapeseed meal is 157,700 tons, a year - on - year decrease of 64,700 tons (29.08%) and a month - on - month decrease of 55,700 tons. As of September 30, 2025, the monthly output of feed is 3.1287 million tons [101][105][109]. 3.4. Options Market Analysis - As of November 7, the implied volatility of rapeseed meal options is 21.1%, a decrease of 1.03% from 22.13% last week, and it is slightly lower than the 20 - day, 40 - day, and 60 - day historical volatility of the underlying asset [114].

1. Report Industry Investment Rating - No information regarding the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - This week, the main contract of Shanghai Tin oscillated with a downward bias, with a weekly decline of -0.14% and an amplitude of 2.66%. As of the end of this week, the closing price of the main contract was 283,510 yuan/ton. The tin market presents a situation of weak supply and demand, and it is expected that the tin price will oscillate at a high level in the short term. Technically, the position decreased and the price corrected, with the bullish sentiment declining. It is recommended to wait and see for now, and focus on the range of 278,000 - 287,000 yuan/ton [4]. 3. Summary Based on Relevant Catalogs 3.1 Weekly Summary - **Market Review**: This week, the main contract of Shanghai Tin oscillated with a downward bias, with a weekly decline of -0.14% and an amplitude of 2.66%. As of the end of this week, the closing price of the main contract was 283,510 yuan/ton [4]. - **Market Outlook**: Macroscopically, the private US data provider Revelio Labs reported that the non - farm employment in October turned negative, with a decrease of 9,100 jobs. The direction of the Fed's rate cut in December is unclear. Fundamental factors include that the first batch of reopened mines in Wa State, Myanmar, are in the production ramp - up period, and the import volume of tin ore from Myanmar is expected to increase steadily in the fourth quarter, but the increase is still limited. The supply from Africa and Australia has declined unexpectedly, and Africa is about to enter the rainy season, with the tin ore import in September decreasing month - on - month. However, Indonesia plans to accelerate the release of refined tin exports in the fourth quarter. In the smelting sector, the shortage of raw materials in Yunnan is still severe, and the tin ore processing fee remains at a low level; the scrap recycling system in Jiangxi is under pressure, the operating rate remains at a low level, and the production of refined tin is still restricted. On the demand side, recently, the tin price has oscillated and adjusted. Downstream buyers in the spot market mainly make purchases at low prices, mostly for small - scale restocking and just - in - time needs. After the tin price rises, the market trading is sluggish. Domestic inventories are stable, and the spot premium has slightly decreased to 200 yuan/ton; LME inventories have increased slightly, and the spot premium remains stable [4]. - **Strategy Recommendation**: It is recommended to wait and see for now, and focus on the range of 278,000 - 287,000 yuan/ton [4]. 3.2 Futures and Spot Market - **Price Movement**: As of November 7, 2025, the closing price of Shanghai Tin was 283,030 yuan/ton, a decrease of 280 yuan/ton or 0.1% from October 31. As of November 6, 2025, the closing price of LME Tin was 35,760 US dollars/ton, an increase of 40 US dollars/ton or 0.11% from October 31 [9]. - **Ratio Analysis**: As of November 7, 2025, the current ratio of Shanghai Tin to Shanghai Nickel was 2.37, an increase of 0.02 from October 31. As of November 6, 2025, the Shanghai - LME ratio of tin was 7.92, a decrease of 0.01 from October 30 [14]. - **Position Analysis**: As of November 7, 2025, the net position of the top 20 in Shanghai Tin was - 1,191 lots, an increase of 2,033 lots from November 3, 2025. As of November 7, 2025, the position of Shanghai Tin was 67,164 lots, a decrease of 3,034 lots or 4.32% from October 31 [18]. 