1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - For corn, as the U.S. corn harvest progresses, supply pressure will gradually increase, though the recent significant rise in U.S. soybeans provides spill - over support for U.S. corn prices. In the domestic market, the Northeast has sufficient supply, and the upward space for spot prices is limited. In the North China and Huanghuai regions, prices fluctuate slightly. Corn futures prices are in low - level consolidation, and short - term observation is recommended [2]. - For starch, with the increasing supply of new - season corn and the recovery of processing profits and industry operating rates, supply - side pressure is rising. However, downstream signing and picking up have slowed down, and inventory has increased slightly. Starch futures are oscillating in tandem with the corn market, and short - term watching is advised [3]. 3. Summary by Related Catalogs 3.1 Futures Market - Corn starch futures closing price (active contract) is 2134 yuan/ton, corn monthly spread (1 - 5) is - 4 yuan/ton, and corn starch monthly spread (1 - 3) is - 101 yuan/ton. Futures positions, net buying volume of the top 20 positions, and registered warehouse receipts for both corn and corn starch are also provided [2]. 3.2 Outer - market - CBOT corn futures closing price (active contract) is - 4 cents/bushel, CBOT corn total positions are 1543065 (weekly), and non - commercial net long positions are - 51186 (weekly) [2]. 3.3 Spot Market - The average spot price of corn is 2234.31 yuan/ton, and the factory - quoted prices of corn starch in different regions such as Changchun, Weifang, and Shijiazhuang are provided. There are also data on import prices, freight, and various price spreads [2]. 3.4 Upstream Situation - Forecasted sowing areas and yields of corn in the U.S., Brazil, Argentina, China, and Ukraine are presented. Corn inventories in southern and northern ports and deep - processing inventories are also included [2]. 3.5 Industry Situation - Corn inventories in ports, starch enterprise inventories, import and export volumes of corn and corn starch, and feed production are shown [2]. 3.6 Downstream Situation - Deep - processing corn consumption, corn starch processing profits in different regions, alcohol and starch enterprise operating rates are provided [2]. 3.7 Option Market - Historical volatility and implied volatility of corn options are given [2]. 3.8 Industry News - Analysts expect that as of November 2, the U.S. corn harvest was 83% complete, higher than the previous week's estimate. S&P Global Commodity Insights predicts that the U.S. 2025 corn output will be 16.803 billion bushels, higher than last month's forecast [2]. 3.9 Key Focus - Thursday and Friday's mysteel corn weekly consumption, as well as starch enterprise operating rates and inventory situations should be monitored [3].

Report Industry Investment Rating - Not provided Core Viewpoints - BZ2603 declined and then rebounded, closing at 5418 yuan/ton. Last week, the operating rate of petroleum benzene increased slightly, while that of hydrobenzene dropped significantly, and the domestic pure benzene output decreased. The operating rates of the five major downstream sectors of pure benzene changed little, and the overall downstream weighted operating rate decreased slightly. The number of ships arriving at ports increased significantly, and the inventory at East China ports accumulated significantly. The profit of petroleum benzene decreased at a low level and was in a state of low valuation due to weak supply and demand. In November, the planned maintenance capacity of petroleum benzene and hydrobenzene is small, and low - priced overseas supplies continue to flow in, resulting in a relatively high overall supply pressure. This week, the load of East China petroleum benzene plants increased, and some shut - down hydrobenzene plants restarted, so the domestic pure benzene output is expected to increase month - on - month. Terminal demand is weak, and plants such as styrene are expected to maintain low - level operation, and downstream consumption is unlikely to increase. In terms of cost, affected by the strengthening of the US dollar and weak economic expectations, international oil prices fluctuated and declined yesterday. Technically, the daily K - line of BZ2603 should pay attention to the lower Bollinger Band near 5304 [2]. Summary by Relevant Catalogs Futures Market - The closing price of the main pure benzene contract was 5418 yuan/ton, down 20 yuan; the settlement price was 5405 yuan/ton, down 61 yuan. The trading volume was 12,094 lots, up 2,212 lots; the open interest was 17,063 lots, up 497 lots [2]. Spot Market - In the East China market, the mainstream price of pure benzene was 5405 yuan/ton; in the North China market, it was 5230 yuan/ton; in the South China market, it was 5450 yuan/ton; in the Northeast region, it was 5235 yuan/ton. The price of hydrobenzene in Jiangsu and Shanxi regions remained unchanged. The FOB mid - price of pure benzene in South Korea was 670.95 US dollars/ton, and the CFR mid - price of pure benzene in China was 654 US dollars/ton, down 10.28 US