Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View On Thursday, the I2601 contract rebounded slightly. Macroeconomically, the US ADP employment in October increased by 42,000, the largest increase since July 2025. In terms of supply and demand, the iron ore shipments from Australia and Brazil decreased this period, while the arrivals increased significantly. The domestic port inventory has increased for six consecutive weeks, and the hot metal production decreased, reducing the spot demand. Overall, steel mills maintain on - demand restocking, and the rebound of steel prices supports the iron ore price. Attention should be paid to the industrial data on Friday. Technically, the 1 - hour MACD indicator of the I2601 contract shows that DIFF and DEA rebounded at a low level. For operation, short - term trading is recommended with risk control [2]. 3. Summary by Directory 3.1 Futures Market - I main contract closing price: 777.50 yuan/ton, up 1.50 yuan [2]. - I main contract open interest: 537,495 lots, down 7,164 lots [2]. - I 1 - 5 contract spread: 21.5 yuan/ton, down 0.50 yuan [2]. - I contract top 20 net open interest: - 20,239 lots, up 1,882 lots [2]. - I Dalian Commodity Exchange warehouse receipts: 1,000 lots, unchanged [2]. - Singapore iron ore main contract quote (as of 15:00): 103.9 dollars/ton, up 0.38 dollars [2]. 3.2 Spot Market - Qingdao Port 61.5% PB fine ore: 848 yuan/dry ton, up 4 yuan [2]. - Qingdao Port 60.8% Mac fine ore: 845 yuan/dry ton, up 2 yuan [2]. - Jingtang Port 56.5% Super Special fine ore: 766 yuan/dry ton, down 3 yuan [2]. - I main contract basis (Mac fine dry ton - main contract): 67 yuan, up 1 yuan [2]. - Iron ore 62% Platts Index (previous day): 104.90 dollars/ton, up 0.30 dollars [2]. - Jiangsu scrap steel/Qingdao Port 60.8% Mac fine ore: 3.18, down 0.05 [2]. - Import cost estimate: 855 yuan/ton, up 2 yuan [2]. 3.3 Industry Situation - Global iron ore shipments (weekly): 3,213.80 million tons, down 174.50 million tons [2]. - China's 47 - port arrivals (weekly): 3,314.10 million tons, up 1,229.80 million tons [2]. - 47 - port iron ore inventory (weekly): 15,272.93 million tons, up 163.44 million tons [2]. - Sample steel mills' iron ore inventory (weekly): 8,849.86 million tons, down 229.33 million tons [2]. - Iron ore imports (monthly): 11,633.00 million tons, up 1,111.00 million tons [2]. - Iron ore available days (weekly): 23 days, up 4 days [2]. - 266 mines' daily output (weekly): 40.35 million tons, up 0.20 million tons [2]. - 266 mines' operating rate (weekly): 63.97%, up 0.47 percentage points [2]. - 266 mines' iron concentrate inventory (weekly): 47.75 million tons, up 0.30 million tons [2]. - BDI Index: 2,003.00, up 45.00 [2]. - Iron ore freight rate: Tubarao, Brazil - Qingdao: 23.17 dollars/ton, up 0.18 dollars [2]. - Iron ore freight rate: Western Australia - Qingdao: 10.085 dollars/ton, up 0.60 dollars [2]. 3.4 Downstream Situation - 247 steel mills' blast furnace operating rate (weekly): 81.73%, down 3.00 percentage points [2]. - 247 steel mills' blast furnace capacity utilization rate (weekly): 88.59%, down 1.33 percentage points [2]. - Domestic crude steel output (monthly): 7,349 million tons, down 388 million tons [2]. 3.5 Option Market - Underlying historical 20 - day volatility (daily): 17.72%, down 0.61 percentage points [2]. - Underlying historical 40 - day volatility (daily): 16.12%, down 0.09 percentage points [2]. - At - the - money call option implied volatility (daily): 15.49%, down 1.04 percentage points [2]. - At - the - money put option implied volatility (daily): 15.31%, up 0.76 percentage points [2]. 