3.3 Industrial Chain Supply Side - **Tin Ore Import**: According to customs data, in September 2025, the monthly import volume of tin ore and concentrates was 8,713.60 tons, a month - on - month decrease of 15.13% and a year - on - year increase of 10.79%. From January to September this year, the cumulative import volume of tin ore and concentrates was 91,387.04 tons, a year - on - year decrease of 25.93% [24]. - **Refined Tin Production**: According to Mysteel data, in September 2025, the production of refined tin was 9,770 tons, a month - on - month decrease of 35%. From January to September, the cumulative production of refined tin was 87,175 tons, a year - on - year decrease of 0.95% [25]. - **Tin Ore Processing Fee**: On November 7, 2025, the processing fee for 60% tin concentrate was 6,500 yuan/ton, unchanged from November 6, 2025; the processing fee for 40% tin concentrate was 10,500 yuan/ton, unchanged from November 6, 2025 [30]. - **Refined Tin Import Profit and Loss**: As of November 7, 2025, the import profit and loss of tin was - 5,415.01 yuan/ton, a decrease of 7,743.72 yuan/ton from October 31, 2025 [35]. - **Inventory**: As of November 6, 2025, the total LME tin inventory was 2,975 tons, an increase of 185 tons or 6.63% from October 30. As of November 7, 2025, the total tin inventory was 5,992 tons, an increase of 73 tons or 1.23% from last week. As of November 7, 2025, the tin futures inventory was 5,803 tons, an increase of 129 tons or 2.27% from October 31 [39]. Demand Side - **Semiconductor Index**: On November 6, 2025, the Philadelphia Semiconductor Index was 7,018.39, a decrease of 197.6 or 2.74% from October 30. From January to September 2025, the production of integrated circuits was 381,887,020,000 pieces, an increase of 66,284,720,000 pieces or 21% compared with the same period last year [43][44]. - **Tin - Plated Sheet Export**: According to the China Iron and Steel Association, as of September 2025, the production of tin - plated sheets was 100,000 tons, a decrease of 10,000 tons or 9.09% from August 2025. As of September 2025, the export volume of tin - plated sheets was 197,624.42 tons, an increase of 31,073.35 tons or 18.66% from August [48].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - This week, the price of the Zhengzhou Sugar 2601 contract decreased slightly, with a weekly decline of about 0.47%. Brazil exported 4.205 million tons of sugar in October, a 13% year - on - year increase. From the 2025/26 sugar season (April - March of the following year) to October 2025, Brazil's cumulative sugar exports were 21.9568 million tons, a 5.27% year - on - year decrease. With strong production increase expectations in India and Thailand, the rebound of the raw sugar price is weak. China's sugar market is less affected by the decline due to import quotas and policies. Guangxi sugar mills are mainly focused on inventory reduction, and the new sugar season is expected to start in mid - to late November, providing some sales opportunities for old sugar. The overall market lacks driving factors, and the price will remain low in the short term. It is recommended to wait and see for the Zhengzhou Sugar 2601 contract in the short term [5]. 3. Directory Summaries 3.1 Weekly Key Points Summary - **Market Review**: The price of the Zhengzhou Sugar 2601 contract decreased slightly this week, with a weekly decline of about 0.47% [5]. - **Market Outlook**: Brazil's sugar exports in October increased year - on - year, but the current sugar season is ending, and exports are expected to decline seasonally. With strong production increase expectations in India and Thailand, the raw sugar price rebounds weakly. China's market is less affected by the decline. Guangxi sugar mills are reducing inventory, and the new sugar season may start late, providing sales opportunities for old sugar. The market lacks driving factors, and the price will be low in the short term. Attention should be paid to the import data for October [5]. - **Trading Strategy**: It is recommended to wait and see for the Zhengzhou Sugar 2601 contract in the short term [5]. - **Future Concerns**: Domestic production and sales, and new - season production estimates [6] 3.2 Futures and Spot Market - **International Raw Sugar Spot Price**: This week, the international raw sugar spot price was 14.17 cents per