dollars/ton [2]. Upstream Situation - The spot price of Brent DTD crude oil was 65.45 US dollars/barrel, down 0.68 US dollars/barrel. The CFR mid - price of naphtha in Japan was 576.5 US dollars/ton, down 5.88 US dollars/ton. The capacity utilization rate of pure benzene was 78.14%, up 0.13 percentage points, and the weekly output was 42.89 tons, up 0.28 tons [2]. Industry Situation - The terminal inventory of pure benzene at ports was 8.5 tons, down 1.4 tons. The production cost of pure benzene was 5327.8 yuan/ton, down 118.2 yuan/ton, and the production profit was 737 yuan/ton, up 76 yuan/ton [2]. Downstream Situation - The operating rate of styrene was 66.72%, down 2.53 percentage points; the capacity utilization rate of caprolactam was 95.72%, up 6.41 percentage points; the capacity utilization rate of phenol was 78.54%, down 0.46 percentage points; the capacity utilization rate of aniline was 69.24%, down 0.1 percentage points; the capacity utilization rate of adipic acid was 64.3%, up 2 percentage points. From October 25th to 31st, the operating rate of petroleum benzene increased by 1.37% to 74.10%, and the operating rate of hydrobenzene decreased by 7.79% to 55.67%. The weighted operating rate of pure benzene downstream decreased by 1.22% to 72.18% [2]. Industry News - From October 25th to 31st, the operating rate of petroleum benzene increased by 1.37% to 74.10%, and the operating rate of hydrobenzene decreased by 7.79% to 55.67%. The weighted operating rate of pure benzene downstream decreased by 1.22% to 72.18%. As of November 3rd, the inventory of pure benzene at Jiangsu ports increased by 42.35% to 12.1 tons compared with last week. From October 25th to 31st, the profit of petroleum benzene decreased by 217 yuan/ton to 168 yuan/ton compared with last week [2].

Report General Information - Report Name: Apple Industry Daily Report 2025 - 11 - 05 [1] - Researcher: Wang Cuibing [2] - Futures Practitioner Qualification Number: F03139616 [2] - Futures Investment Consulting Practitioner Certificate Number: Z0021556 [2] Report Investment Rating - No investment rating information is provided in the report. Core Viewpoints - The ground apple trading in the western production areas has basically ended, with the remaining goods of poor quality and priced according to quality. Some inventory merchants in areas like Luochuan and Jingning are using their self - stored apples or replenishing the market. In the Shandong production area, the purchase and warehousing by merchants have basically ended, with a fair amount of goods on the market but a shortage of high - quality products, uneven quality, chaotic prices, and an increase in fruit farmers' warehousing. The new - season late - maturing Fuji trading on the ground has shifted to the eastern production areas, and the warehousing work is ongoing. The number of merchants in the Shandong production area has increased, and it is relatively difficult to purchase high - quality goods. The striped apple supply has started trading. The late - maturing Fuji trading in the western region is gradually entering the later stage, with slow progress in Shaanxi's warehousing and basically completed warehousing in Gansu. In the sales area market, the trading atmosphere in the wholesale market remains dull, the sales are slow, and the demand side continues to face pressure. Considering the unannounced warehousing volume data, it is advisable to wait and see in the short term [2]. Summary by Directory Futures Market - The closing price of the apple futures main contract is 8940 yuan/ton, and the position of the main contract is 116,498 hands, a decrease of 8,554 hands compared to the previous period. The net long position of the top 20 futures holders is 670 hands, a decrease of 1,872 hands [2]. Spot Market - The spot price of apples in Gansu Jingning (paper - bagged above 75) is 5 yuan/jin, and that in Shandong Yiyuan (paper - bagged above 75) is 2.3 yuan/jin, both remaining unchanged. The spot price of apples in Shaanxi Luochuan (paper - bagged above 70 semi - commercial) is 4.1 yuan/jin, and that in Shandong Yantai Qixia (paper - bagged above 80 first - grade) is 3.7 yuan/jin, both remaining unchanged [2]. Upstream Situation - The national apple output is 5,128.51 million tons, an increase of 168.34 million tons. The average wholesale price of apples is 9.46 yuan/kg, and that of Fuji apples is 9.15 yuan/kg, a decrease of 0.11 yuan/kg [2]. Industry Situation - The total national apple cold - storage inventory is 0 million tons. The storage capacity ratios of Shandong and Shaanxi apples are both 0. The monthly export volume of apples is 70,000 tons, remaining unchanged. The monthly export value of apples is 18,379.8 million US dollars, an increase of 2,486.845 million US dollars. The monthly import value of fresh, dried fruits and nuts is 6,917.9 million US dollars. The profit of first - and second - grade paper - bagged 80 apple storage merchants is 0 yuan/jin [2]. Downstream Situation - The average wholesale price of tangerines is 6.74 yuan/kg, a decrease of 0.56 yuan/kg; the wholesale price of bananas is 5.18 yuan/kg, an increase of 0.1 yuan/kg; the wholesale