3.6 Industry News - From October 27 to November 2, 2025, Mysteel's global iron ore shipments were 3,213.8 million tons, a week - on - week decrease of 174.5 million tons. The total shipments from Australia and Brazil were 2,759.2 million tons, a week - on - week decrease of 166.7 million tons. Australia's shipments were 1,895.1 million tons, a week - on - week decrease of 89.2 million tons, and the amount shipped from Australia to China was 1,605.8 million tons, a week - on - week decrease of 60.6 million tons. Brazil's shipments were 864.1 million tons, a week - on - week decrease of 77.5 million tons [2]. - Mysteel statistics show that the total inventory of imported sinter powder of 114 steel mills under the new caliber was 2,780.92 million tons, a week - on - week increase of 97.46 million tons. The total daily consumption of imported sinter powder was 112.92 million tons, a week - on - week increase of 2.18 million tons. The inventory - to - consumption ratio was 24.63, a week - on - week increase of 0.40 [2]. 3.7 Key Points of Attention Pay attention to the domestic iron ore port inventory, steel mills' blast furnace operating rate and capacity utilization rate on Friday [2].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The production of urea enterprises continues to increase this week, and the probability of an increase in production is high considering short - term enterprise failures. Agricultural demand release has slowed down, and urea enterprises have made appropriate concessions in transactions. The operating rate of compound fertilizers has rebounded due to improved sales, and industrial demand has increased appropriately. However, the operating rate of compound fertilizers is expected to decline steadily or slightly next week. There is no obvious trend of concentrated port exports recently, and supply and demand are mainly concentrated in the domestic market. The inventory of some urea enterprises maintains a weak balance, and the inventory may continue to accumulate in the short term. The UR2601 contract is expected to fluctuate in the range of 1600 - 1650 in the short term [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main contract of Zhengzhou urea is 1644 yuan/ton, with a week - on - week increase of 11; the 1 - 5 spread is - 83 yuan/ton, with a week - on - week decrease of 1; the position of the main contract is 275142 lots, with a week - on - week increase of 2887; the net position of the top 20 is - 31611, with a week - on - week decrease of 1734; the exchange warehouse receipts are 3900, with no week - on - week change [2] 3.2 Spot Market - In the domestic spot market, the prices in Hebei, Henan, and Shandong remain unchanged, the price in Jiangsu increases by 10 yuan/ton, and the price in Anhui decreases by 10 yuan/ton. The FOB prices in the Baltic and Chinese main ports remain unchanged. The basis of the main contract of Zhengzhou urea is - 64 yuan/ton, with a week - on - week decrease of 11 [2] 3.3 Industry Situation - The port inventory is 110,000 tons, with a week - on - week decrease of 100,000 tons; the enterprise inventory is 1.5781 million tons, with a week - on - week increase of 23,800 tons. The operating rate of urea enterprises is 82.71%, with a week - on - week increase of 2.39%; the daily output is 187,900 tons, with a week - on - week increase of 5300 tons. The export volume is 1.37 million tons, with a week - on - week increase of 570,000 tons; the monthly output is 5,738,670 tons, with a month - on - month decrease of 190,010 tons [2] 3.4 Downstream Situation - The operating rate of compound fertilizers is 31.04%, with a week - on - week increase of 3.33%; the operating rate of melamine is 49.98%, with a week - on - week increase of 1.68%. The weekly profit of compound fertilizers is 116 yuan/ton, with a week - on - week decrease of 37 yuan/ton; the weekly profit of melamine with externally purchased urea is 124 yuan/ton, with a week - on - week decrease of 96 yuan/ton. The monthly output of compound fertilizers is 4.6618 million tons, with a month - on - month decrease of 651,500 tons; the weekly output of melamine is 25,400 tons, with a week - on - week increase of 1300 tons [2] 3.5 Industry News - As of November 5, the total inventory of Chinese urea enterprises is 1.5781 million tons, with a week - on - week increase of 23,800 tons and a week - on - week increase of 1.53%. As of November 6, the port inventory is 79,000 tons, with a week - on - week decrease of 31,000 tons and a week - on - week decrease of 28.18%. As of November 6, the production of Chinese urea enterprises is 1.3545 million tons, with a week - on - week increase of 39,200 tons and a week - on - week increase of 2.98%; the capacity utilization rate is 82.71%, with a week - on - week increase of 2.39% [2] 3.6 Suggested Attention - Pay attention to the enterprise inventory, port inventory, daily output, and operating rate data from Longzhong on Thursday [2]