pound, a decrease of 0.72 cents per pound from last week [15]. - **Zhengzhou Sugar Futures**: The price of the Zhengzhou Sugar 2601 contract decreased slightly this week, with a weekly decline of about 0.47%. The latest price was 5457 yuan, up 17 yuan or 0.31%. The trading volume was 140,737 lots, and the open interest was 371,961 lots, a decrease of 486 lots [17]. - **Zhengzhou Sugar Futures Top 20 Positions**: This week, the net position of the top 20 in the Zhengzhou sugar futures was - 58,458 lots, and the number of Zhengzhou sugar warehouse receipts was 7,382 [23]. - **Zhengzhou Sugar Futures Contract Spread**: This week, the spread between the 1 - 5 contracts of Zhengzhou sugar futures was + 60 yuan per ton, and the spot - Zhengzhou sugar basis was + 303 yuan per ton [27]. - **Spot Market Price**: As of November 7, the price of Liuzhou sugar in Guangxi was 5,760 yuan per ton, and the spot price of Kunming sugar in Yunnan was 5,650 yuan per ton [31]. - **Imported Sugar Cost and Profit**: This week, the estimated profit of Brazilian sugar within the quota was 1,754 yuan per ton, a decrease of 6 yuan per ton from last week; the estimated profit of Brazilian sugar outside the quota was 541 yuan per ton, an increase of 32 yuan per ton from last week. The estimated profit of Thai sugar within the quota was 1,530 yuan per ton, an increase of 18 yuan per ton from last week; the estimated profit of Thai sugar outside the quota was 456 yuan per ton, an increase of 24 yuan per ton from last week [37]. 3.3 Industrial Chain Situation - **Supply - Production**: As of the end of October 2025, the national sugar production in the 2024/25 sugar - making season was 11.1621 million tons, an increase of 1.1989 million tons or 12.03% year - on - year [42]. - **Supply - Industrial Inventory**: As of August 2025, the domestic sugar industrial inventory was 1.1623 million tons, a decrease of 450,000 tons or 27.91% month - on - month, and an increase of 60,100 tons or 5.45% year - on - year [45]. - **Supply - Import Volume**: In September 2025, China's sugar import volume was 550,000 tons, a 27.78% year - on - year increase and a decrease of 280,000 tons month - on - month. From January to September 2025, the cumulative sugar import volume was 3.16 million tons, a 7.89% year - on - year increase [49]. - **Demand - Sales Rate**: As of the end of October 2025, the sugar mills in the 2024/25 sugar season had all stopped production. The national sugar production in this sugar - making season was 11.1621 million tons, an increase of 1.1989 million tons or 12.03% year - on - year [55]. - **Demand - Finished Sugar and Soft Drink Production**: In September 2025, China's monthly production of finished sugar was 539,100 tons, a 35.4% year - on - year increase. The monthly production of soft drinks was 15.9167 million tons, a 1.9% year - on - year decrease [59]. 3.4 Option and Stock - Related Market - **Option Market**: The implied volatility of the at - the - money options of sugar this week is presented in the relevant chart, but no specific data is provided in the text [61]. - **Stock Market - Nanning Sugar Industry**: The price - to - earnings ratio chart of Nanning Sugar Industry is provided, but no specific analysis is given [65].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The price of the main contract of Zhengzhou jujube futures declined this week, with a weekly decline of about 5.47%. It is recommended to take a short - term bearish view on the Zhengzhou jujube 2601 contract. Attention should be paid to the buyer's purchasing enthusiasm and the change in the purchasing structure [9][10][15]. 3. Summary by Directory 3.1 Weekly Highlights Summary - Strategy suggestion: Short - term bearish on the Zhengzhou jujube 2601 contract [9]. - Future trading reminders: Monitor spot prices and the consumer side. The purchasing enthusiasm of merchants for new - season raw materials has weakened, and attention should be paid to changes in the purchasing enthusiasm and structure of buyers [10]. - Market review: The price of the main contract of Zhengzhou jujube futures declined this week, with a weekly decline of about 5.47% [10][15]. - Market outlook: In the Xinjiang main producing area, the procurement of new - season jujubes in areas such as Hotan has ended, and the harvesting progress in areas such as Alar and Aksu is 30% - 40%. The physical inventory of 36 sample points this week is 9541 tons, an increase of 193 tons from last week, a month - on - month increase of 2.06% and a year - on - year increase of 131.35%. The prices in the sales area have been slightly adjusted downwards, and downstream customers are mostly on the sidelines and purchase as needed [10][44]. 