price of watermelons is 5.48 yuan/kg, an increase of 0.02 yuan/kg. The early - morning average daily arrival of trucks at the Guangdong Jiangmen Wholesale Market is 16.2 vehicles, an increase of 0.4 vehicles; that at the Guangdong Xiaqiao Wholesale Market is 20.6 vehicles, and that at the Guangdong Chalong Wholesale Market is 27.6 vehicles, an increase of 3 vehicles [2]. Option Market - The implied volatility of at - the - money call options for apples is 22.5%, and that of at - the - money put options is 22.55%, a decrease of 0.03% [2]. Industry News - The ground apple trading in the western production areas has basically ended, with the remaining goods of poor quality and priced according to quality. Some inventory merchants in areas like Luochuan and Jingning are using their self - stored apples or replenishing the market. In the Shandong production area, the purchase and warehousing by merchants have basically ended, with a fair amount of goods on the market but a shortage of high - quality products, uneven quality, chaotic prices, and an increase in fruit farmers' warehousing. The new - season late - maturing Fuji trading on the ground has shifted to the eastern production areas, and the warehousing work is ongoing. The number of merchants in the Shandong production area has increased, and it is relatively difficult to purchase high - quality goods. The striped apple supply has started trading. The late - maturing Fuji trading in the western region is gradually entering the later stage, with slow progress in Shaanxi's warehousing and basically completed warehousing in Gansu [2]. Viewpoint Summary - In the sales area market, the trading atmosphere in the wholesale market remains dull, the sales are slow, and the demand side continues to face pressure. Considering the unannounced warehousing volume data, it is advisable to wait and see in the short term [2]. Suggested Attention - Pay attention to the cold - storage inventory data on Thursday [2]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - EB2512 fell and then rebounded, closing at 6321 yuan/ton. Last week, the production and capacity utilization of styrene decreased due to the shutdown and maintenance of some devices. The downstream operating rate mainly declined, and the consumption of downstream products such as EPS, PS, and ABS decreased slightly. Factory and port inventories decreased, but the inventory pressure remained high. The spot price of pure benzene and ethylene CFR Northeast Asia continued to be weak, the cost of non - integrated processes decreased, and the profit was repaired. This week, the impact of shutdown devices is expected to expand, and the production and capacity utilization of styrene are expected to continue to decline. Downstream devices have the expectation of increasing load, which may further deepen the short - term tight balance of styrene supply and demand, but the positive impact of supply - demand improvement is limited under high inventory pressure. The current integrated profit of styrene is close to the break - even line, indicating low valuation. Pay attention to the support of the lower Bollinger Band around 6214 for the daily K - line of EB2512 [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the active styrene futures contract was 6321 yuan/ton, a decrease of 33 yuan/ton; the trading volume was 389,583 lots, a decrease of 125,523 lots; the long position of the top 20 holders was 438,372 lots, a decrease of 2,383 lots; the net long position was - 26,139 lots, a decrease of 9,518 lots; the short position was 464,511 lots, an increase of 7,135 lots; the closing price of the January contract was 6358 yuan/ton, a decrease of 33 yuan/ton; the open interest was 384,902 lots, a decrease of 16,126 lots; the total number of warehouse receipts was 0 lots [2] 3.2现货市场 - The spot price of styrene was 6752 yuan/ton; the FOB South Korea intermediate price was 660 US dollars/ton; the CFR China intermediate price was 794 US dollars/ton, a decrease of 11 US dollars/ton; the mainstream prices in the Northeast, South, North, and East China regions were 6075 yuan/ton (a decrease of 100 yuan/ton), 6540 yuan/ton (a decrease of 65 yuan/ton), 6370 yuan/ton (a decrease of 20 yuan/ton), and 6400 yuan/ton (a decrease of 60 yuan/ton) respectively [2] 3.3上游情况 - The CFR Northeast Asia intermediate price of ethylene was 741 US dollars/ton; the CFR Southeast Asia intermediate price was 731 US dollars/ton; the CIF Northwest Europe intermediate price was 662 US dollars/ton, a decrease of 2 US dollars/ton; the FD US Gulf price was 457 US dollars/ton, a decrease of 6 US dollars/ton. The spot price of pure benzene in Taiwan's CIF was 662.52 US dollars/ton; the FOB price in the US Gulf was 244 cents/gallon; the FOB price in Rotterdam was 675 US dollars/ton, a decrease of 1 US dollar/ton; the market prices in the South, East, and North China regions were 5450 yuan/ton, 5405 yuan/ton (a decrease of 15 yuan/ton), and 5230 yuan/ton respectively [2] 3.4产业情况 - The total styrene operating rate was 66.72%, a decrease of 2.53 percentage points; the national styrene inventory was 186,036 tons, a decrease of 10,231 tons; the total