1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - The current late - Fuji apple inventory is at a relatively low level in recent years, which is reflected in the market, and price fluctuations have intensified. It is recommended that previous long positions can take profits, and new positions should wait and see for the time being [2] 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the main apple futures contract is 8,919 yuan/ton, with a change of 1535; the main contract's open interest is 2,205 lots; the net long position of the top 20 futures holders is 135,556 lots, with a change of 19,058 lots [2] 3.2 Spot Market - The spot price of apples in Gansu Jingning (paper - bagged, above 75) is 5 yuan/jin; in Shandong Yiyuan (paper - bagged, above 75) is 2.3 yuan/jin; in Shaanxi Luochuan (paper - bagged, above 70) is 4.1 yuan/jin; in Shandong Yantai Qixia (paper - bagged, above 80) is 3.7 yuan/jin, with no change in all regions [2] 3.3 Upstream Situation - The national apple production is 5,128.51 million tons, with an increase of 168.34 million tons. The average wholesale price of apples is 9.46 yuan/kg, with a decrease of 0.07 yuan/kg; the average wholesale price of Fuji apples is 9.15 yuan/kg, with a decrease of 0.11 yuan/kg. The total national apple cold - storage inventory is 698.42 million tons. The storage capacity ratio in Shandong is 0.57, and in Shaanxi is 0.41. The monthly export volume of apples is 70,000 tons [2] 3.4 Industry Situation - The monthly import value of fresh and dried fruits and nuts is 6,917.9 million US dollars. The monthly export value of apples is 1,837,980 million US dollars, with an increase of 248,684.5 million US dollars. The profit of first - and second - grade paper - bagged 80 apple storage merchants is 0 yuan/jin [2] 3.5 Downstream Situation - The average wholesale price of tangerines is 6.74 yuan/kg, with a decrease of 0.56 yuan/kg; the wholesale price of bananas is 5.18 yuan/kg, with an increase of 0.1 yuan/kg; the wholesale price of watermelons is 5.48 yuan/kg, with an increase of 0.02 yuan/kg. The early - morning average daily truck arrivals at the Guangdong Jiangmen wholesale market is 16.2 vehicles, with an increase of 0.4 vehicles; at the Guangdong Xiaqiao wholesale market is 20.6 vehicles; at the Guangdong Chalong wholesale market is 27.6 vehicles, with an increase of 3 vehicles [2] 3.6 Option Market - The implied volatility of at - the - money call options for apples is 23.99%, with an increase of 1.49%; the implied volatility of at - the - money put options for apples is 23.98%, with an increase of 1.43% [2] 3.7 Industry News - The trading of ground - sourced apples in the western production areas is coming to an end, with the overall quality declining, and market merchants' enthusiasm for purchasing is okay, with little price change. In the Shandong production area, the supply of late - season Fuji apples is okay, but the quality is declining. Warehousing merchants have basically left, and most are purchased by small vendors and market merchants, with uneven quality and transactions based on quality [2] 3.8 Viewpoint Summary - As of November 5, 2025, the apple cold - storage inventory in the national main production areas is 698.42 million tons, 115.02 million tons lower than the same period last year. The storage capacity ratio in the Shandong production area is 41.03%, a year - on - year decrease of 13.42%; in the Shaanxi production area is 56.81%, a year - on - year decrease of 10.77%. The new - season late - maturing Fuji apples in Shandong have smaller fruit sizes and poor fruit - surface quality, showing a trend of reduced production and quality. Shaanxi's warehousing is coming to an end, and the expected warehousing volume next week is the peak value [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The alumina market is expected to be in a stage of slightly converging supply and relatively stable demand. It is recommended to conduct light - position short - term long trades at low prices, controlling the rhythm and trading risks [2]. - The Shanghai aluminum market may be in a stage of slightly increasing supply and boosted demand. The option market sentiment is bullish. It is recommended to conduct light - position short - term long trades at low prices, controlling the rhythm and trading risks [2]. - The cast aluminum alloy market may face a situation of slowing supply and increasing demand. It is recommended to conduct light - position trades with a slightly bullish trend, controlling the rhythm and trading risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Prices and Positions**: The closing price of the Shanghai aluminum main contract is 21,630 yuan/ton, up 235 yuan; the closing price of the alumina futures main contract is 2,787 yuan/ton, up 15 yuan. The main - contract positions of Shanghai aluminum and alumina both increased [2]. - **Spreads and Ratios**: The main - to - second - contract spread of Shanghai aluminum is - 70 yuan/ton, down 15 yuan; the main - to - second - contract spread of alumina is - 40 yuan/ton, up 1 yuan. The Shanghai - London ratio is 7.60, up 0.14 [2]. - **Inventories**: LME aluminum inventory decreased by 2,125 tons to 550,450 tons; Shanghai aluminum inventory decreased by 4,594 tons to 113,574 tons; alumina inventory increased by 8,704 tons to 248,311 tons [2]. 3.2 Spot Market - **Prices**: The average price of Shanghai Non - ferrous A00 aluminum is 21,360 yuan/ton, up 60 yuan; the alumina spot price in Shanghai Non - ferrous is 2,790 yuan/ton, down 50 yuan [2]. - **Basis**: The basis of cast aluminum alloy is 255 yuan/ton, down 455 yuan; the basis of electrolytic aluminum is - 270 yuan/ton, down 175 yuan; the basis of alumina is 3 yuan/ton, down 15 yuan [2]. 3.3 Upstream Situation - **Production and Demand**: Alumina production increased by 7.42 tons to 799.90 tons, while demand decreased by 21.49 tons to 704.31 tons. The supply - demand balance of alumina increased by 18.12 tons to 46.85 tons [2]. - **Imports and Exports**: Alumina exports increased by 7 tons to 25 tons, and imports decreased by 3.44 tons to 6 tons. The import of aluminum scrap decreased by 17,195.97 tons to 155,414.40 tons, and the export increased by 15.31 tons to 68.54 tons [2]. 3.4 Industry Situation - **Supply - side**: The total production capacity of electrolytic aluminum is 4,523.20 tons, unchanged. The production of electrolytic aluminum is expected to increase slightly due to the commissioning and resumption of previous capacity replacement and technological transformation projects [2]. - **Demand - side**: The production of aluminum products increased by 35.18 tons to 590 tons, and the production of regenerated aluminum alloy ingots increased by 2.06 tons to 65.65 tons. The demand for downstream aluminum products is boosted by the development of new energy vehicles and other fields [2]. 3.5 Downstream and Application - **Production**: The production of automobiles increased by 47.42 million to 322.65 million. The production of aluminum alloy is 177.60 tons, unchanged [2]. - **Indices**: The National Housing Prosperity Index is 92.78, down 0.27 [2]. 3.6 Option Situation - The purchase - to - put ratio of Shanghai aluminum options is 1.43, down 0.072 compared to the previous period, and the implied volatility decreased slightly [2]. 3.7 Industry News - In October, the retail sales of new - energy passenger vehicles in China reached 1.4 million, a year - on - year increase of 17% and a month - on - month increase of 8%. The penetration rate of new - energy retail sales in the passenger vehicle market is 58.7% [2]. - The US government shutdown has entered its 36th day, which may reduce the economic growth rate in the fourth quarter by up to 2 percentage points [2]. - China will continue to suspend the implementation of the 24% tariff on US - imported goods for one year, retaining a 10% tariff [2].