3.2 Futures and Spot Market - Futures price: The price of the Zhengzhou jujube 2601 contract declined this week, with a weekly decline of about 5.47% [15]. - Top 20 positions: As of this week, the net position of the top 20 in jujube futures is - 11282 lots [18]. - Warehouse receipts: As of this week, the number of Zhengzhou jujube warehouse receipts is 0 [22]. - Futures spread: As of this week, the spread between the Zhengzhou Commodity Exchange jujube futures 2601 contract and the 2605 contract is - 110 yuan/ton [25]. - Basis: As of this week, the basis between the spot price of Hebei grey jujubes and the main contract of jujube futures is 590 yuan/ton [29]. - Purchase price in the main producing area: As of November 7, 2025, the purchase price of jujube bulk goods in Aksu is 6.60 yuan/kg, in Alar is 6.90 yuan/kg, and in Kashgar is 7.35 yuan/kg [32]. - Spot price of first - grade jujubes: As of November 7, 2025, the wholesale price of first - grade grey jujubes in Cangzhou, Hebei is 4.5 yuan/jin, and in Henan is 4.65 yuan/jin [36]. - Spot price of special - grade jujubes: As of November 7, 2025, the spot price of special - grade grey jujubes in Cangzhou, Hebei is 10.18 yuan/kg, and the wholesale price in Henan is 10.3 yuan/kg [40]. 3.3 Industry Chain Situation - Supply side - Inventory: As of November 6, 2025, the physical inventory of 36 sample points is 9541 tons, an increase of 193 tons from last week, a month - on - month increase of 2.06% and a year - on - year increase of 131.35% [44]. - Supply side - Production decline possibility: The jujube production in the 2025/26 production season is expected to decline [48]. - Demand side - Export volume: In September 2025, China's jujube export volume was 2283671 kg, with an export value of 36347933 yuan and an average export price of 15916.449 yuan/ton. The export volume decreased by 3.43% month - on - month and 13.54% year - on - year. From January to September 2025, the cumulative export volume was 23548402 kg, a cumulative year - on - year increase of 5.12% [50]. - Demand side - BOCE Xinjiang jujube trading: This week, the BOCE Xinjiang jujube "Good Brand" had a small amount of orders [55]. 3.4 Options Market and Futures - Stock Correlation - Options market: The implied volatility of at - the - money options for jujubes this week is mentioned, but no specific data is provided [56]. - Stock market - Haoxiangni: A chart of Haoxiangni's price - to - earnings ratio is presented, but no specific analysis is provided [58].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The Shanghai copper futures market is expected to be supported by the release of demand. The fundamentals may show a stage of slightly reduced supply and gradually increasing demand, with inventory reduction in the industry and positive expectations. It is recommended to conduct short - term long trades at low prices with a light position, paying attention to controlling the rhythm and trading risks [4]. 3. Summary by Directory 3.1 Weekly Highlights Summary - **Market Review**: The weekly line of the main Shanghai copper futures contract fluctuated and declined, with a weekly change of - 1.23% and an amplitude of 2.93%. As of the end of this week, the closing price of the main contract was 85,940 yuan/ton [4]. - **International Situation**: Affected by output decline and weak demand, the US manufacturing activity contracted for the eighth consecutive month in October. The ISM manufacturing index dropped by 0.4 to 48.7 [4]. - **Domestic Situation**: Goldman Sachs raised its forecasts for China's export growth rate and real GDP growth rate. It is expected that China's export