inventory in the East China main port was 179,300 tons, a decrease of 13,700 tons; the trade inventory in the East China main port was 109,800 tons, a decrease of 11,200 tons [2] 3.5下游情况 - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber were 62.24% (an increase of 0.26 percentage points), 72.1% (a decrease of 0.7 percentage points), 52% (a decrease of 1.8 percentage points), 35% (an increase of 1 percentage point), and 66.71% (a decrease of 3.86 percentage points) respectively [2] 3.6行业消息 - From October 24th to 30th, China's styrene production decreased by 1.1% week - on - week to 323,400 tons, and the capacity utilization rate decreased by 2.53% week - on - week to 66.72%. The consumption of downstream EPS, PS, and ABS decreased by 0.18% week - on - week to 271,500 tons. As of October 30th, the styrene factory inventory was 186,000 tons, a decrease of 5.21% week - on - week. As of November 3rd, the inventory in the East China port was 179,300 tons, a decrease of 7.10% week - on - week; the inventory in the South China port was 27,900 tons, a decrease of 10% week - on - week. From October 24th to 30th, the non - integrated cost of styrene decreased to 6,860.06 yuan/ton, and the profit of non - integrated devices was repaired to - 400 yuan/ton [2]

Report Industry Investment Rating - No industry investment rating is provided in the report. Report's Core View - 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 laying hens. The laying hen inventory has slightly decreased, and the market sentiment has slightly improved. However, the in - production laying hen inventory 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 trend. Nevertheless, the high - production capacity pressure still exists, which may limit its rebound space. Caution is advised when chasing up [2]. Summary According to Relevant Catalogs Futures Market - The futures closing price of the active egg contract is 3,217 yuan per 500 kilograms, with a week - on - week increase of 73 yuan. The net long position of the top 20 futures holders of eggs is - 1,752 hands, with a week - on - week increase of 4,663 hands. The monthly spread between the 1 - 5 contracts of egg futures is - 124 yuan per 500 kilograms, with a week - on - week increase of 31 yuan. The futures trading volume of the active egg contract is 174,863 hands, with a week - on - week increase of 7,887 hands. The registered warehouse receipt volume of eggs is 5 hands, with no change [2]. 现货市场 - The spot price of eggs is 2.91 yuan per catty, with a week - on - week increase of 0.01 yuan. The basis (spot - futures) is - 307 yuan per 500 kilograms, with a week - on - week decrease of 63 yuan [2]. Upstream Situation - The national laying hen inventory index (monthly, with 2015 = 100) is 115.26, with a month - on - month increase of 0.86. The national culled laying hen index (monthly, with 2015 = 100) is 124.63, with a month - on - month increase of 31.02. The average price of laying hen chicks in the main production areas (weekly) is 2.8 yuan per chick, with a week - on - week increase of 0.15 yuan. The national new - born chick index (monthly, with 2015 = 100) is 76.65, with a month - on - month increase of 3.3. The average price of laying hen compound feed (weekly) is 2.76 yuan per kilogram, with no change. The breeding profit of laying hens (weekly) is - 0.42 yuan per hen, with a week - on - week increase of 0.03 yuan. The average price of culled hens in the main production areas (weekly) is 8.22 yuan per kilogram, with a week - on - week decrease of 0.36 yuan. The national average age of culled hens (monthly) is 507 days, with a month - on - month decrease of 3 days [2]. Industry Situation - The average wholesale price of pork is 18.19 yuan per kilogram, with a day - on - day increase of 0.17 yuan. The average wholesale price of 28 key - monitored vegetables is 5.77 yuan per kilogram, with a day - on - day increase of 0.01 yuan. The average wholesale price of dressed chickens is 17.71 yuan per kilogram, with a day - on - day increase of 0.49 yuan. The weekly inventory in the circulation link is 1.1 days, with no change. The weekly inventory in the production link is 1.04 days, with no change. The monthly export volume of fresh eggs is 13,215.79 tons, with a month - on - month increase of 94.76 tons [2]. Downstream Situation - The weekly consumption of eggs in the sales areas is 7,658 tons, with a week - on - week increase of 160 tons [2]. Industry News - The average price of eggs in Shandong's main production area is 5.57 yuan per kilogram, unchanged from yesterday; the average price of eggs in Hebei is 5.38 yuan per kilogram, unchanged from 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 [2].