Report Industry Investment Rating - Not provided Core Viewpoints - On the raw material side, the Indonesian government's PNBP policy restricts issuance, increasing the cost of nickel resource supply; Indonesian ferronickel production remains high, and the amount flowing back to China is expected to increase. Recently, ferronickel prices have dropped significantly, leading to a decline in raw material costs [2]. - On the supply side, steel mills' production profits have been restored. With the end of the traditional consumption peak season and expectations of infrastructure and real - estate demand, stainless steel mills are expected to increase production, increasing supply pressure [2]. - On the demand side, the peak season for downstream demand is not prosperous. Market procurement willingness is low, and overall inquiries and transactions are average. Therefore, the national stainless steel social inventory shows a narrow increase [2]. - Technically, open interest increases while prices fall, indicating increased divergence between bulls and bears. There is a downward channel trend, and attention should be paid to the support at the 12,400 level. It is recommended to hold previous short positions or wait and see [2]. Summary by Relevant Catalogs Futures Market - The closing price of the stainless steel futures main contract is 12,590 yuan/ton, up 55 yuan; the spread between the December - January contracts is - 20 yuan/ton, up 20 yuan [2]. - The net long positions of the top 20 futures holders are - 9,539 lots, down 1,821 lots; the open interest of the main contract is 68,420 lots [2]. - The warehouse receipt quantity is 72,462 tons, down 838 tons [2]. 现货市场 - The price of 304/2B cut - edge coils in Wuxi is 13,350 yuan/ton, down 50 yuan; the market price of scrap stainless steel 304 in Wuxi is 8,950 yuan/ton, unchanged [2]. - The basis of the SS main contract is 430 yuan/ton, down 55 yuan [2]. Upstream Situation - The monthly electrolytic nickel production is 29,430 tons, up 1,120 tons; the total monthly ferronickel production is 21,700 metal tons, down 300 metal tons [2]. - The monthly import volume of refined nickel and alloys is 28,570.87 tons, up 4,144.03 tons; the monthly import volume of ferronickel is 1.0853 million tons, up 211,200 tons [2]. - The SMM1 nickel spot price is 120,500 yuan/ton, down 450 yuan; the average price of ferronickel (7 - 10%) nationwide is 920 yuan/nickel point, down 5 yuan [2]. - The monthly Chinese chromite production is 757,800 tons, down 26,900 tons [2]. Industry Situation - The monthly production of 300 - series stainless steel is 1.7627 million tons, up 24,800 tons; the weekly total inventory of 300 - series stainless steel is 580,800 tons, up 4,100 tons [2]. - The monthly stainless steel export volume is 458,500 tons, down 29,500 tons [2]. Downstream Situation - The cumulative monthly new housing construction area is 45.399 million square meters, up 5.59799 million square meters; the monthly output of excavators is 31,600 units, up 4,000 units [2]. - 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, the US ADP employment increased by 42,000, the largest increase since July 2025, higher than the market expectation of 28,000. The US ISM non - manufacturing PMI in October was 52.4, the highest since February 2025 [2]. - The State Council will adjust the additional tariff measures on US - originated imported goods from 13:01 on November 10, 2025. The 24% additional tariff rate on US goods will be suspended for one year, and the 10% additional tariff rate will be retained [2]. - According to the preliminary statistics of the Passenger Car Association, in October, the retail sales of new - energy passenger vehicles nationwide were 1.4 million, a year - on - year increase of 17% and a month - on - month increase of 8%. The penetration rate of new - energy retail sales in the passenger car market was 58.7% [2]. - Li Qiang, Premier of the State Council, attended the opening ceremony of the 8th China International Import Expo and delivered a keynote speech, stating that China will focus on high - quality development and promote high - level opening - up [2].

| 项目类别 | 数据指标 最新 环比 | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价:合成橡胶(日,元/吨) 10305 | 70 主力合约持仓量:合成橡胶(日,元/吨) | 83941 | 55103 | | | 合成橡胶12-1价差(日,元/吨) 80 | -10 仓单数量:丁二烯橡胶:仓库:总计(日,吨) | 2990 | 0 | | 现货市场 | 主流价:顺丁橡胶(BR9000,齐鲁石化):山 10200 | -100 主流价:顺丁橡胶(BR9000,大庆石化):山 | 10200 | -50 | | | 东(日,元/吨) 主流价:顺丁橡胶(BR9000,大庆石化):上 | 东(日,元/吨) 主流价:顺丁橡胶(BR9000,茂名石化):广 | | | | | 10250 0 | | 10600 | 0 | | | 海(日,元/吨) 基差:合成橡胶(日,元/吨) -5 30 布伦特原油(日,美元/桶) | 东(日,元/吨) | | | | | 63.52 东北亚乙烯价格(日,美元/吨) 740 | -0.92 石脑 ...