volume will increase by 5 - 6% annually in the next few years, and the forecast for China's real GDP growth rate in 2025 has been raised from 4.9% to 5% [4]. - **Fundamentals - Raw Materials**: The TC fee for copper concentrates rebounded slightly on a weekly basis but remained in the negative range. The tight supply of raw materials still strongly supported the cost of copper prices [4]. - **Supply**: Due to year - end centralized maintenance and tight supplies of copper ore and scrap copper, the production capacity of smelters was limited, and the supply of refined copper in China might tighten [4]. - **Demand**: The recent decline in copper prices released some demand that was previously suppressed by the rapid increase in copper prices. Some consumer enterprises launched promotional policies to boost downstream new projects and orders, leading to a slight reduction in social inventory [4]. 3.2 Futures and Spot Market - **Futures Contract**: As of November 7, 2025, the basis of the main Shanghai copper futures contract was 75 yuan/ton, a week - on - week decrease of 485 yuan/ton. The price of the main contract was 85,940 yuan/ton, a week - on - week decrease of 1,070 yuan/ton, and the trading volume was 207,136 lots, a week - on - week decrease of 51,183 lots [9]. - **Spot Price**: As of November 7, 2025, the average spot price of 1 electrolytic copper was 86,015 yuan/ton, a week - on - week decrease of 575 yuan/ton [15]. - **Inter - month Spread**: As of November 7, 2025, the inter - month spread of the main Shanghai copper futures contract was - 40 yuan/ton, a week - on - week decrease of 40 yuan/ton [15]. - **Premium**: As of the latest data this week, the average CIF premium of Shanghai electrolytic copper was 52 US dollars/ton, a week - on - week decrease of 0 US dollars/ton [21]. - **Net Position**: As of the latest data, the net short position of the top 20 in Shanghai copper futures was - 25,642 lots, an increase of 4,447 lots compared with last week [21]. 3.3 Option Market - As of November 7, 2025, the short - term implied volatility of the at - the - money options of the main Shanghai copper futures contract fell below the 75th percentile of historical volatility. As of this week's data, the put - call ratio of Shanghai copper option trading volume was 0.772, a week - on - week increase of 0.0401 [26]. 3.4 Upstream Situation - **Copper Ore Price and Processing Fee**: As of the latest data this week, the price of copper concentrates in the main domestic mining areas (Jiangxi) was 76,320 yuan/ton, a week - on - week decrease of 900 yuan/ton. The processing fee for crude copper in the south was 1,200 yuan/ton, a week - on - week increase of 100 yuan/ton [27]. - **Import Volume and Spread**: As of September 2025, the monthly import volume of copper ore and concentrates was 2.5869 million tons, a decrease of 172,000 tons from August, a decline of 6.23% and a year - on - year increase of 6.24%. As of the latest data this week, the price difference between refined and scrap copper (including tax) was 3,217.45 yuan/ton, a week - on - week decrease of 938.06 yuan/ton [34]. - **Global Production and Inventory**: As of August 2025, the global monthly output of copper concentrates was 1.937 million tons, a decrease of 5,000 tons from July, a decline of 0.26%. The global capacity utilization rate of copper concentrates was 77.5%, a decrease of 0.4% from July. As of the latest data, the inventory of copper concentrates in seven domestic ports was 461,000 tons, a month - on - month increase of 57,000 tons [39]. 