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - On Wednesday, the freight index (European line) futures prices rose collectively, with the main contract EC2512 up 4.08% and the far - month contracts up 1 - 4%. The latest SCFIS European line settlement freight rate index decreased by 104 points from last week, a 7.9% MoM decline, weakening the freight rate support. Mainstream shipping companies issued price increase letters for November, and Maersk's successful price support in mid - to - late October boosted market confidence in the November price increase. The container handling business at Rotterdam Port has come to a complete standstill, increasing regional supply chain uncertainty. The positive results of the China - US economic and trade consultations in Kuala Lumpur improved market expectations for the trade war situation, driving up freight rates. The Middle East situation, especially the Israel - Palestine conflict, has postponed the expected resumption of Red Sea shipping. Germany's better - than - expected economic performance has boosted market confidence and stimulated the economic recovery in the eurozone. If Germany's proposed fiscal expansion policy has more detailed plans, it will enhance investors' confidence in the eurozone's medium - term growth. The freight rate market is currently affected 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 Directory 3.1 Futures Market Data - **Futures Prices**: The EC main contract closed at 1946.00, up 76.2; the EC secondary main contract closed at 1652, up 59.4. The EC2512 - EC2602 spread was 294.00, down 22.2; the EC2512 - EC2604 spread was 746.40, up 26.5. The EC contract basis was - 737.29, down 36.1 [1]. - **Futures Positions**: The EC main contract's open interest was 34072, up 3157 [1]. 3.2 Spot Market Data - **Freight Rate Indexes**: The SCFIS (European line) was 1208.71, down 104; the SCFIS (US West Coast line) was 1107.32, up 159.83. The SCFI (composite index) was 1550.70, up 147.24. The CCFI (composite index) was 1021.39, up 28.65; the CCFI (European line) was 1323.81, up 30.69 [1]. - **Other Indexes**: The Baltic Dry Index was 1958.00, down 13; the Panama - type freight index was 1788.00, up 13. The average charter price of Panama - type ships was 17564.00, unchanged; the average charter price of Cape - type ships was 23368.00, up 854 [1]. 3.3 Industry News - **Semiconductor Issue**: The Dutch side is responsible for the supply disruption of wafers to Anshi (China) by Anshi (Netherlands), causing turmoil in the global semiconductor supply chain. China will safeguard the legitimate rights and interests of enterprises and stabilize the global semiconductor supply chain [1]. - **China - Russia Cooperation**: China and Russia will expand mutual investment, strengthen cooperation in traditional fields such as energy, inter - connectivity, agriculture, and aerospace, and explore cooperation potential in new industries like artificial intelligence, digital economy, and green development [1]. - **US Government Shutdown**: The US federal government has been in a "shutdown" for 35 days as the Senate failed to pass the temporary appropriation bill, tying the longest "shutdown" record in US history [1]. 3.4 Key Data to Watch - November 6th: Germany's seasonally - adjusted industrial output monthly rate for September at 15:00; eurozone's retail sales monthly rate for September at 18:00; UK's central bank interest rate decision as of November 6th at 20:00; US initial jobless claims for the week ending November 1st (in ten thousand people) at 21:30 [1].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - From October 25th to 31st, PVC capacity utilization increased, downstream pipe and profile开工率 increased slightly, inventory changed little, and the high - level inventory accumulation trend slowed down. - The cost of the calcium carbide method increased and losses deepened, while the cost of the ethylene method decreased and profits were repaired. - The high - operation state of PVC may continue during the winter, and the capacity utilization rate is expected to maintain an upward trend. - With the arrival of winter, the downstream开工率 of PVC is expected to decline seasonally, overseas demand is uncertain, and the contradiction between domestic supply and demand is significant, with high inventory pressure likely to persist. Technically, V2601 should pay attention to the support around 4638 yuan/ton [3]. 3. Summary According to the Directory 3.1 Futures Market - The closing price of PVC futures was 4638 yuan/ton, down 32 yuan; the trading volume was 768,285 lots, an increase of 119,079 lots; the open interest was 1,282,294 lots, an increase of 38,511 lots. The net long position of the top 20 futures holders was - 174,380 lots, a decrease of 18,479 lots [3]. 3.2 Spot Market - In the East China region, the price of ethylene - based PVC was 4,790 yuan/ton, unchanged; the price of calcium carbide - based PVC was 4,603.08 yuan/ton, down 3.46 yuan. In the South China region, the price of ethylene - based PVC was 4,780 yuan/ton, down 30 yuan; the price of calcium carbide - based PVC was 4,678.75 yuan/ton, down 12.5 yuan. The CIF price of PVC in China was 690 US dollars/ton, unchanged; the CIF price in Southeast Asia was 650 US dollars/ton, unchanged; the FOB price in Northwest Europe was 700 US dollars/ton, unchanged. The basis of PVC was - 98 yuan/ton, down 8 yuan [3]. 