1. Report Industry Investment Rating - There is no information about the report industry investment rating provided in the content [1][2] 2. Report's Core View - The total inventory at Qingdao Port has shown a significant accumulation trend, with a slight de - stocking in bonded warehouses and a large accumulation in general trade warehouses. Overseas arrivals are increasing, but tire factories are cautious about high - priced raw materials, leading to an inventory accumulation inflection point. In terms of demand, the production of domestic tire maintenance enterprises has returned to normal, slightly increasing the overall capacity utilization rate. The ru2601 contract is expected to fluctuate in the range of 14,700 - 15,200, and the nr2601 contract is expected to fluctuate in the range of 11,800 - 12,250 [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main Shanghai rubber contract is 15,045 yuan/ton (down 75 yuan), and the 1 - 5 spread is 195 yuan (up 20 yuan). The closing price of the main 20 - numbered rubber contract is 12,130 yuan/ton (down 15 yuan), and the 12 - 1 spread is 195 yuan (down 15 yuan). The spread between Shanghai rubber and 20 - numbered rubber is 2,915 yuan (unchanged). The trading volume and net positions of the two contracts have changed, and the exchange warehouse receipts of Shanghai rubber decreased by 280 tons to 119,100 tons, while those of 20 - numbered rubber increased by 504 tons to 48,586 tons [2] 3.2 Spot Market - The prices of various types of rubber in the Shanghai market and other regions have changed. For example, the price of state - owned full - latex in the Shanghai market is 14,350 yuan/ton (unchanged), and the price of Vietnam 3L is 14,950 yuan/ton (down 50 yuan). The prices of synthetic rubbers such as Qilu Petrochemical's SBR 1502 and BR 9000 have decreased by 300 yuan/ton. The basis of Shanghai rubber and 20 - numbered rubber has also changed [2] 3.3 Upstream Situation - The reference prices of Thai raw rubber in the market have changed, with the prices of smoked sheets, films, and cup rubber decreasing, while the price of glue remains unchanged. The theoretical production profits of RSS3 and STR20 have decreased. The monthly import volumes of technically - classified natural rubber and mixed rubber have increased by 0.95 million tons and 4.91 million tons respectively [2] 3.4 Downstream Situation - The operating rates of all - steel and semi - steel tires have decreased slightly. The inventory days of all - steel and semi - steel tires in Shandong have decreased, and the monthly production of all - steel and semi - steel tires has increased by 110,000 and 2.19 million respectively [2] 3.5 Option Market - The historical 20 - day and 40 - day volatilities of the underlying asset have changed, with the 20 - day volatility decreasing by 1.61 percentage points and the 40 - day volatility increasing by 0.35 percentage points. The implied volatilities of at - the - money call and put options have increased [2] 3.6 Industry News - In October 2025, China's heavy - truck market sold about 93,000 vehicles, a 12% month - on - month decrease and a 40% year - on - year increase. From January to October, the cumulative sales exceeded 916,000 vehicles, a 22% year - on - year increase. As of November 2, the total inventory of natural rubber in Qingdao's bonded and general trade was 447,700 tons, a 3.57% increase. As of November 6, the capacity utilization rates of semi - steel and all - steel tire sample enterprises have changed [2] 3.7 View Summary - The inventory at Qingdao Port has accumulated, and the demand side has seen a slight increase in overall capacity utilization. The ru2601 and nr2601 contracts are expected to fluctuate within specific ranges [2] 3.8 Prompt Attention - Pay attention to the operating rate data of Longzhong tire sample enterprises on Thursday [2]

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View of the Report - The continuous losses in the breeding sector have led to a decline in the enthusiasm for replenishment and an increase in the culling of old hens. As a result, the egg - laying hen inventory has slightly decreased, and the market sentiment has improved slightly. However, the inventory of laying hens is still at a high level, and there has been no excessive culling of old hens. High production capacity remains the main concern in the market. Recently, the egg futures price has shown a low - level rebound. Nevertheless, the high - capacity pressure still exists, which may limit its rebound space. It is advisable to be cautious about chasing the rise [3]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The futures closing price (active contract) of eggs is 3,227 yuan per 500 kilograms, with a week - on - week increase of 10. The net long position of the top 20 futures holders of eggs is - 5,805 lots, a decrease of 4,053 lots. The monthly spread (1 - 5) of egg futures is - 112 yuan per 500 kilograms, an increase of 12. The futures open interest (active contract) of eggs is 166,597 lots, a decrease of 8,266 lots. The registered warehouse receipt volume of eggs is 8 lots, an increase of 3 lots [3]. 