3.5 Industry Situation - **Refined Copper Production**: As of September 2025, the monthly output of refined copper in China was 1.266 million tons, a decrease of 35,000 tons from August, a decline of 2.69% and a year - on - year increase of 11.25%. As of August 2025, the global monthly output of refined copper (primary + recycled) was 2.451 million tons, a decrease of 8,000 tons from July, a decline of 0.33%. The capacity utilization rate of refined copper was 81%, a decrease of 0.5% from July [42]. - **Refined Copper Import**: As of September 2025, the monthly import volume of refined copper was 374,075.583 tons, an increase of 66,847.36 tons from August, an increase of 21.76% and a year - on - year increase of 7.44%. As of the latest data this week, the import profit and loss was - 1,608.72 yuan/ton, a week - on - week decrease of 1,053.96 yuan/ton [48][49]. - **Social Inventory**: As of the latest data this week, the total LME inventory decreased by 150 tons compared with last week, the total COMEX inventory increased by 10,759 tons compared with last week, and the SHFE warehouse receipts increased by 3,684 tons compared with last week. The total social inventory was 202,600 tons, a week - on - week decrease of 3,400 tons [52]. 3.6 Downstream and Application - **Copper Products**: As of September 2025, the monthly output of copper products was 2.232 million tons, an increase of 10,000 tons from August, an increase of 0.45%. The monthly import volume of copper products was 490,000 tons, an increase of 60,000 tons from August, an increase of 13.95% and a year - on - year increase of 2.08% [58]. - **Power Grid and Appliance**: As of September 2025, the cumulative investment in power grid and power source construction increased by 9.9% and 0.6% year - on - year respectively. The monthly production of washing machines, air conditioners, refrigerators, freezers, and color TVs increased by 5.6%, - 3%, - 2%, - 6.7%, and 3.9% year - on - year respectively [62]. - **Real Estate and Integrated Circuits**: As of September 2025, the cumulative real estate development investment was 6.770571 trillion yuan, a year - on - year decrease of 13.9% and a month - on - month increase of 12.26%. The cumulative output of integrated circuits was 381.88702 billion pieces, a year - on - year increase of 8.6% and a month - on - month increase of 11.37% [69]. 3.7 Overall Situation - According to ICSG statistics, as of August 2025, the global refined copper supply was in excess, with a monthly surplus of 47,000 tons. According to WBMS statistics, as of August 2025, the cumulative global supply - demand balance was a surplus of 256,500 tons [74][75].

Report Industry Investment Rating The report does not mention the industry investment rating [1][2][3] Core Viewpoint of the Report The zinc price is expected to fluctuate strongly due to factors such as inventory decline and the opening of export windows. It is recommended to adopt a long - position trading strategy [2][5] Summary by Relevant Catalogs 1. Weekly Key Points Summary - **Market Review**: The main contract of Shanghai zinc continued to rise this week, with a weekly increase of 1.63% and an amplitude of 1.97%. The closing price of the main contract was 22,720 yuan/ton [5] - **Market Outlook**: Macroeconomically, the US private data shows a negative non - farm payroll in October, and the Fed's December interest - rate cut direction is unclear. Fundamentally, zinc ore imports have increased, but domestic zinc ore processing fees have decreased, and smelter profits have shrunk. Overseas zinc supply is tight, and the export window has opened. Demand - side traditional peak - season effects are weak, and downstream demand recovery is insufficient. Technically, the increase in positions and price indicates a strong long - position atmosphere [5] - **Strategy Recommendation**: Adopt a long - position trading strategy [5] 2. Futures and Spot Markets - **Price and Ratio**: The Shanghai zinc futures price rose, and the Shanghai - London ratio decreased. As of November 7, 2025, the Shanghai zinc closing price was 22,720 yuan/ton, up 365 yuan/ton or 1.63% from October 31. As of November 6, 2025, the London zinc closing price was 3,051 US dollars/ton, up 6.5 US dollars/ton or 0.21% from October 31 [8] - **Net Positions and Open Interest**: The top 20 net positions in Shanghai zinc increased. As of November 7, 2025, the top 20 net positions were 16,709 lots, an increase of 6,792 lots from October 31. The open interest was 226,883 lots, an increase of 15,774 lots or 7.47% from October 31 [11] - **Price Spreads**: The zinc - aluminum price spread remained stable, and the zinc - lead price spread rebounded. As of November 7, 2025, the aluminum - zinc futures price spread was 1,095 yuan/ton, an increase of 40 