3.3 Upstream Situation - The mainstream average price of calcium carbide in the central, northern, and northwestern regions was 2,800 yuan/ton, 2,690 yuan/ton, and 2,530 yuan/ton respectively, all unchanged. The mainstream price of liquid chlorine in Inner Mongolia was - 24.5 yuan/ton, unchanged. The mid - price of VCM CFR in the Far East and Southeast Asia was 488 US dollars/ton and 518 US dollars/ton respectively, unchanged; the mid - price of EDC CFR in the Far East and Southeast Asia was 179 US dollars/ton and 184 US dollars/ton respectively, unchanged [3]. 3.4 Industry Situation - The weekly开工率 of PVC was 78.26%, an increase of 1.69%. The开工率 of calcium carbide - based PVC was 77.43%, an increase of 3.05%; the开工率 of ethylene - based PVC was 80.2%, a decrease of 1.44%. The total social inventory of PVC was 544,600 tons, a decrease of 10,100 tons. The total inventory in the East China region was 495,300 tons, a decrease of 9,900 tons; the total inventory in the South China region was 49,300 tons, a decrease of 200 tons [3]. 3.5 Downstream Situation - The national real estate climate index was 92.78, down 0.27. The cumulative value of new housing construction area was 45,3990,000 square meters, an increase of 55,979,900 square meters; the cumulative value of real estate construction area was 6,485,800,000 square meters, an increase of 54,710,600 square meters; the cumulative value of real estate development investment was 358.6387 billion yuan, an increase of 41.6993 billion yuan [3]. 3.6 Option Market - The 20 - day historical volatility of PVC was 10.45%, down 0.42%; the 40 - day historical volatility was 10.36%, an increase of 0.1%. The implied volatility of at - the - money put options and call options was 13.69%, down 0.88% [3]. 3.7 Industry News - From October 25th to 31st, the capacity utilization rate of Chinese PVC was 78.26%, a month - on - month increase of 1.69%. The downstream开工率 of PVC increased by 0.68% to 50.54%, among which the pipe开工率 increased by 0.8% to 42%, and the profile开工率 increased by 1.96% to 37.83%. - As of October 30th, the PVC social inventory decreased by 0.5% to 1.03 million tons month - on - month, and increased by 25.09% year - on - year. - From October 25th to 31st, the average cost of the calcium carbide method increased to 5,201 yuan/ton, and the average national cost of the ethylene method decreased to 5,288 yuan/ton; the profit of the calcium carbide method decreased to - 763 yuan/ton, and the profit of the ethylene method increased to - 445 yuan/ton [3].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - In the short - term, under the influence of the continuous bearish expectation on the raw material side, there will still be an obvious price difference between private resources and Sinopec & PetroChina resources. Downstream buyers may still wait for price drops. It is expected that the inventory level of producers will continue to decline, while the inventory of traders may increase slightly [2]. - Last week, the capacity utilization rate of domestic tire enterprises decreased slightly. Some enterprises had production suspension or limitation arrangements due to external factors, which slightly dragged down the overall capacity utilization rate. In the short - term, most enterprises will maintain the current production schedule. The resumption of production in overhauled enterprises will drive the increase in capacity utilization rate, and it is expected that the capacity utilization rate of enterprises will fluctuate slightly [2]. - The br2601 contract is expected to fluctuate in the range of 9950 - 10500 in the short - term [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract of synthetic rubber was 10235 yuan/ton, with a week - on - week increase of 30 yuan/ton; the position volume of the main contract was 28838, with a week - on - week decrease of 7032 [2]. - The 12 - 1 spread of synthetic rubber was 90 yuan/ton, with no change; the total warehouse receipt quantity of butadiene rubber was 2990 tons, with a week - on - week decrease of 20 tons [2]. 3.2 Spot Market - The mainstream prices of BR9000 from different petrochemical companies in different regions showed a downward trend. For example, the mainstream price of BR9000 from Qilu Petrochemical in Shandong was 10300 yuan/ton, with a week - on - week decrease of 200 yuan/ton [2]. - The basis of synthetic rubber was - 35 yuan/ton. The price of Brent crude oil was 64.44 US dollars/barrel, with a week - on - week decrease of 0.45 US dollars/barrel; the price of WTI crude oil was 60.56 US dollars/barrel, with a week - on - week decrease of 0.49 US dollars/barrel [2]. - The price of Northeast Asian ethylene was 740 US dollars/ton, with no change; the price of naphtha CFR Japan was 576.5 US dollars/ton, with a week - on - week decrease of 5.88 US dollars/ton; the intermediate price of butadiene CFR China was 820 US dollars/ton, with a week - on - week decrease of 30 US dollars/ton; the mainstream price of butadiene in Shandong market was 7050 yuan/ton, with a week - on - week decrease of 145 yuan/ton [2]. 