3.2现货市场 - The spot price of eggs is 2.99 yuan per catty, with a week - on - week increase of 0.08. The basis (spot - futures) is - 239 yuan per 500 kilograms, an increase of 68 [3]. 3.3 Upstream Situation - The national laying hen inventory index is 115.26 (with 2015 as the base year of 100), an increase of 0.86. The national culled laying hen index is 124.63 (with 2015 as the base year of 100), an increase of 31.02. The average price of egg - laying chicken seedlings in the main production areas is 2.8 yuan per chick, an increase of 0.15. The national new - hatched chick index is 76.65 (with 2015 as the base year of 100), an increase of 3.3. The average price of egg - laying chicken compound feed is 2.76 yuan per kilogram, unchanged. The breeding profit of egg - laying chickens is - 0.42 yuan per chicken, an increase of 0.03. The average price of culled chickens in the main production areas is 8.22 yuan per kilogram, a decrease of 0.36. The national culling age of chickens is 507 days, a decrease of 3 days [3]. 3.4 Industry Situation - The average wholesale price of pork is 18.06 yuan per kilogram, a decrease of 0.13. The average wholesale price of 28 key - monitored vegetables is 5.74 yuan per kilogram, a decrease of 0.03. The average wholesale price of dressed chickens is 17.9 yuan per kilogram, an increase of 0.19. The weekly inventory in the circulation link is 1.1 days, unchanged. The weekly inventory in the production link is 1.04 days, unchanged. The monthly export volume of fresh eggs is 13,215.79 tons, an increase of 94.76 tons [3]. 3.5 Downstream Situation - The weekly consumption of eggs in the sales areas is 7,658 tons, an increase of 160 tons [3]. 3.6 Industry News - Today, the average price of eggs in Shandong, the main production area, is 5.77 yuan per kilogram, an increase of 0.20 compared with yesterday; the average price of eggs in Hebei is 5.45 yuan per kilogram, an increase of 0.07 compared with yesterday; the average price of eggs in Guangdong is 6.73 yuan per kilogram, unchanged from yesterday; the average price of eggs in Beijing is 5.90 yuan per kilogram, unchanged from yesterday [3].

1. Report Industry Investment Rating - No information provided on the industry investment rating 2. Core View of the Report - After the price decline, the reluctance of retail farmers to sell provides short - term support for the price, narrowing the decline of the spot price. However, the supply pressure remains in the future, and the overall price is still restricted. The live hog 2601 contract on the futures market rose slightly and is in short - term shock adjustment. It is recommended to wait and see for now [3] 3. Summary According to Relevant Catalogs 3.1 Futures Disk - The closing price of the main futures contract for live hogs was 11,940 yuan/ton, a decrease of 5 yuan/ton; the main contract position was 132,466 lots, a decrease of 3,917 lots; the number of warehouse receipts was 0 lots, a decrease of 90 lots; the net long position of the top 20 futures holders was - 31,553 lots, a decrease of 296 lots [3] 3.2 Spot Price - The live hog price in Zhumadian, Henan was 11,800 yuan/ton, unchanged; in Siping, Jilin was 11,900 yuan/ton, unchanged; in Yunfu, Guangdong was 12,300 yuan/ton, a decrease of 200 yuan/ton. The main live hog basis was - 140 yuan/ton, an increase of 5 yuan/ton [3] 3.3 Upstream Situation - The live hog inventory was 436.8 million heads, an increase of 12.33 million heads; the inventory of reproductive sows was 40.35 million heads, a decrease of 30,000 heads [3] 3.4 Industry Situation - The year - on - year CPI was - 0.3%, an increase of 0.1 percentage points; the spot price of soybean meal in Zhangjiagang was 3,060 yuan/ton, an increase of 30 yuan/ton; the corn spot price was 2,236.47 yuan/ton, an increase of 1.18 yuan/ton; the Dalian Commodity Exchange pig feed cost index was 898.59, an increase of 5.45; the monthly feed output was 31.287 million tons, an increase of 2.015 million tons; the price of binary reproductive sows was 1,515 yuan/head, a decrease of 15 yuan/head; the breeding profit of purchased piglets was - 179.72 yuan/head, an increase of 109.35 yuan/head; the breeding profit of self - bred and self - raised live hogs was - 89.33 yuan/head, an increase of 96.35 yuan/head; the monthly pork import volume was 80,000 tons, unchanged; the average price of white - striped chickens in the main producing areas was 13.8 yuan/kg, a decrease of 0.3 yuan/kg [3] 3.5 Downstream Situation - The slaughter volume of designated live hog slaughtering enterprises was 35.84 million heads, an increase of 2.34 million heads; the monthly catering revenue in total social consumer retail sales was 450.86 billion yuan, an increase of 12.9 billion yuan [3] 3.6 Industry News - According to Mysteel data, in October 2025, the number of newly - born piglets in the national designated samples was 5.7813 million, a month - on - month increase of 1.82%, and the sales volume of piglets was 525,900, a month - on - month decrease of 1.04%. Due to the previous decline in pig prices, the reluctance of retail farmers in some areas to sell and resist prices has increased. Although the data from information agencies shows that the planned slaughter volume in November decreased month - on - month, the slaughter pressure still exists based on the previous inventory of reproductive sows and data on newly - born piglets. After the price decline, the inquiry for secondary fattening increased [3]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - On Thursday, the freight index (European line) futures prices fell collectively, with the main contract EC2512 down 3.91% and the far - month contracts down 1 - 2%. The latest SCFIS European line settlement freight rate index decreased by 7.9% week - on - week, weakening the freight rate support. The recovery of terminal transportation demand is not solid. Although mainstream shipping companies have issued price increase notices for November and Maersk's price support in mid - and late October was successful, the freight rate market is affected by multiple factors. The current freight rate market is greatly influenced by news, and the futures price is expected to fluctuate more violently. Investors are advised to be cautious, pay attention to the operation rhythm and risk control, and track geopolitical, shipping capacity and cargo volume data in a timely manner [1]. 3. Summary by Relevant Content Futures Market Data - EC2512 main contract closed at 1848.200, down 75.2; EC2602 (secondary main) closed at 1601, down 30.4. The spread between EC2512 - EC2602 was 247.20, down 46.80; the spread between EC2512 - EC2604 was 670.20, down 76.20. The EC contract basis was - 639.49, up 97.80. The main contract's open interest was 28412 hands, down 5660 [1]. Spot Market Data - SCFIS (European line) (weekly) was 1208.71, down 104.00; SCFIS (US West line) (weekly) was 1107.32, up 159.83. SCFI (composite index) (weekly) was 1550.70, up 147.24. Container ship capacity was 1227.97 (ten thousand TEUs), unchanged. CCFI (composite index) (weekly) was 1021.39, up 28.65; CCFI (European line) (weekly) was 1323.81, up 30.69. The Baltic Dry Index (daily) was 2003.00, down 45.00; the Panamax Freight Index (daily) was 1793.00, down 5.00. The average charter price of Panamax ships was 17564.00, unchanged; the average charter price of Capesize ships was 26482.00, up 2605.00 [1]. Industry News - China announced measures to implement the consensus of the China - US economic and trade consultations in Kuala Lumpur, including stopping the additional tariffs on some US - made imports announced on March 4, continuing to suspend the 24% reciprocal tariffs for one year while retaining the 10% additional tariff rate, etc. [1] - The US federal government's "shutdown" has entered the 36th day, breaking the previous record. The Congressional Budget Office said it may reduce the Q4 economic growth rate by up to 2 percentage points, and if the stalemate continues until Thanksgiving week, about $14 billion in economic losses will be irrecoverable [1]. - EU climate ministers reached an agreement on the 2040 climate change target, aiming to reduce greenhouse gas emissions by 90% with flexibility, and member states can offset up to 5% of the emission reduction tasks by purchasing international carbon credits [1]. Key Data to Watch - November 7: China's October export year - on - year rate in US dollars (to be determined), China's October import year - on - year rate in US dollars (to be determined), US October unemployment rate (to be determined), US October seasonally adjusted non - farm payrolls (in ten thousand people) (to be determined), Germany's September seasonally adjusted trade balance (in billion euros) at 15:00, and the preliminary value of the US November University of Michigan consumer confidence index at 23:00 [1]