yuan/ton from October 31. The lead - zinc futures price spread was 5,300 yuan/ton, an increase of 335 yuan/ton from October 31 [16] - **Spot Premiums**: The domestic spot premium rebounded, and the LME zinc premium was at a high level. As of November 7, 2025, the 0 zinc ingot spot price was 22,650 yuan/ton, up 330 yuan/ton or 1.48% from October 31. The spot discount was 35 yuan/ton, an increase of 20 yuan/ton from last week. As of November 6, 2025, the LME zinc near - month and 3 - month spread was 104.75 US dollars/ton, an increase of 8.73 US dollars/ton from October 30 [22] - **Inventory**: Both domestic and LME zinc inventories decreased. As of November 6, 2025, the LME refined zinc inventory was 34,100 tons, a decrease of 800 tons or 2.29% from October 30. As of November 7, 2025, the SHFE refined zinc inventory was 100,208 tons, a decrease of 3,208 tons or 3.1% from last week. As of November 6, 2025, the domestic refined zinc social inventory was 161,800 tons, a decrease of 1,600 tons or 0.98% from October 30 [25] 3. Industry Situation - **Upstream**: Zinc ore production and imports increased. In August 2025, global zinc ore production was 1.0976 million tons, a month - on - month increase of 2.24% and a year - on - year increase of 13.14%. In September 2025, the import of zinc ore concentrates was 505,394.80 tons, a month - on - month increase of 8.61% and a year - on - year increase of 25.18% [31] - **Supply Side**: - **Global Supply Shortage**: According to WBMS, the global refined zinc supply was in shortage. In August 2025, global refined zinc production was 1.2269 million tons, an increase of 94,600 tons or 8.35% year - on - year. Consumption was 1.179 million tons, an increase of 1,400 tons or 0.12% year - on - year. There was a surplus of 47,900 tons, compared with a deficit of 45,300 tons in the same period last year [36] - **High Production**: In September 2025, China's zinc production was 625,000 tons, a year - on - year increase of 16.2%. From January to September, the cumulative output was 5.459 million tons, a year - on - year increase of 6.5% [40] - **Export Window Open**: In September 2025, the refined zinc import volume was 22,677.51 tons, a year - on - year decrease of 57.05%. The export volume was 2,477.83 tons, a year - on - year increase of 158.25% [43] - **Downstream**: - **Galvanized Sheets**: From January to September 2025, the inventory of galvanized sheets (strips) of major domestic enterprises was 919,400 tons, a year - on - year increase of 19.45%. In September 2025, the import volume of galvanized sheets (strips) was 37,800 tons, a year - on - year decrease of 33.69%. The export volume was 361,500 tons, a year - on - year increase of 18.29% [46][47] - **Real Estate**: From January to September 2025, the new housing construction area was 453.9932 million square meters, a year - on - year decrease of 19%. The housing completion area was 311.2888 million square meters, a year - on - year decrease of 14.96%. The funds in place for real estate development enterprises were 7.229864 trillion yuan, a year - on - year decrease of 8.4%. Personal mortgage loans were 988.438 billion yuan, a year - on - year decrease of 10.6% [52][53] - **Infrastructure**: In September 2025, the real estate development climate index was 92.78, a decrease of 0.27 from the previous month and an increase of 0.47 from the same period last year. From January to September 2025, infrastructure investment increased by 3.34% year - on - year [58] - **Home Appliances**: In September 2025, refrigerator production was 10.1276 million units, a year - on - year decrease of 2%. From January to September, the cumulative production was 80.3523 million units, a year - on - year increase of 1.5%. In September 2025, air - conditioner production was 18.0948 million units, a year - on - year decrease of 3%. From January to September, the cumulative production was 216.5707 million units, a year - on - year increase of 4.4% [60] - **Automobiles**: In September 2025, China's automobile sales volume was 3,226,375 units, a year - on - year increase of 14.86%. The production volume was 3,275,802 units, a year - on - year increase of 17.15% [64]