3.3 Upstream Situation - The weekly capacity of butadiene was 15.54 million tons/week, with a week - on - week increase of 0.01 million tons/week; the capacity utilization rate of butadiene was 67.06%, with a week - on - week increase of 1.44 percentage points [2]. - The port inventory of butadiene was 32000 tons, with a week - on - week increase of 7400 tons; the operating rate of Shandong local refinery atmospheric and vacuum distillation unit was 52.3%, with a week - on - week increase of 2.26 percentage points [2]. - The monthly output of cis - butadiene rubber was 13.04 million tons, with a month - on - month decrease of 0.53 million tons; the weekly capacity utilization rate of cis - butadiene rubber was 66.95%, with a week - on - week decrease of 6.5 percentage points [2]. - The weekly production profit of cis - butadiene rubber was 421 yuan/ton, with a week - on - week increase of 625 yuan/ton; the social inventory of cis - butadiene rubber was 3.09 million tons, with a week - on - week decrease of 0.23 million tons [2]. - The manufacturer inventory of cis - butadiene rubber was 27200 tons, with a week - on - week decrease of 1450 tons; the trader inventory of cis - butadiene rubber was 3680 tons, with a week - on - week decrease of 840 tons [2]. - The operating rate of domestic semi - steel tires was 73.41%, with a week - on - week decrease of 0.26 percentage points; the operating rate of domestic all - steel tires was 65.34%, with a week - on - week decrease of 0.24 percentage points [2]. 3.4 Downstream Situation - The monthly output of all - steel tires was 13.14 million pieces, and the monthly output of semi - steel tires was 60.25 million pieces, with an increase of 2.19 million pieces compared with the previous period [2]. - The inventory days of all - steel tires in Shandong were 39.01 days, with a week - on - week decrease of 1.33 days; the inventory days of semi - steel tires in Shandong were 44.82 days, with a week - on - week decrease of 0.44 days [2]. 3.5 Industry News - As of October 30, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 72.12%, with a month - on - month decrease of 0.72 percentage points and a year - on - year decrease of 7.61 percentage points; the capacity utilization rate of Chinese all - steel tire sample enterprises was 65.34%, with a month - on - month decrease of 0.53 percentage points and a year - on - year increase of 6.15 percentage points [2]. - In October 2025, the domestic production of cis - butadiene rubber was 13.76 million tons, with a month - on - month increase of 0.72 million tons (5.52%) and a year - on - year increase of 24.07%. The capacity utilization rate of cis - butadiene rubber was 71.39%, with an increase of 1.46 percentage points compared with the previous period and an increase of 10.93 percentage points compared with the same period last year. However, in recent times, the production and capacity utilization rate of cis - butadiene rubber have slightly declined [2]. - As of October 30, the inventory of domestic cis - butadiene rubber was 3.09 million tons, with a week - on - week decrease of 0.23 million tons (6.90%) [2].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The entry of secondary fattening has decreased, and the increase in terminal demand is limited. The support for price decline has weakened. As the slaughter rhythm changes, the supply - demand pattern will remain loose, restricting price movements. The futures main contract 2601 has reduced positions and risen due to short - covering, but the fundamentals are weak, and it is expected to fluctuate. It is recommended to close short positions on dips [2] 3. Summary According to Relevant Catalogs 3.1 Futures Disk - The closing price of the futures main contract for live pigs is 11,945 yuan/ton, up 260 yuan; the main contract position is 136,383 lots, down 9,914 lots; the number of warehouse receipts is 90 lots, down 95 lots; the net long position of the top 20 futures holders is - 31,257 lots, up 2,525 lots [2] 3.2 Spot Price - The live pig price in Henan Zhumadian is 11,800 yuan/ton, down 200 yuan; in Jilin Siping is 11,900 yuan/ton, down 200 yuan; in Guangdong Yunfu is 12,500 yuan/ton, down 200 yuan; the main live pig basis is - 145 yuan/ton, down 460 yuan [2] 3.3 Upstream Situation - The live pig inventory is 436.8 million heads, up 12.33 million heads; the inventory of breeding sows is 40.35 million heads, down 30,000 heads [2] 3.4 Industry Situation - The year - on - year CPI is - 0.3%, up 0.1 percentage points; the spot price of soybean meal in Zhangjiagang is 3,050 yuan/ton, up 10 yuan; the spot price of corn is 2,234.31 yuan/ton, up 0.58 yuan; the Dalian Commodity Exchange pig feed cost index is 893.14, up 4.72; the monthly output of feed is 31.287 million tons, up 2.015 million tons; the price of binary breeding sows is 1,515 yuan/head, down 15 yuan; the breeding profit of purchased piglets is - 179.72 yuan/head, up 109.35 yuan; the breeding profit of self - bred and self - raised live pigs is - 89.33 yuan/head, up 96.35 yuan; the monthly import volume of pork is 80,000 tons, unchanged; the average price of white - striped chickens in the main producing areas is 13.8 yuan/kg, down 0.3 yuan [2] 3.5 Downstream Situation - The slaughter volume of designated live pig slaughtering enterprises is 35.84 million heads, up 2.34 million heads; the monthly retail sales of social consumer goods in the catering industry is 450.86 billion yuan, up 12.9 billion yuan [2] 3.6 Industry News - On November 5, 2025, the daily slaughter volume of key breeding enterprises nationwide was 280,543 heads, down 0.23% from the previous day. The slaughter rhythm of group farms slowed down at the beginning of the month and will gradually recover later. Although the November slaughter plan decreased month - on - month according to consulting agency data, there is still slaughter pressure. Currently, the attitude towards secondary fattening is cautious, and the number of entries has decreased [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The new cotton cost is fixed, which supports the cotton price. However, the supply exerts pressure on the upside. It is expected that the cotton price will mainly fluctuate weakly. The downstream demand has not fully started, orders are less than expected, and as the demand gradually enters the off - season, the market lacks confidence in the later - stage demand. Cotton textile enterprises mostly adopt a wait - and - see attitude and replenish inventory based on rigid needs [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - Zhengzhou cotton main contract closing price is 13,615 yuan/ton, up 80 yuan; cotton yarn main contract closing price is 19,820 yuan/ton, up 25 yuan. Cotton futures top 20 net positions are - 109,416 lots, down 289 lots; cotton yarn futures top 20 net positions are - 160 lots, down 71 lots. Cotton main contract positions are 580,691 lots, up 12,864 lots; cotton yarn main contract positions are 25,021 lots, up 173 lots. Cotton warehouse receipts are 2,752 sheets, up 182 sheets; cotton yarn warehouse receipts are 6 sheets, unchanged [2] 3.2 Spot Market - China Cotton Price Index (CCIndex:3128B) is 14,825 yuan/ton, down 16 yuan; China Yarn Price Index (pure cotton carded yarn 32 - count) is 20,520 yuan/ton, unchanged. China Imported Cotton Price Index (FCIndexM:1% tariff) is 13,263 yuan/ton, up 21 yuan; China Imported Cotton Price Index (FCIndexM: sliding - duty) is 14,142 yuan/ton. The arrival price of imported cotton yarn price index (pure cotton carded yarn 32 - count) is 21,228 yuan/ton, up 11 yuan; the arrival price of imported cotton yarn price index (pure cotton combed yarn 32 - count) is 22,579 yuan/ton, up 11 yuan [2] 3.3 Upstream Situation - The national cotton sown area is 2,838.3 thousand hectares, up 48.3 thousand hectares; the national cotton output is 6.16 million tons, up 0.54 million tons [2] 3.4 Industry Situation - The cotton - yarn price difference (CY C32S - CC3128B) is 5,695 yuan/ton, up 16 yuan. The industrial inventory of cotton nationwide is 861,000 tons, down 9,000 tons. The import volume of cotton this month is 100,000 tons, up 30,000 tons; the import volume of cotton yarn this month is 130,000 tons, unchanged. The profit of imported cotton is 699 yuan/ton, down 40 yuan. The commercial inventory of cotton nationwide is 1.0217 million tons, down 460,000 tons [2] 3.5 Downstream Situation - The yarn inventory days are 25.24 days, up 0.39 days; the坯布 inventory days are 31.43 days, up 0.31 days. The cloth output this month is 2.811 billion meters, up 0.11 billion meters; the yarn output this month is 2.0738 million tons, up 45,900 tons. The export value of clothing and clothing accessories this month is 12,453.247 million US dollars, down 1,692.657 million US dollars; the export value of textile yarns, fabrics and products this month is 11,966.516 million US dollars, down 426.686 million US dollars [2] 3.6 Option Market - The implied volatility of cotton at - the - money call options is 5.56%, down 2.23%; the implied volatility of cotton at - the - money put options is 5.5%, down 2.57%. The 20 - day historical volatility of cotton is 6.78%, up 0.07%; the 60 - day historical volatility of cotton is 7.77%, up 0.05% [2] 3.7 Industry News - The China Climate Center predicts that in November, the temperature in most cotton - growing areas in the northwestern inland, the Yellow River Basin, and the Yangtze River Basin will be close to or higher than normal, with less precipitation, which is conducive to cotton maturity and picking and drying. However, the slightly more precipitation in northern Xinjiang will have a certain adverse impact on cotton drying. The Intercontinental Exchange (ICE) cotton futures declined on Tuesday, pressured by the stronger US dollar. The ICE December cotton futures contract closed down 0.48 cents, or 0.70%, at 65.20 cents per pound [2] 3.8 View Summary - In the domestic market, on the supply side, the cotton picking and purchasing progress in Xinjiang is accelerating. In northern Xinjiang, cotton picking is in the later stage, while in southern Xinjiang, it is still in the large - scale picking stage. Due to the drought and high - temperature in some areas in southern Xinjiang, the yield per unit of seed cotton is lower than expected, and the purchasing price continues to rise. On the demand side, the downstream demand has not fully started, orders are less than expected. As the demand gradually enters the off - season, the market lacks confidence in the later - stage demand, and cotton textile enterprises mostly wait and see, mainly replenishing inventory based on rigid needs [2]